Cristina PinhoExploration & ProductionSeptember, 2014

Barclay's Oil and Gas Conference

DISCLAIMERFORWARD-LOOKING STATEMENTS:

DISCLAIMER

The presentation may contain forward-looking statements about future events within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, that are not based on historical facts and are not assurances of future results. Such forward-looking statements merely reflect the Company’s current views and estimates of future economic circumstances, industry conditions, company performance and financial results. Such terms as "anticipate", "believe", "expect", "forecast", "intend", "plan", "project", "seek", "should", along with similar or analogous expressions, are used to identify such forward-looking statements. Readers are cautioned that these statements are only projections and may differ materially from actual future results or events. Readers are referred to the documents filed by the Company with the SEC, specifically the Company’s most recent Annual Report on Form 20-F, which identify important risk factors that could cause actual results to differ from those contained in the forward-looking statements, including, among other things, risks relating to general economic and business conditions, including crude oil and other commodity prices, refining margins and prevailing exchange rates, uncertainties inherent in making estimates of our oil and gas reserves including recently discovered oil and gas reserves, international and Brazilian political, economic and social developments, receipt of governmental approvals and licenses and our ability to obtain financing.

We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information or future events or for any other reason. Figures for 2014 on are estimates or targets.

All forward-looking statements are expressly qualified in their entirety by this cautionary statement, and you should not place reliance on any forward-looking statement contained in this presentation.

NON-SEC COMPLIANT OIL AND GAS RESERVES:

CAUTIONARY STATEMENT FOR US INVESTORS

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

AGENDA

• OVERVIEW/BUSINESS AND MANAGEMENT PLAN 2014-2018

• PRODUCTION UPDATE

- RAMPING UP NEW SYSTEMS

- MAINTAINING EXISTING SYSTEMS

• PER BOE ANALYSIS

• PRE-SALT UPDATE

• NEW UNITS

• CONCLUSION

4

• 2.6 mm boed production

• 293 production fields

• 92% of Brazilian production

• 34% of global DW and UDW production

Exploration and Production

• 12 refineries (Brazil)

• 2.2 mm bpd refining capacity

• Oil products sales in Brazil: 2,443 Kbpd

• Oil products output in Brazil: ,2,180 Kbpd

Downstream

• 7,710 service stations

• 37,7% of market share

• 21% share of service stations

Distribution

• 9,190 km of gas pipelines in Brazil

• NG Supply: 96.3 million m³/d

• 3 LNG Regasification terminals with41 MMm³/d capacity

• 6,885 MW of generation capacity

Gas and Power

• 17 countries

• 0.7 Bn boe of 1P (SPE)

• 217 th. boed production

• 231 th. bpd refining capacity

International

• 3 Biodiesel Plants and interest in 2 addiotional plants: 14,1 kbbld

• Ethanol: opening new markets

• Largest domestic producer of biodiesel: 20% of internal market

• 3rd producer of ethanol in Brazil

Biofuels

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

2013 Proven Reserves (SPE Criteria) ‐ BrazilAdjusted EBITDA per Segment (US$ bn) (1)

OnShore8%

Shallow Water (0-

300m)6%

Deep Water (300-1,500m)

45%

Ultra-Deep Water

(> 1,500m)41%

15.97 Billion boe

30.6 43.4 42.0 37.44.1

-6.9 -15.6 -9.8

1.43.6 2.0 1.61.3

1.3 1.6 1.52.13.0 3.2 3.5

E&P RTM G&P Distribution International

2010 2011 2012 2013

PETROBRAS TODAYFully integrated across the hydrocarbon chain

5

• 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/PetrochemicalsAbundant reserves 300

km away from the market

5

COMPETITIVE ADVANTAGESUniquely positioned to integrate upstream and downstream operations

Business and Management

Plan2014-2018

7

Investments in Exploration & Production: US$ 153.9 billion

Downstream 38.7 (17.5%)

Gas & Energy 10.1 (4.6%)

International 9.7 (4.4%)

Distribution 2.7 (1.2%)

Biofuels 2.3 (1.0%)

Engineering, Technology& Materials 2.2 (1.0%)

Other Areas 1.0 (0.5%)

2014-18 BMPTotal Investment

US$ 220.6billion

Exploration & Production153.9 (69.8%)

Production Development112.5 (73%)

Infrastructure: 18.0 (12%)

Exploration: 23.4 (15%)Pre-saltConcession

Transfer of RightsProduction Sharing

Post-salt

Exp + R&D

82.0(60%)

53.9(40%)

8

Projects Under Implementation, Bidding Process and Evaluation

2014-18 BMPTotal InvestmentUS$ 220.6

billion

Downstream 38.7 (17.5%)

Gas & Energy 10.1 (4.6%)

International 9.7 (4.4%)

Distribution 2.7 (1.2%)

Biofuels 2.3 (1.0%)

Engineering, Technology& Materials 2.2 (1.0%)

Other Areas 1.0 (0.5%)

Exploration & Production 153.9 (69.8%)

Under Implementation(US$ 175.9 billion)• Projects being executed

(construction)• Projects already bid• Resources required for studies

of Projects Under Evaluation

Under Bidding Process¹(US$ 30.9 billion)• E&P projects in Brazil

Represent around 200 th. bpd ofproduction in 2018 and 900 th. bpd in 2020.

Projects under Studies in Phase I, II or III

(except E&P in Brazil)

Portfolio of Projects Under Implementation + Under Bidding Process

US$ 206.8 Billion Portfolio of Projects Under Evaluation

US$ 13.8 Billion

¹ Includes E&P projects in Brazil which will stil go through bidding process of their units, as well as Premium I and Premium II refineries, which will have the bidding process carried out throughout 2014 ² Source: IHS CERA Regional Downstream Capital Costs Indexes - 2011

Oil Production 2020: 4.2 million bpd

No impact in Oil Production 2020

9

2014-2018 BMP: Investment and Operating Costs Management

2014-2018 BMP US$ 220.6 Billion

PRC-PoçoProgram to Reduce

Well Costs

PRC-SubProgram to Reduce

Subsea Facilities Costs

PROEFProgram to Increase

Operational Efficiency

UO-BCUO-RIO

PROCOPOperating Costs

Optimization Program

INFRALOG – Logistic Infrastructure Optimization ProgramLocal Content Management– Take advantage of the industry´s capacity to maximize gains to Petrobras

Health, Safety, Environment and Energy Efficiency

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.

PRC Sub: Focus on CAPEX dedicated to subsea systems construction.

10

1.9

3,2

4.2

2013 2014 2015 2016 2017 2018 2019 2020

New systems ensure future growth

Growth in 2014:7.5% ± 1p.p.

Piloto Sapinhoá (Cid. São Paulo)

Baúna(Cid. Itajaí)

Piloto Lula NE(Cid. Paraty)

Papa-Terra(P-63)

Roncador III(P-55)

Norte Pq. Baleias (P-58)

Iracema Sul(C. Mangaratiba)

Roncador IV (P-62)

Sapinhoá Norte (Cid. Ilhabela)

Papa-Terra (P-61+TAD)

Florim

Lula Alto

Lula CentralJúpiterLula Sul

(P-66)

Búzios I(P-74)

Lapa

Lula Norte (P-67)

Búzios II(P-75)

Lula Ext. Sul e CO Sul de Lula

(P-68)

Lula Oeste(P-69)

Búzios III(P-76)

Tartaruga Verde e Mestiça

Maromba I

Iara Horst(P-70)

Búzios IV(P-77)

Entorno de Iara(P-73)

NE de Tupi (P-72)

Iara NW (P-71)

Sul Pq. Baleias

ES ÁguasProfundas

Carcará

Espadarte III

SE ÁguasProfundas I

Búzios V

RevitalizaçãoMarlim I

SE ÁguasProfundas II

Libra

RevitalizaçãoMarlim II

Iracema Norte (Cid. Itaguaí)

On StreamBuiltOrderedUnder Bidding

+640kbpd +660kbpd +150kbpd +1000kbpd +900kbpd +1050kbpd Capacity added per year

3 MM bbl

Ramping Up New Systems

12

19651920

1846

19241892

1979

1888 1908

1979 1960 1957 19641917 1923 1926 1933

19752008

19961957

1893

19771925

2024

1932 1954

20251997 2012 2029

1990 2012 2017 20192078

2120

1700

1800

1900

2000

2100

2200

2300

2400

2500

2600

jan/13

feb/13

mar/1

3

apr/1

3

may/1

3

jun/13

jul/13

aug/1

3

sep/1

3

oct/1

3

nov/1

3

dec/1

3

jan/14

feb/14

mar/1

4

apr/1

4

may/1

4

jun/14

Main factors influencing 2Q14 oil production, as compared to 1Q14 Start-up of production for P-62 (Roncador)

Contribution from new wells for P-55 (Roncador), P-58 (Parque das Baleias) and FPSO Cidade de São Paulo (Sapinhoá).

Sustainable production growth (from 1,926 th. bpd in March to 2008 th. bpd in July), i.e., +82 th. bpd production throughout 2Q14.

1Q13: 1,910 2Q13: 1,931 3Q13: 1,924 4Q13: 1,960 1Q14: 1,922 2Q14: 1,972

2013 average: 1,931 kbpd

Cid. São PauloJan 6

Cid. ParatyJun 6

P-63Nov 12

Cid. ItajaíFeb 16

P-55Dec 31

P-58Mar 17

P-62May 12

PETROBRAS: OIL AND NGL PRODUCTION IN BRAZILNew units are now contributing to an accelerating ramp up - especially total operated production

13

19651920

1846

19241892

1979

1888 1908

1979 1960 1957 19641917 1923 1926 1933

19752008

20492103

1700

1800

1900

2000

2100

2200

2300

2400

2500

2600

jan/13

feb/13

mar/1

3

apr/1

3

may/1

3

jun/13

jul/13

aug/1

3

sep/1

3

oct/1

3

nov/1

3

dec/1

3

jan/14

feb/14

mar/1

4

apr/1

4

may/1

4

jun/14

jul/14

aug/1

4

sep/1

4

oct/1

4

nov/1

4

dec/1

4

Factors that support production growth: New systems: P-61/TAD (4Q14), FPSO Cidade de Ilhabela (4Q14) and FPSO Cidade de Mangaratiba (4Q14). Planned connection of 33 production wells in 2H14. 30 were connected in 1H14.

- PLSV FLEET INCREASE: 11 vessels in 1Q14, 13 in 2Q14, 16 in 3Q14 and 19 in 4Q14.- PRODUCTIVITY INCREASE: from 84 km / PLSV / year in 2Q13 to 114 km / PLSV / year in 2Q14 (+36%).- READINESS: Reduction in PLSV downtime: from 33% in 2Q13 to 31% in 2Q14 (-2 p.p.).

1Q13: 1,910 2Q13: 1,931 3Q13: 1,924 4Q13: 1,960 1Q14: 1,922 2Q14: 1,972

2013 average: 1,931 kbpd 2014 average: 2,075 kbpd ± 1%

P-61

TAD

Cid. Mangaratiba

Cid. Ilhabela

OIL AND NGL PRODUCTION IN BRAZIL - 2014 PROJECTIONProduction target of 7.5 (± 1 p.p.) maintained, as year end production offsets lower first half production

Cid. São PauloJan 6

Cid. ParatyJun 6

P-63Nov 12

Cid. ItajaíFeb 16

P-55Dec 31

P-58Mar 17

P-62May 12

14

Our critical resources needs are fulfilled

1) Rigs above 2000m, Sete Brasil rigs will largely replace current fleet 2) PLSV = Pipe Laying Support Vessel

Current fleet: 55 Current fleet: 40 Current fleet: 11

New Production Units New UDW Drilling Rigs¹above 2000m New PLSVs²

2

7

5

8

51

2

9

14

22

27 28

2014 2015 2016 2017 2018 2019 2020

3

5

9

2

8 8

1719 19 19 19

2014 2015 2016 2017 2018 2019 202023 1

7

6

92

5

5 6

13

19

28 3035

2014 2015 2016 2017 2018 2019 2020

15

17 22

28

3

64 64

27

55

Production Wells Expected to be Connected in 2014

New Production Wells in 2014 New Injection Wells in 2014

Connected Completed Drilled Total Connected Completed Drilled Total

In 2014, up to June, 30 wells connections were done with 30% more efficiency (km/PLSV/year) than in the last year.

