GENERAL PRESENTATION INVESTOR RELATIONS PETROBRAS

GENERAL PRESENTATION INVESTOR RELATIONS PETROBRAS August, 2010

DISCLAIMER FORWARD-LOOKING ST ATEMENTS: DISCLAIMER The presentation may contain forward-looking statements about future events within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, that are not based on historical facts and are not assurances of future results. Such forward-looking statements merely reflect the Company s current views and estimates of future economic circumstances, industry conditions, company performance and financial results. Such terms as "anticipate", "believe", "expect", "forecast", "intend", "plan", "project", "seek", "should", along with similar or analogous expressions, are used to identify such forward-looking statements. Readers are cautioned that these statements are only projections and may differ materially from actual future results or events. Readers are referred to the documents filed by the Company with the SEC, specifically the Company s most recent Annual Report on Form 20-F, which identify important risk factors that could cause actual results to differ from those contained in the forward-looking statements, including, among other things, risks relating to general economic and business conditions, including crude oil and other commodity prices, refining margins and prevailing exchange rates, uncertainties inherent in making estimates of our oil and gas reserves including recently discovered oil and gas reserves, international and Brazilian political, economic and social developments, receipt of governmental approvals and licenses and our ability to obtain financing. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information or future events or for any other reason. Figures for 2010 on are estimates or targets. All forward-looking statements are expressly qualified in their entirety by this cautionary statement, and you should not place reliance on any forward-looking statement contained in this presentation. NON-SEC COMPLIANT OIL AND GAS RESERVES: CAUTIONARY STATEMENT FOR US INVESTORS We present certain data in this presentation, such as oil and gas resources, that we are not permitted to present in documents filed with the United States Securities and Exchange Commission (SEC) under new Subpart 1200 to Regulation S-K because such terms do not qualify as proved, probable or possible reserves under Rule 4-10(a) of Regulation S-X. 2

PETROBRAS: AN INVESTMENT GRADE, PUBLICLY TRADED, MAJOR INTERNATIONAL OIL COMPANY Incorporated in 1953 as government monopoly for all hydrocarbon activities in Brazil Originally established as a refinery of imported crude oil Became net exporter in 2006 60% of total equity capital (common and preferred) is now publicly traded Government maintains controlling interest with 55% of voting shares Market cap of approximately US$ 160 billion as of June 10 th, 2010 Foreign currency ratings from Moody s (Baa1), Standard & Poors (BBB-), and Fitch (BBB). Petroleum Law and ANP (National Oil Agency) creation: End of Monopoly First Public Auction of Oil Exploration Areas Petrobras NYSE Listing Full Deregulation Upgraded to Investment Grade Issuer Crossed the US$100 billion Market Cap mark Brazil Self Sufficient in Oil 1997 June 1999 Aug 2000 Jan 2002 Oct 2005 2006 Apr 2006 2MM bpd, $200MM market cap, Discovery of new oil frontier: Pre Salt (Tupi field) 2007 A New E&P Regulatory Framework. Pre-Salt and Strategic Areas Aug 2009 3

60% OF THE EQUITY CAPITAL OF PETROBRAS IS PUBLICLY TRADED 46,4% 53,6% 9,5% 20,3% 10, 9 % 26,4% 2 9, 5 % 10,3 % 18,0% 9,9% 7,9% 25,1% 23,1% 22,8% 61,6% 44,4% 40,6% 39,8% Shareholder Base Foreign 37.4% Brazilian 22.8% Government 39.8% Oct/1992 Jul/2000 After Aug/00 After Jul/01 offering Dec/2009 offering (1) Government Bovespa Brazil Bovespa Foreign ADRs o o o On August, 2000 the Brazilian Government reduced its ownership share to 55% of the voting shares through an SEC registered secondary public offering (PBR) In July 2001, BNDESPar, sold a portion of its non-voting shares (PBRA) Since the offering in July, 2001 the ownership structure has remained virtually unchanged. (1) Includes BNDES / BNDESPAR 4

PETROBRAS IS THE MOST LIQUID STOCK IN VALUE TRADED ON BOTH THE BOVESPA AND NYSE (US$ MM) Turnover 2009/2005 = 596% 1,930 Turnover NYSE & Bovespa (Daily Average Turnover) (% category and US$MM) 992 1,308 43% 47% 43% 50% 52% Nyse PBR PBR/A 219 483 Nyse PBR PBR/A Bovespa PETR3 PETR4 25% 21% 6% 5% 25% 27% 20% 6% 31% 20% 19% 5% 6% 26% 23% Bovespa PET R3 PET R4 2005 2006 2007 2008 2009 2005 2006 2007 2008 2009 PETR4 (Bovespa) PETR3 (Bovespa) PBR/A (Nyse) PBR (Nyse) o Turnover of PBR 3 times the volume of PBRA on the NYSE o Turnover of PN 5 times the volume of the ON o Probable explanation: Cultural. Brazilians familiar with PN s and would not pay premium for ON s 5

CORPORATE ORGANIZATION AND KEY OPERATING RESULTS Exploration & Production Downstream (Supply) Distribution Gas & Energy International Biofuels Petrochemicals Summary Financials (US$ billion- USGAAP) Operating Income* (US$ billion- USGAAP) 2007 2008 2009 1Q10 Net Revenues 87.7 118.3 91.9 27.6 EBITDA 25.6 31.1 28.9 8.4 Net Income 13.1 18.9 15.5 4.3 Capex 21.0 29.9 35.1 9.1 Total Debt (1) 21.9 27.1 57.1 59.8 Cash & Cash Equivalents 7.0 6.5 16.2 14.6 Net Debt 14.9 20.6 40.9 45.1 Total Equity 65.2 61.9 94.1 95.3 Total Assets 129.7 125.7 200.3 204.2 20 15 10 5 0 13,1 18,9 15,5 (1) Includes capital leases and project financings * Excludes Corporate and Elimination -5 2007 2008 2009 Domestic E&P Downstream Gas &Energy Distribution International 6

A WORLD-CLASS, PUBLIC, INTEGRATED ENERGY COMPANY 3.9 3.9 2009 Oil & Gas Production Gas Production boe/d (mmboe/d) 3.2 2.7 2.5 2.5 2.2 1.7 Oil Production boe/d 84% (oil) 0.6 Source: Evaluate Energy and Company reports BP XOM RDS CVX PBR COP Total ENI BG 2009* Refining Capacity Market Value as of June 10 th, 2010 (thousand boe/d) 6,271 3,639 2,902 2.666 2,594 2,223 2,158 747 311 (US$ bn) 290 159 157 149 110 103 79 74 66 Source: PFC Energy *Report ODecember S2009 CO O C S XOM PBR RDS CVX TOT BP COP ENI STL Source: Bloomberg Note: Peer companies selected above have a majority of capital traded in the public markets. 7

DOMESTIC E&P PROFILE 2009 Production 2009 Proven Reserves (SPE) 19% 14% 10% 24% 9% 10% 57% 57% 2,287 thousand boed 14.17 billion boe Onshore Shallow water (0-300m) Deep water (300-1500m) Ultra-deep water (> 1500m) Source: Petrobras 8

COMPETITIVE ADVANTAGE IN THE DEEPWATER Petrobras operates 22% of global deepwater production and 18% of all operating vessels CVX 6% APC TOT6% 8% BP 9% 2008 Gross Global Operated Deepwater Production REL HES MUR MUR HES REL 1% 1% 2% 2% 1% 1% BG APC 4% 5% STL 14% PBR 22% RDS 14% XOM XOM 14% Petrobras Shell StatoilHydro ExxonMobil BP Chevron Anadarko Total CNOOC ConocoPhillips ENI/Agip Others FPS Operators All Contracted Vessels (252 Vessels Total) 0 20 40 60 80 100 120 5 9 8 8 15 15 13 12 12 10 45 FPSO Semi Spar TLP Other 100 Source: (1) PFC Energy Note: Estimated v olumes abov e ref lect what operators are responsible f or producing, not what they keep on a net working interest or entitlement basis. Minimum water depth is 300 meters; twelv e operators abov e account f or 94% of global deepwater production in 2008. (2) Copy right 2008 ODS-Petrodata, Inc. 9

DOMESTIC PROVEN RESERVES PROFILE Proven Reserves as of Dec/2009 (ANP/SPE) (14,17 billion boe) < 22º API (heavy) 50% 15% 6% 29% 22 31 º API (intermediate) 10% 5% Oil + Condensate 85% Gas > 31 º API (light) Associated Gas Non-Associated Gas Undeveloped Proven Reserves 43% 57% Developed Proven Reserves 10

