Consent solicitation relating to PIFCo 9.125% notes due 2013, 7.75% notes due 2014 and 8.375% notes due 2018

Consent solicitation relating to PIFCo 9.125% notes due 2013, 7.75% notes due
                        2014 and 8.375% notes due 2018

PR Newswire

RIO DE JANEIRO, March 11, 2013

RIO DE JANEIRO, March 11, 2013 /PRNewswire/ --Petroleo Brasileiro S.A. –
Petrobras announces that its wholly owned subsidiary Petrobras International
Finance Company (the "Company" or "PifCo"), a company incorporated with
limited liability under the laws of the Cayman Islands, today announced that
it is soliciting consents, upon the terms and subject to the conditions set
forth in the consent solicitation statement (as it may be amended and
supplemented from time to time, the "Consent Solicitation Statement") and in
the accompanying letter of consent (the "Letter of Consent"), to certain
amendments (the "Proposed Amendments") to the Indenture, dated as of July 19,
2002, (as amended as of the date hereof, the "Indenture"), between the
Company, Petroleo Brasileiro S.A. – Petrobras ("Petrobras"), as guarantor, and
The Bank of New York Mellon (as successor to JPMorgan Chase Bank) (the
"Trustee"), as trustee, pursuant to which the 9.125% Notes due 2013 (CUSIP No.
71645WAG6/ISIN US71645WAG69) ("the 2013 Notes"), the 7.75% Notes due 2014
(CUSIP No. 71645WAJ0/ISIN US71645WAJ09) (the "2014 Notes") and the 8.375%
Notes due 2018 (CUSIP No. 71645WAH4/ISIN US71645WAH43) (the "2018 Notes" and,
together with the 2013 Notes and the 2014 Notes, the "Notes") were issued. The
Consent Solicitation Statement is being furnished by the Company to holders of
the Notes (the "Holders") as of the close of business on March 8, 2013 (the
"Record Date") in connection with the consent solicitation contemplated by the
Consent Solicitation Statement and the Letter of Consent (the "Consent

The Consent Solicitation will expire at 5:00 p.m., New York City time, on
March 22, 2013 unless earlier terminated or extended by the Company (such time
and date, as they may be extended, the "Expiration Time"). Holders who desire
to be eligible to receive the Consent Payment (as defined below) must validly
consent to the Proposed Amendments prior to the Expiration Time. Consents may
be revoked at any time prior to the earlier of the time at which PifCo,
Petrobras and the Trustee execute the Supplemental Indenture(s) (the
"Effective Time") and the Expiration Time. Consents delivered after the
Effective Time but prior to the Expiration Time will be irrevocable. The
Company's obligation to pay the Consent Payment is subject to a number of
conditions described in the Consent Solicitation Statement.

The Company is soliciting consents to the Proposed Amendments that would
modify the existing merger covenant of the Indenture to eliminate the
requirement that any successor entity to PifCo, as a result of a merger,
consolidation or similar transaction, be a company incorporated in the Cayman
Islands. The foregoing description of the Proposed Amendments does not purport
to be complete, and is qualified in its entirety by the description of the
proposed amendments included in the Consent Solicitation Statement. The
Proposed Amendments constitute a single proposal to which consenting Holders
must consent in its entirety.

Petrobras is conducting the Consent Solicitation because it has determined
that it is more efficient, from a tax perspective, to re-domicile PifCo to a
jurisdiction outside the Cayman Islands. Petrobras guarantees, and will
continue to guarantee, all of PifCo's debt obligations through full and
unconditional guarantees of payment.

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

The Company has engaged J.P. Morgan Securities LLC ("J.P. Morgan") to act as
the Solicitation Agent (the "Solicitation Agent") for the Consent
Solicitations and Global Bondholder Services Corporation to act as the
Tabulation Agent and the Information Agent for the Consent Solicitations. Any
questions or requests for assistance regarding the 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 are only being made
pursuant to the Consent Solicitation Statement and the related Letter of
Consent. The Consent Solicitations are not being made to Holders of Notes in
any jurisdiction in which we are aware that the making of the Consent
Solicitation or the acceptance of Consents would not be in compliance with the
laws of such jurisdiction. The Consent Solicitations are being 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 respective Consent Solicitation will be 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.

SOURCE Petroleo Brasileiro S.A.

Contact: Investor Relations Contact - Investor Relations Department, Petroleo
Brasileiro S.A.-Petrobras, (55-21) 3224-1510/3224-9947,
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