Conference Call / Webcast RESULTS ANNOUCEMENT 1st Quarter 2008 (Brazilian Corporate Law) Almir Guilherme Barbassa CFO and Investor Relations Officer May, 13th 2008

1. Almir Guilherme Barbassa
CFO and Investor Relations Officer
May, 13th 2008
Conference Call / Webcast
RESULTS ANNOUCEMENT
1st Quarter 2008
(Brazilian Corporate Law)

2. 1
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.
American 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.

3. 2
NATIONAL PRODUCTION OF OIL, LNG & NATURAL GAS
Δ = 3%
2.074 2.059 2.120
274 277
304
1, 782 1, 816 1, 800
2300.0
2100.0
1900.0
Thousand bpd
1700.0
1500.0
1300.0
1100.0
900.0
700.0
500.0
300.0
1Q07 4Q07 1Q08
• Increase of 2% in the oil production
motivated by the production growth of
FPSO Cidade de Vitória (Golfinho) and of
the platforms P-52 and P-54 (Roncador).
• Natural Gas production increased by
10%. Also, an increase of the of the non
associated gas production of the Peroá
Campus (Espírito Santo) and of the new
gas associated systems of production.
• New 2008 target: 1,950 th. bpd (± 2,5%)
Contribution of the new production systems to Oil and LNG Production (thous. bpd)
Unit 4Q 07 1Q 08 Change
FPSO-Cidade do Rio de Janeiro 56 59 3
FPSO- Piranema 7 7 -
FPSO-Cidade de Vitória 14 28 14
P-52 15 53 38
P-54 7 43 36

4. 7 Million m3 of
additional Natural
Gas supply
3
Natural Gas Supply and Demand
57.94
28.70
43.43
21.77
1Q07 1Q08
Natural Gas Demand National Gas Supply
Million m3
• 33% increase in natural gas demand when compared to the 1Q07, due to the increase in industrial
market substitution of fuel oil and higher thermal dispatch;
• Increase in market partly supported by the increase in domestic gas supply (32%) due to higher
non-associated natural gas production in the Peroá field (Espírito Santo) and in the new production
systems. Additional supply from increased production from Bolivia.
* Includes internal consumption in refineries Petrobras’ thermo plants.

5. 4
REFINING IN BRAZIL AND SALES IN THE DOMESTIC MARKET
Thous. bpd %
1.8 0 2
1.78 1 1.79 6 1.79 5 1.776 1.776
1.76 8
1.70 9
1.6 4 6
1.70 3
9 1 9 0
8 9
9 0
8 9
77 78 78 78 79
1.950
1.800
1.650
1.500
1Q07 2Q07 3Q07 4Q07 1Q08
90
80
70
60
50
40
Out put of Domest ic Oi l P r oduct s S ales Volume of Tot a l Oi l P r oduct s
Use of I nst a l l e d Capaci t y - Br az i l (%) Domest i c Crude (%) of Tot al Feedst ock P rocessed
• Reduction of the processed feedstock and of the output of domestic oil production as a result of
scheduled stoppages in Replan (march/08);
• Reduction of the sales of oil products as a result of seasonality, specially diesel sales.

6. 5
OIL AND OIL PRODUCTS IMPORTS AND EXPORTS
624 592
670
575 572
437
569 613
536 579
800
700
600
500
400
300
200
100
0
1Q07 2Q07 3Q07 4Q07 1Q08
Exports Imports
Thousand Bpd
• Decrease trend in trade balance due to the increase in internal consumption, mainly diesel; delay in
domestic productions increase; larger consumption in thermo plants; and increase in inventories,
related to scheduled stoppages in Replan.
• US$ 775 million financial deficit in the 1Q08 due to imports light oil and diesel, which have higher value
than heavy oil and fuel oil exports.

