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Braskem SA 6-K 2008
Provided by MZ Data Products
 
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 

 
FORM 6-K
 
REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13A-16
OR 15D-16 OF THE SECURITIES EXCHANGE ACT OF 1934

For the month of March, 2008

(Commission File No. 1-14862 )

 

 
BRASKEM S.A.
(Exact Name as Specified in its Charter)
 
N/A
(Translation of registrant's name into English)
 


Rua Eteno, 1561, Polo Petroquimico de Camacari
Camacari, Bahia - CEP 42810-000 Brazil
(Address of principal executive offices)



Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.

Form 20-F ___X___       Form 40-F ______

Indicate by check mark if the registrant is submitting the Form 6-K
in paper as permitted by Regulation S-T Rule 101(b)(1). _____

Indicate by check mark if the registrant is submitting the Form 6-K
in paper as permitted by Regulation S-T Rule 101(b)(7). _____

Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.

Yes ______       No ___X___

If "Yes" is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82- _____.



Strictly private and confidential 
 

Valuation Report to Ultrapar Participações

Ultrapar Participações S.A., Refinaria Petroleo Ipiranga S.A., Distribuidora de
Produtos de Petroleo Ipiranga S.A., Companhia Brasileira de Petroleo Ipiranga

April 4, 2007



Disclaimer

  • These materials may only be used by Ultrapar Participações S.A. (“Ultrapar”) for the purposes defined in the engagement letter signed with Deutsche Bank Securities Inc. (“Deutsche Bank”). Neither Deutsche Bank nor any of its affiliates or any of its or their officers, directors, employees, affiliates, advisors, agents or representatives (collectively, “Deutsche Bank Representatives”) makes any express or implied representation or warranty as to the accuracy or completeness of any of the materials set forth herein or provides advice relating to tax, accounting, legal, antitrust, or other regulatory matters. Nothing contained in the accompanying materials is, or shall be relied upon as, a promise or representation as to the past or the future

  • In connection with Deutsche Bank’s role of “conducting a valuation analysis / preparing a valuation report” for Ultrapar, and in preparing its report as to the respective valuations of Companhia Brasileira de Petróleo Ipiranga (“CBPI”), Distribuidora de Produtos de Petróleo Ipiranga S.A. (“DPPI”) and Refinaria de Petróleo Ipiranga S.A. (“RIPI”) (collectively, “Ipiranga”, or the “Ipiranga Group”) and Ultrapar, Deutsche Bank has reviewed certain publicly available financial and other information concerning Ultrapar and the Ipiranga Group and certain internal analyses and other information furnished to it by Ultrapar and the Ipiranga Group. Deutsche Bank has also held discussions with members of the senior managements of Ultrapar and the Ipiranga Group, and with respect to certain assets, the senior management of Braskem, regarding the businesses and prospects of their respective companies and the operations of the combined company following the transactions described herein. In addition, Deutsche Bank has (i) reviewed the reported prices and trading activity for Ultrapar’s and the Ipiranga Group’s stock, (ii) compared certain financial and stock market information for Ultrapar and the Ipiranga Group with similar information for certain other companies whose securities are publicly traded, (iii) reviewed the financial terms of certain recent business combinations which it deemed comparable in whole or in part, (iv) reviewed the terms of the agreements governing the transaction, and (v) performed such other studies and analyses and considered such other factors as it deemed appropriate


Disclaimer (continued)

  • Deutsche Bank has not assumed responsibility for independent verification of, and has not independently verified, any information, whether publicly available or furnished to it, concerning Ultrapar or the Ipiranga Group, including, without limitation, any financial information, forecasts or projections considered in connection with the preparation of its report as to the respective valuations of Ultrapar and the Ipiranga Group. Accordingly, for purposes of its report, Deutsche Bank has assumed and relied upon the accuracy and completeness of all such information and Deutsche Bank has not conducted a physical inspection of any of the properties or assets, and has not prepared or obtained any independent evaluation or appraisal of any of the assets or liabilities, of Ultrapar or the Ipiranga Group

  • It should be understood that any valuations, financial and other forecasts and/or estimates or projections and other assumptions contained in the accompanying materials (including, without limitation, regarding financial and operating performance), were prepared or derived from information (whether oral or in writing) supplied solely by the respective managements of Ultrapar, the Ipiranga Group and Braskem or derived from other public sources, without any independent verification by Deutsche Bank, and involve numerous and significant subjective determinations and assumptions by Ultrapar and the Ipiranga Group, which may not be correct. As a result, it is expected that there will be a difference between actual and estimated or projected results, and actual results may vary materially from those shown herein. In addition, with respect to any such information made available to Deutsche Bank and used in its analyses, Deutsche Bank has assumed that they have been reasonably prepared on bases reflecting the best currently available estimates and judgments of the respective managements of Ultrapar and the Ipiranga Group as to the matters covered thereby. The Report observes the requirements imposed by Brazilian Securities Regulation, in particular Rule #361/02 of the Brazilian Securities Commission (“CVM”)


Disclaimer (continued)

  • Accordingly, in preparing its report as to the respective valuations of Ultrapar and the Ipiranga Group, neither Deutsche Bank nor any of the Deutsche Bank Representatives make any express or implied representation or warranty, or express any view, as to the accuracy, reasonableness, completeness or achievability of any such financial and other forecasts and/or estimates or projections, or as to the determinations or assumptions on which they are based. Deutsche Bank’s report is necessarily based upon economic, market and other conditions as in effect on, and the information made available to it as of, the date hereof

  • Deutsche Bank has also assumed that all material governmental, regulatory or other approvals and consents required in connection with the consummation of the transaction will be obtained and that in connection with obtaining any necessary governmental, regulatory or other approvals and consents, or any amendments, modifications or waivers to any agreements, instruments or orders to which either Ultrapar or the Ipiranga Group is a party or is subject or by which it is bound, no limitations, restrictions or conditions will be imposed or amendments, modifications or waivers made that would have a material adverse effect on Ultrapar or the Ipiranga Group or materially reduce the contemplated benefits of the transaction to Ultrapar

  • This presentation was based on the information available until today, and the views expressed are subject to change based upon a number of factors, including market conditions and Ultrapar’s and the Ipiranga Group’s business and prospects. Deutsche Bank does not undertake any obligation to update or otherwise revise these materials after the date hereof

  • This Report and its conclusions are not recommendations by Deutsche Bank as to whether Ipiranga shareholders should tender their shares in the mandatory tender offer, or to Ultrapar or Ipiranga shareholders as to the fairness to such shareholders, from a financial point of view, of the exchange ratio in the incorporation of RIPI, CBPI, DPPI shares in Ultrapar. Each shareholder must reach its own conclusions about the advisability of accepting the offer presented by Ultrapar and the incorporation of the shares of CBPI, DPPI and RIPI by Ultrapar


Contents

Section 
  Executive summary   
  Valuation summary   
    Ultrapar    10 
    RIPI    13 
    DPPI    16 
    CBPI    19 
  Economic value of underlying assets    22 
    Ultrapar    26 
    Ultrapar prior to the share merger    37 
    CBPI distribution    39 
    DPPI distribution    45 
    Copesul    50 
    IPQ    55 
    Valuation of other assets based on multiples    60 
  Final considerations    62 
  Glossary    64 
Appendix       
  Share price evolution    67 
II    Comparable multiples    73 



Executive summary   
Section 1 
     

Section 1

Executive summary



Initial considerations

  • This appraisal report (“Report” or “Valuation Report”) was prepared by Deutsche Bank as requested by Ultrapar

  • The Report observes the requirements imposed by Brazilian Securities Regulation, in particular Rule #361/02 of the Brazilian Securities Commission (“CVM”). Ultrapar requested this Report to be used in connection with (i) the mandatory tender offers related to the acquisition by Ultrapar of the control of Ipiranga Group, and (ii) the incorporation of CBPI, DPPI and RIPI shares in Ultrapar

  • The ranges for the respective valuations of Ultrapar, CBPI, DPPI and RIPI are limited to 10% due to a requirement imposed by Rule #361/02 of the CVM


Scope of Deutsche Bank’s analysis

The objective of this Valuation Report is to present economic valuations of both Ultrapar and Ipiranga Group in accordance with the criteria defined as mandatory by the CVM

Under the CVM Rule #361/02, Deutsche Bank has conducted an analysis using the following methodologies and assumptions:

  • Economic value based on discounted cash flow (“DCF”) analysis for the main operating companies and comparable multiples for some smaller operating subsidiaries
    – Based on publicly available information and discussions with management of Ultrapar and Ipiranga

  • Market value based on average share prices weighted by traded volume
     – Average share price weighted by traded volume during the last twelve months ended March 16, 2007 (last trading day pre-announcement)

  • Book value of the shares
    – Based on Ultrapar and Ipiranga’s audited financial statements as of December 31,2006

Among the different valuation methodologies presented in this Valuation Report, Deutsche Bank believes the economic value based on DCF and comparable multiples is the most applicable methodology for valuing Ultrapar and Ipiranga

Economic value – methodologies for different business lines 
   
Discounted cash flow    Codename    WACC    Public company comparables    Codename 
         
Companhia Brasileira de Petróleo Ipiranga    CBPI    12.2%    Ipiranga Química S.A.    IQ 
Distribuidora de Prod. de Petróleo Ipiranga    DPPI    12.3%    Empresa Carioca de Prod. Químicos S.A.    EMCA 
Copesul Central Química    Copesul    11.2%    Ipiranga Asfaltos    IASA 
Ipiranga Petroquímica S.A.    IPQ    11.8%    AM/PM Comestíveis    AM/PM 
Ultrapar Participações    Ultrapar    10.6%    Isa-Sul Administração e Part. Ltda    Isa-sul 
            Refinaria Petróleo Ipiranga S.A.    Refinery 


3



Valuation range – price per share




 

4


Conducting the economic valuation

  Discounted Cash Flow 
- DCF Analysis
 
  Comparable Public 
Company Analysis
 
  Comparable Precedent Transaction Analysis 
   
         
The three main economic valuation methodologies used were: Discounted Cash Flow (“DCF”), comparable public companies’ multiples and comparable precedent transaction multiples    Methodology            
   
  • Un-levered projections of cash flow to the firm

  • Terminal value calculation based on perpetuity growth (Gordon’s growth model) or exit multiple

  • Cash flow and terminal value discounted by a discount rate that corresponds to the Company’s Weighted Average Cost of Capital (“WACC”)
 
  • Identification of listed companies that are comparable to the business being assessed

  • Calculation of value (TEV or equity) as a multiple of value drivers (sales, ebitda, earnings, etc.)

