Petrobras (PBR)

21.2 Dividends

a) Dividends - Fiscal year 2008.

The dividends referring to the year 2008, approved in the General Shareholders' Meeting of April 8, 2009, in the amount of R$ 9.914.707 thousand, corresponding to R$ 1,13 per common and preferred share, were restated monetarily as from December 31, 2008 until the date of the beginning of payment, according to the change in the Selic rate, and were distributed as follows:

b) Interest on shareholders' capital - Fiscal year 2009:

The Company's Board of Directors approved the early distribution of remuneration to shareholders under the form of interest on shareholders' capital, as established in article 9 of Law 9.249/95, on the following dates:

On June 24, 2009, a payment of R$ 2.632.223 thousand, corresponding to a gross amount of R$ 0,30 per common or preferred share, to be made available not later than December 31, 2009, based on the shareholding position at July 3, 2009;

21.2 Dividends

a) Dividends – Fiscal year 2008.

The General Shareholders’ Meeting of April 8, 2009 approved dividends referring to 2008 in the amount of R$ 9.914.707 thousand, corresponding to 29,04% of the basic profit for dividends and R$ 1,13 per common and preferred share, without distinction, that compose the capital, whose value should be monetarily restated in accordance with the variation of the SELIC rate as from December 31, 2008 until the date of the beginning of payment.

The dividend is being distributed as follows:

Interest on shareholders’ capital of R$ 7.019.261 thousand, subject to the withholding income tax at the rate of 15% (fifteen percent), except for shareholders who are immune or exempt, equivalent to R$ 0,80 (eighty centavos) per common and preferred, without distinction, is included in this dividend.

21.3 Dividends

The General Shareholders' Meeting of April 8, 2009 approved dividends referring to 2008 in the amount of R$ 9.914.707 thousand corresponding to 29,04% of the basic profit for dividends and R$ 1,13 per common and preferred share, without distinction, that compose the capital, the value of which should be monetarily restated in accordance with the variation of the Selic rate as from December 31, 2008 until the date of the beginning of payment.

The dividend is being distributed as follows:

Interest on shareholders' equity in the amount of R$ 7.019.261 thousand, subject to the withholding of income tax at source at the rate of 15% (fifteen percent), except for shareholders who are immune or exempt, equivalent to R$ 0,80 (eighty centavos) per common and preferred, without distinction, is included in this dividend.

24.5 Dividends

The shareholders are assured a minimum dividend and/or interest on shareholders’ equity of at least 25% of the adjusted net income for the year, calculated in accordance with article 202 of the Brazilian Corporation Law.

The proposal for the dividends for 2008, which is being submitted to the Board of Directors of Petrobras for approval by the shareholders at the General Shareholders’ Meeting to be held on April 8, 2009, in the amount of R$ 9.914.707, conforms to the rights guaranteed in the bylaws for preferred shares (article 5^th), distributing to the common and preferred shares, alike, the dividends calculated on the adjusted basic profit for this purpose as shown below:

The proposed dividends as of December 31, 2008, in the amount of R$ 9.914.707, include interest on shareholders’ equity, already approved by the Border of Directors on December 19, 2008, to be made available on a date to be fixed by the Shareholders’ General Meeting to be held on April 8, 2009, updated, as from December 31, 2008 until the payment date, in accordance with the SELIC’s rate, based on the shareholding position of December 26, 2008, in the amount of R$ 7.019.261, corresponding to R$ 0,80 (eighty cents) per common and preferred share.

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The interest on shareholders’ equity is subject to the withholding of income tax at source of 15%, except for the shareholders that are immune and exempt, as established in Law 9.249/95.

The interest on shareholders’ equity was included in the dividends for the year, as established in the Company’ws bylaws. This interest was recorded in the operating results, as required by the tax laws and regulations, and was reversed against retained earnings, pursuant to CVM Resolution 207/96, which resulted in income and social contribution tax credits of R$ 2.386.549 (R$ 2.162.810 em 2007).

20.3 Dividends

The dividends relating to the financial year of 2007 approved by the Ordinary General Meeting held on April 04, 2008, in the amount of R$ 877.408 thousand (after deducting those distributed earlier to shareholders on January 23, March 31 and April 30, 2008, totaling R$ 5.703.149 thousand), were paid out to shareholders on June 03, 2008.

Dividends

Our board of directors will submit a dividend proposal in the amount of U.S.$3,715 million to our shareholders on April 4, 2008. This proposal includes interest on capital in the amount of U.S.$3,591 million, U.S.$1,238 million of which was made available to our shareholders on January 23, 2008, based on shareholding position as of August 17, 2007, and in accordance with the SELIC rate variation as of December 31, 2007.