Maintaining Existing

Systems

17

Main Operational Units

Vitória

ES

MG

Rio de Janeiro

RJ

PR

São Paulo

SP

100 km

Curitiba

SC

Campos Basin

Santos Basin

Parque das Baleias

Cangoá Peroá

CanapuGolfinho

Camarupim

Carapó

RoncadorAlbacora

MarlimBarracuda

Garoupa

CarapicuXerelete

Papa-Terra

MarombaCarataí

Pampo

IaraLibra

Ent. Iara

Búzios

Jupiter

PerobaSul de Lula

LulaIracemaParati

Lapa

Sagitário Florim

Bem-te-vi/CarcaráCaramba

Sapinhoá

S. Guará

Merluza

GuaiamáPiracucá

BaúnaPiracaba

TubarãoEstrela do Mar

CoralCaravela

Cavalo Marinho

Mexilhão CarapiáPirapitanga

Tambaú

Tambuatá

UO-SUL1 production units71 kbpd

UO-BS8 production units142 kbpd

UO-BC34 production units372 kbpd

UO-ES7 production units287 kbpd

UO-RIO17 production units840 kbpd

18

Program to Increase Operational Efficiency (PROEF)

488 455 452 442

418 389 390 389

355 382

428 413 408 405 374 357 370

312 335

1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 Apr/14

With PROEFWithout PROEF

920

871 887 871 881 839

807 910

851 840 841 811 824

775

4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 Apr/14

With PROEFWithout PROEF

Oil + NGL Production (kbpd)

Oil + NGL Production (kbpd)

73 68 71 76 76 74 75 77 77 81

1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 Apr/14

92 91 89 94 91 93 92 94 95 96

1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 Apr/14

Operational Efficiency(%)

Operational Efficiency(%)

UO-BCRecovering wells and subsea systems.

Total Expenditure*US$ 1,897 mmNPV*US$ 1,080 mmProduction gain:+43 kbpd in the 1Q14.

UO-RIOIntegrity improvement and optimization in the usage of resources.

Total Expenditure*US$ 3.2 mmNPV*US$ 1,340 mmProduction gain+15 kbpd in the 1Q14.

* By February 2014

19

Legacy Oil – accounts for 80% of the production target for 2014

0

0.5

1

1.5

2

2.5

2012 2013 2014

OIL POTENTIAL

 (MM BPD

)

Reservoirs potential decline rate

SOURCE LARGEFIELDS

SMALLFIELDS

Onshore 5,3% 6,2%

Deep waters 12,0% 19,8%

Shallow waters 7,5% 12,1%

Decline Rates - CERA

CERA: Cambridge Energy Research AssociatesAuthors: Jackson/Eastwwod, 01/2012Deep waters = water depth > 300mLarge fields = reserves > 500 mm bbl

Decline rate1Q14 x 1Q13

10%

The control over the reservoirs decline rate ensures the oil

production forecast for the year

20

Average FX (R$/US$) 1.67 1.96 2.16 2.37 2.23 2.36% of costs in US$ 18 18 32 35 33 35

Oil production (th. bpd) 2,022 1,980 1,931 1,922 1,972 2,088Pre-salt production (th. bpd) 100 138 249 299 347 324

SPUs on stream 121 122 124 124 125 128Days of workovers (PROEF) 1,402 2,966 3,479 872 647 3,711

Higher productivity guaranteed the maintenance of lifting cost

11.3813.12 13.37 12.49 12.91 13.28

15.2413.80 14.76 15.02 14.96 14.33 14.15 14.57 14.16

19.0020.93

22.31 22.47 22.57

26.39

30.7928.33 29.49

31.2534.28

32.66 33.14 32.30 32.57

0

5

10

15

20

25

30

35

40

1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 2014E

USD/boeBRL/boe

More operational activities with constant oil production;Stabilized unitary costs with a downward trend → increase in productivity and cost reduction

