Document:

exv4w5

Exhibit
4.5

EXECUTION VERSION

SIXTH SUPPLEMENTAL INDENTURE

     SIXTH SUPPLEMENTAL INDENTURE, effective as of January 27, 2011, by and among PETROBRAS
INTERNATIONAL FINANCE COMPANY, an exempted company incorporated with limited liability under the
laws of the Cayman Islands, having its principal office at 4th Floor, Harbour Place, 103
South Church Street, George Town, Grand Cayman, Cayman Islands (the “Company”), THE BANK OF
NEW YORK MELLON, a New York banking corporation, as Trustee hereunder (the “Trustee”), and
PETRÓLEO BRASILEIRO S.A. — Petrobras, a mixed capital company (sociedade de economia mista)
organized under the laws of Brazil, having its principal office at Avenida República do Chile, 65,
20035-900 Rio de Janeiro — RJ, Brazil (“Petrobras”).

W I T N E S S E T H:

     WHEREAS, the Company and the Trustee previously have entered into an indenture, dated as of
December 15, 2006 (the “Original Indenture”), as supplemented by this Sixth Supplemental
Indenture, dated as of January 27, 2011 (the “Sixth Supplemental Indenture”, and together
with the Original Indenture and any further supplements thereto, the “Indenture”) providing
for the issuance from time to time of debt securities and debt warrants of the Company to be issued
in one or more series as provided in the Indenture;

     WHEREAS, Section 9.01 of the Original Indenture provides that, subsequent to the execution of
the Original Indenture and subject to satisfaction of certain conditions, the Company and the
Trustee may enter into one or more indentures supplemental to the Original Indenture to add to,
change or eliminate any of the provisions of the Original Indenture in respect of one or more
series of Securities (as defined in the Original Indenture);

     WHEREAS, on the date hereof the Company intends to issue pursuant to its Registration
Statement on Form F-3 (File No. 333-163665-01) (the “Registration Statement”), dated
December 11, 2009, the Prospectus Supplement dated January 20, 2011 and related Base Prospectus
dated December 11, 2009 (collectively, the “Offering Document”) and the Indenture,
U.S.$2,500,000,000 of its 5.375% Global Notes due January 27, 2021, in the form attached as Exhibit
A hereto (the “Notes”), having the terms and conditions contemplated in the Offering
Document as provided for in the Original Indenture, as supplemented by this Sixth Supplemental
Indenture;

     WHEREAS, as contemplated in the Offering Document, Petrobras and the Trustee intend, in
connection with the issuance of the Notes, to enter into a guaranty, dated as of the date hereof in
the form attached as Exhibit B hereto (the “Guaranty”), to provide for an unconditional and
irrevocable guaranty of the Notes by Petrobras;

     WHEREAS, the Trustee has provided to the Company and Petrobras Statements of Eligibility under
the Trust Indenture Act of 1939, as amended, with respect to each of the Companies which have been
filed as exhibits to the Registration Statement;

     WHEREAS, the Company and Petrobras confirm that any and all conditions and requirements
necessary to make this Sixth Supplemental Indenture a valid, binding, and legal instrument in
accordance with the terms of the Indenture have been performed and fulfilled and the
execution
and delivery of this Sixth Supplemental Indenture has been in all respects duly authorized;

 

 

     WHEREAS, pursuant to Section 9.01 of the Original Indenture, the Trustee is authorized to
execute and deliver this Sixth Supplemental Indenture; and

     WHEREAS, the Company and Petrobras have requested that the Trustee execute and deliver this
Sixth Supplemental Indenture;

     NOW, THEREFORE, for and in consideration of the premises and the mutual covenants contained
herein and in the Indenture and for other good and valuable consideration, the receipt and
sufficiency of which are herein acknowledged, the Company, Petrobras and the Trustee hereby agree,
for the equal and ratable benefit of all Holders, as follows:

ARTICLE 1

DEFINITIONS

     Section 1.01. Defined Terms. All capitalized terms used but not defined herein shall have the
meanings ascribed to such terms in the Indenture, as supplemented and amended hereby. All
definitions in the Original Indenture shall be read in a manner consistent with the terms of this
Sixth Supplemental Indenture.

     Section 1.02. Additional Definitions. (a) For the benefit of the Holders of the Notes,
Section 1.01 of the Original Indenture shall be amended by adding the following new definitions:

          “Closing Date” means January 27, 2011.

          “Comparable Treasury Issue” means the United States Treasury security or securities selected
by an Independent Investment Banker as having an actual or interpolated maturity comparable to the
remaining term of Notes to be redeemed that would be utilized, at the time of selection and in
accordance with customary financial practice, in pricing new issues of corporate debt securities of
a comparable maturity to the remaining term of such Notes.

          “Comparable Treasury Price” means, with respect to any Redemption Date, (1) the average of the
Reference Treasury Dealer Quotations for such Redemption Date, after excluding the highest and
lowest such Reference Treasury Dealer Quotation or (2) if the Independent Investment Banker obtains
fewer than four such Reference Treasury Dealer Quotations, the average of all such quotations.

          “Default Rate” has the meaning set forth in Section 2.01(f) herein.

          “Denomination Currency” has the meaning set forth in Section 2.03(c) herein.

          “Independent Investment Banker” means one of the Reference Treasury Dealers appointed by the
Company.

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          “Interest Period” means the period beginning on an Interest Payment Date and ending on the day
before the next Interest Payment Date, except that the first Interest Period shall be the period
beginning on the Closing Date and ending on the day before the next Interest Payment Date.

          “Judgment Currency” has the meaning set forth in Section 2.03(c) herein.

          “Lien” means any mortgage, pledge, lien, hypothecation, security interest or other charge or
encumbrance on any property or asset, including, without limitation, any equivalent created or
arising under applicable law.

          “Make Whole Amount” has the meaning set forth in Section 2.01(l) herein.

          “Material Subsidiary” means, as to any Person, any Subsidiary of such Person which, on any
given date of determination, accounts for more than 10% of Petrobras’ total consolidated assets, as
such total assets are set forth on the most recent consolidated financial statements of Petrobras
prepared in accordance with U.S. GAAP (or if Petrobras does not prepare financial statements in
U.S. GAAP, consolidated financial statements prepared in accordance with Brazilian generally
accepted accounting principles).

          “Offering Document” shall have the meaning set forth in the recitals to this Sixth
Supplemental Indenture.

     “Payment Account” has the meaning set forth in Section 2.01(h) herein.

     “Permitted Lien” means a:

     (a) Lien arising by operation of law, such as merchants’, maritime or other similar
Liens arising in the Company’s ordinary course of business or that of any Subsidiary or Lien
in respect of taxes, assessments or other governmental charges that are not yet delinquent
or that are being contested in good faith by appropriate proceedings;

     (b) Lien arising from the Company’s obligations under performance bonds or surety
bonds and appeal bonds or similar obligations incurred in the ordinary course of business
and consistent with the Company’s past practice;

     (c) Lien arising in the ordinary course of business in connection with Indebtedness
maturing not more than one year after the date on which such Indebtedness was originally
incurred and which is related to the financing of export, import or other trade
transactions;

     (d) Lien granted upon or with respect to any assets hereafter acquired by the Company
or any Subsidiary to secure the acquisition costs of such assets or to secure Indebtedness
incurred solely for the purpose of financing the acquisition of such assets, including any
Lien existing at the time of the acquisition of such assets as long as the
maximum amount so secured shall not exceed the aggregate acquisition costs of all such
assets or the aggregate Indebtedness incurred solely for the acquisition of such assets, as
the case may be;

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     (e) Lien granted in connection with the Indebtedness of a Wholly-Owned Subsidiary
owing to the Company or another Wholly-Owned Subsidiary;

     (f) Lien existing on any asset or on any stock of any Subsidiary prior to the
acquisition thereof by the Company or any Subsidiary as long as such Lien is not created in
anticipation of such acquisition;

     (g) Lien existing as of the date of this Sixth Supplemental Indenture;

     (h) Lien resulting from the Indenture or the Guaranty;

     (i) Lien incurred in connection with the issuance of debt or similar securities of a
type comparable to those already issued by the Company, on amounts of cash or cash
equivalents on deposit in any reserve or similar account to pay interest on such securities
for a period of up to 24 months as required by any Rating Agency as a condition to such
Rating Agency rating such securities investment grade or as is otherwise consistent with
market conditions at such time, as such conditions are satisfactorily demonstrated to the
Trustee;

     (j) Lien granted or incurred to secure any extension, renewal, refinancing, refunding
or exchange (or successive extensions, renewals, refinancings, refundings or exchanges), in
whole or in part, of or for any Indebtedness secured by Lien referred to in paragraphs (a)
through (i) above (but not paragraph (c)), provided that such Lien does not extend to any
other property, the principal amount of the Indebtedness secured by such Lien is not
increased, and in the case of paragraphs (a), (b) and (f) the obligees meet the requirements
of such paragraphs; and

     (k) Lien in respect of Indebtedness the principal amount of which in the aggregate,
together with all Liens not otherwise qualifying as the Company’s Permitted Liens pursuant
to clauses (a) through (j) of this definition, does not exceed 15% of the Company’s
consolidated total assets (as determined in accordance with Reporting GAAP) at any date as
at which the Company’s balance sheet is prepared and published in accordance with applicable
Law.

          “Reference Treasury Dealer” means each of HSBC Securities (USA) Inc. and J.P. Morgan
Securities Inc. or, in each case, their affiliates which are primary United States government
securities dealers and two other leading primary United States government securities dealers in New
York City reasonably designated by the Company; provided, however, that if any of the foregoing
shall cease to be a primary United States government securities dealer in New York City (a “Primary
Treasury Dealer”), the Company shall substitute therefore another Primary Treasury Dealer.

          “Reference Treasury Dealer Quotation” means, with respect to each Reference Treasury Dealer
and any Redemption Date, the average, as determined by the Independent
Investment Banker, of the bid and asked prices for the Comparable Treasury Issue (expressed in
each case as a percentage of its principal amount) quoted in writing to the Independent Investment
Banker by such Reference Treasury Dealer at 3:30 pm New York time on the third business day
preceding such redemption date.

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          “Regular Record Date” means one Business Day prior to any Interest Payment Date.

          “Reporting GAAP” means (i) generally accepted accounting principles in effect in the United
States of America applied on a basis consistent with the principles, methods, procedures and
practices in effect from time to time or (ii) International Financial Reporting Standards
(“IFRS”) as adopted by the International Accounting Standards Board (“IASB”) as from the
date the Guarantor adopts IFRS as its primary reporting or accounting standard in its reports filed
with the SEC pursuant to Section 13 or 15(d) of the Exchange Act.

          “Treasury Rate” means, with respect to any Redemption Date, the rate per annum equal to the
semiannual equivalent yield to maturity or interpolated maturity (on a day count basis) of the
Comparable Treasury Issue, assuming a price for the Comparable Treasury Issue (expressed as a
percentage of its principal amount) equal to the Comparable Treasury Price for such Redemption
Date.

ARTICLE 2

TERMS OF THE NOTES

     Section 2.01. General. In accordance with Section 3.01 of the Original Indenture, the
following terms relating to the Notes are hereby established:

          (a) Title: The Notes shall constitute a series of Securities having the title “5.375% Global
Notes due 2021.”

