LyondellBasell and EEW sign LOI for potential advanced waste sorting

ROTTERDAM,Netherlands and HELMSTEDT,Germany,March 27,2023 -- LyondellBasell,a global leader in the chemical industry,and EEW Energy from Waste,a leading company in thermal waste treatment in Europe recently signed a letter of intent (LOI). The LOI includes exploring a potential long-term strategic partnership to extract and recycle plastics out of incineration waste streams. This proposed collaboration would potentially include construction of waste pre-sorting facilities at or near EEW incineration plants to remove plastics from waste streams bound for incineration,and investment in advanced sorting facilities to further sort and refine the plastic that has been removed. This collaboration supports the new LyondellBasell strategy to invest in advanced sorting infrastructure to produce plastic waste-based feedstocks,grow its Circular and Low Carbon Solutions business,and deliver on its value creation ambitions.

"Collaborations across the value chain are part of our strategy and are increasingly necessary to free up plastic waste from sources that today do not end up in recycling," says Yvonne van der Laan,LyondellBasell executive vice president,Circular and Low Carbon Solutions. "The materials from these sorting facilities would not only support our existing mechanical recycling facilities in the Netherlands and a potential advanced recycling unit in Germany,but also allows us to optimize waste streams and drive additional value."

This collaboration would close the loop on plastics that are today sent for incineration,by sorting them out for use as feedstock in mechanical and advance recycling processes. By removing these materials from the incineration waste stream,the fossil CO2 emissions associated with combusting the materials are also avoided.

"With this cooperation,we are creating a convincing solution for plastic waste for which recycling is still ruled out today," says Bernard M. Kemper,chief executive officer EEW Energy from Waste. "EEW will first build a sorting facility and sort out plastics to recover them for the raw material cycle."

The intended cooperation represents an advancement in recycling opportunities,using the sites and technical know-how of LyondellBasell and EEW to enable a sustainable circular economy.

About LyondellBasell

As a leader in the global chemical industry,LyondellBasell strives every day to be the safest,best operated and most valued company in our industry. The company's products,materials and technologies are advancing sustainable solutions for food safety,access to clean water,healthcare and fuel efficiency in more than 100 international markets. LyondellBasell places high priority on diversity,equity and inclusion and is Advancing Good with an emphasis on our planet,the communities where we operate and our future workforce. The company takes great pride in its world-class technology and customer focus. LyondellBasell has stepped up its circularity and climate ambitions and actions to address the global challenges of plastic waste and decarbonization. For more information,please visit www.lyondellbasell.comor follow @LyondellBasellon LinkedIn.

EEW: an indispensable part of the circular economy

EEW Energy from Waste GmbH (EEW) is one of the leading companies in Europe in the field of thermal recovery of waste and sewage sludge. EEW Energy from Waste is already making an important contribution towards protecting the climate and resources and is a key player in the circular economy. Our corporate group currently operates 17 sites that can process around 5 million tonnes of waste per year. The more than 1,400 employees at our plants ensure that the energy stored in waste is utilized,the volume of waste is reduced,the hazards caused by waste are eliminated safely and without negative impact,and that scrap metals and compound materials are recycled. Moreover,we efficiently utilize the energy contained in waste to generate process steam for industrial plants,district heating for residential areas and environmentally sustainable electricity. In line with our vision for the future,we have set a goal to be climate neutral by 2030 and climate positive by 2040. A key measure in addition to carbon reduction will be carbon capture at our facilities. The captured carbon will be partly stored underground or utilised as a valuable feedstock for chemical products in a carbon-neutral economy of the future.

FORWARD-LOOKING STATEMENTS FOR LYONDELLBASELL

The statements in this release relating to matters that are not historical facts are forward-looking statements. These forward-looking statements are based upon assumptions of management of LyondellBasell which are believed to be reasonable at the time made and are subject to significant risks and uncertainties. Actual results could differ materially based on factors including,but not limited to,our ability to complete a transaction or the timing of such transaction; our ability to meet our sustainability goals,including the ability to increase production of recycled and renewable-based polymers; the successful construction and operation of the facilities described in this release; and our ability to obtain all necessary regulatory approvals. Additional factors that could cause results to differ materially from those described in the forward-looking statements can be found in the "Risk Factors" section of our Form 10-K for the year endedDecember 31,2021,which can be found atwww.LyondellBasell.comon the Investor Relations page and on the Securities and Exchange Commission's website atwww.sec.gov. There is no assurance that any of the actions,events or results of the forward-looking statements will occur,or if any of them do,what impact they will have on our results of operations or financial condition. Forward-looking statements speak only as of the date they were made and are based on the estimates and opinions of management of LyondellBasell at the time the statements are made. LyondellBasell does not assume any obligation to update forward-looking statements should circumstances or management's estimates or opinions change,except as required by law.

Bernard M. Kemper and Yvonne van der Laan signing the letter of intent