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)4() - &! " " # #$ %" $ & # '(()!" # $% &# ' %% % * +!, -+. /0, '(( 1 ()*+,-./0+1,-2".34,4-5$ % % % 6 3 % %6 % 7 %8 9 '% $ ' %'% ::; '%<' %% ::;! ' % % % 7 %% 3 $ %'% % % % 02 %' ;= ' %%! % %%%6 7 %''% % &+!!(>% &?%>?5 #%@$ ::;!% %% %6 %#6 % ::@$ % %! # 8#%8# '% % 02%' ;=(!!$ 8'%% &% 6 % $ % & &1A% B% +!! /1+C3 D 1%<'E +' %%67 8 <' '6 5!/#%@$ ::;$% 7 FC+ % 6%!";;FC!+!!::! % $% &' %%6% %9&6! Earnings Release Investor Meeting SP: February 23, 2005, at 8:30 a.m. Investor Meeting RJ: February 25, 2005, at 8:30 a.m. Brazilian Conference Call: February 18, at 7:00 a.m. US EST International Conference Call: February 18, at 9:30 a.m. US EST Further information is available at the Company s website at www.braskem.com.br or may be obtained with the Investor Relations Area: José Marcos Treiger Investor Relations Officer Tel: (+55 11) 3443 9529 jm.treiger@braskem.com.br Luiz Henrique Valverde Investor Relations Manager Tel: (+55 11) 3443 9744 luiz.valverde@braskem.com.br Vasco Barcellos Investor Relations Manager Tel: (+55 11) 3443 9178 vasco.barcellos@braskem.com.br / 23232 In 2004, Braskem had record net income of R$691 million, corresponding to a 221% increase compared to 2003. EBITDA increased by 43%, from R$1.8 billion in 2003 to R$2.5 billion in 2004. The Company also had constant growth in its operating, economic and financial performance indicators. EBITDA margin increased from 19% to 23%. Braskem s excellent performance in 2004 reflects the competitive advantage of its business model and points to a new level of strategic competitiveness and flexibility, which were already differentiated from the rest of the market, declared José Carlos Grubisich, Braskem s CEO. The Company is prepared to accelerate its growth programs, in addition to being structured to capture the opportunities arising from the potential Brazilian petrochemical sector consolidation or that may allow it to expand internationally, he added. All of Braskem s business units operated at utilization rates in excess of 90% in 2004. In 2005, the Company's production capacity will be at its highest, due to investments made in 2004, which totaled R$324 million, in addition to other investments that will be completed in 2005. Braskem also plans to operate its units at utilization rates higher than those recorded in 2004. In 2005, the Company also believes that a positive and additional impact on its results will be generated by productivity and competitiveness improvements resulting from its Braskem + an operational and business excellence program aimed at positioning the Company among the most competitive petrochemical companies in the world and which should offer additional gains estimated at R$420 million on an annualized and recurring basis. In 2004, the year Braskem + was implemented, this program generated gains of R$90 million, also on an annualized and recurring basis, 50% greater than the previously estimated goal for the year. In 2004, domestic market sales of Braskem s thermoplastic resins polyethylene, polypropylene and PVC increased by 13% compared to the previous year, driven by the increased demand for these products in Brazil and due to the continuing expansion of the Brazilian economy in 2004. Gross revenues exceeded R$14 billion, and net revenues increased by 20% compared to 2003, totaling more than R$11 billion. The Company maintained its strategic presence in the international market in 2004. Exports provided net revenues of US$710 million, 15% higher than the amount recorded in 2003. The increase in resin prices internationally fully offset the reduction in the volume of exports. Braskem carried out the largest issuance made by a Brazilian company in the international market in 2004, in an aggregate amount of R$1.2 billion. In addition, it was highly successful in the implementation of its net debt reduction strategy. At year end, its net debt totaled R$3.9 billion, a 38% decrease compared to the amount recorded at the end of 2003. Braskem s net debt/ebitda ratio was reduced to 1.5 in December 2004, compared to 3.5 at the end of the previous year. Braskem fulfilled all of its commitments vis-à-vis the market and reached a new position in terms of capital structure and financial liquidity, which will certainly become a solid platform for its development, declared Paul Altit, Chief Financial Officer and Investor Relations Director. The Company is distributing part of these positive results to its shareholders R$204 million, between interest attributable to shareholders equity and dividends.

