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Asamblea General Extraordinaria (AGE) - Investidor | Petrobras - PDF Free Download
Asamblea General Extraordinaria (AGE) — MANUAL PARA LA PARTICIPACIÓN DE LOS ACCIONISTAS 31 de Enero de 2017
ÍNDICE Invitación
Manual de cómo votar a través del sistema online Petición Pública de Poder
Deliberación de las siguientes cuestiones en la Asamblea General Extraordinaria(AGE) I. Venta para la Companhia Ultragaz S.A., sociedad absorbida de la Ultrapar Participações S.A., de 100% (cien por ciento) de la participación accionaria de Petróleo Brasileiro S.A. - PETROBRAS en la Liquigás Distribuidora S.A.
Anexo I – Fairness Opinion – Itaú
Anexo II – Fairness Opinion - Crédit Agricole
Anexo III – Valuation – Crédit Agricole
II. Venta para el GRUPO PETROTEMEX, S.A. DE C.V. (“GRUPO PETROTEMEX”) y para DAK AMERICAS EXTERIOR, S.L (“DAK”), sociedad absorbidas de Alpek, S.A.B. de C.V. (“Alpek”), de 100% (cien por ciento) de la participación accionaria de Petróleo Brasileiro S.A. – PETROBRAS en las sociedades Companhia Petroquímica de Pernambuco (“PetroquímicaSuape”) y en la Companhia Integrada Têxtil de Pernambuco (“CITEPE”) 66 Anexo I – Fairness Opinion - Crédit Agricole
Anexo II – Fairness Opinion - Evercore
Anexo III – Valuation – Evercore
Fecha: 31 de enero de 2017 Horário: 15hs Local: Auditorio de la sede de la Compañía, Avenida República do Chile 65, 1º andar, en la ciudad de Río de Janeiro (RJ)
Propuesta de aprobación de la venta de 100% (cien por ciento) de la participación accionaria de Petróleo Brasileiro S.A. - PETROBRAS en la Liquigás Distribuidora S.A. à Companhia Ultragaz S.A., sociedad absorbida de la Ultrapar Participações S.A; y
Propuesta de aprobación de la venta de 100% (cien por ciento) de la participación accionaria de Petróleo Brasileiro S.A. – PETROBRAS en la Petroquímica Suape y en la CITEPE, para el GRUPO PETROTEMEX, S.A. DE C.V. (“GRUPO PETROTEMEX”) y la DAK AMERICAS EXTERIOR, S.L (“DAK”), sociedad absorbidas de la Alpek, S.A.B. de C.V. (“Alpek”),
ASAMBLEA GENERAL EXTRAORDINARIA EDICTO DE CONVOCATORIA El Consejo de Administración de Petróleo Brasileiro S.A. – Petrobras convoca a los accionistas de la Compañía a reunirse en Asamblea General Extraordinaria, el 31 de enero de 2017, a las 15:00, en el auditorio del Edificio Sede, en la Avenida República do Chile 65, 1º andar (piso), en la ciudad de Río de Janeiro (RJ), con el fin de deliberar sobre lo siguiente:
Propuesta de aprobación de la venta de 100% (cien por ciento) de la participación accionaria de Petróleo Brasileiro S.A. - PETROBRAS en la Liquigás Distribuidora S.A. à Companhia Ultragaz S.A., sociedad absorbida de la Ultrapar Participações S.A., por el valor de R$ 2.665.569.000,00 (dos mil milliones, seiscientos sesenta y cinco millones quinientos sesenta y nueve mil reales), y;
Propuesta de aprobación de la venta de 100% (cien por ciento) de la participación accionaria de Petróleo Brasileiro S.A. – PETROBRAS en la Petroquímica Suape y en la CITEPE, para el GRUPO PETROTEMEX, S.A. DE C.V. (“GRUPO PETROTEMEX”) y la DAK AMERICAS EXTERIOR, S.L (“DAK”), sociedad absorbidas de la Alpek, S.A.B. de C.V. (“Alpek”), por el valor, en reales, equivalente a US$ 385,000,000.00 (tres ciento ochenta y cinco millones de dólares), corregidas por la variación acumulada positiva de la tasa de inflación de Estados Unidos para el período comprendido entre la fecha (31/12/2015) y la fecha de cierre de la transacción, utilizando el tipo de cambio de 3 días hábiles antes de la fecha de cierre de la transacción .
Quien esté presente en la Asamblea deberá probar su condición de accionista, según los términos del artículo 126 de la Ley 6.404, del 15/12/1976. Si el accionista desea ser representado, deberá cumplir los preceptos del párrafo 1º del artículo 126 de la mencionada Ley y del artículo 13 del Estatuto Social de Petrobras, exhibiendo los siguientes documentos: i) Documento de identidad del representante; ii) Poder con facultades especiales del representado con firma reconocida en notaría (original o copia compulsada); iii) Copia del contrato/estatuto social del representado o del reglamento del fondo, si aplicable; iv) Copia del término de posesión o de documento equivalente que compruebe las facultades del otorgante del poder, si aplicable. 3
Se solicita que los accionistas representados por poderes depositen, con antelación mínima de tres días hábiles, los documentos antes enumerados en la sala 1002 (Atención al Accionista) del Edificio Sede. Para aquellos que presentarán la documentación el día de la Asamblea, la Compañía informa que estará apta a recibirla desde las 11 a.m., en el lugar donde las reuniones serán realizadas. El ejercicio del derecho a voto en el caso de préstamo de acciones quedará a cargo del prestatario, excepto si el contrato firmado entre las partes lo disponga de manera diferente. Además, los accionistas también pueden optar por votar en las materias constantes en este Edicto mediante la utilización del pedido público de poder, conforme a la Instrucción CVM 481, del 17 de diciembre de 2009 La recepción de los poderes electrónicos se dará por medio de la dirección electrónica de la Compañía (http://www.petrobras.com.br/ri) a partir de principios de enero de 2017. La Compañía informa que no adoptó el boletín de voto a distancia de que trata la Instrucción CVM 561 del 7 de abril de 2015, teniendo en cuenta su no-obligatoriedad para el asunto que será deliberado en esta AGE, de conformidad con el artículo 21-A §2 de dicha Instrucción. Se encuentra a disposición de los accionistas, en la sala 1002 (Atención al Accionista) del Edificio Sede de la Compañía, y en las direcciones electrónicas de la Compañía (http://www.petrobras.com.br/ri) y de la Comissão de Valores Mobiliários – CVM (http://www.cvm.gov.br), toda la documentación pertinente a las materias que serán deliberadas en estas Asambleas Generales Extraordinaria y Ordinaria, según los términos de la Instrucción CVM 481, del 17 de diciembre de 2009. Rio de Janeiro, 29 de diciembre de 2016.
Durval José Soledade Santos Presidente del Consejo de Administración en ejercicio
MANUAL DE CÓMO VOTAR POR EL SISTEMA EN LÍNEA Paso 1 – Solicitar contraseña para validación del accionista a) Ingrese a la dirección http://petrobras.infoinvest.com.br/assembleias/31-01-2017, haga clic en "Haga clic aquí para solicitar el envío de la contraseña" y llene los datos del formulario para recibir por correo la contraseña de validación del voto a distancia. b) Se envía un correo electrónico para el solicitante de la contraseña con el identificador de cada fondo. c) El accionista recibirá en la dirección que consta en el registro el documento informando la contraseña para la votación a distancia. Asegúrese de que su registro se actualice. Paso 2 – Enviar documentos de identificación del accionista Todos los documentos se deben presentar en un único sobre y deben ser recibidos hasta el día 23 de enero de 2017 en la dirección indicada abajo: Donnelley Financial Solutions Rua Dom Gerardo 46, 4º andar CEP [código postal] 20090-030 Rio de Janeiro, RJ Los documentos para identificación del accionista son los siguientes: a) Persona física • copia legalizada del CPF; • copia legalizada de la identidad (RG, CNH [Licencia Nacional de Conducir] o pasaporte); • copia legalizada del comprobante de residencia; • poder con firma reconocida en notaría para la entrega de los poderes de voto a los procuradores presentes en la asamblea. b) Persona jurídica • copia legalizada de la tarjeta del CNPJ; • copia legalizada del estatuto social o reglamento; • documentos de identificación de la persona física que posee poderes de representación del CNPJ (de acuerdo con la lista de documentos para Persona Física mencionados anteriormente); • copia legalizada de los documentos que comprueban poderes de representación de la persona física en cuestión (estatuto social o poder de otorga emitido por el representante legal del CNPJ). 5
Paso 3 – Votar en la asamblea por la plataforma Para ejercer su derecho de voto, ingrese a http://petrobras.infoinvest.com.br/assembleias/31-01-2017 y haga clic en la opción "Haga clic para votar". Para cada uno de los fondos, será necesario informar en la pantalla de inicio de sesión el CPF/CNPJ (se necesita puntuación), el identificador del fondo (informado por correo electrónico) y la contraseña (enviada por carta). La votación podrá ser efectuada entre los días 13 y 30 de enero de 2017. El accionista recibirá el comprobante de su voto por correo electrónico.
PEDIDO PÚBLICO DE PODERES
Rio de Janeiro, 29 de diciembre de 2016, Petróleo Brasileiro S.A. – Petrobras invita a sus accionistas a participar en la Asamblea General Extraordinaria, que se realizará el 31 de diciembre de 2016, a las 15 horas, a fin de deliberar acerca de la materia que consta en el Edicto de Convocatoria. Con el objetivo de facilitar e incentivar la participación de los accionistas con derecho a voto, la Compañía pone a disposición a través de la red mundial de computadoras la posibilidad de que los accionistas voten las materias constantes en el Edicto de Convocatoria, por intermedio de la utilización del pedido público de poder, según la Instrucción CVM nº 481 establecida el 17 de diciembre de 2009. El voto electrónico se dará por medio de plataforma para votación En línea, a través de la dirección http://petrobras.infoinvest.com.br/assembleias/31-01-2017. Para ello, es necesario que los accionistas soliciten tan pronto como les sea posible la contraseña de validación del voto a distancia. La intención de voto por parte del accionista deberá enviarse a través del sistema entre los días 13 y 30 de enero de 2017. La participación electrónica en la Asamblea General Extraordinaria no está disponible para nuestros poseedores de ADR. Consulte el ítem “Manual de cómo votar por el Sistema En línea”, conforme consta en este Manual para la Participación de Accionistas. Con esta alternativa, Petrobras busca fortalecer su compromiso de adoptar las mejores prácticas de Gobierno Corporativo y de transparencia.
ASAMBLEA GENERAL EXTRAORDINARIA EXPOSICIÓN A LOS ACCIONISTAS
Venta, para la Companhia Ultragaz S.A., sociedad absorbida de la Ultrapar Participações S.A., de 100% (cien por ciento) de la participación accionaria de Petróleo Brasileiro S.A. – PETROBRAS en Liquigás Distribuidora S.A.
En conformidad con comunicado por la Compañía el 17 de noviembre de 2016, el Consejo de Administración ("CA"), en reunión realizada en aquella fecha, aprobó la convocatoria de Asamblea General Extraordinaria de PETROBRAS para deliberar sobre la venta de 100% (cien por ciento) de la participación accionaria de Petróleo Brasileiro S.A. – PETROBRAS en la Liquigás Distribuidora S.A. para la Companhia Ultragaz S.A. (“Ultragaz”) por el monto de R $ 2,666 mil millones de dólares. Liquigás es una sociedad absorbida de PETROBRAS y actúa en el embotellamiento, distribución y comercialización de gas licuado de petróleo ("GLP"). La compañía está presente en casi todos los estados brasileños y cuenta con 23 centros operativos, 19 almacenes, una base de almacenamiento y carga por carretera y ferrocarril y una red de aproximadamente 4800 distribuidores autorizados. El Plan de Negocios y Gestión (“PNG”) 2015-2019, aprobado por el CA el 26 de junio de 2015 tenía como objetivos fundamentales el desapalancamiento de la Compañía y la generación de valor para los accionistas, previendo un importe de desinversiones para el periodo entre 2015 y 2016 de US$ 15,1 mil millones. El Plan Estratégico y PNG 2017-2021, aprobado el 19 de septiembre de 2016 por el CA prevé una meta de desinversiones de US$ 19,5 mil millones para el bienio 20172018. Este importe es complementario a la meta del bienio 2015-2016. Además, el Plan Estratégico y el PNG 2017-2021 han definido como una de sus estrategias de optimización de portafolio de negocios la salida integral de la distribución de GLP.