ENHANCING RESERVES Santos Pre-Salt announced recoverable volumes including the transfer of rights, can more than double Brazilian reserves. million boe 35,000 30,000 25,000 20,000 15,000 Higher estimates +5,400 Lower estimates 10,600 +5,000 ~ 30-35 bn boe 10,000 5,000 14,169 0 *SPE Criteria 2009 Proven Reserves* ** include Petrobras and Partners Santos and Campos Basins Pre-Salt (Tupi, Iara, Guará and Whale s Park)** Transfer of Rights with Compensation Proven Reserves* + Santos and Campos Basins Pre-Salt (Tupi, Iara, Guará and Whale s Park)** + Transfer of Right 11

IMPRESSIVE RECORD OF ACCELERATING DEVELOPMENT 2.000.000 1.800.00 1.600.00 16 anos 54 anos Production (bpd) 1.200.00 1.000.00 800.00 12 anos 22 anos 27 anos 45 anos 400.00 Production since incorporation of Petrobras (1953) 0 1 3 5 7 9 11 13 15 17 19 21 23 25 27 29 31 33 35 37 39 41 43 45 47 49 51 53 55 Discovery of Garoupa in the Campos basin (1974) Numbers of Years Discovery of giant fields in Campos basin including Albacora/Marlim (80 s & 90 s) Discovery of the Pre-Salt, since Parati (2006) 12

INDUSTRY-LEADING PRODUCTION GROWTH 6,61 4,56 3,96 3,52 2,44 1,66 0,00-1,38-2,59-3,26 Petrobras Oil and Gas Production (000 boe/d) 4.6% CAGR 2,297 2,301 2,217 2,020 2,525 2,400 2004 2005 2006 2007 2008 2009 Source: Evaluate Energy -4,94 C onoc ophillips Petrobras Lukoil PetroChina Chevron ENI BP ExxonMobil Total RD Shell Repsol YPF CAGR (2004-2009) - % * * * 9M09 Annualized 13

OIL AND GAS PRODUCTION TARGETS: SUPERMAJORS AND PETROBRAS Petrobras has the highest growth rate target of the industry 6000 thousand boe/d 5500 5000 4500 4000 3500 3000 2500 2000 ExxonMobil: Production growth rate ~3-4% in 2010; ~2-3% p.y. up to 2013 Petrobras: 3.9 MM boe/d in 2014 and 5.4 MM boe/d in 2020 BP: Production growth rate ~1-2% p.y. up to 2015 Shell: ~3.5 MM boe/d in 2012 and ~3.7 MM boe/d in 2014 Chevron: production growth rate ~1% p.y. between 2010-2014 and 4.5% p.y. between 2014-2017 1500 1000 500 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Source: PFC Energy and Company reports 14

BRAZILIAN ECONOMY: Growing with stability and fiscal responsibility 7 6 5 4 3 2 1 1.2 5.7 GDP Growth (%) 5.7 5.1 4.0 3.2 Forecast 6.3 4.5 250 200 150 100 97 Trade Balance (US$ Billion) Exports Imports 198 202 173 182 161 169 154 138 130 119 121 91 74 63 Forecast 196 0 50 1 2 1.2 2003 2004 2005 2006 2007 2008 2009 2010 2011 0 2004 2005 2006 2007 2008 2009 2010 2011 300 250 200 150 100 50 0 49 2003 International Reserves (US$ billion) 2010 239 241 241 244 207 180 86 53 54 2004 2005 2006 2007 2008 2009 jan fev mar 247 abr Nominal Fiscal Deficit/GDP (%) 20 15 10 5 0 52,1 5,1 2003 Brazilian Debt (as % of GDP) 50,0 47,7 46,6 44,2 39,9 41,4 3,3 3,3 2,7 3,5 2,6 1,9 2004 2005 2006 2007 2008 2009 60 50 40 30 20 10 0 Net Debt/GDP (%) Source: Brazilian Central Bank 15

BUSINESS PLAN 2010-14: 14: US$ 224 BILLION Increased investment for integrated operations in Brazil Business Segment (US$ Billion) 8% 17.8 1% 2% 1% 2% 5.1 3.5 2.5 2.8 3.5 Brazil and Abroad (US$ Billion) International 5% 11.7 73.6 118.8 53% 212.3 33% 95% Brazil E&P Downstream G&E Petrochemicals Distribution Biofuels Corporate 16

ADJUSTMENTS TO THE 2010-2014 2014 PORTFOLIO Increased spending on infrastructure, logistics, value chain in Brazil 31.6 (17.0) (6.8) 19.2 10.3 186.6 224 CAPEX 2010-2014 in 2009-2013 Business Plan New Projects Projects Excluded Change in project timeline Change in project design and cost Change in Stake 2010-2014 Business Plan E&P Downstream Gas & Energy Corporate 1% 21% 0.3 6.5 6.5 5.1 5.1 19.7 16% 62% o New projects for pre-salt, logistics, increased utilization of domestic oil, and monetization of natural gas. o Change in partnership participation reflecting uncertainty about participation of partners in downstream projects 17

LOCAL CONTENT PARTICIPATION 2010-2014 2014 Brazilian suppliers expected to provide nearly 70% of total needs Distribution and Biofuels (100%) Gas & Energy (82%) 100 % Business unit Capex in Brazil (US$ billion) Investments in Brazil Purchased in Brazilian Market Brazilian content (%) Downstream and 80 % E&P 108.2 57.8 53% Corporate (80%) RTM and Petrochem 78.6 62.8 80% E&P (53%) 60 % 40 % Gas & Energy Distribution Biofuels Corporate 17.6 2.3 2.3 3.3 14.4 2.3 2.3 2.6 82% 100% 100% 80% 20 % Total 212.3 142.2 67% Brazilian Content 0 % + US$ 46.4 billion from Partners o Petrobras purchases in Brazil of approximately $28 billion per year (versus $20 billion per year in prior plan) 18

PEERS CAPEX 10.000 8.000 6.000 4.000 2.000 50.000 45.000 40.000 35.000 0 U$S MM Capex by Quarter: 1Q07 4Q09 12.000 Petrobras 1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 U$S MM Capex for 2010: 2009 vs. 2010E Super Majors Average (Exxon, Shell, BP) Peer Group Average (without Petrobras) 30.000 25.000 20.000 15.000 10.000 5.000 2009 Average without Petrobras 2010 Average without Petrobras 0 2009 2010 2009 2010 2009 2010 2009 2010 2009 2010 2009 2010 2009 2010 (1) 2009 2010 2009 2010 2009 2010 2009 2010 Source: Evaluate Energy and Company Reports (1) R$ 88.5 billion converted by FX rate of 1,87 R$/US$ (Petrobras forecast to 2010) 19

TECNOLOGICAL CHANGES 3 Key pillars Partnership with over 120 universities and research centers in Brazil, and 70 Institutions abroad Expanding Limits Technological Strategy Investments in HSE, IT and R&D US$ 11.4 Billion 29% 46% 1.9 0.2 0.9 25% New Exploratory Frontier Maximizing recov ery f actor Dev eloping Production, Operation and Pre Salt Logistic Adding value and Diversifying Products Fuel, Lubricants and special products innov ation Petrochemic als Gas Chemic Dev elopment of new generation Sea and Subsea Sy stems Biof uels Other Renewable sources Energy Sediments and other f uels characterizat ion of the pre salt and other complex reserv oirs Water managem e nt Solutions f or Natural Gas logistic in harsh env ironments Operational Optimization CO 2 and other gas managem ent Middle distillate Maximi zation Sustainability Energetic Eff iciency HSE IT R&D 20

UPSTREAM 21 21

17TH CONSECUTIVE YEAR OF FULLY REPLACING BRAZILIAN PRODUCTION o 110% reserve replacement rate in 2009. Over the past decade, reserve replacement has principally been driven by internal additions in Brazil o Targeting a reserves to production life over 18 years 13,23 13,75 1,23 13,92 14,09 0,88 14,17 0,92 0,86 Production (0.70 bn boe) Production (0.70 bn boe) Production (0.75 bn boe) Production (0.79 bn boe) Reserves Replacement Index (174%) 12,52 Reserves 13,04 Reserves 13,17 Reserves Replacement Replacement Replacement Index 13,31 Index Index (110%) (124%) (123%) 2005 2006 2007 2008 2009 * According to SPE (Society of Petroleum Engineers) criteria 22

