Business Plan 2010-2014

BUSINESS PLAN 2010 - 2014 Webcast José Sergio Gabrielli – CEO Almir Barbassa – CFO STRATEGIC PLAN PETROBRAS 2020 1

DISCLAIMER FORWARD-LOOKING STATEMENTS: DISCLAIMER The presentation may contain forward-looking statements We undertake no obligation to publicly update or about future events within the meaning of Section 27A of the revise any forward-looking statements, whether as a Securities Act of 1933, as amended, and Section 21E of the result of new information or future events or for any Securities Exchange Act of 1934, as amended, that are not other reason. Figures for 2010 on are estimates or based on historical facts and are not assurances of future targets. results. Such forward-looking statements merely reflect the Company’s current views and estimates of future economic circumstances, industry conditions, company performance All forward-looking statements are expressly qualified and financial results. Such terms as "anticipate", "believe", in their entirety by this cautionary statement, and you "expect", "forecast", "intend", "plan", "project", "seek", should not place reliance on any forward-looking "should", along with similar or analogous expressions, are statement contained in this presentation. 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. NON-SEC COMPLIANT OIL AND GAS RESERVES: Readers are referred to the documents filed by the Company with the SEC, specifically the Company’s most recent Annual CAUTIONARY STATEMENT FOR US INVESTORS Report on Form 20-F, which identify important risk factors We present certain data in this presentation, such as that could cause actual results to differ from those contained oil and gas resources, that we are not permitted to in the forward-looking statements, including, among other present in documents filed with the United States things, risks relating to general economic and business Securities and Exchange Commission (SEC) under conditions, including crude oil and other commodity prices, new Subpart 1200 to Regulation S-K because such refining margins and prevailing exchange rates, uncertainties terms do not qualify as proved, probable or possible inherent in making estimates of our oil and gas reserves reserves under Rule 4-10(a) of Regulation S-X. 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. STRATEGIC PLAN PETROBRAS 2020 2

CHALLENGES TO WORLD OIL SUPPLY Natural decline requires finding new reserves to meet world demand 1 20 10 1 Scenario: Business as Usual 1 00 90 Scenario: Sustainable Development Required Addition to Capacity 80 70 2020: 43 – 48 MM bpd 60 Projected Decline 50 2030: 65 – 78 MM bpd 40 30 20 2000 2005 2010 2015 2020 2025 2030 87% of needed supply must come from re-valuing existing reserves, or from reserves not yet discovered or declared commercial 13% 28% Production from reserves not yet discovered or without a development plan Production currently developed with operations in short and medium term Production from revaluation of existing reserves (increases to Oil in Place or the recovery factor ) 59% STRATEGIC PLAN PETROBRAS 2020 Source: Estimates using WoodMackenzies’ data 3

PRIMARY DEMAND FOR ENERGY Despite growth of alternatives, oil will maintain its importance Average Annual Change Business as Usual Sustainable 17,324 Development 17,236 Traditional Biomass 7% 6% 2% 1% 1% 1% +4.2% p.y. +7.8% p.y. 7% 7% Other Renewable 6% sources 12,974 6% +5.2% p.y. +6.1% p.y. 1.32% Biofuels 0.5% 7% 0.4% 6% 1.30% 29% 28% 6% Hydro Nuclear 26% MMTOE 22% 22% Coal 22% Gas 29% 28% 33% Oil 2008 2008 2008 2030 2030 2030 Business as Usual Sustainable Development Aggressive growth in biofuels will only slow the rate of growth in the consumption of Petroleum products STRATEGIC PLAN PETROBRAS 2020 * Aeolian, Solar and Geothermal 4

DEMAND FOR PETROLEUM Developing country demand should exceed reduced OECD demand Per capita petroleum consumption 30 Petroleum demand – 2009-2030 (variation million bpd) per capita - barrels per year 1980 2000 2009 25 20 OECD Europe USA 15 Middle East 10 Brazil 5 India China 0 US Japan OECD* Brazil China India -2 0 2 4 6 8 Transport Eletrical Generation Others •Considering France, Germany, Italy and UK STRATEGIC PLAN PETROBRAS 2020 Source: BP 5

