The option may be practiced till December the 31st and the participation of
Petroquisa might reach up to 30% of Braskem voting capital.

Odebrecht S/A and Petrobras announce that they have come to an agreement for renovating the option that allows Petroquisa to increase its participation on Braskem voting capital. The deadline for this practice was postponed, from its expiration - last April the 30th - to December the 31st of 2005. The participation of Petroquisa, with an increase that allows to reach an isonomic position with Odebrecht and share the control of Braskem, will be limited to a 30% voting capital.

"The renovation of this option considered the importance of accelerating the
sector integration process and it offers significant gains in synergy and
competitiveness for the companies", states Pedro Novis, president of Braskem
Administration Council. For José Carlos Grubisich, president of Braskem, "this
decision demonstrates the shareholders" trust in the business model of the
company and in its growth potential with value creation". The decision also
responds to the new strategic planning policies of Petrobras, a controller of
Petroquisa that keeps its flexibility to participate in other petrochemical projects.

According to this new agreement, consolidated in a Second Addition to the
Agreements Memorandum for Shareholders, established at the time of Braskem
creation, the increase of Petroquisa participation in the company will take place
through the integration of all its shareholding participations in petrochemical
companies located in Triunfo Pole and in other synergic actives with Braskem.

If the stocks of the option are not enough to reach the 30% voting capital participation, Odebrecht, ODBPAR and Norquisa made the commitment of selling to Petroquisa the necessary stocks, in the same conditions considered in the actives evaluation. However, if the value of actives represents an increase of more than 30% of the voting capital in the participation, the difference will be considered by Petroquisa as preferential stocks. The total value of the new issued stocks - ordinary and, if necessary, preferential, will result in the increase of Braskem capital.

Braskem and all the actives of Petroquisa involved in the process will be evaluated by their financial value, based upon the criteria of discounted cash flow and without control prize, in a process to be initiated till October the 14th. Petroquisa will be responsible for informing Odebrecht about the actives till September the 29th. Odebrecht might declare the option extinct in case the company considers that Petroquisa is not including any of its actives located in the Triunfo Pole, considered essential by the controller of Braskem.

In case the option is practiced, both sides will be committed with the negotiation of a new Braskem shareholders agreement that will establish the rights of Petroquisa as a relevant shareholder. It is important to mention that this negotiation will respect the shareholders" interests and the good practices of corporative governance which both companies are committed with.