OIL AND GAS PRODUCTION TARGETS 2010-2020 2020 Domestic targets unchanged, international targets reduced o Production curve for domestic oil gas production consistent with prior Business Plan o Projected international production reduced as a result of decrease in investment o Production curve does not currently assume any contribution from Transfer of Rights 5,382 7.1% p.y. 120 203 (Thous. boe/day) 1,810 2,037 2,020 94 85 22 35 161 168 252 251 265 4.9% p.y. 2,217 96 163 274 2,297 2,301 2,400 101 110 100 142 126 124 277 273 321 2,525 97 141 316 2,723 93 146 384 9.4% p.y. 3,907 128 176 623 2,980 1109 3,950 1,500 1,540 1,493 1,684 1,778 1,792 1,855 1,971 2,100 241 1, 078 Pre-Salt 2002 2003 2004 2005 2006 2007 2008 2009 2010 2014 2020 Oil Production - Brazil Gas Production - Brazil Oil Production - International Gas 152 Production - International 1.183 23

PRINCIPAL PROJECTS SCHEDULED DURING 2010-2014 2014 Updated business plan added new projects Th. bpd Mexilhão NG Uruguá/Tambaú FPSO Cidade de Santos NG/35,000bpd Marlim Sul SS P-56 Module 3 100,000 bpd Antecipation of Baleia Azul FPSO Espadarte 100,000 bpd Guará Pilot FPSO 120,000 bpd Tupi NE Pilot FPSO 120,000 bpd 2,980 2800 Tupi Pilot Cidade de Angra dos Reis 100,000 bpd 2400 2000 1600 1200 2,100 Cachalote e Baleia Franca FPSO Capixaba 100,000 bpd Tupi NE EWT 30.000 bpd Guará EWT Dynamic Producer 30,000 bpd Tiro EWT SS-11 30,000 bpd Aruanã EWT Cidade Rio das Ostras 15,000 bpd Roncador Papa-Terra Roncador SS P-55 TLWP P-61 & FPSO P-62 Module 3 FPSO P-63 Module 4 180,000 bpd 150,000 bpd 180,000 bpd Jubarte Tiro/Sidon Whales Park FPSO P-57 FPSO FPSO P-58 180,000 bpd 100,000 bpd 180,000 bpd Aruanã Guaiamá FPSO FPSO 100,000 bpd 100,000 bpd 4 EWT 4 EWT 3 EWT 2 EWT Pre-salt Pre-salt Pre-salt Pre-salt 2010 2011 2012 2013 2014 Oil Pre salt Natural Gas EWT = Extended Well Test 24

E&P-BRAZIL INVESTMENTS 2010-2014 2014 Continued emphasis on Post-Salt acreage, growing spending on Pre-Salt Pre-Salt US$ 33.0 Billion 3% 13% Post-Salt US$ 75.2 Billion 15% 18% 0.9 4.3 11.4 13.7 27.8 50.1 84% 67% Exploration Development Infrastructure o Annual expenditures for exploration of more than US$4 billion annually o Development capex in Pre-salt approaching 50% of Post-salt spending 25

RESERVES IN ULTRA-DEEP WATER CAN BE DEVELOPED AT A RELATIVELY LOW COST Expected Costs of Production 140 Production costs (US$/bbl 2008) 120 100 80 60 40 20 Produced MENA Deepwater and Ultra deep water Other convention al oil CO₂ EOR EOR Arctic Heavy oil and bitumen Oil Shales Gas to liquids Petrobras expected maximum break even cost Coal to liquids 0 1000 2000 3000 4000 5000 6000 7000 8000 9000 10000 Reserves (bn bbls) Source: IEA Outlook 2008 26

DOMESTIC LIFTING COST: Stable costs R$/barrel US$/barrel 68.3 74.6 76.2 78.3 38.86 41.62 43.04 43.82 43.91 58.8 22.86 24.74 23.73 24.50 19.50 21.28 24.78 26.53 26.87 26.37 10.78 13.84 15.23 14.33 14.71 17.58 16.84 16.51 16.95 17.54 8.72 9.02 9.51 9.40 9.79 2Q09 3Q09 4Q09 1Q10 2Q10 2Q09 3Q09 4Q09 1Q10 2Q10 Lifting Cost Gov.Part. Lifting Cost Gov. Part. Brent o In Do llar, lifting cost increased, fo llowed recovery of international o il prices; o In Reais, lifting cost remained stable during the last year.

DISTRIBUTION OF UPSTREAM REVENUES Distribution of the Realization Price of a Barrel of Domestically Produced Oil $80,00 100,0% $70,00 80,0% $60,00 $ per Barrel Realization Price $50,00 $40,00 $30,00 $20,00 $10,00 $- 2001 2002 2003 2004 2005 2006 2007 2008 2009 1Q10 % Share of Realization Price 60,0% 40,0% 20,0% 0,0% 2001 2002 2003 2004 2005 2006 2007 2008 2009 1Q10 $(10,00) -20,0% Lifting SG&A Other COGS Net Income DD&A R&D Income Tax Exploratory Costs Other Government Take 28

NEW PRODUCTION UNITS: Continued increases in capacity Main units responsible for production increase Projects Capacity 2Q10 FPSO Cidade de Vitória (Golfinho) 100 thousd bpd 60.9 FPSO Espírito Santo Parque das Conchas (1) 100 thousd bpd 28.2 FPSO Capixaba Cachalote e Baleia Franca Mexilhão and Uruguá- Tambaú (1 ) P rojec ts in partners hip, produc tion refers to Petrobras s hare (3 5% ) 100 thousd bpd 35 thousd bpd and 25 million cu.m gas 9.7 Production Start-up: UTB - 14/jul Mexilhão 4Q10 Principal New Units to start-up operation Projects Capacity FPSO Cidade de Angra dos Reis (Tupi Pilot) 100 mil bpd Start-up forecast 4Q10 P-56 (Marlim Sul) P-57 (Jubarte) 100 mil bpd 180 mil bpd 2011 2011

NEW PRODUCTION UNITS Project Start up Type Oil and Gas Capacity Shipyard Leased Cachalote/Baleia Franca FPSO Capixaba 2Q/10 FPSO 100,000 bpd 3.2 MM m3/d Keppel (Singapore) SBM Uruguá-Tambaú Cidade de Santos 3Q/10 FPSO 25,000 bpd 10.0 MM m3/d Cosco (China) Modec Mexilhão 4Q/10 Fix 15 MM m3/d Mauá Jurong (Brazil) Tupi Pilot Cidade de Angra dos Reis 4Q/10 FPSO 100,000 bpd 5.0 MM m3/d Cosco (China) Modec Marlim Sul Mod. 3 - P-56 (P-51 Clone) 2H/11 SS 100,000 bpd 6.0 MM m3/d Brasfels-Keppel (Brazil) Jubarte Mod. 2 - P-57 2H/11 FPSO 180,000 bpd 2.0 MM m3/d Brasfels-Keppel (Brazil) Papa Terra - P-61 2H/13 TLWP 180,000 bpd 1.0 MM m3/d Keppel (Brazil) FloaTec Papa Terra - P-63 2H/13 FPSO 150,000 bpd 1.0 MM m3/d Rio Grande (Brazil) BW Offshore Guará Pilot 2H/13 FPSO 120,000 bpd 5.0 MM m3/d Bid in progress Roncador Mod 3 - P-55 2H/13 SS 180,000 bpd 6.0 MM m3/d Atlântico Sul and Rio Grande (Brazil) 30

NEW TECHNOLOGIES TO INCREASE RECOVERY FACTOR 4D Seismic (Marlim; Marlim Sul; Albacora) ESP in a skid on the sea-bed (Espadarte-Fase III) Vertical Annular Separation and Pumping System (Congro; Malhado; Corvina) VASPS (Parque dos Temperos; ) Bonito CAISSON 2009 2010 2011 2012 Subsea Christmas Tree. Piggy-back (Marimbá; Barracuda) Oil Water Subsea Separation (Marlim) TLWP (Papa-terra) SBMS - Subsea Multiphase Pumping System (Marlim) RWI Raw Water Injection (Albacora) Multifractured Well (Bonito) 31