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= "#% 5# % &%% % 6%% 'C! % 6 '% ' 6 '7 % %% 6 76% #%'67 %' %'%% # %& 6! ' 8' '7 % % % & % %' %#, ; ".E"!H"#" F: G!..!#!."6.!# ; @ @0 F/G @/??= @= F'G @( '((= '(() '((= '(() '((= '(() (1) Does not consider the increase in capacity implemented in July 2004 (2) Considering a 100,000 tons/ year capacity increase, as of July 2004 =/ #$+"! 5# Production Volume tons 2004 (A) 2003 (B) Chg. % (A)/(B) Polyolefins Unit. PE s Polyethylene 741,698 676,682 10. PP Polypropylene 463,077 438,747 6 Vinyls Unit. PVC Polyvinyl Chloride 421,619 396,827 6. Caustic Soda 461,402 432,728 7 Basic Petrochemicals Unit. Ethylene 1,105,610 1,040,858 6. Propylene 542,359 486,959 11 Business Development Unit. PET 72,194 56,561 28. Caprolactam 50,483 49,572 2 %'!.!5# +# E#"% #QI % ::@$ ' %6 %% '% '! $ '7 % %8%6$% 6I%11 I%1 ::;! '%6 ::;$ % & % # ::$::: F %'% ' %'$ % %' %# :I# 688! ::;$ % & #&6 K % %'% &M' O $' %! 5

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=' 1 ;! 5# % & % 6686%% %'%% # %& 6! $ %% ::; %&$% % %% #@I % ::@$ 6 6 %'%6 6%% 7 ::;! 8' % % % %& # % & ::; $Q$::: $ %% =I % % $"@$:::'%6%8' %! Sales Volume tons #.! +# E#"$ 10 % #QI %%8' %$ ' %&6%$ "I!%8%10 %8#% # %$ % #'%$ 7 2004 (A) 2003 (B) Chg. % (A)/(B) Polyolefins Unit. PE s Polyethylene 704,667 667,977 5. PP Polypropylene 460,974 441,066 5 Vinyls Unit. PVC Polyvinyl Chloride 427,740 397,856 8. Caustic Soda 444,013 426,608 4 Basic Petrochemicals Unit. Ethylene 1,098,882 1,047,325 5. Propylene 532,242 488,637 9 Business Development Unit. PET 74,258 56,309 32. Caprolactam 49,123 50,329 (2) S' F% %% &'C!!.!5# +# E#"$ 8' % % #"I$% %'% %&$6%# I % ::@!%' %8#%% 6 # %'6 %# % & 66 % H % %7 % H & &$ 6 9#8% 6! ' 8# % & M' H 69%% ' ::;H % '# %' % :$::: F %$ # 8 ##9 ::"! 1% 8'% I %&$'%% '8 % F% '% 6%''%! ::;$ G% 66 '% &+# $ 69%% # & 66! 8 ' % % % % H %& % % ":I ::;H '6 % #%' #%9 % %H %% % % H %8 # 66! % % 8 '6 6 '% #%'$' % 9%<' %'( '5$ 6 8 8 68% %' %%!

