Fixed Income Presentation (January, 2011).

1. FIXED INCOME PRESENTATION
January, 2011
1

2. DISCLAIMER
FORWARD-LOOKING STATEMENTS:
DISCLAIMER
The presentation may contain forward-looking statements about We undertake no obligation to publicly update or revise
future events within the meaning of Section 27A of the Securities any forward-looking statements, whether as a result of
Act of 1933, as amended, and Section 21E of the Securities new information or future events or for any other reason.
Exchange Act of 1934, as amended, that are not based on Figures for 2010 on are estimates or targets.
historical facts and are not assurances of future results. Such
forward-looking statements merely reflect the Company’s current
views and estimates of future economic circumstances, industry All forward-looking statements are expressly qualified in
conditions, company performance and financial results. Such their entirety by this cautionary statement, and you should
terms as "anticipate", "believe", "expect", "forecast", "intend", not place reliance on any forward-looking statement
"plan", "project", "seek", "should", along with similar or analogous contained in this presentation.
expressions, are used to identify such forward-looking statements.
Readers are cautioned that these statements are only projections
and may differ materially from actual future results or events. NON-SEC COMPLIANT OIL AND GAS RESERVES:
Readers are referred to the documents filed by the Company with
the SEC, specifically the Company’s most recent Annual Report on CAUTIONARY STATEMENT FOR US INVESTORS
Form 20-F, which identify important risk factors that could cause We present certain data in this presentation, such as oil
actual results to differ from those contained in the forward-looking and gas resources, that we are not permitted to present in
statements, including, among other things, risks relating to general documents filed with the United States Securities and
economic and business conditions, including crude oil and other Exchange Commission (SEC) under new Subpart 1200 to
commodity prices, refining margins and prevailing exchange rates, Regulation S-K because such terms do not qualify as
uncertainties inherent in making estimates of our oil and gas proved, probable or possible reserves under Rule 4-10(a)
reserves including recently discovered oil and gas reserves, of Regulation S-X.
international and Brazilian political, economic and social
developments, receipt of governmental approvals and licenses and
our ability to obtain financing.
2

3. SUMMARY TERMS
• Issuer: Petrobras International Finance Company (PifCo)
• Guarantor: Petróleo Brasileiro S.A (Petrobras)
• Size: Benchmark Size
• Tenor: 5, 10 and 30 years
• Ranking: Senior unsecured
• Ratings: Baa1 (Moody’s); BBB- (S&P); BBB (Fitch)
• Form of offering: SEC Registered
• Listing: NYSE
• Law: NY Law
• Book Runners: BTG Pactual, Citi, HSBC, Itaú, JPMorgan, Santander
3

4. Strategic and
Operational
Overview
4

5. FULLY INTEGRATED ACROSS THE HYDROCARBON
CHAIN
Adjusted EBITDA US$ 32.9 Billion1 (LTM2) 2010 Proven Reserves (SPE)
RTM 15.986 billion boe
12%
G&P Shallow Water
4% (0-300m)
Distribution Deep Water
9%
(300-1,500m)
3% 50%
International Onshore
5% 9%
E&P
76%
Ultra-Deep Water
(>1,500m)
32%
Our Main Segments: Key Statistics and Market Positions (2009)
Exploration and RTM (incl.
Distribution Gas and Power International Biofuels
Production Petrochemicals)
• 15.3 Bn boe of 1P • 11 refineries • 7,221 service stations • 13,996 km (8,698 mi) • 26 countries • 3 new Biodiesel
(SEC)(4) • 1.9 mm bbld refining • 19.2% share of of pipelines • 0.7 Bn boe of 1P Plants
• 2.1 mm boed production capacity service stations • Participation in 20 of (SEC)(4) • Ethanol: Opening
• 576 concession areas • 11.2 mty materials • 38.6% share of the 27 gas discos in • 228 thous. boed new markets
nominal capacity (3) distribution volume Brazil production • Responsible for 10%
• 318 production fields
• 92% share of • 5,966 MW of • 276 thous. bbl/d of Brazilian ethanol
• 98.5% of Brazilian
installed capacity generation capacity refining capacity exports
production
• 20% of global DW and • Petrochemicals, Gas &
UDW production Power activities
Notes: (1) Includes Corporate and Elimination; (2) LTM as of 9/30/10; (3) Through Braskem and Quattor; (4) 2010 figures 5

