Petrobras is a major international oil company headquartered in Brazil. It has over 500,000 shareholders worldwide and is 60% owned by private investors. Petrobras has proven oil and gas reserves of over 13.9 billion barrels of oil equivalent. The company is investing heavily to increase production, with a goal of producing over 2.4 million barrels per day of oil and natural gas by 2012.

1. PETROBRAS AT A GLANCE
Theodore M. Helms
Executive Manager
Investor Relations
helms@petrobras.com.br
Marcos V. G. Silva
Institutional Investors Coordinator
Investor Relations
marcosvin@petrobras.com.br
June / July 2008
P-51
1

2. Forward Looking Statements 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. Petrobras Overview
3

4. Petrobras: An Investment Grade, Publicly Traded, Major International Oil Company
• Incorporated in 1953 as government monopoly for all hydrocarbon activities in
Brazil
• Originally established as a refinery of imported crude oil
• Became net exporter in 2006
• 60% of total equity capital (common and preferred) is now publicly traded
• Government maintains controlling interest with 55% of voting shares
• Market cap of approximately $260 billion, NYSE Listed, quarterly disclosure in US
GAAP
• Foreign currency ratings from Moody’s of Baa1, Standard & Poors (BBB), and
Fitch (BBB) (3, 1, and 1 notch above sovereign, respectively)
First Public Crossed the 2MM bpd,
Brazilian Full Upgraded to
Auction of Oil $100 billion Brazil Self- $200MM market
Constitution Petrobras Investment
Exploration dollar Market Sufficient in cap, Discovery
Amended NYSE Listing Deregulation Grade Issuer
Areas Cap mark Oil of new oil
frontier
Nov 1995 June 1999 August 2000 January 2002 October 2005 2006 April 2006 2007
4

5. Diversified Shareholder Base
• 60% of the economic v alue of Petrobras in private hands, but Government maintains control w/55% of voting
shares
• More than 500,000 investors in Brazil and abroad
• NYSE Listed, quarterly disclosure in US GAAP
9.5%
10.9% 20.3% 26.4% 31.2% 30.3% Foreign
46.4% 10.3% 38.2%
18.0% 9.9% 8.0% 7.9%
25.1%
23.1% 20.7% 21.9% Bovespa
29,8%
53.6% 61.6%
44.4% 40.6% 40.1% 39.9%
Oct/1992 Jul/2000 Afte r Aug/00 After Jul/01 Dec/2003 May/08
offering offering
Governm ent (1) (%) Bove spa Brazil Bovespa Fore ign ADRs
Free
46.4 38.4 55.6 59.4 59.9 60.1
Float
(1)
Includes BNDES / BNDESPAR 5

6. Corporate Organization and Key Operating Results
Exploration & Downstream Gas &
Distribution International
Production (Supply) Energy
Petroche micals Biofuels
Summary Financials (US$ billion) Income from Operations(2)
For Year Ended 2005 2006 2007 Distribution
3%
Net Revenues 56.3 72.3 87.7 Downstream
EBITDA 17.6 22.9 25.3 16%
Capex 10.4 14.9 21.0
(1)
Total Debt 21.2 21.3 21.9
Cash & Cash Equivalents 9.9 12.7 7.0
Net Debt 11.3 8.7 14.9
Domesti c
Total Equity 32.9 44.3 65.2 E&P
Total Assets 78.6 98.7 129.7 81%
Notes:
1 Includes capital leases
2 For tthe year ended December 31, 2006. Excludes losses in gas and energy, corporate results and eliminations
6

7. World Class Integrated Public Energy Company
2007 Proven Reserves (SEC) 2007 Oil & Gas Production
(Bln boe) (‘000s bpepd)
25.0 22.5
4,180
4, 000 3,771
20.0 17.6
3,268
11.7 3, 000 2,593
15.0 11.7 11.2 10.8 2,324 2,316 2,301
10.1
2, 000 1,736
10.0 6.5
1,039
5.0 2.4 1, 000
0.0 0
Exxon BP Shell Petrobras Chevron Conoco Tot al Enl Repsol Exxon BP Shel l Chev ron Conoco Total Petr obr as Eni Repsol
Mobil Mobi l
Source: Company Filings, Company Website Source: Company Filings
2007 Refining Capacity Market Value as of June 06, 2008
(‘000s boepd) (US$Bln)
7,000 6,299 468
500
6,000
400
5,000 3,953
300 284 259
4,000
2,769 2,730 2,598 218 207
3,000 2,167 2,115 204
200 160 145
2,000 1,039
748 100 51
1,000
0 0
Exxo n She ll BP C o no co T o t al P e tr o br asC hev ro n R e pso l En i Exxon Pe trobr as Shel l BP Chevron Total Eni Conoco Repsol
M o b il Mobil
Source: Company Filings, Company Website Source: Company Filings, FactSet
7

8. Balanced Vertical Integration
Upstream Operations Downstream Operations
- Proved Domestic Reserves of 13,92 Billion BOE (SPE)
- - Southeast Basins responsible for more than 80% of Brazil’s 11 refineries in Brazil
oil production - 2007 dome stic throughput of 1,795 k bpd
- - 2007 domestic oil average daily Production of 1,792 k bpd - 2007 oil products domestic consumption of 1,725 k
bpd
8

9. Upstream Overview
9

10. Proven Reserves (SPE) evolution in Brazil
13,92
11,01
6,0
3.8
10

11. Oil Production Development and Targets
3.000
2812
2421
2.500
1950
2.000
1.500
1.000
3
d
p
b
0
1
Thousand bpd
500
0
Year
ONSHORE OFFSHORE <= 300m OFFSHORE > 300m TARGET7
6
4
3
G
11

12. Internal Reserves Replacement Ratio (SPE)
....along with a organic reserves replacement
13.75 13.92
13.02 13.23
12.60 1.23 0.88
1.02 0.88
Production Production Production Production
(0.60 billion boe) (0.67 billion boe) (0.70 billion boe) (0.70 billion boe)
Reserves Reserves Reserves Reserves
Replacement Replacement 12.35 Replacement 12.52 Replacement
13.04
12.00
Index Index Index Index
(170%) (131%) (174%) (124%)
2003 2004 2005 2006 2007
The goal it to keep a minimum 100% Replacement Ratio
12

