Petrobras (PBR)

BOARD OF DIRECTORS OF PIFCo

Almir Guilherme Barbassa. Mr. Barbassa has been PIFCo’s Chairman and Chief Executive Officer and Executive Manager of Corporate Finance of Petrobras since July 12, 1999. He joined Petrobras in 1974 and served in Braspetro as Financial Manager in the Middle East, North Africa, the United States and Brazil, and as Financial Director from 1993 to 1999. In addition, he was a professor in the economics department of the Petrópolis Catholic University and of the Faculdades Integradas Bennett from 1973 to 1979.

Marcos Antonio Silva Menezes. Mr. Menezes has been PIFCo’s Director and Executive Manager of the Accounting Department of Petrobras since 1998. He joined Petrobras in 1976 and served as Deputy Superintendent of the former SEFIN – Financial Services (1995-1998). He currently serves as a member of the fiscal council of Companhia de Gás de Minas Gerais – GASMIG (since 2005) and BRASKEM S.A. (since 2005), as well as the chairman of the fiscal council of Instituto Brasileiro de Petróleo e Gás (since 1998) and Organização Nacional das Indústrias de Petróleo—ONIP (since 1999).

Nilo Carvalho Vieira Filho. Mr. Vieira has been PIFCo’s Executive Manager of Marketing and Trading since June 25, 2004. He joined Petrobras in March 1985 as a supply engineer. Since then, he has occupied the positions of supply manager at Petrobras (1990-1994), head of external trading (1995-1999), Director of Braspetro (2000-2001) and Director of Eg3 in Argentina (2002-2004).

Executive Officers of Petrobras

Our board of executive officers, composed of one president and up to six executive officers, is responsible for our day-to-day management. Under our bylaws, the board of directors is entitled to elect the executive officers, including the president. The president must be chosen from among the members of the board of directors. All of the executive officers must be Brazilian nationals and reside in Brazil. The maximum term for executive officers is

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three years, but re-election is permitted. The board of directors may remove any executive officer from office at any time with or without cause. Four of the current executive officers are experienced managers, engineers or technicians from Petrobras, one of whom has served on the board of directors of one of our subsidiaries.

The following table sets forth certain information with respect to our executive officers: