PETROBRAS

A BRAZILIAN ENERGY COMPANY

Luciana Rachid

Executive Manager, G&E31st of August of 2009

The presentation may contain forecasts about future events. Such forecasts merelyreflect the expectations of the Company's management. Such terms as "anticipate",

"believe", "expect", "forecast", "intend", "plan", "project", "seek", "should", along withsimilar or analogous expressions, are used to identify such forecasts. These predictions

evidently involve risks and uncertainties, whether foreseen or not by the Company.Therefore, the future results of operations may differ from current expectations, and

readers must not base their expectations exclusively on the information presentedherein. The Company is not obliged to update the presentation/such forecasts in light

of new information or future developments.

CAUTIONARY STATEMENT FOR US INVESTORSThe United States Securities and Exchange Commission permits oil and gas companies,

in their filings with the SEC, to disclose only proved reserves that a company hasdemonstrated by actual production or conclusive formation tests to be economically

and legally producible under existing economic and operating conditions. We usecertain terms in this presentation, such as oil and gas resources, that the SEC’s

guidelines strictly prohibit us from including in filings with the SEC.

DISCLAIMER

Exploration

and Production

Refining,

Transport

and Marketing

Retailing

Petrochemicals

Natural Gas

Proven Reserves: 11,2 billion boe (SEC 2008)

Oil and Gas Production: 2,400 thousand boed (2008)

15 Refineries • Capacity: 2,167 thousand bpd

Pipelines: 23.142 Km • Terminals:46 • Vessels: 54

5,973 Service Stations in Brazil (35% Market Share)

991 Service Stations Abroad

Sales of Natural Gas: 49 million m3/d

Shareholder in all Petrochemical centers in Brazil

Thermoelectrics: 24 units –> 6 GW, which is 5,7% of brasilianinstalled generation capacity

Fertilizers: 1.85 million MT of ammonia and 1.59 million MT of urea per year.

Ethylene production: 2.4 million MT/year

Biofuels Biodiesel: 840,000 m³

COMPANY OVERVIEW

UPSTREAM

Petrobras Total Production (1,951 thou b/d)

PURSUING NEW PROJECTS WHILE MAXIMIZING PRODUCTION FROM EXISTING ASSETS

8.8% p.y.2,4002,3012,2972,2172,0202,037

1,8101,635

5.6% p.y.

5,729

3,655

2,758

7.5% p.y.

232252 251 265

274 277 273 321463

634

161 168163 142 126 124

142

210

409

131

223

1,500 1,540 1,493 1,684 1,778 1,792 1,855

2,680

3,920

1,335

2,050*

1,177

3544

103

10011010196948523

24

2001 2002 2003 2004 2005 2006 2007 2008 2009 2013 2020

Oil Production - Brazi l Gas Production - Brazi l Oi l Production - Internationa l Gas Production - Internationa l

* Plus or minus 2,5%Source: Petrobras

FOCUSED & DISCIPLINED INVESTMENT

Total Investments of US$ 104.6 billion in E&P through 2013, of which US$ 92 will be spent in Brazil

17%

12%

58%

13%

Exploration

Santos Pre-salt

Development

International

Source: Petrobras

PRE-SALT OVERVIEW

PRE-SALT JOINT VENTURES

EXX (40%), HES (40%) e BR (20%)

Blocks Consortium

BMS-8

BMS-9

BMS-10

BMS-11

BMS-21

BMS-22

BMS-24

BR (66%), SH (20%) e PTG (14%)

BR (45%), BG (30%) e RPS (25%)

BR (65%), BG (25%) e PAX (10%)

BR (65%), BG (25%) e PTG (10%)

BR (80%), PTG (20%)

BR (80%), PTG (20%)

Blocks Consortium

BC-60 BR (100%)JubarteCachaloteBalia FrancaBaleia AzulBaleia Anã

JUBARTEESS-103 CHL-4

BFR-1

BAZ-1

1-2 Bi boer

5-8 bi boer

3-4 Bi boer

Shore Distance = 300 kmTotal Area = 15.000 km2

Shore Distance = 60 kmTotal Area = 3.000 km2

• Total area of the Province: 114,000 km2• Area under concession: 29,000 km2 (25%)• Area not under concession: 85,000 km2 (75%)• Area with Petrobras interest: 26,000 km2 (23%)

Source: Petrobras

2007.....

2012t.....

2009

1st Oil – EWT Tupi (Mar/09)

2010

1st Oil – Tupi Pilot (Dec/10))

2017

Significant production level

DEVELOPMENT STRATEGY (example: TUPI)

PhasesInformation Acquisition Definitive Development

Phase 0 Phase 1A Phase 1B

FocusEWT (Mar/2009), Tupi Pilot and appraisal wells

Implementation of “X” production units (Replicated FPSOs)

Implementation of “Y”production units

Objective

• Area Delimitation

• Analyze reservoir flow

• Fractured well performance

• Complete sampled core

• Material analysis vs. CO2

• Analyze water and gas/CO2 injection behavior

• Test adjustments on FPU related to CO2

• Test improvements in well projects

• Apply previous dominated concepts and technologies with necessary adjustments to reach significant production by 2017

• Aggregate innovative technical solutions to optimize project performance

10 NEW FPSOs

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 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

Phase 1A - Projects

– 2nd phase of definitive development

– Significant production increase

– Innovation acceleration

– Massive use of new technologies specially tailored for Pre-Salt conditions

Phase 1B - Projects

Source: Petrobras

MG

RJ

Espí

rito

Sant

oPeroá

Camarupim

Carapó

Canapu

JUB

Catuá

Baleia Azul ABA

OST

ARG

PRBCXR

CHT

NAU

Golfinho

UTG Cacimbas

UTG Sul Capixaba

UPGN Lagoa Parda

Cangoá

Baleia Franca

Terminal Barra do Riacho

• Infrastructure in-place: diversified and flexible portfolio;

• P-34 at Jubarte field, first pre-salt production (Sep/08):

excellent results/light oil (30ºAPI);

• FPSO Seillean started in dec/08 as pilot system of

Cachalote (CHT) field;

• 2 wells were reallocated from FPSO Capixaba to FPSO

Cidade de Vitória;

• Developing new discoveries in the Ring Fence of

Golfinho using FPSO Cidade de Vitória;

• FPSO Capixaba (100 Mb/d) moved from Golfinho field

and is being adapted to produce in Cachalote

(CHT)/Baleia Franca (BFR) in 1H10;

• Baleia Azul first definitive production unit by 4Q12;

• Natural gas production transported via pipeline.

Rio Doce

Linhares

Aracruz

Marataizes

Anchieta

Guarapari

Vila Velha

VITÓRIA

PresidenteKennedy

Sul-Norte CapixabaGas pipeline

12 a 24” – 160 km7 a 15 MM m3/d

24” – 66 km25 MM m3/d

ESPÍRITO SANTO PRE SALT

Sul CapixabaGas pipeline12” – 83 km

4,5 MM m3/d

*Whales Park comprehends the fields: Jubarte, Cachalote, Baleia Franca, Baleia Azul and Baleia Anã

Whales Park*

DOWNSTREAM

VERTICALLY INTEGRATED SYSTEM TO CAPTURE SYNERGIES WITHIN THE VALUE CHAIN

PetrobrasOther Companies

Upstream Operations Downstream Operations

Existing PipelinesRefineriesMarine Terminal In Land Terminal

Source: Petrobras

DOMESTIC CRUDE THROUGHPUT

3,012

2,270

1,7911,779

2008 2009 2010 2011 2012 2013 2020

REPLANRevamp

33 tho. bpd2010

RNE230 tho.

bpd2011

UPB150 tho. bpd

Dez/2012

REPARRevamp

25 tho. bpd2011

73%

12%

7%

8%

Refining

Pipelines & TerminalTransport

Ship Transport

Petrochemicals

Downstream Investments

US$ 47.8 billion• Adding values to domestic crude and producing diesel and

gasoline in-line with international standards

• Investment targets Fuel Quality, Conversion and Expansion

Clara Camarão

2010

REVAP10 tho.bpd

2010

Premium I(600 th bpd)

and Premium II(300 th bpd)

1st Fase: 2013

2nd Fase: 2015

(Th

ou

san

d b

pd

))

(000 b/d)

FAST GROWING DOMESTIC DEMAND

230 257

326 332 367 419

250 220 255 24684 89118

179

738 771901

1224

112

150

182 208

274

400

215208

109119

2007 2008 2013E 2020E

Others

FO

Diesel

QAV

Naphta

Gasoline

LPG

1,906

3.3% p.y.

