Petrobras is a major Brazilian integrated energy company that is publicly traded on the NYSE and Bovespa. It has significant deepwater oil production capabilities and is pursuing growth through major investments in its pre-salt reservoirs. Petrobras maintains high reserve replacement rates through its exploration and production activities in Brazil while diversifying its shareholder base internationally. The company is directing substantial capital expenditures towards expanding its production and reserves over the next 5 years.

1. PETROBRAS
Pre-Salt Reservoir
Theodore M. Helms
Investors Relations Executive Manager
January, 2010
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,
conclusive formation tests to be
whether foreseen or not by the Company.
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. PETROBRAS: AN INVESTMENT GRADE, PUBLICLY
TRADED, MAJOR INTERNATIONAL OIL COMPANY
Incorporated in 1953 as government Government maintains controlling
monopoly for all hydrocarbon activities interest with 55% of voting shares
in Brazil
Originally established as a refinery of Market cap of approximately US$ 200
imported crude oil billion as of December 31st, 2009
Became net exporter in 2006
Foreign currency ratings from Moody’s
60% of total equity capital (common and (Baa1), Standard & Poors (BBB-), and
preferred) is now publicly traded Fitch (BBB).
Crossed the Brazil Self 2MM bpd, A New E&P
Brazilian First Public Petrobras Full Upgraded to
Investment $100 billion Sufficient in $200MM market Regulatory
Constitution Auction of Oil NYSE Listing Deregulation
Grade Issuer dollar Market Oil cap, Discovery Framework.
Amended Exploration of new oil Pre-Salt and
Areas Cap mark
frontier: Pre Strategic
Salt (Tupi field) Areas
Nov 1995 June 1999 Aug 2000 Jan 2002 Oct 2005 2006 Apr 2006 2007 Aug 2009
3

4. PETROBRAS IS THE MOST LIQUID STOCK IN VALUE
TRADED ON BOTH THE BOVESPA AND NYSE
Turnover NYSE & Bovespa
(Daily Average Turnover)
Turnover 2009YTD/2005 = 512%
(US$ MM) (% category and US$MM)
2000 1,930
1800 100%
90%
1600
80%
1400 1,344 43% 47% 43%
50% 53%
70%
1200 Nyse
PB R
992 60%
PBR/A
1000
Nys e 50%
PBR 20%
800 25% 21%
PBR/A 40% 20%
19%
600 6%
483 30%
6% 5% 5%
5% Bovespa
400 20%
219 B ove spa
PETR3 31%
PETR3
25% 27% 26% PETR4
200 PETR4 10% 22%
0 0%
2005 2006 2007 2008 2009 YTD 2005 2006 2007 2008 2009 YTD
PETR4 (Bovespa) PETR3 (Bovespa) PBR/A (Nyse) PBR ( Nyse)
Turnover of PBR 3 times the volume of PBRA on the NYSE
Turnover of PN 5 times the volume of the ON
Probable explanation: Cultural. Brazilians familiar with PN´s and would not pay premium for ON´s
4

5. DIVERSIFIED SHAREHOLDER BASE
60% of the economic v alue of Petrobras in private hands, but Government maintains control with 55% of
voting shares
More than 1,00,000 investors in Brazil and abroad
9,5% 20,3% Foreign
10,9% 26,4% 31,2% 29,8% 38.9%
46,4% 10,3%
18,0% 9,9% 8,0% 9,1% Bovespa
25,1% 30.4%
23,1% 20,7% 21,3%
53,6% 61,6%
44,4% 40,6% 40,1% 39,8%
Oct/1992 Jul/2000 After Aug/00 offering After Jul/01 offering Dec/2003 Nov /2009
Gov ernment (1) Bov espa Brazil Bov espa Foreign ADRs
Free Float
46.4 38.4 55.6 59.4 59.9 60.2
(1) Includes BNDES / BNDESPAR
5

