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___

Bradesco BBI S.A. (“BBI” ) was engaged by Braskem S.A. (“Braskem”) in order to prepare an independent valuation report (“Valuation Report”) of the following assets: Braskem and Petroquímica Triunfo S.A. (“Triunfo”, and together with Braskem hereinafter referred to as “Companies”) related to a possible incorporation of Triunfo by Braskem (“Transaction”), under the terms of article 227 of Law nº 6404 of December 15^th, 1976, as amended (“Brazilian Corporation Law”) and other laws and applicable rules. The information below is relevant and should be carefully and fully observed:

• This Valuation Report can only be used under the terms of the Brazilian Corporation Law, of the Brazilian Securities Exchange Commission (“Comissão de Valores Mobiliários” or “CVM”) instructions or of other applicable rules in order to provide subsides to be used in the Operation and must only be used by Braskem management, your Board of Directors and your General Meeting of Shareholders under the scope of the Transaction, and shall not be used or used as reference by any person to whom this Valuation Report was not directly destined, as referred above, or for any purpose other than those described herein

• The base date of this Valuation Report is December 31^st 2008; this Valuation Report is based on (collectively denominated “Information”):
(i) public information, financial surveys analyses and research, as well as financial, economic and market criteria that we considered relevant
(ii) analysis of the consolidated financial reports: (a) of Braskem, which also includes Companhia Petroquímica do Sul S.A. (“Copesul”), iQ Soluções & Química S.A., previously denominated Ipiranga Química S.A. (“quantiQ”), Ipiranga Petroquímica S.A. (“IPQ”), Petroquímica Paulínia S.A. (“PPSA”), audited by KPMG Auditores Independentes (“KPMG”) for the years ended on December 31^st 2006, 2007 and 2008; (b) quantiQ, audited by PricewaterhouseCoopers for the years ended on December 31^st 2006, 2007 and 2008 and (c) of Triunfo, audited by KPMG Auditores Independentes for the years ended on December 31^st 2006, 2007 and 2008
(iii) analysis of other information provided by Braskem, including the report prepared by Chemical Market Associates, Inc. (“CMAI”) with prices projections for the main products and raw materials commercialized by Braskem
(iv) verification on the Information’s consistency and discussions with the management of Braskem about the business outlooks for the Companies

• The Valuation Report did not include an independent verification of the data and the Information and we have assumed that all Information used in this Valuation Report is true, precise and complete in all the relevant matters, so this Valuation Report does not count as an audit according to the generally accepted accounting principles. No relevant information related to our scope of work was kept undisclosed to us. As for the portion of Information that embodies projections or estimates of future events, we have assumed that such Information reflects the best estimates currently available about the Companies’ future performance. Also, regarding our review of the Information, we have analyzed its consistency, but we have not independently checked any part of the Information, or conducted any investigation or evaluation of any of the Companies’ assets or liabilities (contingent or not), and we have not received any report on the subject. Although the analyses and results presented herein are based in future projections, this Valuation Report is not indicative, in any level or form, of any real future results which can be higher or lower from those presented herein. We were also not asked to conduct (and we did not conduct any) physical inspections of the Companies’ properties or facilities. Finally, we have not evaluated the Companies’ solvency or fair value considering the laws regarding bankruptcy, insolvency or of similar effect

• As a result of the limitations mentioned above, we do not nor will make any expressed or implicit representation or declaration in relation with the truthfulness or integrity of any Information used in the preparation of this Valuation Report. Should any of the assumptions related above not be confirmed, or if anyhow, the Information proves incorrect, incomplete or inaccurate, our conclusions might differ materially

		2		Strictly Private and Confidential

• The preparation of a financial analysis is a complex process which involves several definitions related to the more appropriate and relevant financial analysis methodologies as well as to the application of such methodologies. We reached a final conclusion based on the results of the analysis made, considered as a whole, and we did not reach conclusions based on, or related to, any of the factors or methods of our analysis taken separately. Consequently, we believe our analysis must be considered as a whole and that any selection of parts of our analysis and specific factors, without considering our analysis and our conclusions as a whole, may result in an incomplete or incorrect understanding of the processes used for the purpose of our analyses and conclusions

• This Valuation Report only indicates an estimate, following our own criteria, of the value derived from the application of the valuation methodologies (i) discounted free cash flow and (ii) comparable precedent transactions multiples, selected based on the level of information obtained. These methodologies are commonly used in financial valuations of companies, even in operations involving public companies, and does not analyze any other aspect or implication of the Transaction or any future contract or agreement reached in relation to the Transaction. We do not express any opinion related to the issuance price of the shares to be issued as a result of the Transaction or the value at which the shares of the Companies will be traded in the stock market at any time. Additionally, this Valuation Report is not and should not be used as (i) as a fairness opinion regarding the Transaction or (ii) a recommendation regarding any aspect of the Transaction. In addition, this Valuation Report does not discuss the strategic and commercial merit s of the Transaction or of the strategic decision that have led to the Transaction. The results presented in this Valuation Report relate solely to the Transaction and are not to be used or relied upon on the context of any transaction, current or future, regarding the Companies, the economic group they are part of, or the sector in which they operate

