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RECOGNITION OF THE VALUE OF EMPLOYEES

Brazilian legislation provides that recruitment of Petrobras employees shall be by a public selection process.

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In its Code of Ethics, the company agrees to promote equal opportunities for all employees, in all policies, practices and procedures; adopting as exclusive criterion for professional growth individual merit based on performance assessment; and guaranteeing the right to know and be represented at the preparation of the criteria of functional progression and evaluation.

The top executives are employed on recommendation by the company shareholders. In the international area, recruitment is based on analysis of resumes and interviews.

The salaries of employees match the professional activities performed and responsibilities involved. All employees receive their annual Share in Profits and Results (PLR), based on the company’s economic performance, when there is a profit in the fiscal year. In accordance with corporate policies, there is no relationship between remuneration and individual performance.

In the case of outsourcees, Petrobras encourages contractors to use preferably professionals from the local market, with skills required for the services.

SOCIAL SECURITY AND OTHER BENEFITS

Acknowledging the value of the balance between professional and personal life, Petrobras runs programs focused on basic needs, physical and social wellbeing of its employees, retired workers, pensioners and their dependents.

O The Petros Plan of the Petrobras System supplements the social security benefits , in order to provide security and quality of life for its employees and their families during their working lives and upon retirement. The Plan covers retirement, death allowance, benefit in event of accident and confinement, private resources for death and an end-of-year bonus.

All employees in Brazil are entitled to the health plan AMS (Multidisciplinary Health Care), dental plan, meal tickets and transportation vouchers. Other benefits offered to the employees include the complementation of the sickness benefit, which ensures full remuneration of the absent employee due to an occupational accident, during the first four years of leave, or the first three years of a work-related disorder.

PERFORMANCE ASSESSMENT

Petrobras offers career and remuneration opportunities by the standards of the labor market. Employees are assessed by their goals and skills under the Performance Management system (PM), the main tool for indicating an advance in level and promotion.

This is an annual process and analyzes the need for capacity building in order for the employee to acquire and apply new knowledge. With the PM, the manager and employee can reflect on performance and the results obtained, creating goals based on individual and collective skills. The possibility of growth within the company is evaluated based on results.

In 2008, approximately 99% of the workforce in the Petrobras System was PM assessed.

CAPACITY BUILDING AND DEVELOPMENT

Capacity building of employees is included in the company’s investments, as an incentive to continuation education, fully or partly financed, either at a higher technical or post-graduate level (specialization, MBA, MSc or PhD). Petrobras University (UP) is the main responsible for the development and training of talents and skills required by the employees. Pursuing so, the UP forms partnerships with educational institutions in Brazil and abroad and provides insite and distance learning using the Virtual Campus, Digital TV and University TV Channel.

Higher level professionals recently recruited without prior experience undergo training process up to a year before starting work. During the training courses, the employees improve their technical skills and acquire organizational, governance and contextual knowledge about Petrobras and the oil industry.

The UP consists of four science and technological colleges (Exploration & Production; Downstream; Engineering; Gas & Energy), a Business and Management college and a Technical College, and offers learning solutions for courses of continued education and training, providing the know-how for the entire Petrobras System.

In 2008, the new UP headquarters were inaugurated in Rio de Janeiro. It is one of the first eco-sustainable buildings in the city and designed within the regulations of the US Green Building Council, following the standards that reduce environmental impact, such as water collection and reuse; installation of isothermal windows; concept of landscaping and green belts in proportion to the project; individual air-conditioning control; soil decontamination and providing special parking areas for vehicles with low emission. The Campus has nine floors, approximately 52,000 m2 of built-up area and capacity to operate simultaneously with 4,000 employees or so on a course. The UP has 107 classrooms, including nine special laboratories relating to Exploration & Production and Information Technology areas.

Liquigás implemented the Training Requirements Study program (LNT) in order to improve the employees performance of their duties. The LNT, prepared in detail over two years and revised yearly, or whenever changes in the strategic objectives require so, covers training to improve the output of the employees.

ORGANIZATIONAL AMBIENCE

The Organizational Ambience Survey is carried out yearly to know the opinion of the employees on several aspects. The employees can express their perception about working conditions and relations in the company, providing important basic material for human resources management. The results of the Survey generate three indicators for the Petrobras Strategic Map: the Employee Satisfaction Index (ISE), Level of Commitment to the Company (NCE) and Level of Commitment to Social Responsibility (NCRS).

In the survey of Petrobras Holding 2008, the ISE showed a drop from 69% to 66% compared with 2007, while the NCE fell from 77% to 73%. And, in the second checking of the survey, the result of the NCRS was 76%, recording a drop of five points. Fluctuation in the results of ambience surveys is expected, as the studies of this nature often reveal a picture of the moment; i.e. they show aspects of the internal status of organizations, and are also affected by external factors, such as the political or economic scenario, for example.

Over the years, an increasing number of employees have joined the survey, with a participation percentage of over 75% in the last four years.

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AMBIENCE SURVEY (%)
Indicator	2005	2006	2007	2008
ISE	66	68	69	66
NCE	77	78	77	73
NCRS *			81	76

* It started to be measured in 2007.

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Participation Percentage
Year	2005	2006	2007	2008
Percentage	78	80	81	77

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