PETROBRAS

July, 2006

Petróleo Brasileiro S.A. – PETROBRAS

The World Money Show

February 8, 2007

The World Money Show

February 8, 2007

1

PETROBRAS

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.

Cautionary Statement for US investorsThe 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 SEC’s guidelines strictly prohibit us from including in filings with the SEC.

Forward Looking Statements Disclaimer

2

PETROBRAS

Typical Deepwater Project: Semi-submersible + FSO

Semi-submersible Production Platform

FSO Shuttle

SubseaHorizontal

Wells

SubseaHorizontal

Wells

Gas Line to shore

Gas Line to shore

W.D.: 1.080 mW.D.: 1.080 m

ReservoirReservoir

3

PETROBRAS

FPSO Marlim Sul100,000 bpd

June 04

P – 43 / Barracuda150,000 bpdDecember 04

Δ 12.8%

P – 48 / Caratinga150,000 bpdFebruary 05

2004 / 2006 Growth in Oil Production

1,493

1,684

1,778

2004 2005 2006

Δ 5.6%

P – 50 / Albacora Leste180,000 bpdApril 2006

FPSO Capixaba / Golfinho

100,000 bpdMay 2006

P - 34 / Jubarte60,000 bpd

December 2006

Piranema20,000 bpd

December 2006 (moving to location)

4

PETROBRAS

4 new platforms will provide additional production capacity of 560,000 bpdFPSO Cidade Vitória (100,000 bopd)Currently being constructed by Saipem in Dubai. It is scheduled to start operation May/2007 in the GolfinhoField.

FPSO Cidade Rio de Janeiro (100,000 bopd)Converted by Modec in Singapore.Production startup on Jan 9th, 2007 in the Espadarte field.

P-54 (180,000 bopd)Under construction in the Jurong shipyard, in Singapore,and in Mauá-Jurong shipyard, in Niterói (Brazil). It will beoperating by October/2007 in the Roncador field.

P-52 (180,000 bopd)Under construction in Singapore (Keppel Fels shipyard). and Angra dos Reis (Brazil). It will operate in the Roncador field by December/2007.

P-52

FPSO Cidade Rio de Janeiro

Oil and Gas Production – Projects for 2007

5

PETROBRAS

Petrobras Overview

6

PETROBRAS

Brazilian Constitution Amended

Nov 1995

Market Based Pricing for Crude Oil

July 1998

PetrobrasNYSE Listing

August 2000

First PublicAuction of OilExploration Areas

June 1999

Full Deregulation

January 2002

Brazil Self-Sufficient in Oil

April 2006

Petrobras: An Investment Grade, Publicly Traded, Major International Oil Company

• 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 April 2006 with addition of new oil rig

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

• Government maintains controlling interest with 58% of voting shares

• Market cap of $78 billion (June, 12), NYSE Listed, quarterly disclosure in US GAAP

• Foreign currency rating of Baa2 with stable outlook, Local currency rating of A2(4 and 7 notches above sovereign, respectively)

Upgraded to Investment Grade Issuer

October 2005

Crossed the$100 billion dollar Market Cap mark

2006

7

PETROBRAS

Exploration and Production Downstream Gas and Energy International

Notes:1 Includes other expenses, net of US$402mm in 2004, US$899mm in 2005 and US$847mm in June 2006 LTM2 Includes marketable securities3 For the 6 month period ended June 30, 2006. Excludes losses in gas and energy, corporate results and eliminations

Summary Financials (US$Bn) Income from Operations(3)

For Year Ended 2004 2005 2006 LTM Net Revenues 38.4 56.3 65.4 EBITDAX(1) 12.4 18.8 22.9 Capex 7.7 10.4 11.9 Total Debt 20.9 21.2 19.9 Cash & Cash Equivalents(2) 7.2 10.3 10.7 Net Debt 13.7 10.9 9.2 Total Equity 22.5 32.9 41.9 Total Assets 63.1 78.6 87.0 Net Debt / EBITDAX 1.1 0.6 0.4

Company Structure

Domestic E&P75%

Supply19%

Distribution2%

International4%

8

PETROBRAS

22.4

17.6

12.9 11.9 11.8 11.7 10.76.9

3.3

0

5

10

15

20

25

Repso

l YPF³

Eni

Total

Conoc

oPhil

lips²

Petrob

ras

Chevro

n

RD Shell¹BP

Exxon

Mobil

Proved Reserves as of Dec 31, 2005 (billion boe) 3Q2006 Oil & Gas Production (thousand boed)

1,361 1,3481,092

828 946 735 276668

585503

1,0411,7791,4851,5031,7312,0772,4222,646

0

1,000

2,000

3,000

4,000

5,000

Exxon

Mobil

BP

RD Shell

Conoc

oPhil

lips²

Total

Petrob

as Eni

Repso

l YPF

Oil Gas

4,007 3,7703,169

2,559 2,449 2,220 2,0551,709

1,088

World Class Integrated Public Energy Company

429

216 210156 152

120 106 10539

0

100

200

300

400

500

ExxonM

obil

RD Shell BP

Chevro

nTota

lEni

Petrobras

Conoc

oPhillips

Repso

l YPF

6,400

4,0262,832 2,708 2,610 2,195 2,156

1,233524

0

2,000

4,000

6,000

8,000

Eni

Repso

l YPF

Petrob

ras

Chevro

n

Conoc

oPhil

ipsTotal

BP

RD Shell

Exxon

Mobil

Notes: Based on information from company financials and Wall Street research1 Reflects only those activities relating to the Oil Products business2 Proforma for acquisition of Burlington Resources3 Includes revisions on Bolivian reserves4 Includes volumes added from Unocal acquisition5 Includes equity in affiliates6 Based on capacity of wholly owned refineries

Market Value as of January 26, 2007 (US$ billions) 2005 Refining Capacity (thousand boed) 5

9

PETROBRAS

Pipelines and Terminals10,048 kilometers of oil pipelines9,179 Kilometers of gas pipelines

Total operated pipelines: 19,227 km 20 land terminals

23 marine terminals

Refineries11 refineries in BrazilCapacity of 2,156 bpd

Downstream OperationsUpstream Operations

Reserves (as of 12/31/2005)

Proved Reserves of 11,775 mmboe

Reserve / Production 15.4 years

Reserve Replacement of 101.3%

Exploratory Area (Nov 2005)

160,500 km2 (Petrobras + Partners)

186,000 (others)

Total: 346,500 km2

PetrobrasOther

10

PETROBRAS

Majors Average *

2,735

3,176

4,793

4,329

1,630

1,579

National Oil Companies Average **

Petrobras2,296

2,114Product Sales (thous. bpd)

Refining (thous. bpd)Production (thous. boed)

* Majors: BP, Exxon, Total, Royal Dutch Shell, Chevron, Conoco and Repsol-YPF ** NOIC: PEMEX, PDVSA, Saudi Amraco, KPC, Pertamina and Sonatrach

*** 2004 figures, except for Petrobras (2005)Source: PIW Intelligence and Petrobras

2,217

3,400Year 2011

2011: New Refinery will add 200

thous. bpd capacity2010:

Pasadena Refinery revamp concluded – processing 70

thous. bpd of heavy oil

Vertical Integration Comparison

11

PETROBRAS

53.6% 61.6%44.4% 40.6% 40.1% 39.8%

46.4% 18.0%25.1% 23.1% 20.7% 20.4%

10.3% 9.9% 8.0% 8.3%

31.5%10.9%9.5% 20.3% 26.4% 31.2%

Oct/1992 Jul/2000 After Aug/00offering

After Jul/01offering

Dec/2003 Sep/06

Government (1) (%) Bovespa Brazil Bovespa Foreign ADRs

(1) Includes BNDES / BNDESPAR

Foreign39,8%

Free Float

46,4 38,4 55,6 59,4 59,9 60,2

Bovespa28,7%

Shareholder Information• Preferred/Common shareholder structure

• 60% of the economic value of Petrobras in private hands• Government maintains control w/55% of voting shares

• More than 400,000 investors in Brazil and abroad• Current Dividend yield of approximately 3.6%, approximately 30% payout • $2 billion share buyback program recently approved (Preferred shares)

12

PETROBRAS

Upstream Overview

13

PETROBRAS

Onshore

Offshore (0-300m)

Offshore (300-1500m)

Offshore (>1500m)

9.28.4

9.6 9.79.3

10.5

11.6 11.8 11.7

0

2

4

6

8

10

12

14

'05'04'03'02'01'00'99'98'97Ye

ar-e

nd B

OE

(in b

illiio

ns)

Proven Reserves by Category Worldwide Proved Reserves of Petrobras

Long-Term Record of Increasing Reserves

(Reviewed and Certified by DeGolyer and MacNaughton since 2001)

84%

7%9%

Non-Assoc. GasAssoc. Gas

Oil and Condensate

56%

23%

11%10%

By Depth

Note: Based on SEC method and reflect both Brazilian and international reserves. For 2004 includes Pecom acquisition.

< 31o API Heavy/Intermediate

> 31o API Light

74%26%

By GravityBy location

11%

89%BrazilInternational

Oil vs. Gas

14

PETROBRAS

Rapidly Growing Production Profile

0

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

4,500

5,000

1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006E 2011E 2015E

Oil and NGL - Brazil Natural Gas - Brazil Oil and NGL & Natural Gas - International

Thou

sand

boe

d

885 1,008 1,0901,238

1,4051,565 1,636

1,810 2,036 2,0202,217

9.6% CAGR

3,493

2,403

4,546

35 47 5855

7673 68

58 246 262259

568

234

1,010

134152 163

179197

221 232252 250 265

274

289

551

724

716 809 869 1,004 1,132 1,271 1,336 1,500 1,540 1,493 1,684 1,880 2,374 2,812

7.4% CAGR

7.9% CAGR

15

PETROBRAS

Competitive Cost Structure2003–2005 Average

Finding & Development Costs($/boe)

2005 Lifting Costs1($/boe)

Notes:1 Per company financials and J.S. Herold. Excludes corporate G&A2 For the 2002–2004 period3 Without government participation

9.39

6.80

5.73 5.545.08

2.76

5.88

0.00

2.00

4.00

6.00

8.00

10.00

Exxon Mobil

Chevron Petrobras³ Royal Dutch/Shell

BP Total Fina Elf

Average

15.14 15.06

7.55 7.04 6.816.07

9.62

0

2

4

6

8

10

12

14

16

Chevron Royal Dutch/Shell²

Total Fina Elf

BP Petrobras Exxon Mobil

Average

16

PETROBRAS

Lifting Costs including Government Participation

• Government participation remained stable due to the stability of the Brent price, FX rate and production.

59%

3,0 3,4 4,3 6,0 5,4 5,4 6,1 6,3 6,64,0 5,1

6,47,7 8,4 9,7 10,0 11,0

6,1

11,511,4

69,569,6

24,828,8

38,2

47,551,6

61,5 56,961,8

-4

1

6

11

16

21

26

2002 2003 2004 1Q05 2Q05 3Q05 4Q05 1Q06 2Q06 3Q06

US$

/boe

-20

-10

0

10

20

30

40

50

60

70

Lifting Cost Gov. Participation Brent

7.08.5

10.7

13.6 13.915.2 16.1

17.3 17.5 18.1

57%

63%

62% 63

%

Obs.: Lifting Cost w/ gov. part. series was adjusted (retroactive to 2002) due to new ANP interpretation of the expense deductibility for the Finance Project of MarlimField, calculated as special participation.

17

PETROBRAS

Exploration Perspectives

18

PETROBRAS

Oilfields discovered/defined in 2002-2006 in the Southeastern offshore basins

19

PETROBRAS

Exploratory Wells 2006-2010

Investments: US$ 4.1 billionInvestments: US$ 4.1 billion

TOTAL BRASIL (# wells) = 368

65%65%

Potiguar (47)

SEAL& REC (54)

Bahia Sul (43)

Esp.Santo (69(69))

Campos (62)(62)

Santos (66)(66)

MEQ (13)Solimões (3) Ceará (7)

Pelotas (2)(2)

S.Francisco (2)

Petrobras

Other Companies

Petrobras

Other Companies

Petrobras

Other Companies

20

PETROBRAS

Downstream Overview

21

PETROBRAS

181263 262

257

355267233

209269

213249

228

2003 2004 2005 1Q06 2Q06 3Q06

Oil Oil Products

446536

512 519

409

450352 344

115

319 354 373

105 94

109

88137

2003 2004 2005 1Q06 2Q06 3Q06

Oil Oil Products

424 446 442459

559564510

Imports (thousand bpd)Exports (thousand bpd)

Net exports of oil and oil products

54 thousand bpd volume surplus in the 3Q06

2006 includes ongoing exports

• Oil exports increase due to scheduled stoppages in refineries with high complexity;• Oil products imports increase due to the seasonal increase in the diesel consumption.

