Document:

EX-10.4

Exhibit 10.4

THE SECURITIES REPRESENTED BY THIS WARRANT HAVE BEEN ACQUIRED FOR INVESTMENT AND
HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE
“SECURITIES ACT”). THIS WARRANT AND THE COMMON STOCK ISSUABLE UPON EXERCISE OF THIS
WARRANT MAY NOT BE SOLD OR TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR AN
EXEMPTION THEREFROM UNDER THE SECURITIES ACT OR UNDER STATE SECURITIES LAWS. THIS
WARRANT AND THE WARRANT SHARES ISSUABLE UPON EXERCISE OF THIS WARRANT MAY NOT BE
PLEDGED, SOLD, ASSIGNED, TRANSFERRED OR OTHERWISE DISPOSED OF EXCEPT PURSUANT TO THE
EXPRESS PROVISIONS OF THIS WARRANT, AND NO SALE, ASSIGNMENT, TRANSFER, OR OTHER
DISPOSITION OF THIS WARRANT SHALL BE VALID OR EFFECTIVE UNLESS AND UNTIL SUCH
PROVISIONS SHALL HAVE BEEN COMPLIED WITH.

Date of Issuance: February 11, 2009

JUNIPER CONTENT CORPORATION

Common Stock Purchase Warrant

(Void after February 10, 2014)

     Juniper Content Corporation, a Delaware corporation (the “Company”), for value received,
hereby certifies and agrees that Juniper Venture, LLC or its registered assigns (the “Registered
Holder”), is entitled, subject to the terms set forth below, to purchase from the Company, at any
time or from time to time on or after the date hereof (the “Date of Issuance”) and on or before
February 10, 2014 at not later than 5:00 p.m. New York time (such date and time, the “Expiration
Time”), Five Hundred Twenty Five Thousand (525,000) duly authorized, validly issued, fully paid and
nonassessable shares of the Company’s common stock, $0.0001 par value per share (the “Common
Stock”) at an initial exercise price equal to $0.10 per share, subject to adjustment in certain
cases as described herein. The shares purchasable upon exercise of this Warrant, and the purchase
price per share, are hereinafter referred to as the “Warrant Shares” and the “Exercise Price,”
respectively. The term “Warrant” as used herein shall include this Warrant and any other warrants
delivered in substitution or exchange therefor, as provided herein.

     This Warrant is issued pursuant to that certain Securities Purchase Agreement of even date
herewith between the Company and the investors set forth on Schedule I thereto (the “Securities
Purchase Agreement”).

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     1. Exercise.

          1.1 Method of Exercise

               (a) This Warrant may be exercised by the Registered Holder, in whole or in part, by
surrendering this Warrant, with a Notice of Exercise in the form of Annex A hereto (the
“Notice of Exercise”) duly executed by such Registered Holder or by such Registered Holder’s duly
authorized attorney, at the principal office of the Company set forth in Section 10 hereof, or at
such other office or agency as the Company may designate in writing pursuant to Section 10 hereof
(the “Company’s Office”), accompanied by payment in full with good, cleared funds, in lawful money
of the United States, of the Exercise Price payable in respect of the number of shares of Warrant
Shares purchased upon such exercise or by surrendering the Warrant pursuant to Section 1.2 below.

               (b) Each exercise of this Warrant shall be deemed to have been effected immediately prior to
the close of business on the day on which the appropriate Annex form shall be received by the
Company as provided in Section 1.1(a) hereof. At such time, the person or persons in whose name or
names any certificates for Warrant Shares shall be issuable upon such exercise as provided in
Section 1.1(c) hereof shall be deemed to have become the holder or holders of record of the Warrant
Shares represented by such certificates.

               (c) As soon as practicable after the exercise of this Warrant, in full or in part, and in any
event within ten (10) days thereafter, the Company, at its expense, will cause to be issued in the
name of, and delivered to, the Registered Holder, or as such Registered Holder (upon payment by
such Registered Holder of any applicable transfer taxes) may direct:

                    (i) a certificate or certificates for the number of full Warrant Shares to which such
Registered Holder shall be entitled upon such exercise plus, in lieu of any fractional share to
which such Registered Holder would otherwise be entitled, cash in an amount determined pursuant to
Section 3 hereof; and

                    (ii) in case such exercise is in part only, a new warrant or warrants (dated the date hereof)
of like tenor, representing in the aggregate on the face or faces thereof the number of Warrant
Shares equal (without giving effect to any adjustment therein) to the number of such shares called
for on the face of this Warrant minus the number of such shares purchased by the Registered Holder
upon such exercise or surrender as provided herein.

