Petrobras (PBR)

14.5.3 Program for Modernization and Expansion of the Fleet (PROMEF)

Transpetro has conditioned purchase and sale contracts with four Brazilian shipyards for the construction of 33 petrol tankers in the amount of R$ 8.655.080 thousand, with funds financed by BNDES through the Mercantile Marine Fund-FMM. These financings mature in 20 years, with a grace period of 48 months as from the first drawdown and with interest at the long-term interest rate (TJLP) + 2,5% p.a.

Until September 30, 2009 the amount of R$ 893.868 thousand had been provided for the construction of the ships. Of this amount, Transpetro provided R$ 389.676 thousand, of which R$ 255.190 thousand was from its own resources and R$ 134.486 thousand was from BNDES financing.

14.9 Program for Modernization and Expansion of the Fleet (PROMEF)

Transpetro has conditioned purchase and sales agreements with a three Brazilian shipyards for the construction of 23 petrol tankers in the amount of R$ 5.601.776 thousand, with funds financed by BNDES, through the mercantile marine fund (FMN). These financings mature in 20 years, with a grace period of 48 months as from the first drawdown and interest at the long-term interest rate (TJLP) + 2.5% p.a.

14.7 Program for Modernization and Expansion of the Fleet (PROMEF)

In 2007 Transpetro signed agreements for conditioned purchase and sale with three Brazilian shipyards for the construction of 23 tankers, in the amount of R$ 5.507.059 thousand. These funds were raised from BNDES with the following conditions:

In the period from January to March 2009, Transpetro made payments referring to the advances in the total amount of R$ 13.387 thousand, as follows:

• R$ 11.756 thousand - Funds financed by BNDES/Transpetro (36% of the price of the ship);

• R$ 1.631 thousand - Transpetro's own funds (5% of the price of the ship).

In the period from January to March 2009, Estaleiro Atlântico Sul recorded financial transactions in the total amount of R$ 3.406 thousand, as follows:

• R$ 3.406 thousand - the shipyard's own funds (8% of the price of the ship);

16.9 Program for Modernization and Expansion of the Fleet (PROMEF)

In 2007 Transpetro signed agreements for conditioned purchase and sale with three Brazilian shipyards for the construction of 23 tankers, in the amount of R$ 5.216.642. These funds were raised from BNDES with the following conditions:

In the period from July to December 2008, Transpetro made payments referring to the advances in the total amount of R$ 17.045, as follows:

• R$ 14.550 Funds financed by BNDES/Transpetro (36% of the price of the ship);
  
  
• R$ 2.496 Transpetro’s own funds (5% of the price of the ship);

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During fiscal year 2008 Estaleiro Atlântico Sul recorded financial movement in the total amount of R$ 168.230, the financing of which by BNDES will be passed on to Transpetro, after the signing of the "Delivery and Acceptance Instrument" for the ship, distributed as follows:

• R$ 18.040 The shipyard’s own funds (8% of the price of the ship);
  
  
• R$ 150.190 Funds financed by BNDES/Shipyard (46% of the price of the ship);

(i) Program for Modernization and Expansion of the Fleet (PROMEF)

In 2007 Transpetro signed agreements for conditioned purchase and sale with three Brazilian shipyards for the construction of 23 tankers, in the amount of US$2,232. These funds were raised from BNDES with the following conditions:

In the period from July to December 2008, Transpetro made payments referring to the advances in the total amount of US$7, as follows:

• US$6 Funds financed by BNDES/Transpetro (36% of the price of the ship);
• US$1 Transpetro’s own funds (5% of the price of the ship).

During fiscal year 2008 Estaleiro Atlântico Sul recorded financial movement in the total amount of US$72, the financing of which by BNDES will be passed on to Transpetro, after the signing of the "DELIVERY AND ACCEPTANCE INSTRUMENT" for the ship, distributed as follows:

• US$8 The shipyard’s own funds (8% of the price of the ship);
• US$64 Funds financed by BNDES/Shipyard (46% of the price of the ship).