1. PETROBRAS
Petróleo Brasileiro S.A. – PETROBRAS
The World Money Show
February 8, 2007
July, 2006

2. PETROBRAS
Forward Looking Statements 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.
1

3. PETROBRAS
Typical Deepwater Project: Semi-submersible + FSO
Semi-submersible FSO Shuttle
Production Platform
W.D.: 1.080 m
Gas Line to
shore
Subsea
Horizontal
Wells
Reservoir
2

4. PETROBRAS
2004 / 2006 Growth in Oil Production
P - 34 / Jubarte
P – 50 / Albacora Leste 60,000 bpd
180,000 bpd December 2006
P – 43 / Barracuda April 2006
150,000 bpd
December 04
Piranema
20,000 bpd
December 2006
(moving to location)
FPSO Capixaba /
Golfinho 1,778
100,000 bpd
FPSO Marlim Sul P – 48 / Caratinga May 2006
100,000 bpd 150,000 bpd
June 04 February 05 1,684
1,493
Δ 12.8% Δ 5.6%
2004 2005 2006
3

5. PETROBRAS
Oil and Gas Production – Projects for 2007
4 new platforms will provide additional production capacity of 560,000 bpd
FPSO Cidade Vitória (100,000 bopd)
Currently being constructed by Saipem in Dubai. It is FPSO Cidade Rio de Janeiro
scheduled to start operation May/2007 in the Golfinho
Field.
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 be P-52
operating 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.
4

6. PETROBRAS
Petrobras Overview
5

7. PETROBRAS
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)
Market First Public Crossed the
Brazilian Based Auction of Oil Upgraded to $100 billion Brazil Self-
Constitution Petrobras Full Investment
Pricing for Exploration dollar Market Sufficient in Oil
Amended NYSE Listing Deregulation Grade Issuer
Crude Oil Areas Cap mark
Nov 1995 July 1998 June 1999 August 2000 January 2002 October 2005 2006 April 2006
6

8. PETROBRAS
Company Structure
Exploration and
Downstream Gas and Energy International
Production
Summary Financials (US$Bn) Income from Operations(3)
International
For Year Ended 2004 2005 2006 LTM 4% Distribution
2%
Net Revenues 38.4 56.3 65.4
(1)
EBITDAX 12.4 18.8 22.9 Supply
Capex 7.7 10.4 11.9 19%
Total Debt 20.9 21.2 19.9
(2)
Cash & Cash Equivalents 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
Domestic E&P
Notes:
75%
1 Includes other expenses, net of US$402mm in 2004, US$899mm in 2005 and US$847mm in June 2006 LTM
2 Includes marketable securities
3 For the 6 month period ended June 30, 2006. Excludes losses in gas and energy, corporate results and eliminations
7

9. PETROBRAS
World Class Integrated Public Energy Company
Proved Reserves as of Dec 31, 2005 (billion boe) 3Q2006 Oil & Gas Production (thousand boed)
5,000
4,007
3,770
25 22.4
4,000 3,169
20 17.6 1,361 2,559 2,449
3,000 1,348 2,220 2,055
15 12.9 11.9 11.8 11.7 1,092 1,709
10.7 828 1,088
2,000 946 735 276
10 6.9 668
2,646 2,422
3.3 1,000 2,077 1,731 1,779
5 1,503 1,485
1,041
585
503
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Market Value as of January 26, 2007 (US$ billions) 2005 Refining Capacity (thousand boed) 5
500
429
8,000
400 6,400
6,000
300
216 210 4,026
156 4,000 2,832 2,708
200 152 2,610 2,195
120 106 105 2,156
2,000 1,233
100 39 524
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Notes: Based on information from company financials and Wall Street research
1 Reflects only those activities relating to the Oil Products business
2 Proforma for acquisition of Burlington Resources
3 Includes revisions on Bolivian reserves
4 Includes volumes added from Unocal acquisition
5 Includes equity in affiliates
6 Based on capacity of wholly owned refineries
8