OIL AND GAS PRODUCTION TARGETS: SUPERMAJORS AND PETROBRAS Petrobras has the highest growth rate target of the industry 6000 Petrobras: 3.9 MM boe/d in 2014 5500 and 5.4 MM boe/d in 2020 5000 ExxonMobil: Production growth rate ~3-4% in 2010; ~2-3% p.y. up to 2013 4500 thousand boe/d BP: Production growth rate ~1-2% p.y. up to 2015 4000 Shell: ~3.5 MM boe/d in 2012 3500 and ~3.7 MM boe/d in 2014 3000 Chevron: production growth 2500 rate ~1% p.y. between 2010- 2014 and 4.5% p.y. between 2014-2017 2000 1500 1000 500 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 STRATEGIC PLAN PETROBRAS 2020 Source: PFC Energy and Company reports 6

PETROBRAS CORPORATE STRATEGY to 2020 Integrated, profitable growth, on a sustainable basis Commitment to Sustainable Development Integrated Growth Profitability Social and Environmental Responsibility Expand operations in target markets for oil, oil products, petrochemicals, gas and energy, biofuels and distribution and to be recognized as a benchmark among integrated energy companies Grow oil and gas Expand refining in Consolidate leadership Operate in the Operate in Brazil Corporate Strategy production in a Brazil, ensuring in the Brazilian natural petrochemical and abroad in the sustainable manner, sufficiency in domestic gas market, and sector in activities biofuels sector in becoming one of the supply and leadership establishing an that are integrated activities that are five largest oil in distribution, while international presence manner with the integrated with the producers in the developing export and increasing the other businesses of Petrobras system, world markets for products, domestic electricity the Petrobras and to do so on a with emphasis in the generation business system sustainable basisl Atlantic basin and gas chemical, emphasizing fertilizers Operational excellence, in management, in energy efficiency, in human resources and in technology Business Segments E&P Downstream Distribution Gas and Energy Petrochemicals Biofuels (RTC) STRATEGIC PLAN PETROBRAS 2020 7

BUSINESS PLAN 2010-14: US$ 224 BILLION Increased investment for integrated operations in Brazil Business Segment 1% 2% 1% Brazil and Abroad 2% 3.5 8% 5.1 3.5 International 2.5 2.8 5% 17.8 11.7 118.8 53% 73.6 212.3 33% 95% Brazil E&P Downstream G&E Petrochemicals Distribution Biofuels Corporate STRATEGIC PLAN PETROBRAS 2020 8

ADJUSTMENTS TO THE 2010-2014 PORTFOLIO Increased spending on infrastructure, logistics, value chain in Brazil 31.6 (17.0) 10.3 (6.8) 19.2 224 186.6 CAPEX 2010-2014 New Projects Change in Change in Change in 2010-2014 in 2009-2013 Projects Excluded project timeline project design Stake Business Business Plan and cost Plan • New projects for pre-salt, logistics, increased utilization 1% of domestic oil, and 21% monetization of natural gas. 0.3 0.3 E&P 6.5 6.5 Downstream • Change in partnership participation reflecting Gas & Energy 19.7 19.7 uncertainty about 5.1 5.1 Corporate participation of partners in 16% 62% downstream projects STRATEGIC PLAN PETROBRAS 2020 9

APPROVAL STATUS OF 2010-2014 PORTFOLIO Flexibility to adjust Capex for projects in Phases I and II US$ 224 Billion 686 projects 0.4% 0,9 0,9 0.9 26.5% Phase I 59.4 Phase II 122.6 Phase III 54.7% 122.6 17.5 17.5 7.9% Phase IV + 23.6 23.6 Aquisitions 10.5% Phase I – Identification of Opportunity Phase II – In Conceptual Phase Phase III – In Basic Project Phase IV+ ‐ Authorization for Execution/Implementation/Operations STRATEGIC PLAN PETROBRAS 2020 10

