April, 2013

PETROBRASAT A GLANCE

HSBC Latin American Investment Summit

DISCLAIMER

The presentation may contain forward-looking statementsabout future events within the meaning of Section 27A of

We undertake no obligation to publicly update or

FORWARD-LOOKING STATEMENTS

about future events within the meaning of Section 27A ofthe Securities Act of 1933, as amended, and Section 21Eof the Securities Exchange Act of 1934, as amended, thatare not based on historical facts and are not assurances offuture results. Such forward-looking statements merelyreflect the Company’s current views and estimates off t i i t i d t diti

revise any forward-looking statements, whether asa result of new information or future events or forany other reason. Figures for 2013 on areestimates or targets.

future economic circumstances, industry conditions,company performance and financial results. Such termsas "anticipate", "believe", "expect", "forecast", "intend","plan", "project", "seek", "should", along with similar oranalogous expressions, are used to identify such forward-looking statements. Readers are cautioned that these

All forward-looking statements are expresslyqualified in their entirety by this cautionarystatement, and you should not place reliance onany forward-looking statement contained in thispresentation.

statements are only projections and may differ materiallyfrom actual future results or events. Readers are referredto the documents filed by the Company with the SEC,specifically the Company’s most recent Annual Report onForm 20-F, which identify important risk factors that couldcause actual results to differ from those contained in the

NON-SEC COMPLIANT OIL AND GAS RESERVES:

CAUTIONARY STATEMENT FOR US INVESTORS

We present certain data in this presentation, suchas oil and gas resources that we are not permitted

forward-looking statements, including, among otherthings, risks relating to general economic and businessconditions, including crude oil and other commodityprices, refining margins and prevailing exchange rates,uncertainties inherent in making estimates of our oil andgas reserves including recently discovered oil and gas

as oil and gas resources, that we are not permittedto present in documents filed with the UnitedStates Securities and Exchange Commission (SEC)under new Subpart 1200 to Regulation S-K becausesuch terms do not qualify as proved, probable orpossible reserves under Rule 4-10(a) of RegulationS Xg g y g

reserves, international and Brazilian political, economicand social developments, receipt of governmentalapprovals and licenses and our ability to obtain financing.

S-X.

2

Petrobras TodayFully integrated across the hydrocarbon chainExploration and  D t i ib i G d P i f l

• 2.4 mm boed production

• 293 production fields

pProduction

• 12 refineries (Brazil)

• 2.0 mm bpd refining capacity

Downstream

• 7,641 service stations

• 38,1% of market share

Distribution

• 9,190 km of gas pipelines in Brazil

• NG Supply: 74 9 million m³/d

Gas and Power

• 24 countries

• 0.7 Bn boe of 1P (SPE)

International

• 3 Biodiesel Plants

• Ethanol: opening new markets

Biofuels

• 293 production fields

• 96% of Brazilian production

• 34% of global DW and UDW production

• Oil products sales in Brazil: 2,285 Kbpd

• Oil products output in Brazil: 1,997 Kbpd

• 20% share of service stations• NG Supply: 74.9 million m³/d

• 3 LNG Regasificationterminals by 2013 with 41 MMm³/d capacity

• 7,028 MW of generation capacity

• 243 th. boed production

• 231 th. bpd refining capacity

• Largest domestic producer of biodiesel

• 3rd producer of ethanol in Brazil

15 73 Billion boe

capacity

2012 Proven Reserves (SPE Criteria) ‐ BrazilAdjusted EBITDA per Segment (US$ bn) (1)

1 3

3.03,2

Onshore8%

Shallow Water (0-300m)

8%

15.73 Billion boe

43.4 42,211

4.10.91.4

3.6 2,0

1.11.3

1.3 1.6

1.1

2.1

Deep Water (300-1,500m)

48%

Ultra-Deep Water(> 1 500 )

19.330.6

‐6.9‐15,0

(> 1,500m)36%

(1) Excludes Corporate and Elimination     (2) Adjusted according to average exchange rate       (3) IFRS USD 3

2009 2010 2011(3) (3)(2) 2012E&P RTM G&P Distribution International

(3)

OwnershipBroad distribution: government, Brazilian and foreign shareholders

19%

Foreign Shareholders

Non-VotingVoting 35%

35%

16%

Voting Brazilian

GovernmentNon-VotingVoting

35%

47%

12%6%

12%

18%

Brazilian Non-Gov’tShareholders

Non-VotingVoting

• Brazilian government, by law, must maintain control. Does so with 61% of voting shares.

• In BM&FBovespa Petrobras is most actively traded stock by shares and volume

*Includes: Federal Government, BNDES, BNDESPAR, Sov. Wealth Fund

• In BM&FBovespa, Petrobras is most actively traded stock, by shares and volume.

