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Results Announcement
                                 4nd Quarter 2010
                                      (IFRS)




Conference Call / Webcast
Almir Guilherme Barbassa
CFO and Investor Relations Officer

March 01st, 2011




                                                    1
DISCLAIMER


FORWARD-LOOKING STATEMENTS:
DISCLAIMER
The presentation may contain forward-looking statements       We undertake no obligation to publicly update or
about future events within the meaning of Section 27A of      revise any forward-looking statements, whether as
the Securities Act of 1933, as amended, and Section 21E       a result of new information or future events or for
of the Securities Exchange Act of 1934, as amended, that      any other reason. Figures for 2010 on are
are not based on historical facts and are not assurances of   estimates or targets.
future results. Such forward-looking statements merely
reflect the Company’s current views and estimates of
future economic circumstances, industry conditions,           All forward-looking statements are expressly
company performance and financial results. Such terms         qualified in their entirety by this cautionary
as "anticipate", "believe", "expect", "forecast", "intend",   statement, and you should not place reliance on
"plan", "project", "seek", "should", along with similar or    any forward-looking statement contained in this
analogous expressions, are used to identify such forward-     presentation.
looking statements. Readers are cautioned that these
statements are only projections and may differ materially
from actual future results or events. Readers are referred    NON-SEC COMPLIANT OIL AND GAS RESERVES:
to the documents filed by the Company with the SEC,
specifically the Company’s most recent Annual Report on       CAUTIONARY STATEMENT FOR US INVESTORS
Form 20-F, which identify important risk factors that could   We present certain data in this presentation, such
cause actual results to differ from those contained in the    as oil and gas resources, that we are not permitted
forward-looking statements, including, among other            to present in documents filed with the United
things, risks relating to general economic and business       States Securities and Exchange Commission (SEC)
conditions, including crude oil and other commodity           under new Subpart 1200 to Regulation S-K because
prices, refining margins and prevailing exchange rates,       such terms do not qualify as proved, probable or
uncertainties inherent in making estimates of our oil and     possible reserves under Rule 4-10(a) of Regulation
gas reserves including recently discovered oil and gas        S-X.
reserves, international and Brazilian political, economic
and social developments, receipt of governmental
approvals and licenses and our ability to obtain financing.


                                                                                                                    2
2010 HIGHLIGHTS

                                                                 o Oil production records in Brazil: 
FPSO Cidade de Angra dos Reis
                                                                        o Daily: 2,256 th. barrels (Dec, 27th)
                                                                        o Monthly: 2,122 th. bpd (December)  
                                                                        o Annual: 2,004 th. bpd in 2010

                                                                 o International production increased 3%,  reaching 245  th. 
                                                                 bpd;

                                                                 o Declaration of commerciality of Lula  and Cernambi  and
                                                                 operational start‐up of the Lula  Pilot System,  in  the Santos 
                                                                 Pre‐salt area;

                                                                 o Proven reserves  totaled 15,986  billion boe,  according to 
                                                                 the SPE/ANP  criterion.  Santos  Pre‐salt added 1,071  billion
                                                                 boe. Campos Pre‐salt, 0,210 billion boe; 

  o Start‐up of 6 new production systems and 2 natural gas treatment units;

  o Oil products domestic sales grew 11%. Natural gas sales increased 33%;

  o World’s largest capitalization, totaling R$ 120,2 billion;

  o Acquisiton of rights to produce, in the Pre‐salt area, 5 billion boe, through the Transfer of Rights Agreement; 

  o Investments of R$ 76,411 billion in 2010, versus R$ 70,757 in 2009.
                                                                                                                                3
KEY OPERATING STATISTICS


       EBITDA by segment* (R$ million)
                                                                                                 2010     2009     ∆%

                                                                   Net Income (R$/million)       35,189   30,051   17%
              3,917                         2,263
              2,263                         2,073
              2,964                         2,900
              7,356
                                                                   EBITDA (R$/million)           60,323   59,502   1%
                                           23,338
                                                                   ARP (R$/bbl)                  158.43   157.77   0.4%

                                                                   ARP (US$/bbl)                 89.95    79.52    13%
             53,793

                                           37,713
                                                                   Brent (US$/bbl)               79.47    61.51    29%

                                                                   US$ Average Sell Price (R$)    1.76     2.00    ‐12%
              2010                          2009
    E&P         RTM          G&P         DISTR.         INTER.     Production (th. bpd)          2,583    2,526    2,3%

                                                                   Inflation (IPCA)              5.91%    4.31%    37%




* Excluding Corporate and Eliminations (total value of –R$ 9,970 million in 2010)                                         4
OIL AND GAS PRODUCTION ‐ 2010 vs 2009

                  Total Production (daily average)                             Brazilian Production (daily average) 


                   2,526         +2%         2,583                                 2,288       +2%       2,338
                                  3%                                                           5%
                    238                       245          International            317                   334
                                                                                                                     Natural Gas
(th. bpd)




                                  2%                                                           2%
                   2,288                     2,338                                 1,971                 2,004
                                                           Brazil
                                                                                                                       Oil and LNG




                    2009                      2010                                2009                    2010

            o Growth of 375 th. bpd of oil production installed capacity in 2010. Most of the increase took place in 4Q10: 
              310 th bpd. 
            o Natural gas installed capacity expanded in 17 million m3/day; 
            o Production growth was impacted by: unplanned stoppages requested by ANP; the need to reduce Marlim
              Leste’s production in  order to  increase the pressure of reservoir;  delays in  the start‐up of production
              systems, such as Guará and Tiro‐Sídon
                                                                                                                                     5
PRODUCTION GROWTH

