DFP - 2012 - R$ Inglês

Petrleo Brasileiro S.A.
- Petrobras
Financial Statements
December 31, 2012 and 2011

(Free translation of the original report in Portuguese)

2
Petrleo rasileiro S!"! # Petrobras
Contents
$eport of %ndependent $egistered Public "ccounting Firm !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! & # '
Statement of Financial Position !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! (
Statement of %ncome !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! )
Statement of *omprehensi+e %ncome !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! ,
Statement of *hanges in Shareholders- ./uit0 !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! 1
Statement of *ash Flo2s !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! 10 # 11
Statement of "dded 3alue !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! 12
*onsolidated Segment %nformation !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! 13 # 1(
Social alance !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! 1) # 11
Notes to the Financial Statements
1 The Company and its operations !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! 20
2 Basis of preparation of the financial statements !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! 20
Basis of Consolidation !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! 23
! S"mmary of si#nificant acco"ntin# policies !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! 2&
$ Cash and cash e%"i&alents !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! 33
' (ar)etable sec"rities !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! 3&
* Trade recei&ables !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! 3&
+ ,n&entories !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! 3'
- (er#ers. split-offs and other information abo"t in&estments !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! 3(
1/ ,n&estments !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! 3)
11 Property. plant and e%"ipment !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! &1
12 ,ntan#ible assets !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! &3
1 01ploration for and e&al"ation of oil and #as reser&es !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! &(
1! Trade payables !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! &)
1$ Finance 2ebt !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! &,
1' 3eases !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! '2
1* 4elated parties !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! '3
1+ Pro&ision for decommissionin# costs !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! '1
1- Ta1es !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! '1
2/ 0mployee benefits 5Post-employment6 !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! (2
21 Profit sharin# !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! (,
22 Shareholders7 e%"ity !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! (,
2 Sales re&en"es !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! )2
2! 8ther operatin# e1penses. net !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! )2
2$ 01penses by nat"re !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! )3
2' Net finance income 5e1pense6 !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! )3
2* Pro&isions for le#al proceedin#s. contin#ent liabilities and contin#ent assets !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! )&
2+ Nat"ral 9as P"rchase Commitments!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! )1
2- 9"arantees for concession a#reements for petrole"m e1ploration !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! )1
/ 4is) mana#ement and deri&ati&e instr"ments !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! )1
1 Fair &al"e of financial assets and liabilities !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! ,,
2 ,ns"rance !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! ,1
S"bse%"ent 0&ents !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! ,1
,nformation on reser&es 5"na"dited6!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! 10

3
Independent auditor's report

To the Board of Directors and Shareholders
Petrleo Brasileiro S.A. - Petrobras

We have audited the accompanying financial statements of Petrleo Brasileiro S.A. Petrobras !"ompany! or
!Petrobras!#$ %hich comprise the balance sheet as at December &'$ ()'( and the statements of income$
comprehensive income$ changes in e*uity and cash flo%s for the year then ended$ and a summary of
significant accounting policies and other e+planatory information.

We have also audited the accompanying consolidated financial statements of Petrleo Brasileiro S.A. -
Petrobras and its subsidiaries !"onsolidated!#$ %hich comprise the consolidated balance sheet as at
December &'$ ()'( and the consolidated statements of income$ comprehensive income$ changes in e*uity
and cash flo%s for the year then ended$ and a summary of significant accounting policies and other
e+planatory information.

Management's responsibility
for the financial statements

,anagement is responsible for the preparation and fair presentation of the parent company financial
statements in accordance %ith accounting practices adopted in Bra-il$ and for the consolidated financial
statements in accordance %ith the .nternational /inancial 0eporting Standards ./0S# issued by the
.nternational Accounting Standards Board .ASB# and accounting practices adopted in Bra-il$ and for such
internal control as management determines is necessary to enable the preparation of financial statements
that are free from material misstatement$ %hether due to fraud or error.

Auditor's responsibility

1ur responsibility is to e+press an opinion on these financial statements based on our audit. We conducted
our audit in accordance %ith Bra-ilian and .nternational Standards on Auditing. Those standards re*uire
that %e comply %ith ethical re*uirements and plan and perform the audit to obtain reasonable assurance
about %hether the financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the
financial statements. The procedures selected depend on the auditor2s 3udgment$ including the assessment of
the ris4s of material misstatement of the financial statements$ %hether due to fraud or error.

4
.n ma4ing those ris4 assessments$ the auditor considers internal control relevant to the "ompany2s
preparation and fair presentation of the financial statements in order to design audit procedures that are
appropriate in the circumstances$ but not for the purpose of e+pressing an opinion on the effectiveness of the
entity2s internal control. An audit also includes evaluating the appropriateness of accounting policies used
and the reasonableness of accounting estimates made by management$ as %ell as evaluating the overall
presentation of the financial statements.

We believe that the audit evidence %e have obtained is sufficient and appropriate to provide a basis for our
audit opinion.

Opinion on the parent company
financial statements

.n our opinion$ the parent company financial statements referred to above present fairly$ in all material
respects$ the financial position of Petrleo Brasileiro S.A. - Petrobras as at December &'$ ()'($ and its
financial performance and its cash flo%s for the year then ended$ in accordance %ith accounting practices
adopted in Bra-il.

Opinion on the consolidated
financial statements

.n our opinion$ the consolidated financial statements referred to above present fairly$ in all material respects$
the financial position of Petrleo Brasileiro S.A. - Petrobras and its subsidiaries as at December &'$ ()'($ and
their financial performance and their cash flo%s for the year then ended$ in accordance %ith the .nternational
/inancial 0eporting Standards ./0S# issued by the .nternational Accounting Standards Board .ASB# and
accounting practices adopted in Bra-il.

Emphasis of matter

As discussed in note ( to these financial statements$ the parent company financial statements have been
prepared in accordance %ith accounting practices adopted in Bra-il. .n the case of Petrleo Brasileiro S.A. -
Petrobras$ these practices differ from ./0S applicable to separate financial statements only in relation to the
measurement of investments in subsidiaries$ associates and 3ointly-controlled entities based on e*uity
accounting$ %hile ./0S re*uires measurement based on cost or fair value$ and the maintenance of the
balances of deferred charges e+isting as at December &'$ ())5$ %hich are being amorti-ed. 1ur opinion is not
*ualified in respect of this matter.

Other matters

Audit of prior-year information

The financial statements of the "ompany for the year ended December &'$ ()'($ presented for comparison
purposes$ %ere audited by another firm of auditors %hose report$ dated /ebruary 6$ ()'($ e+pressed an
unmodified opinion on those statements.

5

Statements of added value, business
segment reporting and social balance

We have also audited the parent company and consolidated statements of value added for the year ended
December &'$ ()'($ the presentation of %hich is re*uired by Bra-ilian "orporation 7a% for public companies$
the consolidated statements of business segment reporting and the consolidated accounting information
contained in the social balance$ %hich are the responsibility of the "ompany2s management$ considered as
supplementary information by ./0S$ %hich does not re*uire the presentation of the statements of value
added and social balance. These statements %ere submitted to the same audit procedures described above
and$ in our opinion$ are fairly presented$ in all material respects$ in relation to the financial statements ta4en
as a %hole.

0io de 8aneiro$ /ebruary 9$ ()'&

Price%aterhouse"oopers
Auditores .ndependentes
"0" (SP)))':);1-< !/! 08

,arcos Doni-ete Panassol
"ontador "0" 'SP'<<6=<;1-5 !S! 08

Statement of financial position
2ecember 1. 2/12 and 2/11
(In millions of reais)
See the accompan0ing notes to the financial statements!

6
Assets Note 2/12 2/11 2/12 2/11 3iabilities Note 2/12 2/11 2/12 2/11
C"rrent assets C"rrent liabilities
*ash and cash e/ui +al ents ' 2),(2, 3',)&) 1),313 1,,,', 4rade pa0abl es 1& 2&,))' 22,2'2 2(,11, 22,(01
5ar6etabl e s ecuri ti es ( 21,31( 1(,,0, 23,3)1 23,(2' *urrent debt 1' 1',2,3 1,,,,& 1','11 12,2'2
4rade and other recei +abl es, net )!1 22,(,1 22,0'3 1),3)& 21,0(, *urrent porti on of fi nance l ease obl i gati ons 1(!1 3) ,2 1,)&1 1,122
% n+entori es , 21,)3( 2,,&&) 2&,10, 22,&3& 4a7es pa0abl e 11!1 12,'22 10,1(1 10,'1, 1,2',
$eco+erabl e ta7es 11!1 11,3,) 12,,&( ,,,3( 1,3)2 Di +i dends pa0abl e 22!' (,1'& 3,,), (,1'& 3,,),
"d+ances to suppl i ers 1,,1' 1,3,1 1,(,2 1,0&0 .mpl o0ee short#term benefi ts (compensati on, profi t s hari ng, charges ) &,&20 &,)&2 3,,01 &,01'
8thers 3,&'1 3,,)& 2,(31 1,(&) Pensi on and medi cal benefi ts 20 1,(10 1,&2) 1,'1, 1,3&1
8thers &,,11 ',1), 1,,31 1,((1
11+.1/2 121.1'! -'.2/ -+./!! '-.'2/ '+.212 '+./// $'.-'
Non-c"rrent assets Non-c"rrent liabilities
3on#-term recei&ables 9on#current debt 1' 1,0,,1, 13(,&0' )0,2)1 &3,0''
4rade and other recei +abl es, net )!1 1,0)' (,103 ,,(&( 12,,&3 Fi nance l ease obl i gati ons 1(!1 1)( 1,3 (,021 ),&22
5ar6etabl e s ecuri ti es ( 3'1 ',)&) 2,, ',211 Deferred ta7es 11!2 31,2(2 33,230 3',1,& 21,&0,
:udi ci al deposi ts 2)!2 ','10 3,102 &,()( 3,&10 Pensi on and medi cal benefi ts 20 1,,1'3 1(,('3 1),(3, 1',3'2
Deferred ta7es 11!2 11,213 ,,0&2 (,((& 3,1)1 Pro+i s i ons for l egal proceedi ngs 2) 2,',' 2,0&1 1,'0& 1,01'
8ther 4a7 ass ets 11!1 10,()3 1,21& ),&&1 (,33& Pro+i s i on for decommi ss i oni ng costs 1, 11,212 ,,,31 1,,311 ,,2&1
"d+ances to suppl i ers (,&&1 ',,12 2,0(1 1,011 8thers 1,')) 2,310 &,'0& 3,123
8thers 3,,'' 3,23& 3,1,( 2,322 2'2.'' 1--.''1 1$.$1 1/*.'1'
!*.21! !2.1! 2.-*/ !.1/
Shareholders: e%"ity 22
,n&estments 10 12,&)) 12,2&, ),,&,, '),231 Share capi tal 20',312 20',3,0 20',312 20',3,0
Property. plant and e%"ipment 11 &1,,)1( 3&3,11) 2)1,,2& 22),&)1 "ddi ti onal pai d i n capi tal (31 '(3 131 ,'1
,ntan#ible assets 12 ,1,20) ,1,&3& )),3&1 )),)01 Profi t reser+es 13&,12, 122,(23 13&,1,1 122,1(3
2eferred Assets # # 111 2&( "ccumul ated other comprehensi +e i ncome (l oss ) 2,12, 1,2)3 2,12, 1,2)3
!./*- 2-.+- !.!!/ /.!*$
$$-.'1! !*+.- !'+.*$/ -'.-+ Non-controllin# interests 2,3'& 2,3,' - -
!$.! 2.22! !.!!/ /.!*$
Total assets '**.*1' '//./-* $'!.-$ !-$./2* Total liabilities and shareholder:s e%"ity '**.*1' '//./-* $'!.-$ !-$./2*
Consolidated Consolidated Parent Company Parent Company

%ncome Statement
(In millions of reais, except earnings per share)

7
Note 2/12 2/11 2/12 2/11
Sales re&en"es 23 2+1.*- 2!!.1*' 21*.!' 1+.+21
*os t of s al es (210,&)2) (1((,131) (1(),,,2) (12&,320)
9ross profit */.-/* **.2* !-.!'! $-.$/1
,ncome 5e1penses6
Sel l i ng e7pens es (1,(0&) (,,1'0) (11,,11) (1,11')
;eneral and admi ni s trati +e e7pens es (1,,&2) (,,(&)) ((,,&3) ((,021)
.7pl orati on cos ts (),,)1) (&,&2,) (),131) (3,()&)
$es earch and de+el opment e7pens es (2,23,) (2,&&&) (2,21)) (2,3(1)
8ther ta7es ()(0) ()))) (33,) (2),)
8ther operati ng e7pens es , net 2& (,,11') ((,',,) (),2&') (',))0)
5+.$1/6 51.+!6 5$.$-6 52+./2*6
Net income before financial res"lts. profit sharin# and income ta1es 2.-* !$.!/ 1.+*1 1.!*!
Fi nanci al i ncome (e7pens es ), net 2( (3,)23) 122 1,(,1 ',',1
Share of profi t of e/ui t0#accounted i n+es tments ,& 3,( ,,',1 ',,0,
Profi t s hari ng 21 (1,00') (1,'(0) (,1') (1,21')

Net income before income ta1es 2*.*$ !!.$1 2.2' !1.$'+

% ncome ta7 and s oci al contri buti on 11!3 ((,)1&) (11,2&1) (2,&31) (,,&())
Net income 2/.-$- .11/ 2/.+-$ .1/1
Attrib"table to;
Sharehol ders of Petrobras 21,1,2 33,313 20,,1' 33,101
9on#control l i ng i nteres ts (223) (203) # #
2/.-$- .11/ 2/.+-$ .1/1
Basic and dil"ted earnin#s per share in 4<
22!( 1.'2 2.$$ 1.'/ 2.$!
Consolidated Parent Company

Statement of *omprehensi+e %ncome

8
2/12 2/11 2/12 2/11
Net income 2/.-$- .11/ 2/.+-$ .1/1
8ther comprehensi&e income
*ummul ati +e transl ati on ad<ustments
1,01( 1,&23 1,1'1 1,123
Deemed cost of associ ates
11 10 11 10
=nreal i >ed gai ns ? (l osses) on a+ai l abl e#for#sal e securi ti es
$ecogni >ed i n sharehol ders@ e/ui t0
1,01) 13( 1,01) 13(
$ecl assi fi ed to profi t or l oss
(1,&'1) 2( (1,&'1) 2(
=nreal i >ed gai ns ? (l osses) on cash fl o2 hedge
$ecogni >ed i n sharehol ders@ e/ui t0 (') ('&) (') ('&)
$ecl assi fi ed to profi t or l oss 1& , 1& ,
Deferred i ncome ta7es 1&, (&() 1&, (&()
*!2 1.$/ +** 1.2/
Total comprehensi&e income 5loss6 21.*/1 !.'1 21.**2 !./!
Attrib"table to;
Sharehol ders of Petrobras
22,0'1 3&,'1( 21,))2 3&,30&
9on#control l i ng i nterests (3',) 1) # #
Total comprehensi&e income 5loss6 21.*/1 !.'1 21.**2 !./!

Statement of *hanges in Shareholders- ./uit0

9
Share *api tal
% ncremental
cos ts di rectl 0
attri butabl e
to the i s sue
of ne2 shares
*hange i n
i nterest i n
subsi di ari es
*umul ati +e
transl ati on
ad<ustment
8ther
comprehens i +
e i ncome Aegal Statutor0
4a7
i ncenti +es
Profi t
retenti on
$etai ned
earni ngs
4otal
s harehol ders@
e/ui t0
attri butabl e
to
s harehol ders
of Petrobras
(*P*)
Deferred
charges
9on#
control l i ng
i nterests
(%F$S)
4otal
consol i dated
sharehol ders @
e/ui t0 (%F$S)
20',3') (&))) &)1 (11() 2,( 12,('& 1,&22 1,3&) ,(,&'3 # 30),31) (''2) 3,0(3 301,,2,
Balance at =an"ary 1. 2/11 2/$.$* 5'6 -/ 1/1.+*' /*.1* 5$$26 ./' /-.+2+
*api tal i ncreas e 2i th reser+es 23 # # # # # # (23) # # # # # #
*api tal i ncreas e # i ssue of ne2 shares # # # # # # # # # # # # # #
*umul ati +e trans l ati on ad<ustments # # # 1,123 # # # # # # 1,123 # 300 1,&23
=nreal i >ed gai ns ? (l oss es) i n a+ai l abl e#for#sal e
securi ti es and cas h fl o2 hedge # # # # )0 # # # # # )0 # # )0
$eal i >ati on of deemed cost of associ ates # # # # (10) # # # # 10 # # # #
*hange i n i nterest i n s ubs i di ari es # # ,(' # # # # # # # ,(' (21() ('&)) 22
9et i ncome for the 0ear # # # # # # # # # 33,101 33,101 212 (203) 33,110
Di stri buti ons B
"l l ocati on of net i ncome # # # # # 1,('' 1,02) ,1 1,,3&) (21,110) # # # #
Di +i dends # # # # # # # # # (12,001) (12,001) # (22,) (12,221)
20',3,0 (&))) 1,33( 12) 3&( 1&,301 2,&&1 1,&0' 10&,,00 # 330,&)' ((3() 2,3,' 332,22&
Balance at 2ecember 1. 2/11 2/$.+/ /.!*$ 5''6 2.+$ 2.22!
*api tal i ncreas e 2i th reser+es 12 # # # # # # (12) # # # # # #
*api tal i ncreas e # i ssue of ne2 shares # # # # # # # # # # # # # #
*umul ati +e trans l ati on ad<ustments # # # 1,1'1 # # # # # # 1,1'1 # (13') 1,01(
=nreal i >ed gai ns ? (l oss es) i n a+ai l abl e#for#sal e
securi ti es and cas h fl o2 hedge # # # # (2,') # # # # # (2,') # # (2,')
$eal i >ati on of deemed cost of associ ates # # # # (11) # # # # 11 # # # #
*hange i n i nterest i n s ubs i di ari es # # ,0 # # # # # # # ,0 (12) ''1 (11
9et i ncome for the 0ear # # # # # # # # # 20,,1' 20,,1' 2,) (223) 20,1'1
Di stri buti ons B
"l l ocati on of net i ncome # # # # # 1,0&' 1,02) 11 1,131 (12,030) # # # #
Di +i dends # # # # # # # # # (,,,)() (,,,)() # (22&) (1,100)
20',312 (&))) 1,&1( 2,0), '0 1',3'& 3,&)( 1,&12 11&,)31 # 3&3,&&0 (3(1) 2,3'& 3&',&33
Balance at 2ecember 1. 2/12 2/$.-2 !.!!/ 5'16 2.$! !$.!
122.-' 1.2*
--
+$-
2.12+ 1!.-+1
"ddi ti onal pai d i n capi tal
"ccumul ated other
comprehensi +e i ncome
Profi t reser+es

Statement of *ash Flo2s

10
2/12 2/11 2/12 2/11
Cash flo>s from 8peratin# acti&ities
9et i ncome attri butabl e to the sharehol ders of Petrobras 21,1,2 33,313 20,,1' 33,101
Ad?"stments for;
9on#control l i ng i nterests (223) (203) # #
Pensi on and medi cal benefi ts (actuari al e7pense) &,0)& 2,,13 3,)3& 2,(3'
Share of profi t of e/ui t0#accounted i n+estments (,&) (3,() (,,',1) (',,0,)
Depreci ati on, depl eti on and amorti >ati on 21,)(( 1),)31 1',)3, 12,102
%mpai rment 1,)&) 1,,2& &11 )&&
.7pl orator0 e7pendi tures 2ri tten off ',(2, 2,'0& ',2(, 2,2&3
;ai ns ? (Aosses) on di sposal of non#current assets ,0 ,,' 113 11'
Forei gn .7change +ari ati on, i nde7ati on and fi nance charges ,,',& (,23, 2,))& (231)
Deferred i ncome ta7es, net &,2'( (,1') &,&(' ),20,
,ncrease @ 52ecrease6 in assets
4rade and other recei +abl es, net (3,0(,) (3,,&,) &,&,0 (3,12))
% n+entori es (3,'(0) (,,33') (2,100) (),&(3)
8ther assets (&,0'1) (&,20)) ((,0'1) (&,011)
,ncrease @ 52ecrease6 in liabilities
4rade pa0abl es 2,11' &,112 2,321 ()01)
4a7es pa0abl e (2,3&1) (3,&0') (2,'23) ()11)
Pensi on and medi cal benefi ts (1,&&3) (1,&10) (1,3&') (1,31&)
8ther l i abi l i ti es ('1)) 2,&'1 2&' (,1)
Net cash pro&ided by @ 5"sed in6 operatin# acti&ities $!.1!$ $'.22 -.12! $.!1
Cash flo>s from ,n&estin# acti&ities
% n+estments i n e7pl orati on and producti on of oi l and gas (&1,133) (31,&12) (33,)&)) (2&,&'')
% n+estments i n refi ni ng, transportati on and mar6eti ng (2(,132) (2(,331) (3&,2(() (1,,',()
% n+estments i n gas and po2er acti +i ti es (3,,,&) (&,'1)) (2,1(0) (2,&'&)
% n+estment i n i nternati onal acti +i ti es (&,((') (3,1(() (() (11)
% n+estments i n di stri buti on acti +i ti es (1,213) (1,0)0) # #
i n+estments i n bi ofuel acti +i ti es (211) ('0&) (&0,) ()11)
8ther i n+estments (,22) (2,31() (,11) (2,113)
% n+estments i n mar6etabl e securi ti es &,32& 11,(0( ,,(2) 13,030
Di +i dends recei +ed &,' (,0 3,200 2,&3&
Net cash pro&ided by @ 5"sed in6 in in&estin# acti&ities 5*!.--6 5$*.++6 5'/.*-6 52.-!'6
Parent Company Consolidated

Statement of *ash Flo2s (continued)

11
2/12 2/11 2/12 2/11
Cash flo>s from Financin# acti&ities
"c/ui si ti on of non#control l i ng i nteres t '20 &( # #
Fi nanci ng and l oans , net
Proceeds from l ong#term fi nanci ng &,,131 &0,&33 &),111 '',12,
$epa0ment of pri nci pal (22,31)) (1&,'23) (1),3'0) (31,'2')
$epa0ment of i nteres t (1,21,) (),(33) (3,213) (3,0'3)
"s s i gnment of recei +abl es (F% D* 9P) # # (')1) ((,21')
Di +i dends pai d ((,1,)) (10,('1) ((,1,)) (10,('1)
Net cash pro&ided by @ 5"sed in6 financin# acti&ities 11.'!- *.''! 1-.*-/ 5.'/!6
0ffect of e1chan#e rate chan#es on cash and cash e%"i&alents 1./2' 1+ - -
Net increase @ 5decrease6 in cash and cash e%"i&alents in the year 5+.11-6 '.1 51.!'$6 51.1*6
Cash and cash e%"i&alents at the be#innin# of the year $.*!* 2-.!1' 1+.+$+ 1-.--$
Cash and cash e%"i&alents at the end of the year 2*.'2+ $.*!* 1*.- 1+.+$+
2/12 2/11 2/12 2/11
Additional information on cash flo>s;
Amo"nts paid and recei&ed d"rin# the year
% ncome ta7 and s oci al contri buti on pai d 2,1)0 3,&3, (2&) (1,1)()
Ci thhol di ng i ncome ta7 pai d for thi rd#part0 3,10' D 3,1(3 (3,331) (3,3,1)
'./*$ *.!/1 5.'6 5!.$'$6
Non-cash Transactions 5,n&estin# and Financin#6
Purchase of propert0, pl ant and e/ui pment on credi t 3)1 1) # #
Fi nance l eas es # 3' # 3&2
Pro+i s i on for decommi s s i oni ng cos ts # recogni ti on 10,)11 2,'32 10,&,1 2,3,2
Parent Company Consolidated

Statement of "dded 3alue

12
2/12 2/11 2/12 2/11
,ncome
Sal es of products, ser+i ces pro+i ded and other re+enues 3'3,0(( 312,,&1 # E 2,2,''1 2&',)13
Pro+i si on for i mpai rment of trade recei +abl es ()() 22 # E (10) (&
$e+enues rel ated to constructi on of assets for o2n use )3,()1 ((,,'3 # E '',10& &1,131
&2(,((1 3)1,)1( # E 33),(&' 21',)1(
,np"ts ac%"ired from third parties # # # #
5ateri al s consumed (121,0(&) # E (1',&,&) # E (1',(2)) ((,,'21)
Po2er, thi rd#part0 ser+i ces and other operati ng e7penses (,(,(3&) # E ()0,1&') # E ((,,0()) ('&,'0()
4a7 credi ts on i nputs ac/ui red from thi rd parti es (21,2))) # E (21,212) # E (11,((1) (1(,2,3)
%mpai rment (1,)&)) # E (1,,2&) # E (&11) ()&&)
(230,)22) (1,,,)&') (1,3,,'&) (1&0,0(2)
# # # #
9ross added &al"e 11',131 110,1)1 1'3,)11 1'',)3&
# # # #
4etentions # # # #
Depreci ati on, depl eti on and amorti >ati on (21,)(() # E (1),)31) # E (1',)3,) (12,102)
# # # #
Net added &al"e prod"ced by the Company 1)&,1)3 1)3,232 13,,0'3 1&2,,32
# # # #
Transferred added &al"e # # # #
Share of profi t of e/ui t0#accounted i n+estments ,& # E 3,( # E ,,',1 ',,0,
Fi nance i ncome # i ncl udi ng i nde7ati on and forei gn e7change +ari ati on charges ),2&1 # E (,'&3 # E ),,,' ,,')0
$ents, ro0al ti es and others 211 # E 120 # E )03 )2,
),(1( ),,&1 1),1(1 1',10(
Total added &al"e to be distrib"ted 1+1.*+- 1+1./+1 1$$.222 1$*.-+
#
2istrib"tion of added &al"e #
#
Personnel and officers #
Di rect compensati on #
Sal ari es 1',(1( 1F 13,'13 )F 11,)2' ,F 10,213 (F
Profi t shari ng 1,00' 1F 1,'(0 1F ,1' 1F 1,21' 1F
1(,(21 # E 1',0)3 # E 12,'&0 # E 11,'0, # E
enefi ts
Short#term benefi ts 13) 1F ,23 0F ',1 0F '2, 0F
Pensi on pl an 2,&,0 1F 1,'2( 1F 2,31' 1F 1,31' 1F
5edi cal pl an 2,',0 1F 2,1,1 1F 2,21' 2F 1,1)( 2F
F;4S 1,00, 1F ,(1 0F ,,0 1F )&( 0F
23,(2( 1&F 20,&(& 10F 1,,(11 13F 1(,1'3 10F
Ta1es
Federal G ',,22, 32F (1,01, 3&F '2,1(' 3&F '),033 3(F
State 31,'0, 22F 3(,3', 20F 2&,(11 1'F 22,3() 1&F
5uni ci pal 21) 0F 1,( 0F 1& 0F )1 0F
"broadG (,310 &F (,3&0 &F # 0F # 0F
10&,3&3 ',F 103,1,2 ',F )(,1', &1F )1,&)1 '0F
Financial instit"tions and s"ppliers
%nterest, and e7change and i nde7ati on charges 1,,31& 10F 13,),1 ,F 11,')' )F ,,,13 (F
$ental and affrei ghtment e7penses 1&,&() (F 1,)&& 'F 2),1,3 1,F 20,312 13F
32,,(1 1(F 23,'2' 13F 3,,)', 2'F 21,20' 11F
Shareholders
%nterest on capi tal ,,,)( 'F 10,&3( (F ,,,)( (F 10,&3( )F
Di +i dends # 0F 1,'(' 1F # 0F 1,'(' 1F
9on#control l i ng i nterests (223) 0F (203) 0F # 0F # 0F
$etai ned earni ngs 12,30( )F 21,312 12F 12,011 )F 21,100 13F
20,1'1 12F 33,110 11F 20,,1' 13F 33,101 21F
Added &al"e distrib"ted 1+1.*+- 1//A 1+1./+1 1//A 1$$.222 1//A 1$*.-+ 1//A
G %ncl udes go+ernment hol di ngs!
Consolidated Parent company

Segment %nformation

13
01ploration 4efinin#. 9as
and Transportation B
Prod"ction B (ar)etin# Po>er Biof"els 2istrib"tion ,nternational Corporate 0liminations Total
Sales re&en"es 1!$.$* 22*.'! 2.2/- +-$ *-.'/1 !.-+$ - 52/.$2*6 2+1.*-
% ntersegments 1&3,,)3 )&,1(( 2,'03 )11 1,)2& ),'&2 # (230,'2)) #
4hi rd parti es 1,)00 1'3,&)) 20,)0( 1)( )),,)) 2),&&3 # # 2,1,3)1
*ost of sal es ((',('1) (2'3,,1') (11,010) (1&') ()2,31() (2),&11) # 22,,,&& (210,&)2)
9ross profit 5loss6 *-.-22 52'.2$26 !.1-- 5$/6 *.2+$ *.!+' - 51.'+6 */.-/*
01penses 51/.*/+6 5*.-1'6 52.1/+6 52//6 5!.!+-6 5.*!'6 5-.'!16 2-+ 5+.$1/6
Sel l i ng, admi ni strati +e and general e7penses (1(3) (',13') (1,,1() (12') (&,3)3) (1,,0') (&,(&)) 21, (11,&&()
.7pl orati on costs (),11&) # # # # ()')) # # (),,)1)
$esearch and de+el opment e7penses (1,0')) (&&&) ()&) (()) (') (1) ('10) # (2,23,)
8ther ta7es (103) (12,) (11() (2) (2&) (211) (1(,) # ()(0)
8ther operati ng e7penses, net (1,&)1) (1,&01) (22) (() (,)) (1(&) (&,23() # (,,11')
,ncome before financial res"lts. profit sharin# and income ta1es '-.21! 5!.1'+6 2./-1 52$/6 2.*-' .*!/ 5-.'!16 51.+$6 2.-*
Fi nanci al i ncome (e7penses), net # # # # # # (3,)23) # (3,)23)
Share of profi t of e/ui t0#accounted i n+estments (3) (20') 3), ('2) 2 (31) (') # ,&
Profi t shari ng (3&2) (2()) (3,) (2) (,3) (21) (2&&) 0 (1,00')
,ncome before income ta1es '+.+'- 5!.'!/6 2.!1 5/!6 2.*1$ .'+/ 51.'16 51.+$6 2*.*$
% ncome ta7 and soci al contri buti on (23,&1)) 11,)01 ((1,) ,( (122) (2,2&&) ,,222 &)0 ((,)1&)
Net income 5loss6 !$.!$2 522.-16 1.* 521+6 1.*- 1.!' 5$.-16 5-1$6 2/.-$-
Net income attrib"table to; 0 0 0 0 0 0 0 0 0
Sharehol ders of Petrobras &',&&( (22,131) 1,(3, (21,) 1,)13 1,30' (&,13() (11') 21,1,2
9on#control l i ng i nterests ( # 1' # # 131 (&'') # (223)
!$.!$2 522.-16 1.* 521+6 1.*- 1.!' 5$.-16 5-1$6 2/.-$-
2/12