• 2000: ADRs listing on NYSE (PBR and PBR/A)

4

Relative PositionRanked among the leading integrated energy companies

2012 Oil and Gas Production (mm boe/d) 2012 Proven Reserves – SEC (bn boe)

16.8

2012 Oil and Gas Production (mm boe/d) 2012 Proven Reserves  SEC (bn boe)

3.23.34.2

25.2

13.3 12.3 11.3 10.88.6

6.85.2

2.6

3.2

2.6 2.31.7 1.6

0.6

Exxon BP Shell BR Chevron Total Conoco ENI StatoilGas Oil

Market Cap (US$ bn) – March 29th, 20132012 Refining Capacity (mm boe/d)

Exxon BP Shell Chevron  BR Total ENI  Conoco BG

Gás Oil

p ( $ ) ,g p y ( / )

3.7

5.5 404

1.92.12.3 2.22.9

0.90.3

231209

73

114 112134

7782

Note: Peer companies selected above have a majority of capital traded in the public market.

Source: Evaluate Energy (barrels per calendar day, considering company % shareholding and including JVs) and Bloomberg5Note: Peer companies selected above have a majority of capital traded in the public market.

Exxon Shell BP BR Conoco Total Chevron ENI Statoil EXXON CHEVRON SHELL BP TOTAL BR ENI STATOIL CONOCO

Competitive AdvantagesUniquely positioned to integrate upstream and downstream operations

Abundant reserves 300 km away from the market

13

• Leader in deep‐water production, with access to abundant oil reserves

• Dominant position in growing market, far from other refining centers

• Fully developed infrastructure for processing and transfporting gas

Exploration & Production Downstream Gas & Power/ Biofuels/Petrochemicals

• New exploratory frontier, adjacent to existing operations

• Balance and integration between production, refining and demand

g

• Integration accross full energy and hydrocarbon chain in Brazil

6

2013-17 Business and Management Plan Fundamentals

CAPITAL PRIORITY

• Management

PERFORMANCECAPITAL

DISCIPLINE

• Priority for

Financiability Assumptions

• Investment Grade rating Management focused on

reaching physical and

financial targets

• Guarantee the expansion of the business

with solid

oil and natural gas

exploration & production

• Investment Grade rating maintenance• No new equity issuance• Convergence with financial targets

of each project financial indicators

projects in Brazil

Convergence with International Prices (Oil Products)• Divestments in Brazil and, mainly abroadmainly, abroad

7

2013 2017

2013-2017 BMP InvestmentsApproved by Petrobras’ Board of Directors in 03/15/13

2013-2017 PeriodUS$ 236.7 Billion Financiability Assumptions

• Investment Grade Rating maintenance:− Leverage lower than 35%28%

27.4%

− Net Debt/EBITDA lower than 2.5x • No new equity issuance• Convergence with International Prices (Oil

E&P62.3%

(US$ 147.5 bi)

(US$ 64.8 bi)

2 2%

4.2%(US$ 9.9 bi)

Convergence with International Prices (Oil Products)

• Divestments in Brazil and, mainly, abroad1.1%(US$ 2.9 bi)

2.2%(US$ 5.1 bi)

1.0%(US$ 2.3 bi)

1.4%(US$ 3.2 bi)

0.4%(US$ 1.0 bi)

8* Pbio = Petrobras Biofuel │ETM = Engineering, Technology and Materials │Other Areas = Financial, Strategy and Corporate

International ETM* Other Areas*Pbio*E&P DistribuitionDownstream G&E

2013-2017 BMP InvestmentsImplementation x Evaluation

Under Implementation Under EvaluationUnder Implementation

US$ 207.1 Billion

Under Evaluation

US$ 29.6 Billion

+=Total

US$ 236.7 Billion

All E&P projects in Brazil and projects of the remaining segments in phase IV

Projects for the remaining segments, excluding E&P, currently in phase I, II and III.

US$ 207.1 Billion US$ 29.6 BillionUS$ 236.7 Billion770 projects 177 projects947 projects

62 3% 71 2%

1.0%(US$ 0.3 Billion)6.1%

(US$ 1 8 Billion)62.3%(US$ 147.5 Billion) 27.4%

(US$ 64.8 Billion)

71.2%(US$ 147.5 Billion) 20.9%

(US$ 43.2 Billion)

2.9%(US$ 5.9 Billion)

13.5%(US$ 4.0 Billion)

6.4%(US$ 1.9 Billion)

(US$ 1.8 Billion)

1 1%

2.2%(US$ 5.1 Billion)

4.2%(US$ 9.9 Billion)

0.5%(US$ 1.1 Billion)

1.5%(US$ 3.2 Billion)

(US$ 5.9 Billion)

1.0%(US$ 2.3 Billion)

1.4%(US$ 3.2 Billion)

1.1%(US$ 2.9 Billion)

0.4%(US$ 1.0 Billion)

1.1%(US$ 2.3 Billion)

1.4%(US$ 2.9 Billion)

0.5%(US$ 1.0 Bililon)

73.0%(US$ 21.6 Billion)

9Phase I: Opportunity Identification; Phase II: Conceptual Project; Phase III: Basic Project ; Phase IV: Execution

* Pbio = Petrobras Biofuel │ETM = Engineering, Technology and Materials │Other Areas = Financial, Strategy and Corporate