13. Long-Term Record of Increasing Reserves
Proven Reserves by Category Worldwide Proved Reserves of Petrobras
(Reviewed and Certified by DeGolyer and MacNaughton since 2001)
Oil vs. Gas By Depth
Assoc. Gas
Non-Assoc. 6% 11%
Gas 9% 14.9 14.9 15.0 15.0
10% 14.5
23%
Oil and Condensate
85% 12.1
56%
Onshore 10.7
10.4
Billion BBLS
Offshore (0-300m)
Offshore (300-1500m)
Offshore (>1500m)
11.6 11.8 11.8 11.5 11.7
10.5
By Location By Gravity 9.8 9.3
8%
26% 74%
92% 2000 2001 2002 2003 2004 2005 2006 2007
> 31o API
B ra zi l
Light
Inte rnat io nal < 31o API SEC SPE (inc. SEC)
Heavy /Intermediate Note: Reflects both SEC and SPE (Society of Petroleum Engineers) method and
includes both Brazilian and international reserves.
13

14. E&P - rapidly growing production profile 7.7% p.y.
4,153
18 3
8.7% p.y.
3,494 515 *
151
2 8 5*
Thousand boed
. 643
8 .3 % p.y
637
2,300
2,298
2,217
2,036 2,020
1,810 101 109
1,565 1,636 96
1,505 23 85 94 1 42 126
1,238 24 163
20 35 1 61 277 273
1,090 16 44 16 8
2 .8 12
53 274
885 1,008 2 52 2 50 26 5
10 60
11 2 32
10 9 45 2 21 2 .4 2 1
47 1 97
38 179
25 163
152 1, 7 7 8 1, 7 9 2
13 4 1 , 54 0 1 , 68 4
1 , 50 0 1,493
1 , 2 71 1 , 33 6
1 , 1 32
869 1 , 0 04
71 6 809
19 9 5 19 9 6 1997 1 9 98 1 9 99 2 0 00 2 0 01 2 00 2 2 00 3 2 00 4 20 0 5 20 0 6 20 0 7 2012 2015
O il a nd N GL - B ra zil N a t ural Ga s - B razil Target Forecast
O il a nd N GL - Int e rnat io nal N a t ural Ga s - Int erna t io na l
* Includes non consolidated production 14

15. Main Projects in Brazil – 2007-2012
Espadarte
Espadarte
Marlim Sul
Marlim Sul
Módulo 3 – Mód ulo 3
Mód ulo 3
Rio de Janeiro
Rio de Janeiro Módulo 3 –
2,600 Espadarte Mód II
Espadarte Mód II Tupi
Tupi
P-56
P-56 100.00 0 bpd
100.00 0 bpd
100.00 0 bpd
100.00 0 bpd Tupi
Tupi 100.000 bpd
100.000 bpd 2012
EWT Pilot Sy stem 2012
6/jan/07
6/jan/07 EWT Pilot Sy stem 2011
Up to
2011
Cidade Niterói Up to Up to 100.000 bp d
Cidade Niterói 30.000 b pd Up to 100.000 bp d
Piranem a
Piranem a 30.000 b pd
Jabuti (FPSO)
Jabuti (FPSO) 2009
2009 2010
2010
2,400 30.000 b pd
30.000 b pd
10/oct/07
100.00 0 bpd
100.00 0 bpd
10/oct/07 2008
2008
Frade
2,421
Frade
Cidade de Vitó ria
Cidade de Vitó ria 100.00 0 bpd
100.00 0 bpd 2,374 Roncador
Roncador
Golf inho Mó d. 2
Golf inho Mó d. 2 Marlim S ul Mó dulo 2
Marlim S ul Mó dulo 2 2009
2009
100.00 0 bpd
100.00 0 bpd P-51
P-51 2,296 Jubarte
Jubarte Mod ule 4
Mod ule 4
2,200 Nov ember 2007
Nov ember 2007 180.00 0 bpd
180.00 0 bpd P-57
P-57 P-62
P-62
2008
2008 Cachalote &
Cachalote & 180.00 0 bpd
Roncador
Roncador
P-52
2,191 Baleia Franca
Baleia Franca
180.00 0 bpd 100.00 0 bpd
100.00 0 bpd
P-52
180.00 0 bpd
180.00 0 bpd 1.950* FPSO
FPSO
2012
2012 2012
2012
Nov ember 2007 Capixaba
2,000 Nov ember 2007
Parqu e das
Parqu e das
Capixaba
Conchas
Conchas 100,000 bpd
100,000 bpd
Marlim Leste
Marlim Leste 100.00 0 bpd
100.00 0 bpd 2010
2010
P-53
1.792 P-53
180.00 0 bpd
180.00 0 bpd
2009
2009
1,800 Roncador
Roncador
P-54
2008
2008
P-54
180.00 0 bpd
180.00 0 bpd
Nov ember 2007
Nov ember 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%
15

16. E&P: UPCOMING UNITS
Units Field Capacity Status Start-up Shipyard
FPSO Cidade Oil: 100.000 bpd Modec
Jabuti Under construction 2S08
de Niterói* Gas: 3,5 MM m3/dia Sipem - Dubai
Oil: 180.000 bpd Nuclep/Brasfels
P-51 Marlim Sul 3 Under construction 2S08
Gas: 6MM m /dia Angra/RJ
Oil: 180.000 bpd Quip
P-53 Marlim Leste Under construction 2S08
Gas: 6MM m3/dia Rio Grande/RS
Cidade São Oil: 35.000 bpd Prosafe
Camarupim 3 Under construction 2S08
Mateus* Gas: 10 MM m /dia Keppels - Cingapura
Mauá-Jurong
PMXL-1 Mexilhão Gas: 15MM m3/dia Under construction 2009
Niterói/RJ
Brasfels -FSTP
Oil:100.000 bpd Under construction
P-56 Marlim Sul 3 2011 Keppel & Technip
Gas: 6MM m /dia (P-51 Clone)
Angra/RJ
Oil: 180.000 bpd SBM
P-57 Jubarte 3 Contracted 2011
Gas: 2MM m /dia Shipyard N/A
Oil:100.000 bpd Mauá-Jurong
P-62 Roncador 3 Contracted 2012
Gas: 6MM m /dia Niterói/RJ
Atlântico Sul
Oil: 180.000 bpd Hull contracted. Basic
P-55 Roncador 3 2013 Suape/PE
Gas: 6MM m /dia project under revision.
Rio Grande/RS
* Leased 16

