1. First Quarter 2003 Earnings
International Conference-Call
A World Class Brazilian Petrochemical Company
A World Class Brazilian Petrochemical Company
May, 15 2003

2. Disclaimer – forward looking statements :
This presentation includes forward looking statements. Such
information is not merely based on historical fact but also reflects
management’s objectives and expectations. The words "anticipate",
“wish", "expect", “foresee", “intend", "plan", "predict", “forecast",
“aim" and similar words, written and/or spoken, are intended to identify
affirmations which, necessarily, involve known and unknown risks.
Known risks include uncertainties which include, but are not limited to
price and product competition, market acceptance of products, the
actions of competitors, regulatory approval, currency type and
fluctuations, regularity in the sourcing of raw materials and in
operations, among others. This presentation is based on events up to
May 15, 2003 and Braskem is not liable to update the contents in the
light of new information and/or future events.
Braskem takes no responsibility for transactions or investment
decisions made on the basis of information contained in this
presentation.

3. Braskem – First Quarter 2003 Highlights:
Net Revenue (R$ million) EBITDA (R$ million)
+86% 2.292
+89% 450
3.000 600
1.230
2.000 238
400
1.000
200
0
0
1Q02 1Q93 OCG (R$ million) 1Q02 1Q03
579
+130%
600
251
400
200
0
1Q02 1Q03
Net Debt (R$ million) Net Debt / OCG (LTM*)
6.815 R$(450)MM -19%
3,17 2,57
7.000 4,00
6.800 6.365
3,00
6.600
6.400 2,00
6.200 1,00
6.000 0,00
Dec 2002 Mar 2003 Dec 2002 Mar 2003
* Last Twelve Months

4. Braskem – Simplified structure accelerating the capture of synergies:
66.7% 42.6% 69.4% 43.2%
29.6% 29.6% 35.0% 34.7% POLIALDEN
% Voting stake Goal = 330
% Total stake
208
Synergies*:
(R$ million) 75
53
Sep/02 Dec/02 Mar/03
* Gains on a recurring, annulized basis

5. Braskem - EBITDA Growth (R$ million):
1,195
780*
450
367
315
238 415
1Q02 2Q02 3Q02 4Q02 1Q03
(*) Extraordinary items

6. International Price Trend (Naphtha vs. PEBD):
(% Indexed)
Naphtha & PEBD Price Trend
Indexed as of January 2, 2003
140
120
100
90
80
Naphtha
PEBD 70
60
40
5/12/2003
Source: Bloomberg

7. Braskem – Operating Performance - Output (tons):
MAIN PRODUCTS 1Q03 1Q02 Chg % 4Q02
(A) (B) (A)/(B)
ETHYLENE 229,165 224,769 2 285,436
THERMOPLASTICS - TOTAL 384,254 349,002 10 409,429
PP 107,533 92,531 16 110,745
PE 157,966 154,797 2 170,544
PVC 103,844 87,564 19 112,558

8. Braskem – Market – Sales Volume (tons):
1Q03 1Q02 Chg % 4Q02
MAIN PRODUCTS
(A) (B) (A)/(B)
ETHYLENE 230,251* 227,913 1 285,993
THERMOPLASTICS - TOTAL 401,098 376,139 7 388,925
PP 111,716 95,256 17 103,947
PE 164,563 163,712 1 165,948
PVC 110,679 103,602 7 101,898
* Of this amount, 102,000 tons (45%) represent sales to Braskem companies

9. Braskem – Exports in 1Q03:
(US$ MM)
+46% 137
!
94
!
"# $# #
1Q02 1Q03

10. Braskem – Income Statement Review:
R$ million
1Q03 1Q02 Chg. (%) 4Q02
(A) (B) (A)/(B)
Net Revenue 2,292 1,230 86 2,097
Cost of Goods Sold (1,823) (1,043) 75 (1,760)
Gross Profit 469 186 152 337
Gross Margin (%) 20 15 33 16
EBITDA 450 238 89 1,164
EBITDA Margin (%) 20 19 5 56
Operating Profit * 358 44 714 836
Net Financial Result (87) (217) (60) 108
Net Profit (Loss) 131 (164) - 1,042
Earnings per Share 38.73 (26.26) - 311.48
(* Operating Profit = Operating Income – Net Financial result)
!

11. Braskem – Net Revenue for Main Products (R$ million):
1Q03 1Q02 Chg. % 4Q02
MAIN PRODUCTS
(A) (B) (A)/(B)
ETHYLENE 233 115 103 241
TOTAL - THERMOPLASTICS 1,077 608 77 890
PP 317 162 96 238
PE 440 266 65 367
PVC 271 150 81 232

12. Braskem – Cost of Goods Sold (1Q03):
COGS 1Q03:
R$ 1.823 billion
!
! "

13. Braskem – 1Q03 x 1Q02 EBITDA comparison (R$ million):
970 (706)
(59)
(12) 450
Fixed &
Variable
costs Other SG&A
19 Operating
238 Exp/Income
Sales Average
Volume Price
1Q02 1Q03

14. Braskem – EBITDA consistent growth:
EBITDA (R$ million) EBITDA margin – Sector
Braskem
30%
25% Industry Average (*)
1,195 23% 20%
19%
20%
18%
15%
780 15%
12%
450 13%
315 367 10%
238
415 8%
5%
1Q02 2Q02 3Q02 4Q02 1Q03 3%
1Q03 1Q02
(*) Average EBITDA Margin of Basf, Dow, Reliance, DuPont, Solvay, Lyondell, Eastman and Georgia Gulf, based
upon disclosed 1Q03 earnings data.
Source: Thomson Financial Investor Relations and Braskem

15. Braskem – Net Debt Reduction:
Debt reduction drivers
(R$ million) Strong operating cash generation
∆ = - 450 in 1Q03: R$ 579 million;
6.815
Synergies captured through
6.365 integration: R$208 million on an
∆ = - 6,6%
annualized & recurring basis.
Net Debt / OCG Ratio:
31/12/2002: 3.17
31/12/2002 31/03/2003
31/03/2003: 2.57

16. Braskem – Consolidated Debt (Mar/03):
Breakdown by Indexation Amortization Schedule
(Gross Debt)
IGP- M TJLP 50%
5% 15% CDI
9% 40%
30% 30%
Trade Finance 28%
~34% 20% 19%
15%
10%
8%
0%
Apr/03 to 2004 2005 2006 2007
69% Dec/03
US$
Short Term includes:
• R$ 1.294 million in trade finance obligations
• ~ R$ 612 million in working capital financing

17. Braskem : Share price performace in 2003
As of closing on May 8, 2003
202
200
180
160 156
Average daily trading volume ~_R$ 873,000
140 BRKM5
Ibovespa
BAK (ADR)
120
111
100
80
60
jan-03 fev-03 mar-03 abr-03 mai-03
Indexed as of Jan. 2, 2003

18. Braskem : An excellent investment opportunity !
Leading thermoplastics producer in Latin America
Integrated operations enable synergies to be captured
Consolidated businesses and superior margins, with
adjustment of capital structure already under way;
OPP and Nitrocarbono incorporation completed
Already a Bovespa’s Level 1 Company; shall qualify for
Level 2 in 2 years
Offering 100% tag-along rights for all shareholders
High potential for shareholder value creation
Braskem: A world-class Brazilian petrochemical company !!
Braskem: A world-class Brazilian petrochemical company

19. First Quarter 2003 Earnings
International Conference-Call
A World Class Brazilian Petrochemical Company
A World Class Brazilian Petrochemical Company
May, 15 2003