International ETM* Other Areas*Pbio*E&P DistribuitionDownstream G&E

2013-2017 Business and Management Plan : Project Portfolio Management

INVESTMENTS UNDER IMPLEMENTATIONUS$ 147.5 Billion US$ 43.2 Billion US$ 5.9 Billion US$ 3.2 Billion US$ 2.9 Billion US$ 1.1 Billion

Implementation of Projects under Evaluations contingent

$E&P

$Downstream

$Gas & Energy

$International

$Distribution

$Biofuels

US$207 1 bi* on:

Results of Technical-Economical Feasibility studies;

207.1 bi*

studies;

Availability of Resources (financiability);

Competition for available

US$29.6 bi*

INVESTMENTS UNDER EVALUATION

Competition for available resources.-

E&PUS$ 21.6 BillionDownstream

US$ 4.0 BillionGas & Energy

US$ 1.9 BillionInternational

US$ 0.3 BillionDistribution

US$ 1.8 BillionBiofuels

10

INVESTMENTS UNDER EVALUATION

* US$ 207.1 Billion include ETM (US$ 2,3 bi) and Other Areas (US$ 1,0 bi) investments

Programs to Support the 2013-2017 BMP

2013-2017 BMP US$ 236.7 Billion

PROEF

PRC-PoçoProgram to

PROEFProgram to

Increase Operational Efficiency

PROCOPOperating Costs

Optimization Reduce Well CostsEfficiency

UO-BCUO-RIO

Optimization Program

INFRALOG – Logistic Infrastructure Optimization ProgramPRODESIN – Divestment Program

Petrobras Local Content Management – Take advantage of the industry´s capacity to maximize gains to Petrobras

11

PROCOP: Focus on OPEX, operating costs of the Company activities – Manageable Operating Costs.PRC-Poço: Focus on CAPEX dedicated to Wells construction – Investments in Drilling and Completion.

B fi ill d ll d ill l d l f R$ 32 Billi b 2016

PROCOP: Optimization of the Operational Activities Increasing Productivity and Reducing Unit Costs

Economy of R$ 32 Billion in 4 years

Benefits will come gradually and will lead to a total economy of R$ 32 Billion by 2016.

Initiatives Example Exploration & Production: Consumption of

Annual Reduction Targets

Economy of R$ 32 Billion in 4 years Exploration & Production: Consumption ofchemicals and fuels; Productive drilling rig days;Maritime and air transportation; Onshore wellinterventions;

Downstream: C ti f h i l d

4 7 912

Downstream: Consumption of chemicals andcatalyzers; Residual production; ScheduledStoppages routine; excessive lay day at ports; Fleetuse; Delivery Schedule;

T tCosts

Transpetro: Intervention in vessels, terminals, oiland gas pipelines, and tanks;

Gas & Energy: NG consumption to produceammonia; Operating cost for the gas pipelineMa

nage

able

CR$

Billi

on

20142013 20162015

; p g g p pnetwork;

Engineering, Technology and Materials:Supply and inventories of materials; IT costs peruser;

12

20142013 20162015 user;

Corporate e Services: Expenditures withbuildings, trips and transportation; HSEmanagement.* Expenditures for industrial, administrative and support installations

Annual Reduction provided by PROCOPEvolution of Manageable Costs

PRC-Poço: Program to Reduce Well CostsWell Construction is a Relevant Portion in Investments

Other Areas 89.2

236.7

Exploratory and Production

147.5

24.3Infra-structure and Support16.3Exploration

Exploratory and Production Development Well Investments

total US$ 75 billionE&P 147.5

106.9 Production Development

2013-2017 BMP Investments

Brazil E&P Investments

Increase of drilling rigs fleet and logistic resources Increase of drilling rigs fleet and logistic resources• Petrobras currently has 69 floating drilling rigs for well construction and maintenance in Brazil

Well construction represents:• 32% of Petrobras investments in 2013-2017 BMP

13

• 51% of Brazil E&P Investments

Exploration & Production

2013-2017 PeriodUS$ 147.5 Billion

16%(24.3)73%

(106.9)11%11%

(16.3)

Infrastructure and SupportExplorationProduction Development

1414

E&P Investments

P d ti D l tExploration

2013-2017 Period

Production DevelopmentUS$ 106.9 Billion

ExplorationUS$ 24.3 Billion

25%(26.2)

43%24%

6%(1.4)

43%(46.4)

32%(34.3)

70%(17.1)

24%(5.8)

Post-SaltPre-SaltTransfer of Rightsa s e o g ts

15Aside from Exploration and Production Development, E&P infrastructure investments total US$ 16.3 Billion.

Exploratory Success and Increase in ReservesMore than 3 Discoveries per month between January/2012 and February/2013

53 discoveries in the last 14 months (Jan/12 – Feb/13), from which 25 were offshore (15 in Pre-salt)

Brazil Discoveries: 53Discoveries: 53

• Offshore: 25• Onshore: 28 Exploratory Success Ratio: 64% Reserves: 15.7 Billion boe RRR¹: 103% for the 21st consecutive year R/P²: 19.3 years

Pre-Salt

16¹ RRI: Reserves Replacement Ratio² R/P: Reserve / Production

Discoveries: 15, of which 8 pioneersExploratory Success Ratio: 82%Reserves: 300 km in the SE region, 55% of GDP

16

Reserves and Recoverable VolumesRapid growth in reserves from discoveries in deep waters

Deep/Ultra‐Deep Water PhaseOnshore Phase Shallow Water Phase

Proved Reserves  – SPE criteria

25000

30000

15.73 bi boePre Salt: Sapinhoá

15000

20000

Roncador

Park of Whales, Mexilhão 

Pre Salt: Lula & Cernambi

Milli

on B

oe

10000

15000

Garoupa

Namorado

Marlim

Guaricema

0

5000

Namorado

Carmópolis

1953

1954

1955

1956

1957

1958

1959

1960

1961

1962

1963

1964

1965

1966

1967

1968

1969

1970

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

2008

2009

2010

2011

2012

Onshore 0‐300m 300‐1500m > 1500m

* Lula/Cernambi, Iara, Sapinhoá and Whales Park, ranging from 6.7 to 7.9 Billion boe

Pre‐salt’s Recovery Volume* Transfer of Rights

17

Production Curve in Brazil – Oil and LNGPost-Salt, Pre-Salt and Transfer of Rights

2014Roncador IV (P-62)Sapinhoá Norte (Cid Ilhabela)

2016Lula AltoLula CentralLula Sul

2012Baleia Azul(Cid. Anchieta)

2013Sapinhoá Pilot (Cid. São Paulo)Baúna(Cid Itajaí)

2015Iracema Norte (Cid. Itaguaí)

2017Lula Ext. Sul(P-68)Lula Oeste(P 69)

2020Espadarte IIIFlorim

2019JúpiterBonitoFranco Leste

2018NE de Tupi(P-72)Iara NW (P-71)

s bp

d

(Cid. Ilhabela)Iracema Sul(Cid. Mangaratiba)

(P-66)Franco 1 (P-74)CariocaLula Norte (P 67)

(Cid. Itajaí)Lula NE Pilot (Cid. Paraty)Papa-Terra (P-63)Roncador III

(P-69)Franco Sul(P-76)Tartaruga Verde e MestiçaIara Horst 4,200

Deep Waters SergipeSul Pq. BaleiasMarombaEspadarte I

19%

6%

Thou

sand

s (P-67)Franco SW (P-75)

(P-55)Norte Pq. Baleias (P-58)Papa-Terra (P-61)

(P-70)Parque dos DocesFranco NW (P-77)

2 750

CarcaráEntorno de Iara(P-73)

5% 7%30% 35%

31%1%

7%

2,022

2,500 2,750

2,0221,980

(± 2%)

95% 93% 69% 58%44%

4-6% p.y. Growth

2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

Post-salt Pre-salt (Concession) Transfer of Rights New Discoveries*(*) Includes new opportunities in blocks where discoveries have already been found 18

L l C t t

NEW PRODUCTION UNITS ‐ 2013‐2014New platforms built domestically and abroad will contribute to production

Project Capacity 1st Oil Hull Top Side /Integration

Local ContentBid

Round Commit. Target

Sapinhoá Pilot FPSO Cid. São Paulo 120 kbpd 01/05/2013 Cosco Shipyard

ChinaSchahin/Modec

Brasfels 2 30% 65%FPSO Cid. São Paulo China Brasfels

Baúna and PiracabaFPSO Cid. Itajaí 80 kbpd 02/16/2013 Jurong

CingapuraOdebrecht and Teekay

Cingapura 5 60% 81%

Lula NE Pilot FPSO Cid. Paraty 120 kbpd 05/28/2013 Keppel Shipyard

CingapuraQGOG/SBM

Brasfels 2 30% 65%y g p

Papa-TerraP-63 140 kbpd 07/15/2013 Cosco Shipyard

ChinaQuip

Rio Grande 0 0% 65%

Roncador Module III P-55 180 kbpd 09/30/2013 EAS

BrasilQuip

Rio Grande 0 0% 65%

Parque das BaleiasP-58 180 kbpd 11/30/2013 Queiróz Galvão

Rio GrandeQueiróz Galvão

Rio Grande 0 0% 63%

Papa-TerraP-61

TLWP load out to P-63 12/31/2013 Floatec

BrasfelsFloatecBrasfels 0 0% 65%

Roncador Module IV P-62 180 kbpd Mar/2014 Camargo Corrêa/IESA

EASCamargo Corrêa/IESA

EAS 0 0% 63%

Sapinhoá Norte FPSO Cid. Ilhabela 150 kbpd Sep/2014 QGOG/SBM

ChinaQGOG/SBMSBM/BRASA 2 30% 65%

Lula - Iracema SulFPSO Cid. Mangaratiba 150 kbpd Nov/2014 Cosco Shipyard

China Not define 2 30% 65%

* Note: “FPSO Cid. XX” = Leased / “P‐XX” = Owned  19

PROJECT INSTALLATIONPetrobras has a strong track record of platforms installation per year

2006-2012• Petrobras has installed, on average, 5 platforms per yearfrom 2006 to 2011.