Segment %nformation

14
Sales re&en"es 12!./2+ 1-+.$1' 1'.2-$ $$ *.' 2+.*! - 51-*.2/$6 2!!.1*'
% ntersegments 123,1(' (3,,33 2,1,2 &,2 1,223 (,320 # (11),20') #
4hi rd parti es ,(3 13&,(,3 1&,113 '3 )2,&10 22,0'& # # 2&&,1)(
*ost of sal es ('',11,) (20',11,) (1,''0) (',,) ((),(30) (21,()1) # 113,(2& (1((,131)
9ross profit 5loss6 '+.-1/ 5*.!+26 '.*!$ 5$6 '.// '.'-$ - 5.$+16 **.2*
01penses 5*./$+6 5*./2'6 52.$6 52226 5!.11+6 5.1'-6 5+.//+6 // 51.+!6
Sel l i ng, admi ni strati +e and general e7penses (,11) (','3() (1,)31) (111) (&,02&) (1,''&) (&,11&) 300 (1),'1))
.7pl orati on costs (3,()&) # # # # ()'&) # # (&,&2,)
$esearch and de+el opment e7penses (1,2&,) (&)0) (11() ('0) (1) (1) (''0) # (2,&&&)
8ther ta7es (,0) (10) (1(') (1) (&1) (112) (20,) # ())))
8ther operati ng e7penses, net (1,23)) (130) ('13) ((0) (&&) (((,) (3,13() # ((,',,)
,ncome before financial res"lts. profit sharin# and income ta1es '1.+$2 51!.$/+6 !.212 52*$6 1.++$ .$2' 5+.//+6 5.2+16 !$.!/
Fi nanci al i ncome (e7penses), net # # # # # # 122 # 122
Share of profi t of e/ui t0#accounted i n+estments )& (1(') 31, 2( 1 &0 & # 3,(
Profi t shari ng (&,,) (3&,) ((1) (2) (11,) ('2) (&11) # (1,'(0)
,ncome before income ta1es '1.!+ 51$./216 !.$!- 52$16 1.**' .$1! 5+.*6 5.2+16 !!.$1
% ncome ta7 and soci al contri buti on (20,,(3) ',0'1 (1,&11) 1& ((01) (1,'&)) (,120 1,11( (11,2&1)
Net income 5loss6 !/.$*$ 5-.-*/6 .1+ 51$*6 1.1*$ 1.-'* 51.!$6 52.1'$6 .11/
Net income attrib"table to; 0 0 0 0 0 0 0 0 0
Sharehol ders of Petrobras &0,'1& (1,1'') 3,101 (1')) 1,1)' 1,1&1 (1,23)) (2,1(') 33,313
9on#control l i ng i nterests (11) (1') 21 # # 1, (21() # (203)
!/.$*$ 5-.-*/6 .1+ 51$*6 1.1*$ 1.-'* 51.!$6 52.1'$6 .11/
2/11

Segment %nformation

15
Assets and Transportation B
1.!1$ !1.'1/ *.** 2- '.!-/ *.1+' $$.-$' 51!.1*16 11+.1/2
2-'.*+! 1!$.2+$ $/.*'+ 2.11 1/.12$ 1./-+ 2.--! 5*$16 $$-.'1!
Aong#term recei +abl es 10,&(2 1,3(& 3,'0& 33 3,),' &,'(& 1(,2'3 ()'1) &),21&
% n+estments 1(& ',120 2,3)1 1,)') 31 1,11' 311 # 12,&))
Propert0, pl ant and e/ui pment 210,021 121,(,( &&,10, '21 ',',' 22,23) (,''0 # &1,,)1(
% ntangi bl e assets )(,121 31' ),' # )2& 2,3,2 ,)2 # ,1,20)
# # # # # # # # -
As of 2ecember 1. 2/12 1/.1-- 1+'.+-$ $+.1!$ 2.$$/ 1'.'1$ +.2+! *-.-$/ 51!.-226 '**.*1'
1/.$* !1.2/ !.*/* 2- *.-$' +.2*2 '1.++' 51.''6 121.1'!
2$!.1'! 11'.-+2 !*.1$/ 2.1+/ '.-' 2+.1'* 2.-+! 5'/6 !*+.-
Aong#term recei +abl es ),)(( ),110 3,0'0 32 1,3&& ',&(' 1),11) ((30) &2,13&
% n+estments 23 (,30( 2,1(0 1,(12 ,& 1,,)3 110 # 12,2&,
Propert0, pl ant and e/ui pment 1)0,010 102,&)3 &1,20, '3( &,)01 1,,'1( ',((' # 3&3,11)
% ntangi bl e assets )(,3(' 213 )32 # )11 2,313 132 # ,1,&3&
# # # # # # # # #
As of 2ecember 1. 2/11 2'!.*/1 1$+.1+$ $1.+$* 2.!1- 1!.+-2 '.!- +$.+*/ 51!.2''6 '//./-*
C"rrent assets
Non-c"rrent assets
Non-c"rrent assets
C"rrent assets

Segment %nformation

16
,ncome statement and Transportation B
Prod"ction B (ar)etin# Po>er 2istrib"tion Corporate 0liminations Total
Sales re&en"es 1/.!'+ 1*.$ 1.1*$ 1/.1 - 5!.2!6 !.-+$
% ntersegments ),&)2 &,210 )3 31 # (&,32&) ),'&2
4hi rd parti es 2,11( 13,2&3 1,102 10,102 # # 2),&&3
,ncome before financial res"lts. profit sharin# and income ta1es !.*/2 5+16 2'2 1!1 5$'*6 .*!/
Net income attrib"table to shareholders of Petrobras 2.$/- 5+1'6 2! 12 5*-'6 1./$
,ncome statement and Transportation B
Sales re&en"es +.'1$ 1!.2!1 -/- +.2/ - 5.*116 2+.*!
% ntersegments (,3)3 3,',' 31 &' # (3,)22) (,320
4hi rd parti es 2,2&2 10,('( ,)0 ,,2)' # 11 22,0'&
,ncome before financial res"lts. profit sharin# and income ta1es .-'- 522'6 1-/ 12/ 5$/*6 52/6 .$2'
Net income attrib"table to shareholders of Petrobras 2.21* 5216 2'2 -- 5-'6 52/6 1.-!-
Total assets
As of 12.1.2/12 /.+1* !.-1 1.$$1 2.21* .22* 5!.!!16 +.2+!
As of 12.1.2/11 2*.$+ '.'$ 1.*!2 1.++- .!12 5!.2*6 '.!-
2/11
2/12

Social balance
17
1 - Calc"lation basis
*onsol i dated s al es re+enues (S$) 2,1,3)1 2&&,1)(
*onsol i dated net i ncome before profi t shari ng and ta7es (8%) 2,,)', &',111
*onsol i dated gross pa0rol l (;P) 1','11 13,02(
2 - ,nternal Social ,ndicators 5i6 9P S4 9P S4
5eal and food ,10 '!)&F 0!32F ,&' (!&1F 0!3'F
*ompul s or0 pa0rol l charges ),)0) &1!(1F 2!)&F (,&)) &1!)2F 2!('F
Pensi on (,( &!&2F 0!2&F 32, 2!'2F 0!13F
Heal th *are 2,,,, 1,!(2F 1!03F 2,&2) 1,!(3F 0!11F
Heal th and Safet0 201 1!30F 0!0)F 1,0 1!3,F 0!0)F
.ducati on 1)' 1!13F 0!0(F 133 1!02F 0!0'F
*ul ture 10 0!0(F 0!00F 11 0!0,F 0!00F
Profess i onal trai ni ng and de+el opment '01 3!23F 0!1,F &1, 3!21F 0!1)F
Da0#care as si s tance 11 0!(&F 0!0&F 10 0!(1F 0!0&F
Profi t shari ng 1,00' (!&,F 0!3(F 1,'(0 11!1,F 0!(&F
8ther ,2 0!'3F 0!03F )( 0!',F 0!03F
Total - ,nternal social indicators 1&,2&& 11!,&F '!0)F 12,'&' 1(!30F '!12F
- 01ternal Social ,ndicators 5i6 8, S4 8, S4
% ncome and Cor6 8pportuni ti es ;enerated
'1 0!1,F 0!02F &, 0!10F 0!02F
.ducati on for Profes si onal S6i l l s
(1 0!21F 0!02F ') 0!12F 0!02F
$i ghts of *hi l dren and "dol es cents ;uarantee (% )
(0 0!21F 0!02F )0 0!1'F 0!03F
*ul ture
1,1 0!((F 0!0)F 1,2 0!&0F 0!0)F
Sport
(1 0!21F 0!02F ,0 0!1)F 0!03F
8ther
21 0!10F 0!01F 33 0!0)F 0!01F
Total contrib"tions for the comm"nity &'1 1!')F 0!1(F &)0 1!02F 0!11F
4a7es (e7cl udi ng pa0rol l charges) 100,0,) 3&,!03F 3'!')F 1),,2( 213!0,F &0!0(F
Total - 01ternal social indicators 100,'3, 3&1!(0F 3'!,1F 1,,21( 21&!10F &0!2(F
! - 0n&ironmental ,ndicators 5i6 8, S4 8, S4
% n+es tments rel ated to the *ompan0-s producti on?operati on 2,,2) 1!,3F 1!00F 2,''0 '!''F 1!0&F
% n+es tments i n e7ternal programs and?or pro<ects 101 0!3'F 0!0&F 1)2 0!3)F 0!0)F
Total en&ironmental in&estments 2,12, 10!1,F 1!0&F 2,)22 '!13F 1!11F
( ) does not
ha+e goal s
( ) does not
ha+e goal s
( ) attai ns from
0 to '0F
( ) attai ns
from 0 to '0F

Amo"nt

Amo"nt
A of A of

Amo"nt

Amo"nt

Amo"nt

Amo"nt
Ci th respect to es tabl i shi ng Iannual goal sJ for mi ni mi >i ng 2as tage,
i nput general cons umpti on i n producti on?operati on and for i ncreasi ng
effi ci enc0 i n the use of natural resources , the *ompan0B
( ) attai ns from '1F to )'F ( ) attai ns from '1F to )'F
(7) attai ns from )( to 100F (7) attai ns from )( to 100F
Consolidated
A of A of
A of A of
2/12 2/11
Social balance
18

5i6 Cna"dited information

* - 8ther information
16 4he *ompan0 does not use child or sla+e labor, it is not in+ol+ed in prostitution or se7ual e7ploitation of children or adolescents and is not in+ol+ed in corruption!
26 4he *ompan0 +alues and respects di+ersit0, both internall0 and e7ternall0!
,. %t includes $K 3!3 transferred to the Fund for %nfanc0 and "dolescence (F%")!
,,. %nformation for the Petrobras ;roup in ra>il, related to hiring through public selection processes!
,,,. %nformation related to the emplo0ees of the Parent *ompan0, Petrobras Distribuidora, 4ranspetro and Ai/uigLs 2ho declared to be 9egroes!
,D. 8f the total leadership positions in the Parent *ompan0 held b0 emplo0ees 2ho informed their color?race, 2&!(F are held b0 people 2ho declared to be 9egroes!
$ - ,ndicators for the staff 5i6
9M of emplo0ees at the end of the period ,',0(' ,1,11,
9M of hi ri ngs duri ng the period (%%) &,01) 3,&&)
9M of contracted emplo0ees (outsourcing) 3(0,3)2 32,,133
9M of student trai nees
1,,'2 1,,2'
9M of emplo0ees older than &'
3),3)3 3',12)
9M of 2omen that 2or6 in the *ompan0
1&,'3( 13,,(0
F of l eadershi p posi tions hel d b0 2omen
1'F 1&!&0F
9M of 9egroes that 2or6 in the *ompan0 (%%%)
20,1', 1,,&(,
F of l eadershi p posi tions hel d b0 9egroes (%3)
2'F 2&!10F
9M of handi capped 2or6ers (3)
1,120 1,10&
' - Si#nificant information >ith respect to the e1ercise of corporate
citiEenship 5i6
$ati o bet2een the *ompan0-s hi ghest and lo2est compensati on (3%) 20!'& 20!'&
4otal number of 2or6 accidents (3%%) (,(,0 (,3'0
4he soci al and en+i ronmental pro<ects de+el oped b0 the *ompan0
2ere defined b0B
( ) directors
(N) di rectors
and managers
( ) all emplo0ees ( ) di rectors
(N) directors
and managers
( ) al l empl o0ees
4he heal th and safet0 standards in the 2or6 en+i ronment 2ere
defined b0B
(N) di rectors and
managers
( ) all the
empl o0ees
( ) e+er0one O *ipa
(N) di rectors
and managers
( ) al l the
empl o0ees
( ) e+er0one O *i pa
Ci th respect to uni on freedom, the ri ght to col lecti +e bargai ni ng
and internal representati on of the empl o0ees, the *ompan0B
( ) i s not i n+ol +ed
( ) foll o2s %A8
standards
(N) encourages and
foll o2s %A8
( ) 2i ll not be
i n+ol +ed
( ) 2i l l fol lo2
%A8 standards
(N) 2il l encourage
and fol l o2 %A8
4he pension benefits includeB ( ) directors
( ) di rectors
and managers
(N) all emplo0ees ( ) di rectors
( ) directors
and managers
(N) al l empl o0ees
Profi t#sharing i ncl udesB ( ) directors
( ) di rectors
and managers
(N) all emplo0ees ( ) di rectors
( ) directors
and managers
(N) al l empl o0ees
%n the sel ection of suppli ers, the same ethi cal standards and
standards of soci al and en+ironmental responsibil i t0 adopted b0
the *ompan0B
( ) are not
consi dered
( ) are
suggested
(N) are re/ui red
( ) 2i ll not be
consi dered
( ) 2i l l be
suggested
(N) 2il l be re/uired
Ci th respect to the parti ci pation of empl o0ees in +ol untar0 2or6
programs, the *ompan0B
( ) i s not i n+ol +ed
( ) gi+es
support
(N) organi >es and
encourages
( ) 2i ll not be
i n+ol +ed
( ) 2il l gi +e
support
(N) 2i l l organi>e
and encourage
4otal number of compl ai nts and criti ci sms from in the Company in Procon in co"rt in the Company in Procon in co"rt
consumersB (3%%%) 1(,)'2 10 32 ,,300 # #
in the Company in Procon in co"rt in the Company in Procon in co"rt
1&!2F 30F '3F 11F # #
4otal added +al ue to be di stri buted (consol idated) # amountB ,n 2/12; ,n 2/11;
Di stri bution of added +alue
',F go+ernment 10F empl o0ees
)F sharehol ders 13F third parti es 12F retai ned
1+1.*+- 1+1./+1
F of claims and cri ti ci sms attended or resol +edB (3%%%)
',F go+ernment 1&F empl o0ees
'F sharehol ders 1(F thi rd parties )F retai ned
Consolidated
2/12 2/11
2/12 9oals 2/1
Social balance
19
D. %nformation related to the Parent compan0, Petrobras Distribuidora and 4ranspetro, 2hich correspond to '!(F of the permanent staff in <obs 2here positions are
reser+ed for disabled people!
D,. %t includes the follo2ing companiesB the Parent *ompan0, Petrobras Distribuidora, 4ranspetro, Ai/uigLs and Petrobras iocombustP+el!
D,,. 4he numbers for 2012 ha+e increased, since from 2012 on the numbers include first#aid assistance and non#health dismissal accidents, as 2ell as the health#
dismissal accidents (that 2ere pre+iousl0 reported)!
D,,,. 4he information on the *ompan0 includes the number of complaints and criticisms recei+ed b0 the Parent *ompan0, Petrobras Distribuidora and Ai/uigLs! 4he
goals for 2013 do not include the estimates for the *ustomer Ser+ice *enters of Petrobras Distribuidora!
9otes to the financial statements (*onsolidated and Parent *ompan0)
(In millions of reais, except when indicate otherwise)
20
1 The Company and its operations

Petrleo rasileiro S!"! # Petrobras is dedicated, directl0 or through its subsidiaries (referred to <ointl0 as
IPetrobrasJ or Ithe *ompan0J) to prospecting, drilling, refining, processing, trading and transporting crude
oil from producing onshore and offshore oil fields and from shale or other roc6s, as 2ell as oil products,
natural gas and other li/uid h0drocarbons! %n addition, Petrobras carries out energ0 related acti+ities, such
as research, de+elopment, production, transport, distribution and trading of all forms of energ0, as 2ell as
an0 other correlated or similar acti+ities! 4he *ompan0-s head office is located in $io de :aneiro Q $:, ra>il!

2 Basis of preparation of the financial statements

4he financial statements includeB

Consolidated financial statements

4he consolidated financial statements ha+e been prepared and are being presented in accordance 2ith the
%nternational Financial $eporting Standards (%F$S) as issued b0 the %nternational "ccounting Standards
oard (%"S) and in accordance 2ith accounting practices adopted in ra>il!

,ndi&id"al financial statements

# 4he indi+idual financial statements ha+e been prepared in accordance 2ith accounting practices
adopted in ra>il, obser+ing the pro+isions contained in the ra>ilian *orporation Aa2, and the0
incorporate the changes introduced through Aa2 11,(3,?0) and Aa2 11,1&1?01, complemented b0 the
standards, interpretations and orientations of the "ccounting Pronouncements *ommittee (*P*),
appro+ed b0 resolutions of the Federal "ccounting *ouncil (*F*) and b0 rules of the ra>ilian Securities
*ommission (*35)!

# 4he standards, interpretations and orientations of the "ccounting Pronouncements *ommittee (*P*),
appro+ed b0 resolutions of the Federal "ccounting *ouncil (*F*) and rules of the ra>ilian Securities
*ommission (*35) con+erge 2ith the %nternational "ccounting Standards issued b0 the %nternational
"ccounting Standard oard (%"S)! "ccordingl0, the indi+idual financial statements do not present
differences 2ith respect to the consolidated financial statements under %F$S, e7cept for the
maintenance of deferred assets, as established in *P* &3 ($1) appro+ed b0 *35 deliberation ('1?10!
See note 3!1 for a reconciliation bet2een the parent compan0-s shareholders- e/uit0 and net income
2ith the consolidated financial statements!

4he financial statements ha+e been prepared under the historical cost con+ention, as modified b0 certain
non#current assets and liabilities and non#current financial instruments!

*ertain amounts from prior periods ha+e been reclassified for comparabilit0 purposes relati+el0 to the
current period presentation! 4hese reclassifications did not affect the net income or the shareholders@
e/uit0 of the *ompan0!

4he annual financial statements 2ere appro+ed and authori>ed for issue b0 the *ompan0-s oard of
Directors in a meeting held on Februar0 &, 2013!

21
2.1 B"siness se#ment reportin#

4he information related to the operating segments (business areas) of the *ompan0 is prepared based on
items directl0 attributable to each segment, as 2ell as items that can be allocated to each segment on a
reasonable basis!

4he measurement of segment results includes transactions carried out 2ith third parties and transactions
bet2een business areas 2hich are charged at internal transfer prices defined bet2een the areas using
methods based on mar6et parameters!

%nformation per business area are prepared and reported in accordance 2ith the pre+ailing organi>ational
structure, including the business areas set out belo2B

a) .7ploration and ProductionB 4his segment co+ers the acti+ities of e7ploration, de+elopment and
production of crude oil, 9;A (natural gas li/uid) and natural gas in ra>il, for the purpose of suppl0ing,
primaril0, our domestic refineries and also selling the crude oil surplus and oil products produced in the
natural gas processing plants to the domestic and foreign mar6ets! 4he e7ploration and production
segment also operates through partnerships 2ith other companies!

b) $efining, 4ransportation and 5ar6etingB 4his segment co+ers the refining, logistics, transport and
trading of crude oil and oil products acti+ities, e7porting of ethanol, e7traction and processing of shale, as
2ell as holding interests in companies from the petrochemical sector in ra>il!

c) ;as and Po2erB 4his segment co+ers the acti+ities of transportation and trading of natural gas produced
in ra>il and imported natural gas, transportation and trading of A9; (li/uid natural gas), generation and
trading of electricit0, as 2ell as holding interests in transporters and distributors of natural gas and in
thermoelectric po2er stations in ra>il, in addition to being responsible for the fertili>er business!

d) iofuelB 4his segment co+ers the acti+ities of production of biodiesel and its co#products, as 2ell as the
ethanol#related acti+itiesB e/uit0 in+estments, production and trading of ethanol, sugar and the surplus
electric po2er generated from sugarcane bagasse!

e) DistributionB 4his segment includes mainl0 the acti+ities of Petrobras Distribuidora, 2hich operates
through its o2n retail net2or6 and 2holesale channels to sell oil products, ethanol and +ehicle natural gas
in ra>il!

f) %nternationalB 4his segment co+ers the acti+ities of e7ploration and production of oil and gas, refining,
transportation and mar6eting, gas and po2er, and distribution, carried out outside of ra>il in a number of
countries in the "mericas, "frica, .urope and "sia!

4he corporate segment comprises the items that cannot be attributed to the other segments, notabl0
those related to corporate financial management, corporate o+erhead and other e7penses, including
actuarial e7penses related to the pension and medical benefits for retired emplo0ees and their
dependents!

2.2 Statement of added &al"e

4he statements of added +alue present information related to the +alue added b0 the *ompan0 (2ealth
created) and ho2 it has been distributed! 4hese statements are presented as supplementar0 information
under %F$S and 2ere prepared in accordance 2ith *P* 01 Q Statement of "dded 3alue appro+ed b0 *35
deliberation '')?0,!

22
2. Social balance

4he Social alance presents social and en+ironmental indices, number of emplo0ees and related
information, as 2ell as rele+ant information 2ith respect to the e7ercise of corporate citi>enship! Some
information 2as obtained through the *ompan0-s subsidiar0 records and managerial information! Social
balance is presented as additional information!

2.! F"nctional c"rrency

4he functional currenc0 of Petrobras (Parent *ompan0) and all ra>ilian subsidiaries is the ra>ilian $eal!
4he functional currenc0 of certain subsidiaries and special purpose entities that operate in the international
economic en+ironment is the =!S! dollar and the functional currenc0 of Petrobras "rgentina is the
"rgentine Peso!

4he income statements and statement of cash flo2s of non#ra>ilian $eal functional currenc0 subsidiaries,
<ointl0 controlled entities and associates in stable economies are translated into ra>ilian $eal using the
monthl0 a+erage e7change rates pre+ailing during the 0ear! "ssets and liabilities are translated into
ra>ilian $eal at the closing rate at the date of the financial statements and the e/uit0 items are translated
using the e7change rates pre+ailing at the dates of the transactions or +aluation 2here items are
remeasured!

"ll e7change differences arising from the translation of the financial statements of non#ra>ilian $eal
subsidiaries, <ointl0 controlled entities and associates are recogni>ed as cumulati+e translation ad<ustments
(*4") 2ithin accumulated other comprehensi+e income in the shareholders- e/uit0 and transferred to
profit or loss in the periods 2hen the reali>ation of the in+estments affects profit or loss!

2.$ Cse of estimates and ?"d#ments

4he preparation of the financial statements re/uires the use of estimates and assumptions for certain
assets, liabilities and other transactions! 4hese estimates include oil and gas reser+es, pension and medical
benefits liabilities, depreciation, depletion and amorti>ation, decommissioning costs, pro+isions for legal
proceedings, fair +alue of financial instruments, present +alue ad<ustments of trade recei+ables and
pa0ables from rele+ant transactions, and income ta7 and social contribution on net income (*SAA)!
9ot2ithstanding 5anagement uses assumptions and <udgments that are re+ie2ed periodicall0, the actual
results could differ from these estimates!
23
Basis of Consolidation

4he consolidated financial statements include the financial information of Petrobras, its subsidiaries and
special purpose entities! "ccounting policies of subsidiaries and special purpose entities ha+e been
changed, 2here necessar0, to ensure consistenc0 2ith the policies adopted b0 the *ompan0! 4he
subsidiaries and special purpose entities set out in the table belo2 are consolidated!
S"bsidiaries Co"ntry 2/12 2/11
Petrobras Di stribui dora S!"! # $ and i ts subsi di ari es ra>i l 100!00 100!00
raspetro 8i l Ser+i ces *ompan0 # rasoil and i ts subsi di ari es (i ) *a0man %sl ands 100!00 100!00
raspetro 8i l *ompan0 # 8* and its subsi di aries (i ) *a0man %sl ands 100!00 100!00
Petrobras %nternational raspetro !3! # P%3 and i ts subsidiari es (i) (i i ) Holl and 100!00 100!00
Petrobras *omerciali >adora de .nergia Atda! # P.9 (i i i) ra>i l 100!00 100!00
Petrobras 9egcios .l etrRni cos S!"! Q .#P.4$8 (i+) ra>i l 100!00 100!00
Petrobras ;Ls S!"! # ;aspetro and its subsidiaries ra>i l 11!11 11!11
Petrobras %nternational Fi nance *ompan0 # Pi f*o and i ts subsidiari es (i) *a0man %sl ands 100!00 100!00
Petrobras 4ransporte S!"! # 4ranspetro and i ts subsi di ari es ra>i l 100!00 100!00
Do2nstream Partici paSTes Atda! ra>i l 11!11 11!11
Petrobras 9etherl ands !3! # P93 and its subsi di aries (i ) Holl and 100!00 100!00
'2,3 Parti cipaSTes Atda! ra>i l 100!00 100!00
Fundo de %n+esti mento %mobi li Lrio $ AogPstica # F%% ra>i l 11!00 11!00
ai7ada Santi sta .nergia S!"! ra>i l 100!00 100!00
Sociedade Fl umi nense de .nergia Atda! Q SF. ra>i l 100!00 100!00
4ermocearL Atda! ra>i l 100!00 100!00
4ermomacaU Atda! ra>i l 100!00 100!00
4ermomacaU *omerci al i>adora de .nergi a Atda! ra>i l 100!00 100!00
4ermobahi a S!"! ra>i l 1,!,' 1,!,'
%biritermo S! "! ra>i l '0!00 '0!00
Petrobras iocombustP+el S!"! ra>i l 100!00 100!00
$efinari a "breu e Aima S!"! ra>i l 100!00 100!00
*ompanhi a Aocadora de ./ui pamentos PetrolPferos S!"! Q *A.P ra>i l 100!00 100!00
*omper< Parti ci paSTes S!"! ra>i l 100!00 100!00
*omper< .sti rVnicos S!"! ra>i l 100!00 100!00
*omper< 5.; S!"! ra>i l 100!00 100!00
*omper< Pol iolefinas S!"! ra>i l 100!00 100!00
*ordoba Financial Ser+i ces ;mbh # *FS and its subsi di ar0 (i ) "ustri a 100!00 100!00
rei tener .nergUti ca S!"! and its subsidiaries ra>i l 13!(( ('!00
*a0man *abi unas %n+esti ment *8! (i ) *a0man %sl ands 100!00 100!00
%nno+a S!"! ra>i l 100!00 100!00
*ompanhi a de Desen+ol +i mento de Plantas =til idades S!"! # *DP= (+) ra>i l 100!00 100!00
*ompanhi a de $ecuperaSWo SecundLria S!"! # *$S.* ra>i l 100!00 100!00
Petrobras XuPmi ca S!"! # Petro/ui sa and i ts subsi di ari es (+i ) ra>i l - 100!00
"rembepe .nergia S!"! (+i i) ra>i l 100!00 30!00
.nergUti ca *amaSari 5uri c0 S!"! (+ii ) ra>i l )1!(0 &1!00
*ompanhi a %ntegrada 4V7ti l de Pernanbuco S!"! # *%4.P. (+i ii ) ra>i l 100!00 -
*ompanhi a Petro/uPmi ca de Pernanbuco S!"! # S="P. (+i i i) ra>i l 100!00 -
Petrobras AogPsti ca de .7ploraSWo e ProduSWo S!"! # P#A8; (+ii i) and (i7) ra>i l 100!00 -
Ai/ui gLs S!"! (+ii i) ra>i l 100!00 -
0%"ity capital - S"bscribed. paid
in and &otin#A

(i) Foreign#%ncorporated *ompanies 2ith non#ra>ilian $eal consolidated financial statements!
(ii) 11!,)F interest of '2,3 ParticipaSTes Atda!
(iii) 0!01F interest of Petrobras ;Ls S! "! # ;aspetro!
(i+) 0!0'F interest of Do2nstream!
(+) 20F interest of *omper< ParticipaSTes S!"!
(+i) *ompanies merged into Petrleo rasileiro S!"!
(+ii) "c/uisition of control (usiness combinations)!
(+iii) Direct subsidiaries as from 2012(indirect in 2011) resulting from o2nership restructuring!

24
Special p"rpose entities - SP0 Co"ntry
*harter De+el opment AA* Q *D* (i ) =S"
*ompanhi a de Desen+ol +i mento e 5oderni >aSWo de Pl antas %ndustri ai s Q *D5P% ra>i l
PD.4 8ffshore S!"! ra>i l
9o+a 4ransportadora do 9ordeste S!"! # 949 ra>i l
9o+a 4ransportadora do Sudeste S!"! # 94S ra>i l
Fundo de %n+esti mento em Di rei tos *redi tri os 9Wo#padroni >ados do Si stema Petrobras
ra>i l
(ain acti&ity
.7pl orati on and Producti on
$efi ni ng
.7pl orati on and Producti on
Aogi sti cs
*orporate
Aogi sti cs

(i) Foreign#%ncorporated *ompanies 2ith non#ra>ilian $eal consolidated financial statements!

4he consolidation procedures in+ol+e combining assets, liabilities, income and e7penses, according to their
nature and eliminating all intragroup balances and transactions, including unreali>ed profits arising from
intragroup transactions!

.1 4econciliation bet>een the parent company7s shareholders7 e%"ity and net income >ith
the consolidated financial
2/12 2/11 2/12 2/11
Consolidated - ,F4S !$.! 2.22! 2/.-$- .11/
9on#control l i ng interests (2,3'&) (2,3,') 223 203
Deferred e7penses, net of i ncome ta7 3(1 (3( (2,)) (212)
!.!!/ /.!*$ 2/.+-$ .1/1
Shareholders: e%"ity Net income
Parent company - CPC

! S"mmary of si#nificant acco"ntin# policies

4he accounting policies set out belo2 ha+e been consistentl0 applied to all periods presented in these
indi+idual and consolidated financial statements!