17. Lifting Costs including Government Participation
100.00 96.9
80.00 72.5
65.1
54.4
US$/boe
60.00
38.2
40.00
24.4 24.8 28.8
24.9
19.4
20.00 17.7
14.7 16.2
10.7 11.1 11.7
7.0 8.5 9.0
5.1 6.4
3.3 4.0 5.7 6.6 7.7 8.7
3.3 3.0 3.4 4.3
0.00
2001 2002 2003 2004 2005 2006 2007 1Q08
Lifting Cost Gov. Take Brent
17

18. Lifting Cost in Brazil
US$/barrel R$/barrel
50
43.20
40.98
40 37.92
40 120 35.03
34.12
96.9
88.7 100 30 28.04
30 25.76
74.9 24.82 23.26
68.8 80 18.92 20.58
57.8
23.16
20.13 20
20 17.95 60
16.24 14.56 16.16
12.48 40
9.04 10.62
10 10
15.20 14.45 14.66 15.22 15.16
20
7.20 7.33 7.65 8.60 8.66
0 0 0
1Q07 2Q07 3Q07 4Q07 1Q08 1Q07 2Q07 3Q07 4Q07 1Q08
Lifting Cost (US$) Gov.Part. (US$) Brent Lifting Cost (R$) Gov. Part.(R$)
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.
18

19. Distribution of the Realization Price of a Barrel of Domestically Produced Oil ($)
Regulatory framework lets government and companies profit from higher oil prices.
$60.00
$50.00
$18.67
$ per Barrel Realization Price
$40.00 $15.93
$13.25
$11.69
$30.00
$11.05
$9.29
$9.00
$20.00 $8.42 $9.74
$5.34
$6.44 $8.36
$4.26 $6.88
$3.42 $5.14
$3.29 $5.01
$10.00 $2.54 $4.42
$2.07 $3.84 $2.89
$2.20
$2.15 $1.46 $2.06
$2.15 $6.59 $7.70
$4.28 $5.73
$3.22 $3.04 $3.48
$-
2001 2002 2003 2004 2005 2006 2007
$(10.00)
Lifting DD&A Exploratory costs SG&A R&D Other Other COGS Income Tax Government take Net Income
19

20. Distribution of the Realization Price of a Barrel of Domestically Produced Oil (%)
100.0%
24.1% 26.2%
35.1% 31.6% 32.9% 33.4% 33.5%
% Share of Realization Price
80.0%
18.6% 16.8%
60.0%
21.9% 22.3% 21.0%
21.4% 23.2%
11.7% 12.4%
40.0%
17.0% 17.5%
16.0% 17.0% 17.5%
20.0%
18.2%
14.9% 14.5% 14.6% 14.2% 13.8% 13.8%
0.0%
2001 2002 2003 2004 2005 2006 2007
-20.0%
Lif ting DD&A Exploratory costs SG&A R&D Other Other COGS Income Tax Government take Net Income
20

21. Royalties and Special Participation
Royalties
• Rates vary according to the area (from 5% to 10% per producing field) and are established in each concession contract. The
reference price is published for each field, according to the characteristics of the oil / gas, by the Brazilian regulator – ANP.
Special Participation
• Progressive tax (from 10% to 40%) applied over the operating income from oil and gas production. Tax depends on the year
of production, daily production and location (Land, Offshore Shallow Water or Offshore Deep Water).
7,356 7,619
8,000
7,000
5,562
US$ Million *
6,000 3,729
3,850
5,000
3,670
4,000 2,998 2,989
3,000 2,331
1,954
2,000 1,576 3,890
1,131 3,506
1,000 1,716 2,573
1,200 1,422
0
2002 2003 2004 2005 2006 2007
Royalties Special Participation
* Values in BR GAAP converted to USD by historical forex rate 21

22. Special Participation – Progressive Tax
Special Participation frame for deep water shelves:
40%
30% 35%
10% 20%
Tax Rates
Daily production (thousand m3/day)
First Year
of 15 20 25 30 35
Production
6.3 conversion Factor
Second Year
of 11.7 16.7 21.7 26.7 31.7
Production
Third Year
of 8.3 13.3 18.3 23.3 28.3
Production
After the Third
Year of 5 10 15 20 25
Production
22

23. Exploration Perspectives
23

24. 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
24

25. Oilfields discovered/defined in 2002-2007 in the Southeastern offshore basins
25

26. Earth development
152 Million Years
ago
26

27. Earth development
Earth Planet as today
27

28. Pre Salt Province
Tested Wells
HC Campu s
Explo rator y B lock’s
Pre Salt R eservoir s
28

29. 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
15,000 km2
Tupi: 5 a 8 bi boe
29

30. Santos Basin Pre-Salt Seismic Section
30

31. Pre Salt – Santos Basin
BM-S-4 2
BM-S-5 2
(Corcovado)
(Yara)
BM-S-5 0 BM-S-1 0
(Parati)
BM-S-1 1
(Tupi) BM-S-2 4
(Jupiter)
BM-S-8 BM-S-9 (Guará)
(Bem-te- Vi) (Carioca)
BM-S-2 2
BM-S-2 1
(Caramba)
BM-S-1 7 Wells Being Drilled
Wells Drilled 31

32. Extended Well Test -Tupi
FPSO – Leased*
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
1st Oil: March/2009
* Leased from BW Offshore 32

33. Tupi Pilot System– Production Unit
Capacity
Water Depth 2.145 m
Capacity to Process Oil
100,000. bpd
Capacity of Gas
4 million m3 /d
Compression
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
33

