2012 RESULTS PRESENTATIONRio de Janeiro | March 27, 2013

2012 HIGHLIGHTS

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2012 HIGHLIGHTS AND SUBSEQUENT EVENTS

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OGX reaches production stage:

OGX hit a historical milestone in 2012 initiating oil production, only 4 years after its creation. Production in the Tubarão Azul Field reached

3.2 million barrels and 2.4 million barrels were sold in 2012

OGX posted revenues for the first time of R$325 million

Efficient development of the Tubarão Martelo Field; six production wells drilled and lower completed

Commercial gas production in the Gavião Real Field started in January 2013

Important advances in exploration campaign:

Three more fields declared commercial in the Campos Basin within the Pipeline and Fuji-Illimani accumulations; Bom Jesus accumulation

(Gavião Branco Field) in Parnaíba Basin (onshore) declared commercially viable

New Discovery Evaluation Plans (PAD) submitted for other accumulations in the Campos and Santos basins

Further oil discoveries such as Tulum and Viedma in Campos Basin and a gas discovery in Parnaíba Basin (Fazenda Chicote)

Reassessment of initial estimates:

Production in the first two producing wells in Tubarão Azul stabilized at a rate of 5,000 boepd per well in 2012

Third production well in Tubarão Azul connected in January 2013 has not stabilized yet, while the first two wells are jointly producing

slightly below 10,000 boepd on average in 2013

OGX fully prepared to continue to develop the business in 2013:

Development of recently acquired stake in Block BS-4, in Santos Basin

Planned capex of US$1.3 billion to leverage OGX’s asset portfolio

Opportunities to reshuffle the base through asset divestment, acquisition of new assets and strong partnerships

FINANCIAL & OPERATIONAL HIGHLIGHTS

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FINANCIAL HIGHLIGHTS

First revenue stream achieved in 2012

KEY FINANCIAL METRICS 4Q 2012 2012

Revenues (R$ mm) ¹ 175 325

EBITDA – Pro forma (R$ mm) (38) (343)

Net Profit (Loss) (R$ mm) (286) (1,173)

Realized oil price per barrel (US$) ¹ 104 99

CAPEX (R$ mm) (1,150) (4,336)

Cash Position (US$ mm) 1,655 1,655

Production volume (kboepd) 10.2 9.8 ²

Revenues of R$325 million booked in

2012 from the sale of 1.6 million

barrels of oil (additional 1.2 million

barrels sold in 2013 to date)

Cash position of R$3.4 billion

(~US$1.7 billion) as of December 31,

2012

Average production volume of 9.8

kboepd in the year

Notes:

¹ Refers to the cargos booked as revenues after the Extended Well Test (EWT) conclusion and the Declaration of Commerciality

for the Tubarão Azul Field

² Production volume from January 31, 2012 to December 31, 2012

Disciplined cash management focused on maintaining flexibility for ongoing operations and

additional opportunities

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Notes:

¹ Considers average exchange rate equivalent to: BRL 1.77/USD (1Q12); BRL 1.96/USD (2Q12); BRL 2.03/USD (3Q12); BRL 2.06/USD (4Q12)

² Considers end of period exchange rate equivalent to: BRL 1.88/USD (4Q11); BRL1.82/USD (1Q12); BRL 2.02/USD (2Q12); BRL 2.03/USD (3Q12); BRL 2.04/USD (4Q12)

³ Final stage of GTU assembly and two additional rigs

2,862

1,655

708

394 (2,310)

4Q11 4Q12Financing activities

Operating activities

Investing activities

Cash Flow (US$ million)1,2 Cash Spending – Accrual Basis (US$ million)1

OGX has the option to require controlling shareholder Eike Batista to purchase up to

US$1.0 billion of new common shares of OGX at a price of R$6.30 per share

CASH POSITION

653

460 483 550

567 9

81

5638 52

734

521588 611

1Q12 2Q12 3Q12 4Q12

Capex

SG&A/G&G

Additional Parnaíba Capex³

4Q12 & 2012 OPERATIONAL HIGHLIGHTS: PRODUCTION

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Campos Basin:

907,000 barrels of oil produced in 4Q12 at an average daily production of 10.2 kboepd

Total production volume of 3.2 million boe in the Tubarão Azul Field in 2012

3rd production well in Tubarão Azul Field on-stream since January 4, 2013

Produced more than 3.9 million barrels of oil and delivered six shipments until Feb/13

Average daily cost of ~US$531 thousand per day

Parnaíba Basin:

Concluded the drilling and completion of all 16 production wells planned for the Gavião Real Field

Achieved first gas production at the end of Nov/12 with the commissioning of the Gas Treatment Unit (GTU) in the

Gavião Real Field

Average net gas production of 3.2 kboepd and 5.5 kboepd in January and February 2013, respectively

Production advancing

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OPERATIONAL HIGHLIGHTS: CAMPOS BASIN

Tubarão Azul Field Development

Average Quarterly/Monthly Production (kboepd)

Tubarão Martelo Field Development

Concluded the drilling and lower completion of 6 horizontal

production wells (TBMT-2HP, TBMT-4HP, TBMT-6HP, OGX-

44HP, TBMT-8H and TBMT-10H)

FPSO OSX-3 scheduled to arrive by 3Q13

Tubarão Martelo Field scheduled to come on-stream by 4Q13

Exploration wells drilled

Production wells drilled

Exploration wells drilled

Production wells drilled

BM-C-41

TUBARÃO

AZUL

Effective Production Days

1Q12 2Q12 3Q12 4Q12 Jan-13 Feb-13

OGX-26HP 60 79 57 92 29 28

OGX-68HP - 47 92 92 29 28

TBAZ-1HP - - - - 26 28

Total 60 126 149 184 84 84

Average per offshore well

(kboepd)11.0 9.1 9.3 10.2 4.9 3.8

11.0

9.1 9.310.2

13.2

11.3

BM-C-39

BM-C-40

TUBARÃO

MARTELO

35D

TBMT-10H

TBMT-4HPTBMT-6HP

TBMT-2HP 44HP

TBMT-8H

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OPERATIONAL HIGHLIGHTS: PARNAĺBA BASIN

Gavião Real Field Development

Three turbines synchronized as of March 16, 2013;

average net gas production of 5.5 kboepd (0.9 M m³/d)

in February 2013

Available production capacity of up to ~6 Mm³/day;

future available production capacity of up to 7.5

Mm³/day

GTU EBITDA margin of approximately 73% leaves space

for margin increase with full production ramp-up

including final commissioning of two remaining turbines

estimated to be fully operable by March and April 2013,

respectively

3.2

5.5

Jan-13 Feb-13

Average Monthly Production (kboepd)

4Q12 & 2012 OPERATIONAL HIGHLIGHTS: EXPLORATION

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Campos Basin:

Declaration of Commerciality of Pipeline and Fuji-Illimani accumulations (Tubarão Tigre, Tubarão Gato and Tubarão Areiafields)

Submitted PAD for Vesúvio, Viedma, Tulum and Itacoatiara accumulations to ANP

Parnaíba Basin:

Declaration of Commerciality of Bom Jesus accumulation (Gavião Branco Field)

Three new discoveries in the basin:

• 66 meters of net pay gas in Fazenda Chicote accumulation with drill-stem test indicating gas flow rate of 3.2 Mm³/d (AOF)

• 24 meters of net pay gas in Fazenda Santa Isabel accumulation

• 27 meters of net pay gas in São Raimundo accumulation

Santos Basin:

Submitted PAD for Belém, Curitiba and Natal accumulations to ANP

Returned blocks BM-S-57 and BM-S-29 to ANP

Other Basins:

Resuming exploratory campaign in Espírito Santo Basin by drilling two wells in 2013