          (b) Aggregate Amount: The aggregate principal amount of the Notes that may be initially
authenticated and delivered under this Sixth Supplemental Indenture shall be U.S.$2,500,000,000.
As provided in the Original Indenture, the Company may, from time to time, without the consent of
the Holders of Notes, issue Add On Notes having identical terms (including CUSIP, ISSN and other
relevant identifying characteristics as the Notes), so long as, on the date of issuance of such Add
On Notes: (i) no Default or Event of Default shall have occurred and then be continuing, or shall
occur as a result of the issuance of such Add On Notes, (ii) such Add On Notes shall rank pari
passu with the Notes and shall have identical terms, conditions and benefits as the Notes and be
part of the same series as the Notes, (iii) the Company and the Trustee shall have executed and
delivered a further supplemental indenture to the Indenture providing for the issuance of such Add
On Notes and reflecting such amendments to the Indenture as may be required to reflect the increase
in the aggregate principal amount of the Notes resulting from the issuance of the Add On Notes,
(iv) Petrobras shall have executed and delivered and the Trustee shall have acknowledged an amended
Guaranty reflecting the increase in the aggregate principal amount of the Notes resulting from the
issuance of the Add On Notes and (v) the Trustee shall have received all such opinions and other
documents as it shall have requested, including an Opinion of Counsel stating that such Add On
Notes are
authorized and permitted by the Indenture and all conditions precedent to the issuance of such
Add On Notes have been complied with by the Company and Petrobras. All Add On Notes issued
hereunder will, when issued, be considered Notes for all purposes hereunder and will be subject to
and take the benefit of all of the terms, conditions and provisions of this Indenture.

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          (c) Ranking: The Notes (including any Add On Notes) shall be general senior unsecured and
unsubordinated obligations of the Company and shall at all times rank pari passu among themselves
and at least equal in right of payment with all of the Company’s other present and future unsecured
and unsubordinated obligations from time to time outstanding that are not, by their terms,
expressly subordinated in right of payment to the Notes (other than obligations preferred by
statute or by operation of law).

          (d) Maturity: The entire outstanding principal of the Notes shall be payable in a single
installment on January 27, 2021 (the “Stated Maturity”). No payments in respect of the
principal of the Notes shall be paid prior to the Stated Maturity except in the case of the
occurrence of an Event of Default and acceleration of the aggregate outstanding principal amount of
the Notes, upon redemption prior to the Stated Maturity pursuant to Section 11.08 of the Original
Indenture or pursuant to 2.01(l) and (m) hereof.

          (e) Interest: Interest shall accrue on the Notes at the rate of 5.375% per annum until all
required amounts due in respect of the Notes have been paid. All interest shall be paid by the
Company to the Trustee and distributed by the Trustee in accordance with this Indenture
semiannually in arrears on January 27 and July 27 of each year (or, as provided in the Original
Indenture, if such date is not a Business Day, the next succeeding Business Day following such day)
during which any portion of the Notes shall be Outstanding (each, an “Interest Payment
Date”), commencing on July 27, 2011, to the Person in whose name a Note is registered at the
close of business on the preceding Regular Record Date (which shall mean, with respect to any
payment to be made on an Interest Payment Date, the Business Day preceding the relevant Interest
Payment Date.) As provided in the Original Indenture, (i) interest shall be calculated based on a
360-day year of twelve 30-day months, (ii) payment of principal and interest and other amounts on
the Notes will be made at the Corporate Trust Office of the Trustee in New York City, or such other
paying agent office in the United States as the Company appoints, in the form provided for in
Section 10.08 of the Original Indenture, (iii) all such payments to the Trustee shall be made by
the Company by depositing immediately available funds in U.S. dollars one Business Day prior to the
relevant Interest Payment Date to the Payment Account and (iv) so long as any of the Notes remain
Outstanding, the Company shall maintain a paying agent in New York City.

          (f) Default Rate: Upon the occurrence and during the continuation of an Event of Default, (i)
interest on the outstanding principal amount of the Notes shall accrue on the Notes at a rate equal
to 0.5% per annum above the interest rate on the Notes at that time (the “Default Rate”)
and (ii) to the fullest extent permitted by law, interest shall accrue on the amount of any
interest, fee, Additional Amounts, or other amount payable under the Indenture and the Notes that
is not paid when due, from the date such amount was due until such amount shall be paid in full,
excluding the date of such payment, at the Default Rate.

          (g) Payment Account: On the Closing Date, the Trustee shall establish (and shall promptly
notify the Company of the establishment of such account, including the relevant account numbers and
other relevant identifying details) and, until the Notes and all accounts due in respect thereof
have been paid in full, the Trustee shall maintain the special purpose non-interest bearing trust
account established pursuant to this Sixth Supplemental Indenture (the “Payment Account”)
into which all payments required to be made by the Company under or with

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respect to the Notes shall
be deposited. The Company agrees that the Payment Account shall be maintained in the name of the
Trustee and under its sole dominion and control (acting on behalf of the Holders of the Notes) and
used solely to make payments of principal, interest and other amounts from time to time due and
owing on, or with respect to, the Notes. No funds contained in the Payment Account shall be used
for any other purpose or in any manner not expressly provided for herein nor shall the Company or
any other Person have an interest therein or amounts on deposit therein. All amounts on deposit in
the Payment Account on any Interest Payment Date after the Trustee has paid all amounts due and
owing to the holders of the Notes as of such Interest Payment Date shall be retained in the Payment
Account and used by the Trustee to pay any amounts due and owing to the Holders of the Notes on the
next succeeding Interest Payment Date.

          (h) Form and Denomination: The Notes shall be issuable in whole in the registered form of one
or more Global Notes (without coupons), in minimum denominations of U.S.$2,000 and integral
multiples of U.S.$1,000 in excess thereof, and shall be transferable in integral multiples of
U.S.$2,000 and integral multiples of U.S.$1,000 in excess thereof and the Depository for such
Global Notes shall be The Depository Trust Company, New York, New York.

          (i) Guaranty: The Notes shall have the benefit of the Guaranty in the manner provided in
Article 3 of this Sixth Supplemental Indenture.

          (j) Rating: The Notes can be issued without the requirement that they have any rating from a
nationally recognized statistical rating organization.

          (k) Optional Early Redemption. The Notes are subject to redemption at the Company’s option
before the Stated Maturity in whole or in part, upon not less than 30 but no more than 60 days’
notice, at a Redemption Price equal to the greater of (A) 100% of the principal amount of such
Notes and (B) the sum of the present values of the remaining scheduled payments of principal and
interest thereon (exclusive of interest accrued to the date of redemption) discounted to the
Redemption Date on a semiannual basis (assuming a 360-day year consisting of twelve 30-day months)
at, in each case, the Treasury Rate plus 30 basis points (the “Make Whole Amount”), plus in
each case, accrued interest on the principal amount of such Notes to (but not including) the date
of redemption.

          (l) Early Redemption Solely for Tax Reasons. Pursuant to Section 11.08 of the Original
Indenture, the Notes may be redeemed at the option of the Company, in whole but not in part, at any
time at a Redemption Price equal to the principal amount thereof plus accrued interest to the date
fixed for redemption if as a result of any change in or amendment to the laws or regulations or
ruling promulgated thereunder of the jurisdiction in which the Company is incorporated (or, in the
case of a successor Person to the Company, of the jurisdiction in which
such successor Person is organized or any political subdivision or taxing authority thereof or
therein) or any change in the official application or interpretation of such laws, regulations or
rulings, or any change in the official application of or interpretation of, or any execution of or
amendment to, any treaty or treaties affecting taxation to which such jurisdiction or such
political subdivision or taxing authority (or such other jurisdiction or political subdivision or
taxing authority) is a party, which change, execution or amendment becomes effective on or after
the

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date hereof (or in the case of a successor Person to the Company, the date on which such
successor Person became such pursuant to Section 8.01 and 8.02 of the Original Indenture), the
Company would be required to pay Additional Amounts pursuant to Section 10.10 of the Original
Indenture. For purposes of Section 11.08 of the Original Indenture, the reincorporation of the
Company shall be treated as the adoption of a successor entity, provided, however, that redemption
under Section 11.08 of the Original Indenture shall not be available if the reincorporation was
performed in anticipation of a change in, execution of or amendment to any laws or treaties or the
official application or interpretation of any laws or treaties of such new jurisdiction of
incorporation that would result in an obligation to pay Additional Amounts.

          (m) Conversion: The Notes will not be convertible into, or exchangeable for, any other
securities.

     Section 2.02. Amendments to Article Five Relating to Events of Default. (a) Restated
Events of Default: As it applies to the Notes, Section 5.01 of the Original Indenture shall be
amended to read in its entirety as follows:

          “Section 5.01 Events of Default

     “Event of Default,” wherever used herein with respect to the Notes, means any one of
the following events (whatever the reason for such Event of Default and whether it shall be
voluntary or involuntary or be effected by operation of law or pursuant to any judgment,
decree or order of any court or any order, rule or regulation of any administrative or
governmental body):

     1. The Company shall fail to make any payment in respect of principal on any of the
Notes whether on the Stated Maturity, upon redemption or prior to the Maturity or otherwise
in accordance with the terms of the Notes and this Indenture, non-payment of which shall
continue for a period of three calendar days and the Trustee shall not have otherwise
received such amounts from Petrobras under the Guaranty, or otherwise by the end of such
three calendar day period;

     2. The Company shall fail to make any payment in respect of any interest or other
amounts due on or with respect to the Notes (including Additional Amounts, if any) in
accordance with the terms of the Notes and this Indenture, non-payment of which shall
continue for a period of 30 calendar days and the Trustee shall not have otherwise received
such amounts from Petrobras under the Guaranty, or otherwise by the end of such 30 calendar
day period;

     3. The Company or Petrobras shall fail to perform, or breach, any term, covenant,
agreement or obligation contained in this Indenture or the Guaranty and such
failure (other than any failure to make any payment under the Guaranty, for which there
is no cure) is either incapable of remedy or continues for a period of 60 calendar days
(inclusive of any time frame contained in any such term, covenant, agreement or obligation
for compliance thereunder) after there has been received by the Company or Petrobras from
the Trustee or the Holders of at least 25% in principal amount of the Outstanding Securities
of that series a written notice specifying such default or breach and requiring it to be
remedied and stating that such notice is a “Notice of Default” hereunder;

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     4. The maturity of any Indebtedness of the Company, Petrobras or any Material
Subsidiary in a total aggregate principal amount of U.S.$100,000,000 or more is accelerated
in accordance with the terms of that Indebtedness, it being understood that prepayment or
redemption by the Company, Petrobras or the relevant Material Subsidiary of any Indebtedness
is not acceleration for this purpose;

     5. One or more final and non-appealable judgments or final decrees is entered against
the Company, Petrobras or any Material Subsidiary thereof involving in the aggregate a
liability (not theretofore paid or covered by insurance) of U.S.$100,000,000 (or its
equivalent in another currency) or more, and all such judgments or final decrees shall not
have been vacated, discharged or stayed within 120 calendar days after the rendering
thereof;

     6. The Company, Petrobras or any Material Subsidiary thereof stops payment of, or is
generally unable to pay, its debts as and when they become due except (i) as is otherwise
expressly provided under this Indenture or the Guaranty, or (ii) in the case of a
winding-up, dissolution or liquidation for the purpose of and followed by a consolidation,
merger, conveyance or transfer, the terms of which shall have been approved by a resolution
of a meeting of the Holders;

     7. Proceedings are initiated against the Company, Petrobras or any Material Subsidiary
thereof under any applicable bankruptcy, reorganization, insolvency, moratorium or
intervention law or law with similar effect, or under any other law for the relief of, or
relating to, debtors, and any such proceeding is not dismissed or stayed within 90 days
after the entering of such proceeding, or an administrator, receiver, trustee, manager,
fiduciary, statutory manager, intervener or assignee for the benefit of creditors (or other
similar official) is appointed to take possession or control of, or a distress, execution,
attachment or sequestration or other process is levied, enforced upon, sued out or put in
force against, all or any material part of the undertaking, property, assets or revenues of
the Company, Petrobras or any Material Subsidiary thereof and is not discharged or removed
within 90 days;

     8. The Company, Petrobras or any Material Subsidiary thereof commences voluntarily or
consents to judicial, administrative or other proceedings relating to it under any
applicable bankruptcy, reorganization, insolvency, moratorium or intervention law or law
with similar effect, or under any other law for the relief of, or relating to, debtors, or
makes or enters into any composition, concordata or other similar arrangement with its
creditors, or appoints or applies for the appointment of an administrator, receiver,
trustee,
manager, fiduciary, statutory manager, intervener or assignee for the benefit of
creditors (or other similar official) to take possession or control of the whole or any
material part of its undertaking, property, assets or revenues, or takes any judicial,
administrative or other similar proceeding under any law for a readjustment or deferment of
its Indebtedness or any part of it;

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     9. An effective resolution is passed for, or any authorized action is taken by any
court of competent jurisdiction, directing the winding-up, dissolution or liquidation of the
Company, Petrobras or any Material Subsidiary thereof (other than in any of the
circumstances referred to as exceptions in paragraph (6) above);

     10. Any event occurs that under the laws of any relevant jurisdiction has substantially
the same effect as any of the events referred to in any of paragraphs (6), (7), (8) or (9)
of this Section 5.01;

     11. This Indenture, the Notes, the Guaranty or any part thereof shall cease to be in
full force and effect or binding and enforceable against the Company or Petrobras, it
becomes unlawful for the Company or Petrobras to perform any material obligation under this
Indenture, the Notes or the Guaranty, or the Company or Petrobras shall contest the
enforceability of this Indenture, the Notes or the Guaranty or deny that it has liability
under this Indenture, the Notes or the Guaranty;

     12. Petrobras fails to retain at least 51% direct or indirect ownership of the
outstanding voting and economic interests (equity or otherwise) of and in the Company.”

