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    Corporate PresentationSapuraKencana Petroleum BerhadMay 2012

    INVEST MALAYSIA 201229 30 MAY 2012

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    Emergence of Integrated Global O&GServices Provider

    1

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    Integrated upstream Oil & Gas service provider with capabilities in deepwater and marginal fields

    Listed on the Main Market of Bursa Malaysia

    Equity value of RM10.76Bn (US$3.6Bn)(1)(2), among the largest 30 companies by market capitalisation onBursa Malaysia

    2

    Integrated Global O&G Services Provider

    Who We Are

    Note: (1) SapuraKencana market cap based on closing price on 25 May 2012 : RM2.15(2) Values converted to US dollars at a rate of US$1 : RM3 throughout this presentation, unless otherwise stated

    Development,operation andmaintenance ofoil fieldproductionfacilities

    Engineering,procurement andconstructionservices

    Installation andcommissioningof pipelinesand facilities

    Field Services Developmentand

    Production

    IntegratedService

    Offeringswith

    full OilfieldDevelopment& Operations

    Capabilities

    EPCIC

    IPFEPC

    Provision ofdrilling rigs andservices

    Drilling

    Provision ofsupportingoffshore services(e.g. supportvessels, diving &underwaterservices, ROVsetc.)

    Marine Services

    Turbine repair &maintenance,petrol stations,retail solutions,generalmaintenance

    Geotech &Maintenance

    Services

    Capabi l i t ies Across the Oil and Gas Value Chain

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    3

    Proven Integrated O&G Services Provider

    Exploration Stage:1) Seismic, Geophysical Studies2) Drilling

    1 3months

    Development Stage: Engineering & Design

    12 24months

    Offshore Infrastructure / Fabrication Starts

    Facilities Transport toOffshore & Installation

    Hook-up & Commissioningof Facilities

    DevelopmentDrilling

    Lifetime of aProduction Field

    Platform Operations /Production

    Maintenance & Servicing

    After Oil Discovery

    24 36mths

    Development

    Exploration

    Production

    Service Offerings

    Marine Services

    Drilling

    EPCIC

    MarginalFields

    MarineServices

    Engineering,Procurement &Construction

    IPF

    Marine Services

    One-stop integrated services provider spanning the typical lifecycle of an O&G value chain with fullcapabilities to undertake Marginal Fields and Enhanced Oil Recovery activities

    Typical lifecycle of an oil & gas field

    Engineering & Design

    Our Scope

    Operations

    Covering90% of the

    development

    stage

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    4

    ENGINEERING / PROCUREMENT /

    CONSTRUCTION

    DEEPWATER DEVELOPMENTPROJECTFLEXIBLE PIPELAY

    SURF

    ROV SERVICES

    CONVENTIONAL / DEEPWATERRIGID PIPELAY

    DECOMMISSIONING

    RESERVOIR STUDIES

    DIVING SERVICES

    GEOPHYSICAL SURVEY

    TOPSIDE INSTALLATION /HEAVY LIFTING

    SHORE APPROACH

    DRILLING

    Providing Services Across the Value Chain

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    Under construction

    Large Asset Base to Support the Business

    55

    Lumut FabricationYard

    Labuan Shipyard

    *Combined outputof 100,000 mtpa

    X 4 unitsDerrick Lay

    Vessels

    X 1 unitSubsea

    ConstructionVessel

    X 3 unitsPLSVsEst.

    complet ion :

    2014

    EPCDevelopment &Production

    EngineeringCentres ofExcellence

    IPF Marine Services Drilling

    Geotech &Maintenance Services

    X 1 unitFPSO

    (Berantai Field)

    X 2 unitsDerrick Lay

    VesselsEst. comp let ion:

    Q4 2013/Q1 2014

    Conceptual, front endengineering anddetailed designcapabilities

    X 6 unitsSelf- ErectingTender Rigs

    Under construction

    2 rigsEst. complet ion : 2014

    GE-certified repair &maintenance centre

    Total ManagementSystem at more than940 Petronas servicestations

    Total New Capex of approxim ately USD1.4 Bn

    Ownership of critical assets allows efficient and timely execution of projects to meet budget& schedule