  • Multiples of value are applied to the corresponding value driver of the Company being assessed
 
  • of transactions involving Identification companies with comparable activities

  • Calculation of the implied multiples of value in those transactions

  • Multiples of value are applied to the corresponding value driver of the Company being assessed
               
  Potential 
advantages
 
 
  • Estimates the intrinsic value of the Company

  • Valuation takes into consideration the risk-return profile of the investment, and can be adjusted for the country risk

  • Takes into consideration the company’s capital structure

  • More flexibility to incorporate expected changes in the business profile such as change in product mix, capacity expansion, etc.
 
  • In efficient markets , it properly reflects the market consensus of value of a given industry

  • Reflects historical performance and industry trends
 
  • Reflects the implied value of transactions in a given industry
               
  Potential
disadvantages
 
 
  • Subject to different view of the Company’s future generation of cash and risk

  • Uncertainties of longer forecasts 
 
  • Difficulty to identify companies that are comparable to the asset being assessed

  • Does not reflect differences among the companies such as capital structure, profitability, management, etc

  • Results can be affected by adverse situations not linked to valuation (macroeconomic, political, etc.)
 
  • Difficulty to identify companies/ transactions that are comparable

  • Characteristics of the transaction might affect valuation such as competitiveness of the sale process, estimated synergies of the potential buyer, defensive play, etc

  • It does not reflect the differences among the companies’ potential returns Limited public information available
               
  Considerations   
  • Maximum flexibility to incorporate in the valuation several value drivers such as discount rate (driven by capital structure, country risk, cos t of equity), perpetuity growth and expected performance (as opposed to historical performance)
 
  • Limited sample in the local market requires evaluator to expand to different markets (normally with different characteristics)

  • Does not incorporate specific nat ure of the company being assessed

  • Based on historical performance, it incorporates market trend
 
  • Limited sample
            Notes: (1) TEV – Total Enterprise Value = Equity plus Net debt. 


5


Deutsche Bank credentials

  • Deutsche Bank and its affiliates provide a full range of investment banking products and services worldwide. The Corporate and Investment Bank (“CIB”) is responsible for providing capital markets products and investment banking services to corporations, financial institutions and governments and their agencies

  • Deutsche Bank and its affiliates’ expertise in assessing Brazilian publicly listed companies includes: the advisory to Ashmore Energy International on the acquisition of Prisma Energy International in 2006, the fairness opinion valuation of Companhia Siderúrgica Belgo Mineira in 2005, and the valuation report of Cia. Metalic Nordeste for Companhia Siderurgica Nacional (“CSN”) in 2002

  • Deutsche Bank or its affiliates also advised La Seda de Barcelona S.A. (“LSB”) on the acquisition of Eastman Chemical Iberica S.A. from Eastman Chemical Company in 2007, advised Linde AG on the sale of equipment business of BOC Edwards to CCMP Capital in 2007, advised Gazprom on the sale of a 10.7% stake to Rosneftegaz, advised ConocoPhillips on the divestment of selected European downstream assets (pending), advised Giant Industries on its sale to Western Refining Inc. and provided a fairness opinion valuation (pending), and is advising Valero on strategic alternatives for the Lima, Ohio refinery, among other assignments

  • Other selected transactions that involved valuation of public companies include: the advisory to Fairchild Semiconductor International in its acquisition of System General Corp, and the advisory to Healthcare REIT in its acquisition of Windrose Medical Properties Trust. Deutsche Bank also acted as advisor to International DisplayWorks Inc. when it was acquired by Flextronics International Ltd. and to US LEC Corp when it merged with Paetec Communications, Inc. All these transactions required a fairness opinion valuation

  • Deutsche Bank and its affiliates have a qualified team of professionals based in New York and São Paulo led by Mr. Ian Reid who was responsible for producing this Report

  • In delivering the Report, Deutsche Bank followed its internal policies applicable to the delivery of valuation reports, including forming an internal valuation committee to review and approve the report

6


Additional considerations

  • The date of this Report is April 4, 2007

  • This Report may be solely used in the context of the request made by Ultrapar to Deutsche Bank n Research reports prepared by different areas of Deutsche Bank may utilize different assumptions with respect to the future performance of Ultrapar and Ipiranga than those used in the Valuation Report, and thus potentially present significantly different conclusions with respect to valuation

  • In compliance with the resolution CVM #361/02, Deutsche Bank states that as of April 4 , 2007:

– There is no conflict of interest that compromises the independence necessary to prepare this Report

– Deutsche Bank and its affiliates held 8,527 non-voting shares of Braskem and 171,000 ADRs of Braskem; 62,175 voting shares of Petrobras, and 500,540 ADRs of Petrobras; Deutsche Bank and its affiliates did not hold, directly or indirectly, any shares of CBPI, DPPI and RIPI, nor did they hold shares or ADRs of Ultrapar, Petrobras or Braskem other than the shares/ADRs mentioned above

– Deutsche Bank is engaged in sales and trading transactions with Petrobras and Braskem, which includes, but is not limited to , derivatives

– In May 2006, Deutsche Bank received R$2,673,760.50 net of taxes from Petrobras for the advisory and structuring services rendered in connection with the acquisition of ABB's stake in Termobahia. Deutsche Bank did not receive any other fees from Ultrapar, Braskem or Petrobras in connection with financial advisory, consulting or auditing services, or any other investment banking services over the past 12 months

– Deutsche Bank will receive US$3,000,000 net of taxes as a fee for the delivery of this Report


7


Additional considerations (continued)

  • The preparation of this Valuation Report was overseen by Ian Reid, Managing Director – Corporate Finance and Mergers & Acquisitions for Latin America. Selected advisory assignments in which Mr. Ian Reid was involved include, among others:

– The merger of Brahma and Antarctica to form Ambev, the unwinding of CSN’s controlling interest in CVRD (advisor to CVRD), the acquisition of a Bolivian refinery by Petrobras (advisor to Petrobras), the sale of Latasa to Rexam by Bradesco, Alcoa and JP Morgan (advisor to sellers), the acquisition of Panamco by Coca-Cola FEMSA (advisor to Coca-Cola FEMSA), and the repurchase by FEMSA of Interbrew’s stake in Femsa Cerveza (advisor to FEMSA) among others

_________________________________________________________
Ian Reid – Managing Director

8


Valuation summary    Section 2
     

Section 2

Valuation summary


9


Tab A

Ultrapar


10


Ultrapar Participações S.A.

 2006 sales    Corporate structure    Company description 
     
 
 
  Ultrapar is a holding company for 3 separate operating companies: Oxiteno, Ultragaz, and Ultracargo 
Major subsidiaries 
  • Ultragaz Participações LTDA 
    – Ultragaz is the leading distributor of liquefied petroleum gas (LPG) in Brazil, and one of the largest distributors in the world by volume
    – Distributes bottled and bulk LPG to residential, commercial, and industrial clients in Brazil
    – 2006 revenue of US$1.4 billion, and volume sold of 1.5 million tons 
  • Oxiteno S.A. 
     – A second-generation producer of commodity & specialty petrochemicals
    – Oxiteno is the largest producer of ethylene oxide and its main derivatives in Latin America
    – 2006 revenue of US$707 million, and volume sold of 544,000 tonsn
  • Ultracargo Oper. Logísticas e Participações LTDA 
    – Provides integrated logistics services for special products  
    – 2006 revenue of $ 103 million
    – Storage capacity at 2006 year end of 240 thousand cubic meters.
    – Total kilometrage traveled in 2006 was 43 million kilometers 
 
    Source: Public Ultrapar information    Source: Public Ultrapar information 


11


Ultrapar valuation

Prior to the share merger, Ultrapar’s share value ranges from R$64.48 to R$71.26 based on the economic value    Economic value (R$)   Book value – Ultrapar 
         
Ultrapar TEV (before steps 1 and 2) 5,879        12/31/2006 
             
(+) net cash  19     

Shareholder equity – (R$ million)
Total number of shares (million)

1,940.7
81.3
Ultrapar Equity value (before steps 1 and 2) 5,898     
             
(+) assets acquired (a) 497      Book value per share (R$ per share) 23.86 
             
(-) price paid(b) (876)      
Ultrapar equity value (after steps 1 and 2) 5,520       
Total number of shares (million) 81.3       
Price per share – R$ per share   64.48 67.87 71.26     
     
