Dear Sir,

I regret to inform you that those bonds are no longer valid. Please, take a
look at the back of one of those bonds, and on the right hand side you will
read in Clause 1(even though in Portuguese) what the expiration date was.
Depending on the Serie, it was Dec 31st, 1977 or, at most, 1980.
Moreover, due to previous claims, there is a decision by the Civil Rights
Defense Commission, from the Office of the President of the Republic,
stating that the owner could either have claimed the amount or have had
the bonds converted into stocks from January 1th, 1958 until Dec 31th,
1977.

Best Regards,

Type : Petrobras Obligation BONDS; “E Series”; Title : PETROBRA’S;
Issued by : Petroleo Brasileiro S. A.; Face value : in Cruzeiros;
Denomination : 1000, each;
Issued : 1957; extended until 2007;