34. Gas Pipeline for Tupi’s Pilot System
UGN UTGC
A
RPBC
14
Km
5
PMXL
170
21
Km URG
2
Km
To
se 24
rv 8
ic Km
e
th
e
PMLZ-1 Pi
lo
t
TUPI
Area
Existing Planned
TEFRA
N Under
Construction
34

35. Consortia for the Pre-salt blocks in Santos Basin
Block Appraisal Plan ANP Name Consortium
BM-S-8 Bem-te-vi BR (66%), SHELL (20%), PETROGAL (14%)
BM-S-9 SPS-50 Area Carioca BR (45%), BG (30%), REPSOL (25%)
BM-S10 RJS-617 Area Parati BR (65%), BG (25%), PARTEX (10%)
BM-S-11 RJS-628 Area Tupi BR (65%), BG (25%), PETROGAL (10%)
BM-S-17 BR (100%)
BM-S-21 SPS-51 Area Caramba BR (80%), PETROGAL (20%)
BM-S-22 ESSO (40%), AMERADA (40%), BR (20%)
BM-S-24 RJS-652 Area Jupiter BR (80%), PETROGAL (20%)
BM-S-42 BR (100%)
BM-S-50 BR (60%), BG (20%), REPSOL (20%)
BM-S-52 BR (60%), BG (40%)
2 blocks 100% Petrobras
3 Appraisal Plans approved
5 blocks with partners, Petrobras operates
1 block as non-operating partner
35

36. Pre-salt discoveries in Espírito Santo State (Campos Basin)
BLA
4-ESS-149 1-ESS-122 N
CHT 6-CH T-4
1-ESS-116
3-ESS-110HPA 1-ESS-119
BFR
JUB NAU
BAZ
1-ESS-103
1-ESS-125
1-ESS-103A-ES S
4-ESS-135 MGG
Gasene
4-ESS-172 CXR
3-ESS-175
PRB CTU
4-ESS-175-ES
4-ESS-172-ES
77 Well tests showed high productivities in
km
the pre-salt reservoirs.
Cachalote Anã Argonauta
Franc a Ostra 20 km
Jubarte Náutil us
Azul Mangangá
Caxar éu Abalone
Pirambú
Catuá
36

37. New Rigs & Drilling Unit Contracting
From
Start Up Start Up Start Up
Water Depth 2007 Start Up 2008 Start Up 2009 2013 to
2010 2011 2012
2017
• Pride South Atlantic •Petrobras
0-999m 5 • O. Yorktown XIV
• Pride Mexico
• Borgny Dolphin
• Ocean Concord
• Falcon-100
1000-1999m •Olinda Star
18
•Ocean Worker
•Lone Star •Gold Star •Delba IV •Delba V
≥ 2000m 5 •Schahin III •Schahin I •Delba VI
•Petrorig II •Norbe VI •Scorpion
•Sevan Driller •Delba III •Delba VII
•West Taurus •SSV •Delba VIII
+ 28
•West Victoria •Norbe IX
new
Eminence •West Orion units
•Schahin 1
•Dave Beard •Schahin 2
to be
leased
•Norbe VIII
•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 Dep Water Millennium are not being considered since they are being negotiated in the Spot Market 37

38. Exploration Activity (1998 - 2007) Wells & Seismic
• Espírito Santo 55 wells offshore
TOTAL:
• Campos 205 wells offshore
794 exploration wells
• Santos 80 wells offshore
• Other Basins 40% overall success ratio
335 wells onshore 2007 59%
103 wells offshore
400%
300%
200%
1998/2007
100%
~ 560,000 km 2D seismic
0%
2003 2004 2005 2006 2007
~ 140,000 km2 3D seismic
Reserve Replacement
Ratio (SPE/ANP Criteria)
38

39. Equatorial Margin
Exploratory Wells 2008-2012 (12)
Ceara & Potiguar
Solimões (23) AP (8)
Potiguar (88)
onshore: 70
offshore: 18
SEAL& REC & TUC (90)
onshore: 70
offshore: 20
São Francisco
(4) Bahia Sul (26)
Esp.Santo (85)
onshore: 45
offshore: 40
Exploration: Campos (74)
Exploration:
US$ 13.8 billion
US$ 13.8 billion
Santos (80)
Petrobras
Other Companies Pelotas (2)
39

40. E&P Concessions in Brazil
Active
concessions
Jan/2007
Petrobras Concessions
Petrobras Concessions
Other
Other Total
Total
Concessions
Concessions 100%
100% Parnerships Total Companies Brazil
Parnerships Total Companies Brazil
W.I
W.I
Exploration Blocks
Exploration Blocks 64
64 80
80 144
144 218
218 362
362
Exploration EP´s
Exploration EP´s 5
5 5
5 10
10 0
0 10
10
Production
Production 285
285 20
20 305
305 29
29 334
334
Total
Total 354
354 105
105 459
459 247
247 706
706 Petrobras & Partners
Other Companies
Note: number of concession contracts (not considering the concessions from the 9th Bidding Round) 40

41. Downstream Overview
41

42. Domestic Oil Products Market
Thous. bpd
3000 .
2,732
% p .y
2 .7 6
2,337 345
2500
2,039 138
1,918 287
2000 228
116
198
95 1105
120
1500 902
779
728
1000 173
129
84 96 281
282 281
249
500 386 432
330 340
208 217 237 257
0
2007 2010 2015 2020
LPG Gasoline Naphta Jet Fuel Diesel Fuel Oil Others
42

43. Total Downstream Spending of $29.6 Billion
21%
28%
Fuel Quality 8,619
Conversion 3,938
8% Expansion 5,353
Maintaining Balanced integration HSE 1,083
between Refining and Production
8%
Transportation 2,270
13%
Pipelines 2,264
2,167 4%
Others 6,112
18%
1,792
2,412
Year 2012
2011:
New Refinery in
Brazil to add 200
Total Refining Capacity (‘000s. bpd) ‘000s. Bpd cap.
New Refinery in
Domestic Oil Production (‘000s. boed) Texas expanded &
upgraded
43

