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This excerpt taken from the PBR 6-K filed Nov 28, 2008. Monetary and exchange variation on monetary assets and liabilities, net Monetary and exchange variation on monetary assets and liabilities, net increased to a gain of U.S.$836 million in the nine-month period ended September 30, 2008, compared to a loss of U.S.$630 million in the nine-month period ended September 30, 2007. The increase in monetary and exchange variation on monetary assets and liabilities, net is primarily attributable to the gains in Dollar terms of investments both in Brazil (via our Exploration and Production segment) and abroad (via our International segment and financial investments) as a result of the appreciation of the Real. This excerpt taken from the PBR 6-K filed Sep 4, 2008. Monetary and exchange variation on monetary assets and liabilities, net Monetary and exchange variation on monetary assets and liabilities, net increased to a loss of U.S.$695 million in the first half of 2008, as compared to a loss of U.S.$313 million in the first half of 2007. The increase in monetary and exchange variation on monetary assets and liabilities, net is primarily attributable to the increase of denominated investments both in Brazil (via our Exploration and Production segment) and abroad (via our International segment and financial investments). 15 This excerpt taken from the PBR 6-K filed May 22, 2008. Monetary and exchange variation on monetary assets and liabilities, net Monetary and exchange variation on monetary assets and liabilities, net decreased 84.3% to a loss of U.S.$53 million for the first quarter of 2008, as compared to a loss of U.S.$337 million for the first quarter of 2007. The decrease in monetary and exchange variation on monetary assets and liabilities, net is primarily attributable to the decrease in the appreciation of the Real from 4.1% to 1.3%, on dolar-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 18, 2008. Monetary and exchange variation on monetary assets and liabilities, net Monetary and exchange variation on monetary assets and liabilities, net generated a loss of U.S.$1,455 million for 2007, as compared to a gain of U.S.$75 million for 2006. The increase in monetary and exchange variation on monetary assets and liabilities, net is primarily attributable to the increase in the appreciation of the Real from 8.7% to 17.2% on funds invested abroad via subsidiaries in the International segment, in E&P equipment for use in Brazil and in commercial activities. This excerpt taken from the PBR 6-K filed Nov 29, 2007. Monetary and exchange variation on monetary assets and liabilities, net Monetary and exchange variation on monetary assets and liabilities, net generated a loss of U.S.$ 630 million for the nine-month period ended September 30, 2007, as compared to a gain of U.S.$ 107 million for the nine-month period ended September 30, 2006. The decrease in monetary and exchange variation on monetary assets and liabilities, net is primarily attributable to the effect of the 14.0% appreciation of the Real against the U.S. dollar during the nine-month period ended September 30, 2007, as compared to the 7.1% appreciation of the Real against the U.S. dollar during the nine-month period ended September 30, 2006. This excerpt taken from the PBR 6-K filed Sep 6, 2007. Monetary and exchange variation on monetary assets and liabilities, net Monetary and exchange variation on monetary assets and liabilities, net generated a loss of U.S.$ 313 million for the first half of 2007, as compared to a gain of U.S.$ 159 million for the first half of 2006. The decrease in monetary and exchange variation on monetary assets and liabilities, net is primarily attributable to the effect of the 9.9% appreciation of the Real against the U.S. dollar during the first half of 2007, as compared to the 7.5% appreciation of the Real against the U.S. dollar during the first half of 2006. This excerpt taken from the PBR 6-K filed Jun 13, 2007. Monetary and exchange variation on monetary assets and liabilities, net Monetary and exchange variation on monetary assets and liabilities, net generated a loss of U.S.$ 337 million for the first quarter of 2007, as compared to a gain of U.S.$ 112 million for the first quarter of 2006. The decrease in monetary and exchange variation on monetary assets and liabilities, net is primarily attributable to the increase in net assets exposed to exchange rates; and to effect of the 4.1% appreciation of the Real against the U.S. dollar during the first quarter of 2007, as compared to the 7.2% appreciation of the Real against the U.S. dollar during the first quarter of 2006. This excerpt taken from the PBR 6-K filed Apr 10, 2007. Monetary and exchange variation on monetary assets and liabilities, net Monetary and exchange variation on monetary assets and liabilities, net generated a gain of U.S.$ 75 million for 2006, as compared to a gain of U.S.$ 248 million for 2005. The decrease in monetary and exchange variation on monetary assets and liabilities, net is primarily attributable to the effect of the 8.7% appreciation of the Real against the U.S. dollar during 2006, as compared to the 11.8% appreciation of the Real against the U.S. dollar during 2005. This excerpt taken from the PBR 6-K filed Nov 28, 2006. Monetary and exchange variation on monetary assets and liabilities, net Monetary and exchange variation on monetary assets and liabilities, net generated a gain of U.S.$ 107 million for the nine-month period ended September 30, 2006, as compared to a gain of U.S.