22

PETROBRAS

26%31%

19% 24%

Refining

Pipelines & Terminals Transport

Ship Transport

Petrochemical

13%

12%

14%

61%

US$ 23.1 billion in the downstream segment…

US$ 14.2

US$ 3.2

US$ 3.0

US$ 2.8

...of which US$ 14.2 billion in refining

Investment Plan – Downstream

US$ 2.7

US$ 4.4 US$ 3.7

Expansion

Product Quality

Conversion

HSE, Maintenance and Other

US$ 3.4

23

PETROBRAS

1,647 1,6411,639 1,696 1,735

1,8031,696 1,609 1,551

1,6371,655

1,666

80

85 8482

87 8891

7679 80

76

80

1,000

1,200

1,400

1,600

1,800

2,000

2,200

2,400

2001 2002 2003 2004 2005 1H0650

55

60

65

70

75

80

85

90

95

Domestic oil products production Oil products sales volume

Primary processed installed capacity - Brazil (%) Domestic crude as % of total

Refining and Sales in the Domestic MarketTh

ousa

nds

boed

%

24

PETROBRAS

20

40

60

80

100

Sep-04 Dec-04 Mar-05 Jun-05 Sep-05 Dec-05 Mar-06 Jun-06 Sep-06

ARP Brazil (US$/bbl) Brent Average Price ARP USA (w/ volumes sold in Brazil)

72,28

69,49

81,83

3Q06Average

70,66

69,62

81,78

2Q06Average

3Q05Average

60,26

61,54

72,43

Average Realization Price - ARP

25

PETROBRAS

International Overview

26

PETROBRAS

International - Overview

Houston

Colombia

Argentina

Angola

United Kingdom.

USA

BRAZIL

BoliviaRio de Janeiro

Trinidad &Tobago Nigeria

Venezuela

EcuadorPeru

Mexico

Tanzania

Iran

EXPLORATION AND PRODUCTIONTRADING

HEAD OFFICE

REFININGREPRESENTATIVE OFFICE

New York

Tokyo

Beijing

Singapore

Lybia

Mozambique

Uruguay

Equatorial Guinea

Turkey

Chile

Paragay

Core areas

27

PETROBRAS

70,2%

24,8%

0,8%

1,7%0,8%1,7%

E&P Refining and Marketing Petrochemical Gas & EnergyDistribution Corporate

US$ 12.1 billion Distribution by Geographic Area

3,1

1,41,4

International Investments

70% will be directed to

E&P

3,1

1,41,4

28%

16%

23%

33%

South America AfricaNorth America Others(*)

3.3

4.02.0

2.8

(*) Including investments in Angola under consideration

168 16338396

185

94

2004 2005 2011 Target

Oil and NGL Natural Gas

Thous. boed

Investments in E&P accompanied by growth in refining investments

28

PETROBRAS

UNITED STATES

MEXICO

HoustonNew Orleans

First results are very promising with five discoveries and the confirmation of the geological model

PETROBRAS AMERICA : GOING DEEPER

COULOMB NORTH

CHINOOK

ST. MALO

CASCADECOTTOWOOD

DISCOVERIES2002 - Cascade2003 - Chinook & St. Malo2004 - Coulomb North2005 - Cottonwood2006 - ???

Petrobras America

29

PETROBRAS

2,000m

1,000m

2,000m

1,000m

37,5%37,5%

9%9%

40%40%13%13%

Production (2005):8,300 bpd Proven reserves (SPE):9,1 million bbl

Start up / Production Peak:AGBAMI:- First oil: 2008 / Peak: 250,000 bpd in 2009 (total)AKPO:- First oil: 2008 / Peak: 175,000 bpd in 2009 (total)Proven reserves (SPE): 249 million bbl

315

International - Main Projects in West of Africa

30

PETROBRAS

Gas and Energy Overview

31

PETROBRAS

Assumptions – Natural Gas Market in BrazilM

illio

n m

3 /day

48.4

7.124.8

38.6

13.5

34.0

up to 71.0

up to 30.0

up to 20.0

0

20

40

60

80

100

120

140

Consumed in 2005 Maximum Demand2011(*)

Potential Supply 2011

Thermoplants Industry OtherNational Production Bolivian Imports LNG

* Considers maximal dispatch for every thermoelectric power plant

121.0

17.7% p.a.

