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This excerpt taken from the PBR 6-K filed Apr 10, 2007. RESULTS OF OPERATIONS FOR 2006 COMPARED TO 2005 The comparison between our results of operations for 2006 and for 2005 has been affected by the 10.7% decrease in the average Real/U.S. dollar exchange rate for 2006 as compared to the average Real/U.S. dollar exchange rate for 2005. This excerpt taken from the PBR 6-K filed Jun 28, 2006. RESULTS OF OPERATIONS FOR THE FIRST QUARTER OF 2006 COMPARED TO THE FIRST QUARTER OF 2005 The comparison between our results of operations for the first quarter of 2006 and the first quarter of 2005 has been affected by the 17.7% decrease in the average Real/U.S. dollars exchange rate for the first quarter of 2006 as compared to the average Real/U.S. dollars exchange rate for the first quarter of 2005. We refer to this change in the average exchange rate as the 17.7% increase in the value of the Real against the U.S. dollars in the first quarter of 2006, as compared to the first quarter of 2005. | EXCERPTS ON THIS PAGE:
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