1. Mitsubishi UFJ Securities “Brazil Day”
Conference - 2008
1

2. DISCLAIMER
The presentation may contain forecasts about future events. Such forecasts merely reflect the
expectations of the Company's management. Such terms as "anticipate", "believe", "expect",
"forecast", "intend", "plan", "project", "seek", "should", along with similar 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 presented herein. The Company is not obliged to update the
presentation/such forecasts in light of new information or future developments.
CAUTIONARY STATEMENT FOR US INVESTORS
The 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 has demonstrated by actual
production or conclusive formation tests to be economically and legally producible under existing
economic and operating conditions. We use certain 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.
2

3. CORPORATE ORGANIZATION AND KEY OPERATING RESULTS
Exploration & Downstream Gas &
Distribution International Biofuels
Production (Supply) Energy
Petrochemicals
Income from Operations(2)
Distribution
Summary Financials (US$ billion)
3%
Downstream
2005 2006 2007 LTM (6/30/2008)
Net Revenues 56.3 72.3 87.7 108.6
16%
EBITDA 17.6 22.9 25.3 31.8
2005 2006 2007 1H08
Capex 10.4 14.9 21.0 24.3
Total Debt(1) 21.2 21.3 21.9 25,9
Cash & Cash 9.9 12.7 7.0 6.6 Domestic
Equivalents E&P
Net Debt 11.3 8.7 14.9 19.2
Total Equity 32.9 44.3 65.2 83.0 81%
Total Assets 78.6 98.7 129.7 156.9
NOTES: 1 Includes capital leases
2 For tthe year ended December 31, 2007. Excludes losses in gas and energy, corporate results and eliminations
3

4. CORPORATE STRATEGY
Commitment to sustainable development
Integrated Social and Environmental
Profitability
Growth Responsibility
Expand operations in target markets for oil, oil products, petrochemicals, gas and energy,
biofuels and distribution, being a world benchmark as an integrated energy company
Expand
To grow To expand Develop and lead operations in Operate on a global
production and integrated the Brazilian natural petrochemicals in basis in biofuels
oil and gas operations in gas market and Brazil and South commercialization and
reserves refining, operate on an America on an logistics, leading the
sustainably, commercialization, integrated basis in integrated basis domestic production of
being recognized logistics and the gas and electric with the biodiesel and
for excellence in distribution with a energy markets with PETROBRAS expanding
E&P operations focus on the Atlantic a focus on South Group’s other participation in the
Basin America businesses ethanol segment
Operational, management, technological and human resources excellence
Downstream
E&P Distribution Gas & Energy Petrochemicals Biofuels
(RTC)
4

5. BALANCED VERTICAL INTEGRATION
Upstream Operations Downstream Operations
Áreas de Concessão
(outubro/2005)
Existing Pipelines
Refineries
Petrobras Terminal aquaviário
Other Companies Terminal terrestre
Proved Domestic Reserves of 13.92 Billion BOE (SPE) 11 refineries in Brazil
Southeast Basins responsible for more than 80% of 2007 domestic throughput of 1,795 k bpd
Brazil’s oil production 2007 oil products domestic consumption of 1,725 k bpd
2007 domestic oil average daily Production of 1,792 k bpd
5

6. TRADED VOLUME 2003 - 2008
$2,034
2000
Turnover NYSE & Bovespa (daily average US$ MM)
1800
1600
$998
1400 Nyse
PBR
Daily Average (US$ MM)
1200 PBR/A
$992
1000
$382
800 $431
600 $101
$483
$201 Bov espa
400 $227 PETR3
$56 PETR4
$219 $552
200 $99
$111 $25,0 $304
$60 $132
0
2003 2004 2005 2006 2007 2008 YTD
PETR4 (Bovespa) PETR3 (Bovespa) PBR/A (Nyse) PBR (Nyse)
Source: Bloomberg
6

