Disclaimer CAUTIONARY STATEMENT FOR US INVESTORS

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1 CARLOS TADEU FRAGA Sep / 2012

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. All projects forecasted herein are subject to approval by the appropriate stakeholders. CAUTIONARY STATEMENT FOR US INVESTORS 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.

3 AGENDA PRE-SALT BACKGROUND STRATEGY MAIN RESULTS PERSPECTIVES

4 Pre-Salt - Key Facts

5 Pre-Salt - Key Facts 31 % under contract 69 % to be granted through upcoming bids

6 Pre-Salt - Key Facts Some key facts: Average water depth: 2100 m Distance to coast: 300 km Average salt thickness: 2 km Average reservoir depth: 5 km Declared Recoverable Volumes Lula: 6.5 billion boe Lula - Iracema Area: 1.8 billion boe Sapinhoá: 2.1 billion boe Transfer of Rights: 5.0 billion boe Total: 15.4 billion boe 31 % under contract 69 % to be granted through upcoming bids Transfer of Rights: 100% Petrobras

7 Santos Pre-Salt Cluster vs Campos Basin BM-S-11 (TUPI)

8 Santos Pre-Salt Cluster vs Campos Basin BM-S-11 (TUPI)

9 Santos Pre-Salt Cluster vs Campos Basin BM-S-11 (TUPI)

10 Santos Pre-Salt Cluster vs Campos Basin BM-S-11 (TUPI)

11 Santos Pre-Salt Cluster vs Campos Basin BM-S-11 (TUPI)

12 Santos Pre-Salt Cluster vs Campos Basin BM-S-11 (TUPI) 40 times Guanabara Bay

13 Pre-Salt timeline : BIDs 2 and 3: Blocks acquisition of Santos Basin Pre-Salt blocks : Seismic acquisition and interpretation 6km 3D Seismic Pre-salt reservoir

14 Pre-Salt timeline : 1 st wildcat well Santos Basin - Parati 2006: Lula (Tupi) discovery - RJS : Caxaréu discovery - ESS-172 P-34 - Jubarte Sep 2008: Campos Basin 1 st oil - ESS-103A May 2009: Lula field 1 st oil - Lula EWT

15 Pre-Salt timeline Sep 2010: Transfer of Rights Oct 2010: 1 st oil of Lula Pilot Dec 2010: Declaration of Commerciality - Lula Field

16 Pre-Salt timeline Dec 2010 to July 2011: Sapinhoá EWT Dec 2011: Declaration of Commerciality Sapinhoá Field Sapinhoá

17 Pre-salt Potential 15.4 bi boe* Produced = 15.5 bi boe Declared Recoverable Volume Lula + Sapinhoá + Transfer of Rights * Declared volume operated by Petrobras

18 AGENDA PRE-SALT BACKGROUND STRATEGY MAIN RESULTS PERSPECTIVES

19 Deep Water Track Record Thousand bpd Onshore Shallow Water Deep Water Deep & Ultra deep Water Pre Salt 123 offshore units (45 floating and 78 fixed) 25 new offshore facilities over the last 5 years Uruguá Lula Pilot Jubarte Marlim Sul FPSO Cidade de Santos FPSO Cidade de Angra dos Reis P-57 P-56

20 Strategy 2 FPSOs performing EWTs Contracted (First oil by 2013) Contracted (First oil by 2014/2015) Phase 0 Information Gathering 2008/2018 Phase 1a Production 2013/2017 Phase 1b Innovation acceleration After 2017 Appraisal Wells Extended Well Tests Lula Pilot Sapinhoá Pilot Lula NE Pilot Sapinhoá N Iracema S Iracema N 8 Replicants FPSO`s 4 Transfer of Rights production units New technologies 1st oil just 4 years after discovery Hulls + Topsides contracted (First oil by 2016) Hulls contracted Topsides being contracted (First oil by 2016)

21 Oil Transfer In operation Under Construction

22 Gas Transfer COMPERJ 250 km Rota 2 OPERATION CONSTRUCTION DESIGN Rota 1 Rota 3 Capacity (million m 3 /day) Status 1 - LULA-MXL + UTGCA 10 Operation 2 - CABIÚNAS 16 Construction Aug/ MARICÁ 18 Design - Aug/16

