1. PETROBRAS
A NEW ROLE IN THE GAME
Mr. José Sergio Gabrielli – CEO
October 26th, 2009
October, 2009
1

2. DISCLAIMER
The presentation may contain forecasts CAUTIONARY STATEMENT
about future events. Such forecasts merely FOR US INVESTORS
reflect the expectations of the Company's
management. Such terms as "anticipate", The United States Securities and Exchange
"believe", "expect", "forecast", "intend", Commission permits oil and gas companies,
"plan", "project", "seek", "should", along with in their filings with the SEC, to disclose only
similar or analogous expressions, are used proved reserves that a company has
to identify such forecasts. These predictions demonstrated by actual production or
evidently involve risks and uncertainties,
whether foreseen or not by the Company. conclusive formation tests to be
Therefore, the future results of operations economically and legally producible under
may differ from current expectations, and existing economic and operating conditions.
readers must not base their expectations We use certain terms in this
exclusively on the information presented presentation, such as oil and gas
herein. The Company is not obliged to resources, that the SEC’s guidelines
update the presentation/such forecasts strictly prohibit us from including in
in light of new information or future filings with the SEC.
developments.
2

3. COMPETITIVE POSITIONING AMONG PEERS
Market Value as of October 12, 2009
337.0
199.6
(US$ bn)
176.0 164.5 147.7 141.6 CAPEX 1H09 vs. 1H08
102.5
76.2 75.9 20%
18%
XOM PBR RDS BP CVX TOT ENI COP STL 11%
Source: Bloomberg 3%
STL XOM RDS ENI COP BP
PBR BG CVX -1% -1%
Oil and Gas production 1H09 vs. 1H08 TOT
-6%
6%
5% -12%
4% 4% -17%
2%
1%
ENI XOM RDS TOT
PBR COP CVX BP STL BG
-1% -37%
-2% Source: Company reports and web site
-4%
Source: Company reports and web site -6%
3

4. HIGH EQUITY TURNOVER AND DIVERSIFIED
SHAREHOLDER BASE
Shareholder Base Turnover NYSE & Bovespa
(Daily Average Turnover)
(% category and US$MM)
9,5% Foreign
20,3%
10,9% 26,4%
31,2% 29,5% 37,4% Turnover 2009YTD/2005 = 512%
46,4%
10,3% 219 483 992 1,930 1,344
18,0%
9,9%
8,0% 7,9% Bovespa
25,1% 30,6% 43% 43%
Nyse
23,1% 22,7% 47% 50%
20,7% 53% PBR
PBR/A
61,6% 25% 21%
20%
53,6% 20%
19%
44,4% 40,6% 39,9% 6%
Boves
40,1% 6% 5% 5%
5% pa
31% PETR3
25% 27% 26% 22% PETR4
Oct/1992 Jul/2000 After Aug/00 After Jul/01 Dec/2003 Dec/08 2005 2006 2007 2008 2009 YTD
offering offering
Government (1) Bovespa Foreign PETR3 (Bovespa) PETR4 (Bovespa)
PBR/A (Nyse) PBR (Nyse)
Bovespa Brazil ADRs
4 (1) Includes BNDES / BNDESPAR

5. BUSINESS PLAN 2009-2013
2,270 3,012
OIL AND GAS PRODUCTION REFINING CAPACITY
5,729
(Thousand boe/d) Premium I
7.5% a.a. 223
(Thousand bpd)) 600 Th. bpd
.
6% a.a 409 2010: 43 TH. BPD and
Premium II
3,655 1,177 2011: 255 TH. BPD 300 Th. bpd
2,757 131
1,779 1,791 2012: 150 TH. BPD
2,308 2,400 210
103 634
109 100 142 8.8% a.a.
126 124 463
273 321 3,920
2,680
1,792 1,855 2,050
2007 2008 2009 2013 2020
O il P roduction - B razil G as R poduction - B razil
O il P roduction - International G as P roduction - International
2008 2009 2010 2011 2012 2013 2020
GAS & ENERGY CAPEX - US$174.4 Billions
1st investment cycle (up to 2010) 2% 2% 2% E&P
3%
+ 2, 332 km pipelines 5.6 RTC
7% 3.0
+ 19 new power plants 11.8 2.8 G&E
+ 1,236 MW 3.2
+ LNG Terminal - Baía de Guanabara Petrochemicals
Distribution
43,4 104.6 (*)
2nd investment cycle (2011 on ) 25% 59% Biofuels
+ 307 km pipelines Corporate
+ new compressor stations
(*) US$ 17.0 billion allocated to
+ 2 LNG terminals (Regas-Flex Terminal)
Exploration
+ Natural Gas plants
5