7. DIVIDEND POLICY
US$ US GAAP
14.000 50%
12.000
40%
10.000
34%
30% 30% 29%
29%
30%
8.000 28%
6.000
20%
4.000
10%
2.000
- 0%
2002 2003 2004 2005 2006 2007
Net Income Dividend Dividend as % of Net Income
According to the Brazilian Corporate Law, shareholders are entitled to a
mandatory dividend of 25% of the annual net income.
In the last years, Petrobras has been paying an average of 30%
* Net Income and Dividends based on provisioned dividends and US GAAP. 7

8. UPSTREAM OVERVIEW
8

9. LONG-TERM RECORD OF INCREASING RESERVES
PROVEN RESERVES BY CATEGORY WORLDWIDE PROVED RESERVES OF PETROBRAS (SPE)
OIL VS. GAS BY DEPTH (Reviewed and Certified by DeGolyer and MacNaughton
6% 11% since 2001)
9% 10% BILLION BBLS
23%
85% 56%
Non-Assoc. Gas Onshore
Assoc. Gas Offshore (0-300m)
Oil and Condensate Offshore (300-1500m)
Offshore (>1500m)
BY LOCATION BY GRAVITY 14.5 14.9 14.9 15.0 15.0
12.1
10.4 10.7
8%
26% 74%
92%
2000 2001 2002 2003 2004 2005 2006 2007
Brazil > 31o API Light
International < 31o API
Note: SPE (Society of Petroleum Engineers) method and includes
Heavy/Intermediate
both Brazilian and international reserves.
9

10. E&P - RAPIDLY GROWING PRODUCTION PROFILE
7.7% p.y.
4,153
8.7% p.y. 18 3
3,494 515 *
151
285* 643
Natur al Gas - Inter nati onal
Oi l and NGL - Inter nati onal 637
. y.
8.3% p
Natur al Gas - Br azi l
Oi l and NGL - Br azi l
2,298 2,300
2,217
1,810 2,036 2,020 1 01 1 09
1,636 96
1,565 23 85 94 14 2 12 6
1,505 24 16 3 2 .8 12
1,238 35 1 61 27 7 2 73
20 1 68
1,008 1,090 16 44 27 4 2 .4 2 1
885 53 252 2 50 2 65
10 60
11 2 32
9 22 1
Thousand boed
10 45
38 47 1 97
25 17 9
16 3 1. 7 78 1. 7 92
15 2 1 . 6 84
13 4 1 . 5 00 1. 54 0 1. 4 93
1 . 271 1. 3 36
1 . 00 4 1. 1 32
80 9 86 9
7 16
1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2012 Target 2015 Forecast
* Includes non consolidated production
10

11. MAIN PROJECTS IN BRAZIL – 2007-2012
Marlim Sul Espadarte
Tupi Módulo 3 –
Rio de Janeiro EWT Módulo 3
P-56
2.600 Espadarte Mód II Up to 100.000 bpd
100.000 bpd
100.000 bpd 30.000 bpd Tupi 2012
2011
6/jan/07 2009 Pilot System
Up to 100.000 bpd
Cidade Niterói 2010
Piranema
Jabuti (FPSO)
30.000 bpd
2.400 10/oct/07 100.000 bpd Frade
2008 100.000 bpd
2009 2.421
Cidade de Vitória
Golfinho Mód. 2
Marlim Sul Módulo 2
P-51
2.374
2.200
100.000 bpd
November 2007
180.000 bpd
2008
2.296
Roncador
Roncador Jubarte Module 4
P-52 2.191 P-57
180.000 bpd
P-62
180.000 bpd
November 2007 1.950* Cachalote & Baleia 2011
100.000 bpd
2012
2.000 Franca
FPSO Capixaba
Parque das
100,000 bpd
Conchas
2010
100.000 bpd
1.792 Marlim Leste
P-53
2009
1.800 180.000 bpd
Roncador 2008
P-54
180.000 bpd
November 2007
1.600
2007 2008 2009 2010 2011 2012
Obs.: This curve does not include Tupi’s Pilot System Production
* Target may vary +/- 2.5%
11

12. 130
121.0
110
96.9
90
72.5
65.1
70 54.4
38.2
US$/boe
50
24.8
24.4 28.8 31.1
30 24.9
14.7 17.7 19.4 21.2
10.7 16.2
10
6.6 7.0 8.5 9.0 11.1 11.7
3.3 4.0 5.1 6.4 9.9
3.3 3.4 4.3 5.7 6.6 7.7 8.7
3.0
-10 2001 2002 2003 2004 2005 2006 2007 1Q08 2Q08
Lifting Cost Production Tax Brent
12