EXPLORING TO LEVERAGE EXCITING FRONTIER PLAYS IN OUR OWN BACKYARD Exploration Capex US$ mm 2.750 2.500 2.250 2.000 1.750 1.500 1.250 1.000 750 500 250 Success Rate 70% 60% 50% 40% 30% 20% 10% 0 2002 2003 2004 2005 2006 2007 2008 2009 2013 0% 32

MAIN DISCOVERIES IN THE POST-SALT SALT REGION (1) Date Field Participation Fluids Mar-2010 Feb-2010 Feb-2010 Nov-2009 Aug-2009 May-2009 Nov-2008 Estimated Recoverable Volume 15 million barrels 40 million barrels 25 million barrels 25 million barrels 280 million barrels Not disclosed Oil Not disclosed 2,354 Sep-2008 BM-S-40/Sidon BR (100%) Light Oil 150 million barrels 274 Jul-2008 Golfinho BR (100%) Light Oil 150 million barrels 1,374 Marimbá May-2008 Piranema Barracuda Pampo Rig Fence Marimbá BM-C-36 Aruanã BM-S-48 Panoramix BM-J-3 Jequitinhonha BM-S-40/Tiro BR (100%) BR (100%) BR (100%) BR(100%) BR (100%) BR(35 %), Repsol(40%), Vale(12,5%), Voodside(12,5%) BR (60%), STATOIL (40%) BR (100%) Light Oil Oil Oil Light Oil Light Oil N. Gas and Condensate Light Oil Not disclosed Water Depth (m) 800 860 200 400 976 161 235 Piranem a Aruanã Barracuda Pampo Dec-2007 BM-ES-5/ Camarupim BR (65%), EL PASO (35%) N. Gas and Condensate Not disclosed 708 May-2007 Mar-2007 BM-ES-5/ Camarupim BC-60/Caxaréu BR (65%), EL PASO (35%) BR (100%) N. Gas and Condensate Light Oil Not disclosed 570 million barrels * 763 1,011 (1) 2007 to March 2010 * Volume in place 33

EXPLORATION PORTFOLIO AT DIFFERENT STAGES OF DEVELOPMENT Margem Equatorial Ceara & Potiguar Solimões o Brazil Exploration: 2009 13 US$ 13.8 bn Potiguar SEAL& REC & TUC Bahia Sul São Francisco o o Exploratory Area: 155.0 thousand km² 265 exploratory blocks Espírito Santo Campos o 35 appraisal plans Petrobras Others Santos Pelotas o 313 production concessions 34

INCREASE IN THE NUMBER OF FIELDS ANDS BLOCKS HELD WITH PARTNERS o Petrobras current domestic production comes mainly from concessions (97%) owned by the company alone o For the areas under development, the percentage of concession held without partners falls to 62% o More than half (53%) of the blocks under exploration or appraisal are joint ventures Concessions Under Production (247) Production Development Concessions (66) Exploration + Evaluation Concessions (54) 3% 97% 38% 62% 53% 47% Petrobras (100%) Petrobras in Partnerships 34 Oil and Gas Companies (2008) SINN, July 2009 35

PRE-SALT OVERVIEW 36

PRE-SALT JOINT VENTURES Total Area: 149,000 km2 Area Under Concession: 41,772 km2 (28%) Area Not Under Concession: 107,228 km² (72%) Area With Petrobras Interest: 35,739 km2 (24%) JUBAR TE ESS-103 BFR-1 1-2 Bi BAZ-1 boer CHL-4 Shore Distance = 60 km Total Area = 3.000 km 2 Blocks Consortium BC-60 BR (100%) Jubarte Cachalote Balia Franca Baleia Azul Baleia Anã Blocks Consortium BMS-8 BR (66%), SH (20%) e PTG (14%) BM S 11 (Tupi) BMS-9 BMS-10 BR (45%), BG (30%) e RPS (25%) BR (65%), BG (25%) e PAX (10%) BMS-11 BR (65%), BG (25%) e PTG (10%) BMS-21 BR (80%), PTG (20%) Shore Distance = 300 km Total Area = 15.000 km 2 1.1 2 bi boer BMS-22 BMS-24 EXX (40%), HES (40%) e BR (20%) BR (80%), PTG (20%) 37

t BRAZILIAN SE BASINS IN COMPARISON WITH GULF OF MEXICO USA 38

PRODUÇÃO PRE-SALT NEWS: 2010 Accelerating development activity o Campos and Espirito Santo Basin o o New discoveries in Campos basin in the pre-salt layer in Marlim, Albacora Leste and Caratinga fields; Production start-up in Baleia Franca field, in Espírito Santo. 20 Tbpd forecast by year end. o Santos Basin o 6 new wells to be drilled in 2010, totaling 16 wells in 2010; Franco Libra o 3 new rigs * previously contracted scheduled to arrive in 2010, in addition to the 10 already operating; o o FPSO Cidade de Angra dos Reis, to be installed as Tupi Pilot project (currently en route to Brazil); Letter of intent with SBM/Queiroz Galvão to construct 3rd Pilot. FPSO to operate in Tupi Nordeste. Capacity: 120 thous. bpd of oil and 5 million cu.m p/day of natural gas. Delivery date: 34 months; o Letter of intent to construct 8 replicant FPSO hulls for definitive systems Santos Basin, with Engevix. Capacity: 150 thous. bpd. Macunaíma Carioca NE Guará Norte Piloto de Tupi P1 Guará Iracema Norte Tupi Sudoeste Piloto de Tupi IG1 Wells**: Petrobras ANP * Ocean Valor, Vitoria 10.000 and Sevan Driller. ** Drilling or completion or test.

GAS PIPELINE FOR TUPI`S PILOT SYSTEM UGN UTGCA RPBC 145 Km 212 Km PMXL 170 Km URG 248 Km To service the Pilot PMLZ-1 TUPI Area TEFRA N Existing Under Construction Planned

CAPEX DISTRIBUTION: PRE-SALT VS. CAMPOS BASIN Pre-salt CAPEX DISTRIBUTION 26% 18% 56% Gathering Completion + Drilling Units Deepwater Projects in Campos Basin* CAPEX DISTRIBUTION 33.3% 33.3% 33.3% Gathering Completion + Drilling Units o Additional drilling and completion cost in the pre-salt compared with an generic deepwater project in Campos basin can be partially or fully offset by higher quality and quantity of oil that is expected in the pre-salt area. * Generic example, considering that these rates can change among the different existing projects in Campos Basin 41

DEVELOPMENT STRATEGY (example: TUPI) 1st Oil EWT Tupi (May/09) 1st Oil Tupi Pilot (Dec/10) Significant production level 2007 2009 2010 2012... 2017... t Phases Information Acquisition Definitive Development Phase 0 Phase 1A Phase 1B Focus EWT (Mar/2009), Tupi Pilot and appraisal wells Implementation of 8 production units (Replicated FPSOs) Implementation of X production units Objective o Area Delimitation o Analyze reservoir flow o Fractured well performance o Complete sampled core o Material analysis vs. CO 2 o Analyze water and gas/co 2 injection behavior o Test adjustments on FPU related to CO 2 o Test improvements in well projects o Apply previous dominated concepts and technologies with necessary adjustments to reach significant production by 2017 o Aggregate innovative technical solutions to optimize project performance 42

PRE-SALT ACCOMPLISHMENTS TIMELINE 2008 Phase 0 2013 Phase 1A 2017 Phase 1B 2020 Phase 0:Information gathering Appraisal wells, EWTs and Tupi Pilot Phase 1B - Projects 2nd phase of definitive development Significant production increase Innovation acceleration Massive use of new technologies specially tailored for Pre-Salt conditions Phase 1A - Projects Phase 1a: 1st phase of definitive development, use of consolidated or rapidly-consolidating technologies to achieve production targets, generate cash-flow to support Phase 1b First 2 FPSOs to be chartered (2013-2014) Oil Production: 120,000 bpd Gas Compression: 5 M m³/d Additional 8 FPSOs (2015-2016) Construction of the hulls at the Rio Grande Shipyard All identical units, manufactured in series Process plant under study: Oil Production: 150,000 bpd Gas Compression: 5.5 M m³/d Water-Alternating-Gas injection capability 43

MAJOR TECHNOLOGICAL DEVELOPMENTS UNDER EVALUATION PLANSAL - Pre-Salt Development Master Plan Flow Assurance and formation damage control Water-alternatinggas (HC or CO 2 ) injection Extended-reach and deviated wells (salt) Dry completion systems (SPAR, TLP, FPDSO, ) Floating LNG Offshore logistical hub Pre-Salt Definitive Development Offshore produced fluid handling hubs Offshore gas storage in salt caves CO 2 storage in saline aquifers, depleted fields, salt caves Deepwater CALM buoy Reservoir Characterization CO 2 separation / capture technology 44