-5%  +5%     

Note: Figures in R$ million unless otherwise noted.
 (a)   refer to page 38 of the Valuation Report for more details
 (b)   R$890 million minus R$14 million received from Dynamo for the sale of certain Ipiranga PN’s shares

  Note: Book value based on operating company financials as of 12/31/2006 Source: Company’s filings 
Source: Ultrapar information and Deutsche Bank     


Weighted average share price

LTM to announcement (a)

  Weighted average share price 
announcement to April 2, 2007 (a)
         
  ON    PN      ON    PN 
                   
Total volume (000’s) NA    17,108    Total volume (000’s) NA    2,822 
W.A. share price (R$ per share) NA    43.08    W.A. share price (R$ per share) NA    56.10 
     

(a) From 03/15/2006 to 03/16/2007
Note: Ultrapar’s ON shares have not traded for over 12 months . 
Source: FactSet 

 

(a) From 03/16/2007 to 04/02/2007 
Source: FactSet 



12


Tab B

RIPI


13


Refinaria Petroleo Ipiranga SA – RIPI

Corporate structure    Company description 
     
 
 
RIPI is a holding company for certain Ipiranga investments and operates a refinery
  Major subsidiaries 
   
 
  • Companhia Brasileira de Petroleo Ipiranga (CBPI)
    -A fuel distributor with a network of 3,324 stations in Brazil, except in Rio Grande do Sul, Roraima and Amapá
    -2006 revenue of US$9.8 billion and volume sold of 12.2 billion cubic meters
  • Distrib. de Produtos de Petroleo Ipiranga (DPPI)
    -A gasoline distributor with a network of 916 stations in Southern Brazil
    -2006 revenue of $1.6 billion and volume sold of 1.8 billion cubic meters
  • Ipiranga Química (IQ)
    -A wholesale distributor of chemical products with over 5,000 clients in 50 different markets
    -2006 revenue of US$212.3 million and EBITDA of US$9.5 million
    -Through its ownership in IQ, RIPI indirectly controls Copesul (with Braskem) and IPQ
  • Ipiranga Petroquímica (IPQ)
    -A 2nd generation producer of high-end petrochemicals -2006 revenue of US$924.3 million and volume sold of 636,100 tons
  • Copesul
    -A naphtha-based cracker owned by Ipiranga & Braskem
    -2006 revenue of US$2.9 billion and volume of 2.962 million tons
 
Note: Families include Gouv êa, Tellechea, Mello, Bastos, and Ormazabal families    Note: Volume sold refers to total volume; Revenue figures not consolidated 
Source: Public Ipiranga information    Source: Public Ipiranga information 


14


RIPI valuation

RIPI’s share value ranges from R$51.63 to R$57.06 based on the economic value    Economic value    Book value – RIPI SA 
 
   
(R$ million) 100%
 TEV 
Proportionate
 TEV 
    12/31/2006 
       
  Shareholder equity – (R$ million)
Total number of shares (million)
Book value per s hare (R$ per share)
  577.3 29.6 
     
IQ SA  3,051  58.53%  1,786       
CBPI SA  4,029  11.42%  460       
             
DPPI SA  1,552  7.65%  119        19.50 
                 
RIPI Opco  100.0%       
 
RIPI – Total Enterprise Value    2,373     
 
(-) net debt  (765)    
RIPI – Equity value  1,609     
Total number of shares (million) 29.6     
Price per share – R$ per share  51.63  54.35  57.06   
   
  -5%    +5%   
Note: Figures in R$ million unless otherwise noted. 
Source: Ipiranga information and Deutsche Bank
 
Note: Book value based on operating company financials as of 12/31/2006
Source: Company’s filings
 
     
 

Weighted average share price 
LTM to announcement (a)

  Weighted average share price
 announcement to April 2, 2007 (a)
 
       
                     
    ON    PN        ON    PN 
           
  Total volume (000’s) 1,843    5,850    Total volume (000’s)   528    1,495 
    45.81    32.75    W.A. share price (R$ per share)   91.57    44.85 
  (a) From 03/15/2006 to 03/ 16/2007 
Source: FactSet
 
       

(a) From 03/16/2007 to 04/02/2007
 Source: FactSet 

 



15


Tab C

DPPI


16


Distribuidora de Produtos de Petroleo Ipiranga SA – DPPI

Corporate structure    Company description 
   
 
 
  • DPPI is a distributor of fuel in Southern Brazil
  • The Company delivers fuel to retail gas stations, industrial sites
  • Approximately 65% of volume is sold to retail gas stations
  • In 2006, core volume (gasoline, alcohol, and diesel fuel) was 1.8 billion cubic meters. Total volume (including GNV, lubricants, & others) was marginally higher
  •  In 2006, the Company had 2.5% of the Brazilian market by volume sold 
 
 
Major subsidiaries: 
 
  • Isa-Sul Administração e Participações (Isa-Sul):
    -Owns 152 of the gas stations in DPPI’s region 
    -2006 revenue of US$8.7 million and EBITDA of US$7.5 million
  • Companhia Brasileira de Petroleo Ipiranga (CBPI)
    -A fuel distributor with a network of 3,324 stations in Brazil, except in Rio Grande do Sul, Roraima and Amapá 
    -2006 revenue of US$9.8 billion and volume sold of 12.2 billion cubic meters
    - Through its ownership in CBPI, DPPI indirectly owns a minority stake in IQ, IPQ, and Copesul 
  • Ipiranga Química (IQ)
    -
    A wholesale distributor of chemical productswith over 5,000 clients in 50 different markets 
    -2006 revenue of US$212.3 million and EBITDA of US$9.5 million
  •  Ipiranga Petroquímica (IPQ)
    -
    A 2nd generation producer of high-end petrochemicals 
    -2006 revenue of US$924.3 million and volume sold of 636,100 tons 
  • Copesul
    - A naphtha-based cracker owned by Ipiranga & Braskem 
    -2006 revenue of US$2.9 billion and volume of 2.962 million tons 
 
 
Note: Families include Gouv êa, Tellechea, Mello, Bastos, and Ormazabal families Source: Public Ipiranga information  Note: Volumes refer to volumes sold. Revenues are not consolidated Source: Public Ipiranga information 


17


DPPI valuation

DPPI’s share value ranges from R$41.11 to R$45.44 based on the economic value    Economic value    Book value – DPPI SA 
   
   
    100%
 TEV 
Proportionate
 TEV 
          12/31/2006 
         
  (R$ million)           804.0 
32.0
         
  CBPI  4,029  21.01%  847        Shareholder equity – (R$ million)  
  DPPI Opco  706  100.00%  706        Total number of shares (million)  
               
  DIPPI –Total Enterprise Value    1,552        Book value per s hare (R$ per share)            25.13 
             
  (-) net debt      (168)            
  DPPI – equity value  1,385             
  Total number of shares (million) 32.0             
  Price per share – R$ per share  41.11  43.28    45.44         
             
      -5%      +5%         
  Note: Figures in R$ million, except unless otherwise noted 
Source: Ipiranga information and Deutsche Bank
 
  Note: Book value based on operating company financials as of 12/31/2006 
Source: Company’s filings
 
   
Weighted average share price 
LTM to announcement (a)
  Weighted average share price 
announcement to April 2, 2007 (a)
 
   
                   
    ON    PN      ON    PN 
           
  Total volume (000’s) 24    2,919  Total volume (000’s) 61    514 
  W.A. share price (R$ per share) 41.69    24.99  W.A. share price (R$ per share) 96.53    34.69 
  (a) From 03/15/2006 to 03/16/2007 
Source: FactSet
 
      (a) From 03/16/2007 to 04/02/2007
 Source: FactSet 

 



18


Tab D

CBPI


19


Companhia Brasileira de Petroleo Ipiranga – CBPI

Corporate structure    Company description 
   
 
 
  • The largest company in the Ipiranga Group by revenue, CBPI is a distributor of fuel in Brazil, except in Rio Grande do Sul, Roraima and Amapá 
  • The Company delivers fuel to retail gas stations, industrial sites 
  • Approximately 65% of volume is sold to retail gas stations
  •  In 2006, core volume (gasoline, alcohol, and diesel fuel) was 11.6 billion cubic meters. Total volume (including GNV, lubricants, & others) was 12.2 billion cubic meters 
  • In 2006, the Company had 16.9% of the Brazilian market 
 
  Major subsidiaries 
 
 
  • Empresa Carioca de Produtos Químicos (EMCA)
    -Produces specialty oils with applications in the pharmaceutical, food, cosmetic, and plas tics industries
    - 2006 revenue of US$42.5 million and EBITDA of US$1.4 million
  •  Ipiranga Asfaltos (IASA)
    -
    Produces asphalt and asphalt additives, and provides pavement services 
    -2006 sales of US$114.3 million and EBITDA of US$6.1 million 
  • AM/PM Comestíveis 
    -Achain of retail convenience stores attached to CBPI gas stations
    - 2006 sales of US$8.4 million and EBITDA of US$14.7 million, which includes other operating income 
  • Ipiranga Química SA (IQ)
    -A wholesale distributor of chemical products with over 5,000 clients in 50 different markets 
    -2006 revenue of US$212.3 million and EBITDA of US$9.5 million
    - Through its ownership in IQ, CBPI, indirectly has a stake in IPQ and Copesul
  •  Ipiranga Petroquímica (IPQ)
    -A 2nd generation producer of high-end petrochemicals 
    -2006 revenue of US$924.3 million and volume sold of 636,100 tons n
  • Copesul 
    -A naphtha-based cracker owned by Ipiranga & Braskem 
    -2006 revenue of US$2.9 billion and volume of 2.962 million tons 
Note: Families include Gouv êa, Tellechea, Mello, Bastos, and Ormazabal f amilies
 Source: Public Ipiranga information 
   