121.0

45.4

Natural gas market

32

PETROBRAS

ConstructionExistingUnder evaluationGASBOL

Investment Plan – Natural Gas

Northeast Gas Pipeline Network

Extension of Gasbol Southern Segment (LNG outflow)

Gasbel Extension

Southeast Gas Pipeline Network

NG infra-structure maintenance

Urucu-Coari-Manaus Gas Pipeline

Gasene – Northern Segment

LNG – Liquefied Natural Gas

Main Projects

US$ 6.5 billion investments in Natural Gas (US$ 4.5 billion in the 2006-2010 BP)

33

PETROBRAS

ESSESS--164164

ESSESS--130130

MexilhãoMexilhão UruguUruguáá

TambaTambaúú

Golfinho + Golfinho + CanapuCanapu

PeroPeroáá (10 MM m3/d)(10 MM m3/d)

MerluzaMerluza

Pq. Baleias + BC10Pq. Baleias + BC10

Vitória

NamoradoNamorado

PlatformsPlatforms fromfromUNUN--BC BC andand UNUN--RIO RIO

REDUCREDUC

CabiCabiúúnasnasCampinasCampinas

RPBC

GaroupaGaroupa

EnchovaEnchovaPampoPampo

Ubu

MerluzaMerluza -- IIII(BM(BM--SS--3/ BM3/ BM--SS--7, 7,

SPSSPS--25)25)LagostaLagosta

Belo HorizonteBelo Horizonte

CaraguatatubaCaraguatatubaRio de JaneiroRio de Janeiro

TOTAL SOUTHEAST:40 MM m3/d(+ 24.2 MM m3/d)

PLANGAS – to December/2008Cacimbas (20 MM m3/d)Cacimbas (20 MM m3/d)

Lagoa parda

+6.4 MM m3/d (*)+6.4 MM m3/d (*)

(*) Additional to the current supplay

PPóólo Golfinho lo Golfinho +16.3 MM m3/d (*)+16.3 MM m3/d (*)

+1.5 MM m3/d (*)+1.5 MM m3/d (*)

34

PETROBRAS

2007-2011 Investments 2011 Target

Biodiesel Plants Availability of 855 Thous. m3/year

H-Bio (Bio-Refining) Processing 425 Thous. m3/year of vegetable oil

Wind Power

Photovoltaic Additional 240 MW Installed Capacity of Power Generation from Renewable Sources

Alcohol pipelines3.5 million m3 Ethanol Exports

Alcohol Vessel Project

Other Renewable Energy Sources

* 2010 Target

Investments of US$ 0.7 billion in development of renewable energy sources and biofuelsPetrobras currently has 280 MW of renewable energy installed capacity

Renewable Energy and Biofuels (2007-2011)

35

PETROBRAS

Financial Considerations

36

PETROBRAS

Macroeconomic Assumptions

2006 – 62.002007 – 55.002008 – 40.00

2009~2011 – 35.00

Brent for funding (US$/bbl)

Linked international market prices, without changes in

relative pricesOil Products Prices

16Return on Capital Employed (ROCE) (%, real)

4.2GDP – World (% pa) – PPP(*)

4.0GDP – Brazil (% pa)

23.00Robustness Brent (US$/bbl)2.50FX rate (R$/US$)

2007-2011Indexes

(*) PPP – purchase power parity

37

PETROBRAS

Note: Includes International

US$ 87.1 billion

9%4%

3% 26%

56%

3%

49.3

23.07.5

3.32.31.8

9%4%

2%

59%

24%

2%

31.0

4.712.4

1.01.0

2.3

BP 2006-10(2007-11 Period)US$ 52.4 billion

BP 2007-11

Investment Plan

E&P Downstream G&EPetrochemical Distribution Corporate

38

PETROBRAS

Sources

(*)86.7

12.6

2004-2010Financing

Cash Flow

(US$ 99.3 billion)

87.1

12.2

2004-2010Debt Amortization

Capex

(US$ 99.3 billion)

• Accumulated EVA value generation (2006-2015): US$ 83.4 billion (US$ 53.9 until 2011)

Uses

Investment Plan

39

PETROBRAS

Net Revenues & EBITDAX(1) Net Debt(2) / EBITDAX(1)

Key Financial Debt Ratios Continue to Improve

Debt Levels Net Debt(2) / Net Book Cap

1.1 1.1

0.60.4

0.00.20.40.60.81.01.21.41.6

2003 2004 2005 June 2006LTM

(X)

Notes:1 Includes other expenses, net of US$732mm, US$402mm, US$899mm, US$847mm respectively for 2003, 2004, 2005, 2006 LTM.2 Includes marketable securities.