10. PETROBRAS
Upstream Operations Downstream Operations
Petrobras
Other
Reserves (as of 12/31/2005) Exploratory Area (Nov 2005) Refineries Pipelines and Terminals
Proved Reserves of 11,775 mmboe 160,500 km2 (Petrobras + Partners) 11 refineries in Brazil 10,048 kilometers of oil pipelines
Capacity of 2,156 bpd 9,179 Kilometers of gas pipelines
Reserve / Production 15.4 years 186,000 (others)
Total operated pipelines: 19,227 km
Reserve Replacement of 101.3% Total: 346,500 km2
20 land terminals
23 marine terminals
9

11. PETROBRAS
Vertical Integration Comparison
Majors Average *
4,793
3,176
2,735
National Oil Companies Average **
1,579
1,630
4,329
2011: Petrobras
New Refinery will add 200
thous. bpd capacity 2,296
2010: Product Sales (thous. bpd)
Pasadena Refinery revamp
concluded – processing 70
2,114 Refining (thous. bpd)
thous. bpd of heavy oil Production (thous. boed)
2,217
3,400
Year 2011
* Majors: BP, Exxon, Total, Royal Dutch Shell, Chevron, Conoco and Repsol-YPF *** 2004 figures, except for Petrobras (2005)
** NOIC: PEMEX, PDVSA, Saudi Amraco, KPC, Pertamina and Sonatrach Source: PIW Intelligence and Petrobras 10

12. PETROBRAS
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)
9.5% Foreign
10.9% 20.3% 26.4% 31.2% 31.5% 39,8%
46.4% 10.3%
18.0% 9.9% 8.0% 8.3%
25.1% Bovespa
23.1% 20.7% 20.4%
28,7%
53.6% 61.6%
44.4% 40.6% 40.1% 39.8%
Oct/1992 Jul/2000 After Aug/00 After Jul/01 Dec/2003 Sep/06
offering offering
Governm ent (1) (%) Bovespa Brazil Bovespa Foreign ADRs
Free 46,4 38,4 55,6 59,4 59,9 60,2
Float
(1)
Includes BNDES / BNDESPAR 11

13. PETROBRAS
Upstream Overview
12

14. PETROBRAS
Long-Term Record of Increasing Reserves
Proven Reserves by Category Worldwide Proved Reserves of Petrobras
(Reviewed and Certified by DeGolyer and MacNaughton since 2001)
Oil vs. Gas By Depth
Assoc. Gas
Non-Assoc. Gas 7% 11%
9% 10% 14
23%
Oil and Condensate 11.6 11.8 11.7
12
84% 56% 10.5
Year-end BOE (in billiions)
9.6 9.7
Onshore 10 9.2 9.3
8.4
Offshore (0-300m)
8
Offshore (300-1500m)
Offshore (>1500m)
6
4
By location By Gravity
2
11%
0
'97 '98 '99 '00 '01 '02 '03 '04 '05
26% 74%
89% Note: Based on SEC method and reflect both Brazilian and international reserves.
Brazil > 31o API
For 2004 includes Pecom acquisition.
International Light
< 31o API
Heavy/Intermediate
13

15. PETROBRAS
Rapidly Growing Production Profile
5,000
A GR
C
4,500
7 .4 % 4,546
4,000
1,010
G R 3,493
Thousand boed
3,500
CA 568
3,000 7.9% 724
2,403 551
2,500
234
GR 2,217
2,000 9.6% CA 1,810
2,036 2,020 259 289
1,636 58 246 262
1,565 274
73 68 250
1,405 252 265
1,500 1,238 76 232
1,090 221
1,008 55
885 58 197
1,000 47 179
35 163
152
134
500
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
0
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
14

