Petrobras (PBR)

Clarification of Recent News

Rio de Janeiro, March 13 2009 – PETRÓLEO BRASILEIRO S/A - PETROBRAS, [Bovespa: PETR3/PETR4, NYSE: PBR/PBRA, Latibex: XPBR/XPBRA, BCBA: APBR/APBRA], a Brazilian international energy company, in response to written notice received from the Securities and Exchange Commission of Brazil – CVM ,CVM/SEP/GEA-2/N° 76/09, wishes to clarify the news published yesterday in the Brazilian press about the intention of a Japanese Group to finance the Premium Refinery.

The Company informs that it celebrated on January 28, 2009 Memorandum of Understandings (MOU) with Marubeni Corporation (Marubeni) regarding the joint study for the Project of Premium 1 Refinery in the state of Maranhão.

The Memorandum is based on Marubeni's interest to act as potential partner of the project, and aims to execute a joint study to analyze the implementation of the Project with the participation of Marubeni, and does not create any additional obligation to the parties or any financial obligation to Petrobras.

www.petrobras.com.br/ri/english
Contacts: PETRÓLEO BRASILEIRO S. A. – PETROBRAS
Investor Relations Department I E-mail: petroinvest@petrobras.com.br / acionistas@petrobras.com.br
Av. República do Chile, 65 – 22^nd floor - 20031-912 - Rio de Janeiro, RJ I Tel.: 55 (21) 3224-1510 / 9947

This document may contain forecasts that merely reflect the expectations of the Company’s management. Such terms as “anticipate”, “believe”, “expect”, “forecast”, “intend”, “plan”, “project”, “seek”, “should”, along with similar or analogous expressions, are used to identify such forecasts. These predictions evidently involve risks and uncertainties, whether foreseen or not by the Company. Therefore, the future results of operations may differ from current expectations, and readers must not base their expectations exclusively on the information presented herein.

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.

Clarification on recent news

Rio de Janeiro, February 5, 2008). – PETRÓLEO BRASILEIRO S/A - PETROBRAS, [Bovespa: PETR3/PETR4, NYSE: PBR/PBRA, Latibex: XPBR/XPBRA, BCBA: APBR/APBRA], a Brazilian international energy company, wishes to clarify a report in the newspaper Valor Econômico entitled “Petrobras envisages the issue of up to R$ 45 billion in shares up to 2013”, as well as other newspaper reports on a new international bond issue.

During the course of the preparation of the Business Plan 2009-2013, different scenarios of price, investments and funding were studied. Among the funding alternatives, there were simulations which included the possibility of a share issue. However, the Business Plan approved on January 23 2009 by Petrobras’ Board of Directors and widely announced, envisages no such share issue.

As to reports that Petrobras has issued bonds in the international market, the Company informs that its wholly owned subsidiary Petrobras International Finance Company (PIFCo) concluded yesterday (February 4 2009) the pricing process for U.S.$ 1,5 billion of Senior Unsecured Global Notes due March 15, 2019, in the international capital market, under the following terms:

• Coupon: 7.875% a.a.
• Yield to Maturity: 8.125%
• Maturity: March 15, 2019
• Ratings: Baa1 Stable (Moody’s); BBB- Stable (S&P); BBB- Stable (Fitch)
• Joint Bookrunners: HSBC, JP Morgan & Santander
• Co-Manager: Citi & Banco do Brasil

After the closing of the deal, due to February 11, Petrobras will complement the information regarding the bond issue. This operation was the first one coordinated by the institutions which guaranteed to Petrobras a 2 years bridge loan funding until the company could better access the capital markets, via long term bond issues, as announced during the release of the Business Plan 2009-2013.

www.petrobras.com.br/ri/english
Contacts: PETRÓLEO BRASILEIRO S. A. – PETROBRAS
Investor Relations Department | E-mail: petroinvest@petrobras.com.br / acionistas@petrobras.com.br
Av. República do Chile, 65 – 22^nd floor - 20031-912 - Rio de Janeiro, RJ | Tel.: 55 (21) 3224-1510 / 9947

This document may contain forecasts that merely reflect the expectations of the Company’s management. Such terms as “anticipate”, “believe”, “expect”, “forecast”, “intend”, “plan”, “project”, “seek”, “should”, along with similar or analogous expressions, are used to identify such forecasts. These predictions evidently involve risks and uncertainties, whether foreseen or not by the Company. Therefore, the future results of operations may differ from current expectations, and readers must not base their expectations exclusively on the information presented herein.

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.