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This excerpt taken from the PBR 20-F filed May 22, 2009. Item 16D. Exemptions
from the Listing Standards for Audit Committees
Under the listed company audit committee rules of the NYSE and
the SEC, we must comply with Exchange Act
Rule 10A-3,
which requires that we establish an audit committee composed of
members of the board of directors that meets specified
requirements. In reliance on the exemption in
Rule 10A-3(b)(iv)(E),
we have designated one member to our audit committee, Francisco
Roberto de Albuquerque, who is a designee of the Brazilian
government, which is one of our affiliates. In our assessment,
each of these members acts independently in performing the
responsibilities of an audit committee member under the
Sarbanes-Oxley Act and satisfy the other requirements of
Exchange Act
Rule 10A-3.
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