6. A WORLD-CLASS INTEGRATED ENERGY COMPANY
2009 Oil & Gas Production (mm boe/d) 2009 Proven Reserves – SEC (bln boe)
3.9 3.9
23.0
3.2
18.0
2.7 2.6(1) 2.5
2.2 13.9
12.7(2) 11.3
1.7 10.3 10.1
6.4
0.6 5.2
BP XOM RDS CVX COP TOT ENI BG XOM BP RDS CVX COP TOT ENI STL
Oil Gas Oil Gas
2009 Refining Capacity (mm boe/d) Market Cap (US$ bn) - December 31th, 2010
369
6.3
237
209
3.6 184
2.9 2.7 138
2.6 126
2.2 2.2 100
67
0.7 44
0.3
XOM RDS COP BP TOT CVX ENI STL XOM PBR RDS CVX BP TOT COP ENI STL
Source: PFC Energy WRMS (barrels per calendar day, considering company % shareholding and including JVs) and Bloomberg
Notes: Peer companies selected above have a majority of capital traded in the public market; (1) 2010 average of 11 months; (2) 2010 6

7. COMPARISON WITH OTHER SIMILAR RATED
COMPANIES
2009 Production (mm boe/d) 2009 Proven Reserves – SEC (bln boe)
2,525 12.1
604 639 2.7
408 405 2.3
1.4 1.7
132 0.3
Murphy Hess Marathon Anadarko Devon Murphy Hess Marathon Anadarko Devon
Baa3/BBB Baa2/BBB Baa1/BBB+ Ba1/BBB- Baa1/BBB+ Baa1/BBB- Baa3/BBB Baa2/BBB Baa1/BBB+ Ba1/BBB- Baa1/BBB+ Baa1/BBB-
2009 Refining Capacity (mm boe/d) Market Cap (US$ bn) – December 31th, 2010
237.0
2,223
1,188
39.4 35.8
268 27.7 30.2
201 14.3
N/A N/A
Murphy Hess Marathon Anadarko Devon Murphy Hess Marathon Anadarko Devon
Baa3/BBB Baa2/BBB Baa1/BBB+ Ba1/BBB- Baa1/BBB+ Baa1/BBB- Baa3/BBB Baa2/BBB Baa1/BBB+ Ba1/BBB- Baa1/BBB+ Baa1/BBB-
Source: Company’s websites
Note: Peer companies selected above have a majority of capital traded in the public market. 7

8. LONG HISTORY OF TECHNOLOGICAL AND
OPERATIONAL LEADERSHIP IN DEEPWATER
1977
Enchova
410ft 1988
125m Marimbá
1,610ft
491m
1994
Marlim
3,370ft 1997 2009
1,027m Marlim Sul 2003 Lula
5,600ft Roncador 7,125ft
1,707m 6,180ft 2,172m
1,884m
Deepwater Production Offshore Production Facilities
2009 Gross Global Operated¹
Petrobras 45
Anadarko Other Shell 15
3% 10% PBR
StatoilHydro 15
20%
BG ExxonMobil 13
4%
BP 12
Total Chevron 12
7%
Anadarko 10
ExxonMobil Total 9
Chevron
13%
7% CNOOC 8
ConocoPhillips 8
ENI/Agip 5
Statoil
Shell Others 100
12%
12%
BP
0 20 40 60 80 100
12%
FPSO Semi Spar TLP Other
Petrobras operates 20% of global deepwater production
Source: PFC Energy
Note: (1) These 15 operators account for 98% of global deepwater production in 2009. Minimum water depth is 1,000 feet (about 300 meters) 8