Ramp up of these units was delayed due to limited

2013-2016• Between 2013 and 2016 we expect to install an average of 4units per year.

Petrobras will have around 40 drilling rigs² available during the

Track Record of Project

• Ramp up of these units was delayed due to limitedavailability of drilling rigs2: (2006: 2, 2011: 26)

• Petrobras will have around 40 drilling rigs² available during thenext 5 years.

7 Track Record of Project Installation1’

P‐54180mbpd

Manati8MMm³/d

5SO Cid Sã

5 5 5

SEILLEAN

PPER‐Phase 12.7MMm³/d

FPSO‐CAPIXABA100mbpd

FPSO‐

P‐52180mbpd

FPSO‐CIDADE DE VITÓRIA100mbpd

PPER‐Phase 2Δ5.3MMm³/d

4

FPSO Cid

FPSO Cid São Mateus

Camarupim10MMm³/d 

FPSO E.S. PQ DAS CONCHAS

100mbpd

FPSO Cidade deAngra dos Reis

100bpd

FPSO Cidade de

FPSO Capixaba(reallocation)

100bpd

P‐61 & P‐63140mbpd

Cid. Paraty120mbpd

SEILLEANGOLFINHO30mbpd

P‐34 JUBARTE60mbpd

P‐50

FPSO‐PIRANEMA30mbpd

FSO Cid. DeMacaé

FPSO‐Cid. RJ

PRA‐1

FPSO Cid. Rio Das Ostras30mbpd

P‐53 – MLL

FPSO Cid. Niteroi MLL100mbpd

Frade100bpd

P‐51 – MLS

FPSO Cidade deSantos

10MMm³/d

P‐57180mbpd

SS‐11TIRO/SIDON

Mexilhao15MMm³/d

P‐56

2

Cid. Anchieta

1Cid. Itajaí

Cid. São Paulo120mbpd

P‐55180mbpd

1 - Does not include installation of Extended Well Tests / 2 – Over 2,000 meters waterdepth20

180mbpd 100mbpd

2008 2009 2010 2011

180mbpd Mód. 2180bpd

2012 2013

TIRO/SIDON20mbpd

100mbpd 100mbpdj

80mbpd

2006 2007

OPERATIONAL EFFICIENCYPROEF ‐ Program to recover and maintain operational efficiency in Campos Basin

Improve Operational Unit Efficiency Levels 

Improve production systems integrity

PROEFGOALS

UO-BCIncrease the reliability to deliver production targets of BP 2012‐16GOALS

UO-RIO Reach Sustainable Levels of Operational Efficiency

Reduce Risk of Loss of Operational Efficiency

production targets of BP 2012 16

Operational Efficiency - E&P Operational Efficiency - UO-BC Operational Efficiency - Without UO-BC Operational Efficiency - UO-RIO

E&P Recent Operational Efficiency (%)

PROEF Targets

9294 95

94 939696

93 92

93 94 94 94

90

95

100

9087

8588

8076

81

8890

92

75

80

85

71 7265

70

2009 2010 2011 2012 2013 2014 2015 2016

E&P Distribution of RevenuesStable concession terms have led to higher income per barrel

Breakdown of realization price per boe  produced in Brazil

%  share of realization price

p p p

111 112120

US$/boe realization price US$/boe realization price

25%31% 33% 31%

80%

100%

$79

111 112

80

100

13%16% 16%

23%21% 21% 21%

40%

60%

$20 $20

$13

$22

$31 $30

6260

80

17% 14% 13% 15%

22%18% 16% 17%

16% 17% 16%

20%

40%

$

$11 $12$14 $16$7

$11$16 $15

$12

$15$13

20

40

14% 13% 15%

0%

2009 2010 2011 2012

$9 $10 $13 $140

2009 2010 2011 2012

22

Lifting Cost Exploratory costs + DD&A + Others Income Tax Production Tax Net Income

*Others include tax expenses, R&D, SG&A

Brent

22

E&P PROFITABILITYProduction of oil, not gas, generates high realization price

Net Production Income (US$/boe)Net Production Income (US$/boe)

30

35

15

20

25

0

5

10

5

0

2007 2008 2009 2010 2011 2012

Peers Petrobras

*

• Production in Brazil highly concentrated in oil: 86% oil and 14% gas

• Higher net profit per barrel yields better return than its peers• Higher net profit per barrel yields better return than its peers

• Stable regulatory environment allows for capturing the benefits of the increase in oil prices

Peers: BP, CVX, XOM,RDS, TOT       * Petrobras PreliminarySource: Evaluate Energy

PROFITABILITYNew E&P projects will continue to generate attractive returns

35.00%

40.00%

45.00%

Key Assumptions:

• 150 000 bpd FPSOs

25.00%

30.00%

35.00% 150,000 bpd FPSOs

• Production of 500 MM barrels

• Ramp‐up in line with industry

• Historic decline rate

10.00%

15.00%

20.00%Historic decline rate

• Oil value = 95% Brent

• Does not include exploration and acquisition costs

.00%

5.00%

60 70 80 90 100 110

Case 1 – US$12/boe Capex / US$5/boe Opex (expected scenario)

US$/ bbl

Case 3 – US$12/boe Capex / US$5/boe Opex without Special Interest (such as Transfer of Rights)

Case 1  US$12/boe Capex / US$5/boe Opex

Case 2 – US$15/boe Capex / US$7/boe Opex

(expected scenario)

• The graph illustrates the cost‐benefit ratio of a standard production development in Brazil, usingassumptions based on previous experiences

24

Pre-Salt Production is a RealityProduction reached 300 thousand barrels of oil per day in Feb/20/2013

Pre-Salt Production Data Technological Challenges SurmountedPre-Salt Production Data Oil Production reached 300 kbpd (of which 249 kbpd

is Petrobras’ stake), 43% in Santos Basin and 57% inCampos Basin;

Technological Challenges Surmounted

High Resolution Seismic: higher exploratory

successp This level was reached with only 17 producing wells, 6

in Santos Basin and 11 in Campos Basin; Level reached only 7 years after discovery:

C B i 11

Geological and numerical modelling: better

production behaviour forecast

R d ti f ll t ti ti f 134• Campos Basin: 11 years• US Gulf of Mexico: 17 years• North Sea: 9 years

Production of 1 million bpd operated by Petrobras will

Reduction of well construction time from 134

days in 2006 to 70 day in 2012: lower costs

Selection of new materials: lower costsProduction of 1 million bpd operated by Petrobras willbe reached by 2017 and the 2.1 million bpd thresholdwill be reached by 2020.

Petrobras Pre-salt production’s share: from 5% in2011 (100 3 kbpd) to 6 9% in 2012 (136 4 kbpd)

Qualification of new systems for production

gathering: higher competitiveness

2011 (100.3 kbpd) to 6.9% in 2012 (136.4 kbpd). Separation of CO2 from natural gas in deep

waters and reinjection: lower emissions and

increase in recovery factor

25

Drilling Rigs AvailabilityNecessity met with imported and domestic units

g Rigs 

000m

)

8 9 6 82

Drilling Rigs: Imported vs. Domestic

42 42 42 42 42

Num

ber of Drilling

Water Dep

th > 2.0

1626

40 41 42 4234

2519

8 1723 31

N (W

5 7 816

11 9

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

Imported Rigs Brazilian Rigs (Existing) Brazilian Rigs (New)

28 new domestic drilling rigs from 2016 on: Local Content between 55% and 65%

• Mid‐term needs for drilling rigs are now largely satisfied.  Future intermediate demand will be limited to specific situations and needs. 

• Starting in 2016, Brazilian built rigs expected to begin replacing internationally built fleet as their contracts expire (and subject to total fleet needs).

• If for any reason the domestic rigs are not completed as scheduled, Petrobras has the possibilty of renewing some or all of expiring leases.

26

Downstream InvestmentsProjects Under Implementation

Refining capacity expansion on the Under

2013-2017 HIGHLIGHTSUS$ 43.2 billion

21%(9.2)

Refining capacity expansion on the Under Implementation Portfolio: RNEST (Pernambuco) and COMPERJ 1st Phase (Rio de Janeiro)

11%(4.9)

45%(19.4)

6% 6%(2 8)

9%(3.7)

Refining capacity expansion in design phase: Premium I (Maranhão), Premium II (Ceará) and COMPERJ 2nd Phase (Rio de Janeiro)

6%(2,8)

(2.4)

1%(0.4)

1%(0.3)

Projects Under Evaluation

(2.8)

( )

Diesel and Gasoline Quality Portfolio: REPLAN, RPBC, REGAP, REFAP and RLAM

jUS$ 21.6 billion

16%

2%(0.5)

Fleet expansion: PROMEF – 45Oil and Oil Products transportation vessels

64%(13.8)

(3.5)

3%7%( )

8%(1.7)

CorporateEthanol LogisticsFleet Expansion Petrochemical

Logistics for OilQuality and ConversionOperational ImprovementRefining Capacity Expansion

(0.5)(1.5)

Downstream2012-2016 Investments

2012-2016 Investment Profile Fleet ExpansionRefining Capacity Expansion2012-2016 Investment Profile

on

PetrochemicalFleet Expansion

Logistics for OilQuality and ConversionOperational ImprovementRefining Capacity Expansion

BiofuelsProjects Under Evaluation

US$ b

illio

201620152012 20142013

High utilization factor on the current assets, combining

flexibility to increase margins

2012-2016 INVESTMENT HIGHLIGHTS Projects Under Evaluation

Implementation of projects depends mainly on:

a Alignment of new refineries costs to flexibility to increase margins

End of the first investment cycle in Quality

a. Alignment of new refineries costs to international standards;

b. Regulatory requirements;

c Resources Availability (Financiability);