The remaining portion of interest on shareholders’ equity and dividends will be made available to shareholders by May, 2008.

21.5 Dividends

Shareholders are assured a minimum dividend and/or interest on shareholders’ equity of at least 25% of adjusted net income for the year, calculated in accordance with to article 202 of Law N° 6.404/76.

Dividends

On April 02, 2007, the Ordinary General Shareholders Meeting approved dividends relating to the year ended 2006, amounting to US$3,693 million corresponding to US$0.84 per common and preferred share, including interest on shareholders’ equity, of which US$2,052 million was made available to the shareholders on January 04, 2007, corresponding to US$0.47 per share, based on the share position as of October 31, 2006, US$923 million was provided on March 30, 2007, based on the share position as of December 28, 2006, corresponding to US$0.21 per share and the remaining balance of US$718 million, corresponding to US$0.16 per share, was provided within the legal term on May 17, 2007, based on the share position as of April 02, 2007.

These dividends were restated according to the Selic interest rate from December 31, 2006 to May 17, 2007, the date payment of each portion commenced.

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On July 25, 2007 and September 30, 2007, our Board of Directors approved the distribution of remuneration to the shareholders in the form of interest on shareholder’s equity, in accordance with Article 9 of Law 9,249/95 and Decrees n° 2,673/98 and 3,381/00, in the amount of U.S.$ 1,164 million and U.S.$ 1,152 million, respectively, corresponding to a gross value of U.S.$ 0.27 and U.S.$ 0.26 per common and preferred shares, respectively. These amounts have already been accrued in the consolidated financial statements as of September 30, 2007, which represents less than the minimum obligation related to the dividend required by the Company’s by-laws. The provisioning of interest on shareholders’ equity generated income tax and social contribution credits in the amount of U.S.$ 788 million.

The first installment of interest on shareholder’s equity will be made available to the shareholders by January 31, 2008, and the second installment by March 31, 2008, based on the share position as of August 17, 2007, and October 05, 2007, respectively, and will be deducted from the dividends to be distributed at the end of the financial year of 2007, restated according to variations in the Selic interest rate, if paid prior to December 31, 2007, from the actual date of payment to the end of that financial year. If paid out in 2008, the amount to be paid will be restated monthly according to variations in the Selic interest rate, from December 31, 2007 up to the date on which payment commences.

This interest on share capital is subject to 15% (fifteen percent) income tax, except for those shareholders who can claim immunity or exemption.

18.4. Dividends

On July 25, 2007 and September 21, 2007, the Board of Directors of the Company approved early payment of dividends to shareholders, as interest on share capital, in the amount of R$ 2.193.519 thousand, each installment, as provided for under Article 9 of Law No. 9.249/95 and Decrees No. 2.673/98 and 3.381/00.

The first installment of dividends will be made available to the shareholders by January 31, 2008, and the second installment by March 31, 2008, based on the stockholders’ position as of August 17, 2007 and October 05, 2007, respectively, each installment corresponding to R$ 0,50 per common and preference share, and will be deducted from the dividends to be distributed at the end of the financial year of 2007, restated according to variations in the Selic interest rate, if paid prior to December 31, 2007, from the actual date of payment to the end of that financial year. If paid out in 2008, the amount to be paid will be restated monthly according to variations in the Selic interest rate, from December 31, 2007 up to the date on which payment commences.

This interest on share capital is subject to 15% (fifteen percent) income tax, except for those shareholders who can claim immunity or exemption.

Dividends

On April 02, 2007, the Ordinary General Shareholders Meeting approved dividends relating to the year ended 2006, amounting to US$3,693 million corresponding to US$0.84 per common and preferred share, including interest on shareholders’ equity, of which US$2,052 million was made available to the shareholders on January 04, 2007, corresponding to US$0.47 per share, based on the share position as of October 31, 2006, US$923 million was provided on March 30, 2007, based on the share position as of December 28, 2006, corresponding to US$0.21 per share and the remaining balance of US$718 million, corresponding to US$0.16 per share, was provided within the legal term on May 17, 2007, based on the share position as of April 02, 2007.

These dividends were restated according to the Selic interest rate from December 31, 2006 to May 17, 2007, the date payment of each portion commenced.

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On July 25, 2007, our Board of Directors approved the distribution of remuneration to the shareholders in the form of interest on shareholder’s equity, in accordance with Article 9 of Law 9,249/95 and Decrees nº 2,673/98 and 3,381/00, in the amount of U.S.$ 1,139 million, corresponding to a gross value of US$0.26 per common and preferred shares. This amount had already been accrued for in our unaudited consolidated financial statements as of June 30, 2007.

