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2014-05-01

NOVA Chemicals Corporation: NOVA Chemicals Reports 2014 First Quarter Results

NOVA Chemicals Corporation, 1000 Seventh Avenue S.W., Calgary, Alberta, Canada
T2P 5L5
www.novachemicals.com| 403.750.3600 tel | 403.269.7410 fax

NOVA Chemicals Reports 2014 First Quarter Results
For immediate release, Thursday, May 1, 2014, Calgary, Alberta, Canada

Record Quarterly Results

First Quarter 2014 Results
For the first quarter of 2014, we generated profit of $245 million compared to
profit of $185 million for the first quarter of 2013. The
quarter-over-quarter increase was primarily due to increased operating profit
in the Polyethylene segment, offset somewhat by decreases in operating profit
in the Joffre Olefins and Corunna Olefins segments.

The Olefins/Polyolefins business unit generated $377 million of operating
profit in the first quarter of 2014, compared to operating profit of $336
million in the first quarter of 2013. The increase for the first quarter of
2014 was primarily due to higher margins in the Polyethylene segment, offset
by lower margins in the Joffre Olefins and Corunna Olefins segments.

The Performance Styrenics segment generated operating profit of $3 million in
the first quarter of 2014 compared to break even in the first quarter of
2013. The quarter-over-quarter increase was primarily due to higher polymer
sales prices and lower feedstock costs, offset by lower product sales
volumes.

Highlights
In January 2014, we began to utilize ethane extracted from off-gas produced at
oil sands upgrading facilities in Alberta at our Joffre complex. As of April
2014, ethane supply from the Williston Basin in North Dakota is in the
commissioning stage and is expected to arrive at our Joffre site later in the
second quarter of 2014. With these two new sources of supply, together with
our current ethane supply portfolio, we expect to be able to run our Joffre
derivative plants at nameplate capacity.

In the first quarter of 2014, Marcellus Shale basin based ethane became a
regular feedstock at our Corunna, Ontario cracker. We are currently running
more than half of the target ethane volume and expect to reach full volume,
allowing us to complete our transition to run at up to 100% natural gas
liquids, later in the summer.

In April 2014, NOVA Chemicals and Veresen Inc. entered into an agreement to
explore the joint development and ownership of a greenfield salt cavern
storage facility near Burstall, Saskatchewan. The facility would initially be
designed for ethane storage in support of our Joffre operations and would be
connected via pipeline to the existing Alberta Ethane Gathering System (owned
by Veresen Inc.) which currently supplies the majority of feedstock to the
Joffre complex.

Financial Highlights

These highlights should be read in conjunction with our unaudited interim
consolidated financial statements as of and for the three months ended March
31, 2014 and our audited consolidated financial statements and management
discussion and analysis for the year ended December 31, 2013 contained in our
annual report on Form 20-F.

------------------------------------------------------------
| Three Months Ended |
|(millions of U.S. dollars) March 31 March 31 |
| |
| 2014 2013 |
|Revenue $ 1,379 $ 1,251 |
| |
|Operating profit from the businesses $ 380 $ 336 |
|Corporate costs (36 ) (46 ) |
|Operating profit $ 344 $ 290 |
| |
|Profit for the period $ 245 $ 185 |
| |
|Cash provided by operating activities $ 109 $ 46 |
------------------------------------------------------------

NOVA Chemicals' 2014 first quarter earnings report can be viewed on the
Electronic Data Gathering Analysis and Retrieval System (EDGAR)
atwww.sec.gov/edgar.shtmlor on NOVA Chemicals' website
atwww.novachemicals.com.

NOVA Chemicals will host a conference call, Thursday, May 1, 2014 at 11:30
a.m. ET (9:30 a.m. MT). The dial-in number for this call is (416) 695-7806
(passcode 4189070) and the replay number is (905) 694-9451 (passcode
4189070). The call is available on the internet
athttp://www.novachem.com/pages/financials-investor/financials-investor.aspx.

Media and Investor inquiries, please contact:
Pace Markowitz
Director, Communications
Tel: 412.490.4952
E-mail: Pace.Markowitz@novachem.com
About NOVA Chemicals
NOVA Chemicals develops and manufactures chemicals, plastic resins and
end-products that make everyday life safer, healthier and easier. Our
employees work to ensure health, safety, security and environmental
stewardship through our commitment to sustainability and Responsible Care®.
NOVA Chemicals is a wholly owned subsidiary of International Petroleum
Investment Company ("IPIC") of the Emirate of Abu Dhabi, United Arab
Emirates.

NOVA Chemicals is a registered trademark of NOVA Brands Ltd.; authorized use.
Responsible Care®is a registered trademark of the Chemistry Industry
Association of Canada.
Forward-Looking Statements

This press release contains forward-looking statements with respect to NOVA
Chemicals. By its nature, forward-looking statements require us to make
assumptions and are subject to inherent risks and uncertainties. There is
significant risk that predictions, forecasts, conclusions and projections
that constitute forward-looking statements will not prove to be accurate,
that our assumptions may not be correct and that actual results may differ
materially from such forward-looking statements.

The words "believe", "expect", "plan", "intend", "estimate", or "anticipate"
and similar expressions, as well as future or conditional verbs such as
"will", "should", "would", and "could" often identify forward-looking
statements. Specific forward-looking statements contained in this press
release include, among others, statements regarding: the timing of ethane
supply from the Williston Basin, our Western Canadian ethane supply portfolio
and our ability to run our Joffre derivative plants at nameplate capacity;
our agreement with Veresen Inc. to explore the development of a greenfield
salt cavern; and the timing of the completion of our transition to usage of
up to 100% natural gas liquids at our Corunna cracker. Detailed information
about some of the known risks and uncertainties is included in the "Risk
Factors" section of our annual report on Form 20-F filed with the United
States Securities and Exchange Commission ("SEC") on February 27, 2014 as
well as our other filings with the SEC which can be obtained on our website
at http://www.novachemicals.com or the SEC's website at http://www.sec.gov.
Readers are specifically referred to those documents.

Our forward-looking statements are expressly qualified in their entirety by
this cautionary statement. In addition, the forward-looking statements are
made only as of the date of this press release, and except as required by
applicable law, we undertake no obligation to publicly update the
forward-looking statements to reflect new information, subsequent events or
otherwise.

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This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: NOVA Chemicals Corporation via Globenewswire

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