2011 Average:R$ 21.19 /boe

2012 Average:R$ 27.03 /boe

2013 Average:R$ 31.94 /boe

2011 Average:R$ 12.60 /boe

2012 Average:R$ 13.81 /boe

2013 Average:R$ 14.77 /boe

1H 2014:R$ 32.72 /boe

1H 2014:R$ 14.36 /boe

+10% +7% -3%

+28%

+18% +2%

Pre-salt Update

22

Rio de Janeiro

MGMG

The Pre-Salt Province

RJ

São Paulo

Curitiba

FPSOCapixaba1 p. well

P-481 p. well

P-533 p. wells

FPSO Cid.Angra dos Reis4 p. wells

FPSO Cid.Paraty

2 p. wells

FPSO DynamicProducer

1 p. well

FPSO Cid.Niterói1 p. well

FPSO Cid.São Vicente1 p. well

ConcessionTransfer of RightsProduction Sharing

P-581 p. well

FPSO Cid.Anchieta5 p; wells

FPSO Cid.São Paulo

2 p. wells

9 production units+ 2 EWT

22 productionwells (10 PPSBS,5 BC/RJ e 7 BC/ES)

23

Pre-Salt Production Highlights

Lula Nordeste Pilot on stream since June 2013 with only 1 production well

Campos Basin

Santos Basin

13686

4718

217

316

42

119

169

301

2008 2009 2010 2011 2012 2013 1H 2014

165

83

72

24

195

8

Monthly Production Average(kbpd) Daily Production Record

580 kbpd in August 23rd 2014

Cumulative productionAug/08 to Jun/14312 million bbl

9.014.8

Lula Petrobras E&P

Lifting Cost 2013 (US$/boe)

34

36

36

BAZ-04 (Baleia Azul)

LL-02 (Lula Pilot)

SPS-77 (Sapinhoá Pilot)

High Productivity Wells (kbpd - peak)

412

24

Pre-salt Drilling Activity in the Santos Basin Pre-salt Cluster

2 23

7

10 10

2122

Active Rigs

2 3 4 4 69 10 12

6

15

21

2 3 4 57

15

25

33

2006 2007 2008 2009 2010 2011 2012 2013

DevelopmentExploration

23 injection wells21 production wells

50 exploratory wells

* dryhole

25

168

125

98 98

78

2010 2011 2012 2013 2014Duration (days/well)

158

10289 86

64

2010 2011 2012 2013 2014Duration (days/well)

Drilling Completion (including WCT)

Wells Construction in Santos Pre-salt – Total Duration

-11% p.a. -15% p.a.

26

• Sail away by Jul/2014• 1st oil: 2H 2014• 150 kbpd oil• 6 MM m³/d gas• 8p + 7i wells

FPSO CIDADE DE ILHABELA – SAPINHOA NORTE (START-UP 3Q14)Next Santos pre-salt unit on schedule with topsides fabrication and integration in Brazil

27

• Sail away by Aug/2014• 1st oil: 2H 2014• 150 kppd oil• 8 MM m³/d gas• 8p + 7i wells

FPSO CIDADE DE MANGARATIBA IRACEMA SUL (4Q14)Santos pre-salt unit also being completed in Brazil and on schedule for production this year

28

2

Rio Grande Shipyard ERG1 – RS (april/14)(1) P-66 final hull construction activities at quay

– 1st hull for Pre-Salt fully built in Brazil –70% Local content;

(2) P-67 hull construction on dry dock: integration of mega blocks built in China;

(3) P-67 and P-69 mega blocks built in Rio Grande Shipyard.

1

3

3

P-66 PROGRESS AT THE RIO GRANDE SHIPYARDFirst hull completed, second hull being finalized

29

LibraFirst acreage bid under Production Sharing Contracts – ANP estimated volumes of ~8-12 billion BOE

ConcessionTransfer of RightsProduction Sharing

Libra

L1L1L3L3

L2L2

L4L4

L5L5L6L6 L7L7

L8L8

L9L9

L10L10

L11L11L12L12

L1L3

L2

L4

L5L6 L7

L8

L9

L10

L11L12

Unique Characteristics• Very thick Pre-salt reservoirs

up to 900 meters thick• Good reservoir quality

(porosity / permeability)• Light Oil (~ 27° API)