            Brazilian production                               Main new projects                   Main new projects
                                                                     2010                                2011
                             2,100
             2,004                                                   Guará EWT
                                                                     30 th. bpd                          Mexilhão
                                                              Cidade de Angra dos Reis
                                                                                                       Aruanã EWT 
(th. bpd)




                                                                     100 th. bpd
                                                                 5  million m3/d gas
                                      +/‐ 2.5%                                                            P‐56
                                                                          P‐57                          Marlim Sul
                                                                     180 th bpd
                                                                  2 million m3/d gas                   Lula NE EWT
                                                                  Uruguá‐Tambaú
                                                                    35 th. bpd                        Carioca NE EWT
                                                                10 million m3/d gas
             2010            2011E
                                                                 SS‐11 (Tiro EWT)                 Cernambi (Iracema) EWT
                                                                    30 th. bpd

                                     Main assumptions for reaching 2011 production target
             o Forecast of 60 new offshore wells, which will add to the annual daily average: 
                     i)  120  th.  barrels from development wells in  existing platforms (Caratinga,  Marlim Sul,  Marlim
                     Leste and Roncador concessions)
                     ii) 55 th barrels from P‐57 
                     iii) 30 th. barrels from P‐56 (start‐up in July/2011)
                     iv) 30 th. barrels from Campos Basin (Marlim, Albacora and Aruanã EWT)
                     v) 30 th. barrels from Santos Pre‐salt

                                                                                                                            6
2009/2010 DISCOVERIES: ALBIAN CARBONATES
AND CAMPOS BASIN PRE‐SALT
 Recoverable volumes:        Post‐salt Albian Carbonates: 1,105 MM bbl   Pre‐salt Carbonates: at least 780 MM bbl




                   Albian Carbonate


                   Pre-salt Carbonate

                  Pre-salt and Albian Carbonates




                                                   PAMPO



                                                   ARUANÃ




                                                                                                                    7
PRE‐SALT ‐ SANTOS BASIN 

                 2010 Accomplishments
• Transfer of rights to produce 5 billion boe in 
  specific  areas  of  the  pre‐salt  that  are  not     ** Wells Petrobras: Drilling or completion or test.
  under concession.
• Start up of FPSO Cidade de Angra dos Reis in                                                       Libra (ANP)
                                                                                                     Libra (ANP)

  Lula (Pilot Project).
                                                                       Under Concession
• Start up of Guara Extended Well Test.
                                                                       Transfer of Rights

• 8 more wells drilled, taking Santos Basin Pre‐
  Salt total to 20 wells drilled.
                     2011 Activities
                                                                                                          Iara Horst
                                                                                                          Iara Horst
• 9  rigs  currently  operating  in  the  Pre‐Salt 
                                                                            South Cernambi
                                                                            South Cernambi
  Cluster (1 ANP), up to 3 new rigs to arrive.
                                                                                                     P7 Lula Pilot
                                                                                                     P7 Lula Pilot
• 4 new wells with drilling concluded, up to 20 
  additional wells to be drilled.                       Northeast
                                                        Northeast
                                                                                                    IG1 Lula Pilot
                                                                                                    IG1 Lula Pilot
                                                         Carioca
                                                         Carioca
• Start‐up  of  Northeast  Lula  Early  Production                                              South Lula
                                                                                                South Lula
                                                                   North Guará
                                                                   North Guará
                                                                         Guará
  System (BM‐S‐11): first semester 2011.
• Start‐up of Northeast Carioca Extended Well 
  Test (BM‐S‐9): mid 2011.                                   South
                                                             South
                                                             Guará
                                                             Guará
                                                             Guará
• Production start‐up of South Cernambi Early 
  Production System (BM‐S‐11): late 2011.                                                                              8
PROVEN RESERVES (ANP/SPE CRITERION)



                 Proven Reserves 2010 vs. 2009                                 By Region                   By type (Brazil)


                                          1,990        15,986                                                        Ultra‐Deep Water
              14,865     (0,869)                                                                                     (>1,500m)
Million boe




                                                                                           Brazil
                                                                                                                       Deep Water
                                                                                                                     (300‐1,500m)




                                                                                                                     Shallow Water (0‐300m)

                                                                                           International             Onshore
               2009      Production   Incorporation    2010

                                                                        2005        2010                     2010




                o 18th consecutive year of fully replacing Brazilian production. 
                o In Brazil, 240% reserve replacement rate and R/P ratio of 19.2 years in 2010.  
                o Lula and Cernambi contributed with 1.071 billion boe for 2010 proven reserves.

                                                                                                                                        9
DRILLING RIGS


o Approval for procurement/charter of the first round of 7 rigs to be
  constructed in Brazil:

      o    Deliveries beginning in 2015 

      o    Local content specification of 65%




 Petrobras fleet (units operating by year)


                                                                        o   14  rigs scheduled for  2011:  12  to 
                                                                            operate in  a  water depth equal or
                                                                            greater than 2.000 m, with the fleet
                                                                            totaling 60 units; 
                                                                        o   Bidding process for  28  units still 
                                                                            under way;
                                                                        o   7 rigs to start‐up in 2012 



          Up to 900m (3000´)               From 900 to 1500m (5000´)
          From 1501 to 2286m (7500´)       Over 2286m 
                                                                                                                     10
LOCAL CONTENT

                                                     Platforms Procurement
                                                                   Under Construction:
                                                                   P‐55: Estaleiro Atlântico Sul – PE (hull) /QUIP‐ RS (modules)
                                                                                         Recently built platform:
                                                                                         P‐57: BrasFels – RJ
                                                                                           Capacity: 180 thous. boe/day
                                                                                           Value: US$ 1,2 billion
                                                                                           Delivered two months ahead of schedule