Plan to commence drilling of first exploration well in Colombia in 1H14

70% success rate in exploratory and appraisal program in 2012

New Fields Declared Commercial

PAD (Discovery Evaluation Plan)

Areas Returned to the ANP

Fields already Declared Commercial

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Santos Basin – New PADsCampos Basin – New Fields and PADs

EXPLORATION HIGHLIGHTS

Notes:

¹ Pending PAD approval from ANP

Accumulation Block Deadline

Natal1 BM-S-59 1H13

Curitiba1 BM-S-58 2H13

Belém BM-S-56 2H13

PADs – Santos Basin

Commitment

- Seismic reprocessing

- Drill-Stem test (OGX-94DA)

- Drill-Stem test (OGX-17)

P90 P50 P10

Tubarão Tigre Pipeline BM-C-41 314 461 675

Tubarão Gato Pipeline BM-C-41 50 71 101

Tubarão Areia Fuji/Illimani BM-C-41 157 291 563

Total 521 823 1,339

Declarations of Commerciality – Campos Basin

Field Accumulation Block

Total estimated volume of oil

in place (mmboe)

COMPANY OUTLOOK

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2013 OUTLOOK

2013 Annual estimate:

~US$1.3 billion

2013 Capex Breakdown

Development

75%

Exploration

25%

2013 Estimated Capex

Development

Tubarão Martelo: Preparing for arrival of FPSO OSX-3

Tubarão Tigre, Tubarão Gato and Tubarão Areia:

Finalizing reservoir engineering

BS-4: First well to be drilled by 2013YE

Exploration

Campos Basin: Three wells committed in PADs by

2H13

Santos Basin: Drill-stem tests and seismic

reprocessing

Parnaíba Basin: ~10 wells in 2013

Espírito Santo Basin: Two wells in 2013

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UPCOMING EVENTS

Other Key EventsEvents by Basin

Third party resources report

Arrival of FPSOs OSX-2 and OSX-3

• Production expected to come on-stream by

2013YE

Campos Basin:

Drill appraisal wells and perform tests as execution of

the PADs

Parnaíba Basin:

Ramp-up of gas production with the commissioning of

the remaining TPP turbine

Continue the exploration campaign with the drilling of

wildcat wells

Santos Basin:

Perform tests as execution of the PADs

Espírito Santo Basin:

Continue the exploration campaign with the drilling of

two wildcat wells

APPENDIX

FINANCIAL STATEMENTS

16Note:

¹ This balance does not include parts of COGS related to depreciation, amortization and royalties that are disclosed in specific lines of the table above

R$ ('000)

INCOME STATEMENT 2012 2011 ∆ 4Q12 4Q11 ∆

Net revenue 325,393 - 325,393 174,707 - 174,707

Cost of goods sold (COGS) ¹ (224,802) - (224,802) (100,203) - (100,203)

Exploration expenses (227,350) (189,775) (37,575) (54,784) (64,618) 9,834

Sales expenses (5,831) - (5,831) (5,831) - (5,831)

General and administrative expenses (210,732) (240,733) 30,001 (52,121) (61,080) 8,959

EBITDA (343,322) (430,508) 87,186 (38,232) (125,698) 87,466

Depreciation (part of COGS) (31,838) (4,504) (27,334) (17,173) (1,465) (15,708)

Amortization (part of COGS) (11,859) (5,938) (5,921) (4,522) (1,768) (2,754)

Stock option (54,663) (56,989) 2,326 (7,372) (34,512) 27,140

Dry/subcommercial wells/areas (691,474) (236,055) (455,419) (231,238) (236,055) 4,817

EBIT (1,133,156) (733,994) (399,162) (298,537) (399,498) 100,961

Financial revenue 265,382 417,322 (151,940) 43,145 71,573 (28,428)

Financial expense (478,790) (216,853) (261,937) (149,637) (83,683) (65,954)