3.0% p.y.1,944

2,257

2,876

Source: Petrobras

GAS AND ENERGY

STRATEGIES TO GAS & ENERGY SEGMENT

6- Invest in

electricity

generation from

renewable sources

5- Consolidate the

energy business,

competitively and

profitably, optimizing

the power plants

portfolio 4- Participate

globally in the full LNG chain

3- Price gas

competitively with

competing energy

sources while

maintaining

profitability

1- Monetize

Petrobras gas

reserves and add

value 2- Ensure flexibility

in gas supply to

both power

generation and non-

thermal marketsNatural Gas and LNG

Purchase and Sales

Power Generation

Transportation and Distribution

Purchase and Sales Te

rminals

LNG

Plants

Power

Source: Petrobras

27 30 33 36 40 41 41 42 43 4417 19

27 34 39 45 47 47 46 48

1419

3642

4450 56 67 74

49

5868

96

123135 139

146157

166

112

0

20

40

60

80

100

120

140

160

180

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

Natural G

as Sup

ply an

d Dem

and

Nacional Supply Bolivia Supply LNG Addicional LGNIndustrial Demand Other uses Thermoelectric Demand

NATURAL GAS: SUPPLY AND DEMAND2008 - 2017

Industrial

Other uses

NacionalSupply

Bolivia

Supply

LNG

Million m3/d @ 9.400 kcal/m3

Addicional

LGN

Pre-Salt

Power Generation

Source: Petrobras

10% p.y.

HIGHLIGHTSHIGHLIGHTS:

• GNL Supply (Pecém, Guanabara Terminals and a third terminal planned)

• Thermoelectric demand growth (seasonable demand)

GAS & ENERGY INVESTMENTS

3.692

4.528

1,477

926

Projects in Portfolio New Investments Proposed

Projects in Portfolio New Investments Proposed

Natural Gas

US$ 8.2 billion

Energy

US$ 2.4 billion

G&E InvestmentsUS$ 10.6 billion 2009-2013

US$ million

Source: Petrobras

Pecém LNG Terminal

Guanabara LNG Terminal

0

10.000

20.000

30.000

40.000

50.000

60.000

70.000

80.000

90.000

100.00019

70

1971

1972

1973

1974

1975

1976

1977

1978

1979

1980

1981

1982

1983

1984

1985

1986

1987

1988

1989

1990

1991

1992

1993

1994

1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

(*) Other Renewables: Wind, Solar, Industrial and Vegetal Byproducts, Paper and Cellulose Industry.

Oil and Oil Products

Wood and Charcoal

Hydraulic

Sugar Cane Products

Natural Natural

GasGas

Coal

OtherRenewables

Uranium

54% FOSSIL

46% RENEWABLE

� Primary Energy Supply (10³ tep)10³tep

Hydraulic

14,9% Uranium

1,4% Coal

6,0%

NATURAL

GAS

9,3%

Biomass

31,1%

Oil and Oil

Products

37,4%

2007

Source: MME – BEN 2008

Brazilian Energy Mix Evolution

BIOFUELS

BRAZILIAN ETHANOL: MANY YEARS OF EXPERIENCE

Fuel Ethanol Program TimelineFuel Ethanol Program Timeline

Program for oil imports reduction

Environmental Benefits

70’s 80´S 90´S

BeginningBeginningof Ethanolof EthanolProgramProgram(BLENDS)(BLENDS)

Gasohol and Gasohol and Ethanol CarsEthanol Cars(2(2ndnd oil shock)oil shock)

Brazilian Government Brazilian Government Program of Emission Program of Emission

ControlControl(PROCONVE)(PROCONVE)

Gasohol and Flex Gasohol and Flex fuel Carsfuel Cars

00´S

HydrogenHydrogen

Future

BRAZILIAN SUGAR CANE PRODUCING AREAS

Source: IBGE (Brazilian Institute of Geography and Statistics - 2007)

Inappropriate Climatefor Sugar Cane Growing

Atlantic Forest Reserve

Sugar Cane

Pantanal Reserve

TOMORROWPotential ethanol production would grow by more than 100% based on Lignocelluloses Biomass technology

1 metric ton of sugar cane

Molasses yields 85 l of ethanol,

But

Cane bagasseyields 185 L of ethanolBase calculation

RAW MATERIAL ENERGY OUTPUT / ENERGY INPUT

Wheat

Corn

Sugar Beet

Sugar Cane (under Brazilian Production Condictions)

1.2

1.3 – 1.8

1.9

8.3

LEADER IN ETHANOL EFFICIENT PRODUCTION

GROWING OPTIONS IN BIOFUELS AND LOW-CARBON TECHNOLOGIES

BA

MG

CE

Montes Claros

Quixadá

Candeias

Petrobras’ Biodiesel Plants

� Participate in Brazilian ethanol chain and develop global

markets for Brazilian ethanol

� Participate sustainably in the biodiesel business in Brazil

and with selective international investments

� Develop competitive technologies to produce biofuels

from residual biomass

STRATEGY: To establish a global presence in the biofuels

segment, with a particular focus on biodiesel and ethanol

84%

16%

Ethanol Biodiesel

INVESTMENTS IN BIOFUELSUS$ 2.8 BILLION

There was a time when Petrobras was only an oil company