1. FIXED INCOME PRESENTATION
Pre-Salt Reservoir
June 2009

2. REOPENING SUMMARY TERMS
• Issuer: Petrobras International Finance Company (PifCo)
• Guarantor: Petróleo Brasileiro S.A (Petrobras)
• Size: Benchmark Size
• Ranking: Senior unsecured
• Security: 7.875% Global Notes due Mar 2019
• Ratings: Baa1 (Moody’s); BBB - (S&P); BBB (Fitch)
• Form of offering: SEC Registered
• Listing: NYSE
• Law: NY Law
• Book Runners: Citi, HSBC, JPMorgan, Santander Investment
• Co-Managers: BB Securities, Societe Generale

3. OVERVIEW

4. DISCLAIMER
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 INVESTORS
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 SEC’s
guidelines strictly prohibit us from including in filings with the SEC.
4

5. A WORLD-CLASS, PUBLIC, INTEGRATED ENERGY COMPANY
2008 Proven Reserves (SEC) 2008 Oil & Gas Production
23.0
17.9 3.9 3.8
3.2
(mmboe/d)
11.7 11.2 11.2 2.5
(bln boe)
10.5 10.2 2.4 2.4 2.3
1.9 1.8
6.6
5.6
XOM BP RDS PBR CVX ENI TOT STL COP
XOM BP RDS CVX PBR COP TOT STL ENI
Source: Evaluate Energy and Company reports Source: Evaluate Energy and Company reports
2008 Refining Capacity Market Value as of May 27, 2009
5,675
333.3
3,905
(US$ bn)
(mcb/d)
3,119 2,917
2,600
2,223 2,083 168.0 163.0 150.2
130.7 129.4
828 93.8
299 65.9 62.5
XOM RDS BP COP TOT PBR CVX ENI STL XOM PBR RDS BP TOT CVX ENI COP STL
Source: PFC Energy WRMS
(barrels per calendar day, considering company % shareholding and including JVs) Source: Bloomberg
Note: Peer companies selected above have a majority of capital traded in the public markets. 5

6. COMPETITIVE ADVANTAGE IN THE DEEPWATER
Petrobras operates 22% of global deepwater production
and 18% of all operating vessels
2008 Gross Global Operated Deepwater FPS Operators
Production (mboe/d) All Contracted Vessels (252 Vessels Total)
HES REL
MUR
MUR REL HES
MUR 1% 1%
2%1% 1% 0 20 40 60 80 100 120
2%
BG Petrobras 45
APC 4% PBR Shell 15
5% 22% StatoilHydro 15
CVX ExxonMobil 13
6% BP 12
APC
6% Chevron 12
TOT
8% Anadarko 10
XOM Total 9
14%
CNOOC 8
BP ConocoPhillips 8
9% XOM
ENI/Agip 5
STL RDS Others 100
14% 14% FPSO Semi Spar TLP Other
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 6
production in 2008. (2) Copyright © 2008 ODS-Petrodata, Inc.

7. MAINTAINING INVESTMENT GRADE
INDICES 2009-2013 Plan 2008-2012 Plan
FX Rate (R$/US$) 2.0 2.18
2009 – 58.00
2010 – 61.00 2008 – 55.00
2011 – 72.00 2009 – 50.00
Brent for Funding (US$/bbl) 2010 – 45.00
2012 – 74.00
2013 – 68.00 2011-2012 – 35.00
Projected Net Cash Flow (After 148.6 104.4
dividends) (US$ bn)
Projected Investments (US$ bn) 174.4 112.4
Net Debt/Net Debt + Shareholders´Equity
(Leverage) Up to 35% 20%
Minimum cash balance (US$ bn) -
5
7

8. CAREFULLY CRAFTED SPENDING PROGRAM TO SUPPORT OUR VISION
Business Plan 2009-2013
2% 2% 2%
3% US$ 174.4 billion
7% 5.6 3.0 E&P
11.8 2.8
RTC
3.2
G&E
Petrochemicals
43.4 104.6 (*) Distribution
25% 59%
Biofuels
Corporate
(*) US$ 17.0 billion allocated to Exploration
Business Plan 2008-12
2% 1% 2%
4% US$ 112.4 billion
6% 4.3 2.6 E&P
6.7 1.5
2.5 RTC
G&E
Petrochemicals
26% 29.6 65.1
Distribution
59%
Biofuels
Corporate
8

9. FLEXIBLE PIPELINE OF PROJECTS 2009-13: BY PHASE
1.5%
A substantial portion of our 28.3%
Phase I (Under Evaluation)
investment plan has yet to be
approved and contracted Phase II (Conceptual)
Only projects with a positive 49.2% Phase III (Design)
NPV at cost of capital will be 6.7%
Phase IV (Approved)
approved
Acquisition
14.3%
9