28

RNEST and 1st Phase of COMPERJ coming online

New refineries under evaluation (Phase I)

c. Resources Availability (Financiability);

d. Competition for financial capacity;

Integration and BalanceConstruction of new refineries intended to meet Brazilian demand

Thous bpd

INTEGRATION BETWEEN OIL PRODUCTION, REFINING CAPACITY AND DOMESTIC MARKET

PREMIUM I(2nd phase)300,000 bpd

Oct/2020

COMPERJ(2nd phase)300 000 bpd

3,3803,472

4,200

PREMIUM II300,000 bpd

Dec/2017

300,000 bpd

Jan/20182,788

1,641

2,320

2,004

2,500

1,393

1,7982,147

1,814

1 323

1,9801,944

2,255 Abreu e LimaRefinery

(RNE)230kbpd

1) Nov/20142) May/2015

2,320

PREMIUM I(1st phase)300,000 bpd

Oct/2017181

1,0361,323

... ... ... ...

2) May/2015

COMPERJ(1st phase)165,000 bpd

Apr/2015

1980 2000 2010 2012 2016 2020*

Oil and NGL Production ‐ Brazil Total crude oil processed – Brazil Oil Products Market (2 scenarios)

Projects Under Implementation Projects Under Evaluation

29* 2020 Total Crude Oil Processed may vary depending on Projects Under Evaluation 29

Seeking convergence with international prices

Parity: Seeking convergence with International Prices9 months: +21.9% in Diesel and +14.9% in Gasoline

Seeking convergence with international prices. In the last 9 months: 4 Diesel price readjustments, totaling +21.9%, and 2 Gasoline readjustments (+14.9%).

Average Brazil Price* x Average USGC Price**

Impo

700

800

900

220240260 2009 2010 2011 2012 20132008

orted Volumes (R

$/bbl

)

500

600

700

140160180200

Losses

Gains

(Thousand bbPr

ices

200

300

400

406080

100120

an/13

an/12

an/10

an/09

an/11

l / d)

ar/13

0

100

02040

ov/08

30(*) considers Diesel, Gasoline, LPG, Jet Fuel and Fuel Oil. (**) USGC price with domestic market prices.

JaJaJaJa Ja

Gasoline ImportsDiesel Imports

ARP USGC (w/ volumes sold in Brazil)ARP Brazil

MaNo

EBITDAGrowing and stable cash flow generation

Adjusted EBITDA Breakdown per Segment (US$ bn)*** Net Income (US$ bn)*j p g ( $ )

3.0 19.2 20.1

Net Income (US$ bn)

4.20 9

1.7

3.62.0

1.1

1.3

1.31.6

1.1

2.2

3.215.5

11.0**

30.5

43.4 42.0

11

0.9 11.0

19.3

‐6.9 2009 2010 2011 2012

2009 2010 2011 2012

‐15.6

31(*) US GAAP   (**) IFRS  (***)  Adjusted according average exchange rate. Excludes Corporate and Elimination. 

E&P RTM G&P Distribution International

The image part with relationship ID rId7 was not found in the file.Trade BalanceRapid demand growth in the last 4 years has led to a shift in the trade balance

2009 (thous. bpd)

2012(thous. bpd)

4 100

4,400

4,700

5,000

m³ +24%

+24%Diesel Sales

433548

779

227

705

5492,300

2,600

2,900

3,200

3,500

3,800

4,100

Thou

sand

m

24%

184

433

478

152

2,0001999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

2,800 +65%Gasoline Sales364 346

18

Exports Imports

478397

81

75

Exports Imports Balance

156

1,600

1,900

2,200

2,500

Thou

sand

m³

+3%

+65%Gasoline Sales

‐249

Balance‐231

1,000

1,300

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Oil Oil Products

32

The image part with relationship ID rId7 was not found in the file.Gasoline and Diesel International PricesTaxes account for significant share of pump price in Brazil

Gasoline Retail Prices2012 Average

Diesel Retail Prices2012 Average

Brazil Chile China Japan Germany Brazil Chile China Japan GermanyUSAUSABrazil Chile China Japan Germany Brazil Chile China Japan Germany

Disttribution MarginTaxationRefinery Gate Price Anhydrous Alcohol

USAUSA

The refinery gate price for gasoline is currently 37% of the retail price while for diesel it is 61%

33

Gas & Energy InvestmentsProjects Under ImplementationProjects Under Implementation + Under Evaluation

US$ 5.9 billion32%(1.9)

6%(0 3)

8%(0.8)

20%(2.0)

US$ 9.9 billlion

43%(2 6)

19%(1.1)

(0.3)(0.8)

25%(2.5)

(2.6)

Projects Under EvaluationUS$ 4.0 billion

46%(4.6)

12%(0.5)

3%(0.1)

Conversion of Natural Gas into fertilizers and other gas chemical products: UFN III at Três Lagoas (Mato Grosso do Sul)

2013-2017 HIGHLIGHTS

34%(1.4)

51%(2.0)

UFN III at Três Lagoas (Mato Grosso do Sul)