This interest on shareholder’s equity will be made available to the shareholders by January 31, 2008, based on the share position as of August 17, 2007, corresponding to U.S.$ 0.26 per common and preferred share, and will be deducted from the dividends to be distributed at the end of the financial year of 2007, restated according to variations in the Selic interest rate, if paid prior to December 31, 2007, from the actual date of payment to the end of that financial year. If paid out in 2008, the amount to be paid will be restated monthly according to variations in the Selic interest rate, from December 31, 2007 up to the date on which payment commences.

This interest on share capital is subject to 15% (fifteen percent) income tax, except for those shareholders who can claim immunity or exemption.

18.5. Dividends

The dividends referring to the year end 2006, approved at the Ordinary General Meeting held on April 02, 2007, amounting to R$ 1.535.464 thousand (after deducting dividends paid out earlier on January 04 and March 30, 2007, in the amount of R$ 6.361.205 thousand) were made available to shareholders on May 17, 2007.

On July 25, 2007, the Board of Directors of the Company approved early payment of dividends to shareholders, as interest on share capital, in the amount of R$ 2.193.519 thousand, as provided for under Article 9 of Law No. 9.249/95 and Decrees No. 2.673/98 and 3.381/00.

These dividends will be made available to the shareholders by January 31, 2008, based on the share position as of August 17, 2007, corresponding to R$0,50 per common and preference share, and will be deducted from the dividends to be distributed at the end of the financial year of 2007, restated according to variations in the Selic interest rate, if paid prior to December 31, 2007, from the actual date of payment to the end of that financial year. If paid out in 2008, the amount to be paid will be restated monthly according to variations in the Selic interest rate, from December 31, 2007 up to the date on which payment commences.

This interest on share capital is subject to 15% (fifteen percent) income tax, except for those shareholders who can claim immunity or exemption.

c) Dividends

On April 02, 2007, the Ordinary General Meeting approved dividends referring to the year end 2006, amouting to R$ 7.896.669 thousand corresponding to R$ 1,80 (one real and eighty cents) per common and preferred share, including interest on shareholders’ equity, for which R$ 4.387.038 thousand were made available to the shareholders on January 04, 2007, corresponding to R$ 1,00 per share, based on the share position as of October 31, 2006, R$ 1.974.167 thousand was provided on March 30, 2007, based on the share position as of December 28, 2006, corresponding to R$ 0.45 per share and the remaining balance of R$ 1.535.464 thousand, corresponding to R$ 0,35 per share, will be provided within the legal term, based on the share position as of April 02, 2007.

The dividends are restated according to the Selic interest rate from December 31, 2006 to the date payment of each portion commences.

Dividends

Based on our financial results, our shareholders approved at the Ordinary General Meeting held on April 2, 2007, the proposal for 2006 dividends in the amount of U.S.$ 3,693 million (U.S.$ 0.84 per share and U.S.$ 3.36 per ADS ). This dividend includes interest on capital approved by the Board of Directors on October 20, 2006, in the amount of U.S.$ 2,052 million, which was made available to shareholders on January 4, 2007, based on the shareholding position of October 31, 2006. The second portion of interest on capital, approved by the Board of Directors on December 15, 2006, was made available to shareholders on March 30, 2007, based on the shareholding position of December 28, 2006, amounting to U.S.$ 923 million. The dividend final portion of U.S.$ 718 million, approved by the Board of Directors on February 12, 2007, which will be made available based on the shareholding position of April 2, 2007, when the Ordinary General Meeting is scheduled to occur.

Interest on capital amounts are subject to withholding tax at the rate of 15%, except for untaxed or exempt shareholders, as established by Law No. 9,249/95. The dividends and the final portion of the interest on shareholders’ equity will be paid on a date to be established by the General Shareholders’ Meeting. These amounts will be monetarily restated from December 31, 2006 to the initial date of payment, according to the variation in the Special Settlement and Custody System (SELIC) rate.

