2030 Strategic Plan and 2014-2018 Business Plan

Maria das Graças Silva Foster CEO 2030 Strategic Plan and 2014-2018 Business Plan Conference Call/Webcast February 26th, 2014

DISCLAIMER FORWARD-LOOKING STATEMENTS: DISCLAIMER The presentation may contain forward-looking statements about future events within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, that are not based on historical facts and 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, company performance and financial results. Such terms as "anticipate", "believe", "expect", "forecast", "intend", "plan", "project", "seek", "should", along with similar or analogous expressions, are 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 to the documents filed by the Company with the SEC, specifically the Company s most recent Annual Report on Form 20-F, which identify important risk factors that could cause actual results to differ from those contained in the forward-looking statements, including, among other things, risks relating to general economic and business conditions, including crude oil and other commodity prices, refining margins and prevailing exchange rates, uncertainties inherent in making estimates of our oil and gas reserves including recently discovered oil and gas reserves, international and Brazilian political, economic and social developments, receipt of governmental approvals and licenses and our ability to obtain financing. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information or future events or for any other reason. Figures for 2014 on are estimates or targets. All forward-looking statements are expressly qualified in their entirety by this cautionary statement, and you should not place reliance on any forward-looking statement contained in this presentation. NON-SEC COMPLIANT OIL AND GAS RESERVES: CAUTIONARY STATEMENT FOR US INVESTORS We present certain data in this presentation, such as oil and gas resources, that we are not permitted to present in documents filed with the United States Securities and Exchange Commission (SEC) under new Subpart 1200 to Regulation S-K because such terms do not qualify as proved, probable or possible reserves under Rule 4-10(a) of Regulation S-X. 2

2030 Strategic Plan

Agenda 1. 2007 (2020 Strategic Plan) x 2013 (2030 Strategic Plan) Context: Reasons for Revising the Plan 2. Changes in Business Environments 3. Supply x Demand x Prices 4. Petrobras Views on Opportunities in Brazil 5. Big Choices and Petrobras Strategies Exploration and Production Refining, Transportation, Marketing and Petrochemical (RTMP) Distribution Gas, Energy and Gas-Chemical Biofuels International 6. Challenges of the Corporate Segments 7. Mission, Vision 2030 e Corporate Drivers 4

Petrobras Strategic Plan: Recent History Main Drivers for the Revision of 2013 Planning 2030 Vision 2007 Last Offshore Areas Bid 2008 Shale Gas Beginning of US Shale Gas production growth 2008 World Economic Crisis Brent drops to US$ 34,00/bbl 2010 Law 12.276: Transfer of Rights Law 12.304: PPSA Law 12.351: PSA 2013 Libra Auction (Oct) First PSA Auction 2013 Tight Oil production reaches 2.3 MMbpd 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2006 Pre-Salt s Discovery: Lula (Jul) 2008 First Oil: Pre-Salt Jubarte EWT (Sep) 2009 First Oil Santos Pre-Salt: Lula EWT (May) 2011 Libra s discovery 2014 Pre-salt s production 2013 record: 407 kbpd (Feb) Pre-salt: 300 kbpd only 7 years after discovery* *GOM=17 years, Campos B.=11 years, North Sea=9 years 2020 Strategic Plan Created in: 2007 Drivers: pre-salt s discovery and growth of oil products market in Brazil. 13 year horizon: strategies defined to 2020, based on 2007 s exploratory potential, not considering future bid rounds. Created in: 2013 2030 Strategic Plan Drivers: changes in regulatory framework in Brazil new Transfer of Rights and Production Sharing Agreement Regimes, growth in US shale gas and tight oil production and 2008 world economic crisis. 17 year horizon: growth in oil production beyond 2020 demands, on top of the 2013 exploratory potential, the incorporation of areas acquired in the new bids (concession and PSA) 5