44. How Petrobras is dealing with these challenges?
30
2.191 2.296 2.374 2.421 3.000
1.792 1.950
29 2.000
API Degree
28
1.000
Thous. b/d
27
0
26
-1.000
25
-2.000
24
23 -3.000
22 -4.000
2007 2008 2009 2010 2011 2012
Average Processed API Average Produced API Domestic Production
• Increasing the capacity of processing low API degree oil.
• In 2012 our refineries will have the capacity to process most of our heavy oil
produced
44

45. Net Exports of Oil and Oil Products
Exports (‘000s barrels/day) Imports (‘000s barrels/day)
581 615 595
559 538
523 141 488
446 262 424 109 446
409 246 148
118
260 105 94 334
213
228 125
454 450
352 370 390
335 353 319
233 263 209
181
2003 2004 2005 2006 2007 2012 2003 2004 2005 2006 2007 2012
Oil Oil Products
45

46. Corporate Targets – Downstream
3800 90 100
92
3300 3,007
90
80
2800 78
348
2,409 70
2,046
2300 348 60
251
1800 50
2,061 2,659
1300
1,795 40
30
800
20
300 10
-200 2007 2012 2015 0
Throughput - Brazil Throughput - International Domestic Crude Oil as a % of total
46

47. Average Realization Price - ARP
1Q07 4Q07 1Q08
Average Average Average
120
104.25
96.77
100
71.50 89.08 96.90
80
93.90
68.86 88.69
60
57.75
40
20
Mar -06 Jun-06 Sep-06 Dec-06 Mar-07 Jun-07 Sep-07 Dec-07 Mar-08
A R P B raz i l ( U S$ / b b l ) A ve ra ge B rent P ri ce ( U S $/ b b l ) A R P ( U S $ / b bl wi t h V ol . S o l d i n B R l)
• 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.
47

48. Downstream Business Strategy
Complexo Petroquímico do Rio de Janeiro - COMPERJ
•Total Investment: US$ 8.4 billion (Petrobras Investme nt US$4.6 billion);
• Throughput capacity: 150 thousand he av y oil barrels (Marlim oil from Campos Basin);
• Start Up: 2012
• Refining and Petroche mical Integrated Complex that through the use of ne w
technologies proce ss he av y oil to obtain oil products and first and second generation
petroche mical products.
New Refinery in Pernambuco
• Total Investme nt: US$ 4.1 billion (Petrobras Investment US$2.4 billion);
• Throughput capacity: 200 thousand heav y oil barrels (60% Petrobras oil / 40%
PDVSA oil);
• Focusing diesel and LPG production maximization, the new refinery will aim the
growth of oil products de mand in the Northeast.
•The Northeast Region, which responds for 19% of oil products de mand and holds
only one refinery in Bahia, will no longer be a fuel importer (either from refineries in
Brazil or abroad);
• Costs reduction: oil products transportation are more expensive than for crude oil;
• Start Up: 2011
48

49. Downstream Business Strategy – Northeast Region
Refinery in Rio Grande do Norte
• Petrobras will deploy its 12th refinery in the state of Rio Grande do Norte.
• New plant to produce gasoline and improve the quality of other oil products
(Jet fuel, Diesel and LPG) produced in existing facilities in Guamaré.
• Capacity: 80,000 bpd. Start-up scheduled for 2010.
Premium Refinery in Ceará
• Petrobras will study, together with Ceará State, the possibility of installing a
Premium refinery;
• Capacity: 300,000 bpd;
• The refinery’s first operation phase is scheduled to start in 2014.
Premium Refinery in Maranhão
• Petrobras will study, together with Maranhão State, the possibility of
installing a Premium refinery;
• Capacity: 600,000 bpd;
• The refinery’s first operation phase is scheduled to start in 2013.
49

50. Downstream Business Strategy
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)- with total
value of approximately US$ 50 million
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.
50

51. Petrochemical Overview
51

52. Petrochemical: capturing synergies
Other Partners
Production 1st Generation 2nd Generation 3rd Generation
• Oil • Ethane • Styrene
• Packages
• Gas • Benzene • Ethylene Glycol
• Bags
• P-Xilene • Polyethylene
• Bottles
• Propane • PTA
• Etc.
• Polypropylene
• Expanding operations in 1st and 2nd generation processes and capturing synergies related to the
production of oil, gas, refining and petrochemicals;
• Developing new technologies for the chemical industry: evolution of fluid catalytic cracking (FCC)
and biodegradable polymers and biopolymers.
52

53. Current petrochemical structure in Brazil
Braskem
SUZANO PETROQUÍMICA (SZPQ)
1,280 kta ethane
685 kta PP 530 kta propane
76.6% PETROBRAS 1,265 kta PE
23.4% others 560 kta PP
POLIETILENOS UNIÃO (PU) +DOW 6.8% PETROQUISA
44.6% Grupo Odebrecht
274 kta PE 100% UNIPAR 44.9% Others
UNIÃO DIVISÃO QUÍMICA (UDQ)
PETROUÍMICA PAULÍNIA (PPSA)
210 kta
100% UNIPAR 300 kta PP
cumene
40% PETROQUISA
COPESUL
60% Braskem
1,200 kta ethane 37.3% PETROBRAS
600 kta propane 62.7% Braskem RIOPOLÍMEROS (RIOPOL)
IPIRANGA PETROQUÍMICA (IPQ) 16.7% PETROQUISA
33.3% UNIPAR
550 kta PE 40.0% PETROBRAS 540 kta PP 33.3% SZPQ
180 kta PP 60.0% Braskem 16.7% BNDES
PETROQUÍMICA UNIÃ0 (PQU)
PETROQUÍMICA TRIUNFO
17.44% PETROQUISA
85.04% PETROQUISA 500 kta ethane 51.4% UNIPAR
160 kta PE 14.6% PETROPLASTIC 250 kta propane 8.4% SZPQ
0.7% TRESUARY 22.76% OTHERS 53