          1.2 Exercise by Surrender of Warrant. In addition to the method of payment set forth
in Section 1.1 and in lieu of any cash payment required thereunder, the Warrant may be exercised by
surrendering the Warrant in the manner specified in this Section 1, together with irrevocable
instructions to the Company to issue in exchange for the Warrant the number of shares of Common
Stock equal to the product of (x) the number of Warrant Shares multiplied by (y) a fraction, the
numerator of which is the Market Value (as defined below) of the Common Stock less the Exercise
Price and the denominator of which is such Market Value. As used herein, the phrase “Market Value”
at any date shall be deemed to be the volume weighted average of the last reported sale prices of
the Common Stock for the last ten (10)

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Trading Days prior to the date of exercise, as officially reported by the principal securities
exchange on which the Common Stock is listed or admitted to trading, or, if the Common Stock is
traded “over the counter”, by a quotation system (including the pink sheets or Nasdaq OTC
Electronic Bulletin Board) covering such trades or if the Common Stock is not listed or admitted to
trading on any national securities exchange or sold “over the counter,” the average closing bid
price as furnished by the Financial Industry Regulatory Authority through Nasdaq or similar
organization if Nasdaq is no longer reporting such information, or if the Common Stock is not
quoted on Nasdaq or traded “over the counter” , as determined in good faith by resolution of the
Board of Directors of the Company, based on the best information available to it. “Trading Day”
shall mean a day during which trading in securities generally occurs in the applicable securities
market or on the principal securities exchange or bulletin board on which the Common Stock is then
traded, listed or quoted.

     2. Shares to be Fully Paid; Reservation of Shares. The Company covenants that all
shares of Common Stock which may be issued upon the exercise of the rights represented by this
Warrant will, upon issuance by the Company, be duly and validly issued, fully paid and
nonassessable, and free from preemptive rights and free from all taxes, liens, duties and charges
with respect thereto and, in addition, the Company covenants that it will from time to time take
all such action as may be requisite to assure that the par value per share of the Common Stock is
at all times equal to or less than the effective Exercise Price. The Company further covenants
that, from and after the Date of Issuance and during the period within which the rights represented
by this Warrant may be exercised, the Company will at all times have authorized and reserved, free
from preemptive rights, out of its authorized but unissued shares of Common Stock, solely for the
purpose of effecting the exercise of this Warrant, a sufficient number of shares of Common Stock to
provide for the exercise of the rights represented by this Warrant. If at any time the number of
authorized but unissued shares of Common Stock shall not be sufficient to effect the exercise of
this Warrant, the Company shall take any and all corporate action as is necessary to increase its
authorized but unissued shares of Common Stock to such number of shares as shall be sufficient for
such purpose. The Company will take all such action within its control as may be necessary on its
part to assure that all such shares of Common Stock may be so issued without violation of any
applicable law or regulation, or of any requirements of any national securities exchange upon which
the Common Stock of the Company may be listed.

     3. Fractional Shares. The Company shall not be required upon the exercise of this
Warrant to issue any fractional shares, but shall make an adjustment therefor in cash on the basis
of the Market Value for each fractional share of the Company’s Common Stock which would be issuable
upon exercise of this Warrant.

     4. Requirements for Transfer.

               (a) Warrant Register. The Company will maintain a register (the “Warrant Register”)
containing the names and addresses of the Registered Holder or Registered Holders. Any Registered
Holder of this Warrant or any portion thereof may change its address as shown on the Warrant
Register by written notice to the Company requesting such change, and the Company shall promptly
make such change. Until this Warrant is transferred on the Warrant Register of the Company, the
Company may treat the Registered Holder as shown on the

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Warrant Register as the absolute owner of this Warrant for all purposes, notwithstanding any
notice to the contrary, provided, however, that if and when this Warrant is properly assigned in
blank, the Company may, but shall not be obligated to, treat the bearer hereof as the absolute
owner hereof for all purposes, notwithstanding any notice to the contrary.