16. PETROBRAS
Competitive Cost Structure
2003–2005 Average
Finding & Development Costs 2005 Lifting Costs1
($/boe) ($/boe)
16 15.14 15.06 10.00 9.39
14
8.00
12 6.80
9.62 5.88
10 6.00 5.73 5.54
5.08
8 7.55
7.04 6.81
6.07
4.00
6
2.76
4
2.00
2
0 0.00
Chevron Royal Total BP Petrobras Exxon Average Exxon Chevron Petrobras³ Royal BP Total Average
Dutch/ Fina Elf Mobil Mobil Dutch/ Fina Elf
Shell² Shell
Notes:
1 Per company financials and J.S. Herold. Excludes corporate G&A
2 For the 2002–2004 period
3 Without government participation
15

17. PETROBRAS
Lifting Costs including Government Participation
26 70
61,5 56,9 69,6 69,5
51,6 60
21 47,5 61,8
17.5 18.1 50
38,2 17.3
16.1
16 15.2 40
28,8 13.6 13.9
63%
63%
US$/boe
24,8 30
62%
10.7 11,0 11,4 11,5
11 10,0
59%
7,7 8,4 9,7
8.5 20
7.0 6,4
57%
6 5,1 10
4,0
6,0 5,4 5,4 6,1 6,3 6,1 6,6 0
3,0 3,4 4,3
1
-10
2002 2003 2004 1Q05 2Q05 3Q05 4Q05 1Q06 2Q06 3Q06
-4 -20
Lifting Cost Gov. Participation Brent
• Government participation remained stable due to the stability of the Brent price, FX
rate and production.
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 Marlim
Field, calculated as special participation. 16

18. PETROBRAS
Exploration Perspectives
17

19. PETROBRAS
Oilfields discovered/defined in 2002-2006 in the Southeastern offshore basins
18

20. PETROBRAS
Exploratory Wells 2006-2010
MEQ (13)
Solimões (3) Ceará (7)
Potiguar (47)
SEAL& REC
(54)
S.Francisco
(2) Bahia Sul (43)
Esp.Santo (69)
TOTAL BRASIL (# wells) = 368
Investments: US$ 4.1 billion
Investments: US$ 4.1 billion
Campos (62) 65%
Petrobras
Santos (66)
Other Companies
Pelotas (2)
19

21. PETROBRAS
Downstream Overview
20

22. PETROBRAS
Net exports of oil and oil products
Exports (thousand bpd) Imports (thousand bpd)
54 thousand bpd volume surplus in the 3Q06
536 564 559
512 519 510
446 424 446 459
409 209 109 442
249 257 269 137
213 105 94 115 88
228
355 450
319 352 344 354 373
233 263 262 267
181
2003 2004 2005 1Q06 2Q06 3Q06 2003 2004 2005 1Q06 2Q06 3Q06
Oil Oil Products Oil Oil Products
• 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.
2006 includes ongoing exports 21

23. PETROBRAS
Investment Plan – Downstream
US$ 23.1 billion in the downstream ...of which US$ 14.2 billion in refining
segment…
14% 24%
19%
US$ 3.4
US$ 3.2 US$ 2.7
12% US$ 2.8 61%
US$ 14.2
US$ 4.4 US$ 3.7
0
3.
$
26%
US
13% 31%
Refining Expansion
Pipelines & Terminals Transport Product Quality
Ship Transport Conversion
Petrochemical HSE, Maintenance and Other
22

24. PETROBRAS
Refining and Sales in the Domestic Market
2,400 95
91
87 88 90
2,200
85
84
82 85
Thousands boed
2,000
80 80
80 80
79
1,800 76 75
76
%
1,600 70
1,803
1,696 1,639 1,696 65
1,637 1,735
1,400 1,647 1,6411,609 1,551
1,666
1,655
60
1,200
55
1,000 50
2001 2002 2003 2004 2005 1H06
Domestic oil products production Oil products sales volume
Primary processed installed capacity - Brazil (% ) Domestic crude as % of total
23