54. Structure of petrochemical industry, upon final consolidation
Sociedade Petroquímica Braskem
500 th.tpy ethane 2,480 th.tpy ethane
250 th.tpy propylene 1,130 th.tpy propylene
210 th.tpy cumene 1,975 th.tpy PE
814 th.tpy PE
1,040 th.tpy PP
685 Kta PP
25.0% PETROBRAS/PETROQUISA
40.0% PETROBRAS/PETROQUISA 37.2% Grupo Odebrecht
60.0% UNIPAR 37.8% Others
Benefits to Petrobras and the Brazilian Petrochemical industry:
Petrobras becomes a significant minority shareholder in each complex;
Integration, scale, and synergies Ensures competitiveness of the Brazilian
petrochemical industry;
Expands financing and investment capacity for expansion
54

55. International Overview
55

56. International - Overview
United Kingdom.
New York
USA
Hous ton Portugal Turkey
Tokyo
Jordan Okina wa
Beijing
Libya Iran
Pakistan
Mexico
Senegal
Nigeria
Venezuela India
Colombia
Tanzania Singapore
Ecuador
BRAZIL Angola Mozambique
Peru
Bolivia Rio de
Parag ay
Janeiro
Uruguay
Core Areas:
HEAD OFFICE Argentina
• Refining
REPRESENTATIVE OFFIC E
• Add value to Brazilian heavy oil exports
REFINING
• E&P: West Africa & Gulf of Mexico:
TRADING
EXPLORATION AND PRODUCTION • Apply deep water and deep well drilling technology.
• Latin America:
• Leadership as an integrated energy company
56

57. International – Investment Breakdown
70% 2008-12 Period 19%
US$ 15 billion
32% 2.7
10.5 70% will be 4.9
directed to
E&P
2.8
19%
1.7 1.4
1% 0.5 3.7 0.9
1% 15% 9%
6%
3%
25%
USA Under Ev aluation
E&P RTC P G&E D istr. Corp.
Argentina Nigeria
Angola Others
Thous. boed
183
151
515
108 285
112
2007 2012 Target 2015 Forecast
Oil and NGL Natural Gas
57

58. Cascade-Chinook Development
- Petrobras America operated fields - Water Depth ~ 2,500 meters (8,200 feet)
- US regulators approved Petrobras plans to bring first FPSO (*) to the US Gulf of Mexico
- Technologies new to US Gulf of Mexico, including disconnectable turret buoy, allowing
the vessel to move offsite during hurricanes, and transportation via shuttle tanker
Shuttle FPSO
Tanker
Gas Export FSHR
Pipeline
Chinook
Chinook
Flowline
Control Power
Umbilical Umbilical
Cascade
Cascade Tree
Manifold
(*) FPSO – Floating, Production, Storage and Offloading
facility. Petrobras has an extensive experience in the
use of FPSO with fifteen units currently under
operation offshore Brazil.
SOURCE: PETROBRAS AMERICA INC 58

59. International – West Africa Start up / Production Peak:
Operator of new Block OPL AGBAMI (PB 13%, Operator: Chevron):
315 with stake of 45% - First oil: 2008 / Peak: 250,000 bpd in 2009 (total)
Petrobras stake: 32,500 bpd
AKPO (PB 20% - Operator: Total):
- First oil: 2008 / Peak: 175,000 bpd in 2009 (total)
Petrobras stake: from 70,000 to 100,000 bpd
1,000m
2,000m
6 blocks (1 in production)
Operator in prolific Block 18
with 30% stake (First oil: 2010)
59

60. Gas and Energy Overview
60

61. Increasing demand for Natural Gas
Participation of the Natural Gas in the Brazilian Energy Matrix
9.4%
Gasbol
Campos Basin 4.7%
2.0%
1970 1980 1989 1990 1998 1999 2000 2002 2004 2006
• In 16 years, natural gas participation in the energy matrix increased 370%, boosted
by the ramp up of Campos Basin production and Gasbol pipeline.
Source: MME, BEN 2006 61

62. Natural Gas Supply Vs. Demand
Million cu.m/day
Average Demand Average Supply
160
140 134 134
120 43,9 31,1 LNG
100 Bolivia
49,2 42,1 30,0
80
60 18,4
40 5,5 E&P
10,9 16,1
48,0 72,9
20 1,7 25,3
0,9 1,9
0,5 12,5
0 9,4
1998 2000 2007 2012 2012
Termeletric Industrial Other Uses*
•Other uses: vehicle, residential / commercial, refineries e fertilizer plants
•Source: Petrobras and MME 62

63. Domestic Natural Gas Supply Curve
Urucu
Million m3d Urucu
Uruguá --
Uruguá
80 Peroá-Cangoá
Peroá-Cangoá Bacia Campos
Tambaú
Tambaú Pirapitanga
Pirapitanga
Bacia Campos
Mexilhão
Mexilhão
70 Manati Canapu
Canapu
Manati
71.1 71.3 70.8
60 Rio de Janeiro
Rio de Janeiro
Camarupim
Camarupim 64.1
Marlim Sul Espadarte
Espadarte
Espadarte Mód II
Espadarte Mód II Albacora Marlim Sul
Albacora
Módulo 3 -- P-56
Módulo 3 P-56 Módulo 3
Módulo 3
(water
(water
50 45.7 Frade
Frade injection)
injection)
Cidade de Vitória
Cidade de Vitória Jubarte
Jubarte
40 Golfinho Mód. 2
Golfinho Mód. 2
Lagosta
Lagosta
Parque das
Parque das
Conchas
Conchas Barracuda
Barracuda
P-57
P-57
28.0 (infill drilling)
(infill drilling)
30 Cidade Niterói
Cidade Niterói
Jabuti
Jabuti
(FPSO)
(FPSO)
20 Roncador
Roncador
P-52 Marlim Sul
P-52 Marlim Sul
Módulo 2
Módulo 2
10 Roncador
Roncador
P-51
P-51
Non-associeted natural gas
P-54
P-54 Marlim Leste
Marlim Leste
Associated natural gas
0 P-53
P-53
2007 2008 2009 2010 2011 2012
63