La venta de la participación integral de PETROBRAS en Liquigás, por lo tanto, posee adherencia estratégica con el Plan Estratégico y el PNG 2017-2021. Proceso de venta PETROBRAS estructuró un procedimiento de venta que contó con la participación de inversores estratégicos del segmento de GLP, inversores estratégicos del segmento de Gas Natural e inversores financieros. De las 46 empresas que recibieron el teaser, 19 firmaron el acuerdo de confidencialidad para proseguir en el proceso y recepción del memorándum con informaciones detalladas del activo en venta (Information Memorandum), lo cual contiene aspectos como proyecciones financieras y análisis sectorial. Después de la recepción de las ofertas no vinculantes, 6 (seis) empresas se clasificaron para la siguiente etapa y se las invitó a realizar due diligence, y ofrecer las ofertas vinculantes junto con las alteraciones propuestas en la minuta estándar del Contrato de Compra y Venta de Acciones (“CCVA”). Al final del proceso de due diligence, se recibieron 3 (tres) ofertas vinculantes, con diferentes condiciones comerciales, donde la de Ultragaz, de mejor precio y mejores condiciones contractuales, fue considerada más ventajosa para Petrobras. Firma del CCVA Una vez finalizado el proceso de negociación con Ultragaz, y luego del proceso interno de aprobación de la operación por la Dirección Ejecutiva y el Consejo de Administración de PETROBRAS, PETROBRAS y Ultragaz, firmaron el 17 de noviembre de 2016, el Contrato de Compraventa de Acciones y otros Convenios ("CCVA"), en la calidad de Vendedora y Compradora; y Liquigás y Ultrapar, en la calidad de intervinientes, con cláusula de condiciones suspensivas imponiendo, entre otras, la condición suspensiva de posterior aprobación por las autoridades societarias competentes de ambas partes ("Asamblea General Extraordinaria" o "AGE") y la aprobación de la Operación por el Consejo Administrativo de Defensa Económica ("CADE"). Precio de Adquisición . El precio de adquisición es de R$ 2.665.569.000,00 (dos mil millones seiscientos y sesenta y cinco millones, quinientos y sesenta y nueve mil reales) ("Precio de Adquisición Base"), el cual se ajustará por la variación de la tasa diaria promedio ofrecida para depósitos interbancarios de 1 (un) día calculada y divulgada 9
diariamente por la Central de Custodia y Liquidación de Valores Financieros CETIP y expresada como un porcentaje por año (para un año de 252 días útiles) ("CDI") entre la fecha de la firma del CCVA y la fecha de cierre de Operación ("Fecha de Cierre" y "Precio de Compra"). Dicho Precio de Adquisición Base corresponde a un enterprise value (valor de la empresa) de R$ 2.800.000.000,00 (dos mil millones ochocientos millones de reales), más el valor referente al Terreno de Osasco (que podrá ser excluido del negocio hasta la Fecha de Cierre) y deducida la deuda líquida de Liquigás en el 31 de diciembre de 2015, por un monto de R$ 196.031.000,00 (ciento noventa y seis millones y treinta y un mil reales). Ajustes al Precio de Adquisición El Precio de Adquisición está sujeto a ajustes, para más o para menos, debido a los cambios de capital circulante y de posición neta de deuda de Liquigás entre el 31 de diciembre de 2015 y la Fecha de Cierre, que se calculará después de dicha Fecha de Cierre. Condiciones suspensivas y resolutorias. La consumación de la Operación está sujeta a ciertas condiciones suspensivas usuales en negocios de esa naturaleza, de entre las cuales se destacan (i) la aprobación del CADE: (ii) la aprobación por la AGE de accionistas de Ultrapar, bajo los términos del art. 256 de la Ley N.° 6.404/76; y (iii) la aprobación por la AGE de accionistas de PETROBRAS bajo los términos de su Estatuto Social. Resumen de las declaraciones y garantías prestadas por PETROBRAS Las declaraciones y garantías prestadas por PETROBRAS son (i) constitución y existencia de PETROBRAS y de Liquigás bajo los términos de la ley brasileña; (ii) capacidad de PETROBRAS y de Liquigás para celebrar el CCVA, cumplir las obligaciones asumidas en él y consumar la operación prevista en el mismo; (iii) ausencia de violación de la ley, de los documentos societarios de PETROBRAS o de Liquigás, debido a la celebración del CCVA: (iv) titularidad de las acciones objeto de la Compra por PETROBRAS y ausencia de gravámenes; (v) conformidad y adecuación de las demostraciones financieras de Liquigás en el 31 de diciembre de 2015 y de sus libros de contabilidad y registros fiscales con los principios contables brasileños y la ley aplicable; (vi) conducción de los negocios de Liquigás en su curso normal desde el día 31 de diciembre de 2015 hasta la fecha de celebración del CCVA; (vii) ausencia de procesos relevantes (según lo definido en el CCVA) involucrando a Liquigás; (viii) propiedad o posesión, por Liquigás, de los activos necesarios para la continuidad del curso normal de sus negocios, libre de gravámenes: (ix) mantenimiento de pólizas de seguro en una cantidad apropiada por Liquigás; (x) aspectos fiscales; (xi) aspectos laborales; (xii) aspectos 10
anticorrupción; (xiii) aspectos de competencia; (xiv) propiedad intelectual de propiedad de Liquigás o que sea usada por ella; (xv) cumplimiento de las leyes por Liquigás; (xvi) ausencia de terceros que tengan derecho a recibir el pago en consecuencia de la Compra (Excepto por el asesor financiero de PETROBRAS, cuya comisión será pagada por PETROBRAS); y (xvii) ausencia de pagos o bonificaciones respecto a la compra (incluyendo empleados y administradores de Liquigás). Resumen de las declaraciones y garantías prestadas por Ultragaz Las declaraciones y garantías prestadas por Ultragaz son (i) constitución y existencia de la compradora bajo los términos de la ley brasileña; (ii) capacidad de Ultragaz para celebrar el CCVA, cumplir las obligaciones asumidas en él y consumar la operación prevista en el mismo; (iii) ausencia de violación de la ley, de los documentos societarios de Ultragaz y de cualquier instrumento celebrado por Ultragaz, debido a la celebración del CCVA; (iv) disponibilidad de recursos, propios o mediante financiamiento por institución financiera de primer orden, para cumplir las obligaciones bajo el CCVA; (v) ausencia de cualquier impuesto o comisión de corretaje, intermediación u otro honorario o comisión similar respecto a la operación, excepto por el Banco Bradesco BBI S.A.; (vi) Ultragaz tuvo acceso a las informaciones sobre Liquigás durante la fase de negociación a través de visitas técnicas, preguntas y respuestas ("Q&A") y consulta a la documentación disponible en el Data Room. Reglas sobre indemnización por PETROBRAS PETROBRAS indemnizará a Ultragaz, a Liquigás (después de la fecha de cierre de la operación), sus afiliadas y respectivos administradores por cualquier pérdida, obligación, demanda o pasivo, al igual que multas, intereses, penalidades, costos o gastos, incluyendo costos judiciales, honorarios razonables de abogados y de otros expertos ("Pérdidas"), efectiva y directamente sufridas o incurridas por tales personas como resultado: (i) de cualquier inexactitud, violación u omisión de cualquier declaración o garantía prestada por PETROBRAS en el CCV: (ii) del incumplimiento, parcial o total, de cualquier obligación, deber o acuerdo asumido por PETROBRAS en el CCV; (iii) del incumplimiento de las leyes anticorrupción en la conducción de la administración y/o negocios y actividades de Liquigás; y/o (iv) del terreno de Osasco, en caso que este haya sido vendido por Liquigás a terceros antes de la fecha de cierre de la operación. Se aplican ciertas limitaciones a la obligación de pago de indemnización, las cuales varían dependiendo de la naturaleza de la pérdida. Las pérdidas específicamente relacionadas a fraude, dolo o mala fe de PETROBRAS, al incumplimiento de las leyes anticorrupción en la condición de la administración y/o de los negocios y 11
actividades de Liquigás serán indemnizables si reivindicadas en un periodo de hasta 5 años a contar desde la fecha de cierre de la operación, limitado al valor del precio de compra. Reglas sobre indemnización por Ultragaz Ultragaz indemnizará a PETROBRAS y a Liquigás (antes de la fecha de cierre de la operación), sus afiliadas y respectivos administradores por (i) pérdidas efectiva y directamente sufridas o incurridas en consecuencia de cualquier violación u omisión de cualquier declaración o garantía prestada; (ii) incumplimiento, parcial o total, de cualquier obligación, deber o acuerdo asumido en el CCVA. Aprobaciones gubernamentales necesarias La Adquisición está sujeta a la aprobación por el CADE. Teniendo en cuenta que Liquigás alquila determinadas áreas ubicadas en terminales portuarios, la aprobación de ANTAQ también deberá ser obtenida por PETROBRAS en el ámbito del cumplimiento de las condiciones precedentes al cierre, de forma a evitar la rescisión de los respectivos contratos. Garantías otorgadas Ultragaz presentó Carta de Garantía N.° 2.076.299-3 emitida por el Banco Bradesco S.A., válida hasta el 14 de febrero de 2018, la cual está destinada a garantizar (i) el pago del Precio de Compra, (ii) el pago del ajuste al Precio de Adquisición (caso este llegue a ser debido por Ultragaz bajo los términos del CCVA) y (iii) el pago de la penalidad referida en el ítem 17 arriba (en caso llegue a ser debido por Ultragaz bajo los términos del CCVA). Inaplicabilidad del artículo 253 de la LSA Cabe señalar también que con base en el Oficio Circular/CVM/SEP/N.°02/2016 y en el art. 253 de la Ley N.° 6.404/76 es inaplicable en el presente caso, considerando el posicionamiento actual de la Comisión de Valores Mobiliarios ("CVM") sobre el tema, en el sentido de que un dispositivo de este tipo sólo se aplicaría en el caso que Liquigás se hubiera convertido en subsidiaria de propiedad total por medio de operación de incorporación de acciones, lo cual no fue el caso, ya que Liquigás pasó a integrar el Sistema PETROBRAS después de una operación de compra y venta de acciones. Acciones Judiciales y TCU
Por último, en relación a la decisión cautelar del Tribunal de Cuentas de la Unión (TCU), de acuerdo a lo divulgado el 8 de diciembre de 2016 y a los procesos judiciales en trámite en el Poder Judicial tratando de las operaciones de desinversiones de PETROBRAS, en lo que se refiere a la venta de las acciones de Liquigás, dicha venta, hasta la fecha, no ha sido suspendida por medidas liminares judiciales requeridas en el ámbito de acciones populares y de acción civil pública, no hay ningún impedimento para PETROBRAS proceder con el cumplimiento de las condiciones suspensivas previstas en el CCVA. Existe, asimismo, la decisión TC-013-056/2016-6 proferida por la Plenaria del TCU la cual dio a PETROBRAS permiso para completar cinco negocios, además de la venta de las acciones de Liquigás, cuyos instrumentos contractuales relativos a la Operación ya habían sido firmados. Evaluaciones económicas Se realizaron evaluaciones económicas, en cumplimiento con la Sistemática para Desinversiones de Activos y Empresas del Sistema PETROBRAS, internas (visión vendedor) y externas (visión mercado). El monto final de la transacción superó los escenarios corporativos de evaluación, y se consideró razonable según las opiniones de equidad sobre las operaciones (fairness opinion) emitidas por el Itaú BBA y por el Banco Crédit Agrícole Brasil S.A. Con base en lo anterior, el Consejo de Administración de PETROBRAS somete a la elevada apreciación y deliberación de la Asamblea General la propuesta de venta de 100% (cien por ciento) de la participación accionaria de Petróleo Brasileiro S.A. – PETROBRAS en Liquigás Distribuidora S.A. para la Companhia Ultragaz S.A. por el monto de R $ 2,666 mil millones de reales. En anexo: Copia de Fairness Opinions y Valuation Report
Project Laguna Valuation Memorandum
The present document (the “Document”) has been prepared by Banco Crédit Agricole Brasil S.A. (“CA-CIB” or “Crédit Agricole CIB”) for the exclusive use of Petrobras S.A. (the “Recipient”) in the context of opinion that CA-CIB will give to the Recipient with respect to the fairness from a financial point of view of the price to be paid by Companhia Ultragaz S.A. for 100% of the shares of Liquigás Distribuidora S.A. (the “Project”). By receiving the Document from Crédit Agricole CIB, the Recipient shall be deemed to have accepted all of the below mentioned provisions This Document is confidential and its content may not be quoted, referred to, distributed or otherwise disclosed, in whole or in part to any third party, except with Crédit Agricole CIB prior written consent and only for the sole purpose of the achievement of the Project. It is understood that, in such a case, by receiving the Document from the Recipient, all of the provisions of the present disclaimer shall apply in the same terms and conditions to any of such third party. To that extent, the Recipient undertakes to notify any of such third party of this disclaimer in providing it with the Document The information contained in the Document is being delivered for information purposes. Although the information contained in the Document or on which the Document is based has been obtained from sources which Crédit Agricole CIB believes to be reliable, it has not been independently verified. Crédit Agricole CIB does not make any representation or warranty, express or implied, as to the accuracy or the completeness of such information. As a result, the Recipient has agreed that no liability of any form is or will be accepted by Crédit Agricole CIB or any of its directors or employees which expressly disclaim any and all liabilities which may be based on, or may derive from the Document or its content or for any errors, omissions or misstatements Nothing contained in the Document is a promise or a representation of the future or should be relied upon as being so. In particular, no representation or warranty is given by Crédit Agricole CIB as to the achievability achievement or reasonableness of any future projections, estimates, management targets or prospects, if any. It is therefore advisable for the Recipient to make its own judgment and assessment of the information contained in the Document In providing the Document, Crédit Agricole CIB does not undertake to provide the Recipient with access to any additional information or to update the information contained in the Document or to correct any inaccuracies therein which may become apparent Nothing in this Document shall be taken as constituting the provision of investment advice and this Document is not intended to provide, and must not be taken as, the basis of any decision and should not be considered as a recommendation by CA-CIB. The Document does not constitute an offer or invitation to trade and is not intended to provide as a basis of any agreement or a substitute for the Recipient’s analysis. Furthermore, the Recipient agrees that although this Document might contain legal, tax, or accounting references as a way to clarify its contents, it does not constitute any legal, tax, or accounting advising
