Petrobras (PBR)

3 – SPLIT OF THE SHARES THAT REPRESENT THE JOINT STOCK:

Approval of the proposal to split the shares that represent the joint stock by 100%, both for shares traded at BOVESPA and for those that are connected to the ADRs traded at the New York Stock Exchange, resulting in: i) free distribution of 1 (one) new share of the same type for every 1 (one) share held on 04/25/08; ii) free distribution of 1 (one) new ADR of the same type for every 1 (one) share held on 04/25/08; and iii) the required changes to the wording of art. 4 of the Company’s Articles of Incorporation. It must be highlighted that the relationship between the American Depositary Receipts (ADRs) and the corresponding shares of each type will be maintained, remaining at “two (2) shares for one (1) ADR.”

The documents to be analyzed during the Meeting are available to the shareholders at PETROBRAS’ Main Office Building, room 2202-B (Shareholder Support).

Any Shareholder who would like to be represented in the mentioned Meeting must meet the precepts set forth by article 129, paragraph 1, of the Joint Stock Company Act; and article 13 of PETROBRAS’ Articles of Incorporation, presenting, during the act or, preferably, depositing a proxy with special powers at the above-mentioned Shareholder Support room no later than 5 PM on March 20 2008.

Rio de Janeiro, March 03 2008.

Dilma Vana Rousseff
President of the Board of Directors

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.