Petrobras (PBR)

Fund Raising

(Rio de Janeiro, December 4, 2008). – PETRÓLEO BRASILEIRO S/A - PETROBRAS, [Bovespa: PETR3/PETR4, NYSE: PBR/PBRA, Latibex: XPBR/XPBRA, BCBA: APBR/APBRA], a Brazilian international energy company, announces that in the ordinary course of its business, it has been raising funds in the national and international financial market aiming to maintain the company strength and to undertake its investment program as announced.

• In addition to the funds raised through the end of October, as widely announced in the Quarterly Information Report (ITR) under the subsequent event item, we undertook the following operations:
  
  
• $200 million contracted on November 7, 2008 with a pool of foreign banks lead by the BNP Paribas bank, and insured by the Italian exports credit agency SACE (Servizi Assicurativi del Commercio Estero), with a 14-year term.
  
  
• $500 million contracted on December 1, 2008 with Canadian export credit agency EDC (Export Development Canada), with a 12-year term.
  
  
• $200 million with Bradesco, on December 3, 2008 as a Pre-Shipment Export Financing (ACC) and due in 01 year.

The 2008-2012 Business Plan projects investments of $112.4 billion, which will be financed via the company’s own cash generation and with funds raised in the market. The financing activity is part of the Company's cash management activities and is regularly released in its Financial Reports.

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.