II. Transaction Overview
IV. Valuation Analysis A.
WACC Parameters
Executive Summary  Crédit Agricole CIB has been retained by Petróleo Brasileiro S.A. (“Petrobras” or “Seller”) to provide a fairness opinion regarding the disposal of 100% of Liquigás Distribuidora S.A. (“Liquigás” or the “Company”), a Brazilian Liquefied Petroleum Gas (“LPG”) distribution company: 
Petrobras performed a competitive process for the sale of 100% of Liquigás Distribuidora S.A. and is currently negotiating with the winning bidder (“Proposed Acquisition”), the oil & gas company Companhia Ultragaz S.A. (“Buyer”)
 On October 21st, 2016, Petrobras made available to us the final version of the stock purchase agreement (“SPA”) and the Binding Offer (“BO”) containing the final terms of the Proposed Acquisition, with an offer price of BRL 2,800,000,000.00 for 100% of Liquigás (the “Offer Price”) 
The Offer Price is in a cash and debt free basis, includes three minority stakes that Liquigás holds in other companies but excludes a non-operational real estate asset
The Offer Price will be adjusted by CDI interest rate between the signing of the SPA and the closing of the Proposed Acquisition
 Liquigás operates in the bottling, distribution and sale of LPG and is a leading player in the LPG distribution sector in Brazil, with presence in 23 out of 26 States and leading positions in all regions
 The present document has been prepared by Crédit Agricole CIB in order to determine the fairness for Petrobras from a financial perspective of the Offer Price
 To carry out a comprehensive valuation for Liquigás (“Valuation”), four valuation references have been selected:
The Discounted Cash Flow (“DCF”) methodology based on Liquigás’ 2016-2030 business plan provided by Petrobras and its financial advisor
Precedent transactions multiples based on comparable transactions in the Brazilian LPG distribution industry
Comparable listed companies trading multiples of global LPG companies
The shareholders’ equity method
 When applying the aforementioned methodologies for this specific case, it is important to notice the following: 
The DCF methodology was based in managerial information and projections provided to us by Petrobras and its financial advisor. Should those information and projections be not accurate the value of the Company could significantly change
Both trading multiple and transaction multiple valuation do not take into account specific business plans and projects of the companies, being less relevant for our analysis
The shareholders’ equity method does not capture Company’s perspectives and projections, therefore is less relevant in this specific case as well
 The base date of the Valuation is December 31st, 2015 as requested by Petrobras  The total enterprise values derived from the selected methodologies are the following, as of December 31st, 2015 : 
DCF: BRL 2,156 – 2,350 MM, representing respectively 7.5x and 8.2x 2017E Liquigás EBITDA
Trading: BRL 2,082 – 2,301 MM, representing respectively 7.3x and 8.0x 2017E Liquigás EBITDA
Transaction: BRL 2,259 – 2,497 MM, representing respectively 7.9x and 8.7x 2017E Liquigás EBITDA
Shareholders’ Equity Method: BRL 1,057 MM, representing 4.0x 2017E Liquigás EBITDA
 Our Valuation does not address the merits of the underlying decision by Petrobras to enter into any agreement regarding the Company, neither shall be deemed to be an assurance or guarantee as to the expected results of the Proposed Acquisition, and does not constitute an opinion or recommendation to any shareholders’ meetings to be held in connection with this Proposed Acquisition
Transaction Overview Envisaged Transaction
 Liquigás operates in the bottling, distribution and sale of LPG, operating in two RR
business segments: bottled and bulk
 Liquigás is a leading player in the LPG distribution sector in Brazil, with presence in
23 of 26 States and leading positions in all regions AC
 #1 player in the bottled market (served through 13kg bottles), with 24% market
CE RN PB PE AL SE BA
GO DF MG
 The Company benefits from a network of more than 4,900 branded distributors,
which serve over 35 million residential customers per month Bottling Plants (26) Storage Facilities (20)
 Petrobras is negotiating the sale of 100% of Liquigás Distribuidora S.A. to the oil & gas company Companhia Ultragaz S.A. Current Shareholders Structure
Post Acquisition Shareholders Structure
Proposed Acquisition Perimeter Source: Company and Petrobras
Transaction Overview Brazilian LPG Industry Model
Petrobras Refineries1: 12
Total of 19 distributors
Domestic User (Bottled)
Leading Players Market Share4
Private Refineries2: 1
Plants3:
END USERS Large commercial and residential consumers (Bulk)
 Industry is structured in producers, distributors and sales channels to get to the end users  Liquigás has its own primary logistics infrastructure, with direct access to primary sourcing of LPG  Bottled LPG is transported from the bottling plants to the distributors’ premises
 Bulk LPG is usually supplied directly from the bottling plants to end users  The client profile includes households, industrial clients, commercial facilities, industries and farms Notes: 1. Replan, Rlam, Revap, Reduc, Repar, Refap, RPBC, Regap, RNEST, Recap, Reman and Lubnor 2. Riograndense 3. Braskem, Copesul and Quattor 4. As of 2015
Source: ANP (2015)
Market Segments - LPG distribution operates under “Bottled” and “Bulk” market segments in Brazil
Market Volume (mm tons) – 2015
Market Historical Growth
 Cylinders of 5kg, 8kg, 13kg and 45kg (typically 13kg)
 Households
 Cylinders of 20kg, 45kg and 90kg
 Industrial companies, commercial areas and lifts
 5.26 (72% of total)1
 2.04 (28% of total)
 CAGR 2007-15: 1%1
 CAGR 2007-15: 2%
 The most common way of promoting the product is through 13kg bottles (popularly called cooking gas) targeting domestic use
 LPG is the most versatile form of energy for cooking food and Considerations
heating water, being the second most used energy source by the country’s commercial sectors
 Branded distributors are the most common distribution channel to sell the product to end users
 Tanks and pipelines
 Industrial companies, households, commercial facilities, industries, farms and transportation
 The bulk market is characterized by the distribution of LPG through tanker trucks and also customized to the needs of each client
 Unlike the distribution of gas for domestic use (bottled) in which there is an exchange of the container, the distribution of the bulk gas is performed on site, wherein the container can be stationary (fixed) or transportable and receives the LPG in liquid form
Notes: 1. Considers P13kg and equivalents
Business Plan Main assumptions and methodology
 Liquigás Business Plan provided by Petrobras for the period comprised between 2016 and 2030 including but not limited to the following documents available in the virtual data room (“VDR”):
 dados_itau.xlsx  Projeto Laguna_Relatório Final_Rev_DIP CONTROLADORIA_DN 7_2016.pdf  Audited Financial Statements (income statement and balance sheet) of Liquigás available in the VDR as of October 24th, 2016 for 2015, 2014 and 2013 Main Documents and Assumptions used in Valuation
 Trial balances (income statement and balance sheet) of Liquigás available in the VDR as of October 24th, 2016  Information Memorandum available in the VDR as of October 24th, 2016  Management Presentation available in the VDR as of October 24th, 2016  Share Purchase Agreement available in the VDR as of October 24th, 2016, including Exhibit 4.1 for the price adjustment mechanics
 Q&A exchanged with Petrobras and Liquigás  Petrobras LPG supply contract and its amendments available in the VDR, as of October 24th, 2016
 Market inflation assumptions based on Brazilian Central Bank Focus Report (“Focus Report”), as of October 14th, 2016
 All the operational assumptions from 2016-2030 were based on information from Liquigás provided to us by Petrobras, including the Company business plan and management main thoughts on Liquigás expectations. Other Relevant Information
 Additionally, CA-CIB team had conference calls with Petrobras and Liquigás management to understand key points of the recent developments and expectations of Liquigás performance
 Our Valuation does not include the non-operational real estate asset of the Company 12
 The company business plan has been provided by Petrobras for the 2016-2030 period
 Projections were forecasted considering Liquigás Business Plan for 2016-2030 period General
 Projections of Liquigás are in real terms, we applied market consensus inflation projections (Focus Report) in order to convert it to nominal terms
 Projections don’t consider any synergies
 Sales Volume was forecasted individually by each market segment: Bottled and Bulk Sales
 Volumes were forecasted according to Liquigás management expectations of market growth and market share for each segment
 Liquigás management expects a growth in the market share for the 2016-2030 period due to its brand recognition. According to a survey made in 2014, Liquigás brand is “Top of Mind” in LPG segment Sales
 LPG Prices were estimated by Liquigás management for Bottled and Bulk market segments LPG
 Prices were estimated based on three factors:
Commodity Price: Price of LPG acquired by Liquigás from Petrobras
Freight Costs: Costs of the transportation of the LPG
Margin: Margin applied by Liquigás over its variable costs
 Costs were estimated based on Liquigás business plan for 2016-2030 commodity prices and freight costs Costs
 LPG commodity prices are freely defined by Petrobras and were projected constant by Liquigás Management
 SG&A estimates were based on Liquigás business plan Costs &
 Liquigás Business Plan assumes a constant workforce in the projections with a real wage increase of around 1.0% annually
 Corporate taxes were forecasted according to Brazilian current corporate law and Liquigás Audited Financial Statements, including the amortization of deferred fiscal assets and liabilities and interest on capital
 Capex was projected according to Liquigás business plan for the 2016-2030 period Capex
 Most of the capex is related to the refurbishment of operating units and bottles replacement Free Cash Flow Items
 Working Capital assumptions were based on historical levels, according to the main drivers below: Working
Receivables: estimated as days of revenues
Inventory: estimated as days of cash COGS
Suppliers: estimated as days of cash COGS
Taxes: estimated as days of revenues
Business Plan Projections Summary: Volumes and Market Share  Gas Sale Volume was estimated by the management based on Bulk and Bottled expected market share  Bulk volume is expected to increase more than Bottled (CAGR of 2.2% vs 0.7%, respectively) within the 2016-2030 period due to a higher increase in market share and market volumes Gas Sale Volume (000 m3 / year) 3,503
Market Volumes and Liquigás’ Market Share (000 m3 / year) 23.8%
Bottled Market Volume
Bulk Market Volume
Liquigás Bottled Mkt Share
Liquigás Bulk Mkt Share
Business Plan Projections Summary: Prices and Revenues
 Bottled prices are expected to remain constant in real terms during the projected period and Bulk prices are expected to have a slightly real increase  Net Revenues are projected to increase above inflation mainly due to market share gains Net prices (BRL / m3)
1,187 1,470
Bottled Prices
Net Revenues (BRL MM)
3,288 860
Bottled Revenues
Business Plan Projections Summary: COGS
 COGS per m³ of both segments are expected to remain constant in real terms over the 2016-2030 period  The growth in the total costs is caused by volume increase and inflation COGS of Bottled LPG Segment (BRL MM)
2,536 141
3,241 180
3,395 188
3,554 197
Bottled Commodity Prices
Bottled Freight
COGS of Bulk LPG Segment (BRL MM)
1,652 46
1,897 53
2,032 57
Business Plan Projections Summary: SG&A and EBITDA  Liquigás SG&A’s most significant items are personnel expenses and freight. Personnel expenses were projected considering a flat workforce and a real wage increase of around 1%
 Others expenses are formed by advertisement, water, electric energy, fuel, lubricants and tax expenses  Liquigás EBITDA margin is expected to increase throughout the projection period due to an increase in Bulk segment gross margins SG&A (BRL MM)
1,921 282
2,048 303
2,156 317
428 2015A
864 144 292
Freight, Services and Rent
EBITDA (BRL MM) 8.1% 7.1%
Business Plan Projections Summary: CAPEX and Working Capital  Capex was projected by the management aligned with Company’s growth strategy. Most relevant investments for Liquigás are: refurbishment of operating units, replacement of bottles and growth capex
 Liquigás main working capital requirements are clients receivables and taxes receivables CAPEX (BRL MM) 4.1% 2.6%
2.7% 1.7% 216
2022E CAPEX
Working Capital (BRL MM) 4.6%
Valuation Analysis A. B. C. D. E.
Methodology Summary WACC DCF – Discounted Cash Flow Multiples
Valuation Analysis Methodology
Description / assumptions
 The DCF method, which reflects the intrinsic value of the company, was used to value Liquigás, as we
believe it to be the most relevant method
 The DCF model was based on Liquigás business plan without synergies Discounted Cash Flows
 Sensitivities run on WACC and perpetuity growth rate
 WACC calculated at 12.55% in nominal terms (in BRL) and perpetual growth rate is estimated at 0.0% (real terms) or 4.4% (nominal terms)
 15 year discount period from 2016 to 2030  This method allows a direct comparison between the valuation of a company and its listed peers
 Peers in LPG distribution business were selected Trading multiples
 Relevant metric: EBITDA  There is no listed Brazilian LPG pure player, most of the Companies are located in other markets and also
engages in other activities affecting its multiples, therefore we consider this parameter to be less relevant in this case
3  Only transactions in the LPG Brazilian market were analyzed due to the specific characteristics of the Transaction multiples
market (high penetration, low competition of natural gas and Petrobras role as sole supplier)
 Based on the limited number of transactions in Brazil and considering undisclosed expected synergies from comparables, we consider this parameter to be less relevant
 Based on the company’s shareholders’ equity Book value
 This method is usually employed for companies in sectors with strong asset bases such as utilities. It does not capture profitability and future perspectives
Summary – Enterprise Value (as of December 31st, 2015) Liquigás Total Enterprise Value – BRL million
Comments Offer Implied EV @ BRL 2,800 MM BRL2,249MM 7.8x EBITDA 17E
 Based on a WACC of 12.55% BRL2,156MM 7.5x EBITDA 17E
 Range based on a -0.3%/+0.3% WACC variation
BRL2,192MM 7.6x EBITDA 17E
BRL2,350MM 8.2x EBITDA 17E
BRL2,082MM 7.3x EBITDA 17E
 Median of Trading Comps EV/EBITDA 2017E multiples applied to EBITDA 2017E
BRL2,301MM 8.0x EBITDA 17E
 Range based on a -5%/-+5%
BRL2,378MM 8.3x EBITDA 17E
BRL2,259MM 7.9x EBITDA 17E
 Median of Transaction Comps LTM EV/EBITDA multiples applied to 2015
BRL2,497MM 8.7x EBITDA 17E
 Range based on a -5%/+5%
BRL1,136MM 4.0x EBITDA 17E
 Shareholders’ Equity Value plus BRL
Implied EV/EBITDA 2015A Implied EV/EBITDA 2016E Implied EV/EBITDA 2017E
196.0 MM of Net Debt
BRL214MM BRL312MM BRL287MM
EBITDA 16E:
EBITDA 17E:
EBITDA 15A:
We consider these valuation methodologies to be less relevant to the analysis
Summary – DCF Enterprise Value (as of December 31st, 2015) DCF Enterprise Value Breakdown (BRL MM)  Central value of Enterprise Value obtained with Discounted 17.7
Cash Flow analysis: BRL 2,248.9 MM  Sum of discounted cash flows represents 55.4% of total value
 Terminal value represents approximately 43.9% of total value  Associates¹ represents approximately 0.7% of total value 2,248.9
 Implied multiples of the central enterprise value of DCF are: 1,244.8
 2015A EV/EBITDA: 10.5x  2016E EV/EBITDA: 7.2x  2017E EV/EBITDA: 7.8x
( + ) NPV Cash flows
( + ) NPV Terminal Value
( + ) Associates
Total Enterprise value¹
Enterprise Value’s sensitivity based on DCF (BRL MM)  The impact of perpetuity rate variation on Firm Value, being WACC constant, is as follow:
Perpetuity rate ("g")
WACC 13.1%
 A 0.5% change in the perpetuity rate contributes with a variation of around BRL 70 MM on Firm Value
 The impact of WACC variation on Firm Value, being perpetuity rate constant, is as follow:
 A 0.3% change in WACC contributes with a variation of approximately BRL 100 MM on Firm Value
1 – Include associates in order to compare with Offer Price EV
Valuation Analysis WACC
Cost of Debt After Taxes
WACC = (USD, Nominal)
[KD x (1 - t)]
[(Rf,USA) + (PM,BRL) + (b AL) x (PE)]
(USD, Nominal)
9.75% WACC = (USD, Nominal)
8.8% x (1 – 34.0%) = 5.8%
85.7%1
[2.4% + 4.1% + 0.56 x 6.9%] = 10.4% (+) INFBR
WACC (BRL, Nominal)
Net Debt (Target
Equity (Target Structure)1
Marginal cost of debt in USD of Liquigás estimated based on Petrobras’ bonds
Brazil Marginal Corporate Tax Rate (long term)
Inflation differential BRA/USA of 2.6%
Structure)1
Risk Free rate, calculated by the last 6 months average of the 30 year USA Government Bond (Source: Bloomberg, as of October 20th , 2016)²
Monthly Adjusted Industry Unlevered Beta (3-year average) of 0.50, releveraged to Target Capital Structure (Source: Thomson One, as of December 31st, 2015)¹
PM, BRL
Country Risk Premium of Brazil based on last 6 months average of 30 years bond CDS (Source: Bloomberg, as of October 20th , 2016)²
Equity Risk Premium of the US market (30 years), last 6 months average (Source: Bloomberg, as of October 20th , 2016)²
Note 1. Please refer to pg. 30 Note 2. Please refer to appendix C for data details (pg. 44)
Discounted Cash Flow Free Cash Flow (BRL MM) EBITDA EBITDA Margin Depreciation & amortization EBIT EBIT Margin Tax rate ( - ) Taxes ( + ) Equity Interest (JCP) NOPLAT NOPLAT Margin Depreciation & amortization ∆ Working capital Capex Free cash flow to firm ( x ) Discount factor (WACC) NPV of free cash flow s
2021E ...2022E ...2023E
... 2024E
... 2025E
... 2026E
... 2027E
... 2028E
... 2029E
... 2030E
462 8%
491 8%
510 8%
562 8%
609 8%
662 9%
688 9%
334 7%
383 7%
403 7%
415 6%
540 7%
557 7%
598 7%
34% (100) 34
34% (114) 36
34% (121) 39
34% (130) 42
34% (137) 46
34% (141) 49
34% (156) 51
34% (169) 54
34% (184) 57
34% (189) 59
34% (203) 62
206 5%
295 5%
382 5%
413 5%
457 5%
75 (10) (113) 144
77 (11) (135) 138
81 (11) (139) 159
63 (12) (165) 142
71 (13) (179) 152
79 (13) (180) 181
88 (15) (189) 196
96 (14) (182) 221
104 (16) (192) 251
113 (16) (189) 289
122 (17) (188) 330
131 (19) (216) 323
139 (19) (147) 430
Sum of FCFs
312 8%
287 7%
319 7%
341 8%
375 8%
397 8%
218 5%
244 6%
34% (84) 24
34% (74) 29
34% (83) 31
34% (90) 32
65 (10) (100) 142
69 (7) (124) 110
0.94 134
 Valuation as of December 31st, 2015  We have applied a Weighted Average Cost of Capital (WACC) of 12.55%, in BRL nominal terms, to discount the cash flows
BRL448 MM
BRL 986 MM
 We consider Liquigás business plan until 2030  Terminal value was calculated using a 0% perpetuity growth in real terms (4.4% in nominal terms)
 The 0% perpetuity growth assumption is based on Liquigás Management’s view  Book Value of the investments in subsidiaries of BRL 17.7 MM
Valuation Analysis Multiples Trading Comps (as of December 31st, 2015)  We selected global LPG peers for our analysis  We selected 2017E EV/EBITDA multiples and applied to Company’s 2017E EBITDA as it is the best representative of Company’s profitability going forward
D / EV
Unlev. Beta
France Korea; Republic (S. Korea)
Siamgas And Petrochemicals Pcl Total Nigeria Plc
Valuation Analysis Multiples
Trading Comps Details Company
Key Financials (USD MM 2015)
Net Revenues 2,885
EBITDA Breakdown (2015) Other 9%(1)
 AmeriGas Partners, L.P. is a holding company that operates
EBITDA 572
Propane 91%(1)
Net Debt/EBITDA 4.1x
Net Revenues 2,358
operating in production, procurement, storage, filling and production and sale of LPG-operated devices Gas and petroleum products 85%
Net Debt/EBITDA 0.8x Support and Services 20%(1)
Storage 20%(1)
EBITDA 382 Net Debt/EBITDA 1.0x
as a retail propane distributor in the United States, serving approximately two million residential, commercial, industrial, agricultural, wholesale and motor fuel customers in all 50 states from approximately 2,000 propane distribution locations.
