SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

Report of Foreign Private Issuer
Pursuant to Rule 13a-16 or 15d-16 of the

Securities Exchange Act of 1934

For the month of November, 2008

PETROBRAS INTERNATIONAL FINANCE COMPANY - PifCo

(Translation of Registrant's name into English)

Cayman Islands

(Jurisdiction of incorporation or organization)

Anderson Square Building, P.O. Box 714
George Town, Grand Cayman
Cayman Islands,B.W.I.

(Address of principal executive office)

Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.  Form 20-F ___X___ Form 40-F _______

 Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.  

Yes _______ No___X____

INCORPORATION BY REFERENCE

THIS REPORT ON FORM 6-K IS INCORPORATED BY REFERENCE IN THE REGISTRATION STATEMENT ON FORM OF F-3ASR OF PETRÓLEO BRASILEIRO S.A. – PETROBRAS (NO. 333-139459) AND PETROBRAS INTERNATIONAL FINANCE COMPANY (NO. 333-139459-01).

MANAGEMENT’S DISCUSSION AND ANALYSIS
OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS FOR THE NINE-MONTH PERIOD
ENDED SEPTEMBER 30, 2008

Forward Looking Statements

This report on Form 6-K contains “forward-looking” statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, that are not based on historical facts and are not assurances of future results. These forward-looking statements are subject to certain risks and uncertainties, including, but not limited to, our ability to obtain financing, changes by Petróleo Brasileiro S.A. – Petrobras in its use of our services for market purchases of crude oil and oil products, and changes in government regulations applicable to us and Petrobras.

All forward-looking statements attributed to us or a person acting on our behalf are expressly qualified in their entirety by this cautionary statement, and you should not place reliance on any forward-looking statement contained herein.

Basis of Presentation

You should read the following discussion of our financial condition and results of operations together with the attached unaudited consolidated financial statements and the accompanying notes for the nine-month period ended September 30, 2008, beginning on page F-2. You should also read our audited consolidated financial statements for the year ended December 31, 2007, and the accompanying notes, which are included in our annual report on Form 20-F filed with the United States Securities and Exchange Commission on May 19, 2008, but which are not presented in this Form 6-K. The unaudited consolidated financial statements for the nine-month period ended September 30, 2008 and September 30, 2007, and the accompanying notes, have been presented in U.S. dollars and prepared in accordance with U.S. GAAP. As a subsidiary of Petrobras, we also prepare our consolidated financial statements in accordance with accounting practices adopted in Brazil.

Overview

We are a wholly-owned subsidiary of Petrobras. Accordingly, our financial condition and results of operations are significantly affected by decisions of our parent company. Our ability to meet our outstanding debt obligations depends on a number of factors, including:

• Petrobras’ financial condition and results of operations;
• the extent to which Petrobras continues to use our services for market purchases of crude oil and oil products;
• Petrobras’ willingness to continue to make loans to us and provide us with other types of financial support;
• our ability to access financing sources, including the international capital markets and third-party credit facilities; and
• our ability to transfer our financing costs to Petrobras.

We earn income from:

• sales of crude oil and oil products to Petrobras;
• limited sales of crude oil and oil products to third parties; and
• the financing of sales to Petrobras, inter-company loans to Petrobras and investments in marketable securities and other financial instruments.

Our operating expenses include:

• cost of sales, which is comprised mainly of purchases of crude oil and oil products;
• selling, general and administrative expenses; and
• financial expense, mainly from interest on our lines of credit and capital markets indebtedness, sales of future receivables and inter-company loans from Petrobras.

Purchases and Sales of Crude Oil and Oil Products

We typically purchase crude oil and oil products in transactions with payment terms of approximately 30 days. Petrobras typically pays for shipments of crude oil and oil products that we sell to it over a period of up to 330 days, which allows Petrobras sufficient time to assemble the necessary documentation under Brazilian law to commence the payment process for its shipments. The difference between the amount we pay for crude oil and oil products and the amount Petrobras pays for that same crude oil and oil products is deferred and recognized as part of our financial income on a straight-line basis over the period in which Petrobras’ payments to us come due.

Results of operations for the nine-month period ended September 30, 2008, as compared to the nine-month period ended September 30, 2007.

Net (Loss) Income

We had a loss of U.S.$231.4 million in the first nine months of 2008, as compared to a net income of U.S.$30.4 million in the first nine months of 2007.

Sales of Crude Oil and Oil Products and Services

Our sales of crude oil and oil products and services increased 95.9% to U.S.$37,139.2 million in the first nine months of 2008, as compared to U.S.$18,956.1 million in the first nine months of 2007. This increase was primarily due to (i) a 70.0% increase in our sales price, as a result of a 65.4% increase in the average price of Brent crude oil, to U.S.$111.02 per barrel during the first nine months of 2008 from U.S.$67.13 per barrel during the first nine months of 2007; and (ii) a 15.3% increase in our sales volumes, primarily due to increased trading sales of crude oil and oil products purchased from third parties and affiliates and subsequently sold to Petrobras.

Cost of Sales

Cost of sales increased 96.9% to U.S.$36,809.9 million in the first nine months of 2008, as compared to U.S.$18,696.6 million in the first nine months of 2007. This increase was proportional to the increase in sales of crude oil and oil products and services and was primarily due to the same reasons.

Selling, General and Administrative Expenses

Our selling, general and administrative expenses consist primarily of shipping costs and fees for services, including accounting, legal and rating services. These expenses increased 81.1% to U.S.$401.4 million in the first nine months of 2008, as compared to U.S.$221.7 million in the first nine months of 2007. This increase in expenses resulted primarily due to increases in offshore sales and higher shipping expenses caused by changes in international market trends and shipping routes, which totaled U.S.$323.6 million during the period.

2

Financial Income

Our financial income consists of the financing of sales to Petrobras, inter-company loans to Petrobras, investments in marketable securities and other financial instruments. Our financial income increased 6.2% to U.S.$1,546.0 million in the first nine months of 2008, as compared to U.S.$1,456.4 million in the first nine months of 2007. This increase was primarily due to (i) increased sales to Petrobras during 2007 compared to 2006, resulting in additional financial income due to the financing terms granted to Petrobras and due to interest calculated on a monthly basis (see “Purchases and Sales of Crude Oil and Oil Products”); and (ii) increased derivative income related to exchange trade contracts as a result of increases in offshore sales and the average price of crude oil and oil products in the international market. This increase in financial income was partially offset by a decrease in financial income from loans receivable to related parties, due to the transfer of U.S.$8,231.3 million in notes receivables to Braspetro Oil Services Company-Brasoil, as a consequence of the assumption by Brasoil of our obligations under the notes payable to Petrobras in the same amount.