23 AGENDA PRE-SALT BACKGROUND STRATEGY MAIN RESULTS PERSPECTIVES

24 Main Results - Exploration

25 Main Results - Exploration

26 Main Results - Exploration

27 Main Results - Exploration Exploratory wells drilled Santos Basin Campos + Santos Basin 32 wells 73 wells Success Success > 90% > 80%

28 Main Results - EWT EWT Period Block Lula Apr/09 to Dec/10 BM-S-11 Lula NE Apr/11 to Nov/11 BM-S-11 Sapinhoá Dec/10 to Jul/11 BM-S-9 Carioca NE Oct/11 to Feb/12 BM-S-9 Iracema S Since Feb/12 BM-S-11 Very good lateral continuity High productivity

29 Main Results - Lula Pilot Sucessfull pionering CO2 reinjection in deep water Very high productivity First horizontal well Fast track project

30 Production Output Jan / k bpd 31 k bpd 85 k bpd AUG/2012 Sep / million boe PPSBS BC 192 k bpd 113 mil bpd 107 k bpd 78 mil bpd 85 k bpd SEP/2008

31 Typical Mega Project EDISE

32 Technological Highlights - Subsurface See through salt Good reservoir characterization Suitable geological and flow model

33 Technological highlights - Wells Construction Poços Safety and reliable wells Cost-effective and high productivity wells for pre-salt conditions

34 Technological highlights - Subsea Safety and reliable subsea systems Cost-effective for ultra deep water projects

35 Technological highlights Floating Production Units Suitable for pre-salt fluids and contaminants

36 AGENDA PRE-SALT BACKGROUND STRATEGY MAIN RESULTS PERSPECTIVES

37 Energy Landscape Consumption 1990 Source: IEA, 2010 Others 3147 Mtoe Oil & Gas 4962 Mtoe 2010 Oil & Gas 6794 Mtoe 8109 Mtoe 2030 Oil & Gas 9720 Mtoe Others 5207 Mtoe Others 6486 Mtoe Mtoe Mtoe

38 Energy Landscape Major Offshore Discoveries Thunder Horse (GoM) Zafiro, Bonga (Niger Delta) Marlim, Albacora, Roncador (Brazil) Girassol (Lower Congo Basin)

39 Energy Landscape Major Offshore Discoveries Avaldsnes-Aldous, North Sea Havis, Goliat, Barents Sea Established Emerging Frontier Aphrodite, Mediterranean Moccasin, US GoM Zaedyus, French Guyana Cameia-1, Cobalt and Azul-1, Angola Pre-salt Multiple, Mozambique Lula, Cernambi, Sapinhoá, Franco Brazilian Pre-salt Major Offshore Discoveries Source: Oil & Gas Journal Exploration Projects

40 Energy Landscape Oil and NGLs Production Forecast (million b/d) + 17 % Europe Asia Pacific South America Africa Asia North and Central America Middle East Source: WoodMackenzie, 2010

41 Energy Landscape Offshore Oil and NGLs Production Forecast (million b/d) + 26 % Europe Asia Pacific South America Africa Asia North and Central America Middle East Source: WoodMackenzie, 2010

42 Energy Landscape Deepwater Oil and NGLs Production Forecast (million b/d) + 90 % Europe Asia Pacific South America Africa Asia North and Central America Middle East Source: WoodMackenzie, 2010