  Source: Public Ipiranga information 


20


CBPI valuation

CBPI’s share value ranges from R$26.97 to R$29.81 based on the    Economic value    Book value – CBPI 
   
   
  (R$ million) 100%
TEV 
  Proportionate
 TEV 
        12/31/2006 
   
           
  Copesul  5,635    29.46%  1,660  (1)   Shareholder equity – (R$ million)   1,555.2 
106.0 
           
  IPQ Opco   1,452    100.00%  1,452  (2)   Total number of shares (million)  
         
  100% IPQ SA.        3,112  (3)=(1)+(2)   Book value per s hare (R$ per share)   14.68 
         
  IPQ SA.  3,112    92.39%  2,875  (4)=(3)x stake         
  IQ Opco  176    100.00%  176  (5)        
       
  100% IQ SA        3,051  (6)=(4)+(5)        
       
  IQ SA   3,051    41.47%  1,265  (7)=(6)x stake         
  CBPI Opco  2,764    100.00%  2,764  (8)        
  CBPI – Total Enterprise Value      4,029  (9)=(7)+(8)        
  (-) net debt        (1,021)          
  CBPI - Equity Value        3,008           
                     
  Total number of shares (million)     106.0           
  Price per share - R$ per share    26.97  28.39  29.81         
             
      -5%    +5%         
  Note: Figures in R$ million, except unless otherwise noted
Source: Ipiranga information and Deutshe Bank
  Note: Book value based on operating company financials as of 12/31/2006
Source: Company's filings
   

Weighted average share price
 LTM to announcement (a)
  Weighted average share price 
announcement to April 2, 2007 (a)
 
 
   
      ON    PN        ON     PN 
           
  Total volume (000’s)   123    62.524  Total volume (000’s)   168    7,946 
  W.A. share price (R$ per share)   21.72    18.32  W.A. share price (R$ per share)   52.55     23.28 
  (a) From 03/15/2006 to 03/16/2007 
Source: FactSet 
(a) From 03/16/2007 to 04/02/2007 
Source: FactSet
 
 



21


Section 3

Economic value of assets


22


 

    Valuation considerations    
         
         
The companies were
valued on a stand-alone
basis

The valuation of each
 
asset excludes any
 
potential synergies that 
could be achieved as a 
result of the transaction
 
       
  DCF    Multiples 
   
 

Basic assumptions
     – 10-year projections
     – Base date of DCF valuation is December 31, 2006
     – Assumes exchange rate of 2.1385 R$/US$ as of 12/31/2006
     – Models projected in nominal reais; cash flows were converted to US Dollars based on average exchange rate for the year
     – WACC in nominal US Dollars
     – Considers that cash flow is generated evenly throughout the year 
Perpetuity
     – Calculated based on Gordon’s growth formula
     – Adjustments to capex/ depreciation, tax rates, net operating working capital
     – Petrochemical companies: perpetuity cash flow adjusted for mid-cycle
 Equity value
     – TEV minus net debt (as defined in the glossary)

  Basic assumptions
     – Based on multiples of EBITDA
 Precedent transactions
    – Applied to LTM EBITDA
 Trading comparables
    – Applied to 2006 EBITDA except for petrochemicals, where an average of 3 – 5 years (normalized EBITDA) was used depending on the company 
       
  DCF valuation    Multiple -based valuation 
   
   Companhia Brasileira de Petróleo Ipiranga 
 Distribuidora de Prod. de Petróleo Ipiranga 
 Copesul Central Química
 Ipiranga Petroquímica S.A. 
 Ultrapar Participações 
   Ipiranga Química S.A. – precedent trans actions 
 Empresa Carioca de Prod. Químicos S.A. – trading comps 
 Ipiranga Asfaltos – precedent transactions 
 AM/PM Comestíveis – trading comps 
 Isa-Sul Adm . e Part. Ltda – implied multiple from DPPI DCF 
  Source: Ultrapar and Deutsche Bank  Source: Ultrapar and Deutsche Bank 


23


Weighted Average Cost of Capital and Cost of Equity
WACC and Ke

WACC definition                         
             
    (US$ nominal)                Ipiranga companies     
           
        Ultrapar    CBPI    DPPI    Copesul    IPQ 
             
  I. Beta calculation (a)                    
                       
           
       1. Beta un- levered    0.64    0.90    0.90    0.86    0.86 
                       
       Long-term optimal debt (D)/cap (D+E) ratio    35% (b)   40% (c)   40% (c)   50% (c)   50% (c)
       Long-term optimal equity (E) /cap (D+E) ratio    65% (b)   60% (c)   60% (c)   50% (c)   50% (c)
       Marginal tax rate (tax)(d)   22%    26%    23%    33%    25% 
                       
       2. Re-levered equity beta (b)   0.92    1.35    1.36    1.44    1.50 
                       
  II. Calculation of Cost of Capital                     
       US risk free rate (Rfr) (e)   4.5% p.a.    4.5% p.a.    4.5% p.a.    4.5% p.a.    4.5% p.a. 
       Local risk premium (CRP) (f)   200 bps    200 bps    200 bps    200 bps    200 bps 
       Local long-term risk free rate    6.5% p.a.    6.5% p.a.    6.5% p.a.    6.5% p.a.    6.5% p.a. 
       US equity risk premium (ERP) (g)   7.1% p.a.    7.1% p.a.    7.1% p.a.    7.1% p.a.    7.1% p.a. 
       3. Cost of Equity (Ke)   13.0% p.a.    16.1% p.a.    16.2% p.a.    16.7% p.a.    17.2 p.a.% 
                       
       Local long-term risk free rate    6.5% p.a.    6.5% p.a.    6.5% p.a.    6.5% p.a.    6.5% p.a. 
       Long-term corporate risk spread (h)   150 bps    200 bps    200 bps    200 bps    200 bps 
       4. Cost of Debt (Kd)   8.0% p.a.    8.50% p.a.    8.50% p.a.    8.50% p.a.    8.50% p.a. 
                       
       5. WACC    10.6% p.a.    12.2% p.a.    12.3% p.a.    11.2% p.a.    11.8% p.a. 

  Note:    (a) 2 years weekly Betas against the S&P 500 for the sample of companies that represent each industry (source: Bloomberg)
      (b) Based on a more conservative company risk profile than the optimal capital structure for the industry 
      (c) Based on comparable public companies 
      (d) Marginal tax rates as provided by the management of the companies 
      (e) US risk free rate is the yield of the US Treasury (source: FactSet)
      (f) Local risk premium based on spread of the sovereign bond to the equivalent US Treasury (source: Bloomberg)
      (g) Equity risk premium from Ibbotson’s 2006 report 
      (h) Long term corporate risk spreads are based on companies outstanding debt (source: the companies’ financials)
  Source: Bloomberg, Factset and the companies 


24


Macroeconomic assumptions

US Economy    2004A    2005A    2006A    2007E    2008E    2009E    2010E    2011E    2012E    2013E    2014E    2015E    2016E 
   
Inflation (a)   1.6%    2.6%    2.3%    2.0%    2.0%    2.0%    2.0%    2.0%    2.0%    2.0%    2.0%    2.0%    2.0% 
US Treasury (a)   4.1%    4.1%    4.7%    4.5%    5.0%    5.0%    5.0%    5.0%    5.0%    5.0%    5.0%    5.0%    5.0% 
 
Brazil Economy    2004A    2005A    2006A    2007E    2008E    2009E    2010E    2011E    2012E    2013E    2014E    2015E    2016E 
   
GDP - real growth (b)   0.5%    4.9%    3.4%    3.5%    3.7%    3.6%    3.4%    3.3%    3.1%    3.0%    3.0%    3.0%    3.0% 
GDP - nominal growth    5.7%    10.9%    6.6%    7.4%    7.8%    7.2%    7.0%    6.9%    6.7%    6.6%    6.6%    6.6%    6.6% 
Brazilian population growth (c)   1.5%    1.4%    1.4%    1.4%    1.3%    1.3%    1.3%    1.2%    1.2%    1.2%    1.1%    1.1%    1.1% 
Inflation (IPCA) (a)   5.2%    5.7%    3.1%    3.8%    4.0%    3.5%    3.5%    3.5%    3.5%    3.5%    3.5%    3.5%    3.5% 
 
Selic (average) (b)   23.0%    16.4%    15.3%    12.2%    11.1%    10.0%    9.5%    9.5%    9.5%    9.5%    9.5%    9.5%    9.5% 
CDI (Brazilian interbank rate) (b)   23.5%    16.9%    15.8%    12.7%    11.6%    10.5%    10.0%    10.0%    10.0%    10.0%    10.0%    10.0%    10.0% 
 
FX rate – eop (d)   2.85    2.34    2.14    2.18    2.29    2.32    2.36    2.39    2.43    2.46    2.50    2.54    2.57 
FX rate – avg    3.05    2.43    2.19    2.16    2.24    2.31    2.34    2.38    2.41    2.45    2.48    2.52    2.56 
Average R$ devaluation        (20.3%)   (9.9%)   (1.5%)   3.7%    3.0%    1.5%    1.5%    1.5%    1.5%    1.5%    1.5%    1.5% 
Sources:
(a) Based on Wall Street consensus
(b) Market consensus for 2007 and 2008. Based on Wall Street consensus for 2009 onwards
(c) IBGE – Brazilian Institute of Geography and Statist ics
(d) Market consensus for 2007 and 2008. Fixed purchase power parity (PPP) between Brazil and USA for 2009 onwards

 

25


Tab A

Ultrapar


26


Economic value of assets    Section 3 
 

Ultrapar consolidated – DCF valuation

Ultrapar consolidates:
Ultragaz, the #1 LPG
distributor in Brazil,
Oxiteno, the main
producer of Ethylene
Oxide and its main
derivatives in Latin 
America, and

Ultracargo, a logistic
company for special
products 
      2007E    2008E    2009E    2010E    2011E    2012E    2013E    2014E    2015E    2016E    Perp. 
                       