     Section 2.03. Amendments to Article 10 Relating to Covenants.

          (a) Statement of Officers as to Default and Notices of Events of Default: As it
applies to the Notes, Section 10.05 of the Original Indenture shall be amended by deleting the
second sentence in its entirety and replacing it with the following:

     “Within 10 calendar days (or promptly with respect to Events of Default pursuant to
Sections 5.01(4), 5.01(5), 5.01(6), 5.01(7), 5.01(8), 5.01(9) and 5.01(10) hereunder and in
any event no later than 10 calendar days) after the Company becomes aware or should
reasonably become aware of the occurrence of an Event of Default pursuant to Section 5.01
hereunder, the Company shall provide notice to the Trustee of such occurrence, accompanied by
an Officer’s Certificate of the Company setting forth the details thereof.”

          (b) Maintenance of Corporate Existence: As it applies to the Notes, Section 10.02 of
the Original Indenture shall be replaced with the following:

     “The Company will (i) maintain in effect its corporate existence and all registrations
necessary therefor except as otherwise permitted by Article VIII and (ii) take all reasonable
actions to maintain all rights, privileges, titles to property, franchises, concessions and
the like necessary or desirable in the normal conduct of its business, activities or
operations; provided, however, that this Section 10.02 shall not require the Company to
maintain any such right, privilege, title to property or franchise, if the Company’s Board of
Directors shall determine that the preservation thereof is no longer
desirable in the conduct of the business of the Company, and that the loss thereof is
not disadvantageous in any material respect to the Holders.”

          (c) Additional Covenants Applicable to the Notes: As it applies to the Notes, Article
10 of the Original Indenture shall be amended to include the following:

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     “Section 10.11 Use of Proceeds.

     The Company will use the proceeds from the offer and sale of the Notes after the
deduction of any commissions principally for general corporate purposes and to finance
Petrobras’ planned capital expenditure under its 2010-2014 Business Plan while maintaining
an adequate capital structure and staying within Petrobras’ targeted financial leverage
ratios in accordance with its 2010-2014 Business Plan.

     Section 10.12 Negative Pledge

     So long as any Note remains Outstanding, the Company will not create or permit any
Lien, other than a Permitted Lien, on any of the Company’s assets to secure (a) any of the
Company’s Indebtedness or (b) the Indebtedness of any other Person, unless the Company
contemporaneously creates or permits such Lien to secure equally and ratably the Company’s
obligations under the Notes and this Indenture or the Company provides such other security
for the Notes as is duly approved by a resolution of the Holders of the Notes in accordance
with this Indenture. In addition, the Company will not allow any of the Company’s Material
Subsidiaries to create or permit any Lien, other than a Permitted Lien, on any of its assets
to secure (a) any of the Company’s Indebtedness, (b) any of its own Indebtedness or (c) the
Indebtedness of any other Person, unless it contemporaneously creates or permits the Lien to
secure equally and ratably the Company’s obligations under the Notes and this Indenture or
the Company provides such other security for the Notes as is duly approved by a resolution
of the Holders of the Notes in accordance with the Indenture.

     Section 10.13 Currency Rate Indemnity. (a) The Company shall (to the extent
lawful) indemnify the Trustee and the Holders of the Notes and keep them indemnified
against:

     (i) in the case of nonpayment by the Company of any amount due to the Trustee, on
behalf of the Holders of the Notes, under the Indenture any loss or damage incurred by any
of them arising by reason of any variation between the rates of exchange used for the
purposes of calculating the amount due under a judgment or order in respect thereof and
those prevailing at the date of actual payment by the Company; and

     (ii) any deficiency arising or resulting from any variation in rates of exchange
between (i) the date as of which the local currency equivalent of the amounts due or
contingently due under the Indenture or in respect of the Notes is calculated for the
purposes of any bankruptcy, insolvency or liquidation of the Company, and (ii) the final
date for ascertaining the amount of claims in such bankruptcy, insolvency or liquidation.
The amount of such deficiency shall be deemed not to be increased or reduced by any
variation in rates of exchange occurring between the said final date and the date of any
bankruptcy, insolvency or liquidation or any distribution of assets in connection
therewith.

     (b) The Company agrees that, if a judgment or order given or made by any court for the
payment of any amount in respect of its obligations hereunder is
expressed in a currency
(the “Judgment Currency”) other than U.S. dollars (the “Denomination
Currency”),

11

 

it will indemnify the relevant Holder and the Trustee against any deficiency
arising or resulting from any variation in rates of exchange between the date at which the
amount in the Denomination Currency is notionally converted into the amount in the Judgment
Currency for the purposes of such judgment or order and the date of actual payment thereof.

     (c) The above indemnities shall constitute separate and independent obligations of the
Company from its obligations under the Indenture, will give rise to separate and independent
causes of action, will apply irrespective of any indulgence granted from time to time and
will continue in full force and effect notwithstanding any judgment or the filing of any
proof or proofs in any bankruptcy, insolvency or liquidation of the Company for a liquidated
sum or sums in respect of amounts due under the Indenture or the Notes.”

     Section 2.04. Application of the Article of the Indenture Regarding Defeasance and Covenant
Defeasance. The provisions of Sections 14.01, 14.02 and 14.03 of the Original Indenture shall
apply to the Notes.

ARTICLE 3

GUARANTY

     Section 3.01. Execution. The Trustee is hereby authorized and directed to acknowledge the
Guaranty and to perform all of its duties and obligations thereunder.

     Section 3.02. Enforcement. The Trustee shall enforce the provisions of the Guaranty against
Petrobras in accordance with the terms thereof and the terms of the Indenture and Petrobras, by
execution of this Sixth Supplemental Indenture, and by so agreeing to become a party to the
Indenture, agrees that each Holder of the Notes shall have direct rights under the Guaranty as if
it were a party thereto.

     Section 3.03. Petrobras hereby (i) acknowledges and agrees to be bound by the provisions of
Section 1.08 of the Original Indenture and (ii) confirms that (A) its obligations under the
Guaranty shall be issued pursuant to the Indenture and (B) it intends for the Holders of the Notes,
in addition to those rights under the Guaranty as provided therein, to be entitled to the benefits
of the Indenture with respect to their rights against Petrobras under the Guaranty.

     Section 3.04. Definition of the Term “Securities.” For all purposes relating to the Notes,
the term “Securities” in Section 1.01 of the Original Indenture shall be amended by inserting the
following at the end thereof: “All references herein to any Securities shall be deemed to include
the rights of the Holder thereof under any guaranty arrangement entered into by Petrobras with the
Trustee in connection with the issuance of such Securities pursuant to Section 3.14 hereof, which
are an integral part of such Securities.”

     Section 3.05. Taxes; Additional Amounts. For the avoidance of doubt, the Company’s
obligations to pay any indemnity with respect to taxes, including the obligation to pay Additional
Amounts pursuant to Section 10.10 of the Original Indenture, shall extend to any payments made by
Petrobras pursuant to the Guaranty.

12

 

ARTICLE 4

MISCELLANEOUS

     Section 4.01. Effect of the Sixth Supplemental Indenture. This Sixth Supplemental Indenture
supplements the Indenture and shall be a part, and subject to all the terms, thereof. The Original
Indenture, as supplemented and amended by this Sixth Supplemental Indenture, is in all respects
ratified and confirmed, and the Original Indenture and this Sixth Supplemental Indenture shall be
read, taken and construed as one and the same instrument. All provisions included in this Sixth
Supplemental Indenture supersede any conflicting provisions included in the Original Indenture
unless not permitted by law. The provisions of this Sixth Supplemental Indenture are intended to
apply solely to the Notes and the Holders thereof and shall not apply to any future issuance of
securities by the Company (other than any Add On Notes as provided herein) and all references to
provisions of the Original Indenture herein amended and restated or otherwise modified shall have
effect solely with respect to the Notes contemplated in this Sixth Supplemental Indenture. The
Trustee accepts the trusts created by the Original Indenture, as supplemented by this Sixth
Supplemental Indenture, and agrees to perform the same upon the terms and conditions of the
Original Indenture, as supplemented by this Sixth Supplemental Indenture.

     Section 4.02. Governing Law. This Sixth Supplemental Indenture shall be governed by, and
construed in accordance with, the laws of the State of New York.

     Section 4.03. Trustee Makes No Representation. The Trustee shall not be responsible in any
manner whatsoever for or in respect of the validity or sufficiency of this Sixth Supplemental
Indenture or for or in respect of the recitals contained herein, all of which are made solely by
the Company and Petrobras.

     Section 4.04. Effect of Headings. The section headings herein are for convenience only and
shall not affect the construction of this Sixth Supplemental Indenture.

     Section 4.05. Counterparts. The parties may sign any number of copies of this Sixth
Supplemental Indenture. Each signed copy shall be an original, but all of them shall represent the
same agreement.

     Section 4.06. Additional Trustee Provisions.

          (a) The permissive rights of the Trustee enumerated herein shall not be construed as duties.

          (b) In no event shall the Trustee be responsible or liable for special, indirect, punitive or
consequential loss or damage of any kind whatsoever (including, but not limited to, loss of profit)
irrespective of whether the Trustee has been advised of the likelihood of such loss or damage and
regardless of the form of action.

          (c) Notwithstanding anything herein to the contrary neither the Trustee nor any of its the
agents shall incur any liability for not performing any act or fulfilling any duty, obligation or
responsibility hereunder by reason of any occurrence beyond the control of the Trustee or its
respective agent, as applicable, (including but not limited to any act or provision of any present
or future law or regulation or

13

 

governmental authority, any act of God or war, civil unrest, local
or national disturbance or disaster, any act of terrorism, fire, riot, strikes or work stoppages
for any reason, embargos, government action or the unavailability of the Federal Reserve Bank wire
or facsimile or other wire or communication facility).

     Section 4.07. Waiver of Jury Trial. EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES, TO
THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL
PROCEEDING ARISING OUT OF OR RELATING TO THE INDENTURE OR THE NOTES.

[SIGNATURE PAGE TO FOLLOW IMMEDIATELY]

14

 

          IN WITNESS WHEREOF, the parties have caused this Sixth Supplemental Indenture to be duly
executed by their respective officers thereunto duly authorized as of the day and year first above
written.

	 	 	 	 	 
	 	PETROBRAS INTERNATIONAL FINANCE COMPANY

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	PETRÓLEO BRASILEIRO S.A. — PETROBRAS

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	WITNESSES:

 	 
	 	1.  	 	 
	 	 	Name:  	 	 
	 
	 	2.  	
 	 