13. MAIN DISCOVERIES - 2002/2007
~ 13.0 billion boe
(2002-2007)
Proven Reserves: 3.80 B boe
Prob.&Poss. Res: 4.50 B boe
Under Evaluation (2007) : 4.70 B boe
Sergipe-Alagoas
Light Oil
Espirito Santo
Light Oil & Natural Gas
Campos
Producible Heavy Oil & Light Oil
Santos
Light Oil & Natural Gas
13

14. EARTH DEVELOPMENT
Earth
108
122
130
152 Planet as today
164 Million years ago
0 4960 Miles
SINBPA/Petrobras - Scotese
14

15. PRE SALT PROVINCE
line
hinge
Well Tested
HC Campus
Exploratory blocks
Pre-salt Reservoirs
15

16. RECENT OIL/GAS DISCOVERIES 2006-2007 - CLUSTER BLOCKS
Production to date: 7 bi boe
Actual Production: 1.6 MMboepd
Producing Wells: 542
Area: 7,000 km2
Pre-salt Cluster:
Discovered fields before 1984
15.000 km2
Discovered fields between 1985/2001
Tupi: 5 to 8 bi boe
Discovered fields between 2002/2007
Iara: 3 to 4 bi boe
Cluster Blocks
16

17. TUPI AND NEIGHBOURING BLOCKS
Blocks Consortium
Wells Drilled
BMS-8 BR (66%), SH (20% e PTG (14%)
BMS-9 BR (45%), BG (30%) e RPS (25%)
BMS-10 BR (65%), BG (25%) e PAX (10%)
BMS-11 BR (65%), BG (25%) e PTG (10%)
BMS-21 BR (80%), PTG (20%)
BMS-22 EXX (40%), HES (40%) e BR (20%) BM-S-42
BMS-24 BR (80%), PTG (20%)
BMS-50 BR (60%), BG (20%) e RPS (20%)
Evaluation Plans approved by ANP BM-S-42
Parati – 1-RJS-617
Tupi – 1-RJS-628 Yara
BM-S-10
Carioca – 1-SPS-50 Psrati
Caramba – 1-SPS-51 BM-S-11
Guará – 1-SPS-55 Tupi
BM-S-24
Jupiter
Evaluation Plans being BM-S-8
Bem-te-Vi
BM-S-9
Carioca
prepared/under negotiation
BM-S-21
Bem-Te-Vi – 1-SPS-52 Caramba
Júpiter – 1-RJS-652 BM-S-17
Iara – 1-RJS-656
17

18. EXTENDED WELL TEST -TUPI
FPSO – Leased* 1st Oil: March/2009
Capacity
Water Depth 2,170 m
Capacity to Process Oil 30,000 bpd
Oil Range 28 – 42 º API
Wells 1 Oil Production
Flare Capacity 1000 thous. m3
Riser to Export Gas 1
* Leased from BW Offshore
18

19. TUPI PILOT SYSTEM* - PRODUCTION UNIT
Capacity
Water Depth 2,145 m
Capacity to Process Oil 100,000 bpd
Capacity of Gas Compression 4 million m3 /d
Water Injection 100 mil bpd
Water Production 60 mil bpd
Oil degree 20 – 30 º API
5 oil production (+4 extra)
Wells 2 water injection (+3 extra)
1 gas injection (+1 extra)
1st Oil: Dec./2010
* Leased from Modec
19

