1

PETROBRAS BUSINESS PLAN

LUCAS TAVARES DE MELLO

INVESTOR RELATIONS MANAGER

APRIL, 2010

2

DISCLAIMERDISCLAIMER

The presentation may contain forecasts about

future events. Such forecasts merely reflect the

expectations of the Company's management.

Such terms as "anticipate", "believe", "expect",

"forecast", "intend", "plan", "project", "seek",

"should", along with similar or analogous

expressions, are used to identify such forecasts.

These predictions evidently involve risks and

uncertainties, whether foreseen or not by the

Company. Therefore, the future results of

operations may differ from current expectations,

and readers must not base their expectations

exclusively on the information presented herein.

The Company is not obliged to update the

presentation/such forecasts in light of new

information or future developments.

The United States Securities and Exchange

Commission permits oil and gas companies, in

their filings with the SEC, to disclose only proved

reserves that a company has demonstrated by

actual production or conclusive formation tests to

be economically and legally producible under

existing economic and operating conditions. We

use certain terms in this presentation, such as oil

and gas resources, that the SECs guidelines

strictly prohibit us from including in filings with the

SEC.

CAUTIONARY STATEMENT FOR

US INVESTORS

Government maintains controlling interest with 55% of voting shares

Market cap of approximately US$ 199 billion as of December 31st, 2009

Foreign currency ratings from Moodys (Baa1), Standard & Poors(BBB-), and Fitch (BBB).

Incorporated in 1953 as government monopoly for all hydrocarbon activities in Brazil

Originally established as a refinery of imported crude oil

Became net exporter in 2006

60% of total equity capital (common and preferred) is now publicly traded

PETROBRAS: AN INVESTMENT GRADE, PUBLICLY TRADED, MAJOR PETROBRAS: AN INVESTMENT GRADE, PUBLICLY TRADED, MAJOR INTERNATIONAL OIL COMPANY INTERNATIONAL OIL COMPANY

Petrobras launched its ADR Program on the New York Stock Exchange in August 2000;

Brazilian Oil & Gas market was fully deregulated in January 2002.

3

On August, 2000 the Brazilian Government reduced its ownership share to 55% of the voting shares through an SEC registered secondary public offering (PBR)

In July 2001, BNDESPar, sold a portion of its non-voting shares (PBRA)

Since the offering in July, 2001 the ownership structure has remained virtually unchanged.

53,6%61,6%

44,4% 40,6%

46,4%18,0%

25,1%23,1% 22,8%

10,3%9,9% 7,9%

39,8%

10,9% 29,5%26,4%20,3%

9,5%

Oct/1992 Jul/2000 After Aug/00

offering

After Jul/01 offering Dec/2009

Government Bov espa Brazil Bov espa Foreign ADRs

Foreign

37.4%

Brazilian

22.8%

(1) Includes BNDES / BNDESPAR

Shareholder Base

Government

39.8%

(1)

60% OF THE EQUITY CAPITAL OF PETROBRAS IS PUBLICLY TRADED60% OF THE EQUITY CAPITAL OF PETROBRAS IS PUBLICLY TRADED

4

Exploration & Production

Downstream (Supply)

Gas & EnergyDistribution

Petrochemicals

International Biofuels

CORPORATE ORGANIZATION AND KEY OPERATING RESULTSCORPORATE ORGANIZATION AND KEY OPERATING RESULTS

5

2007 2008 2009

Net Revenues 87.7 118.3 91.9

EBITDA 25.6 31.1 28.9

Net Income 13.1 18.9 15.5

Capex 21.0 29.9 35.1

Total Debt(1) 21.9 27.1 57.1

Cash & Cash Equivalents 7.0 6.5 16.2

Net Debt 14.9 20.6 40.9

Total Equity 65.2 61.9 94.1

Total Assets 129.7 125.7 200.3

Summary Financials (US$ billion- USGAAP)

-5

0

5

10

15

20

Domestic E&P Downstream Gas &Energy

Distribution International

Operating Income* (US$ billion- USGAAP)

18,9

15,513,1

2007 2008 2009(1) Includes capital leases

* Excludes Corporate and Elimination

A WORLDA WORLD--CLASS, PUBLIC, INTEGRATED ENERGY COMPANYCLASS, PUBLIC, INTEGRATED ENERGY COMPANY

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

(mm

bo

e/d

)