	 	 	Name:  	 	 

Sixth Supplemental Indenture

 

 

	 	 	 

	STATE OF NEW YORK
	 	)
	 
	 	)          ss:
	COUNTY OF NEW YORK
	 	)

          On this ___ day of January 2011, before me, a notary public within and for said county,
personally appeared __________________, to me personally known, who being duly sworn, did say that
___ is the Attorney-in-Fact of Petrobras International Finance Company, a corporation described in
and which executed the foregoing instrument and acknowledges said instrument to be the free act and
deed of said entity.

          On this ___ day of January 2011, before me, a notary public within and for said county,
personally appeared __________________, to me personally known, who being duly sworn, did say that
___ is the Attorney-in-Fact of Petróleo Brasileiro S.A.—Petrobras, a corporation described in and
which executed the foregoing instrument and acknowledges said instrument to be the free act and
deed of said entity.

          On this ___ day of January 2011, before me personally came ___________________ and
_________________ to me personally known, who being duly sworn, did say that they signed their
names to the foregoing instrument as witnesses.

[Notarial Seal]

	 	 	 	 	 
	 	  	

 	 
	 	 	Notary Public 	 
	 	 	COMMISSION EXPIRES 	 

 

 

	 	 	 	 	 
	 	THE BANK OF NEW YORK MELLON, as Trustee

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	WITNESSES:

 	 
	 	1.  	 	 
	 	 	Name:  	 	 
	 
	 	2.  	
 	 
	 	 	Name:  	 	 
	 	 	 	 

 

 

	 	 	 	 	 

	 	 	 
	STATE OF NEW YORK
	 	)
	 
	 	)               ss:
	COUNTY OF NEW YORK
	 	)

          On this ___ day of January 2011, before me, a notary public within and for said county,
personally appeared __________________, to me personally known, who being duly sworn, did say that
___ is a ____________________ of The Bank of New York Mellon, one of the persons described in and
which executed the foregoing instrument, and acknowledges said instrument to be the free act and
deed of said entity.

          On this ___ day of January 2011, before me personally came ___________________ and
_________________ to me personally known, who being duly sworn, did say that they signed their
names to the foregoing instrument as witnesses.

[Notarial Seal]

	 	 	 	 	 
	 	  	 	 
	 	 	Notary Public 	 
	 	 	COMMISSION EXPIRES 	 

 

 

	 	 	 	 	 

Exhibit A

Form of 5.375% Global Note due 2021

GLOBAL NOTE

THIS NOTE IS A GLOBAL NOTE WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS
REGISTERED IN THE NAME OF A DEPOSITORY OR A NOMINEE THEREOF. THIS NOTE MAY NOT BE EXCHANGED IN
WHOLE OR IN PART FOR A NOTE REGISTERED, AND NO TRANSFER OF THIS NOTE IN WHOLE OR IN PART MAY BE
REGISTERED, IN THE NAME OF ANY PERSON OTHER THAN SUCH DEPOSITORY OR ITS NOMINEE EXCEPT IN THE
LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE.

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST
COMPANY TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT AND SUCH
CERTIFICATE ISSUED IN EXCHANGE FOR THIS CERTIFICATE IS REGISTERED IN THE NAME OF CEDE & CO., OR
SUCH OTHER NAME AS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY, ANY TRANSFER,
PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL, SINCE THE
REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

 

 

PETROBRAS INTERNATIONAL FINANCE COMPANY

5.375% GLOBAL NOTES DUE 2021

No.

CUSIP No.: 71645W AR2

ISIN No.: US71645WAR25

Common Code: 058524484

Principal Amount: U.S.$

Initial Issuance Date: January 27, 2011

          This Note is one of a duly authorized issue of notes of PETROBRAS INTERNATIONAL FINANCE
COMPANY, an exempted company with limited liability organized under the laws of the Cayman Islands
(the “Issuer”), designated as its 5.375% Global Notes Due 2021 (the “Notes”),
issued in an initial aggregate principal amount of TWO BILLION FIVE HUNDRED MILLION U.S. DOLLARS
(U.S.$2,500,000,000) under the Sixth Supplemental Indenture (the “Sixth Supplemental
Indenture”), effective as of January 27, 2011, by and among the Issuer, The Bank of New York
Mellon (formerly known as The Bank of New York), a New York banking corporation, as Trustee (the
“Trustee”), and Petróleo Brasileiro S.A. — Petrobras, a mixed capital company (sociedade de
economia mista) organized under the laws of Brazil (“Petrobras”), to the Indenture, dated
as of December 15, 2006 (the “Original Indenture”, and as supplemented by the Sixth
Supplemental Indenture and any further supplements thereto with respect to the Notes, the
“Indenture”), by and among the Issuer and the Trustee. Reference is hereby made to the
Indenture for a statement of the respective rights, limitations of interests, benefits, obligations
and duties thereunder of the Issuer, the Trustee and the Holders, and of the terms upon which the
Notes are, and are to be, authenticated and delivered. All capitalized terms used in this Note
which are defined in the Indenture and not otherwise defined herein shall have the meanings
assigned to them in the Indenture.

          The Issuer, for value received, hereby promises to pay to Cede & Co. or its registered
assigns, as nominee of The Depository Trust Company (“DTC”) and as the Holder of record of
this Note, the principal amount specified above in U.S. dollars on January 27, 2021 (or earlier as
provided for in the Indenture) upon presentation and surrender hereof, at the office or agency of
the Trustee referred to below.

          As provided for in the Indenture, the Issuer promises to pay interest on the outstanding
principal amount hereof, from the Closing Date, semiannually on January 27 and July 27 of each year
(or if such date is not a Business Day, the next succeeding Business Day following such day),
commencing July 27, 2011 (each such date, an “Interest Payment Date”), at a rate equal to
5.375% per annum. Interest payable, and punctually paid or duly provided for, on this Note on any
Interest Payment Date will, as provided in the Indenture, be paid in U.S. dollars to the Person in
whose name this Note (or one or more predecessor Notes) is registered at the close of business on
the Business Day preceding such interest payment.

          Payment of the principal of and interest on this Note will be payable by wire transfer to a
U.S. dollar account maintained by the Holder of this Note as reflected in the Security Register of
the Trustee. In the event the date for any payment of the principal
of or interest on any 

 

 

Note is not a Business Day, then payment will be made on the next Business Day
with the same force and effect as if made on the nominal date of any such date for such payment and
no additional interest will accrue on such payment as a result of such payment being made on the
next succeeding Business Day. Interest accrued with respect to this Note shall be calculated based
on a 360-day year of twelve 30-day months.

          The Notes are subject to redemption by the Issuer on the terms and conditions specified in the
Indenture.

          This Note does not purport to summarize the Indenture, and reference is made to the Indenture
for information with respect to the respective rights, limitations of interests, benefits,
obligations and duties thereunder of the Issuer, the Trustee and the Holders.

          If an Event of Default shall occur and be continuing, the outstanding principal amount of all
the Notes may become or may be declared due and payable in the manner and with the effect provided
in the Indenture.

          Modifications of the Indenture may be made by the Issuer and the Trustee only to the extent
and in the circumstances permitted by the Indenture.

          The Notes shall be issued only in fully registered form, without coupons. Notes shall be
issued in the form of beneficial interests in one or more global securities in denominations of
U.S.$2,000 and integral multiples of U.S.$1,000 in excess thereof.

          Prior to and at the time of due presentment of this Note for registration of transfer, the
Issuer, the Trustee and any agent of the Issuer or the Trustee may treat the Person in whose name
this Note is registered as the owner hereof for all purposes, whether or not this Note is overdue,
and neither the Issuer, the Trustee nor any agent thereof shall be affected by notice to the
contrary.

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

 

 

          Unless the certificate of authentication hereon has been duly executed by the Trustee by
manual signature, this Note shall not be entitled to any benefit under the Indenture, or be valid
or obligatory for any purpose.

          THIS NOTE SHALL BE CONSTRUED IN ACCORDANCE WITH, AND GOVERNED BY, THE LAWS OF THE STATE OF NEW
YORK.

          IN WITNESS WHEREOF, the Issuer has caused this Note to be duly executed.

	 	 	 	 	 
	 	

PETROBRAS INTERNATIONAL FINANCE

COMPANY

 	 
	 	By  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	WITNESSES:

 	 
	 	1.  	 	 
	 	 	Name:  	 	 
	 	 	 
	 	2.  	
 	 
	 	 	Name:  	 	 
	 	 	 	 

 

 

	 	 	 	 	 

	 	 	 

	STATE OF NEW YORK
	 	)
	 
	 	)               ss:
	COUNTY OF NEW YORK
	 	)

          On this ___ day of January 2011, before me, a notary public within and for said county,
personally appeared __________________, to me personally known, who being duly sworn, did say that
___ is the Attorney-in-Fact of Petrobras International Finance Company, a corporation described in
and which executed the foregoing instrument and acknowledges said instrument to be the free act and
deed of said entity.

          On this ___ day of January 2011, before me personally came ___________________ and
_________________ to me personally known, who being duly sworn, did say that they signed their
names to the foregoing instrument as witnesses.

[Notarial Seal]

	 	 	 	 	 
	 	  	
 	 
	 	 	Notary Public 	 
	 	 	COMMISSION EXPIRES 	 

 

 

CERTIFICATE OF AUTHENTICATION

          This is one of the Securities of the series designated therein referred to in the within
mentioned Indenture.

Dated: January ___ , 2011

	 	 	 	 	 
	 	

The Bank of New York Mellon

As Trustee

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	Authorized Officer 	 

 

 

ASSIGNMENT FORM

For value received

hereby sells, assigns and transfers unto

(Please insert social security or

other identifying number of assignee)

(Please print or type name and address,

including zip code, of assignee:)

the within Note and does hereby irrevocably constitute and appoint Attorney to transfer the Note on
the books of the Note Registrar with full power of substitution in the premises.

Date:                               Your Signature:

	 	 	 	 	 
	 	
(Sign exactly as your name

appears on the face of this Note)

 	 
	 	 	 
	 	 	 
	 	 	 

 

 

	 	 	 	 	 

Exhibit B

[Form of Guaranty]exv4w7

Exhibit 4.7

EXECUTION COPY

GUARANTY

     GUARANTY (this “Guaranty”), dated as of January 27, 2011, between PETRÓLEO BRASILEIRO
S.A.—PETROBRAS (the “Guarantor”), a sociedade de economia mista organized and existing
under the laws of the Federative Republic of Brazil (“Brazil”), and THE BANK OF NEW YORK
MELLON, a New York banking corporation, as trustee for the holders of the 2041 Notes (as defined
below) issued pursuant to the Indenture (as defined below) (the “Trustee”).

WITNESSETH:

     WHEREAS, Petrobras International Finance Company, an exempted company incorporated with
limited liability under the laws of the Cayman Islands and a wholly-owned Subsidiary of the
Guarantor (the “Issuer”), has entered into an Indenture dated as of December 15, 2006 (the
“Original Indenture”) with the Trustee, as supplemented by the Seventh Supplemental
Indenture among the Issuer, the Guarantor and the Trustee dated as of the date hereof (the
“Seventh Supplemental Indenture”). The Original Indenture, as supplemented by the Seventh
Supplemental Indenture and as amended or supplemented from time to time with respect to the 2041
Notes, is hereinafter referred to as the “Indenture”;

     WHEREAS, the Issuer has duly authorized the issuance of its notes in such principal amount or
amounts as may from time to time be authorized in accordance with the Indenture and is, on the date
hereof, issuing U.S.$1,000,000,000 aggregate principal amount of its 6.750% Global Notes due 2041
under the Indenture (the “2041 Notes”);

     WHEREAS, the Guarantor is willing to enter into this Guaranty in order to provide the holders
of the 2041 Notes (the “Noteholders”) with an irrevocable and unconditional guaranty that,
if the Issuer shall fail to make any required payments of principal, interest or other amounts due
in respect of the 2041 Notes and the Indenture, the Guarantor will pay any such amounts whether at
stated maturity, or earlier or later by acceleration or otherwise;

     WHEREAS, the Guarantor agrees that it will derive substantial direct and indirect benefits
from the issuance of the 2041 Notes by the Issuer;

     WHEREAS, it is a condition precedent to the issuance of the 2041 Notes that the Guarantor
shall have executed this Guaranty.

