Conference Call / Webcast RESULTS ANNOUCEMENT 2nd Quarter 2008 (Brazilian Corporate Law) Almir Guilherme Barbassa CFO and Investor Relations Officer August, 13th 2008

1. 1
Conference Call / Webcast
RESULTS ANNOUCEMENT
2nd Quarter 2008
(Brazilian Corporate Law)
Almir Guilherme Barbassa
CFO and Investor Relations Officer
August, 13th 2008

2. 2
Disclaimer
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.
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.
CAUTIONARY STATEMENT FOR US INVESTORS

3. 3
NATIONAL PRODUCTION OF OIL, NGL & NATURAL GAS – 2Q08 VS 1Q08
1.789 1.816 1.854
269 304 321
2Q07 1Q08 2Q08
Oil and NGL Natural Gas
Thous.bpd
2,120
2,175
2,058
• 2% increase in oil production for the quarter due
to the increase in the production of P-52 and P-54
platforms (Roncador field);
• 6% increase in the natural gas production.
Increase in the production of non-associated
natural gas in the Manati field and in the Espírito
Santo Basin, and increase in the production of
associated natural gas in the new production
units in the Campos Basin;
• June, monthly production record: 1,867 th. bpd .
Unit Production
1st Q/08
Production
2nd Q/08
Current Production
(August, 5)
P-52 52.7 107.9 154.8
P-54 42.7 62.2 96.5
FPSO Vitória 27.9 26.9 31.7
FPSO Rio de Janeiro 59.2 61.0 62.1
Thousandbpd
Oil and Natural Gas Production in Brazil

4. 4
Water Depth
Operating
2007
Start Up
2008
Start Up
2009
Start Up
2010
Start Up
2011
Start Up
2012
From 2013
to 2017
0-999m 5
• Pride South
Atlantic
• O. Yorktown
• Pride Mexico
• Borgny Dolphin
• Ocean Concord
• Falcon-100
• Petrobras XIV
1000-1999m 18
Olinda Star
Ocean Worker
≥ 2000m 5
• Lone Star
• Schahin III
• Petrorig II
• Sevan Driller
• West Taurus
• West Eminence
• Dave Beard
• Gold Star
• Schahin I
• Norbe VI
• Delba III
• SSV Victoria
• West Orion
•Delba IV
• Delba V
• Delba VI
• Scorpion
• Delba VII
• Delba VIII
• Norbe IX
• Schahin 1
• Schahin 2
• Norbe VIII
• Petroserv
• Etesco 8
• Sevan Brasil
+ 28 new units
to be leased
Total per year 28 6 9 7 1 12 28
Cumulative 6 15 22 23 35 63
NEW DRILLING RIGS
Stena Drillmax e Deep Water Millennium are not being considered since they are being negotiated in the Spot Market

5. 5
COMPETITIVE NATIONAL SUPPLY OF GOODS AND SERVICES
imports
imports
Current Demand Future Demand
1. Increase productive capacity of
sectors already highly competitive
2. Develop competition among sectors
with limited competition
3. Incentives for new national entrants
4. Incentives for joint ventures
between national and international
companies
5. Incentives for international
companies to invest in Brazil
National
Industry
PATH
Increase in
National Supply
Capacity of G&S
Adequacy of The National Supply Industrial Complex
GOOD AND SERVICES SUPPLY

6. 6
PRE-SALT – SANTOS BASIN
BM-S-21
(Caramba)
BM-S-8
(Bem-te-Vi)
BM-S-9
(Parati)
BM-S-11
(Tupi)
(Guará)
(Yara)
Wells Being Drilled
Wells Drilled
BM-S-9
(Carioca)

7. 7
• Increase in the demand for oil products and strong operating performance of the refineries led to increasing
throughput of 3% and production of oil products by 4% during the quarter, with 95% utilization rate ;
• 4% increase in oil products sales in Brazil, mainly diesel (8%).
1,79 51,79 6 1,8 0 2
1,776
1,8 4 6
1,70 3
1,776
1,70 9
1,76 8 1,76 5
9 5
8 9
9 1 9 0 8 9
78 7878 79 77
1, 500
1, 650
1, 800
1, 950
2Q07 3Q07 4Q07 1Q08 2Q08
30
40
50
60
70
80
90
Out put of Dome st ic Oi l P r oduc t s S a le s Volume of Tot a l Oi l P r oduc t s
Use of Inst a lle d Ca pa c it y - Br a z il ( %) Dome st ic Cr ude ( %) of Tot a l Fe e dst oc k P r oc e sse d
Thous. bpd
%
DOWNSTREAM OPERATIONAL PERFORMANCE