  1. EBIT    157    163    218    239    249    251    257    286    297    347    364 
     annual growth    n.a.    4.1%    33.2%    9.7%    4.4%    0.6%    2.4%    11.3%    3.9%    16.8%    5.0% 
  (-) tax    (37)   (38)   (47)   (51)   (53)   (54)   (56)   (64)   (67)   (77)   (80)
     effective tax rate    (23.4%)   (23.5%)   (21.6%)   (21.3%)   (21.1%)   (21.5%)   (21.7%)   (22.4%)   (22.6%)   (22.1%)   (22.1%)
                                               
  3. EBIT (-) tax    120    125    171    188    197    197    201    222    230    270    284 
     (+) Depreciation & Amortization    93    103    111    119    127    131    134    116    119    87    87 
     (-) Capex    (253)   (154)   (103)   (96)   (99)   (101)   (104)   (106)   (100)   (98)   (87)
     (-) Changes in net operating working capital    (7)   (19)   (50)   (21)   (19)   (17)   (16)   (13)   (11)   (11)   (11)
                                               
  4. Free cash flow to the Firm    (47)   56    129    190    206    209    215    218    238    248    272 
     annual growth        130.4%    47.8%    8.3%    1.5%    3.0%    1.5%    9.0%    4.0%    9.8% 

  Note: Annual free cash flow in US$ millions
         Effective tax rate based on the effective tax rates of Ultragaz, Oxiteno, and Ultracargo
Source: Company information and Ultrapar management guidance


27


Assumptions – Ultragaz
Selected income statement drivers



28


Assumptions – Ultragaz (continued)
Selected income statement drivers



29


Assumptions –Ultragaz (continued)
Selected balance sheet drivers

    Change in net operating working capital 
   
Net operating working
capital assumptions are
in line with 2006
  Net operating working capital
  (R$ million)   2005A    2006A    2007E    2008E    2009E    2010E    2011E    2012E    2013E    2014E    2015E    2016E 
                         
  Net operating working capital    150.2    126.4    133.5    141.9    150.0    158.5    167.4    176.6    186.2    196.3    207.0    218.2 
     (+) current assets     216    203    215    228    241    255    269    284    299    316    333    351 
     (-) current liabilities     (65)   (77)   (81)   (87)   (91)   (97)   (102)   (107)   (113)   (119)   (126)   (132)
                                                   
  Change in net  operating working capital                                
  (Increase) / Decrease in  net operating  working capital   (7)   (8)   (8)   (8)   (9)   (9)   (10)   (10)   (11)   (11)
    Source: Company information and Ultrapar management guidance 

30


Assumptions – Oxiteno
Selected income statement drivers


31


Assumptions – Oxiteno (continued)
Selected income statement drivers


32


Assumptions – Oxiteno (continued)
Selected balance sheet drivers

    Change in net operating working capital 
   
Net operating working
capital assumptions are
in line with 2006 
  Net operating working capital
  (R$ million)   2005A    2006A    2007E    2008E    2009E    2010E    2011E    2012E    2013E    2014E    2015E    2016E 
                         
  Net operating working capital    259.5    361.2    368.0    400.0    504.5    543.7    580.0    611.8    641.0    661.7    677.3    694.2 
     (+) current assets    352    468    478    520    651    700    747    791    830    858    878    898 
     (-) current liabilities    (92)   (107)   (110)   (120)   (147)   (157)   (167)   (179)   (189)   (196)   (200)   (204)
                                                   
  Change in net  operating working  capital                                 
  (Increase) / Decrease in  net operating  working capital    (7)   (32)   (105)   (39)   (36)   (32)   (29)   (21)   (16)   (17)
    Source: Company information and Ultrapar management guidance 


33


Assumptions – Ultracargo
Selected income statement drivers



34


Assumptions – Ultracargo (continued)
Selected income statement drivers


35


Assumptions – Ultracargo (continued)
Selected balance sheet drivers

    Change in net operating working capital 
   
Net operating working
capital assumptions are
in line with 2006 
  Net operating working capital
  (R$ million)   2005A    2006A    2007E    2008E    2009E    2010E    2011E    2012E    2013E    2014E    2015E    2016E 
                         
                                                   
  Net operating working capital    14.0    16.1    17.7    19. 4    21.1    22.9    23.9    24.9    26.0    27.1    28.2    29.5 
     (+) current assets    33     35    38    42    46    50    52    54    57    59    62    64 
     (-) current liabilities    (19)   (19)   (20)   (23)   (25)   (27)   (28)   (29)   (31)   (32)   (33)   (35)
                                                     
    Change in net operating working capital                                 
    (Increase) / Decrease in net operating  working capital   (2)   (2)   (2)   (2)   (1)   (1)   (1)   (1)    (1)   (1)
    Source: Company information and Ultrapar management guidance 


36


Tab B

Ultrapar prior to the share merger


37


Ultrapar prior to the share merger

Stake at SA vs. Stake at Opco 
 
 
    After completing steps 1 and 2, Ultrapar will have acquired 41.3% of RIPI, 35.4% of DPPI, and 4.1% of CBPI    (R$ million)           TEV (5)   Equity
497 
           
    Ultrapar will spend R$876 million on steps 1 and 2    Assets acquired by Ultrapar        591   
               
    These stakes are equivalent to 41.3% of the refinery, 38.5% of the distribution business of DPPI, and 16.9% of the distribution business of CBPI     Refinery
DPPI distribution
CBPI distribution
CBPI EMCA
  (1)
(2)
(3)
(4)
  41,3%
38,5%
16,9%
16,9%
  1
272
315
3
  (10)
290
217
0
      Ipiranga SA
RIPI SA
DPPI SA
CBPI SA 
  Stake
at S.A. 
41.3%
35.4%
4.1% 
Stake at
Opco
 41.3%
 38.5%
 16.9% 
  Refinery
DPPI distribution
CBPI distribution 
  (1) Includes 1/3 of the Refinery only
(2) Includes ISA-Sul
(3) Includes CBPI distribution and the AM/PM convenience stores in the South and Southeast
(3) Assumes that Petrobras will pay with cash for 100% of its stake and will assume no debt from CBPI
(4) EMCA will be 100% owned by Ultrapar 
(5) Represents Ultrapar's stake in the acquired assets 
Note: Takes into consideration the cross ownership of the companies in the underlying assets as indicated in the chart.
Source: Public company information                             


38


Tab C

Fuel distribution – CBPI


39


CBPI distribution – DCF valuation

CBPI: A fuel distributor
operating in Brazil, except
Rio Grande do Sul,
Roraima and Amapa
In addition to the
distribution business,
CBPI also consolidates
AM/PM, IASA, and
EMCA totaling R$2.7
billion TEV
(refer to page 61)
      2007E    2008E    2009E    2010E    2011E    2012E    2013E    2014E    2015E    2016E    Perp. 
                       
                                               
  1. EBIT    90       106       122    142    164     251     268     298     340     361     379 
                                               
     annual growth    n.a.    18.3%       14.7%    16.5%    15.7%    52.6%       6.9%     11.0%     14.1%       6.3%       5.1% 
                                               
  (-) tax    (23)   (27)   (31)   (36)   (42)   (64)      (69)   (76)      (87)      (93)      (97)
     effective tax rate    (25.6%)   (25.6%)   (25.6%)   (25.6%)   (25.6%)   (25.6%)   (25.6%)   (25.6%)   (25.6%)   (25.6%)   (25.6%)
                                               
      67    79    91    106    122     187     200     222     253     269     282 
  3. EBIT (-) tax                                             
     (+) Depreciation & Amortization    41    47    52    60    69    78    86    84    73    84    83 
                                               
     (-) Capex, net of reimbursement    (74)   (63)   (91)   (116)   (134)   (98)   (105)   (127)   (144)   (137)   (130)
     (-) Changes in net operating working capital     (8)   (46)   (55)   (58)   (61)   (37)      (50)   (51)      (52)      (59)      (61)
                                               
                                               
  4. Free cash flow to the Firm    27    17    (3)   (8)   (4)    130     131     128     130     156     174 
     annual growth    n.a.    (37.9%)   (120.4%)   125.6%    (43.1%)   n.a.       0.4%    (1.8%)      1.1%     20.1%     11.5% 
                                               
  Note: Annual free cash flow in US$ millions 
  Source: Based on company information, confirmed by Ipiranga management 



