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25.01.2005

EUR 90,000,000 EIB Guarantee Facility Agreement for Borealis A/S, Denmark

Copenhagen / Luxembourg / Vienna

European Investment Bank (the ”EIB“) has granted Borealis A/S a two tranche loan facility totalling EUR 90 million, to be drawn in USD, to finance the ongoing Borstar® polyethylene plant construction project in Austria and associated R&D expenditure. The average life of the tranches are 12 and 8 years. The exceptionally long tenors are demonstrating the robustness of the project and the good long standing relationship Borealis enjoys with the EIB.

The transaction is guaranteed by an international club of banks consisting of Bank Austria Creditanstalt AG, HSH Nordbank AG, Copenhagen Branch, ING Bank N.V., Dublin Branch, Nordea Bank Danmark A/S, SANPAOLO IMI S.p.A. and Svenska Handelsbanken AB (publ) (the "Mandated Lead Arrangers" or "MLAs"), which are providing the guarantee facility on equal amounts.

Bank Austria Creditanstalt AG has acted as co-ordinator and documentation agent and Nordea Bank AB acts as facility agent under the guarantee facility. The documentation was signed in January 2005.

Inquiries: Bank Austria Creditanstalt AG, Syndication & Loan Markets
Katrin Pranckl, Tel. +43 (0)5 05 05 43135

Borealis A/S, Tax & Treasury
Tarmo Raudsepp, Tel. +45 45 96 62 73