20. NEW RIGS
Water Operating Start Up Start Up Start Up Start Up Start Up From 2013
Depth 2007 2008 2009 2010 2011 2012 to 2017
• Pride South
Atlantic
• O. Yorktown
•Petrobras XIV
0-999m 5 • Pride Mexico
• Borgny Dolphin
• Ocean Concord
• Falcon-100
Olinda Star
1000-1999m 18 Ocean Worker
• Delba V
• Delba VI
• Scorpion
• Lone Star
• Gold Star • Delba VII
• Schahin III
• Schahin I • Delba VIII
• Petrorig II
• Norbe VI • Norbe IX + 28 new units
≥ 2000m 5 • Sevan Driller
• Delba III
•Delba IV
• Schahin 1 to be leased
• West Taurus
• SSV Victoria • Schahin 2
• West Eminence
• West Orion • Norbe VIII
• Dave Beard
• Petroserv
• Etesco 8
• Sevan Brasil
Total per year 28 6 9 6 2 12 28
Cumulative 6 15 21 23 35 63
Stena Drillmax e Dep Water Millennium are not being considered since they are being negotiated in the Spot Market
20

21. CONTRACTING OF 10 FPSOs FOR THE PRE-SALT AREA
10 new FPSO-type oil-production platforms
for the Pre-Salt areas in the Santos Basin.
First two FPSOs to be chartered:
• Oil Production Capacity: 100,000 bpd;
• Gas Compression: 5 million m3;
• Employed as Pilot Units in new Blocks;
• Start-up between 2013 and 2014.
Eight additional FPSOs belonging to Petrobras:
• Construction of the hulls at the dry dock of the Rio
After the 10 FPSOs are deployed,
Grande Shipyard, in Rio Grande do Sul;
major technological innovations
• Dry dock leased by Petrobras for a 10 years term; will be introduced for the subsequent
• Topside production modules to be defined in the future; production development phases in
• Oil Production Capacity: 120,000 bpd; the pre salt.
• Gas Compression: 5 million m3;
• Start-up in 2015 and 2016.
21

22. DOWNSTREAM
OVERVIEW
22

23. REFINING INFRASTRUCTURE
DOWNSTREAM REFINING CAPACITY Refineries Capacity
(Mbpd)
Troughput
(Mbpd)
(thousands barrels/day)
Paulínia - Replan (SP) 365 348
Landulpho Alves - Rlam (BA) 323 261
(*) According to ownership acknowledged by the ANP (National Oil Agency) Duque de Caxias -Reduc (RJ) 242 243
(**) Only includes refineries with equity holding equal to or above 50% Henrique Lage - Revap (SP) 251 236
Alberto Pasqualini - Refap (RS) 189 148
Pres. Getúlio Vargas - Repar (PR) 189 169
Pres. Bernardes - RPBC (SP) 170 153
Gabriel Passos - Regap (MG) 151 132
Manaus - Reman (AM) 46 41
Capuava - Recap (SP) 53 42
Fortaleza - Lubnor (CE) 7 6
TOTAL BRAZIL 1.986 1.779
Pasadena - Estados Unidos 100 91
Ricardo Eliçabe - Argentina 31 29
San Lorenzo - Argentina 50 47
Okinawa – Japan 100 19
TOTAL INTERNATIONAL 281 186
(*) (**) TOTAL 2.267 1.965
23

24. TOTAL DOWNSTREAM INVESTMENT: US$ 29.6 BILLION
20%
29%
8%
8%
13% New Refining Units (2008 – 2012)
4% 10
18%
8
5
Quality (8,619)
Conversion (3,938) 3 3
Expansion(5,353)
HSE (1,083)
Delayed Coking HDT - NK Destilates HDT HDS Gasoline Catalytic
Transportation (2,270)
Reforming
Pipelines (2,264)
Others (6,112)
*HDS: Hidrodessulfurização ˚HDT: Hidrotratamento 24

25. NET EXPORTS OF OIL AND OIL PRODUCTS
Exports (‘000s barrels/day) Imports (‘000s barrels/day)
615 595
581
523 559 538
141
446
246 262 109 488
409 424 446 148
260 118
213 105 94
334
228
454 125
353 450
335 352 370 390
233 263 319
181 209
2003 2004 2005 2006 2007 2012 2003 2004 2005 2006 2007 2012
Oil Oil Products
• Surplus in Liquides;
• Deficit in Trade Balance
25

