Court Injunction Protects Petrobras from Undue ANP Collection

Petroleo Brasileiro S.A., a Brazilian international energy company announces that it petitioned a Court Injunction against the National Petroleum Agency seeking the suspension of the collection of differences for Special Participation Tax mentioned in an ANP Board Resolution until the merit of the suit has been decided and seeking to prevent the ANP from registering the Company in the List of Unpaid Debt.

Petrobras submitted, to the ANP, a request for the reconsideration of the Agency's Board decision, as contained in the Board Resolution, which determined the "Partial Annulment of Board Resolution 267, dated 08/16/2006, insofar as the approval of the Special Participation Payment Certification Report for the Marlim Field" is concerned, and set a 30-day deadline for the payment of 1,305,285,076.37 Reais for alleged differences owed for Special Participation in the Marlim Field.

Petrobras clarifies that BR 267, which set deadlines for the application of the ANP's new interpretation regarding the deductions of the Special Participation calculation base, is legitimate and legal, and it is in line with the principles of legal safety and of the protection of the perfect legal act, in addition to being in compliance with that which is set forth by Law 9.784/99, in the sense that it is impossible for the Administration to retroact new interpretations it may have of the applicable legislation.

Faced with the ANP's silence regarding to Petrobras' request for reconsideration, the Company entered a suit rebelling against BR 400, which Petrobras believes to be illegal and in breach of the Federal Constitution, affronting the principles of legal safety, of the legitimate expectation of the administrated and of good faith, in addition to being void of grounds.

Petribras was granted a favorable injunction by the 30th Federal Court of the Rio de Janeiro Judiciary Section, which suspends the collection of the Special Participation differences mentioned in ANP Board Resolution until due legal process is observed and determines the ANP abstain from registering the petitioner in the list of unpaid debt due to the titles this suit deals with.

Petrobras was informed by the Agency, via Written Notice regarding the content of Board Resolution, which approved the calculation of the Special Participation for the Marlim field of $1,305,285,076.37 Reais without monetary restatement, as well as regarding the content of BR 305/2008, which ratified the dismissal of Petrobras' request for reconsideration and for the annulment of BR 267.

Notwithstanding the Agency's understanding, presented in the written notice above, PETROBRAS reiterates that the payments it made as Special Participation for the Marlim field have always been made based on the methodology set forth by the ANP itself and on a legally legitimate interpretation of art. 18, XVI, of ANP Ordinance 10/1999, and, for this reason, faced with the threat of having its rights and its shareholders' interest hindered, it petitioned the Court Injunction.

Petrobras stated it trusts the Court Injunction that has been registered will be successful and, also, it reiterates that the injunction granted by the 30th Federal Court is in effect and, as such, the ANP cannot collect or register the alleged debt in the List of Unpaid Debt.