9. GROWING PRODUCTION FULLY SUPPORTED BY
DISCOVERIES
Petrobras Total Production (000 b/d)
5,382
4.5% p.y. 120
203
3,907
1,109
128
2,217 2,579 176
623
1,809 99
96 15 1
22 16 3
3,950
35 326
252 274 2,980
1,500 1,684 2,003 1,078
241 Pre-Salt
(1) ... ...
2002 2005 2010 2014 2020
Oil Production - Brazil Gas Production - Brazil Oil Production - International Gas Production - International
Petrobras Total Reserves (bln boe) - SPE Criteria
Up to 5,000
• 18th consecutive years of fully Higher Estimates
9,800
replacing the production (229% in
2010) Lower estimates
• R/P ratio 18.4 years (SPE Criteria) 8,200 29,000-31,000
14,913 15,986
12,131
Proven Reserves 2002 Proven Reserves 2005 Proven Reserves 2010 Potential Recoverable (Lula, Transfer of Rights Total Resource Base
Cernambi, Iara, Guará and Whales
Notes: (1) 2010 average of 11 months for gas production and international oil production
Park) 9

10. DEVELOPING TRADITIONAL POST-SALT HORIZONS,
WHILE TRANSITIONING TO PRE-SALT
Main Projects Scheduled
E&P Brazil Investments (2010-2014)
2,980
(2010-2014)
Pre-Salt: US$ 33.0 billion Post-Salt: US$ 75.2 billion 2,003
Uruguá
15% Tambaú
3%
13% Mexilhão
Production (million boe/d)
Tupi
Pilot
18% Cachalote. 4 EWT 2 EWT
Baleia Franca Pre-salt Pre-salt
Tupi NE EWT FPSO Tupi NE
Espadarte Pilot
84% 67%
Guará EWT 4 EWT P55 3 EWT P-62
Pre-salt Roncador Pre-salt Roncador
Tiro Pilot P-56 P-58
Tiro / Sidon Guará Pilot
Marlim Sul Whales Park
P-57 P-63
Aruanã EWT Aruanã EWT Guaiamá
Exploration Development Infrastructure Jubarte Papa-Terra
2010 2011 2012 2013 2014
Pre-salt Post-Salt Natural Gas Extended Well Test
10

11. 5 BILLION BOE BASE IN CONTIGUOUS AND ADJACENT
FIELDS, INCREASING SCALE AND REPEATABILITY
Transfer of Righs Aquisition
Volume 5.0 billion boe
Concession
3,865 km2 in 7 blocks
Area
Average Price US$ 8.51 / boe
Initial Value US$ 42.5 billion / R$ 74.8 billion
40 years, extendable for
Duration additional 5 years. 4 year
exploration period
DeGolyer and MacNaughton Report Forecast - Accumulated Cash Flow from Franco’s field (2C) *
assumptions for Franco (largest field): 110,000 (US$ MM)
• 2C Contingent Resource 90,000
• Total Potential Oil and Condensate Quantities:
70,000
1,632 MM boe
50,000
• Total Potential Sales-Gas Quantities:
Beginning of Positive
1,664 Bn ft3 30,000 Production Cash Flow
• Brent Price: US$ 79.23 bbl 10,000
• Gas Price: US$ 4.27 thousand ft3
(10,000)
t
2
4
6
8
10
12
14
16
18
20
22
24
26
28
30
32
• 3 FPSOs, with 150 thousand BOPD processing
t+
t+
t+
t+
t+
t+
t+
t+
t+
t+
t+
t+
t+
t+
t+
t+
capacity * Nominal values
11