               (b) Warrant Agent. The Company may, by written notice to the Registered Holder,
appoint an agent for the purpose of maintaining the Warrant Register referred to in Section 4(a)
hereof, issuing the Common Stock issuable upon the exercise of this Warrant, exchanging this
Warrant, replacing this Warrant or any or all of the foregoing. Thereafter, any such registration,
issuance, exchange, or replacement, as the case may be, may be made at the office of such agent.

               (c) Transfer. Subject to the provisions of applicable securities laws and this Section
4, this Warrant and all rights hereunder are transferable, in whole or in part, upon the surrender
of this Warrant with a properly executed Assignment Form in substantially the form attached hereto
as Annex B (the “Assignment”) at the principal office of the Company.

               (d) Exchange of Warrant Upon a Transfer. On surrender of this Warrant for exchange,
properly endorsed on the Assignment and subject to the provisions of this Warrant and limitations
on assignments and transfers as contained in this Section 4, the Company at its expense shall issue
to or on the order of the Registered Holder a new warrant or warrants of like tenor, in the name of
the Registered Holder or as the Registered Holder (on payment by the Registered Holder of any
applicable transfer taxes) may direct, for the number of shares issuable upon exercise hereof.

     5. Adjustment.

          5.1 Stock Dividends — Split-Ups. If after the date hereof, and subject to the
provisions of Section 5.6 below, the number of outstanding shares of Common Stock is increased by a
stock dividend payable in shares of Common Stock, or by a split-up of shares of Common Stock, or
other similar event, then, on the effective date of such stock dividend, split-up or similar event,
the number of shares of Common Stock issuable on exercise of each Warrant shall be increased in
proportion to such increase in outstanding shares of Common Stock.

          5.2 Aggregation of Shares. If after the date hereof, and subject to the provisions of
Section 5.6, the number of outstanding shares of Common Stock is decreased by a consolidation,
combination, reverse stock split or reclassification of shares of Common Stock or other similar
event, then, on the effective date of such consolidation, combination, reverse stock split,
reclassification or similar event, the number of shares of Common Stock issuable on exercise of
each Warrant shall be decreased in proportion to such decrease in outstanding shares of Common
Stock.

          5.3 Adjustments in Exercise Price. Whenever the number of shares of Common Stock
purchasable upon the exercise of the Warrants is adjusted, as provided in Section 5.1 and 5.2
above, the Exercise Price shall be adjusted (to the nearest cent) by multiplying such Exercise
Price immediately prior to such adjustment by a fraction (x) the numerator of which

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shall be the number of shares of Common Stock purchasable upon the exercise of the Warrants
immediately prior to such adjustment, and (y) the denominator of which shall be the number of
shares of Common Stock so purchasable immediately thereafter.

          5.4 Replacement of Securities upon Reorganization, etc. In case of any
reclassification or reorganization of the outstanding shares of Common Stock (other than a change
covered by Section 5.1 or 5.2 hereof or that solely affects the par value of such shares of Common
Stock), or in the case of any merger or consolidation of the Company with or into another
corporation (other than a consolidation or merger in which the Company is the continuing
corporation and that does not result in any reclassification or reorganization of the outstanding
shares of Common Stock), or in the case of any sale or conveyance to another corporation or entity
of all or substantially all of the assets or all or substantially all other property of the
Company, as an entirety or substantially as an entirety, in connection with which the Company is
dissolved, the Warrant holders shall thereafter have the right to purchase and receive, upon the
basis and upon the terms and conditions specified in the Warrants and in lieu of the shares of
Common Stock of the Company immediately theretofore purchasable and receivable upon the exercise of
the rights represented thereby, the kind and amount of shares of stock or other securities or
property (including cash) receivable upon such reclassification, reorganization, merger or
consolidation, or upon a dissolution following any such sale or transfer, that the Warrant holder
would have received if such Warrant holder had exercised his, her or its Warrant(s) immediately
prior to such event; and if any reclassification also results in a change in the number of shares
of Common Stock covered by Section 5.1 or 5.2, then such adjustment shall be made pursuant to
Sections 5.1, 5.2, 5.3 and this Section 5.4. The provisions of this Section 5.4 shall similarly
apply to successive reclassifications, reorganizations, mergers or consolidations, sales or other
transfers.

