Petrobras held its annual CEO Energy/Power Conference in September 2008. The presentation provided an overview of Petrobras' corporate organization, key operating results from 2005-2007, recent oil and gas discoveries in Brazil from 2002-2007 including major pre-salt finds, and major projects planned from 2007-2012 aimed at increasing production capacity. It also discussed Petrobras' focus on developing Brazil's domestic supply chain and workforce to support its growing operations.

1. CEO Energy/Power Conference
Lehman Brothers
Almir Guilherme Barbassa
CFO and Investor Relations Officer
September, 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 Distri Gas &
International
Production (Supply) bution Energy
Petrochemicals Biofuels
Income from Operations(2)
Distribution
Summary Financials (US$ billion) 3%
Downstream
For Year Ended 2005 2006 2007 16%
Net Revenues 56.3 72.3 87.7
EBITDA 17.6 22.9 25.3
Capex 10.4 14.9 21.0
Total Debt(1) 21.2 21.3 21.9
Cash & Cash Equivalents 9.9 12.7 7.0 Domestic
Net Debt 11.3 8.7 14.9 E&P
Total Equity 32.9 44.3 65.2 81%
Total Assets 78.6 98.7 129.7
NOTES: 1 Includes capital leases
2 For tthe year ended December 31, 2006. Excludes losses in gas and energy, corporate results and eliminations
3

4. NATIONAL PRODUCTION OF OIL, NGL & NATURAL GAS – 2Q08 VS 1Q08
Oil and Natural Gas Production in Brazil
• 2% increase in oil production for the quarter due
6%
to the increase in the production of P-52 and P-54 2,120 2,175
2,058 3%
platforms (Roncador field); 321
269 304
• 6% increase in the natural gas production.
Increase in the production of non-associated
Thous. bpd
natural gas in the Manati field and in the Espírito
Santo Basin, and increase in the production of 1.789 1.816 1.854
associated natural gas in the new production
units in the Campos Basin;
• June, monthly production record: 1,867 th. bpd .
2Q07 1Q08 2Q08
Oil and NGL Natural Gas
Unit Production Production Current Production
1st Q/08 2nd Q/08 (August, 5)
P-52 52.7 107.9 154.8
P-54 42.7 62.2 96.5
Thousand bpd
FPSO Vitória 27.9 26.9 31.7
FPSO Rio de Janeiro 59.2 61.0 62.1
4

5. 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 2.296
2008
Roncador
Roncador Jubarte Module 4
P-52 2.191 P-57 P-62
180.000 bpd
November 2007 1.950* Cachalote & Baleia
180.000 bpd
2012
100.000 bpd
2012
2.000 Franca
FPSO Capixaba
Parque das
100,000 bpd
Conchas
2010
100.000 bpd
1.792 Marlim Leste 2009
P-53
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%
5

6. NEW DRILLING 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
0-999m 5 • Pride Mexico • Petrobras XIV
• 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 7 1 12 28
Cumulative 6 15 22 23 35 63
Stena Drillmax e Deep Water Millennium are not being considered since they are being negotiated in the Spot Market
6

7. COMPETITIVE NATIONAL SUPPLY OF GOODS AND SERVICES
Adequacy of The National Supply Industrial Complex
GOOD AND SERVICES SUPPLY PATH
5. Incentives for international
imports companies to invest in Brazil
4. Incentives for joint ventures
between national and international
Increase in companies
National Supply
Capacity of G&S 3. Incentives for new national entrants
imports
2. Develop competition among sectors
with limited competition
1. Increase productive capacity of
National
sectors already highly competitive
Industry
Current Demand Future Demand
7

8. HUMAN RESOURCES
PETROBRAS EMPLOYEES
Participants in the 2.468
Number of employees Training Programs 2.101
80.931
68.931
62.266
52.037 53.904 1.213
46.723 48.798
989 1.043
774
2002 2003 2004 2005 2006 2007 2012 2002 2003 2004 2005 2006 2007
22,000 new employees since 2002 and 12,000 more up to 2012 The superior level professionals, who were recently admitted,
without the required previous experience, spend up to a year in
classrooms before starting to effectively work at the company
Forecasted demand for
112.625 workers
workers at Petrobras supply
chain in Brazil
CIVIL CONSTRUCTION &
The Brazilian Government, with ENGENEERING MAINTENANCE
CONSTRUCTION PROCUREMENT
Petrobras support has a specific 5.967 15.020 84.576 7.062
training program to meet this demand
8

9. MAIN DISCOVERIES - 2002/2007
~ 13.0 billion boer
(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
9

10. FORMATION OF THE PRE-SALT
Earth
108
122
130
152 Planet as today
164 Million years ago
0 4960 Miles
SINBPA/Petrobras - Scotese
10