2008* Refining Capacity

Source: Evaluate Energy and Company reports

Source: PFC Energy *Report December 2009

Market Value as of March 16th, 2010

(US

$ b

n)

Source: Bloomberg

2, 679 2, 6582, 164 2, 115

833315

5, 573

3, 133

3, 933

X OM R D S B P C O P T O T P B R C V X E N I ST L

(th

ou

san

d b

oe

/d)

BP XOM RDS CVX PBR COP Total ENI BG

Gas Production boe/d

Oil Production boe/d

3.9 3.9

2.7 2.52.5

2.2

1.7

0.6

84%(oil)

3.2

2009 Oil & Gas Production

314

197181

747896

138149

179

X OM P B R R D S B P C V X T O T E N I C O P ST L

6

Business Plan 2009-2013

25%

2%2%

7%

3%2%

59%

E&P

RTC

G&E

Petrochemicals

Biofuels

Distribution

Corporate

US$ 174.4 billion

104.6 (*)43.4

11.8

5.6 3.0

2.8

3.2

(*) US$ 17.0 billion allocated to Exploration

INCREASING INVESTMENTS WITH CAREFULLY CRAFTED SPENDING INCREASING INVESTMENTS WITH CAREFULLY CRAFTED SPENDING PROGRAMPROGRAM

PN 2009-13 | Brazil/International

91%

9%

158.2

16.2

Brazil

International

US$ 174.4 billion

MONITORING FINANCIAL RATIOSMONITORING FINANCIAL RATIOSo Leverage between 25% and 35%

o Net Debt/ EBITDA up to 2.5X

RELEVANT ASSUMPTIONS FOR THE PROJECTIONSRELEVANT ASSUMPTIONS FOR THE PROJECTIONSo Brent curve upward trend

o Capitalization value and timing

o Funding needs for the new Business Plan 2010-2014

INVESTMENT 2010 INVESTMENT 2010 2014 2014

BETWEEN US$ 200 TO US$ 220 BILLIONS:BETWEEN US$ 200 TO US$ 220 BILLIONS:

7

2009 CAPEX AND 2010 ESTIMATE 2009 CAPEX AND 2010 ESTIMATE

0

5.000

10.000

15.000

20.000

25.000

30.000

35.000

40.000

45.000

50.0002009

2010

2009

2010

2009

2010

2009

2010

2009

2010

2009

2010

2009

2010

2009

2010

2009

2010

2009

2010

2009

2010

US$ MM

2009 average without Petrobras

2010 average without Petrobras

Source: Evaluate Energy and Company Reports

2010 Petrobras CAPEX , of R$ 88.5 Bi, was converted using FX rate of 1,87 R$/US$ (2010 Petrobras premise). For 2009, preliminary results in USGAAP Not audited

*

8

8.0

4.8

2.9 2.82.5 2.4 2.3 2.3 2.2 2.0 1.9 1.7 1.7 1.7

-

1

2

3

4

5

6

7

8

9

10

US

Ch

ina

Jap

an

Ind

ia

Ru

ssia

Ge

rman

y

Bra

zil

Ca

nad

a

S. K

ore

a

Sau

di

Me

xic

o

Fra

nce

Iran UK

Ital

y

2008 Total Oil Consumption by Country (mmbo/d)

DOMINANT POSITION IN A LARGE AND GROWING EMERGING MARKETDOMINANT POSITION IN A LARGE AND GROWING EMERGING MARKET

Source: BP Statistical Review 2009, PFC Energy

Brazil is worlds seventh-

largest oil consumer.

Brazil oil consumption

growing at 1.99% p.a;

OECD oil consumption

growing at 0.17% p.a.

19.4

100

105

110

115

120

125

19

97

19

98

19

99

20

00

20

01

20

02

20

03

20

04

20

05

20

06

20

07

20

08

Brazil US OECD World

Total Oil Consumption mb/d (index)

9

(000 b/d)

FAST GROWING DOMESTIC DEMANDFAST GROWING DOMESTIC DEMAND

230 257

326 332 367419

250 220255

24684 89118

179

738 771

901

1224

112

150

182 208

274

400

215208

109119

2007 2008 2013E 2020E

Others

FO

Diesel

QAV

Naphta

Gasoline

LPG

1,906

3.3% p.y.