 Aygaz is the only Turkish fully integrated LPG company,
EBITDA 124
Net Revenues 3,233
LPG Distribution 60%(1)
 Aygaz provides its services in 81 cities and more than 100k homes per day through 3,800 cylinder gas dealers and autogas stations
 Rubis SCA is a France-based international company engaged in the storage and distribution of petroleum and other liquid products. The Company is structured around two operational divisions: Rubis Terminal, specialized in the bulk storage of liquid industrial products; and Rubis Energie, engaged in the logistics and distribution of petroleum products, notably LPG, which are sold as bottled gas and marketed under the Vitogaz brand name
(1) Based on Revenues
Source: Companies and Thomson Confidential
EBITDA Breakdown (2015)
Services (1) >1%
Net Revenues 1,699 EBITDA 83
LPG Sales and Distribution 100%(1)
Net Debt/EBITDA 2.1x
Net Revenues 1,699
Others 7%(1)
Net Debt/EBITDA 5.0x Net Revenues 1,059
LPG Domestic 50%(1)
Net Debt/EBITDA 0.0x
Thailand-based company engaged in the trading business of LPG and related petroleum products. Its products are distributed under the brand names of Siam Gas and Unique Gas. It operates LPG warehouses and gas containing factories, as well as works with the dealers and gas service stations throughout Thailand
 Total Nigeria is a marketing and services subsidiary of Total
Lubricants and others 12%
 Total Nigeria is the leader in the downstream sector of the Nigerian oil and gas industry, with its distribution network of over 500 service stations nationwide and other energy products and services
 Siamgas and Petrochemicals Public Company Limited is a
 Siamgas and Petrochemicals Public Company Limited is a LPG Exports 43% (1)
Petroleum products 88%
 Total Nigeria has 5 LPG bottling plants distributed over the country and also owns a coastal storage in Apapa
Net Revenues 22,712
Revenues Breakdown (2015) Others Chemicals 1% 19%
LPG Distribution 9%
EBITDA 1,187 Net Debt/EBITDA 1.4x
Fuel Distribution 71%
 Ultrapar Participacoes S.A. (Ultrapar) is a Brazilian holding company that engages in services, commercial and industrial activities. It operates through five segments: gas distribution (Ultragaz), which distributes LPG to residential, commercial and industrial; fuel distribution (Ipiranga); chemicals (Oxiteno); storage (Ultracargo), and drugstores (Extrafarma)
Source: Companies and Thomson
Valuation Analysis Multiples Transaction Comps  We selected transactions involving LPG companies in the Brazilian Market #
Transac. Value (BRL MM)
Implied EV (BRL MM)
Repsol Gas Brasil SA
Agip Liquigás
Supergasbras Inds e Comercio
Shell Gas (LPG) Brasil S.A.
Transaction Comps Details Target Company
 Repsol Gás Brasil (Repsol) is a LPG company that operates in the Brazilian  In October 2011, Ultragaz Participacoes Ltda, a unit of Ultrapar Participacoes SA, acquired the entire bottled LPG with 1% of market share in share capital of Repsol Gas Brasil SA, a Rio de Janeiro-based bottled LPG company for BRL 50 MM 2011 (USD 28.5 MM)
 Twelve months prior to the transaction,  After the transaction Repsol Gás Brasil S.A. was renamed to Distribuidora de Gás LP Azul S.A. Repsol sold a total of 22k ton of LPG
 Agip do Brasil (Agip) is a company that  In August 2004, in a transaction with ENI SpA, Petroleo Brasileiro SA (Petrobras) acquired AGIP do
operates in the marketing and distribution of Brasil (Agip), a company engaged in the distribution of LPG, fuels and lubricants, for USD 450 MM fuels, petroleum derivates and natural gas, especially in the bottling, marketing and  In the transaction, Petrobras acquired 28 envasing units, 28 deposits, the brands Liquigás, Tropigás and Novogás and 21.4% of the LPG market share distribution of LPG
 In 2003, Agip had around 3% of market  Petrobras also acquired fuel and lubricants contracts and assets, including distribution centers and share in Brazil
 Founded in 1946, Supergasbras is a company mainly engaged in the marketing  In July 2004, SHV Holdings NV acquired the remaining 51% interest, or 14.86 Bn ordinary and and distribution of bottled LPG preferential shares, which it did not own yet, in Supergasbras Industria e Comercio SA (Supergasbras), a wholesaler of liquefied gas and a holding company, from Sajutha Rio  Supergasbras works with bottled gas (P13), Participacoes SA, for BRL 304.1 MM (USD 100 MM), in a privately negotiated transaction gas cilinder (P45) and gas tanks (P1900, P2000 and P500)
 Shell Gas (LPG) Brasil S.A. (Shell Gas) is a company engaged in purchase, bottling,  In August 2003, Ultrapar Participacoes SA acquired Shell Gas SA, a gas utility company, from Royal distribution, transport and storage of gases Dutch/Shell Group's Shell Brasil SA unit, for BRL 170.6 MM (USD 57.1 MM) and other petroleum hydrocarbons  The acquisition included the liquefied petroleum gas operations of Shell Gas SA, with 6 bottling plants  Shell Gas had 4.5% share in the Brazilian LPG distribution market in 2003
Macroeconomic Assumptions Financial Statements WACC Parameters
Appendices Macroeconomic Assumptions
Macroeconom ic assum ptions
Inflation Brazil (IPCA) USA (CPI)
7.0% 1.7%
4.9% 1.9%
Interest Rate Selic - Average TJLP Average
10.9% 5.0%
13.5% 6.0%
14.2% 7.5%
11.8% 7.5%
10.3% 7.5%
Source: Focus Survey as of October 20th 2016 and FED as of July 31st 2016
Appendices Liquigás Financial Statements
Assets (BRL MM)
13 174 39 42 5 7 280
13 203 30 65 7 15 333
96 230 42 62 7 15 452
101 243 44 67 8 15 479
107 257 47 71 8 15 506
113 272 50 75 8 15 534
120 289 53 79 9 15 565
128 306 56 84 9 15 599
135 325 59 89 10 15 634
143 344 63 94 11 15 670
152 365 67 100 11 15 710
161 386 71 106 12 15 750
170 408 75 112 13 15 792
180 432 79 118 13 15 836
190 456 83 125 14 15 882
201 482 88 132 15 15 932
212 509 93 139 16 15 984
Accounts receivable Judicial Deposits Taxes receivable Deferred Taxes Other non current assets PP&E Investments Non current assets
23 53 1 108 1 800 18 1,003
7 58 1 79 3 840 18 1,006
7 58 1 53 3 875 18 1,015
7 58 1 23 3 930 18 1,040
7 58 1 13 3 968 18 1,068
7 58 1 10 3 1,026 18 1,123
7 58 1 9 3 1,084 18 1,180
7 58 1 8 3 1,187 18 1,281
7 58 1 7 3 1,295 18 1,389
7 58 1 6 3 1,396 18 1,488
7 58 1 5 3 1,497 18 1,589
7 58 1 4 3 1,584 18 1,674
7 58 1 3 3 1,671 18 1,761
7 58 1 2 3 1,747 18 1,836
7 58 1 1 3 1,813 18 1,901
7 58 1 0 3 1,898 18 1,985
7 58 1 0 3 1,906 18 1,993
Cash and equivalents Accounts receivable Inventory Taxes receivable Prepaid Expenses Other current assets Current assets
Liabilities (BRL MM)
Suppliers Revolver Debt Short-term Debt Labor Taxes Clients Paid in Advance Health Plan Provision Other Current Liabilities Current liabilities
91 0 46 47 15 3 4 11 230
79 0 101 52 22 4 5 6 270
100 18 23 58 22 4 5 6 237
108 0 10 62 23 4 5 6 219
114 0 6 66 25 4 5 6 226
120 0 5 70 26 4 5 6 236
127 0 0 74 28 4 5 6 244
135 0 0 78 29 4 5 6 258
143 0 0 83 31 4 5 6 273
152 0 0 88 33 4 5 6 288
161 0 0 93 35 4 5 6 304
170 0 0 98 37 4 5 6 320
180 0 0 104 39 4 5 6 338
190 0 0 110 41 4 5 6 356
200 0 0 116 44 4 5 6 375
212 0 0 123 46 4 5 6 396
223 0 0 130 49 4 5 6 417
Long-term Debt Related Parties Health Plan Provision Provisions Others non-current liabilities Non current liabilities
69 1 49 24 0 143
44 1 50 32 1 129
21 1 50 32 1 106
11 1 50 32 1 95
5 1 50 32 1 89
0 1 50 32 1 85
Capital stock Reserves Impairment Adjustment Retained profits Additional Dividends Shareholders' equity
630 165 17 61 37 910
644 165 19 55 57 940
644 165 19 240 57 1,125
644 165 19 319 57 1,204
644 165 19 374 57 1,259
644 165 19 451 57 1,336
644 165 19 531 57 1,416
644 165 19 652 57 1,537
644 165 19 780 57 1,665
644 165 19 901 57 1,786
644 165 19 1,025 57 1,910
644 165 19 1,134 57 2,019
644 165 19 1,246 57 2,131
644 165 19 1,347 57 2,232
644 165 19 1,439 57 2,324
644 165 19 1,552 57 2,437
644 165 19 1,591 57 2,476
Incom e statem ent (BRL MM)
Net revenues Annual growth
2,978 n.a.