26. REFINING EXPANSION - INTERNATIONAL
REFINERY IN THE USA
Petrobras has acquired 50% of the Pasadena Refinery
System Inc. (PRSI), located in Texas, USA;
Capacity of 100,000 bbl/day, will be upgraded to handle
up to 70,000 bbl/day of heavy oil and feedstock;
REFINERY IN JAPAN
Petrobras signed the purchase document of 87.5% interest
in the Japanese Company Nansei Sekiyu Kabushiki Kaisha
(NSS)
ACQUISITION INCLUDES:
a refinery with capacity of 100 thousand bpd, that process light crude oil and high quality products,
a crude oil and products terminal with storage capacity of 9.6 million barrels, three piers with capacity to
receive product vessels of up to 97 thousand deadweight tonnage (dwt),
a mono buoy for Very Large Crude vessels (VLCC) of up to 280 thousand dwt.
The use of terminal capacity is planned to boost the commercialization of biofuels in Japan
and other Asian markets and complement current trading of crude oil and products into Asian
market of approximately 100,000 bpd.
26

27. GAS AND ENERGY
OVERVIEW
27

28. INCREASING DEMAND FOR NATURAL GAS
13,4%
Participation of the natural gas in 10%
9.4%
the Brazilian energy matrix
Gasbol
Campos 4.7%
Basin
Source: MME, BEN 2006
2.0%
1970 1980 1989 1990 1998 1999 2000 2002 2004 2006 2007 2012*
In 16 years, natural gas participation
in the energy matrix increased 370%,
boosted by the ramp up of Campos
Basin production and Gasbol pipeline
*Forecast 28

29. NATURAL GAS SUPPLY VS. DEMAND
Million cu.m/day
Average Demand Average Supply
160
140 Termeletric 134 134
Bolivia LNG
120 Industrial 31,1
43,9
Other Uses*
100 30,0
80 48,3 42,1
60 17,5
E&P
40 16,1 5,5
10,9 48,0 72,9
20 1,9 1,7
9,4 0,5 0,9 25,3
0 12,5
1998 2000 2007 2012 2012
•Other uses: vehicle, residential / commercial, refineries e fertilizer plants
•Source: Petrobras and MME
29

30. GAS & POWER OPERATIONAL PERFORMANCE
Completed Actions Creating flexibility in the portfolio Next Steps…
Increase gas supply from E&P More gas available to be sold or to be used in Increase LNG regasification capacity
thermo generation
New gas pipelines in operation Reduction in contractual penalties Completing gas infra-structure
New contracts with the distribution Better prices and margins
companies
Higher dispatch in the thermo power plants to Increasing domestic production
New regulatory framework in the
electric sector guarantee the security of the electric system
Energy sold in the last auctions Recovery of fixed costs More contracts sold in energy auctions
Gas-fired thermo generation growing importance in Brazil
52.000
50.000
Petrobras Thermo generation (oil + gas)
48.000
MW avergae
Third-parties Thermo generation (oil + gas)
Coal
46.000
Wind
44.000 Nuclear
Hydro
42.000
40.000
jan/07 jun/07 jan/08 jun/08
Source: ONS (Brazilian Energy System)
30

31. RENEWABLES
31

32. RENEWABLE ENERGY AND BIOFUELS (2008-2012)
US$ 1.5 BILLION INVESTMENTS 2008-2012 INVESTMENTS 2012 TARGET
4% Biodiesel Plants Availability of 938
Thousand m3/year
29% H-Bio (Bio-Refining)
21%
Vegetable oil Processing
Ethanol pipelines 1.6 million m³/year
Ethanol Vessel
46% Export of 4.7 billion
m³/year of Ethanol
Aeolic Energy
Biofuels
Solar Energy Installed Capacity of
Pipelines and Ethanol Pipelines
Generation of Electric
Others Other Sources of Power from 365 MW
H-Bio Renewable Energy Renewable Sources
LIGNOCELLULOSIS
Begun operation of the First Ethanol Lignocellulosis Pilot Plant, in Brazil
Guamaré Biodiesel Plant
The pilot phase is focused on the optimization of the production process
of the bio ethanol (second generation fuel which diminishes
environmental impacts)
Semi- Industrial bio ethanol plant: Forecast 2010
Total avoided GHG emissions: 3.93 MM tons CO2 equivalent
32

