Petrobras – Investor Relations

Petrobras

Investor Relations

Dissident shareholder right to withdraw

Rio de Janeiro, November 13 2007 – PETRÓLEO BRASILEIRO S/A - PETROBRAS, [Bovespa: PETR3/PETR4, NYSE: PBR/PBRA, Latibex: XPBR/XPBRA, BCBA: APBR/APBRA], a Brazilian international energy company, announces that the São Paulo Stock Exchange (BOVESPA) requested PETROBRAS inform the procedures that must be followed by the shareholders who manifested their dissidence, during the company’s Extraordinary General Meeting held on October 29 2007, regarding the decision taken by the majority of the shareholders to approve the acquisition of Suzano Petroquímica S.A.’s shares.

Dissident shareholders who provenly were holders of ordinary shares issued by Petrobras on August 03 2007, the date on which the Relevant Fact regarding the Suzano Petroquímica S.A. (“SZPQ”) acquisition was issued, may exercise their right to withdraw. To do so, they must also prove their status as holders of ordinary shares on the date they exercise such right.

Dissident shareholders must expressly manifest their intent to exercise their right to withdraw no more than 30 days after the minutes of the aforementioned Extraordinary General Meeting are published. Such manifestation must be delivered to the Banco do Brasil S.A., the financial institution that renders the bookkeeping services for the shares Petrobras issues, together with the presentation of the following documents:

a)       Standard form provided by the Banco do Brasil S.A., in 3 copies, dully filled-in, with authenticated signature or bank accommodation;

b)       If an individual, notarized copies of the person’s Taxpayer’s ID Card, ID Card, and Proof of Address;

c)       If a legal entity, notarized copies of the Bylaws / Articles of Incorporation, Corporate Taxpayer’s ID card, and, also, the entity’s legal representatives’ individual Taxpayer’s ID card, ID Card, and proof of address.

Shareholders who do exercise their right to withdraw will have the share value reimbursed, calculated based on the value of Petrobras’ net equity accounting value calculated on December 31 2006, which is R$23.64, per ordinary share. The dissident shareholder may request, together with the reimbursement, a special balance survey, based on the terms of § 2 of article 45 of Law # 6404/76.

The payment of the reimbursement to the shareholders who exercise their right to withdraw will be made up to the fifth business day after the end of the deadline for one to manifest oneself regarding the right to withdraw, via the Banco do Brasil S.A.. ADR holders will be reimbursed via JPMorgan Chase Bank, N.A, Petrobras’ ADR depository bank.


Almir Guilherme Barbassa
Diretor Financeiro e de Relações com Investidores
Petróleo Brasileiro S.A. – Petrobras

Av. República do Chile, 65 sala 2202 B – Centro Rio de Janeiro – RJ – 20031-912
E-mail: petroinvest@petrobras.com.br / acionistas@petrobras.com.br
Tel.: 55 (21) 3224-1510 / 55 (21) 3224-1510

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