6. CORPORATE ORGANIZATION AND KEY
OPERATING RESULTS
Exploration & Downstream Gas &
Production Distribution Energy International Biofuels
(Supply)
Petrochemicals
Income from Operations
Summary Financials
(US$ billion- USGAAP) G&E Distribution
2007 2008 9M09 2.5% 3.7%
Net Revenues 87.7 118.3 65.7
EBITDA 25.6 31.3 20.8 Domestic
Downstream 44.2%
Net Income 13.1 18.9 10.4 49.6% E&P
Capex 21.0 29.9 24.3
Total Debt(1) 21.9 27.4 50.1
Cash & Cash Equivalents 7.0 6.5 16.6
Net Debt 14.9 20.9 33.5
Total Equity 65.2 61.9 89.9
Total Assets 129.7 125.7 189.0
(1) Includes capital leases
6

7. A WORLD-CLASS, PUBLIC, INTEGRATED
ENERGY COMPANY
2008 Oil & Gas Production
3.9 3.8
Gas Production boe/d
3.2
Oil Production boe/d
2.5
(mmboe/d)
2.4 2.4
2.3
1.8
83%
(oil) 0.6
XOM BP RDS CV X PBR COP Total ENI BG
Source: Evalua te Energy and Company reports
5,675 2008 Refining Capacity Market Value as of December 31st, 2009
3 2 4
3,905
(mcb/d)
3,119 2,917
(US$ bn)
2,600 19 9 18 1
2,223 18 1
2,083 15 4 15 0
10 1 8 0
828 7 6
299
XOM RDS BP COP TOT PBR CVX ENI STL X OM P BR RDS BP CV X T OT ENI ST L COP
Source: PFC Energy WRMS
(barrels per calendar day, considering company % shareholding and including JVs) Source: Bloomberg
7 Note: Peer companies selected above have a majority of capital traded in the public markets.

8. DOMESTIC E&P PROFILE
2008 Production 2008 Proven Reserves (SPE)
15% 9% 10%
14% 13%
23%
58% 58%
2,176 thousand boed 14.09 billion boe
Onshore Shallow water (0-300m) Deep water (300-1500m) Ultra-deep water (> 1500m)
8 Source: Petrobras

9. COMPETITIVE ADVANTAGE IN
THE DEEPWATER
Petrobras operates 22% of global deepwater
production and 18% of all operating vessels
2008 Gross Global Operated FPS Operators
Deepwater Production All Contracted Vessels (252 Vessels Total)
REL HES
MUR HES REL
MUR
1% 1%
2% 1% 0 20 40 60 80 100 120
2% 1%
BG Petrobras 45
APC 4% PBR Shell 15
5% 22% StatoilHydro 15
CVX
ExxonMobil 13
6%
BP 12
APC
TOT6% Chevron 12
8% Anadarko 10
XOM
14% Total 9
CNOOC 8
BP
9% ConocoPhillips 8
XOM ENI/Agip 5
STL RDS Others 100
14% 14%
FPSO Semi Spar TLP Other
Source: (1) PFC Energy | Note: Estimated v olumes abov e ref lect what operators are resp onsible f or producin g, not what they keep on a net working
9 interest or entitlement basis. Minimum water d epth is 300 meters; twelv e operators abov e account f or 94% of global deep water pr oductio n in 2008.
(2) Copy right © 2008 ODS-Petro data, Inc.

10. CONSISTENTLY DELIVERING RESERVES
GROWTH
Maintained a ~120% reserve
Targeting a reserves to
replacement rate in 2008. Over the
production life of 15 years
past decade, reserve replacement
has principally been driven by
internal additions in Brazil
13.75 13.92 14.09
13.02 13.23 0,92
0,88
0,88 1,23
Production Production Production Production
(0.67 bn boe) (0.70 bn boe) (0.70 bn boe) (0.75 bn boe)
Reserves Reserves Reserves Reserves
Replacement Replacement 12,52 Replacement 13,04 Replacement 13,17
12,35
Index Index Index Index
(131%) (174%) (124%) (123%)
2004 2005 2006 2007 2008
10 * According to SPE (Society of Petroleum Engineers) criteria

11. 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 94 163 142 126
24 35 277 273 321
161 168 274 3.920
44 251
252 265
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%
11

