PETROBRAS AT A GLANCE - EnerCom AT A GLANCE May, ... PetrobrasLocal Content Management –Take advantage of the industry’s capacity to maximize ... Unit Cost …

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PETROBRAS AT A GLANCE

May, 2013

DISCLAIMER

The presentation may contain forward-looking statementsabout future events within the meaning of Section 27A ofthe Securities Act of 1933, as amended, and Section 21Eof the Securities Exchange Act of 1934, as amended, thatare not based on historical facts and are not assurances offuture results. Such forward-looking statements merelyreflect the Company’s current views and estimates offuture economic circumstances, industry conditions,company performance and financial results. Such termsas "anticipate", "believe", "expect", "forecast", "intend","plan", "project", "seek", "should", along with similar oranalogous expressions, are used to identify such forward-looking statements. Readers are cautioned that thesestatements are only projections and may differ materiallyfrom actual future results or events. Readers are referredto the documents filed by the Company with the SEC,specifically the Company’s most recent Annual Report onForm 20-F, which identify important risk factors that couldcause actual results to differ from those contained in theforward-looking statements, including, among otherthings, risks relating to general economic and businessconditions, including crude oil and other commodityprices, refining margins and prevailing exchange rates,uncertainties inherent in making estimates of our oil andgas reserves including recently discovered oil and gasreserves, international and Brazilian political, economicand social developments, receipt of governmentalapprovals and licenses and our ability to obtain financing.

We undertake no obligation to publicly update orrevise any forward-looking statements, whether asa result of new information or future events or forany other reason. Figures for 2013 on areestimates or targets.

All forward-looking statements are expresslyqualified in their entirety by this cautionarystatement, and you should not place reliance onany forward-looking statement contained in thispresentation.

NON-SEC COMPLIANT OIL AND GAS RESERVES:

CAUTIONARY STATEMENT FOR US INVESTORS

We present certain data in this presentation, suchas oil and gas resources, that we are not permittedto present in documents filed with the UnitedStates Securities and Exchange Commission (SEC)under new Subpart 1200 to Regulation S-K becausesuch terms do not qualify as proved, probable orpossible reserves under Rule 4-10(a) of RegulationS-X.

FORWARD-LOOKING STATEMENTS

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Overview

Deep Water (300-1,500m)

48%

Ultra-Deep Water(> 1,500m)

36%

Onshore8%

Shallow Water (0-300m)

8%

15.73 Billion boe

PETROBRAS TODAYFully integrated across the hydrocarbon chain

• 2.4 mm boed production

• 293 production fields

• 96% of Brazilian production

• 34% of global DW and UDW production

Exploration and

Production

• 12 refineries (Brazil)

• 2.0 mm bpd refining capacity

• Oil products sales in Brazil: 2,285 Kbpd

• Oil products output in Brazil: 1,997 Kbpd

Downstream

• 7,641 service stations

• 38,1% of market share

• 20% share of service stations

Distribution

• 9,190 km of gas pipelines in Brazil

• NG Supply: 74.9 million m³/d

• 3 LNG Regasificationterminals by 2013 with 41 MMm³/d capacity

• 7,028 MW of generation capacity

Gas and Power

• 24 countries

• 0.7 Bn boe of 1P (SPE)

• 243 th. boed production

• 231 th. bpd refining capacity

International

• 3 Biodiesel Plants

• Ethanol: opening new markets

• Largest domestic producer of biodiesel

• 3rd producer of ethanol in Brazil

Biofuels

(1) Adjusted according average exchange rate. Excludes Corporate and Elimination.

2012 Proven Reserves (SPE Criteria) - Brazil

4

Adjusted EBITDA per Segment (US$ bn) (1)

2009 2010 2011 2012

19.3

30.5

43.4 42.011

4.2

-6.9

-15.6

0.91.7

3.62.0

1.1

2.2

3.03.2

E&P RTM G&P Distribution International

1.1

1.3

1.31.6

ETM

3

34%

12%

7%12%

16%

19%

OWNERSHIPBroad distribution: government, Brazilian and foreign shareholders

Brazilian Non-Gov’tShareholders

Non-VotingVoting

Foreign Shareholders

Non-VotingVoting

Brazilian Government

Non-VotingVoting

*Includes: Federal Government, BNDES, BNDESPAR, Sov. Wealth Fund and Social Participation Fund - FPS

• Brazilian government, by law, must maintain control. Does so with 61% of voting shares.

