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PBR » Topics » RESULTS OF OPERATIONS FOR THE NINE-MONTH PERIOD ENDED SEPTEMBER 30, 2006 COMPARED TO THE NINE-MONTH PERIOD ENDED SEPTEMBER 30, 2005

This excerpt taken from the PBR 6-K filed Nov 28, 2006.

RESULTS OF OPERATIONS FOR THE NINE-MONTH PERIOD ENDED SEPTEMBER 30, 2006 COMPARED TO THE NINE-MONTH PERIOD ENDED SEPTEMBER 30, 2005

The comparison between our results of operations for the nine-month period ended September 30, 2006 and for the nine-month period ended September 30, 2005 has been affected by the 12.6% decrease in the average Real/U.S. dollars exchange rate for the nine-month period ended September 30, 2006 as compared to the average Real/U.S. dollar exchange rate for the nine-month period ended September 30, 2005. We refer to this change in the average exchange rate as the “12.6% increase in the value of the Real against the U.S. dollars in the nine-month period ended September 30, 2006, as compared to the nine-month period ended September 30, 2005.”

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