Limited assurance report from the independent auditors

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Rio de Janeiro, May 21, 2009
To
Board of Directors and Shareholders of Petróleo Brasileiro S.A. – Rio de Janeiro – RJ

INTRODUCTION

We were contracted to apply limited assurance procedures for the Social and Environmental Report of Petróleo Brasileiro S/A (Petrobras) for the year ending December 31, 2008, prepared under the responsibility of Petrobras. Our responsibility is to issue a Limited Assurance Report on this Social and Environmental Report.

PROCEDURES ADOPTED

The limited assurance procedures were adopted pursuant to Standard NPO 1, issued by the Instituto dos Auditores Independentes do Brasil – IBRACON and to ISAE 3000 – International Standard on Assurance Engagements, issued by the International Auditing and Assurance Standards Board, for assurance engagements other than an audit or revision of past financial information. The procedures consist of the following:

a. planning the work, considering the relevance, consistency, volume of quantitative and qualitative information and operating and internal control systems that are the basis for drafting the Petrobras Social and /Environmental Report;
b. understanding the calculation methodology and consolidation of the indicators by means of interviews with the administrators responsible for preparing the information;
c. using sampling to compare the quantitative and qualitative information with the indicators disclosed in the Social and Environmental Report; and
d. comparing the financial indicators with the financial statements and/or accounting records.

CRITERIA FOR PREPARING INFORMATION

The information in the Petrobras Social and Environmental Report was prepared in accordance with the guidelines for sustainability reports of the Global Reporting Initiative (GRI G3).

SCOPE AND RESTRICTIONS

The objective of our work is to provide limited assurance of information concerning the form of administration and sustainability performance indicators, not including assessment of the adaptation of its policies, practices and performance in sustainability. The procedures adopted do not include an examination under the financial statement audit standards. Moreover, our report does not offer limited assurance on the scope of future information (such as, for example: goals, expectations and ambitions) and descriptive information for subjective assessment. Accordingly, certain information in the Social and Environmental Report were not duly audited or revised and are identified as “not audited/unrevised” in the Indicator Matrix.

CONCLUSION

Based on our review, we do not know of any relevant modification that should be made in to the Petrobras Social and Environmental Report for the year ending December 31, 2008, in order to satisfy the GRI G3 guidelines and with the entries and files that are used as a basis for its preparation.

KPMG Auditores Independentes CRC-SP-14.428/O-6-F-RJ
Manuel Fernandes Rodrigues de Sousa Accountant CRC-RJ-052.428/O-2
Alexandre Heinermann Accountant CRC 1SP228.175/O-0-S-RJ

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