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PBR » Topics » RESULTS OF OPERATIONS FOR THE NINE-MONTH PERIOD ENDED SEPTEMBER 30, 2008 COMPARED TO THE NINE-MONTH PERIOD ENDED SEPTEMBER 30, 2007

This excerpt taken from the PBR 6-K filed Nov 28, 2008.

RESULTS OF OPERATIONS FOR THE NINE-MONTH PERIOD ENDED SEPTEMBER 30, 2008 COMPARED TO THE NINE-MONTH PERIOD ENDED SEPTEMBER 30, 2007

The comparison between our results of operations has been affected by the 15.7% increase in the value of the Real against the U.S. dollar in the nine-month period ended September 30, 2008, as compared to the nine-month period ended September 30, 2007.

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