• In BM&FBovespa, Petrobras is most actively traded stock, by shares and volume.

• 2000: ADRs listing on NYSE.

5

35%

19%

46%*

16.8

13.3 12.311.3 10.8

8.66.8

5.2

Exxon BP Shell BR Chevron Total Conoco ENI Statoil

Gas Oil

RELATIVE POSITIONRanked among the leading integrated energy companies

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

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

Market Cap (US$ bn) – May 1st, 20132012 Refining Capacity (mm boe/d)

2012 Oil and Gas Production (mm boe/d) 2012 Proven Reserves – SEC (bn boe)

6Note: Peer companies selected above have a majority of capital traded in the public market.

Exxon BP Shell Chevron BR Total ENI Conoco BG

Gás Oil

2.6

3.23.3

2.62.3

1.7 1.6

0.6

4.2

Exxon Shell BP BR Conoco Total Chevron ENI Statoil

1.92.12.3 2.2

2.9

3.7

5.5

0.90.3

EXXON CHEVRON SHELL BP BR TOTAL ENI STATOIL CONOCO

392

234220

73

125 118138

7887

25.2

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164 Million years ago152 Million years ago130 Million years ago122 Million years ago108 Million years agoEarth Planet as today

PRE-SALT FORMATION

0 4960 Miles

PRE-SALTShaded area represents the defined boundaries

8

• Total area of the Province: 149,000 km2

• Area under concession: 45,615 km2 (30,6%)

• Area not under concession: 103,385 km2 (69,4%)

• Area with Petrobras interest : 39,615 km2 (26,6%)

Petrobras - Exploration

Petrobras/Partners - Exploration

Petrobras - Production

Evaluation Plan

Transfer of Rights

15 biggest producing fields in Campos Basin: ~5,300 km2

6 blocks in Santos Pre-salt (BR operator): ~9,800 km2

3 biggest producing fields in Campos Basin: 1,539 km2

Lula field in Santos Basin: 1,523 km2

ANP data

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Onshore 0-300m 300-1500m > 1500m

RESERVES AND RECOVERABLE VOLUMESRapid growth in reserves from discoveries in deep waters

* Lula/Cernambi, Iara, Sapinhoá and Whales Park, ranging from 6.7 to 7.9 Billion boe

Garoupa

Namorado

Marlim

Roncador

Park of Whales, Mexilhão

Pre Salt: Lula & Cernambi

15.73 bi boe

Carmópolis

Guaricema

Pre Salt: Sapinhoá

Mill

ion

Boe

Deep/Ultra-Deep Water PhaseOnshore Phase Shallow Water Phase

Proved Reserves – SPE criteria

Pre-salt’s Recovery Volume* Transfer of Rights

Potentialincrease

COMPTETITIVE ADVANTAGESUniquely positioned to integrate upstream and downstream operations

• Leader in deep-water production,

with access to abundant oil reserves

• New exploratory frontier, adjacent

to existing operations

• Dominant position in growing

market, far from other refining

centers

• Balance and integration between

production, refining and demand

• Fully developed infrastructure

for processing and transfporting

gas

• Integration accross full energy

and hydrocarbon chain in Brazil

Exploration & Production Downstream Gas & Power/ Biofuels/Petrochemicals

Abundant reserves 300 km

away from the market

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2013-17 Business and

Management Plan

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12

2013-2017 BMP INVESTMENTS: IMPLEMENTATION X EVALUATION

Under Implementation

US$ 207.1 Billion

Under Evaluation

US$ 29.6 Billion

+=Total

US$ 236.7 Billion

All E&P projects in Brazil and projects of the remaining segments in phase IV

Projects for the remaining segments, excluding E&P, currently in phase I, II and III.