LOCAL CONTENT PARTICIPATION 2010-2014 Brazilian suppliers expected to provide nearly 70% of total needs Capex in Brazil (US$ billion) Distribution and Biofuels (100%) Purchased in Brazilian 100 % Investments Gas & Energy Business unit Brazilian content in Brazil (82%) Market (%) Downstream and 80 % E&P 108.2 57.8 53% Corporate (80%) RTM and Petrochem 78.6 62.8 80% 60 % Gas & Energy 17.6 14.4 82% E&P Distribution 2.3 2.3 100% (53%) 40 % Biofuels 2.3 2.3 100% Corporate 3.3 2.6 80% Total 212.3 142.2 67% 20 % 0% + Brazilian Content US$ 46.4 billion from Partners • Petrobras purchases in Brazil of approximately $28 billion per year (versus $20 billion per year in prior plan) STRATEGIC PLAN PETROBRAS 2020 11

Goals and Principal Projects STRATEGIC PLAN PETROBRAS 2020 12

OIL AND GAS PRODUCTION TARGETS 2010-2020 Domestic targets unchanged, international targets reduced • Production curve for domestic oil gas production consistent with prior Business Plan • Projected international production reduced as a result of decrease in investment • Production curve does not currently assume any contribution from Transfer of Rights 5,382 120 203 7.1% p.y. 1109 3,907 (Thous. boe/day) 128 4.9% p.y. 9.4% p.y. 176 2,525 2,723 623 2,301 2,400 93 2,217 2,297 97 2,020 110 100 146 2,037 101 141 1,810 94 96 124 384 85 163 142 126 316 22 277 273 321 3,950 35 161 168 274 252 251 265 2,980 1,971 2,100 1,684 1,778 1,792 1,855 1,500 1,540 1,493 1, 078 Pre-Salt 241 2002 2003 2004 2005 2006 2007 2008 2009 2010 2014 2020 1.183 Oil Production - Brazil Gas Production - Brazil Oil Production - International Gas Production - International 152 STRATEGIC PLAN PETROBRAS 2020 13

PRINCIPAL PROJECTS SCHEDULED DURING 2010-2014 Updated business plan added new projects Mexilhão Mexilhão Marlim Sul Marlim Sul Guará Pilot FPSO Guará Pilot FPSO Tupi NE Pilot Tupi NE Pilot NG Antecipation of Antecipation of NG 120,000 bpd 120,000 bpd FPSO FPSO SS P-56 SS P-56 Baleia Azul Baleia Azul 120,000 bpd 120,000 bpd Module 3 FPSO Espadarte FPSO Espadarte Uruguá/Tambaú Uruguá/Tambaú Module 3 Th. bpd FPSO Cidade de Santos 100,000 bpd 100,000 bpd 100,000 bpd FPSO Cidade de Santos 100,000 bpd NG/35,000bpd NG/35,000bpd 2,980 Tupi Pilot Tupi Pilot 2800 Cidade de Angra dos Cidade de Angra dos Reis Reis 100,000 bpd 100,000 bpd Cachalote e Cachalote e Baleia Franca Baleia Franca 2400 FPSO Capixaba FPSO Capixaba Roncador Roncador Papa-Terra Papa-Terra Roncador Roncador 100,000 bpd 100,000 bpd SS P-55 SS P-55 TLWP P-61 & TLWP P-61 & FPSO P-62 FPSO P-62 Module 3 Module 3 FPSO P-63 FPSO P-63 Module 4 Module 4 180,000 bpd 180,000 bpd 150,000 bpd 150,000 bpd 180,000 bpd 180,000 bpd 2,100 2000 Tupi NE EWT Tupi NE EWT Jubarte Jubarte Tiro/Sidon Whales Park Tiro/Sidon Whales Park 30.000 bpd 30.000 bpd FPSO P-57 FPSO P-57 FPSO FPSO P-58 FPSO FPSO P-58 Guará EWT Guará EWT 180,000 bpd 180,000 bpd 100,000 bpd 180,000 bpd 100,000 bpd 180,000 bpd Dynamic Producer Dynamic Producer 30,000 bpd 30,000 bpd Aruanã Aruanã Guaiamá Guaiamá Tiro EWT Tiro EWT 1600 SS-11 SS-11 FPSO FPSO FPSO FPSO 100,000 bpd 100,000 bpd 100,000 bpd 100,000 bpd 30,000 bpd 30,000 bpd Aruanã EWT Aruanã EWT Cidade Rio das Ostras Cidade Rio das Ostras 4 EWT 4 EWT 4 EWT 4 EWT 3 EWT 3 EWT 2 EWT 2 EWT 15,000 bpd 15,000 bpd Pre-salt Pre-salt Pre-salt Pre-salt Pre-salt Pre-salt Pre-salt Pre-salt 1200 2010 2011 2012 2013 2014 Oil Pre‐salt Natural Gas STRATEGIC PLAN PETROBRAS 2020 EWT = Extended Well Test 14