12. BRAZIL AS A LARGE AND GROWING EMERGING
MARKET
2009 Total Oil Consumption by Country (mmbo/d)
18.7
10
8.63
9
8
7
6
4.40
 Brazil is world’s tenth-largest oil
5
4 3.18
consumer.
2.79 2.70 2.61
3 2.42 2.36 2.33 2.20
1.94 1.94 1.83 1.74
1.61 1.58
2
1
-
Russian …
Mexico
Iran
France
United Kingdom
US
Japan
South Korea
China
Italy
Germany
India
Brazil 2020
Brazil 2014
Brazil 2009
Canada
Saudi Arabia
* *
Total Oil Consumption mb/d (index)
130
125
 Brazil oil consumption growing at 120 Brazil
2.38% p.a; 115 US
 OECD oil consumption growing at - 110
OECD
0.04% p.a. 105
World
100
95
1999 2001 2003 2005 2007 2009
Source: BP Statistical Review 2010, PFC Energy
Note: * Estimates for 2014 and 2020 1212

13. DOMINANT POSITION IN THE BRAZILIAN MARKET
ENHANCES CREDIT QUALITY
Upstream Operations Downstream Operations
Existing Pipelines
Refineries
Petrobras
Marine Terminal
Other Companies In Land Terminal
Dominant Position Growing Market Logistical Synergies Stable Cash Flows
• Leadership in all segments of • Strong organic demand in one • Main oil producing basins and • Diversified cash flows with
the value chain of the fastest growing global refining located in S.E. Brazil, several growth drivers
• Market position ensures markets near GDP centers • Reduced volatility of cash
economies of scale and • Attractive domestic market • Logistical infrastructure fully flows due to ability to
efficient business model opportunities for upstream, developed smoothen prices fluctuations
downstream and other energy in the domestic market
segments
13

14. 90% OF DOWNSTREAM CAPEX FOR EXPANSION,
QUALITY AND OPERATIONAL IMPROVEMENT
Total RTM Investment First 2 Refineries Planned to Replace Projected Imports
$73.6 billion (2010-2014)
Brazil projected imports by
Throughput Output 2014 with no additional
Total Investment: US$ 73.6 billion (451 TBPD) refining capacity
3% 1%
52
Others
6% 104
Medium 47 Coke
11% 9% 47
25-28 api 42 Jet fuel 16
18 LPG
50% 29% Heavy 69
Nafta 150
20 api
29%
291
Heavy
230
Additional Capacity Quality and Conversion 62% 14-18 api Diesel
Operational Improvement Fleet Expansion
Logistics for Oil International
• Mainly products Brazil imports
• No additional gasoline production
● Quality and Conversion ● Additional Capacity
– Removal of sulfur (regulatory) and to ● New refineries economical, despite higher costs:
process more heavy Brazilian crude
– Avoided logistical costs of US$ 8.0 /bbl
● Operational improvement
– Tax benefit of US$ 10,000 per bbl/day of capacity
– Logistics, higher safety standards, more
– Capture light/heavy differential
stringent environment regulations
14

15. MATCHING INTERNATIONAL PRICES WITH REDUCED
VOLATILITY
US$/bbl
115 R$/bbl
120
101
100 220 Avg. Avg.
3Q09 3Q10
80 75 76 78 77
170
59 68 152.34 158.17
60 55 120
44 64 70 73 74
49
40 72 132.87 144.47
48 70
20 32
20
3Q084Q08 4Q07 1Q08
1Q09 2Q09 3Q09 2Q08 3Q08
4Q09 1Q10 4Q08 1Q09
2Q09 3Q09
2Q10 3Q10 ARP USA 4Q09 1Q10
Petrobras Oil Price 2Q10 3Q10
Average Realization Price - USA
ARP Petrobras
Brent
Average Realization Price - Petrobras
● Pricing policy stabilizes cash flows
● Historically, Brazil prices below international prices only during periods of sharply rising international prices
15

