Petrobras – Investor Relations

Petrobras

Investor Relations

Deliberaciones de la Asamblea General Ordinaria y Extraordinaria


The Board of Directors of Petróleo Brasileiro S.A. – PETROBRAS summoned the Shareholders to the Ordinary and Extraordinary General Meetings held on April 4, 2008, at 3:00 pm in the auditorium of the Company s head office building at Av. República do Chile, nº 65, 1st floor, in the City of Rio de Janeiro (RJ), which deliberated upon and approved the following agenda items:
ORDINARY GENERAL MEETING


I. Management Report and Financial Statements with Fiscal Council’s Opinion for the fiscal year 2007;
II. Capital Expenditure Budget for fiscal year 2008, as follows in 39.745.147.567,00:

(in R$)


Direct investments

36.885.718.452

Project Finance

24.984.258

Capital increases in subsidiaries and other companies

2.834.444.857

2008 capital expenditures budget

39.745.147.567

Direct investments

35.885.718.452

Capital increases

2.834.444.857

Own resources

38.720.163.309

Direct investments

1.000.000.000

Project finance

24.984.258

Third party resources

1.024.984.258


Out of total direct investments, 55% will be used in the Exploration and Production Area, 32% in the Downstream Area, 9% in the Gas & Energy and 4% in other business areas.

III. Distribution of results for the fiscal year 2007, as follows:


Destination

(R$ thousand) 2007

Earnings before participations

22.873.103

(-) Share profits

(844.412)

Net income

22.028.691

( -) Legal reserve (5%)

(1.101.435)

(+) Reversions / Additions

4.903

(=) Adjusted net profits

20.932.159

Suggested Dividend – 31,44% (31,27% in 2006)

6.580.557

Interests on own capital

6.361.205

Dividend

219.352

Profits retention reserve

14.083.477

Statutory reserve

263.222

 


IV. Election of the following as Members of the Board of Directors

BOARD OF DIRECTORS

Representing the Majority Shareholders 
Ms. DILMA VANA ROUSSEFF 
Mr. SILAS RONDEAU CAVALCANTI SILVA 
Mr. GUIDO MANTEGA 
Mr. JOSÉ SERGIO GABRIELLI DE AZEVEDO 
Mr. FRANCISCO ROBERTO DE ALBUQUERQUE 
Mr. ARTHUR ANTONIO SENDAS 
Mr. LUCIANO GALVÃO COUTINHO

Representing the Minority Ordinary Shareholders 
Mr. FABIO COLLETTI BARBOSA

Representing the Preferred Shareholders 
Mr. JORGE GERDAU JOHANNPETER

V. Election of the Ms. DILMA VANA ROUSSEFF as Chairwoman of the Board of Directors as per art. 18 of the Company’s Bylaws;

VI. Election of the following as Members of the Fiscal Council and their respective substitutes:

FISCAL COUNCIL

Representing the Majority Shareholders

Mr. MARCUS PEREIRA AUCÉLIO – as Member and Mr. EDUARDO COUTINHO GUERRA as deputy.
Mr. TÚLIO LUIZ ZAMIN – as Member and Mr. RICARDO DE PAULA MONTEIRO as deputy. 
Ms. CESAR ACOSTA RACH – as Member and Mr. EDSON FREITAS DE OLIVEIRA as deputy.
Representing the Minority Ordinary Shareholders 
Mr. NELSON ROCHA AUGUSTO – as Member and Ms. MARIA AUXILIADORA ALVES DA SILVA as deputy.

Representing the Preferred Shareholders 
Ms. MARIA LÚCIA DE OLIVEIRA FALCÓN – as Member and Mr. CELSO BARRETO NETO as deputy.

VII. Establishing the global remuneration of the administrators and the effective members of the audit committee at R$ 9.812.750,00 (nine million, eight hundred and twelve thousand, seven hundred and fifty Reais), in the period understood between April 2008 and March 2009, inclusive, in the case of the Executive Board, of monthly honorary fees, vacation gratuity, Christmas bonus (13º wage) as well as their participation in the profits pursuant to Articles 41 and 56 of the Company’s Bylaws.

EXTRAORDINARY GENERAL MEETING

Increase in the Capital Stock through the incorporation of part of the revenue reserves amounting to R$26.322.230.220,00 increasing the capital stock from R$ 52.644.460.440,00 to R$ 78.966.690.660,00 without any change to the number of issued shares pursuant to Article 40, Item III, of the Company s Bylaws.


Rio de Janeiro, April 4, 2008.

PETRÓLEO BRASILEIRO S.A. – PETROBRAS
Renato de Souza Duque
President of the Meeting

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