Rio de Janeiro, March 19, 2010 Petróleo Brasileiro S.A. Petrobras hereby announces the resolutions taken by its Board of Directors at todays meeting. The Board:
(a) Authorized the submission of the 2010 Capital Budget totaling R$ 88.5 billion and allocated as in the table below, to the Annual Shareholders Meeting to be held on April 22.
|Exploration & Production||36.737||42%|
|Refining, Transportation & Marketing||33.962||38%|
|Gás E Energy||8.108||9%|
(b) As a consequence, authorized the Board of Executive Officers to review the Companys Overall Expenditure Program (PDG)
and Annual Investment Budget (OAI) for 2010, totaling R$ 79.5 billion, approved in August 2009;
(c) Authorized the Board of Executive Officers to continue reviewing the 2010-2014 Business Plan, using as a reference a range
between US$ 200 and US$ 220 billion for the investment in the period, but limiting the net debt/EBITDA ratio to 2.5 and leverage
ratio to 35% (net debt/net debt + shareholder´s equity);
(d) Approved projects totaling R$ 264.8 billion, which will be part of the 2011-14 investment portfolio: R$ 163.6 billion for Exploration & Production; R$ 80.5 billion for Refining, Transportation & Marketing, R$ 20.2 billion for Gas & Energy and R$ 430 million for Biofuel.
Finally, Dilma Vana Rousseff resigned from the Companys Board of Directors on this date, being replaced by the Executive Secretary of the Ministry of Mines and Energy, Márcio Zimmermann. Member Guido Mantega was elected Chairman of the Board. Pursuant to the Companys Bylaws, these changes will remain valid until the next Annual Shareholders Meeting.