Petrobras (PBR)

15.4 Export prepayments

Petrobras and PFL have contracts (“Master Export Contract and Prepayment Agreement”) between themselves and a Special Purpose Company not related with Petrobras, named PF Export Receivables Master Trust (“PF Export”), relating to the prepayment of export receivables to be generated by PFL by means of sales on the international market of fuel oil acquired from Petrobras.

As at December 31, 2007, the balance of export prepayments amounted to R$ 705.686 in non-current liabilities (R$ 1.137.768 as of December 31, 2006) and R$ 121.150 in current liabilities (R$ 144.924 as of December 31, 2006).

13.4. Export prepayments

Petrobras and Petrobras Finance Ltd. (PFL) have contracts (“Master Export Contract” and “Prepayment Agreement”) between themselves and a Special Purpose Company not related with Petrobras, named PF Export Receivables Master Trust (“PF Export”), relating to the prepayment of export receivables to be generated by PFL by means of sales on the international market of fuel oil acquired from Petrobras.

On September 30, 2007, the balance of export prepayments amounted to R$ 763.115 thousand in the non-current liabilities (R$ 831.175 thousand as of June 30, 2007) and R$ 125.484 thousand in the current liabilities (R$ 131.138 thousand as of June 30, 2007).

13.4. Export prepayments

Petrobras and Petrobras Finance Ltd. – PFL have contracts (“Master Export Contract” and “Prepayment Agreement”) between themselves and a special purpose company not related with Petrobras, named PF Export Receivables Master Trust (“PF Export”), relating to the prepayment of export receivables to be generated by Petrobras Finance Ltd. by means of sales on the international market of fuel oil acquired from Petrobras.

On June 30, 2007, the balance of export prepayments amounted to R$ 831.175 thousand in the non-current liabilities (R$ 918.528 thousand as of March 31, 2007) and R$ 131.138 thousand in the current liabilities (R$ 139.290 thousand as of March 31, 2007).

d) Export prepayments

Petrobras and Petrobras Finance Ltd. – PFL have contracts (“Master Export Contract” and “Prepayment Agreement”) between themselves and a special purpose entity not related with Petrobras, named PF Export Receivables Master Trust (“PF Export”), relating to the prepayment of export receivables to be generated by Petrobras Finance Ltd. by means of sales on the international market of fuel oil acquired from Petrobras.
On March 31, 2007 the balance of export prepayments amounted to
R$ 918.528 thousand in the non-current liabilities (R$ 992.844 thousand as of December 31, 2006) and R$ 139.290 thousand in the current liabilities
(R$ 144.924 thousand as of December 31, 2006).