Petrobras (PBR)

NOTICE TO SHAREHOLDERS I

We inform that the dividend and interest on capital payment date will be set by the Financial Department. According to the Law 6404/76 – Art. 205 – 3rd paragraph, “dividend must be paid, except if contrarily deliberated at the General Meeting, up to sixty days after the date when the dividend is declared”. In this case, due date for dividend payment is June 01, 2007.

Additionally, we inform that quota holders of FMP-FGTS mutual funds do not receive the dividend directly. It is paid by the company to the funds, increasing its patrimonial value and, as consequence, the value of the quotas. Quota holders receive the dividend indirectly through the increase in value of their quotas.

5

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.

NOTICE TO SHAREHOLDERS - I

Company Management informs that a fault in the collection and tallying of votes, in separate, for the election by preferred shareholders of their representative in the Fiscal Council at the General Meeting held on April 04, 2006 was identified. As a result, this matter will be directed to the Board of Directors in order to take the necessary steps concerning the rectification of the referred fault, which will be opportunely communicated to Shareholders.

NOTICE TO SHAREHOLDERS - II

We inform that the dividend and interest on capital payment date will be set by the Financial Department. According to the Law 6404/76 - Art. 205 - 3rd paragraph, "dividend must be paid, except if contrarily deliberated at the General Meeting, up to sixty days after the date when the dividend is declared". In this case, due date for dividend payment is June 02, 2006.

Additionally, we inform that quota holders of FMP-FGTS mutual funds do not receive the dividend directly. It is paid by the company to the funds, increasing its patrimonial value and, as consequence, the value of the quotas. Quota holders receive the dividend indirectly through the increase in value of their quotas.

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 oc cur. 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.

NOTICE TO SHAREHOLDERS

Company Management informs that a fault in the collection and tallying of votes, in separate, for the election by preferred shareholders of their representative in the Fiscal Council at the General Meeting held on April 04, 2006 was identified. As a result, this matter will be directed to the Board of Directors in order to take the necessary steps concerning the rectification of the referred fault, which will be opportunely communicated to Shareholders.

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 oc cur. 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.