Financial Expense

Our financial expense consists of interest paid and accrued on our outstanding indebtedness and other fees associated with our issuance of debt. Our financial expense decreased 0.8% to U.S.$1,454.1 million in the first nine months of 2008, as compared to U.S.$1,465.6 million in the first nine months of 2007. This decrease was primarily due to the assumption by Braspetro Oil Services Company-Brasoil of our obligations under the notes payable to Petrobras, as a consequence of the transfer of our notes receivables to Brasoil in the exact amount of U.S.$8,231.3 million. This decrease was partially offset by an increased interest expenses relating to recent issuances of notes, including the issuance of U.S.$1.0 billion in Global notes in November 2007 and U.S.$750.0 million in January 2008.

Other (Expense) Income, Net

We had an other expense of U.S.$250.9 million in the first nine months of 2008, as compared to an income of U.S.$1.8 million in the first nine months of 2007. In the first nine months of 2008, due to the recently declines in the oil international market prices, we recognized a loss of U.S.$252.8 million for the period ended September 30, 2008. The Company adopted the realizable value for inventory impairment purposes.

Liquidity and Capital Resources

Overview

We finance our oil trading activities principally from commercial banks, including lines of credit, as well as through inter-company loans from Petrobras and the issuance of notes in the international capital markets.

As an offshore, non-Brazilian company, we are not legally obligated to receive prior approval from the Brazilian National Treasury before incurring debt or registering debt with the Central Bank. As a matter of policy, however, we only issue debt following the recommendation of any of Petrobras’ Chief Financial Officer, Executive Board or Board of Directors, depending on the aggregate principal amount and the tenor of the debt to be issued.

Sources of Funds

Our Cash Flow

At September 30, 2008, we had cash and cash equivalents of U.S.$272.2 million, as compared to U.S.$674.9 million at December 31, 2007. Our operating activities used net cash of U.S.$6,918.8 million in the first nine months of 2008, as compared to using net cash of U.S.$3,013.9 million in the first nine months of 2007, primarily as a result of increased sales of crude oil and oil products and services, due primarily to higher average prices of crude oil and oil products in the international market.

3

Our investing activities provided net cash of U.S.$197.8 million in the first nine months of 2008, as compared to using net cash of U.S.$5,146.8 million in the first nine months of 2007, primarily as a result of a decrease in our issuance of loans to related parties, due to the transfer of U.S.$8,231.3 million in notes receivables to Braspetro Oil Services Company-Brasoil, as a consequence of the assumption by Brasoil of our obligations under the notes payable to Petrobras in the same amount, and our investments in marketable securities held by a fund that includes investments in tittles of Petrobras’ special purposes companies.

Our financing activities provided net cash of U.S.$6,318.3 million in the first nine months of 2008, as compared to providing net cash of U.S.$8,161.1 million in the first nine months of 2007, primarily as a result of a decrease in our financing needs.

Accounts Receivable

Accounts receivable from related parties increased 86.5% to U.S.$27,758.1 million at September 30, 2008, from U.S.$14,885.6 million at December 31, 2007, primarily as a result of an increase in the trading sales of crude oil and oil products primarily due to an increase in the average prices of crude oil and oil products in the international market.

Our Short-Term Borrowings

Our short-term borrowings are denominated in U.S. dollars and consist of lines of credit and loans payable. Our outstanding position at September 30, 2008 in irrevocable letters of credit was U.S.$969.2 million, as compared to U.S.$730.0 million at December 31, 2007, supporting crude oil and oil products imports. At September 30, 2008, we had accessed U.S.$145.4 million in lines of credit and loans from financing institutions, including the current portion of long-term lines of credit, as compared to U.S.$311.5 million accessed at December 31, 2007. The weighted average annual interest rate on these short-term borrowings was 3.73% at September 30, 2008, as compared to 5.59% at December 31, 2007. At September 30, 2008, we had utilized all of our available funds from lines of credit for the purchase of imports of crude oil and oil products.

The short-term portion of our notes payable to related parties consists of notes payable to Petrobras, and decreased 7.6% to U.S.$22,147.3 million at September 30, 2008, from U.S.$23,977.7 million at December 31, 2007, due to the assumption by Braspetro Oil Services Company-Brasoil of our obligations under the notes payable to Petrobras, as a consequence of the transfer of our notes receivables to Brasoil in the exact amount of U.S.$8,231.3 million.

Our Long-Term Borrowings

At September 30, 2008, we had long-term borrowings outstanding in financing institutions of (i) U.S.$631.0 million in long-term lines of credit due between 2009 and 2017, as compared to U.S.$646.0 million at December 31, 2007 and (ii) U.S.$394.0 million under the loan agreement with Malha Gas Investment Co. Ltd. (M-GIC), which acts as a Facility Agent for the Japan Bank for International Cooperation (JBIC). This loan bears interest at Libor plus 0.8% p.a., payable semi-annually. The principal amount will be paid semi-annually starting on December 15, 2009 through December 15, 2014.

On January 11, 2008, we reopened our outstanding U.S.$1.0 billion Global notes due March 1, 2018 in the amount of U.S.$750.0 million. The notes are fungible with the original notes issued on November 1, 2007, and bear interest at a rate of 5.875% per year, payable semi-annually. The total amount of U.S.$1,750.0 million is included in the Current and Long-Term Debt table below under the heading, “Global notes”.

On March 31, 2008, we paid U.S.$126.9 million of principal on the Global step-up notes that matured on April 1, 2008.

On May 8, 2008, we paid U.S.$224.2 million of principal on the Senior notes that matured on May 9, 2008.

4

At September 30, 2008, we also had outstanding:

• U.S.$235.3 million in Senior notes due 2011. The notes bear interest at the rate of 9.75%;
  
  
• U.S.$348.3 million (U.S.$66.7 million current portion) in connection with Petrobras’ exports prepayment program, U.S.$550 million in 6.436% Senior Trust Certificates due 2015, and U.S.$200 million in 3.748% Senior Trust Certificates due 2013;
  
  
• U.S.$3,939.0 million in Global notes, consisting of U.S.$374 million of Global notes due July 2013 that bear interest at the rate of 9.125% per year; U.S.$577 million of Global notes due December 2018 that bear interest at the rate of 8.375% per year; U.S.$398 million of Global notes due 2014 that bear interest at the rate of 7.75% per year; U.S.$899 million of Global notes due October 2016 that bear interest at the rate of 6.125% per year; and U.S.$1,750.0 million of Global notes due March 2018 that bear interest at the rate of 5.875% per year. Interest on these notes is paid semi-annually and the proceeds were used for general corporate purposes, including the financing of the purchase of oil product imports and the repayment of existing trade-related debt and inter-company loans; and
  
  
• U.S.$328.8 million (¥35 billion) in Japanese Yen Bonds issued in September 2006 and due September 2016. The issue was a private placement in the Japanese market with a partial guarantee from the Japan Bank for International Cooperation (JBIC) and was designed to tap the Japanese market, access a new investor base and achieve a competitive cost. The bonds bear interest at the rate of 2.15% per year, payable semi-annually. On the same date, we entered into a swap agreement with Citibank, swapping the total amount of this debt to a U.S. dollar-denominated debt.

At September 30, 2008, we had standby committed facilities available in the amount of U.S.$299.0 million, which are not committed to any specific use. We have no drawdown amounts related to these facilities, and, as of the date of this filing, we have not scheduled a date for the drawdown.

In June 2008, PifCo issued a corporate guarantee to International Finance Corporation – IFC in the amout of U.S.$40.0 million to back a loan contracted by affiliate company Quattor Petroquímica in connection with Petrobras strategy to consolidate petrochemical assets in the southeast region of Brazil. Accordingly, Quattor Petroquímica assumed the obligation to pay interest annually, in Reais, at a rate of 1% p. a. over the amount guaranteed by PifCo up to the maturity date of the loan in 2017, or until certain contractual conditions are reached, whichever comes first. In the event of execution of this guarantee, PifCo has been granted the right to recourse.

The following table sets forth the sources of our current and long-term debt at September 30, 2008 and December 31, 2007:

CURRENT AND LONG-TERM DEBT

	September 30, 2008		December 31, 2007
	(in millions of U.S. dollars)
	Current	Long-term	Current	Long-term
Financing institutions	U.S.$145.4	U.S.$1,025.0	U.S.$311.5	U.S.$1,040.0
Senior notes	5.3	235.3	238.5	235.4
Global step-up notes	-	-	130.8	-
Sale of right to future receivables	69.5	498.3	69.0	548.4
Assets related to export prepayment
to be offset against sales of right
to future receivables	-	(150.0)	-	(150.0)
Global notes	60.1	3,939.0	37.3	3,200.2
Japanese yen bonds	0.1	328.8	1.7	312.8
	U.S.$280.4	U.S.$5,876.4	U.S.$788.8	U.S.$5,186.8

5

The following table sets forth the sources of our capital markets debt outstanding at September 30, 2008:

CAPITAL MARKETS DEBT OUTSTANDING⁽¹⁾

	Principal Amount
Notes	(in millions of U.S. dollars)
9.750% Senior notes due 2011	235
4.848% Senior trust certificates due 2013 (2)	115
6.436% Senior trust certificates due 2015 (2)	300
9.125% Global notes due 2013	374
7.750% Global notes due 2014	398
6.125% Global notes due 2016	899
8.375% Global notes due 2018	577
5.875% Global notes due 2018	1,750
2.15% Japanese yen bonds due 2016 (3)	329
Total	U.S.$4,977

Unless otherwise noted, all debt is issued by us, with support from Petrobras through a standby purchase agreement.

(1) Does not include Junior trust certificates issued by PF Export Trust in connection with Petrobras’ exports prepayment program, because we are the beneficiary of such Junior trust certificates.
(2) Issued in connection with Petrobras’ exports prepayment program.
(3) Issued by us on September 27, 2006 in the amount of ¥ 35 billion.

Stockholder’s Equity

Capital Contribution

In March 2008, the capital contribution increased U.S.$212.5 million as a result of a gain due to acquisiton from Braspetro Oil Services Company - Brasoil and sale to Petrobras Netherlands B.V – PNBV, an affiliated, of the platform P-37.

Off Balance Sheet Arrangements

At September 30, 2008, we had no off-balance sheet arrangements that have, or are reasonably likely to have, a material effect on our financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources.

6

Petrobras International Finance Company
(A wholly-owned subsidiary of Petróleo
Brasileiro S.A. - Petrobras)

Consolidated Financial Statements
September 30, 2008 and 2007 together with Report of
Independent Registered Public Accounting Firm

Petrobras International Finance Company
and subsidiaries
(A wholly-owned subsidiary of Petróleo Brasileiro S.A. - Petrobras)

Consolidated Financial Statements

September 30, 2008 and 2007

Contents

Report of Independent Registered Public Accounting Firm	3
Consolidated Balance Sheets	4 - 5
Consolidated Statements of Operations	6
Consolidated Statements of Changes in Stockholder’s (Deficit)/Equity	7
Consolidated Statements of Cash Flows	8
Notes to the Consolidated Financial Statements	9 - 21

2

Report of Independent Registered Public Accounting Firm

To the Executive Board and Stockholder of
Petrobras International Finance Company

We have reviewed the accompanying condensed consolidated balance sheet of Petrobras International Finance Company (and subsidiaries) as of September 30, 2008, and the related condensed consolidated statements of operations, cash flows and changes in stockholder’s equity for the nine-month periods ended September 30, 2008 and 2007. These condensed consolidated financial statements are the responsibility of the Company’s management.

We conducted our review in accordance with the standards of the Public Company Accounting Oversight Board (United States). A review of interim financial information consists principally of applying analytical procedures and making inquiries of persons responsible for financial and accounting matters. It is substantially less in scope than an audit conducted in accordance with the standards of the Public Company Accounting Oversight Board (United States), the objective of which is the expression of an opinion regarding the financial statements taken as a whole. Accordingly, we do not express such an opinion.

Based on our review, we are not aware of any material modifications that should be made to the condensed consolidated financial statements referred to above for them to be in conformity with accounting principles generally accepted in the United States.

