NET RAO 2009 – NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

1. Operations
2. Description of the Significant Accounting Policies
3. Transition to IFRS
4. Business combinations
5. Net Sales
6. Cost of services rendered
7. Finance results
8. Expenses by nature
9. Cash and cash equivalents
10. Trade accounts receivable
11. Inventories
12. Judicial deposits
13. Income taxes and social contribution
14. Deferred and recoverable taxes
15. Property and Equipment
16. Intangible assets
17. Trade Accounts Payable
18. Accounts Payable – Programming Suppliers
19. Financial liabilities
20. Copyright Payable – ECAD
21. Related parties
22. Commitments and provisions
23. Shareholders’ equity
24. Guarantees
25. Earnings per Share
26. Financial Instruments
27. Measurement and fair value hierarchy
28. Insurance

ECAD (Escritório Central de Arrecadação e Distribuição) is an organization which acts as the legal representative of artists and authors in collecting on their behalf the royalties from public broadcast of music. As of December 31, 2009 the Company and its subsidiaries had a provision of R$77,794 (R$54,851 on December 31, 2008 and R$80,114 on January 1^st, 2008) for amounts payable to ECAD and judicial deposits of R$20,459 (R$15,374 on December 31, 2008 and R$50,495 on January 1^st, 2008).