Fixed income iq 2011 v9

1

FIXED INCOME PRESENTATION

January, 2011

2

DISCLAIMER

FORWARD-LOOKING STATEMENTS:

DISCLAIMER

The presentation may contain forward-looking statements aboutfuture events within the meaning of Section 27A of the SecuritiesAct of 1933, as amended, and Section 21E of the SecuritiesExchange Act of 1934, as amended, that are not based onhistorical facts and are not assurances of future results. Suchforward-looking statements merely reflect the Company’s currentviews and estimates of future economic circumstances, industryconditions, company performance and financial results. Suchterms as "anticipate", "believe", "expect", "forecast", "intend","plan", "project", "seek", "should", along with similar or analogousexpressions, are used to identify such forward-looking statements.Readers are cautioned that these statements are only projectionsand may differ materially from actual future results or events.Readers are referred to the documents filed by the Company withthe SEC, specifically the Company’s most recent Annual Report onForm 20-F, which identify important risk factors that could causeactual results to differ from those contained in the forward-lookingstatements, including, among other things, risks relating to generaleconomic and business conditions, including crude oil and othercommodity prices, refining margins and prevailing exchange rates,uncertainties inherent in making estimates of our oil and gasreserves including recently discovered oil and gas reserves,international and Brazilian political, economic and socialdevelopments, receipt of governmental approvals and licenses andour ability to obtain financing.

We undertake no obligation to publicly update or reviseany forward-looking statements, whether as a result ofnew information or future events or for any other reason.Figures for 2010 on are estimates or targets.

All forward-looking statements are expressly qualified intheir entirety by this cautionary statement, and you shouldnot place reliance on any forward-looking statementcontained in this presentation.

NON-SEC COMPLIANT OIL AND GAS RESERVES:

CAUTIONARY STATEMENT FOR US INVESTORS

We present certain data in this presentation, such as oiland gas resources, that we are not permitted to present indocuments filed with the United States Securities andExchange Commission (SEC) under new Subpart 1200 toRegulation S-K because such terms do not qualify asproved, probable or possible reserves under Rule 4-10(a)of Regulation S-X.

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

4

Strategic and Operational

Overview

5

FULLY INTEGRATED ACROSS THE HYDROCARBON CHAIN

Our Main Segments: Key Statistics and Market Positions (2009)

Adjusted EBITDA US$ 32.9 Billion1 (LTM2)

Exploration and Production

• 15.3 Bn boe of 1P

(SEC)(4)

• 2.1 mm boed production

• 576 concession areas

• 318 production fields

• 98.5% of Brazilian

production

• 20% of global DW and

UDW production

RTM (incl. Petrochemicals)

• 11 refineries

• 1.9 mm bbld refining

capacity

• 11.2 mty materials

nominal capacity (3)

• 92% share of

installed capacity

Distribution

• 7,221 service stations

• 19.2% share of

service stations

• 38.6% share of

distribution volume

Gas and Power

• 13,996 km (8,698 mi)

of pipelines

• Participation in 20 of

the 27 gas discos in

Brazil

• 5,966 MW of

generation capacity

International

• 26 countries

• 0.7 Bn boe of 1P

(SEC)(4)

• 228 thous. boed

production

• 276 thous. bbl/d

refining capacity

• Petrochemicals, Gas &

Power activities

RTM12%

G&P4%

Distribution3%

International5%

E&P76%

Biofuels

• 3 new Biodiesel

Plants

• Ethanol: Opening

new markets

• Responsible for 10%

of Brazilian ethanol

exports

Notes: (1) Includes Corporate and Elimination; (2) LTM as of 9/30/10; (3) Through Braskem and Quattor; (4) 2010 figures

2010 Proven Reserves (SPE)15.986 billion boe

Shallow Water

(0-300m)

9%

Ultra-Deep Water

(>1,500m)

32%

Deep Water

(300-1,500m)

