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This excerpt taken from the PBR 20-F filed May 22, 2009. Item 16B. Code
of Ethics
We have adopted a Code of Ethics applicable to our employees and
executive officers and a Code of Good Practices applicable to
our directors and executive officers, both of which are also
applicable to PifCo. In 2006, we revised and updated our Code of
Ethics. No waivers of the provisions of the Code of Ethics or
Code of Good Practices are permitted. Both documents are
available on our website: www.petrobras.com.br /investor
relations/corporate governance. In 2008, Petrobras board
of directors created an Ethics Commission to promote ethical
behavior and act as a forum for discussion of subjects related
to ethics.
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