40


Assumptions – CBPI distribution
Selected income statement drivers


41


Assumptions – CBPI distribution (continued)
Selected income statement drivers


42


Assumptions – CBPI distribution (continued)
Selected income statement drivers


43



Net operating working capital assumptions are in line with 2006    Change in net operating working capital 
   
                                                   
  Net operating working capital (R$ million)   2005A    2006A    2007E    2008E    2009E    2010E    2011E    2012E    2013E    2014E    2015E    2016E 
                         
  Net operating working capital    671    872    889    992    1,119    1,253    1,399    1,487    1,608    1,734    1,863    2,015 
     (+) current assets    1,342    1,491    1,681    1,882    2,126    2,386    2,668    2,888    3,123    3,377    3,651    3,947 
     (-) current liabilities    671    618    792    890    1,007    1,133    1,270    1,401    1,515    1,644    1,788    1,931 
                                                   
  Change in net operating working capital                                                 
  (Increase) / Decrease in net operating working capital            (17)   (103)   (127)   (135)   (145)   (88)   (122)   (125)   (130)   (152)
  Source: Based on company information and an external consultant, confirmed by Ipiranga management 



44


Economic value of assets Section 3 
   

 

Tab D

Fuel distribution – DPPI

 

 

 


45


 

Economic value of assets Section 3 
   

DPPI distribution – DCF Valuation

DPPI: A fuel distributor operating in 2 states in the South of Brazil        2007E    2008E    2009E    2010E    2011E    2012E    2013E    2014E    2015E    2016E    Perp. 
                       
  1. EBIT    29    34    35    37    39    41    44    48    55    58    63 
     annual growth    n.a.    14.3%    4.5%    6.5%    4.6%    5.3%    5.5%    11.2%    13.6%    4.8%    9.2% 
                                               
  (-) tax    (7)   (8)   (8)   (9)   (9)   (9)   (10)   (11)   (13)   (13)   (14)
     effective tax rate    (22.8%)   (22.8%)   (22.8%)   (22.8%)   (22.8%)   (22.8%)   (22.8%)   (22.8%)   (22.8%)   (22.8%)   (22.8%)
                                                 
Isa-Sul, a wholly owned subsidiary of DPPI, owns 152 gas stations in DPPI’s region. Isa- Sul is valued based on DPPI’s TEV multiple of 2006 EBITDA    3. EBIT (-) tax    23    26    27    29    30    32    34    37    42    44    49 
     (+) Depreciation & Amortization        10    10    11    12    13    11        19 
     (-) Capex    (15)   (8)   (6)   (11)   (8)   (13)   (12)   (12)   (12)   (9)   (19)
  (-) Changes in net operating working capital    (12)   (13)   (13)   (12)   (10)   (11)   (11)   (12)   (12)   (13)   (14)
                                               
  4. Free cash flow to the Firm      14    18    17    23    20    23    25    27    31    35 
     annual growth    n.a.    199.4%    28.0%    (6.2%)   38.7%    (12.7%)   14.0%    6.4%    7.7%    18.4%    11.1% 
  Note: Annual free cash flow in US$ millions 
  Source: Based on company information, confirmed by Ipiranga management 



46


Economic value of assets Section 3 
   

Assumptions – DPPI distribution
Selected income statement drivers


 


47


Economic value of assets Section 3 
   

Assumptions – DPPI distribution (continued)
Selected income statement drivers



48


Economic value of assets Section 3 
   

Assumptions – DPPI distribution
Selected balance sheet drivers

Net operating working capital assumptions are in line with 2006    Change in net operating working capital 
   
  Net operating working capital (R$ million)   2005A    2006A    2007E    2008E    2009E    2010E    2011E    2012E    2013E    2014E    2015E    2016E 
                         
  Net operating working capital    145    255    280    310    340    368    392    417    445    475    506    539 
     (+) current assets    232    310    338    375    412    446    474    505    539    575    613    653 
     (-) current liabilities    87    55    59    65    71    77    82    88    93    100    107    114 
                                                   
  Change in net operating working capital                                                 
  (Increase) / Decrease in net operating working capital            (25)   (30)   (31)   (28)   (23)   (26)   (28)   (29)   (31)   (33)
  Source: Based on company information and an external consultant, confirmed by Ipiranga management 


49


Economic value of assets Section 3 
   

 

Tab E

Copesul

 


50


Economic value of assets Section 3 
   

Copesul – DCF valuation

Copesul is a naphtha- based cracker jointly controlled by Ipiranga (29.5%) and Braskem (29.5%)       2007E    2008E    2009E    2010E    2011E    2012E    2013E    2014E    2015E    2016E    Perp. 
                       
  1. EBIT    402    294    273    228    231    315    365    454    521    488    374 
     annual growth    (3.6%)   (26.9%)   (6.9%)   (16.5%)   1.1%    36.6%    15.6%    24.6%    14.6%    (6.4%)   2.0% 
                                               
  (-) tax    (132)   (96)   (90)   (75)   (76)   (103)   (119)   (149)   (171)   (160)   (122)
     effective tax rate    (32.8%)   (32.8%)   (32.8%)   (32.8%)   (32.8%)   (32.8%)   (32.8%)   (32.8%)   (32.8%)   (32.8%)   (32.8%)
                                                 
    3. EBIT (-) tax    270    198    184    154    155    212    245    306    350    328    251 
2006 production consisted of 39% ethylene, 20% propylene, 10% benzene, and 31% other by-products       (+) Depreciation & Amortization    109    107    105    105    45        11    12    13    31 
     (-) Capex     (26)   (26)   (27)   (27)   (28)   (28)   (29)   (29)   (30)   (30)   (31)
     (-) Changes in net operating working capital    24    41      17    (5)   (42)   (26)   (45)   (35)   10   
                                               
  4. Free cash flow to the Firm    378    319    266    248    169    150    199    242    297    321    251 
     annual growth    n.a.    (15.5%)   (16.6%)   (6.6%)   (32.2%)   (11.2%)   33.1%    21.3%    23.0%    7.9%    (21.6%)
  Note: Annual free cash flow in US$ millions 
  Source: Based on company information, confirmed by Ipiranga management 




51


Economic value of assets Section 3 
   

Assumptions – Copesul
Selected income statement drivers




52


Economic value of assets Section 3 
   

Assumptions – Copesul (continued)
Selected income statement drivers



53


Economic value of assets Section 3 
   

Assumptions – Copesul (continued)
Selected balance sheet drivers

Net operating working capital assumptions are in line with 2006    Change in net opera ting working capital 
   
  Net operating working capital (R$ million)   2005A    2006A    2007E    2008E    2009E    2010E    2011E    2012E    2013E    2014E    2015E    2016E 
                         
  Net operating working capital    459    557    506    414    406    366    377    478    543    655    744    719 
     (+) current as sets    795    1,061    982    795    776    694    714    917    1,046    1,272    1,450    1,398 
     (-) current liabilities    336    504    476    380    370    328    337    439    503    617    706    678 
                                                   
  Change in net operating working capital                                                 
  (Increase) / Decrease in net operating working capital            51    92      40    (11)   (101)   (65)   (112)   (89)   25 
  Source: Based on company information, confirmed by Ipiranga management 


54


Economic value of assets Section 3 
   

Tab F

IPQ

 

 


55


Economic value of assets Section 3 
   

IPQ – DCF valuation

IPQ is a 2nd generation producer of high-end petrochemicals 


In 2006, volume sold
 reached 638,000 tons 

      2007E    2008E    2009E    2010E    2011E    2012E    2013E    2014E    2015E    2016E    Perp. 
                       
  1. EBIT    87    89    86    73    83    79    86    96    106    104    80 
     annual growth    n.a.    2.2%    (3.2%)   (15.9%)   14.2%    (4.7%)   8.8%    12.2%    10.5%    (2.7%)   2.0% 
  (-) tax    (22)   (22)   (22)   (18)   (21)   (20)   (21)   (24)   (27)   (26)   (20)
     effective tax rate    (25.0%)   (25.0%)   (25.0%)   (25.0%)   (25.0%)   (25.0%)   (25.0%)   (25.0%)   (25.0%)   (25.0%)   (25.0%)
      65    67    65    54    62    59    64    72    80    78     
  3. EBIT (-) tax                                            60 
     (+) Depreciation & Amortization    15    15    15    15    15    16    16    16    16    16    17 
     (-) Capex    (5)   (5)   (5)   (6)   (6)   (6)   (6)   (6)   (6)   (6)   (17)
     (-) Changes in net operating working capital    15    (0)     (1)     (1)   (1)   (1)     (1)  
                                               
  4. Free cash flow to the Firm    90    77    75    63    73    68    74    82    91    87    60 
     annual growth    n.a.    (15.2%)   (2.3%)   (15.5%)   14.9%    (6.4%)   8.6%    10.5%    11.1%    (3.9%)   (31.5%)
  Note: Annual free cash flow in US$ millions 
  Source: Based on company information, confirmed by Ipiranga management 



56


Economic value of assets Section 3 
   

Assumptions – IPQ
Selected income statement drivers

 


57


Economic value of assets Section 3 
   

Assumptions – IPQ (continued)
Selected income statement drivers



58


Economic value of assets Section 3 
   

Assumptions – IPQ (continued)
Selected balance sheet drivers


Net operating working capital assumptions are in line with 2006    Change in net operating working capital 
   
  Net operating working capital (R$ million)   2005A    2006A    2007E    2008E    2009E    2010E    2011E    2012E    2013E    2014E    2015E    2016E 
                         