30.938.4

56.365.4

11.2 12.418.8 22.9

0

25

50

75

2003 2004 2005 June 2006LTM

(US$

bn)

Net Revenues EBITDAX

21.9 20.9 21.219.9

12.7 13.710.9

9.2

0

5

10

15

20

25

2003 2004 2005 Jun-06

(US

$bn)

Total Debt Net Debt

44%38%

25%

18%

0%

10%

20%

30%

40%

50%

60%

2003 2004 2005 Jun-06(%

)

40

PETROBRAS

Mur

phy

Oil:

27,

75

Shel

l Can

ada:

26,

86

Sunc

or: 2

1,65 Pe

tro-

Can

ada:

14,

17

Con

ocoP

hilli

ps: 1

2,5

Mar

atho

n O

il: 1

2,31

Che

vron

: 11,

32

Impe

rial

Oil:

10,

21

Petr

ochi

na: 1

0,2

Sino

pec:

10,

02

Stat

oil:

9,89

Exxo

n M

obil:

9,5

4

Tota

l: 9,

41

Petr

obra

s*: 8

,56

BP:

7,0

3CN

OO

C: 1

3,19

0

5

10

15

20

25

30

Global Oils E&P CAPEX to production 2005-2008E AverageFonte: Estimativas do Merrill Lynch baseadas nos dados disponíveis das companhias.

* CAPEX e produção ao longo de 2006-2011

E&P– Growth Opportunities with Attractive Capital Costs

E&P Capex/Average Production 2005 –2008 (US$ bbl)

* PETROBRAS CAPEX and production through 2006 -2011Source: Merril Lynch estimates based on Companies available data

P

etro

bras

; 54%

S

hell

; 53%

T

otal

; 51

%

C

NO

OC

; 50%

Sta

toil

; 44%

B

P ; 4

1%

E

xxon

Mob

il; 4

0%

L

ukoi

l; 34

%

C

hevr

on; 3

0%

R

epso

l-YP

F; 2

5%

C

onoc

oPhi

llips

; 30%

P

etro

Chi

na; 2

0%

S

inop

ec; 1

3%

0%

10%

20%

30%

40%

50%

60%

Undeveloped Reserves / Total Reserves (2005)

Source: Evaluate Energy

Crescimento anual da produção no período

Stat

oil (

2006

-07)

: 6,0

%

Luko

il (2

005-

14):

4,7%

Exxo

nMob

il (2

006-

10):

4,0

%

BP

(200

5-10

): 4,

0%

Tota

l (20

06-1

0): 4

,0%

Eni (

2006

-09)

: 4,0

%

Che

vron

(200

5-10

): 3,

0%

Eni (

2009

-12)

: 3,0

%

Con

ocoP

hilli

ps (2

007-

11):

3,0%

Rep

sol (

2004

-09)

: 2,6

%

RD

She

ll (2

005-

09):

1,0%

Petro

bras

(200

6-11

): 7,

8%

Petro

bras

(200

6-15

): 7,

5%

Petro

bras

(201

1-15

): 6,

9%

0,0%

1,0%

2,0%

3,0%

4,0%

5,0%

6,0%

7,0%

8,0%

9,0%

CAGR for the planed periodFonte: Relatórios das Companhias

Obs.: Favor notar que as informações das companhias estão disponíveis para períodos distintos.

Planned Annual Production Growth

Note: please note that company data are available for different termsSource: Company Reports

Petrobras had a 55% success ratio on exploration wells during 2005

41

PETROBRAS

Top ADR: turnover (traded volume) in NYSE2006 daily average

US$

242

mill

ion

US$

227

mill

ion

US$

232

mill

ion

US$

87 m

illio

n

US$

90

mill

ion

US$

93 m

illio

n

US$

99

mill

ion

US$

100

mill

ion

US$

105

mill

ion

US$

114

mill

ion

US$

153

mill

ion

US$

154

mill

ion

US$

172

mill

ion

US$

212

mill

ion

US$

326

mill

ion

-

50

100

150

200

250

300

350

Petrob

ras*

BP CVRD*

Petrob

ras (o

rdiná

rios)

Nokia

CVRD (common

)

America

Movil

*

America

Mov

il (se

ries L

)BHP B

illiton

Cemex

Total

Petrob

ras (p

refere

nciai

s)

Taiwan

Semico

nduc

torRD She

ll*

ElanU

S$ m

illio

n

Source: Bloomberg* All firm's ADR programs

Market focus

42

PETROBRAS

Thank You

Petrobras at a Glance - Results and Perspectives

For more information, visit our website: http://www.petrobras.com.br/ri/english