16. PETROBRAS IS A NET EXPORTER IN VOLUME
AND VALUE
Thous bpd 9M09 9M10
714 Oil Oil Products 712 667
562 196
231
157 336
483 152 516
405
331 45
Export Import Net
Export Export Import Net
Export
Financial Volume (US$ Million)
US$ 119 ● Petrobras is a net exporter both in volume and
US$ 1,795 14,480 14,599
value
10.640
8.845 ● In 2010, net exports declined due to substantial
demand growth due to economic recovery
● Production growth is expected to continue
exceeding Brazilian consumption growth
9M09 9M10
Import Export
16

17. Business Plan
and Financial
Strategy
17

18. BUSINESS PLAN 2010-14: INCREASED INVESTMENT
FOR INTEGRATED OPERATIONS IN BRAZIL
Total Capital Investment Plan
Petrobras’ Corporate Strategy to 2020
2010-2014
Integrated Growth, Profitability and US$ 224.1 billion
Sustainability
1%
2%1%2%
Oil & gas production growth in a sustainable 8% International
 manner that will approximately double our
E&P
5%
production in the next Downstream
10 years
G&E
Focus in oil, oil products, petrochemicals, gas &
Petrochemicals
53%
 energy, biofuels, refining and distribution with an
Distribution
integrated and sustainable business model 33%
Biofuels
Corporate Brazil
Consolidate leadership in the Brazilian market of 95%
 natural gas, electricity generation and gas chemicals
E&P Distribution
RTM Biofuels
G&P Corporate
Be recognized as a benchmark among integrated
energy companies Petrochemicals
18

19. PROJECTED FUNDING NEEDS FOR 2010-2014
BUSINESS PLAN
PROJECTED Operating Cash Flow
(2010 – 2014) Principal Assumptions
Cash FX Rate (R$/US$) 1.78
US$ 11 billion Amortization 2010 – 76
US$ 38 billion
Funding 2011 – 78
(debt + equity)
Brent for Funding (US$/bbl) 2012– 82
US$ 96 billion
2013 – 82
2014 – 82
OCF Investments Projected Investments (US$ bn) 224
(after dividends) US$ 224 billion Projected Net Cash Flow (After
US$ 155 billion 155
dividends) (US$ bn)
Net Total Capt. (US$ bn) 58*
Leverage Up to 35%
Average Realization Price (R$ barrel) 163
* Including Capitalization and excluding amortization of US$38 billion
● $26.6 billion of equity and $13 billion of debt raised during 2010
● $56 billion of debt still to be contracted, of which $29 billion(1) are amortizations
● 2011-2015 Business Plan Update expected late Q1’11/early 2Q’11
Notes: (1) Considers 2010 amortization according to 2010-14 Strategic Plan with FX rate of R$ 1.87/US$
19

20. INCREASING INVESTMENTS LEADING TO AN
ORGANIC GROWTH
Sources (US$ million)1
51,403
42,832
34,213 27,472
27,886 17,912
5,993
17,825 5,222
22,664 28,220 24,920 25,548
21,077
-3,252 -1,617
2006 2007 2008 2009 LTM 2
OCF Net Debt Capitalization
Uses (US$ million)1
51,403
42,846 6,416
34,621
7,712
26,179
4,747
18,030 1,551
416 3,860 44,987
3,144 29,874 35,134
20,768
14,470
2006 2007 2008 2009 LTM2
CAPEX Dividends Acquisition
Notes: (1) In USGAAP; (2) LTM as of 9/30/10
20

21. CASH FLOW SUPPORTS MAINTENANCE PLUS
GROWTH
Assumptions to Maintain
Existing Capacities:
US$ MM
• $12 per barrel to replace 830MM
BBL´s of production
• $1.5 bn. - Exploration
50,000 44,525 • $1.5 bn. - Refinery maintenance
45,000 • $1.5 bn. - Gas & Power maintenance
40,000 35,134 • $1.5 bn. - Other Maintenance
35,000
30,000 25,548
25,000
20,000
16,000
15,000
10,000
5,000
-
OCF LTM (1) Capex 2009 Capex 2010 (2) Maintenance
Capex (Est.)
E&P Downstream Gas & Energy Others
Notes: (1) LTM as of 9/30/10; (2) Based on 9M10 Results Annualized 21