!.1 Financial assets and liabilities

4.1.1 Cash and cash equivalents

*ash and cash e/ui+alents comprise cash in hand, term deposits 2ith ban6s and short#term highl0 li/uid
financial in+estments that are readil0 con+ertible to 6no2n amounts of cash, are sub<ect to insignificant
ris6 of changes in +alue and ha+e a maturit0 of three months or less from the date of ac/uisition!

4.1.2 Marketable securities

5ar6etable securities are classified on initial recognition based on the management-s business model for
managing those securities as set out belo2B

# 4rading securities # financial assets purchased and held for the purpose of resale in the short term and
measured at fair +alue! %nterest, inflation inde7ation charges and gains or losses arising from measurement
at fair +alue are recogni>ed in profit or lossY

25
# Held#to#maturit0 securities # financial assets for 2hich management has the abilit0 and intent to hold until
maturit0! Held#to#maturit0 securities are initiall0 recogni>ed at ac/uisition cost and are carried at
amorti>ed cost using the effecti+e interest rate method! %nterest and inflation inde7ation charges are
recogni>ed in profit or lossY

# "+ailable#for#sale securities # non#deri+ati+e financial assets that are classified as a+ailable#for#sale or that
are not classified in an0 other categor0! "+ailable#for#sale securities are measured at fair +alue! %nterest and
inflation inde7ation charges are recogni>ed in profit or lossY and gains or losses arising from measurement
at fair +alue are recogni>ed 2ithin other comprehensi+e income, in the shareholders- e/uit0 and
reclassified to profit or loss, in the periods 2hen securities are sold!

4.1.3 Trade receivables

4rade recei+ables are initiall0 measured at the fair +alue of the consideration to be recei+ed and,
subse/uentl0, at amorti>ed cost using the effecti+e interest rate method and ad<usted for credit losses!

4he *ompan0 recogni>es a pro+ision for impairment of trade recei+ables 2hen there is e+idence that some
of its accounts recei+able are uncollectible, due to insol+enc0, defaults or to a significant probabilit0 of a
debtor filing for ban6ruptc0 or ban6ruptc0 protection!

4.1.4 Loans and financing (Debt

Aoans and financing are initiall0 recogni>ed at fair +alue less transaction costs incurred and, after initial
recognition, are measured at amorti>ed cost using the effecti+e interest rate method!

4.1.! Derivative financial instru"ents and hedge o#erations

Deri+ati+e financial instruments are recogni>ed in the statement of financial position as assets or liabilities
and are measured at fair +alue!

4he gains or losses arising from measurement at fair +alue of deri+ati+e instruments, other than hedging
relationships /ualified for hedge accounting are recogni>ed in profit or loss as a finance income (finance
e7pense)!

%n hedging relationships 2hich /ualif0 for cash flo2 hedge accounting, gains or losses relating to the
effecti+e portion of the hedge are recogni>ed 2ithin other comprehensi+e income, in the shareholders-
e/uit0 and reclassified to profit or loss in the periods 2hen the hedged item affects profit or loss! 4he gains
or losses relating to the ineffecti+e portion are recogni>ed in profit or loss!

!.2 ,n&entories

%n+entories are determined b0 the 2eighted a+erage cost method and compriseB

# $a2 material # mainl0 comprises crude oil and is stated at the lo2er of the a+erage cost of crude oil
production and imports, and their net reali>able +alueY

26
# Products # comprise oil products and biofuels, and are stated at the lo2er of the a+erage refining or
purchase costs and their net reali>able +alueY

# 5aintenance materials and supplies Q comprise materials and supplies used in the operation of the
*ompan0 and consumed, other than ra2 material, and are stated at the a+erage purchase cost, not
e7ceeding replacement cost!

9et reali>able +alue is the estimated selling price of in+entor0 in the ordinar0 course of business, less
estimated cost of completion and estimated e7penses to complete its sale!

%mports in transit are stated at the identified cost!

!. ,n&estments in other companies

4he *ompan0 accounts for its in+estments in <ointl0 controlled entities and associates on 2hich the
*ompan0 has significant influence o+er the financial and operating polic0 decisions b0 appl0ing the e/uit0
method of accounting! %n the indi+idual financial statements, the Parent *ompan0 also accounts for its
in+estments in subsidiaries b0 appl0ing the e/uit0 method of accounting!

!.! B"siness combinations and #ood>ill

4he *ompan0 determines on a case#b0#case basis 2hether a transaction is a business combination or an
asset ac/uisition! *ombinations of entities under common control are not accounted for as business
combinations!

"ssets ac/uired and liabilities assumed on a business combination are accounted for b0 appl0ing the
ac/uisition method, based on 2hich assets and liabilities are measured at their ac/uisition#date fair +alues!
4he e7cess of the ac/uisition cost o+er the ac/uisition#date fair +alue of the net assets ac/uired (the net of
the amounts of the identifiable assets ac/uired and the liabilities assumed) is recogni>ed as good2ill in
intangible assets! %n the case of a bargain purchase, a gain is recogni>ed in profit or loss 2hen the
ac/uisition cost is lo2er than the ac/uisition#date fair +alue of the net assets ac/uired!

*hanges in o2nership interest in subsidiaries that do not result in loss of control of the subsidiar0 are
e/uit0 transactions! "n0 e7cess of the amounts paid?recei+ed o+er the carr0ing +alue of the o2nership
interest ac/uired?disposed is recogni>ed in shareholders- e/uit0 as an additional paid in capital!

;ood2ill arising from in+estments in associates and <ointl0 controlled entities 2ithout change of control is
accounted for as part of these in+estments! %t is measured b0 the e7cess of the consideration transferred
o+er the *ompan0-s interest in net assets- fair +alue!

!.$ 8il and 9as e1ploration and de&elopment e1pendit"res

4he costs incurred in connection 2ith the e7ploration, appraisal, de+elopment and production of oil and
gas are accounted for using the successful efforts method of accounting, as set out belo2B

# *osts related to geological and geoph0sical acti+ities are e7pensed 2hen incurred!

# "mounts paid for obtaining concessions for e7ploration of oil and natural gas (capitali>ed ac/uisition
costs) are initiall0 capitali>ed!
27
# *osts directl0 associated 2ith e7plorator0 2ells pending determination of pro+ed reser+es are capitali>ed
2ithin propert0, plant and e/uipment! .7plorator0 2ells that ha+e found oil and gas reser+es, but those
reser+es cannot be classified as pro+ed, continue to be capitali>ed if the 2ell has found a sufficient /uantit0
of reser+es to <ustif0 its completion as a producing 2ell and progress on assessing the reser+es and the
economic and operating +iabilit0 of the pro<ect is under 2a0! "n internal commission of technical
e7ecuti+es of Petrobras re+ie2s these conditions monthl0 for each 2ell, b0 anal0sis of geoscience and
engineering data, e7isting economic conditions, operating methods and go+ernment regulations!

# *osts related to e7plorator0 2ells drilled in areas of unpro+ed reser+es are e7pensed 2hen determined to
be dr0 or non#economical (did not encounter potentiall0 economic oil and gas /uantities)!

# *osts related to the construction, installation and completion of infrastructure facilities, such as platforms,
pipelines, drilling of de+elopment 2ells and other related costs incurred in connection 2ith the
de+elopment of pro+ed reser+e areas and successful e7plorator0 2ells are capitali>ed 2ithin propert0,
plant and e/uipment and depreciated from the commencement of production as described belo2!

!.' Property. plant and e%"ipment

Propert0, plant and e/uipment are measured at the cost to ac/uire or construct, including all costs
necessar0 to bring the asset to 2or6ing condition for its intended use, ad<usted during h0perinflationar0
periods, as 2ell as b0 the present +alue of the estimated cost of dismantling and remo+ing the asset and
restoring the site and reduced b0 accumulated depreciation and impairment losses!

$ights o+er tangible assets to be used in the normal course of business, arising from transactions 2hich
transfer substantiall0 all the ris6s and re2ards incidental to o2nership of the asset (finance leases) are
initiall0 recogni>ed at the lo2er of the fair +alue of the assets or the present +alue of the minimum
pa0ments of the contract! *apitali>ed lease assets are depreciated on a s0stematic basis consistent 2ith
the depreciation polic0 the *ompan0 adopts for propert0, plant and e/uipment that are o2ned! Chere
there is no reasonable certaint0 that the *ompan0 2ill obtain o2nership b0 the end of the lease term,
capitali>ed lease assets are depreciated o+er the shorter of the lease term or the estimated useful life of
the asset!

.7penditures on ma<or maintenance of industrial units and +essels are capitali>ed if the recognition criteria
are met! 4hese comprise the cost of replacement assets or parts of assets, e/uipment assembl0 ser+ices, as
2ell as other related costs! Such maintenance occurs, on a+erage, e+er0 four 0ears and the respecti+e
e7penses are depreciated as production costs through the date of the beginning of the follo2ing stoppage!

orro2ing costs directl0 attributable to the ac/uisition or construction of /ualif0ing assets are capitali>ed
as part of the costs of these assets! orro2ing costs of funds borro2ed generall0 are capitali>ed based on
the *ompan0-s 2eighted a+erage of the cost of borro2ings outstanding applied o+er the balance of assets
under construction! orro2ing costs are amorti>ed during the useful life or b0 appl0ing the unit#of#
production method to the related assets!

Depreciation, depletion and amorti>ation of pro+ed oil and gas producing properties are accounted for
pursuant to the unit#of#production method applied to the depreciable amount of the asset as set out as
follo2sB i) Depreciation (amorti>ation) of oil and gas producing properties, including related e/uipment and
facilities is computed based on a unit#of#production basis o+er the pro+ed de+eloped oil and gas reser+es,
applied on a field b0 field basisY ii) the straight#line method is used for other assets, such as assets 2ith a
useful life shorter than the life of the field or related to fields 2ith different de+elopment stages! iii)
"morti>ation of amounts paid for obtaining concessions for e7ploration of oil and natural gas of producing
properties, such as signature bonus (capitali>ed ac/uisition costs) is recogni>ed using the unit#of#
28
production method, computed based on the units of production o+er the total pro+ed oil and gas reser+es,
applied on a field b0 field basis!

.stimates of reser+es, prepared in manner consistent 2ith =!S! Securities and .7change *ommission (S.*)
definitions b0 the *ompan0-s technicians, are re+ie2ed at least annuall0 and on interim basis if material
changes occur (for depreciation, depletion and amorti>ation purposes)!

.7cept for land (2hich is not depreciated), other propert0, plant and e/uipment are depreciated on a
straight line basis! See note 11 for further information about the estimated useful life b0 class of assets!

!.* ,ntan#ible assets

%ntangible assets are measured at the ac/uisition cost, less accumulated amorti>ation and impairment
losses and comprise rights and concessions, including the signature bonus paid for obtaining concessions
for e7ploration of oil and natural gas (capitali>ed ac/uisition costs) and the 8nerous "ssignment
"greement, referring to the right to carr0 out prospection and drilling acti+ities for oil, natural gas and
other li/uid h0drocarbons located in bloc6s in the pre#salt area (I*essWo 8nerosaJ)Y public ser+ice
concessionsY trademar6sY patentsY soft2are and good2ill! %n the indi+idual financial statements, good2ill
arising from in+estments in subsidiaries, associates and <ointl0 controlled entities is accounted for as part of
these in+estments!

Signature bonuses paid for obtaining concessions for e7ploration of oil and natural gas and amounts
related to the 8nerous "ssignment "greement are initiall0 capitali>ed 2ithin intangible assets and are
transferred to propert0, plant and e/uipment upon recognition of pro+ed reser+es!

Signature bonuses and amounts related to the 8nerous "ssignment "greement are not amorti>ed until
the0 are transferred to propert0, plant and e/uipment! %ntangible assets 2ith a finite useful life, other than
amounts paid for obtaining concessions for e7ploration of oil and natural gas of producing properties, are
amorti>ed o+er the useful life of the asset on a straight#line basis!

%nternall0 generated intangible assets other than de+elopment costs meeting recognition criteria are not
capitali>ed and are e7pensed as incurred!

%ntangible assets 2ith an indefinite useful life are not amorti>ed but are tested annuall0 for impairment
considering indi+idual assets or cash#generating units! 4heir useful li+es are re+ie2ed annuall0 to determine
2hether e+ents and circumstances continue to support an indefinite useful life assessment for those assets!
%f the0 do not, the change in the useful life assessment from indefinite to finite is accounted for on a
prospecti+e basis!

!.+ 2eferred Assets

4he balance of deferred assets as of December 31, 200, is presented in the indi+idual statement of
financial positions for the parent compan0 and 2ill be amorti>ed in up to 10 0ears, sub<ect to impairment
testing in accordance 2ith Aa2 11,1&1?01!

!.- ,mpairment

Propert0, plant and e/uipment and intangible assets 2ith definite useful li+es and deferred assets are
tested for impairment 2hen there is an indication that the carr0ing amount ma0 not be reco+erable! "ssets
related to e7ploration and de+elopment of oil and gas and assets that ha+e indefinite useful li+es, such as
good2ill ac/uired in business combinations are tested for impairment annuall0, irrespecti+e of 2hether
there is an0 indication of impairment!

29
4he impairment test comprises a comparison of the carr0ing amount of an indi+idual asset or a cash#
generating unit 2ith its reco+erable amount! Chether the reco+erable amount of the unit is less than the
carr0ing amount of the unit, an impairment loss is recogni>ed to reduce the carr0ing amount to the
reco+erable amount! 4he reco+erable amount of an asset or a cash#generating unit is the higher of its fair
+alue less costs of disposal and its +alue in use! *onsidering the specificit0 of the *ompan0-s assets, +alue in
use is generall0 used b0 the *ompan0 for impairment testing purposes, e7cept 2hen specificall0 indicated!

3alue in use is estimated based on the present +alue of the ris6#ad<usted (for specific ris6s) future cash
flo2s e7pected to arise from the continuing use of an asset or cash#generating unit (based on assumptions
that represent the *ompan0-s best estimates), discounted at a pre#ta7 discount rate! 4his rate is obtained
from the *ompan0-s 2eighted a+erage cost of capital post#ta7 (C"**)! *ash flo2 pro<ections are mainl0
based on the follo2ing assumptionsB prices based on the *ompan0-s most recent strategic planY production
cur+es associated 2ith e7isting pro<ects in the *ompan0@s portfolio, operating costs reflecting current
mar6et conditions, and in+estments re/uired for carr0ing out the pro<ects!

For the impairment test, assets are grouped at the smallest identifiable group that generates largel0
independent cash inflo2s from other assets or group of assets (the cash#generating unit)! "ssets related to
e7ploration and de+elopment of oil and gas are tested annuall0 for impairment on a field b0 field basis!

$e+ersal of pre+iousl0 recogni>ed impairment losses is permitted for assets other than good2ill!

!.1/ 3eases

Aeases in 2hich the *ompan0 has substantiall0 all the ris6s and re2ards incidental to o2nership are
recogni>ed as finance lease liabilities! Chen the *ompan0 is the lessor the finance lease is recogni>ed as a
recei+able!

%f a lease does not transfer all the ris6s and re2ards, it is classified as an operating lease! 8perating leases
are recogni>ed as e7penses on a straight#line basis o+er the period of the lease!

!.11 2ecommissionin# costs

Decommissioning costs are future obligations to perform en+ironmental restoration, dismantle and
remo+e a facilit0 as it terminates operations due to the e7haustion of the area or to economic conditions!
*osts related to the abandonment and dismantling of areas are recogni>ed as part of the cost of an asset
(associated 2ith the obligation) based on the present +alue of the e7pected future cash outflo2s,
discounted at a ris6#free credit ad<usted rate 2hen a future obligation e7ists and can be reliabl0 measured!
" corresponding pro+ision is recogni>ed as a liabilit0! =n2inding of the discount is recogni>ed as a financial
e7pense, 2hen incurred! 4he asset is depreciated similarl0 to other assets, based on the class of the asset!

Future decommissioning costs for oil and natural gas producing properties are recogni>ed on a field b0 field
basis, 2hen a field is declared to be commercial and are re+ised annuall0! Decommissioning costs related
to pro+ed de+eloped oil and gas reser+es are depreciated b0 appl0ing the unit#of#production method,
computed based on a unit#of#production basis o+er the pro+ed de+eloped oil and gas reser+es, applied on
a field b0 field basis!

30
!.12 ,ncome ta1 5,46 and social contrib"tion on profits 5CS336

%ncome ta7 e7pense for the period comprises current and deferred ta7! 4he *ompan0 has adopted the
4ransition 4a7 $egime in ra>il ($44) in accordance 2ith Aa2 11,1&1?01 and therefore the ta7able profit is
computed based on the criteria of Aa2 (,&0&?)( before the amendments introduced b0 Aa2 11,(3,?0)!
4emporar0 differences arising from the 4ransition 4a7 $egime 2ere recogni>ed as deferred income ta7es
and liabilities!

4a7able profit differs from accounting profit due to certain ad<ustments re/uired b0 ta7 regulations!
4emporar0 differences are differences bet2een the ta7 base of an asset or liabilit0 and its carr0ing amount!
Deferred income ta7 assets and liabilities are recogni>ed for temporar0 ta7 differences, a+ailable ta7 losses
and ta7 credits! Deferred ta7 assets are recogni>ed onl0 to the e7tent that it is probable that ta7able profit
2ill be a+ailable against 2hich the deductible temporar0 differences can be utili>ed!

!.1 0mployee benefits 5Post-0mployment6

"ctuarial commitments related to post#emplo0ment benefit plans and health#care plans are recogni>ed as
liabilities in the statement of financial position based on actuarial calculations 2hich are re+ised annuall0
b0 an independent actuar0, using the pro<ected unit credit method, net of the fair +alue of plan assets,
2hen applicable, out of 2hich the obligations are to be directl0 settled! 4he increases in the present +alue
of the obligation resulting from emplo0ee ser+ice in the current period are recogni>ed in profit or loss!

=nder the pro<ected credit unit method, each period of ser+ice gi+es rise to an additional unit of benefit
entitlement and each unit is measured separatel0 to determine the final obligation!

"ctuarial gains and losses arising from changes in actuarial assumptions and e7perience ad<ustments are
recogni>ed o+er the e7pected a+erage remaining 2or6ing li+es of the emplo0ees participating in each plan,
in accordance 2ith the corridor method!

"ctuarial assumptions related to the +ariables that 2ill determine the ultimate cost of pro+iding post#
retirement benefits include biological and economic assumptions, medical costs estimates, as 2ell as
historical data related to e7penses incurred and emplo0ee contributions!

4he *ompan0 also contributes amounts to defined contribution plans, that are e7pensed 2hen incurred
and are computed based on a percentage o+er salaries!

!.1! Share Capital and Stoc)holders7 Compensation

Share capital comprises common shares and preferred shares! %ncremental costs directl0 attributable to
the issue of ne2 shares or options are classified as additional paid in capital and sho2n (net of ta7) in
shareholders- e/uit0 as a deduction from the proceeds!

Preferred shares ha+e priorit0 on returns of capital and di+idends, 2hich are based on the higher amount
of 3F o+er the net boo6 +alue of shareholders e/uit0 for preferred shares, or 'F of the share capital for
preferred shares! Preferred shares do not grant an0 +oting rightsY are non#con+ertible into common shares
and participate under the same terms as common shares, in capital increases resulting from the
capitali>ation of reser+es and profits!

Di+idend distribution comprises di+idends and interest on capital determined in accordance 2ith the limits
defined in the *ompan0-s b0la2s!
31

%nterest on capital is a form of di+idend distribution 2hich is deductible for ta7 purposes in ra>il! 4a7
benefits from the deduction of interest on capital are recogni>ed in profit or loss!

!.1$ 9o&ernment #rants

" go+ernment grant is recogni>ed 2hen there is reasonable assurance that the grant 2ill be recei+ed and
the *ompan0 2ill compl0 2ith the conditions attached to the grant!

;o+ernment grants are recogni>ed in profit or loss on a s0stematic basis o+er the periods in 2hich the
*ompan0 recogni>es the related costs 2hich the0 are intended to compensate as e7penses! ;o+ernment
grants related to assets are initiall0 recogni>ed as deferred income and thereafter are transferred to profit
or loss o+er the useful life of the asset on a straight#line basis!

!.1' 4eco#nition of re&en"e. costs and e1penses

$e+enue is recogni>ed 2hen it is probable that the economic benefits associated 2ith the transaction 2ill
flo2 to the *ompan0 and the amount of re+enue and the costs incurred or to be incurred in the
transaction can be reliabl0 measured! $e+enue is measured at the fair +alue of the consideration recei+ed
or recei+able for products sold and ser+ices pro+ided in the normal course of business, net of returns,
discounts and sales ta7es!

$e+enue from the sale of crude oil and oil products, petrochemical products, natural gas, biofuels and
other related products are recogni>ed 2hen the *ompan0 retains neither continuing managerial
in+ol+ement nor effecti+e control o+er the products sold and the significant ris6s and re2ards of
o2nership ha+e been transferred to the customer, 2hich is usuall0 2hen legal title passes to the
customer, pursuant to the terms of the sales contract! Sales re+enues from freight and other ser+ices
pro+ided are recogni>ed based on the stage of completion of the transaction!
Finance income and e7pense mainl0 comprise interest income on financial in+estments and go+ernment
bonds, interest e7pense on debt, gains and losses on mar6etable securities measured at fair +alue, as 2ell
as net e7change and inflation inde7ation charges! Finance e7pense does not include borro2ing costs
directl0 attributable to the construction of assets that necessaril0 ta6e a substantial period of time to
become operational, 2hich are capitali>ed as part of the costs of these assets!

$e+enue, costs and e7penses are recogni>ed on the accrual basis!

!.1* Ne> standards and interpretations

9e2 standards and amendments to standards and interpretations issued b0 the %nternational "ccounting
Standards oard (%"S) effecti+e for annual periods beginning on :anuar0 1, 2012, none of 2hich had a
significant effect on the consolidated financial statements for 2012, are set out belo2B

"mendments to %F$S )B IDisclosuresB 4ransfers of Financial "ssetsJ!

"mendments to %"S 12 Q IDeferred 4a7 $eco+er0 of =nderl0ing "ssetsJ! %t establishes criteria for calculating
the ta7 base of an asset!

" number of ne2 standards and amendments to standards and interpretations issued b0 the %nternational
"ccounting Standards oard (%"S) are effecti+e for annual periods beginning after :anuar0 1, 2012 as set
32
out belo2! 4he0 ha+e not been applied in preparing these consolidated financial statements at December
31, 2012!

Standards Brief description 0ffecti&e 2ate 5F6
"mendment to %"S 1
ZFinancial statement presentation-, regarding other comprehensi+e income
$e/uires for entities to group items presented in Zother comprehensi+e income- (8*%)
on the basis of 2hether the0 are potentiall0 reclassifiable to profit or loss subse/uentl0
(reclassification ad<ustments)!
:anuar0 1, 2013
"mendments to %"S
11
I.mplo0ee enefits J
.liminates the corridor method for recogni>ing actuarial gains or losses, and re/uire
the calculation of finance costs on a net funding basis!
Simplifies the presentation of changes in assets and liabilities of defined benefit plans
and e7pands the disclosure re/uirements!
:anuar0 1, 2013
%F$S 10
[*onsolidated Financial Statements[
Defines principles and re/uirements for the preparation and presentation of
consolidated financial statements 2hen an entit0 controls one or more other entities!
.stablishes the concept of control as the basis for consolidation and sets out ho2 to
appl0 the principle of control to identif0 2hether an in+estor controls an in+estee and
therefore must consolidate the in+estee!
:anuar0 1, 2013
%F$S 11
I:oint "rrangementsJ
.stablishes principles for disclosure of financial statements of entities that are parties
of <oint agreements! 4here are t2o t0pes of <oint arrangementB <oint operations and
<oint +entures! :oint operations arise 2here a <oint operator has rights to the assets
and obligations relating to the arrangement and hence accounts for its interest in
assets, liabilities, re+enue and e7penses!
:oint +entures arise 2here the <oint operator has rights to the net assets of the
arrangement and hence e/uit0 accounts for its interest! Proportional consolidation of
<oint +entures is no longer allo2ed!
:anuar0 1, 2013
%F$S 12
IDisclosure of %nterests in 8ther .ntitiesJ
*onsolidates all the re/uirements of disclosures that an entit0 should carr0 out 2hen
participating in one or more entities, including <oint arrangements, associates, special
purpose +ehicles and other off balance sheet +ehicles!
:anuar0 1, 2013
%F$S 13
IFair 3alue 5easurementJ
Pro+ides a precise definition of fair +alue , e7plains ho2 to calculate it (one single
source of measurement )and determines 2hat must be disclosed!
4he re/uirements do not e7tend the use of fair +alue accounting but pro+ide guidance
on ho2 it should be applied 2here its use is alread0 re/uired or permitted b0 other
standards!
:anuar0 1, 2013
"mendments to %F$S
)
Disclosures Q 8ffesetting Financial "ssets and Financial Aiabilities
.stablishes disclosure re/uirements for compensation agreements of financial assets
and liabilities!
:anuar0 1, 2013
%"S 2) (re+ised 2011)
ISeparate financial statements[
%ncludes the pro+isions on separate financial statements that are left after the control
pro+isions of %"S 2) ha+e been included in the ne2 %F$S 10!
:anuar0 1, 2013
%"S 2, (re+ised 2011)
["ssociates and <oint +entures[
%ncludes the re/uirements for <oint +entures, as 2ell as associates, to be e/uit0
accounted follo2ing the issue of %F$S 11!
:anuar0 1, 2013
33
Standards Brief description 0ffecti&e 2ate 5F6
%F$S 1
[Financial instruments[ and "mendments
%F$S 1 retains but simplifies the mi7ed measurement model and establishes t2o
primar0 measurement categories for financial assetsB amorti>ed cost and fair +alue!
4he basis of classification depends on the entit0-s business model and the contractual
cash flo2 characteristics of the financial asset!
4he guidance in %"S 31 on impairment of financial assets and hedge accounting
continues to appl0! 4he "mendment postpones the date of enforcement from 2013 to
201' ! "lso eliminates the re/uirement for republication of comparati+e information
and re/uires additional disclosures about the transition to %F$S 1!
:anuar0 1, 201'
(G) .ffecti+e for annual periods beginning on or after these dates!

4he estimated impact that initial application of "mendments to %"S 11 is e7pected to ha+e, due to the
elimination of the corridor method (2hich allo2ed companies to defer actuarial gains and losses) is an
increase of $K 21!1 billion in our net actuarial liabilit0, as 2ell as a corresponding increase of $K (!1 billion
in our deferred ta7 assets and a decrease of $K 1' billion in the shareholders@ e/uit0 of the *ompan0!

9one of the other amendments and ne2 standards listed abo+e is e7pected to ha+e a significant effect on
the consolidated financial statements!

$ Cash and cash e%"i&alents

2/12 2/11 2/12 2/11
*ash at ban6 and i n hand 2,02& 3,)31 (( ()2
Short#term fi nanci al i n+estments
- In Brazil
5utual funds # %nterban6 Deposi t 1(,',1 10,301 1',')0 1,210
8ther i n+estment funds ,'( &,2)' &1, 2,(23
1*.!!$ 1!.$*' 1'./'+ 11.+
- Abroad ,,1'1 1),&&0 1,2'1 (,3'3
4otal fi nanci al i n+estments 2$.'/! 2./1' 1*.2* 1+.1+'
Total cash and cash e%"i&alents 2*.'2+ $.*!* 1*.- 1+.+$+

Short#term financial in+estments in ra>il comprise mutual funds mainl0 composed b0 ra>ilian Federal
;o+ernment onds! %n the Parent *ompan0 the0 also include in+estments in recei+ables in+estment funds
(F%D*) of the Petrobras group!

Short#term financial in+estments abroad comprise time deposits that ha+e maturities of three months or
less and other short#term fi7ed income instruments from highl0#ran6ed financial institutions!

34
' (ar)etable sec"rities

2/12 2/11 2/12 2/11
4rading securities 20,,,, 1(,),' 20,,,, 1(,),'
"+ail able#for#sale securties &,, ',&)1 111 ',210
Held#to#maturi t0 securiti es 211 211 2,',, (,,&1
21.'*$ 22.$$$ 2.''* 2+.+!!
C"rrent 21.1' 1'.+/+ 2.*- 2.'2$
Non-c"rrent $- $.*!* 2++ $.21-

4rading and a+ailable#for#sale securities refer mainl0 to in+estments in go+ernment 4reasur0 notes that
ha+e maturities of more than 10 da0s! 4he current asset classification reflects the e7pectation of their
reali>ation in the short term!

"+ailable#for#sale securities include ra>ilian ;o+ernment 4reasur0 9otes pre+iousl0 pledged as collateral
to Petros (9ote 20!1)!

Held#to#maturit0 securities of the Parent *ompan0 include in+estments in the non#standardi>ed recei+ables
in+estment fund (F%D*#9P) in the amount of $K 2,3)0 at December 31, 2012 and are presented in current
assets!

* Trade recei&ables

*.1 Trade recei&ables. net

2/12 2/11 2/12 2/11
4rade recei +ables
4hi rd parti es 22,0&0 11,3&, ',233 3,20)
$el ated parti es (9ote 1))
Subsi di ari es, < oi ntl 0 control led entiti es and associ ates 1,'13 1,'&1 1(,0)) D 2(,1&(
$ecei+abl es from the el ectrici t0 sector 3,1', 3,()2 111 D 1,011
Petrol eum and al cohol accounts # S49
(G)
,3' ,32 ,3' ,32
8ther recei +ables (,21) ','&' 3,3)( D 3,021
!.*2 /.-!' 2'.!2 D !.1
Pro+i si on for impairment of trade recei +abl es (2,1()) (2,)10) (&12) D (&02)
1.*$' 2+.1$' 2'./2/ .-11
C"rrent 22.'+1 22./$ 1*.*! 21./'+
Non-c"rrent -./*$ '.1/ +.'!' 12.+!

(G)
Secretaria do 4esouro 9acional # 9ational 4reasur0 Secretariat!

