1) QGEP acquired a 10% stake in the BM-S-8 offshore block in the prolific Santos Basin near several oil and gas discoveries, subject to regulatory approval. 2) The block contains 4 low-risk prospects with the potential for high oil volumes. Drilling is scheduled to begin in June 2011 to test these prospects. 3) The acquisition increases QGEP's portfolio of assets and provides short-term catalysts as drilling results are announced over the next 6 months.

1. Farm in BM-S-8
July 2011

2. Acquisition of 10% stake in BM-S-
8 Block in the Santos Basin (1)
2
(1) Subject to approval by the ANP

3. Offshore, Santos basin
hot spot of the pre-salt
3

4. Largest Block in the pre-salt
Júpiter
Tupi (Lula)
Guará
Carioca
4

5. Low Risk Prospects with High Volume
Potential
Santos Basin: BM-S-8 Promising area with several discoveries nearby
► 2 Discoveries: Bem-te-vi and
Abaré W
► 4 Prospects Santos 01
► Fluid: Oil
► Working Interest: 10%
► Petrobras Operator Santos 03
► Partners: Petrobras (66%);
Petrogal (14%); Barra Energia
(10%); QGEP (10%)
Source: ANP/Wood Mackenzie
5

6. Low Risk Prospects with High Volume
Potential
Santos Basin: BM-S-8 Short-Term Schedule
► Transaction Value: US$ 175 MM
► CAPEX(1) related to 10% of the block:
► 2011: US$ 25 MM
► 2012: US$ 20MM (2)
► Drilling started in June (SPS-71A)
► 5-6 months drilling
► Sevan Driller Rig (SS-74)
► Water depth: 2,177m
(1) Preliminary Figures
(2) QGEP estimates ► Total depth: 6,400m
6

7. Changing composition of QGEP's asset
portfolio
Field/Block Volume (MM boe) Classification
Manati 73.3 Reserves
Camarão Norte 4.5 Contingent Resources
BM-CAL-5 35.1 Contingent Resources
CAL-M-372 24.4 Risked Prosp. Resources
BM-J-2 94.1 Risked Prosp. Resources
BM-S-12 159.7 Risked Prosp. Resources
BM-S-8 *
Volume (mmboe) : 391.1 (Blended Case)
Asset Maturity Basin
Reserves
19%
Camamu
Santos 35%
Contingents 41%
11%
Prospectives
70%
Jequitinhonha
24%
* Disclosure under discussion with partners 7

8. Short-Term Catalysts
8

9. Short-Term Catalysts: BM-S-8
Drilling ends
at the Biguá
prospect
JUNE JULY AUGUST SEPTEMBER OCTOBER NOVEMBER DECEMBER
Drilling
begins at
Block BM-S-
8
9

10. Short-Term Catalysts
Drilling
begins at
Block BM-S-
12 Drilling
Crossing Crossing Crossing ends at the
Prospect Prospect Prospect Biguá
Drilling
Santos #1 in Santos#2 in Santos #3 in prospect
begins at
Block BM-S- the Block Block BM-S-
Block BM-
12 BM-S-12 12
J-2
JUNE JULY AUGUST SEPTEMBER OCTOBER NOVEMBER DECEMBER
Crossing
Return of Prospect
a 4th well Santos #4 in
Drilling Drilling ends
at Manati Block BM-S-
begins at Return to at the 11th ANP
Filed 12
Block BM- Full JEQ#1 Bidding
(Capacity:
S-8 Capacity at prospect Round
5.3 MM
m3/day) Manati
Field
10

11. BM-S-8: Boosting our Portfolio
Low risk &
high volumes
Close to future Portfolio
infrastructure Diversification
facilities
Partnership with Strategic
Petrobras Positioning
Short-Term
Catalyst
11

12. For additional information:
Investor Relations
QGEP Participações S.A.
Av. Almirante Barroso, nº 52, sala 1301, Centro – Rio
de Janeiro, RJ
CEP: 20031-918
Phone - IR: 55 21 3509-5959
Fax: 55 21 3509-5958
E-mail: ri@qgep.com.br
www.qgep.com.br/ri
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13. Disclaimer
This document contains some statements and information about the Company that reflect the
current views and/or expectations of the Company and its managers with regard to its activities.
These include all statements containing forecasts and projections or that indicate or imply future
results, performance or achievements, which may include such words as "believe", "predict",
"expect", "contemplate", "will probably result", or any other words or expressions of similar
meaning. Such statements are subject to a series of expressive risks, uncertainties and
assumptions. Readers are warned that several important factors may lead actual results to
significantly diverge from the plans, targets, expectations, estimates and intentions expressed
herein, there can be no assurance that the Company will achieve or is likely to achieve the future
results or projections contained herein. Under no circumstances shall the Company or its
directors, officers, representatives or employees be liable to any third parties (including
investors) should they make decisions, investments or business acts based on information and
statements presented herein, nor shall the Company be liable for any indirect damages, loss of
profit, or similar consequences thereof. The Company does not intend to provide shareholders
with any revised versions of the statements or analysis of differences between the statements
and actual results. This presentation does not contain all the necessary information for a
complete investment assessment on the Company. Investors must produce their own assessments,
including the associated risks, before making an investment decision.
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