2. Forward-looking Statements
This presentation contains forward-looking statements. These statements are not
historical facts and are based on management’s objectives and estimates. The words
"anticipate", "believe", "expect", "estimate", "intend", "plan", "project", "aim" and similar
words indicate forward-looking statements. Although we believe they are based on
reasonable assumptions, these statements are based on the information currently
available to management and are subject to a number of risks and uncertainties.
The forward-looking statements in this presentation are valid only on the date they are
made (December 31, 2010) and the Company does not assume any obligation to update
them in light of new information or future developments.
Braskem is not responsible for any transaction or investment decision taken based on the
information in this presentation.
2
3. Agenda
Braskem
A global player
Acquisitions: opportunities and challenges
Project pipeline: growth with value creation
Braskem consolidated
The petrochemical industry
Final considerations
3
4. Agenda
Braskem
A global player
Acquisitions: opportunities and challenges
Project pipeline: growth with value creation
Braskem consolidated
The petrochemical industry
Final considerations
4
5. Overview
Braskem has become the leading thermoplastic company Diversified portfolio of petrochemical products,
in the Americas with Quattor acquisition in January with focus on PE, PP and PVC
2010 Annual capacity of 6,460 kton
Foothold in the USA with Sunoco PP assets acquisition in 31 facilities in Brazil and USA
February 2010 Naphtha and gas based crackers
Attractive project pipeline in Latin America Petrobras as the main supplier in Brazil
Listed in 3 stock exchanges: BM&FBovespa, NYSE and
Latibex - 100% tag along
Market Cap (03/18/2011) – US$ 9.9 billion
EV – Net debt Dec 2010 – US$ 15.8 billion 3 PP
Financial Highlights
2009 2010
Braskem
R$ billion Consolidated
Stand alone 1 PVC
Net Revenue 15.2 27.8 + 83% 1 Chlorine-soda
1 naphtha cracker
EBITDA 2.5 4.1 + 64% 4 PE
Net Debt/EBITDA 2.67x 2.43x - 9% 1 PP
1 PVC
1 gas cracker
1 Chlorine-soda
Potential Upside 1 PP
1 PE
1 naphtha
Synergies: 1 naphtha cracker cracker
- Additional EBITDA – R$ 495 million on a 1 ethanol cracker 2 PP
5 PE 3 PE
recurring basis
2 PP
Expectation of cycle recovery as of 2012
Industrial Assets
5
7. Ownership Structure
Leveraging relationship with Petrobras
- World leader in
- Conglomerate; Minority
E&P in deep
Shareholders
waters;
- More than 30-years
in the petrochemical
- Present in the
industry;
industry as
50,1% / 38,2% 0,0% / 5,9% 2,8% / 20,1% 47,1% / 35,8% investor, supplier
- Investment Grade
Voting Shares / Total Shares and client;
by Moody’s and
Fitch.
- Investment Grade
by all 3 Rating
Agencies.
• Odebrecht as the controlling shareholder reinforces Braskem’s condition as a listed privately-owned
company
Governance
• Sole vehicle for petrochemical investments of both shareholders, Braskem has the right:
- to lead all petrochemical investments identified by Petrobras;
- if not of its interest, has the right to commercialize such products.
Source: Braskem 7
8. Braskem: strong potential for outperform
W.Europe
North America # 29 players
Braskem: # 32 players
Consolidated position in
main regional market of
thermoplastic resins*
N.Asia
M.East ~# 150 players
Capacity (000 Metric Tons) # 38 players
S.Asia
Braskem: 5,510 Petroken: 180
~# 40 players
Ecopetrol: 548 PETROQUIM: 120
Mexichem: 416 Petroquímica Cuyo: 130
South America
PBB Polisur: 650 Polinter: 495 # 12 players
Pequiven: 185 Propilven: 115
Petro Dow: 42 Solvay Indupa: 541
Source: Analysts reports, CMAI capacity list * PE, PP and PVC 8
9. Agenda
Braskem
A global player
Acquisitions: opportunities and challenges
Project pipeline: growth with value creation
Braskem consolidated
The petrochemical industry
Final considerations
9
10. Quattor - key indicators
Operational Indicators Acquisition opportunities
Operating rate (%) 1Q10 2Q10 3Q10 4Q10 Asset concentration in
Southeast (~70% Brazilian
Ethylene(1) 71% 83% 89% 94% consumption);
PE 61% 76% 84% 91% Diversified RM matrix;
Financial Indicators Joint administration of raw
material agreements;
R$ million 1Q10 2Q10 3Q10 4Q10
Integrated industrial
Net Revenue 1,250 1,459 1,697 1,807 planning;
+99% +41% +20%
EBITDA 107 214 302 361 Reduction of working capital
EBITDA Margin 8,6% 14,7% 17,8% 20,0%
costs;
Tax and logistical synergies.
