Petrobras Selects JPMorgan For $25 Billion ADR Program

Latest appointment makes JPMorgan leader in Latin American Depositary Receipts

NEW YORK, January 2, 2007 – JPMorgan Worldwide Securities Services today announced that it has been appointed successor depositary bank for the common and preferred share American Depositary Receipt (ADR) programs for Petrobras - Petroleo Brasileiro SA (NYSE: PBR & PBRA).

Petrobras is a Brazilian government-controlled company engaged in the exploration, refining, production and sale of petroleum and its by-products. It is the country’s largest integrated energy company with a market capitalization of approximately $108 billion. Each common share Petrobras American depositary share (CUSIP 716 54V 40 8) represents four common shares, and each preferred share Petrobras American depositary share (CUSIP 716 54V 10 1) represents four preferred shares. The common and preferred shares trade on the Sao Paulo Stock Exchange, BOVESPA, and both American depositary shares trade on the New York Stock Exchange. Petrobras shares are also traded on LATIBEX (Madrid) and the BCBA (Buenos Aires) Exchanges.

JPMorgan is the leading depositary bank in Latin America, maintaining more than 65% of the Brazilian ADR market as measured by ADRs held by institutional investors (based on most recent Form 13F filings with the SEC).

“We at JPMorgan are delighted to work with Petrobras, a leading company in Latin America that also has a renowned global presence,” said Yxa Bazán, head of JPMorgan Latin America ADR group. “This appointment helps position JPMorgan as the number one ADR depositary bank for Latin American issuers.”

JPMorgan provides a full complement of ADR services to non-U.S. issuers seeking to have their equity traded in the U.S. stock markets. JPMorgan’s primary services include ADR Issuances and Cancellations, Stock Transfer, Tender and Exchange Offer and Subscription Rights Agency services, and Tax Reclamation services for investors.

For market information on ADRs and international equities go to JPMorgan’s award-winning Web site www.adr.com For more information on JPMorgan’s ADR services go to http://www.jpmorgan.com/visit/adr

About JPMorgan Worldwide Securities Services

JPMorgan Worldwide Securities Services, a division of JPMorgan Chase Bank, N.A., is a global industry leader with $12.9 trillion in assets under custody. JPMorgan provides innovative custody, fund accounting and administration and securities services to the world’s largest institutional investors, alternative asset managers and debt and equity issuers. JPMorgan Worldwide Securities Services leverages its scale and capabilities in more than 90 markets to help clients optimize efficiency, mitigate risk and enhance revenue through a broad range of investor services as well as securities clearance, collateral management and alternative investment services.

About JPMorgan Chase

JPMorgan Chase & Co. (NYSE: JPM) is a leading global financial services firm with assets of $1.3 trillion and operations in more than 50 countries. The firm is a leader in investment banking, financial services for consumers, small business and commercial banking, financial transaction processing, asset and wealth management, and private equity. A component of the Dow Jones Industrial Average, JPMorgan Chase serves millions of consumers in the United States and many of the world’s most prominent corporate, institutional and government clients under its JPMorgan and Chase brands. Information about the firm is available at www.jpmorganchase.com.

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Judith B. Miller

JPMorgan Chase & Co.

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