Petrobras – Investor Relations

Petrobras

Investor Relations

Results of the Internal Investigation of Events

(Rio de Janeiro, May 24, 2007). – PETRÓLEO BRASILEIRO S/A - PETROBRAS, [Bovespa: PETR3/PETR4, NYSE: PBR/PBRA, Latibex: XPBR/XPBRA, BCBA: APBR/APBRA], a Brazilian international energy company, announces the findings of the Internal Commission created to ascertain the facts arising from the statement by the Brazilian Securities and Exchange Commission (CVM) with respect to the alleged occurrence of use of privileged information:

1)       In regard to the conduct of the Petrobras Group employees that took part in the              transaction, the Commission concluded that there was no leak of information.

2)       As regards the Petrobras employee that acquired shares of the Ipiranga Group,             the Commission did not succeed in finding conclusive evidence or indications that   the           purchase and sale transactions described by the CVM originated from the       use of privileged information.

3)       Said employee was omissive of his responsibilities by not informing his superiors,          on the date of the announcement of the Relevant Fact, his transactions with             shares of the Ipiranga Group during the period that immediately preceeded the                closing of the transaction, what implies a breach of the Petrobras Group Code of       Ethics, particularly provision 3.4 transcribed as follows:

“In their relationship with the Petrobras Group employees commit      themselves to refrain from getting involved in any activity that conflicts with the interests of the Petrobras Group and reporting to hierarchical superiors or to Ombudsman ships any situation that apparently or potentially may result in conflicts of interest; “      

On March 23, the employee ceased to carry out his duties as Executive Manager of the Petrobras Distribuidora subsidiary, returning to the Petrobras employee roll.

The employee filed for retirement with the National Social Security Institute(INSS) and upon its approval requested his detachment from Petrobras.

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