35
*.2 Chan#es in the pro&ision for impairment of trade recei&ables

2/12 2/11 2/12 2/11
8penin# balance 2.*-/ 2.'+1 !/2 !''
"ddi ti ons 5F6 ',) ',( 2,) 23,
Cri te#offs ? $e+ersal s 5F6 (&10) (&))) (2))) (302)
Closin# balance 2.-'* 2.*-/ !12 !/2
C"rrent 1.*!' 1.'+$ !12 !/2
Non-c"rrent 1.221 1.1/$ - -

(G) %t includes e7change differences arising from translation of the pro+ision for impairment of trade recei+ables in companies abroad!

*. Trade and other recei&ables o&erd"e 5Third parties6

2/12 2/11 2/12 2/11
=p to 3 months
1,')2 1,&11 1,0)0 ,00
From 3 to ( months
311 21' 1)1 ,2
From ( to 12 months
3)0 2(& 210 (&
5ore than 12 months 3,2&3 2,1,2 &)' &&)
$.$/! !.+*2 1.-2' 1.-

+ ,n&entories

2/12 2/11 2/12 2/11
ProductsB
8i l products
5F6
12,01( 1,1(( 10,21( ),''0
Fuel "l cohol
5F6
330 ),2 1'' 2,1
12,3&( 1,1&, 10,3)1 ),,31
$a2 materi al s, mai nl 0 crude oi l
5F6
13,1,& 1&,,&) 11,200 11,)1,
5ai ntenance materi al s and suppl i es
5F6
3,,&( 3,3(1 3,3,( 2,111
8thers &'2 3() 23 33
2-.+2+ 2+.$1 2!.-+/ 22.$/1
C"rrent 2-.*' 2+.!!* 2!.-/+ 22.!!
Non-c"rrent -2 +! *2 '*
=SD 0

5F6 %t includes imports in transit!

36
- (er#ers. split-offs and other information abo"t in&estments

Merger of $etroquisa and s#lit%off of &'(

8n :anuar0 2), 2012, the .7traordinar0 ;eneral 5eeting of Petrobras appro+ed the merger of Petrobras
XuPmica S!"! (Petro/uisa) into Petrobras, the partial split#off of $\ %n+estimentos Petro/uPmicos S!"! ($\)
and the merger of the split#off portion into Petrobras, 2ithout capital increase!

)igning of settle"ent agree"ent * $asadena 'efiner+

8n :une 21, 2012, the *ompan0 entered into an out#of#court settlement to terminate all e7isting la2suits
bet2een its subsidiaries and elgium-s 4ranscor?"stra ;roup, 2hich controls "stra 8il 4rading 93 ("stra),
including those related to the arbitration process 2hich, in "pril 2001, recogni>ed the e7ercise of "stra-s
put option for its sta6e ('0F) in Pasadena $efining S0stem %nc and P$S% 4rading *ompan0 to Petrobras
"merica S!"! # P"%!

4he amount of =SK )0 ($K 1&0) 2as recogni>ed in profit or loss in the second /uarter of 2012, and the
remaining portion had been recogni>ed in prior periods! 4he total determined in the agreement 2as =SK
,20!'! "fter the e7ecution of the settlement agreement and the pa0ment of the respecti+e amount (paid
2hen the agreement 2as signed), both parties ga+e full and general release of all issues under dispute
bet2een them!

,air -alue .##raisal of /&D

4he appraisal of the fair +alue of the assets ac/uired and the liabilities assumed from the subsidiar0 ;Ls
rasiliano Distribuidora S!"! Q ;D 2as concluded in :une 2012! Petrobras ;Ls S!"! # ;aspetro ac/uired
100F of ;D-s shares in 2011! 4his appraisal resulted in a purchase price allocation of the total amount of
$K &&& (e/ui+alent to =SK 2,0 million) to intangible assets of $K 332 and other assets and liabilities, net of
$K 112! 4herefore, no good2ill 2as recogni>ed!

$etrobras Log0stica de 12#lora34o e $rodu34o )... % $&L5/

8n :ul0 31, 2012, "lberto Pas/ualini S!"! # $.F"P 2as renamed .mpresa de AogPstica de .]P S!"!, after
transferring its refining assets to Petrobras, 2ith the ob<ecti+e of pro+iding logistics ser+ices to oil and gas
e7ploration and production operations in ra>il! 4he shareholders- e/uit0 of the compan0 (that has not 0et
started to operate) 2as not affected b0 the transfer of assets! 8n 9o+ember 1, 2012 .mpresa de AogPstica
de .]P S!" 2as renamed Petrobras AogPstica de .7ploraSWo e ProduSWo S!"! # P#A8;!

37
1/ ,n&estments

1/.1 ,nformation abo"t s"bsidiaries. ?ointly controlled entities and associates
Common
shares
Preferred
shares Shareholders7
e%"ity 5deficit6
Net income
5loss6 for the
year
S"bsidiaries
Petrobras 9etherl ands !3! # P93 100!00F 10,&') &1,,)0 # # 21,0&& ',0')
$efi nari a "breu e Ai ma S!"! 100!00F 11,01& 11,013,,1' # # 10,'() (''')
Petrobras Di stri bui dora S!"! # $ 100!00F &,1,2 3&,))),))& # # 10,3', 1,,11
Petrobras ;Ls S!"! # ;aspetro 11!11F (,,(' 3,1,0 # )1& 10,322 1,'31
Petrobras 4ransporte S!"! # 4ranspetro 100!00F 2,1&( 2,1&(,300 # # 3,10( )20
Petrobras AogPsti ca de .7pl oraSWo e ProduSWo S!"! # P#A8; 100!00F 3,1(2 2,3,,,1,) # # 3,&3' ,
Petrobras %nternati onal Fi nance *ompan0 # Pi f*o 100!00F '31 300,0'0 # # (2,'(1) (1,013)
Petrobras i ocombustP+el S!"! 100!00F 2,',( 2',,''0 # # 1,11( (21))
*ompanhi a %ntegrada 4V7ti l de Pernambuco S!"! # *i tepe 100!00F 2,12) 2,12),221 # # 1,,01 11
*ompanhi a Aocadora de ./ui pamentos Petrol Pferos S!"! # *A.P 100!00F ,2) 11(,1)( # # 1,'03 31
*ompanhi a Petro/uPmi ca de Pernambuco S!"! # Petro/uPmi caSuape 100!00F 1,)12 1,)11,'20 # # 1,&0& (,3)
Petrobras %nternati onal raspetro # P% 3 ,,!12F ( 2,,3) # # 1(1 '')
Ai /ui gLs Di stri bui dora S!"! 100!00F ',1 ,,1&' # # ,&, 1
4ermomacaU Atda! 11!11F (3& (3&,01' (G) # )1( 1,1
*omper< Pol i ol efi nas S!"! 100!00F ('1 (',10, # # ('1 #
rei tener .nergUti ca S!"! 13!((F '12 &,&,&10 # # '0, 30
%9983" S!"! 100!00F 30) '),(00 # ',)&, &31 (,
4ermocearL Atda! 100!00F 2)' 2)',22( (G) # 3&3 (&
Petrobras *omerci al i >adora de .nergi a Atda! # P.9 11!11F 21) 21(,,'2 (G) # 2') 2'
"rembepe .nergi a S!"! 100!00F 2)( 1,(,210,21, # # 22) 3'
ai 7ada Santi sta .nergi a S!"! 100!00F 21) 21),13( # # 21) (2&)
Soci edade Fl umi nense de .nergi a Atda! # SF. 11!11F '( '',''( (G) # 1'3 11)
4ermomacaU *omerci al i >adora de .nergi a Atda 100!00F ), )),'11 (G) # 1&) ,)
'2,3 Parti ci paSTes Atda! 100!00F 1,&23 1,&22,(03 (G) # 11' ((
.nergUti ca *amaSari 5uri S0 % Atda! )1!(0F 1, 120,,3' # # 101 &)
*omper< .sti rVni cos S!"! 100!00F ,) ,,)31 # # ,) #
Fundo de %n+esti mento %mobi l i Lri o $ AogPsti ca # F%% 11!00F 1 11),12) (G) # (,2) (13)
*omper< 5.; S!"! 100!00F )) ),(1( # # )) #
4ermobahi a S!"! 1,!,'F 312 '2 # # (1 20
*ordoba Fi nanci al Ser+i ces ;mbH 100!00F ' 1 (GG) # &( (1)
*a0man *abi unas %n+estment *o! 100!00F # 100 (GG) 2','00 &3 21
Petrobras 9egci os .l etrRni cos S!"! # .#Petro 11!1'F 21 21,000 # # 2, 1
*ompanhi a de Desen+ol +i mento de Pl antas =ti l i dades S!"! # *DP= ,0!00F 2' 2',001 # # 2& #
raspetro 8i l Ser+i ces *ompan0 # rasoi l 100!00F 3'1 10(,210 # # (1&) (2&&)
*ompanhi a de $ecuperaSWo SecundLri a S!"! # *$S.* 100!00F # &3,&'( # # 1 #
*omper< Parti ci paSTes S!"! 100!00F 22 2,1'0 # # (2) (1&)
Do2nstream Parti ci paSTes Atda! 11!11F 1 1,&12 (G) # (1) 2'
raspetro 8i l *ompan0 # 8* 100!00F # 1 (GG) # # #
=ointly controlled entities
=4. 9orte Fl umi nense S!"! 10!00F &,1 &,1,&32 # # 13' 131
4ermoaSu S!"! )(!,)F )00 (11,)3) # # )&0 11
FLbri ca *ari oca de *atal i >adores S!"! # F** '0!00F 120 '02,1&' # # 2,2 ''
Aogum AogPsti ca S!"! 20!00F 300 &30,''( # # 212 ('2)
rasi l P*H S!"! &1!00F 101 1&,1,, # 1&,,&& 1(( &,
*i a .nergUti ca 5anauara S!"! &0!00F '0 &',000 # # 1'' 1,
%bi ri termo S!"! '0!00F , ),('2 # # 112 &2
Petroco/ue S!"! %nd^stri a e *omUrci o '0!00F '0 30,222 # # 10( 1,
ras0mpe .nergi a S!"! 20!00F 2( 2(0,000 # # )1 3
Parti ci paSTes em *ompl e7os i oenergUti cos S!"! # P*%8S '0!00F (3 (2,,'0 # # (2 #
$efi nari a de Petrl eo $i ograndense S!"! 33!20F 32 ',1', # 1',21( ') 12
5.4"98$ S!"! # 5etanol do 9ordeste 3&!'&F () 1,,(13 # 11),3,( &' ())
*ompanhi a de *o/ue *al ci nado de Petrl eo S!"! # *8X=.P"$ &'!00F (2 (2,0'( # # &' (2)
.l i ca 5angue Seco & # ;eradora e *omerci al i >adora de .nergi a .l Utri ca S!"! &1!00F &0 31,11, # # &2 1
rentech .nergi a S!"! 30!00F 30 2',101 # # &0 13
.l i ca 5angue Seco 3 # ;eradora e *omerci al i >adora de .nergi a .l Utri ca S!"! &1!00F 31 3,,111 # # 3, (2)
.l i ca 5angue Seco 2 # ;eradora e *omerci al i >adora de .nergi a .l Utri ca S!"! '1!00F 3' 3',3'3 # # 3' (3)
.l i ca 5angue Seco 1 # ;eradora e *omerci al i >adora de .nergi a .l Utri ca S!"! &1!00F 3' 3',&33 # # 3& (1)
;9A do 9ordeste Atda! '0!00F # ),'0) (G) # # #
S"bscribed
capital at
2ecember 1.
2/12
Tho"sands of shares
A Petrobras:
o>nership

38
Common
shares
Preferred
shares
Shareholders7
e%"ity 5deficit6
Net income
5loss6 for the
year
Associates
ras6em S!"! 3(!20F ,,0&3 &'1,((1 3&','1) ,,21'
(GGG)
(1)2)
(GGG)
Fundo de %n+esti mento em Parti ci paSTes de Sondas '!00F 1,11( 1',),&
(G)
# 1,120 )
Sete rasi l Parti ci paSTes S!"! '!00F 2,021 101,0'0 # 1,,)2 ('1)
=.; "raucLri a Atda! 20!00F )0) )0),&&0
(G)
# ((( 2,
Deten XuPmi ca S!"! 2)!,,F 213 11,32),)(1 # 313 '&
.nergUti ca S="P. %% 20!00F 1&0 131,1)) # 1&, 3(
4ermoel Utri ca Poti guar S!"! # 4.P 20!00F 3) 11,2'1 # ,& (1)
*ompanhi a .nergUti ca Poti guar S!"! 20!00F 1 1 # (& '(
9i trocl or Atda! 3,!,0F 10 10,330
(G)
# 1 #
i oenergUti ca ri tarumW S!"! 30!00F # 110 # # #
A Petrobras:
o>nership
S"bscribed
capital at
2ecember 1.
2/12
Tho"sands of shares

(G)Xuota
(GG) Aot of one share
(GGG) "s of 01?30?12 Q Date from latest financial reports a+ailable to the mar6et!

1/.2 Chan#es in the ,n&estments 5Parent Company6

Balance at
12@1@2/11
Ac%"isition
and payin# in
of capital
Additional
paid in capital
Corporate restr"ct"rin#
@share capital decrease
0%"ity
acco"ntin#
8ther
comprehensi&e
income 2i&idends
Balance at
12@1@2/12
S"bsidiaries
P93 13,)&0 2) &, # ',1(1 1,'3( # 20,'12
$efi nari a "breu e Ai ma 2,11) ,,12' # # (''') # # 10,'()
Petrobras Di stri bui dora 1,1(0 # # (1)1) 1,,11 32 ((,,) 10,22&
;aspetro 10,')& 2(2 3( (12) 1,'31 # (2,0))) 10,322
4ranspetro 3,1&( 3'1 # # ((1 1) (&2&) 3,)()
P Aog # # # 3,&21 22 # (,) 3,&3'
P%8 1,&)) (,3 (22) # (21)) (') # 1,11(
*i tepe # 1,1,0 # (10 11 # # 1,,01
*A.P 1,&)3 # # # 31 # (10) 1,'02
Petro/uPmi caSuape # ,21 # (', (,3) # # 1,&0&
P%3 &00 # ,, # &11 (12() # ,'3
Ai /uigLs # # # ,', 1 # (11) ,&,
4ermomacaU Atda )&3 # # # 1,1 # (13)) )1'
*85P.$: Pol i ol efi nas ('1 # # # # # # ('1
rei tener 30 &33 (&) # 1) # # &)(
%9983" 3)) # # # (, # (1&) &31
4ermocearL 311 # # # (& # (&0) 3&3
P.9 2)0 # # # 2' # (3,) 2')
"rembepe # 1,( # # 3) # # 223
ai 7ada Santi sta 2&1 # # # (2&) # # 21)
Petro/ui sa &,'1( # # (&,'1() # # # #
Do2nstream 1,12& 2,300 # (3,&'1) 3' # # #
8ther s"bsidiaries '11 2& 21 # 3&) (,) (123) ,(0
=ointly controlled entities 1,0'1 & # 20) 11& # (,1) 1,2,)
Associates 1,(&3 1,' (') 2,131 (231) 2& (110) 3,'('
$$.2 1!.$-* 1*/ 51./'$6 -.'1/ 1.!*/ 5.+!-6 *'.2$'
2/12 2/11
Subsi di ari es, <oi ntl 0 control l ed enti ti es and associ ates )(,2'( '',323
;ood2i l l 3,1,0 3,0'(
=nreal i >ed profi ts # Parent compan0 (1,1&3) (1,3&0)
8ther i n+estments 11' 200
Total in&estments *+.!++ $*.2-

39
1/. ,n&estments 5Consolidated6
2/12 2/11
Associates and ?ointly controlled entities
Petrochemi cal i n+estments ',,3) (,22(
;as di stri butors 1,13& 1,0'(
;uarani S!"! 1,' ,&)
4ermoaSu S!"! '&( '3,
Petrori tupano # 8ri el o &)( &',
9o+a Frontei ra i onergi a S!"! &1& &3&
Petro2a0u # Aa *oncepci n 31& 330
Di stri l ec S!"! ,& 21(
Petro6ari _a # 5ata 1'& 11'
=.; "raucLri a 131 12,
4ransi erra S!"! 1&2 122
8ther associ ates and <oi ntl 0 control l ed enti ti es 1,13( 1,&(,
12.2 12./1+
8ther in&estments 2&& 230
12.!** 12.2!+

1/.! ,n&estments in listed companies

Company 2/12 2/11 Type 2/12 2/11 2/12 2/11
S"bsidiaries
Petrobras "rgentina (G)
1,3'(,)12 (),,31(
*ommon
1!&1 2!)0 1,113 1,,32
1.-1 1.+2
Associates
ras6em 212,&2) 212,&2) *ommon 1!(0 11!), 2,031 2,'02
ras6em )',)13 )',)13 Preferred # " 12!,0 12!,0 1)0 1)0
.//- .!*2
Tho"sand-share lot 54< per share6 (ar)et &al"e
e1chan#e prices
G"oted stoc)

(G) 8n September 2(, 2012 Petrobras "rgentina S!"! increased share capital through the capitali>ation of profit reser+es, as appro+ed b0 an
.7traordinar0 ;eneral 5eeting held along 2ith the "nnual ;eneral 5eeting on 5arch 21, 2012! 4his capitali>ation 2as carried out b0 the
issuance of 1,001,(1,,&10 ne2 class common shares! 4his transaction did not affect the *ompan0@s shareholders@ e/uit0!

4he mar6et +alue of these shares does not necessaril0 reflect the reali>able +alue of a large bloc6 of shares!

40
1/.$ S"mmariEed information on ?ointly controlled entities and associates

4he *ompan0 in+ests in <ointl0 controlled entities and associates in ra>il and abroad, 2hose acti+ities are
related to petrochemical companies, gas distributors, biofuels, thermoelectric po2er stations, refineries
and other acti+ities! Summari>ed accounting information is set out belo2B

,n BraEil Abroad ,n BraEil Abroad
*urrent assets &,333 1,',1 1&,)10 ',''1
9on#current assets 1,1'0 3&& (,'11 3&)
Propert0, pl ant and e/ui pment, net (,&), &,)21 2&,211 &,1&1
8ther non#current assets 2,111 13& 1,1,1 )
1$.'*2 '.*+/ $!.*/1 1/./$!
*urrent l i abi l i ti es &,2'' 2,((0 1&,131 &,(&3
9on#current l i abi l i ti es 3,',' 1,13, 22,&,' 1,(3'
Sharehol ders@ e/ui t0 ),)&2 1,('( 1),1,1 3,))(
9on#control l i ng i nterest 10 '2( ,, #
1$.'*2 '.*+/ $!.*/1 1/./$!
Sal es re+enues 11,2&) 2,&11 3,,0)1 1,2'0
9et %ncome for the 0ear ,,& 11, (,(0) 2&3
82nershi p i nterest # F From 10F to ,3F From 22F to '0F From 'F to &3F From 22F to '0F
2/12
=ointly controlled entities Associates


41
11 Property. plant and e%"ipment

11.1 By class of asset

Parent company
3and. b"ildin#s
and
impro&ements
0%"ipment and
other assets
Assets "nder
constr"ction 5F6
01ploration and
de&elopment
costs 5oil and #as
prod"cin#
properties6 Total Total
Balance at =an"ary 1. 2/11 +.*$' -*.1*! 1+.$*+ '.22- 2+/.** 1+-.-12
"ddi ti ons 1(1 2,)30 D '3,(10 3,210 '1,,)1 &2,222
"ddi ti ons to decommi ssi oni ng assets ? re+i e2 of esti mates # # D # 2,'32 2,'32 2,3,2
*api tal i >ed borro2i ng costs # # D ),32' # ),32' ',),,
usi ness combi nati ons # # D 2& # 2& #
Cri te#offs (&1) (&21) D (2,221) (',1) (3,2(&) (2,2',)
4ransfers &,20' 31,2,3 D (&0,21&) 12,31& ),',, 2,221
Depreci ati on, amorti >ati on and depl eti on ()11) (1,)(1) D # ((,((0) (1),22,) (12,3)()
% mpai rment # recogni ti on # (11) D (2)() (311) ()',) (&)3)
% mpai rment # re+ersal 3 2) D # (( 1( (1
*umul ati +e transl ati on ad<ustment (( 3,'&, D 1,)33 ,31 (,1,( #
Balance at 2ecember 1. 2/11 12.$- 12!.!+1 1$+.$$- !*.*1+ !.11* 22*.!*-
*os t 1(,,(' 11',1)) 1',,''1 11,&)& &)0,,)' 321,)0,
"ccumul ated depreci ati on, amorti >ati on and depl eti on (&,'0() ()1,&1() # ('1,)'() (12),)',) (1&,221)
Balance at 2ecember 1. 2/11 12.$- 12!.!+1 1$+.$$- !*.*1+ !.11* 22*.!*-
"ddi ti ons 100 &,0', D (3,,&& 3,3', )1,3(0 '(,10,
"ddi ti ons to decommi ss i oni ng ass ets ? re+i e2 of esti mates # # D # 10,)11 10,)11 10,&,1
*api tal i >ed borro2i ng costs # # D ),&00 # ),&00 ',3&,
usi ness combi nati ons 1(1 3)0 D & # '&3 #
Cri te#offs (11) (111) D (',232) (21') (','))) (',1'1)
4ransfers &,1&( &,,()1 D ('1,'31) 13,''0 ),(&& ,)1
Depreci ati on, amorti >ati on and depl eti on (133) (12,1,') D # (),3(0) (21,2),) (1',2'0)
% mpai rment # recogni ti on (&2) (3(() D ())) (30)) ()12) (21&)
% mpai rment # re+ersal # 11 D 2)( 133 '00 22&
*umul ati +e transl ati on ad<ustment 1( 2,)(3 D 1,(3' ',( ',0,0 #
Balance at 2ecember 1. 2/12 1'.'+! 1''.-*2 1''.+*+ '+.1+2 !1+.*1' 2*-.+2!
*os t 22,1&0 2'0,(30 D 1((,,), 12),&0, '(),0'( 310,&3(
"ccumul ated depreci ati on, amorti >ati on and depl eti on 5$.!$'6 5+.'$+6 D - 5$-.22'6 51!+.!/6 511/.'126
Balance at 2ecember 1. 2/12 1'.'+! 1''.-*2 1''.+*+ '+.1+2 !1+.*1' 2*-.+2!
Hei#hted a&era#e of "sef"l life in years 2' (2' to &0) 20 (3 to 31)
=ni ts of
producti on
method
e7cept l and (GG)
Consolidated

5F6 %t includes oil and gas e7ploration and de+elopment assets!
(GG) %t includes assets depreciated based on the units of production method!

"t December 31, 2012, consolidated and parent compan0 propert0, plant and e/uipment include assets
under finance leases of $K 20, and $K 10,2,), respecti+el0 ($K 1), and $K 10,121 at December 31, 2011)!


42
11.2 0stimated "sef"l life - Consolidated

0stimated "sef"l life Cost
Acc"m"lated
depreciation
Balance at
12@1@2/12
' 0ears or l ess 10,1'3 ((,&)&) &,&)1
( # 10 0ears &1,1)2 (1,,)03) 22,&(1
11 # 1' 0ears &,033 (1,)01) 2,32&
1( # 20 0ears (1,20& (1,,03)) '1,1()
21 # 2' 0ears '0,1(1 (13,)(0) 3),201
2' # 30 0ears &,,10) (),'&2) &0,'('
30 0ears on2ards ','1, (3,221) 2,3(1
=ni ts of producti on method &1,10& (11,((0) 21,&&&
2*1.12 5+-.11!6 1+2./1+
ui l di ngs and i mpro+ements 20,'02 (',&'() 1',0&(
./ui pment and other assets 2'0,(30 (,3,(',) 1((,1)2
B"ildin#s and impro&ements. e%"ipment and other assets

11. ,mpairment of assets

,mpairment

%n 2012 the *ompan0 recogni>ed impairment losses relating primaril0 to mature producing fields in ra>il
($K 21&) and to the re+ie2 of the cash flo2s e7pected to be generated b0 the =!S! Pasadena $efiner0
operations ($K &(&)!

$e+ersals of impairment 2ere recogni>ed in 2012 as the assessments re+ealed that impairment losses
recogni>ed in prior periods related to certain oil and gas fields in ra>il ($K 22&) and in the Suape
Petrochemical *omple7 ($K 2)() decreased or no longer e7ist!


43
12 ,ntan#ible assets

12.1 By class of Assets

Parent company
Ac%"ired
Balance at 2ecember 1. 2/1/ *+.1/ 2/ 1.'1 -/' +/.+-* **.-/$
"ddi ti on (), 110 33( 11 1,1&3 &11
"c/ui s i ti on through bus i nes s combi nati on # # # & & #
*a pi ta l i >e d borro2i ng cos ts # # 3( # 3( 3(
Cri te#offs (2)3) (') (12) # (210) (1)2)
4rans fers (12) 11 (3() (&) (113) ()2)
"morti >ati on (&&) (113) (3&1) # (&1,) (311)
% mpai rment # recogni ti on (2) # # # (2) #
*umul ati +e trans l ati on ad< us tment 22) ( # 2& 2') #
Balance at 2ecember 1. 2/11 *+.+/! * 1.!! -!- +1.!! **.*/-
*os t )1,'2' 1,3(1 2,,3) 1&1 ,&,()2 )1,,)2
"ccumul ated amorti >ati on ()21) (1,02&) (1,&13) # (3,23,) (2,1(3)
Balance at 2ecember 1. 2/11 *+.+/! * 1.!! -!- +1.!! **.*/-
"ddi ti on 1)1 1&1 2,( # (0( &',
*api tal i >ed borro2i ng cos ts # # 30 # 30 30
Cri te#offs (221) (3) (() # (23,) (231)
4rans fers (1(() 23 (11,) (2,) (3(1) (2'))
"morti >ati on (11) (111) (2),) # (&,,) (3(0)
% mpai rment # re+ers al 12 # # # 12 #
*umul ati +e trans l ati on ad< us tment 113 ) # 20 220 #
Balance at 2ecember 1. 2/12 *+.*/2 +' 1.1*+ -!1 +1.2/* **.!-
*os t )1,'33 1,&(3 2,1'0 1&1 ,&,,,) )1,,)3
"ccumul ated amorti >ati on (,31) (1,0))) (1,))2) # (3,(,0) (2,'2&)
Balance at 2ecember 1. 2/12 *+.*/2 +' 1.1*+ -!1 +1.2/* **.!-
0stimated "sef"l life - years (G) ' ' % ndefi ni te
Total
4i#hts and
concessions
Consolidated
Soft>are
2e&eloped
in-ho"se
9ood>ill
from
e1pectations
of f"t"re
profitabilit y Total

(G) See note &!) (%ntangible assets) for further information!

12.2 Concession for e1ploration of oil and nat"ral #as - 8nero"s Assi#nment A#reement
5ICessJo 8nerosaK6

"t December 31, 2012, the *ompan0-s intangible assets include $K)&!,0, related to the 8nerous
"ssignment agreement, entered into in 2010 b0 Petrobras, the Federal ;o+ernment (assignor) and the
"gVncia 9acional de Petrleo, ;Ls 9atural e iocombustP+eis # "9P (regulator and inspector), granting the
*ompan0 the right to carr0 out prospection and drilling acti+ities for oil, natural gas and other li/uid
h0drocarbons located in bloc6s in the pre#salt area (Franco, Florim, 9ordeste de 4upi, .ntorno de %ara, Sul
de ;uarL e Sul de 4upi), limited to the production of fi+e billion barrels of oil e/ui+alent in up to &0 0ears
and rene2able for a further fi+e 0ears upon certain conditions ha+ing been met!

4he agreement establishes that at the time of the declaration of commercialit0 for the reser+es there 2ill
be a re+ie2 of +olumes and prices, based on independent technical appraisal reports!


44
%f the re+ie2 determines that the +alue of ac/uired rights are greater than initiall0 paid, the *ompan0 ma0
be re/uired to pa0 the difference to the Federal ;o+ernment, or ma0 proportionall0 reduce the total
+olume of barrels ac/uired in the terms of the agreement! %f the re+ie2 determines that the +alue of the
ac/uired rights are lo2er than initiall0 paid b0 the *ompan0, the Federal ;o+ernment 2ill reimburse the
*ompan0 for the difference b0 deli+ering cash or bonds, sub<ect to budgetar0 regulations!

8nce the effects of the aforementioned re+ie2 become probable and can be reliabl0 measured, the
*ompan0 2ill ma6e the respecti+e ad<ustments to the purchase prices of the rights!

4he agreement also establishes a compulsor0 e7ploration program for each one of the bloc6s and minimum
commitments related to the ac/uisition of goods and ser+ices from ra>ilian suppliers in the e7ploration
and de+elopment stages, 2hich 2ill be sub<ect to certification b0 the "9P! %n the e+ent of non#compliance,
the "9P ma0 appl0 administrati+e sanctions pursuant to the terms in the agreement!

%n compliance 2ith the e7ploration program, in 2012 the *ompan0 concluded the drilling of four 2ells in
the 8nerous "ssignment area, confirming the potential for h0drocarbon resources in the area! Petrobras
2ill continue to de+elop its in+estment program and acti+ities as established in the agreement!

12. 01ploration ri#hts ret"rned to A#Lncia Nacional de Petrleo. 9Ms Nat"ral e Biocomb"stN&eis
5ANP6

.7ploration areas returned to "9P in 2012, in the amount of $K 221 ($K 1', in 2011) are set out belo2!
01cl"si&e Concession Bloc)s 5Petrobras6;
.spPrito Santo asinB .S#5#&((Y
Santos asinB S#5#&1', S#5#()'Y S#5#'0(Y S#5#13',Y S#5#1&,2Y 5#S#1)Y
Potiguar asinB P84#4#'1'Y P84#4#'(0Y P84#4#(00Y P84#4#(02Y
Sergipe "lagoas asinB S."A#4#2'2 e S."A#4#2'3Y
$ecRnca+o aiano asinB $.*#4#201!
Bloc)s in partnership 5ret"rned by Petrobras or by its operators6;
*ampos asinB *#5#103Y *#5#1'1Y
.spPrito Santo asinB .S#4#&10Y
Santos asinB S#5#330, S#5#322Y S#5#'0,, S#5#1&)(Y 5#S#22Y
Potiguar asinB P84#4#(0,Y P84#4#''(, P84#4#(01Y P84#4#'(&Y
Potiguar 8ffshore asinB 5#P84#13Y
ParL#5aranhWo asinB P"5"#5#1,)!

12.! 8il and 9as fields operated by Petrobras ret"rned to ANP

9o oil and gas fields 2ere returned to "9P in 2012!