Petrobras Strategic Plan: WORLD Business Environment 2007 x 2013 2007 year when 2020 Strategic Plan was developed 2013 - year when 2030 Strategic Plan was developed Positive perspective for the world economy. High growth rates (2008-2012 expected GDP: 5% p.a. Source: IMF, Oct/2007) Strong growth for the Chinese economy resulting in high commodity prices (China s economic growth 2000-2013: 9.8% p.a. Source: IMF, Oct/2013) Strong oil demand growth. (1.8% p.a. 2003-2007 Source: IEA, Nov/2007) Projections for oil prices increased every year, due to demand growth and the views on depletion in non-opec production. (Average projected price for the 2007-2020 period: US$ 55/bbl in 2007 and US$ 75/bbl in 2008 Source: Pira, 2007 and 2008) 2008 world economic crisis reduces world economic growth expectations. (Expected world GDP for 2014-2030 = 3.6% p.a. Source: Global Insight, 2013) Uncertainties surrounding the pace of China s economic growth and impacts on prices. (China s economic growth 2014-2030: 4.8 6.5% p.a. Source: EIU and Global Insight, 2013) Slow-down in oil demand growth (0.7% p.a. 2013-2030 Source: IEA, Nov/2013) Oil price stable with perspectives of a small decrease in the mid-term (non-conventionals production growth in US, Irak and Brazil). (2013-2030 projected price: US$ 100/bbl. Source: Pira, 2013) Great enthusiasm with biofuels. 5 Non-conventionals revolution: 2030 production: tight oil 5.8 MMbpd and shale gas - 745 bn m³ (Source: IEA, 2013) Perspective of growth in US dependency on oil and gas imports (growth in LNG imports). 1 2 3 4 6 Perspective for US self-sufficiency in Gas by 2019 and reduction of oil imports needs from 7.9 to 3.6 MMbpd in 2030 (Source: IEA, 2013) 6

Petrobras Strategic Plan: BRAZIL Business Environment 2007 x 2013 2007 year when 2020 Strategic Plan was developed 2013 - year when 2030 Strategic Plan was developed Perspectives of oil production growth in Brazil due to the Pre-salt s discoveries. Questions on the existence and feasibility of technologies for Pre-salt production. Examples: salt movements; H 2 S content; CO 2 treatment and reinjection. 1 Deeper knowledge on the Pre-salt, with successive production records. We already have 10 production units operating in the Pre-salt layer. Experience in the Pre-salt exploration and production and in the reservoir performance led us to the cost optimization phase. E&P activities in Brazil were regulated solely by the concession framework. Critical resources were mapped to attract foreign suppliers to Brazil. There were uncertainties surrounding the naval industry s capacity to meet Post-salt + Pre-Salt s demands. Perspectives on oil products demand growth for the 2007-2011 period was 2.8% p.a.: - A 4.1% p.a. fleet growth was expected, alongside wealth creation; - Biodiesel requirements evolving to B5 in 2010 up to 2020. Great expectation on strong ethanol expansion, with the announcement of 100 new projects (Source: Consultoria Ideia/2007) 2 3 4 5 Three regulatory frameworks Oil and Gas business with three frameworks: Concession, Transfer of Rights and Production Sharing Agreement Local Content Policy is a reality. National industry presses ahead with its learning curve, especially in the naval segment, with perspectives of competitiveness. Perspective on oil products demand growth for the 2014-2018 period of 2.5% p.a. and 2.2% p.a. for 2019-2030 - For 2007-2011 growth amounted to 4.5% p.a. and fleet growth to 7.4% p.a. - A 5.8% fleet growth is expected for the 2014-2018 period and 4.2% for 2019-2030. - Perspective on the evolution of biodiesel requirements from the current B5 to B8 up to 2010 and B10 up to 2023, flat up to 2030 Lower expectation for ethanol expansion, focused on the recovery of agricultural productivity. Ethanol demand growth of 5.4% p.a. in the 2014-2030 period, being met, up to 2016, by spare capacity. 7

