EXPORT-IMPORT BANK OF THE UNITED STATES

SUMMARY OF MINUTES OF MEETING OF BOARD OF DIRECTORS

DECEMBER 22, 2009

ITEM NO 1 Country Review
Board Decision: Approved changes to the Country Limitation Schedule (CLS) to be
effective December 24, 2009. Chairman Hochberg, Director Kian and Director Farrell
all voted in favor of the transaction.

ITEM NO 2
Country BRAZIL AP084193XX
Request for FINAL COMMITMENT (Conversion No. 1)

Applicant PETROLEO BRASILEIRO S/A, RIO DE JANEIRO, RJ 20035-900 BRAZIL
Borrower PETROBRAS NETHERLANDS B V, AMSTERDAM, NOORD-HOLLAND 1012 KK NETHERLANDS
Guarantor PETROBRAS PETROLEO BRASILEIRO S.A., RIO DE JANEIRO 20031-912 BRAZIL
Buyer PETROBRAS PETROLEO BRASILEIRO S.A., RIO DE JANEIRO 20031-912 BRAZIL
End-user PETROBRAS PETROLEO BRASILEIRO S.A., RIO DE JANEIRO 20031-912 BRAZIL
Exporter VARIOUS - UNITED STATES SUPPLIERS, UNKNOWN DC
Supplier VARIOUS - UNITED STATES SUPPLIERS, UNKNOWN DC
Gteed Lender JPMORGAN CHASE BANK, NEW YORK NY
Lessor NONE
Lessee PETROBRAS NETHERLANDS B V, AMSTERDAM, NOORD-HOLLAND 1012 KK NETHERLANDS

Project Name NONE
Project Description OIL & GAS FIELD DEVELOPMENT
Product Description VARIOUS U.S. GOODS & SUPPLIES

Board Decision: REFER TO U.S. CONGRESS. Chairman Hochberg, Director Kian and Director Farrell all voted in favor of the transaction.