          5.5 Notices of Changes in Warrant. Upon every adjustment of the Warrant Price or the
number of shares issuable upon exercise of a Warrant, the Company shall give written notice thereof
to the Warrant Agent, which notice shall state the Exercise Price resulting from such adjustment
and the increase or decrease, if any, in the number of shares purchasable at such price upon the
exercise of a Warrant, setting forth in reasonable detail the method of calculation and the facts
upon which such calculation is based. Upon the occurrence of any event specified in Sections 5.1,
5.2, 5.3 or 5.4, then, in any such event, the Company shall give written notice to each Warrant
holder, at the last address set forth for such holder in the warrant register, of the record date
or the effective date of the event, which notice shall state the Exercise Price resulting from such
adjustment and the increase or decrease, if any, in the number of shares purchasable at such price
upon the exercise of a Warrant, setting forth in reasonable detail the method of calculation and
the facts upon which such calculation is based. Failure to give such notice, or any defect
therein, shall not affect the legality or validity of such event.

          5.6 Form of Warrant. The form of Warrant need not be changed because of any
adjustment pursuant to this Section 5, and Warrants issued after such adjustment may state the same
Exercise Price and the same number of shares as is stated in the Warrants initially issued pursuant
to this Agreement. However, the Company may at any time in its sole discretion make any change in
the form of Warrant that the Company may deem appropriate and that does not affect the substance
thereof, and any Warrant thereafter issued or countersigned, whether in

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exchange or substitution for an outstanding Warrant or otherwise, shall be in the form as so
changed

     6. No Impairment. The Company will not, by amendment of its Amended and Restated
Certificate of Incorporation or through any reorganization, recapitalization, sale or transfer of
assets, consolidation, merger, dissolution, issue or sale of securities or any other voluntary
action, avoid or seek to avoid the observance or performance of any of the terms of this Warrant
but will at all times in good faith carry out all such terms and take all such actions as may be
reasonably necessary or appropriate in order to protect the rights herein of the holder of this
Warrant against dilution or other impairment.

     7. Notices of Record Date, Etc. In case the Company shall take a record of the
holders of its Common Stock (or other stock or securities at the time deliverable upon the exercise
of this Warrant) for the purpose of entitling or enabling them to receive any dividend or other
distribution, or to receive any right to subscribe for or purchase any shares of stock of any class
or any other securities, or to receive any other right; or of any capital reorganization of the
Company, any reclassification of the capital stock of the Company, any consolidation or merger of
the Company with or into another corporation (other than a consolidation or merger in which the
Company is the surviving entity), or any transfer of all or substantially all of the assets of the
Company; or of the voluntary or involuntary dissolution, liquidation or winding-up of the Company,
then, and in each such case, the Company will mail or cause to be mailed to the Registered Holder
of this Warrant a notice specifying, as the case may be, (i) the date on which a record is to be
taken for the purpose of such dividend, distribution or right, and stating the amount and character
of such dividend, distribution or right, or (ii) the effective date on which such reorganization,
reclassification, consolidation, merger, transfer, dissolution, liquidation or winding-up is to
take place, and the time, if any is to be fixed, as of which the holders of record of Common Stock
(or such other stock or securities at the time deliverable upon the exercise of this Warrant) shall
be entitled to exchange their shares of Common Stock (or such other stock or securities) for
securities or other property deliverable upon such reorganization, reclassification, consolidation,
merger, transfer, dissolution, liquidation or winding-up. The Company will use commercially
reasonable efforts to cause such notice to be mailed promptly, and in any event, at least twenty
(20) business days prior to the record date or effective date for the event specified in such
notice unless such prior notice is waived by the Registered Holder in writing.

     8. No Rights of Stockholders. Subject to other Sections of this Warrant and the
provisions of the Securities Purchase Agreement, the Registered Holder shall not be entitled to
vote, to receive dividends or subscription rights, nor shall anything contained herein be construed
to confer upon the Registered Holder, as such, any of the rights of a stockholder of the Company,
including without limitation any right to vote for the election of directors or upon any matter
submitted to stockholders, to give or withhold consent to any corporate action (whether upon any
recapitalization, issuance of stock, reclassification of stock, change of par value or change of
stock to no par value, consolidation, merger, conveyance, or otherwise), to receive notices, or
otherwise, until the Warrant shall have been exercised as provided herein.