3,296 11%
3,831 16%
4,050 6%
4,287 6%
4,536 6%
4,810 6%
5,102 6%
5,411 6%
5,731 6%
6,081 6%
6,424 6%
6,800 6%
7,185 6%
7,588 6%
8,027 6%
8,479 6%
924 31%
1,078 33%
1,328 35%
1,361 34%
Personnel Expenses Freight, Services and Rent Materials for Bottling Advertisement Water & Electric Energy Fuel and Lubricants Other Expenses SG&A
(398) (287) (24) (19) (10) (13) (63) (813)
(428) (292) (27) (17) (14) (14) (72) (864)
(507) (357) (32) (19) (19) (18) (64) (1,016)
(537) (377) (33) (20) (20) (19) (68) (1,074)
214 6%
Financial revenues Financial expenses
52.9 2%
323 5%
414 5%
EBT Income taxes Net incom e Net margin
(2,844) (3,008) (3,187) (3,378) (3,581) (3,791) (4,021) (4,245) (4,491) (4,742) (5,005) (5,292) (5,586) 1,443 34%
1,529 34%
1,723 34%
1,829 34%
1,939 34%
2,060 34%
2,179 34%
2,309 34%
2,443 34%
2,583 34%
2,893 34%
(566) (597) (629) (663) (698) (736) (775) (816) (860) (905) (953) (1,004) (1,057) (391) (415) (435) (467) (497) (523) (561) (603) (628) (657) (686) (741) (782) (33) (36) (37) (41) (43) (44) (49) (54) (53) (54) (54) (61) (63) (21) (23) (24) (26) (27) (29) (30) (32) (34) (36) (38) (40) (42) (21) (22) (23) (24) (26) (27) (29) (30) (32) (34) (36) (38) (40) (21) (22) (24) (25) (27) (29) (32) (34) (36) (39) (42) (45) (48) (70) (74) (77) (81) (85) (90) (94) (99) (103) (108) (113) (119) (124) (1,124) (1,188) (1,248) (1,327) (1,404) (1,477) (1,569) (1,669) (1,747) (1,834) (1,921) (2,048) (2,156)
Cash flow (BRL MM)
Operational cash flow Net income Depreciation & amortization Δ Working Capital Deferred Tax Change
265 185 65 (10) 26
263 171 69 (7) 31
266 191 75 (10) 10
276 206 77 (11) 3
298 228 81 (11) 1
308 257 63 (12) 1
332 274 71 (13) 1
362 295 79 (13) 1
386 312 88 (15) 1
405 323 96 (14) 1
443 354 104 (16) 1
480 382 113 (16) 1
520 414 122 (17) 1
541 427 131 (19) 1
577 457 139 (19) 0
Investm ents cash flow CAPEX
(182) (182)
Financing cash flow New debt Debt amortization Revolver Revolver amortization Dividends paid
(83) 0 (101) 18 0 0
(133) 0 (23) 0 (18) (92)
(147) 0 (10) 0 0 (136)
(134) 0 (6) 0 0 (128)
(153) 0 (5) 0 0 (148)
(136) 0 (0) 0 0 (136)
(145) 0 (0) 0 0 (145)
(174) 0 (0) 0 0 (174)
(188) 0 (0) 0 0 (188)
(214) 0 (0) 0 0 (214)
(242) 0 (0) 0 0 (242)
(281) 0 (0) 0 0 (281)
(321) 0 (0) 0 0 (321)
(313) 0 (0) 0 0 (313)
(419) 0 0 0 0 (419)
Cash balance - BoP ( - ) Period cash flow Cash balance - EoP
13 83 96
96 5 101
113 7 120
120 7 128
128 8 135
135 8 143
152 9 161
180 10 190
190 11 201
Appendices WACC Parameters
US equity market risk premium – 30 Year
Risk free rate ... – US 30-y government bonds ... ... ... ...
6.6% 20-Apr
Equity Market Risk premium 6 month
2.0% 20-Apr
Risk free rate 6 month
Brazil CDS – 30 Year Government Bond
5.0% 4.8% 4.6% 4.4%
4.2% 4.0% 3.8% 3.6% 3.4% 3.2% 20-Apr
Average CDS
Source: Bloomberg, as of October 20tth, 2016
Venta, para el GRUPO PETROTEMEX, S.A. DE C.V. (“GRUPO PETROTEMEX”) y para DAK AMERICAS EXTERIOR, S.L (“DAK”), subsidiarias de Alpek , S.A.B. de C.V. (“Alpek”), de 100% (cien por ciento) de la participación accionaria de Petróleo Brasileiro S.A. – PETROBRAS en las sociedades Companhia Petroquímica de Pernambuco (“PetroquímicaSuape”) y en la Companhia Integrada Têxtil de Pernambuco (“CITEPE”)
El 28 de diciembre de 2016, el Consejo de Administración ("CA"), en reunión realizada en aquella fecha, aprobó la convocatoria de Asamblea General Extraordinaria de PETROBRAS para deliberar sobre la venta del 100% (cien por ciento) de la participación accionaria de Petróleo Brasileiro S.A. – PETROBRAS en la PetroquímicaSuape y en la CITEPE por el monto, en reales, equivalente a US$ 385,000,000.00 (tres ciento ochenta y cinco millones de dólares), corregidas por la variación acumulada positiva de la tasa de inflación de Estados Unidos para el período comprendido entre la fecha (31/12/2015) y la fecha de cierre de la transacción, utilizando el tipo de cambio de 3 días hábiles antes de la fecha de cierre de la transacción . Las empresas PetroquímicaSuape y CITEPE (de aquí en adelante, “Empresas”) son subsidiarias de propiedad total de PETROBRAS que actúan en el área de PTA (ácido tereftálico purificado, materia prima para la producción de PET - polietileno tereftalato), resina PET y filamentos textiles. El Plan de Negocios y Gestión (“PNG”) 2015-2019, aprobado por el CA el 26 de junio de 2015 tenía como objetivos fundamentales el desapalancamiento de la Compañía y la generación de valor para los accionistas, previendo un importe de desinversiones para el periodo entre 2015 y 2016 de US$ 15,1 mil millones. El Plan Estratégico y PNG 2017-2021, aprobado el 19 de septiembre de 2016 por el CA prevé una meta de desinversiones de US$ 19,5 mil millones para el bienio 20172018. Este importe es complementario a la meta del bienio 2015-2016. 66
Además, el Plan Estratégico y el PNG 2017-2021 han definido como una de sus estrategias de optimización de portafolio de negocios la salida de la petroquímica. La venta de la participación integral de PETROBRAS en las Empresas, por lo tanto, posee adherencia estratégica con el Plan Estratégico y el PNG 2017-2021. El 30 de abril de 2015, las Empresas fueron incluidas en la Cartera de Desinversiones, según el Acta DE 5.222, ítem 52, Pauta N.° 467, del 30 de abril de 2015, que prevé la venta del 100% de la participación accionaria de PETROBRAS. El 08 de octubre de 2015, PETROBRAS reportó al mercado que había comenzado el proceso competitivo para la venta del 100% de las acciones de las Empresas. Proceso de venta PETROBRAS estructuró un procedimiento de venta que contó con la participación de empresas seleccionadas con base en criterios objetivos (financieros y operativos) que se utilizan para mapear el universo de potenciales interesados. De las 29 empresas seleccionadas como potencialmente interesadas, 4 firmaron el acuerdo de confidencialidad para proseguir en el proceso y recepción del memorándum con informaciones detalladas del activo en venta (Information Memorandum), lo cual contiene aspectos como proyecciones financieras y análisis sectorial. Después de esa etapa, 2 empresas enviaron propuestas no vinculantes y ambas se clasificaron para la siguiente etapa, vinculante, y se las invitó a realizar a realizar due diligence, y ofrecer las ofertas vinculantes junto con las alteraciones propuestas en la minuta estándar del Contrato de Compra y Venta de Acciones (“CCVA”). Después del análisis de las propuestas ofrecidas, teniendo en cuenta sus términos y condiciones, se clasificó como vencedora del proceso competitivo la propuesta del GRUPO PETROTEMEX, S.A. DE C.V. (“GRUPO PETROTEMEX”) y de DAK AMERICAS EXTERIOR, S.L. (“DAK”), presentada en conjunto por las dos empresas, integrantes del grupo económico de Alpek. El 28 de julio de 2016, PETROBRAS reportó al mercado la aprobación para llevar a cabo negociaciones con la empresa Alpek, en carácter de exclusividad por 60 días, prorrogables por otros 30 días (lo que ocurrió, de acuerdo a lo informado el 27/09/2016). Adicionalmente, el 03 de noviembre de 2016, Petrobras reportó al mercado que las negociaciones con la empresa Alpek estaban en fase avanzada.
Finalizado el proceso de negociación con el GRUPO PETROTEMEX y con DAK y luego del proceso interno de aprobación de la operación por la Dirección Ejecutiva y el Consejo de Administración de PETROBRAS, el 28 de diciembre de 2016, PETROBRAS y el GRUPO PETROTEMEX, S.A. DE C.V y DAK AMERICAS EXTERIOR, S.L., firmaron el CCVA, con cláusula de condiciones suspensivas imponiendo, entre otras, la condición suspensiva de posterior aprobación por las autoridades societarias competentes de ambas partes, la aprobación de la operación por el Consejo Administrativo de Defensa Económica ("CADE") y la restructuración de las deudas de largo plazo de las Empresas. Resumen de las declaraciones y garantías prestadas por PETROBRAS Las declaraciones y garantías prestadas por PETROBRAS son: (i) Constitución y existencia de las Empresas; (ii) capacidad; (iii) ausencia de violación de disposición contenida en los estatutos sociales y de conflicto con la ley, decisión judicial, de arbitraje, instrumento, compromiso, acuerdo o contrato; (iv) funcionamiento de las empresas; (v) propiedad de las acciones; (vi) demostraciones financieras; (vii) ausencia de restricciones; (viii) procesos judiciales y administrativos; (ix) cuestiones fiscales; (x) cuestiones laborales y de seguro social; (xi) aspectos ambientales; (xii) inmuebles; (xiii) libros y aspectos societarios; (xiv) contratos relevantes; (xv) dividendos y otras ventajas pecuniarias; (xvi) activos; (xvii) propiedad intelectual; (xviii) seguros; (xix) cuentas bancarias; (xx) poderes; (xxi) negocios con partes relacionadas; (xxii) garantías fideyusorias; (xxiii) corredores; (xxiv) declaraciones y garantías en la fecha de cierre; (xxv) título y derecho sobre activos; (xxvi) ausencia de inversiones de largo plazo; (xxvii) ninguna otra declaración
Resumen de las declaraciones y garantías prestadas por el GRUPO PETROTEMEX y DAK Las declaraciones y garantías prestadas por el GRUPO PETROTEMEX y DAK son: (i) constitución y existencia; (ii) capacidad; (iii) ausencia de violación de las disposiciones contenida en los estatutos sociales y de conflicto con la ley, decisión judicial, de arbitraje, instrumento, compromiso, acuerdo o contrato; (iv) disponibilidad de recursos; (v) corredores; (vi) acceso a información; (vii) declaraciones y garantías en la fecha de cierre; (viii) ninguna otra declaración.
Situaciones sujetas a indemnización por PETROBRAS
PETROBRAS se obliga a indemnizar a las Partes Indemnizables de las compradoras, por cualquier pérdida derivada de: (i) cualquier incorrección, falsedad, violación u omisión de cualquier declaración o garantía prestada por PETROBRAS bajo el CCVA; (ii) incumplimiento, parcial o total, de cualquier obligación, deber o acuerdo asumido por PETROBRAS bajo el CCVA; (iii) cualquier acto, evento, omisión o reclamación, incluyendo las reclamaciones existentes divulgadas o las reclamaciones existentes de naturaleza civil, ocurridas u originadas en periodo anterior (e inclusive) a la fecha de cierre, aunque sus efectos solamente se materialicen después de dicha fecha, siempre que no hayan sido divulgados por la vendedora a las compradoras; (iv) cualquier reclamación existente divulgada; (v) cualquier acto de corrupción que afecte directamente a las Empresas practicado por PETROBRAS, por sus afiliadas o por las Empresas, antes de la fecha de cierre, que haya sido o llegue a ser comprobado, reconocido o determinado por una autoridad gubernamental en decisión final o inapelable; (vi) cualquier reclamación propuesta por la Construtora Norberto Odebrecht directamente consecuente del Contrato Aliança, que no esté comprendida en las Contingencias Pasivas del Contrato Aliança (términos definidos en el CCVA); (vii) consecuentes de cualquier reclamación de los empleados de la vendedora cedidos a las Empresas; (viii) cualquier pérdida referente a la contaminación o ejecución de la recuperación ambiental en lo que respecta al análisis de riesgos; (ix) incumplimiento de la ley ambiental entre la fecha de entrega del análisis de riesgos ambientales y la fecha del cierre. Situaciones sujetas a indemnización por el GRUPO PETROTEMEX y DAK. Las compradoras se obligan a indemnizar a PETROBRAS por: (i) cualquier incorrección, falsedad, violación u omisión de cualquier declaración o garantía prestada por las Compradoras bajo el CCVA; (ii) incumplimiento, parcial o total, de cualquier obligación, deber o acuerdo asumido por las Compradoras bajo el CCVA; y/o (iii) cualquier acto de corrupción practicado por las compradoras que haya sido o vaya a ser comprobado, reconocido o determinado por una autoridad gubernamental en decisión final o inapelable. Se aplican ciertas limitaciones a la obligación de pago de indemnización, las cuales varían dependiendo de la naturaleza de la pérdida o de la violación al contrato. Aprobaciones gubernamentales necesarias La Adquisición está sujeta a la aprobación por el CADE. Garantías otorgadas
Las compradoras deberán depositar US$ 38.500.000,00 (treinta y ocho millones y quinientos mil dólares de los Estados Unidos) (“Garantía Inicial de Pago del Precio de Adquisición”) en la cuenta de garantía (“Cuenta Garantía”), que será de mutuo acuerdo entre las partes, después de la aprobación por su Consejo de Administración. Posteriormente, en el plazo de 3 días hábiles antes de la fecha en la que las Empresas enviarán la notificación del inicio de la restructuración de las deudas, las compradoras deberán complementar dicha garantía, depositando US$ 77.000.000,00 (setenta y siete millones de dólares de los Estados Unidos) (“Garantía Complementaria de Pago del Precio de Adquisición”) adicionales. Inaplicabilidad del artículo 253 de la LSA Cabe señalar también que el art. 253 de la Ley N.° 6.404/76 no se aplica al presente caso, considerándose el posicionamiento actual de la Comissão de Valores Mobiliários (“CVM”) sobre el tema, en el sentido de que un dispositivo de este tipo sólo se aplicaría en el caso que PetroquímicaSuape y CITEPE se hubieran convertido en subsidiarias de propiedad total por medio de operación de incorporación de acciones, lo cual no fue el caso.
Acciones Judiciales y TCU Por último, en relación a la decisión cautelar del Tribunal de Cuentas de la Unión (TCU), de acuerdo a lo divulgado el 08/12/2016 y a las decisiones liminares del Poder Judicial tratando de las operaciones de desinversiones de PETROBRAS, en lo que se refiere a la venta de las acciones de PetroquímicaSuape y de CITEPE, dicha venta, hasta la fecha, no ha sido suspendida por medidas liminares judiciales requeridas en el ámbito de acciones populares y de acción civil pública, no hay ningún impedimento para PETROBRAS proceder con el cumplimiento de las condiciones suspensivas previstas en el CCVA. Existe, asimismo, la decisión TC-013-056/2016-6 proferida por la Plenaria del TCU la cual dio a PETROBRAS permiso para completar cinco negocios, entre los cuales, la alienación de las acciones de PetroquímicaSuape y CITEPE.