12. INCREASING INVESTMENTS WITH CAREFULLY
CRAFTED SPENDING PROGRAM
Business Plan 2009-2013
PN 2009-13 | Brazil/International
2% 2% 2%
3% US$ 174.4 billion 9%
7% 5.6 3.0 E&P
16.2 US$ 174.4 billion
11.8 2.8
RTC
3.2 Brazil
G&E
International
Petrochemicals
158.2
43.4 104.6 (*) Distribution
25% 59%
Biofuels
91%
Corporate
(*) US$ 17.0 billion allocated to Exploration
Business Plan 2008-12
2% 1% 2%
4% US$ 112.4 billion
6% 4.3 2.6
• Petrobras strategy gives first priority to 6.7 1.5
E&P
2.5 RTC
meeting production targets G&E
Petrochemicals
• E&P accounts for 76% of new project 26% 29.6 65.1
Distribution
59%
spending (US$ 28.9 bn for pre-salt) Biofuels
Corporate
12

13. GROWING CASH FLOW DRIVES CAPEX
SOURCES
3 5 ,0 0 0 34,213
3 0 ,0 0 0 5 ,9 9 3
27,886
2 5 ,0 0 0 5,2 2 2
17,825
US$ million
2 0 ,0 0 0
15 ,0 0 0
12,311
2 8,22 0
2 1, 0 7 7 2 2,66 4
10 ,0 0 0 9,528
1, 3 73 15 ,115
5 ,0 0 0 8 , 155
0
- 2,80 4 - 3 ,2 52
- 5 ,0 0 0 2 004 20 05 20 06 20 07 20 08
OC F N et D ebt
USES
34,621
35.00 0
26,179 4 . 74 7
30.00 0
1. 5 51
U S $ m illion
25.00 0 18,030
3 .8 60
20.00 0 12,480 4 16
10,246
15.00 0 3 . 14 4 2 9 .8 7 4
511 2 . 10 4 2 0.768
10.00 0
1. 7 8 5 14 .4 7 0
5.00 0 7 .9 10 10 . 3 7 6
0
2004 2005 2006 2007 2008
C A P EX D i v i de nd s A c qui si t i o n
13

14. SOUTH EAST BASIN IMMENSE IN SIZE STILL UNDER
EXPLORING AND DEVELOPING
USA
14 t

15. PRE-SALT ACREAGE ENHANCING RESERVES
Santos Pre-Salt announced recoverable volumes including the
transfer of rights, can more than double Brazilian reserves.
million boe ~ 30-35 bn boe
35,000
+5,000
30,000
Higher estimates
25,000 +5,400
20,000 Lower estimates
10,600
15,000
10,000
5,000
14,093
0
2008 Proven Santos and Campos Basins Transfer of Proven Reserves*
Reserves* Pre-Salt Rights with +
(Tupi, Iara, Guará and Whale’s Santos and Campos Basins
Compensation Pre-Salt
Park)**
(Tupi, Iara, Guará and Whale’s Park)**
*SPE Criteria +
Transfer of Right
** include Petrobras and Partners
15

16. PRE-SALT ACCOMPLISHMENTS TIMELINE
2008 Phase 0 2013 Phase 1A 2017 Phase 1B 2020
…
Phase 1A - Projects
Phase 0:Information gathering
Phase 1a: 1st phase of definitive development, use of
Appraisal wells, Small scale production consolidated or rapidly-consolidating technologies to
(EWTs) achieve production targets, generate cash-flow to
support Phase 1b
First 2 FPSOs to be chartered (2013-2014)
• Oil Production: 120,000 bpd
Phase 1B - Projects • Gas Compression: 5 M m³/d
• 2nd phase of definitive development Additional 8 FPSOs (2015-2016)
• Construction of the hulls at the Rio Grande
• Significant production increase Shipyard
• All identical units, manufactured in series
• Innovation acceleration • Process plant under study:
• Massive use of new technologies specially − Oil Production: 150,000 bpd
tailored for Pre-Salt conditions − Gas Compression: 5.5 M m³/d
− Water-Alternating-Gas injection capability
16

17. PRE-SALT OIL PRODUCTION
Petrobras Pre-salt Oil Production (000 b/d)
1,815
1,336 632
582 463
219 160 1.183
62 873
152 422
2013 2015 2017 2020
Pre-Salt Petrobras Pre-Salt Partners
Pre-salt Capex Through 2020
2009-2013 2009-2020
Petrobras Total Pre-salt Capex (Production Development) 28.9 111.4
Santos Basin Pre-salt 18.4 98.8
Espírito Santo Pre-salt (includes post-salt fields) 10.3 12.6
17

