Petrobras presented its strategic plan and 4Q05 results. Key points include: 1) Investment plan of $56.4 billion from 2006-2010 to increase oil and gas production and expand downstream operations. 2) Domestic oil production is expected to grow 6.4% annually to reach 2.3 million bpd by 2010. 3) Natural gas sales in Brazil are projected to increase to 59 million cubic meters/day by 2010.

1. UBS Brazil 2006 – Seventh Annual CEO
Conference – Grand Hyatt – São Paulo
Strategic Plan & 4Q05 Results
Almir Barbassa – CFO and Investor Relations Officer
March, 2006

2. Petrobras 2015
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. Macroeconomic Assumptions Petrobras 2015
Indexes 2006-2010
GDP – World (% pa) – PPP(*) 4.2
GDP – Latin America (% pa) – PPP 3.7
GDP – Brazil (% pa) 4.0
FX rate (R$/US$) 3.0
Robustness Brent (US$/bbl) 19.00
2006 – 45.00
Brent for funding (US$/bbl) 2007 – 30.00
2008~2010 – 25.00
Linked to prices in the international
Oil Products Prices market, without changes in the
relative prices
(*) PPP – purchase power parity
3

4. Petrobras 2015
Financing the Investment Plan from 2006 - 2010
Sources and Uses
(US$ 71.1 billion) (US$ 71.1 billion)
(**)
12.2 14.7
(*)
58.9 56.4
Financing
2004-2010 Debt Amortization
2004-2010
Cash Flow Investment
(*) US$ 58.9 billions – Cash flow net of dividends
(**) Net of leasing and chartering amortization from 2006 to 2010 in the amount of US$ 2.3 billion
4

5. Investment Plan Petrobras 2015
Period: 2006-10
Investment: US$ 56.4 billion
Distribution by Business Segment Distribution by Area
60% 87%
34,1
34.1
49.3
1,1 11,4
11.4
1,0
1.1
2,1 6,7
2% 1.0 6.7
2.1 7.1
2% 20%
4% 13%
1,1 11,4
12% 1,0
E&P Downstream G&E Brazil International
Petrochemical Distribution Corporate
Note: Includes International
• US$ 56.4 billion for 2006-2010, representing US$ 11.3 billion average annual investment,
maintaining emphasis in E&P and Downstream projects;
• US$ 9.9 billion average annual investment in Brazil and US$ 1.4 billion abroad. 5

6. Oil Production Development and Targets Petrobras 2015
2.500 2,300
2.000 1,684
Thousand bpd
1.500
1.000
3
d
p
b
0
1
500
-
1977 1978 1979 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2005 2005 2006 2010
Year
ONSHORE OFFSHORE <= 300m OFFSHORE > 300m TARGET 7
6
4
3
G
6

7. Petrobras 2015
Domestic Proven Reserve Development
7

8. Corporate Targets Petrobras 2015
Total production - Oil, NGL, Natural Gas
. 3,405
% p. y
9 .0 206
2,217 339
Thousand boed
2,036 2,020
1,636 1,810 56 0
85 96
23 94
16 3
25 35 16 1 16 8
43 265 2 74
2 52 2 50
232
2 ,3 0 0
1, 50 0 1,54 0 1, 4 9 3 1,6 8 4
1, 3 3 6
2001 2002 2003 2004 2005 2 0 10 T ar g et
Oi l and N G L - B r az i l N at ur al Gas - B r az il
Oi l and N G L - I nt er naci o nal N at ur al Gas - I nt er naci o nal
• As of 2006, light oil production from new projects will surpass 150 thous. bpd;
• Crude oil exports of 522 thous. bpd. 8

9. Petrobras 2015
E&P Brazil
• Domestic production will grow at an average of 6.4% per year
Roncador
Roncador
Albacora Leste
Albacora Leste Golfinho P-55
P-55
Golfinho
2,400 P-50
P-50 Mod. 2 Frade 180,000 bpd
180,000 bpd
Mod. 2 Frade
180,000 bpd
180,000 bpd 100,000 bpd 100,000 bpd 2010
2010
100,000 bpd 100,000 bpd
April 2006
April 2006 2007 2009
2007 2009
Thousand boed
Roncador
Roncador 2,300
2,200 Jubarte P-52
P-52
Jubarte 2,200 Jubarte
Jubarte
Phase 1 180,000 bpd
180,000 bpd
Phase 1 Phase 2
Phase 2
P-34 2007
2007
P-34 P-57
60,000 bpd
60,000 bpd
2,100 P-57
180,000 bpd
180,000 bpd
2,000 July 06
July 06
2,000 Marlim Leste
Marlim Leste
2010
2010
P-53
P-53
Golfinho
Golfinho
RJS-409 180,000 bpd
180,000 bpd
RJS-409 FPSO Mod. 3
FPSO Mod. 3
1,910 Espadarte
Espadarte
2008
2008
1,800 100,000 bpd
100,000 bpd
Piranema
Piranema 100,000 bpd
100,000 bpd 2010
2010
20,000 bpd
20,000 bpd 2007
2007
2006
2006 Marlim Sul Albacora
Marlim Sul Albacora
Extension
1,600 1,684 Golfinho
Golfinho Roncador
Roncador
Module 2
Module 2 Extension
100,000 bpd
Mod. 1 P-54 P-51
P-51 100,000 bpd
Mod. 1 P-54
180,000 bpd
180,000 bpd 2010
2010
100,000 bpd
100,000 bpd 180,000 bpd
180,000 bpd
2006 2007 2008
2008
2006 2007
1,400
2005A 2006 2007 2008 2009 2010
9

