Petrobras (PBR)

c) Long-term balances per currency

The estimated fair value for the of the Parent Company and Consolidated’s long term loans on March 31, 2007 were, respectively,
R$ 5.069.456 thousand, and R$ 31.017.023 thousand, calculated at the market rates in force, taking into considetarion the nature, deadline and risks, similar to those in the registered contracts and may be compared to their carrying amounts of R$ 4.820.180 thousand and R$ 30.792.633 thousand.
The hedge contracts in connection with Notes issued abroad in foreign currency are disclosed in Note 23.

c) Long-term balances per currency

c) Long-term balances per currency

The estimated fair value for the Parent Company and Consolidated’s long-term loans on June 30, 2006, were approximately R$ 5.835.180 thousand and R$ 29.617.174 thousand, calculated at the market rates in force, taking into account the nature, deadline and risks similar to those in the registered contracts and may be compared to their carrying amounts of R$ 5.827.782 thousand and R$ 29.036.316 thousand.

The hedge contracts in connection with Notes issued abroad in foreign currency are disclosed in Note 22.

c) Long-term balances per currency

The estimated fair amount for the Parent Company and Consolidated’s long-term loans on March 31, 2006, were approximately R$ 6.024.844 thousand and R$ 30.513.523 thousand, calculated at the market rates in force, taking into account the nature, deadline and risks similar to those in the registered contracts and may be compared to the accounting amount of R$ 5.943.871 thousand and R$ 30.680.427 thousand.

The hedge contracted in connection with Notes issued abroad in foreign currency are disclosed in Note 22.

c) Long-term balances per currency

The parent company’s long-term debt at June 30, 2005 amounting to R$ 7.889.248 thousand, has estimated fair values of approximately R$ 7.658.817 thousand, calculated based on market interest rates, considering loans and financing with same nature, mature timing, and risks.

The derivative financial instrument operations contracted in connection with Notes issued abroad in foreign currency are disclosed in Note 22.

(c) Long-term balances per currency

The parent company’s long-term debt at December 31, 2004 amounting to R$ 8.589.120, has estimated fair values of approximately R$ 8.757.000, calculated based on market interest rates, considering loans and financing with same nature, mature timing, and risks.

The derivative financial instrument operations contracted in connection with Notes issued abroad in foreign currency are disclosed in Note 21.