45
12.$ Ser&ice concession a#reement - 2istrib"tion of piped nat"ral #as

"t December 31, 2012, intangible assets include ser+ice concession agreements related to piped natural
gas distribution in ra>il, in the amount of $K &1, maturing bet2een 2021 and 20&3, 2hich ma0 be
e7tended! "ccording to the agreements, distribution ser+ice can be pro+ided to industrial, residential,
commercial, automoti+e, air conditioning, transport, and other sectors!

4he consideration recei+able is a factor of a combination of operating costs and e7penses and returns on
capital in+ested! 4he rates charged for gas distribution are sub<ect to periodic re+ie2s b0 the state
regulator0 agenc0!

4he agreements establish an indemnit0 clause for in+estments made in assets 2hich are sub<ect to return
at the end of the ser+ice agreement, to be determined based on e+aluations and appraisals!


46
1 01ploration for and e&al"ation of oil and #as reser&es

4he e7ploration and e+aluation acti+ities include the search for oil and gas from obtaining the legal rights
to e7plore a specific area until the declaration of the technical and commercial +iabilit0 of the reser+es!

5o+ements on capitali>ed costs directl0 associated 2ith e7plorator0 2ells pending determination of pro+ed
reser+es and the balance of amounts paid for obtaining rights and concessions for e7ploration of oil and
natural gas (capitali>ed ac/uisition costs) are set out in the table belo2B

2/12 2/11
CapitaliEed 01ploratory Hell Costs @ CapitaliEed Ac%"isition Costs 5F6
Property plant and e%"ipment
Balance at =an"ary 1 1,,1,3 12,,11
"ddi ti ons to capi tali >ed costs pendi ng determi nation of pro+ed reser+es 12,1,2 10,&,'
*api tali >ed e7plorator0 costs charged to e7pense (',&31) (2,33&)
4ransfers upon recogni ti on of pro+ed reser+es (',13)) (2,(1,)
*umul ati+e translati on ad<ustment 3)1 (30
Balance at 2ecember 1 21.*'/ 1+.-+
,ntan#ible Assets 5FF6 **.$++ *+.1'*
CapitaliEed 01ploratory Hell Costs @ CapitaliEed Ac%"isition Costs --.!+ -*.1$/
Consolidated

(G) "mounts capitali>ed and subse/uentl0 e7pensed in the same period ha+e been e7cluded from the table abo+e!
(GG) 4he balance of intangible assets comprises mainl0 the amounts related to the 8nerous "ssignment "greement (note 12!2)!

.7ploration costs recogni>ed in profit or loss and cash used in oil and gas e7ploration and e+aluation
acti+ities are set out in the table belo2B
2/12 2/11
01ploration costs reco#niEed in profit or loss # #
;eol ogi cal and geoph0si cal e7penses 1,11& 1,)23
.7pl orati on e7pendi tures 2ri tten off (i ncl udes dr0 2el l s and si gnature bonuses) ',(2, 2,'0&
8ther e7pl orati on e7penses 1)' 1)0
Total e1penses *.*-* !.-*
2/12 2/11
Cash "sed in acti&ities
8perati ng acti +i ti es 2,22( 1,,'(
%n+estment acti +i ti es 12,1,2 10,&,'
Total cash "sed 1$.2/+ 12.!1
Consolidated
Consolidated


47
1.1 A#in# of CapitaliEed 01ploratory Hell Costs

"n aging of the number of 2ells and the capitali>ed e7plorator0 2ell costs based on the drilling completion
date, as 2ell as the number of pro<ects for 2hich e7plorator0 2ell costs ha+e been capitali>ed for a period
greater than one 0ear are set out in the table belo2B

A#in# of capitaliEed e1ploratory >ell costs 5F6@5FF6

2/12 2/11
*api tal i >ed e7pl orator0 2el l costs that ha+e been capi tal i >ed for a peri od of one 0ear ,,(21 ',131
*api tal i >ed e7pl orator0 2el l cos ts that ha+e been capi tal i >ed for a peri od greater
than one 0ear 13,131 13,0&&
21,)(0 1,,1,3
N"mber of pro?ects that ha&e e1ploratory >ell costs that ha&e been capitaliEed
for a period #reater than one year 1&' 11
Consolidated

(G) "mounts paid for obtaining rights and concessions for e7ploration of oil and natural gas (capitali>ed ac/uisition costs) are not included!

,n tho"sand N"mber of
4< >ells
2011 &,'23 (2
2010 2,21& 2&
2001 2,0(1 3&
200, 1,20' 11
200) and pre+i ous 0ears 3,12, 1,
0ndin# balance 13,131 1&1

8f the amount of $K 13,131 for 1&' pro<ects that include 2ells suspended for more than one 0ear since the
completion of drilling, appro7imatel0 $K 3,'', are related to 2ells in areas for 2hich drilling 2as under 2a0
or firml0 planned for the near future and appro7imatel0 $K 1,2,& are related to costs incurred to assess the
reser+es and their potential de+elopment!

1! Trade payables
2/12 2/11 2/12 2/11
C"rrent liabilities
4hi rd parties
%n ra>i l 13,30( 12,2'1 10,,(, 1,2'2
"broad 10,&30 1,1'1 2,11& 3,01(
$el ated parti es (9ote 1)!1) 1,031 ,3& 13,0'( 10,333
2!.**$ 22.2$2 2'.-1+ 22.'/1

Petrleo rasileiro S!"! Q Petrobras

48
1$ Finance 2ebt

2/12 2/11 2/12 2/11 2/12 2/11 2/12 2/11
Abroad
Fi nanci al institutions 1,&2, 13,(&1 '1,&0( 3),'10 101 3&& 1&,23( 13,1(3
earer bonds # 9otes, ;lobal 9otes and onds 2,'1& ,03 (3,&13 31,&&1 1,'01 # 113 2,1,2
4rust *erti fi cates # Senior?:uni or # # # ' # # # #
%ntercompan0 Aoans (9ote 1)!1) # # # # # # 21,)(2 #
Prepa0ment of e7ports (9ote 1)!1) # # # # &,033 # # #
8thers '00 12 ' 110 # # # #
12.!!2 1!.!$' 11!.+2! **.22' $.'$1 !! '.-11 1$.!$
,n BraEil
.7port *redi t 9otes 211 13' 12,)1' 12,1,2 2)' 13' 12,)1' 12,1,2
9D.S 1,)1& 1,)11 &&,111 3),3,' 3(1 303 1(,113 10,22&
Debentures 2,( 1,,'3 )0' 113 )2 1,)00 100 1()
F%9"5. (1 )1 ((( )31 (1 )1 ((( )31
an6 *redit *ertifi cate 102 '1 3,(0( 3,(0( 31 '2 3,(0( 3,(0(
"ssi gnmet of non#performing recei +abl es (F%D*#9P) (9ote 1)!2) # # # # 1,0(0 1,(31 # #
8thers 3)1 '11 &,111 3,&,2 # # # #
2.+!1 !.!2+ '$.--! $-.1*- -.+'+ 11.-/+ .'/ 2*.*1/
1$.2+ 1+.++! 1+/.+1+ 1'.!/$ 1$.$1- 12.2$2 */.2*1 !./$$
%nterest e7pense on debt 2,0,1 1,(&, (0( '1&
Aong#term debt due 2ithi n one 0ear (pri nci pal ) ',)11 (,121 1,,20 2,011
Short#term debt ),&11 D 10,31' D 13,013 D 1,(31 D
1$.2+ 1+.++! 1$.$1- 12.2$2
Parent company
C"rrent liabilities Non-c"rrent
Consolidated
C"rrent liabilities Non-c"rrent

1$.1 Sched"led mat"rity dates of non-c"rrent debt 5principal and interest accr"ed6

201& ,,'3' 2,)&(
201' 1&,'(0 3,31)
201( 2),12& 13,,,)
201) 11,1,( ),121
201, and thereafter 110,(13 &3,112
4otal 1+/.+1+ */.2*1
2/12


49
1$.2 ,nterest rate ran#e for non-c"rrent debt

2/12 2/11 2/12 2/11
Abroad
=p to &F p!a! (',022 &1,&11 1&,233 1&,&)(
From &!01 to (F p!a! 2,,13' 1),)11 20,30& 233
From (!01 to ,F p!a! 20,2(3 1',)21 2,3)& (3(
5ore than ,F p!a! 1,&0& 2,21' # #
11!.+2! **.22' '.-11 1$.!$
,n BraEil
=p to (F p!a! (,11( ',3,3 ,,1 &('
From (!01 to ,F p!a! 33,)&0 32,311 10,'13 1,''1
From ,!01 to 10F p!a! 2&,220 3,(21 21,10, 1,01,
5ore than 10F p!a! 1,11, 1),,(& '0 1(,',,
'$.--! $-.1*- .'/ 2*.*1/
1+/.+1+ 1'.!/$ */.2*1 !./$$

1$. Non-c"rrent debt by ma?or c"rrency

2/12 2/11 2/12 2/11
=!S! dol l ar 1,,)1& (,,012 21,1(( 1&,&'1
$eal 3),(22 32,,,2 2&,1&3 11,233
$eal i nde7ed to =!S! dol l ar 2,,0(3 2',1&2 10,130 1,211
.uro 10,&12 &,(,1 ',3)1 #
Pound Sterl i ng 3,)0( 1,111 1,&(1 #
:apanese èn 2,221 2,,1) # )2
1+/.+1+ 1'.!/$ */.2*1 !./$$

4he sensiti+it0 anal0sis for financial instruments sub<ect to foreign e7change +ariation and the fair +alue of the
long#term debt are disclosed in notes 30 and 31, respecti+el0!

1$.! Hei#hted a&era#e capitaliEation rate for borro>in# costs

4he 2eighted a+erage interest rate, of the costs applicable to borro2ings that are outstanding, applied
o+er the balance of assets under construction for capitali>ation of borro2ing costs 2as &!'F p!a! in 2012
(&!(F p!a! in 2011)!


50
1$.$ F"ndin#

Funding re/uirements are mainl0 related to the de+elopment of oil and gas production pro<ects, building
of +essels and pipelines, and e7pansion of industrial plants!

4he main long#term debt issuances in 2012 are set out belo2B

a .broad

Company 2ate Amo"nt (at"rity 2escription
Pi f*o Feb?12 12,021
201', 201),
2021, 20&1
;l obal notes i ssued i n the amounts of =SK 1,2'0 mi l l i on, =SK 1,)'0
mi l l i on, =SK 2,)'0 mi l l i on and =SK1,2'0 mi l l i on 2i th 2!,)'F p!a!,
3!'00F p!a!, '!3)'F p!a! and (!)'0F p!a! coupon, respecti +el 0!
P93
"pr?12 to
:un?12
3,(12
201,, 2011
and 2023
Fi nanci ng i n the amount of =SK1,,)1 mi l l i on obtai ned from 5organ
Stanl e0 an6 , :P 5organ *hase, *i ti ban6 %nternati onal PA*, and HS*
an6 PA* # Ai bor O mar6et i nterest!
P93
"ug?12 to
Sep?12
3,0&3 2011
Fi nanci ng i n the amount of =SK1,'00 mi l l i on obtai ned from .7port
De+el opment *anada and HS* Hol di ng PA* # Ai bor O mar6et i nterest!
P;4 3 Sep?12 3,0&3
201) and
201,
Fi nanci ng i n the amount of =SK1,'00 mi l l i on obtai ned from anco do
rasi l S?" and *i ti ban6 9!"! # Ai bor O mar6et i nterest!
P;4 3
8ct?12 and
Dec?12
3,0)2
201) and
201,
Fi nanci ng i n the amounts of =SK1,000 mi l l i on and =SK'00 mi l l i on
obtai ned from an6 of "meri ca and Standard *hartered # Ai bor O
mar6et i nterest!
P;F 3 8ct?12 ',22)
2011 and
2023
;l obal notes i ssued i n the amounts of E 1,300 mi l l i on and E )00
mi l l i on 2i th 3!2'F p!a! and &!2'F p!a! coupon, respecti +el0!
P;F 3 8ct?12 1,&)2 2021
;l obal notes i ssued i n the amounts of a &'0 mi l l i on 2i th '!3)'Fp!a!
and &!2'F p!a! coupon!
1.!-+


51
b 6n &ra7il

Company 2ate Amo"nt (at"rity 2escription
Fundo de
%n+esti mento
%mobi l i Lri o $
AogPsti ca
:an?12 &01
2023,202(
and 202,
%ssuance of real state credi t notes for the constructi on of a l aborator0
and an admini strati +e bui l di ng # %P*" O a+erage spread of '!3F p!a!
Fundo de
%n+esti mento
%mobi l i Lri o F*5
5a0?12 '1&
202' and
2032
%ssuance of real state credi t notes for the constructi on of the assets of
Porto 9aci onal and Porto *ru>ei ro do Sul pro<ects # %P*" O &!0133F
p!a! and &!1),1Fp!a!
Petrobras
:ul ?12 and
Sep?12
&,21'
201' and
2022
Fi nanci ng obtai ned from 9D.S to be used on the moderni >ati on of the
domesti c refi ni ng faci l i ti es and other i nfrastructure pro<ects, as 2el l
as research and de+el opment pro<ects and moderni >ati on and
e7pansi on of the technolog0 par6!
Petrobras
9o+?12 and
Dec?12
)1&
201', 202&
and 202(
Fi nanci ng obtai ned from 9D.S to be used on the moderni >ati on of the
domesti c refi ni ng faci l i ti es, constructi on of a regasi fi cati on termi nal
for natural gas and depl o0ment of i ndustri al uni t for the producti on
of ni trogen ferti l i >ers!
$.+$2

1$.' F"ndin# O o"tstandin# balance

a .broad

Company A#ency Contracted Csed Balance
P93 *i ti ban6 %nternati onal PA*
(,( '&1 13)
P93 HS* an6 PA*
1,000 1)3 ,2)
Petrobras :apan an6 for % nternati onal *ooperati on (:% *)
(00 # (00
Petrobras 4he an6 of 4o60o#5i tsubi shi =F:, Atd (45=) G
&00 # &00
Amo"nt in CS< million

(G)
:apan an6 for %nternational *ooperation (:%*) 2ill pro+ide partial guarantees 2hether the line of credit is used!

b 6n &ra7il

Company A#ency Contracted Csed Balance
4ranspetro
(G)
9D.S, anco do rasi l and *ai 7a .conRmi ca Federal # *.F 10,00& 1,2(' ,,)31
.mpresa de AogPsti ca
de .]P
9D.S 1,101 2,' ,2&
Petrobras 9D.S 10,3)'
&,121 ',&&(
Ai /ui gas 9D.S 11&
,3 31

(G)Purchase and sale agreements of &1 +essels and 20 con+o0s 2ere signed 2ith si7 ra>ilian ship0ards in the amount of $K 11,11(, 2hich 10F is
financed b0 9D.S, anco do rasil and *ai7a .conRmica Federal Q *.F!

52
1$.* 9"arantees

Petrobras is not re/uired to pro+ide guarantees to financial institutions! *ertain 9D.S loans are secured
b0 the assets being financed!

4he loans obtained b0 Special Purpose .ntities (SP.) are guaranteed b0 the pro<ect assets, as 2ell as a lien
on credit rights and shares of the SP.s!

1' 3eases

1'.1 F"t"re minim"m lease Payments @ 4eceipts O Finance 3eases

Parent company
(inim"m receipts (inim"m payments (inim"m payments
2013 3,' &3 2,2&&
1,&,2 1)) ',12(
&,221 3'0 2,&3(
'./++ $*/ -.+/'
# # #
(2,,2() (3')) (2,0&&)
# # #
.2'2 21 *.*'2
123 3) 1,)&1
9on#current 3,131 1)( (,021
At 2ecember 1. 2/12 .2'2 21 *.*'2
/ / /
22' ,2 1,122
9on#current 2,,&, 1,3 ),&22
At 2ecember 1. 2/11 ./* 2'$ -.!!
Present &al"e of the lease receipts @ payments
*urrent
%nterest e7pense (annual )
*urrent
Consolidated
201& # 201)
201, and thereafter
0stimated lease receipts@payments
2/12

1'.2 F"t"re (inim"m 3ease Payments - 8peratin# leases

2013 3&,1)& &0,21,
201& # 201) )2,1(2 1&,2')
201, and thereafter (0,3,3 11&,'10
At 2ecember 1. 2/12 1''.*1- 2!+.-+$
=SD 0 =SD 0
At 2ecember 1. 2/11 1/!.12 1-.++/
2/12

During 2012, the *ompan0 paid $K 20,&&3 for consolidated operating lease installments ($K 2),1&( in the
Parent compan0), recogni>ed as a period e7pense!


53
1* 4elated parties

1*.1 Commercial transactions and other operations

Petrobras carries out commercial transactions 2ith its subsidiaries, special purpose entities and associates
at normal mar6et prices and mar6et conditions! "t December 31, 2012 and December 31, 2011, no losses
2ere recogni>ed on the balance of related part0 accounts recei+able!

18.1.1 &+ transaction
Profit or 3oss C"rrent Non-c"rrent Total C"rrent Non-c"rrent Total
Profit or 3oss
4e&en"es 5mainly sales re&en"es6 12(,11'
Forei#n e1chan#e and inflation inde1ation char#es. net (1,1'))
Financial income 5e1penses6. net (1,011)
Assets
Trade and other recei&ables -.1-1 '.++' 1'./**
4rade and other recei +abl es (mainl0 from sal es) ),)'' # ),)''
Di +idends recei+abl e 1,001 # 1,001
%ntercompan0 l oans # &,',' &,','
*apital i ncrease (ad+ance) # 1,1'0 1,1'0
$el ated to constructi on of natural gas pi pel ines # )&1 )&1
$ei mbursements recei+able # 302 302
8ther operati ons &3' 10, '&3
3iabilities
Finance leases 51.*!16 5$.-*6 5*.*1!6
Financin# on credit operations 51.$/-6 5-16 52.!226
,ntercompany loans - 521.*'26 521.*'26
Prepayment of e1ports 5!./6 - 5!./6
Acco"nts payable to s"ppliers 51./$'6 - 51./$'6
Purchases of crude oil , oil products and others (10,3&)) # (10,3&))
"ffrei ghtment of pl atforms (1,(',) # (1,(',)
"d+ances from cl ients (,'() # (,'()
8thers (11') # (11')
8ther operations (131) (,2) (221)
,n 2/12 12.1- -.1-1 '.++' 1'./** 52/.!*+6 52+.*/6 5!-.2/+6
,n 2/11 11$.+/ 1!./' 11.+!/ 2'.1!' 512.+-6 5-.+*6 522.22'6
Parent company
Assets 3iabilities
2/12


54
18.1.2 &+ co"#an+

Profit or 3oss C"rrent Non-c"rrent Total C"rrent Non-c"rrent Total
S"bsidiaries
5F6
$ Di stri bui dora )&,03& 3,130 11 3,1&1 (21,) (11) (31))
P%#3 Hol anda 20,0,& 1,2(( &,3,1 ',(&) (10,23') (22,()') (32,110)
;aspetro (,11, 1,&1, )&1 2,1'1 (1,)'') # (1,)'')
P#A8; 2,00' 20& # 20& (212) # (212)
4ranspetro ',1 30( # 30( (('() # (('()
$efi nari a "breu e Ai ma 3&1 22, '11 ,11 # # #
4hermoel ectri c po2er pl ants 1(2 2,& 22, '12 (11) ()0() (,0')
rei tener .nergUti ca ,' # &' &' # # #
P93 100 13 1, 31 (1,1'&) # (1,1'&)
rasoi l (22)) &&) ( &'3 (10) # (10)
P%F*o (2(2) ) 3 10 (2,101) # (2,101)
8ther subsi di ari es 2,,(' 111 )1' 1,(2( (1(') (,,() (1,,'1)
1/'.'+' +.21! '.*!* 1!.-'1 51-.1'$6 52!.2+'6 5!.!$16
Special p"rpose entities 5SP06
9o+a 4ransportadora do 9ordeste # 949 1' 3&& '0 31& (2,0) (((1) (1&1)
*D5P% ((0) # # # (2,1) (1,11,) (2,2,))
9o+a 4ransportadora do Sudeste # 94S ((0) 31) 3 320 (2&') ((31) (,,&)
PD.4 8ff Shore ()&) # (2 (2 (310) (1,0,3) (1,313)
8ther SP.@s # # 20 20 # # #
51*-6 ''1 1$ *-' 51.12!6 5!.+16 5$.$/$6
Associates
*ompani es from the petrochemi cal sector 1(,(1) 30& # 30& (101) ((3) (1)2)
8ther "ssoci ates 1' 12 & 1( (,0) # (,0)
1'.'2 1' ! 2/ 51+-6 5'6 52$26
12.1- -.1-1 '.++' 1'./** 52/.!*+6 52+.*/6 5!-.2/+6
Parent company
Assets 3iabilities
2/12

(G) %t includes its subsidiaries and <ointl0 controlled companies!

18.1.3 'ates for interco"#an+ loans

%ntercompan0 loans are charged at interest rates based on mar6et parameters and pursuant to applicable
regulations, as set out belo2B
2/12 2/11 2/12 2/11
=p to )F p!a! &,30) 1,103 (1&,130) #
Fom )!01F to 10F p!a! # # ((,,32) #
From 10!01F to 13F p!a! 1 2)( # #
5ore than 13F p!a! 2)) '21 # #
!.$+$ -.-/+ 521.*'26 -
Assets 3iabilities
Parent company


55
1*.2 Non standardiEed recei&ables in&estment f"nd 5F,2C-NP6

4he Parent *ompan0 in+ests in the non#standardi>ed recei+ables in+estment fund (F%D*#9P), 2hich
comprises mainl0 recei+ables and non#performing recei+ables arising from the operations performed b0
subsidiaries of the Petrobras ;roup!

%n+estments in go+ernment bonds made b0 the F%D*#9P are recogni>ed as cash and cash e/ui+alents or
mar6etable securities, according to their e7pected reali>ation terms!

*apitali>ed finance charges from the disposal of recei+ables and?or non#performing recei+ables are
recogni>ed as other current assets!

4he assignment of recei+ables is recogni>ed as other current assets, 2hile the0 are not recei+ed! 4he
assignment of non#performing recei+ables is recogni>ed as current debt 2ithin current liabilities!

2/12 2/11
)1 2,&)&
2,3)0 (,,&0
,( 1'3
"ssi gnment of $ecei +abl es (1,1'&) ((,1)
Total reco#niEed >ithin c"rrent assets 1.+1 +.*+'
# #
"ssi gnments of non#performi ng recei +abl es (1,0(0) (1,(31)
Total reco#niEed >ithin c"rrent liabilities 5-./'/6 5-.'-6
2/12 2/11
Fi nance i ncome F%D*#9P ,02 210
Fi nance e7pense F%D*#9P (1,21)) (1,202)
Net finance income 5e1pense6 5!1$6 5--26
Parent company
Short#term fi nanci al i n+estments
5ar6etabl e securi ti es
Deferred Fi nance charges

1*. 9"arantees 9ranted

Petrobras guarantees certain financial operations carried out b0 its subsidiaries abroad!

Petrobras, based on contractual clauses that support the financial operations bet2een the subsidiaries and
third parties, guarantees the pa0ment of debt ser+ice in the e+ent that a subsidiar0 defaults on a debt!


56
"t December 31, 2012, the outstanding balance of financial operations carried out b0 these subsidiaries
and guaranteed b0 Petrobras is set out belo2B

2/11
PifCo PNBD TA9 4ef. Abre" e 3ima P9F P9T 8ther Total Total
2012
# # # # # # # # ,,003
2013
3,,30 3,101 # # # # # (,131 ),2
201&
1,10( &01 # # # # # 1,'0) 1,(12
201'
2,''& 2,&3, # # # # # &,112 2,2(&
201(
,,3,& 3,(3' # # # # # 12,011 11,213
201)
&,10) 2,'00 # # # # (13 ),220 3,&(,
201, and thereafter &1,1'& 21,,)2 11,,2' 10,(&) (,,)) (,130 '11 11,01( (),02'
'1.1$ .-$$ 11.+2$ 1/.'!* '.+** '.1/ 1.12! 11.'- -!.'*
(at"rity date of the
loans
2/12

1*.! ,n&estment f"nd of s"bsidiaries abroad

"t December 31, 2012, P;4 3 had amounts in+ested in an in+estment fund abroad that held debt
securities of other subsidiaries and special purpose entities of the Petrobras ;roup, related to the
*ompan0@s pro<ects, mainl0 ;asene, 5alhas, *A.P and 5arlim Aeste (P#'3), among other in+estments, in
the amount of $K1','(1 ($K 1&,'2) at December 31, 2011, held b0! Pif*o and rasoil)!

1*.$ Transactions >ith ?ointly controlled entities. associates. #o&ernment entities and pension
f"nds

4he balances of significant transactions are set out in the table belo2B

Assets 3iabilities Assets 3iabilities
=ointly controlled entities and associates 1.$- 1.22/ 1.$!- *+
;as di stri butors 112 &&2 ,)( 3''
ras6em and i ts subsi di ari es 311 222 1(3 13&
8ther <oi ntl 0 control led enti ti es and associ ates 3)0 ''( '10 21&
CS2 / CS2 / CS2 / CS2 /
9o&ernment entities and pension f"nds !-.- *1.! !2.-22 '+./'
;o+ernment bonds 3(,1'1 # 2(,&,( #
anco do rasi l S!"! () 1,1)1 1,010 2,13) 11,,22
:udi cial deposi ts (*.F and ) ',&'3 # 3,&&3 #
$ecei +abl es from the el ectri ci t0 sector (note 1)!() 3,1', # 3,()2 #
Petrol eum and al cohol account # $ecei +ables from Federal go+ernment (note 1)!)) ,3' # ,32 #
9D.S ) &),,(, ) &0,,11
*ai7a .conRmi ca Federal (*.F) # ,,2(2 ',130 ,,1,&
"gVnci a 9aci onal do Petrl eo, ;Ls 9atural e i ocombustP+eis ("9P) # 3,1') # 3,,(1
Federal go+ernment # Di +i dends # 1)) # 1,111
Petros (Pensi on fund) # 33& # 3'3
8thers )&2 12( &1' 1,,2'
$1.$2' *2.$$! !!.!*1 '+.+!'
Consolidated
2/12 2/11


57
4he classification of the transactions and their carr0ing amounts are set out belo2B

Asset s 3iabilit ies Asset s 3 iabilit ies
C"rrent asset s !1 .$ -! # 2.1! #
*a s h a nd c a s h e/ui +a l ents 1) ,& 0) # 1 2,0)1 #
5a r 6eta bl e s ec ur i ti es 21 ,3 10 # 1 (,),' #
4r a de a nd other r ec ei +a bl es , net 2 ,, 02 # 3,13( #
8ther c ur r ent a s s ets )' # 13& #
# # #
Non-c"rrent - .- 2 # 1 2.* #
Petr ol eum a nd a l cohol a c count # $ec ei +a bl es fr om Feder a l go+er nment , 3' # ,32 #
5a r 6eta bl e s ec ur i ti es 2 )& # ',(3, #
:udi c i a l depos i ts ' ,& '3 # 3,&&3 #
8ther non#c ur r ent a s s ets 3 ,3 )0 # 2,&2& #
# # # #
C"rrent liabilit ie s - 1/ .+2* # 1 1.'**
*ur r ent debt # 2 ,1'1 # &,)2(
Pr opos ed di +i dends # 2 ,&&' # 1,,&,
8ther c ur r ent l i a bi l i ti es # ' ,&23 # ',103
# # # #
Non-C"rre nt 3 iabilit ies - '1 .*2* # $ *.1'-
9on#c ur r ent debt # (1 ,333 # ' (,),(
8ther non#cur r ent l i a bi l i ti es # 31& # 3,3
$1 .$ 2' *2 .$$! ! !.!*1 ' +.+!'
Consolidat e d
2/1 2 2/ 11

1*.' 4ecei&ables from the electricity sector

"t December 31, 2012, the *ompan0 had a total amount of $K3,1', ($K 3,()2 at December, 31, 2011) of
recei+ables from the ra>ilian electricit0 sector, of 2hich $K 3,3'1 2ere classified as non#current assets
after negotiations held during the 0ear!!
!
4he *ompan0 supplies fuel to thermoelectric po2er plants located in the northern region of ra>il, 2hich
are direct or indirect subsidiaries of .letrobras, the Federal ;o+ernment electric energ0 compan0! Part of
the costs for suppl0ing fuel to these thermoelectric po2er stations is borne b0 the Fuel *onsumption
"ccount (*onta de *onsumo de *ombustP+el # ***), managed b0 .letrobras!

4he *ompan0 also supplies fuel to %ndependent Po2er Producers (Produtores %ndependentes de .nergia #
P%.), 2hich are companies created for the purpose of generating po2er e7clusi+el0 for "ma>onas
Distribuidora de .nergia S!"! # "5., a direct subsidiar0 of .letrobras! 4he pa0ment of amounts related to
the fuel supplied is borne b0 "5., 2hich transfers funds to the %ndependent Po2er Producers!

4he balance of these recei+ables at December 31, 2012 2as $K 3,'20 ($K 3,21) at December 31, 2011), of
2hich $K 2,1(( 2as past due ($K 2,('' at December 31, 2011)!

4he *ompan0 has been using all a+ailable resources in order to reco+er these recei+ables and, follo2ing
negotiations, Petrobras recei+ed $K 1 billion on 8ctober 1, 2012 from "5.!

4he *ompan0 also has electricit0 suppl0 contracts 2ith "5. signed in 200' b0 its subsidiar0 reitener
.nergUtica S!"!, 2hich, pursuant to the terms of the agreements, are considered a financial lease of the t2o
thermoelectric po2er plants! 4he contracts determine the po2er plants be returned to "5. at the end of
the agreement period 2ith no residual +alue (20#0ear term)! 4he balance of these recei+ables 2as $K &3,
($K &'' at December, 31, 2011), none of 2hich 2as o+erdue!


58
1*.* Petrole"m and alcohol acco"nts - 4ecei&ables from Federal 9o&ernment STN

"t December 31, 2012, the balance of recei+ables related to the Petroleum and "lcohol accounts 2as $K
,3' ($K ,32 at December 31, 2011)! Pursuant to Pro+isional 5easure 2,1,1 of "ugust 2&, 2001, the Federal
;o+ernment ma0 settle this balance b0 using 9ational 4reasur0 9otes in an amount e/ual to the
outstanding balance, or allo2 the *ompan0 to offset the outstanding balance against amounts pa0able to
the Federal ;o+ernment, including ta7es pa0able, or both options!

4he *ompan0 has pro+ided all the information re/uired b0 the 9ational 4reasur0 Secretariat (Secretaria do
4esouro 9acional # S49) in order to resol+e disputes bet2een the parties and conclude the settlement 2ith
the Federal ;o+ernment!