Evaluaciones económicas Se realizaron evaluaciones económicas, en cumplimiento con la Sistemática para Desinversiones de Activos y Empresas del Sistema PETROBRAS, internas (visión vendedor) y externas (visión mercado). El monto final de la transacción superó los escenarios internos y externos de evaluación, tal como fue considerado justo por
los pareceres externos (fairness opinion) emitidos por el G5 Evercore y por el banco Crédit Agricole. Con base en lo anterior, el Consejo de Administración de PETROBRAS somete a la elevada apreciación y deliberación de la Asamblea General la propuesta de venta de 100% (cien por ciento) de la participación accionaria de Petróleo Brasileiro S.A. – PETROBRAS en la PetroquímicaSuape y en la CITEPE por el monto, en reales, equivalente a US$ 385,000,000.00 (tres ciento ochenta y cinco millones de dólares), corregidas por la variación acumulada positiva de la tasa de inflación de Estados Unidos para el período comprendido entre la fecha (31/12/2015) y la fecha de cierre de la transacción, utilizando el tipo de cambio de 3 días hábiles antes de la fecha de cierre de la transacción .
En anexo: Fairness opinions y Valuation Memorandum
Valuation Memorandum of PetroquímicaSuape and Citepe (PQS) November 17, 2016
PRIVATE AND CONFIDENTIAL MATERIAL
Disclaimer G5 Consultoria e Assessoria Ltda. (“G5|Evercore”) has been engaged by Petróleo Brasileiro S.A. together with its affiliates (“Petrobras”) to prepare and deliver a Valuation Memorandum concerning the proposed sale of Companhia Petroquímica de Pernambuco (“PetroquímicaSuape”) and the Companhia Integrada Têxtil de Pernambuco (“Citepe”), collectively the Suape Petrochemical Complex (“PQS”) based on commonly accepted valuation methodologies (“Valuation Memorandum”) with the purpose of providing its opinion as to the fairness, from a financial point of view, of the proposed purchase consideration offered by Grupo Petrotemex, S.A. de C.V. (“Petrotemex”) and DAK Americas Exterior, S.L. (“DAK”) (collectively “the Buyers” or “Alpek”), a subsidiary of Alpek S.A.B. de C.V., to acquire 100% of the shares of PQS (“Transaction”). Notwithstanding the above, G5|Evercore provides the following information and clarification regarding the Valuation Memorandum and its content: 1. This Valuation Memorandum is intended to provide Petrobras with a value range of the Company’s equity value consisting of an initiative of such governing body and it is not derived or required by legal or regulatory statute, especially Federal Law N. 6.404/76, nor is it designed to comply with any other legal requirement derived or not from the Transaction. 2. This Valuation Memorandum has been prepared for the exclusive use of Petrobras, and should not be used by any third parties or for any other purposes. 3. This Valuation Memorandum, including its analyses and conclusions, do not constitute a recommendation to Petrobras, the Buyers, or any shareholder, director, or board member of Petrobras or of any of its affiliates (as defined below) as to how to vote, issue a statement or act regarding any matter related to the Transaction. “Affiliates” means—in relation to an individual, legal entity, investment fund, or any other type of vehicle or universality of rights (“Persons”)—the Persons that directly or indirectly (a) control, administer, or manager such Person; (b) are controlled, administered, or managed by such Person; or (c) are under common control, administration, or management with such Person or with Persons in its economic group. 4. To arrive at the conclusions presented in this Report, among other things: (a) G5|Evercore has analyzed the audited financial information of PQS referring to the fiscal years ended on December 31, 2013, 2014, and 2015; (b) G5|Evercore has analyzed and discussed with the Officers of the Company the financial and operating projections of the Company, provided by Petrobras; (c) G5|Evercore held discussions with the Officers of the Company concerning the Company’s business and prospects; and (d) G5|Evercore took into consideration other financial, economic, and market information, studies, analyses, research, and criteria that G5|Evercore found relevant (collectively, the “Information”). 5. Within the scope of our review, G5|Evercore has not assumed and does not assume any responsibility for independent investigations of any Information, which is the sole responsibility of the respective sources that provided it, and trusts that all Information was complete, accurate, consistent, and up to date in all material aspects. In addition, G5|Evercore has not been requested to make, and indeed did not make, any independent verification of such Information or independent verification or evaluation of any assets or liabilities (contingent or otherwise) of PQS or its Affiliates, and has not been given any evaluation in this regard. G5|Evercore did not evaluate the solvency of PQS or of its Affiliates in light of laws related to any matter, including bankruptcy, insolvency, or similar issues. 6. G5|Evercore has not made and will not make any express or implied representation in relation to any Information (including financial and operating projections of PQS or of its Affiliates or assumptions and estimates on which such projections were based) used to prepare the Valuation Memorandum. In addition, G5|Evercore has not assumed any obligation to conduct, and indeed did not conduct, any physical inspection of the properties or facilities of PQS or of its Affiliates. G5|Evercore is not an accounting firm and has not provided any accounting or auditing services in relation to this Transaction or Valuation Memorandum. G5|Evercore is not a law firm and has not provided any legal, regulatory, or tax services in relation to this Transaction or the Valuation Memorandum. 7. G5|Evercore has not carried out any accounting, financial, legal, tax, or other due diligence or audit of PQS, its Affiliates, or any third parties. The results of such procedures, if carried out, could alter the analyses and conclusions of this Valuation Memorandum. 8. No representation or warranty, expressed or implied, is made by G5|Evercore with regards to the accuracy, completeness, truthfulness, or sufficiency of the Information contained in this Valuation Memorandum or that on which it was based. Nothing contained herein will be interpreted or construed as a declaration by G5|Evercore regarding the present, past, or future. 9. The operating and financial projections of PQS and its Affiliates contained herein and the projections relating to the demand and growth of the respective markets were based on Information provided to G5|Evercore by PQS, Petrobras and its financial advisor, or obtained from public sources. G5|Evercore assumes, without making any independent investigation, that such projections were prepared reasonably and based on the best estimates currently available to the management of Petrobras and PQS, which was evaluated on a stand-alone basis. If this assumption does not hold true, the analyses and conclusions in this Valuation Memorandum may be significantly altered. 10. This Valuation Memorandum is not an explicit or implied recommendation concerning any aspect of the Transaction.
Disclaimer 11. This Valuation Memorandum (a) does not quantify or express any opinion on any positive or negative effects that may impact PQS, Petrobras or its Affiliates; (b) does not create any liability for G5|Evercore regarding the result of the Transaction; and (c) does not constitute, and should not be construed as, a recommendation to Petrobras or any of its Affiliates or to their respective officers, board members, or shareholders as to how to decide or act regarding any matter related to the Transaction. 12. Since the analyses performed are inherently subject to uncertainty and are based on various events and factors beyond our control and the control of PQS, Petrobras, and its Affiliates, G5|Evercore will have no liability of any kind if the future results of PQS differ substantially from the results presented in this Valuation Memorandum. There is no guarantee that the future results of PQS will correspond to the financial projections used as a basis for the analysis contained herein. Any differences between projections and the financial results of PQS may be significant. The future results of PQS may also be affected by economic and market conditions. 13. Preparation of a financial valuation is a complex process that involves various definitions concerning the most appropriate and significant methods of financial analysis as well as how such methods are to be applied. To arrive at the conclusions presented in this Valuation Memorandum, G5|Evercore performed qualitative reasoning regarding the analyses and factors taken into consideration. We arrived at a final conclusion based on the results of all analyses carried out, considered as a whole, and G5|Evercore did not arrive at conclusions solely based on or related to any of the individual factors or methods used in our analysis. Accordingly, G5|Evercore believes that our analysis should be considered as a whole and that the selection of parts of our analysis and specific factors, without considering the entirety of our analysis and conclusions, may result in an incomplete and incorrect understanding of the processes used for our analyses and conclusions. 14. Valuations of other companies and other sectors prepared by G5|Evercore in other transactions, of a nature similar to that of the Transaction or not, may treat the market assumptions used herein differently from the approach adopted in this Valuation Memorandum; hence, any departments, persons, or executives of G5|Evercore or any of its Affiliates may use in their analyses, reports, documents, and/or publications, estimates, projections, and methodologies different from those used herein, and such analyses, reports, documents, and/or publications may arrive at different conclusions from those expressed in this Valuation Memorandum. 15. The base date used for this Valuation Memorandum is January 1, 2016. Although future events and other developments may affect the conclusions presented in this Valuation Memorandum, G5|Evercore is under no obligation to update, revise, correct, or revoke this Valuation Memorandum, wholly or in part, as a result of any subsequent development or for any other reason. 16. Petrobras has agreed to reimburse G5|Evercore and its Affiliates for expenses incurred in connection with the preparation of this Valuation Memorandum and to indemnify it for liabilities and expenses that may arise as a result of its engagement. G5|Evercore will receive from Petrobras a commission for the preparation and delivery of this Valuation Memorandum, regardless of the conclusions contained herein and/or the completion of the Transaction. 17. G5|Evercore may provide investment banking and other financial services to Petrobras and/or to any of its Affiliates in the future, for which G5|Evercore would expect to be compensated. G5|Evercore is a financial advisory company that provides a range of financial and other services related to securities, and investment banking. In the ordinary course of its activities, G5|Evercore may acquire, hold, or sell—on our own account or at the request and expense of our clients—shares, debt instruments, and other securities and financial instruments (including bank loans and other obligations) of Petrobras, of the Buyers, of any of their Affiliates, and may provide investment banking and other financial services to such Persons, to their Affiliates, and to their management. 18. This Valuation Memorandum is the intellectual property of G5|Evercore and must not be used for any purpose other than within the context described herein. When disclosing this Valuation Memorandum as required by applicable law or regulations, the following must be observed: the Valuation Memorandum may be disclosed only in its entirety. São Paulo, November 17, 2016
G5 Evercore Credentials
Trading and Acquisition Comparables
Executive Summary Proposed Transaction – Key Considerations  On August 31, 2016, Petrobras received a binding offer (“Offer”) to sell its 100% share stakes in Companhia Petroquímica de Pernambuco (“PetroquímicaSuape” or “Suape”) and in Companhia Integrada Têxtil de Pernambuco (“Citepe”), (“Transaction”), collectively the Suape Petrochemical Complex (“PQS” or the “Company”), located in the Port of Suape, in the state of Pernambuco, Brazil  The Offer was submitted by Alpek, together with mark-ups to a previously provided Stock Purchase Agreement (“SPA”)  The Offer was denominated in United States Dollars, amounted to US$380 mm for 100% of PQS’ shares (the “Consideration”), and was split as: US$200 mm for Suape and US$180 mm for Citepe  As imposed by Alpek, one of the conditions precedent for Closing under these terms, was that PQS’ outstanding debt were prepaid in full by Petrobras (“cash free and debt free basis”)
 The Offer’s base date was Dec. 31, 2015. Same for the base date as stated in the SPA, that is still under negotiation between the parties  Within this context, G5/Evercore was retained by Petrobras with the objective of providing a supporting Valuation Memorandum (“Valuation Memorandum”) and a Fairness Opinion Letter (“Letter”) concerning the Transaction  As requested by Petrobras, G5/Evercore’s Valuation Memorandum was construed based on a Company with no debt (nor financial expenses), starting on Jan 1, 2016, and based on prevailing market conditions on December 31, 2015. As a result of that:  Enterprise Value ended up having the same economic meaning of Equity Value in this Valuation Memorandum  The latter’s base date was December 31, 2015 and all projections were assumed to start thereafter, including WACC calculation, trading analysis and macro economic data
Executive Summary Proposed Transaction – Key Considerations  This Valuation Memorandum also considered the Company as a stand-alone entity, i.e.:
 It excluded any potential benefits, impacts, synergies or disynergies that PQS might have with the buyer, be them of an operating, financial, tax, environmental or any other nature, after the conclusion of the acquisition  Since PQS is still in the ramp up stage (negative EBITDA), it consequently has limited capacity in the short term to access bank facilities without a Corporate Guarantee (no longer to be provided by Petrobras)  This Valuation Memorandum did not assess the merits or the appropriateness of this debt prepayment, or the Transaction as a whole
 All assumptions applied to the DCF valuation were provided by Petrobras and PQS’ Management teams, which we assumed to be true, accurate, and/or reflective of both companies’ best assumptions. We also did not evaluate PQS’ business plan, that was provided to G5 Evercore  The latest draft SPA that G5 Evercore had access allowed us to acknowledge that the Transaction’s final purchase price should be subject to certain future price adjustments (at and after Closing Date)  However, the methodology for such calculation is still under negotiation between Petrobras and Alpek
 As such, no such potential adjustments were considered either in this Valuation Memorandum or in the Fairness Opinion Letter provided to Petrobras together with the former  Our conclusion1 was that, on December 31, 2015 the Binding Offer Consideration for PQS was fair from a financial point of view, since it implied 12% and 57% premiums, respectively, to the mid-points of our valuation ranges respectively for Suape and Citepe (30% premium for the entire Offer)  Offer for Suape: US$200 mm / Mid-point of G5/Evercore’s valuation for Suape: US$179 mm (equity value)  Offer for Citepe: US$180 mm / Mid-point of G5/Evercore’s valuation for Citepe: US$114 mm (equity value)
Note: (1) As detailed in the Fairness Opinion Letter provided to Petrobras on this same date pursuant to this transaction, which, among other things, considered Petrobras’ Management’s information that a broad and competitive sales process was run for PQS, the result of which was that Alpek’s Offer was considered the most competitive for the consummation of the Transaction.