     WHEREAS, each of the parties hereto is entering into this Guaranty for the benefit of the
other party and for the equal and ratable benefit of the Noteholders.

     NOW, THEREFORE, the Guarantor and the Trustee hereby agree as follows:

          SECTION 1. Definitions. (a) All capitalized terms used but not defined herein shall
have the meanings ascribed to such terms in the Original Indenture, as supplemented and amended by
the Seventh Supplemental Indenture. All such definitions shall be read in a manner consistent with
the terms of this Guaranty.

1

 

     (b) As used herein, the following capitalized terms shall have the following meanings:

          “Affiliate,” with respect to any Person, means any other Person that, directly or
indirectly, controls, is controlled by or is under common control with such Person; it being
understood that for purposes of this definition, the term “control” (including the terms
“controlling,” “controlled by” and “under common control with”) of a Person shall mean the
possession, direct or indirect, of the power to vote 25% or more of the equity or similar voting
interests of such Person or to direct or cause the direction of the management and policies of such
Person, whether through the ownership of voting securities, by contract or otherwise.

          “Authorized Representative” of the Guarantor or any other Person means the person or
persons authorized to act on behalf of such entity by its chief executive officer, president, chief
operating officer, chief financial officer or any vice president or its Board of Directors or any
other governing body of such entity.

          “Board of Directors”, when used with respect to a corporation, means either the board
of directors of such corporation or any committee of that board duly authorized to act for it, and
when used with respect to a limited liability company, partnership or other entity other than a
corporation, any Person or body authorized by the organizational documents or by the voting equity
owners of such entity to act for them.

          “Denomination Currency” has the meaning specified in Section 14(b).

          “Guaranteed Obligations” has the meaning specified in Section 2.

          “Indebtedness” means any obligation (whether present or future, actual or contingent
and including, without limitation, any Guarantee) for the payment or repayment of money which has
been borrowed or raised (including money raised by acceptances and all leases which, under
generally accepted accounting principles in the country of incorporation of the relevant obligor,
would constitute a capital lease obligation).

          “Judgment Currency” has the meaning specified in Section 14(b).

          “Material Adverse Effect” means a material adverse effect on (a) the business,
operations, assets, property, condition (financial or otherwise) or, results of operation, of the
Guarantor together with its consolidated Subsidiaries, taken as a whole,
(b) the validity or enforceability of this Guaranty or any other Transaction Document or (c)
the ability of the Guarantor to perform its obligations under this Guaranty or any other
Transaction Document, or (d) the material rights or benefits available to the Noteholders or the
Trustee, as representative of the Noteholders under the Indenture, this Guaranty or any of the
other Transaction Documents.

          “Material Subsidiary” means, as to any Person, any Subsidiary of such Person which, on
any given date of determination, accounts for more than 10% of Petrobras’ total consolidated
assets, as such total assets are set forth on the most recent consolidated financial statements of
Petrobras prepared in accordance with Reporting GAAP (or if Petrobras does not prepare financial
statements in Reporting GAAP, consolidated financial statements prepared in accordance with
Brazilian generally accepted accounting principles).

2

 

          “Officer’s Certificate” means a certificate of an Authorized Representative of the
Guarantor.

          “Opinion of Counsel” means a written opinion of counsel from any Person either
expressly referred to herein or otherwise reasonably satisfactory to the Trustee which may include,
without limitation, counsel for the Guarantor, whether or not such counsel is an employee of the
Guarantor.

          “Permitted Lien” means a:

          (i) Lien granted in respect of Indebtedness owed to the Brazilian government, Banco Nacional
de Desenvolvimento Econômico e Social or any official government agency or department of the
government of Brazil or of any state or region thereof;

          (ii) Lien arising by operation of law, such as merchants’, maritime or other similar Liens
arising in the Guarantor’s ordinary course of business or that of any Subsidiary or Lien in respect
of taxes, assessments or other governmental charges that are not yet delinquent or that are being
contested in good faith by appropriate proceedings;

          (iii) Lien arising from the Guarantor’s obligations under performance bonds or surety bonds
and appeal bonds or similar obligations incurred in the ordinary course of business and consistent
with the Guarantor’s past practice;

          (iv) Lien arising in the ordinary course of business in connection with Indebtedness maturing
not more than one year after the date on which such Indebtedness was originally incurred and which
is related to the financing of export, import or other trade transactions;

          (v) Lien granted upon or with respect to any assets hereafter acquired by the Guarantor or
any Subsidiary to secure the acquisition costs of such assets or to secure Indebtedness incurred
solely for the purpose of financing the acquisition of such assets, including any Lien existing at
the time of the acquisition of such assets as long as the maximum amount so secured shall not
exceed the aggregate acquisition costs of all such
assets or the aggregate Indebtedness incurred solely for the acquisition of such assets, as
the case may be;

          (vi) Lien granted in connection with the Indebtedness of a Wholly-Owned Subsidiary owing to
the Guarantor or another Wholly-Owned Subsidiary;

          (vii) Lien existing on any asset or on any stock of any Subsidiary prior to the acquisition
thereof by the Guarantor or any Subsidiary as long as such Lien is not created in anticipation of
such acquisition;

          (viii) Lien over any Qualifying Asset relating to a project financed by, and securing
Indebtedness incurred in connection with, the Project Financing of such project by the Guarantor,
any of the Guarantor’s Subsidiaries or any consortium or other venture in which the Guarantor or
any Subsidiary has any ownership or other similar interest;

          (ix) Lien existing as of the date of the Seventh Supplemental Indenture;

3

 

          (x) Lien resulting from the Transaction Documents;

          (xi) Lien incurred in connection with the issuance of debt or similar securities of a type
comparable to those already issued by the Issuer, on amounts of cash or cash equivalents on deposit
in any reserve or similar account to pay interest on such securities for a period of up to 24
months as required by any Rating Agency as a condition to such Rating Agency rating such securities
investment grade or as is otherwise consistent with market conditions at such time, as such
conditions are satisfactorily demonstrated to the Trustee;

          (xii) Lien granted or incurred to secure any extension, renewal, refinancing, refunding or
exchange (or successive extensions, renewals, refinancings, refundings or exchanges), in whole or
in part, of or for any Indebtedness secured by a Lien referred to in paragraphs (i) through (xi)
above (but not paragraph (iv)), provided that such Lien does not extend to any other property, the
principal amount of the Indebtedness secured by such Lien is not increased, and in the case of
paragraphs (i), (ii), (iii) and (vii), the obligees meet the requirements of such paragraphs and in
the case of paragraph (viii), the Indebtedness is incurred in connection with a Project Financing
by the Guarantor, any of the Guarantor’s Subsidiaries or any consortium or other venture in which
the Guarantor or any Subsidiary have any ownership or other similar interests; and

          (xiii) Lien in respect of Indebtedness the principal amount of which in the aggregate,
together with all Liens not otherwise qualifying as the Guarantor’s Permitted Liens pursuant to
clauses (i) through (xii) of this definition, does not exceed 15% of the Guarantor’s consolidated
total assets (as determined in accordance with Reporting GAAP) at any date as at which the
Guarantor’s balance sheet is prepared and published in accordance with applicable Law.

          “Process Agent has the meaning specified in Section 15(c).

          “Project Financing” of any project means the incurrence of Indebtedness relating to
the exploration, development, expansion, renovation, upgrade or other modification or construction
of such project pursuant to which the providers of such Indebtedness or any trustee or other
intermediary on their behalf or beneficiaries designated by any such provider, trustee or other
intermediary are granted security over one or more Qualifying Assets relating to such project for
repayment of principal, premium and interest or any other amount in respect of such Indebtedness.

          “Qualifying Asset” in relation to any Project Financing means:

     (i) any concession, authorization or other legal right granted by any Governmental
Authority to the Guarantor or any of the Guarantor’s Subsidiaries, or any consortium or
other venture in which the Guarantor or any Subsidiary has any ownership or other similar
interest;

     (ii) any drilling or other rig, any drilling or production platform, pipeline, marine
vessel, vehicle or other equipment or any refinery, oil or gas field, processing plant,
real property (whether leased or owned), right of way or plant or other fixtures or
equipment;

4

 

     (iii) any revenues or claims which arise from the operation, failure to meet
specifications, failure to complete, exploitation, sale, loss or damage to, such
concession, authorization or other legal right or such drilling or other rig, drilling or
production platform, pipeline, marine vessel, vehicle or other equipment or refinery, oil
or gas field, processing plant, real property, right of way, plant or other fixtures or
equipment or any contract or agreement relating to any of the foregoing or the Project
Financing of any of the foregoing (including insurance policies, credit support
arrangements and other similar contracts) or any rights under any performance bond, letter
of credit or similar instrument issued in connection therewith;

     (iv) any oil, gas, petrochemical or other hydrocarbon-based products produced or
processed by such project, including any receivables or contract rights arising therefrom
or relating thereto and any such product (and such receivables or contract rights) produced
or processed by other projects, fields or assets to which the lenders providing the Project
Financing required, as a condition therefor, recourse as security in addition to that
produced or processed by such project; and

     (v) shares or other ownership interest in, and any subordinated debt rights owing to
the Guarantor by, a special purpose company formed solely for the development of a project,
and whose principal assets and business are constituted by such project and whose
liabilities solely relate to such project.

          “Reporting GAAP” means (i) generally accepted accounting principles in effect in the
United States of America applied on a basis consistent with the principles, methods, procedures and
practices in effect from time to time or (ii) International
Financial Reporting Standards (IFRS) as adopted by the International Accounting Standards
Board (IASB) as from the date the Guarantor adopts IFRS as its primary reporting or accounting
standard in its reports filed with the SEC pursuant to Section 13 or 15(d) of the Exchange Act.

          “SEC” means the United States Securities and Exchange Commission.

          “Successor Company” has the meaning specified in Section 7(f)(A).

          “Termination Date” has the meaning specified in Section 6.

          “Transaction Documents” means, collectively, the Indenture, the 2041 Notes and this
Guaranty.

     (c) Construction. The parties agree that items (1) through (5) of Section 1.01 of the
Original Indenture shall apply to this Guaranty, except as otherwise expressly provided or unless
the context otherwise requires.

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          SECTION 2. Guaranty. (a) The Guarantor hereby unconditionally and irrevocably
guarantees the full and punctual payment when due, as a guaranty of payment and not of collection,
whether at the Stated Maturity, or earlier or later by acceleration or otherwise, of all
obligations of the Issuer now or hereafter existing under the Indenture and the 2041 Notes, whether
for principal, interest, make-whole premium, fees, indemnities, costs, expenses or otherwise (such
obligations being the “Guaranteed Obligations”), and the Guarantor agrees to pay any and
all expenses (including reasonable and documented counsel fees and expenses) incurred by the
Trustee or any Noteholder in enforcing any rights under this Guaranty with respect to such
Guaranteed Obligations. Without limiting the generality of the foregoing, the Guarantor’s
liability shall extend to all amounts that constitute part of the Guaranteed Obligations and would
be owed by the Issuer to the Trustee or any Noteholder under the Indenture and the 2041 Notes but
for the fact that they are unenforceable or not allowable due to the existence of a bankruptcy,
insolvency, reorganization or similar proceeding involving the Issuer.