770 projects 177 projects947 projects

62.3%(US$ 147.5 Billion) 27.4%

(US$ 64.8 Billion)

1.0%(US$ 2.3 Billion)






71.2%(US$ 147.5 Billion) 20.9%

(US$ 43.2 Billion)






0.5%(US$ 1.0 Bililon)

73.0%(US$ 21.6 Billion)





Phase I: Opportunity Identification; Phase II: Conceptual Project; Phase III: Basic Project ; Phase IV: Execution

* Pbio = Petrobras Biofuel │ETM = Engineering, Technology and Materials │Other Areas = Financial, Strategy and Corporate

International ETM* Other Areas*Pbio*E&P DistribuitionDownstream G&E

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13

2013-17 BUSINESS AND MANAGEMENT PLAN FUNDAMENTALS

• Management focused on

reaching physical and

financial targets of each project

PERFORMANCE

• Guarantee the expansion of the business

with solid financial

indicators

CAPITAL DISCIPLINE

• Priority for oil and

natural gas exploration & production projects in

Brazil

PRIORITY

2013 2017

Financiability Assumptions

• Investment Grade rating maintenance

• No new equity issuance

• Convergence with International Prices (Oil Products)

• Divestments in Brazil and, mainly, abroad

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PROGRAMS TO SUPPORT THE 2013-2017 BMP

2013-2017 BMP US$ 236.7 Billion

PRC-PoçoProgram to

Reduce Well Costs

PROEFProgram to

Increase Operational Efficiency

UO-BCUO-RIO

PROCOPOperating Costs

Optimization Program

INFRALOG – Logistic Infrastructure Optimization ProgramPRODESIN – Divestment Program

PROCOP: Focus on OPEX, operating costs of the Company activities – Manageable Operating Costs.PRC-Poço: Focus on CAPEX dedicated to Wells construction – Investments in Drilling and Completion.

Petrobras Local Content Management – Take advantage of the industry’s capacity to maximize gains to Petrobras

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PRC-Poço: Program to Reduce Well CostsWell Construction is a Relevant Portion in Investments

Exploratory and Production Development Well Investments

total US$ 75 billion

2013-2017 BMP Investments

E&P

Other Areas 89.2

147.5

236.7

147.5

106.9

24.3Infra-structure and Support16.3Exploration

Production Development

Brazil E&P Investments

� Increase of drilling rigs fleet and logistic resources• Petrobras currently has 69 floating drilling rigs for well construction and maintenance in Brazil

� Well construction represents:• 32% of Petrobras investments in 2013-2017 BMP • 51% of Brazil E&P Investments

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PRC-Poço: Program to Reduce Well CostsStructure, Initiatives and Expected Gains

PRC-PoçoStructure

4 Prioritized Initiatives



GROUP 1Reduce Unit

Costs

GROUP 2Optimize Projects

Scope

GROUP 3Seek Productivity

Gains

Term of Each ActivityUnit Cost Number of Activities

Program to Reduce Well Costs comprises 23 initiatives

� 2013-2017 BMP has already incorporated gains of US$ 1.4 Bn from initiatives aiming to decrease wellconstruction time and optimization of operational sequencing.

� Initiatives in final structuring phase have already identified significant additional gains. These gains will bequantified by May/2013, when each initiative will be linked to an investment project.

� The PRC-Poço corporate governance involves all E&P executive managersand big portion of technical and management structure of E&P, with quarterlyreports to the executive board.

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E&P Investments

25%(26.2)

43%(46.4)

32%(34.3)

Production DevelopmentUS$ 106.9 Billion

70%(17.1)

24%(5.8)

6%(1.4)

Post-Salt

Pre-Salt

Transfer of Rights

ExplorationUS$ 24.3 Billion

2013-2017 Period

Aside from Exploration and Production Development, E&P infrastructure investments total US$ 16.3 Billion.