18. APPLYING DEEPWATER TECHNOLOGY AND
PROMISING NEW FRONTIER
GOM wells are a continuation of our process of
developing deepwater production in offshore Brazil
1977
Enchova
410ft
1988
Marimbá
1610ft
TUPI
WATER DEPTH = 7,125 ft 1994
TOTAL DRILLING DEPTH = 17,431 ft Marlin
3,370ft
TIBER 2009
WATER DEPTH = 4,134 ft Tiber 1997
TOTAL DEPTH = 35,055 ft 4,134 ft Marlin Sul
5,600ft
2003
Roncador
6,180 ft 2009 2010
Tupi Cascade
DRILLING MILES BY WATER DEEPTH 7,125 ft Chinok
8,250ft
18

19. DOMINANT POSITION IN A LARGE AND
GROWING EMERGING MARKET
2008 Total Oil Consumption by Country (mmbo/d)
19.4
10
9
8.0
8
7
6
Brazil is world’s
5
4.8
seventh-largest oil
4
2.9
consumer.
2.8
3 2.5 2.4 2.3 2.3 2.2 2.0 1.9 1.7 1 .7 1.7
2
1
-
S. Kore a
C hina
India
Russia
Canada
Italy
US
Ge rmany
Saud i
Brazil
Jap an
Me xico
Iran
Fran ce
UK
Total Oil Consumption mb/d (index)
125 Brazil US OECD Wor ld
120
Brazil oil consumption 115
growing at 1.99% p.a;
110
OECD oil consumption
105
growing at 0.17% p.a.
100
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
19 Source: BP Statistical Review 2009, PFC Energy

20. VERTICALLY INTEGRATED SYSTEM TO
CAPTURE SYNERGIES WITHIN THE VALUE CHAIN
Upstream Operations Downstream Operations
Existing Pipelines
Refineries
Petrobras Marine Terminal
Other Companies In Land Terminal
Access to raw material • Logistic and infrastructure developed
Access to oil products market • Near the biggest market in Brazil
20

21. IMPROVING OPERATIONS REFLECTED IN GROWING
TRADE BALANCE
(thousand barrel/day) Oil products
9M08 vs 9M09 Oil
633 628 714
234 222 562
231
157
399 406 152
483
405
5
Exports Imports Net Exports
Exports Imports Net Exports
Financial Volume (US$ Million)
• Boost in oil production led to higher
- US$ 1,813
oil export
+ US$ 1,795
19.920 18.107 • Imports decreased (specially diesel
8.845 10.640
imports) due to economic slow down,
lower thermoelectric generation and
9M08 9M09 increase in production of domestic oil
Impor ts Expor ts products (diesel)
21

22. HISTORICAL DIVIDEND PAYMENT
Dividends per ADR Net Income per ADR Price per ADR (Max-Min)
US$ US$ US$
4.3 75.2
9M
2.9 3.0 58.8 53.0
2.4
2.0
0.8 0.7 0.9 26.7 21.1 23.0
17.5 14.9
2006 2007 2008 2009 2006 2007 2008 2009 2006 2007 2008 2009
•Brazilian Corporate Law requires a minimum annual distributions equal to 25% of net
income
• Dividends paid each year based on prior years income
• In 2009, Petrobras paid the dividends related to the 2008 results but also anticipated
some payment related to the 2009 results due to the Company strong cash position
* Dividends includes the Interest on own Capital (IOC)
22

23. Financial Ratios
P/E* EV/EBITDA
13.7
10.9 11.4 9.8 9.3
7.6
5.1 3.9
2006 2007 2008 2009** 2006 2007 2008 2009**
23 Notes: (*) Average Price of the year / (**) LTM

24. TOTAL SHAREHOLDER RETURN
131.40%
102.50%
85.11%
43.53% 50.47%
-55.71%
2004 2005 2006 2007 2008 2009
Capital Apreciation Dividends Amex Oil
• Dividend Payment corresponds to a small portion of the TSR
* Source: Bloomberg
24

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