Petrobras (PBR)

f) Operations of Thermoelectric Power Stations

In order to raise its energy generation capacity and optimize gas supply commitments, Petrobras has been expanding its portfolio of investments in thermoelectric power stations.

Acquisition of Termoaçu S.A.

On March 07, 2007, the shareholders approved the capital increase of Termoaçu S.A. to the total amount of R$ 53.569 thousand, increasing Petrobras’ equity interest from 62,43% to 65,70%.

On July 31, 2007, the share capital was increased by R$ 65.461 thousand, to supplement that needed to enable the completion of the works on the thermoelectric station, increasing Petrobras’ equity interest to 72,10%.

Acquisition of Termocabo Ltda.

In May 2007, Brasympe Energia S.A., a company in which Petrobras Distribuidora S.A. holds an interest of 20%, acquired 60% of the common shares of Termocabo S.A. for the sum of R$ 29.100 thousand.

Termocabo S.A., which has its main offices in the city of Rio de Janeiro, began operations in July 2002 and has a thermoelectric power plant with an installed capacity of 49,5 MW, located in the municipality of Cabo do Santo Agostinho, in the state of Pernambuco.

f) Operations of Thermoelectric Power Stations

In order to raise its energy generation capacity and eliminate contingency payments, gas supply commitments, energy purchases and reimbursement of operating expenses, Petrobras concluded the acquisition of the thermoelectric power stations embraced by the Priority Thermoelectricity Program, which were generated these contractual commitments. The final negotiations are summarized below:

f.1) Acquisition

Termoaçu S.A.

On March 07, 2007, the shareholders approved the capital increase of Termoaçu S.A. to the total amount of R$ 53.569 thousand, icreasing Petrobras’ equity interest from 62,43% to 65,70%.

(v) Operations of Thermoelectric Power Stations

In order to raise its energy generation capacity and eliminate contingency payments, gas supply commitments, energy purchases and reimbursement of operating expenses, Petrobras concluded the acquisition of the thermoelectric power stations embraced by the Priority Thermoelectricity Program, which were generated these contractual commitments. The final negotiations are summarized below: