Petrobras at a Glance

PETROBRAS AT A GLANCE

January, 2014

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

2

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.

2013 Proven Reserves (SPE Criteria) - Brazil

3

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

OnShore8%

Shallow Water (0-300m)

6%

Deep Water (300-1,500m)

45%

Ultra-Deep Water

(> 1,500m)41%

15.97 Billion boe

COMPETITIVE 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 transportinggas

• Integration accross full energy and hydrocarbon chain in Brazil

Exploration & Production Downstream Gas & Power/ Biofuels/Petrochemicals

Abundant reserves 300 km away from the market

4

5

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

2013-2017 BMP INVESTMENTSProjects Under Implementation x Under Evaluation

6

E&P INVESTMENTS

Production DevelopmentUS$ 106.9 Billion

Post-SaltPre-Salt

Transfer of Rights

ExplorationUS$ 24.3 Billion

16%(24.3)

73%16%

Infrastructure and Support

Exploration

Production Development

2013-2017 PeriodUS$ 147.5 Billion

11%

70%24%

6%

32%

43%

25%

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 NGLPost-Salt, Pre-Salt and Transfer of Rights

Th

ou

san

d b

pd

(*) Includes new opportunities in blocks where discoveries have already been found (**) Total capacity added considering only Petrobras´́́́ stake

2014Sapinhoá 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)

2013Sapinhoá 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)

Roncador IV (P-62)

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

7

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)

�

Total**365 kbpd

Total**840 kbpd

�

�

8

2013 Production – Oil and NGL in BrazilConclusion of 6 new units in the 4Q13

» 2H13 production will be lower than expected due to:� P-63 / Papa-Terra: late identification of corals led to changes in the subsea arrangement;� FPSO Cidade de São Paulo / Sapinhoá: Subsea 7 delay in building, delivering and installing the Decoupled Buoyancy

Supported Risers System (monobuoy); and� Limited availability of PLSVs due to the difficulties of contracting in Brazil between 2010 and 2011, which has delayed well

connections.»The reservoirs of producing fields have been performing above expectations. Natural Decline observed during the last 12 months

was below the projected range of 10-11%.»The delivery of 6 new units in the 4Q13 will contribute to the sustained production growth during 2014.

2.050

2.250

2.300

2.200

2.150

2.100

2.000

1.950

1.900

1.850

50

1.979

1.9081.888

1.979

1.8921.924

1.846

1.920

1.965

2.0321.968

1.940

1.843

1.9281.9401.960

1.9891.961

1.993

2.0982.110

Thousand bpd3Q12

Average 1,9042Q13

Average 1,9313Q13

Average 1,924Jan/5

FPSO Cidade de Itajaí (Baúna)

Feb/16

FPSO Cid. São Paulo(Sapinhoá)

FPSO Cid. Paraty (Lula NE Pilot)Jun/6

4Q13

2012

FPSO Cid. De Anchieta(Baleia Azul)

Sep/10

2013

TAD (Papa-Terra)

P-63 (Papa-Terra)

P-58 (Parque das Baleias)

P-55 (Roncador)

P-61 (Papa-Terra)

P-62 (Roncador)

Mar-13Jan-13Dec-12 Feb13Nov-12Jun-12 Aug-12 Sep-12Jul-12May-12 Oct-12 Aug-13Jul-13 Sep-13Jun-13May-13Apr-13Apr-12Mar-12Feb-12Jan-12

