1

2FORWARD-LOOKING STATEMENTS:

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 2011 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.

3

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