64. Natural Gas supply extension in Southeast
PLANGAS Targets Upgrade of
UTGC to 20 MM
2008 - 40 MM m3/d m3/d
2010 - 55 MM m3/d Peroá/Cangoá
Lagoa Parda ESS-
ESS- 168
Belo Horizonte 2008
2008
Vitória
UPGN Capixaba South Camarupim Canapu
25 MM m3/d Ubu ESS-
ESS- 160
Golfinho Módulo 2
Upgrade of
Parque das
Cabiúnas/
Cabiúnas/ REDUC
Conchas
Campinas Upgrade of UTGCA to 15
to 23 MM m3/d
Cabiúnas 2008
2008
Cacimbas
MM m3/d Rio de Janeiro
P-52 Roncador Módulo 1A
Caraguatatuba P-54 Roncador Módulo 2
Garoupa Marlim Leste – Módulo 2 (Jabuti)
(Jabuti)
Guararema Namorado
Customization of REDUC Enchova
P-53 Marlim Leste
P-51 Marlim Sul Módulo 2
UPGN Cubatão to 25 Plataforms of
MM m3/d
2009
2009
UN-
UN -BC and UN -RIO
UN-
Tambaú
Mexilhão
Merluza
Uruguá Cabiúnas
2008
2008 2010 TOTAL SOUTHEAST
Lagosta
2010
END OF 2010:
Cubatão 55 MM m3/d
Caraguatatuba (+ 39,2 MM m3/d)
64

65. LNG - Infra-Estrutura & Licencing
Projects being developed
Pacem 7mm cu.m/d – jul/2008 Guanabara Bay 14 mm cu.m/d sep/2008
VT1: Golar Winter VT2: Golar Spirit
Company: Golar LNG Ltd. Company: Golar LNG Ltd.
To be delivered in: apr/ 2009 Delivered in: may /2008
65

66. Natural gas pipelines network
Investment: US$ 4.5 bi
Belém
between 2008-2012
Urucu-Coari-Manaus
(includes LNG Regas.)
Manaus
Network Extension
Açu-Serra do Mel
2003 – 5,282 km
Recife
Pilar-Ipojuca
2006 – 5,324 km
Catu – Carmópolis – Pilar
2007 – 6,481 km
+ 3,749 km 2008 – 7,511 km Salvador
Cacimbas – Catu (GASENE)
2009 – 9,031 km
Brasília
Existing
pipelines Gasduc III
Gasbel II
Pipelines in Japeri-Reduc
construction
Caraguatatuba – Taubaté
LNG Terminals Expansão de
Capacidade Gaspal II / Gasan II
Gasbol Sul
Natural Gas Production
66

67. Renewables
67

68. Renewable Energy and Biofuels (2008-2012)
2008-2012 Investments 2012 Target
Availability of 938 Thousand
Biodiesel Plants
m3/year
Guamaré Biodiesel Plant
Vegetable oil Processing
H-Bio (Bio-Refining)
1.6 million m³/year
US$ 1.5 billion Investments
Ethanol pipelines
Export of 4.7 billion m³/year of 4%
Ethanol Project Vessel Ethanol
21% 29%
Aeolic Energy
Installed Capacity of Generation
Solar Energy
of Electric Power from 365 MW
Other Sources of Renewable Sources
Renewable Energy
Lignocellulosis
Begun operation of the First Ethanol Lignocellulosis Pilot 46%
Plant, in Brazil.
The pilot phase is focused on the optimization of the Biofuels
production process of the bio ethanol (second generation fuel Pipelines and Ethanol Pipelines
which diminishes environmental impacts) Others
Semi- Industrial bio ethanol plant: Forecast 2010 H-Bio
•Total avoided GHG emissions: 3.93 MM tons CO2 equivalent 68

69. Raw Material Comparison
Energy
Production / ha Quantity of out/ Energy
RAW MATERIAL (kg) Ethanol/ ha in
SUGAR CANE 85,000 7.080 liter 8,3
CORN 10,000 4.000 liter 1,3 - 1,8
Type (Land use in Brazil) Area
(MMha) Current Market Distribution of World
• Total country 851
ethanol consumption
• Native Amazon Forest 370
• Secondary Amazon Forest and Others 180
• Native Forests 6
Today the ethanol consumption is
• Pasture 197 2,6% of gasoline MKT Increasing
• Temporary Crops 59 ethanol to 10% of gasoline will
• Permanent Crops 7,6 represent 118 Billion Lt (more than 2
million barrels per day)
• Available land 263
• Available land with low impact (*) 90
Source: FAO, 2002 and EMBRAPA (*) 69

70. Ethanol
Brazil is the 1st country to reap benefits from Ethanol
Original drivers were energy security and
economic attractiveness; CNG
ETHANOL
Today environmental benefits are also a
consideration. GASOLINE
160000
140000 Fuel demand for Otto
120000 Cycle Vehicles
10000
80000
60000
40000 Accumulated effective economy:
20000 1,2 Billion boe ~ US$ 61 bi
1000 BEP
Source: MME, BEN 2006
0
1972 1976 1980 1984 1988 1992 1996 2000 2007
In this period, ethanol utilization avoided 675 million tons CO2 emissions.
70

71. Petrobras Investments to Export Ethanol
Ethanol collection,
storage and distribution
centers are spread out
New Ethanol Pipeline through producing and
(1.150 Km) consuming regions
New Pipeline
(1412 km)
New Water Way
Large scale for Ethanol
Replan – Ilha Dág ua Pipeline (Current flow)
marine Tietê- Par aná Water way
terminals Senador C anedo – São Sebasti ão Pipeline
improve Replan – Bras ília Pipeli ne (OSBRA)
efficiency Replan – Guarar ema Pipeline
Existing Pipeline
Future Pipeline
New Ethanol
Existing T ermi nal
Pipeline (919Km)
Future T er minal
Large storage Exportation
capacity
necessary to Rio de Janeiro
regulate supply São Paulo Marine Terminal
Pipelines Marine Terminal
reduce
transport costs;
improve energy
efficiency Target: Export 4.75 MM cu.m/year in 2012
71