Project Capacity 1st Oil Hull Top Side /Integration

Local ContentBid

Round Commit. Target

Sapinhoá Pilot FPSO Cid. São Paulo 120 kbpd 01/05/2013 Cosco Shipyard

ChinaSchahin/Modec

Brasfels 2 30% 65%

Baúna and PiracabaFPSO Cid. Itajaí 80 kbpd 02/16/2013 Jurong

CingapuraOdebrecht and Teekay

Cingapura 5 60% 81%

Lula NE Pilot FPSO Cid. Paraty 120 kbpd 05/28/2013 Keppel Shipyard

CingapuraQGOG/SBM

Brasfels 2 30% 65%

Papa-TerraP-63 140 kbpd 11/11/2013 Cosco Shipyard

ChinaQuip

Rio Grande 0 0% 65%

Roncador Module III P-55 180 kbpd 12/31/2013 EAS

BrasilQuip

Rio Grande 0 0% 65%

Parque das BaleiasP-58 180 kbpd 1Q 2014 Queiróz Galvão

Rio GrandeQueiróz Galvão

Rio Grande 0 0% 63%

Papa-TerraP-61

TLWP load out to P-63 1Q 2014 Floatec

BrasfelsFloatecBrasfels 0 0% 65%

Roncador Module IV P-62 180 kbpd 1Q 2014 Camargo Corrêa/IESA

EASCamargo Corrêa/IESA

EAS 0 0% 63%

Sapinhoá Norte FPSO Cid. Ilhabela 150 kbpd Sep/2014 QGOG/SBM

ChinaQGOG/SBMSBM/BRASA 2 30% 65%

Lula - Iracema SulFPSO Cid. Mangaratiba 150 kbpd Nov/2014 Cosco Shipyard

China Not define 2 30% 65%

NEW PRODUCTION UNITS - 2013-2014New platforms built domestically and abroad will contribute to production

* Note: “FPSO Cid. XX” = Leased / “P-XX” = Owned 9

2006-2012

• Petrobras has installed, on average, 5 platforms per yearfrom 2006 to 2011.• Ramp up of these units was delayed due to limitedavailability of drilling rigs2: (2006: 2, 2011: 26)

1 - Does not include installation of Extended Well Tests / 2 - Over 2,000 meters waterdepth / 3 - Petrobras’ Total Interest in capacity added to produce oil

2013-2016

• Between 2013 and 2016 we expect to install an average of 4units per year.• Petrobras will have around 40 drilling rigs² available during thenext 5 years.

PROJECT INSTALLATIONPetrobras has a strong track record of platforms installation per year

10

SEILLEANGOLFINHO

30mbpd

PPER-Phase 12.7MMm³/d

P-34 JUBARTE60mbpd

P-50180mbpd

FPSO-CAPIXABA100mbpd

FPSO-PIRANEMA

30mbpd

P-52180mbpd

P-54180mbpd

Manati8MMm³/d

FSO Cid. DeMacaé

FPSO-Cid. RJ100mbpd

FPSO-CIDADE DE VITÓRIA100mbpd

2008 2009 2010 2011

PRA-1

FPSO Cid. Rio Das Ostras

30mbpd

P-53 – MLL180mbpd

PPER-Phase 2Δ5.3MMm³/d

FPSO Cid. Niteroi MLL

100mbpd

FPSO Cid São Mateus

Camarupim10MMm³/d

Frade100bpd

FPSO E.S. PQ DAS CONCHAS

100mbpd

P-51 – MLSMód. 2180bpd

2012 2013

FPSO Cidade deAngra dos Reis

100bpd

FPSO Cidade deSantos

10MMm³/d

P-57180mbpd

SS-11TIRO/SIDON

20mbpd

FPSO Capixaba(reallocation)

100bpd

Mexilhao15MMm³/d

P-56100mbpd

Cid. Anchieta100mbpd

Cid. Itajaí80mbpd

Cid. São Paulo120mbpd

P-55180mbpd

P-61 & P-63140mbpd

Cid. Paraty120mbpd

2006 2007

P-58180mbpd

To be installedInstalled

8 units840 kbpd

Units and Oil Capacity 1-3 added per year

1 unit100 kbpd

2 units100 kbpd

5 units400 kbpd

5 units480 kbpd

4 units210 kbpd

7 units590 kbpd

5 units370 kbpd

P-62180mbpd

OPERATIONAL EFFICIENCYPROEF - Program to recover and maintain operational efficiency in Campos Basin

PROEF Targets

92

9087

8588

80

71 72

76

81

8890

94 95

94 939696

93 92

93 94 94 94

65

70

75

80

85

90

95

100

2009 2010 2011 2012 2013 2014 2015 2016

Operational Efficiency - E&P Operational Efficiency - UO-BC Operational Efficiency - Without UO-BC Operational Efficiency - UO-RIO

E&P Recent Operational Efficiency (%)

Older Fields

+ 30UO-B

CUO

-RIO

• PROEF aims to improve operational efficiency levels and integrity of production systems