25. PETROBRAS
Average Realization Price - ARP
100 3Q05 2Q06 3Q06
Average Average Average
81,83
81,78
80 72,43 72,28
70,66
61,54
60 69,62 69,49
60,26
40
ARP Brazil (US$/bbl) Brent Average Price ARP USA (w/ volumes sold in Brazil)
20
Sep-04 Dec-04 Mar-05 Jun-05 Sep-05 Dec-05 Mar-06 Jun-06 Sep-06
24

26. PETROBRAS
International Overview
25

27. PETROBRAS
International - Overview
United Kingdom.
New York
USA
Houston Turkey
Tokyo
Iran Beijing
Lybia
Mexico Trinidad &
Tobago Nigeria
Venezuela
Colombia
Equatorial Guinea Tanzania Singapore
Ecuador
BRAZIL Angola Mozambique
Peru
Bolivia
Paragay Rio de
Janeiro
Uruguay
Chile
HEAD OFFICE Argentina
REPRESENTATIVE OFFICE
REFINING
TRADING
EXPLORATION AND PRODUCTION Core areas
26

28. PETROBRAS
International Investments
Investments in E&P accompanied by growth in refining investments
US$ 12.1 billion Distribution by
Geographic Area
0,8%
23%
1,7% 0,8%
1,7% 70% will be
directed to 2.8
24,8% E&P
33%
2.0 4.0
16%
1,4
3.3 1,4
1,4
70,2% 1,4
28%
E&P Refining and Marketing
Petrochemical Gas & Energy South America Africa
Distribution Corporate 3,1
North America Others(*)
(*) Including investments in Angola under consideration
3,1
185
Thous. boed
94 96 383
168 163
2004 2005 2011 Target
Oil and NGL Natural Gas
27

29. PETROBRAS Petrobras America
First results are very promising with five discoveries and the confirmation of the geological model
UNITED STATES
New Orleans
Houston
COULOMB NORTH
CASCADE
COTTOWOOD
CHINOOK
ST. MALO
DISCOVERIES
2002 - Cascade
2003 - Chinook & St. Malo
2004 - Coulomb North
MEXICO 2005 - Cottonwood
2006 - ???
PETROBRAS AMERICA : GOING DEEPER 28

30. PETROBRAS
International - Main Projects in West of Africa
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
37,5%
9%
13%
40%
1,000m
2,000m
Production (2005):
8,300 bpd
Proven reserves (SPE):
9,1 million bbl
29

31. PETROBRAS
Gas and Energy Overview
30

32. PETROBRAS
Assumptions – Natural Gas Market in Brazil
Natural gas market
140
121.0 121.0
120
up to 20.0
100 34.0
17.7% p.a.
up to 30.0
80
Million m3/day
38.6
60
45.4
40 13.5 up to 71.0
20 24.8 48.4
0 7.1
Consumed in 2005 Maximum Demand Potential Supply 2011
2011(*)
Thermoplants Industry Other
National Production Bolivian Imports LNG
* Considers maximal dispatch for every thermoelectric power plant
31

33. PETROBRAS
Investment Plan – Natural Gas
Main Projects
LNG – Liquefied Natural Gas
Gasene – Northern Segment
Urucu-Coari-Manaus Gas Pipeline
NG infra-structure maintenance
Southeast Gas Pipeline Network
Gasbel Extension
Extension of Gasbol Southern Segment (LNG
outflow)
Construction
Existing
Under evaluation
Northeast Gas Pipeline Network GASBOL
US$ 6.5 billion investments in Natural Gas (US$ 4.5 billion in the 2006-2010 BP)
32

