2 Prior periods have been restated due to the adoption of CICA

(2) Prior periods have been restated due to the adoption of CICA 3064 in the first quarter of 2009.Consolidated Statements of Cash Flows (unaudited, millions of U.S dollars) Three Months Ended Mar 31 Dec 31Mar. 1, 2008 to opening retained earnings and a corresponding increase in opening inventory of $47 million ($39 million after-tax). Consolidated Statements of Comprehensive (Loss) Income (unaudited, millions of U.S dollars) Three Months Ended Mar 31 Dec 31Mar. 31 20092008 (1) 2008 (1) Net (loss) income $ (123)$ (212) $ 52 Other comprehensive (loss) income: Unrealized loss on translation of self-sustaining foreign operations(6)(27 ) (44) Unrealized gain on available for sale securities-1 -Comprehensive (loss) income $ (129)$ (238) $ 8(1) Prior periods have been restated due to the adoption of CICA 3064 in the first quarter of 2009.Supplemental MeasuresNOVA Chemicals presents certain supplemental measures below, which do not haveany standardized meaning prescribed by Canadian GAAP and are therefore unlikelyto be comparable to similar measures presented by other companies. The Companybelieves that certain non-GAAP financial measures, when presented in conjunctionwith comparable GAAP financial measures, are useful to investors and otherreaders because the information is an appropriate measure for evaluating NOVAChemicals operating performance. Internally, the Company uses this non-GAAPfinancial information as an indicator of business performance, with specificreference to these indicators.

These measures should be considered in additionto, and not as a substitute for or superior to, measures of financialperformance prepared in accordance with GAAP.* Adjusted EBITDA - defined on page 2, assists investors in determining NOVAChemicals` ability to generate cash from operations. Reconciliation of Consolidated Net (Loss)Three Months Ended Income to Adjusted EBITDA (millions of U.S dollars) Mar 31 Dec 31Mar. 3120092008 (1)2008 (1)Adjusted EBITDA$ (39 )$ (226) $ 207Depreciation and amortization(65 )(65 ) (67) Interest expense (net) (46 )(34 ) (43) Other losses -- (1 ) Income tax recovery (expense)43 137 (14) Mark-to-market feedstock derivative unrealized gains (losses)15 8 (30) IPIC transaction costs (23 )- -Restructuring charges(8)(32 ) -Net (loss) income$ (123)$ (212) $ 52 (1) Prior periods have been restated due to the adoption of CICA 3064 in the first quarter of 2009. * Adjusted EBITDA from the Businesses - defined on page 1, highlights theongoing performance of the business units excluding one-time charges, events orother items that are not driven by the business units. * Adjusted net (loss) income - equals net income (loss) plus (minus) after-taxmark-to-market feedstock derivative unrealized (gains) losses, after-tax IPICtransaction costs, after-tax restructuring charges and other after-taxnon-recurring items. Adjusted net (loss) income allows investors to compare theunderlying financial results for various periods. * Adjusted earnings per share, diluted - equals adjusted net (loss) incomedivided by diluted weighted-average common shares outstanding.

Adjusted EPSallows investors to analyze the underlying financial results for various periodson a comparative basis. Reconciliation of Adjusted Net (Loss) Income Three Months Ended andAdjusted EPS (millions of U.S dollars, except per shareMar 31Dec 31 Mar. 31 amounts) 2009 2008 (1) 2008 (1) Net (loss) income$ (123 )$ (212 ) $ 52Non-GAAP Adjustments: After-tax mark-to-market feedstock derivative (11)(6 ) 21unrealized (gains) losses After-tax IPIC transaction costs 17-- After-tax restructuring charges8 29 - Adjusted net (loss) income $ (109 )$ (189 ) $ 73Diluted weighted-average common shares 83.283.2 83.2outstanding Adjusted EPS $ (1.31)$ (2.27) $ 0.88(1) Prior periods have been restated due to the adoption of CICA 3064 in the first quarter of 2009.* Funds from operations - equals cash flow from (used in) operating activitiesexcluding changes in non-cash working capital and changes in other currentassets and non-current assets and liabilities. * Interest coverage - consolidated adjusted EBITDA (excluding the INEOS NOVA JV)divided by interest expense for the preceding twelve-month period. * Net current debt - equals long-term debt due within one year and bank loans,less restricted cash.

* Net debt to cash flow - equals consolidated debt (including accountsreceivable securitization funding), less preferred shares and cash and cashequivalents, divided by consolidated adjusted EBITDA. Consolidated debt andconsolidated adjusted EBITDA exclude amounts for the INEOS NOVA JV. This measureis provided to assist investors in calculating NOVA Chemicals` debt covenant. * Net debt to total capitalization - equals total debt, net of cash and cashequivalents, and restricted cash, divided by total common shareholders` equityplus net debt. This measure can be used to analyze the leverage of the Company. * Operating income (loss) -equals net income (loss) before income taxes,interest expense and other gains and losses. This measure is provided to assistinvestors in analyzing NOVA Chemicals' income from operations.

* Total capitalization - includes shareholders` equity and total debt, net ofcash and cash equivalents, and restricted cash.Forward-Looking InformationThis news release contains forward-looking information with respect to NOVAChemicals, its subsidiaries and affiliated companies. By its nature,forward-looking information requires NOVA Chemicals to make assumptions and issubject to inherent risks and uncertainties. There is significant risk thatpredictions, forecasts, conclusions and projections that constituteforward-looking information will not prove to be accurate, that NOVA Chemicals`assumptions may not be correct and that actual results may differ materiallyfrom such forward-looking information. Forward-looking information for the timeperiods beyond 2009 involve longer-term assumptions and estimates thanforward-looking information for 2009 and are consequently subject to greateruncertainty. NOVA Chemicals cautions readers of this news release not to placeundue reliance on its forward-looking information as a number of factors couldcause actual results, conditions, actions or events to differ materially fromthe targets, expectations, estimates or intentions expressed in theforward-looking information. 31, 2009; NOVA Chemicals`expectation that further amendments to the financial covenants that governcertain of its financings will be required with an effective date no later thanJune 30, 2009, and NOVA Chemicals` belief that it is likely such covenantamendments will be negotiated and the Company will be in compliance in thecoming 12 month period; and NOVA Chemicals` belief that once the IPICtransaction closes, the remaining $50 million additional financing by June 1,2009 condition subsequent required by the Jan.