ESPÍRITO SANTO PRE SALT MG Rio Doce Terminal Barra do Riacho Camarupim Espírito Santo UTG Cacimbas Linhares UPGN Lagoa Parda Aracruz Cangoá 24 66 km 25 MM m 3 /d Canapu Peroá o Infrastructure in-place: diversified and flexible portfolio; o P-34 at Jubarte field, first pre-salt production (Sep/08): excellent results/light oil (30ºAPI); VITÓRIA Vila Velha Carapó Golfinho o FPSO Capixaba (100 Mb/d) moved from Golfinho field and is being adapted to produce in Cachalote (CHT)/Baleia Franca (BFR) in 1H10; UTG Sul Capixaba Anchieta Guarap ari Sul Capixaba Gas pipeline 12 83 km 4,5 MM m 3 /d Sul-Norte Capixaba Gas pipeline 12 a 24 160 km 7 a 15 MM m 3 /d o Baleia Azul first definitive production unit by 4Q12; Presiden te Kennedy RJ Marataiz es CHT JUB Baleia Azul CXR ARG Baleia Franca OST NAU ABA PRB o Natural gas production transported via pipeline. Catuá Whales Park* 45 *Whales Park comprehends the fields: Jubarte, Cachalote, Baleia Franca, Baleia Azul and Baleia Anã

E&P REGULATORY FRAMEWORK Pre-Salt and Strategic Areas 46

NEW REGULATORY MODEL Production Sharing Agreement Petrobras 100% Pre-salt and Strategic Areas Transfer of Rights with compensation Petrobras Operator Other companies trough Bidding Process Other Areas Current Concession Model There will be no regulatory changes in the areas under concession, including the presalt area already granted 47

PRODUCTION SHARING AGREEMENTS Production sharing agreements o Petrobras will operate all blocks under this regime, with a minimum stake of 30% o Consortium between Petrobras, Petro-sal and the winning bidder will be managed by the Operational Committee o Petrobras will be able to participate in the bidding process to increase its stake Profit Oil Cost Oil Companies Government o The winning bidder will be the company that offers the highest percentage of profit oil for the Brazilian Government o Petrobras will have to follow the same percentage offered by the winning bidder o The Brazilian Government will not assume the risks of the activities, except when it decides to invest directly o Prior to contracting, the Government may evaluate the potential of the areas and may contract Petrobras directly Graphs are showing only hypothetical values 48

E&P TRANSFER OF RIGHTS WITH COMPENSATION o Government may transfer to Petrobras, for compensation, without bidding, the rights to explore and produce oil in the pre-salt areas not under concession. These areas may or may not be contiguous o Transfer of rights limited to a maximum produced of 5 billion boe. Petrobras will be the owner of produced volumes o Oil values shall be determined by technical reports prepared by qualified third parties contracted by the government (ANP) and Petrobras, taking into account best industry practices o The transaction includes a clause of reappraisal of reserves value o If the value of appraisal rises, Petrobras will pay the difference to the Government. If price falls, the contrary will happen o Royalties will be paid by Petrobras and distributed according to the Law nº 9.478/97. No special participation payment is expected 49

TRANSFER OF RIGHTS APPRAISAL Appraisal need to consider Production Curve Capex Oil Volume Production Costs Oil reservoir Future Oil prices Discount Rate Reserves development/ Knowledge Fiscal Environment (government participation) 50

PETROBRAS CAPITALIZATION The value of capitalization could be: o Minimum: the same value of the transfer of rights with compensation o Maximum: up to 3 times this value Appraisal of reserves in R$ Petrobras increase in capital (to be approved by the ESM) Petrobras will receive cash from minority shareholders Petrobras will pay the transfer of rights with compensation to the federal govt o Brazilian Government could pay the capital contribution to Petrobras with public debt issuances, priced at market value o Petrobras may pay the Brazilian Government the transfer of rights with compensation, using the same securities arising from the capitalization Graphs are showing only hypothetical values 51

CAPITALIZATION PROCESS: Estimated timeline of Capitalization with or without Transfer of Rights with Compensation May June July August on Approval of Capitalization Process by Board of Directors and Announcement for Extraordinary Shareholding Meeting EXTRAORDINARY SHAREHOLDING MEETING Giving the Board authority to proceed with the capital increase PUBLIC OFFERING Kick Off with the Registration procedure with Regulators Marketing (Road show) Capitalization Register in CVM and others regulatory agencies Bookbuilding Financial Settlement Completion of Transaction TRANSFER OF RIGHTS WITH COMPENSATION Definition of oil price, in accordance with Brazilian Government Transfer of Rights agreement, with criteria for future revision, as set up in the Bill Payment of the Transfer of Rights 52

EQUIPMENT AND SERVICES 53

NEW VESSELS AND PURCHASE OF NEW EQUIPMENTS Petrobras critical resources demand will drive Brazilian and international industry Critical Resources Current Situation (Dec/09) Delivery Plan (to be contracted) Accumulated Value By 2013 By 2015 By 2020 Drilling Rigs Water Depth Above 2.000 m 5 26 31 53* Supply and Special Vessel 254 465 491 504 Production Platforms SS e FPSO 41 53 63 84 Others (Jacket and TLWP) 79 81 83 85 Supply Vessel Drilling Rigs Production Platform (FPSO) 26 RIGS CONTRACTED, 28 MORE TO BE BUILT BY 2020: o Until 2013: 13 rigs contracted before 2008 and 1 rig relocated from international operations*; +12 new rigs contracted in 2008, through international bidding; o 2013-2020: Bidding process in progress, to contract 28 rigs to be built in Brazil. * The rig reallocated from international operations, expire in 2015, so it is not considered in the 2020 accumulated value 54

USING CONTRACTS AND LEASES TO SECURE NEEDED DRILLING ASSETS Water Depth 2009 2010 2011 2012 2013-2018 500-1000m 1000-1500m 1500-2000m 2000-2500m 9 12 8 4 +1 +3 +5 +3 +4 2500-3000m 1 +3 +4 +4 +28 to be leased Total per year 34 +12 +7 +8 o 34 rigs operating in 2009 o 27 rigs contracted to be delivered until 2012 o Bids are out to construct 28 rigs in Brazil, being delivered between 2013 and 2018 55 55

COMPETITIVE NATIONAL SUPPLY OF GOODS AND SERVICES Adequacy of The National Supply Industrial Complex GOOD AND SERVICES SUPPLY National Industry Imports Increase in National Supply Capacity of G&S Imports PATH 5. Incentive for international companies to establish operations in Brazil 4. Incentive for association between national and international companies 3. Incentive for new national entrants 2. Develop competition among medium competitive sectors National Industry National Industry 1. Increase productivity capacity of highly competitive sectors Current Demand Future Demand 56

NEW EQUIPMENT TO BE CONTRACTED Items Un. TOTAL Wet Christmas Tree un 500 Well Head un 500 Flexible Lines km 4.000 Manifolds un 30 Producing pipes t 42.000 Umbilical km 2.200 Dry Christmas Tree un 1.700 Onshore well head un 1.700 Items Un. TOTAL Pumps un 8.000 Compressors un 700 Winch un 450 Crane un 200 Engines un 1.000 Turbines un 350 Structure Steel (Hull) t 240.000 Structure Steal (Platforms Hull) t 700.000 Itens Un. TOTAL Reactors un 280 Oil and water splitter un 50 Storage Tankers un 1.800 Itens Un. TOTAL Power Generators un 500 Filters un 300 Flares un 30 Turrets un 550 57

CAMPOS BASIN: A GIANT TECHNOLOGY LAB Petrobras Offshore Facilities Subsea Trees Manifold Equipment Installed Dec/2009 Planned (2010) Subsea Trees 733 72 Subsea Manifolds 74 2 Flexible Flowlines (km) 4,425 633 Flexible Flowlines Umbilicals Umbilicals (km) Rigid Pipelines (km) 3,391 1,630 358 35 Floating Production Units 40 3 Mono buoys 2 2 58

LONG TERM HR CHALLENGES 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Business Plan 2008 2012 28 Rigs 146 sspply Vessels New Production Platforms Promef II Leasing of 19 Vessels Refinery- Premium I Refinery-Premium II 207,643 Human Resource Gap BP 2009-13 52,862 Qualified Professionals 25,540 Professionals Selected o o Shortage of trained human resources and demand for local-content increase Competition with other projects for people 59