50%

Onshore

9%

6

369

237209

184

138126

100

6744

XOM PBR RDS CVX BP TOT COP ENI STL

A WORLD-CLASS INTEGRATED ENERGY COMPANY

2009 Oil & Gas Production (mm boe/d)

2009 Refining Capacity (mm boe/d)

2009 Proven Reserves – SEC (bln boe)

Notes: Peer companies selected above have a majority of capital traded in the public market; (1) 2010 average of 11 months; (2) 2010

Source: PFC Energy WRMS (barrels per calendar day, considering company % shareholding and including JVs) and Bloomberg

3.9 3.9

3.2

2.7 2.6(1) 2.52.2

1.7

0.6

BP XOM RDS CVX COP TOT ENI BG

Oil Gas

6.3

3.6

2.9 2.7 2.62.2 2.2

0.70.3

XOM RDS COP BP TOT CVX ENI STL

23.0

18.0

13.912.7(2)

11.3 10.3 10.1

6.45.2

XOM BP RDS CVX COP TOT ENI STL

Oil Gas

Market Cap (US$ bn) - December 31th, 2010

7

14.3 27.7 30.2

39.4 35.8

237.0

Murphy Hess Marathon Anadarko Devon

COMPARISON WITH OTHER SIMILAR RATED COMPANIES

Baa3/BBB Baa2/BBB Baa1/BBB+ Ba1/BBB- Baa1/BBB+ Baa1/BBB-

2009 Production (mm boe/d)

2009 Refining Capacity (mm boe/d) Market Cap (US$ bn) – December 31th, 2010

2009 Proven Reserves – SEC (bln boe)

Note: Peer companies selected above have a majority of capital traded in the public market.

Source: Company’s websites

0.3 1.4 1.7

2.3 2.7

12.1

Murphy Hess Marathon Anadarko Devon

268 201

1,188

N/A N/A

2,223

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- Baa3/BBB Baa2/BBB Baa1/BBB+ Ba1/BBB- Baa1/BBB+ Baa1/BBB-

132

408 405604 639

2,525

Murphy Hess Marathon Anadarko Devon

8

LONG HISTORY OF TECHNOLOGICAL AND OPERATIONAL LEADERSHIP IN DEEPWATER

Deepwater Production2009 Gross Global Operated¹

Offshore Production Facilities

100

5

8

8

9

10

12

12

13

15

15

45

0 20 40 60 80 100

Others

ENI/Agip

ConocoPhillips

CNOOC

Total

Anadarko

Chevron

BP

ExxonMobil

StatoilHydro

Shell

Petrobras

FPSO Semi Spar TLP Other

Petrobras operates 20% of global deepwater production

1977Enchova

410ft125m

1988Marimbá1,610ft491m

1994Marlim3,370ft1,027m

1997Marlim Sul

5,600ft1,707m

2003Roncador

6,180ft1,884m

2009Lula

7,125ft2,172m

Source: PFC EnergyNote: (1) These 15 operators account for 98% of global deepwater production in 2009. Minimum water depth is 1,000 feet (about 300 meters)

PBR

20%

ExxonMobil

13%

Shell

12%BP

12%

Statoil

12%

Chevron

7%

Total

7%

BG

4%

Anadarko

3%

Other

10%

9

1,500 1,684 2,003

2,980

3,950

274326

623

1,109

252

176

203

151

16335

9699

128

120

22

2002 2005 2010 2014 2020

Oil Production - Brazil Gas Production - Brazil Oil Production - International Gas Production - International

GROWING PRODUCTION FULLY SUPPORTED BY DISCOVERIES

Pre-Salt

Petrobras Total Production (000 b/d)

241

12,131

Proven Reserves 2002

14,913

Proven Reserves 2005

15,986

Proven Reserves 2010

Up to 5,000

Transfer of Rights

29,000-31,000

Total Resource Base

Higher Estimates9,800

Lower estimates8,200

• 18th consecutive years of fully replacing the production (229% in 2010)

• R/P ratio 18.4 years (SPE Criteria)

1,078

1,8092,217 2,579

5,382

3,907

4.5% p.y.

... ...

Potential Recoverable (Lula, Cernambi, Iara, Guará and Whales

Park)

Petrobras Total Reserves (bln boe) - SPE Criteria

Notes: (1) 2010 average of 11 months for gas production and international oil production

(1)

10

DEVELOPING TRADITIONAL POST-SALT HORIZONS, WHILE TRANSITIONING TO PRE-SALT

Pro

du

ctio

n (

mill

ion

bo

e/d

)

Cachalote.Baleia Franca

TupiPilot

UruguáTambaú

Mexilhão

Tupi NE EWT

Guará EWT

Tiro Pilot

Aruanã EWTP-57

Jubarte

P-56Marlim Sul

4 EWTPre-salt

P-63Papa-Terra

Guará Pilot

3 EWTPre-salt

FPSO Espadarte

P55 Roncador

4 EWTPre-salt

Tiro / Sidon

Aruanã EWT

P-62 Roncador

Tupi NEPilot

P-58 Whales Park

Guaiamá

2 EWTPre-salt

Main Projects Scheduled (2010-2014)

Pre-salt Post-Salt Natural Gas Extended Well Test

2,980

2,003

E&P Brazil Investments(2010-2014)

Exploration Development Infrastructure

Pre-Salt: US$ 33.0 billion Post-Salt: US$ 75.2 billion

2010 2011 2012 2013 2014

84%

13%

3%

67%

18%

15%

11

5 BILLION BOE BASE IN CONTIGUOUS AND ADJACENT FIELDS, INCREASING SCALE AND REPEATABILITY

Transfer of Righs Aquisition

Volume 5.0 billion boe

ConcessionArea

3,865 km2 in 7 blocks

Average Price US$ 8.51 / boe

Initial Value US$ 42.5 billion / R$ 74.8 billion

Duration40 years, extendable for

additional 5 years. 4 year exploration period

• 2C Contingent Resource

• Total Potential Oil and Condensate Quantities:

1,632 MM boe

• Total Potential Sales-Gas Quantities:

1,664 Bn ft3

• Brent Price: US$ 79.23 bbl

• Gas Price: US$ 4.27 thousand ft3

• 3 FPSOs, with 150 thousand BOPD processing capacity

DeGolyer and MacNaughton Report assumptions for Franco (largest field):

*

(10,000)

10,000

30,000

50,000

70,000

90,000

110,000

tt+

2t+

4t+

6t+

8t+

10t+

12t+

14t+

16t+

18t+

20t+

22t+

24t+

26t+

28t+

30t+

32

Beginning of

Production

Positive

Cash Flow

* Nominal values

Forecast - Accumulated Cash Flow from Franco’s field (2C)(US$ MM)

12

8.63

4.40

3.18 2.79 2.70 2.61 2.42 2.36 2.33 2.20 1.94 1.94 1.83 1.74 1.61 1.58

-

1

2

3

4

5

6

7

8

9

10

US

Ch

ina

Jap

an

Ind

ia

Bra

zil 2

02

0

Ru

ssia

n …

Sa

ud

i A

rab

ia

Ge

rma

ny

Bra

zil 2

01

4

So

uth

Ko

rea

Ca

na

da

Bra

zil 2

00

9

Me

xic

o

Fra

nce

Ira

n

Un

ite

d K

ing

do

m

Ita

ly

2009 Total Oil Consumption by Country (mmbo/d)

Source: BP Statistical Review 2010, PFC EnergyNote: * Estimates for 2014 and 2020

Brazil is world’s tenth-largest oil consumer.

Brazil oil consumption growing at 2.38% p.a;

OECD oil consumption growing at -0.04% p.a.