          (b) In the event that the Issuer does not make payments to the Trustee of all or any portion
of the Guaranteed Obligations, upon receipt of notice of such non-payment by the Trustee, the
Guarantor will make immediate payment to the Trustee of any such amount or portion of the
Guaranteed Obligations owing or payable under the Indenture and the 2041 Notes. Such notice shall
specify the amount or amounts under the Indenture and the 2041 Notes that were not paid on the date
that such amounts were required to be paid under the terms of the Indenture and the 2041 Notes.

          (c) The obligation of the Guarantor under this Guaranty shall be absolute and unconditional
upon receipt by it of the notice contemplated herein absent manifest error. The Guarantor shall
not be relieved of its obligations hereunder unless and until the Trustee shall have indefeasibly
received all amounts required to be paid by
the Guarantor hereunder (and any Event of Default under the Indenture has been cured, it being
understood that the Guarantor’s obligations hereunder shall terminate following payment by the
Issuer and/or the Guarantor of the entire principal, all accrued interest and all other amounts due
and owing in respect of the 2041 Notes and the Indenture. All amounts payable by the Guarantor
hereunder shall be payable in U.S. dollars and in immediately available funds to the Trustee.

          All payments actually received by the Trustee pursuant to this Section 2 after 1:00 p.m. (New
York time) on any Business Day will be deemed, for purposes of this Guaranty, to have been received
by the Trustee on the next succeeding Business Day.

          SECTION 3. Guaranty Absolute. (a) The Guarantor’s obligations under this Guaranty are
absolute and unconditional regardless of any law, regulation or order now or hereafter in effect in
any jurisdiction affecting any of such terms or the rights of any Noteholder under its 2041 Notes
or the Indenture. The obligations of the Guarantor under or in respect of this Guaranty are
independent of the Guaranteed Obligations or any other obligations of the Issuer, the Issuer’s
Subsidiaries or the Guarantor’s Subsidiaries under or in respect of the Indenture and the 2041
Notes or any other document or agreement, and a separate action or actions may be brought and
prosecuted against the Guarantor to enforce this Guaranty, irrespective of whether any action is
brought against the Issuer or whether the Issuer is joined in any such action or actions. The
liability of the Guarantor under this Guaranty shall be irrevocable, absolute and unconditional
irrespective of, and the Guarantor hereby irrevocably waives any defenses it may now have or
hereafter acquire in any way relating to, any or all of the following:

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     (i) any lack of validity or enforceability of any of the Transaction Documents;

     (ii) any provision of applicable Law or regulation purporting to prohibit the payment
by the Issuer of any amount payable by it under the Indenture and the 2041 Notes;

     (iii) any provision of applicable Law or regulation purporting to prohibit the payment
by the Guarantor of any amount payable by it under this Guaranty;

     (iv) any change in the time, manner or place of payment of, or in any other term of,
all or any of the Guaranteed Obligations or any other obligations of any other person or
entity under or in respect of the Transaction Documents, or any other amendment or waiver
of or any consent to departure from any Transaction Document, including, without
limitation, any increase in the obligations of the Issuer under the Indenture and the 2041
Notes as a result of further issuances, any rescheduling of the Issuer’s obligations under
the 2041 Notes of the Indenture or otherwise;

     (v) any taking, release or amendment or waiver of, or consent to
departure from, any other guaranty or agreement similar in function to this Guaranty,
for all or any of the obligations of the Issuer under the Indenture or the 2041 Notes;

     (vi) any manner of sale or other disposition of any assets of any Noteholder;

     (vii) any change, restructuring or termination of the corporate structure or existence
of the Issuer or the Guarantor or any Subsidiary thereof or any change in the name,
purposes, business, capital stock (including ownership thereof) or constitutive documents
of the Issuer or the Guarantor;

     (viii) any failure of the Trustee to disclose to the Guarantor any information
relating to the business, condition (financial or otherwise), operations, performance,
properties or prospects of the Issuer or any of its Subsidiaries (the Guarantor hereby
waiving any duty on the part of the Trustee or any Noteholders to disclose such
information);

     (ix) the failure of any other person or entity to execute or deliver any other
guaranty or agreement or the release or reduction of liability of any other guarantor or
surety with respect to the Indenture;

     (x) any other circumstance (including, without limitation, any statute of limitations)
or any existence of or reliance on any representation by the Trustee or any Noteholder that
might otherwise constitute a defense available to, or a discharge of, the Issuer or the
Guarantor or any other party; or

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     (xi) any claim of set-off or other right which the Guarantor may have at any time
against the Issuer or the Trustee, whether in connection with this transaction or with any
unrelated transaction.

          (b) This Guaranty shall continue to be effective or be reinstated, as the case may be, if at
any time any payment of any of the Guaranteed Obligations is rescinded or must otherwise be
returned by any Noteholder or any other person or entity upon the insolvency, bankruptcy or
reorganization of the Issuer or the Guarantor or otherwise, all as though such payment had not been
made.

          SECTION 4. Independent Obligation. The obligations of the Guarantor hereunder are
independent of the Issuer’s obligations under the 2041 Notes and the Indenture. The Trustee, on
behalf of the Noteholders, may neglect or forbear to enforce payment under the Indenture and the
2041 Notes, without in any way affecting or impairing the liability of the Guarantor hereunder.
The Trustee shall not be obligated to exhaust recourse or remedies against the Issuer to recover
payments required to be made under the Indenture nor take any other action against the Issuer
before being entitled to payment from the Guarantor of all amounts contemplated in Section 2 hereof
owed hereunder or proceed against or have resort to any balance of
any deposit account or credit on the books of the Trustee in favor of the Issuer or in favor of the
Guarantor. Without limiting the generality of the foregoing, the Trustee shall have the right to
bring a suit directly against the Guarantor, either prior or subsequent to or concurrently with any
lawsuit against, or without bringing suit against, the Issuer.

          SECTION 5. Waivers and Acknowledgments. (a) The Guarantor hereby unconditionally and
irrevocably waives promptness, diligence, notice of acceptance, presentment, demand for
performance, notice of nonperformance, default, acceleration, protest or dishonor and any other
notice with respect to any of the Guaranteed Obligations and this Guaranty and any requirement that
the Trustee, on behalf of the Noteholders, protect, secure, perfect or insure any Lien or any
property subject thereto or exhaust any right or take any action against the Issuer or any other
Person.

          (b) The Guarantor hereby unconditionally and irrevocably waives any right to revoke this
Guaranty and acknowledges that this Guaranty is continuing in nature and applies to the Guaranteed
Obligations, whether the same are existing now or in the future.

          (c) The Guarantor hereby unconditionally and irrevocably waives (i) any defense arising by
reason of any claim or defense based upon an election of remedies by any Noteholder or the Trustee
on behalf of the Noteholders that in any manner impairs, reduces, releases or otherwise adversely
affects the subrogation, reimbursement, exoneration, contribution or indemnification rights of the
Guarantor or other rights of the Guarantor to proceed against the Issuer or any other person or
entity and (ii) any defense based on any right of set-off or counterclaim against or in respect of
the Guaranteed Obligations of the Guarantor hereunder.

          (d) The Guarantor hereby unconditionally and irrevocably waives any duty on the part of the
Trustee or any Noteholder to disclose to the Guarantor any matter, fact or thing relating to the
business, condition (financial or otherwise), operations, performance, properties or prospects of
the Issuer now or hereafter known by the Trustee or any Noteholder, as applicable.

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          (e) The Guarantor acknowledges that it will receive substantial direct and indirect benefits
from the financing arrangements contemplated by the Transaction Documents and that the waivers set
forth in this Section 5 are knowingly made in contemplation of such benefits.

          (f) The recitals contained in this Guaranty shall be taken as the statements of the Issuer and
the Guarantor, as applicable, and the Trustee assumes no responsibility for the correctness of the
same. The Trustee makes no representation as to the validity or sufficiency of this Guaranty, of
any offering materials, the Indenture or of the 2041 Notes.

          (g) The Guarantor unconditionally and irrevocably waives, to the fullest extent permitted
under Brazilian law, any benefit it may be entitled to under
Articles 827, 834, 835, 838 and 839 of the Brazilian Civil Code, and under Article 595, caput,
of the Brazilian Civil Procedure Code.

          SECTION 6. Claims Against the Issuer. The Guarantor hereby unconditionally and
irrevocably agrees not to exercise any rights that it may now have or hereafter acquire against the
Issuer or any other guarantor that arise from the existence, payment, performance or enforcement of
the Guarantor’s obligations under or in respect of this Guaranty or any other Transaction Document,
including, without limitation, any right of subrogation, reimbursement, exoneration, contribution
or indemnification, or to participate in any claim or remedy of the Trustee, on behalf of the
Noteholders, against the Issuer or any other person, whether or not such claim, remedy or right
arises in equity or under contract, statute or common law, including, without limitation, the right
to take or receive from the Issuer or any other person, directly or indirectly, in cash or other
property or by set-off or in any other manner, payment or security on account of such claim, remedy
or right, unless and until all of the Guaranteed Obligations and all other amounts payable under
this Guaranty shall have been paid in full in cash. If any amount shall be paid to the Guarantor
in violation of the immediately preceding sentence at any time prior to the later of (a) the
payment in full in cash of the Guaranteed Obligations and all other amounts payable under this
Guaranty and (b) the date on which all of the obligations of the Issuer under the Indenture and the
2041 Notes have been discharged in full (the later of such dates being the “Termination
Date”), such amount shall be paid over to and received and held by the Trustee in trust for the
benefit of the Noteholders, shall be segregated from other property and funds of the Guarantor and
shall forthwith be paid or delivered to the Trustee in the same form as so received (with any
necessary endorsement or assignment) to be credited and applied to the Guaranteed Obligations and
all other amounts payable under this Guaranty, whether matured or unmatured, in accordance with the
terms of the Indenture. If (i) the Guarantor shall make payment to any Noteholder or the Trustee,
on behalf of the Noteholders, of all or any part of the Guaranteed Obligations, (ii) all of the
Guaranteed Obligations and all other amounts payable under this Guaranty shall have been paid in
full in cash and (iii) the Termination Date shall have occurred, then the Trustee, on behalf of the
Noteholders, will, at the Guarantor’s written request and expense, execute and deliver to the
Guarantor appropriate documents, without recourse and without representation or warranty, necessary
to evidence the transfer by subrogation to the Guarantor of an interest in the Guaranteed
Obligations resulting from such payment made by the Guarantor pursuant to this Guaranty.

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          SECTION 7. Covenants. For so long as the 2041 Notes remain outstanding or any amount
remains unpaid on the 2041 Notes and the Indenture, the Guarantor will, and will cause each of its
Subsidiaries, as applicable, to comply with the terms and covenants set forth below (except as
otherwise provided in a duly authorized amendment to this Guaranty as provided herein):

          (a) Performance of Obligations. The Guarantor shall pay all amounts
owed by it and comply with all its other obligations under the terms of this Guaranty and the
Indenture in accordance with the terms thereof.

          (b) Maintenance of Corporate Existence. The Guarantor will (i) maintain in effect its
corporate existence and all registrations necessary therefor except as otherwise permitted by
Section 7 (f) and (ii) take all actions to maintain all rights, privileges, titles to property,
franchises, concessions and the like necessary or desirable in the normal conduct of its business,
activities or operations; provided, however, that this Section 7(b) shall not require the Guarantor
to maintain any such right, privilege, title to property or franchise if the failure to do so does
not, and will not, have a Material Adverse Effect.

     (c) Maintenance of Office or Agency. So long as any of the 2041 Notes are
outstanding, the Guarantor will maintain in the Borough of Manhattan, The City of New York, an
office or agency where notices to and demands upon the Guarantor in respect of this Guaranty may be
served, and the Guarantor will not change the designation of such office without prior written
notice to the Trustee and designation of a replacement office in the same general location.