10. PRINCIPAL OPERATIONS

11. CONSISTENTLY DELIVERING RESERVES GROWTH
Maintained a ~120% reserve Targeting a reserves to
replacement rate in 2008. Over the production life of 15 years
past decade, reserve replacement
has principally been driven by
internal additions in Brazil
13.75 13.92 14.09
13.02 13.23 0.92
1.23 0.88
0.88
Production Production Production Production
(0.67 bn boe) (0.70 bn boe) (0.70 bn boe) (0.75 bn boe)
Reserves Reserves Reserves Reserves
Replacement 12.35 Replacement 12.52 Replacement 13.04 Replacement 13.17
Index Index Index Index
(131%) (174%) (124%) (123%)
2004 2005 2006 2007 2008
11

12. PURSUING NEW PROJECTS WHILE MAXIMIZING PRODUCTION FROM EXISTING
ASSETS
Petrobras Total Production (000 boe/d)
5,729
632
7.5% avg
CAGR
1177
3,655
5.6% CAGR 341
2,757 634
2,400 244 8.8% avg
2,223 2,305 2,308 CAGR
2,042 2,027 265 250 243 224 463
1,812 252 269 277 273 321 3,920
1,637 60
251 265
274
70
252
232 2,680
1,855 2,050
1,684 1,778 1,792
1,335 1,500 1,540 1,493
2001 2002 2003 2004 2005 2006 2007 2008 2009 2013 2020
Oil production - Brazil Gas production - Brazil
International productionl (oil & gas)
12

13. FOCUSED & DISCIPLINED INVESTMENT
Total Investments of US$ 104.6 billion in E&P through 2013,
of which US$ 92 will be spent in Brazil
12% 13%
Exploration
17% Santos Pre-salt
Development
International
58%
13

14. ESTIMATED OIL PRODUCTION IN BRAZIL
Out of the 824 kb/d in The biggest contribution in The PN 2008-2012 Brazil oil
domestic production the domestic production target for 2015 was 2,812 k
growth through 2013, 566 growth of 1,240 kb/d b/d. The new target
kb/d will come from fields between 2013 and 2020 will represents an increase of
where we have already come from pre salt 19% (+528 kb/d)
declared commerciality production
Petrobras Total Production (000 b/d)
3,920
3,340
2,680
2,050
1,855
2008 2009 2013 2015 2020
Light Oil ≥ 31º API Medium Oil Heavy Oil ≤ 22º API
14

15. SIGNIFICANT PRODUCTION INCREASE FROM 2008 TO 2009
Oil and Natural Gas Average Domestic
Production
7%
+3%
2,261
2,120 2,195
330 309
304
Thous. bpd
1.816 1.865 1.952
1Q08 4Q08 1Q09
Record for daily production of oil in Brazil
Oil and NGL Natural Gas
(05.04.2009) 2,059,063 barrels
• 3% increase in production due to:
• production increase in platforms P-52 and P-54 (Roncador) ;
• start-up of P-51, in Marlim Sul, P-53, in Marlim Leste, and FPSO Cidade de Niterói, in Marlim Leste;
• Due to a decline in the domestic market demand, natural gas production decreased 6%. We currently have installed
capacity to produce an additional 87 thousand boed of natural gas if the market demands.
15

16. CHALLENGES AND GOALS: TUPI DEVELOPMENT
FPSO BW Cidade
de São Vicente
PHASE 3
DRILL WELL P1
POÇO 3-RJS-646
LDA: 2.200m 3 MONTHS
LINE
PHASE 2
RELOCATION Challenges:
PHASE 1
POÇO P1
6 MONTHS
POÇO 3-RJS-646 •Special coating for well and flexible risers to
6 MONTHS
support aggressive fluid and high pressure;
•Supplementary recovery with alternating water
Extended Well Test: and gas injection*;
•Capacity: 30,000 bpd •Reinjection of CO2 associated with the fluids
•Duration: 15 months produced in the reservoir*;
•Wet Christmas trees at water depths never used
•API: 28-30o
in Brazil*;
Main information to be collected during the EWT: •High resolution seismic acquisition in some areas
to identify reservoirs;
• long-term behavior of producing reservoir; •Completion of wells in an environment with high
• fluids flowage and drainage during production; pressure;
• subsea outflow;
• geometry of final wells. (*) expected for the Pilot Project in 2010
16
16