Total Oil Consumption mb/d (index)

12

BRAZIL AS A LARGE AND GROWING EMERGING MARKET

18.7

* *

95

100

105

110

115

120

125

130

1999 2001 2003 2005 2007 2009

Brazil

US

OECD

World

13

DOMINANT POSITION IN THE BRAZILIAN MARKET ENHANCES CREDIT QUALITY

Upstream Operations Downstream Operations

Logistical Synergies Stable Cash FlowsGrowing MarketDominant Position

•Leadership in all segments of the value chain

•Market position ensures economies of scale and efficient business model

•Strong organic demand in one of the fastest growing global markets

•Attractive domestic market opportunities for upstream, downstream and other energy segments

•Main oil producing basins and refining located in S.E. Brazil, near GDP centers

•Logistical infrastructure fully developed

•Diversified cash flows with several growth drivers

•Reduced volatility of cash flows due to ability to smoothen prices fluctuations in the domestic market

Petrobras

Other Companies

Existing Pipelines

Refineries

Marine Terminal

In Land Terminal

14

Throughput(451 TBPD)

90% OF DOWNSTREAM CAPEX FOR EXPANSION, QUALITY AND OPERATIONAL IMPROVEMENT

Total RTM Investment $73.6 billion (2010-2014)

Output

● Quality and Conversion

– Removal of sulfur (regulatory) and to process more heavy Brazilian crude

● Operational improvement

– Logistics, higher safety standards, more stringent environment regulations

50%

29%

11%

6%3% 1%

Additional Capacity Quality and Conversion

Operational Improvement Fleet Expansion

Logistics for Oil International

Total Investment: US$ 73.6 billion

● Additional Capacity

● New refineries economical, despite higher costs:

– Avoided logistical costs of US$ 8.0 /bbl

– Tax benefit of US$ 10,000 per bbl/day of capacity

– Capture light/heavy differential

Heavy 20 api

Heavy14-18 api

Medium 25-28 api

Diesel

Coke

LPG

Others

Nafta

Jet fuel9%

62%

29%150

104

230

1647

47

69

291

4218

52

Brazil projected imports by 2014 with no additional

refining capacity

• Mainly products Brazil imports• No additional gasoline production

First 2 Refineries Planned to Replace Projected Imports

15

3Q084Q081Q092Q093Q09 4Q09 1Q10 2Q10 3Q10

115

5544

59 6875 76 78 77

101

48

32

49 64 70 73 7472

20

40

60

80

100

120

Petrobras Oil Price

Brent

US$/bbl

4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10

20

70

120

170

220

ARP USA

ARP Petrobras

R$/bbl

Avg.

3Q10

Avg.

3Q09

144.47132.87

152.34 158.17

● Pricing policy stabilizes cash flows

● Historically, Brazil prices below international prices only during periods of sharply rising international prices

Average Realization Price - USA

Average Realization Price - Petrobras

MATCHING INTERNATIONAL PRICES WITH REDUCED VOLATILITY

16

516

196

331

336

45

PETROBRAS IS A NET EXPORTER IN VOLUME AND VALUE

9M10

712 667

9M09

8.84510.640

14,480 14,599

Import Export

US$ 119

US$ 1,795

562714

9M09 9M10

Financial Volume (US$ Million)

Thous bpd

Export Import Net Export Export Import Net

Export

483

231

405

157

152

Oil Oil Products

● Petrobras is a net exporter both in volume and

value

● In 2010, net exports declined due to substantial

demand growth due to economic recovery

● Production growth is expected to continue

exceeding Brazilian consumption growth

17

Business Plan and Financial

Strategy

18

53%

33%

2%1%2%8%

1%

E&P

Downstream

G&E

Petrochemicals

Distribution

Biofuels

Corporate

E&P

RTM

G&P

Petrochemicals

Petrobras’ Corporate Strategy to 2020

Brazil

95%

International

5%

US$ 224.1 billion

Total Capital Investment Plan2010-2014

Focus in oil, oil products, petrochemicals, gas &

energy, biofuels, refining and distribution with an

integrated and sustainable business model

Oil & gas production growth in a sustainable

manner that will approximately double our

production in the next 10 years

Integrated Growth, Profitability and Sustainability

Be recognized as a benchmark among integrated energy companies

Consolidate leadership in the Brazilian market of

natural gas, electricity generation and gas chemicals

BUSINESS PLAN 2010-14: INCREASED INVESTMENT FOR INTEGRATED OPERATIONS IN BRAZIL

Distribution

Biofuels

Corporate

19

PROJECTED FUNDING NEEDS FOR 2010-2014 BUSINESS PLAN

● $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

PROJECTED Operating Cash Flow(2010 – 2014)

