Petrobras (PBR)

Credit facility agreement to finance exports

On March 06, 2009, Petrobras contracted a credit facility of US$256, with the Banco do Brasil. The transaction was ensured by an Export Credit Note, the sole purpose of which is to increase Petrobras’ exports of oil and oil products and was negotiated with the following terms:

• Term: February 24, 2011, with interest payable every 6 months, beginning on September 24, 2009, and settlement of the principal at the end of the term;

• Interest rate: 113% of average rate of the CDI (1) + Flat Fee of 0.85%;

• Clause providing for early repayment as from 180 days of the withdrawal;

• Exemption of IOF tax on presentation of proof of the export operations; and

• Waiver of guarantees.

(1) CDI rate is the average rate for interbank deposits made during the day in Brazil.

41

Table of Contents

10. Financings (Continued)

b) Long-term debt (Continued)

On April 20, 2009, Petrobras took out financing of US$256 and US$102 from Banco do Brasil. The operation was made feasible through the issue of Export Credit Notes (NCE), the exclusive purpose of which was to increase Petrobras' exports of oil and oil products. This transaction was negotiated with the following conditions:

• Term: Maturity of the principal on April 7, 2011 and maturity of the payments of the financial charges half-yearly as from November 7, 2009;

• Interest rate: 113% of average rate of CDI + Flat Fee of 0.85%;

• Prepayment clause as of 180 days of the drawdown;

• Exemption of Tax on Financial Operations IOF (Tax on Financial Operations) upon proof of the export transactions; and

• Waiver of the guarantees.

(f) Credit facility agreement to finance exports

On October 03, 2007, Petrobras contracted a credit facility of US$282 with the Banco do Brasil. The transaction was ensured by an Export Credit Note (NCE), the sole purpose of which is to increase Petrobras’ exports of ethanol, in light of the future prospects for growth of biofuel business, as highlighted in the Company’s strategic plan.

This transaction marks the return of Petrobras to credit facility contracting in the local market and was negotiated with the following terms:

• Term: 2 years, with settlement of the principal and interest at the end of the term;

• Interest rate: 96.2% of the CDI;

• Clause providing for early repayment as from 180 days of the withdrawal with no penalties;

• Exemption of IOF tax; and

• Waiver of guarantees.

On March 17 and 26, 2008, Petrobras contracted a credit facility of US$435 and US$289, respectively, with the Banco do Brasil. The transaction was ensured by an Export Credit Note, the sole purpose of which is to increase Petrobras’ exports of ethanol, in light of the future prospects for growth of biofuel business, as highlighted in the Company’s strategic plan and was negotiated with the following terms:

• Term: 2 years and 3 years, with settlement of the principal and interest at the end of the term;

• Interest rate: 95% of the CDI;

• Clause providing for early repayment as from 180 days of the withdrawal with no penalties;

73

• Exemption of IOF tax on presentation of proof of the export operations; and

• Waiver of guarantees.

74

On April 4 and 11, 2008 Petrobras took out financing of US$234 and US$948 from Banco do Brasil. The transaction was made viable through the issuing of Export Credit Notes (NCE), whose purpose is to increase the company’s exports of oil and oil products. This transaction was settled in advance on December 23, 2008 and re-contracted for the same amount initially negotiated in reais (US$171 and US$685, respectively), however with the following conditions:

• Term: On January 12, 2011, with interest payable every 6 months and settlement of the principal at the end of the term;

• Interest rate: 108.20% of the CDI + Flat fee of 2% (payment on January 9, 2009);

• Clause providing for early repayment as from 180 days of the withdrawal with no penalties;

• Exemption of IOF tax on presentation of proof of the export operations; and

• Waiver of guarantees.

Credit facility agreement to finance exports

On April 04 and 11, 2008, Petrobras contracted a credit facility of US$229 and US$915 with the Banco do Brasil. The transaction was ensured by an Export Credit Note - NCE, the sole purpose of which is to increase Petrobras’ exports of oil and derivatives and was negotiated with the following terms:

Term: 1 year, with interest payable every 6 months and settlement of the principal at the end of the term;

Interest rate: 102% of the CDI + Flat Fee of 0.06%, six-monthly, in advance;

Clause providing for early repayment as from 180 days of the withdrawal with no penalties;

Exemption of IOF tax on presentation of proof of the export operations; and

Waiver of guarantees.

67

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.

h) Credit facility agreement to finance exports

On October 03, 2007 Petrobras contracted a credit facility of R$ 500.000 with the Banco do Brasil. The transaction was ensured by an Export Credit Note - NCE, the sole purpose of which is to increase Petrobras’ exports of ethanol, in light of the future prospects for growth of biofuel business, as highlighted in the company’s strategic plan and was negotiated with the following terms:

• Term: 2 years, with settlement of the principal and interest at the end of the term;
  
  
• Interest rate: 96,2% of the CDI;
  
  
• Clause providing for early repayment as from 180 days of the withdrawal with no penalties;
  
  
• Exemption of IOF tax; and
  
  
• Waiver of guarantees.

b) Credit facility agreement to finance exports

On October 03, 2007 Petrobras contracted a credit facility of US$272 with the Banco do Brasil. The transaction was ensured by an Export Credit Note (NCE), the sole purpose of which is to increase Petrobras’ exports of ethanol, in light of the future prospects for growth of biofuel business, as highlighted in the company’s strategic plan.

This transaction marks the return of Petrobras to credit facility contracting in the local market and was negotiated with the following terms:

• Term: 2 years, with settlement of the principal and interest at the end of the term;
  
  
• Interest rate: 96.2% of the CDI;
  
  
• Clause providing for early repayment as from 180 days of the withdrawal with no penalties;
  
  
• Exemption of IOF tax; and
  
  
• Waiver of guarantees.

61

Table of Contents

22. Subsequent Events (Continued)

c) Investment in the Gulf of Mexico

On October 03, 2007 Petrobras acquired, with investment of US$108, a further 26 blocks in the Gulf of Mexico at an auction held by Minerals Management Service (MMS). Of the 26 blocks, Petrobras secured a 100% share and the role of operator in 20 blocks. The remaining blocks (six) were purchased in partnership with Devon Energy, of which two will be operated by Petrobras and four by Devon, and participations with be shared equally with 50% for each.

26.2 Credit facility agreement to finance exports

On October 03, 2007 Petrobras contracted a credit facility of R$ 500.000 thousand with the Banco do Brasil. The transaction was ensured by an Export Credit Note (NCE), the sole purpose of which is to increase Petrobras’ exports of ethanol, in light of the future prospects for growth of biofuel business, as highlighted in the company’s strategic plan.

This transaction marks the return of Petrobras to credit facility contracting in the local market and was negotiated with the following terms:

• Term: 2 years, with settlement of the principal and interest at the end of the term;

• Interest rate: 96,2% of the CDI;

• Clause providing for early repayment as from 180 days of the withdrawal with no penalties;

• Exemption of IOF tax; and

• Waiver of guarantees.