DOWNSTREAM 60

DOMINANT POSITION IN A LARGE AND GROWING EMERGING MARKET 2008 Total Oil Consumption by Country (mmbo/d) 10 19.4 9 8 8.0 7 6 5 4.8 o Brazil is world s seventh-largest oil consumer. 4 3 2 2.9 2.8 2.5 2.4 2.3 2.3 2.2 2.0 1.9 1.7 1.7 1.7 1 US China Japan India Russia Ge rmany Brazil Canada S. Korea Saudi Mexico Fran ce Iran UK Italy Total Oil Consumption mb/d (index) 120 Brazil US OECD World o Brazil oil consumption growing at 1.99% p.a; o OECD oil consumption growing at 0.17% p.a. 115 110 105 100 95 2002 2003 2004 2005 2006 2007 2008 Source: BP Statistical Review 2009, PFC Energy 61

VERTICALLY INTEGRATED SYSTEM TO CAPTURE SYNERGIES WITHIN THE VALUE CHAIN Upstream Operations Downstream Operations Petrobras Other Companies o Access to raw material o Access to oil products market Existing Pipelines Refineries Marine Terminal In Land Terminal o Logistic and infrastructure developed o Near the biggest market in Brazil 62

RTM AND PETROCHEMICALS INVESTMENTS 2010-2014 2014 New refineries, fuel quality, and modernization account for 70% of capex US$ 73.6 Billion 11% 6% 3%1% Additional capacity: Refinery NE Premium I Comperj 29% Additional capacity Operational Improvement Logistics for oil 50% Quality and conversion Fleet expansion International Quality and conversion Sulfur removal Modernization Upgrading (coker) Operating improvement and logistics: Maintenance HSE Logistics for oil and biofuels Investments of US$ 5.1 Billion in Petrochemical (includes acquisition of Quattor) 63

BRAZILIAN PRODUCTION, REFINING AND DEMAND Long term plans to achieve greater balance and integration Production as a % of refining 132% 124% 110% kbpd 13% 2,980 1,393 1,036 1,971 1,791 1,933 2,260 2,356 3,950 3,196 2,794 181 1980 Production 2009 2014E 2020E Throughput Oil Product Demand o Oil Production and the Brazilian market demand currently exceed refining capacity o By 2014, exports are projected to reach nearly 1 million bpd, even as refining capacity is expanded to process Brazilian production to meet demand 64

BRAZILIAN DEMAND AND REFINING CAPACITY Strong Brazilian GDP growth projected to increase demand 3.4% p.y. Thousand bpd 3000 Clara Camarão 2010 RNE 230 thous. bpd (2013) PREMIU M I (1ª phase) 300 thou. bpd (2014) PREMIUM I (2ª fase) 300 thous. bpd (2016) 2,794 3,196 2000 1,933 826 REPLAN Revamp U200+PAM 33 thous. bpd (2010) 1,831 COMPERJ (1º phase) 165 thous. bpd (2013) 2,356 1,016 2,260 PREMIUM II 300 thous. bpd (2017) COMPERJ (2º phase) 165 thous. bpd (2018) 1,155 1000 769 937 1,187 0 338... 403 2009 2010 2014... 452 2020 Gasoline Diesel Others Throughput o Domestic production will represent 91% of refinery throughput by 2020 o Comperj s first phase is now a new refinery 65

Upgrading to Optimize Performance and Ensure Sustainability Through Cleaner Fuels o QUALITY OF GASOLINE 2010 2011 2012 2013 2014 Regular Gasoline Regular Gasoline 0,005% S RECAP REPAR REMAN o QUALITY OF DIESEL Diesel S-1800 Diesel S-500 Diesel S-50 Diesel S-10 2010 2011 2012 2013 2014 REDUC REPLAN REVAP RLAM REP AR REPLAN REVAP RE CAP RPBC REGAP REFAP REGAP REMAN RE FAP RLAM REGAP RPBC o Improving gasoline and diesel quality to comply with stricter environmental regulations and reduce emissions & pollutant streams 66 66

AVERAGE REALIZATION PRICE: Stable price in both domestic and international markets US$/bbl 120 100 80 60 40 20 121 115 105 101 75 76 78 55 68 59 44 48 32 49 64 70 73 74 R$/bbl 220 170 120 70 20 Avg. 2Q09 160.79 128.41 Avg. 1Q10 Avg. 2Q10 157.65 158.72 152.64 148.75 2Q08 3Q084Q081Q092Q09 3Q09 4Q09 1Q10 2Q10 Petrobras Oil Price (avr) 4Q07 3Q08 4Q08 3Q08 4Q09 1Q09 2Q09 ARP EUA 3Q09 4Q09 1Q10 2Q10 Brent (US$/bbl) ARP Petrobras o Oil price increase in the international market (1H09:US$40.74; 1H10:US$73.35) and decrease in the discount between light/heavy oil since the end of 2009 which increased E&P earnings; o Price stability in Brazil combined with higher Brent and heavy oil prices reduced refining margins

POSITIVE MARGINS GUARANTEES REFININGS GOOD RESULTS WTI Petrobras Margins* US Gulf Coast M argins** (US$barrel) 140 120 100 80 60 40 95.39 112.63 133.93 116.58 76.62 41.45 PBR:+18.91 49.82 39.16 PBR:+27.56 71.05 75.73 74.41 PBR:+12.61 76.45 81.25 PBR:+8.62 20 USGC: +3.26 USGC: +9.61 USGC : +4.85 USGC: + 7.14 0-20 jan/08 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 abr/08 jul/08 out/08 jan/09 abr/09 jul/09 out/09 jan/10 o Although diesel and gasoline prices were down in June 2009, Petrobras margins are still above international market reference margins *Petrobras Margins = PMR-WTI (in US$/barrel) * * USGC Margins Bloomberg 68

TRADE BALANCE 1H09 v. 1H10: Increasing trade balance despite small reduction in net exports Thous bpd 708 226 1H09 524 Oil Oil Products 762 204 1H10 620 482 131 393 184 558 281 339 142 Export Import Net Export Financial Volume (US$ Million) Export Import Net Export US$ 1,302 4,906 6,208 1S09 Import US$ 1,466 8,904 10,370 1S10 Export o Lower net export due to stronger domestic demand, primarily diesel; o Higher financial volume in the trade balance (+US$ 164 millio n) due to smaller light heavy differential, reduced crack spreads on imports.

DOWNSTREAM SUPPLY CHAIN: INTEGRATING THROUGH TARGETED INVESTMENTS Investment decisions in this segment are based on the need to: o Secure a natural hedge between petrochemical and refining cycles o Diversify into higher value-added products o o o Maintain flexibility and access to competitive feedstock Develop cost leadership Improve competitiveness BRK Petrochemical Investments i) The incorporation of a holding company which will hold 100% of Braskem common stocks ii) iii) iv) Capital contribution in BRK to be paid in cash by Petrobras (R$ 2,5billion) and Odebrecht (R$ 1 billion) Capital increase at Braskem through a private subscription (between R$4,5 and R$ 5 billion) Acquisition by Braskem of the stock in Quattor held by Unipar v) Acquisition by Braskem of 100% of the stock in Unipar Comercial and 33% of the stock in Polibutenos vi) vii) Merger by Braskem of Petrobras stake at Quattor Stock tender offer for the indirect sale of the controlling interest in Quattor Petroquímica SA 70

COMPERJ: CONTRIBUTING TO THE PETROBRAS VALUE CHAIN Comperj will: o Expand the domestic petrochemical market o Utilize Marlim crude as feedstock o Capture synergies from existing regional infrastructure o Improve the balance within the commercial value chain for oil, oil products and petrochemicals Fuels Petrochemicals BASICS Products Production (kta) Diesel 535 Naphtha 284 Coke 700 Ethylene 1,300 Propylene 881 Benzene 608 Butadiene 157 p-xylene 700 Sulphur 45 DOWNSTREAM Products Production (kta) Polypropylene 850 Polyethylene 800 Styrene 500 Ethylene glycol 600 PTA 500 PET 600 71

