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PROGRAMA BNDES P>he BNDES Financing Programto the O&G Supply Chain3 de Junho de 2011Basic Inputs Area - AIBOil & Gas Supply Chain Departament - DECAPEG1

Agenda1.The O&G Supply Chain2.BNDES Financing Program: “BNDES P&G”2

The O&G Supply Chain

The O&G Supply Chain Relevant investments in the upstream, midstream and downstream inthe next years.Petrobras Business Plan (2010-14): US$ 224 billionsDomestic demand forecast of Goods and Servicesfor the E&P Offshore (2010-20): US$ 400 billions 1 85% of the companies in the Brazilian supply chain have gross incomelower than R$ 100 millions. 76% focus only on the domestic market.1) ONIP - 2010.4

Structural challengesSome structural challenges are mentioned by Brazilian suppliers andneed to be addressed for continued growth: Taxes Labour qualification Cost of Capital Business environment & Bureaucracy Access to technology Credit & CollateralBNDES P&GFinancingProgram Cost of raw materialBNDES P&G is the Financing Program to the Oil & Gas Supply Chain. P&G comes from Petróleo& Gás, which means Oil & Gas – O&G.Source: ONIP - 2010.5

The BNDES P&G Financing Program

Reaching Large, Medium and Small CompaniesBNDES$FinancingContract$O&G OPERATOR$TRUSTEEContracts as Collateral(Goods or Services)“UMBRELLA COMPANY”$Contracts as Collateral(Goods or Services)Supplier 1Supplier 2...Supplier N8

“Umbrella Company” Operation – General Aspects Umbrella Company: Companies with Gross Income higher than R$ 90 millions. Target: Umbrella Companies and its whole Supply Chain. Advantages: Better Financing Cost and Conditions, Financing Access to Medium and SmallCompanies, Umbrella Company grows with its suppliers. Part of the financing resources goes to suppliers:Part of the total financing amount has to be directed to the suppliers.The resources go through a financial engineering including an Escrow Account, which ismanaged by an financial institution, the Trustee. Collateral and RisksContracts as collateral.Credit Risk is based on the Umbrella Company Credit Risk Classification. “Suppliers Development Program” defined by the Umbrella Company together with itssuppliers:List of suppliers.Total Financing amount and portion to be directed to the suppliers.Other important information: contracts, chronological planning of disbursements tosuppliers, bank account information.9

General Aspects Financing Costs (Direct Operations): Funding Costs – mostly TJLPFinancial Cost(Funding Cost)+ BNDES Spread +Credit Risk Rate Financing Costs (Non-Automatic Operations/Agents):FinancialCost(Funding Cost)+ + +BNDESSpreadIntermediationTaxAgentSpread Lower costs to innovation (R&D,…) up to Dec 31, 2011: 4% - 7%. instruments: Loans/Debts, Equities and Funds.10

TJLP Long-Term Interest Rate* % p. a.IPCA (% annual inflation)5.76.856.506.506. is set each quarter by National Monetary CouncilIPCA is a Consumer Price Index produced by IBGEJuly2008Oct2008Jan2009Apr2009July2009Oct2009Jan2010Apr2010July2010Oct2010Jan2011

Financing Conditions – Direct OperationsPRODUCTIVESTRUCTUREM&A, INTERNA-TIONALIZATIONWORKING CAPITAL TOPRODUCTION &SERVICES CONTRACTSCAPITALINNOVATIONPRODUC-TIONTECHNO-LOGYFINANCIALCOST+BNDESSPREAD+CREDITRISK RATETJLPOther cases: Decree 2.233 (Currency Basket), ImportedEquipments (Currency Basket, UMIPCA, TS, TJ3, TJ6)0,5% to 0,9% to1,3%1,3%Imported Equipments (*): 2,5%Associated Working Capital: 2% to 2,5%Non-Automatic:0,5% + AgentSpread0,46% to 2,54%2% to2,5%Non-Automatic:0,5% + AgentSpreadTJLP0% 0,9%0%to3,57%(*)0,46%to3,57%4,5%AMORTIZA-TIONUp to10 yrsUp to10 yrsUp to5 yrsUp to12 yrsUp to12 yrsUp to14 yrsPARTICIPA-TION80% to90%60% to80%50% to60%Up to90%70% to100%Up to90%12

BNDES Participações – BNDESPAR (Equity)To expand BNDES’ sources of long term fundingTo stimulate entrepreneurship and innovative companiesTo create possibilities of investment for institutional investorsTo disseminate good corporate governance practicesTo promote the development of new managers for venture capitaland private equity fundsTo leverage private investors resourcesTo expand the venture capital culture in Brazilian corporations,specially in SMEsMain instruments: Equity, Debentures, Private Equity Funds, andVenture Capital Funds.

Thank you!AIB/DECAPEGOil & Gas Supply Chain Department

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