Petrobras (PBR)

a) Financing through BNDES foreign funds

During fiscal year 2008 and until the third quarter of 2009, Transportadora Gasene raised from the National Bank for Economic and Social Development (BNDES), the following amounts referring to the long-term credit lines contracted on December 27, 2007: (i) the amount of US$ 750,000 thousand, from the financing contract through onlending of foreign funds of BNDES (from the China Development Bank), and (ii) the amount R$ 932.677 thousand from the financing contract through funds of BNDES, itself, related to sub-loan A for GASCAV, and the amount of R$ 1.765.192 thousand related to sub-loan B for GASCAC.

On February 26, 2008, the bridge loans taken out from BNDES, in the amount of R$ 2.028.099 thousand, were fully paid off with the bank, in consideration for the first receipt from the lines of credit.

The purpose for raising these funds is the construction of the Cabiúnas-Vitória pipeline for transport of natural gas, which is approximately 300 km long and links Cabiúnas, in the municipality of Macaé, in the state of Rio de Janeiro, to the municipality of Vitória, in the state of Espirito Santo, and other related assets (GASCAV), as well as the Cacimbas-Catu pipeline for transport of natural gas, which is approximately 940 km long and links Cacimbas, in the state of Espírito Santo, to Catu, in the state of Bahia, and related assets (GASCAC), both of which are integral parts of Projeto Gasoduto Sudeste-Nordeste (the GASENE project).

These lines of credit were negotiated with the following conditions:

• Amount of the contract: US$ 750.000 thousand;

• Term: Maturity of the principal and payment of the financial charges on December 20, 2022;

• Effective rate of interest: 3,20% p.a.+ exchange rate;

• Transaction costs and premiums: 0,2% due on the value of the loan, as a fee for studies and structuring, totaling US$ 1.500 thousand, equivalent to R$ 2.513 thousand, + an up front fee of 5,0% of US$ 750.000 thousand, totaling US$ 37.500 thousand, equivalent to R$ 62.832 thousand + a commitment fee of 0,3% p.a., totaling US$ 885 thousand, equivalent to R$ 1.464 thousand.

b.1) Financing through BNDES foreign funds

During fiscal year 2008 and until the second quarter of 2009, Transportadora Gasene raised from the National Bank for Economic and Social Development (BNDES) the following amounts referring to the long-term credit lines contracted on December 27, 2007: (i) the amount of US$750 from the financing contract through onlending of foreign funds of BNDES (from the China Development Bank), and (ii) the amount of US$478 from the financing contract through funds of BNDES, itself, related to sub-loan A for GASCAV, and the amount of US$720 related to sub-loan B for GASCAC.

On February 26, 2008, the bridge loans taken out from BNDES, in the amount of US$1,039, were fully paid off with the bank considering the first receipt from the lines of credit.

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12. Project Financings - (Variable Interest Entities - “VIE's”) (Continued)

b) Financing for the Gasene Project (Continued)

b.1) Financing through BNDES foreign funds (Continued)

The purpose for raising these funds is the construction of the Cabiúnas-Vitória pipeline for natural gas transportation, which is approximately 300 km long and links Cabiúnas, in the municipality of Macaé, in the state of Rio de Janeiro, to the municipality of Vitória, in the state of Espirito Santo, and other related assets (“GASCAV”), as well as the Cacimbas-Catu pipeline for natural gas transportation, which is approximately 940 km long and links Cacimbas, in the state of Espírito Santo, to Catu, in the state of Bahia, and related assets (“GASCAC”), both of which are integral parts of Projeto Gasoduto Sudeste- Nordeste (the GASENE project).

These lines of credit were negotiated with the following conditions:

• Amount of the contract: US$750;

• Term: Maturity of the principal and payment of the financial charges on December 20, 2022;

• Effective interest rate: 3.20% p.a.+ exchange rate; and

• Transaction costs and premiums: 0.2% due on the value of the loan, as a fee for studies and structuring, totaling US$1.5, + an up front fee of 5.0% of US$750, totaling US$37.5, + a commitment fee of 0.3% p.a., totaling US$0.885.

