Petrobras (PBR)

2.10 Revaluation reserve

The Company maintained the balance of the respective revaluation reserves as of December 31, 2007 until their total realization, in conformity with the Law 11.638/07.

2.10 Revaluation reserve

The Company maintained the balance of the respective revaluation reserves as of December 31, 2007 until their total realization, in conformity with the Law 11.638/07.

2.13 Revaluation reserve

Law 11.638/07 does not allow new voluntary revaluations of property, plant and equipment.

The Company opted to maintain the balance of the respective revaluation reserves at December 31, 2007 until their total realization.

24.3 Revaluation reserve

This reserve is formed as the result of revaluation of assets of the property, plant and equipment, recorded by a jointly controlled subsidy and by affiliated companies of a subsidiary, based on appraisal reports by independent experts.

The realization of this reserve, proportional to the depreciation of the revalued assets, was fully transferred to retained earnings in the amount of R$ 51.236 (R$ 4.903 in 2007).

21.3 Revaluation reserve

This reserve is established in the amount of revaluation of property, plant and equipment recorded by a jointly-owned subsidiary and by affiliated companies of a subsidiary, based on independent appraisals.

Realization of this reserve totaled R$ 4.903 (R$ 9.581 in 2006), in proportion to depreciation of the revalued assets, and was fully transferred to retained earnings.

Revaluation reserve

This reserve is established in the amount of revaluation of property, plant and equipment (R$9.161 in 2004) recorded by a jointly-owned subsidiary and by affiliated companies of a subsidiary, based on independent appraisals.

Realization of this reserve totaled R$12.096 in 2004 (R$21.727 - 2003), in proportion to depreciation of the revalued assets, and was fully transferred to retained earnings.