E&P-BRAZIL INVESTMENTS 2010-2014 Continued emphasis on Post-Salt acreage, growing spending on Pre-Salt Pre-Salt Post-Salt US$ 33.0 Billion US$ 75.2 Billion 3% 13% 15% 18% 0.9 11.4 4.3 13.7 27.8 50.1 84% 67% Exploration Development Infrastructure • Annual expenditures for exploration of more than US$4 billion annually • Development capex in Pre-salt approaching 50% of Post-salt spending STRATEGIC PLAN PETROBRAS 2020 15

NEW VESSELS AND PURCHASE OF NEW EQUIPMENTS Petrobras critical resources demand will drive Brazilian and international industry Delivery Plan (to be contracted) Current Situation Accumulated Value Critical Resources (Dec/09) 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 Production Supply Vessel Drilling Rigs 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. STRATEGIC PLAN PETROBRAS 2020 * The rig reallocated from international operations, expire in 2015, so it is not considered in the 2020 accumulated value 16

Market Demand, Goals and Principal Activities RTM (Refining, Transportation and Marketing) and PETROCHEMICALS BUSINESS PLAN PETROBRAS 2020 STRATEGIC PLAN PETROBRAS 2020 17 17

BRAZILIAN PRODUCTION, REFINING AND DEMAND Long term plans to achieve greater balance and integration 124% Production as a % of refining 132% 110% kbpd 13% 2,980 3,950 1,971 2,356 3,196 1,933 2,260 1,791 2,794 1,393 1,036 181 1980 2009 2014E 2020E Production Throughput Oil Product Demand • Oil Production and the Brazilian market demand currently exceed refining capacity • By 2014, exports are projected to reach nearly 1 million bpd, even as refining capacity is expanded to process Brazilian production to meet demand STRATEGIC PLAN PETROBRAS 2020 18

BRAZILIAN DEMAND AND REFINING CAPACITY Strong Brazilian GDP growth projected to increase demand 3.4% p.y. PREMIUM I PREMIUM I 3,196 Thousand bpd Clara (1ª phase) (2ª fase) RNE 300 thou. bpd 300 thous. 3000 Camarão 230 thous. bpd (2014) bpd 2010 (2013) (2016) 2,794 REPLAN COMPERJ Revamp PREMIUM II U200+PAM (1º phase) 2,356 2,260 300 thous. 165 thous. bpd 33 thous. bpd bpd (2013) (2010) (2017) 1,155 2000 1,933 1,831 1,016 COMPERJ (2º phase) 165 thous. bpd 826 (2018) 1000 1,187 937 769 ... 403 ... 452 338 0 2009 2010 2014 2020 Gasoline Diesel Others Throughput • Domestic production will represent 91% of refinery throughput by 2020 • Comperj’s first phase is now a new refinery STRATEGIC PLAN PETROBRAS 2020 19

RTM AND PETROCHEMICALS INVESTMENTS 2010-2014 New refineries, fuel quality, and modernization account for 70% of capex US$ 73.6 Billion • Additional capacity: 3% 1% • Refinery NE 6% • Premium I 11% • Comperj • Quality and conversion 50% • Sulfur removal • Modernization • Upgrading (coker) 29% • Operating improvement and logistics: • Maintenance • HSE Additional capacity Quality and conversion • Logistics for oil and biofuels Operational Improvement Fleet expansion Logistics for oil International • Investments of US$ 5.1 Billion in Petrochemical (includes acquisition of Quattor) STRATEGIC PLAN PETROBRAS 2020 20

Demand, Goals and Principal Activities GAS, ENERGY AND GAS CHEMICAL BUSINESS PLAN PETROBRAS 2020 STRATEGIC PLAN PETROBRAS 2020 STRATEGIC PLAN PETROBRAS 2020 21

