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This excerpt taken from the PBR 6-K filed Sep 9, 2009. Monetary and Exchange Variation Monetary and exchange variation decreased 29.5% to a loss of U.S.$900 million in the first half of 2009 compared to a loss of U.S.$695 million in the first half of 2008. The higher loss from monetary and exchange variation is primarily attributable to the 16.5% decrease in the value of the Real against the U.S. dollar in the first half of 2009 compared to the first half of 2008. This excerpt taken from the PBR 6-K filed Jun 1, 2009. Monetary and Exchange Variation Monetary and exchange variation increased to a loss of U.S.$211 million in the three-month period ended March 31, 2009 compared to a loss of U.S.$53 million in the three-month period ended March 31, 2008. The increased loss from monetary and exchange variation is primarily attributable to the 33.1% decrease in the value of the Real against the U.S. dollar in the three-month period ended March 31, 2009 compared to the three-month period ended March 31, 2008. 16 This excerpt taken from the PBR 20-F filed May 22, 2009. Monetary
and Exchange Variation
Monetary and exchange variation generated a loss of
U.S.$1,455 million for 2007 compared to a gain of
U.S.$75 million for 2006. The increase in monetary and
exchange variation is primarily attributable to the increase in
the appreciation of the real from 8.7% to 17.2% on
U.S. dollar denominated investments both in Brazil (via our
Exploration and Production segment) and abroad (via our
International segment and financial investments).
This excerpt taken from the PBR 6-K filed Mar 30, 2009. Monetary and Exchange Variation Monetary and exchange variation changed to a gain of U.S.$1,584 million for 2008 compared to a loss of U.S.$1,455 million for 2007. This change is primarily attributable to foreign exchange gain on net monetary assets denominated in U.S. dollars. | EXCERPTS ON THIS PAGE:
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