Petrobras – Investor Relations

Petrobras

Investor Relations

Complementary Pension Plan

Rio de Janeiro, December 15, 2006 – PETRÓLEO BRASILEIRO S/A - PETROBRAS, [Bovespa: PETR3/PETR4, NYSE: PBR/PBRA, Latibex: XPBR/XPBRA, BCBA: APBR/APBRA], a Brazilian international energy company, announces that its Board of Directors, during a meeting held today, approved the reopening of the subscription process for the new Petros Plan regulation, with an extension term stipulated through 02/28/2007, and with a new minimum adhesion goal set for 2/3 of the Petros Plan participants.

The process had been terminated as there was a mandatory condition for massive individual participant adhesion, seeking the near totality of the employees and assisted parties. Adhesion had been about 53% (46% among retirees and pensioners, and 62% of the active employees) in the process held between July and August this year.

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