95% 93% 69% 58%44%

5% 7%30% 35%

31%1%

7%

19%

6%

2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

Post-salt Pre-salt (Concession) Transfer of Rights New Discoveries*

PRODUCTION CURVE IN BRAZIL - OIL AND LNGPost-Salt, Pre-Salt and Transfer of Rights

Th

ou

san

ds

bp

d

Production Curve in Brazil – Oil and LNG Production

(*) Includes new opportunities in blocks where discoveries have already been found

2014

Roncador IV (P-62)

Sapinhoá Norte (Cid. Ilhabela)

Iracema Sul(Cid. Mangaratiba)

2016

Lula Alto

Lula Central

Lula Sul(P-66)

Franco 1 (P-74)

Carioca

Lula Norte (P-67)

Franco SW (P-75)

2012

Baleia Azul(Cid. Anchieta)

2013

Sapinhoá Pilot (Cid. São Paulo)

Baúna(Cid. Itajaí)

Lula NE Pilot (Cid. Paraty)

Papa-Terra (P-63)

Roncador III (P-55)

Norte Pq. Baleias (P-58)

Papa-Terra (P-61)

2015

Iracema Norte (Cid. Itaguaí)

2017

Lula Ext. Sul(P-68)

Lula Oeste(P-69)

Franco Sul(P-76)

Tartaruga Verde e Mestiça

Iara Horst (P-70)

Parque dos Doces

Franco NW (P-77)

2020

Espadarte III

Florim

2019

Júpiter

Bonito

Franco Leste

2,022

2,500

4,200

18

2,750

2,0221,980

(±±±± 2%)

��

�

2018NE de Tupi(P-72)

Iara NW (P-71)

Deep Waters Sergipe

Sul Pq. Baleias

Maromba

Espadarte I

Carcará

Entorno de Iara(P-73)

ETM

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PRE-SALT PRODUCTION UNIT STARTED-UP IN 2013FPSO Cidade de São Paulo: Sapinhoá Pilot

Capacity (kbpd) 120

Project Sapinhoá Pilot

1st Oil January 5th, 2013

Shipyard BrasFELS ShipyardAngra dos Reis/RJ

Unit’s Physical Completion Forecast:Accomplished:

59.9% 54.0%

Unit's Local Content Planned: -

Total Local Content Commitment w/ ANP:Planned:

30%57%

DESCRIPTION LOCAL CONTENT

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Mar/13Mar/13

20

POST-SALT PRODUCTION UNIT STARTED-UP IN 2013FPSO Cidade de Itajái: Baúna

Capacity (kbpd) 80

Project Baúna

1st Oil February 16th, 2013

Shipyard Odebrecht and Teekay CingapuraSingapore


69.8% 53.5%

Unit's Local Content Planned: -


60%-


20

Mar/13Jan/13

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PRE-SALT PRODUCTION UNITS ON STREAM IN 2013FPSO Cidade de Paraty: Lula NE Pilot

Capacity (kbpd) 120

Project Lula NE Pilot

1st Oil May 28th, 2013

Shipyard BrasFELS ShipyardAngra dos Reis/RJ


99.0% 97.8%

Unit's Local Content Planned: 65%


30%60%


21

Mar/13

22

POST-SALT PRODUCTION UNITS ON STREAM IN 2013FPSO P-63: Papa-Terra

Capacity (kbpd) 140

Project Papa-Terra

1st Oil July 15th, 2013

Shipyard Honório Bicalho Shipyard, Rio Grande (RS)


98.5%94.1%

Unit's Local Content Planned: 65.0%


0.0%46.0%


22

Feb/13

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POST-SALT PRODUCTION UNITS ON STREAM IN 2013FPSO P-55: Roncador Module III

Capacity (kbpd) 180

Project Roncador – Module III

1st Oil September 30th, 2013

Shipyard ERG1 ShipyardRio Grande/RS


87.5%89.2%



0.0%50.0%


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Feb/13

POST-SALT PRODUCTION UNITS ON STREAM IN 2013FPSO P-58: Parque das Baleias

Capacity (kbpd) 180

Production Unit Parque das Baleias

1st Oil November 30th, 2013

Shipyard Honório Bicalho ShipyardRio Grande/RS


86.0%90.6%



0.0%58.0%


24

Mar/13

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POST-SALT PRODUCTION UNITS ON STREAM IN 2013TLWP P-61: Papa-Terra

