Farm in BS-4 and Asset Portfolio

UpdateSeptember 2011

2222

Acquisition of 30% stake in BS-4

Block in the Santos Basin(1)

(1) Sujeito à aprovação da ANP

Geological chance of success of 77%

BS-4

► Transaction Value: US$ 157.5 MM

► Atlanta and Oliva fields

► Exploratory potential in the pre-salt

► World average of recovery factor for

heavy oil: 14%-20%

► Partners:

► QGEP (30%);

► Petrobras (40%);

► Barra Energia (30%)

► Water depth: 1,550 m

► Distance to coast: 185 km

444

Promising area with several discoveries

nearby

Santos Basin: BS-4

Santos 01

Santos 03

Privileged Location

FrancoLibra

Iara

Tupi (Lula)

BS-4

► Oil in Place: 2,1 billion bbl

► Fluid: Oil (14º to 16º API)

► Turbidite reservoirs of Eocene age

► Pilot project with 1 horizontal well to

be drilled in 2013, followed by LDT

► Exploratory potential in the pre-salt

► Fully covered by 3D seismic

555

Atlanta and Oliva

Short Term Production Trigger

66

BS-4: Boosting our Portfolio

Low risk &

high volumes

Possibility to

operate in the

pre-salt

Partnership with

Petrobras

Short/Mid

Term

Production

Strategic

Positioning

Close to future

infrastructure

facilities

7777

Assets portfolio update(1)

(1) Sujeito à aprovação da ANP

Portfolio of Assets with High Growth

Potential

Volume (mmboe) : 390,3 (Caso Blended)

8

BM-S-8 *

Campo/Bloco Volume (MM boe) Classificação

Manati 72,5 Reservas

Camarão Norte 4,5 Recursos Contingentes

BM-CAL-5 35,1 Recursos Contingentes

CAL-M-372 24,4 Rec. Prosp. Riscados

BM-J-2 94,1 Rec. Prosp. Riscados

BM-S-12 159,7 Rec. Prosp. Riscados

BS-4 * Recursos Contingentes +

Prospectivos

Volume (mmboe) : 390,3 (Blended Case)

BM-S-8 *

Field/Block Volume (MM boe) Classification

Manati 72,5 Reserves

Camarão Norte 4,5 Contingent Resources

BM-CAL-5 35,1 Contingent Resources

CAL-M-372 24,4 Risked Prosp. Resources

BM-J-2 94,1 Risked Prosp. Resources

BM-S-12 159,7 Risked Prosp. Resources

BS-4 * Contingent Resources +

Prospectives

Asset Maturity

* Disclosure under discussion with partners

Reserves 19%

Contingents 10%

Prospectives71%

Basin

Camamu 35%Santos

41%

Jequitinhonha

24%

Manati: One of Brazil’s Largest Producing Non-

Associated Gas Fields

Gas Treatment

Plant

3 producing wells

Capacity of

4.1 MM m3/day

6 producing wells

Full capacity

7.8 MM m3/dayCURRENT

4Q11

Highlights

Working interest : 45%

Partners: PBR-35% (Operator); Panoro-10%; Brasoil-10%

3P Reserves : 72.5 million boe

Long-term take-or-pay contract with Petrobras, providing strong and predictable cash flow

Location

Return of the wells

101010

BM-J-2: Pre-salt Targets

Lithology Forecast

► Phase where the

drilling stopped

at 2.540 m

Short-Term Schedule

Highlights:

► 2 Prospects

► Alto de Canavieiras: 29% of GCOS

► Alto Externo: 24% of GCOS

► Working Interest: 100%

► QGEP Operator

► Risked Prospective Resources

99 mm boe89 mm boe

If Gas Prone If Oil Prone

► Restart Alto de

Canavieiras: 2Q 2012

► 45 days drilling

► Offshore Mischief Rig

Pre-salt discoveries trend

Tupi (Lula)

Guará

Júpiter

Carioca

111111

BM-S-12: Low Risk Prospects with High

Volume Potential

Santos Basin: BM-S -12

► 1 Discovery

► 4 Prospects

► Santos #1: 30% of GCOS

► Santos #2: 39% of GCOS

► Santos #3: 19% of GCOS

► Santos #4: 40% of GCOS

► Working Interest: 30%

► Petrobras Operator

► Risked Prospective Resources

186 mm boe

128 mm boe

If Gas prone If Oil prone

► Drilling started in July

► 5-6 months drilling

► Ocean Baroness Rig

Short-Term Schedule

Location

12

► 1 Discovery: Bem-te-vi

► 1 potential discovery: Abaré W

► 4 Prospects

► Fluid: Oil

► Working Interest: 10%

► Petrobras Operator

► Partners: Petrobras (66%); Petrogal

(14%); Barra Energia (10%); QGEP (10%)

► Transaction Value: US$ 175 MM

► CAPEX(1) related to 10% of the block:

► 2011: US$ 25 MM

► 2012: US$ 20MM (2)

► Drilling of a pilot well in August at the

prospect Carcará

121212

Low Risk Prospects with High Volume

PotentialSantos Basin: BM-S-8

Santos 01

Santos 03

Promising area with several discoveries nearby

► Drilling started in June at

prospect Biguá (SPS-71A)

► 5-6 months drilling

► Sevan Driller Rig (SS-74)

► Water depth: 2,177m

► Total depth: 6,400m

(1) Preliminary Figures(2) QGEP estimates

Short-Term Schedule

Crossing

Prospect

Santos #4

(Block BM-

S-12)

Short Term Catalysts

13

Crossing

Prospect

Santos #2

(Block BM-

S-12)

Crossing

Prospect

Santos #3

(Block BM-

S-12)

SEPTEMBER OCTOBER NOVEMBER DECEMBER

Crossing

Prospect

Santos #1

(Block BM-

S-12)

Return to

Full

Capacity

at Manati

Field

Drilling ends

at the Biguá

prospect

(Block BM-S-

8)

Drilling

begins at

Carcará

prospect

(Block BM-

S-8)

14141414

For additional information:

Investor Relations

QGEP Participações S.A.

Av. Almirante Barroso, nº 52, sala 1301, Centro – Rio

de Janeiro, RJ

CEP: 20031-918

Phone - IR: 55 21 3509-5959

Fax: 55 21 3509-5958

E-mail: ri@qgep.com.br

www.qgep.com.br/ri

Disclaimer

This document contains some statements and information about the Company that reflect the

current views and/or expectations of the Company and its managers with regard to its activities.

These include all statements containing forecasts and projections or that indicate or imply future

results, performance or achievements, which may include such words as "believe", "predict",

"expect", "contemplate", "will probably result", or any other words or expressions of similar

meaning. Such statements are subject to a series of expressive risks, uncertainties and

assumptions. Readers are warned that several important factors may lead actual results to

significantly diverge from the plans, targets, expectations, estimates and intentions expressed

herein, there can be no assurance that the Company will achieve or is likely to achieve the future

results or projections contained herein. Under no circumstances shall the Company or its

directors, officers, representatives or employees be liable to any third parties (including

investors) should they make decisions, investments or business acts based on information and

statements presented herein, nor shall the Company be liable for any indirect damages, loss of

profit, or similar consequences thereof. The Company does not intend to provide shareholders

with any revised versions of the statements or analysis of differences between the statements

and actual results. This presentation does not contain all the necessary information for a

complete investment assessment on the Company. Investors must produce their own assessments,

including the associated risks, before making an investment decision.

15