                                                                   Under Construction:
                                                                   P‐56 and P‐61: Brasfels (RJ)
                                                                   P‐62: Jurong (ES)
                                                                   FPSO Cidade de Paraty: Brasfels (RJ)
                                                                   FPSO Cidade de São Paulo: Brasfels (RJ)
                                                   Under Construction:
                                                   P‐63: QUIP (RS)
                                                   8 FPSOs (Pre‐salt): Ecovix – Rio Grande (RS)
                                                   P‐58: Estaleiro Rio Grande –RS , UTC Engenharia S/A – RJ e EBE – RJ.


      o Index of local content rose from 57% in 2003 to 74% in 2010
      o P‐57 was delivered in 32 months, two months ahead of schedule and under competitive costs as compared 
        to international prices. Reduction in construction time and cost.
      o Inclusion of 900 new suppliers per year in Petrobras' Corporate Vendor List;
      o 13 new shipyards currently under construction, raising the total number to 50*.

*Source: Sinaval – Executive Summary ‐2011, Jan.                                                                                    11
NATURAL GAS 2009/2010

                       NATURAL GAS 2009:2010 (Million m3/d)                                            Electricity Generation 
                                                                 Supply                                    (average MW)
           Volume Delivered

                     +38%                                         +38%                                             +196%
  70                                           70
                                62                                               62            3.000                       2,859
  60                                           60                                6
                                12                                                             2.500
  50                                           50         45                                                               1,069
             45
             4                  13                         1                 27                2.000
  40                                           40
             9
                                                          22
  30                                           30                                              1.500


                                               20                                                           967
  20                            37                                                             1.000
             32                                                                                                            1,790
                                                                                 29                         457            1.837,0
  10                                           10         23
                                                                                                 500
                                                                                                            510
   0                                            0                                                          525,0
            2009              2010                       2009                2010                  0
                                                                                                            2009           2010
                  Thermoelectric                               LNG imports
                  Internal supply                              Bolivia imports
                  Non Thermoelectric
                                                                                                          Third Parties      Petrobras
                                                               National




Internal supply: Intersegment (RTM) and G&P consumption (Fafens and Petrobras thermoelectric plants)
                                                                                                                                         12
INCREASED CAPACITY UTILIZATION

                                                                            2010
                                                                                                              More domestic oil in REFAP
      Activity                                    apr   may    jun    jul   aug    sep    oct    nov    dec                                    kbpd
                                                                                                                                +184%
      REPLAN - Expansion
                                                                                                                                             172
      REVAP – HDT Diesel

      REVAP – Coke                                                                                                                86
      REVAP – HDT Naphtha Ck
                                                                                                                       61

      REFAP – Acquisition 30%

                                                                                                                      Before      Post     Potential
                                                                                                                               acquisition
  Higher production of QAV Higher throughput at                                          Increased production of Higher quality diesel in
  at REPLAN                REPLAN*                                                       diesel in REVAP         REVAP
                                                                                                                                                   (%)
      Thous.bbl/month      kbpd       +39%                                                  kbpd
500                                                                                                    +66%                                 9%     S50
                                                                             226
                                                                     205                                      88       S500     35%

                                                         163
                                                                                                        62
                                                                                            53                                             76%

                                                                                                                      S1800     66%


                                                                                                                                                 15%
  0
   jan 09              jan 10             jan 11        Before    Post Potential           Before    Post Potential                        Post
                                                                                                                               Before
                                                                 Start-up                           Start-up                              Start-up 13
* Values for only the distillation of U200 REPLAN .
AVERAGE REALIZATION PRICES



US$/bbl                                                        R$/bbl

                                                               220                                                       2010 Average
 120                                                                                                                  ARP Petrobras: 158.26
                                                                                                                      ARP USA: 150.67
                                                               170
 100
                                                        86
  80                          75    76      78    77
                         68                             80     120
                   59          70      73    74    72
  60                    64
           44
                                                                70                        2009 Average
  40             49                                                                    ARP Petrobras: 157.50
                                                                                       ARP USA: 129.97
            32
  20                                                            20
                                                                 1Q08   2Q08   3Q08    4Q08   1Q09   2Q09   3Q09    4Q09   1Q10   2Q10   3Q10   4Q10
         1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10
                                                                                      ARP USA                      ARP Petrobras
       Petrobras Oil Price (average)         Brent (US$/bbl)



 o Pricing policy follows long term international prices
 o ARP in reais stable in 2010 compared to 2009. In dollars, ARP increased from US$ 79.52 in 2009 to US$ 89.95 in 2010 
 o Light/heavy spread: back to historical levels


                                                                                                                                                  14
OIL PRODUCTS AND NATURAL GAS SALES IN 
  DOMESTIC MARKET

                                   Oil Products                                                  Natural Gas

                                     2,033           2,052
                     1,869
                                      565             578    Others
                      509
Thous. bpd




                                      230             219    LPG
                      212
                                      379             414    Gasoline                               360           363
                      366
                                                                                      247
                      782             859             841    Diesel



                                                                                     4Q09          3Q10          4Q10
                    4Q09             3Q10            4Q10


             o   In 2010, oil products sales increased 11% vs. 2009, surpassing the growth of Brazilian economy (7%);
             o   Strong growth in natural gas sales (33%) in 2010;
             o   Stable sales in domestic market on the 4Q10 vs 3Q10 comparison, highlighting:
                    o Gasoline (increased 9%) – due to higher ethanol prices
                    o Jet fuel (increased 6%) – reflecting the growth of Brazilian economy
                                                                                                                        15
LIFTING COST IN BRAZIL