11. PRE SALT PROVINCE
Total area of the Province: 112,000 km2
Area under concession: 41,000 km2 (38%)
Area not under concession: 71,000 km2 (62%)
Area with Petrobras interest: 35,000 km2 (31%)
e line
hing
Well Tested
HC Campus
Exploratory blocks
Pre-salt Reservoirs
11

12. 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
Discovered fields before 1984 Pre-salt Cluster
Discovered fields between 1985/2001
15,000 km2
Discovered fields between 2002/2007 Tupi: 5 a 8 bi boe
Cluster Blocks
12

13. PRE SALT – SANTOS BASIN
Wells Being Drilled
Wells Drilled
BM-S-42
BM-S-52
(Corcovado)
BM-S- (Yara)
50 BM-S-10
(Parati)
BM-S-11
(Tupi) BM-S-24
(Jupiter)
BM-S-8 BM-S-9 (Guará)
(Bem-te-Vi) (Carioca)
BM-S-21 BM-S-22
(Caramba)
BM-S-17
13

14. 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
14

15. 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
15

16. PRE-SALT DISCOVERIES IN ESPÍRITO SANTO STATE (CAMPOS BASIN)
4-ESS-149 BLA
1-ESS-122
CHT
1-ESS-116 6-CHT-4
3-ESS-110HPA
1-ESS-119
BFR 20 km
JUB NAU
Gasene 1-ESS-103
1-ESS-103A-ES
1-ESS-125
BAZ
4-ESS-135 MGG
4-ESS-172
CXR 4-ESS-175-ES
3-ESS-175
PRB
4-ESS-172-ES
CTU
77
km
Cachalote Anã Argonauta
Franca Ostra
Jubarte
Azul
Náutilus Well tests showed high
Mangangá
Caxaréu Abalone
productivities in the
pre-salt reservoirs.
Pirambú
Catuá
16

17. 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 17

18. 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)
18

19. DOMESTIC NATURAL GAS SUPPLY CURVE
Million m 3d Urucu
80 Uruguá -Tambaú Pirapitanga
Peroá-Cangoá Bacia Campos
Mexilhão
70
Manati Canapu
71,1 71,3 70,8
60 Rio de Janeiro
Camarupim 64,1
Espadarte Mód II Marlim Sul Espadarte
Albacora Módulo 3 - P-56 Módulo 3
50 45,7 Frade (water injection)
Cidade de Vitória
Golfinho Mód. 2 Parque das Jubarte
40 Lagosta Conchas P-57
Barracuda
(infill drilling)
28,0
Cidade Niterói
30
Jabuti
(FPSO)
Roncador
20 P-52 Marlim Sul
Módulo 2
P-51
10 Roncador Non-associeted natural gas
P-54 Marlim Leste
P-53 Associated natural gas
0
2007 2008 2009 2010 2011 2012
19

20. DOWNSTREAM BUSINESS STRATEGY - Northeast Region
Total Investment: US$ 4.1 billion (Petrobras share US$2.4 billion);
Throughput capacity: 200 thousand heavy oil barrels (60% Petrobras
NEW REFINERY IN oil / 40% PDVSA oil);
PERNAMBUCO
Focusing diesel and LPG production maximization
Start Up: 2011
Petrobras will study, together with Ceará State, the possibility of
installing a Premium refinery;
PREMIUM REFINERY
IN CEARÁ Capacity: 300,000 bpd;
The refinery’s first operation phase is scheduled to start in 2014.
Petrobras will study, together with Maranhão State, the possibility
of installing a Premium refinery;
PREMIUM REFINERY
IN MARANHÃO Capacity: 600,000 bpd;
The refinery’s first operation phase is scheduled to start in 2013.
20

21. INVESTMENT PLAN BY BUSINESS SEGMENT
2008-12 Period
58% 13%
US$ 112.4 billion
15.0
65.1
1.5 29.6 97.4
1% 2.6 2.6
4.3
2% 6.7 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
21

22. INVESTMENTS – SEGMENTS BREAKDOWN
2007 (US GAAP) 2007 (BR GAAP) BUDGET 2008*
Exploration & Production 9.448 20.813 28.001
Supply 4.488 10.536 14.505
Gas & Energy 3.223 4.817 9.146
International 2.864 6.574 6.314
Distribution 327 1.670 1.458
Corporate 628 875 1.382
Total Investments 20.978 45.285 60.806
*R$/US$ = 1,7713 (date12/31/2007)
*Forecast R$/US$ = 1,80 (average)
22

23. STRONG RETURNS HAVE ENABLE 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%
10.0% Inc. Debt
5.0% Dividends
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
23

24. QUESTION AND ANSWER SESSION
Visit our website: www.petrobras.com.br/ri
For more information contact:
Petróleo Brasileiro S.A – PETROBRAS
Investor Relations Department
Theodore Helms – Executive Manager
E-mail: petroinvest@petrobras.com.br
Av. República do Chile, 65 – 22o floor
20031-912 – Rio de Janeiro, RJ
(55-21) 3224-1510 / 3224-9947
24