• Program impacts 2 of the 3 Operational Units (UO) in Campos Basin: UO-BC and UO-RIO

• Actions: Workover | Well Intervention | Top Side Maintainance

Formula

OperationalEfficiency =

Oil Production

Potential

New Fields

7

Production

450 kbpd

Production

900 kbpd

PROEF Actions

Corrective

PROEF Actions

Structuring/Preventive

PROEF Goals•Improve Efficiency Levels •Improve Production Systems Integrity

PROEF Goals•Reach Sustainable Levels of Efficiency•Reduce Risk of Loss of Efficiency

Capex/Opex

US$ 5.6 Bn

Capex/Opex

US$ 710 M

11

A parte de imagem com identificação de relação rId7 não foi encontrada no arquivo.

DRILLING RIGSNeeds now largely met, with increasing utilization for production development

12

Drilling rigs in operation (Number)(Greater than 2000 meters)

7 816

2633

40 40

2008 2009 2010 2011 2Q12 2012 3Q13

+7 drilling rigs

� 7 new rigs have entered into operation since the second quarter of 2012. Of these, 6 have been allocated to production development and one to exploration

� New exploration policy: migration of drilling rigs from exploration to production development. Movement away from areas of higher risk

13

PRE-SALT PRODUCTION IS A REALITYProduction reached 390 thousand barrels of oil per day in January 14th, 2014

Pre-Salt Production Data

� Oil Production reached 390 kbpd (Petrobras +

Partners);

� This level was reached with only 19 producing wells, 6

in Santos Basin and 13 in Campos Basin;

� Level reached only 7 years after discovery:

• Campos Basin: 11 years

• US Gulf of Mexico: 17 years

• North Sea: 9 years

Technological Challenges Surmounted

� High Resolution Seismic: higher exploratory success

� Geological and numerical modelling: better

production behaviour forecast

� Reduction of well construction time from 134 days

in 2006 to 70 day in 2012: lower costs

� Selection of new materials: lower costs

� Qualification of new systems for production

gathering: higher competitiveness

� Separation of CO2 from natural gas in deep waters

and reinjection: lower emissions and increase in

recovery factor

14

EXPLORATION AND APPRAISALSubstantial efforts already undertaken to understand pre-salt reservoirs

West Orion Rig

67 Wells Drilled - up to April 2013

41 DSTs

6 EWTs

23 Discoveries

1.443 m Coring

72 Conventional Logs

57 Production Logs

23 Discoveries

Numbers

15

PRODUCTION ACCELERATIONSeries of fast-tracked pilot units now producing and gathering information

Lula Pilot

On stream since Oct/2010

FPSO Cidade de Angra dos Reis

Baleia Azul

On stream since Sep/2012

FPSO Cidade de Anchieta

Sapinhoá Pilot

On stream since Jan/2013

FPSO Cidade de Sáo Paulo

Lula NE

On stream since May/2013

FPSO Cidade de Paraty

16

PRODUCTION ACCELERATIONExisting units connected to pre-salt wells in the Campos Basin

P-48

FPSO Capixaba

P-27

P-53Brava (1 well)Carimbé (1 well)

Baleia Franca (2 wells) Tracajá (2 wells)

17

PRE-SALT – WHAT IS NEXT24 New Production Units by 2020

Curitiba

Florianopolis

Vitória

ES

MG

SC100 km

Rio de Janeiro

RJ

PR

São Paulo

SP

Santos Basin

Campos Basin

2Parque das

Baleias

1Carcará

1Carioca

1Sapinhoá

8Lula

Iracema

1NE Tupi

2Iara

1Florim

5Franco

1Entornode Iara

1Jupiter

18

Block Consortium Field Discoveries Declaration ofCommerciality

RecoverableVolume

BM-S-8BR (66%)

PTG (14%)QG (10%)

BARRA(10%)

• Bem-te-vi• Carcará• Biguá

* ND

BM-S-9BR (45%) BG (30%)

RPS (25%)

Sapinhoá (former Guará) 12/29/2011 2.1 billion boe

Lapa (former Carioca) 12/31/2013 ND

BM-S-10 BR (65%)BG (25%) PAX (10%)

• Parati 03/12/2016 ND

BM-S-11 BR (65%)BG (25%)