6. CURRENT INTERNATIONAL PRESENCE
Exploration & Production Energy
Refining Gas sector activities
Distribution Representative office
Commercialization Cooperation agreement
Operations in Expanding activities in America,
27 countries Europe, Africa and Asia. Petrochemicals Head office
JAPAN - Nansei Sekiyu refinery in Okinawa: Capacity to process
100 thousand bpd, storage for 9.6 million barrels of oil products
and provide logistical support for the distribution of Petrobras
products to the Asian market
6

7. PRE SALT REGION:
A PROMISING FUTURE
The big blue area represents the expected
Pre-salt location, with great potential for oil
presence
Currently, Campos basin is responsible for 87% of
the Companies' total production, however, when
comparing with Santos basin region one may see
how promising the region is.
7

8. ENHANCING RESERVES
Santos Pre-Salt announced recoverable volumes, can
almost double Brazilian reserves.
mi boe ~ 25-30 bn boe
30,000
25,000
20,000
15,000
Higher estimates
+5,400
10,000
5,000
14,093 Lower estimates
10,600
0
2008 Proven Santos and Campos Basins Proven Reserves* +
Reserves* Pre-Salt Santos and Campos Basins
(Tupi, Iara, Guará and Whale’s Pre-Salt
Park)** (Tupi, Iara, Guará and Whale’s Park)**
*SPE Criteria
** include Petrobras and Partners
8

9. PURSUING NEW PROJECTS WHILE MAXIMIZING
PRODUCTION FROM EXISTING ASSETS
Petrobras Total Production (x 1000 boe/d) 5,729
223
7.5% p.y. 409
1.177
3,655
5.6% p.y. 8.8% p.y. 131
2,758 210
634
2,400 103
2,217 2,297 2,301
142
1,810 2,037 2,020 101 110 100
1,635 96 124 463
22 85 94 142 126
24 163 321
35 161 168 277 273 3.920
44 274
252 251 265
232 2.680
1.855 2.050*
1.684 1.778 1.792
1.500 1.540
1.493
1.335
2001 2002 2003 2004 2005 2006 2007 2008 2009 ..... 2013 ..... 2020
Oil production - Brazil Gas production - Brazil Oil production - International Gas production - International
* Consider +- 2,5%
9

10. IMPRESSIVE RECORD OF
ACCELERATING DEVELOPMENT
2.000.000
1.800.00
1.600.00
Production (bpd)
1.200.00
1.000.00
800.00
400.00
0
1 3 5 7 9 11 13 15 17 19 21 23 25 27 29 31 33 35 37 39 41 43 45 47 49 51 53 55
Numbers of Years
Production since founding Discovery of Garoupa in Discovery of giant fields in Campos Discovery of the Pre-Salt,
of Petrobras (1954) the Campos basin (1954) basin including Albacora/Marlim since Parati (2006)
10

11. DEVELOPMENT STRATEGY
Scenario for the Pre-Salt
Several blocks Operational Similar geological
acquired at the Partnerships characteristics
same period
… Operational
Partnerships
Challenging Water
depth, shore
distance, salt layer,
After massive exploratory efforts led to huge discoveries …
Major High Investment Impact on several
Technological Need areas of Petrobras
Challenges
PLANSAL
Santos Basin Pre-Salt Development Master Plan
11