Follo2ing se+eral negotiation attempts at the administrati+e le+el, the *ompan0 decided to file a la2suit in
:ul0 2011 related to collect the recei+ables!

1*.+ Compensation of employees and officers

4he criteria for compensation of emplo0ees and officers are established based on the current labor
legislation and the *ompan0-s policies related to Positions, Salaries and enefits!

4he compensation of emplo0ees (including those occup0ing managerial positions) and officers in the month
of December 2012 and December 2011 2ereB

Amo"nts refer to monthly compensation in 4<
2/12 2/11
Compenstion per employee
Ao2est compensati on 2,32&!30 2,02&!&1
"+erage compensati on 11,)01!22 10,('2!30
Hi ghest compensati on (1,0'1!(' (),&1&!&,
Compensation per officer of Petrobras 5hi#hest6 ,(,0'2!'1 ,1,2,1!0'
01pressed in reais

Petrobras- 6e0 management compensation (2hich comprises salaries and other short#term benefits) during
2012 2as $K 11!' ($K 12!' in 2011, referring to se+en officers and nine board members)! "t December 31,
2012 the *ompan0 had se+en officers and ten board members!

%n 2012 the compensation of board members and officers for the consolidated Petrobras group amounted to
$K '(!( ($K &'!0 in 2011)!

"s established in ra>ilian Federal Aa2 12,3'3?2010, the oard of Directors of Petrobras is no2 composed of
ten members, after the emplo0ees- representati+e 2as confirmed in the "nnual ;eneral 5eeting of 5arch
11, 2012!


59
1+ Pro&ision for decommissionin# costs

Non-c"rrent liabilities 2/12 2/11 2/12 2/11
8penin# balance +.+- '.$/$ +.2!1 './*2
$e+i si on of pro+i si on 10,)'& 2,&'' 10,&)2 2,2,,
=se b0 pa0ment (')1) (&,,) (')1) (32,)
"ccrual of i nterest 2', 210 2&1 201
8thers 12 1') # #
Closin# balance 1-.2-2 +.+- 1+.-1 +.2!1

1- Ta1es

19.1 Ta2es and contributions

C"rrent assets
2/12 2/11 2/12 2/11
4a7es i n ra>i l B
%*5S (3"4) 3,1'2 3,1,( 2,&31 2,01(
P%S?*8F%9S (ta7ati on on re+enues) &,(') ',1&( &,2,& &,)((
*%D. &) 1&& &( 1&&
%ncome ta7 2,32, 2,2'1 1,)22 1,(12
Soci al contri buti on 23) (1' 101 '21
8ther ta7es 31' &22 23( 233
=SD 0 =SD 0 =SD 0 =SD 0
1/.+1' 11.*'! +.+' -.*2
=SD 0 =SD 0 =SD 0 =SD 0
4a7es abroad ')1 1,0,2 # #
11.+* 12.+!' +.+' -.*2
Non-c"rrent assets
4a7es i n ra>i l B
Deferred %*5S (3"4) 1,,&' 2,111 1,)0& 1,)&2
Deferred P%S and *8F%9S (ta7ati on on re+enues) ,,2)1 (,'&3 ',)&' &,'12
8thers '1' &'2 # #
1/.'- -.1-! *.!!- '.!
4a7es abroad 3& 20 # #
1/.'* -.21! *.!!- '.!
C"rrent liabilities
4a7es i n ra>i l B 2/12 2/11 2/12 2/11
%*5S (3"4) 3,0&0 2,1), 2,)2' 1,1&'
P%S?*8F%9S (ta7ati on on re+enues) 1,00& ')1 ,&, &,3
*%D. 3& &)) 3& &)2
Speci al parti ci pati on ? $o0al ti es ',3(3 ',1&2 ',3(3 ',1&2
Ci thhol di ng %ncome ta7 and soci al contri buti on 1,1'' ,31 1,0'1 ),)
*urrent i ncome ta7 and soci al contri buti on ')& 33( # #
8ther ta7es )3' ('& &,1 &21
11.-/$ 1/.1-* 1/.$1+ -.2$+
4a7es abroad (1) ))2 # #
12.$22 1/.-'- 1/.$1+ -.2$+
Consolidated
Parent company Consolidated
Parent company


60

1-.2 2eferred income ta1 and social contrib"tion - non-c"rrent

4he nature of deferred income ta7es recogni>ed and the scheduling of the estimated timing of the re+ersal are set out in the tables belo2!

a Changes in deferred inco"e ta2 and social contribution

Parent Company
01ploration
costs for the
e1traction of
cr"de oil and
nat"ral #as 8thers
Trade and
other
recei&ables @
payables. loans
and financin# Finance leases
Pro&ision for
le#al
proceedin#s Ta1 losses ,n&entories
,nterest on
Capital 8thers Total Total
Balance at 2ecember 1. 2/1/ 51*.!+26 51.+-*6 51.+$26 51.126 !-* *11 +!1 *$! $ 51-.!-+6 51+.+$*6
$ecogni >ed i n profi t or l oss for the 0ear (3,,'&) (2,321) ,1' (201) 1'0 (')) 3&1 133 (1,1)1) ((,1')) (),20,)
$ecogni >ed i n sharehol ders@ e/ui t0 # # # && # # # # ('0) (() (&&)
*umul ati +e transl ati on ad<ustment # (100) (() # 1' 32 # # ()() (13') #
8thers # 1,( 2&( (303) (33) (&2) # # ''& (0, (12,)
Balance at 2ecember 1. 2/11 521.'6 5!.126 5*-*6 51.$+6 '2- '!! 1.1-/ ++* 5'-/6 52$.1++6 52'.2*6
$ecogni >ed i n profi t or l oss for the 0ear (&,'&2) (2,'1,) 1,12) &'0 131 11 (23') 1,2(, ()'() (&,2'() (&,&(()
$ecogni >ed i n sharehol ders@ e/ui t0 # # # # # # # # 1&1 1&1 1('
*umul ati +e transl ati on ad<ustment # 220 (() # (10)) (312) # (1) (&'') ()&1) #
8thers (2)) )3 23 ((1) '& 1,11( # # 2' 2,0)' 2,01,
Balance at 2ecember 1. 2/12 52$.-/$6 5'.$*6 1.1!* 51.2/26 */* 2.2'* -$$ 2.1!' 51.*2*6 52*.-'-6 52+.$2/6
/ /
0 0
Deferred ta7 assets ,,0&2 3,1)1
Deferred ta7 l i abi l i ti es (33,230) (21,&0,)
Balance at 2ecember 1. 2/11 52$.1++6 52'.2*6
Deferred ta7 assets 11,213 (,((&
Deferred ta7 l i abi l i ti es (31,2(2) (3',1,&)
Balance at 2ecember 1. 2/12 52*.-'-6 52+.$2/6
Property. plant and e%"ipment
Consolidated
Chan#es in the deferred income ta1 and social contrib"tion


61
b Ti"ing of reversal of deferred inco"e ta2 and social contribution

5anagement considers that the deferred ta7 assets 2ill be reco+ered as pro+isions are settled and future
e+ents occur, both based on estimates that ha+e been made!

4he estimated reco+er0 ? re+ersal dates of net deferred ta7 assets (liabilities) reco+erable (pa0able) is set
out in the table belo2B
Assets 3iabilities Assets 3iabilities
2013 3,13' 3,31( 3,0)' 1,)1,
201& 1&, 2,(3, '32 2,2&2
201' 1,0,& 2,'30 '1( 2,2&)
201( 1,01& 2,21( '20 2,01)
201) 1,1(0 3,0(0 1,3,1 2,,(1
201, 33, 2,&,2 & 2,2),
2011 2&) 2,211 1' 1,1,,
2020 and thereafter 1,)() 20,)21 (21 11,)'3
Deferred ta7 credi ts recogni>ed 11,213 31,2(2 (,((& 3',1,&
Deferred ta7 credi ts not recogni >ed &,33( # # #
4otal 1$.'2- -.2'2 '.''! $.1+!
2eferred income ta1 and social contrib"tion

"t December 31, 2012, the *ompan0 had unused ta7 credits, for 2hich no deferred ta7 assets ha+e been
recogni>ed, in the amount of $K &,33( ($K 1,'(3 at December 31, 2011) resulting from net operating ta7
losses mainl0 from oil and gas e7ploration and production acti+ities in the =nited States in the amount of
$K 2,)1' ($K 1,111 at December 31, 2011), sub<ect to a 20#0ear statute of limitations from the recognition
of the losses based on the date the losses 2ere recogni>ed!

1-. 4econciliation bet>een ta1 e1pense and acco"ntin# profit

" numerical reconciliation bet2een ta7 e7pense and the product of Iincome before income ta7esJ
multiplied b0 the applicable statutor0 corporation ta7 rates is set out in the table belo2B

2/12 2/11 2/12 2/11
%ncome before ta7es 2*.*$ !!.$1 2.2' !1.$'+
%ncome ta7 and soci al contri buti on computed based on ra>i l i an Statutor0 *orporati on 4a7 $ates (3&F) (1,&3() (1',0)1) (),131) (1&,133)
# # # #
"d<ustments bet2een income ta7es based on Statutor0 $ates and on the .ffecti+e 4a7 $ateB
b 4a7 benefi t from the deducti on of i nterest on capi tal from i ncome 3,1)2 3,'&, 3,01, 3,'&,
b $esul ts of compani es abroad sub<ect to di fferent ta7 rates (&0 (22 # #
b 4a7 i ncenti +es 110 3,( ( ,)
b *arr0#for2ard of ta7 l osses (((1) (',,) # #
b 9on#deducti ble e7penses, net
G
(1,10)) (&(() 1,1() 1,'2,
b 4a7 credi ts of compani es abroad i n the e7pl orati on stage (&) (1) # #
b 8thers '00 33) '01 '03
%ncome ta7 and soci al contri buti on e7pense 5'.*-!6 511.2!16 52.!16 5+.!'*6
Deferred i ncome ta7 and soci al contri buti on (&,2'() ((,1')) (&,&(') (),20,)
*urrent i ncome ta7 and soci al contributi on (2,'3,) (',0,&) 2,03& (1,2'1)
5'.*-!6 511.2!16 52.!16 5+.!'*6
.ffecti +e 4a7 $ate 2&!'F 2'!3F 10!&F 20!&F

G %t includes share of profit of e/uit0#accounted in+estments!


62
2/ 0mployee benefits 5Post-employment6

4he carr0ing amounts of emplo0ee benefits (post#emplo0ment) are set out belo2B

2/12 2/11 2/12 2/11
3iabilities
Pensi on benefi ts (,1&1 ',0'1 ',(3) &,'(,
5edi cal benefi ts 1&,&1& 13,021 13,'11 12,12'
2/.$' 1+./+/ 1-.1$' 1'.'-
C"rrent 1,(10 1,&2) 1,'1, 1,3&1
Non-c"rrent 1,,1'3 1(,('3 1),(3, 1',3'2

4he current balance relates to an estimate of the pa0ments to be made in the ne7t 12 months!

2/.1 Pension plans in BraEil - 2efined benefit and &ariable contrib"tion

FundaSWo Petrobras de Seguridade Social (Petros) 2as established b0 Petrobras as a nonprofit legal entit0
under pri+ate la2 2ith administrati+e and financial autonom0!
a $etros $lan % ,unda34o $etrobras de )eguridade )ocial

4he Petros plan 2as established b0 Petrobras in :ul0 11)0 as a defined#benefit pension plan to pro+ide
post#retirement benefits for emplo0ees of the *ompan0 and its ra>ilian subsidiaries in order to
complement go+ernment social securit0 benefits! 4he Petros Plan has been closed to ne2 participants
since September 2002!

Petros contracts 2ith an independent actuar0 to perform an annual actuarial re+ie2 of its costs using the
capitali>ation method for most benefits! 4he emplo0ers (sponsors) ma6e regular contributions in amounts
e/ual to the contributions of the participants (acti+e emplo0ees, assisted emplo0ees and retired
emplo0ees), on a parit0 basis!

%n the e+ent an e+entual deficit is determined, participants of the plan and emplo0ers (sponsors) shall
co+er this deficit, pursuant to ra>ilian Aa2 (*onstitutional "mendment 20?111, and *omplementar0 Aa2
101?2001), on the basis of their respecti+e proportions of regular contributions made to the plan during
the 0ear in 2hich the deficit arose!

"t December 31, 2012, the 4erms of Financial *ommitment (4F*), signed b0 Petrobras and Petros in 200,
comprise a balance of $K (,2)1 ($K (,00, in the Parent *ompan0), including $K 3)1 ($K 3(2 in the Parent
*ompan0) related to interest e7pense due in 2013! 4he 4*F are due in 20 0ears, 2ith (F p!a! semiannual
coupon pa0ments based on the updated balance! 4he carr0ing amount of $K ',1)& related to crude oil and
oil products pledged as securit0 for the 4F* are presented 2ithin in+entories and replaced the long#term
9ational 4reasur0 9otes that 2ere pre+iousl0 held as collateral in :ul0 2012!

4he emplo0ers@ e7pected contributions to the plan for 2013 are $K 111 ($K ,)3 in the Parent *ompan0)!


63
b $etros $lan 2 * ,unda34o $etrobras de )eguridade )ocial

Petros Plan 2 2as established in :ul0 200) b0 the *ompan0 as a +ariable contribution plan recogni>ing past
ser+ice costs for contributions for the period (from "ugust 2002 to "ugust 21, 200)) in 2hich the Petros
Plan 2as closed and the participants did not ha+e a pension plan, or for those admitted during this period!
4he plan is open to ne2 participants although there 2ill no longer be pa0ments relating to past ser+ice
costs!

*ertain elements of the Petros Plan 2 ha+e defined benefit characteristics, primaril0 the co+erage of
disabilit0 and death ris6s, the guarantee of a minimum defined benefit and annuit0! 4hese actuarial
commitments are treated as defined benefit components of the plan and are accounted for b0 appl0ing the
pro<ected unit credit method! *ontributions paid for actuarial commitments that ha+e defined contribution
characteristics are recogni>ed in profit or loss and are intended to constitute a reser+e for programmed
retirement! 4he contributions for the portion of the plan 2ith defined contribution characteristics 2ere $K
(0& ($K &10 in the Parent *ompan0) in 2012!

4he defined benefit portion of the contributions has been suspended from :ul0 1st, 2012 to :une30, 2013,
as decided b0 the Deliberati+e *ouncil of Petros, based on ad+ice from b0 the actuarial consultants from
FundaSWo Petros! 4herefore, the entire contributions are being appropriated in the indi+idual accounts of
plan participants!

For 2013 the emplo0ers@ e7pected contributions to the defined#benefit portion of the plan are $K )3) ($K
(&2 in the Parent *ompan0)!

2/.2 Pension plans abroad O2efined benefit

4he *ompan0 also sponsors pension plans of certain of its international subsidiaries, 2ith defined
contribution characteristics, including those in "rgentina, :apan and other countries! 5ost of these plans
are funded and their assets are held in trusts, foundations or similar entities go+erned b0 local regulations!
4he *ompan0 paid $K 1( in 2012 as contributions to these plans!

2/. Pension plans assets

Pension plans assets follo2 a long term in+estment strateg0 to meet the assessed ris6 profile of each
different class of asset and pro+ide for di+ersification to lo2er portfolio ris6! 4he portfolio must compl0
2ith the ra>ilian 9ational 5onetar0 *ouncil regulations! Portfolio targets for the period bet2een 2013
and 201) are &0F to (0F in fi7ed#income securities, 30F to &'F in +ariable#income securities, 3F to ,F in
real estate, up to 1'F in loans to participants, &F to 12F in structured finance pro<ects and up to 3F in
in+estments abroad!


64
4he hierarch0 of the fair +alues of the pension plan assets is set out belo2 B

Class of Asset
Prices %"oted
on an acti&e
mar)et
53e&el 16
Dal"ation
s"pported by
obser&able prices
53e&el 26
Dal"ation
>itho"t "se of
obser&able prices
53e&el 6
Total fair &al"e
53e&els 1. 2 and 6 A
Total fair &al"e
53e&els 1. 2 and 6 A
Fi1ed income 2/.2! './$! - 2'.2-* !'A 2.-+ !*A
*orporate bonds # ',11& # ',11& ),0)'
;o+ernment bonds 20,2&3 # # 20,2&3 1(,1',
8ther i n+estments # 1&0 # 1&0 1('
Dariable income 1'.$' .!'! './11 2$.+2 !'A 22.*/2 !'A
*ommon and preferred shares 1(,3'( # # 1(,3'( 13,023
Pri +ate Equit funds # 2,3,1 (,001 ,,31, 1,'33
8ther i n+estments # 1,0)( 2 1,0), 1&(
4eal estate properties # # 2,)(1 2,)(1 $A 1,,00 !A
$!.+-+ -*A !*.-// -*A
3oans #ranted to participants 1.'* A 1.!!1 A
$'.$*1 1//A !-.!1 1//A
2/12 2/11

"t December 31, 2012, the in+estments include Petrobras- common and preferred shares in the amount of
$K )2' and $K &,&, respecti+el0, and real estate properties rented b0 the *ompan0 in the amount of $K
3''!

Aoans to participants are measured at amorti>ed cost, 2hich is considered to be an appropriate estimate of
fair +alue!

4he real rate of return on in+estment e7pected, based on mar6et e7pectations, is '!'(F p!a! for +ariable#
income securities and structured in+estments, 3!)'F p!a! for fi7ed#income securities and &!02F p!a! for real
estate properties and (!0F p!a! for loans granted to participants, resulting in an a+erage return of &!(F p!a!

2/.! (edical Benefits O Pealth Care Plan - .ssist:ncia Multidisci#linar de )a;de 5IA(SK6

Petrobras and its subsidiaries operate a medical benefit plan for emplo0ees in ra>il (acti+e and inacti+e)
and their dependentsB the "5S health care plan! 4he plan is managed b0 the *ompan0 and the emplo0ees
ma6e fi7ed monthl0 contributions to co+er high#ris6 procedures and +ariable contributions for a portion of
the cost of other procedures, as established in the contribution table of the plan based on certain
parameters, such as salar0 le+els! 4he plan includes assistance to2ards the purchase of certain medicines in
certain registered drugstores throughout ra>il!

4here are no assets held as collaterals for the plan! enefits are paid and recogni>ed b0 the *ompan0 as
incurred b0 the participants!

2/.$ Net act"arial liabilities and e1penses calc"lated by independent act"aries. and fair &al"e
of plans assets

%nformation regarding defined benefit plans, in ra>il and abroad, has been consolidated for presentation
purposes as the actuarial assumptions are similar and total assets and liabilities regarding pension plans
abroad are not significant! "ll pension plans ha+e deficit (e7cess of benefit liabilities o+er plan assets)!


65
a Move"ent in the actuarial liabilities< in the fair value of the assets and in the a"ounts recogni7ed in the state"ent of financial #osition
Parent company Parent company
2efined
benefit
Dariable
contrib"tion
Pealth care
plan Total Total
2efined
benefit
Dariable
contrib"tion
Pealth care
plan Total Total
(o&ement in the present &al"e of benefit obli#ation
enefi t obl i gation at the begi nning of the 0ear (2,0)3 1,&(& 1',&)' )1,012 )3,&11 '',2&2 )33 13,))) (1,)'2 (',1'1
%nterest costB
b 4erms of Fi nanci al *ommi tment '11 # # '11 '(3 (0' # # (0' ')1
b "ctuari al (,3'3 1() 1,)&2 ,,2(2 ),)&2 ',',1 ,3 1,''1 ),223 (,)&)
*urrent ser+i ce cost 3), &3) 2,( 1,101 110 33& 33& 2&& 112 ,20
enefi ts pai d (2,211) (() ()12) (3,01)) (2,,)1) (2,0')) (&) ((11) (2,()2) (2,'1,)
"ctuarial (;ai ns) ? Aosses
11,1&& (&'') &3( 11,12' 11,21' 2,3'2 31) '1& 3,1,3 2,)2,
8thers 2' &' 1 )1 1,0&0 , 1 # 1 #
enefi t obl i gation at the end of the 0ear )1,0(' 1,('2 1),22, 1),1&' 12,2', (2,0)3 1,&(& 1',&)' )1,012 )3,&11
# # # # # # # # # #
# # # # # # # # # #
(o&ement in the fair &al"e of plan assets # # # # # # # # # #
# # # # # # # # # #
Pl an assets at the begi nni ng of the 0ear &1,01' 32( # &1,3&1 &(,022 &',31' 221 # &','&& &2,)&,
.7pected return on pl an assets ',1)& '2 # (,02( ',(,0 ','32 3( # ','(, ',231
*ontri buti onsB .mpl o0ers and Pl an Parti cipants
,,, 1( )12 1,(1( 1,(0) ,11 (& (11 1,&1& 1,3,)
"mounts recei +ed relati ng to the 4erms of Fi nanci al *ommitment
321 # # 321 211 210 # # 210 2)&
enefi ts pai d (2,211) (() ()12) (3,01)) (2,,)1) (2,0')) (&) ((11) (2,()2) (2,'1,)
"ctuarial ;ai ns ? (Aosses) 2,1(1 11 # 2,1)2 2,03, (,,,) 1 # (,,)) (1,100)
8thers 1) 1' # 32 (&1 & # # & #
Pl an assets at the end of the 0ear '(,0)) &1& # '(,')1 '3,&1( &1,01' 32( # &1,3&1 &(,022
# # # # # # # # # #
Amo"nts reco#niEed in the statement of financial position # # # # # # # # # #
# # # # # # # # # #
Present +al ue of funded obl i gati ons )1,0(' 1,('2 # ,0,)1) )(,1&( (2,0)3 1,&(& # (3,'3) '1,1'2
(#) Fai r +al ue of the pl an assets ('(,0))) (&1&) # ('(,')1) ('3,&1() (&1,01') (32() # (&1,3&1) (&(,022)
Defi ci t of funded plans 22,1,, 1,1', # 2&,1&( 22,)30 13,0', 1,13, # 1&,11( 13,130
Present +al ue of unfunded obl i gati ons # # 1),22, 1),22, 1(,112 # # 1',&)' 1',&)' 1&,3&)
=nrecogni >ed actuari al gai ns?(l osses) (1),,1,) '' (2,)11) (20,(3&) (11,'2') (,,'30) (&30) (2,&2() (11,3,() (10,'13)
=nrecogni >ed past ser+i ce cost (()) (,)) (23) (1))) (1(1) (,3) (1&) (2,) (20') (111)
Net act"arial obli#ations at 2ecember 1 $./2 1.12' 1!.!1! 2/.$' 1-.1$' !.!!$ '1! 1./21 1+./+/ 1'.'-
(o&ement in net act"arial obli#ations
al ance at :anuar0 1 &,&&' (1& 13,021 1,,0,0 1(,(13 &,'10 2,' 11,),( 1(,',1 1',3)1
(O) *osts i ncurred duri ng the 0ear 1,&1( ''' 2,103 &,0)& 3,)3& (,( 3(1 1,,&( 2,,13 2,(3'
(#) .mpl o0ee *ontri buti ons ('11) (&3) ()01) (1,2)1) (1,202) (&)1) (3') ((11) (1,12') (1,0&2)
(#) Pa0ments rel ati ng to the 4erms of Fi nanci al *ommi tment (321) # # (321) (211) (210) # # (210) (2)&)
8thers 2 # (1) 1 222 1, 3 # 21 3
Balance at 2ecember 1 $./2 1.12' 1!.!1! 2/.$' 1-.1$' !.!!$ '1! 1./21 1+./+/ 1'.'-
# '.1!- $./$-
2/12 2/11
Consolidated
Pension plan
Consolidated
Pension plan


66
b .ctuarial e2#enses< net

Parent company Parent company
2efined
benefit
Dariable
contrib"tion
Pealth care
plan
Total Total
2efined
benefit
Dariable
contrib"tion
Pealth care
plan
Total Total
3), &3) 2,( 1,101 110 33& 33& 2&& 112 ,20
b 4erms of Fi nancial *ommi tment '11 # # '11 '(3 (0' # # (0' ')1
b "ctuari al (,3'3 1() 1,)&2 ,,2(2 ),)&2 ',',1 ,3 1,''1 ),223 (,)&)
(',1)&) ('2) # ((,02() (',(,0) (','32) (3() # (','(,) (',232)
"morti>ati on of actuari al (gai ns) ? l osses &2) 1, )1 '1( &10 ( 3 &) '( &2
(3,3) ('&) # (&3)) (&0') (3&0) (21) # (3(1) (3&&)
23 ) & 3& 33 2& , & 3( 33
1 32 # 33 1 # (2) # (2) (2)
1.!1' $$$ 2.1/ !./*! .*! '+' '1 1.+!' 2.+- 2.'$
%ncl uded i n the cost of sal es &31 2&1 &&2 1,11& 1,0,' 211 1'2 3'' )2( (,,
8perati ng e7pense recogni >ed i n profi t or loss 2)1 302 3'' 12, )3& 10, 203 301 (12 '0,
)1& 12 1,30( 2,032 1,11' 3'1 ( 1,110 1,''' 1,&31
1.!1' $$$ 2.1/ !./*! .*! '+' '1 1.+!' 2.+- 2.'$ Net cost for the year
*urrent ser+ice cost
%nterest costB
.7pected return on pl an assets
*ontri buti onsB .mplo0ers
Past ser+i ce cost
2/12
Consolidated
Pension plan
2/11
Consolidated
Pension plan
8thers
Net costs for the year
$el ated to acti +e emplo0eesB
$el ated to retired empl o0ees


67

c Difference bet=een esti"ated and actual a"ounts incurred

4he differences bet2een estimated and actual amounts incurred in the last four 0ears are set out in the
table belo2B

2/12 2/11 2/1/ 2//-
Pension plan #ains@5losses6
.7perience ad<ustments on pension pl an li abi l i ti es (,,&0 (12') 11, (3,1)
.7perience ad<ustments on pension pl an assets 2,1(1 (,,() 1,11( 3,&23
(edical plan #ains@5losses6
.7perience ad<ustments on medi cal pl an li abi l i ti es 3,3,1 1,320 &1& ((3
Consolidated

d Changes in assu"ed "edical costs

4he effect of a 100 bps! change in the assumed discount rate and medical cost trend rate is as set out
belo2B

1// bps 1// bps 1// bps 1// bps 1// bps 1// bps
increase decrease increase decrease increase decrease
Pensi on obl i gati on (1,1(0) 12,(3( (2,0,1) 2,')0 2,)11 (2,2'1)
*urrent ser+i ce cost and i nterest cost ',1,) (,330 (2()) 333 3)1 (2,))
Pension (edical (edical
2isco"nt rate
Consolidated
(edical costs

Si#nificant act"arial ass"mptions "sed by the independent act"ary

2/12 2/11
Di scount rate %nfl ati on '!&F to &!11F p!a
(1)
O %nterest
(2)
B 3!)'F p!a
(2a)
? 3!,1F p!a!
(2b)
%nfl ati on '!(F to &!3&F p!a
(1)
O %nterestB '!',F p!a
(2)
Sal ar0 gro2th rate %nfl ati on '!&F to &!11F p!a!
(1)
O 2!10'F
(3a)
to 3!3)0F p!a
(3b)
%nfl ati on '!(F to &!3&F p!a!
(1)
O 2!0,0F to 3!1,,F p!a
.7pected return rate from the pensi on pl an assets
(3)
%nfl ati on '!(F p!a! O i nterestB (!&1F p!a!
4urno+er rate of medi cal pl ans
0!)00F p!a
(&)
0!('2F p!a
(&)
4urno+er rate of pensi on pl ans 9ul l 9ul l
3ari ance ass umed i n medi cal and hospi tal costs
11!)&F to &!11Fp!a
(')
,!1(F to &!3&Fp!a
(')
5ortal i t0 tabl e
"4 2000 se7 speci fi c! 30F smoothi ng coeffi ci ent # femal e
(()
"4 2000, se7 speci fi c
Di sabi l i t0 tabl e
4"S" 112)
())
4"S" 112)
())
5ortal i t0 tabl e for di sabl ed parti ci pants
Ci n6l e+oss, se7 speci fi c # 20F s moothi ng coeffi ci ent
(,)
"4 &1, se7 speci fi c

516
.7pected %nflation cur+e based on mar6et e7pectationsB '!&0F and '!'0F for 2013 and 201&, respecti+el0 and flat at &!11F after2ards (based on the *ompan0-s
a+erage scenario)
526
4he *ompan0 uses a methodolog0 for computing an e/ui+alent real interest rate based on the term structure of long#term go+ernment bonds 2ith the longest
maturities, considering the maturit0 profile of the pension and medical benefits obligations!
52a6
Petros Plan Q Petrobras ;roup and Petros Plan 2
52b6
"5S Plan
5a6
Petros Plan Q Petrobras ;roup
5b6
Petros Plan 2
5!6
"+erage turno+er 2hich +aries according to age and time of ser+ice! .7cept for $ (1!(03F) and Ai/uigas ()!(&0F) in 2012!
5$6
Decreasing rate for medical and hospital costs inde7ed to the long#term pro<ected inflation for the ne7t 30 0ears!
5'6
.7cept for Petros Plan 2, 2hich 2as based on "4 2000 (,0F male O 20F female) 5ortalit0 4able!
5*6
.7cept for Petros Plan 2, 2hich 2as based on cl+aro 3indas disabilit0 table (2012) and "d<usted dimmermann (2011)!
5+6
.7cept for Petros Plan 2, 2hich 2as based on "4&1 5ale 5ortalit0 4able for disabled!


68
2/.' 8ther defined contrib"tion plans

Petrobras, through its subsidiaries in ra>il and abroad, also sponsors defined contribution emplo0ee
retirement plans! *ontributions paid in 2012, in the amount of $K 12 2ere recogni>ed in profit or loss!

21 Profit sharin#

Profit sharing benefits compl0 2ith ra>ilian legal re/uirements and those of the ra>ilian Department of
*oordination and ;o+ernance of State#82ned .nterprises (D.S4), of the 5inistr0 of Planning, udget and
5anagement, and b0 the 5inistr0 of 5ines and .nerg0, and are computed based on the consolidated
income before profit sharing and non#controlling interests!

4he *ompan0 has recogni>ed a profit sharing liabilit0 in the amount of $K 1,00' ($K 1,'(0 in 2011),
pursuant to these regulations, as set out belo2B

2/12
9et i ncome 20,1'1
Profi t shari ng 1,00'
Net income before profit sharin# - calc"lation basis 21.-'!
.stabl i shed percentage &!'F
Profit sharin# -++
Profit sharin# of companies in BraEil 1,,
Profit sharin# of companies abroad 1)
1.//$

Profit sharing benefits for 6e0 management are sub<ect to appro+al at the "nnual ;eneral 5eeting for
2013, in accordance 2ith articles &1 and '( of the *ompan0-s b0la2s and ra>ilian federal regulations!