PTG (10%)

Lula (former Tupi) 12/29/2010 6.5 billion boe

Cernambi (former Iracema) 12/29/2010 1.8 billion boe

• Iara 12/31/2013 3-4 billion boe

BM-S-21 BR (80%)PTG (20%) • Caramba 04/30/2015 ND

BM-S-24 BR (80%)PTG (20%) • Júpiter 02/28/2016 ND

* Requested extension in the deadline of the Discovery Assessment Plan (PAD)

SANTOS BASIN PRE-SALTPartnership

Development

Duration: 4 yearsExtendable for 2 more years

Variable, according to Development Plan

Total Duration: 40 years, extendable for 5 more years according to specific criteria

TRANSFER OF RIGHTS ACQUISITION (5 BILLION BARRELS) Development of the areas fully under way

Declaration of Commerciality

Exploration Production

Area 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

Franco

lara surroundings

Florim

NE of Tupi

South of Guará

South of Tupi

Resources already available for:

• 7 Exploratory wells• 1 contingent Exploratory well• 1 EWT• 2 contingent EWTs• 3D Seismic

First 4

production

units

undergoing

contracting

New technologies and definition of

resource allocation

19

• Average Price per barrel: US$ 8.51 (Total value: US$ 42.5 billion)

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)

20

8 Replicant FPSOs for Pre-Salt

4 VLCCs Conversion to FPSOs

21

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).

• Onwnership /Technology: Keppel FELS – Singapore (in Brazil since 2000)

On location

22

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, withdetails 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

3

4

5

6

7

22

• Rio Grande - Partners: Ecovix and Engevix (created in 2010) • QUIP - Partners: Queiroz Galvão, UTC Engenharia and Iesa (in Brazil since 2005)

• P-55 as of Dec 2013: On location

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. 23

1

2

3

4

5

• Partners: Camargo Corrêa and Queiroz Galvão (in Brazil since 2005)

• Technology Partner: Ishikawajima (IHI)

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

Companies with R&D centers in operation, construction or plans for Brazil:

• Schlumberger

• Baker Hughes

• FMC Technologies

• Halliburton

• General Electric

• Vallourec & Mannesman

• Usiminas

• TenarisConfab

• Cameron

• IBM

• Technip

• Weatherford

• Wellstream

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

24

Technological Park

25

DOWNSTREAM INVESTMENTS

� Refining capacity expansion on the Under

Implementation Portfolio: RNEST (Pernambuco)

and COMPERJ 1st Phase (Rio de Janeiro)

� Refining capacity expansion in design phase:

Premium I (Maranhão), Premium II (Ceará) and

COMPERJ 2nd Phase (Rio de Janeiro)

� Diesel and Gasoline Quality Portfolio: REPLAN,

RPBC, REGAP, REFAP and RLAM

� Fleet expansion: PROMEF – 45Oil and Oil Products transportation vessels

2013-2017 HIGHLIGHTS

Projects Under ImplementationUS$ 43.2 billion

CorporateEthanol LogisticsFleet Expansion Petrochemical

Logistics for OilQuality and ConversionOperational ImprovementRefining Capacity Expansion

11%(4.9)

21%(9.2)

45%(19.4)

6%(2,8)

6%(2.4)

1%(0.4)

1%(0.3)

Projects Under EvaluationUS$ 21.6 billion

64%(13.8)

16%(3.5)

3%(0.5)

7%(1.5)

2%(0.5)

6%(2.8)

9%(3.7)

8%(1.7)

26

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.

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

1,798 1,944

2,320

2,3201,036

1,814

2,147 2,255

2,933

3,380

20001980 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

RNEST(Abreu e Lima)115 kbpd Nov/14115 kbpd May/15

COMPERJ(1st Phase)165 kbpdAug/16

PREMIUM I(2st phase)300 kbpd

Oct/20

PREMIUM I(1st phase)300 kbpd

Oct/17

PREMIUM II300 kbpdDec/17

COMPERJ(1st Phase)300 kbpdJan/18

Projects Under Implementation

kbpd

Projects Under Implementation

3,380


TRADE BALANCERapid demand growth in the last 4 years has led to a shift in the trade balance