  Net operating working capital    (36)   68    36    36    36    38    37    40    41    43    41    43 
     (+) current assets    409    619    517    522    474    438    437    462    509    588    570    564 
     (-) current liabilities    445    551    481    486    439    400    400    422    468    545    529    522 
                                                   
  Change in net operating working capital                                                 
  (Increase) / Decrease in net operating working capital            32    (0)     (3)     (3)   (1)   (2)     (2)
  Source: Based on company information, confirmed by Ipiranga management 


59


Economic value of assets Section 3 
   

 

Tab G

Valuation of other assets based on multiples

 

 


60


Economic value of assets Section 3 
   

Valuation summary – Other

            TEV/ ’06 
Company    Description    TEV (R$mm)   EBITDA 
       
Refinaria de Petróleo Ipiranga 
(RIPI)
  • The business has operated on a break even basis (sometimes given special tax incentives by the State)
• Valuation based on comparable trading companies 
    6.5x 
   
Ipiranga Química S.A. (IQ)   • A chemical products distributor with over 5,000 clients in 50 different markets 
• Valuation based on precedent transactions 
  176    8.6x 
   
Empresa Carioca de Produtos 
Químicos S.A. (EMCA)
  • A producer of specialty petrochemicals; consolidated by CBPI SA 
• Valuation based on comparable trading companies 
• Comparable sample includes both specialty and commodity petrochemical trading companies 
  18    6.3x 
                
Ipiranga Asfaltos (IASA)   • A producer of asphalt and pavement surface products 
• Valuation based on precedent transactions 
  89    6.8x 
              
AM/PM Comestíveis    • A retail convenience store chain attached to DPPI and CBPI gas stations, consolidated by CBPI 
• Valuation based on comparable trading companies 
  236    7.5x 
  
Isa-Sul Administração e Part. Ltda.    • A subsidiary that owns 152 and operates 15 of the gas stations in DPPI’s region 
• Valuation based on the same implied multiple as DPPI 
  140     8.8x 
              
Note: All valuation based on the median of the sample unless otherwise noted           
          Calculation in US Dollars translated to Reais at 2.14 R$/US$ 
Source: Company information and Wall Street Research         


61


Final considerations Section 4  
   

Section 4

Final considerations

 

 


62


Final considerations Section 4  
   

Share price range

Share price range based on the economic value (R$ per share)
   
    -5%  Mid-range  +5% 
       
CBPI    26.97  28.39  29.81 
DPPI    41.11  43.28  45.44 
RIPI    51.63  54.35  57.06 
         
Ultrapar    64.48  67.87  71.26 
Note: 10% range in compliance with the CVM Resolution #361/02.     


 


63


Glossary Section 5
   

Section 5

Glossary


64


Glossary Section 5
   

Terms used in the report

Beta: beta against the S&P500, a measure of systemic risk

Capital Asset Pricing Model (CAPM): methodology used to define the cost of equity

Capex: Capital Expenditures

Cost of Equity (Ke): return required by the equity holder

Cost of debt(Kd): cost of third party financing

CVM: Comissão de Valores Mobiliários

D&A: depreciation and amortization

Net debt: Cash and cash equivalents, net position in derivatives, export notes, short and long-term bank loans, receivable and payable dividends, short and long-term receivables and payables related to debentures, short and long-term pension funds deficits, provisions, and other receivables and payables to related parties, including subscription bonus (“bonus de subscricão”)

Drivers: value drivers or key drivers

EBIT: Earnings Before Interests and Taxes

EBITDA: Earnings Before Interest, Taxes, Depreciation and Amortization

EV or TEV: Enterprise value

Equity value: TEV minus net debt

Dollar: American Dollar

DCF: Discounted cash flow

FCFF: Free Cash Flow to Firm

Operating cash flow: relates to cash inflows and outflows solely related to the operations


65


Glossary Section 5
   

Terms used in the report (continued)

JCP: interest on capital (“Juros sobre Capital Próprio”)

LTM: Last twelve months

IPCA: consumer price index

NOPLAT: Net Operating Profit Less Adjusted Taxes

ON: “Ação Ordinária” ordinary or voting share

PN: “Ação Preferencial” preferred or non-voting share

ERP: equity risk premium is the expected premium for investing in stocks

CRP: country risk premium is the expected premium for investing in a certain specific country

Spread: price or yield differential

Tag-along”: (minority) shareholders right to join a transaction in which another shareholder (usually controlling shareholder) is selling their stake. In Brazil, the legislation specifies that voting shareholders of public entities have the right to receive a minimum offer of 80% the price to be paid for control (the 80% tag-along right)

Risk free rate: US Treasury

TJLP: “Taxa de Juros de Longo Prazo”, Brazilian long term interest rate

Terminal value:: value of the company at the end of the projection

NPV: net present value

VPL: vValor pPresente lLíquido

WACC: Weighted Average Cost of Capital


66


Share price evolution  Appendix I 
   

Appendix I

Share price evolution


67


Share price evolution  Appendix I 
   

Weighted average share prices – LTM to announcement

Ultrapar (Share price in R$, Volume in ‘000’s)
  RIPI (Share price in R$, Volume in ‘000’s)
   
Month 
      PN Price    Volume        Month    PN Price    Volume    ON Price    Volume 
                 
March-06(a)       38.27    676        March-06(a)   23.61    84    39.05    83 
April-06        36.41    990        April-06    24.96    665    35.83    123 
May-06        36.99    1,078        May-06    28.95    1,134    36.52    266 
June-06        34.49    1,511        June-06    30.59    425    36.99    144 
July-06        33.88    1,159        July-06    30.10    323    36.21    72 
August-06        35.51    1,503        August-06    31.22    497    37.35    166 
September-06        38.48    905        September-06    33.17    415    38.45    56 
October-06        40.40    1,296        October-06    35.80    437    39.69    95 
November-06        47.58    1,702        November-06    37.01    353    41.51    139 
December-06        47.75    1,088        December-06    37.36    289    42.56    93 
January-07        51.07    1,938        January-07    37.44    568    43.72    95 
February-07        53.02    2,530        February-07    40.63    371    50.00    141 
March-07(b)       50.78    733        March-07(b)   42.54    292    70.48    370 
WA share price       
R$43.1
          WA share price    R$32.7        R$45.8     
Notes:   (a) March 17, 2006, to March 31, 2006 (15 days)   Notes:   (a) March 17, 2006, to March 31, 2006 (15 days)
            (b) March 1, 2007, to March16, 2007 (16 days)               (b) March 1, 2007, to March16, 2007 (16 days)
Source: FactSet    Source: FactSet 
     
CBPI (Share price in R$, Volume in ‘000’s)
  DPPI (Share price in R$, Volume in ‘000’s)
   
Month    PN Price    Volume    ON Price    Volume    Month    PN Price    Volume    ON Price    Volume 
                   
March-06(a)   15.65    3,401    20.00      March-06(a)   23.03    38    39.00   
April-06    17.94    6,389    20.75    16    April-06    24.01    251    42.47   
May-06    17.84    5,933    21.83      May-06    25.12    185    38.05   
June-06    17.48    5,717    20.63      June-06    24.02    398    42.92   
July-06    17.02    5,001    21.83      July-06    24.09    113    35.74   
August-06    17.30    6,600    24.12      August-06    23.20    261    32.25   
September-06    17.28    4,821    21.11      September-06    23.09    115    36.54   
October-06    18.78    4,459    21.29    24    October-06    23.08    318    30.20   
November-06    18.56    4,189    21.67    17    November-06    23.71    460    27.71   
December-06    18.96    4,221    21.93    23    December-06    25.54    316    28.69   
January-07    19.18    4,891    22.22    12    January-07    27.98    239    30.00   
February-07    22.28    3,579    26.04      February-07    32.70    138    35.00   
March-07(b)   22.36    3,322    27.87      March-07(b)   33.08    87    55.96   
WA share price    R$18.3        R$21.7        WA share price    R$25.0        R$41.7     
Notes:   (a) March 17, 2006, to March 31, 2006 (15 days)   Notes:   (a) March 17, 2006, to March 31, 2006 (15 days)
            (b) March 1, 2007, to March16, 2007 (16 days)               (b) March 1, 2007, to March16, 2007 (16 days)
Source: FactSet    Source: FactSet 


68


Share price evolution  Appendix I 
   

Ultrapar

            12 months prior to announcement date (R$ per share)
   
LTM ending 3/16/2007       
   
    ON - R$    PN - R$      Ultrapar – ON’s 
     
Max    N.A    56.95       
W.A.    N.A    43.08       Ultrapar’s ON shares have not traded in over 12 months 
Min    N.A    31.77       There is limited float available – less than 3% is held by the public 
   
Note: R$ per share       
Source: Factset       

            Announcement date to April 2, 2007 (R$ per share)
   
3/16/2007 to 4/2/2007       
   
    ON - R$    PN - R$      Ultrapar – ON’s 
     
Max    N.A    63.75       
W.A.    N.A    56.10       Ultrapar’s ON shares have not traded in over 12 months 
Min    N.A    49.29       There is limited float available – less than 3% is held by the public
   
Note: R$ per share       
Source: Factset       


69


Share price evolution  Appendix I 
   

RIPI

            12 months prior to announcement date (R$ per share)
   
