Presented by Petrobras' CEO, Jose Sergio Gabrielli, during the XIV Brazil-Japan Joint Economic Committee Meeting, that took place in the city of Salvador, in Brazil, during august 9th and 10th of 2011.

1. 1

2. FORWARD-LOOKING STATEMENTS:
DISCLAIMER
The presentation may contain forward-looking statements about We undertake no obligation to publicly update or revise any
future events within the meaning of Section 27A of the Securities Act forward-looking statements, whether as a result of new
of 1933, as amended, and Section 21E of the Securities Exchange information or future events or for any other reason. Figures
Act of 1934, as amended, that are not based on historical facts and for 2011 on are estimates or targets.
are not assurances of future results. Such forward-looking
statements merely reflect the Company’s current views and
estimates of future economic circumstances, industry conditions, All forward-looking statements are expressly qualified in their
company performance and financial results. Such terms as entirety by this cautionary statement, and you should not
"anticipate", "believe", "expect", "forecast", "intend", "plan", "project", place reliance on any forward-looking statement contained in
"seek", "should", along with similar or analogous expressions, are this presentation.
used to identify such forward-looking statements. Readers are
cautioned that these statements are only projections and may differ
materially from actual future results or events. Readers are referred NON-SEC COMPLIANT OIL AND GAS RESERVES:
to the documents filed by the Company with the SEC, specifically the
CAUTIONARY STATEMENT FOR US INVESTORS
Company’s most recent Annual Report on Form 20-F, which identify
important risk factors that could cause actual results to differ from We present certain data in this presentation, such as oil and
those contained in the forward-looking statements, including, among gas resources, that we are not permitted to present in
other things, risks relating to general economic and business documents filed with the United States Securities and
conditions, including crude oil and other commodity prices, refining Exchange Commission (SEC) under new Subpart 1200 to
margins and prevailing exchange rates, uncertainties inherent in Regulation S-K because such terms do not qualify as proved,
making estimates of our oil and gas reserves including recently probable or possible reserves under Rule 4-10(a) of
discovered oil and gas reserves, international and Brazilian political, Regulation S-X.
economic and social developments, receipt of governmental
approvals and licenses and our ability to obtain financing.
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