Executive Summary Valuation Methodologies  G5 Evercore prepared this Valuation Memorandum based on information provided by PQS and Petrobras, using the following methodologies to derive the Company’s equity value range:  Discounted Cash Flow (“DCF”) Analysis  Peer Group Trading Multiple (“Trading”) Analysis  Peer Group Acquisition Multiple (“M&A Comps”) Analysis  The DCF was considered the only valuation methodology that fully captures PQS’ ramp-up stage of operations. The absence of international traded peers of equivalent size and scope of operations undermined the quality of the results from the Trading and M&A Comps methodologies. The latter is shown in the next slide just for reference, not being reflected in the Fairness Opinion Letter  Although the Acquisition Multiple derived valuation had the merit of considering only mid-sized EV companies that manufactured primarily PTA, PET and/or DTY (like PQS), its drawback was that the companies acquired had more mature businesses than PQS (higher utilization capacity) and more product diversification. As such, this methodology did not yield results as reliable as the DCF  The Trading Multiple analysis was considered to be the weakest valuation methodology for PQS. Despite being part of the same broad global sector, the listed polyester companies have larger scale than the latter, more mature businesses, more product diversification, and cover a larger target market. As such, they should trade with a premium to PQS’ fundamental (DCF-based) value
 The DCF-derived Equity Value for PQS was determined to be between US$275 million and US$316 million (please refer to the next slide for a quantitative analysis), split as:  Suape: US$168 million to US$193 million  Citepe: US$107 million to US$123 million
Executive Summary Summary of Valuation Methodologies (as detailed in the previous and next slides)
PQS Equity Value (US$ million) Offer: $380
DCF-derived range
EV/EBITDA 17E(1)
($330/ton)
Considering a range of:
(the only methodology that fully captures PQS’ value)
M&A Comps Analysis (EV/EBITDA)
Trading Comps Analysis (EV/EBITDA)
275 ($239/ton)
WACC: 10.5% - 11.5% (USD real terms)
Terminal Growth: 0.0%
Value range was derived from the median multiple of 5.8x +/- 1.0x EV/EBITDA LTM
Just for reference (see comments in slide 08)
Value range was derived from the comparables median multiple of 7.8x +/- 1.0x EV/EBITDA 2017E
($275/ton)
($230/ton)
($326/ton)
Considers Adjusted EBITDA of US$55.1 million for 2017, please refer to the appendix for more details.
($422/ton)
Executive Summary Discounted cash flow analysis was considered to be the only methodology that fully captures PQS' fundamental equity value, in light of the ongoing ramp-up of its operations and the lack of international traded peers of equivalent size and scope of operations Description
Discounted Cash Flow Analysis (the only methodology that fully captures PQS’ value)
Peer Group Acquisition Multiple Analysis (M&A Comps)
 Discounted Cash Flow Analysis based on the Company’s Business Plan and information provided by Petrobras, including price, volume, capex and opex assumptions, among others  Discounts the projected cash flows by the weighted average cost of capital (“WACC”), in real terms
 Based upon the multiples observed in strategic transactions involving petrochemical producers and especially those primarily focused on the production of PTA, PET and/or DTY  As past transaction manufacturers were though not always limited to PTA, PET and/or DTY, their median multiple range resulted overstated to evaluate PQS
 It captures changes in the sector and in the Company’s short and long term performance through out the projected period  Free Cash Flow to Firm (“FCFF”) was considered as the most suitable valuation method, given the Company’s capital structure changes over time
 It reflects prices paid in M&A transactions for assets in the Company’s sector globally, considering the lack of comparable domestic transactions  PQS’ projected 2020 EBITDA was considered (maturity of operations), discounted by WACC to 2017, which was compared to PQS’ EV in that year(1)
 Based on the peer group trading multiples of global companies acting in petrochemicals (PTA, PET and DTY) Peer Group Trading Multiple Analysis
 The companies identified, though, had a larger scale of operations, higher capacity utilization (in the initial years), broader product diversification and covered a large Market spectrum than PQS  Multiples based on the average of equity research analysts’ projections for 2017
Please refer to the appendix for more details on the Adjusted EBITDA.
 It reflects the multiples of publicly-traded companies  No adjustments to reflect control premium or liquidity  PQS’ projected 2020 EBITDA was considered (maturity of operations), discounted by WACC to 2017, which was compared to PQS’ EV in that year (1)
II G5 Evercore Credentials
G5 Evercore Credentials Sell Side
Advising Abengoa on the sale of transmission assets
On the valuation memorandum of Nansei Sekiyu K.K.
On the economic-financial analysis of: (i) Parnaíba Gás Natural S.A. (PGN), (ii) Cambuhy’s PGN stake (iii) and mandatory convertible debentures in Cambuhy’s shares
On the sale of On its sale to
On the fairness opinion of Bacia de Bijupirá and Salema
On an appraisal report for Parnaíba I, Parnaíba II, and Parnaíba IV
On the sale of its equity interests in Natal and Brasília airports to
On the fairness opinion concerning the fair value of the 3 gas-fired plants Parnaíba I, Parnaíba II, and Parnaíba IV
G5 Evercore Credentials Buy Side
On its ~R$3.9 billion debt restructuring
On its ~R$2.3 billion debt restructuring
On its ~R$4.1 billion debt restructuring
On its ~R$150 million debt restructuring
On its debt restructuring and sale to
On the acquisition of From
On its ~R$10 billion debt restructuring
On its strategic partnership with
III Industry Overview
Industry Overview Overview of Polyester Production Chain Overview 
Purified Terephthalic acid (“PTA”) is obtained from the oxidation of paraxylene with acetic acid, and is used primarily in the manufacture of
Raw material of textile polyester, PET and resins for several types of packaging, in addition to industrial fibers used in manufacturing tires, materials and equipment for the electrical, automotive and petroleum industries.
Partially Oriented Yarn (“POY”) is the first yarn in the production of a polyester filament, mainly used as a raw material for the production of others Polyester Fibers, such as DTY
Draw Textured Yarn (“DTY”) processed POY which yields volume. Widely used in the clothing segment
Fully Drawn Yarn (“FDY”) possesses production process similar to POY. Smooth filament with specific applications in the textile industry, such as curtains and car seats
polyester (either resin called PET, fiber or film) 
PET resin is clear, shatter resistant polyester resin mainly used in Polyester Polymers and Filament
packaging. Although it differs in terms of the final processing and enduse applications, the production process is similar to that of polyester fibers 
Polyester Fibers are polymers made from PTA and Ethylene Glycol (“MEG”) (Continuous Process) or Dimethyl Terephthalate (“DMT”) and
MEG (Discontinuous Process), further processed into textile fibers. Polyester is the most used synthetic fiber in the world due to its low
PET clear, lightweight and shatter-resistant plastic for use in bottles and packaging of medication, cosmetics, personal hygiene and cleaning products
production cost and large range of uses
End Uses by Product
PET Polybutylene Terephthalate & Others 1%
Cosmetics 1%
Clothing 43% Bed&Bath 7%
Beverages 78% Polyester 99% Sources: Petrobras and IHS Energy Consulting.
Mattress 11% Decoration 17%
Industry Overview Global Polyester Industry Overview 
Global Polyester Production Growth (mm ton)
Global PTA production has witnessed strong growth in the period
following the 2008 financial crisis with operating rates peaking above
90% levels. The global oversupply of PTA is expected by Petrobras’
Management to be narrowed to a non-meaningful level over time
PET is forecasted to grow at approximately 4% per year throughout the
next decade as the resin continues to gain ground in the food
packaging and bottles industries, replacing other packaging formats 
World consumption is expected to maintain 6% annual growth as 57,3
polyester fibers (namely DTY) continue to gain market share 
PTA, PET and DTY are considered to be very fragmented industries worldwide (please refer to the graphs below)
Principal Producers by Installed Capacity (2015E) PTA Yisheng PC
PET 11%
Xianglu PC
Yisheng Dahua
DAK Americas M&G Indorama Jiangsu
Reliance Industries BP
Tongxiang Tongkun
Zhejiang Xin Feng Ming
Sources: Petrobras and HIS Energy Consulting.
24,7 20,4
55% Others
Octal Holdings
Ibn Rushd Others
2011A 16
Industry Overview Global PET Capacity Landscape PET Capacity (mm ton) Total: 100%
6.9 21.6%
2.6 8.3%
1.6 5.1%
5.9 18.5%
14.8 46.5%
Nan Ya, 405 Alpha PET, 432
Other, 500
Other, 250 Other, 1,277 Other, 4,096
PetroquimicaSuape, 450
M&G, 193
Polief, 210 Egyptian Indian Poly, 420
Indorama, 1,019
CEPSA Quimica, 220
Yizheng Chem., 490 Indorama, 230
Novapet, 225
Koeksan PET, 432
Far Eastern Group, 533
Indorama, 466
Shanghai Far Eastern, 573
Lotte Chemical, 541
Yisheng Dahua, 750 DAK Americas, 1,971
Equipolymers, 336
AlkoNaphtha, 240
IVL Dhunseri PC, 626
Indorama, 993 Yisheng Hainan, 1,000
Lotte Chemicals UK, 360
Orion PET, 241
Ibn Rushd, 750 Zhejiang Zhink, 1,100
Jiangsu Chenxing, 1,200
Octal Holdings, 950
JBF RAK LLC, 390 M&G, 2,625
China Resources, 1,600
Neo Group, 472 Reliance Industries, 980
Indorama, 420
Sources: IHS Energy Consulting.
Jiangsu San Fang Xiang., 1,960
Rest of Asia (excl. India)
31.9 100%
Industry Overview Brazilian Polyester Industry Brazilian Polyester Market Demand Growth (‘000 tpy) PTA PET DTY
Overview  
Demand for PTA, PET and DTY continues to grow in the Brazilian market, with growth rates projected to accelerate in the 2020-2024 period
The only local PTA producer installed in Brazil, PQS quickly assumed leadership in market share for the product, with the remaining demand satisfied by imports (mainly from Mexico, as a result of no import tariffs)
In the PET space, Italian Mossi & Ghisolfi (M&G), also present in the Port of Suape, leads with 76% market share in 2015
Local DTY demand continues to be met in large part by imports
Market Share by Product (2015) PET
DTY Other Local Players
Imports 10%
Imports 41%
PQS’ start of PTA production in Brazil (2013) followed Petrobras’ strategic decision to foster the revamp of the local textile industry (DTY, 2010), through a competitive vertically integrated operation. The PTA production capacity was then dimensioned to also stimulate competition and foster growth of the local PET market, reason why PQS’ PET business started operations only in 2014 Sources: Petrobras and IHS.
M&G’s leading position reflects the Company’s earlier entry into the market (2007)
The relevance of DTY imports in Brazil mirror the local textile industry dynamics, which production base historically moved out from Brazil to China, and, more recently, India and Vietnam. PQS inaugurated its first DTY production line in Brazil in 2010
PTA 2011A
PET 2012A
DTY 2014A
IV Company Overview
Overview of PQS Overview  Founded in 2006 and originally included in the Growth Acceleration Program (“PAC”), launched by Federal Government, PQS is South America’s only integrated (PTA-PET) polyester producer and is a whollyowned subsidiary of Petrobras  PQS in turn is composed of two companies located in the Suape port in Pernambuco: Petroquímica Suape, which encompasses PQS’ terephthalic acid (“PTA”) production, and Companhia Integrada Têxtil de Pernambuco (“Citepe”), which manufactures polyethylene terephthalate (“PET”) and drawn textured yarn (“DTY”)
 Across its three industrial production units, PQS possesses installed capacities of 700 ktpy for PTA, 450 ktpy for PET and 90 ktpy for DTY  PQS was envisioned, together with Petrobras’ original partner, the Companhia Industrial Têxtil do Nordeste (Citene), as a means to stimulate the development of the polyester value chain in Brazil, initiating with the production of polyester for clothing (DTY) and subsequently integrating it backwards with PTA operations. Petrobras later acquired Citene’s 50% stake in PetroquímicaSuape and a 60% stake in Citepe
Creation of PQS Project Envisioned as a JV with Citene, SOA scheduled for 2009
Citepe begins operations Company imports DTY input (POY) as PTA unit and polymer lines remain incomplete
2008 Exit of Citene Petrobras acquires Citene’s stake as partner withdraws from project. SOA of 2010 is announced
Source: Petrobras (1): Suape R$1.0 bn and Citepe R$2.7 bn
Principal Write-off and PET and PTA Production Petrobras records PQS write-off of R$3.7 billion for PQS(1)
2013 PTA Production Begins PTA industrial unit enters into operations in January
Sales Process Announced Petrobras confirms beginning of exclusive negotiations with Alpek
Overview of PQS Company Overview Operational Overview
PetroquímicaSuape and Citepe Facilities
 The PQS complex began operations in 2011 with the start-up of the DTY unit. PTA operations began at the beginning of 2013, with PET line C and B starting up in mid 2014 and 2015, respectively
 The PET industrial facility possesses lines “B”, and “C”, which are operational PTA PLANT
 DTY: Line “A” is at approximately 45% completion1, but according to Petrobras management, it will not be concluded. The absence of line A will prevent the Company from realizing the full vertical integration originally envisioned at the time of projects’ planning (see slide 19)
(“Citepe”)
 This explains the difference in pattern of capacity utilization forecast for PTA and DTY facilities (see graphs below)
Production Phase-in and Capacity Utilization (%) PTA
PET (ktpy)
DTY (ktpy)
Source: Company (1) As of March, 2016 (2) Not yet operational
Company Overview Integration of PQS Operations1
Input from Suppliers PQS Product Contingent on completion of Line A
PTA 700 ktpy
50% Intercompany 40% Domestic 10% International
Polymer Line A 240kty
Chips 30kty
FDY 20 kty
Polymer Line B & C
POY2 190 kty
DTY 90kty
PET 450kty
Source: Company (1) Breakdown of products by market are estimates based upon the Company’s business plan (2) Currently imported for DTY production
70% Domestic 30% International
Company Overview Combined Historical Financials1 Net Revenues (R$ mm)1
1.638 857
8 2012A
Gross Profit (R$ 1
mm)1 3
-202 (38.5%)
EBITDA (Exc.
(67) (238)
Impairment)(1)
(2093.3%)
(271.2%)
Margin Source: Petrobras (1) Includes intercompany sales transactions.
(R$ mm) (67) (165)
V Discounted Cash Flow Analysis
V.a Summary Projections
Summary Projections for Suape Macroeconomic Assumptions
GDP Growth Forecast (%)  Forecast based on Brazilian Central Bank estimates as of December 31, 2015
3,0% 1,8%
(3,0%) (3,8%) 2013A
FX Rate Forecast (BRL/USD, average of year)  FX projected in real terms as of December 31, 2015
3,23 2,20
Source: Brazilian Central Bank as of December 31, 2015.
