Rio de Janeiro, April 30th, 2010 � Petr�leo Brasileiro S/A - Petrobras hereby announces that the Board of Directors, recognizing that the time necessary for the Federal Government to obtain an opinion regarding the value of the Transfer of Rights with compensation will delay the Capitalization and the Transfer of Rights beyond their planned date, has oriented Petrobras, subject to approval of Bill 5.941/2009 by the National Congress, as follows:

1) Maintain the goal of July, 2010 as the term for concluding both operations referred to above;

2) Propose that the Transfer of Rights be based on a preliminary value per barrel, negotiated between the Federal Government and Petrobras, using as a reference the report prepared for Petrobras by an independent expert. Upon conclusion of a valuation report from another independent expert contracted by the Agencia Nacional de Petroleo (ANP), the Federal Government and Petrobras will use this second opinion to finalize valuation negotiations, after which the value per barrel will be adjusted.

3) Perform the capitalization by means of a public offering, in which existing shareholder will have priority rights to be allocated in accordance with their pro-rata interest.

The size of the Capitalization that will be authorized will be formulated with a range that can accommodate any outcome of Bill 5.941/2009.

Any revision to the preliminary value of the Transfer of Rights will be made through an adjustment to the number of barrels initially acquired. If the revision indicates a value greater than the preliminary valuation, the volume of oil transferred will be reduced, while if the revision indicates a value lower than the initial value, the volume will be increased. In any such case, the maximum volume of five billion barrels will be respected, as required in the Bill.

Thus, the contract governing the Transfer of Rights will provide for two revisions to the value of the oil transferred:

1) the first, following the valuation report prepared for the ANP;

2) the second, as called for in Bill 5.941/2009, at a date to be negotiated between Petrobras and the Federal Government, to occur within one to two years following contract execution.

Sincerely,