Petrobras (PBR)

16.7 Contracting of Bank Credit Certificate

On October 31, 2008, Petrobras negotiated a loan (Bank Credit Note) from Caixa Econômica Federal (CEF) in the amount of R$ 2.022.700. The purpose of the loan is to reinforce the company’s working capital. This transaction was negotiated with the following conditions:

• Term: 180 days, principal and charges with one time amortization at the end of the period;
  
  
• Rate of interest: 104% of CDI Over,
  
  
• Levying of IOF; and
  
  
• Clause for extraordinary amortization and early settlement. The company may make extraordinary payments at any time to amortize the debt as well as to make early settlement.

On December 22, 2008, Petrobras negotiated with Caixa Econômica Federal (CEF) an amendment and renewal of the bank credit certificate of R$ 1.583.234. This transaction was negotiated with the following conditions:

• Term: 760 days, with payment of the charges each quarter and the principal at the end of the term;
  
  
• Rate of interest: 110% of CDI Over,
  
  
• Levying of IOF;

Due to the additional loan and the payment of the financial charges on the loan granted previously, the parties consolidated the total amount lent into R$ 3.605.934.