7. 6
BM-S-52
(Corcovado)
BM-S-21
(Caramba)
BM-S-24
(Jupiter)
BM-S-8
(Bem-te-Vi)
BM-S-10
(Parati)
BM-S-11
(Tupi)
Pre Salt – Santos Basin
BM-S-9
(Carioca)
BM-S-22
BM-S-17
BM-S-42
Untested Wells 6
Tested wells
BM-S-50
(Iara)
(Guará)
Drilling/testing

8. 7
Tupi TLD - Unit of Production
FPSO – Leased*
Water Depth 2.170 m
30,000 bpd
28 – 42 º API
1 Oil Production
Capacity
Capacity to Process Oil
Oil Range
Wells
Flare Capacity 1000 thous. m3
Riser to export Gas 1
1st Oil: march/2009
* Leased from BW Offshore

9. 8
Capacity
Water Depth 2.145 m
100,000. bpd
Capacity to Process Oil
Oil degree 20 – 30 º API
5 oil production (+4 extra)
2 water injection (+3 extra)
1 gas injection (+1 extra)
Wells
100 mil bpd
60 mil bpd
Water Injection
Water Production
4 million m3 /d
Capacity of Gas
Compression
Tupi Pilot - Unit of Production
1º Óleo: dez/2010

10. 9
Pré-Sal Rigs
West Eminence
West Taurus West Orium
Destiny
WEST 2009 Until 3049m TUPI
6 years
EMINENCE
WEST 2009 Until 3049m TUPI
6 years
TAURUS
WEST 2010 Until 3049m CARIOCA
6 years
ORIUM
Generation
6th
5th
5th
Construction
SUNSUNG/
CORÉIA DO SUL
JURONG/
CINGAPURA
JURONG/
CINGAPURA
Contract
Period
Rig Date Water Depth

11. 10
E&P – OIL PRICES
US$ 10,77
1Q08
86,13
1Q07
47,79
96,9
57,75
Average Sale Price Brent (average)
US$/bbl
US$ 9,96
1Q06 2Q06 3Q06 4Q06 1Q07 2Q07 3Q07 4Q07 1Q08
• Increase in the average oil sales price / transfer of E&P oil aligned to the international market.
• Maintenance of differential in price around US$ 10 due to difference of Brazilian oil quality (heavy) and
Brent (light).

12. US$/barrel R$/barrel
15,20 14,45 14,66 15,22 15,16
11
18,92 20,58 23,26
25,76 28,04
50
40
30
20
10
0
1Q07 2Q07 3Q07 4Q07 1Q08
Lifting Cost (R$) Gov. Part.(R$)
68,8 74,9
57,8
20,13
17,95
9,04 10,62 12,48
88,7
96,9
14,56 16,16
7,20 7,33 7,65 8,60 8,66
40
30
20
10
0
1Q07 2Q07 3Q07 4Q07 1Q08
120
100
80
60
40
20
0
Lifting Cost (US$) Gov.Part. (US$) Brent
37,92
35,03
23,16
40,98
24,82
43,20
LIFTING COST IN BRAZIL
16,24
34,12
Lifting Cost relatively stable both in Dollar and Reais terms despite higher oil prices and continued ramp
up of new production units. Government participation increased as a reflect of higher international crude
oil prices.

13. 12
AVERAGE REALIZATION PRICE - ARP
120
100
80
60
40
20
1Q08
Average
4Q07
Average
89,08
1Q07
Average
71,50
Mar-06 Jun-06 Sep-06 Dec-06 Mar-07 Jun-07 Sep-07 Dec-07 Mar-08
ARP Brazil (US$/ bbl) Average B rent Price(US$/ bbl) ARP (US$/ bbl with V ol. Sold in BRl)
104,25
96,90
93,90
96,77
88,69
68,86
57,75
• Up to 4Q07, ARP in Brazil affirmed our policy of aligning the domestic prices with international prices in
the mid/long term;
• From 4Q07, due to a sustained increase in international prices, the spread between prices in Brazil and
in USA led to the readjustment of diesel (15%) and gasoline (10%) prices effective as of may 2nd.

14. 13
Domestic Oil, NGL and Condensate – thousand bpd
1.782 1.816
5.053
1.475 685
1.365
1.090 1.613
240 6.925
4Q07 Net
Income
Revenues COGS Oper. Exp. Fin. and non
oper. expenses
Taxes Minority Inter.
and Particip. in
Equity Income
and Employee
Part.
1Q08Net
Income
NET INCOME CHANGE – R$ Million (1Q08 VS 4Q07)
Consolidated net income was affected by:
• Increase in Revenues: higher sales prices;
• Decrease in operating expenses: lower exploratory costs and, non occurrence of provision for losses
abroad already accrued in 4Q08;
• Decrease in net financial expenses: lower appreciation of Real applied to foreign assets;
• Increase in Income Taxes and Contributions: net income in 1Q08 did not obtain fiscal benefits due to
payment of interest on equity in the fourth quarter, 2007 .