BIOFUEL TARGETS AND INVESTMENTS 2010-2014 2014 Continued expansion and integration with oil products Ethanol Production Production Capacity of Biodiesel in Brazil Thous. m³/year 886 +193% 2,600 Thous. m³/year 507 +47% 747 2010 2014 2010 2014 Ethanol Exports +135% 1,055 INVESTMENTS 2010-2014: 2014: US$ 3.5 Bi 0.7 Thous. m³/year 449 2010 2014 0.4 2.0 0.4 Ethanol Biodiesel R&D Logistics 72

GAS & ENERGY 73 73

NATURAL GAS MARKET AND POWER CAPACITY Growth in natural gas demand, consolidation in Thermo Power capacitycity Natural Gas Demand 130* Million m3/day 46 14,4 2,0 24,3 5,3 32 4 41 53 2009 2014 Electrical Generation Industrial Fertilizers Other uses * 2014 Thermooelectrical generationa refers to full and simultaneous dispatch of plants Installed Capacity of Electrical Energy Generation (MW) 7,227 7,892 137 +9% 365 5,997 6,437 1,093 1,090 2010 2014 International Thermoelectrical and Co-generation Renewables Sources 74

NATURAL GAS BASED FERTILIZERS Fertilizer plants to take advantage of available gas and infrastructureructure +160% UFN III (sep/14) Am monia: 81th. ton/year Urea 1.210 th. ton/year Ammonia Plant (Dec/14) 519 th. ton/year UFN IV (dec/15) Urea 763 th. ton/year 2,911 2,104 Th. ton/year 1,118 844 1,374 1,076 807 274 298 2010 2014 2015 Ammonia o Manage total demand for gas by transforming natural gas into fertilizers needed by Brazilian agriculture (substituting demand that is currently imported) Urea 75

GAS, POWER AND GAS CHEMICAL INVESTMENTS 2010-2014 2014 Transition from investment in infrastructure to gas demand flexibility Investments 2010-1414 US$ 17.8 billion 30% 5.3 2.7 15% o Completion of the natural gas transport and processing infrastructure o Consolidating investment in power generation: thermo-electric, wind, biomass 4.1 23% o Presence in LNG chain for transport and distribution of pre-salt gas 5.7 o Major investments in the conversion of natural gas in to Urea and Ammonia 32% LNG Electrical Energy Pipeline network Chemical Gas Facilities (Fertilizers, ammonia) 76

NATURAL GAS AND ENERGY GENERATION INFRASTRUCTURE CONSOLIDATION o Natural Gas logistic and Energy generation Infrastructure consolidation. Highlights: o o Urucu-Coari-Manaus pipeline and Gasoduc III 844 KM and 44.1 MMm3/d NG capacity LNG Regasification Terminals: - Guanabara Bay and Pecém - 27 MMm3/d o Auctions and bi-lateral agreements to sell shortterm NG supply (average sales of 4.7 MMm3/d de NG in 9 auctions) o Portfolio diversification concluding first investment cycle 77

INTERNATIONAL 78

PETROBRAS CURRENT INTERNATIONAL PRESENCE 2009 Brazil Production: Oil and LNG: 1.971 thous. bpd Natural Gas: 317 thous. bpd Oil Products: 1.823 thous. bpd Proven Reserves: 14,2 million boe (SPE Criteria) Distribution market share: 38.6% Ethanol Exportation: 362.000 m³ 79

INTERNATIONAL STRATEGY Reduced allocation of capex, with focus on upstream o Ramp up of existing developments, stable production in long term o Reduced investment and production a reflection of greater opportunities in Brazil DISTRIBUTION 221 2% G&E 186 2% INVESTMENTS 2010-2014: 2014: US$ 11.5 bi RTCP 615 5% E&P 10,330 90% CORPORATE 123 1% Thousand bpd 800 600 400 200 0 INTERNATIONAL PRODUCTION OF OIL AND GAS BP 2010-2014 o Development focus: Gulf of Mexico, West Coast of Africa and Latin America o Exploration focus: Atlantic Project, West coast of Africa, aligned with domestic E&P o Reduced emphasis on refining 304 323 239 93 128 120 146 176 203 2010 2014 2020 Oil and NGL Natural Gas BP 2009-2013 Target o Reduced emphasis on LNG, alignment with domestic Gas and Power segment 632 BP 2009-2013 Target - 49% 80

PROCESS OF DEVELOPING DEEPWATER PRODUCTION IN OFFSHORE GOM wells are a continuation of our process of developing deepwater production in offshore Brazil 1977 Enchova 410ft 1988 Marimbá 1610ft TUPI WATER DEPTH = 7,125 ft TOTAL DRILLING DEPTH = 17,431 ft TIBER WATER DEPTH = 4,134 ft TOTAL DEPTH = 35,055 ft DRILLING MILES BY WATER DEEPTH 1994 Marlin 3,370ft 2009 Tiber 4,134 ft 1997 Marlin Sul 5,600ft 2003 Roncador 6,180 ft 2009 Tupi 7,125 ft 2010 Cascade Chinok 8,250ft 81

CASCADE - CHINOOK DEVELOPMENT FIRST OIL 2010 Shuttle Tanker FPSO Petrobras America operated fields - Water Depth ~ 2,500 meters (8,200 feet). Control Umbilical Manifold Gas Export Pipeline Power Umbilical Cascade FSHR Flow line Tree Chinook US regulators approved Petrobras plans to bring first FPSO (*) to the US Gulf of Mexico. Technologies new to US Gulf of Mexico, including disconnectable turret buoy, allowing the vessel to move offsite during hurricanes, and transportation via shuttle tanker. (*) FPSO Floating, Production, Storage and Offloading facility. Petrobras has an extensive experience in the use of FPSO with fifteen units currently under operation offshore Brazil. Source: Petrobras America inc 82

INTERNATIONAL WEST AFRICA AGBAMI (PB 13%, Operator: Chevron): First oil: July 2008 / Peak: 232,000 bpd in 2009 (total) 6 blocks (1 in production) 6 blocks (1 in production) Operator in prolific Block 18 with 30% stake (First oil: 2010) Operator in prolific Block 18 with 30% stake (First oil: 2010) AKPO (PB 20% - Operator: Total): First oil: March 09 / Peak: 175,000 bpd in 2009 (total) Petrobras Stake in Akpo and Agbami: 64,000 bpd by end of 2009. Proven Reserves (SEC - 2008): 131,3 MM boe (% Petrobras) 83

FINANCE 84

HISTORICAL DIVIDEND PAYMENT Dividends per ADR Net Income per ADR Price per ADR (Max-Min) US$ US$ US$ 75.2 0.8 0.7 0.9 2.0 2.9 3.0 4.3 3.5 26.7 17.5 58.8 21.1 14.9 53.0 23.0 2006 2007 2008 2009 2006 2007 2008 2009 2006 2007 2008 2009 o Brazilian Corporate Law requires a minimum annual distributions equal to 25% of net income o Dividends paid each year based on prior years income o In 2009, Petrobras paid the dividends related to the 2008 results as well as a portion of the dividends (interest on capital) related to the 2009 results * Dividends includes the Interest on own Capital (IOC) 85

GROWING CASH FLOW DRIVES CAPEX 35,000 30,000 SOURCES 27,886 34,213 5,993 42,832 17,9 12 US $ million 25,000 20,000 15,000 10,000 5,000 12,311 15, 115 17,825 5,222 21,077 22,664 28,220 24,920 0-5,000-2,804-3,252 2005 2006 2007 2008 2009 OC F Net Debt US$ million 45,000 40,000 35,000 30,000 25,000 20,000 15,00 0 10,00 0 5,00 0 0 USES 42,846 34,621 7,712-26,179 4,747 1, 5 51 18,030 3,860 416 12,480 3,144 35,134 29,874 0 2,104 20,768 14, 4 70 10,3 7 6 2005 2006 2007 2008 2009 CAPEX Dividends Acquisition 86

CAPEX RELATED TO GROWTH, NOT MAINTENANCE 50.000 US$ MM 45.000 47,326 Others 40.000 35.000 35,134 Gas & Energy 30.000 25.000 20.000 15.000 24,920 14,500 Downstream E&P 10.000 5.000 - OCF 2009 Capex 2009 (1) Capex 2010 (2) Est. Maintenance Capex (1) In USGAAP (2) R$ 88.5 billion converted by FX rate of 1,87 R$/US$ (Petrobras forecast to 2010) 87