     9. Replacement of Warrant. Upon receipt of evidence reasonably satisfactory to the
Company of the loss, theft, destruction or mutilation of this Warrant and (in the case of loss,

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theft or destruction) upon delivery of an indemnity agreement reasonably satisfactory to the
Company, or (in the case of mutilation) upon surrender and cancellation of this Warrant, the
Company will issue, in lieu thereof, a new Warrant of like tenor.

     10. Mailing of Notices, Etc.

                    (i) All notices, requests, consents, and other communications in connection with this Warrant
shall be in writing and shall be deemed delivered (i) three (3) business days after being sent by
registered or certified mail, return receipt requested, postage prepaid, (ii) one (1) business day
after being sent via a reputable overnight courier service guaranteeing next business day delivery
in the Holder’s country or region, or (iii) on actual receipt if delivered by facsimile or by hand,
in each case delivery shall be made to the intended recipient as set forth below:

If to the Company:

Juniper Content Corporation.

521 Fifth Avenue, Suite 822

New York, New York 10175

Facsimile No.: (212) 660-5931

Attention: Stuart B. Rekant, Chief Executive Officer

With a copy to:

Graubard Miller

405 Lexington Avenue

New York, New York 10174

Facsimile No.: (212) 818-8881

Attention: David Alan Miller, Esq.

and

Lev & Berlin, P.C.

200 Connecticut Avenue

Norwalk, CT 06854

Facsimile No.:

Attention: Duane L. Berlin, Esq.

If to the Registered Holder:

To the address set forth in the Warrant Register as described in Section 4
hereof

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and (if such Registered Holder is Juniper Venture, LLC, or any of its affiliates)

Lev & Berlin, P.C.

200 Connecticut Avenue

Norwalk, CT 06854

Facsimile No.: (203) 854-1652

Attention: Duane L. Berlin, Esq.

     11. Change or Waiver. Any term of this Warrant may be changed or waived only by an
instrument in writing signed by the party against which enforcement of the change or waiver is
sought.

     12. Headings. The headings in this Warrant are for purposes of reference only and
shall not limit or otherwise affect the meaning of any provision of this Warrant.

     13. Severability. If any provision of this Warrant shall be held to be invalid and
unenforceable, such invalidity or unenforceability shall not affect any other provision of this
Warrant.

     14. Governing Law and Submission to Jurisdiction. This Warrant will be governed by and
construed in accordance with the laws of the State of New York without regard to principles of
conflict or choice of laws of any jurisdiction. The parties hereby agree that any action,
proceeding or claim against it arising out of, or relating in any way to this Warrant shall be
brought and enforced in the courts of the State of New York, and irrevocably submit to such
jurisdiction, which jurisdiction shall be exclusive.

     15. Supplements and Amendments. The Company and the Registered Holder may from time
to time supplement or amend this Warrant in order to cure any ambiguity, to correct or supplement
any provision contained herein which may be defective or inconsistent with any provision herein, or
to make any other provisions in regard to matters or questions arising hereunder which the Company
and the Holder may deem necessary or desirable.

     16. Successors. All the covenants and provisions of this Warrant shall be binding
upon and inure to the benefit of the Company and the Registered Holder and their respective
successors and assigns hereunder.

     17. Benefits of this Warrant. Nothing in this Warrant shall be construed to give to
any person, entity or corporation other than the Company and the Registered Holder of the Warrant
Certificate any legal or equitable right, remedy or claim under this Warrant; and this Warrant
shall be for the sole and exclusive benefit of the Company and the Registered Holder of the Warrant
Certificate.

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          IN WITNESS WHEREOF, JUNIPER CONTENT CORPORATION has caused this Warrant to be signed by its
duly authorized officers under its corporate seal and to be dated on the day and year first written
above.