    X 6 unitsDiving/Support Vessels

    X 4 unitsAnchor HandlingTugs

    X 4 unitsGeotechnical

    /geophysical vessels

    X 6 unitsAccommodation

    work boats / barges

    X 1 unitSemi-submersible

    barge

    X 24 units RemoteOperating Vehicles

    X 2 unitsMobile OffshoreProduction Units

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    17.5

    13.9

    10.5

    10.4

    8.5

    7.4

    7.2

    3.9

    3.6

    2.6

    2.4

    2.2

    2.1

    1.8

    1.4

    0.8

    0.7

    0.5

    0.5

    0.3

    0.1

    0.1

    Saipem

    Keppel Corp

    COSL

    Technip

    Petrofac

    Subsea 7

    Sembcorp Marine

    Bumi Armada

    SapuraKencana

    MMHE

    McDermott

    Kencana

    Sapuracrest

    Dialog Group

    STX OSV

    Modec

    Ezra

    Ezion

    Honghua Group

    Anton Oilfield

    Alam Maritim Resources

    Perdana Petroleum

    Top Global O&G Services Player

    Within Top 10 of Global OFS Peer Group by MarketCapitalization (1)

    (US$Bn)

    Note: (1) Peer group consists of a universe of Asian oilfield services players plus global EPCIC players

    Integrated Services Engineering & Construction

    Marine ServicesEquipment Driller

    Source: Bloomberg as at 25 May 2012

    6

    1 Saipem 17.5

    2 Technip 10.4

    3 Subsea7 7.4

    4 SapuraKencana 3.6

    5 McDermott 2.4

    Top 5 EPCIC Global Players by Market Capitalization

    US$Bn

    The ONLY Malaysian & Asiancompany in the top 5 EPCIC

    global players

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    7

    Scale and Financial Strength

    293

    407

    580

    7.0%9.0%

    13.0%

    1.0

    4.0

    7.0

    10.0

    13.0

    16.0

    0

    100

    200

    300

    400

    500

    600

    2010 2011 2012

    Combined Unaudited Revenue

    RM$MM

    Combined Unaudited Gross Profit

    RM$MM % Margin

    Combined Unaudited Net Profit Pro Forma Balance Sheet

    As at 31 January 2012 RM$MM US$MM

    Cash and bank balances 2,111 704

    Total assets 12,161 4,054

    Shareholders funds 5,121 1,707

    Total borrowings 4,499 1,500

    Gross gearing (times) (1) 0.88

    Net gearing (times) (2) 0.47

    4,336 4,428 4,475

    0

    1,000

    2,000

    3,000

    4,000

    5,000

    2010 2011 2012

    US$1,445MM US$1,476MM US$1,492MM US$258MM US$288MM US$355MM

    RM$MM % Margin

    Financial scale and width of capabilities allow SapuraKencana to undertake larger and morecomplex projects thereby increasing revenue growth potential and improving margins

    US$98MM US$136MM US$193MM

    Note: (1) Computed based on total borrowings divided by the shareholders funds,(2) Computed based on total borrowings net of cash and bank balances, divided by the shareholders funds(3) Combined numbers are based on financial year ended 31 January

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    8

    Sizable Order Book

    Large order book that spans the globe ensures strong base case revenue stream

    Note: (1) As at May 2012

    Order Book Geographical Breakdown (1)

    Internationalcontracts> 50%

    Sizeable Combined Order Book (1)

    RM Bn

    US$ Bn 4.17 0.27 0.30 0.03 Total:US$4.8 Bn

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    9

    Proven Leadership Team

    President &Group CEO

    EVC

    CorporateAccounts

    CorporateHuman

    Resources

    CorporateSupply Chain

    Corporate

    Quality HSE

    CorporateStrategy &Planning

    Legal

    Corporate RiskManagement

    Corporate IT

    CorporateFinance &Treasury

    CorporateInternal Audit

    Board

    SVPDatuk Kris Azman

    Dato Seri ShahrilShamsuddin

    SVPAzmi Ismail

    SVPReza Abdul Rahim

    EVPChong Hin Loon

    Energy & JVsDrilling, Geotechand Maintenance

    Services

    OffshoreConstruction and

    Subsea Services

    Fabrication /

    HUC

    EVPYeow Kheng Chew

    Dato MokhzaniMahathir

    CompanySecretary

    CorporateCommunications

    BusinessDevelopment

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    Key Milestones & Our Growth Story