          (d) Ranking. The Guarantor will ensure at all times that its obligations under this
Guaranty will constitute the general senior unsecured and unsubordinated obligations of the
Guarantor and will rank pari passu, without any preferences among themselves, with all other
present and future senior unsecured and unsubordinated obligations of the Guarantor (other than
obligations preferred by statute or by operation of law) that are not, by their terms, expressly
subordinated in right of payment to the obligations of the Guarantor under this Guaranty.

          (e) Notice of Defaults. The Guarantor will give written notice to the Trustee, as
soon as is practicable and in any event within ten calendar days after the Guarantor becomes aware,
or should reasonably become aware, of the occurrence of any Default or Event of Default,
accompanied by a certificate of an officer of the Guarantor setting forth the details
thereof and stating what action the Guarantor proposes to take with respect thereto.

          (f) Limitation on Consolidation, Merger, Sale or Conveyance. (i) The Guarantor will
not, in one or a series of transactions, consolidate or amalgamate with or merge into any
corporation or convey, lease or transfer substantially all of its properties, assets or revenues to
any person or entity (other than a direct or indirect Subsidiary of the Guarantor) or permit any
person or entity (other than a direct or indirect Subsidiary of the Guarantor) to merge with or
into it, unless:

     (A) either the Guarantor is the continuing entity or the person (the “Successor
Company”) formed by such consolidation or into which the Guarantor is merged or that acquired or leased such property or assets of the Guarantor will assume (jointly and
severally with the Guarantor unless the Guarantor shall have ceased to exist as a result of
such merger, consolidation or amalgamation), by an amendment to this Guaranty (the form and
substance of which shall be previously
approved by the Trustee), all of the Guarantor’s obligations under this Guaranty;

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     (B) the Successor Company (jointly and severally with the Guarantor unless the
Guarantor shall have ceased to exist as part of such merger, consolidation or amalgamation)
agrees to indemnify each Noteholder against any tax, assessment or governmental charge
thereafter imposed on such Noteholder solely as a consequence of such consolidation,
merger, conveyance, transfer or lease with respect to the payment of principal of, or
interest on, the 2041 Notes pursuant to this Guaranty;

     (C) immediately after giving effect to such transaction, no Event of Default, and no
Default has occurred and is continuing; and

     (D) the Guarantor has delivered to the Trustee an Officer’s Certificate and an Opinion
of Counsel, each stating that such merger consolidation, sale, transfer or other conveyance
or disposition and the amendment to this Guaranty comply with the terms of this Guaranty
and that all conditions precedent provided for herein and relating to such transaction have
been complied with.

          (ii) Notwithstanding anything to the contrary in the foregoing, so long as no Default or Event
of Default shall have occurred and be continuing at the time of such proposed transaction or would
result therefrom and the Guarantor has delivered notice of any such transaction to the Trustee
(which notice shall contain a description of such merger, consolidation or conveyance):

     (A) the Guarantor may merge, amalgamate or consolidate with or into, or convey,
transfer, lease or otherwise dispose of all or substantially all of its properties, assets
or revenues to a direct or indirect Subsidiary of the Guarantor in cases when the Guarantor
is the surviving entity in such transaction and such transaction would not have a Material
Adverse Effect on the Guarantor and its Subsidiaries taken as a whole, it being understood
that if the Guarantor is not the surviving entity, the Guarantor shall be required to
comply with the requirements set forth in the previous paragraph; or

     (B) any direct or indirect Subsidiary of the Guarantor may merge or consolidate with
or into, or convey, transfer, lease or otherwise dispose of assets to, any person (other
than the Guarantor or any of its Subsidiaries or Affiliates) in cases when such transaction
would not have a Material Adverse Effect on the Guarantor and its Subsidiaries taken as a
whole; or

     (C) any direct or indirect Subsidiary of the Guarantor may merge or consolidate with
or into, or convey, transfer, lease or otherwise dispose of assets to, any direct or
indirect Subsidiary of the Guarantor; or

11

 

     (D) any direct or indirect Subsidiary of the Guarantor may liquidate or dissolve if
the Guarantor determines in good faith that such liquidation or dissolution is in the best
interests of the Guarantor, and would not result in a Material Adverse Effect on the
Guarantor and its Subsidiaries taken as a whole
and if such liquidation or dissolution is part of a corporate reorganization of the
Guarantor.

          (g) Negative Pledge. So long as any 2041 Note remains outstanding, the Guarantor will
not create or permit any Lien, other than a Permitted Lien, on any of the Guarantor’s assets to
secure (i) any of the Guarantor’s Indebtedness or (ii) the Indebtedness of any other person, unless
the Guarantor contemporaneously creates or permits such Lien to secure equally and ratably the
Guarantor’s obligations under this Guaranty or the Guarantor provides such other security for the
2041 Notes as is duly approved by the Trustee, at the direction of the Noteholders, in accordance
with the Indenture. In addition, the Guarantor will not allow any of the Guarantor’s Material
Subsidiaries to create or permit any Lien, other than a Permitted Lien, on any of the Guarantor’s
assets to secure (i) any of the Guarantor’s Indebtedness, (ii) any of the Indebtedness of the
Guarantor’s Material Subsidiaries or (iii) the Indebtedness of any other person, unless it
contemporaneously creates or permits the Lien to secure equally and ratably the Guarantor’s
obligations under this Guaranty or the Guarantor or such Material Subsidiary provides such other
security for the 2041 Notes as is duly approved by the Trustee, at the direction of the
Noteholders, in accordance with the Indenture.

          (h) Provision of Financial Statements and Reports. (i) The Guarantor will provide to
the Trustee, in English or accompanied by a certified English translation thereof, (A) within 90
calendar days after the end of each fiscal quarter (other than the fourth quarter), its unaudited
and consolidated balance sheet and statement of income calculated in accordance with Reporting
GAAP, (B) within 120 calendar days after the end of each fiscal year, its audited and consolidated
balance sheet and statement of income calculated in accordance with Reporting GAAP and (C) such
other financial data as the Trustee may reasonably request. 

          (ii) The Guarantor will provide, together with each of the financial statements delivered
pursuant to Sections 7(h)(i)(A) and (B), an Officer’s Certificate stating that a review of the
activities of the Guarantor and the Issuer has been made during the period covered by such
financial statements with a view to determining whether the Guarantor and the Issuer have kept,
observed, performed and fulfilled their covenants and agreements under this Guaranty and that no
Default or Event of Default has occurred during such period or, if one or more have actually
occurred, specifying all such events and what actions have been taken and will be taken with
respect to such Default or Event of Default.

     (iii) The Guarantor shall, whether or not it is required to file reports with the SEC,
file with the SEC and deliver to the Trustee (for redelivery to all Noteholders) all
reports and other information as it would be required to file with the SEC under the
Exchange Act if it were subject to those regulations; provided, however, that if the SEC
does not permit the filing described in the first sentence of this Section 7(h)(iii), the
Guarantor will provide annual and interim reports and other information to the Trustee
within the same time periods that would be applicable if the Guarantor were required and
permitted to file these reports with the SEC.

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     (iv) Upon written request of any Holder or The Depository Trust Company (DTC), the
reports and other information provided for in this paragraph (h) shall be delivered to DTC
representing the Noteholders, at 55 Water Street, 25th Floor, New York, NY, 10041,
Attention: Proxy Department, or such other address as DTC may provide to the Trustee in
writing.

     (v) Delivery of the above reports to the Trustee is for informational purposes only
and the Trustee’s receipt of such reports shall not constitute constructive notice of any
information contained therein or determinable from information contained therein, including
the Guarantor’s compliance with any of its covenants in the Indenture (as to which the
Trustee is entitled to rely exclusively on an Officer’s Certificate).

          SECTION 8. Amendments, Etc. No amendment or waiver of any provision of this Guaranty
and no consent to any departure by the Guarantor therefrom shall in any event be effective unless
the same shall be in writing and signed by the Trustee and the Guarantor, and then such waiver or
consent shall be effective only in the specific instance and for the specific purpose for which
given. For the avoidance of doubt, Article IX of the Indenture shall apply to an amendment to this
Guaranty to determine whether the consent of Holders is required for an amendment and if so, the
required percentage of Holders of the 2041 Notes required to approve the amendment.

          SECTION 9. Indemnity. The Guarantor agrees to fully indemnify the Trustee and any
predecessor Trustee and their agents for, and to hold it harmless against, any and all loss,
liability, damages, claims or expense arising out of or in connection with the performance of its
duties under this Guaranty, including the costs and expenses of defending itself against any claim
or liability in connection with the exercise or performance of any of its powers or duties
hereunder except to the extent that any such loss, liability or expense may be attributable to its
negligence or bad faith.

          SECTION 10. Notices, Etc. (a) All notices and other communications provided for
hereunder shall be in writing (including telegraphic or telecopy) and mailed, telecopied or
delivered by hand, if to the Guarantor, addressed to it at Avenida República do Chile, 65,
20035-900 Rio de Janeiro — RJ, Brazil, Telephone: (55-21) 3224-4079, Telecopier: (55-21)
3224-6197, Attention: Sonia Tereza Terra Figueiredo Vasconcellos, Corporate Finance & Treasury/Debt
Control, if to the Trustee, at The Bank of New York Mellon, 101 Barclay Street, 4E, New York, New
York, 10286, USA, Telephone: (1-212) 815-4259, Telecopier: (1-212) 815-5603, Attention: Corporate
Trust Department or, as to any party, at such other address as shall be designated by such party in
a written notice to each other party. All such notices and other communications shall, when
telecopied, be effective when transmitted. Delivery by telecopier of an executed counterpart of a
signature page
to any amendment or waiver of any provision of this Guaranty shall be effective as delivery of
an original executed counterpart thereof.

          (b) All payments made by the Guarantor to the Trustee hereunder shall be made to the Payment
Account (as defined in the Indenture).

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          SECTION 11. Survival. Without prejudice to the survival of any of the other
agreements of the Guarantor under this Guaranty or any of the other Transaction Documents, the
agreements and obligations of the Guarantor contained in Section 2 (with respect to the payment of
all other amounts owed under the Indenture), Section 9 and Section 14 shall survive the payment in
full of the Guaranteed Obligations and all of the other amounts payable under this Guaranty, the
termination of this Guaranty and/or the resignation or removal of the Trustee.

          SECTION 12. No Waiver; Remedies. No failure on the part of the Trustee to exercise,
and no delay in exercising, any right hereunder shall operate as a waiver thereof; nor shall any
single or partial exercise of any right hereunder preclude any other or further exercise thereof or
the exercise of any other right. The remedies herein provided are cumulative and not exclusive of
any remedies provided by law.

          SECTION 13. Continuing Agreement; Assignment of Rights Under the Indenture and the 2041
Notes. This Guaranty is a continuing guaranty and shall (a) remain in full force and effect
until the later of (i) the repayment in full by the Issuer of all amounts due and owing under the
Indenture with respect to the 2041 Notes and (ii) the repayment in full of all Guaranteed
Obligations and all other amounts payable under this Guaranty, (b) be binding upon the Guarantor,
its successors and assigns and (c) inure to the benefit of and be enforceable by the Trustee, on
behalf of Noteholders, and their successors, transferees and assigns. Without limiting the
generality of clause (c) of the immediately preceding sentence, any Noteholder may assign or
otherwise transfer its rights and obligations under the Indenture (including, without limitation,
the 2041 Note or 2041 Notes held by it) to any other person or entity, and such other person or
entity shall thereupon become vested with all the benefits in respect thereof granted to such
Noteholder herein or otherwise, in each case as and to the extent provided in the Indenture. The
Guarantor shall not have the right to assign its rights hereunder or any interest herein without
the prior written consent of all of the Noteholders.

