- Strategic Plan: horizon 2030 - 2014-2018 Business and Management Plan - Declaration of commerciality in Transfer of Rights areas - Libra Consortium - Capital raising abroad - 2013 net income was R$ 23.6 billion - Oil and natural gas output expected to rise 7.5% in 2014 - Record in the pre-salt: 412,000 barrels/day - Rising output at Cascade and Chinook - New regasification terminal in Bahia - Petrobras returns to F1 with Willians Martini Racing - Cenpes turns 50 - Ultra-low sulfur gasoline launched in Brazil

1. O
n February, 2014, our Board of Directors (BoD) approved the
2030 Strategic Plan (2030 SP). By analyzing the business
environment worldwide, particularly the aftermath of the
2008 global economic crisis, and the “unconventional” gas (shale
gas) and oil (tight oil) production revolution in the US, in addition
to Brazilian regulatory framework changes, we made our Major
Choices which will guide our business through 2030.
O The road to 2030 seems long, but the oil industry takes at
least 7 years to implement common projects – from deciding to
participate in bids, starting the exploratory phase and producing
first oil from mega offshore projects. That is, from now to 2030, on
average only two upstream project cycles will have passed.
The major choice for 2030 SP was to increase our oil production
up to 2020 and sustain it at an average of 4 million barrels of oil
per day (bopd) for the 2020-2030 period, becoming one of the
five largest integrated energy company in the world.
Based on the oil production growth, we outlined our strategies
for business segments, particularly expanding Brazilian refining
capacity to 3.9 million bopd by 2030. Our international operations
will focus on oil and gas exploration in Latin America, Africa and US.
Strategic Plan: horizon 2030
HIGHLIGHTS
Declaration of commerciality in
Transfer of Rights areas
We have submitted declarations of commerciality for the Santos
Basin’s Franco (volume of 3.058 billion barrels of oil equivalent
– boe) and Sul de Tupi (volume of 128 million barrels boe) areas
to Brazil’s National Petroleum, Natural Gas and Biofuels Agency
(ANP), under the Transfer of Rights Agreement. The proposal
contains the new names suggested for these fields of Búzios and
Sul de Lula, respectively.
Libra Consortium
In December, Petrobras and consortium members (Shell, Total, CNPC
and CNOOC) executed the exploration agreement for the Santos
Basin’sLibraarea.Theworkschedule,whichincludesseismicstudies,
well drilling and Long Duration Test and the estimate between
US$ 400 and US$ 500 million for 2014 have also been approved.
Capital raising abroad
In January, we raised € 3.05 billion and £ 600 million in the European
market. In March, we raised a total of US$ 8.5 billion in the US
market. These transactions are part of the 2014-2018 Business and
Management Plan financial planning.
2014-2018 Business
and Management Plan A
s an extension of the 2030 SP, the BoD also approved the
2014-2018 Business and Management Plan (BMP), totaling
US$ 220.6 billion, to be invested over the next 5 years.
Our oil production targets in Brazil are 3.2 million barrels per
day in 2018 and 4.2 million bpd in 2020. The Pre-Salt will account
for 52% of our oil production in 2018. In order to achieve these
objectives, Petrobras will invest US$ 153.9 billion in upstream
in Brazil, 60% of which will go to the pre-salt and 40% to the
post-salt. Another notable achievement is the completion of the
Abreu and Lima Refinery in 2014 and of the first refining phase
of Comperj in 2016.
The funds to finance the Plan will come from operating cash
flow (US$ 182.2 billion), use of surplus cash (US$ 9.1 billion),
restructuring business models (US$ 9.9 billion) and debt (US$
60.5 billion gross and US$ 5.6 billion net).
More information: www.petrobras.com.br/ir
March, 2014 • #41
www.petrobras.com.br/ir
SHARING
PETROBRAS
NEWS

2. Platform P-58
2013 net income was R$ 23.6 billion
—
O
ur net income rose 11% from 2012
due to diesel (20%) and gasoline
(11%) price increases in 2013, in-
creased production of oil products, cost
optimization, gains from sale of assets,
lower write-offs of dry wells and lower
foreign exchange impact due to hedge
accounting. Adjusted EBITDA was R$ 63
billion, up 18% from 2012.
Our fourth quarter net income was
R$ 6.3 million, up 85% from the third
quarter. The result reflects higher oil
export volumes, lower write-offs of dry
wells, gains from sale of asset BC-10 and
tax benefit from the provision of interest
on stockholders’ equity.
Oil and natural gas output totaled
2,500,000 boe/day in 2013, down 2%
from 2012, primarily due to production
start-up delays of new systems, natural
decline of fields and sale of assets
abroad. Fourth quarter domestic output
rose 1% from the third quarter.
In 2013, five new platforms started-
up and four other systems were sent
to their permanent sites. Our proven
reserves in Brazil reached 16 billion boe, a
1.6% increase from 2012, with a Reserves
Replacement Ratio above 100% for 22
years in a row.
Average production of oil products
refined in Brazil totaled 2,100,000 bpd
in 2013, up 6% from 2012,
reducing the need to import
diesel and gasoline.
The Efficiency Increase
Program (PROEF) contributed
63,000 bpd in additional oil
output. The Divestment Pro-
gram (PRODESIN) contributed
R$ 8.5 billion to cash during the
year. The Operating Expenses
Optimization Program (PROCOP)
achieved savings of R$ 6.6 bil-
lion, exceeding the R$ 3.9 billion target
set for 2013. Expenditures in 2013
totaled R$ 104.4 billion, 57% of which on
Upstream.
In thousand barrels of oil equivalent per day 4Q 13 3Q 13 Variation
Total crude oil, NGLs and natural gas
production
2,340 2,314 1%
Total crude oil and NGLs - Brazil 1,960 1,924 2%
Output of oil products 2,105 2,128 -1%
Net Exports of crude oil and oil products -378 -425 -11%
Refining and marketing operations Brazil
– Utilization
95% 96% -1%
Domestic crude oil of total feedstock
processed
83% 82% 1%
Operating performance
In thousand barrels of oil equivalent per day 4Q 13 3Q 13 Variation
Sales Revenues 35,593 33,955 5%
Gross Profit 7,474 7,248 3%
Operating Income* 3,091 2,501 24%
Net income 2,760 1,484 86%
Earnings per share 0.21 0.11 50%
Adjusted EBITDA 6,832 5,721 19%
Market Value** 92,425 102,753 -10%
Capital Expenditures (CAPEX) 15,441 10,991 40%
Net debt 94,579 86,542 9%
Net debt/Adjusted EBITDA 3.21 2.87 22%
Net debt/(net debt + shareholder's equity) 39% 36% 8%
Economic and financial figures
163.82%
229.45%
58.57%
Dec-03 Dec-05 Dec-07 Dec-09 Dec-11 Dec-13
PBR PBR/A Dow Jones
0
400
800
1200
1600
(Index number = 100 in 12/30/2003)
Performance shares (NYSE): PBR and PBR/A
* Net Income before financial results, share of profit of equity-accounted
investments and income taxes. ** Source: Bloomberg.
Period PBR PBR/A DJIA
Last 10 years
(12/30/03 to12/30/13)
163.82% 229.45% 58.57%
Last year
12/30/12 to 12/30/13)
-28.32% -21.24% 26.50%
Petrobras ADR’s return (NYSE)