Summary Projections for Suape Projected PTA Volumes and Average Prices
PTA Volume Projections (’000 tons) 
With the expansion of M&G’s Corpus Christi, Texas – based unit by year-end 2016, Mexican PTA exports currently destined to both the American and Brazilian markets will likely be absorbed by the former, leaving M&G Brazil more dependent on PQS’s domestically produced PTA
Prices for PTA exports destined for DAK Argentina’s Zarate facility are expected to become competitive in 2018, supporting international volumes
M&G’s share in the PET business should be eroded up to a certain point, as local clients avoid overdependance upon a single PET supplier. This should drive PTA demand
Additional volumes related to the maturing of Citepe’s PET business drive intercompany segment growth, with total volumes nearing capacity by 2025
405 71 217
417 10 181
2018 2019 Intercompany
2022 Resale
PTA Average Prices (US$ / ton) 
Both international and domestic PTA pricing follow foreign indexes, and a gradual improvement in international spreads is assumed according to market intelligence provided by PQS and Petrobras
Positive price trend is driven principally by the gradual recovery in crude oil prices, as well as improved economics as the market’s current oversupply gradually shades 1.081 1.067 993
Domestic Source: Petrobras
Summary Projections for Suape Net Revenues and EBITDA
Projected Net Revenues (US$ million)
365 51 132
96% Utilization
Projected EBITDA (US$ million)  2023 and 2024 impacted by transfering of tax benefit (Prodepe) from Citepe to Suape 84% Utilization
57% Utilization
(7%) (22%) -21
-81 2014 Source: Petrobras
Summary Projections for Citepe Projected PET Volumes and Average Prices
PET Volume Projections (‘000 tons)  Assumed steady growth in market share, reaching 50% (ex - resin imports) by year-end 2018, principally as a function of eroding competitor M&G’s share  Company defends growth rates by referencing PQS’ rapid expansion to 36% market share since initiating operations and the opportunity to attract several clients whose contracts with competitors are set to expire  Exports are mainly to Colombia (35%), Argentina (30%) and Uruguai (12%) 305 133 168 2014
254 142 51 91
PET Average Prices (US$ / ton)  Both international and domestic PET pricing follow foreign indexes, and a gradual improvement in international spreads is assumed in conformity with market intelligence provided by PQS and Petrobras 1.263
1.011 903 2016
Summary Projections for Citepe Projected DTY Volumes and Average Prices
DTY Volume Projections (‘000 tons)  Moderation of DTY volumes due to: (i) challenging pressure from lower-cost exports originating in Asia; (ii) originally planned price-efficient production method will not be achieved, since the vertical integration with the PTA production will not be completed. As a result, Citepe should keep importing POY (see slide 19), which basically eliminates Citepe’s competitive advantage on DTY 27 20 15
DTY Average Prices (US$ / ton)  Citepe only markets DTY in Brazil 2.279
2.189 1.993 1.728
2016 Source: Petrobras
Summary Projections for Citepe Net Revenues and EBITDA (PET and DTY)
103 32 71 2014
196 49 147 2015
95% Utilization1
Projected EBITDA (US$ million)  EBITDA decrease in 2023 could be explained by the end of tax benefit (Prodepe) 78% Utilization1 28% Utilization1
(26%) (63%) -65 2014
(1%) -2
-31 -51 2015
Source: Petrobras (1) Refers to PET capacity utilization. DTY utilization was 21.1% in 2015 and is approximately13.8% after 2016
V.b Discounted Cash Flow
Discounted Cash Flow Analysis Initial Considerations  Discounted cash flow methodology  Projection of the Company’s future cash flows, in real US$ terms, based on the assumptions provided by PQS and Petrobras Methodology
 Projection of unlevered cash flows (FCFF), discounted by the weighted average cost of capital to calculate the net present value ─ Explicit projection period (up until 2040) in addition to terminal value  Valuation considering the Company as a stand-alone entity, i.e. excluding any potential benefits or impacts, be them of an operating, financial, tax, environmental, or any other nature, if any, after the conclusion of the acquisition
 Currency:
 Valuation date base:
 Explicit period of projection:
25 years (December 31, 2015 to December 31, 2040)
 Operating assumptions:
Base case and guidance provided by Management
 Cash flow:
Midpoint of each period (“mid-year convention”) and discounted in real US$ terms
 Weighted Average Cost of Capital:
11.03% in real US$ terms
 Terminal Value:
Perpetuity calculation based on the Gordon Method. No real growth assumed in perpetuity, as no further expansion in installed capacity is forecasted
 Slight improvement in technical indexes of chemical inputs across all three product groups (PTA, PET, DTY)  Approximately 50% market share in PET in Brazil by the end of 2018, in conformity with the identifiable strategic commercial opportunities associated to the expiry of significant PET supply contracts currently held by competitor M&G  Continuity of DTY business
 Projections assume:  The Brazilian PET market would not be sizeable enough to absorb an additional player1, while the developed economies in South America’s Pacific Coast (Chile, Colombia, and Peru) are efficiently served by Asian imports  The main entry barriers for the polyester market in Brazil are: (i) scale (if scale is capped by market size/potential, on the other hand a minimal scale2 is required to yield a profitable textile operation); (ii) product approvals (particularly for PET) and potential clients’ own internal approval processes, which were informed to be restrictive and long lasting
Notes: (1) Current Brazilian market demand is estimated by Petrobras’ management to be equivalent to approximately 520 ktpy. PQS, which holds only 19% market share (see slide 18), possesses 450 ktpy of installed capacity; (2) Not yet achieved by PQS.
Discounted Cash Flow Analysis Main Assumptions Repequim  Company pays reduced PIS/Cofins rates applicable to acquisition of Paraxylene (PX) (1% until 2015 end, 3% in 2016, 5% in 2017 and 5.6% from 2018 on) and receives a tax credit of 9.25%  Company can compensate its credits receiving cash or other tax deductions (IRPJ, IRRF, CSLL, PIS/COFINS and IPI) Prodepe Main Fiscal Benefits
 Company receives credit for ICMS every year based on a percentage of its ICMS payables according to the table below:
 Suape, 2023 and 2024 and 70% of tax credit  Citepe, until 2022 and 85% of tax credit Sudene  Company has the right to use SUDENE tax benefit, which grants a 75% reduction over Company’s Income Rate. In order to use this benefit, PQS should file a request until 31/12/2018 (benefit’s term is 10 years)
Sales and Pricing  Sales and production volume assumptions were based on management guidance through 2025, and subsequently held constant;  Pricing methodology was based on management guidance, with the exception of FX rate projections, which was considered based on current Brazilian Central Bank estimates; Capex General Assumptions
 Minimum capex, no facility modification / capex for improvements, only essential repairs associated to planned production stops
Working Capital  Accounts receivable, payable and inventories cycles, as per management guidance and in line with historical figures; Corporate Tax and NOLs  PQS has a large stock of Accumulated Losses in its Balance Sheet, which, according to the Brazilian Law, is deductible for tax purpose
Discounted Cash Flow Analysis PetroquímicaSuape - DCF Unlevered Free Cash Flow
(All in US$mm, except where noted)
Projected Flow Terminal Value
(263.9%)
Discount Rate (USD real terms) WACC Terminal Growth
11.03% 0.00%
(9) (38.5%)
(-) Net Debt (2)
EV/Capacity (PTA)
(15) 6.8%
Perpetuity calculation based on the Gordon Method. No real growth assumed in perpetuity. Assuming debt free and cash free deal.
Discounted Cash Flow Analysis Citepe - DCF Unlevered Free Cash Flow
Enterprise Value (-) Net Debt
15 (172.3%)
EV/Capacity (PET)
(21) (49.4%)
Discounted Cash Flow Analysis Analysis of EV/EBITDA Multiple
Build up analysis for the EBITDA considered in the EV/EBITDA Multiple Analysis US$mm
NPV Adj. EBITDA
EV / NPV EBITDA 2017
5.3x EV/EBITDA 2017E 48
WACC 11.03%
EBITDA 2020 (Suape)
EBITDA 2020 (CItepe)
EBITDA 2020 discounted by the WACC rate (3 years period)
Adj. EBITDA 2020
NPV Adj. EBITDA 2017
VI Trading and Acquisition Comparables
Peer Group Trading Multiple Analysis (1) Peer Trading Group Share Price (In USD, except for local per share figures)
% of 52Week High
Equity Value USD mm
Enterprise Value USD mm
PTA, PET, and Polyester-focused ALPEK, S.A.B. de C.V.
Indorama Ventures Public Company Limited Reliance Industries Limited
Multiples considered Diversified Chemicals Braskem S.A.
291,500.0
7.7x 8.0x
7.4x 7.7x
7.2x 6.7x
Mitsui Chemicals, Inc. The Dow Chemical Company
Source: Capital IQ, Company Filings Note: (1) Although we indentified above the main listed chemical companies in the world, we considered only the PTA, PET and polyester enterprises as relevant Trading Comparables, since their product portfolios are the ones that best resemble PQS’.
Peer Group Acquisition Multiple Analysis Date Announced
Implied EV (US$ mm) EBITDA Multiple
EV/ Capacity (US$ mm / ton)
1mtpy PET Facility located in Decatur, Alabama
105ktpy PTA facility
Bangkok Polyester
130 ktpy facility
M&G International S.a.r.l
Acquisition of the remaining 2.89% stake
M&G Poliéster S.A
PTA/PET facilities with 1,275 ktpy capacity in USA
430 ktpy PET facility in USA
16ktpy rPET facility located in Argentina
Wellman International rPET facility
Indorama and Sinterama
75% stake in 120 ktpy polyester facility
Poland and Indonesia
Polish and Indonesian PET and Polyester Capacity of 226 and 110 ktpy
PET (880 ktpy) and Polyester (125ktpy) Assets
PET (276 ktpy) and Polyester (130ktpy) Assets
Guangdong Shinda
Increased stake in TPT Petrochem from 54.7% to 99.9%
Sources: Capital IQ, Company Filings
Appendix – WACC WACC (US$ real)
WACC (US$ nominal)
Long Term Inflation (2.2%)5
Target Capital Structure 10% Debt / 90% Equity8
US$ (Ke)
Cost of Debt US$ (Kd)
Risk Free Rate¹
Market Premium²
Relevered Beta³
4.84%6
15.25%7
Pre-tax Cost of Debt8
Cost of Equity Notes: 1 12-month-average yield to maturity of the 10-year US Treasury Bond, as of January 4, 2016 2 Differential of the historical arithmetic mean of returns from 1926 to 2014 between the S&P 500 and US Treasury Bonds. Source: Ibbotson 2015 3 Relevered beta assuming a tax rate of 34.0% and the Company’s target capital structure (Debt / Total Capitalization) identified above 4 Based on the average unlevered adjusted Betas from peer companies. Source: Thomson Reuters 5 Considering long term inflation of 2.20% in the USA (source: US Bureau of Labor Statistics) 6 Considering the 5-year Sovereign (Brazil) Credit Default Swap (“CDS”) as of December 31, 2015 7 Considering SUDENE impact of 75% decrease in the Corporate Tax (25%) and no impact in CSLL 8 Please refer to next slide for details.
Appendix – Financing Cost Rating Overview
Expected Cost of Debt for PQS (USD)
Additionally to 8.5% (USD), was assumed some adjusments to reflect the current leverage capabilities of PQS:  +0.5% due to rating downgrade to benchmark Petrobras (i.e.: “B” area)  +0.5% new issuer premium (first time accessing Debt Capital Markets)  +1.0% size and illiquidity premium (issuance below US$ 500mn)  + 0.5% no rating for PQS (issuance estimated to be an unrated privated placement)  Final cost of debt: 11.0% (USD) area  Based on this estimated long term marginal cost of debt, and the forecasted positive EBIT for Suape (starting in 2021) and Citepe (starting in 2018), we estimate that PQS could raise new debt, in the future (not in the short term), on the basis of its own balance sheet. This results in 10% of debt in the target capital structure. Maturity above 10 years Average YTW: 8.5% (p.y. USD)
YTM - Petorbras USD Bonds
8,5% 8,6% 8,5%
6,7% 6,7% 6,1% 6,1% 4,4%
3,2% 3,0%
Fev/17 2
3 Mar/18 4
5 Jan/19 6
Sources: Bloomberg as of November 11, 2016.
7,8% 8,0%
7 Jan/20 8
9 Jan/21 10 11 May/23 12 13 May/26 14 15 Jan/41 16 17 Mai/44 18
Jan/40
Mai/43
Appendix Petroquimica Suape Historical Financial Highlights – Balance Sheet
(R$mm, except where mentioned) 2013
Non-Current Liabilities Non-Current Assets PP&E
Long - Term Debt 3,282
Intangibles Recoverable Taxes Other Non-Current Assets
Source: Financial Statements as audited by PwC. (1) Impairment in 2014: R$677 mm and 2015: R$412 mm
Advance for Capital Increase Provisions Total Non-Current Liabilities
Shareholders Equity Common Stock
(2,193.0) 3,087
3,403.9 (3,000.6) 2,752
Appendix Petroquimica Suape Historical Financial Highlights – Income Statement
Income Statement (All in R$ mm, except where mentioned)
(727) (202)
(1,001) (144)
(1,008) (2)
(713) (1,100)
(412) (588)
196 (904)
(146.0%)
Net Revenues Growth (%) Cost of Goods Sold
EBIT EBIT Margin (%) D&A EBITDA EBITDA Margin (%) Financial Result, net Non-Operating Income/(Loss) Pre-Tax Income
Source: Financial Statements as audited by PwC
Appendix Citepe Historical Financial Highlights – Balance Sheet
(R$mm, except where mentioned) 31/12/2013 31/12/2013
Current Assets 241.3
Non-Current Assets PP&E Intangibles Recoverable Taxes Other Non-Current Assets
Non-Current Liabilities 4,358.9
Long - Term Debt Advance for Capital Increase Provisions Total Non-Current Liabilities
Source: Financial Statements as audited by PwC. (1) Impairment in 2014: R$2.3 bn and 2015: R$370 mm
(3,198.4) 2,771
4,581.9 (1)
(4,016.0) 2,506
Appendix Citepe Historical Financial Highlights – Income Statement Income Statement
(674) (41)
(2,359) (2,584)
(370) (620)
(1063.4%)
73 (2,512)
(1033.6%)
(277.1%)
(1093.2%)
(All in R$ mm, except where mentioned) Net Revenues Growth (%) Cost of Goods Sold
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References: artículo 126
 artículo 126
 artículo 13
 artículo 21
 artículo 253
 artículo 253