8. 8
GAS & POWER OPERATIONAL PERFORMANCE
Energy sold in the last auctions
Increase gas supply from E&P
New gas pipelines in operation
New regulatory framework in the
electric sector
Next Steps…Completed Actions
More gas available to be sold or to be used in
thermo generation
Better prices and margins
Higher dispatch in the thermo power plants to
guarantee the security of the electric system
Recovery of fixed costs
Reduction in contractual penalties
Hydro
Nuclear
Wind
Coal
Third-parties Thermo generation (oil + gas)
Petrobras Thermo generation (oil + gas)
New contracts with the distribution
companies
40.000
42.000
44.000
46.000
48.000
50.000
52.000
jun/07 jan/08 jun/08
MWavergae
Gas-fired thermo generation growing importance in Brazil
Creating flexibility in the portfolio
Increase LNG regasification capacity
Completing gas infra-structure
Increasing domestic production
More contracts sold in energy auctions
Source: ONS (Brazilian Energy System)

9. 9
LIFTING COST IN BRAZIL
• Increase in government take due to higher oil prices and higher taxes from the Roncador field, due to production
increases (P-52 and P-54 platforms);
• Increase in lifting cost calculated in Reais due to maintenance (P-26 e P-33) and programmed stoppages (Marlim and
Namorado fields) besides cost inflation in the industry;
• In dollar terms, lifting cost also impacted by the FX rate appreciation.
16.3415.1615.2214.6614.45
34.80
28.0425.76
23.2620.58
0
10
20
30
40
50
60
2Q07 3Q07 4Q07 1Q08 2Q08
Lifting Cost (R$) Gov. Part.(R$)
7.33 7.65 8.60 8.66 9.88
10.62 12.48
14.56 16.16
21.20
96.9
121.0
88.7
74.968.8
0
10
20
30
40
2Q07 3Q07 4Q07 1Q08 2Q08
0
20
40
60
80
100
120
140
Lifting Cost (US$) Gov.Part. (US$) Brent
US$/barrel R$/barrel
37.92
35.03
40.98
43.20
51.14

10. 10
AVERAGE REALIZATION PRICE – ARP
• Adjustment in diesel (15%) and gasoline (10%) prices in May and Real appreciation in the period contributed to the
increase of ARP in Brazil.;
• Due to higher oil prices (average Brent in the quarter was US$ 121 against US$ 69 in the 2Q07), refining margins were
compressed, following international trend.
2 0
4 0
6 0
8 0
10 0
12 0
14 0
Jun-06 Sep-0 6 Dec-06 M ar-0 7 Jun-0 7 Sep-07 Dec-0 7 M ar-0 8 Jun-08
ARP Brazil (US$/ bbl) Average Brent Price(US$/ bbl) ARP (US$/ bbl with V ol. Sold in BRl)
126.03
121,38
107.46
2Q08
Average
82.42
69,45
78.23
2Q07
Average
US$/bbl
1Q08
Average
104.79
97,07
93.90

11. 11
1,8541,816
NET INCOME CHANGE – R$ MILLION - 1Q08 VS. 2Q08
Oil Production in Brazil (th. bpd)
Result was affected by :
• Increase in gross income: increase in average realization prices (oil and oil products) and volumes sold;
• Decrease in operating expenses: reduced exploratory costs and fines related to natural gas supply;
• Increase in net financial expenses: strong appreciation of the Real in the period;
• Better non-operating result: change in participation in relevant investments in Quattor (R$ 409 MM).
6,925
7,678 3,693
173 1,132 586
582
8,783
1Q08 Net
Income
Revenues COGS Oper. Exp. Fin. and non
oper. expenses
Taxes Minority Inter.
and Particip. in
Equity Income
and Employee
Part.
2Q08Net
Income

12. 12
1,8541,816
EXPLORATION & PRODUCTION – CHANGE IN OPERATING PROFIT– R$ MILLION – 1Q08 VS. 2Q08
Domestic Production of Oil, NGL and Condensate (th.bpd)
• Better operating result in E&P due to the increase in crude oil sales price (22%) and production (2%).
14,496
743
4,004 1,237
282 40 17,724
1Q08 Oper.
Profit
Price Effect
on revenues
Volume Effect
on revenues
Cost Effect
on average
COGS
Volume Effect
on average
COGS
Operational
expenses
2Q08 Oper.
Profit