Capacity (kbpd) TLWP to P-63

Project Papa-Terra

1st Oil December 31st, 201

Shipyard BrasFELS Shipyard Angra dos Reis/RJ


86.0%88.4%



0.0%58.0%


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Jan/13

POST-SALT PRODUCTION UNITS ON STREAM IN 2014FPSO P-62: Roncador Module IV

Capacity (kbpd) 180

Project Roncador Module IV

1st Oil March, 2014

Shipyard Atlântico Sul, Ipojuca (PE)


70.5%90.6%



0.0%56.0%


26

Jan/13

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POST-SALT PRODUCTION UNITS ON STREAM IN 2014FPSO Cidade de Ilhabela: Sapinhoá Norte

Capacity (kbpd) 150

Project Sapinhoá Norte

1st Oil September, 2014

Shipyard CSSC, China


41.0%62.0%



30.0%56.3%


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Feb/13

POST-SALT PRODUCTION UNITS ON STREAM IN 2014FPSO Cidade de Mangaratiba: Lula Project

Capacity (kbpd) 150

Project Lula Project – Iracema Sul Area

1st Oil November, 2014

Shipyard Cosco, China


58.3%47.7%



30.0%68.0%


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Mar/13

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NEW PRODUCTION UNITSPlatforms under construction or already contracted will meet mid-term needs

• Oil Production Capacity: 150,000 bpd per unit

• Installation in Transfer of Rights areas

• Hulls under construction at Rio Grande Shipyard

• Contracts signed for the construction and integration of the topside modules of the six first units: DM/TKK, IESA, Tome/Ferrostaal, Mendes Jr/OSX, Keppel-FELS and Jurong

• The two remaining topside modules and integration package contracts are expected to be awarded by the end of 2013 with the same companies.

• P67 was moved to China (Cosco Shipyard)

• Installation in Transfer of Rights Areas (Franco)

• Conversion will be made at the Inhauma Shipyard

• All units will be converted from 2013 to 2016

• Next ongoing stage: modules construction and integration bidding

• P75, P76,and P77 were moved to China (Cosco Shipyard)

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8 Replicant FPSOs for Pre-Salt

4 VLCCs Conversion to FPSOs

PETROBRAS LEADERSHIP IN OFFSHORE PROJECTSPetrobras dominates demand for new offshore equipment

Petrobras: Dominant position in the global offshore industry

Source: PFC Energy Service Sector team, May/2013

Note: Includes offshore projects in conceptual phase, FEED, under bidding or under construction

• An increase in global offshore capacity is necessary to meet Petrobras’ demands

• Constructions in Brazil: scale gains and standardization

30

0 10 20 30 40

Petrobras

Shell

Chevron

BP

PETRONAS

TOTAL

Eni

ONGC

Hess

ExxonMobil

Global Offshore Projects: Top 10 Operators

FLNG

FPSO

SEMI

SPAR

TLP

Others

Global Offshore Projects

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For the Country For the Oil Companies

Local Economy Diversification

Sustainable Economic Growth

Increase Country´s Attractiveness for Investors

Local Productive Capacity Development

Proximity between Suppliers and the Operation

Reduced Dependence on Expatriated Workforce

Suppliers Innovation Capacity Increased

Logistic Risks Reduction

Operating Costs ReductionEmployment and Income Generation

Local Technical Assistance AvailabilityTax Revenue Increase

Local Content

WHY LOCAL CONTENTAdvantage and Facilities to Oil Industry in Brazil

31

Potential Gains

LOCAL CONTENTOffshore Companies investing to build new capacity in Brazil

Products Company Projects in Brazil

Subsea Pipelines NKT FlexiblesTechnipWellstreamPrysmianButting

� New flexible pipe plant in Brazil in 2013.� Installation of new plant� Current plant expansion in 2013 (60% capacity increase).� Plant expansion to produce flexible pipes.� Construction of a new plant for the production of line pipes.

Umbilicals Duco and NexansOceaneering (MSD) MFX

� Ongoing discussions to establish new plants in Brazil.� Current manufacturing capacity will double by early 2013.� 80% expansion in manufacturing capacity in 2013.

Subsea Equipment AkerFMCGECameron

� Increase of manufacturing capacity.� Increase of manufacturing capacity and construction of a technology center.� Expansion of the Jandira Plant and the construction of a new unit.� Industrial Expansion.