(1) Considering the 200 kty expansion 10
11. Synergies from Quattor acquisition totaling
R$377 million in EBITDA for 2011
2011 EBITDA*: R$377 million 2012 EBITDA*: R$495 million
R$ milhões
R$ million R$ million
59
87
61
82
495
377
350
234
Industrial Logística
Logistics Suprimentos
Supply EBITDA Synergies
EBITDA Sinergias Industrial Logistics Supply EBITDA Synergies
Identification of new opportunities, efficient and rapid implementation of initiatives to
capture synergies
Integrated planning for industrial units
Centralized maintenance plan assets strategy
Optimization of freight and gains in distribution and storage
Joint purchase of materials for industrial operations
Source: Braskem * Annual and Recurring 11
12. Braskem America (former Sunoco Chemicals)
Acquisition opportunities
Global-scale, state-of-the-art
R&T Center assets – technology and age similar
Pittsburgh, PA to Brazil’s polypropylene (PP)
assets;
Development of a global
production base;
Marcus Hook, PA
Consolidation of industrial assets;
Neal, WV
1 PP 1 PP Competitive costs for some 70% of
raw materials;
Platform for greenfield projects in
Latin America.
La Porte, TX
1 PP Disbursement: US$350 million
Financial Indicators Challenges
2009 2010 Knowledge of North American
distribution market;
Net Revenue (R$ million) 1,737 2,267
Add value to supplier ⇔ client
EBITDA (R$ million) 134 201 chain (substitute distributor);
+73%
Highly disperse market.
EBITDA (USD million) 66 114
12
13. Agenda
Braskem
A global player
Acquisitions: opportunities and challenges
Project pipeline: growth with value creation
Braskem consolidated
The petrochemical industry
Final considerations
13
14. Strategic direction
“BECOME THE GLOBAL
SUSTAINABLE CHEMICAL
LEADER, INNOVATING FOR
BETTER SERVE THE
PEOPLE”.
14
15. Growth strategy
On the path to leadership in sustainable chemicals
Development
Green PP
2013 Partnerships for the
Green PE development of competitive
technologies
2010 Innovation in bioplastic
market
Successful track record for Production integrated with
Braskem becomes implementing projects: green propylene Cooperation agreement with
a global leader in term and costs Capture of 2.3t CO2/t PP Cenpes (Petrobras Research
biopolymers Center)
Capture of 2.5t CO2/t PE
Partnership with Clients Development of other cracks
streams to sustainable
chemicals
PE integrated project study
15
16. Expansion with competitiveness increase
BRAZIL
PVC Expansion
Operational start-up : May 2012
Expansion of 200 kton/y in PVC capacity in Alagoas
Investments of US$470 million
Expected NPV ~US$450 million
Approval of a financing line of up to R$525 million
from BNDES and R$200 million from BNB
Expected disbursement of R$380 million in 2011
Support for Brazil’s infrastructure projects
Brazil currently imports 30% of its needs
PVC Domestic Demand (kton)
1,119 New Projects
982 950
857 Industrial Assets
31%
748 34% 26%
19%
17% Imports
Domestic Sales
2006 2007 2008 2009 2010
Source: Braskem 16
17. Growth strategy
Projects with competitive materials
Ethylene XXI Project – JV Braskem and IDESA - Mexico
Characteristics
Startup: January 2015
Ethane acquisition from PEMEX Ethylene
Ethane
Integrated project: 1 Mton ethylene and 1Mton 66,000 bpd 1,000 kton/y
PEs
PEMEX Gas (Basic Petrochemicals)
Investment: US$2.5 billion (project finance)
Ethane
Mexico imports 68% of its PE demand (1.8 Cracker
million ton/year) Gas
Financial advisor: Sumitomo Bank
Strategic partnership with Ineos and Lyondell
Basell for PE plants technologies Polyethylene
1,000 kton/y
Structuring of Project Finance: already received
US$ 5 billion in letters of interest
Manufacturing
Industry
PEMEX
Exploration
2011 Focus and
Production
Selection of the cracker technology
Structuring of Project Finance: due diligence, negotiation of financial agreements
Studies on environmental impacts and beginning of the process to obtain the construction licenses
Conclusion of the engineering agreement
Definition and negotiation of EPC agreements (Engineering, Procurement and Construction)
17
18. Unique pipeline of growth in the Americas
Consolidated Project Pipeline
Brownfield/Greenfield expansion
projects in Brazil: PE and PP assets
Ethylene XXI - Mexico New Biopolymers Plants in Brazil –
(+ 1,000 ktony ethylene integrated project (1st and 2nd
and + 1,000 ktony PE) generation)
Green PE Green PP Comperj
(+ 200 ktony ethylene) (+ 30 ktony ethylene) PeruProj.