15. Exploration & Production – Change in Operating Profit– R$ million – 1Q08 Vs. 4Q07
14
Domestic Oil, NGL and Condensate – thousand bpd
1.782 1.816
12.799
1.682 45 70 19 29 14.496
Oper. Profit
4Q07
Price Effect
on Revenue
Volume Effect
on Revenue
Cost Effect
On COGS
Volume Effect
On COGS
Operc.
Expenses
Oper. Profit
1Q08.
• Better E&P operating result: due to increase in production (2%) and higher international
prices;
• The volume effect on revenue reflects the smaller number of days in the quarter (effect on
total production accumulated in the period).

16. 15
Downstream – Change in Operating Profit – R$ million - 1Q08 Vs. 4Q07
478
4.204
5.570
85
(903)
2.358
2.458
4Q07 Oper.
Revenue
Price Effect on
Revenue
Volume Effect
on Revenue
Cost Effect Volume Effect
Oper. Loss
On average
on average
COGS
COGS
Operational
Expenses
1Q08
• Reduction in downstream margins as a result of the increase in oil price ;
• Seasonal decrease in volumes sold;
• Partially compensated due to elevation in the average sales price of oil products (5% quarter over
quarter) and due to realization of inventories formed at a lower cost in the former quarter.

17. International – Change in Operating Profit – R$ Million - 1Q08 Vs. 4Q07
111 108
Domestic Oil, NGL and Condensate – thousand bpd
• Results were impacted positively as a result of the decrease in operating expenses: lower expenses with
exploration due to lower write offs of dry holes in US and Colombia and the absence of impairments that
occurred in 4Q07 (R$401 million) .
16
(756) 651 1.419
512
844
1.358
166
1Q08
Oper. Profit
4Q07
Oper. Loss Cost Effect
On average
COGS
Volume Effect
on average
COGS
Operating
Expenses
Volume Effect
On Revenue
Price Effect
on Revenue

18. 17
Gas & Power –– Change in Operating Profit – R$ Million - 1Q08 VS 4Q07
(756)
577
363
40
(502)
174
174
4Q07
Operating Loss
Price effect on
Net Revenue
Volume Effect
on Net
Revenue
Cost Effect on
COGS
Volume Effect
on COGS
Operating
Expenses
1Q08
Operating Loss
• New contracts with the local gas distribution companies and higher market prices for electricity;
• Increase in natural gas sales;
• Increase in generated electricity and in January we started receiving income from the capacity sold under
the 2005 auction;
• increase in the cost of goods sold due to higher cost of gas charged to us by our E&P segment.

19. 18
Cash Flow
1Q08 4Q07 1Q07
R$ million
Net Cash Generated by Operating Activities 9,771 11,356 7,693
(-) Cash used for Capex (10,070) (13,916) ( 8,151)
(=) Free Cash Flow (299) (2560) (458)
(-) Cash used in Financing Activities ( 1,212) 1 ,415 ( 6,908)
Financing 2,862 1,417 (1,035)
Dividends (4,074) (2) (5,873)
(=) Net Cash Generated in the Period ( 1,511) (1,145) ( 7,366)
Cash at Beginning of Period 1 3,071 14,216 27,829
Cash at End of Period 1 1,560 13,071 20,463
• Ongoing Capex and Payment of Interest on Capital led to moderate increase in net debt.

20. 19
21%
19%
LEVERAGE
17%
16%
19% 19%
Dec-06 Mar-07 Jun-07 Sep-07 Dec-07 Mar-08
Net Debt/ Net Capitalization
Petrobras’ Leverage Ratio
R$ million ´03/31/2008 12/31/2007
Short Term debt (1) 7,639 8,960
Long Term Debt (1) 35,674 30,781
Total Debt 43,313 39,741
Cash and Cash Equivalents 11,560 13,071
Net Debt (2) 31,753 26,670
• Capitalization ratio still below the 25% to 35% target.
(1) Includes debt from leasing contracts (R$ 1,608 million on mar/08 and R$ 1,433 million on dec/07).
(2) Total debt less cash and cash equivalents

21. 20
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