$ 229 million for the nine-month period ended September 30, 2005. The decrease in monetary and exchange variation on monetary assets and liabilities, net is primarily attributable to the effect of the 7.1% appreciation of the Real against the U.S. dollars during the nine-month period ended September 30, 2006, as compared to the 11.5% appreciation of the Real against the U.S. dollars during the nine-month period ended September 30, 2005. This excerpt taken from the PBR 6-K filed Sep 6, 2006. Monetary and exchange variation on monetary assets and liabilities, net Monetary and exchange variation on monetary assets and liabilities, net generated a gain of U.S.$ 159 million for the first half of 2006, as compared to a gain of U.S.$ 453 million for the first half of 2005. The decrease in monetary and exchange variation on monetary assets and liabilities, net is primarily attributable to the effect of the 7.5% appreciation of the Real against the U.S. dollars during the first half of 2006, as compared to the 11.5% appreciation of the Real against the U.S. dollars during the first half of 2005. This excerpt taken from the PBR 6-K filed Jun 28, 2006. Monetary and exchange variation on monetary assets and liabilities, net Monetary and exchange variation on monetary assets and liabilities, net generated a gain of U.S.$ 112 million for the first quarter of 2006, as compared to a gain of U.S.$ 9 million for the first quarter of 2005. The increase in monetary and exchange variation on monetary assets and liabilities, net is primarily attributable to the effect of the 7.2% appreciation of the Real against the U.S. dollars during the first quarter of 2006, as compared to the 0.4% devaluation of the Real against the U.S. dollars during the first quarter of 2005. This excerpt taken from the PBR 6-K filed Mar 21, 2006. Monetary and exchange variation on monetary assets and liabilities, net Monetary and exchange variation on monetary assets and liabilities, net generated a gain of U.S.$ 248 million for 2005, as compared to a gain of U.S.$ 450 million for 2004. The decrease in monetary and exchange variation on monetary assets and liabilities, net is primarily attributable to the effect of the 11.8% appreciation of the Real against the U.S. dollar during 2005, as compared to the 8.1% appreciation of the Real against the U.S. dollar during 2004. This excerpt taken from the PBR 6-K filed Nov 23, 2005. Monetary and exchange variation on monetary assets and liabilities, net Monetary and exchange variation on monetary assets and liabilities, net generated a gain of U.S.$ 229 million for the nine-month period ended September 30, 2005, as compared to a loss of U.S.$ 39 million for the nine-month period ended September 30, 2004. The changes in monetary and exchange variation on monetary assets and liabilities, net is primarily attributable to the effect of the 16.3% appreciation of the Real against the U.S. dollar in the nine-month period ended September 30, 2005, as compared to the 1.1% appreciation of the Real against the U.S. dollar in the nine-month period ended September 30, 2004. Page: 11 This excerpt taken from the PBR 6-K filed Aug 25, 2005. Monetary and exchange variation on monetary assets and liabilities, net Monetary and exchange variation on monetary assets and liabilities, net generated a gain of U.S.$ 453 million for the first half of 2005, as compared to a loss of U.S.$ 320 million for the first half of 2004. The changes in monetary and exchange variation on monetary assets and liabilities, net is primarily attributable to the effect of the 11.5% appreciation of the Real against the U.S. dollar in the first half of 2005, as compared to the 7.6% depreciation of the Real against the U.S. dollar in the first half of 2004. This excerpt taken from the PBR 20-F filed Jun 30, 2005. Monetary and exchange variation on monetary assets and liabilities, net
Monetary and exchange variation on monetary assets and liabilities, net registered a gain of U.S.$509 million for 2003, as compared to a loss of U.S.$2,068 million for 2002. Approximately 90% of our long-term indebtedness was denominated in foreign currencies during each of 2003 and 2002. The fluctuation in monetary and exchange variation on monetary assets and liabilities, net was primarily attributable to the effect of the 18.2% appreciation of the Real against the U.S. dollar during 2003, as compared to a 52.3% depreciation of the Real against the U.S. dollar during 2002.
This excerpt taken from the PBR 6-K filed Jun 13, 2005. Monetary and exchange variation on monetary assets and liabilities, net
Monetary and exchange variation on monetary assets and liabilities, net generated a gain of U.S.$ 9 million for the first quarter of 2005, as compared to a loss of U.S.$ 26 million for the first quarter of 2004. The increase in monetary and exchange variation on monetary assets and liabilities, net is primarily attributable to the effect of the 0.4% depreciation of the Real against the U.S. dollar during the first quarter of 2005, as compared to the 0.7% depreciation of the Real against the U.S. dollar during the first quarter of 2004.
This excerpt taken from the PBR 6-K filed Jun 8, 2005. Monetary and exchange variation on monetary assets and liabilities, net
Monetary and exchange variation on monetary assets and liabilities, net generated a gain of U.S.$ 450 million for 2004, as compared to a gain of U.S.$ 509 million for 2003. The decrease in monetary and exchange variation on monetary assets and liabilities, net is primarily attributable to the effect of the 8.1% appreciation of the Real against the U.S. dollar during 2004, as compared to the 18.2% appreciation of the Real against the U.S. dollar during 2003.
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