2,000

2,300

2,600

2,900

3,200

3,500

3,800

4,100

4,400

4,700

5,000

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Thou

sand

m³

+24%

+24%Diesel Sales

1,000

1,300

1,600

1,900

2,200

2,500

2,800

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Thou

sand

m³

+3%

+65%Gasoline Sales

364 346

18

184

433

-249

478 397

81

227

152

75

Balance

-231

Balance

156

195

421

-226

195

377

-182Oil Oil Products

ImportsExports

27

-408Balance

ImportsExports ImportsExports

2009 2012 9M2013

(thou

s. b

pd)

705

549 548

779

390

798


OPERATION PERFORMANCE IN BRAZIL – DOWNSTREAMRefining throughput, product output and sales, and costs

� Stable total output in 3Q13 vs 2Q13, with higher diesel and gasoline production

802 864

436 512

788 752

+5%

3Q13

2,128

3Q12

2,026

Diesel

Gasoline

Others

Oil Products Output in Brazil (kbpd) Oil Products Sale in Brazil (kbpd)

984 1.031

569 587

797 804

+3%

3Q13

2,422

3Q12

2,350

Diesel

Gasoline

Others

Throughput (kbpd) and Utilization (%)

� Diesel (+5%): Higher demand due to economic growth (especially retail) and increase of sugar cane and corn harvest.

� Gasoline (+3%): Larger flex-fuel vehicles fleet, associated with gasoline price advantages against ethanol in some states.

1.611 1.690

364 382

97% 96%

0

0

0

1

1

1

3Q13

2,072

3Q12

1,974

Domestic Oil + NGL

Imported OilUtilization

� Higher volume of domestic oil throughput, despite lower total

throughput resulting from scheduled maintenance in REDUC,

REVAP and REGAP in 3Q13.

28

A parte de imagem com identificação de relação rId7 não foi encontrada no arquivo.GASOLINE AND DIESEL INTERNATIONAL PRICESTaxes account for significant share of pump price in Brazil

Brazil Chile China Japan Germany

Gasoline Retail Prices2012 Average

Diesel Retail Prices2012 Average

Brazil Chile China Japan Germany

Disttribution MarginTaxationRefinery Gate Price Anhydrous Alcohol

USAUSA

The refinery gate price for gasoline is currently 37% of the retail price

while for diesel it is 61%

29

30

Domestic and International Price ComparisonReal devaluation and higher Brent price widened the price differential

» Price differential increased in 3Q13 due to Real

devaluation (11%) and higher international oil prices

(+8% in Dollars).

Average Brazil Price* x Average USGC Price**

0

100

200

300

400

500

600

700

800

900

1.000

1.100

240

210

180

150

120

Pric

es (R

$/bb

l)

Average Sales Price Brazil Jun 25th

Adjustments

Diesel ImportsGasoline Imports

Losses

Adjustments

Jan 30th

Mar 6th

Imported Volum

es (Thousand bbl / d)

Jul 16th

+11%

3Q13

2,29

2Q13

2,07

3Q12

2,03

+13%

Exchange Rate (R$/US$)

+8%

110

102

110

+0,3%

Brent (US$/bbl)

* Considers Diesel, Gasoline, LPG, Jet Fuel and Fuel Oil.** USGC price with domestic market prices.

Average Sales PriceUSGC

Sep/13Aug/13Jul/13Jun/13Apr/13Mar/13Feb/13Jan/13Dec/12Nov/12Oct/12Sep/12 May/13Aug/12Jul/12Jun/12May/12Apr/12Mar/12Feb/12Jan/12

3Q132Q133Q12

Natural Gas Demand and SupplyThermoelectric demand lower in 3Q13

» Thermoelectric demand reduced 16%, 3Q13 vs 2Q13 due to higher levels of water in hydroelectric reservoirs. Natural gasthermoelectric generation remained in a high level of 5.7 GW average in 3Q13.

» Lower LNG demand.

» Net income of G&E: -R$ 0.2 billion in 3Q13 x R$ 0.6 billion in 2Q13, mainly due to lower generation volume and energyprice (PLD).

