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Subject to the terms and conditions of the Consent Solicitations, if the Company receives additional Consents with respect to the 2013 Notes and reaches the majority of the principal amount the 2013 Notes, the Company will pay to The Depository Trust Company or the Tabulation Agent the aggregate Consent Payment due to each holder of the 2013 Notes who has validly delivered (and not validly revoked) a consent prior to the New Expiration Time with respect to the 2013 Notes. The Consent Payment will be $1.25 for each $1,000 in principal amount of the 2013 Notes with respect to which a Consent has been validly delivered prior to the New Expiration Time. Other than such Consent Payment, holders of the 2013 Notes will receive no consideration for granting any consent solicited pursuant to the Consent Solicitation Statement. In the event that the Consent Solicitation with respect to the 2013 Notes is withdrawn or otherwise not completed, or all conditions to the Consent Solicitations with respect to the 2013 Notes have not been met or waived, the Consent Payment will not be paid or become payable to the holders of the 2013 Notes who have validly delivered Consents in connection with such Consent Solicitations.

Any questions or requests for assistance regarding the expired Consent Solicitations may be directed to J.P. Morgan at (866) 846-2874 (toll-free) or (212) 834-2052 (collect). Requests for additional copies of the Consent Solicitation Statement, the Letter of Consent and related documents may be directed to Global Bondholder Services Corporation at (866) 736-2200 (toll-free).

This press release is for informational purposes only and is not a solicitation of consents. The Consent Solicitations were only made pursuant to the Consent Solicitation Statement and the related Letter of Consent.  The Consent Solicitations were not made to holders of Notes in any jurisdiction in which the making of the Consent Solicitations or the acceptance of Consents would not be in compliance with the laws of such jurisdiction.  The Consent Solicitations were made only to specified eligible holders of Notes, as set forth in the Consent Solicitation Statement.  In any jurisdiction in which the securities laws or blue sky laws require the Consent Solicitations to be made by a licensed broker or dealer, the Consent Solicitations were deemed to be made on our behalf by the Solicitation Agent or one or more registered brokers or dealers that are licensed under the laws of such jurisdiction.

About the Company

PifCo is a wholly-owned finance subsidiary of Petrobras incorporated in the Cayman Islands as an exempted company with limited liability.  PifCo was originally incorporated in order to facilitate and finance the import of crude oil and oil products by Petrobras into Brazil. Since September 30, 2011, PifCo no longer engages in the sale and purchase of crude oil and oil products to and from Petrobras, third parties and related parties.  PifCo is a finance subsidiary functioning as a vehicle for Petrobras to raise capital for its operations through the issuance of debt securities in the international capital markets, among other means.  Petrobras guarantees, and will continue to guarantee, all of PifCo’s debt obligations through full and unconditional guarantees of payment.

PifCo’s principal executive office is located at 190 Elgin Avenue, George Town, Grand Cayman, KYI-9005, Cayman Islands, and its telephone number is (55-21) 3487-2375.