NATURAL GAS MARKET AND POWER CAPACITY Growth in natural gas demand, consolidation in Thermo Power capacity Natural Gas Demand 130* Million m3/day 32 4 41 46 14.4 2.0 53 24.3 5.3 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 +9% 7,892 365 137 5,997 6,437 1,093 1,090 2010 2014 International Thermoelectrical and Co-generation Renewables Sources STRATEGIC PLAN PETROBRAS 2020 22

NATURAL GAS BASED FERTILIZERS Fertilizer plants to take advantage of available gas and infrastructure UFN III (sep/14) UFN IV Ammonia: (dec/15) 81th. ton/year Urea 763 th. Urea 1.210 th. ton/year ton/year 2,911 Ammonia Plant (Dec/14) 2,104 519 th. ton/year +160% Th. ton/year 1,374 1,118 1,076 844 807 274 298 2010 2014 2015 Ammonia Urea • Manage total demand for gas by transforming natural gas into fertilizers needed by Brazilian agriculture (substituting demand that is currently imported) STRATEGIC PLAN PETROBRAS 2020 23

GAS, POWER AND GAS CHEMICAL INVESTMENTS 2010-2014 Transition from investment in infrastructure to gas demand flexibility Investments 2010-14 US$ 17.8 billion 15% • Completion of the natural gas transport 30% 2.7 and processing infrastructure 5.3 • Consolidating investment in power generation: thermo-electric, wind, 4.1 23% biomass • Presence in LNG chain for transport and 5.7 distribution of pre-salt gas 32% • Major investments in the conversion of natural gas in to Urea and Ammonia LNG Pipeline network Electrical Energy Chemical Gas Facilities (Fertilizers, ammonia) STRATEGIC PLAN PETROBRAS 2020 24

Goals and Main Projects DISTRIBUTION INTERNATIONAL BIOFUELS BUSINESS PLAN PETROBRAS 2020 STRATEGIC PLAN PETROBRAS 2020 25

DISTRIBUTION INVESTMENTS 2010-2014 Leading the Brazilian market for distribution, increasing the market share BR market share in the total and automotive market (%) 38.6 40.0 30.6 33.6 30.4 22.4 2004 2009 2014 BR market share in total market in Brazil (%) BR market share in automotive market in Brazil (%) Distribution CAPEX – Brazil US$ 2.5 Billion • 8 p.p. increase in the global and 23% 27% automotive market share in the last 5 Gas station years. Wholesales consumers • We intend to continue leading the Operation and Logistics Brazilian distribution market of oil products and biofuels, increasing our 24% Liquigás + Others share in the market. 26% STRATEGIC PLAN PETROBRAS 2020 26

INTERNATIONAL STRATEGY Reduced allocation of capex, with focus on upstream INTERNATIONAL PRODUCTION OF OIL AND GAS  Ramp up of existing developments, BP 2010 - 2014 stable production in long term Thousand bpd 800  Reduced investment and production a 632 600 BP 2009-2013 reflection of greater opportunities in Target 400 304 323 Brazil 239 120 - 49% 200 93 128 146 176 203 0 2010 2014 2020 INVESTMENTS 2010-2014: US$ 11.5 bi Oil and NGL Natural Gas BP 2009-2013 Target DISTRIBUTION 221 CORPORATE 2% 123 G&E 1% • Development focus: Gulf of Mexico, West Coast of Africa and 186 RTCP 2% 615 Latin America 5% • Exploration focus: Atlantic Project, West coast of Africa, aligned with domestic E&P E&P • Reduced emphasis on refining 10,330 90% • Reduced emphasis on LNG, alignment with domestic Gas and Power segment STRATEGIC PLAN PETROBRAS 2020 27

BIOFUEL TARGETS AND INVESTMENTS 2010-2014 Continued expansion and integration with oil products Ethanol Production Production Capacity of Biodiesel in Brazil Thous. m³/year Thous. m³/year 2,600 % 747 3% +47 +19 507 886 2010 2014 2010 2014 INVESTMENTS 2010-2014: Ethanol Exports US$ 3.5 Bi 1,055 0.7 5% +13 Thous. m³/year 449 0.4 2.0 0.4 2010 2014 Ethanol Biodiesel R&D Logistics STRATEGIC PLAN PETROBRAS 2020 28