72. Financial Considerations
72

73. Corporate Strategy
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
To grow To expand Develop and Expand Operate on a global
lead the operations in basis in biofuels
production integrated commercialization
and oil and operations in Brazilian natural petrochemicals
gas market and in Brazil and and logistics,
gas reserves refining, leading the domestic
sustainably, operate on an South America
commercialization, integrated basis on an integrated production of
being logistics and in the gas and basis with the biodiesel and
recognized for distribution with a electric energy PETROBRAS expanding
excellence in focus on the markets with a Group’s other participation in the
E&P Atlantic Basin focus on South businesses ethanol segment
operations America
Operational, management, technological and human resources excellence
Downstream Biofuels
E&P Distribution Gas & Energy Petrochemicals
(RTC)
73

74. Petrobras’ Business Plan
Indexes 2007-2011 Plan 2008-2012 Plan
FX rate (R$/US$) 2.50 2.18
2008 – 55.00
2008 – 40.00 2009 – 50.00
Brent for Funding (US$/bbl)
2009-2011 – 35.00 2010 – 45.00
2011-2012 – 35.00
Projected Net Cash Flow (Including
86.7 104.4
Dividends)
Projected Investments for 2008-2012 83.5 112.4
Net Debt/ Net Debt + Shareholders’ Equity
25 20
(Leverage) (%)
Return on Capital Employed (ROCE) (%) 16 14
(*) PPP – purchase power parity 74

75. Investment Plan by Business Segment
2008-12 Period
58% US$ 112.4 billion
13%
65.1 15.0
1.5 97.4
29.6
2.6 2.6
1%
2% 4.3
6.7
26% 87%
2% 4%
6%
Brasil Internacional
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
75

76. Investments – Segments breakdown
US$ Million R$ Million
Budget
2007 (US GAAP)
1,4 2007 (BR GAAP)
2008*
Exploration & Production
6,8 9.448 20.813 25.902
Supply 4.488 10.536 14.312
0,8
Gas & Energy 3.223 4.817 5.636
International 5,6 2.864
25,9 6.574 6.828
Distribution 327 1.670 781
Corporate 628 875 1.406
Total Investments 14,3 20.978 45.285 54.865
*R$/US$ = 1,7713 (date12/31/2007)
*Forecast R$/US$ = 1,80 (average)
76

77. Strong returns have enable company to grow without increasing debt
Historical ROCE Consolidated Cash Flows
74.3 BN 2003-2007
U.S. GAAP
25,0%
Inc. Debt
20,0%
Dividends
15,0%
10,0% CFFO
(including W.C.)
5,0%
Capex
0,0%
2003 2004 2005 2006 2007
Operating Income and Assets by Segment -
2007
(US GAAP – US$ Millions) Sources Uses
E&P Downstrea Gas & Distri- Int’l
(Brazil) m (Brazil) Energy bution
Net Op. Inc. 14,072 2,785 (834) 446 (815)
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 77

78. Shareholder Remuneration
14.000 50%
12.000 45%
40%
10.000
34% 35%
8.000
30% 30% 29%
29% 30%
6.000
25% 25%
4.000
20%
2.000 15%
- 10%
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 29 to 30%.
78

79. Total Shareholder Return versus the oil industry
140% Total Shareholder's Return 131,4%
7.6%
120% 111,5%
15.8%
100%
85,2%
80% 6.0%
123.8%
79.2% 50,5%
60% 95.7%
43,6%
6.0%
40% 7.5% 44.5%
39.5%
31.5% 34.1%
20% 30.2%
36.1% 22.8%
0%
2003 2004 2005 2006 2007
Shares increase Dividends Amex Oil Ind ex (*)
Source: Bloomberg * includes dividends for comparison purposes
PBR’s yield surpassed Amex Oil in the last 5 years
79

80. Capital Structure and Credit Metrics
(US$ MM)
2007 2006 2005
Cash and Cash Equivalents 9,871 12,688 6,987
Total Debt 21,895 21,338 21,177
Net Debt 14,908 8,650 11,306
Shareholders Equity 65,179 44,299 32,917
Net Income 13,138 12,826 10,344
EBITDA 25,333 22,923 17,638
Net Debt / Book Capital 18% 16% 26%
Net Debt/ Market Capital 6% 8% 15%
Net Debt / Boe Production (X) 15.4 10.3 13.9
Net Debt / Proved Reserves (X) 1.1 0.8 1.0
Reserves/Production (Years, SPE Criteria) 18.9 18.9 19.6
80

81. Cash Flow
Year ended December 31
2007 2006 2005
Cash Flow from Operating Activities
Net Income $ 13,138 $ 12,826 $ 10,344
Depreciation $ 5,544 $ 3,673 $ 2,926
Other (inc.W.C.) $ 3,982 $ 4,578 $ 1,845
CFFO $ 22,664 $ 21,077 $ 15,115
Net Cash used in Investing Activities
Capex and other $ (20,768) $ (14,470) $ (10,376)
Acquisitions $ (1,551) $ (416) $ -
Puchase Marketable Seceurities $ (1,707) $ 205 $ 169
Total Investments $ (24,026) $ (14,681) $ (10,207)
Cash Flow From Financing Activities
Amortizations $ (6,670) $ (4,167) $ (2,652)
Additions to Debt $ 4,542 $ 2,957 $ 2,131
Dividends and other $ (3,860) $ (3,144) $ (2,104)
Net from Financing $ (5,988) $ (4,354) $ (2,625)
Increase (decrease) in cash and cash equivalents $ (7,350) $ 2,042 $ 2,283
Effect of exchange rate changes on cash and cash equivalents $ 1,649 $ 775 $ 732
81

82. Investment final considerations
Operational Strengths Financial Strengths
World class energy company, Investment grade ratings
dominant in a market with (Baa1/BBB-) from Moody’s and
diverse and abundant S&P
opportunities SEC registrant; quarterly US
Long term record of increasing GAAP disclosure, SOX compliant
reserve base Publicly-traded entity; NYSE
Superior production growth listed
leading to net exports Diversified and stable funding
Growing refinery complexity sources
improving margins Growth plan self-financing
International pricing Attractive relative value versus
environment Republic of Brazil and other high
grade energy issuers
82

83. Petrobras at a Glance - Results and Perspectives
Thank You
For more information, visit our website:
http://www.petrobras.com.br/ri/english
83