Petrobras (PBR)

Line of Credit for REFAP

REFAP used short-term lines known as FINIMP to finance imports of crude oil. In the first half of 2009, a number of operations of up to 180 days were carried out in various financial institutions abroad in the amount of US$598, for which the effective average funding rate (LIBOR + spread) was 6.7% p.a.

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10. Financings (Continued)

b) Long-term debt (Continued)

Raising of funds for the international segment

In the period from January to June 2009, the subsidiaries of Petrobras abroad raised funds in the amount equivalent to US$2,247, basically to finance working capital and projects associated with the activities of exploration and production of oil and gas.

The most significant funds were raised by the following companies, indirect subsidiaries of Petrobras:

Refinaria Nansei Sekiyu K.K. It raised funding in the total amount of US$1,579, US$106 in long-term through Development Bank Japan, with average maturity of 365 days, at an average rate of 0.1% p.a.; and US$1,473 in short-term through Mizuo Bank Corp, Sumitomo Mitsui Bank Corp, MTBUFJ, Ryukyu and JOGMEC, at rates of Libor + 2% p.a. and expenses from 0.66% to 2.66% p.a., basically to finance the company’s working capital.

Petrobras Energia S.A. - It raised short-term funding in the amount of US$297, through Banco HSBC, Itaú, BBVA, Banco Rio, Banco Ciudad, ABN Amro Bank, Banco do Brasil and Banco Santander, mainly through advances on export contracts (ACC) and exchange contracts (ACE), aiming at maintaining the company’s working capital and replacing inventories. The operations have final maturity in 2010 and an average interest rate between 6% p.a. and 8% p.a. in United States Dollars, and from 20% to 28% p.a. in Argentine Pesos.

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14.11 Line of Credit for REFAP

REFAP used short term lines known as FINIMP to finance imports of crude oil. In the first half of 2009, a number of operations of up to 180 days were carried out in various financial institutions abroad in the amount of US$ 598 million, equivalent to R$ 1.359.434 thousand, for which the effective average funding rate (LIBOR + spread) was 6,7% p.a.

14.9 Line of Credit for REFAP

REFAP used short term lines known as FINIMP to finance imports of crude oil. In the first quarter of 2009 a number of operations of up to 180 days were carried out in various financial institutions in Brazil in the amount of US$ 462 millions, equivalent to R$ 1.071.095 thousand, for which the effective average funding rate (LIBOR + spread) was 7,19% p.a.

Line of Credit for REFAP

REFAP used short-term lines known as FINIMP to finance imports of crude oil. In the first quarter of 2009, a number of operations of up to 180 days were carried out in various financial institutions in Brazil in the amount of US$462, for which the effective average funding rate (LIBOR + spread) was 7.19% p.a.