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PBR » Topics » c) Reserve for retained earnings

This excerpt taken from the PBR 6-K filed Mar 4, 2008.

c) Reserve for retained earnings

The purpose of this reserve is to be used in capital budget investments, mainly in exploration activities and development of oil and gas production, according to article 196 of Brazilian Corporate Law.

The proposal of destination of net income for the year ended December 31, 2007 includes retention of profits of R$ 14.088.380, with the amount of R$ 14.083.477, arising from net income for the year, and the R$ 4.903 of the remaining balance from retaining earnings, to partially meet the annual investment program established in the 2008 capital budget, subject to approval of the Ordinary General Meeting of April 04, 2008.

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