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PBR » Topics » d) Profit retention reserve

This excerpt taken from the PBR 6-K filed Mar 31, 2009.

d) Profit retention reserve

It is earmarked for capital budget investments, mainly in exploration activities and developement of oil and gas production, pursuant to article 196 of the Brazilian Corporation Law.

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In the proposal for distribution of net income for the year ended December 31, 2008, the retention of profits is forecast in the amount of R$ 25.217.273, with the amount of R$ 23.779.347, arising from net income for the year, and R$ 1.437.926 from the remaining balance of retaining earnings, which is earmarked to partially meet the annual investment program established in the 2009 capital budget, subject to approval by the General Shareholders’ Meeting on April 8, 2009.

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