    10

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    Key Milestones

    11

    Listed on MainBoard of BursaMalaysia

    Secured 1st

    EPCIC contract

    Listing ofSapuraKencanaon Main Board

    of BursaMalaysia

    2006 2012

    Migrated toMain Board ofBursa Malaysia

    2009 2010

    Laid the 1st

    deepwater(1,450m) project inMalaysia

    Completed thelargest (20,000mt)decommissioningproject in Japan

    2011

    Awarded the 1st

    Marginal Fieldcontract

    Awarder theUS$1.4b Petrobrascontract

    From Malaysian O&G players to top 5 Global EPCIC player

    Awarded the1st MarginalField contract

    Completed theworlds tallest(150m) self-elevating,relocatable

    wellhead platform

    StrategicAssetsAcquired

    Sapura3000LTS3000 &QP2000

    BerantaiFPSO(1)

    TMT - ROVs

    Expansion ofLumut yard from 53acres to 124acres

    KM-1BerantaiFPSO(1)

    Securedmaiden long-term platformmaintenancecontract

    Market Cap of

    RM10.8billion

    Order Book of

    RM14.3billion

    Over 9,000employees working

    in more than 21countries

    Large assetbase to supportbusiness

    (1) Berantai Marginal Field

    StrategicAssetsAcquired

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    EPP1: Rejuvenating existingfields through EOR

    EPP2: Developing small fieldsthrough innovative solutions

    EPP3: Intensifying explorationactivities

    EPP6: Attracting multi-national companies tobring a sizeable share of their globaloperations to Malaysia

    EPP7: Consolidating domestic fabricators

    EPP 8: Developing engineering,procurement and installation

    capabilities and capacitythrough strategic partnershipsand JVs

    Economic Transformation Program (ETP)

    12

    Notable Awards Won US$800mil Berantai marginal oilfield

    awarded to Kencana-SapuraCrest-PetrofacEnergy consortium

    US$38mil MOPU & Wellhead Support Structurefor the Sepat early production system fromPetrofac

    US$72mil EPC works for Cendor Phase 2 fromPetrofac

    US$69mil contract to fabricate Kebabangandeepwater cluster

    US$71mil contract for the fabrication of Compression Modules for Sarawak Shell

    Berhad US$34m contract for the provision of

    engineering, procurement and construction ofsubstructures, template and related services forMurphy Sarawak OilCompleting SapuraKencanas capabilities with the involvement in development &

    operation of oilfield

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    Global Player with Strong Track Record

    13

    RM 45 MM (US$14 MM)

    EPC of equipment module inIraq

    Middle East

    RM 20 MM (US$6 MM)

    Romona-BP: Survey &positioning work

    Russia

    RM 4.2 BN (US$1.4 BN)

    Petrobras: Chartering andoperation of PLSVs

    Brazil

    RM 190 MM (US$57 MM)

    Nippon: Iwaki platformdecommissioning

    Japan

    India

    RM 1BN (US$0.3 BN)

    L&T: Transportation & installationof platform jackets

    Allseas: Site survey & supportwork

    L&T: Fabrication of platform

    Punj Lloyd: Fabrication of platform

    RM2.4 Bn (US$0.7 Bn)

    Apache: Transportation & installation of offshorefacilities

    PTTEP Australasia: Offshore transportation &construction activities

    OMV/Clough: Fabrication of self-installedrelocation platform

    Chevron, Shell, Santos, BHPP & Sinopec:Provision of ROVS

    Bechtel: EPC contract for Wheatstone LNG plant

    Chevron: Installation & construction of upstreamfacilities

    Australia

    RM2.4 Bn (US$0.7 Bn)

    CHESS:EPCIC of offshore platform Brownfieldservices

    CPOC: EPC of offshore platform

    Malaysia & Thailand

    CPOC, Carigali Hess: Provision of tender rig

    CPOC: Transportation & installation of offshorefacilities

    Thailand

    PTT & Chevron: Provision of tender rig

    Indonesia

    Conoco Phillips: Hook-up & commissioning

    Myanmar PCML: Transportation & installation offshore

    facilities

    Vietnam

    PTSC: Vessel charter and subsea services

    Petrovietnam & PTTEP: Provisions of ROVs &barges

    Southeast Asia

    MALAYSIA

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    Growing Global Presence

    14

    Kuala Lumpur

    Australia

    Middle East

    India

    Brazil

    UK

    USA

    South America Gulf of Mexico

    West Africa

    SE Asia Australasia

    Others in Asia Pacific Region

    India Ocean Middle EastNorth Africa East Africa

    From Malaysia ASEAN to the rest of the world

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    Well Positioned for Growth & Opportunities

