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This excerpt taken from the PBR 6-K filed Nov 12, 2008. 25 Derivative financial instruments, hedging and risk management activities The Company is exposed to a series of market risks arising from its operations. These risks mainly involve the fact that eventual variations in the prices of oil and oil products, in exchange rates or in interest rates may negatively affect the value of the financial assets and liabilities of the Company’s future cash flows and profits. Petrobras has an overall risk management policy that it has been developing under the management of the Company’s directors. In 2004, the board of directors of Petrobras established the Risk Management Committee, consisting of executive managers from all the business departments and from various corporate departments. This committee, besides the objective to integrated management of exposures to risks and to formalize the Company’s main operating guidelines, aims to consolidated the information and discuss the actions of risk management, facilitating the communication with the Company’s directors and the Board of Directors on issues related to best corporate governance practices. The creation of the Risk Management Committee aims to concentrate information and to discuss risk management actions, facilitating communication with the executive board and the board of directors with respect to aspects related to best corporate governance practices. This excerpt taken from the PBR 6-K filed Aug 13, 2008. 25 Derivative financial instruments, hedging and risk management activities The Company is exposed to a series of market risks arising from the normal course of business. Such market risks mainly involve the possibility that changes in interest rates, currency exchange rates or commodity prices will adversely affect the value of the Company’s financial assets and liabilities or future cash flows and earnings. Petrobras maintains an overall risk management policy that is evolving under the direction of the Company’s executive officers. This excerpt taken from the PBR 6-K filed Mar 4, 2008. 26 Derivative financial instruments, hedging and risk management activities The Company is exposed to a series of market risks arising from the normal course of business. Such market risks mainly involve the possibility that changes in interest rates, currency exchange rates or commodity prices will adversely affect the value of the Company’s financial assets and liabilities or future cash flows and earnings. Petrobras maintains an overall risk management policy that is evolving under the direction of the Company’s executive officers. | EXCERPTS ON THIS PAGE:
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