/s/ KPMG Auditores Independentes
KPMG Auditores Independentes

Rio de Janeiro, Brazil
November 10, 2008

3

Petrobras International Finance Company 

and subsidiaries 

(A wholly-owned subsidiary of Petróleo Brasileiro S.A. - Petrobras)

Consolidated Balance Sheets 

September 30, 2008 and December 31, 2007 

(In thousand of U.S. dollars)

	September 30,	December 31,
Assets	2008	2007
	(Unaudited)
Current assets
Cash and cash equivalents (Note 3)	272,239	674,915
Marketable securities (Note 4)	2,233,986	489,077
Trade accounts receivable
Related parties (Note 6)	27,758,072	14,885,575
Other	865,319	902,329
Notes receivable - related parties (Note 6)	1,135,532	9,673,301
Inventories (Note 5)	703,632	1,224,635
Export prepayments - related parties (Note 6)	392,445	72,496
Restricted deposits for guarantees and other	119,856	79,030
	33,481,081	28,001,358
Property and equipment	2,677	1,232
Other assets
Marketable securities (Note 4)	2,272,119	3,643,545
Notes receivable - related parties (Note 6)	408,362	279,574
Export prepayment - related parties (Note 6)	348,285	710,925
Restricted deposits for guarantees and prepaid expenses	175,991	233,085
	3,204,757	4,867,129
Total assets	36,688,515	32,869,719

See the accompanying notes to the consolidated financial statements

4

Petrobras International Finance Company 

and subsidiaries 

(A wholly-owned subsidiary of Petróleo Brasileiro S.A. - Petrobras)

Consolidated Balance Sheets 

September 30, 2008 and December 31, 2007 

(In thousand of U.S. dollars, except for number of shares and per share amounts)

	September 30,	December 31,
Liabilities and stockholder’s deficit	2008	2007
	(Unaudited)
Current liabilities
Trade accounts payable
Related parties (Note 6)	6,235,958	1,686,479
Other	2,158,328	1,180,955
Notes payable - related parties (Note 6)	22,147,302	23,977,731
Short-term financing (Note 7)	-	5,201
Current portion of long-term debt (Note 7)	202,550	704,911
Accrued interest (Note 7)	77,865	78,709
Other current liabilities	14,306	51,941
	30,836,309	27,685,927
Long-term liabilities
Long-term debt (Note 7)	5,876,396	5,186,789
	5,876,396	5,186,789
Stockholder’s deficit
Shares authorized and issued
Common stock - 300,050,000 shares at par value US$ 1	300,050	300,050
Additional paid in capital (Note 10)	266,394	53,926
Accumulated deficit	(578,905)	(347,549)
Other comprehensive income:
Loss on cash flow hedge	(11,729)	(9,424)
	(24,190)	(2,997)
Total liabilities and stockholder’s deficit	36,688,515	32,869,719

See the accompanying notes to the consolidated financial statements

5

Petrobras International Finance Company 

and subsidiaries 

(A wholly-owned subsidiary of Petróleo Brasileiro S.A. - Petrobras)

Consolidated Statements of Operations 

September 30, 2008 and 2007 

(In thousand of U.S. dollars, except net (loss)/income per share amounts)

(Unaudited)

	Nine-month periods ended
	September 30,
	2008	2007
Operating revenues:
Sales of crude oil, oil products and services
Related parties (Note 6)	21,179,672	10,208,788
Other	15,959,571	8,747,329
	37,139,243	18,956,117
Operating expenses:
Cost of sales
Related parties (Note 6)	(11,815,037)	(6,531,608)
Other	(24,994,823)	(12,165,012)
Selling, general and administrative expenses
Related parties (Note 6)	(231,779)	(127,294)
Other	(169,631)	(94,418)
	(37,211,270)	(18,918,332)
Operating (loss) income	(72,027)	37,785
Financial income
Related parties (Note 6)	1,195,007	1,188,735
Other	350,982	267,532
	1,545,989	1,456,267
Financial expense
Related parties (Note 6)	(991,982)	(1,103,696)
Other	(462,166)	(361,941)
	(1,454,148)	(1,465,637)
Financial, net	91,841	(9,370)
Exchange variation, net	(248)	86
Other (expense)/income, net	(250,922)	1,849
Net (loss)/income for the period	(231,356)	30,350
Net (loss)/income per share for the period - US$	(0.77)	0.10

See the accompanying notes to the consolidated financial statements

6

Petrobras International Finance Company 

and subsidiaries 

(A wholly-owned subsidiary of Petróleo Brasileiro S.A. - Petrobras)

Consolidated Statements of Changes in Stockholder’s (Deficit)/Equity 

September 30, 2008 and 2007 

(In thousand of U.S. dollars)

(Unaudited)

	Nine-month periods ended
	September 30,
	2008	2007
Common stock	300,050	300,050
Additional paid in capital
Balance at January 1	53,926	53,926
Additional paid in capital increase	212,468	-
Balance at end of the period	266,394	53,926
Accumulated deficit
Balance at January 1	(347,549)	(376,519)
Net (loss)/income for the period	(231,356)	30,350
Balance at end of the period	(578,905)	(346,169)
Other comprehensive income
Loss on cash flow hedge
Balance at January 1	(9,424)	(2,207)
Change in the period	(2,305)	421
Balance at end of the period	(11,729)	(1,786)
Total stockholder’s (deficit)/equity	(24,190)	6,021

See the accompanying notes to the consolidated financial statements

7

Petrobras International Finance Company 

and subsidiaries 

(A wholly-owned subsidiary of Petróleo Brasileiro S.A. - Petrobras)

Consolidated Statements of Cash Flows 

September 30, 2008 and 2007 

(In thousand of U.S. dollars)

(Unaudited)