3.0% p.y.1,944

2,257

2,876

10

GAS & ENERGY: BALANCING SUPPLY & DEMANDGAS & ENERGY: BALANCING SUPPLY & DEMAND

11

27 3033 36

40 41

1719

2734

3945

1419

36

41

44

49

0

20

40

60

80

100

120

140

2008 2009 2010 2011 2012 2013

National Supply Bolivian Supply LNG: Existing Regas Capacity LNG Additions

Industrial Demand Other Uses Thermoelectric Demand

68

96

112

123

135

58

Industrial

Other Uses

Electricity Generation

Domestic Supply

Bolivia

LNG

million m

3/d @ 9,400 k cal/m3

926

1,477

4.528

3.692

Projects in Portfolio New Investments Proposed

Projects in Portfolio New Investments Proposed

Natural Gas

US$ 8.2 billion

Energy

US$ 2.4 billion

G&E 2009-13 InvestmentsUS$ 10.6 billion

11

Petrobras Total Production (x 1000 boe/d)

1.335

232

4424

1.500

252

3522

1.540

251161

85

1.493

265168

94

1.684

274163

96

1.778

277142

101

1.792

273126

110

1.855

321124100

1,971

316

14197

2.680

634

210

131

3.920

1.177

409

223

2001 2002 2003 2004 2005 2006 2007 2008 2009 ..... 2013 2020.....

* Consider +- 2,5%

9.7% p.y.

2,4002,3012,2972,217

2,0202,0371,8101,635

5.6% p.y.

7.7% p.y.

3,655

5,729

Oil production - Brazil Gas production - Brazil Oil production - International Gas production - International

PETROBRAS PRODUCTION GROWTHPETROBRAS PRODUCTION GROWTH

2,525

12

DOMESTIC E&P PROFILEDOMESTIC E&P PROFILE

2009 Proven Reserves (SPE)

9% 10%

57%

24%

14.17 billion boe

Shallow water (0-300m)Onshore Deep water (300-1500m) Ultra-deep water (> 1500m)

Source: Petrobras

14% 10%

57%

19%

2009 Production

2,287 thousand boed

13

COMPETITIVE ADVANTAGE IN THE DEEPWATERCOMPETITIVE ADVANTAGE IN THE DEEPWATER

XOM

APC

6%

MUR

Petrobras operates 22% of global deepwater production and 18% of all operating vessels

Source: (1) PFC Energy | Note: Estimated volumes above reflect what operators are responsible for producing, not what they keep on a net working interest or entitlement basis. Minimum water depth is 300 meters; twelve operators above account for 94% of global deepwater production in 2008. (2) Copyright 2008 ODS-Petrodata, Inc.

2008 Gross Global Operated Deepwater Production

PBR

22%

XOM

14%

RDS

14%

STL

14%

BP

9%

TOT

8%

CVX

6%

APC

5%

BG

4%

MUR

2%

REL

1%

HES

1%

2%

HES

1%1%

REL

8

45

5

8

10

12

13

15

15

100

9

12

0 20 40 60 80 100 120

Petrobras

Shell

StatoilHydro

ExxonMobil

BP

Chevron

Anadarko

Total

CNOOC

ConocoPhillips

ENI/Agip

Others

FPSO Semi Spar TLP Other

FPS OperatorsAll Contracted Vessels (252 Vessels Total)

14

Petrobras Pre-salt Oil Production (000 b/d)

2013 2015 2017 2020

62152

160

422

463

873

632

1.183

Pre-Salt Petrobras Pre-Salt Partners

219

1,336

1,815

582

Pre-salt Capex Through 2020 (US$ billion)

Petrobras Total Pre-salt Capex (Production Development)

Santos Basin Pre-salt

Esprito Santo Pre-salt (includes post-salt fields)

2009-2013 2009-2020

28.9

18.4

10.3

111.4

98.8

12.6

PREPRE--SALT OIL PRODUCTIONSALT OIL PRODUCTION

15

ESTABLISHED EXPLORATION PORTFOLIO AT DIFFERENT STAGES ESTABLISHED EXPLORATION PORTFOLIO AT DIFFERENT STAGES OF DEVELOPMENTOF DEVELOPMENT

Potiguar

SEAL& REC & TUC

Bahia Sul

Esprito Santo

Campos

Santos

Ceara & Potiguar

Pelotas

Margem Equatorial

Solimes

So Francisco

Petrobras

Others

Brazil Exploration: 2009-13 US$ 13.8 bn

Exploratory Area: 157.59 km

278 exploratory blocks

30 appraisal plans

303 production concessions

1616

PREPRE--SALT JOINT VENTURESSALT JOINT VENTURES

EXX (40%), HES (40%) e BR (20%)