34. PETROBRAS
PLANGAS – to December/2008 Cacimbas (20 MM m3/d)
Peroá (10 MM m3/d)
Peroá
Lagoa parda
Belo Horizonte
Vitória Pólo Golfinho
ESS-164
ESS-
+16.3 MM m3/d (*)
Ubu Golfinho + Canapu
Pq. Baleias + BC10
Cabiúnas
Cabiú
Campinas
Garoupa ESS-130
ESS-
Rio de Janeiro
Caraguatatuba
Namorado
Enchova
REDUC Pampo
RPBC
Platforms from
UN-BC and UN-RIO
UN- UN-
Tambaú
Tambaú +6.4 MM m3/d (*)
Uruguá
Uruguá
Mexilhão TOTAL SOUTHEAST:
Merluza
Merluza - II 40 MM m3/d
(BM-S-3/ BM-S-7,
(BM- BM- Lagosta
SPS-25)
SPS- +1.5 MM m3/d (*) (+ 24.2 MM m3/d)
(*) Additional to the current supplay
33

35. PETROBRAS
Renewable Energy and Biofuels (2007-2011)
2007-2011 Investments 2011 Target
Biodiesel Plants Availability of 855 Thous. m3/year
Processing 425 Thous. m3/year
H-Bio (Bio-Refining)
of vegetable oil
Alcohol pipelines
3.5 million m3 Ethanol Exports
Alcohol Vessel Project
Wind Power
Additional 240 MW Installed Capacity of
Photovoltaic
Power Generation from Renewable Sources
Other Renewable Energy Sources
Investments of US$ 0.7 billion in development of renewable energy sources and
biofuels
Petrobras currently has 280 MW of renewable energy installed capacity
* 2010 Target 34

36. PETROBRAS
Financial Considerations
35

37. PETROBRAS
Macroeconomic Assumptions
Indexes 2007-2011
GDP – World (% pa) – PPP(*) 4.2
GDP – Brazil (% pa) 4.0
FX rate (R$/US$) 2.50
Robustness Brent (US$/bbl) 23.00
Return on Capital Employed (ROCE) (%, real) 16
2006 – 62.00
2007 – 55.00
Brent for funding (US$/bbl)
2008 – 40.00
2009~2011 – 35.00
Linked international market
Oil Products Prices prices, without changes in
relative prices
(*) PPP – purchase power parity
36

38. PETROBRAS
Investment Plan
BP 2006-10 BP 2007-11
(2007-11 Period)
US$ 52.4 billion US$ 87.1 billion
56%
59%
49.3
31.0
1.0
1.0 12.4
2% 1.8
2.3 4.7 3% 2.3 3.3
23.0 26%
2% 24% 7.5
4% 3% 4%
9% 9%
E&P Downstream G&E
Petrochemical Distribution Corporate
Note: Includes International
37

39. PETROBRAS
Investment Plan
Sources Uses
(US$ 99.3 billion) (US$ 99.3 billion)
12.6 12.2
86.7 (*) 87.1
2004-2010 2004-2010
Financing Debt Amortization
Cash Flow Capex
• Accumulated EVA value generation (2006-2015): US$ 83.4 billion (US$ 53.9 until 2011)
38

40. PETROBRAS
Key Financial Debt Ratios Continue to Improve
Net Revenues & EBITDAX(1) Net Debt(2) / EBITDAX(1)
75 1.6
65.4
1.4
56.3
1.2 1.1 1.1
50
(US$bn)
38.4 1.0
30.9
(X)
0.8 0.6
22.9
25 18.8 0.6 0.4
11.2 12.4
0.4
0.2
0
0.0
2003 2004 2005 June 2006
2003 2004 2005 June 2006
LTM
Net Revenues EBITDAX LTM
Debt Levels Net Debt(2) / Net Book Cap
25 60%
21.9 21.2
20.9
19.9
20 50% 44%
38%
13.7 40%
(US$bn)
15 12.7
10.9
(%)
9.2 30% 25%
10
18%
20%
5
10%
0
2003 2004 2005 Jun-06 0%
Total Debt Net Debt 2003 2004 2005 Jun-06
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.
39