Petrobras (PBR)

c. Investment of rights, the object of which are assets intended for maintaining the company’s activities or used for this purpose, including those resulting from transactions that transfer the benefits, risks and control of these assets to the Company.

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d. Existing balances of reassessment reserves may, optionally, be written back by the end of the financial year of 2008.

The Company decided to maintain the balances of the respective reassessment reserves, on September 30, 2008, in the amount of R$ 14.071 thousand (both Parent Company and Consolidated).

e. Classification under deferred assets has been restricted to pre-operating expenses and restructuring expenses that contribute to the increase in income in more than one financial period.

f. In addition, on January 29, 2008, the CVM issued CVM Resolution 534/08 which addresses the changes in foreign exchange rates and currency conversion of financial statements.

This resolution is applicable at the end of the financial year 2008. Petrobras opted to inform the effects of this resolution in the notes to the Quarterly Information of 2008.

The estimate effects by the adoption of the this resolution totalized on the September 30,2008 a reduction on the net income by R$ 177.602 thousand and R$ 216.892 thousand in the Parent Company and Consolidated respectively and a increase of R$ 16.822 thousand in Consolidated Shareholders' equity on the process of conversion of the financial statements and exchange rate loss on investments in companies based abroad.

Considering the facts mentioned, the Company’s Management will continue to evaluate the effects resulting from the future regulations.