12. COMMERCIAL CHALLENGES
• Take advantage of possible synergies
and scale to pursue cost reduction
• Local content – current successful
examples:
• Supply vessel construction
• Subsea equipment
• Tubulars
• Motors, Valves etc
• Repeatability and scale
• Hull “Factory”
• Batch contracts for process modules
• Standardization program for well and
subsea hardware (trees, lines, …)
• FPSO “Flex”
12

13. USING CONTRACTS AND LEASES TO SECURE
NEEDED DRILLING ASSETS AND FPSOS
Water Depth 2008 2009 2010 2011 2012 2013 - 2018
0-999m 11 1
1000-
18 2
1999m
≥ 2000m 5 5 9 6 + 28 to be leased
Total per 34 7 9* 7 9 28**
year
Rigs Available in
7 17 6
the market > 2400m
30 RIGS CONTRACTED PLUS 28 TO BE LEASED UP TO 2018, MAKING A TOTAL OF 58
DRILLING RIGS:
23 being delivered between 2009 and 2011
9 will be chartered via international bidding, being delivered in 2012 – Meeting Petrobras’ short-term
needs, while the national industry prepares itself for additional orders.
28 will be built in Brazil, being delivered between 2013 and 2018
FIRST 2 FPSOS TO BE CHARTERED (2013-2014): Oil Production: 120,000 bpd, Gas Compression: 5
M m³/d
ADDITIONAL 8 FPSOS (2015-2016):Construction of the hulls at the Rio Grande Shipyard, all identical
units, manufactured in series
* 2 rigs will be dismissed in 2013 13
13 **30 rigs contracted plus 28 to be leased up to 2018, making a total of 58 new drilling rigs

14. NEW EQUIPMENT TO BE CONTRACTED
Items Un. TOTAL Items Un. TOTAL
Wet Christmas Tree un 500 Pumps un 8.000
Well Head un 500 Compressors un 700
Flexible Lines km 4.000 Winch un 450
Manifolds un 30 Crane un 200
Producing pipes t 42.000 Engines un 1.000
Umbilical km 2.200 Turbines un 350
Dry Christmas Tree un 1.700 Structure Steal (Hull) t 240.000
Onshore well head un 1.700 Structure Steal (Platforms Hull) t 700.000
Itens Un. TOTAL Itens Un. TOTAL
Reactors un 280 Power Generators un 500
Oil and water splitter un 50 Filters un 300
Storage Tankers un 1.800 Flares un 30
Turrets un 550
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15. TECHNOLOGICAL INNOVATION FOR THE NEXT
DECADES
PETROBRAS RESEARCH CENTER
Partnership with over 120 universities and research
centers in Brazil, and 70 Institutions abroad.
Investments in Technology Technological programs
2009-2013
US$ 4.0 billion
25%
1.0 Basin
Deep and
Heavy
Frontier Ultra-deep Enhanced
Modeling Oil Pre-salt Refining
47% Areas Waters Oil
1.9 Recovery
5% 0.2
0.9
23%
Optimization Bio Fuels
E&P Downstream Fuel Natural Gas Climate PRO-CO²
& Transportation Environment
Innovation Changes
Reliability
G&E Corp. (Cenpes)
15

16. MANAGING RESERVOIR UNCERTAINTIES
Reservoir Quality Predictability
- best EOR method
Subsea Layout
Production System Integrity
Flexible FPSOs’ Topsides
CO2 Processing & Handling
Flow Assurance
16

17. Santos Pre-Salt Cluster Vs. Campos
ACCELERATED PROJECT DEVELOPMENT Basin
PRE SALT RESERVE DEVELOPMENT
USING FAST TRACK PROJECTS -
EXPECTED RESULTS: Anticipation of revenues
• Revenue Anticipation; Possible optimized
• Possible optimized recovery using recovery
alternate water and CO2 injection;
• Capex Optimization
• Time to first oil reduction
Year 0
Year 2
Year 4
Year 6
Year 8
Year 10
Year 12
Year 14
Year 16
Year 18
Year 20
Year 22
Year 24
Year 26
Year 28
Year 30
Year 32
Year 34
Fast Track Project Standard Project
17

