Petrobras (PBR)

Share Ownership

Petrobras

As of May 31, 2005, the members of our board of directors, our executive officers, the members of our fiscal council, and close members of their families, as a group, beneficially held a total of 12 common shares and 510 preferred shares of our company. Accordingly, on an individual basis, and as a group, our directors, executive officers, fiscal council members, and close members of their families beneficially owned less than one percent of any class of our shares. The shares held by our directors, executive officers, fiscal council members, and close members of their families have the same voting rights as the shares of the same type and class that are held by our other shareholders. None of our directors, executive officers, fiscal council members, or close members of their families holds any options to purchase common shares or preferred shares. Petrobras does not have a stock option plan for its directors, officers and employees.

PEPSA has two stock option programs that grant its executive officers and senior managers options to (1) purchase shares of PEPSA at a set exercise price or to receive cash equal to the difference between the average market price of PEPSA shares during the 20 days prior to exercise date and the exercise price and (2) receive shares of PEPSA at no cost or receive cash equal to the market value of such shares.

PIFCo

As of May 31, 2005, PIFCo’s share capital was composed of 50,000 shares of common stock. All of PIFCo’s issued and outstanding shares of common stock are owned by us.