13. 13
1,8551,779
DOWNSTREAM – CHANGE IN OPERATING PROFIT – R$ MILLION – 1Q08 VS. 2Q08
Oil Products and Alcohol sales in the domestic market (th.bpd)
• Increase in average oil products realization prices (9%) and sale volumes;
• Increase in costs due to higher acquisition prices (oil and oil products), partially offset by liquidation of inventories
with a lower cost basis purchased during previous quarters (average cost of the inventories methodology);
• World trend of refining margin compression due to the strong increase in oil prices.
(903)
4,531
2,400
(577)
4,760
2,283
20
Volume Effect on
average COGS
Operational
Expenses
2Q08
Oper. Loss
1Q08 Oper. Loss Volume Effect on
Revenue
Price Effect on
Revenue
Cost Effect
on average COGS

14. 14
166
226
497 25 382
95
INTERNATIONAL – CHANGE IN OPERATING PROFIT – R$ MILLION – 1Q08 VS. 2Q08
• Increase in sales volume and higher sales price of crude oil;
• Decrease in operating expenses due to a reduction in exploratory costs in the USA and Nigeria and absence of
contingencies related to royalties in Colombia, which occurred in the 1Q08.
International Sales Volume (th. bpd) 631557
2Q08
Oper. Profit
1Q08 Oper. Profit Cost Effect
on average
COGS
Volume Effect
on average
COGS
Operational
Expenses.
Volume Effect on
Revenue
Price Effect on
Revenue
627

15. 15
(502)
353
140
452
320
124
265
GAS & POWER – CHANGE IN OPERATING PROFIT – R$ MILLION – 1Q08 VS. 2Q08
Natural Gas Sales Volume (million m3/day)
• Better price for natural gas due to new contracts with distributors;
• Increase in volumes, with higher supply of domestic gas by E&P (3% - 29 million m3/day);
• Higher generation of electric power due to the availability of gas and the new resolution for the sector;
• Less contractual fines related to the supply of natural gas for third parties.
5048
2Q08
Oper. Profit
1Q08 Oper. Loss Cost Effect
On average COGS
Volume Effect on
average COGS
Operational
Expenses.
Volume Effect on
Revenue
Price Effect on
Revenue

16. 16
CASH FLOW
2Q08 1Q08 2Q07
Net Cash Generated by Operating Activities 11,888 9,771 13,184
(-) Cash used for Capex (10,969) (10,070) (10,236)
(=) Free Cash Flow 919 (299) 2,948
(-) Cash used in Financing Activities (1,433) (1,212) (5,557)
Financing 678 2,862 (3,958)
Dividends (2,111) (4,074) (1,599)
(=) Net Cash Generated in the Period (514) (1,511) (2,609)
Cash at Beginning of Period 11,560 13,071 20,463
Cash at End of Period 11,046 11,560 17,854
R$ million
• Positive Cash Flow generated by operating activities;
• Cash used for dividends payment.

17. 17
Petrobras’ Leverage Ratio
R$ million 06/30/2008 03/31/2008 Var
Short Term debt
(1)
8,699 7,639 14%
Long Term Debt
(1)
33,256 35,674 -7%
Total Debt 41,955 43,313 -3%
Cash and Cash Equivalents 11,046 11,560 -4%
Net Debt
(2)
30,909 31,753 -3%
Capital Structure 46% 47% -1 pp
Net Debt/Net Capitalization
21%
19%
18%
17%
16%
19%
19%
Dec-06 Mar-07 Jun-07 Sep-07 Dec-07 Mar-08 Jun-08
LEVERAGE
• Net debt decreased 3% in the 2Q08 when compared to the 1Q08, due to the Real appreciation.
• Net Debt/Net Capitalization decreased 2 p.p. in the same period, falling to 19%.
(1) Includes debt from leasing contracts (R$ 1,202 million on June 30, 2008 and R$ 1,429
million on March 31, 2008).
(2) Total Debt – Cash/Cash Equivalents

18. 18
QUESTION AND ANSWER SESSION
Visit our website: www.petrobras.com.br/ri
For more information contact:
Petróleo Brasileiro S.A – PETROBRAS
Investor Relations Department
Theodore Helms – Executive Manager
E-mail: petroinvest@petrobras.com.br
Av. República do Chile, 65 – 22o floor
20031-912 – Rio de Janeiro, RJ
(55-21) 3224-1510 / 3224-9947