Targets and Goals, HSE, Technology, and Research and Developments RESEARCH & DEVELOPMENT BUSINESS PLAN PETROBRAS 2020 STRATEGIC PLAN PETROBRAS 2020 29

TECNOLOGICAL CHANGES 3 Key pillars Expanding Limits New Exploratory Maximizing Developing Development of Sediments and Solutions for Operational Middle distillate Frontier recovery factor Production, new generation other fuels Natural Gas Optimization Maximization Operation and Pre Sea and Subsea characterization logistic in harsh Salt Logistic Systems of the pre salt environments and other complex reservoirs Adding value and Diversifying Products Sustainability Fuel, Lubricants and special products Other Renewable Water CO2 and other innovation Petrochemicals Gas Chemic Biofuels sources Energy management gas management Energetic Efficiency STRATEGIC PLAN PETROBRAS 2020 30

ENGINEERING CHALLENGES Competitiveness/ Sustainability Using international engineering patterns and metrics in our facility projects Simplification and Standardization Brazilian Content Reduction in the complexity Technological of the projects, using & Engineering Contributing for the consolidation standard solutions Drivers of Brazil as a supplying hub with international competitive level STRATEGIC PLAN PETROBRAS 2020 31

R&D INVESTMENTS ALLOW TECHNOLOGICAL LEADERSHIP WITH FOCUS IN HSECORPORATIVA DE RESPOSTA CDA / BASES AVANÇADAS / ED ESTRUTURA Investments in HSE, IT and R&D US$ 11.4 Billion 29% HSE 46% IT R&D 25% • Continued spending of $1 billion per year on Research and Development • Continued focus on Health, Safety and Environment STRATEGIC PLAN PETROBRAS 2020 32

Cash generation and Funding needs PLAN FINANCING BUSINESS PLAN PETROBRAS 2020 STRATEGIC PLAN PETROBRAS 2020 33

FORECASTED OIL PRICE VERSUS Business PLAN 2010-2014 Petrobras base case planning price at lower end of forecast range Forecasts: CERA, 140 PIRA, WoodMackenzie, EIA e 130 IEA. 120 110 98 100 90 84 78 80 75 72 69 70 59 60 Petrobras budget price 42 62 50 40 36 33 29 34 29 29 30 27 26 24 23 22 21 22 20 16 10 0 1990 1995 2000 2005 2010 2015 2020 2025 2030 STRATEGIC PLAN PETROBRAS 2020 34

PRINCIPAL FINANCIAL INDICATORS 2009-2013 vs. 2010-2014 Stable cash flows with increasing investments INDEX 2010-2014 2009-2013 Plan Plan FX Rate (R$/US$) 1.78 2.00 2010 – 76 2009 – 58 2011 – 78 2010 – 61 Brent for Funding (US$/bbl) 2012– 82 2011 – 72 2013 – 82 2012 – 74 2014 – 82 2013 – 68 Projected Investments 224 174 (US$ bn) Projected Net Cash Flow 155 149 (After dividends) (US$ bn) Net Total Capt. (US$ bn) 58* 23 Leverage Up to 35% Up to 35% Average Realization Price 163 160 (R$ barrel) * Including Capitalization and excluding amortization of US$38 billion • Conservative assumptions: Despite higher assumed oil prices, stable realization price STRATEGIC PLAN PETROBRAS 2020 35

CASH GENERATION AND INVESTMENT Profitable investments funded with cash flow, debt and equity capital PROJECTED Operating Cash Flow (2010 – 2014) Cash Amortization US$ 11 billion US$ 38 billion Funding (debt + equity) US$ 96 billion Investments US$ 224 billion OCF (after dividends) US$ 155 billion Sources Uses • Plan requires additional debt and equity capital • Return on portfolio of approximately 14% on the aggregate of projects in the Plan substantially exceeds cost of capital STRATEGIC PLAN PETROBRAS 2020 36

CHALLENGES • Capacity to execute a huge portfolio project • Strength and reliability of supply chain • Resource management and efficiency • Human Resources challenges • Funding requirements STRATEGIC PLAN PETROBRAS 2020 37

Thank you STRATEGIC PLAN PETROBRAS 2020 38

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Business Plan 2010-2014

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