	Nine-month periods ended
	September 30,
	2008	2007
Cash flows from operating activities
Net (loss)/income for the period	(231,356)	30,350
Adjustments to reconcile net (loss)/income to net cash
used in operations
Depreciation, amortization of prepaid expenses and debt	7,230	6,991
Inventory realizable value – loss (Note 5)	252,820
Decrease (increase) in assets
Trade accounts receivable
Related parties	(12,872,497)	(3,533,967)
Other	37,010	(200,653)
Export prepayments - related parties	(958,000)	(1,490,000)
Receipt of export prepayments - related parties	1,000,691	1,538,941
Other assets	298,583	(90,885)
Increase (decrease) in liabilities
Trade accounts payable
Related parties	4,549,479	36,892
Other	977,373	321,434
Other liabilities	19,865	367,032
Net cash used in operating activities	(6,918,802)	(3,013,865)
Cash flows from investing activities
Marketable securities, net	(373,483)	(2,103,514)
Notes receivable - related parties, net	573,144	(3,042,598)
Property and equipment	(1,869)	(664)
Net cash provided by (used in) investing activities	197,792	(5,146,776)
Cash flows from financing activities
Short-term financing, net of issuance and repayments	(5,201)	(96,116)
Proceeds from issuance of long-term debt	836,420	737,163
Principal payments of long-term debt	(665,475)	(1,141,248)
Short-term loans - related parties, net	6,152,590	(10,334,831)
Proceeds from long-term loans - related parties	-	18,996,175
Net cash provided by financing activities	6,318,334	8,161,143
(Decrease)/increase in cash and cash equivalents	(402,676)	502
Cash and cash equivalents at beginning of the year	674,915	510,812
Cash and cash equivalents at end of the period	272,239	511,314
Non cash financing activities
Capital contribution due to acquisition and sale of Platform through
loans (Note 10)	212,468	-
Transfer to Brasoil of notes receivable and payable (Note 6 (v))	8,231,299	-

See the accompanying notes to the consolidated financial statements

8

Petrobras International Finance Company 

and subsidiaries 

(A wholly-owned subsidiary of Petróleo Brasileiro S.A. - Petrobras)

Notes to the Consolidated Financial Statements 

(In thousand of U.S. dollars, except as otherwise indicated)

1. The Company and its Operations

Petrobras International Finance Company - (“PifCo” or “the Company”) was incorporated in the Cayman Islands on September 24, 1997 and operates as a wholly-owned subsidiary of Petrobras.

The primary objective of PifCo is to purchase crude oil and oil products from third parties and sell them at a premium to Petrobras on a deferred payment basis. Accordingly, intercompany activities and transactions, and therefore the Company's financial position and results of operations, are affected by decisions made by Petrobras. Additionally, to a more limited extent, the Company sells oil and oil products to third parties. PifCo also engages in international capital market borrowings as a part of the Petrobras financial and operating strategy.

The following is a brief description of each of the Company’s wholly-owned subsidiaries:

Petrobras Singapore Private Limited

Petrobras Singapore Private Limited (“PSPL”), based in Singapore, was incorporated in April 2006 to trade crude oil and oil products in connection with the trading activities in Asia.

Petrobras Finance Limited

Petrobras Finance Limited (“PFL”), based in the Cayman Islands, in connection with the Company’s structured finance export prepayment program, whereby PFL purchases fuel oil from Petrobras and sells this product in the international market, including sales to designated customers, in order to generate receivables to cover the sale of future receivables debt. Until June 1, 2006, PFL also used to purchase bunker fuel from Petrobras. Certain sales were through subsidiaries of Petrobras.

9

Petrobras International Finance Company 

and subsidiaries 

(A wholly-owned subsidiary of Petróleo Brasileiro S.A. - Petrobras)

Notes to the Consolidated Financial Statements (Continued)

(In thousand of U.S. dollars, except as otherwise indicated)

1. The Company and its Operations (Continued)

Petrobras Europe Limited

Petrobras Europe Limited (“PEL”), based in the United Kingdom, consolidates Petrobras’ European trade and finance activities. These activities consist of advising on and negotiating the terms and conditions for crude oil and oil products supplied to PifCo, PSPL, Petrobras Paraguay and Petrobras, as well as marketing Brazilian crude oil and other derivative products exported to the geographic areas in which the Company operates. PEL plays an advisory role in connection with these activities and undertakes no commercial or financial risk.

Bear Insurance Company Limited

Bear Insurance Company Limited (“BEAR”), based in Bermuda, contracts insurance for Petrobras and its subsidiaries.

2. Basis of Financial Statement Presentation

The accompanying unaudited consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (US GAAP). Although certain information normally included in consolidated financial statements prepared in accordance with US GAAP has been condensed or omitted, the disclosures are adequate to make the information presented not misleading. The unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements for the year ended December 31, 2007 and the notes thereto.

The consolidated financial statements as of September 30, 2008 and for the nine-month periods ended September 30, 2008 and 2007, included in this report are unaudited. However, they reflect all normal recurring adjustments that are necessary for a fair presentation of such consolidated financial statements. The results for interim periods are not necessarily indicative of trends or of results to be expected for a full year.

10

Petrobras International Finance Company 

and subsidiaries 

(A wholly-owned subsidiary of Petróleo Brasileiro S.A. - Petrobras)

Notes to the Consolidated Financial Statements (Continued)

(In thousand of U.S. dollars, except as otherwise indicated)

2. Basis of Financial Statement Presentation (Continued)

The preparation of these consolidated financial statements requires the use of estimates and assumptions that determine the amounts of the assets, liabilities, revenues and expenses reported in the consolidated financial statements, as well as amounts included in the notes thereto.

a. Foreign currency translation

The Company’s functional currency is the U.S. dollar. All monetary assets and liabilities denominated in a currency other than the U.S. dollar are remeasured into the U.S. dollar using the current exchange rates. The effect of variations in the foreign currencies is recorded in the consolidated statement of operations as financial expense or income.

b. Reclassification

Certain reclassifications have been made to prior year financial statements to confirm to current year presentation.

c . Recently adopted accounting pronouncements

• FASB Statement No. 157, Fair Value Measurements (“SFAS 157”)

In September 2006, the FASB issued SFAS 157, which became effective for the Company on January 1, 2008. This standard defines fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. SFAS 157 does not require any new fair value measurements but would apply to assets and liabilities that are required to be recorded at fair value under other accounting standards.

In February 2008, the FASB issued FASB Staff Position (FSP) FAS 157-2, "Effective Date of FASB Statement No. 157 Issued: February 2008, which became effective for the Company on January 1, 2008. This FSP delays the effective date of FASB Statement No. 157, Fair Value Measurements, for nonfinancial assets and nonfinancial liabilities, except for items that are recognized or disclosed at fair value in the financial statements on a recurring basis, at least annually.