Net financial results (213,408) 200,469 (413,877) (106,492) (12,110) (94,382)

Currency exchange (364,292) (71,644) (292,648) 1,788 (67,453) 69,241

Derivatives 16,385 (122,705) 139,090 (1,909) (40,890) 38,981

EBT (1,694,471) (727,874) (966,597) (405,150) (519,951) 114,801

(-) Income tax 508,595 217,989 290,606 119,444 187,364 (67,920)

Net profit (loss) for the year- Pro forma (1,185,876) (509,885) (675,991) (285,706) (332,587) 46,881

OGX Campos Merger 13,102 - 13,102 - - -

Net profit (loss) for the year- Book value (1,172,774) (509,885) (662,889) (285,706) (332,587) 46,881

Attributed to:

Non controlling interests (34,109) (27,720) (6,389) (12,803) (10,553) (2,250)

Controlling shareholders (1,138,665) (482,165) (656,500) (272,903) (322,034) 49,131

FINANCIAL STATEMENTS

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R$ ('000)

BALANCE SHEET Dec 31, 2012 Dec 31, 2011 Dec 31, 2012 Dec 31, 2011

ASSETS LIABILITIES AND EQUITY

Current assets Current Liabilities

Cash and cash equivalents 3,381,326 5,367,451 Trade payables 925,513 431,931

Marketable securities - 52,290 Taxes, contributions and profit sharing payable 22,894 26,070

Escrow deposits 14,963 39,039 Salaries and payroll charges 58,921 54,507

Taxes and contributions recoverable - 78,137 Loans and financings 84,534 22,301

Derivative financial instruments 26,350 8,879 Derivative financial instruments 1,416 -

Oil inventories 118,027 - Accounts payable to related parties 100,845 96,692

Other credits 94,686 27,934 Other accounts payable 20,096 87,807

3,635,352 5,573,730 1,214,219 719,308

Noncurrent Liabilities

Loans and financings 7,960,166 4,750,113

Provisions 210,887 11,743

8,171,053 4,761,856

Noncurrent Assets Shareholders’ Equity

Inventories 206,511 390,071 Capital stock 8,821,155 8,810,307

Taxes and contributions recoverable 215,311 278,810 Capital reserves 178,793 274,109

Deferred income taxes and social contributions 791,893 282,693 Earnings reserves - -

Credits with related parties 179,454 139,386 Currency translation adjustments 42,571 19,588

Retained earnings (deficit) (1,343,306) (289,444)

Fixed assets 10,027,389 6,172,783

Portion attributed to controlling shareholders 7,699,213 8,814,560

Intangible assets 2,060,438 1,512,724 Portion attributed to non-controlling interests 31,863 54,473

13,480,996 8,776,467 7,731,076 8,869,033

Total Assets 17,116,348 14,350,197 Total Shareholders’ Equity 17,116,348 14,350,197

FINANCIAL STATEMENTS

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R$ ('000)

LOANS AND FINANCING

Balance as of December 31, 2011 (4,772,414)

(-) New fundings (2,536,892)

(-) Accrued interests (608,572)

(-) Currency exchange (714,834)

(+) Interest paid 565,682

(+) Funding costs 39,032

(-) Amortization of funding costs (16,702)

Balance as of December 31, 2012 (8,044,701)

R$ ('000)

FIXED ASSETS

Balance as of December 31, 2011 6,172,783

(+) CAPEX

Campos Basin 2,707,599

Santos Basin 706,817

Parnaíba Basin 477,697

Espirito Santo Basin 49,650

Pará Maranhão Basin 46,902

Colombian Basins -

Corporate 347,511

4,336,175

(+) Borrowing costs 173,136

(+) Asset retirement obligation 146,302

(-) Gross margin EWT (79,644)

(-) Disposals (98)

(-) Depreciation (49,892)

(-) Write off Dry/Subcommercial wells (671,373)

Balance as of December 31, 2012 10,027,389