Petrobras (PBR)

a) Marlim Project

NovaMarlim Petröleo S.A. provided funding for the project, the balance of which, net of operating costs already incurred by Petrobras to the amount of R$ 1.864.931 thousand (R$ 1.823.345 thousand up to March 31, 2007) and transferred assets of R$ 49.465 thousand, reached R$ 249.603 thousand (R$ 291.190 thousand up to March 31, 2007) classified in the current liabilities as Projects Financings.

Marlim Project

NovaMarlim Petróleo S.A. provided funding for the project, the balance of which, net of operating costs already incurred by Petrobras to the amount of R$ 1.823.345 thousand (R$ 1.781.759 thousand up to December 31, 2006) and transferred assets of R$ 49.465 thousand, reached R$ 291.190 thousand (R$ 332.776 thousand up to December 31, 2006) classified in the current liabilities as Projects Financings.

Marlim Project

Novamarlim Petróleo S.A. provided funds for the project, amounting to R$ 1.703.108 thousand (R$ 1.605.923 thousand on June 30, 2006), and assets transferred in the amount of R$ 49.465 thousand reached R$ 411.428 thousand (R$ 508.612 thousand on June 30, 2006), classified under current liabilities, as structured projects.

Marlim Project

Novamarlim Petróleo S.A. provided funds for the project, amounting to R$ 1.605.923 thousand (R$ 1.508.739 thousand in March 31, 2006), and assets transferred in the amount of R$ 49.465 thousand reached R$ 508.612 thousand (R$ 605.796 thousand in March 31, 2006), classified under current liabilities, as structured projects.

21

Marlim Project

Novamarlim Petróleo S.A. provided funds for the project, amounting to R$ 1.508.739 thousand (R$ 1.411.555 thousand in December 31, 2005), and of assets transferred in the amount of R$ 49.465 thousand reached R$ 605.796 thousand (R$ 702.980 thousand in December 31, 2005), classified under current liabilities, as project financings.

Marlim Project

Nova Marlim Petróleo S.A has provided funds to the Project, of which the balance, net of operating expenses already made by PETROBRAS of approximately R$ 1.231.066 thousand and assets transferred of approximately R$ 49.465 thousand, reached R$ 883.469 thousand, classified in current liabilities as Structured Projects.

Marlim Project

For the purpose of boosting the production of oil in the Marlim field, PETROBRAS entered into a consortium with the SPC Companhia Petrolífera Marlim (CPM). CPM participates in the consortium by providing assets, in the amount of US$ 1.500 million, relating to underwater equipment for the production of oil, and PETROBRAS’ participation in the consortium includes operating and maintaining these assets and marketing the oil produced.

With funds obtained from own capital (equivalent to US$ 200 million) and from financing operations in local and foreign financial markets, CPM acquired assets from PETROBRAS, which were transferred to CPM and included in the Instrument for the Allocation of Assets for Consortium Formation, signed from time to time by PETROBRAS and CPM. Revenues arising from the commercialization of the field production are shared between the consortium members and CPM is entitled to a percentage varying between 2% and 30%, depending on the amount of funds necessary to cover its financial obligations. Under the related agreements, PETROBRAS is committed to covering any CPM cash shortfalls, if the consortium revenues transferred to CPM are not sufficient to cover all of its financial obligations.

Additionally, with a view to guaranteeing its obligations under the consortium agreement, PETROBRAS provides CPM with a pledge on up to 70% of the oil produced from the Marlim field, limited to 720 production days. CPM informs PETROBRAS of its intended revenues on a monthly basis and the consortium transfers the necessary amounts to CPM according to its cash requirements. In 2004, shared consortium revenues to CPM totaled R$ 560.248 (R$ 629.112 in 2003), and the amount actually transferred by PETROBRAS to CPM by the end of the year was R$ 607.107 (R$ 510.000 in 2003). At December 31, 2004, the amount owed to CPM totaled R$ 110.274 (R$ 322.040 in 2003).