39,9

million m³/day

Domestic

Bolivia

LNG

Non-thermoelectric

Thermoelectric

Downstream E&P/Fertilizers

SUPPLYDEMAND

40,2

37,0

38,611,7

39,3

+18% +18%

-7%

3Q13

84.1

30.3

40.9

2Q13

90.1

30.4

41.4

3Q12

71.5

24.6

39.6

71.0

18.6

40.3

-6%

83.6

32.1

39,6

89.4

38.0

39.3

3Q132Q133Q12

32

NATURAL GAS SUPPLY AND DEMAND (M

illion

m³/d

)

Financial Considerations

34

2013-2017 Period

• Investment Grade Rating maintenance:

− Leverage lower than 35%

− Net Debt/EBITDA lower than 2.5x

• No new equity issuance

• Convergence with International Prices (Oil Products)

• Divestments in Brazil and, mainly, abroad

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

Financiability Assumptions

28%

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

27.4%(US$ 64.8 bi)

71.2%(US$ 147.5 Billion) 20.9%

(US$ 43.2 Billion)






0.5%(US$ 1.0 Bililon)

US$ 207.1 Billion 770 projects

PROJECTS UNDER IMPLEMENTATIONFinanciability Assumptions

35

FINANCIAL PLANNING ASSUMPTIONSFinancing analysis only incorporates projects under implementation

Main assumptions for cash flow generation and investment levels

2013-17 BMP is based on constant currencies from 2013.

Brent prices (US$/bbl) US$ 107 in 2013, declining to US$ 100 in the long term

Average exchange rate (R$/US$) R$ 2.00 in 2013, strengthening to R$ 1.85 in the long term

Leverage Limit: < 35% │ Maximum leverage in 2013 and 2014 (34%), declining after 2015

Net debt /EBITDA Limit : < 2.5x │ Limit will be surpassed in 2013 and will fall below 2.0x after 2015

Oil product prices in Brazil Convergence to international prices

Divestments US$ 9.9 billion

Returns on new E&P projects Pre-salt projects breakeven between US$ 40-45/barrel Big post-salt projects have returns similar to pre-salt’s

No equity issuance Investment grade maintenance

36

OPERATING CASH FLOW AND FUNDING NEEDS

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

� Free cash flow, before dividends, by 2015.

Annual borrowing needs (2013-2017)

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

US$

Billio

n246.9

61.3

10.79.9

Sources

165.0

Uses

207.1

39.8

246.9

PRODESIN – Divestment Program:

� 2010/2011 Accomplishment: US$ 1.3 billion

� 2012 Accomplishment: US$ 3.4 billion

� 2013 Accomplishment: US$ 7.4 billion� Sale of 27.3% interest in Edesur company (Argentina)� Sale of 20% interest of block 6/06 (Angola)� Sale of Financial Securities of BR Distribuidora as a guarantee to Petros. � Sale of 20% interest in Gila asset (EUA)� Sale of 50% in blocks in Africa (Agbami, Akpo, Egina and Block 2/85) � Sale of 100% of Brasil PCH� Sale of 100% of Pertroquímica Innova S.A. for US$ 372 million� Sale of 35% stake in block BC-10 in Campos Basin to Shell (23%) and ONGC

Videsh (12%) for US$ 1.636 billion� Sale of 20% of voting capital of Companhia Energética Potiguar (CEP) for

US$ 16 million� Farm-out contracts in US Gulf of Mexico for US$ 185 million (stakes of 33% in

Coulomb, 100% in Cottonwood, 60% in EW910 fields)� Sale of 100% of Petrobras Colombia for US$ 380 million� Sale of participation in Blocks 3 and 4 in Punta del Este Basin (Uruguay) for

US$ 17 million� Sale of 100% of shares issued by the subsidiary Petrobras Energia Peru (PEP)

for US$ 2.6 billion

37


33,737,3

27,6 28,4

2010 2011 2012 LTM

EBITDAGrowing and stable cash flow generation

30,6

43,4 42,0 37,9

4,1

-6,9-15,6

-10,7

1,4

3,62,0

2,11,3

1,31,6

1,72,1

3,03,2

3,1

E&P RTM G&P Distribution International

2010 2011 2012 LTM

(*) IFRS

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

Adjusted EBITDA (US$ bn)* Adjusted EBITDA Breakdown per Segment (US$ bn)**

37

38


0

10.000

20.000

30.000

40.000

50.000

OCF LTM Capex 2011 Capex 2012 Capex 2013 Capex 2017

E&P Downstream Gas & Energy Others

US$ MM

45,078

27,230

CAPEX AND CASH FLOWFree cash flow turns positive with completion of downstream projects

43,164

Capex vs. Operating Cash Flow

Approx.