17. PRE-SALT OIL PRODUCTION
Petrobras Pre-salt Oil Production (000 b/d)
1,815
1,336 632
463
219 582
62 160 1,183
873
157 422
2013 2015 2017 2020
Pre-Salt Petrobras Pre-salt Partners
Pre-salt Capex Through 2020
2009-2013 2009 -2020
Petrobras Total Pre-salt Capex (Production Development) 28.9 111.4
Santos Basin Pre-salt 18.6 98.8
Espírito Santo Pre-salt (includes post-salt fields) 10.3 12.6
17

18. DOWNSTREAM OPEATIONS: VERTICALLY INTEGRATED SYSTEM TO CAPTURE
SYNERGIES WITHIN THE VALUE CHAIN
Upstream Operations Downstream Operations
Existing Pipelines
Refineries
Petrobras Marine Terminal
Other Companies In Land Terminal
18

19. DOMINANT POSITION IN A LARGE AND GROWING EMERGING MARKET
2007 Total Oil Consumption by Country (mmbo/d)
20.7
8 7.9
6
5.1
4 Brazil is world’s ninth-
2.7 2.7
2.4 2.4 2.3 2.2 2.2 2.0
largest oil consumer
1.9 1.7 1.7
2 1.6
0
US
France
S. Korea
Germany
Mexico
China
Japan
Iran
India
Canada
Italy
UK
Brazil
Russia
Saudi
Total Oil Consumption mb/d (index)
160 Brazil OECD World
150
140
Brazil oil consumption growing
130
at 2.4% p.a.
120
OECD oil consumption growing
110
at 1% p.a.
100
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
1990
1992
1995
1996
1997
1991
1993
1994
Source: BP Statistical Review 2008, PFC Energy 19

20. OIL AND OIL PRODUCTS IMPORTS AND EXPORTS
Financial Surplus 2007 Financial Deficit 2008
US$ 71 Million US$ 928 Million
672
615 81
570
Thousand barrels/day
102 538
152 70
51
160 97 127
439
353 390 373
77 102
Exports Imports Net Exports Exports Imports Net Exports
Despite surplus in volumes, a financial deficit in trade balance;
Investments focused in capturing margins through increase in refining capacity of domestic crude.
20

21. FINANCE

22. LIFTING COST IN BRAZIL
LIFTING COST
US$/barrel R$/barrel
80 140 80
121.37
70 114.78 120
70
96.90 54.40
60
51.14
60 100 43.20
50
41.48
50
80 34.24
40 54.91 40
31.08 30.27 44.40 60 34.80 36.79
30 24.82 30 28.04 22.39
16.33
18.11 40
20 21.20 20.06 14.69 20
16.16
10 9.87 6.87 20 10
15.16 16.34 17.61 19.09 17.91
8.66 9.88 10.21 8.24 7.82
0 0 0
1Q08 2Q08 3Q08 4Q08 1Q09 1Q08 2Q08 3Q08 4Q08 1Q09
Lifting Cost (US$) Govr. Take (US$) Brent Lifting Cost (R$) Govr. Take (R$)
• Lifting cost without government take, both in Reais and in Dollar, have been decreasing in the 1Q09, following
international oil prices;
• 3 new units launched recently (producing 25% of the capacity) contributed to increase this cost, besides
reduction of 6% of natural gas production.
2222

23. AVERAGE REALIZATION PRICES – ARP
US$/bbl R$/bbl
1Q08 4Q08 1Q09 1Q08 4Q08 1Q09
160
140 250
120 77.40 176.48
200 181.83
100 104.79 163.59
80 150 163.07 161.89
93.90
71.64
60 70.53 123.72
100
40 53.48
50
20
0 0
Dec-06 Mar-07 Jun-07 Sep-07 Dec-07 Mar-08 Jun-08 Sep-08 Dec-08 Mar-09 dez/06 mar/07 jun/07 set/07 dez/07 mar/08 jun/08 set/08 dez/08 mar/09
ARP EUA ARP Petrobras PMR EUA PMR Petrobras
• Petrobras announced on June 8, 2009 a decrease of 4,5% in gasoline and 15% in diesel prices.
• Our price policy follows the long term tendency of the international markets.
23

24. GROWING CASH FLOW DRIVES CAPEX
SOURCES
35,000
25,000
US$ million
15,000
5,000
-5,000
2004 2005 2006 2007 2008
-15,000
OCF Net Debt
USES
45,000
35,000
US$ million
25,000
15,000
5,000
-5,000
2004 2005 2006 2007 2008
CAPEX Dividends Acquisition
24