LTM ending 3/16/2007   
 
    ON - R$    PN - R$   
   
Max    80.15    45.70   
W.A.    45.81   32.75   
Min    34.00    22.55   
 
Note: R$ per share   
Source: Factset   


            Announcement date to April 2, 2007 (R$ per share)
   
3/16/2007 to 4/2/2007   
 
    ON - R$    PN - R$   
   
Max    97.68    47.50   
W.A.    91.57   44.85   
Min    80.15    41.51   
 
Note: R$ per share   
Source: Factset   

70


Share price evolution  Appendix I 
   

CBPI

            12 months prior to announcement date (R$ per share)
   
LTM ending 3/16/2007   
 
    ON - R$    PN - R$   
   
Max    30.80    23.88   
W.A.    21.72    18.32   
Min    20.00    14.58   
 
Note: R$ per share   
Source: Factset   

 

            Announcement date to April 2, 2007 (R$ per share)
   
3/16/2007 to 4/2/2007   
 
    ON - R$    PN - R$   
   
Max    53.30    25.30   
W.A.    52.55    23.28   
Min    30.80    22.10   
 
Note: R$ per share   
Source: Factset   


71


Share price evolution  Appendix I 
   

DPPI

            12 months prior to announcement date (R$ per share)
   
LTM ending 3/16/2007   
 
    ON - R$    PN - R$   
   
Max    60.00    34.99   
W.A.    41.69    24.99   
Min    27.50    22.00   
 
Note: R$ per share   
Source: Factset   


            Announcement date to April 2, 2007 (R$ per share)
   
3/16/2007 to 4/2/2007   
 
    ON - R$    PN - R$   
   
Max    102.02    38.98   
W.A.    96.53    34.69   
Min    60.00    33.00   
 
Note: R$ per share   
Source: Factset   


72


Comparable multiples Appendix II
   

Appendix II

Comparable multiples


73


Comparable multiples Appendix II
   

Selected comparable multiples – Petrochemicals

Comparable public company analysis – commodities 
 
 
    3/14/2007    Market        TEV / EBITDA    TEV / Sales 
           
Company name 
  Share price    Cap.    TEV    2006A    2007E    2006A    2007E 
               
Nova    $29.70    $2,477    $4,208    6.2x    5.2x    0.6x    0.7x 
BASF    $100.83    50,506    65,198    4.9x    4.9x    0.9x    0.9x 
Westlake    $27.32    1,784    1,992    4.9x    5.1x    0.8x    0.7x 
Dow    $43.38    41,949    49,950    6.4x    6.4x    1.0x    1.0x 
Lyondell PF(pigments sale)   $30.40    7,664    14,714    4.7x    4.9x    0.6x    0.6x 
Braskem    $6.46    2,332    4,484    5.7x    5.6x    0.8x    0.9x 
Suzano Petroquimica    $2.16    488    1,220    n.a.    6.4x    1.1x    0.9x 
Petroquimica União    $4.94    518    716    5.2x    6.6x    0.5x    0.5x 
       
            Mean    5.5x    5.6x    0.8x    0.8x 
            Median    5.2x    5.4x    0.8x    0.8x 
           
Max 
  6.4x    6.6x    1.1x    1.0x 
           
Min 
  4.7x    4.9x    0.5x    0.5x 
       
Notes: All figures in US$ million unless otherwise noted.                         
Source: Companies information, FactSet and Bloomberg.                         
 
 
Comparable public company analysis – specialties 
 
 
    3/14/2007    Market        EV / EBITDA    EV / Sales 
           
Company name 
  Share price    Cap.    TEV    2006A    2007E    2006A    2007E 
               
Clariant    $16.05    3,637    4,973    6.9x    6.8x    0.7x    0.7x 
Rhodia    $3.50    4,220    6,794    7.1x    6.7x    1.1x    1.0x 
Lubrizol    $51.10    3,601    4,665    8.2x    7.7x    1.2x    1.1x 
Huntsman    $18.94    4,433    7,432    7.7x    6.4x    0.8x    0.8x 
Celanese    $30.40    5,288    7,619    6.6x    6.8x    1.3x    1.2x 
       
            Mean    7.3x    6.9x    1.0x    1.0x 
            Median    7.1x    6.8x    1.1x    1.0x 
            Max    8.2x    7.7x    1.3x    1.2x 
            Min    6.6x    6.4x    0.7x    0.7x 
       
Notes: All figures in US$ million unless otherwise noted. Sample based on surfactant chemical companies - specialty. 
Source: Companies information, FactSet and Bloomberg. 


74


Comparable multiples Appendix II
   

Selected comparable multiples – Chemical distributors & Retail Brazil

Precedent transaction analysis – Chemical distributors 
 
 
        TEV/LTM    LTM Metric 
       
Target - Buyer    Date    TEV    EBITDA    EBITDA 
         
ChemCentral - Univar    Mar-07    $650    9.3x    $70 
INT Muellor Chemical - NIB Capital    Jun-01    228    8.8x    26 
HCI - Brenntag    Nov-00    306    8.5x    36 
Ellis & Everard - Vopak Distribution    Jan-01    480    6.1x    79 
 
 
       
        Mean    8.2x     
        Median    8.6x     
        Max    9.3x     
        Min    6.1x     
       
 
Notes: All figures in US$ million unless otherwi se noted.                 
Source: Companies information, FactSet and Bloomberg.                 
 
 
 
Comparable public company analysis – Retail Brazil 
 
 
    Market       
TEV/EBITDA 
       
Company name    Cap.    TEV    2006A    2007E 
         
Pao de Acucar - CBD    $4,042    $4,687    7.5x    5.8x 
                 
                 
Notes: All figures in US$ million unless otherwise noted.                 
Source: Companies information, FactSet and Bloomberg.                 


75


Comparable multiples Appendix II
   

Selected comparable multiples – Refiners and Asphalt producers

Comparable public company analysis – Refiners 
 
 
    Share price     Market            TEV / EBITDA                           Price to earnings 
                 
Company    3/23/2007    Cap    TEV    2006A    2007E    2008E    2006A    2007E    2008E 
                   
Alon USA    $36.30    $1,699    $2,175    8.7x           6.6x    8.4x    14.4x                 10.6x    13.4x 
Delek US Holdings    18.77    973    1,158    6.5    6.4    6.3    9.7                 10.4    11.1 
Frontier Oil    33.08    3,628    3,372    5.5    6.3    6.3    9.8                 11.9    12.9 
       
            Average    6.9    6.5    7.0    11.3                 11.0    12.5 
            Median    6.5    6.4    6.3    9.8                 10.6    12.9 
            Max    8.7    6.6    8.4    14.4                 11.9    13.4 
            Min    5.5    6.3    6.3    9.7                 10.4    11.1 
       
                             
Notes: All figures in US$ million unless otherwise noted. 
           Market Cap. includes options and in-the-money convertibles. 
Source: Companies information, FactSet and Bloomberg. 
 
 
 
Precedent transaction analysis – Asphalt producers 
 
 
                        TEV /    TEV /         
                   
   
Target / Buyer 
  Date    TEV    LTM EBITDA    LTM Sales         
                 
    Frehner Construction / Aggregate Industries    5/11/2004    95.8    NA    0.6x         
    Better Materials Corp. / Hanson Building Materials    7/18/2003    155    7.3x    1.3x         
    S.E. Johnson / CRH plc    5/16/2003    177    6.3x    0.7x         
    Kiewit Materials / CSR    10/2/2002                 648    8.8x    1.3x         
    Mount Hope Rock Products / CRH plc    4/30/2001    138    7.3x    1.3x         
    Northern Ohio Paving and Dolomite Group / CRH plc    6/21/2000    172    5.9x    1.3x         
    The Shelly Company / CRH plc    2/24/2000    362    5.7x    1.1x         
    Thompson-McCully / CRH plc    7/12/1999    422    8.0x    1.7x         
    Dell Contractors and Millington Quarry / CRH plc    7/5/1999    146    5.6x    1.0x         
    MA Segale - Icon Materials / CRH plc    5/1/1998    60    NA    1.2x         
             
                    Mean    6.9x    1.1x         
                    Median    6.8x    1.2x         
                    Max    8.8x    1.7x         
                    Min    5.6x    0.6x         
             
 
Notes: All figures in US$ million unless otherwise noted. 
            CRH plc was previously known as Oldcastle Materials 
Source: Companies information, FactSet and Bloomberg. 


76


SIGNATURES

        Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Date: March 13, 2008

  BRASKEM S.A.
 
 
  By:      /s/      Carlos José Fadigas de Souza Filho
 
    Name: Carlos José Fadigas de Souza Filho
    Title: Chief Financial Officer

 

FORWARD-LOOKING STATEMENTS

This press release may contain forward-looking statements. These statements are statements that are not historical facts, and are based on management's current view and estimates offuture economic circumstances, industry conditions, company performance and financial results. The words "anticipates", "believes", "estimates", "expects", "plans" and similar expressions, as they relate to the company, are intended to identify forward-looking statements. Statements regarding the declaration or payment of dividends, the implementation of principal operating and financing strategies and capital expenditure plans, the direction of future operations and the factors or trends affecting financial condition, liquidity or results of operations are examples of forward-looking statements. Such statements reflect the current views of management and are subject to a number of risks and uncertainties. There is no guarantee that the expected events, trends or results will a ctually occur. The statements are based on many assumptions and factors, including general economic and market conditions, industry conditions, and operating factors. Any changes in such assumptions or factors could cause actual results to differ materially from current expectations.


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