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) -##! #$ # 5# )/ 1 " <#+ % &%%%8'$:;; ::;$ :I 6% $ # ::@! &%8%%% %% 8'$ %&$ %8 % % % & % %'$ # % 7 #%! ##%%8'6%#'C$6 % %% % &'C, 11,200 10,500 9,800 9,100 8,400 7,700 7,000 6,300 5,600 4,900 4,200 3,500 2,800 2,100 1,400 700 0 9,191 NET REVENUE (R$ million) +20% 2003 2004 11,044 Business Unit (R$ million) 2004 (C) 2003 (D) Chg. % (C)/(D) Domestic Market 8,935 6,867 30 Basic Petrochemicals 3,902 3,132 25 Polyolefins 2,826 2,153 31 Vinyls 1,631 1,165 40 Business Development 576 417 38 Exports 2,109 2,324 (9) Basic Petrochemicals 1,030 868 19 Polyolefins 794 1,234 (36) Vinyls 240 186 29 Business Development 45 36 25 Total Net Revenue 11,044 9,191 20 )' 1 ;" 5 3$!$ F;3G Electric Energy 2.9% Naphtha/ Condensate 67.7% COGS Breakdown Other Variable Costs 18.2% Personnel 2.4% Materials 1.0% Others 1.0% Depreciation 4.3% Services 2.5% '%6 ::;$ % & 6 (/J+5 Q$@" $ %% % @I % /J+ ::@$ =$@;! 8 % % % %' % % % %6% '%6 ::;! 8% 6 % % (% 9% 9%5%6 C+@=QF ::;$ %% @QI % % C+ =;F %% ::@! 10

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)) I & % & 6 8% # # % '6'$ :: $ %!"# ::;$ ;@I% %!Q # %% ::@! & %8% %% %, (5 2003 2004 '% %6 %'6 % % & 6% %.(5 % 8'$ %&.(5 %8 % % % & %'$# % 7 #%.(85%%'86 %8#7 89.(85%6%% %%# '% '$ %# 6 '7 %. $ $(85 %8<' %''8%'! %6 %% # % % 6 %! %' % %8 % & % 6 <' $ %#% ;('%5% 6 %6$%I ::@ @I ::;! 6% # 2003 2004 ' # %' # # % &$ %# 6% <' %%# $# C+ %! 3,000 2,500 2,000 1,500 1,000 500 0 3.000 2.500 2.000 1.500 1.000 500 0 1,777 19 EBITDA (R$ million) +43% EBITDA Margin (%) 2,549 23 EBITDA EVOLUTION (R$ million) EBITDA EVOLUTION (US$ million) 00/ ',)@ '=>?>' >)) '( /,>>>?/ 0/ '(' '@ /?= '((= /4() '4() =4() )4() '(() '((= /4() '4() =4() )4() '(() ) 1 #<"#" # +$ #$ "$ ; # '6 %7 6 %6 % % % 8 '$1 1%$% &%% % 8 '# % ::;$ '% 6# =I @= %% ::@! 12

(R$ thousand) Investments in Subsidiaries and Associated Companies 2004 2003 Subsidiaries - Equity Method 4,475 2,597 Associated Companies - Equity Method 223,584 90,528. Copesul 162,446 46,244. Politeno 44,116 31,781. Petroflex 17,335 12,836. Others (313) (333) Exchange Variation (9,645) 22,414 Others 10,348 21,038 Subtotal (before amortization) 228,762 136,577 Goodwill Amortizations (152,730) (255,984) 8%'% %% % & % '# % ' 1$ %% % & # (!"I @@!I$%85 #%@$ ::;! ## 1U3#' 1, %' %7 6 ::; ' % % /J+ +JU '$%8$ 6 % %' 8% ''% % 6 % # %6 % % &W %% %&R ' % ::;! # +$ ; +!!"# B!# FD " 6 "6 #$"$G )8' "$;;: $ $:Q =: 2 %6(I5!I "! I ) ";= )0 1 " -##! +!" TOTAL 76,032 (119,408) '%6 ::;$% &%%7 % 6 % %J# /%6% 8# $%#! %'$ %( ' &6 % %# %F8% 6 %8'5 % # I$%@" ::@;Q ::;! (2 5 (2 5 ::; ::@ -##! D # F@@G F'=G %F0% F0=/G F0?(G 2 % F)'=G F=)?G MF43 # )/ @0@ 12MF/MF F &6 F/)/G F//G /% F'/0G F=/'G -##! <#+ F/?G F/==G % /== ) 2 % /) == MF4 F===G F'//G )M ' F/,/?/G F00G 13