	 	 	 	 	 
	 	JUNIPER CONTENT CORPORATION

 	 
	 	By:  	 	 
	 	Name: 	Stuart B. Rekant 
	 	Title:  	Chief Executive Officer 	 

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ANNEX A

NOTICE OF EXERCISE FORM

			
	To:
	 	Dated:

          In accordance with the Warrant enclosed with this Form of Election to Purchase, the
undersigned hereby irrevocably elects to purchase ___ shares of common stock (“Common
Stock”), $.0001 par value per share, of Juniper Content Corporation (“Company”) and encloses
herewith $___ in cash, certified or official bank check or checks or other immediately
available funds, which sum represents the aggregate Exercise Price (as defined in the Warrant) for
the number of shares of Common Stock to which this Form of Election to Purchase relates, together
with any applicable taxes payable by the undersigned pursuant to the Warrant.

or

          In accordance with the Warrant enclosed with this Form of Election to Purchase, the
undersigned hereby irrevocably elects to purchase ___ shares of common stock (“Common
Stock”), $.0001 par value per share, of Juniper Content Corporation (“Company”) by surrender of the
unexercised portion of the attached Warrant (with a “Market Value” of $___).

          The undersigned hereby represents, warrants to, and agrees with, the Company that:

     (i) He is acquiring the Warrant Shares for his own account and not with a view towards
the distribution thereof;

     (ii) He has received a copy of all reports and documents required to be filed by the
Company with the Commission pursuant to the Securities Exchange Act of 1934, as amended,
within the last 12 months and all reports issued by the Company to its stockholders;

     (iii) He understands that he must bear the economic risk of the investment in the
Warrant Shares, which cannot be sold unless they are registered under the Securities Act of
1933 (the “1933 Act”) or an exemption therefrom is available thereunder and that the Company
is under no obligation to register the Warrant Shares for sale under the 1933 Act;

     (iv) He is aware that the Company shall place stop transfer orders with its transfer
agent against the transfer of the Warrant Shares in the absence of registration under the
1933 Act or an exemption therefrom as provided herein;

Signature:

Address:

 

ANNEX B

ASSIGNMENT FORM

          FOR VALUE RECEIVED,                                          hereby sells, assigns and transfers all of the
rights of the undersigned under the attached Warrant with respect to the number of shares of Common
Stock covered thereby set forth below, unto:

	 	 	 	 	 
	Name of Assignee

	 	Address
	 	No. of Shares

	 	 	 	 	 
	 
	 

	 	     Dated:

	 	 
	 

	 	     Signature:

     Dated:

	 	 
	 

	 	     Witness:EX-4.1

Exhibit 4.1

EXECUTION VERSION

GUARANTY

     GUARANTY (this “Guaranty”), dated as of February 11, 2009, 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 (formerly known as The Bank of New York), as trustee for the
holders of the Notes (as defined below) issued pursuant to the Indenture (as defined below) (the
“Trustee”).

WITNESSETH:

     WHEREAS, Petrobras International Finance Company, a Cayman Islands limited company 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 Second Supplemental Indenture among the Issuer, the Guarantor and the Trustee dated as of
the date hereof (the “Second Supplemental Indenture”). The Original Indenture, as
supplemented by the Second Supplemental Indenture and as amended or supplemented from time to time
with respect to the 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.$1,500,000,000 of its 7.875% Global Notes due 2019 under the Indenture (the
“Notes”);

     WHEREAS, the Guarantor is willing to enter into this Guaranty in order to provide the holders
of the 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 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 Notes by the Issuer;

     WHEREAS, it is a condition precedent to the issuance of the 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:

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          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 Second Supplemental Indenture.
All such definitions shall be read in a manner consistent with the terms of this Guaranty.

     (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.

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          “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).

          “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;

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          (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 Second Supplemental Indenture;

          (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 (vi), 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

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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;

     (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.

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          “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 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.

          SECTION 2. Guaranty. (a) The Guarantor hereby unconditionally and irrevocably
guarantees the full and punctual payment when due, as a guarantee 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 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 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 Notes. Such notice shall
specify the amount or amounts under the Indenture and the Notes that were not paid on the date that
such amounts were required to be paid under the terms of the Indenture and the 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 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.

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          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 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 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:

     (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 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 Notes as a result
of further issuances, any rescheduling of the Issuer’s obligations under the 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 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,

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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

     (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 Notes and the Indenture. The Trustee, on behalf
of the Noteholders, may neglect or forbear to enforce payment under the Indenture and the 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.

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          (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.

          (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
same. The Trustee makes no representation as to the validity or sufficiency of this Guaranty, of
any offering materials, the Indenture or of the 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

9

 

amounts payable under
this Guaranty and (b) the date on which all of the obligations of the Issuer under the Indenture
and the 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.

