1. PETROBRAS’
GROWTH PROSPECTS: A
DOWNSTREAM PERSPECTIVE
José Sergio Gabrielli de Azevedo
CEO
November, 1st 2011
Downstream Asia
1

2. Fast-growth regions continue to invest in refining ...
Additional Refining Capacity (2011-2016)
1700
637
1507
Thousand bpd
1504
1118 240
736 192
490 463
200 245
-47
Asia Middle East North America Latin America Europe FSU Africa
Expansion New Refineries
Sources: Pira, Petrobras 2

3. ... and Brazil stands out as one of the largest and fastest growing
markets in the world
2010 TOTAL OIL CONSUMPTION* (MM BPD)
*Includes ethanol and biodiesel
>3 MM bpd 2-3 MM bpd <2 MM bpd
19,15
9,06
4,45
3,32 3,20
2,81 2,60 2,44 2,38 2,28 1,99 1,80 1,74 1,59
240
TOTAL OIL CONSUMPTION (1999=100)
220
200
180
160
140
120
100
80
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2015
Brazil USA India China World OECD
Sources: BP Statistical Review / Petrobras estimates 3

4. Due to a number of economic reasons, such as freight costs …
Freight Costs (US$/bbl)
2,8
4,9 5,4
2,8
7,7
4,1
Crude oil
Oil Products
Processing in Brazil implies:
 Lower Lead-Times
 Reduced Tankage needs
 Lower Inventories
 Reduced need for ships
4

5. ... Petrobras will expand its refining capacity in Brazil ...
PREMIUM I
(2nd train)
300 kbpd
(2019)
COMPERJ
(2nd train)
165 kbpd
(2018)
PREMIUM II
300 kbpd
COMPERJ (2017)
(1st train)
165 kbpd PREMIUM I
(2013) (1st train)
300 kbpd 3.327
(2016)
ABREU E LIMA
230 kbpd 3.095
(2012) 2.643
2.536 4.910
3.070 3.217
(thousand bpd)
2.147 2.100 2.208 2.205
2.004
1.798 1.811
1.393
1.036
181
1980 2010 2011 2015 2020
Oil and NGL production - Brazil Throughput - Brazil Oil products demand (2 scenarios)
5

6. ... securing profitable margins, ...
30
2002-2011 Average
25
20
20
15 -9
10
10
6 +5
$/bbl (2010 US$)
5
0
USG LLS PBR USG
Cracking Downstream Maya
-5 Margin Coking
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
(Jan-Jun)
PBR Downstream Margin USG LLS Cracking
NWE Brent Topping USG Maya Coking
NWE Brent Cracking
Source: PIRA 6

7. ... ,a stable consolidated Ebitda, ...
US$/bbl 97,81 96,04
89,95
79,52
97,00 94,58
79,47
61,51
Average Brent Average Realization Price
Adjusted EBITDA breakdown by segment (US$ bn)
2,4
1,3
2,4
0,8
0,2 2,2
1,4 1,3
1,7
1,1 4,2
1,1 0,9
11
41,0
35,4
30,5
19,3
-1,6
-0,2
2008 2009 2010 LTM
E&P RTM G&P Distribution International
Notes: 1) Adjusted according to average exchange rate; 2) Ebitda does not consid Corporate and Eliminations 7

8. ... and better economics in the new refineries, which will process a
different crude profile, with lower oil costs
Average API Processed (2020)* Average Naphthenic Acidity (2020)*
-5,5 +0,7
28,0 1,3
22,5
(mg KOH/g)
0,5
Existing Premium Existing Premium
Refineries Refineries Refineries Refineries
Crude Sulfur Content (2020)* Average Crude Cost (2020)*
+0,1 -5,8
0,6 75
-2,3
0,5 69
67
(US$/bbl)
(ppm)
Existing Premium Brent Existing Premium
Refineries Refineries Refineries Refineries
* Estimates 8

9. Petrobras forecasts sizeable increases in its exports
26
636
8
155
2 1 1655
2
(mil boed)
227 200
196
834
478 497
387
2009 2010 2011 2015 2020
Crude Oil Oil products Ethanol
9

10. Petrobras’ oil exports and imports breakdown
Petrobras' oil exports destinations
100%
USA
80% Europe
60% Caribbean
40% India
20% China
Latin America
0%
2007 2008 2009 2010 2011 (Jan-Aug)
Petrobras' oil imports sources
100,0%
Others
80,0%
Nigeria
60,0%
Lybia
40,0%
Iraq
20,0%
Saudi Arabia
0,0%
2007 2008 2009 2010 2011 (Jan-Aug)
10

11. 11
11