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ash Balance Evolution (R$ million) 0): /,>?= /,(?0 $:S Q"S $:: &(= &() S 8 C+ Net Debt Evolution (R$ million) 6,258-38% 3,868 2003 2004 14

% %# ::@($ "Q5!V %C+ %$% &#%% @ I%'$%C+! # C+!"#! % & 8% 6$ '%##F% $% 6 #"=I ::;$%@!" #%@$ ::@$!" #%@$ ::;! Net Debt / EBITDA ' ' %'6 #$6#% %%76-57% 3.52 3.50 %7 8 #$ 3.00 6 %'6!6% 1.52 2.50 # % & # %7 2.00 ' #%@$ ::;! 1.50 & () ;6 K ;6 L+<!#" '0@: /,>?= /,'' '(( ; "! D #$"+ Debt Amortization Schedule* (R$ million) 12/31/2004 /((: 0 '((0 =/: /,>?' /=0: J%#,"$" )#,@$QQ % & '% @=; ::; # #' '!8 %6% % % 6$6$ $ 8% %! 6 +' % % % %&$ % & % %G '%6 ::;$ 86 %' $ %6% % % % #'% '$ & ' 8 6 '% 8% # 8% % 6# % %! 6 8 % ' % ' ::$::: F % %%' %'$ + J% +'$ % %"":$::: F % ":$::: F %$ % ":$::: F % % %' 1% C$ K %$ % %"@$:::F % :@$:::F %! >>/ >: ='' //?: 00> '((> '((? '((@ '(/) *Between 2010 and 2013 the amount of R$ 16 million is payable and, after 2015,R$ 6 million is payable. 1.00 Dec 03 Dec 04 15

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raskem Share Performance in 2004 (base 100 = 12/30/2003) 220 200 180 160 140 120 100 80 60 Mkt Cap: US$ 1,57 Bilhões Mkt Cap: US$ 4,54 Bilhões BAK (ADR) 218 BRKM5 (Bovespa) 200 Bovespa Index 118 40 jan-04 feb-04 mar-04 apr-04 may-04 jun-04 jul-04 aug-04 sep-04 oct-04 nov-04 dec-04 8 ' 8% 6 % 68'/0+1% %:!; #%J# /%6 @ $ % %!+ %$8 ' 8% 6 % 68'+% %C+"$:::C+;!! 16

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2 F;#!$"$G # ""#" F/G FB!#G Income Statement 4Q04 (A) 4Q03 (B) Change (%) (A)/(B) 2004 (C) 2003 (D) Change (%) (C)/(D) Gross revenue 3,747 3,059 22 14,342 11,284 27 Net Revenue 2,798 2,542 10 11,044 9,191 20 Cost of goods sold (2,018) (2,056) (2) (8,315) (7,342) 13 Gross profit 780 485 61 2,729 1,849 48 Selling expenses (89) (28) 216 (236) (110) 115 General and administrative expenses (121) (93) 31 (339) (292) 16 Depreciation and amortization (113) (52) 116 (353) (188) 88 Other operating income (expenses) 3 24 (87) 35 51 (32) Investment in associated companies 15 (84) - 76 (119) - Equity in the results 54 (26) - 229 137 68 Amortization of goodwill/negative goodwil (38) (58) (34) (153) (256) (40) Operating profit before financial result 474 252 88 1,911 1,191 60 Net operating result (60) (440) (86) (1,181) (656) 80 Operating profit (loss) 414 (188) - 730 536 36 Other non-operating revenue (expenses) (25) 19 - (29) (5) 480 * Profit (loss) before income tax ans social cotribution 389 (169) - 702 531 32 Income tax / social contribution 103 (7) - 12 (92) - Profit (loss) before minority interest 492 (176) - 714 440 62 Minority interest (6) (19) (69) (23) (224) (90) Net profit (loss) 487 (196) - 691 215 221 EBITDA 661 461 43 2,549 1,777 43 EBITDA margin 23.6% 18.1% 5.5 p.p. 23.1% 19.3% 3.8 p.p. -Depreciation and amortization 202 125 61 714 466 53. Cost 89 73 22 361 277 30. Expense 113 52 116 353 188 88 9' %% (029 ;=5 S ' ''% #%'$ % & 6 8 % ##&6 @ $ # % #%! 19