          SECTION 7. Covenants. For so long as the Notes remain outstanding or any amount
remains unpaid on the Notes and the Indenture, the Guarantor will, and will cause its Subsidiaries
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 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

10

 

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;

     (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 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):

11

 

     (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

     (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 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
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 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.

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          (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.

     (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 by 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 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.

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          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, 101 Barclay Street, 4E, New York, New York,
10286, USA, Telephone: (1-212) 815-5616, 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).

          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
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 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 Note or 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:

14

 

     (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 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.

          (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 Notes or under any judgment or
order.

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

15

 

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 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,

16

 

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.

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

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 QUEENS

	 	 	)	 	 	 

     On this                      day of February 2009, before me personally came                      to me known,
who, being by me duly sworn, did depose and say that he is the                      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.

[Notarial Seal]

Notary Public

COMMISSION EXPIRES

	 	 	 	 	 	 	 
	STATE OF NEW YORK

	 	 	)	 	 	 
	 

	 	 	)	 	 	ss:
	COUNTY OF NEW YORK

	 	 	)	 	 	 

     On this                      day of February 2009, before me personally came                      and
                     to me personally known, who being by me sworn, did depose and say that they signed
their names to the foregoing instrument as witnesses.

[Notarial Seal]

	 	 	 	 	 
	 

	 	 

Notary Public
	 	 
	 

	 	COMMISSION EXPIRES	 	 

19

 

ACKNOWLEDGED:

THE BANK OF NEW YORK MELLON, as Trustee and not
in its individual capacity

	 	 	 	 	 	 	 
	 	 	By:	 	 
	 

	 	 	 	 

Name:
	 	 
	 

	 	 	 	Title:	 	 
	 
	 	 	 	 	 	 
	 	 	WITNESSES:	 	 
	 
	 	 	 	 	 	 
	 	 	1.	 	 
	 

	 	 	 	 

Name:
	 	 
	 
	 	 	 	 	 	 
	 	 	2.	 	 
	 

	 	 	 	 

Name:
	 	 

20

 

	 	 	 	 	 	 	 
	STATE OF NEW YORK

	 	 	)	 	 	 
	 

	 	 	)	 	 	ss:
	COUNTY OF NEW YORK

	 	 	)	 	 	 

     On this                      day of         
           2009 before me personally came          
           , to me known,
who, being by me duly sworn, did depose and say that she is the                      of THE BANK OF
NEW YORK MELLON 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   
              
   2009 , before me personally came      
                and
          
           to me personally
 known, who being by me sworn, did depose and say that they signed
their names to the foregoing instrument as witnesses.

[Notarial Seal]

	 	 	 	 	 
	 

	 	 

Notary Public
	 	 
	 

	 	COMMISSION EXPIRES	 	 

1

 

GUARANTY

Dated as of February 11, 2009

between

PETRÓLEO BRASILEIRO S.A.—PETROBRAS,

as Guarantor,

and

THE BANK OF NEW YORK MELLON, as

Trustee for the Noteholders

Referred to Herein

2

 

Table of Contents

	 	 	 	 	 
	 	 	Page
	SECTION 1. Definitions

	 	 	2	 
	 
	 	 	 	 
	SECTION 2. Guaranty

	 	 	6	 
	 
	 	 	 	 
	SECTION 3. Guaranty Absolute

	 	 	7	 
	 
	 	 	 	 
	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.

	 	 	14	 
	 
	 	 	 	 
	SECTION 11. Survival

	 	 	14	 
	 
	 	 	 	 
	SECTION 12. No Waiver; Remedies

	 	 	14	 
	 
	 	 	 	 
	SECTION 13. Continuing Agreement; Assignment of Rights Under the
Indenture and the Notes

	 	 	14	 
	 
	 	 	 	 
	SECTION 14. Currency Rate Indemnity

	 	 	14	 
	 
	 	 	 	 
	SECTION 15. Governing Law; Jurisdiction; Waiver of Immunity, Etc.

	 	 	15	 
	 
	 	 	 	 
	SECTION 16. Execution in Counterparts

	 	 	17	 
	 
	 	 	 	 
	SECTION 17. Entire Agreement

	 	 	17	 

3

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