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Chapter I - Risks Relating to Our Company

Chapter II - Risks Relating to the Relationship between us and the Brazilian Government

Chapter III - Risks Relating to Brazil

Chapter IV - Risks Relating to our Equity and Debt Securities

Chapter V - Risks of the Business

Print "Risk Factors"




General

Risk Assessment

Management of Oil and oil product market risks

Management of Foreign Exchange Risk

Management of Interest rate risks

Management of Credit risk

Insurance

Print "Risk Management Policy"

Annual Updated

Extracted from "2005 Form 20-F".





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