PVC Expansion (+ 600 to 1,000 ktony ethylene/PE)
(+ 200 ktony)
Projects in Venezuela
(+300 ktony PP)
(integrated ethylene/PE)
2010 - 2012 2013 - 2015 Projects under evaluation
Resin Capacity CAGR for 2010-2015: +4.3% p.y.
Diversification of raw materials and world-class assets
Fiscal discipline
Excellent track record of projects execution
Source: Braskem 18
19. Agenda
Braskem
A global player
Acquisitions: opportunities and challenges
Project pipeline: growth with value creation
Braskem consolidated
The petrochemical industry
Final considerations
19
20. Value added products and potential market growth
are key differentiators of value creation
Braskem’s Performance – 2009 Vs. 2010 (Thousand tons)
Braskem Origin of Imports in 2010
(PE, PP and PVC)
+11% 3,413
3,072
Others
2009 2010 14%
Europe
10% North America
29%
Braskem’s Sales Profile – 2010 Asia
10%
OTHERS Mexico Colombia Argentina
1% 15%
AGRIBUSINESS 21%
10%
INDUSTRIAL 4% FOOD
29% PACKAGING
4%
AUTOMOTIVE 6%
RETAIL 7% Americas account for 67% of imports
9%
18%
Imports represented 26% of the
HYGIENE AND
13%
domestic market
CLEANING CONSTRUCTION
CONSUMER
GOODS
Source: Abiquim, Braskem 20
21. Innovation pipeline: new developments to aggregate
further value
Innovation and Technology Center
Strenghtening the value chain competitiviness
Structured resource base to support client needs:
Over R$ 330 million in R&D assets
PP
More than 190 researchers Coffee Bags
8 pilot plants
More than 400 patents filed worldwide
Partnership with universities and R&D centers in Brazil and abroad
12% of Polymer Business Unit revenues results from new products launched
in the past 3 years
PVC
Doors
PE
Innovation pipeline
BIOPOLYMERS PP
NPV: ~US$ 510 million
PVC
Windows
PVC
21
22. Raw material matrix
Diversification to compete globally
Raw Material Profile* (2010) Braskem Post-Acquisitions** Braskem Post-Projects***
3% 3%
8%
30% 13%
37%
Implementation of 24%
17% Project Pipeline
17%
92% 58%
56% 15%
67%
46%
14%
Quattor Sunoco Braskem More balanced and diversified supply of raw materials
Liquid (2) Refinery propylene Gas (1) Competitive natural gas price vs. international reference prices
Ethanol
Propane Naphtha / Condensate
USG reference to competitive prices ~70% of naphtha supplied by Petrobras with
competitive price formula
Natural Gas 30% direct imports from various international suppliers
100% Petrobras supply with competitive prices versus
international prices
Ethanol
*Based on resin-production capacity. Sunoco buys propane directly
(1) Ethane, Propane and HLR ** Considering Green Ethylene capacity
(2) Naphtha and condensate *** Considering the Mexico Project 22
23. Debt reduction and lengthening the average maturity
of debt
DEBT PROFILE
2010
Amortization Schedule(1) Foreing
(million of R$) Entities
1%
12/31/2010
Gov.
Entities
Capital 26%
Market
38%
583*
20%
393
13% 14%
13%
10% 11% Banks
10% 2,594
2,889 1,733 1,820 8% 35%
2,496 1,694 1,360
1,245 1,073 1,244 2009
Foreing
Entities
5%
Capital Gov.
