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PBR » Topics » RESULTS OF OPERATIONS FOR THE FIRST HALF OF 2006 COMPARED TO THE FIRST HALF OF 2005

This excerpt taken from the PBR 6-K filed Sep 6, 2006.

RESULTS OF OPERATIONS FOR THE FIRST HALF OF 2006 COMPARED TO THE FIRST HALF OF 2005

The comparison between our results of operations for the first half of 2006 and for the first half of 2005 has been affected by the 15.0% decrease in the average Real/U.S. dollars exchange rate for the first half of 2006 as compared to the average Real/U.S. dollars exchange rate for the first half of 2005. We refer to this change in the average exchange rate as the “15.0% increase in the value of the Real against the U.S. dollars in the first half of 2006, as compared to the first half of 2005.”

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