18. PETROBRAS: GLOBAL PRESENCE IN THE
BIOFUEL SEGMENT
BIOFUELS CAPEX 2009-2013
US$ 2.8 BILLION
16%
Ethanol
Biodiesel
84%
Ethanol Exports
(thousand m³) Brazilian Biodiesel Market and
4,5 (thousand m³)
Petrobras Production Target*
4 2700
3,5
40.6% p.y. 2200
3 17.9% p.y.
2,5 1700
2114
2 4,225
1,5
1200
1 971
700
0,5 1,081
401 Petrobras 535
0 200 Market-share (20%)
(29%)
2009 2013
-300 2009 2013
18 * Base case: Demand B5 in 2013

19. ETHANOL: ANOTHER GOOD OPPORTUNITY
TO BECAME A GLOBAL PLAYER
North and Europe CURRENT MARKET DISTRIBUTION OF WORLD CONSUMPTION
Central America
37% Brazil 9.8% Ethanol global market is 46.5 Billions Liters
Ethanol as a Fuel is 30.6 Billions Liters, or 67% of total ethanol
35% production
TODAY the ethanol consumption is 2,6% of gasoline MK
South increasing ethanol to 10% of gasoline will represent 118 Billions Lt
America Asia
38% 16.2% TOMORROW Potential ethanol production would grow by more
than 100% based on Lignocelluloses Biomass technology
SUGARCANE ETHANOL PROVIDES THE LOWER AND
BRAZIL: LEADER IN ETHANOL EFFICIENT PRODUCTION BEST PAYBACK TIME RATIO FOR CARBON EMISSION
420
ENERGY
RAW MATERIAL OUTPUT/ENERGY 320
INPUT Payback Time (Yrs)
Wheat 1.2
Corn 1.3 – 1.8
Sugar Beet 1.9 86 93
Sugar Cane (under 37 17
Brazilian Production 8.3
BR Amazon BR Cerrado to Indonesian US Central
Condictions) to Soy
BR Cerrado to Indonesian
Peatland Tropical Grassland to
Soy Biodiesel Sugarcane Lowland Tropical
Biodiesel Rainforest to Palm Corn Etanol
Ethanol Rainforest to Palm
Oil Biodiesel
Oil Biodiesel
19
19

20. FUEL ETHANOL USE AROUND THE WORLD
Ethanol blending – Existing programmes Programmes under implementation
No ethanol blending
20 Source: IFQC, 2007

21. COMPETITIVE BRAZILIAN ETHANOL
Production Costs
US $ / B a rre l
15 4
US $ / B a rrel
US $ / B a rre l US$ / B arre l US$ / B arre l
75
51 46 32
EU (cereals) USA (Corn) Australia (Sugar Thailand (Sugar Brazil (Sugar Cane)
Cane) Cane)
Sorce: DATAGRO (in “New trends to the ethanol supply chain in brazil”, Simoes, R.B., Master Thesis, University Van
Tilburg, holanda, jul-2006)
Brazilian ethanol: growing expectation 64
60 2,5
56 2,6
52 2,5 7,7
8,3
47 2,5 7,1
43 2,5 6,6
38 2,5 6,1
29 33 2,4 4,9
billion liters
25 1,8 3,9
1,0 4,1 53,2
1,1 4,2 46,1 49,6
4,2 38,7 42,5
31,3 34,9
24 27,6
20,3
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
Sorce:MME (10 Years Energiy Plan – PDE 2006 – 2017 ver.2) Fuel in domestic Market Export Other Uses
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22. PETROBRAS: FIRST SERVICE STATION
WITH ETHANOL IN JAPAN
Initiated operation on 1st of september
2009;
Located in Kawasaki;
E3 Fuel Commercialization.
Initial instalation in two pumps;
Expectation of 100 m3/month;
Target 2010 (march): 10 service stations
and 1,000 m3/month.
22

23. For more information:
Investor Relations
www.petrobras.com.br/ri
+55 21 3224-1510
petroinvest@petrobras.com.br
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