12/31/10 2011 2012 2013 2014 2015 2016/ 2018/ 2020 Market Entities
Cash 2017 2019 onwards 21% 22%
(1) Does not
include transaction costs
Invested in R$
Invested in US$ *US$350 million of Stand by
Issue of US$450 million in perpetual bonds, project finance prepayment and
others financing operations lengthened the average debt term to 12.5 years Banks
52%
→ More balanced source of
funds.
23
24. Braskem:
Reaffirmed post-acquisition ratings
On January 11, 2011, Fitch changed from BB+ with stable outlook
to BB+ with positive outlook and placed the Company on review
for a potential upgrade Upgrade Conditions:
RATING
+ Maintenance of high liquidity (cash or equivalents -
Baa3 BBB-
-
Investment Grade stand-by) above R$3 billion. Cash above R$3 billion
May/09 since Dec/2008.
Jan/09 +
Ba1 BB+ stable
-
Jan&Jul/10 Capitalization of Braskem as pre-condition for
acquisition. Shareholder movements;
Ba2 BB
Successful integration with capture of synergies and
increase in cash generation (EBITDA increase R$ 3,1
Ba3 BB- bi to R$3.8 bi);
Post-Acquisitions
Decrease in Net Debt/EBITDA ratio expected to
B1 B+ 2.5x. In first post-acquisition quarter we already
reduced this ratio from 3.46x to 3.12x. In 2Q10 we
reduced to 2.84x, and to 2,63x in 3Q10.
2009 2010
The acquisitions: Braskem Ratings (Global Scale)
Strengthened strategic positioning;
Ba1 / Stable Outlook
Increased # of plants, sites and geographic diversification;
Diversification of raw material mix;
BB+ / Stable Outlook
More disciplined and less volatile domestic market ;
High governance standards;
BB+ / Positive Outlook
Petrobras participation.
Source: Braskem 24
25. Total Investment in 2011 is estimated at R$1.6 billion
Investments
R$ million
1,777 1,644
373 Maintenance Shutdown
391
HSE * For 2011, capex is estimated at R$
127
85 142 Productivity 1.6 billion, which approximately
211 94
Capacity Increase / PVC Alagoas 30% destined to capacity expansion
283 407 Equipment Replacement projects, 20% to scheduled
6 Quantiq maintenance shutdowns, and the
343 243 Green PE remaining to operational
47 89 Mexico investments.
301 278 Others
2010 2011e
Source: Braskem 25
26. Agenda
Braskem
A global player
Acquisitions: opportunities and challenges
Project pipeline: growth with value creation
Braskem consolidated
The petrochemical industry
Final considerations
26
27. Outlook on the global petrochemical industry
Ethylene: Operating rate 2010
MM ton
20 94 Industry in2010
91 90
89 88
84
86 84* Operating rates decreased in 4Q10 driven
15 82 83
81
78 80 by the rigorous winter in the Northern
10
74 hemisphere and operational problems at in
70 Europe and Middle East
5 60 Competitive cost base allowed the US to
operate at higher rates than other regions
0 50 throughout 2010
Europe N. America Asia M. East World Braskem
Global operating rate at 83.5% in 2010, 3.1
Capacity 4Q Operating rate 4Q10 (%) Operating rate 3Q10 (%) p.p. over previous forecast
Global Scenario
Ethylene: Supply and Demand Balance
MM ton New capacity additions can lead to the
200 90.7 91.3 closing down of non competitive assets on
88.7
86.3 a permanent basis, especially in Europe
83.5 83.9
150
High volatility in oil prices boosts naphtha
100 prices. Prices of resins and basic
petrochemicals follow this trend