11

Petrobras International Finance Company 

and subsidiaries 

(A wholly-owned subsidiary of Petróleo Brasileiro S.A. - Petrobras)

Notes to the Consolidated Financial Statements (Continued)

(In thousand of U.S. dollars, except as otherwise indicated)

2. Basis of Financial Statement Presentation (Continued)

c . Recently adopted accounting pronouncements (Continued)

• FASB Statement No. 157, Fair Value Measurements (“SFAS 157”) (Continued)

SFAS No. 157 and FSP FAS 157-2 requires disclosures that categorize assets and liabilities measured at fair value on a recurring basis into one of three different levels depending on the observability of the inputs applied in the measurement. Level 1 inputs are quoted prices in active markets for identical assets or liabilities. Level 2 inputs are observable inputs other than quoted prices included within Level 1 for the asset or liability, either directly or indirectly through market-corroborated inputs. Level 3 inputs are unobservable inputs for the asset or liability reflecting our assumptions about pricing by market participants.

The company implemented SFAS 157 and FSP FAS 157-2 effective on January 1, 2008 with no material impact due to the implementation, other than additional disclosures (see note 9).

• FASB Statement 159 “The Fair Value Option for Financial Assets and Financial Liabilities” (“SFAS 159”)

In February 2007, the FASB issued SFAS 159, that permits the measurement of certain financial instruments at fair value. Entities may choose to measure eligible items at fair value at specified election dates, reporting unrealized gains and losses on such items in earnings at each subsequent reporting period. SFAS 159 was implemented by the Company effective on January 1, 2008. During the first nine months of 2008, the Company did not elect any additional financial instrument to be measured at fair value due to SFAS 159, other than those already required by other existing accounting standards, so the implementation of SFAS 159 did not impact the Company consolidated financial statements.

12

Petrobras International Finance Company 

and subsidiaries 

(A wholly-owned subsidiary of Petróleo Brasileiro S.A. - Petrobras)

Notes to the Consolidated Financial Statements (Continued)

(In thousand of U.S. dollars, except as otherwise indicated)

3. Cash and Cash Equivalents

	September 30,	December 31,
	2008	2007
	(Unaudited)
Cash and banks	28,055	20,925
Time deposits and short-term investment	244,184	653,990
	272,239	674,915

4. Marketable Securities

				Total
			Interest rate	September 30,	December 31,
	Security	Maturity	per annum	2008 (i)	2007 (i)
				(Unaudited)
Available for Sale (iii)	Clep (ii)	2014	8%	829,785	867,794
Available for Sale (iii)	Marlim (ii)	2008-2011	9% + IGPM (*)	368,513	352,911
Held to Maturity	Gasene (ii)	2009	3.10%	230,186	224,142
Held to Maturity	Charter (ii)	2009	2.98% up to 3.56%	876,998	699,261
Held to Maturity	NTS (ii)	2009-2014	3.82%/4.06%	593,082	576,687
Held to Maturity	NTN (ii)	2009-2014	3.82%/4.06%	532,935	519,874
Held to Maturity	Mexilhão (ii)	2009	3.03% up to 3.75%	440,396	255,371
Held to Maturity	PDET (ii)	2019	4.86%/4.87%	351,626	204,986
Held to Maturity	TUM (ii)	2010	3.40%/3.82%	282,584	274,593
Held to Maturity	Third parties			-	157,003
				4,506,105	4,132,622
Less: Current balances				(2,233,986)	(489,077)
				2,272,119	3,643,545

^(*) IGPM - General Market Price Index, calculated by the Brazilian Institute of Economics (IBRE) of the Getulio Vargas Foundation (FGV).

(i) The balances include interest and principal.
(ii) Securities held by the fund respective to the special purposes companies, established to support Petrobras infrastructure projects, are not US exchange traded securities.
(iii) Changes in fair value related to the securities classified as available for sale in accordance with FAS 115 are diminimus and were included in the Statement of Operations as financial income or expense.

13

Petrobras International Finance Company 

and subsidiaries 

(A wholly-owned subsidiary of Petróleo Brasileiro S.A. - Petrobras)

Notes to the Consolidated Financial Statements (Continued)

(In thousand of U.S. dollars, except as otherwise indicated)

5. Inventories

	September 30,	December 31,
	2008	2007
	(Unaudited)
Crude oil	410,584	816,127
Oil products	293,048	408,508
	703,632	1,224,635

Inventory is stated at the lower of cost or market. Due to the recently declines in the oil international market prices, the Company recognized a loss of US$ 252,820 for the period ended September 30, 2008, which was classified as other operating expenses in the statement of operations. The Company adopted the realizable value for inventory impairment purposes.

14

Petrobras International Finance Company and subsidiaries 

(A wholly-owned subsidiary of Petróleo Brasileiro S.A. - Petrobras)

Notes to the Consolidated Financial Statements (Continued)

(In thousand of U.S. dollars, except as otherwise indicated)

6. Related Parties

		Petrobras	Downstream	Petrobras
	Petróleo	International	Participações	Netherlands B.V.-
	Brasileiro	Braspetro B.V. -	S.A.	PNBV
	S.A. -	PIB.B.V. and its	and its	and its		September 30,	December 31,
	Petrobras	Subsidiaries	subsidiaries	subsidiaries	Other	2008	2007
						(Unaudited)
Current assets
Marketable securities (iv)					2,233,986	2,233,986	407,564
Accounts receivable, principally for sales (i) (vi)	26,405,580	325,622	1,022,808	1,293	2,769	27,758,072	14,885,575
Notes receivable (v)		1,128,323			7,209	1,135,532	9,673,301
Export prepayment	76,867				315,578	392,445	72,496
Other							1,453
Other assets
Marketable securities (iv)					2,272,119	2,272,119	3,568,055
Notes receivable		408,362				408,362	279,574
Export prepayment	348,285					348,285	710,925
Current liabilities
Trade accounts payable	5,948,142	210,643	77,173			6,235,958	1,686,479
Notes payable (ii) (v)	22,147,302					22,147,302	23,977,731
						For the nine-month
						periods ended
						September 30,	September 30,
Consolidated Statement of operations						2008	2007
Sales of crude oil and oil products and services	17,262,261	1,509,750	2,382,596	1,292	23,773	21,179,672	10,135,798
Purchases (iii)	(9,592,163)	(1,370,706)	(413,191)		(438,977)	(11,815,037)	(6,531,608)
Selling, general and administrative expense	(200,293)	(31,468)			(18)	(231,779)	(127,294)
Financial income	1,049,928	70,377	41,734	15,041	17,927	1,195,007	1,188,735
Financial expense	(980,676)	(8,230)			(3,076)	(991,982)	(1,103,696)

Commercial operations between PifCo and its subsidiaries and affiliated companies are carried out under normal market conditions and at commercial prices, except for the sales of oil and oil products to Petrobras, which have an extended settlement period consistent with PifCo’s formation as a financing entity, and include finance charges accrued during the extended payment period.