                      R$/barrel                                                                         US$/barrel
                                                       147.02
                                                                                                                          86.48
                                  140.16
                       137.23
                                             134.51
                                                                                                         78.30    76.86
            129.73                                                                           76.24
                                                                                74.56



                                43.91                                            24.74                                     25.58
          43.04      43.82                 42.72      43.47                                  23.73       24.50   24.67


                                                                                 15.23                   14.71   14.07     15.29
           26.53     26.87      26.37      24.26      26.13                                   14.33




           16.51     16.95      17.54      18.46      17.34                       9.51        9.40        9.79   10,60     10.29



         4Q09      1Q10      2Q10       3Q10       4Q10                         4Q09         1Q10       2Q10     3Q10     4Q10


                                        Brent                 Government take            Lifting cost


o Comparing 4Q 2010 vs 3Q 2010:
    o In Reais, lifting cost decreased 6%,due to lower personnel expenses, exchange rate effect and higher
       production on 4Q;
    o Higher government take due to the increase in average reference price for Brazilian oil

                                                                                                                                   16
TRADE BALANCE

                                                   2009                                                          2010
                                                                      Oil Products                                               Oil Products
                                                                      Oil                                                        Oil
                                 705
                                                                                                 697
(Thous. Barrels/day)




                                                                                                                615
                                 227              549                                            200
                                                  152                                                            299


                                 478                                                             497
                                                  397           156
                                                                                                                 316
                                                                                                                                 82

                                Exports          Imports      Net Exports                      Exports        Imports       Net Exports




                                Financial Volume (US$ Million)
                                                                                     o Increase of oil products imports in 2010 reflects the 
                                                                                       growth  of  the  demand  at  the  domestic  market, 
                           + US$ 2,874                       + US$ 1,534               specially on diesel and gasoline;
                                                           18,077       19,611
                                       15,201                                        o Increase of oil exports due to the production growth 
                       12,327
                                                                                       and availability caused by the shutdown in Replan.


                                2009                             2010
                                       Imports               Exports
                                                                                                                                                17
OPERATING INCOME 2010 vs 2009 

(R$ million)

                              30,440             (27,345)
                                                                   (1,890)             (145)
               45,997                                                                                    47,057




           2009        Sales Revenue            COGS              SG&A               Other              2010
      Operating Income                                           expenses           Expenses       Operating Income


o Higher sales revenue due to an increase of oil products demand (11%):
        ‐ Diesel (increase of 9%): Industrial recovery and higher agricultural output 
        ‐ Gasoline (increase of 17%): Higher ethanol prices in 2010 and the lower percentage of ethanol blended with
          gasoline
o Oil production increase (2%) and higher oil sales prices (38% in Dollars) also explain a better revenue in 2010;
o COGS  increased 25%  as  a  consequence of larger Oil products imports (96%)  and a  higher Govt.  Take due to 
  international prices ramp‐up
                                                                                                                       18
NET INCOME 2010 vs 2009 

 (R$ Million)                                       273        (196)       (1,305)        2,581      35,189
                                     2,725
        30,051         1,060




       2009        Operating     Net Financial  Interest in     Profit    Income Tax     Minority      2010
    Net Income      Income          Result      Investments    Sharing     and Social    Interest   Net Income
                                                                         Contribution

 o The 17% net income growth is explained by:
     ‐ Growth in operating income (+2%);
     ‐ Higher net financial results (+ R$ 2,725 billion);
        ‐   Smaller minority interest (R$ 2,581 billion)

 o Better financial results were due to exchange rate‐related gains over 2010 net debt, while in 2009 the Company
   suffered losses on net dollar‐denominated assets.
 o Lower minority interest resulted from the impact of the exchange rate variation on SPE’s debt, exercise of stock options
   in certain structured projects and the revision of future receivable flows related to financial leasing operations.
                                                                                                                       19
NET INCOME 4Q10 vs 3Q10 



    R$ million                            4Q10       3Q10       ∆$      ∆%

    Revenue from sales                   54,492     54,739     (247)   ‐0,5%

    Cost of products sold                (35,612)   (35,094)   (518)   1,5%

    Gross Profit                         18,880     19,645     (765)   ‐3,9%
    Expenses                             (7,606)    (8,526)    920     ‐10,8%
    Operating Income                     11,274     11,119     155     1,4%
    EBITDA                               14,584     14,736     (152)   ‐1,0%
    Net financial result                  1,926      1,968     (42)    ‐2,1%
    Income tax and social contribution   (2,452)    (3,739)    1,287   ‐34,4%
    Minority interest                      (34)      (565)     531     ‐94,0%
    Net Income                           10,602      8,566     2,036   23,8%




                                                                                20
INVESTMENTS 2010 vs 2009


                      2010                               8%
                                                                                        2009 
                R$ 76,4 billion                                                    R$ 70,8 billion
(%)                                                              (%)                  Others
                    Others
                       5%                                                                6%
        Inter  ‐ 4,8%                                                  Inter  ‐ 10%

  G&P ‐ 9%*
                                              E&P              G&P ‐ 15%*                                E&P
                                             43%*                                                       45%*


         RTM
         37%*                                                                RTM
                                                                             24%*


        o   E&P: Growth of investment for development of the pre‐salt;
        o   RTM: improvement of quality of products, new units to expand the internal capacity, conversion 
            and petrochemicals;
        o   G&P: infrastructure on final phase ‐ improvement in transportation of natural gas.