43 Perspectives Oil Production Baleia Azul (Cidade de Anchieta) Piloto Sapinhoá (Cidade de São Paulo) Jan/13 Piloto Lula NE (Cidade de Paraty) Mai/13 Sapinhoá Norte (C. de IlhaBela) Set/14 Iracema Sul (Cidade de Mangaratiba) Nov/14 Norte Parque das Baleias (P-58) Iracema Norte Dez/15 Lula Alto Jan/16 Lula Central Mar/16 Lula Sul Jun/16 Franco 1 Jul/16 Carioca 1 Ago/16 Lula Norte Set/16 Franco 2 Dez/16 Lula Ext Sul Jan/17 Iara Horst Jun/17 NE Tupi Jul/17 Iara NW Out/17 Franco 3 Dez/17 Franco 4 Jan/18 Sul de Guará Jan/18 Júpiter Mar/18 Carcará Mar/18 Franco 5 Dez/18 Sul Parque das Baleias Ent. de Iara Dez/19 Florim Dez/ Baúna e Piracaba (Cidade de Itajaí) Papa Terra (P- 61 e P-63) Roncador III (P-55) Roncador IV (P-62) Carimbé Aruanã Espadarte I Maromba Bonito Espadarte III k bpd 95% Pos-Salt k bpd 69% Pos-Salt k bpd 42% Pos-Salt 28% Pre-Salt (concession) 5% Pre-Salt (concession) 30% 1% Pre-Salt (concession) Transfer of Rights 19% 11% Pre-Salt New Discoveries (Transfer of Rights)

44 Perspective Oil Production Baleia Azul (Cidade de Anchieta) Piloto Sapinhoá (Cidade de São Paulo) Jan/13 Piloto Lula NE (Cidade de Paraty) Mai/13 Sapinhoá Norte (C. de IlhaBela) Set/14 Iracema Sul (Cidade de Mangaratiba) Nov/14 Norte Parque das Baleias (P-58) Iracema Norte Dez/15 Lula Alto Jan/16 Lula Central Mar/16 Lula Sul Jun/16 Franco 1 Jul/16 Carioca 1 Ago/16 Lula Norte Set/16 Franco 2 Dez/16 Lula Ext Sul Jan/17 Iara Horst Jun/17 NE Tupi Jul/17 Iara NW Out/17 Franco 3 Dez/17 Franco 4 Jan/18 Sul de Guará Jan/18 Júpiter Mar/18 Carcará Mar/18 Franco 5 Dez/18 Sul Parque das Baleias Ent. de Iara Dez/19 Florim Dez/ Baleia Azul (FPSO Cidade de Anchieta) 1st oil: September 2012

45 Perspective Oil Production Piloto Sapinhoá (Cid. São Paulo) Piloto Lula NE (Cid. Paraty) Sapinhoá Norte (Cid. Ilhabela) Iracema Sul (Cid. Mangaratiba) Iracema Norte Lula Alto Lula Central Lula Sul Franco 1 Carioca 1 Lula Norte Franco Lula Ext. Sul Iara Horst NE Tupi Iara NW Franco 3 Franco 4 Sul de Guará Júpiter Carcará Franco 5 Entorno de Iara Florim Sapinhoá Pilot (FPSO Cidade de São Paulo) 1st oil: January 2013

46 Perspective Oil Production Piloto Sapinhoá (Cid. São Paulo) Piloto Lula NE (Cid. Paraty) Sapinhoá Norte (Cid. Ilhabela) Iracema Sul (Cid. Mangaratiba) Iracema Norte Lula Alto Lula Central Lula Sul Franco 1 Carioca 1 Lula Norte Franco Lula Ext. Sul Iara Horst NE Tupi Iara NW Franco 3 Franco 4 Sul de Guará Júpiter Carcará Franco 5 Entorno de Iara Florim Lula NE Pilot (FPSO Cidade de Paraty) 1st oil: May 2013

47 Perspective Oil Production Piloto Sapinhoá (Cid. São Paulo) Piloto Lula NE (Cid. Paraty) Sapinhoá Norte (Cid. Ilhabela) Iracema Sul (Cid. Mangaratiba) Iracema Norte Lula Alto Lula Central Lula Sul Franco 1 Carioca 1 Lula Norte Franco Lula Ext. Sul Iara Horst NE Tupi Iara NW Franco 3 Franco 4 Sul de Guará Júpiter Carcará Franco 5 Entorno de Iara Florim Sapinhoá Norte (FPSO Cidade de Ilhabela) 1st oil: September 2014

48 Perspective Oil Production Piloto Sapinhoá (Cid. São Paulo) Piloto Lula NE (Cid. Paraty) Sapinhoá Norte (Cid. Ilhabela) Iracema Sul (Cid. Mangaratiba) Iracema Norte Lula Alto Lula Central Lula Sul Franco 1 Carioca 1 Lula Norte Franco Lula Ext. Sul Iara Horst NE Tupi Iara NW Franco 3 Franco 4 Sul de Guará Júpiter Carcará Franco 5 Entorno de Iara Florim Iracema Sul Project (FPSO Cidade de Mangaratiba) 1st oil: November 2014