Natural gas processing and transportation: NGPU Cabiúnas (Rio de Janeiro)

Electric energy generation: Thermal Power Plant Baixada Fluminense (Rio de Janeiro)

34Gas-chemical plantsLNG

NetworkElectric Energy

Janeiro)

LNG Regasification: Bahia Terminal (Bahia)

Units in Design Phase: UFN IV (Espírito Santo) and UFN V (Minas Gerais)

Natural Gas Supply And Demand (Million m³/d)

35

FinancialFinancial Considerations

Financial Planning AssumptionsFinancing analysis only incorporates projects under implementation

Main assumptions for cash flow generation and investment levels

No equity issuance Investment grade maintenance

2013-17 BMP is based on constant currencies from 2013.

Brent prices (US$/bbl) US$ 107 in 2013, declining to US$ 100 in the long term

Average exchange rate (R$/US$) R$ 2.00 in 2013, strengthening to R$ 1.85 in the long term

Leverage Limit: < 35% │ Maximum leverage in 2013 and 2014 (34%), declining after 2015

Net debt / EBITDA Limit : < 2.5x │ Limit will be surpassed in 2013 and will fall below 2.0x after 2015

Oil product prices in Brazil Convergence to international prices

Divestments US$ 9.9 billion

Returns on new E&P projects Pre-salt projects breakeven between US$ 40-45/barrel Big post-salt projects have returns similar to pre-salt’s

37

Operating Cash Flow and Funding Needs

Additional financing needs will be funded exclusively through new debt. No equity issuance is envisaged.

246.910.79.9

39.8

246.9

Free cash flow, before dividends, after 2015.

Annual borrowing needs (2013-2017)$ Billi

on

61.3

g ( )

Gross – US$ 12.3 billion │Net – US$ 4.3 billion

US$

165.0207.1

Net borrowing needs 50% below previous Plan due to:

• 2017 production, versus 2012, leading to higher

Divestments and restructuringsCash utilizationThird-party resources (Debt)

operating cash flows

• Declining downstream investments

• Long-term Brent prices (US$ 100 vs US$ 90 in the

Fontes Usos

38

Third party resources (Debt)Operating cash flow (after dividends)InvestmentsAmortization

g p (previous Plan) and long-term F/X rate (R$ 1.85 vs R$ 1.73)

Leverage

Leverage Net Debt/EBITDA

BMP Target (< 35%)

BMP Target (< 2,5x)

20172016201520142013 20172016201520142013

• Declining leverage, within the Company’s self-imposed limits

• Net Debt/EBITDA surpasses limit at some points in time, during the Plan period

39

Capex and Cash FlowFree cash flow turns positive with completion of downstream projects

50000US$ MM

45,078 43,164

Capex vs. Operating Cash Flow

42,949Approx.

$39 billi

10000

20000

30000

40000

27,888

,$39 billion

0

10000

OCF 2012 Capex 2010  Capex 2011 Capex 2012 Capex 2017

hE&P Downstream Gas & Energy Others

• 2013 ‐2017 Business and Management Plan Assumptions:  

• Capex‐ Downstream projects not currently under implementation only proceed supported by cash flows and balance sheet strength

• Operating Cash Flow:  Oil production increases by  750 TBPD, generating additional operating cash flow.  Import parity would eliminate downstream losses

Capital Structure

Net Debt/EBITDA Net Debt/Net Capitalization1

24% 24%28% 28% 30%

20%

30%

40%

3

4

5Net Debt/EBITDA Net Debt/Net Capitalization

1.66 1.61

2.46 2.42 2.77

-10%

0%

10%

1

2

32

R$ Billion 12/31/12 12/31/11

-20%04Q11 1Q12 2Q12 3Q12 4Q12

Lower operating cash flow and higher capexresulted in net debt increase.

The devaluation of the Real (9%4) also

Short-term Debt 15.3 19.0Long-term Debt 181.0 136.6Total Debt 196.3 155.6( ) C h d C h E i l t 3 48 5 52 5 The devaluation of the Real (9%4) also

increased net debt.(-) Cash and Cash Equivalents 3 48.5 52.5= Net Debt 147.8 103.0

US$ BillionNet Debt 72 3 54 9

1) Net Debt / (Net Debt + Shareholder’s Equity)2) Refers to the adjusted EBITDA which excludes equity income and impairment.3) Includes tradable securities maturing in more than 90 days4) Period-end commercial selling rate for U.S. dollar

Net Debt 72.3 54.9

41

Petrobras RatingsConsolidated investment grade position

A- / A3

BB+ / Ba1BBB- / Baa3

BBB / Baa2

BBB+ / Baa1

Investment grade

B+/ B1

BB- / Ba3

B/ B2

BB / Ba2

BB / Ba1

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

M d S&P Fit h

B/ B2

Moodys S&P Fitch

42

Information:

Investor Relations

+55 21 3224-1510

petroinvest@petrobras.com.br

investors@petrobras cominvestors@petrobras.com

www.petrobras.com.br/ir

43