*Includes projects developed by SPEs                                                                           21
CAPEX 2011


           Annual Investment Budget 2011                          Annual Investment Budget 2010
                    R$ 93,67 billion                                       R$ 88,54 billion
 (%)                     BioFuels                           (%)                   Distr 
                   Distr  0.9% Corp – 1.3%                                        1.0% Other – 3.0%
                    1.3%
               Inter                                                    Inter
         G&P        5.9%                                          G&P            7.0%
                 5.0%                                                     9.2%



                                   E&P                                                     E&P
                                   45.7%                                                   41.5%
                  RTM                                                     RTM
                 39.7%                                                    38.4%




       o PAN 2011: 5,8% higher than PAN 2010. Approximately same portfolio included on Business  Plan 2010‐
         2014, plus the initial investments at Transfer of Rights Area.


                                                                                                              22
LEVERAGE


            6                            Net Debt/Net Cap.                                   Net Debt/Ebitda               40%
          5.5                                                31%              32%        34%                               35%
            5        26%         27%               27%                                                                     30%
          4.5                                                                                                              25%
            4
          3.5                                                                                           16%                20%
            3
                                                                                                                    17%    15%
          2.5                                                                                                              10%
            2                                                               1.35      1.52                                 5%
          1.5       0.95          0.95          1.00          1.21                                        0.94             0%
            1                                                                                                       1.00   ‐5%
          0.5
            0                                                                                                              ‐10%
         ‐0.5                                                                                                              ‐15%
           ‐1                                                                                                              ‐20%
                    1Q09         2Q09           3Q09         4Q09           1Q10     2Q10             3Q10       4Q10


                    R$ Billion                   12/31/10      12/31/09
  Short Term Debt                                  15.7              15.6           o Petrobras´ Leverage dropped abruptly
  Long Term Debt                                   102.2             86.9             (2009:  31%;  2010:  17%)  due to 
  Total Debt                                       117.9            102.5             capitalization process;
     Cash and Cash Equivalents                     30.3              29.0
                                                                                    o At the end of 2010, Net Debt dropped
     Tradeable Securities                          25.5               ‐
                                                                                      15%  and the Adjusted Cash and Cash
  Adjusted Cash and Cash Equivalents               55.8              29.0
                                                                                      Equivalents (including Government
  Net Debt                                         62.1              73.4
                                                                                      Securities) increased 92%.
  Net Debt/Ebitda                                  1,0X              1.2X
                   US$ Billion                   12/31/10      12/31/09
  Net Debt                                         37.3              42.2
                                                                                                                                  23
Information:
Investor Relations
+55 21 3224-1510
petroinvest@petrobras.com.br