• Our Valuation Report is necessarily based on Information that was provided to us on this date and considering market, economic and other conditions as they present themselves and as they may be assessed as of this date. Although future events and other developments may affect the conclusions presented in this Valuation Report, we do not have any obligation to update, review, rectify or revoke this Valuation Report, in whole or in part, as a result of any future development or for any reason whatsoever

• This Valuation Report is exclusively addressed to Braskem and it is not intended to the commercial decision of the Companies in doing the Transaction nor as a recommendation to any shareholder or member of board of directors of the Companies on how to act or/and vote in any matter related to the Transaction. Each shareholder should take their own conclusions in respect of the convenience and acceptance of the Transaction

• Our analyses does not differentiate classes or types of shares of each Companies, when and if applicable, and does not include operating, fiscal or any other nature of benefits or losses, including any eventual goodwill, or any synergy, incremental value and/or costs, in case they exist, resulting from the conclusion of the Transaction, should it occur, or any other operation. The valuation also does not take into consideration eventual operating and financial benefits or losses that may occur after the conclusion of the Transaction as a result of commercial changes in the existing businesses

• Braskem and its management did not (i) interfere with, limit or difficult, in any manner whatsoever, our access, utilization or knowledge of working information, documents or methodologies relevant to the quality of the analysis presented in this Valuation Report, (ii) determine the methodologies used in the preparation of this Valuation Report, or (iii) restrict, in any manner whatsoever, our capacity to determine the conclusions presented in an independent manner in this Valuation Report

		3		Strictly Private and Confidential

• We provided, from time to time, in the past, investment banking, financial and banking services in general and other financial services to the Companies, for which we have been remunerated, and we may in the future provide such services to the Companies, for which we expect to be remunerated. We and our affiliates provide a variety of financial services and other services related to securities, brokerage and investment banking. In the course of these activities, we may acquire, hold or sell, acting for our proprietary interest and for the interests of our clients, shares, debt instruments and other securities and financial instruments (including bank loans and other obligations) of the Companies, as well as provide investment banking services and other financial services to these Companies, their controllers or controlled companies. Additionally, the professionals involved with securities research and other divisions of Bradesco Organization may base their analyses and publications on different operational and market assumptions, and in different analyses methodologies when compared with those employed in the preparation of this Valuation Report. Consequently, the research reports and other publication prepared by them may include results and conclusions different from those presented herein, considering that these analyses and the valuation reports were prepared by independent analysts without any connection with the professionals which participated in the preparation if this Valuation Report. We adopt policies and procedures to preserve the independence of our securities analysts, which may have different perceptions than those of our investment banking department. We also adopt policies and procedures to preserve the independence between our investment banking department and the other areas and departments of BBI and other companies of the Bradesco Organization including, but not limited to, the asset management department, proprietary stocks, debt instruments, securities and other financial instruments trading desks

• We did not provide accounting, auditing, legal, tax or fiscal services related to this Valuation Report

• This Valuation Report was prepared in Portuguese and English, but the Portuguese version shall always prevail. BBI does not assume any obligation and/or responsibility for updating, revising, or reassuring the result of this Valuation Report based on circumstances, development and/or events occurring after the date of its completion

• The financial calculations presented in this Valuation Report might not always lead to precise results as a consequence of rounded numbers

São Paulo, March 31^st 2009

Signatures:

		4		Strictly Private and Confidential

		5		Strictly Private and Confidential

• Braskem, Petrobras S.A. (“Petrobras”), Petrobras Química S.A. (“Petroquisa”) and Odebrecht S.A. signed an agreement in 2007 to consolidate the Brazilian chemical industry by integrating petrochemical assets into Braskem

• The following assets of Petrobras and Petroquisa were part of the agreement: Companhia Petroquímica do Sul (“Copesul”), Ipiranga Química, currently denominated iQ Soluções & Química (“quantiQ”), Ipiranga Petroquímica (“IPQ”), Petroquímica Paulínia (“PPSA”) and Triunfo; with the exception of Triunfo, the other interests were incorporated by Braskem in September 2008

• Due to the operational differences, the petrochemical assets consolidated into Braskem (Copesul, IPQ, PPSA and Braskem, jointly denominated “Braskem Operational”) and the commercial operation of wholesale distribution of chemicals explored by quantiQ will be valuated separately; the sum of the values of Braskem Operational and quantiQ results in the value of Braskem