Blocks Consortium

BMS-8

BMS-9

BMS-10

BMS-11

BMS-21

BMS-22

BMS-24

BR (66%), SH (20%) e PTG (14%)

BR (45%), BG (30%) e RPS (25%)

BR (65%), BG (25%) e PAX (10%)

BR (65%), BG (25%) e PTG (10%)

BR (80%), PTG (20%)

BR (80%), PTG (20%)

Blocks Consortium

BC-60 BR (100%)JubarteCachaloteBalia FrancaBaleia AzulBaleia An

Shore Distance = 300 km

Total Area = 15.000 km2

Shore Distance = 60 km

Total Area = 3.000 km2

Total Area: 149,000 km2 Area Under Concession: 41,772 km2 (28%) Area Not Under Concession: 107,228 km (72%) Area With Petrobras Interest: 35,739 km2 (24%)

1.1-2 bi

boer

JUBARTEESS-103 CHL-4

BFR-1

BAZ-1

1111----2 2 2 2

Bi Bi Bi Bi boerboerboerboer

BMBM--SS--1111

(Tupi)(Tupi)

17

1977

Enchova

410ft

1988

Marimb

1610ft

1994

Marlin

3,370ft

1997

Marlin Sul

5,600ft2003

Roncador

6,180 ftDRILLING MILES BY WATER DEEPTH

GOM wells are a continuation of our process of

developing deepwater production in offshore Brazil

PROCESS OF DEVELOPING DEEPWATER PRODUCTION IN OFFSHOREPROCESS OF DEVELOPING DEEPWATER PRODUCTION IN OFFSHORE

2009Tupi

7,125 ft

2010CascadeChinook 8,250ft

TUPI

WATER DEPTH = 7,125 ft

TOTAL DRILLING DEPTH = 17,431 ft

18

USING CONTRACTS AND LEASES TO SECURE NEEDED DRILLING USING CONTRACTS AND LEASES TO SECURE NEEDED DRILLING ASSETSASSETS

19

Water Depth

Total per year

34 rigs operating in 2009

27 rigs contracted to be delivered until 2012

Bids are out to construct 28 rigs in Brazil, being delivered between 2013 and 2018

500-1000m

1000-1500m

2500-3000m

9

8

4

34

2000-2500m

12

1

1500-2000m

2009 2010 2011 2012 2013- 2018

+28 to be leased

+3

+5

+3

+12

+3

+4

+7

+4

+4

+8

+1

19

CAMPOS BASIN: A GIANT TECHNOLOGY LABCAMPOS BASIN: A GIANT TECHNOLOGY LAB

Petrobras Offshore Facilities

EquipmentInstalledDec/2009

Planned(2010)

733 72

2

633

358

35

3

2

74

4,425

3,391

1,630

40

2

Subsea Trees

Subsea Manifolds

Flexible Flowlines

(km)

Umbilicals(km)

Rigid Pipelines

(km)

Floating

Production

Units

Mono-buoys

ManifoldSubsea Trees

Umbilicals

Flexible Flowlines

20

Items Un. TOTAL

Reactors un 280

Oil and water splitter un 50

Storage Tankers un 1.800

Turrets un 550

Items Un. TOTAL

Power Generators un 500

Filters un 300

Flares un 30

Items Un. TOTAL

Wet Christmas Tree un 500

Well Head un 500

Flexible Lines km 4.000

Manifolds un 30

Producing pipes t 42.000

Umbilical km 2.200

Dry Christmas Tree un 1.700

Onshore well head un 1.700

Items Un. TOTAL

Pumps un 8.000

Compressors un 700

Winch un 450

Crane un 200

Engines un 1.000

Turbines un 350

Structure Steal (Hull) t 240.000

Structure Steal (Platforms Hull) t 700.000

NEW EQUIPMENT TO BE CONTRACTEDNEW EQUIPMENT TO BE CONTRACTED

21

LONG TERM HR CHALLENGESLONG TERM HR CHALLENGES

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

52,862Qualified

Professionals

207,643Human Resource Gap

BP 2009-13

Leasing of 19 Vessels

Refinery- Premium I

28 Rigs

146 sSpply Vessels

New Production Platforms

Promef II

Refinery-Premium II

Business Plan 2008 2012

25,540Professionals

Selected

22

23

Information:

Investor Relations

+55 11 3224-1510

petroinvest@petrobras.com.br