Petrobras (PBR)

a) Global Notes of PifCo

On July 9, 2009, Petrobras International Finance Company (PifCo) concluded the offer of US$1,250 for reopening its Global Notes with maturity on March 15, 2019 in the format of a unsubordinated senior debt, with a yield for the investor 1.25% lower than the yield of the original issue made in February 2009.

• Coupon: 7.875% p.a.;

• Yield for the investor: 6.875%;

• Spread for the American Treasury Bond: 332.3 base points;

• Date for payment of interest: March 15 and September 15 of each year, starting on September 15, 2009;

• Ratings: Baa1 (Moody’s); BBB- (S&P); BBB (Fitch);

• Subscribers: Citi, HSBC, J.P. Morgan and Santander; and

• Co-Managers: Banco do Brasil and Société Generale.

The funds raised with this issue will be earmarked to pay part of the two-year bridge loans taken out at the beginning of the year, which will represent the lengthening of the financing in line with what was announced during the disclosure of the 2009-2013 Business Plan.

This financing had issuing costs estimated at US$5, a premium of US$87 and an effective tax rate of 6.933% p.a. Global Notes constitute unsecured, unsubordinated obligations of PifCo and have the complete, unconditional guarantee of Petrobras.

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20. Subsequent Events (Continued)

Global Notes of PifCo

On July 9, 2009, PifCo issued Global Notes in the total amount of U.S.$1,250 million in the international capital market, due March 15, 2019. The Global Notes bear interest at the rate of 7.875% per year, payable semiannually beginning on September 15, 2009. The Global Notes are consolidated, form a single series and are fully fungible with PifCo’s outstanding U.S.$1,500 million 7.875% Global Notes due 2019, issued on February 11, 2009. The funds will be used to pay part of the two-year bridge loans incurred at the beginning of this year, in accordance with the 2009-2013 Petrobras Business Plan.

This financing had an estimated cost of U.S.$5 million, a premium of U.S.$87 million and an effective interest rate of 6.933% per year. The Global Notes constitute general senior unsecured and unsubordinated obligations of PifCo and are unconditionally and irrevocably guaranteed by Petrobras.

Global Notes - PifCo

• On February 11, 2009, Petrobras International Finance Company - PifCo, a wholly owned subsidiary of Petrobras, completed the issue of US$1,500 Global Notes on the international capitals market, with maturity on March 15, 2019, an interest rate of 7.875% p.a. and half-yearly payment of interest as from September 1, 2009. The funds raised are being used for general corporate purposes, including financing the Petrobras Business Plan 2009-2013.

This financing had issuing costs estimated at US$6, a premium of US$26 and an effective tax rate of 8.187% p.a. Global Notes constitute unsecured and unsubordinated obligations for PifCo and have the complete, unconditional guarantee of Petrobras.

• On March 24, 2009, the PifCo drewdown US$1,000 in a line of credit due on March 2011. The Line bear interest at an initial rate of 3 Month Libor + 2.65% per annum, payable quarterly. The proceeds are being used to finance the purchase of oil imports to Petrobras from PifCo.

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10. Financings (Continued)

b) Long-term debt (Continued)

Credit facility agreement to finance exports

On March 06, 2009, Petrobras contracted a credit facility of US$210, 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 the CDI + 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.