25. HISTORICALLY, CONSERVATIVE PLANNING HAS LED TO A BALANCE BETWEEN OCF
AND CAPEX
Projected
Historical US$ 148.6 bn (2009 – 2013)
US$ 88.5 bn (2003 – 2008)
Net Debt Net Debt
Capex
OCF
(US$ 174 bn)
OCF (after dividends)
(after dividends) Capex
(US$ 92,3 bn)
Sources Uses Sources Uses
Average Brent: Average Oil Production: Average Brent (e): Average Oil Production (e):
US$ 60/bbl 1,720 (thousand boe/d) US$ 66/bbl 2,398 (thousand boe/d)
25

26. INCREMENTAL NET DEBT TO FINANCE GROWTH
35,000 29,874 28,600
30,000
25,000
20,000
15,000
11,600
US$ MM
10,000
5,000
-
Capex 2008 Capex 2009 Est. Maintenance Capex
E&P Downstream Gas & Energy International Distribution Corporate
Much of Petrobras Capex spending is related to growth
26

27. PETROBRAS REFERENCE PRICE SIMILAR TO FORWARD CURVE
Projected Brent Curves
120
100
80
US$ bbl
60
40
20
0
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Brent - Forwa rd Curve (01/23/09) PIRA (Ja n 09) Petrobra s (Ba se Cas e)
Petrobras (Fundi ng 09-10) WoodMackenzi e (Dec 08) Brent- Forwa rd Curve (05/27/09)
Financial needs assume very low prices.
Source: Bloomberg/PIRA/Mackenzie 27

28. FINANCIAL PLANNING BASED ON A WORST CASE SCENARIO
Key Variables to Petrobras Cash Flow
• International price of crude oil and oil products
• Internal domestic prices and Exchange Rate
• % of investment execution and Cost of capital investment
Minimum Projected Cash Flow (US$ bn)
2009 2010*
OCF including amortization and after dividends 10.5 16.0
Capex 28.6 35.0
Funding Needs (18.1) (18.9)
Brent (US$ / bbl) 37 40
2009 2010
Sources
• BNDES: US$ 12.5 bn
Sources
• Capital Market: US$ 6,5 bn (bridge loan)
*US$ 1,5 bn (7,875% Global Notes due 2019) • BNDES: US$ 10.0 bn
• US Exim : US$ 2 bn
• CDB: US$ 10 bn
* Capex for 2010 is based on the annual average of the Plan´s total spending. 28

29. CAPITAL STRUCTURE AND CREDIT METRICS IN MORE DETAILS
In Million US$ 3M09 2008 2007
Cash and Cash Equivalents 8,126 6,499 6,987
Total Debt 29,959 27,351 21,895
Net Debt 21,833 20,852 14,908
Shareholders Equity 64,499 61,909 65,179
Net Debt / Net Capitalization 25% 25% 19%
Net Debt/ Market Capital 13% 22% 6%
Net Debt / Boe Production (USD/boe)* 22.5 23.8 17.8
Net Debt / Proved Reserves (USD/boe) 1.45 1.38 1.0
Reserves/Production (Years, SPE Criteria)* 16.29 17.24 17.86
3M09 2008 2007
Net Income 2,636 18,879 13,138
EBITDA 5,521 31,308 25,333
Net Debt/EBITDA* 0.99 0.67 0.59
* Annualized
29

30. CASH FLOW
US$ Million*
1Q09 2008 2007
Cash Flow from Operating Activities
Net Income 2,636 18,879 13,138
Depreciation, depletion and amortization 1,328 5,928 5,544
Others 1,938 3,413 3,982
CFFO 5,902 28,220 22,664
Net Cash Used in Investing Activities
Capex + Aquisition (6,528) (29,466) (24,026)
Cash Flow from Financing Activities
Net from Financing Activities 2,192 2,778 (5,988)
Cash and Cash equivalents at the beginning of the period 6,499 6,987 12,688
Cash and Cash equivalents at the end of the period 8,126 6,499 6,987
• Increase in the Company’s Capex as a result of the strong cash generation;
• Cash flow from Finance Activities in 2008 indicates that debt level will increase to finance
investments.
*US GAAP
30 30

31. DEBT PORTFOLIO
6%
FUNDING SOURCES
25%
(US$bn) Mar-09 Dec-08 Dec-07
Comercial Banks Debt 7.9 6.9 4.7
69%
International Bonds 7.2 5.7 5.3
Local Bonds 1.6 1.6 2.1
JPY US$ R$
ECA’s 1.3 1.4 1.6
Project Finance 4.2 4.5 4.4
BNDES* 2.8 2.9 2.5
37%
Other 1.3 1.0 1.3
63% BB/CEF 3.7 3.4
Total Debt 30.0 27.4 21.9
% Capital Market 29% 27% 34%
Fixed Floating * Including Project Finance
31

32. For more information:
Investor Relations
www.petrobras.com.br/ri
+55 21 3224-1510
petroinvest@petrobras.com.br