Decree No. 7.653, Of December 23, 2011

Original Language Title: Decreto nº 7.653, de 23 de Dezembro de 2011

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DECREE NO 7,653, OF December 23, 2011

Authorizes the increase of the social capital of the National Economic and Social Development Bank-BNDES and the Federal Economic Box-CEF, and gives other arrangements.

THE CHAIRWOMAN OF THE REPUBLIC, in the use of the assignment that confers the art. 84, inciso VI, point "a" of the Constitution,

D E C R E T A:

Art. 1º It is authorized for the increase of social capital of the following financial institutions:

I- National Economic and Social Development Bank-BNDES, in the amount of up to R$ 400,000,000.00 (four hundred million reais), without issue of shares, upon transfer of up to sixteen million, one hundred and three thousand and fifty-nine shares ON of Brazilian Petroleum S.A. -PETROBRAS, surpluses to the maintenance of the Union's share control; and

II-Economic Box Federal-CEF, in the amount of up to R$ 500,000,000.00 (five hundred million reais), upon transfer of up to twenty million, one hundred and twenty-eight thousand and eight hundred and twenty four shares ON of Brazilian Petroleum S.A. -PETROBRAS, surpluses to the maintenance of the Union's share control.

§ 1º The value of the capital increase is to be ascertained on the basis of the quotation of the shares to be transferred at the close of the business day preceding the publication date of this Decree.

§ 2º The capitalizations, upon transfer of the actions of which they treat the incisos I and II of the caput, will take effect after favorable deliberation of the Council of Administration and pronouncement of the Fiscal Council of the respective financial institutions.

§ 3º Caberá to the Registry of the National Treasury adopt the arrangements regarding the transfer of title to the custodian entity.

Art. 2º Shall Compete to the President of the Republic, on a proposal from the Boards of Directors of BNDES and the CEF, authorize the disposal of the common shares of issuance of PETROBRAS, transferred to increase capital of the respective financial institutions, which will remain, still, conditioned to the completion of the formalities set forth in this article.

§ 1º Previously to the disposal of the ordinary shares of the capital of PETROBRAS, should BNDES and CEF offer them, as a matter of priority, to the Union.

§ 2º The Union, by means of the Minister of State for Finance, will have thirty days, counted from the receipt of the proposal of which it treats § 1º, to manifest itself.

§ 3º Case decides by the purchase, the acquisition, by the Union, of the shares offered, with the respective payment of the price, in sight, should be carried out within a maximum of ten working days following the date of the demonstration by the Minister of State for Finance.

§ 4º The price will be equivalent to the weighted average of the daily average quotations of the ordinary shares of PETROBRAS in the preachings of the thirty days prior to the date of the manifestation of the Minister of State for Finance.

§ 5º After the completion of the formalities laid down in § § 1º to 4º, if the acquisition by the Union, BNDES or CEF, as the case may not have been completed, may divest from the shares with no need for further consultation to the respective Boards of Directors and of new offer to the Union, provided they do so within the maximum of six months.

§ 6º The provisions of § 1º do not apply to the operations carried out with entities of the indirect federal public administration or with private fund from which the National Treasury is a cotist single.

Art. 3º This Decree comes into effect on the date of its publication.

Brasilia, December 23, 2011; 190º of Independence and 123º of the Republic.


Guido Mantega

Fernando Damata Pimental