Turbomachines Rolls-RoyceDresser-Rand

� Construction of new plant in Santa Cruz (Turbogenerators).� Construction of new unit in Santa Bárbara do Oeste (Turbocompressors).

Offshore cranes MEP Pellegrini � Working through partnerships, ongoing discussions to establish new plant in Brazil.

Drill pipes V&M do Brasil � Adapting current units to manufacture pipes.

CRA Tubing V&M do Brasil � Capacity to produce high corrosion-resistant alloys

High diameter pipes USIMINAS � Current units under qualification.

Offshore steel structures Metasa � Industrial expansion.

Automation Emerson � Industrial expansion to assemble equipments in Brazil.

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RESEARCH & DEVELOPMENTEstablishing research centers enhances long term future of Brazil as hub

50 Thematic Networks At the UFRJ technological complex, 9 P&D centers ofimportant equipment and services suppliers are already inconstruction/operation:

Other Companies with development plans fortechnological centers in Brazil:

• Weatherford• Wellstream

• FMC Technologies• Usiminas• TenarisConfab

• Schlumberger• Baker Hughes• Halliburton• General Electric• Vallourec & Mannesman

• Cameron• IBM• Technip

Source: E&P-CORP, May 25/2012 and CENPES, May 28/2012.

Petrobras partnerships with more than 120 universities and research centers have led Brazil to have a prominent worldwide applied research complex

CENPES expansion (Mar/2012)

33

BRASFELS SHIPYARD - RJ

1

2 3

View of BrasFels Shipyard, in Angra dos Reis – RJ (08//3112).(1) P-61 (LC:65%): Construction of the HULL of the TLWP and integration of TOPSIDE (deckbox and modules constructed in Singapore). (2) FPSO Cidade de São Paulo (LC:65%): Conversion of the HULL in China and integration of 15 modules, constructed in Brasfels (5 mod), Enaval (1 mod), Thailand (8 mod) and China (2 mod). (3) FPSO Cidade de Paraty (LC:65%): Conversion of the HULL and integration of 15 modules constructed in (5), Nuclep (4), Enaval (2) and Singapore (4). 34

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ATLÂNTICO SUL SHIPYARD – PE

Atântico Sul Shipyard (Ipojuca-PE): Construction of Zumbi dos Palmares ship in drydock and integration of the P-62 on the dock of the shipyard (08.29.12).(1) P-62: Integration of the FPSO to 15 modules, including 3 built in EAS, 7 in the UTC and 5 in the Nuclep construction sites.(2) SHIP Zumbi dos Palmares of Suezmax (2nd ship of PROMEF 1) in drydock, (3) Panel manufacturing workshops and pre-assembly of blocks; (4) Future area for construction of 6 Setebrasil drilling rigs; (5) Future area for Promar Shipyard, responsible for the construction of 8 gas tankers for Promef Phase 2.

1

2

3

4

5

35

RIO GRANDE SHIPYARD – ERG1 - RS

View of Rio Grande Shipyard ERG1 – RS (09/03/12).(1) Steel plates of Ecovix; (2) Sub-blocks of the Hulls of the replicants of Ecovix; (3) QUIP modules for Topside and integration of P-55; (4) Modules of the IESA; (5) Pre edification area , with details for the yellow blocks of the Goliath crane type of the Konecranes (biggest crane in the world: 210m high and capacity of 2 thousand ton) delivered in Aug/12; (6) Work integration of P-55; (7) Work construction of Rio Grande Shipyard ERG 2, where will be constructed 3 Drilling Rigs of Setebrasil (NS Cassino, NS Curumim e NS Salinas)

1

2

33

4

5

6

7

36

ETM

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37

Japan Brazil

47

FranceUSA

16

592

167

599

China

688

GermanyItaly

814545

India

Light Vehicles per 1.000 habitants*

Source: PNLT 2010, Ministério dos Transportes, Anuário do transp. de carga e Eurostat – 2007, Petrobras

81%

46%

43%

43%

37%

25%

11%

11%

25%

13%

17%

8%

50%

32%

Brazil

China

USA

53% 4%

43%

Australia

Canada

Russia

58%

Roads

Hydro and Others

Railway

Cargo Transportation Matrix

* Brazil Data for 2012, Other Countries 2010

THIS PERFORMANCE HAS A DIRECT IMPACT ON OIL DEMANDThe characteristics of the Brazilian transportation indicate potential for growth

