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published NOVEMBER 03, 2009

Shearman & Sterling Advises Underwriters on Petrobras International Finance Company's Notes Offering

Shearman & Sterling represented Citigroup Global Markets Inc., HSBC Securities (USA) LLC, J.P. Morgan Securities Inc., Santander Investment Securities Inc., BB Securities Ltd. and SG Americas LLC, as underwriters, in connection with Petrobras International Finance Company's offering of US$2,500,000,000 aggregate principal amount of its 5.75% Global Notes due 2020 and $US1,500,000,000 aggregate principal amount of its 6.875% Global Notes due 2040. These offerings represent the largest debt sale out of Brazil since the start of this decade. The Shearman team included partners Stuart Fleischmann (New York - Capital Markets), Don J Lonczak (Washington, DC - Tax), associates Sanjeev Magoon (Washington, DC - Tax), Erica Tso (New York - Capital Markets), Samara Abrams (New York - Capital Markets), international associate Gustavo Gonzalez (New York - Capital Markets) and legal assistant Kristi Anne Nadvornik (New York - Capital Markets).