                               24
                                24

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Webcast ingles final 2

  • 1. Results Announcement 4nd Quarter 2010 (IFRS) Conference Call / Webcast Almir Guilherme Barbassa CFO and Investor Relations Officer March 01st, 2011 1
  • 2. DISCLAIMER FORWARD-LOOKING STATEMENTS: DISCLAIMER The presentation may contain forward-looking statements We undertake no obligation to publicly update or about future events within the meaning of Section 27A of revise any forward-looking statements, whether as the Securities Act of 1933, as amended, and Section 21E a result of new information or future events or for of the Securities Exchange Act of 1934, as amended, that any other reason. Figures for 2010 on are are not based on historical facts and are not assurances of estimates or targets. future results. Such forward-looking statements merely reflect the Company’s current views and estimates of future economic circumstances, industry conditions, All forward-looking statements are expressly company performance and financial results. Such terms qualified in their entirety by this cautionary as "anticipate", "believe", "expect", "forecast", "intend", statement, and you should not place reliance on "plan", "project", "seek", "should", along with similar or any forward-looking statement contained in this analogous expressions, are used to identify such forward- presentation. looking statements. Readers are cautioned that these statements are only projections and may differ materially from actual future results or events. Readers are referred NON-SEC COMPLIANT OIL AND GAS RESERVES: to the documents filed by the Company with the SEC, specifically the Company’s most recent Annual Report on CAUTIONARY STATEMENT FOR US INVESTORS Form 20-F, which identify important risk factors that could We present certain data in this presentation, such cause actual results to differ from those contained in the as oil and gas resources, that we are not permitted forward-looking statements, including, among other to present in documents filed with the United things, risks relating to general economic and business States Securities and Exchange Commission (SEC) conditions, including crude oil and other commodity under new Subpart 1200 to Regulation S-K because prices, refining margins and prevailing exchange rates, such terms do not qualify as proved, probable or uncertainties inherent in making estimates of our oil and possible reserves under Rule 4-10(a) of Regulation gas reserves including recently discovered oil and gas S-X. reserves, international and Brazilian political, economic and social developments, receipt of governmental approvals and licenses and our ability to obtain financing. 2
  • 3. 2010 HIGHLIGHTS o Oil production records in Brazil:  FPSO Cidade de Angra dos Reis o Daily: 2,256 th. barrels (Dec, 27th) o Monthly: 2,122 th. bpd (December)   o Annual: 2,004 th. bpd in 2010 o International production increased 3%,  reaching 245  th.  bpd; o Declaration of commerciality of Lula  and Cernambi  and operational start‐up of the Lula  Pilot System,  in  the Santos  Pre‐salt area; o Proven reserves  totaled 15,986  billion boe,  according to  the SPE/ANP  criterion.  Santos  Pre‐salt added 1,071  billion boe. Campos Pre‐salt, 0,210 billion boe;  o Start‐up of 6 new production systems and 2 natural gas treatment units; o Oil products domestic sales grew 11%. Natural gas sales increased 33%; o World’s largest capitalization, totaling R$ 120,2 billion; o Acquisiton of rights to produce, in the Pre‐salt area, 5 billion boe, through the Transfer of Rights Agreement;  o Investments of R$ 76,411 billion in 2010, versus R$ 70,757 in 2009. 3
  • 4. KEY OPERATING STATISTICS EBITDA by segment* (R$ million) 2010 2009 ∆% Net Income (R$/million) 35,189 30,051 17% 3,917 2,263 2,263 2,073 2,964 2,900 7,356 EBITDA (R$/million) 60,323 59,502 1% 23,338 ARP (R$/bbl) 158.43 157.77 0.4% ARP (US$/bbl) 89.95 79.52 13% 53,793 37,713 Brent (US$/bbl) 79.47 61.51 29% US$ Average Sell Price (R$) 1.76 2.00 ‐12% 2010 2009 E&P RTM G&P DISTR. INTER. Production (th. bpd) 2,583 2,526 2,3% Inflation (IPCA) 5.91% 4.31% 37% * Excluding Corporate and Eliminations (total value of –R$ 9,970 million in 2010) 4
  • 5. OIL AND GAS PRODUCTION ‐ 2010 vs 2009 Total Production (daily average)  Brazilian Production (daily average)  2,526 +2% 2,583 2,288 +2% 2,338 3% 5% 238 245 International 317 334 Natural Gas (th. bpd) 2% 2% 2,288 2,338 1,971 2,004 Brazil Oil and LNG 2009 2010 2009 2010 o Growth of 375 th. bpd of oil production installed capacity in 2010. Most of the increase took place in 4Q10:  310 th bpd.  o Natural gas installed capacity expanded in 17 million m3/day;  o Production growth was impacted by: unplanned stoppages requested by ANP; the need to reduce Marlim Leste’s production in  order to  increase the pressure of reservoir;  delays in  the start‐up of production systems, such as Guará and Tiro‐Sídon 5
  • 6. PRODUCTION GROWTH Brazilian production Main new projects Main new projects 2010 2011 2,100 2,004 Guará EWT 30 th. bpd Mexilhão Cidade de Angra dos Reis Aruanã EWT  (th. bpd) 100 th. bpd 5  million m3/d gas +/‐ 2.5%  P‐56 P‐57 Marlim Sul 180 th bpd 2 million m3/d gas Lula NE EWT Uruguá‐Tambaú 35 th. bpd Carioca NE EWT 10 million m3/d gas 2010 2011E SS‐11 (Tiro EWT) Cernambi (Iracema) EWT 30 th. bpd Main assumptions for reaching 2011 production target o Forecast of 60 new offshore wells, which will add to the annual daily average:  i)  120  th.  barrels from development wells in  existing platforms (Caratinga,  Marlim Sul,  Marlim Leste and Roncador concessions) ii) 55 th barrels from P‐57  iii) 30 th. barrels from P‐56 (start‐up in July/2011) iv) 30 th. barrels from Campos Basin (Marlim, Albacora and Aruanã EWT) v) 30 th. barrels from Santos Pre‐salt 6