50
Expectation of improvement in the
0 industry profitability as of 2H11
2010 2011e 2012e 2013e 2014e 2015e
Capacity Demand Operating Rate (%)
Source: CMAI, Parpinelli Tecnon * Impacted by the scheduled maintenance shutdown in Bahia’s cracker for 52 days. 27
28. Demand growth shall overcome new capacity
additions
Ethylene
Demand
6.8%
5.2% CAGR 10-15
Capacity 6.7% 4.5% 4.4% 4.3%
(MM ton) 3.4% 4.4%
4.0%
3.2%
2.3% 2.6% Supply
2.1%
Asia
CAGR 10-15
Africa 6,521
6,090
2.8%
Middle East 4,514
Europe
9,010 2,805
Americas 3,216 3,423
3,229 3,814 400 3,417
Closures
2,652 2,545
Postponed/Delayed 468 1,816 2,462
3,774
2,067 529 1,200 490
Supply Growth % 743 962 550
375
(1,282) (699) (150)
Demand Growth % (1,227)
2010 2011 2012 2013 2014 2015
-19% Delayed
Limited additional capacity until 2015
No new investments announced motivated by financial crisis
Sanctions in Qatar restrict investments in petrochemicals
No further availability of cheap gas for new projects
Greenfield projects: 4-5 years to startup
Source: CMAI, March/2011 28
29. Brazil: strong potential growth
Brazilian’s thermoplastic demand (PE, PP, PVC) X GDP Growth% 2010 Market Share
7.0 - 7.2
7.5% Others
4.5%
5%
-0.6%
5.3 - 5.4 Imports
26%
Million tons
69%
Braskem
2009 2010 2011e 2015e
Brazilian's thermoplastic demand (MMton) GDP (Growth %)
Per-capita Consumption of PE, PP and PVC (kg/person)
65
58
Brazil: 46
23 25 31
21 22
18 19 18 20
17
2002 2003 2004 2005 2006 2007 2008 2009 2010 USA Europe Japan China
Source: Abiquim, Braskem, CMAI, Ipeadata and IBGE. * Estimate: Resins Demand = 1.5x to 2.0x GDP 29
30. Agenda
Braskem
A global player
Acquisitions: opportunities and challenges
Project pipeline: growth with value creation
Braskem consolidated
The petrochemical industry
Final considerations
30
31. Outlook and Priorities
Petrochemical market
Political instability in Arab countries and oil price volatility
Global petrochemical scenario continues to be marked by recovery, but oversupply is still expected
for 2011. Mitigating factors:
Operational instability, delays on the startup of new plants and trade sanctions imposed on Iran
Strong demand from emerging countries like China, India and Brazil
Braskem priorities
Strengthening of the Brazilian petrochemical and plastics production chain
To follow the domestic resins’ market growth: 9-10% in 2011
Ensure capture of the identified synergies
Adding value through the acquired assets
Quattor: continue improvement in its operational efficiency
Braskem America: return above capital employed
Maintaining liquidity and financial discipline
Growth Projects
PVC Alagoas
Implementing project in Mexico, which is based on competitive raw materials
To define Comperj’s configuration with Petrobras
Expand the use of renewable feedstock
31
32. Why Braskem?
Pr/share BRKM5 Performance Consolidated (R$ billion) 2011e Multiple
40
EBITDA (consensus) 4.4
35
Synergies to 2012 4.9
30
Market Capitalization 16.5 22.9
25
20 EV 26.3 32.8
+
15 EV/EBITDA 6.0x 6.7x**
10 Price per share 20.60* 28.70
5 Proj. NPV to 2012 > R$1.12 bi
0
Value added by projects to
1.40
share price
R$ USD Price per share after projects 30.11
*BRKM5 as of 03/18/11 ** Peer Multiple Feb/2011
Largest thermoplastic resin producer in the Americas Source: Bloomberg.
