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Baker Botts Advises Lyondell Chemical Company in Business Combination With Millennium Chemicals Inc.

Release

Baker Botts L.L.P. is advising Lyondell Chemical Company in its agreement with Millennium Chemicals Inc. for a stock-for-stock business combination of the companies, announced March 29, 2004. The transaction is valued at approximately $2.3 billion, including $1.3 billion of Millennium debt.

The transaction will combine two global companies to create North America’s third-largest independent, publicly-traded chemical producer, with combined pro forma 2003 revenues of more than $11 billion and equity market capitalization of nearly $4 billion. After the close of the transaction, the company will retain the Lyondell name and will continue to be headquartered in Houston, Texas.

Lyondell is represented by Senior Vice President and General Counsel Kerry A. Galvin, as well as Steve M. Williams, Associate General Counsel; Gerry A. O’Brien, Vice President and Deputy General Counsel; Stephen A. Aronow, Associate General Counsel; Michelle Miller, Corporate Counsel (Corporate and Securities); JoAnn L. Beck, Senior Corporate Counsel (Benefits); Gareth S. Bahlmann, Senior Corporate Counsel (Corporate Finance); and Wilma Lloyd-Schut, Chief European Counsel.

The Baker Botts L.L.P. team representing Lyondell includes corporate lawyers Stephen Massad, Timothy Taylor, Bill Hart, Jr., Denmon Sigler, Chip Earle, and Jason Beauvais, tax lawyers Benjamin Wells and Michael Bresson, benefits lawyers Gail Stewart and Rob Fowler, all of the firm’s Houston office, environmental lawyers Derek McDonald and Steve McMillen, of the firm’s Austin office, and Paul Landen of the firm’s London office. In addition, Don Bussard of Richards, Layton & Finger, is Delaware counsel to Lyondell.

Citigroup Global Markets Inc. is acting as financial advisor to Lyondell. The Citigroup team includes Stephen Schaible, Stephen Loebs, Paul Smith and Sarah Schwerin. Denise Cerani of Dewey Ballantine is outside counsel to Citigroup.

Weil, Gotshal & Manges LLP represents Millennium as outside counsel.

Lyondell is a global chemical company. It manufactures and markets a variety of intermediate and performance chemicals and also owns a 70.5% interest in Equistar Chemicals LP, which operates petrochemicals and polymers businesses, and a 58.75% interest in Lyondell-Citgo Refining LP, which produces refined petroleum products.

Millennium is a major international chemical company, with leading market positions in a broad range of chemicals. Millennium also owns the other 29.5% interest in Equistar.

Baker Botts L.L.P. is a leading international law firm, recognized for its energy, intellectual property, corporate and trial practices. Founded in 1840, Baker Botts has more than 660 lawyers with offices in Austin, Baku, Dallas, Houston, London, Moscow, New York, Riyadh and Washington, D.C., and its clients include nearly half the Fortune 100 ®.