2 F;#!$"$G!# 6" F/G FB!#G ASSETS 12/31/2004 (A) 12/31/2003 (B) Chg. (%) (A)/(B) Current assets 5,054 3,669 38 Cash and cash equivalents 1,697 539 215 Marketable securities 0 512 - Account receivable 1,293 1,089 19 Inventories 1,384 972 42 Taxes credits 466 345 35 Dividends and interest attributable to shareholders equity 54 19 180 Prepaid expenses 52 80 (34) Other 108 113 (5) Long term assets 858 1,155 (26) Related parties 37 32 7 Compulsory deposits 187 182 2 Deferred income taxes and social contribution 302 166 82 Taxes to be recoverable 177 595 (70) Marketable securities 86 34 154 Other 70 146 (52) Fixed assets 8,635 8,591 1 Investments 1,244 1,287 (3) Plant, property and equipment 4,899 4,830 1 Deferred 2,493 2,474 1 Total assets 14,548 13,415 8 LIABILITIES AND SHAREHOLDERS EQUITY 12/31/2004 (A) 12/31/2003 (B) Chg. (%) (A)/(B) Current 4,329 4,238 2 Suppliers 2,179 1,132 93 Short-term loans 1,222 2,255 (46) Advances on export facilities 300 274 10 Salaries and social charges 75 68 11 Proposed dividends and interest attributable to 191 7 - shareholders Income taxes payable 63 13 386 Taxes payable 138 107 29 Advances from clients 23 256 (91) Other 137 126 9 Long term liabilities 5,780 6,483 (11) Related parties 148 233 (37) Long-term loans 4,129 4,815 (14) Taxes payable 1,326 1,147 16 Other 177 289 (39) Deferred income 84 59 42 Minority interest 168 522 (68) Shareholders equity 4,188 2,113 98 Capital 3,403 1,887 80 Capital reserves 345 744 (54) Treasury shares (15) (23) (35) Profit reserve 455 0 - Retained earnings (losses) 0 (496) - Total liabilities and shareholders equity 14,548 13,415 8 9 ' %% (029 ;=5 (S5'%$ '@ >2 %& #+'%? ::@ % > <'8?#%@$ ::@! (SS5#%@$ ::@$M$ '$ >8?8>1 $1%% 20

<'?(@ 5$>%?(: 5 >M''%'?(" 5$%%% 7 +'% 6(025%6'! 2 &E; & E Sales Volume - Tons 4Q04 (A) 4Q03 (B) Change% (A)/(B) 2004 (C) 2003 (D) Change% (C)/(D) Polyolefins. PE s - Polyethylene 165,506 176,409 (6) 704,667 667,977 5. PP - Polypropylene 106,502 118,367 (10) 460,974 441,066 5 Vinyls Unit. PVC 95,593 91,449 5 427,740 397,856 8. Caustic Soda 112,976 106,972 6 444,013 426,608 4 Basic Petrochemicals Unit. Ethylene* 294,882 280,484 5 1,098,882 1,047,325 5. Propylene* 134,207 131,601 2 532,242 488,637 9 Business Development Unit. PET 18,781 17,060 10 74,258 56,309 32. Caprolactam 10,513 12,941 (19) 49,123 50,329 (2) S' F %% &'C 21