EMERGING STRONGER - LyondellBasell

1 EMERGING STRONGER . Annual Report 2020. Hyperzone HDPE Plant Houston, Texas, 2 LyondellBasell Message from the CEO. To the owners of our company, continues to serve us well allowing us to deliver on our three priorities. Without a doubt, the past year has been one of the most challenging periods in recent memory: In addition to leveraging these historical a global pandemic; a dramatic decline in oil strengths, we have been further expanding our prices; a rapidly accelerating energy transition; core competencies to include M&A execution civil unrest around the world; and a weakened and a focus on extracting value from integration global economy that continues to impact activities.

2 Altogether, our asset base, existing millions of individuals and families. As I write, operational models and expanded skillsets the seasons have changed and the calendar has position us well to benefit from an economic turned, yet many of the challenges that began recovery. in 2020 remain in front of us in 2021. Like our industry peers, in 2020 we were not Early in 2020, as the virus became more immune to the challenges of the macro- widespread, our leadership team established environment. Yet, because of our very deliberate three principles to guide our company's actions approach, we were able to deliver $ billion Bhavesh V.

3 (Bob) Patel in the short term. These were to: of net income, $ billion of EBITDA excluding LCM and impairment1, $ diluted earnings Chief Executive Officer Protect our employees, both from the virus per share excluding LCM and impairment1 and in the workplace and also from widespread $ billion of cash from operating activities. layoffs; Through the year, we took action to reduce capital expenditures, aggressively manage Prioritize cash flow and keep our working capital and further enhance liquidity by LyondellBasell 's commitments to our shareholders; and, accessing the debt capital markets.

4 In addition, Value-Driven we were able to fund our 2020 dividend from Growth Take action to strengthen the company for operating cash flow. Strategy the future. Maintaining focus on the longer term LyondellBasell is focused on As I look back on 2020, I'm extraordinarily As we responded to the situation at hand, we long-term value-driven growth. Our grateful for how our team embraced this also remained focused on our strategy to build strategy is to increase free cash flow approach, demonstrated resilience, and value for the longer-term.

5 By moderating capital expenditures ultimately, delivered results. Today, as vaccines while harvesting new sources of begin to roll out and we continue to combat the During the past several years, we have thoughtfully EBITDA generation. virus, our team's resolve and focus on results planted the seeds for profit-generating growth has not diminished. that should meaningfully enhance EBITDA and Reducing capex to $2B/yr between cash flow while creating a structural advantage 2020-2023. While 2020 was remarkable in so many ways, for the future.

6 These include: $ billion of annual estimated the benefits of our strong safety culture were EBITDA by 2023: particularly evident during this period. In Exceeding synergy targets in our Advanced the early days of the pandemic, we moved Polymer Solutions segment: At our investor 2020: Hyperzone HDPE. quickly to implement a comprehensive global day in September 2019, we increased our ~$170 mm/yr approach to help prevent the spread of the target for run rate synergies from the 2020 Bora integrated cracker JV virus in the workplace.

7 I'm proud to say across A. Schulman acquisition from $150 million ~$150 mm/yr 2020, we experienced zero cases of workplace to $200 million per year. transmission. While the challenges of 2020. 2020 APS synergies had the potential to create distraction in other harvesting new sources of cash flow from ~$200 mm/yr areas of safety performance, I'm also proud to organic growth: In the first quarter of 2020, we 2020 Louisiana Integrated PE JV say our team also reduced in our workplace began operations at our 500 thousand ton per ~$330 mm/yr injury rate, further improving upon our already year Hyperzone HDPE plant in Houston, Texas.

8 Industry-leading performance in this area. 2022 Sinopec PO/SM JV In addition, we continue to make progress on ~$45 mm/yr Delivering for our shareholders our PO/TBA plant currently under construction 2023 PO/TBA To ensure our competitiveness in a range of in Houston, Texas. To help prevent the spread ~$450 mm/yr market environments, for the past decade of the virus at the construction site and our team has prioritized a lean cost structure, conserve capital, we slowed this project in Estimated EBITDA for projects and joint ventures is nameplate maintaining leading product positions, feedstock the first part of the year, but were able to capacity multiplied by 2017-2019 average cash margins assuming 40% of the PE, PO and MTBE from production exported to Asia.

9 Flexibility, excellent operational performance and return to full pace in the fall. We continue to The results or returns of growth projects are presented for illustrative purposes only and not intended to be a guarantee or representation a disciplined approach to capital allocation. If anticipate start-up in the fall of 2022. of the Company's expectations for future performance. 2020 proved anything, it's that this strategy 1. Reconciliations and other information concerning our non-GAAP financial measures can be found beginning on page 153.

10 EMERGING STRONGER 3. Strategic expansion in growing markets: In plant in Ferrara, Italy to advance work in China, we formed a 50/50 joint venture with this regard. Our goal is to return mixed the Liaoning Bora Enterprise Group which post-consumer plastic waste into feedstocks SUSTAINABILITY. recorded a positive contribution to earnings for new polymers. FOCUS AREAS. in its first month of operation. In addition, we are expanding our existing relationship Reducing our carbon footprint: We recognize with Sinopec through the formation of a the challenge of climate change.