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This excerpt taken from the PBR 6-K filed Nov 21, 2007. Pag: 144 (A free translation of the original report in Portuguese)
08.01 – COMMENTS ON THE CONSOLIDATED PERFORMANCE IN THE QUARTER This excerpt taken from the PBR 6-K filed Aug 21, 2007. Pag: 144 Independent accountants’ special review report (A free translation of the original report in Portuguese, as filed with the Brazilian Securities Commission (CVM) prepared in accordance with accounting practices adopted in Brazil and rules of the CVM) To We have reviewed the quarterly information of Petróleo Brasileiro S.A. - Petrobras for the quarter ended June 30, 2007, comprising the balance sheet of Petróleo Brasileiro S.A. - Petrobras and the consolidated balance sheet of Petróleo Brasileiro S.A. - Petrobras and its subsidiaries, the related statements of income and the consolidated statements of income, the management report and other relevant information, prepared in accordance with accounting practices adopted in Brazil. Our review was performed in accordance with the review standards established
by the IBRACO Based on our special review, we are not aware of any material change which should be made to the quarterly information above for it to be in accordance with accounting practices adopted in Brazil and regulations issued by the Brazilian Securities Exchange Commission (CVM), specifically applicable to the preparation of the quarterly information. 2 Our special review was performed with the objective of issuing a special review report on the quarterly information referred to in the first paragraph, taken as a whole. The statements of cash flows, added value and the segment information for the quarter ended June 30, 2007, represent supplementary information to the quarterly information, are not required by the accounting practices adopted in Brazil, and are being presented to facilitate additional analysis. These supplementary information were subject to the same review procedures as applied to the quarterly information and, based on our special review, we are not aware of any material change which should be made for them to be adequately presented in relation to the quarterly financial information referred to in the first paragraph, taken as a whole. August 13, 2007 KPMG Auditores Independentes Manuel Fernandes Rodrigues de Sousa 3
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Date: August 21, 2007
FORWARD-LOOKING STATEMENTS
This press release may contain forward-looking statements. These statements are statements that are not historical facts, and are based on management's current view and estimates offuture economic circumstances, industry conditions, company performance and financial results. The words "anticipates", "believes", "estimates", "expects", "plans" and similar expressions, as they relate to the company, are intended to identify forward-looking statements. Statements regarding the declaration or payment of dividends, the implementation of principal operating and financing strategies and capital expenditure plans, the direction of future operations and the factors or trends affecting financial condition, liquidity or results of operations are examples of forward-looking statements. Such statements reflect the current views of management and are subject to a number of risks and uncertainties. There is no guarantee that the expected events, trends or results will actually occur. The statements are based on many assumptions and factors, including general economic and market conditions, industry conditions, and operating factors. Any changes in such assumptions or factors could cause actual results to differ materially from current expectations. | ||||||||||||||||||