22 Shareholders7 e%"ity

22.1 Share capital

"t December 31, 2012, subscribed and full0 paid share capital 2as $K 20',312, represented b0
),&&2,&'&,1&2 outstanding common shares and ',(02,0&2,),, outstanding preferred shares, all of 2hich
are registered, boo6#entr0 shares 2ith no par +alue!

Capital increase >ith reser&es in 2/12

4he .7traordinar0 ;eneral 5eeting, held <ointl0 2ith the "nnual ;eneral 5eeting on 5arch 11, 2012,
appro+ed a capital increase through capitali>ation of a portion of the profit reser+e relating to ta7
incenti+es, recogni>ed in 2011 in the amount of $K 12 (in compliance 2ith article 3', paragraph 1, of
8rdinance 2,011?0) of the 5inistr0 for 9ational %ntegration), 2ithout issue of ne2 shares (pursuant to
article 1(1, paragraph 1, of Aa2 (,&0&?)()! Share capital increased from $K 20',3,0 to $K 20',312!


69
Capital increase >ith reser&es in 2/1

" proposal 2ill be made to the .7traordinar0 ;eneral 5eeting, to be held <ointl0 2ith the "nnual ;eneral
5eeting in 2013 to increase capital through capitali>ation of a portion of the profit reser+e for ta7
incenti+es established in 2012 of $K 11! Share capital 2ill increase from $K 20',312 to $K 20',&11!

22.2 Additional paid-in capital

a 6ncre"ental costs directl+ attributable to the issue of ne= shares

4hese include an0 transaction costs directl0 attributable to the issue of ne2 shares, net of ta7es!

b Change in interest in subsidiaries

4hese include an0 e7cess of amounts paid?recei+ed o+er the carr0ing +alue of the interest
ac/uired?disposed! *hanges in o2nership interest in subsidiaries that do not result in loss of control of the
subsidiar0 are e/uit0 transactions!

22. Profit reser&es

a Legal reserve

4he legal reser+e represents 'F of the net income for the 0ear, calculated pursuant to article 113 of the
ra>ilian *orporation Aa2!

b )tatutor+ reserve

4he statutor0 reser+e is appropriated b0 appl0ing a minimum of 0!'F of the 0ear#end share capital and is
retained to fund technolog0 research and de+elopment programs! 4he balance of this reser+e ma0 not
e7ceed 'F of the share capital, pursuant to article '' of the *ompan0-s b0la2s!

c Ta2 incentives reserve

;o+ernment grants are recogni>ed in profit or loss and are appropriated from retained earnings to the ta7
incenti+e reser+e in the shareholders- e/uit0 pursuant to article 11'#" of ra>ilian *orporation Aa2! 4his
reser+e ma0 onl0 be used to offset losses or increasing share capital!

%n 2012, go+ernment grants of $K 11 related to rein+estments, using income ta7es benefits, for the
de+elopment of the 9ortheast of ra>il (SuperintendVncias de Desen+ol+imento do 9ordeste Q S=D.9.)
and the "ma>on region (S=D"5) 2ere appropriated from profit or loss!


70
d $rofit retention reserve

Profit retention reser+e shields funds intended for capital e7penditures, primaril0 in oil and gas e7ploration
and de+elopment acti+ities, included in the capital budget of the *ompan0, pursuant to article 11( of the
ra>ilian *orporation Aa2!

" retention of $K 1,131, of 2hich $K 1,12, from 2012 profit and $K 11 appropriated from retained earnings,
2as allocated to the annual in+estment program in the 2013 capital budget, 2hich 2ill be proposed and
+oted at the 2013 "nnual ;eneral 5eeting

22.! Acc"m"lated other comprehensi&e income

a Cu"ulative translation ad>ust"ent

4his account comprises all e7change differences arising from the translation of the financial statements of
non#ra>ilian $eal subsidiaries, <ointl0 controlled entities and associates (functional currenc0 different than
the Parent *ompan0)!

b 5ther co"#rehensive inco"e

4his account comprises gains or losses arising from measurement at fair +alue of a+ailable#for#sale financial
assets, cash flo2 hedges and deemed cost of petrochemical associates!

22.$ 2i&idends

Shareholders are entitled to recei+e minimum mandator0 di+idends (and?or interest on capital) of 2'F of
the ad<usted net income for the 0ear proportional to the number of common and preferred shares,
pursuant to ra>ilian *orporation Aa2!

Preferred shares ha+e priorit0 in case of capital returns and di+idend distribution, 2hich is based on the
higher of 3F of the preferred shares- net boo6 +alue, or 'F of the preferred share capital!

Di+idends for 2012 of $K ,,,)( are to be +oted at the 2013 "nnual ;eneral 5eeting and are consistent 2ith
the rights granted to preferred shares in the b0la2s of the *ompan0 and to the minimum mandator0
di+idend for common shares! Di+idends proposed for 2012 represent &&!)3F of the ad<usted net income
(ad<usted in accordance 2ith ra>ilian *orporation Aa2), as 3F of the boo6 +alue of shareholders- e/uit0
regarding preferred shares sta6e 2as higher than the minimum mandator0 di+idend of 2'F of the ad<usted
net income for the 0ear!

"n e/ual amount of di+idends for common and preferred shares 2as proposed and appro+ed in 2011 and
represented 3,!2'F of the ad<usted net income, as 3F of the boo6 +alue of shareholders- e/uit0 regarding
preferred shares sta6e 2as higher than the minimum mandator0 di+idend!


71
"d<usted net income for di+idend purposes is computed as set out belo2B

2/12 2/11
9et i ncome for the 0ear (Parent compan0) 20,,1' 33,101
"l l ocati onB
Aegal reser+e (1,0&') (1,('')
4a7 i ncenti +e reser+e (11) (,1)
8ther re+ersal s?addi ti onsB 11 10
Basic profit for determinin# di&idend 11,,&2 31,3)'
Proposed di +i dends, e/ui +al ent to &&!)3F of the basi c profi t # $K
0!&) per common share and $0!1( per preferred share, (3,!2' F i n
2011, $K 0!12 per common and preferred share) as fol l o2sB # #
%nterest on capi tal ,,,)( 10,&3(
Di +i dends # 1,'('
Total proposed di&idends ,,,)( 12,001
AessB
# #
%nteri m di stri buti ons of i nterest on capi tal (2,(01) (),,2))
=pdati ng of i nteri m di stri buti on of i nterest on capi tal (113) (21()
Balance of proposed di&idends '.1$! .+*+

Di+idends proposed for 2012 comprise interest on capital of $K ,,,)( and 2ere appro+ed b0 the oard of
Directors, as set out belo2B

Payment
2ate of
appro&al by
Board of
2irectors
2ate of 4ecord 2ate of Payment Amo"nt
Amo"nt per
Share 5Pre-Ta16
Amo"nt
Amo"nt per
Share 5Pre-Ta16
Total Amo"nt
1st pa0ment of i nteres t on capi tal 0&!2)!2012 0'!11!2012 0'!31!2012 1,&,1 0!20 1,120 0!20 2,(01
2nd pa0ment of i nterest on capi tal 02!0&!2013 2,001 0!2) &,2', 0!)( (,2()
3,&1, 0!&) ',3), 0!1( ,,,)(
Common Share 58N6 Preferred Share 5PN6

%nterim distributions of interest on capital in 2012 2ill be deducted from the distribution to be made at the
close of fiscal 0ear 2012 and inde7ed based on the S.A%* rate from the date of pa0ment to December 31,
2012! 4he remaining amount of interest on capital 2ill be inde7ed based on the S.A%* rate from December
31, 2012 to the date of pa0ment, 2hich 2ill be +oted at the 2013 "nnual ;eneral 5eeting!

%nterest on capital is sub<ect to a 2ithholding income ta7 rate of 1'F, e7cept for shareholders that are
declared immune or e7empt, pursuant to Aa2 1,2&1?1'! %nterest on capital is a form of di+idend
distribution, 2hich is deductible for ta7 purposes in ra>il and is included in the di+idend distribution for
the 0ear, as established in the *ompan0-s b0la2s! 4he ta7 credit from the deduction of interest on capital is
recogni>ed in profit or loss! "n amount of $K 3,01, 2as recogni>ed in 2012 ($K 3,'&, in 2011) relating to
ta7 benefits from the deduction of interest on capital! For accounting purposes, shareholders- e/uit0 is
reduced in a manner similar to a di+idend, pursuant to *35 Deliberation 20)?1(!


72
22.' 0arnin#s per Share

2/12 2/11 2/12 2/11
9et income attri butabl e to Sharehol ders of Petrobras 21,1,2 33,313 20,,1' 33,101
Ceighted a+erage number of common and preferred
shares i n issue 13,0&&,&1(,130 13,0&&,&1(,130 13,0&&,&1(,130 13,0&&,&1(,130
asi c and di l uted earni ngs per common and preferred
share ( $K per share) 1!(2 2!'' 1!(0 2!'&

2 Sales re&en"es

2/12 2/11 2/12 2/11
9ross sales
3&&,1)( 30(,23& 2)(,13' 2&1,0&2
Sal es ta7es ((3,'1)) ((2,0',) ('1,',1) ('),221)
Sales re&en"es 2+1.*- 2!!.1*' 21*.!' 1+.+21
Parent company Consolidated

2! 8ther operatin# e1penses. net

2/12 2/11 2/12 2/11
Pensi on and medi cal benefi ts (2,032) (1,''') (1,11') (1,&31)
=nschedul ed stoppages and pre#operati ng e7penses (1,(),) (1,&(() (1,(11) (1,01))
%nsti tuti onal rel ati ons and cul tural pro<ects (1,'1,) (1,&31) (1,3'&) (1,2)')
%n+entor0 2ri te#do2n to net real i >abl e +al ue (mar6et +al ue) (1,&(') (1,0&() (&20) (22))
Aosses ? ;ai ns on l egal and admi ni strati +e proceedi ngs (1,312) 213 (1,01&) 2&0
.7penses rel ated to col l ecti +e bargai ni ng agreement (102) ()00) ()1,) (('')
.7pendi tures on heal th, safet0 and en+i ronment ('(,) ())2) ('31) ((&1)
%mpai rment (2,1) (((&) ()0) (&12)
;o+ernment grants )'' (1' '& 1,)
.7pendi tures?rei mbursements from operati ons i n .]P partnershi ps '&' 1( &)2 1(
8thers 3&1 210 ('0) (&'1)
5+.1-$6 5'.$++6 5*.2!$6 5$.**/6


73
2$ 01penses by nat"re

2/12 2/11 2/12 2/11
$a2 material ? products for resal e (121,0(&) (1',&,&) (1',(2)) ((,,'21)
Producti on ta7es (31,301) (2),20') (30,31,) (2(,'0))
.mpl o0ee enefits (23,(2') (20,&(&) (1,,(11) (1(,1'3)
Depreciati on, depl etion and amorti >ati on (21,)(() (1),)31) (1',)3,) (12,102)
*hanges i n i n+entori es 1,21) ,,),2 2,&)1 ),2&3
Frei ght, rent, thi rd#part0 s er+i ces and other rel ated costs (&0,23,) (31,)(,) (3',),1) (30,,'3)
.7pl orati on e7pendi tures 2ri tten off (i ncl udes dr0 2el l s and si gnature bonuses 2ri tten off) (',(2,) (2,'0&) (',2(,) (2,2&3)
4a7es e7penses ()(0) ()))) (33,) (2),)
Aosses ? ;ai ns on l egal and admi ni strati +e proceedi ngs (1,312) 213 (1,01&) 2&0
%nsti tuti onal rel ations and cul tural pro< ects (1,'1,) (1,&31) (1,3'&) (1,2)')
=nschedul ed stoppages and pre#operati ng e7penses (1,(),) (1,&(() (1,(11) (1,01))
.7pendi tures on health, safet0 and en+ironment ('(,) ())2) ('31) ((&1)
% n+entor0 2ri te#do2n to net real i >abl e +al ue (mar6et +al ue) (1,&(') (1,0&() (&20) (22))
%mpai rment (2,1) (((&) ()0) (&12)
52!-.-+*6 52//.6 52/!.2-/6 51$.'!26
*ost of sal es (210,&)2) (1((,131) (1(),,,2) (12&,320)
Sell i ng e7penses (1,(0&) (,,1'0) (11,,11) (1,11')
;eneral and admi ni strati +e e7penses (1,,&2) (,,(&)) ((,,&3) ((,021)
.7pl orati on costs (),,)1) (&,&2,) (),131) (3,()&)
$esearch and de+el opment e7penses (2,23,) (2,&&&) (2,21)) (2,3(1)
8ther ta7es ()(0) ()))) (33,) (2),)
8ther operati ng e7penses, net (,,11') ((,',,) (),2&') (',))0)
Profi t shari ng (1,00') (1,'(0) (,1') (1,21')
52!-.-+*6 52//.6 52/!.2-/6 51$.'!26

2' Net finance income 5e1pense6

2/12 2/11 2/12 2/11
Forei gn e7change and i nfl ati on i nde7ati on charges on net debt (G) ((,',') (&,,03) (&,1(&) (1(1)
.7penses on debt (10,0()) (,,1&() (',,,1) ((,11&)
%ncome from i n+estments and mar6etabl e securi ti es 3,322 &,10( 3,(1, &,&21
Financial res"lt on net debt 51./6 5+./!6 5'.!2*6 52.'$!6
*api tal i >ed borro2i ng costs ),&30 ),3(1 ',3), ',,23
;ai ns (l osses) on deri +ati +es (,1) (3,)) 10 (12&)
%ncome from mar6etabl e securi ti es 1,,(2 &,0 2,011 1,10,
8ther fi nance e7penses and i ncome, net ,3& (13) )&) (20
8ther forei gn e7change and i nde7ati on charges, net (&30) ,0& (11,) ,0,
Finance income 5e1penses6. net 5.*26 122 1.'+- $.$+1
Finance income 5e1penses6. net 5FF6
%ncome ),2&1 (,'&3 (,12, (,02'
.7penses (3,1'0) (2,&22) (1')) (211)
Forei gn e7change and i nfl ati on i nde7ati on charges, net (),01&) (3,111) (&,2,2) (1'3)
5.*26 122 1.'+- $.$+1

5F6 %t includes inde7ation charges on debt in local currenc0 inde7ed to the =!S! dollar!

74
2* Pro&isions for le#al proceedin#s. contin#ent liabilities and contin#ent assets

4he *ompan0 is a defendant in numerous legal proceedings in+ol+ing ta7, ci+il, labor, corporate and
en+ironmental issues! ased on legal ad+ice and management-s best estimates, the *ompan0 re+ie2s
2hether it is probable that an outflo2 of resources embod0ing economic benefits 2ill be re/uired to set
the obligations!

2*.1 Pro&isions for le#al proceedin#s

Pro+isions are recogni>ed 2hen there is a present obligation (legal or constructi+e) as a result of a past
e+ent, it is probable that an outflo2 of resources embod0ing economic benefits 2ill be re/uired to settle
the obligation and a reliable estimate can be made of the amount of the obligation!

Significant proceedings, for 2hich the *ompan0 has recogni>ed a pro+ision, mainl0 includeB (i) 2ithholding
of income ta7es for securities issued outside ra>ilY (ii) losses and damages resulting from the cancellation
of an assignment of e7cise ta7 (%P%) credits to a third part0Y and (iii) fishermen see6ing indemnification from
the *ompan0 for a :anuar0 2000 oil spill in the State of $io de :aneiro!

%n addition, the Federal Public "ttorne0-s 8ffice and the Public "ttorne0-s 8ffice of the State of ParanL filed
la2suits against Petrobras demanding compensation for moral damages, financial damages and
en+ironmental reco+er0 due to oil spillagesB (i) in 4erminal SWo Francisco do Sul Q $efinaria Presidente
3argas, on :ul0 1(, 2000, for 2hich a pro+ision 2as recogni>ed in 2011 and its updated amount at
December 2012 is $K )0Y and (ii) in the "raucLria Q ParanaguL pipeline (8A"P"), at the head2aters of $io
do 5eio, in the to2n of 5orretes Q State of ParanL, on Februar0 1(, 2001! 4his legal proceeding resulted in
a settlement agreement signed on "pril 2(, 2012, for 2hich a pro+ision 2as recogni>ed in 5arch, 2012 in
the amount of $K 10(, $K 1& of 2hich 2ere paid in 5a0, 2012 and $K 12 are still recogni>ed as a pro+ision,
in order to support the e7penses to reco+er the area!

4he *ompan0 has pro+isions for legal proceedings in the amounts set out belo2B
Non-c"rrent liabilities 2/12 2/11 2/12 2/11
Aabor cl ai ms (,) 3(& '&2 202
4a7 cl ai ms (1( ((& 20 12
*i +i l cl ai ms 1,0'0 101 ,') )31
.n+i ronmental cl ai ms 12, ,2 ,' (2
8ther cl ai ms 2& 30 # #
2,',' 2,0&1 1,'0& 1,01'

2/12 2/11 2/12 2/11
8penin# balance 2./!1 1.'/' 1./1$ *''
"ddi ti onal pro+i si ons 1,2'( ',, ,,0 33(
"mounts used duri ng the 0ear (pa0ment) (,'1) (20() ('10) (11,)
"ccreti on e7pense 111 )2 111 ,)
8thers ('2) (11) # ('()
Closin# balance 2.$+$ 2./!1 1.$/! 1./1$


75
2*.2 ="dicial 2eposits

:udicial deposits made in connection 2ith legal proceedings and guarantees are set out in the table belo2
according to the nature of the corresponding la2suitsB

Non-c"rrent assets 2/12 2/11 2/12 2/11
Aabor 1,))' 1,203 1,(11 1,0,)
4a7 2,132 2,0,' 2,3') 1,),1
*i +i l ('3 '01 '(( &&&
.n+i ronmental 1&2 1, 1&2 1,
8thers , ) # #
Total $.$1/ .-/2 !.'*' .!1/

2*. Contin#ent 3iabilities for le#al proceedin#s

2hich the li6elihood of loss is considered to be possible are not recogni>ed in the financial statements but
are disclosed unless the e7pected outflo2 of resources embod0ing economic benefits is considered remote!

4he estimated contingent liabilities regarding legal proceedings 2hich the li6elihood of loss is considered to
be possible is set out in the table belo2!

Consolidated
Nat"re 0stimate
4a7 '0,'&1
*i +i l # ;eneral &,1&&
Aabor 2,('2
*i +i l # .n+i ronmental (('
8thers ,
$+.+1+

" brief description of the nature of the main contingent liabilities (ta7 and ci+il) are set out in the tables
belo2B

a Ta2 $roceedings

2escription of ta1 proceedin#s 0stimate
Plaintiff; Secretariat of the Federal 4e&en"e of BraEil
1) Deducti on of e7penses from the renegoti ati on of the Petros Pl an from the cal cul ati on basi s of
i ncome ta7 (% $P:) and s oci al contri buti on (*SAA) and penal t0 charged!
*urrent statusB "2ai ti ng the heari ng of an appeal at the admi ni strati +e l e+el !
&,3&1
2) Profi ts of subsi di ari es and ass oci ates domi ci l ed abroad i n the 0ears of 200', 200(, 200) and 200, not
i ncl uded i n the cal cul ati on basi s of %$P: and *SAA!
*urrent statusB "2ai ti ng the heari ng of an appeal at the admi ni strati +e l e+el !
3,31'
3) Deducti on from the cal cul ati on bas i s of %$P: and *SAA of e7pens es i ncurred i n 200) rel ated to empl o0ee
benefi ts and Petros !
*urrent statusB 4hi s cl ai m i s bei ng di s puted at the admi ni s trati +e l e+el !
1,(&2
&) Ci thhol d i ncome ta7 (% $$F) and *ontri buti on of % nter+enti on i n the .conomi c Domai n (*% D.) o+er
remi ttances for pa0ment of pl atforms@ affrei ghtment!
*urrent statusB 4hi s cl ai m i n+ol +es l a2s ui ts i n di fferent admi ni strati +e and <udi ci al s tages , i n 2hi ch
the *ompan0 i s ta6i ng l egal acti ons to ensure i ts ri ghts !
1,101
') 9on pa0ment of *% D. on i mports of naphtha!
*urrent statusB 4hi s cl ai m i s bei ng di s cussed at the admi ni strati +e l e+el !
3,'1,


76
2escription of ta1 proceedin#s 0stimate
() 9on#pa0ment of *% D. i n the peri od from 5arch 2002 unti l 8ctober 2003 i n transacti ons 2i th di stri butors and
ser+i ce stati ons that 2ere hol ders of <udi ci al i n<uncti ons that determi ned the sal e of gas 2i thout the
gross #up of such ta7!
*urrent status B "2ai ti ng the heari ng of an appeal i n the Hi gher *hamber of 4a7 "ppeal s (*S$F)!
1,&'(
)) 9on#pa0ment of ta7 on fi nanci al operati ons (% 8F) on i ntercompan0 l oans !
*urrent si tuati onB "2ai ti ng a heari ng of an appeal at the admi ni strati +e i nstance!
3,(02
,) Ci thhol d i ncome ta7 (% $$F) o+er remi ttances abroad for pa0ment of petrol eum i mports!
*urrent status B "2ai ti ng the heari ng of an appeal at the admi ni strati +e l e+el !
3,,2&
Plaintiff; State Finance 2epartment of 4io de =aneiro
1) %*5S on e7i t operati ons of l i /ui d natural gas (A9;) 2i thout i s suance of ta7 document
b0 the mai n establ i s hment!
*urrent status B 4hi s cl ai m i n+ol +es l a2sui ts i n di fferent admi ni strati +e and <udi ci al stages , i n 2hi ch
the *ompan0 i s ta6i ng l egal acti ons to ens ure i ts ri ghts !
2,,&'
10) Di spute o+er %*5S ta7 l e+0 i n operati ons of sal e of a+i ati on <et fuel , as Decree 3(!&'&?200& 2as decl ared
as unconsti tuti onal !
1,(21
Plaintiff; State Finance 2epartment of SJo Pa"lo
11) Di spute o+er %*5S ta7 l e+0 on the i mporti ng of a dri l l i ng ri g Q temporar0 admi ssi on i n SWo Paul o
and cl earance i n $i o de :anei ro and a fi ne for breach of acces sor0 obl i gati ons!
*urrent status B 8ne of the l egal proceedi ngs i s i n i ts admi ni strati +e stage and the other one 2as submi tted
to <udi ci al di spute, i n 2hi ch the *ompan0 has obtai ned a fa+orabl e deci si on!
&,2',
Plaintiff; ("nicipal #o&ernments of Anchieta. Aracr"E. 9"arapari. ,tapemirim. (arataNEes. 3inhares. Dila Delha.
Ditria and (ara#o#ipe.
12) Fai l ure to 2i thhol d and col l ect ta7 on ser+i ces pro+i ded offshore (% SSX9) i n s ome muni ci pal i ti es l ocated
i n the State of .spPri to Santo, des pi te Petrobras ha+i ng made the 2i thhol di ng and pa0ment of these ta7es to
the muni ci pal i ti es 2here the respecti +e ser+i ce pro+i ders are es tabl i shed, i n accordance 2i th
*ompl ementar0 Aa2 9o! 11(?03!
1,,11
Plaintiff; State Finance 2epartments of 4io de =aneiro and Ser#ipe
13) =se of %*5S ta7 credi ts on the purchase of dri l l i ng bi ts and chemi cal products used i n formul ati ng
dri l l i ng fl ui d!
1&&
1&) 8ther ta7 proceedi ngs
,,01'
Total for ta1 proceedin#s $/.$!-
*urrent status B 4hi s cl ai m i s bei ng di sputed at the admi ni strati +e l e+el and the compan0 has presented i ts
defense!


77
b Civil $roceedings * /eneral

b6 Proceedin#s of a ci&il nat"re - 9eneral
2escription of ci&il proceedin#s 0stimate
Plaintiff; A#Lncia Nacional de Petrleo. 9Ms Nat"ral e Biocomb"stN&eis - ANP
1) Di spute on di fferences i n the pa0ment of speci al parti ci pati on charge i n fi el ds of the *ampos asi n!
% n addi ti on, the pl ai nti ff i s cl ai mi ng fi nes for al l eged non#compl i ance 2i th mi ni mum e7pl orator0
programs! "dmi ni strati +e proceedi ngs are i n course i n connecti on 2i th al l eged i rregul ari ti es i n the
pl atforms@ measurement s0stem!
*urrent statusB 4hi s cl ai m i n+ol +es processes i n di fferent admi ni strati +e and <udi ci al stages, i n 2hi ch the
*ompan0 i s ta6i ng l egal acti ons to ensure i ts ri ghts!
1,,(0
2) 8ther ci +i l proceedi ngs
3,0,&
Total for ci&il proceedin#s !.-!!

c 5ther $roceedings

Plaintiff; Porto Se#"ro ,m&eis 3tda.

8n "ugust 2,, 2012, the Superior *ourt (S4:), unanimousl0 upheld the special appeal filed b0 Petrobras,
dismissing the plaintiff@s claims! Porto Seguro %m+eis Atda!, a former minorit0 shareholder of Petro/uisa,
filed a la2suit related to alleged losses suffered as a result of the disposal of Petro/uisa@s interest in +arious
petrochemical companies included in the 9ational Pri+ati>ation Program! ased on the aforementioned
decision, the possibilit0 of an outflo2 of resources related to this contingent liabilit0, in the amount of $K
,,1(' 2as reassessed as remote!

2*.! =oint Dent"res - Frade field

%n 9o+ember 2011, there 2as an oil spillage in the Frade field operated b0 *he+ron rasil, located in the
*ampos basin! *he+ron rasil, *he+ron Aatin "merica 5ar6eting AA* and 4ransocean rasil Atda are being
sued for $K 20 billion in en+ironmental damages b0 the federal public attorne0-s office! 4ransocean rasil
Atda! operated the rig at Frade at the time of this spillage!

%n "pril 2012, a ne2 la2suit 2as filed b0 the Federal Public "ttorne0-s 8ffice against *he+ron and
4ransocean, due to ne2 lea6s on the seabed of the Frade field! %n this suit the Federal Public "ttorne0-s
8ffice pleads to a further $K 20 billion as compensation for damages!

4he assessment b0 the *ompan0-s la20ers is that the amounts claimed are not reasonable and are
disproportionatel0 high in relation to the e7tent of the damages caused! %n the second la2suit, as the oil
2as not identified on the surface, the e7istence of an0 actual damage to the communit0 is inconcei+able!

"lthough the *ompan0 is not being sued, due to its 30F o2nership interest in the Frade consortium,
Petrobras ma0 be contractuall0 obliged to pa0 30F of the total contingencies related to the incidents that
occurred in the Frade field! %n the e+ent *he+ron is held legall0 responsible, Petrobras ma0 be contractuall0
sub<ect to the pa0ment of up to 30F of the costs of the damages!


78
2*.$ Contin#ent assets

28.!.1 'ecover+ of "aintenance?re#lace"ent costs * &arracuda @ Caratinga

%n 200(, Petrobras, as representati+e of arracuda ] *aratinga Aeasing *ompan0 !3! (*A*), pursuant to
the pro+isions of .P* *ontract, submitted a matter for arbitration in 9e2 òr6 against \ellog, ro2n ]
$oot, %nc Q \$, demanding pa0ment of indemnification in the amount of appro7imatel0 $K 331 plus
interest for the costs of monitoring and replacing defecti+e stud bolts and anchor bolts incurred on subsea
oilfield flo2lines in the arracuda and *aratinga field, under the contractual guarantee period as 2ell as
costs and e7penses of the arbitration!

8n September 21, 2011, the arbitration court a2arded *A*, as pleaded in the arbitration, the full amount
of $K 331 and condemned \$ to pa0 almost the entiret0 costs incurred b0 Petrobras in the arbitration,
including internal costs, legal fees and other arbitration costs! "fter the decision, the *ompan0 recogni>ed
the amount of $K 331 as a non#current asset!

%n December 2012, Halliburton, as \$ guarantor, negotiated 2ith *A* to pa0 $K &&(, in order to settle
the arbitration! 4his amount 2as paid on :anuar0 11, 2013!

28.!.2 'ecover+ of $6) and C5,6A)

Petrobras and its subsidiaries filed a ci+il suit against the Federal ;o+ernment claiming to reco+er, through
offsetting, amounts paid as ta7es on financial re+enue and e7change gains (P%S) in the period bet2een
Februar0 1111 and 9o+ember 2002 and *8F%9S bet2een Februar0 1111 and :anuar0 200& claiming that
paragraph 1 of article 3 of Aa2 1,)1,?1, is unconstitutional!

8n 9o+ember 1, 200', the Federal Supreme *ourt declared such paragraph as unconstitutional!

8n 9o+ember 1,, 2010, the Superior *ourt of :ustice upheld the claim filed b0 Petrobras in 200( to reco+er
the *8F%9S for the period from :anuar0 2003 to :anuar0 200&! Petrobras then recogni>ed the amount of $K
&1) ($K 3&1 in the Parent *ompan0) as reco+erable ta7es in its non#current assets!

"t December 31, 2012, the *ompan0 had $K 2,21( ($K 2,13' in the Parent *ompan0) related to this la2suit
that are not 0et recogni>ed in the financial statements due to the lac6 of final fa+orable decision!

28.!.3 Legal #roceeding in the Bnited )tates % $%19 and $%31

%n 2002, raspetro 8il Ser+ice *ompan0 (rasoil) and Petrobras obtained a fa+orable decision in related
la2suits filed before =!S! courts b0 the insurance companies =nited States Fidelit0 ] ;uarant0 *ompan0
and "merican Home "ssurance *ompan0 in 2hich the0 2ere see6ing to obtain (since 111) and regarding
rasoil) a <udicial order e7empting them from their pa0ment obligations under the performance bond
related to platforms P# 11 and P#31, and see6ing reimbursement from Petrobras for an0 amounts for 2hich
the0 could ultimatel0 be held liable in the conte7t of the e7ecution proceedings of such performance bond!

8n :ul0 21, 200(, the =!S! courts issued an e7ecuti+e decision, conditioning the pa0ment of the amounts
o2ed to rasoil to a definiti+e dismissal of the legal proceedings in+ol+ing identical claims that are currentl0
in course before ra>ilian courts!