  • 7. 2009/2010 DISCOVERIES: ALBIAN CARBONATES AND CAMPOS BASIN PRE‐SALT Recoverable volumes: Post‐salt Albian Carbonates: 1,105 MM bbl Pre‐salt Carbonates: at least 780 MM bbl Albian Carbonate Pre-salt Carbonate Pre-salt and Albian Carbonates PAMPO ARUANÃ 7
  • 8. PRE‐SALT ‐ SANTOS BASIN  2010 Accomplishments • Transfer of rights to produce 5 billion boe in  specific  areas  of  the  pre‐salt  that  are  not  ** Wells Petrobras: Drilling or completion or test. under concession. • Start up of FPSO Cidade de Angra dos Reis in  Libra (ANP) Libra (ANP) Lula (Pilot Project). Under Concession • Start up of Guara Extended Well Test. Transfer of Rights • 8 more wells drilled, taking Santos Basin Pre‐ Salt total to 20 wells drilled. 2011 Activities Iara Horst Iara Horst • 9  rigs  currently  operating  in  the  Pre‐Salt  South Cernambi South Cernambi Cluster (1 ANP), up to 3 new rigs to arrive. P7 Lula Pilot P7 Lula Pilot • 4 new wells with drilling concluded, up to 20  additional wells to be drilled. Northeast Northeast IG1 Lula Pilot IG1 Lula Pilot Carioca Carioca • Start‐up  of  Northeast  Lula  Early  Production  South Lula South Lula North Guará North Guará Guará System (BM‐S‐11): first semester 2011. • Start‐up of Northeast Carioca Extended Well  Test (BM‐S‐9): mid 2011. South South Guará Guará Guará • Production start‐up of South Cernambi Early  Production System (BM‐S‐11): late 2011. 8
  • 9. PROVEN RESERVES (ANP/SPE CRITERION) Proven Reserves 2010 vs. 2009 By Region By type (Brazil) 1,990 15,986 Ultra‐Deep Water 14,865 (0,869) (>1,500m) Million boe Brazil Deep Water (300‐1,500m) Shallow Water (0‐300m) International Onshore 2009 Production Incorporation  2010 2005 2010 2010 o 18th consecutive year of fully replacing Brazilian production.  o In Brazil, 240% reserve replacement rate and R/P ratio of 19.2 years in 2010.   o Lula and Cernambi contributed with 1.071 billion boe for 2010 proven reserves. 9
  • 10. DRILLING RIGS o Approval for procurement/charter of the first round of 7 rigs to be constructed in Brazil: o Deliveries beginning in 2015  o Local content specification of 65% Petrobras fleet (units operating by year) o 14  rigs scheduled for  2011:  12  to  operate in  a  water depth equal or greater than 2.000 m, with the fleet totaling 60 units;  o Bidding process for  28  units still  under way; o 7 rigs to start‐up in 2012  Up to 900m (3000´) From 900 to 1500m (5000´) From 1501 to 2286m (7500´) Over 2286m  10
  • 11. LOCAL CONTENT Platforms Procurement Under Construction: P‐55: Estaleiro Atlântico Sul – PE (hull) /QUIP‐ RS (modules) Recently built platform: P‐57: BrasFels – RJ Capacity: 180 thous. boe/day Value: US$ 1,2 billion Delivered two months ahead of schedule Under Construction: P‐56 and P‐61: Brasfels (RJ) P‐62: Jurong (ES) FPSO Cidade de Paraty: Brasfels (RJ) FPSO Cidade de São Paulo: Brasfels (RJ) Under Construction: P‐63: QUIP (RS) 8 FPSOs (Pre‐salt): Ecovix – Rio Grande (RS) P‐58: Estaleiro Rio Grande –RS , UTC Engenharia S/A – RJ e EBE – RJ. o Index of local content rose from 57% in 2003 to 74% in 2010 o P‐57 was delivered in 32 months, two months ahead of schedule and under competitive costs as compared  to international prices. Reduction in construction time and cost. o Inclusion of 900 new suppliers per year in Petrobras' Corporate Vendor List; o 13 new shipyards currently under construction, raising the total number to 50*. *Source: Sinaval – Executive Summary ‐2011, Jan. 11
  • 12. NATURAL GAS 2009/2010 NATURAL GAS 2009:2010 (Million m3/d) Electricity Generation  Supply (average MW) Volume Delivered +38% +38% +196% 70 70 62 62 3.000 2,859 60 60 6 12 2.500 50 50 45 1,069 45 4 13 1 27 2.000 40 40 9 22 30 30 1.500 20 967 20 37 1.000 32 1,790 29 457 1.837,0 10 10 23 500 510 0 0 525,0 2009 2010 2009 2010 0 2009 2010 Thermoelectric LNG imports Internal supply Bolivia imports Non Thermoelectric Third Parties Petrobras National Internal supply: Intersegment (RTM) and G&P consumption (Fafens and Petrobras thermoelectric plants) 12
  • 13. INCREASED CAPACITY UTILIZATION 2010 More domestic oil in REFAP Activity apr may jun jul aug sep oct nov dec kbpd +184% REPLAN - Expansion 172 REVAP – HDT Diesel REVAP – Coke 86 REVAP – HDT Naphtha Ck 61 REFAP – Acquisition 30% Before Post Potential acquisition Higher production of QAV Higher throughput at Increased production of Higher quality diesel in at REPLAN REPLAN* diesel in REVAP REVAP (%) Thous.bbl/month kbpd +39% kbpd 500 +66% 9% S50 226 205 88 S500 35% 163 62 53 76% S1800 66% 15% 0 jan 09 jan 10 jan 11 Before Post Potential Before Post Potential Post Before Start-up Start-up Start-up 13 * Values for only the distillation of U200 REPLAN .
  • 14. AVERAGE REALIZATION PRICES US$/bbl R$/bbl 220 2010 Average 120 ARP Petrobras: 158.26 ARP USA: 150.67 170 100 86 80 75 76 78 77 68 80 120 59 70 73 74 72 60 64 44 70 2009 Average 40 49 ARP Petrobras: 157.50 ARP USA: 129.97 32 20 20 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 ARP USA ARP Petrobras Petrobras Oil Price (average) Brent (US$/bbl) o Pricing policy follows long term international prices o ARP in reais stable in 2010 compared to 2009. In dollars, ARP increased from US$ 79.52 in 2009 to US$ 89.95 in 2010  o Light/heavy spread: back to historical levels 14
