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

The Company and some subsidiaries have signed letters of guarantee with financial institutions for the purpose of guaranteeing payment of tax suits lodged against the Company by the Brazilian Federal Tax Authority, the Finance Departments of the States of São Paulo and Rio de Janeiro, and the Belo Horizonte Federal Tax Office. The total amount of the letters of guarantee is presented as follows:

	12/31/2009	12/31/2008	01/01/2008

Net Rio Ltda.	253,467	248,408	202,722
Reyc Comércio e Participações Ltda.	9,638	8,895	-
Net Serviços	19,275	7,308	7,569
Other	9,655	17,817	21,259
	292,035	282,428	231,550

Additionally, for the same purpose of guaranteeing payment of tax cases, the Company took out an insurance policy with Fator Seguros S.A., covering the amount of R$15,062 on 2009.