• The discounted cash flow methodology (“DCF”) was applied to value Braskem Operational and Triunfo; quantiQ was valued using multiples of precedent transactions and comparable companies (“EBITDA Multiples”)

• The DCF allows the analysis of the operational future results of Braskem Operational and Triunfo, and is the most appropriate methodology to determine the range of economic value for Braskem Operational and Triunfo. The DCF took into account the following items:

     • Operational forecasts prepared by Braskem

     • Projection period from 12/31/2008 to 12/31/2018

     • Macroeconomic projections from the Economic Research Department (“DEPEC”) of Bradesco as of 03/23/2009

     • US$ nominal discount rate of 11.69% for Braskem and 12.12% for Triunfo

     • Terminal value of Braskem Operational and Triunfo considering a nominal perpetuity growth in dollars of 2.5%

     • Industry studies, including CMAI report with the price projections of essential petrochemicals and products commercialized by the Companies and market information about comparable companies

• In this report, BBI presents the valuation of the existing operations of Braskem and Triunfo, under the terms of CVM Instruction 319/99

		7		Strictly Private and Confidential

• The enterprise value of Braskem is in the range of R$ 17,155 million and R$ 18,972 million; considering the net debt and equivalents as of 12/31/2008, the value of equity (“Equity Value”) is in the range of R$ 8,584 million and R$ 9,488 million

• The enterprise value of Triunfo is in the range of R$ 266 million and R$ 294 million; considering the net debt and equivalents as of 12/31/2008, the value of equity (“Equity Value”) is in the range of R$ 225 million and R$ 249 million

Company

Valuation  Methodology

WACC  (US$ nominal)

Enterprise Value  (R$ million)2

Equity Value  (R$ million)2

# Shares4  (in million)

Share Price  (R$)

Braskem Operational 1

Discounted Cash Flow

11.69%

16,844 – 18,617

-

-

-

quantiQ

EBITDA Multiples

-

310 – 355

-

-

-

Sum of the Parts 3

-

17,155 – 18,972

8,584 – 9,488

507.5

16.91 – 18.69

Discounted Cash Flow

12.12%

266 – 294

225 – 249

63.6

3.54 – 3.92

		8		Strictly Private and Confidential

• BBI presents below its qualifications as financial advisor in merger, acquisition and tender offer transactions in the Brazilian market:

		10		Strictly Private and Confidential

		11		Strictly Private and Confidential

Under the terms of CVM Instruction N° 319 as of December 03^rd 1999, BBI makes the following statements:

• We do not hold or has under management any kind of participation in the Companies

• We do not own any direct or indirect interest in the Companies or in the Transaction which may constitute a conflict of interest or which reduces our independence in preparing this Valuation Report

• The controlling shareholders or the management of the Companies did not interfere with, limit or difficult, in any manner whatsoever, our access, utilization or knowledge of working information, goods, documents or methodologies relevant to the quality of the respective conclusions

• The internal process of BBI to approve a valuation report involves the following steps:

(i) discussion among the members of the team involved in the Transaction over the methodology and assumptions to be adopted in the valuation of the Companies

(ii) after the report preparation and revision by the team involved in the Transaction, it is submitted to an internal committee for a revision and approval; this committee is formed by at least two investment bank directors and one representative of BBI legal department

		12		Strictly Private and Confidential

Overview

• Braskem is the leading Latin American company in the thermoplastic resins market and the third largest petrochemical company in the Americas. Its production capacity is approximately 11 million tons per year across 18 industrial complexes

• Company operations are divided into three main units:

     • Basic Products: production, primarily, of ethylene and propylene (first generation petrochemicals)

     • Vinyls: production of PVC, Solvents, Soda and EDC

     • Polyolefin: production of polypropylene (“PP”) and polyethylene (“PE”)

Financial Highlights

Source: Consolidated financial annual reports of Braskem

		14		Strictly Private and Confidential

Overview

• quantiQ was founded in 1991 as part of the group Empresas Petróleo Ipiranga

• quantiQ is the leading company in the distribution of chemical and petrochemical products in Brazil

• The logistics structure of quantiQ is comprised of eight Distribution Centers in the states of São Paulo, Rio Grande do Sul, Paraná, Rio de Janeiro, Bahia and Pernambuco

• Company operations are divided into three main units:

     • Lifescience: distribution of special chemicals to cosmetics, pharmaceutical, human and animal nutrition industries

     • Chemicals: distribution of oils, solvents, intermediary chemicals, additives for lubricants, polymers and special chemicals

     • Products and Services: storage and handling of chemical and petrochemical materials, blending, logistics for supply and distribution, laboratory analysis and application of products, environmental services and recovery of solvents

