Petrobras – Investor Relations

Petrobras

Investor Relations

Renegotiantion of petros retirement found plan

Rio de Janeiro, February 28, 2007 – PETRÓLEO BRASILEIRO S/A - PETROBRAS, [Bovespa: PETR3/PETR4, NYSE: PBR/PBRA, Latibex: XPBR/XPBRA, BCBA: APBR/APBRA], a Brazilian international energy company, announces that the goal of 2/3 adherence to the Petros Complementary Retirement Fund Plan regulation renegotiation was reached today, February 28th. Approximately 70% of the participants have adhered. The plan includes 80,118 participants, among active employees, retirees, and pensioners from the following companies: Petrobras, Refap S.A., Petroquisa, Petrobras Distribuidora, and Fundação Petrobras de Seguridade Social – Petros. Renegotiation implementation will increase the transparency of the Company’s obligations with PETROS.

The renegotiation process consists of changing the plan’s regulation, particularly the articles related to how the benefits are readjusted, disentailing the readjustment of the benefits paid to retirees and pensioners from wage increases granted to active employees and INSS retirees. Petros Plan benefits, disentailed from the active employee wage and INSS retirement and pension plan readjustments, will be adjusted based on the IPCA (cost of living) index.

Petrobras has been negotiating its complementary retirement model with the entities that represent employees, retirees, and pensioners since 2003. In May 2006, the company signed the Reciprocal Obligation Agreement with the Single Oilworker Federation (Federação Única dos Petroleiros, FUP) and with 12 labor unions through which the parts committed to a proposal to adjust the company’s complementary retirement model.
 
The financial incentive to be granted to the participants, whether employees or assisted parties, as negotiated by the labor union representatives as a counterpart  for the Plan’s repactuation, is estimated at R$900 million and will be credited in March.

The proposal’s approval also opens the way to reach agreements with Labor Union Representations in order to liquidate and extinguish legal suits, particularly the Public Civil Suit regarding Petrobras System’s complementary retirement issues. The demands that refer to the items to be removed from the law suits will be attended to through the calculation of their actuarial value and paid for by Petrobras, in 20 years, respecting the Plan’s liquidity conditions. After the legal agreement has been signed in the case file, Petrobras and the labor union organizations will solve the historical Petros Plan pendencies and make it sustainable for the future. 

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