Certain affiliates of PifCo and PFL, which are subsidiaries of Petrobras, serve as agents in connection with export sales to certain customers under the export prepayment program. Those transactions have been classified as related party transactions for purposes of these financial statements.

The transactions were realized to support the financial and operational strategy of the Company's Parent Company, Petróleo Brasileiro S.A. - Petrobras.

(i) Accounts receivable from related parties relate principally to crude oil sales made by the Company to Petrobras, with extended payment terms of up to 330 days.
(ii) Current Liabilities - Notes payable relate to loans executed between the Company and Petrobras. The annual interest is 5.86% .
(iii) Purchases from related parties are presented in the cost of sales section of the statement of operations.
(iv) See Note (4).
(v) PifCo has authorized, in January 2008, to transfer to Braspetro Oil Services Company - Brasoil its notes receivable contracts in the total amount of US$ 8,203,289 in which Petrobras International Braspetro B.V. - PIB.B.V, Petrobras Netherlands B.V. - PNBV and Agri Development B.V. - AGRI B.V. are counterparts. Accordingly, it was recommended to Brasoil the assumption of obligations in the exact amount of the notes receivable contracts payment that PifCo holds with Petrobras. In July 2008, PifCo has authorized to transfer to Braspetro Oil Services Company – Brasoil its notes receivable contracts in the total amount of US$ 28,010 in which Petrobras Netherlands B.V. - PNBV is counterpart. Accordingly, it was recommended to Brasoil the assumption of obligations in the exact amount of the notes receivable contracts payment that PifCo holds with Petrobras.
(vi) Unearned income in connection with finance charges accrued during the extended payment period on commercial operations granted by PifCo to related parties are presented as assets under accounts receivable - related parties.

15

Petrobras International Finance Company 

and subsidiaries 

(A wholly-owned subsidiary of Petróleo Brasileiro S.A. - Petrobras)

Notes to the Consolidated Financial Statements (Continued)

(In thousand of U.S. dollars, except as otherwise indicated)

7. Financing

	Unaudited
	September 30, 2008		December 31, 2007
	Current	Long-term	Current	Long-term
Financial institutions (i)	145,378	1,025,000	311,471	1,040,000
Senior notes	5,362	235,350	238,474	235,350
Global step-up notes	-	-	130,772	-
Sale of right to future receivables	69,488	498,285	69,012	548,400
Assets related to export prepayment to be offset
against sale of right to future receivables	-	(150,000)	-	(150,000)
Global notes (ii)	60,128	3,939,006	37,337	3,200,209
Japanese yen bonds	59	328,755	1,755	312,830
	280,415	5,876,396	788,821	5,186,789
Financing	-	5,876,396	5,201	5,186,789
Current portion of long-term debt	202,550	-	704,911	-
Accrued interest	77,865	-	78,709	-
	280,415	5,876,396	788,821	5,186,789

(i) As of December 31, 2007, the outstanding balance of net premiums on reissuances amounted to US$ 2,082. PifCo did not incur in expenses on extinguishment of debt during the period ended September 30, 2008.

(ii) On January 11, 2008, PifCo issued Senior Global Notes of US$ 750,000, that constitute a single issue fungible with the US$ 1,000,000 launched on November 1, 2007, amounting to US$ 1,750,000 in issued bonds due on March 1, 2018. The Notes bear interest at the rate of 5.875% per annum, payable semiannually, beginning on March 1, 2008. The purpose of this issue was to access long-term debt capital markets, refinance prepayments of maturing debt and to reduce the cost of capital.

16

Petrobras International Finance Company 

and subsidiaries 

(A wholly-owned subsidiary of Petróleo Brasileiro S.A. - Petrobras)

Notes to the Consolidated Financial Statements (Continued)

(In thousand of U.S. dollars, except as otherwise indicated)

7. Financing (Continued)

Long-term maturities
	September 30,
	2008
2009	52,654
2010	474,608
2011	392,028
2012	161,798
2013	536,429
2014	553,874
Thereafter	3,705,005
	5,876,396

8. Commitments and Contingencies

(a) Oil Purchase Contract

In an effort to ensure procurement of oil products for the Company’s customers, the Company currently has several short and long-term normal purchase contracts with maturity date up to 2017, which collectively obligate it to purchase a minimum of approximately 309,850 barrels of crude oil and oil products per day at market prices.

(b) Purchase Option - Platforms

The Company has maintained the right to exercise the call option on the existing Subchartered Asset Option Agreement granted by PNBV and has maintained the obligation to purchase the vessels in case the Owners exercise the Put Option, on condition of an event of default, under the same Option Agreement, for the Platforms P-8, P-15, P-32. PifCo also has an obligation to purchase the platforms after the expiration of the Charter terms.

In relation to P-47, PifCo has maintained the right to exercise the call option on the existing Subchartered Asset Option Agreement granted by PNBV and has maintained the obligation to purchase the vessel in case the Owner exercise the Put Option, on condition of an event of default or of the expiration of the Charter.

PifCo may designate any affiliate or subsidiary to perform its obligations under this agreement.

17

Petrobras International Finance Company 

and subsidiaries 

(A wholly-owned subsidiary of Petróleo Brasileiro S.A. - Petrobras)

Notes to the Consolidated Financial Statements (Continued)

(In thousand of U.S. dollars, except as otherwise indicated)

8. Commitments and Contingencies (Continued)

(c) Loans Agreement

The Company’s outstanding position at September 30, 2008 in irrevocable letters of credit was US$ 969,152, as compared to US$ 730,045 at December 31, 2007, supporting crude oil and oil products imports.

Additionally, the Company had standby committed facilities available in the amount of US$ 299,000 (US$ 327,000 at December 31, 2007), which are not committed to any specific use. PifCo has no drawn down amounts related to these facilities and does not have a scheduled date for the drawdown.