10. Petrobras 2015
Corporate Targets – Natural Gas in Brazil
80 Roncador
Frade BS-500
(P-54)
Urucu 2009 2010 69.6
70 Natural gas
2007
sales Golfinho Marlim Leste
2007 Mod 2 (P-53) 61.5
60 Golfinho Mod 1
2007 2008
54.3
2006 58.3 59.0
50 Manati
50.8 Roncador
NG non associated
NG associated
Barracuda (P-43) 2006 (P-55)
Caratinga (P-48) 2010
43.0
40 Mexilhão
2008 Jubarte Phase 2
Roncador (P-57)
31.4 2010 Golfinho
30 26.5
(P-52)
2007
RJS-409
Espadarte
(FPSO 3)
2010
2007 Marlim Sul Albacora
Piranema Mod 2 Extension
20 Peroá- Albacora
2006 Peroá-Cangoa (P-51)
2008
2010
Cangoa Phase 2
Leste Jubarte – 2007
(PPER)
10 (P-50) Pase 1
(P-34)
2006
0
2005 2006 2007 2008 2009 2010
By 2010 natural gas delivered by Petrobras will reach 59 MM m3/d; considering
all producers the amount will peak 70 MM m3/d approximately. 10

11. Petrobras 2015
Corporate Targets
Development of Natural Gas and Oil Production in the
Santos Basin
BSPólo BS- - 500 (RJ)
Pólo BS Pole (RJ)
- 500 500
Pólo Mexilhão (SP)
Mexilhão Pole (SP)
Pólo Mexilhão
Pólo Merluza (SP)
Merluza Pole
Pólo Merluza (SP)
Pólo Centro (SP, RJ)
Pólo Pole (SP, RJ)
CenterCentro (SP, RJ)
2 2
(Área de 352.000 km
(352.000 km Area from00ato 3000m)
de 3000m)
Pólo Sul (SP, PR, SC)
South Pole (SP, PR, SC)
Pólo Sul (SP, PR, SC)
• US$ 18 billion over the next 10 years to be invested by Petrobras and partners ;
• Increase of 12 million m3/day in the supply of gas as from the 2H/2008;
• By the end of 2010, this volume should have grown to 30 million m3/day;
• Reducing the country’s dependence on imported gas.
11

12. Petrobras 2015
Net exports of oil and oil products
Imports (thousand bpd) Exports (thousand bpd)
542 559 564 551
492 495
424 109 425 439 446
368 416 409 396 221
216 99 250
105 83 65 206 246
46 213
228
235
450
393 360 343
326 319 322 333 301
233 233 249
181 161
2002 2003 2004 1Q05 2Q05 3Q05 4Q05 2002 2003 2004 1Q05 2Q05 3Q05 4Q05
Oil Oil Products
Oil Oil Products
• 126 thous. bpd volume superavit in the 4Q05 and 58 thous. in the year;
12

13. Business Strategies Petrobras 2015
Liquids production flow: in 2010 international
sales will reach 861 thous. bpd
Thous. bpd
International Production Brazilian Production 68 Brazilian Oil Products
339 2.300 Consumption 2.060
522 1.710
Brazilian Throughput
1.869
Oil Oil Products (*)
159 191
Imports
339 + 522
350
International Sales
861
(*) Domestic Imports and Private Refineries
13

14. Business Strategies - Downstream Petrobras 2015
Domestic refining and sales
1,804 1,761 1,735 100
1,726 1,727 1,708 1,696
1,800 1,670 1,659 1,668
1,604 95
1,731
1,600 1,676 1,691 1,665 1,647 1,655
1,619 1,589 1,637
1,537 1,533 90
1,400
89 91 91
87 83 87 88 85
1,200 81 87 86
84 80
1,000
79 81
79 80 79
800 77 80 75
77 77 77
600 73 70
4Q03 1Q04 2Q04 3Q04 4Q04 1Q05 2Q05 3Q05 4Q05 2004 2005
Dom estic oil products production Oil products sales volume
Primary processed installed capacity - Brazil (%) Domestic crude as % of total
• High utilization factor (91%) in the second half of 2005 in the refineries resulted
in maintenance of the oil products production high level, diminishing the needs
for oil products imports.
• In 2005, the contribution of the National oil Production in the feedstock were 84
thousand bpd higher than in 2004.
14