2020 Total Crude Oil Processed may vary depending on Projects Under Evaluation2012 Oil Products Market considers Petrobras’ sales (not total demand).* Crude Throughput considers utilization factor. 38

Oil Production, Crude Throughput* And Domestic Market

Domestic oil products demand is expected to grow 50% until 2020, but Brazil will be a material net exporter

181

1.323

2.004 1.980

2.750

4.200

1.3931.641

1.7981.944

2.320

1.036

1.8142.147 2.255

2.933

3.380

20001980

3.380

2.320

2020201720122010

Total Crude Oil Processed

Market gap for new refining projects

Oil and NGL Production

Oil Products Demand

DEMAND WILL CREATE ADDITIONAL DEFICIT UNTIL 2020Products’ supply gaps and abundant oil production will create opportunity for refining

ETM

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Capacity: 230 kbpd Project Completion: 73%

Solomon Complexity: 9.6 Start-up: 1st module �� Nov/142nd module �� May/15

Diesel 10 ppm yield: 70%

RNEST WILL ADD 230 KBPD TO THE CURRENT SYSTEMThis will allow us to increase high quality diesel production from ultra-heavy crudes

39

(1) Oil and oil products storage area; (2) Atmospheric distillation unit; (3) Power House; (4) Coking Unit; (5) Intermediary products tanks; (6) Contractors yard; (7) Acid water treatment unit; (8) Pipelines; (9) Hydrotreatment units

11

11

88

88

99

22

33

88

66

77

88

4444 66

55

66 66

66 6677

1

1

8

8

9

2

3

8

6

7

8

44 6

5

6 6

6 67

NORTHEAST REFINERY (RNEST): START-UP ON NOVEMBER/14Processing capacity: 230 kbpd

RNEST construction – Feb/13

40

40

TOTAL PHYSICAL PROGRESS -- Forecast: 70.3% / Accomplished: 70.6%LOCAL CONTENT -- Target: 75% / Planned: 86.5%

ETM

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41

OPERATING CASH FLOW AND FUNDING NEEDS

Divestments and restructuringsCash utilizationThird-party resources (Debt)Operating cash flow (after dividends)AmortizationInvestments

� Additional financing needs will be funded exclusively through new debt. No equity issuance is envisaged.

� Free cash flow, before dividends, by 2015.

Annual borrowing needs (2013-2017)

Gross – US$ 12.3 billion │Net – US$ 4.3 billion

� Net borrowing needs 50% below previous Plan due to:

• 2017 production, versus 2012, leading to higher operating cash flows

• Declining downstream investments

• Long-term Brent prices (US$ 100 vs US$ 90 in the previous Plan) and long-term F/X rate (R$ 1.85 vs R$ 1.73)

US$

Billio

n

246.9

61.3

10.79.9

Sources

165.0

Uses

207.1

39.8

246.9

DEBT PROFILEDiversification and long term

2014 2015 2016 2017 2018-2042

Long Term Debt Amortization Schedule

42

BRL

21%

USD

70%

JPY

1%

GBP

2%

EUR

6%

By Maturity By Category By Currency By Rate

Total Debt (US$ 98 billion as of 3/31/2013)

BNDES

25%

Export

Credit

6%

Financial

Institutions

22%

Intl Capital

Markets

35%

Others

5%Fixed

49%

Floating

51%Long term

93%

Short term

7%

China

Development

Bank

7%

ETM

22

CHALLENGES

� Critical Resources (goods and services, human resources)

� Infrastructure and logistics

� Developing industry to meet local content requirements

� Cost pressures

OPPORTUNITIES

� Abundant oil reserves

� A Growing domestic market

� Maximizing scale, standardization, and integration

� Developing new technologies

� Monetizing natural gas

CONCLUSIONA Portfolio of opportunities and challenges

43

44

Information:

Investor Relations

+55 21 3224-1510

[email protected]

[email protected]

www.petrobras.com.br/ir

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