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b) Dividends

The dividends proposed in the financial statments for the year ended December 31, 2005, in the amount of R$ 7.017.843 thousand, corresponding to R$ 1,60 (one real sixty cents) per common and preferential share, include the interest installments on the wholly owned capital, being the first approved by the Administration Board on June 17, 2005, in the amount of R$ 2.193.076 thousand, and made available to the shareholders on January 5, 2006, corresponding to R$ 0,50 (fifty cents) per common

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and preferential shares, equivalent to R$ 2,00 (two reais) per share before the split occurred in September 2005, based on the stock position on June 30, 2005, updated monetarily, as of December 31, 2005, in accordance with the variation of the SELIC rate; the second installment approved by the Administration Board on December 16, 2005 and made available on March 22, 2006, based on the stock position on December 31, 2005, in the amount of R$ 2.193.076 thousand, corresponding to R$ 0,50 (fifty cents) per common and preferential shares; the third installment of R$ 1.096.538 thousand, approved by the Ordinary General Meeting on April 3, 2006, to be made available based on the stock position on April 3, 2006, corresponding to R$ 0,25 (twenty five cents) per common and preferential share. The interest on the wholly owned capital is subject to the income tax retention, equivalent to 15%, except for the immune and exempt shareholders, as indicated by Law no. 9.249/95. The amount of R$ 1.535.153 thousand shall be distributed as dividends, based on the stock position of April 3, 2006, corresponding to R$ 0,35 (thirty five cents) per common and preferential share, approved by the Ordinary General Meeting dated April 3, 2006.

b) Dividends

The dividends for the year 2004, approved by the Annual Shareholders Meeting held on March 31, 2005, amounting to R$ 1.754.460 thousand (net of remuneration to shareholders prepaid on February 15, 2005, amounting to R$ 3.289.614 thousand), were released to shareholders on May 17, 2005.

On June 17, 2005, the Company's Board of Directors approved the distribution of remuneration to shareholders as interest on shareholders' equity, amounting to R$ 2.193.076 thousand, pursuant to article 9 of Law No. 9.249/95 and Decrees Nº. 2.673/98 and 3.381/00.

Such remuneration will be released to shareholders by January 31, 2006, based on their shareholding status at June 30, 2005, equivalent to R$ 2,00 per common and preferred share, and will be discounted from the dividends to be determined on adjusted net income for the year 2005, indexed by the change in Selic rate, if paid before December 31, 2006, provided that actual payment is made no later than year-end. If paid in 2005, the amount to be distributed will be indexed by the change in Selic rate from December 31, 2005 to the date of beginning of payment.

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Dividends

Based on our financial results and cash available for distribution, the general shareholders’ meeting held on March 31, 2005 approved a distribution of dividends of U.S.$ 1,847 million (U.S.$ 1.68 per share) including the portion of interest on shareholders’ equity approved by the Board of Directors on September 17, 2004 and paid to shareholders on February 15, 2005, amounting to U.S.$ 1,239 million, (U.S.$ 1.13 per share). The remaining balance includes dividends in the amount of U.S.$ 248 million and interest on shareholders’ equity in the amount of U.S.$ 413 million.

(c) Dividends

Shareholders are assured a minimum dividend/interest on shareholders’ equity of at least 25% of adjusted net income for the year, calculated in accordance with to article 202 of Law No.6.404/76.

The proposal for 2004 dividends that is being submitted by the PETROBRAS Board of Directors for approval of the shareholders at the Ordinary General Meeting to be held on March 31, 2005, in the amount of R$5.044.074, conforms to the by-laws in regard to guaranteed rights of preferred shares (article 5), and distributes dividends calculated on the adjusted net income to common and preferred shareholders, as shown below:

The dividends proposed on December 31, 2004, amounting to R$5.044.074, include interest on shareholders’ equity approved by the Board of Directors on September17, 2004, amounting to R$3.289.614, which was made available to shareholders on February 15, 2005, corresponding to R$3,00 (three reais) per common and preferred share, based on the shareholding position of September 30, 2004, monetarily restated in accordance with the SELIC rate variation as from December 31, 2004. The dividend proposed also includes interest on shareholders’ equity to be approved by the Board of Directors on February25, 2005, which will be made available based on the shareholding position of March31, 2005, which is the date of the Ordinary General Meeting that will discuss this subject, amounting to R$1.096.537, and corresponding to R$1,00 (one real) per common and preferred share subject to withholding tax at the rate of 15%, except for untaxed or exempt shareholders, as established by Law No. 9.249/95.

The balance of the dividends and the additional portion of the interest on shareholders’ equity will be paid on a date to be established by the General Shareholders’ Meeting. These amounts will be monetarily restated from December 31, 2004 to the initial date of payment, according to the variation in the SELIC rate.

Interest on shareholders’ equity was included with the proposed dividend for the year, as established in the Company’s by-laws. This interest was recorded as operating expenses, as required by tax legislation, and reversed from retained earnings, as required by CVM Resolution No.207/96, resulting in income tax and social contribution credits of R$1.491.291 in 2004 (R$1.547.215 - 2003).