• Braskem holds, direct or indirectly, 100% of quantiQ

Financial Highlights

Source: Consolidated financial annual reports of quantiQ

Source: quantiQ

		15		Strictly Private and Confidential

Overview

• Petroquímica Triunfo was created in 1979 and it is located at the Pólo Petroquímico de Triunfo in the state of Rio Grande do Sul

• The industrial plant consists of two units with polyolefins, EVA and petrochemical products and has an installed capacity of approximately 160 thousand tons per year

• Since 2004 Triunfo has been under Petroquisa’s (that belongs to Petrobras Group) control and has the private company Petroplastic Ltda. as a shareholder

• Triunfo concentrates the majority of its sales to the transformation industry in the domestic market while the rest is exported to Mercosul and other countries

Financial Highlights

		16		Strictly Private and Confidential

Discounted Cash Flow and EBITDA Multiples

Braskem Operational (DCF) and quantiQ Soluções & Química (Multiples)

Discounted Cash Flow

Triunfo

Note: (1) Does not include quantiQ

		18		Strictly Private and Confidential

Macroeconomics Projections

Source: Bradesco’s DEPEC projections as of 03/23/2009

		19		Strictly Private and Confidential

Assumptions

• Did not consider, conservatively, production capacity expansions

• Domestic Market:

     • Polyolefins and PVC: projected sales volume based on the elasticity between the demand growth for resins and national GDP growth (Average of the 15 last years)

     • Vinyls (excludes PVC) and Basic Products: maintenance of the volume sold in 2008, considering the installed capacity and its utilization rate

• External Market: difference between the production and volume sold in the domestic market, if any

Assumptions

• Domestic market:

     • Polyolefins and PVC: prices calculated based on the CMAI projected data by product in the international market, adjusted by the historical performance of the domestic market, taking into account factors such as freight, insurance, service margin among others

     • Vinyls (excludes PVC) and Basic Petrochemicals: Considers the price by products in accordance with CMAI projected data for the international market, adjusted by local price, which is based on the Braskem historical price

• External market: price calculation based on CMAI projected data, adjusted by the historical relationship between Braskem prices in the external market and the effective prices in the international market

		21		Strictly Private and Confidential

Assumptions

• Nafta average price (Braskem main raw material), was calculated based on CMAI projected data in the international market, adjusted by the price paid by Braskem and the effective average price in the international market

• Other production costs were projected based on Braskem’s historical data

• Sales expenses calculated as a percentage of the net revenue and based on Braskem historical data (2008)

• General and administrative expenses linked to the CPI

		22		Strictly Private and Confidential

		23		Strictly Private and Confidential

WACC Calculation

		24		Strictly Private and Confidential

Sensitivity Analysis¹ (US$ million)

Sensitivity Analysis ¹ (R$ million ²)

		25		Strictly Private and Confidential

Comparable Transaction Multiples

Valuation Summary (R$ million)

		26		Strictly Private and Confidential

Sensitivity Analysis ³ (US$ / share)

Sensitivity Analysis ³ (R$⁴ / share)

		27		Strictly Private and Confidential

Assumptions

• Does not consider, conservatively, production capacity expansion, based on the policies adopted by Triunfo as a consequence of the market economic and financial perspectives for the medium -term

• Average installed capacity utilization of 96.0%

• Domestic market: growth based on Triunfo volume assumptions obtained from Braskem

• External market: the difference between the production and sales in the domestic market, if any

Assumptions

• Domestic market: prices calculated based on the CMAI projected data by product in the international market, adjusted by the historical performance of the domestic market, taking into accounting factors such as freight, insurance, service margin among others

• External market: prices calculated based on CMAI projected data, adjusted by historical relationship between Triunfo prices in the external market and the effective prices in the international market

		29		Strictly Private and Confidential

Assumptions

•Ethylene and Vinyl Acetate average prices (Triunfo main raw materials), were calculated based on CMAI projected data in the international market, adjusted by the price paid by Triunfo and the effective average price in the international market

• Other production costs were projected based on Triunfo historic results

• Sales expenses calculated as a percentage of the net revenue and based on Triunfo historic results (2008)

• General and administrative expenses linked to CPI

		30		Strictly Private and Confidential

		31		Strictly Private and Confidential

WACC Calculation

Source: Bloomberg as of 03/23/2009 and Ibbotson

		32		Strictly Private and Confidential

Sensitivity Analysis (US$ million)

Sensitivity Analysis (R$ million ¹)

		33		Strictly Private and Confidential

DCF Valuation Summary (US$ million)

Sensitivity Analysis (US$ / share)

DCF Valuation Summary (R$ million ²)

Sensitivity Analysis (R$² / share)

		34		Strictly Private and Confidential

		37		Strictly Private and Confidential

		38		Strictly Private and Confidential

		39		Strictly Private and Confidential

		41		Strictly Private and Confidential

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: April 15, 2009