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PBR » Topics » 22 Employee and management profit-sharing

This excerpt taken from the PBR 6-K filed Mar 31, 2009.

22 Employee and management profit-sharing

According to the provisions of current legislation the employees’ participation in profits or results may be based on voluntary programs maintained by the companies or on agreements with employees or unions.

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Accordingly, in 2008, Petrobras recorded a provision for R$ 1.344.526 in the Consolidated financial statements (R$ 1.011.914 in 2007) and R$ 1.138.078 in the Parent Company (R$ 844.412 in 2007), for employee and management profit sharing (PLR). The amount of the provision complies with the limits established by Resolution 10, of May 30, 1995, issued by the Council for Controls of State Companies - CCE.

Managements participation in the the profits or results will be subject to approval at the Shareholders’ General Meeting to be held on April 8, 2009, in accordance with articles 41 and 56 of the Company’s bylaws and specific federal regulations.

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