In June 2008, PifCo issued a corporate guarantee to International Finance Corporation – IFC in the amout of US$ 40,000 to back a loan contracted by affiliate company Quattor Petroquímica in connection with Petrobras strategy to consolidate petrochemical assets in the southeast region of Brazil. Accordingly, Quattor Petroquímica assumed the obligation to pay interest annually, in Reais, at a rate of 1% p. a. over the amount guaranteed by PifCo up to the maturity date of the loan in 2017, or until certain contractual conditions are reached, whichever comes first. In the event of execution of this guarantee, PifCo has been granted the right to recourse.

9. Financial instruments and risk management

All of the Company’s derivative instruments are recorded in the consolidated balance sheet at their fair value. For exchange-traded contracts, fair value is based on quoted market prices. For non-exchange traded contracts, fair value is based on dealer quotes, pricing models or quoted prices for instruments with similar characteristics. The transaction price is used as the initial fair value of the contracts.

PifCo designates at inception whether the derivative contract will be considered hedging or non-hedging for SFAS 133 accounting purposes. Non-hedging derivatives that are considered economic hedges, but not designated in a hedging relationship for accounting purposes, are recorded as other current assets or liabilities, with changes in fair value recorded as financial income or financial expense.

18

Petrobras International Finance Company 

and subsidiaries 

(A wholly-owned subsidiary of Petróleo Brasileiro S.A. - Petrobras)

Notes to the Consolidated Financial Statements (Continued)

(In thousand of U.S. dollars, except as otherwise indicated)

9. Financial instruments and risk management (Continued)

For SFAS 133 hedges, PifCo formally documents at inception all relationships; identifying the hedging instrument and hedged item, as well as its risk management objectives and strategies for undertaking the hedge. The Company assesses at the hedge’s inception and for each reporting date thereafter whether the derivative used in the hedging transaction is expected to be and has been highly effective.

PifCo has designated one hedging relationship for accounting purposes as a cash flow hedge in order to manage foreign currency exchange rate risk. Changes in the fair value of the derivative hedging instrument are recorded in Accumulated OCI. Any hedge ineffectiveness, as well as the excluded component of the derivative from the effectiveness assessments, are recorded directly in earnings. The cross currency swap at September 30, 2008 and 2007 had a fair value of US$ 19,218 and US$ 5,168, respectively, due to the valuation of the Japanese Yen when compared to U.S. dollar since the inception of the instrument. The hedged item is a ¥ 35 billion 10 year issued bond, with a semi-annual coupon of 2.15% p.a. The hedging instrument is a series of cross currency swaps, whose notional amounts, underlyings and maturities match the terms of the Japanese yen bond; in which U.S. dollars are paid and Japanese yen are received.

PifCo had written put options in the past that allows the holder of the options to sell a floating number of heavy fuel oil volumes at a minimum price of US$14/barrel. Such option had served as an economic hedge on related future sales of receivables under the structured finance export prepayment program; the intent of which was to ensure that physical barrels delivered under the structured finance export prepayment program generate sufficient cash proceeds to repay related financial obligations. Given the low strike price relative to the market the fair value of these options is immaterial at September 30, 2008 and 2007.

Fair Value

Fair values are derived either from quoted market prices available, or, in their absence, the present value of expected cash flows. The fair values reflect the cash that would have been received or paid if the instruments were settled at year end. Fair values of cash and cash equivalents, trade receivables, short-term debt and trade payables approximate their carrying values.

19

Petrobras International Finance Company 

and subsidiaries 

(A wholly-owned subsidiary of Petróleo Brasileiro S.A. - Petrobras)

Notes to the Consolidated Financial Statements (Continued)

(In thousand of U.S. dollars, except as otherwise indicated)

9. Financial instruments and risk management (Continued)

At September 30, 2008 and December 31, 2007 the Company’s long-term debt was US$ 5,876,396 and US$ 5,186,789 respectively, and had estimated fair values of approximately US$ 5,792,600 and US$ 5,625,000, respectively.

The Company’s long-term asset related to the export prepayment program was US$ 348,285 and US$ 710,925 at September 30, 2008 and December 31, 2007, and had fair values of US$ 347,500 and US$ 714,400, respectively.

The disclosure requirements of SFAS No. 157 and FSP FAS 157-2 were applied to the Company’s derivative instruments and certain marketable securities recognized in accordance with SFAS-115.

The company’s commodities derivatives and marketable securities fair values were recognized in accordance with exchanged quoted prices as the balance sheet date for identical assets and liabilities in active markets, and, therefore, were classified as level 1.

The fair values of cross currency swaps were calculated using observable interest rates in JPY and USD for the full term of the contracts, and, therefore, were classified as level 2.

The fair value hierarchy for our financial assets and liability accounted for at fair value on a recurring basis at September 30, 2008, was:

			September 30,
	Level 1	Level 2	2008
Assets
Marketable securities - available for sale	1,198,298	-	1,198,298
Derivatives	-	19,218	19,218
Liability
Derivatives	3,364	-	3,364

20

Petrobras International Finance Company 

and subsidiaries 

(A wholly-owned subsidiary of Petróleo Brasileiro S.A. - Petrobras)

Notes to the Consolidated Financial Statements (Continued)

(In thousand of U.S. dollars, except as otherwise indicated)

10. Stockholder's Equity

Capital Contribution

In March 2008, the capital contribution increased US$ 212,468 as a result of a gain due to acquisiton from Braspetro Oil Services Company - Brasoil and sale to Petrobras Netherlands B.V – PNBV, an affiliated, of the platform P-37.

* * *

21

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Date: November 24, 2008

PETROBRAS INTERNATIONAL FINANCE COMPANY-PifCo
By:	/S/  Daniel Lima de Oliveira
	Daniel Lima de Oliveira Chairman of the Board

FORWARD-LOOKING STATEMENTS

This press release may contain forward-looking statements. These statements are statements that are not historical facts, and are based on management's current view and estimates offuture economic circumstances, industry conditions, company performance and financial results. The words "anticipates", "believes", "estimates", "expects", "plans" and similar expressions, as they relate to the company, are intended to identify forward-looking statements. Statements regarding the declaration or payment of dividends, the implementation of principal operating and financing strategies and capital expenditure plans, the direction of future operations and the factors or trends affecting financial condition, liquidity or results of operations are examples of forward-looking statements. Such statements reflect the current views of management and are subject to a number of risks and uncertainties. There is no guarantee that the expected events, trends or results will actually occur. The statements are based on many assumptions and factors, including general economic and market conditions, industry conditions, and operating factors. Any changes in such assumptions or factors could cause actual results to differ materially from current expectations.