49 Perspective Oil Production Piloto Sapinhoá (Cid. São Paulo) Piloto Lula NE (Cid. Paraty) Sapinhoá Norte (Cid. Ilhabela) Iracema Sul (Cid. Mangaratiba) Iracema Norte Lula Alto Lula Central Lula Sul Franco 1 Carioca 1 Lula Norte Franco Lula Ext. Sul Iara Horst NE Tupi Iara NW Franco 3 Franco 4 Sul de Guará Júpiter Carcará Franco 5 Entorno de Iara Florim Replicants FPSO Lula Alto (P66) 1st oil: January 2016

50 Perspective Oil Production Piloto Sapinhoá (Cid. São Paulo) Piloto Lula NE (Cid. Paraty) Sapinhoá Norte (Cid. Ilhabela) Iracema Sul (Cid. Mangaratiba) Iracema Norte Lula Alto Lula Central Lula Sul Franco 1 Carioca 1 Lula Norte Franco Lula Ext. Sul Iara Horst NE Tupi Iara NW Franco 3 Franco 4 Sul de Guará Júpiter Carcará Franco 5 Entorno de Iara Florim E&P-PRESAL - R1 LULA ALTO - P-66 (Projeto Completo) ACOMPANHAMENTO FÍSICO DO PROJETO - CURVA S Fase II - Projeto Conceitual Transfer of rights FPSOs Franco-1 (P74) 1st oil: July 2016 % Acumulado MARCOS DE IMPLANTAÇÃO 1 - Conclusão da Fase Avaliação de Oportunidade (Portão 1) (P: jun-12 / R: jun-12) (P: 100% / R: 100%) 2 - Conclusão da Fase de Projeto Conceitual (Portão 2) (P:maio-13 / Proj:maio-13) (P: 5,5% / R: 5,5%) 3 - Emissão da Licença Prévia (LP) (P:jan-14 / Proj:jan-14) 1º Óleo (PNG 12-16): 4 - Conclusão da Fase de Projeto Básico (Portão 3) (P:mar-14 / Proj:mar-14) (P: 0% / R: 0%) jan/ Início da Construção 1º Poço (P:jun-14 / Proj:jun-14) 6 - Emissão da Licença de Instalação (LI) (P:dez-14 / Proj:dez-14) 7 - Chegada da UEP na Locação (P:set-15 / Proj:set-15) Início da Interligação do 1º Poço (P:dez-15 / Proj:dez-15) 9 - Emissão da Licença de Operação (LO) (P: dez-15 / Proj:dez-15) Interligação do último poço (P:mar-18 / Proj:mar-18) 6 1 Justif º Óleo Projetado: jan/16 Aprovações Data Ata DE Data de Partida Fase I Fase II Fase III 1º Óleo EVTE: jan/16 22/06/ Ata /01/ Referência: agosto/12 No mês Acumulado Previsto PNG: 3,0 p.p. 13,0% Realizado: 2,4 p.p. 12,0% 10 mar-10 jun-10 set-10 dez-10 mar-11 jun-11 set-11 dez-11 mar-12 jun-12 set-12 dez-12 mar-13 jun-13 set-13 dez-13 mar-14 jun-14 set-14 dez-14 mar-15 jun-15 set-15 dez-15 mar-16 jun-16 set-16 dez-16 mar-17 jun-17 Linha de Base Linha Base - PNG Realizado Projetado Fonte: SAP 31/08/12. Data da medição pela Diretoria de Exploração e Produção: 14/09/12 set-17 dez-17 mar-18

51 INVESTMENTS Petrobras Investments in Pre-salt: US$ 69,6 bi 15% 10,7 bi 85 % 58,9 bi Santos Basin Development Exploration Infra Santos Basin Campos Basin 4 % 2,4 bi 14 % 8,1 bi 82 % 48,3 bi Total: Petrobras + Partners US$ 93,1 bi

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