    15

    Order Book of

    RM14.3billion

    Operations &

    projects in over21 countries

    Employees

    Over 9,000

    Ready for the future with new asset fleet

    2 Rigs2 DLVs

    Delivery 2013/14

    3 PLSVs

    Delivery 2014

    servicesprovider withfull-fledged

    EPCICcapabilities

    asset base tosupport ourbusinesses

    partnerships tosupport ourbusinesses

    track recordand financial

    strength

    managementand skilledengineering

    and technicalteam

    track recordand quality

    control

    INTEGRATED LARGE INTERNATIONAL ESTABLISHED EXPERIENCED HSE

    Competitive Strengths

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    16

    Thank You

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    Appendices

    17

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    Board of Directors

    Appointed to the Board of SapuraCrest on 4 July 2003

    Served 20 years in various senior management and board positions in Petroliam Nasional Bhd

    (PETRONAS) and 12 years in the Economic Planning Unit (EPU) of the Prime MinistersDepartment

    Currently serves on the Board of CIMB Group Holdings Bhd and CIMB Investment Bank Bhd

    Dato HamzahBakar

    Chairman &Independent Non-Executive Director

    Appointed to the Board of Kencana on 25 November 2004 and currently serves as the Non-Independent Group CEO of Kencana

    Currently also serves on the Board of Opcom Holdings Bhd, Maxis Bhd, Sime Darby AutoPerformance Sdn Bhd and Kencana Capital Sdn Bhd, amongst others

    Began his career as a Wellsite Operations Engineer with Sarawak Shell in 1987

    Graduated with a Bachelor of Science in Petroleum Engineering from the University of Tulsa,Oklahoma in 1987

    Dato MokhzaniMahathir

    Non-IndependentExecutive Director& Executive Vice-Chairman

    Dato SeriShahrilShamsuddin

    Non-IndependentExecutive Director& President andGroup CEO

    Joined the Sapura Group in 1985, taking over the leadership as President and CEO in 1997

    Led key strategic growth areas resulting in strengthened asset base & enhanced capabilities whichenabled the first deepwater installation and marginal field development in Malaysia, and the largestdecommissioning project in Japan

    Received a Master of Science in Management of Technology from MIT Sloan School ofManagement

    Conferred the Legion d Honneur from the Republic of France in November 2007 & awarded theMalaysias Ernst & Young Entrepreneur Of The Year for 2009

    18

    Tan Sri NikMohamed

    IndependentNon-ExecutiveDirector

    Appointed to the Board of Kencana on 16 September 2008

    Served as the Group Chief Executive of Sime Darby Berhad from 1993 until his retirement in June2004 and during this period, he also served on the Boards of the Sime Darby group of companies

    Other Malaysian public companies in which he is a director are Scomi Group Berhad, GuocoLand(Malaysia) Berhad, and Bolton Berhad

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    Board of Directors (contd)

    Tan Sri Datuk

    Amar (Dr.)Hamid Bugo

    Independent Non-Executive Director

    Appointed to the Board of SapuraCrest on 25 July 2003

    Experience includes Administration Manager, Malaysia LNG Sdn. Bhd. (a joint venture of Petronas,Shell, and Mitsubishi), the f irst General Manager of Land Custody and Development Authority,Sarawak, Permanent Secretary, Ministry of Resource Planning, Sarawak, and State Secretary ofSarawak

    19

    Tan Sri IbrahimMenudin

    Independent Non-

    ExecutiveDirector)

    Chong Hin Loon

    Non-IndependentExecutive Director

    ShahrimanShamsuddin

    Non-IndependentNon-ExecutiveDirector

    Appointed to the Board of SapuraCrest on 22 November 2007

    Experience includes Accountant General of Sabah, CEO of Bumiputra Investment Fund of Sabah,Chairman of Sabah Gas, Deputy Chairman of Sabah Forest Industries, Group CEO of MalaysiaMining Corporation Berhad and as the Special Advisor to the Chief Minister of Sabah

    Appointed to the Board of Kencana on 15 September 2005, and is currently responsible for theoperations, project management and yard operations of Kencana