22. CONSTRUCTION IN PROGRESS:
INCREASE IN NET DEBT DUE TO EXPANSION
Construction and Installations in Progress(1)
US$ Million
70,000 63,929
60,000
50,000
38,735
40,000
30,537
30,000
19,738
20,000 15,865
US$ Million
Net Debt
10,000
0 45,000
40,963
2005 2006 2007 2008 2009 40,000
35,000
30,000
25,000
20,624
20,000
14,908
15,000
11,306
10,000 8,650
5,000
0
2005 2006 2007 2008 2009
22

23. GROWING AND STABLE CASH FLOW GENERATION
Adjusted EBITDA (US$ bn) and EBITDA Margin (%) Adjusted EBITDA Breakdown per Segment (US$ bn) 1
31.5%
1.9
28.9% 28.8% 0.2
26.3% 1.4
1.4
1.3
1.1
32.9 0.5 0.9 4.4
31.1 0.8 1.1
29.0
5.2
25.3 11.0
35.4
28.8
25.0
19.3
-0.8 -1.6
-0.2
2
2007 2008 2009 LTM
2007 2008 2009 LTM 2
E&P RTM Distribuition G&P International
Note: (1) Breakdown excludes eliminations and corporate; (2) LTM as of 9/30/10 23

24. PETROBRAS’ FINANCIAL PLANNING BASED ON MAINTAINING
INVESTMENT GRADE RATINGS WITH PRUDENT LEVERAGE
Net Debt / Capitalization (%)
40% 34% 35%
30% 32%
28% 28%
30%
25%
20% 16%
10%
Net Debt / Capitalization:
0%
2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 25% - 35%
3.0
Net Debt / EBITDA
2.5x
2.5
2.0 1.5
1.4
1.5 1.2
1.0 1.0 1.0
1.0
0.5 Limit established for Net
0.0 Debt / EBITDA:
(1)
2T09 3T09 4T09 1T10 2T10 3T10
2.5x
Debt levels in accordance to the targets established by the Company
Notes: (1) Annualized EBITDA 24

25. A HIGH-QUALITY DEBT PORTFOLIO
Total Indebtedness (US$ 66,945 million as of September 30, 2010)
By Maturity By Category By Currency By Rate
Real Yen
ST Financing Financial
17% 3%
19% Institutions Intl Capital Floating
32% Markets 43%
25%
Real
Indexed to
Dollar
Export Credit 28%
7% Dollar
Other
LT Financing 52% Fixed
BNDES 2%
81% 57%
34%
74%
Long-term debt maturity profile
9%
6%
5%
4%
2%
2011 2012 2013 2014 2015 After 2016
25

26. Conclusions
26

27. CONCLUSIONS/FINAL REMARKS/DEBT STRATEGY
FINAL REMARKS / DEBT STRATEGY
Petrobras: A mega-capital integrated oil company with a rich resource
base and a lucrative portfolio of opportunities
• An integrated business model that generates stable and growing cash flows
• A total commitment to maintaining an investment grade rating, based on
conservative leverage ratios and high liquidity
• In 2010 conducted largest secondary equity offering ever ($70 billion) to maintain
targeted leverage ratios
• A tradition of carefully raising debt capital to support growth from a broad and
diversified funding base
• The issuance of three benchmark size tranches in this transaction will be Petrobras’
only USD jumbo deal in 2011
• No additional USD issuance, with the possible exception of limited re-openings in the
second half of the year, subject to favorable market conditions
• Additional financing needs to be met from cash on hand, non-USD capital markets, and
traditional sources of commercial banks, development banks, and ECA´s.
27