          SECTION
14. Currency Rate Indemnity (a) The Guarantor shall (to the extent lawful)
indemnify the Trustee and the Noteholders and keep them indemnified against:

     (i) in the case of nonpayment by the Guarantor of any amount due to
the Trustee, on behalf of the Noteholders, under this Guaranty any loss or damage incurred
by any of them arising by reason of any variation between the rates of exchange used for
the purposes of calculating the amount due under a judgment or order in respect thereof and
those prevailing at the date of actual payment by the Guarantor; and

     (ii) any deficiency arising or resulting from any variation in rates of exchange
between (a) the date as of which the local currency equivalent of the amounts due or
contingently due under this Guaranty or in respect of the 2041 Notes is calculated for the
purposes of any bankruptcy, insolvency or liquidation of the Guarantor, and (b) the final
date for ascertaining the amount of claims in such bankruptcy, insolvency or liquidation.
The amount of such deficiency shall be deemed not to be increased or reduced by any
variation in rates of exchange occurring between the said final date and the date of any
bankruptcy, insolvency or liquidation or any distribution of assets in connection
therewith.

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          (b) The Guarantor agrees that, if a judgment or order given or made by any court for the
payment of any amount in respect of its obligations hereunder is expressed in a currency (the
“Judgment Currency”) other than U.S. dollars (the “Denomination Currency”), it will
indemnify the relevant Holder and the Trustee against any deficiency arising or resulting from any
variation in rates of exchange between the date at which the amount in the Denomination Currency is
notionally converted into the amount in the Judgment Currency for the purposes of such judgment or
order and the date of actual payment thereof.

          (c) The above indemnities shall constitute separate and independent obligations of the
Guarantor from its obligations hereunder, will give rise to separate and independent causes of
action, will apply irrespective of any indulgence granted from time to time and will continue in
full force and effect notwithstanding any judgment or the filing of any proof or proofs in any
bankruptcy, insolvency or liquidation of the Guarantor for a liquidated sum or sums in respect of
amounts due under this Guaranty, or under the Indenture or the 2041 Notes or under any judgment or
order.

          SECTION 15. Governing Law; Jurisdiction; Waiver of Immunity, Etc.

          (a) This Guaranty shall be governed by, and construed in accordance with, the laws of the
State of New York.

          (b) The Guarantor hereby irrevocably and unconditionally submits, for itself and its property,
to the nonexclusive jurisdiction of any New York State court or federal court of the United States
of sitting in New York City, and any appellate court from any thereof, in any action or proceeding
arising out of or relating to this Guaranty or any of the other Transaction Documents to which it
is or is to be a party, or for recognition or enforcement of any judgment, and the Guarantor hereby
irrevocably and unconditionally agrees that all claims in respect of any such action or proceeding
may be heard and determined in any such New York State court or, to the extent permitted by law, in
such federal court. The Guarantor agrees that a final judgment in any such action
or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the
judgment or in any other manner provided by law. Nothing in this Guaranty or any other Transaction
Document shall affect any right that any party may otherwise have to bring any action or proceeding
against the Issuer or the Guarantor, as the case may be, relating to this Guaranty or any other
Transaction Document in the courts of any jurisdiction.

          (c) The Guarantor hereby irrevocably appoints and empowers the New York office of Petróleo
Brasileiro S.A., located at 570 Lexington Avenue, 43rd Floor, New York, New York 10022 as its
authorized agent (the “Process Agent”) to accept and acknowledge for and on its behalf and
on behalf of its property service of any and all legal process, summons, notices and documents
which may be served in any such suit, action or proceedings in any New York State court or United
States federal court sitting in the State of New York in the Borough of Manhattan and any appellate
court from any thereof, which service may be made on such designee, appointee and agent in
accordance with legal procedures prescribed for such courts. The Guarantor will take any and all
action necessary to continue such designation in full force and effect and to advise the Trustee of
any change of address of such Process Agent and; should such Process Agent become
unavailable for this purpose for any reason, the Guarantor will promptly and irrevocably designate
a new Process Agent within New York, New York, which will agree

15

 

to act as such, with the powers and
for the purposes specified in this subsection (c). The Guarantor irrevocably consents and agrees
to the service of any and all legal process, summons, notices and documents out of any of the
aforesaid courts in any such action, suit or proceeding by hand delivery, to it at its address set
forth in Section 10 or to any other address of which it shall have given notice pursuant to Section
10 or to its Process Agent. Service upon the Guarantor or the Process Agent as provided for herein
will, to the fullest extent permitted by law, constitute valid and effective personal service upon
it and the failure of the Process Agent to give any notice of such service to the Guarantor shall
not impair or affect in any way the validity of such service or any judgment rendered in any action
or proceeding based thereon.

          (d) The Guarantor irrevocably and unconditionally waives, to the fullest extent it may legally
and effectively do so, any objection that it may now or hereafter have to the laying of venue of
any suit, action or proceeding arising out of or relating to this Guaranty or any of the other
Transaction Documents to which it is or is to be a party in any New York State or federal court.
The Guarantor hereby irrevocably waives, to the fullest extent permitted by law, the defense of an
inconvenient forum to the maintenance of such suit, action or proceeding in any such court.

          (e) THE GUARANTOR HEREBY IRREVOCABLY WAIVES ALL RIGHT TO TRIAL BY JURY IN ANY ACTION,
PROCEEDING OR COUNTERCLAIM (WHETHER BASED ON CONTRACT, TORT OR OTHERWISE) ARISING OUT OF OR
RELATING TO THIS GUARANTY, ANY OF THE TRANSACTION DOCUMENTS, THE ADVANCES OR THE ACTIONS OF ANY
NOTEHOLDER IN THE NEGOTIATION, ADMINISTRATION, PERFORMANCE OR ENFORCEMENT THEREOF.

          (f) This Guaranty and any other documents delivered pursuant hereto, and any actions taken
hereunder, constitute commercial acts by the Guarantor. The Guarantor irrevocably and
unconditionally and to the fullest extent permitted by law, waives, and agrees not to plead or
claim, any immunity from jurisdiction of any court or from any legal process (whether through
service of notice, attachment prior to judgment, attachment in aid of execution, execution or
otherwise) for itself, the Issuer or any of their property, assets or revenues wherever located
with respect to its obligations, liabilities or any other matter under or arising out of or in
connection with this Guaranty, any of the Transaction Documents or any document delivered pursuant
hereto, in each case for the benefit of each assigns, it being intended that the foregoing waiver
and agreement will be effective, irrevocable and not subject to withdrawal in any and all
jurisdictions, and, without limiting the generality of the foregoing, agrees that the waivers set
forth in this subsection (f) shall have the fullest scope permitted under the United States Foreign
Sovereign Immunities Act of 1976 and are intended to be irrevocable for the purposes of such act.

          SECTION 16. Execution in Counterparts. This Guaranty and each amendment, waiver and
consent with respect hereto may be executed in any number of counterparts and by different parties
thereto in separate counterparts, each of which when so executed shall be deemed to be an original
and all of which taken together shall constitute one and the same agreement. Delivery of an
executed counterpart of a signature page to this Guaranty by telecopier shall be effective as
delivery of an original executed counterpart of this Guaranty.

16

 

          SECTION 17. Entire Agreement This Guaranty, together with the Indenture and the 2041
Notes, sets forth the entire agreement of the parties hereto with respect to the subject matter
hereof.

[Signature page follows]

17

 

          IN WITNESS WHEREOF, the Guarantor has caused this Guaranty to be duly
executed and delivered by its officer thereunto duly authorized as of the date first above written.

	 	 	 	 	 
	 	PETRÓLEO BRASILEIRO S.A. — PETROBRAS

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 

	 	 	 	 	 
	 	 	 	WITNESSES:

 	 
	 	 	 	1. 	 	 
	 	 	 	 	Name:  	 
	 

	 	 	 	 	 
	 	 	 	2. 	 	 
	 	 	 	 	Name:  	 
	 	 	 	 

18

 

	 	 	 	 	 	 	 
	STATE OF NEW YORK

	 	 	)	 	 	 
	 

	 	 	)	 	 	ss:
	COUNTY OF NEW YORK

	 	 	)	 	 	 

     On this ___ day of January 2011, before me, a notary public within and for said county,
personally appeared __________________, to me personally known, who being duly sworn, did say that
___ is the Attorney-in-Fact of Petróleo Brasileiro S.A.—Petrobras, a corporation described in and
which executed the foregoing instrument and acknowledges said instrument to be the free act and
deed of said entity.

     On this ___ day of January 2011, before me personally came ___________________ and
_________________ to me personally known, who being duly sworn, did say that they signed their
names to the foregoing instrument as witnesses.

[Notarial Seal]

	 	 	 	 	 
	 	 	 
	 	
 	 
	 	Notary Public 	 
	 	COMMISSION EXPIRES 	 
	 

 

ACKNOWLEDGED:

THE BANK OF NEW YORK MELLON, as Trustee and not

in its individual capacity

	 	 	 	 	 	 	 	 
	 	 	 	 	 	 
	 	By:  	
 	 	 	 
	 	 	Name:  	 	 	 	 	 
	 	 	Title:  	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	WITNESSES:

 	 	 	 
	 	1.  	 	 	 
	 	 	Name:  	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 
	 	2.  	 	 
	 	 	Name:  	 	 
	 	 	 	 
	 

 

 

	 	 	 	 	 	 	 

	STATE OF NEW YORK

	 	 	)	 	 	 
	 

	 	 	)	 	 	ss:
	COUNTY OF NEW YORK

	 	 	)	 	 	 

     On this ___ day of January 2011, before me, a notary public within and for said county,
personally appeared __________________, to me personally known, who being duly sworn, did say that
___ is a ____________________ of The Bank of New York Mellon, one of the persons described in and
which executed the foregoing instrument, and acknowledges said instrument to be the free act and
deed of said entity.

     On this ___ day of January 2011, before me personally came _________________ and
________________ to me personally known, who being duly sworn, did say that they signed their names
to the foregoing instrument as witnesses.

[Notarial Seal]

	 	 	 	 	 
	 	 	 
	 	
 	 
	 	Notary Public 	 
	 	COMMISSION EXPIRES 	 

 

	 	 	 	 	 

GUARANTY

Dated as of January 27, 2011

between

PETRÓLEO BRASILEIRO S.A.—PETROBRAS,

as Guarantor,

and

THE BANK OF NEW YORK MELLON, as

Trustee for the Noteholders

Referred to Herein

 

Table of Contents

	 	 	 	 	 
	 	 	Page	 
	SECTION 1. Definitions
	 	 	1	 
	 
	 	 	 	 
	SECTION 2. Guaranty
	 	 	6	 
	 
	 	 	 	 
	SECTION 3. Guaranty Absolute
	 	 	6	 
	 
	 	 	 	 
	SECTION 4. Independent Obligation
	 	 	8	 
	 
	 	 	 	 
	SECTION 5. Waivers and Acknowledgments
	 	 	8	 
	 
	 	 	 	 
	SECTION 6. Claims Against the Issuer
	 	 	9	 
	 
	 	 	 	 
	SECTION 7. Covenants
	 	 	10	 
	 
	 	 	 	 
	SECTION 8. Amendments, Etc.
	 	 	13	 
	 
	 	 	 	 
	SECTION 9. Indemnity
	 	 	13	 
	 
	 	 	 	 
	SECTION 10. Notices, Etc.
	 	 	13	 
	 
	 	 	 	 
	SECTION 11. Survival
	 	 	14	 
	 
	 	 	 	 
	SECTION 12. No Waiver; Remedies
	 	 	14	 
	 
	 	 	 	 
	SECTION 13. Continuing Agreement; Assignment of Rights Under the
Indenture and the 2041 Notes
	 	 	14	 
	 
	 	 	 	 
	SECTION 14. Currency Rate Indemnity
	 	 	14	 
	 
	 	 	 	 
	SECTION 15. Governing Law; Jurisdiction; Waiver of Immunity, Etc.
	 	 	15	 
	 
	 	 	 	 
	SECTION 16. Execution in Counterparts
	 	 	16	 
	 
	 	 	 	 
	SECTION 17. Entire Agreement
	 	 	17

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