    More than 40 years of experience in the oil and gas and shipbuilding and ship repair industriesincluding establishing Kencana HL in 1982, and being engaged as Construction Supervisor withKeppel FELS, and Project Engineer with Promet Pte Ltd

    Appointed to the Board of SapuraCrest on 1 August 2008

    Joined the Sapura Group in 1991, and currently holds a number of key senior positions within theGroup including Managing Director of Sapura Resources Bhd, Executive Director of SapuraIndustrial Bhd, and Director of Sapura Technology Sdn Bhd as well as Sapura Holdings Sdn Bhd

    Graduated from Warwick University with a Master of Science in Engineering BusinessManagement and a Bachelor of Science in Industrial Technology from Purdue University, USA

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    Board of Directors (contd)

    YM Tunku DatoMahmood FawzyTunkuMuhiyiddin

    Independent Non-Executive Director

    Appointed to the Board of Kencana on 29 September 2010, and has more than 20 years ofinternational work experience in companies spanning various industries, from banking, IT andinvestment holdings to shipping, and oil and gas

    Serves on the Board of Telekom Malaysia Bhd and Hong Leong Islamic Bank Bhd

    Previously engaged as Executive Director of Investments at Khazanah Nasional Bhd

    MohamedRashdiMohamedGhazali

    Independent Non-Executive Director

    Appointed to the Board of SapuraCrest on 14 November 2003, and currently acts as a consultantfor a number of organisations and serves on the Board of MIMOS Bhd

    Joined the Sapura Group in 1983, and has over 30 years working experience in the IT industry andconsulting

    Experience includes being Partner of IBM Business Consulting Services, and Advisor for IT andConsulting Services with PwC Malaysia

    Yeow Kheng

    Chew

    Non-IndependentExecutive Director

    Appointed to the Board of Kencana on 15 September 2005 and is currently the Director of Kencana

    Capital Sdn Bhd and several private limited companies Experience includes being engaged as an Accountant/Financial Controller of Kuan Wah Group of

    Companies for 6 years, Executive Director of Sinpen Investment Pte Ltd, Executive Director ofTongkah Holdings Bhd, and member of the Board of Pantai Holdings Bhd

    Mohd AdzaharBin Abdul Wahid

    Independent Non-Executive Director

    Appointed to the Board of Kencana on 3 January 2006

    Experience in the areas of accounting, auditing, f inance, and corporate services

    Joined PMCare Sdn Bhd in 1995 as the General Manager of Finance and was appointed as theExecutive Director in April 1996. As the Executive Director, he is responsible for the overallmanagement of the company which includes strategic planning, business development, finance,and operations

    20

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    DatukKris Azman

    Abdullah

    Executive Committee

    Dato SeriShahril

    Shamsuddin

    Chow Mei Mei

    DatoMokhzaniMahathir

    Chong HinLoon

    Yeow Kheng

    Chew

    Azmi Ismail

    Reza AbdulRahim

    21

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    Prospects of Target Markets

    22

    Australia: Majority of

    offshore capex in waterdepths of < 500 metreswith significantdeepwater potential

    Middle East: Shallowwater region with largereserve discoveries

    Middle East, CaspianSea & Australasia

    Growth opportunity in

    development of subseaproduction market,which is forecast toincrease dramatically inthe near term

    Regional MarketsMalaysia

    Capex driven by

    significant increase innumber of fields forE&P (73 projectdevelopments expectedover the next 5 years)

    Increasingly complexfield developments

    Driven by prolific

    deepwater frontiers andpre-salt plays

    Offshore market hasentered a significantand prolonged growthphase

    The Gulf of Mexico:

    Potential for offshoreE&P activity,increasingly in deeperwaters

    North America Emerging Market - Brazil

    Well Positioned to Expand our Global Reach

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    Region of Focus: Malaysia

    23

    Petronas Focus on Domestic Exploration &Production Program

    Committed to a 5-year US$100 billion capex

    to boost domestic oil and gas production andreserves and support its growth agenda

    Target to extract 1.7 bn barrels of oil via:

    Marginal Fields

    106 available, 90 hotspots identified

    25 marginal fields lined up, 10 ready fordevelopment

    Enhanced Oil Recovery (EOR) 6 fields* identified for EOR

    Potential recovery of almost 1 billionbarrels

    Other initiatives include:

    Shallow Fields

    22 new shallow water blocks

    Deepwater development

    6 fields identified for future development,e.g Malikai, Jangas, Kamunsu

    Maintenance & HUC jobs

    RM 3bn allocation

    Malaysias Implementation of Deepwater Projects

    Exploration strategy Exploration Appraisal &reservoir

    evaluationPreliminary engineeringField Development Studies

    Indicative first oilProject implementation

    Field

    Reserves

    Type

    Estimated

    reserves

    (mbbl)

    Estiimated

    Water

    depth (m)

    e Oil 400 1326

    1430 NA (field study)

    NA (field study)

    NA (field study)

    81

    56 1485

    737401

    NA (field study)Pisangan

    Kamunsu

    Oil 100 - 300

    Oil & gas

    Oil & gas

    Oil & gas

    Gas

    a

    Crest

    Gumusut-

    KakapOil

    2014

    400 - 900

    Oil 108

    Jangas

    215

    Kebabangan

    >1000

    100 - 400

    2008 2009 2011 20122010 2013

    Malikai

    Floating production

    unit

    Semi-submersible

    floating production

    system

    Tension leg platform

    Production platform*

    Type of rigs required

    1000

    800

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    Pre-Salt

    26%

    Transferof

    Rights

    6%

    Other Areas

    68%

    Region of Focus: Brazil

    24

    Petrobras 2011 - 2015 Business Plan Highlights

    65% of Capex allocated to production development

    Implementation of 19 large projects, adding capacity

    of 2.3 mmboe/d

    Drilling of more than 1,000 offshore wells, of these

    40% is exploratory and 60% is production

    development

    In 2020, the pre-salt production will correspond to

    40.5% of the oil production in Brazil

    Historical Production from Offshore Projects in Brazil

    mboe/d

    Total E&P Investments in Brazil (1)

    Exploration & ProductionInvestments inBrazil: US$117.7Bn

    Exploration

    ProductionDevelopment

    Note: (1) Pre-salt includes basins in Santos, Campos and Esprito Santo

    Source 2020 Petrobras Strategic Plan

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    Other Regions of Focus: Australia & North America

    25

    Source Morgan Stanley Research, ISL

    North America

    Australia

    Activity Continues asLNG DevelopmentAdvances

    Upcoming High Impact Well Through 2012Major 2011 Discovery

    Expect PermitApproval for 4 RDSwells in 2012

    GoM Reopens withLower Tertiary wellsand Bahamas & CubaExploration toCommence

    Primarily comprises projects and prospectsbased off the coast of Western Australia andthe Northern Territory

    Majority of capex is expected for projects inwater depths of less than 500 metres

    Significant long-term deepwater potential, withactivity expected to peak in 2015 at almostUS$2.1 billion

    Gas demand continues to support LNGprojects, beyond those already underconstruction. Sanctioned LNG projects willelevate Australia to the worlds largest LNG

    exporter shortly after 2015

    3.6

    9.7

    2011 2015F

    Total Offshore FieldDevelopment Capex

    (US$bn)

    The North American market, dominated bythe Gulf of Mexico (GoM), still holdsconsiderable potential for offshore E&Pactivity.

    Growth is forecast to become increasingly

    focused on deeper waters in GoM Deep water (more than 500 metres) activity is

    expected to account for over 76% of totalNorth American offshore infrastructureinvestment to 2015, with pipelines, subseaequipment, and floating platforms forecastedto assume 94% of this spending

    9.0

    12.5

    2011 2015F

    Total Offshore Capex(US$bn)

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    26

    DisclaimerInformation contained in this presentation is intended solely for your personal reference and is strictly confidential. Suchinformation is subject to change without notice and it may not contain all material information concerning the Company. Neitherwe nor our advisors make any representation regarding, and assumes no responsibility or liability for, the accuracy orcompleteness of, or any errors or omissions in, any information contained herein.

    In addition, the information contains projections and forward-looking statements that reflect the Companys current views with

    respect to future events and financial performance. These views are based on current assumptions which are subject to variousrisks and which may change over time. No assurance can be given that future events will occur, that projections will beachieved, or that theCompanys assumptions are correct. Actual results may differ materially from those projected.

    This presentation is strictly not to be distributed without the explicit written consent of the Company under any circumstance.

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