33. RAW MATERIAL COMPARISON
AREA
Today the ethanol consumption is 2,6% TYPE (LAND USE IN BRAZIL) (MMHA)
of gasoline MKT Increasing ethanol to
Total country 851
10% of gasoline will represent 118 Billion
Native Amazon Forest 370
Lt (more than 2 million barrels per day) 180
Secondary Amazon Forest and
Others
Native Forests 6
Pasture 197
Temporary Crops 59
Permanent Crops 7,6
Available land 263
Available land with low impact (*) 90
Quantity of Energy out/
Raw Material Production / ha (kg)
Ethanol/ ha Energy in
SUGAR CANE 85,000 7.080 liter 8,3
CORN 10,000 4.000 liter 1,3 - 1,8
Source: FAO, 2002 and EMBRAPA (*)
33

34. PETROBRAS INVESTMENTS TO EXPORT ETHANOL
Ethanol collection,
storage and distribution
New Ethanol centers are spread out
Pipeline through producing and
(1.150 Km) consuming regions
New Pipeline
Large scale (1412 km)
marine New Water Way Replan – Ilha Dágua Pipeline Current flow
terminals for Ethanol Tietê-Paraná Water way
improve Senador Canedo -São Sebastião Pipeline
efficiency Replan – Brasília Pipeline (OSBRA)
Replan – Guararema Pipeline
Existing Pipeline
Future Pipeline
New Ethanol Existing Terminal
Pipeline (919Km) Future Terminal
Exportation
Large storage
capacity necessary Rio de Janeiro
to regulate supply São Paulo Marine Terminal
Pipelines reduce Marine Terminal
transport costs;
improve energy
efficiency
Target: Export 4.75 MM cu.m/year in 2012
34

35. $
FINANCIAL
CONSIDERATIONS
35

36. INVESTMENT PLAN BY BUSINESS SEGMENT
2008-12 Period
58% 13%
US$ 112.4 billion
15.0
65.19
1.13 29,22 97.4
1% 2.25 2.25
4,5 6.74
2% 26% 87%
2% Brasil Internacional
4% 6%
E&P RTC G&E
Petrochemical Distribution Corporate Biofuel
US$ 65.1 billion directed to E&P
Exploration: US$ 13.8 billion
Production: US$ 51.3 billion Note: Includes International
36

37. PETROBRAS’ BUSINESS PLAN
Indexes 2007-2011 Plan 2008-2012 Plan
FX rate (R$/US$) 2.50 2.18
2008 – 55.00
Brent for Funding 2008 – 40.00 2009 – 50.00
(US$/bbl) 2009-2011 – 35.00 2010 – 45.00
2011-2012 – 35.00
Projected Net Cash Flow
86.7 104.4
(Including Dividends)
Projected Investments for
83.5 112.4
2008-2012
Net Debt/ Net Debt +
Shareholders’ Equity 25 20
(Leverage) (%)
Return on Capital
16 14
Employed (ROCE) (%)
(*) PPP – purchase power parity
37

38. STRONG RETURNS HAVE ENABLED COMPANY TO GROW WITHOUT INCREASING DEBT
Historical ROCE
U.S. GAAP
Consolidated Cash Flows
25,0%
74.3 BN 2003-2007
20,0%
15,0% Inc. Debt
Dividends
10,0%
5,0%
0,0%
2003 2004 2005 2006 2007 CFFO
(including W.C.)
Capex
Operating Income and Assets by Segment - 2007
(US GAAP – US$ Millions)
E&P Downstream Gas & Distri- Int’l
(Brazil) (Brazil) Energy bution
Net Op. Inc. 14,072 2,785 (834) 446 (815) Sources Uses
PP&E (inc. Dep.) 48,529 14,480 10,615 1,838 7,596
O/w Construction 13,558 9,371 6,023 291 1,144
in Progress
Source: Petrobras and Bloomberg
38

39. PETROBRAS SCENARIO
Perspective of a high
increase in production
and reserves
Pro-active performance
to overcome present Activities Integration
challenges of the oil and
gas industry
High volume of
investments
39

40. 40