CONSTRUCTION IN PROGRESS: Increase in net debt related to expansion US$ Million Construction and Installations in Progress 70000 63,929 60000 50000 40000 30,537 38,735 30000 20000 15,865 19,738 10000 0 2005 2006 2007 2008 2009 45000 US$ Million Net Debt 40,963 40000 35000 30000 25000 20,624 20000 15000 10000 11,306 8,650 14,908 5000 0 2005 2006 2007 2008 2009 88

CASH GENERATION AND INVESTMENT Profitable investments funded with cash flow, debt and equity capital PROJECTED Operating Cash Flow (2010 2014) Cash US$ 11 billion Funding (debt + equity) US$ 96 billion Amortization US$ 38 billion OCF (after dividends) US$ 155 billion Investments US$ 224 billion Sources Uses o Plan requires additional debt and equity capital o Return on portfolio of approximately 14% on the aggregate of projects in the Plan substantially exceeds cost of capital 89

PRINCIPAL FINANCIAL INDICATORS 2009-2013 2013 vs. 2010-2014 2014 Stable cash flows with increasing investments INDEX 2010-2014 2009-2013 Plan Plan FX Rate (R$/US$) 1.78 2.00 Brent for Funding (US$/bbl) 2010 76 2011 78 2012 82 2013 82 2014 82 2009 58 2010 61 2011 72 2012 74 2013 68 Projected Investments (US$ bn) Projected Net Cash Flow (After dividends) (US$ bn) 224 155 174 149 Net Total Capt. (US$ bn) 58* 23 Leverage Up to 35% Up to 35% Average Realization Price (R$ barrel) 163 160 * Including Capitalization and excluding amortization of US$38 billion o Conservative assumptions: Despite higher assumed oil prices, stable realization price 90

0 SUCCESSFUL EFFORTS TO RAISE CAPITAL FROM LONG TERM SOURCES (US$ bilion) 6.5 Brigde Loan Market Capital Bond issuance 6.75 1,5 2,5 1,25 1,5 Bond issue 2009 Oct (Maturity 2040) Yield: 7.00% Oct (Maturity 2020) Yield: 5.875% Jul (Maturity 2019) Yield: 6.875% Feb (Maturity 2019) Yield: 8.125% + BNDES Others Loans US$ 28.05 billion 13.3 (*) 2 U S Eximbank 2.75 10 Others (*) R$ 25 billions conv erted by FX tax in 07.30.09 China Development Bank In 2009, US$ 34.8 billion were raised with an average life of 10.6 years 91

DEBT PORTFOLIO: A very diversified debt portfolio 0.2% 2.2% 19.8% FUNDING SOURCES (US$bn) Mar-10** Dec-09 Dec-08 77.8% US$ R$ JPY Others 53.1% 46.9% Commercial Banks Debt 18.4 13.1 6.9 International Bonds 12.4 12.4 5.7 Local Bonds 1.6 1.8 1.6 ECA s 1.1 1.2 1.4 Project Finance 2.6 2.9 4.5 BNDES* 18.4 18.0 2.9 Other 0.6 0.7 1.0 BB/CEF 4.9 5.4 3.4 Total Debt 60.1 55.5 27.4 Fixed Floating % Capital Market 23% 26% 27% * Including Project Finance ** Based on 1Q10 BRGAAP Results 92

QUARTERLY CASH FLOW: Financing and cash flow support investments and maintain liquidity R$ million 2Q09 1Q10 2Q10 Cash at the beginning of the period 19,776 29,034 26,951 Cash generated by operating activities 9,114 9,676 13,259 Cash used in investment activities (17,750) (16,013) (19,638) Free Cash Flow (8,636) (6,337) (6,379) Dividends (6,398) (24) (3,711) Financing 5,937 4,212 7,292 Cash at the end of the period 10,297 26,951 24,210 Brent (US$/bbl) 58 76 78 FX rate (R$/US$) 2.07 1.80 1.79 EBITDA 17,599 15,076 15,927 o Stable EBITDA w ith substantial liquidity o Greater EBITDA in 2Q09 due to higher ARP, combined with lower production taxes. Weaker Real also led to higher export revenues, when expressed in Reais.

LEVERAGE: Multiples maintained within Company s targets 6 5.5 5 4.5 4 3.5 3 2.5 2 1.5 1 0.5 0-0.5-1 28% 26% 28% 0.95 Net Debt/Net Cap. 0.95 1.00 30% 32% 34% 1.21 Net Debt/Ebitda 1.35 1.52 40% 35% 30% 25% 20% 15% 10% 5% 0% -5% -10% -15% -20% Targets: - Leverage between 25% and 35% - Net Debt / EBITDA up to 2,5x 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 R$ Billion 06/30/2010 Short Term Debt 26.0 Long Term Debt 92.4 Total Debt 118.4 Cash and Cash Equivalents 24.2 Net Debt 94.2 Net Debt/Ebitda 1.52X US$ Billion 06/30/2010 Total Debt 65.7 03/31/2010 20.7 87.5 108.2 27.0 81.2 1.35X 03/31/2010 60.8

CAPITAL STRUCTURE AND CREDIT METRICS In Million US$ 2009 2008 2007 Cash and Cash Equivalents 16.169 6.499 6.987 Total Debt 57.132 27.123 21.895 Net Debt 40.963 20.624 14.908 Shareholders Equity 94.058 61.909 65.179 Net Debt / Net Capitalization 30% 25% 19% Net Debt/ Market Capital 21% 22% 6% Net Debt / Boe Production (USD/boe) 22,4 23,5 17,8 Net Debt / Proved Reserves (USD/boe) 2,76 1,37 1,0 Reserves/Production (Years, SPE Criteria) 16,12 17,22 17,98 2009 2008 2007 Net Income 15.504 18.879 13.138 EBITDA 28.982 31.083 25.604 Net Debt/EBITDA 0,71 0,66 0,58 95

CAPEX 2010 vs. 2009 Investments 2009 R$ 70.8 billion 0,6 3,8 6,8 10,5 31,6 17,4 25% E&P Downstream Gas & Energy International Distribuition Others Annual Business Plan 2010 R$ 88.5 billion 8,1 6,2 0,9 34,0 2,6 36,7 16.6 (2.4) (0.7) (0.9) 88.5 70.8 5.1 (R$ billion) CAPEX 2009 E&P Downstream G&E International Distribution, CAPEX 2010 Biofuels and Corporate 96

UPDATE 97 97

OIL AND NATURAL GAS PRODUCTION 1H10 VS 1H09: New projects contribute to production increases 231 2,272 Total Production +3% 2,503 2,568 246 International National 2,322 314 1,958 National Production +2% 2,272 2,322 324 Natural Gas Oil and LNG 1,998 (Thous. bpd) 1H09 1H10 1H09 1H10 o Monthly record of domestic oil production of 2,033 thousand bpd in April,2010; o 6,5% growth in international production due to production start-up in the fields of Akpo and production increase in Agbami, in Nigeria.

DOMESTIC OIL PRODUCTS AND NATURAL GAS MARKET: Significant sales growth in the domestic market Thous. bpd Oil Products Natural Gas +7% 1,769 1,851 1,898 +20% Others 473 505 501 244 257 292 LPG Gasoline Diesel 212 331 753 2Q09 203 410 733 1Q10 221 374 802 2Q10 2Q09 1Q10 2Q10 Oil product sales in the domestic market grew 7% in comparison with 2Q09, due to: o 6,5% increase in diesel sales as a result of recovering economic activity and improved grain harvest; o 13% growth in gasoline sales. Growth was led by increase in the usage of gaso line in flex fuel vehicles caused by ethano l shortage and temporary reduction of anhydrous ethanol in the gaso line blend; o 15% increase in jet fuel sales (economic recovery leading to increased aviation). Natural gas: Higher sales of natural gas to industry, greater thermoelectric dispatch.

CAPEX 1H10 vs 1H09: Increasing investments to meet domestic market demand Capex 1H10 R$ 38.1 billion Capex 1H09 R$ 32.5 billion 0.3 2.5 2.4 3.4 3,8 0,05 13.8 10,1 5,6 24,7 15.7 1,1 1,3 6,1 E&P Downstream Gas and Energy International RTC Others 0.2 4.2 2,7 4.2 6.4 14.8 Downstream Capex 25% 25% Quality /Sulfur Content Reduc tion Conversion New Refineries 18% 12% Fleet Expansion Investments of R$ 2.5 billion in Braskem 19% Plangas, Maintenanc e, infrastruc ture, HSE and others 1%

Information: Investor Relations +55 21 3224-1510 petroinvest@petrobras.com.br 101