$49 billion

• 2013 - 2017 Business and Management Plan Assumptions:

• Capex: Downstream projects not currently under implementation only proceed supported by cash flows and balance sheet strength

• Operating Cash Flow: Oil production increases by 750 thous. bpd, generating additional operating cash flow. Import parity would eliminate downstream losses

Approx.

$39 billion

39

1) Net Debt / (adjusted EBITDA 9M13/3 x 4). Adjusted EBITDA= EBITDA excluding earnings of equity-accounted investments and impairments2) Net debt / (Net Debt + Shareholders Equity)3) Includes tradable securities maturing in more than 90 days

CAPITAL STRUCTUREIncrease in Net Debt in 3Q13

R$ Billion 09/30/13 06/30/13

Short-term Debt 18.2 18.2

Long-term Debt 232.7 230.8

Total Debt 250.9 249.0

(-) Cash and Cash Equivalents 3 57.9 72.8

= Net Debt 193.0 176.3

US$ Billion

Net Debt 86.5 79.6

2,422,77

2,32 2,573,05

28%31% 31% 34% 36%

-20%

-10%

0%

10%

20%

30%

40%

0,0

1,0

2,0

3,0

4,0

5,0

3Q12 4Q12 1Q13 2Q13 3Q13

Net Debt/EBITDA Net debt / Net Capitalization 2

» Increase in net debt in 3Q13 due to lower cash

provided by operating activities (R$ 14.4 bi) and

use of cash (R$ 19.6 bi) for investing activities.

1

DEBT PROFILEDiversification and long term

2014 2015 2016 2017 2018 and after

Long Term Debt Amortization Schedule

40

By Maturity By Category By Currency By Rate

Total Debt (US$ 112.5 billion as of 9/30/2013)

Brazilian StateBanks26%

Financial Institutions

21%

Intl Capital Markets

38%

Others2%

Fixed 49%

Floating 51%Long term

93%

Short term7%

Real20%

Dolar71%

Euro 6%

Others3%

ECA´s + Develop. Banks 13%

41

PETROBRAS RATINGSConsolidated Investment Grade position

Petrobras Rating: Baa1Brazil: Baa2 (1 notch below PB)Outlook: Negative

Petrobras Rating: BBBBrazil: BBBOutlook: Negative

Petrobras Rating: BBBBrazil: BBBOutlook: Stable

• Investment grade rating by all three rating agencies;

• Same rating as Sovereign in S&P and Fitch; 1 notch above Sovereign in Moody’s;

• Petrobras’ consolidated investment grade position is strongly supported by the sovereign rating:

• Company’ size and dominant position in Brazil warrants support from the government;

• Maintaining investment grade rating is essential for the feasibility of the BMP 2013-17, as it reduces financing cost.

DIVIDEND POLICY

42

� The application of Petrobras policy and by-laws resulted in the following declarations of dividends

based on 2012 Adjusted Net Income:

Note: 1 ADR = 2 shares

� PN/PBR.A received a higher dividend for 2012 results because of the requirement of a minimum

distribution, based on corporate by-laws, of 3% of the book value of shareholder equity

Petrobras policy is to pay a minimum of 25% of adjusted net income to each class of shares

SHARE ADR

PN – PBR.A R$ 0.96 R$ 1.92

ON – PBR R$ 0.47 R$ 0.94

� According to Brazilian Corporate Law, companies with two classes of shares must pay a minimum

amount equal to 25% of net income

� Regarding Petrobras By-Laws, minimum payable to non-voting shares (PN/PBR.A) is the higher of:

� 25% of Adjusted Net Income

� 3% of the PN’s proportional book value of shareholder’s equity

� 5% of the PN’s proportional paid-in capital

� Non-voting shares have priority rights to distribution of dividends

Petrobras By-Laws Consistent with Brazilian Corporate Law

43

Information:

Investor Relations

+55 21 3224-1510

[email protected]

[email protected]

www.petrobras.com.br/ir