Independent Auditors' Limited Assurance Report
To
The Board of Directors and Shareholders
Petróleo Brasileiro S.A.
Rio de Janeiro − RJ
Introduction
We have been engaged for the purpose of applying Limited Assurance Procedures on the sustainability information contained in the Sustainability Report of Petroleo Brasileiro S.A − Petrobras (Company), related to the year ended December 31, 2010, which was prepared under Company’s management responsibility. Our responsibility is to issue a Limited Assurance report on this sustainability information.
Procedures of Limited Assurance
The limited assurance procedures were performed in accordance with the standards NBC TO 3000 − Assurance Engagement Other than Audit and Review, issued by CFC − Accounting Federal Council and with ISAE 3000 − International Standard on Assurance Engagements, issued by International Auditing and Assurance Standards Board − IAASB., both related to “Assurance Engagements other than Audits or Reviews of Historical Financial Information”.
The procedures comprised: (a) the planning of the work, considering the relevance, coherence, volume of quantitative and qualitative information and operational and internal control systems that served as a basis for the preparation of the sustainability information contained in the Company’s Sustainability Report; (b) the understanding of the calculation methodology and the consolidation of the performance indicators through interviews with the personnel responsible for the preparation of information; (c) the comparison, on a sample basis, of the quantitative and qualitative information with the sustainability information disclosed at the Sustainability Report; and (d) the comparison of the financial indicators with the financial statements and/or accounting records.
Reporting criteria
The sustainability information contained in the Company’s Sustainability Report was prepared according to the Global Reporting Initiative guidelines (GRI-G3) for sustainability reporting.
Scope and limitations
The objective of our work was to apply limited assurance procedures on the sustainability information disclosed in the Company’s Sustainability Report, on profile items (disclosures that set the overall context for understanding organizational performance such as its strategy, profile, and governance), on management approach and on the sustainability performance indicators, not including the assessment of the application level declared by the Company in its Sustainability Report and the appropriateness of its policies, practices and sustainability performance.
The applied procedures do not represent an examination in accordance with the Brazilian and international audit rules for financial statements. In addition, we do not provide any assurance on the achievability of future information (such as targets, expectations and ambitions) nor on qualitative information that is under subjective evaluation.
Conclusion
Based on the procedures we have not identified any relevant modification that should be perfomed on the sustainability information contained in the Sustainability Report of Petroleo Brasileiro S.A. - Petrobras, related to the year ended December 31, 2010, to agree with the GRI-G3 guidelines and with the records and files that subsidized its elaboration.
Rio de Janeiro, June 6, 2011.
KPMG Auditores Independentes
CRC SP-014428/O-6-F-RJ
Manuel Fernandes Rodrigues de Sousa
Accountant CRC RJ-052428/O-2
Copyright 2011 Petrobras S.A. All rights reserved