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

Yes ______       No ___X___

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(A free translation of the original in Portuguese)

Ipiranga Química S.A.
Appraisal Report on the Stockholders’
Equity at July 31, 2008
for the Purpose of Split-Off

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(A free translation of the original in Portuguese)

Appraisal Report on the Stockholders’ Equity at July 31, 2008 for the Purpose of Split-off

Ipiranga Química S.A.

PricewaterhouseCoopers Auditores Independentes, professional partnership established in the capital of the state of São Paulo, located at Av. Francisco Matarazzo, 1400, (Torre Torrino, Floors 9, 10, 13, 14, 15, 16 and 17) registered with the Regional Accounting Council (CRC) of the State of São Paulo under No. 2SP000160/O-5 and enrolled in the National Corporate Taxpayers’ Register under No. 61,562,112/0006-35, with its partnership deed registered at the 4th Registry Office of Deeds and Documents of São Paulo, SP, on September 17, 1956, and subsequent amendments registered at the 2nd Registry Office of Deeds and Documents of São Paulo, SP, the last amendment, dated June 29, 2008, having been registered in microfilm under No. 96,041, on July 30, 2008, represented by its undersigned partner, Mr. Tadeu Cendón Ferreira, Brazilian, married, accountant, holder of Identity Card No. M.1,523,766 SSP/MG, enrolled in the Individual Taxpayers Register (CPF) under No. 530,920,666-34 and with the Regional Accounting Council of the State of São Paulo (CRC) under No. CRC 1SP188352/O-5, with Office located in the same address of the grantor partnership was appointed as expert by Ipiranga Química S.A. (the “Company”) to proceed an appraisal prepared based on the book value of the stockholders’ equity at July 31, 2008, to be partially split-off and transferred to Braskem S.A. The results of this appraisal work are presented below.

The appraisal of the stockholders’ equity mentioned above was made in conjunction with the audit of the balance sheet of Ipiranga Química S.A. at July 31, 2008. This balance sheet was prepared under the responsibility of the Company’s management.

We conducted our audit in accordance with approved Brazilian auditing standards which require that we perform the audit to obtain reasonable assurance about whether the financial statements are fairly presented in all material respects. Accordingly, our work included, among other procedures: (a) planning our audit taking into consideration the significance of balances, the volume of transactions and the accounting and internal control systems of the Company, (b) examining, on a test basis, evidence and records supporting the amounts and the financial information disclosed; and (c) assessing the accounting practices used and significant estimates made by management.

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Ipiranga Química S.A.

Based on our work, we conclude that the amount of the assets, rights and obligations which form the stockholders’ equity of Ipiranga Química S.A. to be partially split-off, named “split-off portion”, in accordance with the Company’s balance sheet at July 31, 2008, shown in the Attachment, is R$ 1,076,305,001.70, and is recorded in the books of account in conformity with accounting practices adopted in Brazil.

In conformity with the standards of NPA 14 of September 24, 2007 - Appraisal Reports issued by an Independent Auditor, issued by the Institute of Independent Auditors - IBRACON, we confirm that:

(a) in accordance with the professional standards established by the Federal Accounting Council through Resolution 821/1997, we are not aware of any conflicts of interest, whether direct or indirect, or any other circumstance which otherwise represents a conflict of interest in relation to the service above, and

(b) we are not aware of any action by the majority stockholder or the company’s management intended to influence, restrain, impair or practice any actions which have or might have compromised access to, use of or awareness of information, assets, documents or work methodologies that are material to the quality of this report.

São Paulo, August 29, 2008

PricewaterhouseCoopers	Tadeu Cendón Ferreira
Auditores Independentes	Contador CRC 1SP188352/O-5
CRC 2SP000160/O-5

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Attachment

Ipiranga Química S.A.

Summarized Balance Sheet at July 31, 2008
In reais

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				Split-off		Remaining
		Company		Portion		Portion
Assets
Current assets		178,380,967.58				178,380,967.58
Non current assets		13,465,732.07				13,465,732.07
Permanent assets		1,129,465,114.78		1,076,305,001.70		53,160,113.08
Investment		1,076,708,572.20		1,076,305,001.70		403,570.50
Property and equipment		46,300,617.91				46,300,617.91
Intangible assets		1,012,979.16				1,012,979.16
Deferred charges		5,442,945.51				5,442,945.51
		1,321,311,814.43		1,076,305,001.70		245,006,812.73
Liabilities and Stockholders’ equity
Current liabilities		103,354,919.36				103,354,919.36
Non current liabilities		37,351,368.41				37,351,368.41
Stockholders’ equity		1,180,605,526.66		1,076,305,001.70		104,300,524.96
		1,321,311,814.43		1,076,305,001.70		245,006,812.73

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This Attachment is an integral and inseparable part of the Appraisal Report of the Stockholders’ equity of Ipiranga Química S.A., issued by PricewaterhouseCoopers Auditores Independentes, on August 29, 2008.

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SIGNATURES

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

Date: September 18, 2008

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

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