3. Platform P-63 Platform P-55
O
ur oil output in Brazil is expected to rise 7.5% in 2014. To
achieve this, nine platforms were completed in 2013, adding
an additional 1,000,000 barrels/day in output capacity. Units
P-63 and P-55 started-up at the end of last year and platforms P-58
and P-62 will start-up in the first quarter of 2014, as well as P-61
and TAD (Tender Assisted Drilling).
Two other units will also sustain this growth, Cidade de Ilhabela e
CidadedeMangaratiba,whicharecurrentlyinthecompletionphase.
Both platforms will start-up in the second quarter of this year.
Rising output at
Cascade and Chinook
In March, oil output at the US Gulf of Mexico’s Cascade and
Chinook fields reached 40,000 barrels/day. This is a record
for these fields, which produce through five wells and are
located some 260 km south of the mainland, at a depth of
2,500 meters.
Record in the pre-salt:
412,000 barrels/day
On February 27, we achieved a one-day pre-salt
output record of 412,000 barrels of oil with only
21 production wells, confirming the high productivity
of the fields.
The record was aided by the start-up of the first
well to produce by means of the innovative Buoyancy
Supported Risers (BSR) technology on use on FPSO
Cidade de São Paulo.
Oil and natural gas output
expected to rise 7.5% in 2014
—
Source: Petrobras
Gulf of Mexico
Cascade
Chinook
Following expenditures of R$ 1 billion, operations got
underway at our new Regasification Terminal, in Bahia,
with a capacity of 14,000,000 m³/day of natural gas. Along
with the Pecém (CE) and Baía de Guanabara (RJ) terminals,
total capacity has now risen to 41,000,000 m³/day, nearly
1.5x the volume imported from Bolivia, providing greater
flexibility and assurances to Brazil’s gas supply.
New regasification
terminal in Bahia

4. Cenpes turns 50
In December of 2013, we celebrated the 50th
anniversary of the Leopoldo Américo Miguez
de Mello Research and Development Center
(Cenpes). Established to anticipate and foster
technological solutions necessary for our
business activities, today the center is one of
the largest of its kind in the world.
Located at an area of 300,000 m² in Rio
de Janeiro, the center boasts more than 200
laboratories, besides pilot plants. Cenpes
has partnerships with some 100 universities
and institutes and our R&D expenditures
previously totaled R$ 2.4 billion.
Ultra-low sulfur gasoline
launched in Brazil
The new ultra-low sulfur regular and premium
gasoline went on sale in Brazil. The new fuels will
reduce emissions of nitrogen oxides by up to 60%,
carbon monoxide by up to 45% and hydrocarbons by
up to 55% on vehicles built in 2009. Besides improving
engine performance and extending useful life. The
launch consolidates a new phase in the technological
advancement of our fuels, whose quality is now
comparable to the world’s most demanding markets.
>>>> April 2
Ordinary and Extraordinary Meetings of Shareholders, in Rio de Janeiro
>>>> May 12-15
Money Show, in Las Vegas
AGENDA
NewsletterpublishedbyPetrobras’ExecutiveManagementofInvestorRelations•Executivemanager:TheodoreHelms•Journalist:OrlandoGonçalvesJr.MTb-MA993•Collaboration:
IzabelRamos,FernandaBianchini,DanielaUltra,JoséRobertoDarbillyandLuanBarbosa (trainee)• Graphicprojectanddesktoppublishing: EstúdioMatiz.
Shareholder Service:
Av. República do Chile, 65/Sala 1002 – Centro •Rio de Janeiro – RJ – Brazil •Zip Code: 20031-912
Telephone: +55 21 3224-9916 •Fax: +55 21 2262-3678 •E-mail: acionistas@petrobras.com.br •Site: www.petrobras.com.br/ir
Petrobras returns to F1
with Willians Martini Racing
We have signed a technology partnership
agreement with team Williams Martini
Racing and have returned to Formula 1 for the
2014 season. We will work with the team to
develop new fuels and lubricants.
NEWS PANEL