15. International - Overview Petrobras 2015
United Kingdom.
New York
USA
Houston Turkey
Tokyo
Iran Beijing
Lybia
Mexico Trinidad & Saudi Arabia
Tobago Nigeria
Venezuela
Colombia
Equatorial Guinea Tanzania Singapore
Ecuador
BRAZIL Angola Mozambique
Peru
Bolivia Rio de
Janeiro
Uruguay
545
HEAD OFFICE Argentina
REPRESENTATIVE OFFICE (thous. boed) 206
REFINING
TRADING 262 259
EXPLORATION AND PRODUCTION 94 96
UNDER EVALUATION 339
168 163
2004 2005 Current 2010 BP
15
Oil and LGN

16. Petrobras 2015
Domestic oil and NGL production
∆ = 15%
Thous. bpd
1,730 1,725 1,736
1,543 ∆ = 1%
1,511
4Q04 1Q05 2Q05 3Q05 4Q05
• 14.9% increase compared with last year’s same quarter due to the start-up
of platforms P-43 in Barracuda and P-48 in Caratinga (dec/04 and feb/05,
respectively);
• In 2006 the following platforms are expected to start production:
• P-50: Albacora Leste (cap. 180,000 bpd)
• P-34: Jubarte (cap. 60,000 bpd)
• FPSO Capixaba: Golfinho (cap. 100,000 bpd)
• SSP-300: Piranema (cap. 20,000 bpd) 16

17. Petrobras 2015
Average Realization Price - ARP
100
3Q05 4Q05
ANNUAL AVERAGE (US$/bbl) 2005 2004
Average Average
80 A R P B ra zil 58.61 40.61
73.20 74.05
A R P E UA 65.36 46.35
B re nt A v e ra ge P ric e 54.15 38.08 61.54
60 68.9
60.26
56.9
40
20
Dec-03 Mar-04 Jun-04 Sep-04 Dec-04 Mar-05 Jun-05 Sep-05 Dec-05
ARP Brazil (US$/bbl) Brent Average Price ARP USA (w/ volumes sold in Brazil)
• Petrobras pricing policy reflected the international price movements, avoiding
short term volatility;
• After hurricane season, prices in USA returned to previous levels.
17

18. Petrobras 2015
Leverage
Petrobras’ Leverage Ratio
42% 43% R$ million 12/31/2005 12/31/2004
40%
37% Short-term debt
36% (1) 11,116 9,575
32%
Long-term debt
(1) 37,126 46,228
26%
24%
Total debt 48,242 55,803
20% 19% 19%
16% 17% 16% 16% 23%
(2)
Net debt 24,825 35,816
1Q04 2Q04 3Q04 4Q04 1Q05 2Q05 3Q05 4Q05
Net Debt / Net. Cap.
Short-Term Debt / Total Debt
• Reduction of the Net Debt compared to last year due to high cash generation
and reduction of total debt, in conjunction with real appreciation against the
dollar (12%).
(1) Includes debt contracted through leasing contracts of R$ 3.300 million on December 31, 2005, and R$ 4.021 million on
December 31, 2004.
(2) Total debt - cash and cash equivalents
18

19. Financial Results (BR GAAP) Petrobras 2015
Net Operating Revenues (R$ billion)
136,6
111,1
95,7
69,2
57,5
44,6
15,8 26,9
1998 1999 2000 2001 2002 2003 2004 2005
Net Income (R$ billion)
23,7
17,8 16,9
10,2 9,9
8,1
1,4 1,8
1998 1999 2000 2001 2002 2003 2004 2005
19

20. Petrobras 2015
Investments
R$ Million
2005 % 2004 % 2005/
2004
Exploration & Production 15,507 60 13,536 60 15%
Supply 3,348 13 3,777 17 -11%
Gas and Energy 2,674 10 1,058 5 153%
International 3,154 12 2,331 10 35%
Distribution 495 2 1,223 5 -60%
Corporate 532 3 624 3 -15%
Total Investments 25,710 100 22,549 100 14%
20

21. Exploration & Production – Investments Petrobras 2015
Total in 2005:
R$ 15,507 million
Exploration Projects
R$ 2,806 million (18%)
Management Improvements
R$ 1,311 million (8%)
Others
R$ 1,313 million (8%)
Production development
Development phase projects Production development
R$ 6,906 million (45%) Producing projects
R$ 898 million (6%)
Production development
Projects in Final Stages
R$ 2,273 million (15%)
Total Realizado em 2005: R$ 15.507 milhões
• Producing projects: Barracuda, Caratinga and Marlim
• Projects in Final Stages: Albacora Leste, Jubarte, Piranema, Manati, Peroá-Cangoá and
Golfinho
21

22. Petrobras 2015
Petrobras
Visit our website: www.petrobras.com.br/ri/english
For further information please contact:
Petróleo Brasileiro S.A – PETROBRAS
Investor Relations Department
E-mail: petroinvest@petrobras.com.br
Av. República do Chile, 65 – 22nd floor
20031-912 – Rio de Janeiro, RJ
(55-21) 3224-1510 / 3224-9947
22