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12. Project Financings - (Variable Interest Entities - “VIE's”) (Continued)

b) Financing for the Gasene Project (Continued)

b.2) Financing through BNDES own funds

• Amount of the contract: US$1,621, of which US$487 refers to sub-loan ‘’A’’ for GASCAV, and US$1,135 refers to sub-loan ‘’B’’ for GASCAC;

• Term: (i) Sub-loan ‘’A’’ – Maturity of the principal and payments of the financial charges on October 15, 2020, and (ii) sub-loan ‘’B’’ – Maturity of the principal and payment of the financial charges in 48 quarterly payments (12 years) after the start-up of Gascac operation;

• Effective interest rate: TJLP + 1.96% p.a., with the establishment of guarantees at least 60 days before the termination of the grace period;

• Transaction costs and premiums: 0.2% due on the amount of the loan, as a fee for studies and structuring, in the amount of US$3.

From the contracted line of credit there is still US$9 to be released by BNDES referring to sub-loan ‘’A’’, and US$415 referring to sub loan “B”, through proof of the investments made in the Project.

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a) Financing through BNDES foreign funds

During fiscal year 2008 and until the second quarter of 2009, Transportadora Gasene raised from the National Bank for Economic and Social Development (BNDES) the following amounts referring to the long-term credit lines contracted on December 27, 2007: (i) the amount of US$ 750.000 thousand from the financing contract through onlending of foreign funds of BNDES (from the China Development Bank), and (ii) the amount of R$ 932.677 thousand from the financing contract through funds of BNDES, itself, related to sub-loan A for GASCAV, and the amount of R$ 1.405.192 thousand related to sub-loan B for GASCAC.

On February 26, 2008, the bridge loans taken out from BNDES, in the amount of R$ 2.028.099 thousand, were fully paid off with the bank considering the first receipt from the lines of credit.

The purpose for raising these funds is the construction of the Cabiúnas-Vitória pipeline for natural gas transportation, which is approximately 300 km long and links Cabiúnas, in the municipality of Macaé, in the state of Rio de Janeiro, to the municipality of Vitória, in the state of Espirito Santo, and other related assets (GASCAV), as well as the Cacimbas-Catu pipeline for natural gas transportation, which is approximately 940 km long and links Cacimbas, in the state of Espírito Santo, to Catu, in the state of Bahia, and related assets (GASCAC), both of which are integral parts of Projeto Gasoduto Sudeste-Nordeste (the GASENE project).

These lines of credit were negotiated with the following conditions:

• Amount of the contract: US$ 750.000 thousand;

• Term: Maturity of the principal and payment of the financial charges on 12/20/2022;

• Effective interest rate: 3,20% p.a.+ exchange rate; and

• Transaction costs and premiums: 0,2% due on the value of the loan, as a fee for studies and structuring, totaling US$ 1.500 thousand, equivalent to R$ 2.513 thousand + an up front fee of 5,0% of US$ 750.000 thousand, totaling US$ 37.500 thousand, equivalent to R$ 62.832 thousand + a commitment fee of 0,3% p.a., totaling US$ 885 thousand, equivalent to R$ 1.464 thousand.

a) Financing through BNDES foreign funds

• Amount of the contract: US$ 750.000;

• Term: Maturity of the principal and payment of the financial charges on 12/20/2022;

• Effective rate of interest: 3,20% p.a.+ exchange variance;

• Transaction costs and premiums: 0,2% (due on the value of the loan), as a fee for studies and structuring, totaling US$ 1.500, equivalent to R$ 2.513 thousand, + an up front fee of 5,0% of US$ 750.000, totaling US$ 37.500, equivalent to R$ 62.832 thousand + a commitment fee of 0,3% p.a., totaling US$ 885, equivalent to R$ 1.464 thousand.

a) Financing through BNDES foreign funds

• Amount of the contract: US$ 750.000;
  
  
• Term: Maturity of the principal and payment of the financial charges on 20/12/2022;
  
  
• Effective rate of interest: 3,20% p.a.+ exchange variance;
  
  
• Transaction costs and premiums: 0,2% due on the value of the loan, as a fee for studies and structuring, totaling US$ 1.500, equivalent to R$ 2.513, + an up front fee of 5,0% of US$ 750.000, totaling US$ 37.500, equivalent to R$ 62.832 + a commitment fee of 0,3% p.a., totaling US$ 885, equivalent to R$ 1.464.

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