The Libra partnership offers a vast array of opportunities• Very strong oil companies• Integrated Project Team• Openness to new ideas

40% 20% 20% 10% 10%

Surplus Volumes of Transfer of

Rights

31

Field / Area Area (km2)Estimated and

Contractual Volume (bilion boe)

Drilled wells or in progress

Tested wells orwith tests in

progress

CO2 content ingas (%)

Lula 1,523 4.2 36 24 10 - 20%

Lula / área de Iracema 1.8 16 5 very low

Sapinhoá 233 .9 19 7 15 - 20%

Buzios 852 3.1 10 8 22 - 25%

Entorno de Iara 611 0.6 3 1 25 - 35%

NE Tupi 291 0.4 2 2 15 - 20%

Florim 292 0.5 2 1 very low

Sul de Lula 203 0.1 1 1 17%

Sul de Guará 145 0.3 1 0 15%

Libra 1,548 3.2 - 4.8 1 1 45%

• Transfer of Right Areas have high level of understanding, based on significant activities, with excellent results

• Technology, production, service and reservoir risks largely de-risked.

• Surplus volume projects can "replicate" Transfer of Rights projects, with large gains in learning curve and cost optimization

• SVToR volumes signify:• ~ 6 -9 years of producing 4.2 MM

barrels of Oil per day• Finding cost of $.46 – $.72 per

BOE versus $2.66 historical finding costs per BOE (lowering exploration capex by 22-$33 Bi.)

• Reduced need to participate in higher risk future bidding rounds

Leve

l of M

atur

ity o

f R

eser

voir

Know

ledge

Tran

sfer

ofRi

ghts

Surp

lus

9.8 to

15.2

billio

nbo

e

Tran

sfer

ofRi

ghts

EST. PRE- SALT VOLUMES (PETROBRAS ONLY)~ 24 -32 BIL. BOE*

*Volumes for concession areas are Petrobras estimates, TOR are contractual rights, PSC and SVToR are ANP estimates,

Conc

essio

nPS

C

32

Complying with regulations, Petrobras informed the ANP the estimates for volumes in Buzios, in the Declaration of

Commerciality, in Dec/13, indicating the expectation of up to7 billion boe in surplus volumes in this field (recoverable

volume of 10 billion boe)

AreasAdditional Volumes to the Transfer of Rights Contract from

9.8 to 15.2 billion boe, according to ANP(million boe)

Búzios Between 6,500 and 10,000

Entorno de Iara Between 2,500 and 4,000

Florim Between 300 and 500

Nordeste de Tupi Between 500 and 700

Source: CNPE Resolution N. 1, June, 24 2014.

Búzios Module 1 (transfer of rights) P-74: First Oil: 2016Capacity: 150 thousand barrels/day

Physical Progress (may/14): 55.5%

SURPLUS VOLUME TRANSFER OF RIGHTS AREAS (SVToR)(minimum exploratory program of ToR has confirmed additional volumes in the areas

33

201720162015 20272026202520142013 20242023 202820192018 20302029202220212020

US$ b

illion

Average ex-E&P Investments: US$ 10.6 billion/year Average ex-E&P Investments: US$ 3.8 billion/year

Petrobras ex-E&P investments in Brazil in the 2014-2018 BMP / 2030 Strategic Plan

Petrobras Total E&P Investments in Brazil in the 2014-2018 BMP / 2030 Strategic Plan

Investments in “Under Implementation” Portfolio + “Under Bidding process” Portfolio (Partnerships in the Premiums Refineries)

Average Investments in E&P: US$ 35 billion/yearPetrobras Average Production in Brazil: 2.9 million bpd

Average Investments in E&P: US$ 22.8 billion/yearPetrobras Average Production in Brazil: 3.7 – 4.2 million bpd

Num

bero

fpro

duct

ionp

latfo

rms/y

ear

+ +

SVToR IMPACT ON FUTURE PETROBRAS INVESTMENT SPENDING Reducing investments in the other segments while increasing investments in E&P in Brazil

THANK YOU!INFORMATIONInvestor Relations+55 21 3224-1510

petroinvest@petrobras.com.brwww.petrobras.com.br/ir