  • 15. OIL PRODUCTS AND NATURAL GAS SALES IN  DOMESTIC MARKET Oil Products Natural Gas 2,033 2,052 1,869 565 578 Others 509 Thous. bpd 230 219 LPG 212 379 414 Gasoline 360 363 366 247 782 859 841 Diesel 4Q09 3Q10 4Q10 4Q09 3Q10 4Q10 o In 2010, oil products sales increased 11% vs. 2009, surpassing the growth of Brazilian economy (7%); o Strong growth in natural gas sales (33%) in 2010; o Stable sales in domestic market on the 4Q10 vs 3Q10 comparison, highlighting: o Gasoline (increased 9%) – due to higher ethanol prices o Jet fuel (increased 6%) – reflecting the growth of Brazilian economy 15
  • 16. LIFTING COST IN BRAZIL R$/barrel US$/barrel 147.02 86.48 140.16 137.23 134.51 78.30 76.86 129.73 76.24 74.56 43.91 24.74 25.58 43.04 43.82 42.72 43.47 23.73 24.50 24.67 15.23 14.71 14.07 15.29 26.53 26.87 26.37 24.26 26.13 14.33 16.51 16.95 17.54 18.46 17.34 9.51 9.40 9.79 10,60 10.29 4Q09 1Q10 2Q10 3Q10 4Q10 4Q09 1Q10 2Q10 3Q10 4Q10 Brent Government take Lifting cost o Comparing 4Q 2010 vs 3Q 2010: o In Reais, lifting cost decreased 6%,due to lower personnel expenses, exchange rate effect and higher production on 4Q; o Higher government take due to the increase in average reference price for Brazilian oil 16
  • 17. TRADE BALANCE 2009 2010 Oil Products Oil Products Oil Oil 705 697 (Thous. Barrels/day) 615 227 549 200 152 299 478 497 397 156 316 82 Exports Imports Net Exports Exports Imports Net Exports Financial Volume (US$ Million) o Increase of oil products imports in 2010 reflects the  growth  of  the  demand  at  the  domestic  market,  + US$ 2,874 + US$ 1,534 specially on diesel and gasoline; 18,077 19,611 15,201 o Increase of oil exports due to the production growth  12,327 and availability caused by the shutdown in Replan. 2009 2010 Imports Exports 17
  • 18. OPERATING INCOME 2010 vs 2009  (R$ million) 30,440 (27,345) (1,890) (145) 45,997 47,057 2009 Sales Revenue COGS SG&A Other 2010 Operating Income expenses Expenses Operating Income o Higher sales revenue due to an increase of oil products demand (11%): ‐ Diesel (increase of 9%): Industrial recovery and higher agricultural output  ‐ Gasoline (increase of 17%): Higher ethanol prices in 2010 and the lower percentage of ethanol blended with gasoline o Oil production increase (2%) and higher oil sales prices (38% in Dollars) also explain a better revenue in 2010; o COGS  increased 25%  as  a  consequence of larger Oil products imports (96%)  and a  higher Govt.  Take due to  international prices ramp‐up 18
  • 19. NET INCOME 2010 vs 2009  (R$ Million) 273 (196) (1,305) 2,581 35,189 2,725 30,051 1,060 2009 Operating Net Financial  Interest in  Profit Income Tax Minority 2010 Net Income Income Result Investments Sharing and Social  Interest Net Income Contribution o The 17% net income growth is explained by: ‐ Growth in operating income (+2%); ‐ Higher net financial results (+ R$ 2,725 billion); ‐ Smaller minority interest (R$ 2,581 billion) o Better financial results were due to exchange rate‐related gains over 2010 net debt, while in 2009 the Company suffered losses on net dollar‐denominated assets. o Lower minority interest resulted from the impact of the exchange rate variation on SPE’s debt, exercise of stock options in certain structured projects and the revision of future receivable flows related to financial leasing operations. 19
  • 20. NET INCOME 4Q10 vs 3Q10  R$ million 4Q10 3Q10 ∆$ ∆% Revenue from sales 54,492 54,739 (247) ‐0,5% Cost of products sold (35,612) (35,094) (518) 1,5% Gross Profit  18,880 19,645 (765) ‐3,9% Expenses (7,606) (8,526) 920 ‐10,8% Operating Income  11,274 11,119 155 1,4% EBITDA 14,584 14,736 (152) ‐1,0% Net financial result 1,926 1,968 (42) ‐2,1% Income tax and social contribution (2,452) (3,739) 1,287 ‐34,4% Minority interest (34) (565) 531 ‐94,0% Net Income 10,602 8,566 2,036 23,8% 20
  • 21. INVESTMENTS 2010 vs 2009 2010  8% 2009  R$ 76,4 billion R$ 70,8 billion (%) (%) Others Others 5% 6% Inter  ‐ 4,8% Inter  ‐ 10% G&P ‐ 9%* E&P G&P ‐ 15%* E&P 43%* 45%* RTM 37%* RTM 24%* o E&P: Growth of investment for development of the pre‐salt; o RTM: improvement of quality of products, new units to expand the internal capacity, conversion  and petrochemicals; o G&P: infrastructure on final phase ‐ improvement in transportation of natural gas. *Includes projects developed by SPEs 21
  • 22. CAPEX 2011 Annual Investment Budget 2011 Annual Investment Budget 2010 R$ 93,67 billion R$ 88,54 billion (%) BioFuels (%) Distr  Distr  0.9% Corp – 1.3% 1.0% Other – 3.0% 1.3% Inter Inter G&P 5.9% G&P 7.0% 5.0% 9.2% E&P E&P 45.7% 41.5% RTM RTM 39.7% 38.4% o PAN 2011: 5,8% higher than PAN 2010. Approximately same portfolio included on Business  Plan 2010‐ 2014, plus the initial investments at Transfer of Rights Area. 22
  • 23. LEVERAGE 6 Net Debt/Net Cap. Net Debt/Ebitda 40% 5.5 31% 32% 34% 35% 5 26% 27% 27% 30% 4.5 25% 4 3.5 16% 20% 3 17% 15% 2.5 10% 2 1.35 1.52 5% 1.5 0.95 0.95 1.00 1.21 0.94 0% 1 1.00 ‐5% 0.5 0 ‐10% ‐0.5 ‐15% ‐1 ‐20% 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 R$ Billion 12/31/10 12/31/09 Short Term Debt 15.7 15.6 o Petrobras´ Leverage dropped abruptly Long Term Debt 102.2 86.9 (2009:  31%;  2010:  17%)  due to  Total Debt 117.9 102.5 capitalization process; Cash and Cash Equivalents 30.3 29.0 o At the end of 2010, Net Debt dropped Tradeable Securities 25.5 ‐ 15%  and the Adjusted Cash and Cash Adjusted Cash and Cash Equivalents 55.8 29.0 Equivalents (including Government Net Debt 62.1 73.4 Securities) increased 92%. Net Debt/Ebitda 1,0X 1.2X US$ Billion 12/31/10 12/31/09 Net Debt 37.3 42.2 23
  • 24. Information: Investor Relations +55 21 3224-1510 petroinvest@petrobras.com.br 24 24