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Phillips Chemical Company and Chevron Chemical Company Joint Venture Transaction Summary

Phillips Chemical Company and Chevron Chemical Company Joint Venture Transaction Summary. Joint Venture to consist of: Chevron and Phillips chemicals segments Excludes Chevron Oronite Division Joint ownership: 50/50 Investment grade credit rating

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Phillips Chemical Company and Chevron Chemical Company Joint Venture Transaction Summary

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  1. Phillips Chemical Company and Chevron Chemical Company Joint Venture Transaction Summary

  2. Joint Venture to consist of: Chevron and Phillips chemicals segments Excludes Chevron Oronite Division Joint ownership: 50/50 Investment grade credit rating $1.6 billion initial debt; each receives $800 MM at closing Regulatory review required Target closing: mid-year 2000 $6.1 billion in assets 6,000 employees Headquartered in Houston Limited Liability Company Accounting and Tax Equity accounting by each party Flow-through taxation JV to be Self-Managed and Governed by a JV Board 50/50 Board representation Joint Venture of Phillips & Chevron Chemicals Joint Venture Overview Transaction Summary

  3. Strategic Rationale • Creates world-class chemical business with strong, compatible partners • Excellent business fit along product and technology lines • Improves earnings and ROCE for Phillips and Chevron through lower operating and capital costs • Positions JV company for profitable growth

  4. Joint Venture Structure and Management Structure Management Board of Directors Equal Members Phillips Chevron $800MM 50/50 $800MM CEO (P) Joint Venture (LLC) SVP (C) CFO SVP (P) Plan & Str Trans SVP (P) Olefins/ Polyolefins SVP (C) Aromatics SVP (C) Styrenics/ Specialty Phillips Chevron

  5. PARTIAL DOCUMENT – REMAINING PAGES VIEWABLE BY MEMBERS ONLY

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