79
rasoil, Petrobras and the insurance companies alread0 pleaded the dismissal of the ra>ilian legal
proceedings but their definiti+e dismissal is a2aiting the hearing of an appeal filed b0 the platforms-
shipbuilding compan0 before the Superior *ourt for 9on#*onstitutional 5atters (S4:)!

%n 2012 the *ompan0 intensified actions ta6en, in an attempt to settle this la2suit! 4he amount of damages
pleaded is of appro7imatel0 =SK 2&' million!

2+ Nat"ral 9as P"rchase Commitments

Petrobras has entered into an agreement 2ith àcimientos PetrolPferos Fiscales oli+ianos (`PF) to
purchase 201!1 billion m3 of natural gas during the term of the agreement and to purchase minimum
annual +olume commitment at a price calculated based on a formula comprising the price of fuel oil! 4he
agreement is +alid until 2011, rene2able until the total +olume commitment has been consumed!

"t December 31, 2012, the minimum purchase commitment from 2013 to 2011 is appro7imatel0 (1!'
billion m3 of natural gas, e/ui+alent to 2&!0( million m3 per da0, 2hich corresponds to an estimated
amount of =SK 1)!10 billion!

2- 9"arantees for concession a#reements for petrole"m e1ploration

4he *ompan0 has guarantees for the 5inimum .7ploration Programs established in the concession
agreements for e7ploration of areas b0 the "gVncia 9acional de Petrleo, ;Ls 9atural e iocombustP+eis
(I"9PJ) in the total amount of $K (,&0&, of 2hich $K ',(2( are still in force, net of commitments that ha+e
been underta6en! 4he guarantees comprise crude oil from pre+iousl0 identified producing fields, pledged as
securit0, 2ith a +alue of $K 3,11& and ban6 guarantees in the amount of $K2,&32!

/ 4is) mana#ement and deri&ati&e instr"ments

4he *ompan0 is e7posed to a +ariet0 of ris6s arising from its operationsB mar6et ris6 (including price ris6
related to crude oil and oil products, foreign e7change ris6 and interest rate ris6), credit ris6 and li/uidit0
ris6!

/.1 4is) mana#ement

4he ob<ecti+e of the o+erall ris6 management polic0 of the *ompan0 is to achie+e an appropriate balance
bet2een gro2th, increased return on in+estments and ris6 e7posure le+el, 2hich can arise from its normal
acti+ities or from the conte7t 2ithin 2hich the *ompan0 operates, so that, through effecti+e allocation of
its ph0sical, financial and human resources it ma0 achie+e its strategic goals!

$is6 management is carried out b0 a Financial %ntegration *ommittee set up b0 the .7ecuti+e oard to
e+aluate and establish guidelines for measuring, monitoring, and managing the ris6s periodicall0 and to
support the oard decisions! 4his *ommittee is al2a0s composed of the e7ecuti+e managers of the finance
department! .7ecuti+e managers of different business areas are con+ened to discuss specific matters!


80
/.2 (ar)et ris)

3C.2.1 'isk "anage"ent of #rice risk (related to crude oil and oil #roducts

Petrobras does not use deri+ati+e instruments to hedge e7posures to commodit0 price c0cles related to
products purchased and sold to fulfill operational needs!

Deri+ati+es are used as hedging instruments to manage the price ris6 of certain transactions carried out
abroad, 2hich are usuall0 short#term transactions similar to commercial transactions!

4he main ris6 management techni/ues used b0 the *ompan0 to manage price ris6 of crude oil and oil
products, in the transactions carried out abroad, areB operating cash flo2 at ris6 (*F"$), 3alue at $is6 (3"$)
and Stop Aoss!

a Aotional a"ount< fair value and guarantees of crude oil and oil #roducts derivatives

(at"rity
Statement of Financial Position 2/12 2/11 2/12 2/11
F"t"res contracts 5.+/6 5'.21*6 5'6 ! 2/1 @ 2/1!
Purchase commi tments
1(,'00 30,113 # #
Sal e commi tments
(11,,,0) (3(,&10) # #
8ptions contracts 52./$/6 52.1/6 56 5!6 2/1
Call
51./+/6 5*/6 526 56
Aong pos i ti on
3,20& (,)2, # #
Short posi ti on
(&,2,&) (),&',) # #
P"t 5-*/6 D 51.!//6 516 516
Aong pos i ti on
2,021 3,110 #
#
Short posi ti on
(2,111) (',310) #
#
For>ard contracts - 2*$ - - 2/12
Aong pos i ti on
# 2)' # #
Total reco#niEed in other c"rrent assets and liabilities 5-6 /
Consolidated
5in tho"sands of bbl6F Fair &al"e
FF
Notional &al"e

G 9egati+e notional +alues (in bbl) represent short positions!
GG 9egati+e fair +alues 2ere recogni>ed as liabilities and positi+e fair +alues as assets!

Fin an ce in com e 2 / 1 2 2 / 1 1
Ao s s r ec o gn i >ed i n p r o f i t o r l o s s f o r th e p er i o d (1 1 2 ) (3 ' ) )
9ar an t e e s #i&e n as collat e r al 2 / 1 2 2 / 1 1
;en er a l l 0 c o n s i s t o f d ep o s i ts 2 1 1 1 ( ,
C on solid at e d
C on solid at e d


81
b )ensitivit+ anal+sis of crude oil and oil #roducts derivatives

4he probable scenario is the fair +alue at December 31, 2012! 4he stressed scenarios consider price changes
of 2'F and '0F on the ris6 +ariable, respecti+el0, comparati+el0 to December 31, 2012!

Probable at Possible 4emote
*rude 8i l and 8i l Products 2/12 5 of 2$A6 5 of $/A6
rent Deri +ati +e (rent pri ces i ncrease) (&2) (31,) ('1')
%n+entori es (rent pri ces decrease) 3& 301 ',&
5+6 5-6 5116
Di esel Deri +ati +e (Di esel pri ces decrease) (&) (102) (111)
%n+entori es (Di esel pri ces i ncrease) 1 100 11,
56 526 516
Frei ght Deri +ati +e (Frei ght costs decrease) # (1) (2)
%n+entori es (Frei ght costs i ncrease) 1 1 2
1 - -
;asol i ne Deri +ati +e (;asol i ne pri ces i ncrease) (&) (() (,)
%n+entori es (;asol i ne pri ces decrease) 3 ' ,
516 516 -
9aphtha Deri +ati +e (9aphtha pri ces decrease) (1) (10) (20)
%n+entori es (9aphtha pri ces i ncrease) 2 11 21
1 1 1
Fuel 8i l Deri +ati +e (Fuel 8i l pri ces i ncrease) 1 (13() (2)3)
%n+entori es (Fuel 8i l pri ces decrease) ()) 12, 2(3
5'6 5+6 51/6
C4% Deri +ati +e (C4% pri ces decrease) 12 ', 10'
%n+entori es (C4% pri ces i ncrease) (12) ((0) (10,)
- 526 56
Consolidated
$i s6

c 1"bedded derivatives % )ale of ethanol

4he *ompan0 entered into an ethanol sales agreement on a price formula set 2hen the contract 2as
signed! 4he selling price of each ethanol cargo is based on the prices of t2o distinct referencesB ethanol and
naphtha!

Since the mar6et price of naphtha is not directl0 proportional to the cost or the mar6et +alue of ethanol, a
portion of the sales agreement, related to the deri+ati+e instrument, 2as measured at fair +alue (Ae+el 3)
through profit or loss (as finance income), separatel0 from the rest of the agreement! 4he *ompan0 has
measured the fair +alue of this agreement based on the difference bet2een the spreads for naphtha and
ethanol!

4he notional +alue, fair +alue and the sensiti+it0 anal0sis of the s2ap are presented belo2B

Possible 4emote
For>ard contracts 2/12 2/11 Probable 5F6 5 of 2$A6 5 of $/A6
Aong posi ti on (5aturi t0 i n 201') ((3 )& &1 ()) ((() (13')
Fair &al"e
Notional &al"e 5in
tho"sand of m
6
Sensiti&ity analysis at 12.1.2/12
4is)
Decrease i n spread 9aphtha +s!
.thanol

(G) 4he probable scenario 2as computed based on the difference bet2een the future contracts of ethanol and naphtha e7piring on 5arch, 31,
2013!

82
Finance income 2/12 2/11
;ai n (l oss) recogni >ed i n profi t or l oss for the 0ear 22 ('')

4he price of ethanol on the ra>ilian mar6et (.S"AX) is used in the agreement! 4he stress scenarios 2ere
computed based on the future prices of ethanol and naphtha on the *hicago oard of 4rade (*84) on the
last 2or6ing da0 of the reporting period!

/.2.2 Forei#n 01chan#e ris) mana#ement

4he *ompan0 is e7posed to foreign e7change ris6 from recogni>ed assets and liabilities, arising from the
+olatilit0 of currenc0 mar6ets!

Petrobras see6s to identif0 and manage foreign e7change ris6 in an integrated manner, b0 recogni>ing and
creating Inatural hedgesJ, benefiting from the correlation bet2een income and e7penses! 4o mitigate
short#term e7change ris6 e7posure arising from transactions in+ol+ing income and e7penses in different
currencies, the *ompan0 can use a natural hedge b0 choosing in 2hich currenc0 to hold cash, such as
ra>ilian $eal, =S dollar or another currenc0!

Foreign e7change ris6 is managed based on the net e7posure and re+ie2ed periodicall0 to support the
.7ecuti+e oard! 4he *ompan0 can use deri+ati+e instruments to hedge certain liabilities, minimi>ing
foreign e7change e7posure!

a Main transactions and future co""it"ents hedged b+ foreign e2change derivatives

S>ap Contracts

Den vs. Dollar

4he *ompan0 entered into a cross currenc0 s2ap to fi7 in =!S! dollars the pa0ments related to bonds
denominated in :apanese 0en! 4he *ompan0 does not intend to settle these contracts before the maturit0!
4he relationship bet2een the deri+ati+e and the loan /ualif0 as cash flo2 hedge and hedge accounting is
applied!

4he effecti+e portion of changes in fair +alue, assessed on a /uarterl0 basis, are recogni>ed in accumulated
other comprehensi+e income, in the shareholders- e/uit0 and reclassified to profit or loss in the periods
2hen the hedged item affects profit or loss!


83
b Aotional value< fair value and guarantees

Cross Currenc+ )=a# (Maturit+ in 2C1E 1$' 2!
Aong posi ti on (:P`) # 2!1'F p!a! :P` 3',000 :P` 3',000 ,,) 12(
=SD 21, =SD 21, ()31) ((,3)
)=a# (Maturit+ in 2C12 - 2
Aong posi ti on # =SK =SD 12) # 2&1
Short posi ti on # $K *D% $A 111 # (201)
B)F for=ard (short #osition =SD 1,0)) =SD ,) 1 56
Total reco#niEed in other assets and liabilities 1$* 2*2
Short posi ti on (=SK) # '!(1F p!a!
Fair &al"e
Consolidated
Notional &al"e 5in millions6

Finance income and shareholders: e%"ity 2/12 2/11
;ai n recogni >ed i n profi t or l oss for the peri od ,2 2'
;ai n recogni >ed i n sharehol ders@ e/ui t0 1& ,

5argin is not re/uired for the operations the *ompan0 has entered into, related to foreign currenc0
deri+ati+es!

c )ensitivit+ anal+sis for foreign e2change risk on financial instru"ents

4he *ompan0 has assets and liabilities sub<ect to foreign e7change ris6! 4he main e7posure in+ol+es the
ra>ilian $eal, relati+e to the =!S! dollar! Foreign e7change ris6 arises on financial instruments that are
denominated in a currenc0 other than the ra>ilian $eal! "ssets and liabilities of foreign subsidiaries,
denominated in a currenc0 other than the ra>ilian $eal are not included in the sensiti+it0 anal0sis set out
belo2 2hen transacted in a currenc0 e/ui+alent to their respecti+e functional currencies!

4he probable scenario, computed based on e7ternal data, as 2ell as the stressed scenarios (a 2'F and a
'0F change in the foreign e7change rates) are set out belo2B
01pos"re at
Financial ,nstr"ments
2/12 4is)
Probable
12.1.2/12
Possible
5 of 2$A6
4emote
5 of $/A6
Fi nanci al %nstruments ("ssets) ,,&0) )' 2,102 &,20&
Fi nanci al %nstruments (Ai abi l i ti es) (10,),&) (,1&) (22,(1() (&',312)
For2ard Deri +ati +e (Short Posi ti on) (2,201) (21) (''0) (1,100)
5+!.$*+6 5*'+6 521.1!!6 5!2.2++6
Fi nanci al %nstruments ("ssets) # # # #
Fi nanci al %nstruments (Ai abi l i ti es) (2,21,) èn (11) (')') (1,1&1)
*ross#currenc0 S2ap ,30 (3) 221 &'3
51.!'+6 51/26 5!'6 5'-'6
Fi nanci al %nstruments ("ssets) (,&'1 (112) 1,(13 3,22'
Fi nanci al %nstruments (Ai abi l i ti es) (1(,&2() &,1 (&,10)) (,,213)
5-.-*$6 2-* 52.!-!6 5!.-++6
Fi nanci al %nstruments ("ssets) 1,)'' (2,) &31 ,))
Fi nanci al %nstruments (Ai abi l i ti es) (',221) ,2 (1,30') (2,(10)
5.!''6 $! 5+''6 51.*6
Fi nanci al %nstruments ("ssets) ),1 (21) 11' 310
Fi nanci al %nstruments (Ai abi l i ti es) (2,&)&) 12 ((11) (1,23))
51.'-6 ' 5!2!6 5+!*6
51/1.1+/6 5!$'6 52$.2*!6 5$/.$$26
Peso
Dol l ar
.uro
Pound Sterl i ng
Scenarios;
Consolidated

(G)4he probable scenario 2as computed based on the follo2ing changes for 5arch, 31, 2013B $eal 7 Dollar Q a 0!1F appreciation of the Dollar
relati+e to the $eal ? Dollar 7 èn Q a &!'3F appreciation of the èn ? Dollar 7 .uroB a 2!1,F depreciation of the .uro ? Dollar 7 Pound SterlingB a

84
1!')F depreciation of the Pound Sterling ? Dollar 7 PesoB a 3!,)F depreciation of the Peso! 4he data 2ere obtained from the Focus $eport of the
*entral an6 of ra>il and from loomberg!
Foreign e7change e7posure is not considered significant, as the impact of foreign e7change depreciation ?
appreciation does not <eopardi>e the li/uidit0 of the *ompan0 in the short term due to the balance
bet2een liabilities, assets, re+enues and future commitments in foreign currenc0, since most of its debt
mature in the long term!

/.2. ,nterest rate ris) mana#ement

4he *ompan0 is mainl0 e7posed to interest rate ris6 related to changes in the A%8$ rate, arising from debt
issued in foreign currenc0 and to changes in the ra>ilian long#term interest rate (4:AP), arising from debt
issued in ra>ilian $eal! "n increase in interest rates causes a negati+e impact in the *ompan0@s finance
e7pense and its financial position!

4he *ompan0 considers that e7posure to interest rate ris6 does not cause a significant impact and
therefore, preferabl0 does not use deri+ati+e financial instruments to manage interest rate ris6, e7cept for
specific situations encountered b0 certain companies of the Petrobras group!

a Main transactions and future co""it"ents hedged b+ interest rate derivatives

)=a# contracts

,loating%to%fi2ed s=a# ( Libor B)D vs. ,i2ed rate (B)D

4he *ompan0 entered into an interest rate s2ap, in order to e7change a floating interest rate for a fi7ed
rate, aiming at eliminating the mismatch bet2een the cash flo2s of assets and liabilities from in+estment
pro<ects! 4he *ompan0 does not intend to settle the operation before the maturit0 date, and therefore,
adopted hedge accounting for the relationship bet2een the finance debt and the deri+ati+e!

8ther positions held are set out in the table belo2!

b Aotional value< fair value< guarantees and sensitivit+ anal+sis for interest rate derivatives

S>aps (maturi t0 i n 2020)
Short posi ti on =SD &(0 =SD &), 5+$6 5'*6
=SD 0 =SD 0
S>aps (maturi t0 i n 201')
526 56
Aong positi on Q .uri bor .=$ 1' .=$ 20 1 1
Short posi ti on Q &!11F Fi 7ed rate .=$ 1' .=$ 20 (3) (&)
# #
Total reco#niEed in other assets and liabilities 5+*6 5*/6
Consolidated
Notional &al"e 5in millions6 Fair &al"e

2/12 2/11
Aoss recogni>ed i n profit or l oss for the period (1) #
Aoss recogoni >ed in sharehol ders@ e/ui t0 (1,) (3&)
Finance income and shareholders: e%"ity


85
Possible 4emote
,nterest rate deri&ati&es Probable 5F6 5 of 2$A6 5 of $/A6
Hedge (Deri+ati +e # S2ap) Ai bor decrease (,1) ()) (2&)
Debt Ai bor i ncrease ,1 ) 2&
Net efect - - -
Hedge (Deri+ati +e # S2ap) .uri bor decrease # 1!0 #
Debt .uri bor i ncrease # (1!0) #
Net efect - - -
Scenarios;
Consolidated
4is)

G4he probable scenario 2as computed based on A%8$ futures!

5argin is not re/uired for the operations the *ompan0 has entered into, related to interest rate
deri+ati+es!


86
/. Credit ris)

Petrobras is e7posed to the credit ris6 arising from commercial transactions and from cash management,
related to financial institutions and to credit e7posure to customers! *redit ris6 is the ris6 that a customer
or financial institution 2ill fail to pa0 amounts due, relating to outstanding recei+ables or to financial
in+estments, guarantees or deposits 2ith financial institutions!

*redit ris6 management in Petrobras is a portion of its financial ris6 management, 2hich is performed b0
the *ompan0-s officers, under a polic0 of corporate ris6 management! 4he *redit *ommissions are, each,
composed of e7ecuti+e 5anagers for $is6 5anagement, Finance and *ommercial Department!

4he purpose of the *redit *ommissions is to anal0>e credit management issues, relating to granting and
managing creditY to encourage integration bet2een the units that compose the *redit *ommissionsY and to
identif0 recommendations to be applied in the units in+ol+ed or to be submitted to the appreciation of
higher <urisdictions!

4he credit ris6 management polic0 is part of the *ompan0-s global ris6 management polic0 and aims at
reconciling the need for minimi>ing e7posure to credit ris6 and ma7imi>ing the result of commercial and
financial transactions, through an efficient credit anal0sis process and efficient credit granting and
management processes!

4he *ompan0 manages credit ris6 b0 appl0ing /uantitati+e and /ualitati+e parameters that are appropriate
for each of the mar6et segments in 2hich it operates!

4he *ompan0-s commercial credit portfolio is much di+ersified and the credits granted are di+ided bet2een
clients from the domestic mar6et and from foreign mar6ets!

*redit granted to financial institutions is spread among the ma<or international ban6s rated b0 the
international rating agencies as %n+estment ;rade and highl0#rated ra>ilian ban6s!

4he ma7imum e7posure to credit ris6 is represented mainl0 b0 the balance of accounts recei+able and
deri+ati+e financial instruments outstanding!

/.! 3i%"idity ris)

4he *ompan0@s li/uidit0 ris6 is represented b0 the possibilit0 of a shortage of funds, cash or another
financial asset in order to settle its obligations on the established dates!

4he li/uidit0 ris6 management polic0 adopted b0 the *ompan0 pro+ides that the maturit0 of its debt
continues to be lengthen, e7ploring the funding opportunities a+ailable in the domestic mar6et and being
significantl0 acti+e in the international capital mar6ets b0 broadening the in+estor-s base in fi7ed income!

Petrobras finances its 2or6ing capital through a centrali>ed cash management for the group and b0
assuming short#term debt, 2hich is usuall0 related to commercial transactions, such as e7port credit notes
and ad+ances on foreign e7change contracts! %n+estments in non#current assets are financed through long#
term debt, such as bonds issued in the international mar6et, funding from credit bureaus, financing and pre
pa0ment of e7ports, de+elopment ban6s in ra>il and abroad, and lines of credit 2ith national and
international commercial ban6s!

87
" maturit0 anal0sis of the long#term debt, including face +alue and interest pa0ments is set out in the table
belo2B

Consolidated
2013 22,,1&
201& 1,,1(,
201' 2&,')0
201( 3),2,&
201) 2(,&33
201, 3,,&('
2011 and thereafter 110,322
2*+./$'
22-.+1
(at"rity
Balance at 2ecember 1. 2/12
Balance at 2ecember 1. 2/11

/.$ Financial in&estments 5deri&ati&e financial instr"ments6

8perations 2ith deri+ati+es are, both in the domestic and foreign mar6ets, earmar6ed e7clusi+el0 for the
e7change of indices of the assets that comprise the portfolios, and their purpose is to pro+ide fle7ibilit0 to
the managers in their /uest for efficienc0 in the management of short#term financial assets!

4he mar6et +alues of the deri+ati+es held in the e7clusi+e in+estment funds at December 31, 2012 are set
out belo2B

Contract
N"mber of
Contracts
Notional
&al"e
Fair &al"e (at"rity
F"t"re 2, 5,nterban) 2eposit6 2 2/1 to 2/1$
Aong posi ti on 11),1)& 10,,)) 1
Short positi on (1(&,1(() (1',0(() 1
F"t"re dollar - 2/1
Aong posi ti on 110 11 (1)
Short positi on (331) (3&) 1
S>ap 2 2/1!
Aong posi ti on # &0' 1
Short positi on # (&0') ())


88
1 Fair &al"e of financial assets and liabilities

Fair +alues are determined based on mar6et prices, 2hen a+ailable, or, in the absence thereof, on the
present +alue of e7pected future cash flo2s! 4he fair +alues of cash and cash e/ui+alents, trade accounts
recei+able, short term debt and trade accounts pa0able are the same as their carr0ing +alues! 4he fair
+alues of other long#term assets and liabilities do not differ significantl0 from their carr0ing amounts!

"t December 31, 2012, the estimated fair +alue for the *ompan0-s long term debt 2as $K 111,&), and 2as
computed based on the pre+ailing mar6et rates for operations that ha+e similar nature, maturit0 and ris6
to the contracts recogni>ed and it ma0 be compared to the carr0ing amount of $K 1,0,,1,!

4he hierarch0 of the fair +alues of the financial assets and liabilities, recorded on a recurring basis, is set out
belo2B

Prices %"oted on
acti&e mar)et
53e&el ,6
Dal"ation
techni%"e
s"pported by
obser&able prices
53e&el ,,6
Dal"ation
techni%"e >itho"t
"se of obser&able
prices
53e&el ,,,6
Total fair &al"e
recorded
Assets
5ar6etabl e securi ti es
21,3)( # # 21,3)(
*ommodi t0 deri +ati +es
# # )& )&
Forei gn currenc0 deri +ati +es
1 1'( # 1')
Fi nanci al i n+estment deri +ati +es
& # # &
Balance at 2ecember 1. 2/12 21.+1 1$' *! 21.'11
Balance at 2ecember 1. 2/11 22.'2 2! !- 22.'$!
3iabilities
*ommodi t0 deri +ati +es
(31) # # (31)
%nterest deri +ati +es
(,)) # # (,))
Balance at 2ecember 1. 2/12 512'6 - - 512'6
Balance at 2ecember 1. 2/11 51/'6 56 - 51/-6
Fair &al"e meas"red based on


89
2 ,ns"rance

4he *ompan0-s insurance policies in+ol+e ac/uiring insurance to co+er assets that might lead to material
negati+e impacts in the shareholders- e/uit0 (in the case of an e+entual damage), as 2ell as ris6s sub<ect to
legal or contractual mandator0 insurance! 4he remaining ris6s are sub<ect to self#insurance and Petrobras
intentionall0 assumes the entire ris6 b0 abstaining from contracting insurance! 4he *ompan0 assumes a
significant portion of its ris6, b0 including franchises that ma0 reach an amount e/ui+alent to =SK ,0 in its
insurance policies!

4he ris6 assumptions adopted are not part of the audit scope of the financial statements audit and
therefore 2ere not e7amined b0 independent auditors!

4he main information concerning the insurance co+erage outstanding at December 31, 2012 is set out
belo2B

Assets Types of co&era#e Consolidated
Parent
company
Faci li ti es, e/ui pments i n+entor0 and products in+entor0
Fi re, operati onal ri s6s and
engi neeri ng ris6s 211,((3 1),,,0(
4an6ers and au7i li ar0 +essel s Hul l s (,01& #
Fi 7ed pl atforms, floati ng production s0stems and offshore
dri l l i ng uni ts 8i l ris6s (0,31( 1),)),
Total ''./* 1-'.$+!
Amo"nt ins"red

Petrobras does not ha+e loss of earnings insurance or insurance related to 2ell control and pipeline
net2or6s in ra>il!

S"bse%"ent 0&ents

F"ndin# O P9T

8n :anuar0 2,, 2013 Petrobras ;lobal 4rading !3! (P;4), an indirect subsidiar0 of Petrobras, signed a
financing agreement in the amount of =SK '00 million! 4he agreement carries an interest rate of (#month
Aibor rate O 1!1'F p!a! and pa0s semi#annual coupons!
Supplementar0 %nformation

90
,nformation on reser&es 5"na"dited6

4he regulator0 frame2or6 for oil and gas e7ploration, de+elopment and production acti+ities in ra>il 2as
based on concession agreements until :une 30, 2010, 2hen the enactment of Aa2 12,2)( introduced the
8nerous "ssignment "greement (I*essWo 8nerosaJ), in specific pre#salt areas and Aa2 12,3'1, enacted in
December 22, 2010, introduced the ne2 regulator0 frame2or6 that established a production#sharing
model for pre#salt areas and strategic areas to be contracted b0 the Federal ;o+ernment! 5ost of the
contracts outside ra>il are based on concession agreements! 4herefore, e7ploration and de+elopment
e7penses are capitali>ed and reported, instead of presenting the monetar0 +alue of the +olume of reser+es!

Pro+ed oil and gas reser+es are those /uantities of oil and gas, 2hich, b0 anal0sis of geoscience and
engineering data, can be estimated 2ith reasonable certaint0 to be economicall0 producible # from a gi+en
date for2ard, from 6no2n reser+oirs, and under e7isting economic conditions, operating methods, and
go+ernment regulations!

Pro+ed de+eloped reser+es are those pro+ed reser+es that can be e7pected to be reco+ered through
e7isting 2ells 2ith e7isting e/uipment and operating methods or in 2hich the cost of the re/uired
e/uipment is relati+el0 minor compared to the cost of a ne2 2ell and through installed e7traction
e/uipment and infrastructure operational at the time of the reser+es estimate if the e7traction is b0 means
not in+ol+ing a 2ell!

Pro+ed unde+eloped reser+es are those pro+ed reser+es that are e7pected to be reco+ered from ne2 2ells
on undrilled acreage, or from e7isting 2ells 2here a relati+el0 ma<or e7penditure is re/uired for
recompletion!

$eser+e estimates include inherent uncertainties and therefore are sub<ect to changes due to increased
a+ailabilit0 of geoscience (geological, geoph0sical, and geochemical), engineering, and economic data!

Pro+ed oil and gas reser+es estimated b0 the *ompan0 in accordance 2ith the S.* criteria are set out
belo2B

ra>i l % nternati onal 4otal ra>i l %nternati onal 4otal ra>i l %nternati onal 4otal
al ance at December 31, 2011 10!&11 0!3(& 10!))' 213!2&2 3(!,31 330!0,1 12!2'( 0!',0 12!,3(
*hange i n reser+es 0!,1' 0!0)3 0!,,, 0!(&1 0!30, 0!1'( 0!,22 0!0)( 0!,1,
Producti on (0!(,)) (0!0&)) (0!)3&) (11!)10) (3!2'') (23!0&') (0!,1') (0!0()) (0!,,2)
al ance at December 31, 2012 10!'31 0!310 10!121 2)&!101 33!,11 30)!112 12!2(3 0!',1 12!,'2
$eser+e of non#consol i dated compani es
al ance at December 31, 2011 # 0!030 0!030 # 1!231 1!231 # 0!03) 0!03)
al ance at December 31, 2012 # 0!02& 0!02& # 1!3'2 1!3'2 # 0!032 0!032
Pro+ed de+el oped reser+es # # # # # # # # #
al ance at December 31, 2011 (!1)& 0!1,1 )!1'' 1,1!13& 1&!'0( 11'!(&0 ,!113 0!2() ,!3,0
al ance at December 31, 2012 (!31, 0!11( (!'1& 1,0!&,( 13!&'3 113!131 )!'33 0!2)' )!,0,
8il 5billions of bbl6 5F6 9as 5billions of mQ6 5F6 8il R 9as 5billions of boe6 5F6

%nternational pro+ed reser+es does not include oil and gas reser+es in oli+ia as the 9e2 Political
*onstitution of the State (9*P.) prohibits recognition and disclosure of oil and gas reser+es in oli+ia b0
pri+ate companies!

4he oard of Directors and 8fficers

91
B8A42 8F 2,40CT84S

;=%D8 5"94.;"
President

F$"9*%S*8 $8.$48 D. "A=X=.$X=.
5ember
A=*%"98 ;"A3e8 *8=4%9H8
5ember
5%$%"5 "P"$.*%D" .A*H%8$
5ember

:8$;. ;.$D"= :8H"99P.4.$
5ember
5"$%" D"S ;$"f"S S%A3" F8S4.$
5ember
Sg$;%8 F$"9\A%9 X=%94.AA"
5ember

:8S=g *H$%S4%"98 ;85.S D" S%A3"
5ember
5c$*%8 P.$.%$" d%55.$5"99
5ember
S%A3%8 S%9.D%98 P%9H.%$8
5ember

0S0CCT,D0 C8((,TT00 58FF,C04S6

5"$%" D"S ;$"f"S S%A3" F8S4.$
President

"A5%$ ;=%AH.$5. "$"SS"
*hief Financial and %n+estor $elations 8fficer
:8S. *"$A8S *8S.9d"
Director of $efining, 4ransportation ]
5ar6eting

:8S. "A*%D.S S"948$8 5"$4%9S
Director of ;as and .nerg0
:8S. .D="$D8 D. "$$8S D=4$"
Director of Ser+ices and *orporate areas

:8S. "9489%8 D. F%;=.%$.D8
Director of .ngineering, 4echnolog0 and 5aterials

:8S. 5%$"9D" F8$5%;A% F%AH8
Director of .7ploration and Production

5"$*8S "9489%8 S%A3" 5.9.d.S
"ccountant # *$*#$: 3'!2,(?8#1
*hief "ccounting 8fficer (*"8)

DFP - 2012 - R$ Inglês

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