OCF(after dividends)US$ 155 billion

Funding(debt + equity)US$ 96 billion

InvestmentsUS$ 224 billion

CashUS$ 11 billion Amortization

US$ 38 billion

* Including Capitalization and excluding amortization of US$38 billion

Principal Assumptions

FX Rate (R$/US$) 1.78

Brent for Funding (US$/bbl)

2010 – 76

2011 – 78

2012– 82

2013 – 82

2014 – 82

Projected Investments (US$ bn) 224

Projected Net Cash Flow (After dividends) (US$ bn)

155

Net Total Capt. (US$ bn) 58*

Leverage Up to 35%

Average Realization Price (R$ barrel) 163

Notes: (1) Considers 2010 amortization according to 2010-14 Strategic Plan with FX rate of R$ 1.87/US$

20

21,077 22,664 28,220 24,920 25,548

-3,252

5,2225,993 17,912

-1,617

27,472

2006 2007 2008 2009 LTM

OCF Net Debt Capitalization

INCREASING INVESTMENTS LEADING TO AN ORGANIC GROWTH

14,47020,768

29,874 35,13444,987

3,1443,860

4,7477,712

6,416

4161,551

2006 2007 2008 2009 LTM

CAPEX Dividends Acquisition

17,82527,886

34,213

18,03026,179

34,62142,846

42,832

Sources (US$ million)1

Uses (US$ million)1

51,403

51,403

Notes: (1) In USGAAP; (2) LTM as of 9/30/10

2

2

21

-

5,000

10,000

15,000

20,000

25,000

30,000

35,000

40,000

45,000

50,000

OCF LTM (1) Capex 2009 Capex 2010 (2) Maintenance

Capex (Est.)

E&P Downstream Gas & Energy Others

US$ MM

35,134

44,525

16,000

CASH FLOW SUPPORTS MAINTENANCE PLUS GROWTH

25,548

Notes: (1) LTM as of 9/30/10; (2) Based on 9M10 Results Annualized

Assumptions to Maintain Existing Capacities:• $12 per barrel to replace 830MM

BBL´s of production• $1.5 bn. - Exploration • $1.5 bn. - Refinery maintenance• $1.5 bn. - Gas & Power maintenance• $1.5 bn. - Other Maintenance

22

15,86519,738

30,537

38,735

63,929

0

10,000

20,000

30,000

40,000

50,000

60,000

70,000

2005 2006 2007 2008 2009

US$ Million

11,3068,650

14,908

20,624

40,963

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

40,000

45,000

2005 2006 2007 2008 2009

US$ Million

Construction and Installations in Progress(1)

Net Debt

CONSTRUCTION IN PROGRESS: INCREASE IN NET DEBT DUE TO EXPANSION

23

GROWING AND STABLE CASH FLOW GENERATION

Note: (1) Breakdown excludes eliminations and corporate; (2) LTM as of 9/30/10

Adjusted EBITDA (US$ bn) and EBITDA Margin (%) Adjusted EBITDA Breakdown per Segment (US$ bn) 1

25.3

31.1

29.0

32.9

28.9%26.3%

31.5%

2007 2008 2009 LTM

25.0

35.4

19.3

28.8

5.2

-1.6

11.0

1.3

0.8

1.4

1.1

-0.8-0.2

0.9

1.9

0.5

0.2

1.1

4.4

1.4

2007 2008 2009 LTM

E&P RTM Distribuition G&P International

2

2

28.8%

24Notes: (1) Annualized EBITDA

PETROBRAS’ FINANCIAL PLANNING BASED ON MAINTAINING INVESTMENT GRADE RATINGS WITH PRUDENT LEVERAGE

Net Debt / Capitalization (%)

Debt levels in accordance to the targets established by the Company

Net Debt / Capitalization:

25% - 35%

25%

35%

2.5x

Limit established for Net

Debt / EBITDA:

2.5x(1)

Net Debt / EBITDA

28% 28% 30% 32% 34%

16%

0%

10%

20%

30%

40%

2Q09 3Q09 4Q09 1Q10 2Q10 3Q10

1.0 1.01.2

1.4 1.5

1.0

0.0

0.5

1.0

1.5

2.0

2.5

3.0

2T09 3T09 4T09 1T10 2T10 3T10

25

2%

6%4%

5%

9%

74%

2011 2012 2013 2014 2015 After 2016

A HIGH-QUALITY DEBT PORTFOLIO

Total Indebtedness (US$ 66,945 million as of September 30, 2010)

By Category By Currency

Long-term debt maturity profile

By Maturity

LT Financing

81%

ST Financing19%

BNDES34%

Financial Institutions

32%Intl Capital

Markets25%

Export Credit

7%Other

2%

Dollar52%

Real

Indexed to Dollar

28%

Real17%

Yen

3%

By Rate

Fixed57%

Floating

43%

26

Conclusions

27

CONCLUSIONS/FINAL REMARKS/DEBT STRATEGYFINAL 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 onconservative leverage ratios and high liquidity

• In 2010 conducted largest secondary equity offering ever ($70 billion) to maintaintargeted leverage ratios

• A tradition of carefully raising debt capital to support growth from a broad anddiversified 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 thesecond half of the year, subject to favorable market conditions

• Additional financing needs to be met from cash on hand, non-USD capital markets, andtraditional sources of commercial banks, development banks, and ECA´s.

28

Appendix

29

US$ 70,515 million: Public Offering

US$ 67.5 billion: 3Q10

US$ 3.0 billion : 4Q10 (GreenShoe)

US$ 39.8 billion : LFTs

US$ 27.7 billion : Cash

US$ 6,298 billion : LFTs (1)

US$ 21,402 billion : Cash

US$ Billion 06/30/2010

Cash and Cash Equivalents(Adjusted by LFT) 12.9

Net Debt 51.6

Net Debt / Net Capitalization 34%

Net Debt/Ebitda (2) 1.56X

09/30/2010

33.8

33.1

16%

1.03X

US$ 43.9 Billionto acquire rights

to 5 billion barrels

US$ 39.8 Billion: LFTs

US$ 4.1 Billion: Cash

US$ 26.6 billion Retained as cashand equivalents

Before Public Offering After Public Offering

Notes: (1) Government securities with a maturity greater than 90 days; (2) Annualized EBITDA

SECONDARY OFFERING INCREASED CAPITAL BASE BY $70.5 BILLION THROUGH COMBINATION OF OIL RIGHTS AND CASH

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

2008 2009 LTM(1)

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

31

1.2

5.7

3.24.0

5.75.1

-1.2

7.6

4.54.5

-2

-1

0

1

2

3

4

5

6

7

8

9

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

GDP Growth (%)Forecast

BRAZILIAN ECONOMY:Growing with stability and fiscal responsibility

Source: Brazilian Central Bank – 01.04.2011

Trade Balance (US$ Billion)

97119

138

161

198

154

238

197

219 234

211

180

130

173

121

917463

0

50

100

150

200

250

2004 2005 2006 2007 2008 2009 2010 2011 2012

Exports Imports

Forecast

52.1 50.0 47.7 46.6 44.239.9 41.4 40.1

5.1

2.73.3 3.5

2.6 1.93.3

2.6

0

5

10

15

20

20

03

20

04

20

05

20

06

20

07

20

08

20

09

No

v-1

0

0

10

20

30

40

50

60Brazilian Debt (as % of GDP)

Net

Deb

t/G

DP

(%

)

No

min

al F

isca

l Def

icit

/GD

P (

%)International Reserves (US$ billion)

207239

289

180

86545349

0

100

200

300

400

20

03

20

04

20

05

20

06

20

07

20

08

20

09

20

10

32

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%

SHAREHOLDER STRUCTURE

3333

Information:

Investor Relations

+55 21 3224-1510

[email protected]