28. Appendix
28

29. SECONDARY OFFERING INCREASED CAPITAL BASE BY $70.5
BILLION THROUGH COMBINATION OF OIL RIGHTS AND CASH
US$ 70,515 million: Public Offering
US$ 67.5 billion: 3Q10
US$ 39.8 billion : LFTs US$ 39.8 Billion: LFTs US$ 43.9 Billion
to acquire rights
US$ 27.7 billion : Cash US$ 4.1 Billion: Cash to 5 billion barrels
US$ 21,402 billion : Cash
US$ 26.6 billion
US$ 6,298 billion : LFTs (1)
Retained as cash
and equivalents
US$ 3.0 billion : 4Q10 (GreenShoe)
Before Public Offering After Public Offering
US$ Billion 06/30/2010 09/30/2010
Cash and Cash Equivalents(Adjusted by LFT) 12.9 33.8
Net Debt 51.6 33.1
Net Debt / Net Capitalization 34% 16%
Net Debt/Ebitda (2) 1.56X 1.03X
Notes: (1) Government securities with a maturity greater than 90 days; (2) Annualized EBITDA 29

30. CAPITAL STRUCTURE AND CREDIT METRICS
1H
(Million US$) 12.31.2008 12.31.2009 09.30.2010
Cash and Cash Equivalents 6,499 16,169 27,451
Total Debt 27,123 57,132 66,945
Net Debt 20,624 40,963 39,494
Shareholders Equity 61,909 94,058 174,580
Net Debt / Net Capitalization 25% 30% 18%
Net Debt / Market Capital 21% 21% 18%
Net Debt / Boe Production (USD/boe) 23.5 44.4 42.2
Net Debt / Proved Reserves (USD/boe) 1.37 2.76 2.66 *
Reserves/Production (Years, SPE Criteria) 17.22 16.13 15.87 *
(1)
2008 2009 LTM
Net Income 18,879 15,504 18,431
EBITDA 31,083 28,982 32,887
Net Debt/EBITDA 0.66 1.41 1.20
Notes: *Based on 2009 Proved Reserves; (1) LTM as of 9/30/10 30

31. BRAZILIAN ECONOMY:
Growing with stability and fiscal responsibility
GDP Growth (%)
Forecast
Trade Balance (US$ Billion) Forecast
9
8 7.6 Exports Imports 238
250 234
219
7
211
6
5.7 5.7 198 197
5.1 4.5 200 180
4.5 173
5
4.0 161 154
4 3.2 150 138 130
119 121
3
97 91
2 1.2 100
63 74
1
0 50
-1
-2 -1.2 0
2004 2005 2006 2007 2008 2009 2010 2011 2012
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
International Reserves (US$ billion)
Nominal Fiscal Deficit/GDP (%)
20 Brazilian Debt (as % of GDP) 60
400 52.1 50.0 47.7
Net Debt/GDP (%)
46.6 44.2 50
289 39.9 41.4 40.1
300 15
239 40
207
200 180 10 30
86 5.1
20
100 53 54 3.3 3.5 3.3
49 5 2.7 2.6 2.6
1.9
10
0
0 0
2003
2004
2005
2006
2007
2008
2009
2010
2003
2004
2005
2006
2007
2008
2009
Nov-
10
Source: Brazilian Central Bank – 01.04.2011 31

32. SHAREHOLDER STRUCTURE
Capital Ownership as of 12/31/2010 (# of shares, millions)
Million ON % PN % Total %
Brazilian Federal Government 3,991 53.6% 66 1% 4,057 31.1%
BNDES / BNDESPar 398 5.4% 1,344 24.0% 1,742 13.4%
Sovereign Fund 344 4.6% 162 2.9% 506 3.9%
ADR Level3 1,521 20.4% 1,444 25.8% 2,964 22.7%
Foreigners ( Nº 2689 C.M.N. Resolution ) 387 5.2% 747 13.3% 1,134 8.7%
Others 801 11% 1,840 32.8% 2,641 20.2%
Total 7,442 100% 5,602 100% 13,044 100%
32

33. Information:
Investor Relations
+55 21 3224-1510
petroinvest@petrobras.com.br
33
33