Leader of important projects in Latin America with
competitive raw materials
Emerging consumer market with potential per-capita growth Huge potential for value creation
as additional driver
EBITDA increase
Above-peer profitability
Access to one of the world’s largest consumer markets EV/EBITDA 2011 multiple
following the U.S. acquisition below peers’ multiple (6-8x)
Successful trajectory of organic growth and acquisitions
Shareholders hold long-term view with strategic synergies
for growth and value creation
Leader in green chemicals
32
37. Resins demand by region
2010 Resins (PE, PP, PVC) Demand by region
Africa
3%
China Europe
27% 18%
North America
17%
Asia ex-China
23%
South America
6%
Middle East
6%
The Brazilian demand for resins represents 3% of global demand
Source: CMAI 2010 estimates 37
38. Capacity utilization rates were positively impacted by
the improvement of Quattor’s assets
Braskem consolidated operating rates %
Quattor - Ethylene
Ethylene Polyethylene Polypropylene PVC
89% 94%
94% 93% 83%
86% 87% 83% 85% 71%
78% 80% 63%
4Q09 1Q10 2Q10 3Q10 4Q10
2009 2010 2009 2010 2009 2010 2009 2010
Raw material supply regularization, in the Southeast and Rio de Janeiro complex, gradually increased
the operating rates of Quattor’s assets:
RJ unit presented a record rate of 93% in the last quarter of the year
Continuous operational improvement of existing assets (record production rates in the south
complex)
Scheduled maintenance shutdown at Bahia’s cracker in the 4Q10 had a higher influence in the PVC
production, partially impacting the average operating rate of PE and PP
Source: Braskem *2009 data does not include Quattor expansion of 200 kton 38
40. Revenues breakdown – 4Q10
Net Revenue by Product(1)
(4Q10)
Others 10%
Fuel 4%
ETBE 2%
Cumene 2%
BTX* 7%
Butadiene 4%
Propylene 3%
Resins 66%
Ethylene 4%
1 Does notinclude naphtha/ condensate/crude oil processing and distributor sales
* Benzene, Toluene, Paraxylene and Orthoxylene
Source: Braskem 40
41. 4Q10 and 2010 COGS breakdown
COGS 4Q10 (1) COGS 2010 (1)
Deprec / Amort, Freight, 4.1% Deprec / Amort, Freight, 3.9%
7.5% 7.0%
Others, 0.7% Others, 0.9%
Services, 1.5% Naphtha , 51.5% Services, 1.5%
Naphtha , 53.1%
Labor, 3.4% Labor, 3.1%
Other Variable Other Variable
Costs, 6.9% Costs, 7.2%
Natural Gas, Natural Gas,
2.5% 2.4%
Electric Energy, Electric Energy,
3.5% 4.3%
Gas as Gas as
feedstock, 18.4% feedstock, 16.9%
1 Does not include naphtha / condensate / crude oil processing (1) Does not include naphtha / condensate / crude oil processing
and Quantiq costs and Quantiq costs
Source: Braskem 41
42. Exports Destination – 4Q10
Exports Destination
4Q10
Asia 4%
Europe 18%
North
America 44%
South
America 29%
Central
America 4%
The Export Market represents 26% of Company’s Net Revenue.
Source: Braskem 42
43. EBITDA performance: 2010 vs. 2009
R$ million
Contribution margin was positive impacted by the
higher sales volume and the improvement in resin-
naphtha spread. FX impacted by the appreciation in
Brazilian real. FX impact
on costs 2,089
FX impact
1,979 (3,140) on revenues
( 1,051 )
4,055
523 ( 441) (135)
3,181
EBITDA Volume Contribution FX Fixed Costs Non recurring EBITDA
2009 Margin SG&A * effect 2009** 2010
43
Source: Braskem *SG&A: R$244 million of non-recurring expenses in 2010 **2009 non-recurring effect amounts R$135 million
44. Debt Profile
Gross Debt by Category Gross Debt by Index
Foreign Gov.
Entities CDI
1% 12%
TJLP
Brazilian Gov. 20%
Entities BRL - PRE
26% 6%
Capital Market
38%
USD-POS
6%
Banks
USD-PRE
35%
56%
44
Source: Braskem
45. Outstanding Bonds & Outstanding Ratings
Coupon Yield *
Outstanding Bonds Maturity
(% p.a.) (% p.a.)
US$250 MM Jan/2014 11.750 3.9
US$250 MM Jun/2015 9.375 4.3
US$275 MM Jan/2017 8.000 5.7
US$500 MM Jun/2018 7.250 5.8
US$750 MM May/2020 7.000 6.3
US$450 MM Perpetual 7.375 7.3
* As of March, 18th
Corporate Credit Rating – Global Scale
Agency Rating Outlook Reviewed in
Fitch Ratings BB+ Positive 01/11/2011
S&P BB+ Stable 05/28/2009
Moody’s Ba1 Stable 05/21/2009
45
Source: Braskem / Bloomberg
46. Covenants
Net Debt/ EBITDA
(R$ million) (US$ million)
-8% -7%
2.64x 2.76x 2.56x
2.43x
Sep 10 Dec 10 Sep 10 Dec 10
Facility Amount* Dec 10 Currency Type
Senior Notes R$ 500 MM R$ 500 MM R$ Issuance
Nippon Export and
US$80 MM US$40 MM US$ Maintenance
Investment Insurance
EPP (Export Pre-Payment) US$725 MM US$400 MM US$ Maintenance
*The company is prevented from issuing any new debt for the period if it overcomes the 4.5x Net debt / EBITDA ratio.
46
Source: Braskem