World Liquids Demand (MM bpd) New Projects Total 23.1 MM bpd 120 110 100 90 80 70 60 50 World Oil Supply x Demand: 2013-2020 Economic feasibility of future oil production Supply challenges Demand Projection and Expected Decline of World Oil Production Current Production 101.5 MM bpd 78.4 MM bpd 2020 2012 2014 2016 2018 2020 2022 2024 2026 2028 2030 2020 Production Volume from New Projects with production start up from 2013 on according to WoodMackenzie Production volumes from new projects (thousand barrels per day) 0 500 1000 1500 2000 2500 3000 3500 Brazil Venezuela Latin Am. Others West Africa North Africa Africa Others EUA (Onshore) Canadá Oil Sands EUA (Golfo do México) México Canadá EUA (Alasca) Iraq Iran Saudi Arabia Middle East Others China Australia Asia Others North Sea Russia and East Europe Caspian Europe Others 29 814 977 1.032 960 938 486 365 231 453 514 224 1.012 824 1.377 1.233 1.358 1.209 1.118 1.593 1.558 2.069 2.727 Tight Oil Contribution (382 Mbpd) Latam 5.337 Africa 3.859 North Am. 3.810 Middle East 3.809 Asia 2.394 Europe + FSU 3.888 Total 23.1 MM bpd Source: Wood Mackenzie Data - Global Oil Supply Tool (May/2013), developed by Petrobras, save for Brazil data, for which the source is Petrobras internal estimates (Jul/2013). 8

World Liquids Demand (MM bpd) World Oil Supply x Demand: 2013-2030 Economic feasibility of future oil production Projects In operation New Projects Supply challenges Demand Projection and Expected Decline of World Oil Production Challenges for New Oil Production Projects around 2030 120 110 100 90 80 50.8 MM bpd Each country has specific challenges to sustain or grow production in the 2030 horizon: USA: In America, tight oil sweet spots will be more quickly explored by 2020, increasing project costs in the next decade. Uncertainties surrounding environmental restrictions persist. Brazil: Focus on deep waters, for which the frequency of bid rounds, opportunities and obligations will be the variables that companies will consider when evaluating their participation in bids or consortia. Canada: High production costs lead to marginal producer status, demanding a continuous search of efficiency gains 70 60 50 Current Production 2012 2014 2016 2018 2020 2022 2024 2026 2028 2030 Russia: Current production in advance phase of decline, demanding substantial investment in the development of new fields, both in mature areas and new production frontiers. Iraq: sustain production increase through solving internal conflicts. Common Challenge: Individual projects management reducing Capex and Opex. Source: Petrobras development, based on World Energy Outlook/IEA 2013; World Oil Outlook/OPEC 2013; CERA 2013; WoodMakcenzie 2013. 9

Henry Hub Nat. Gas Prices in US$/MM Btu (2014 US$) 2003 2006 2009 2012 2015 2018 2021 2024 2027 2030 2030 Strategic Plan Assumptions Brent and Henry Hub Natural Gas Prices Petrobras assumptions on Brent price within the most conservative range of market projections. Petrobras projection for Henry Hub natural gas prices is close to the average of long term s projections. Oil prices in US$/bbl (2010 2030) Henry Hub Natural Gas Prices in US$/MMBtu 12 11 10 9 8 7 6 5 4 3 2 1 0 Projections* Petrobras 2013 2014 2015-2017 2018-2030 US$ 107/bbl US$ 105/bbl US$ 100/bbl US$ 95/bbl 2013 2014 2015-2017 2018-2030 3.51 US$/MMBtu 4.00 US$/MMBtu 4.60 US$/MMBtu 5.88 US$/MMBtu * Projections: AIE (Nov/2013), PIRA (May/2013), WoodMackenzie (March/2013), IHS (Jul/2013), AEO (April/2013). * Projections: IEA/DOE (June/2012), PIRA (Jan/2013) and CERA (Oct/20123), Barclays Capital (Nov/2012) 10

Brazil s Sedimentary Basins: Areas Granted to Petrobras in 2007 and 2013 In 2007, Petrobras held the rights to an exploratory area 84% larger than 2013 s. Areas Granted to be Explored by Petrobras in Brazil 2007: 140 thousand km² 2013: 76 thousand km² Note: 2013 position does not include Libra and Bids 11 and 12 State Limits Sedimentary Basin Petrobras 100% Petrobras and Partners 11

Petrobras Strategy: Choices of an Integrated Energy Company E&P E&P To produce on average 4.0 million barrels of oil per day in the 2020-2030 period, under Petrobras ownership in Brazil and abroad, acquiring exploration rights to meet this objective RTMP DISTRIBUTION To supply the Brazilian oil products market, reaching a refining capacity of 3.9 million bpd, to match domestic market demand To maintain the leadership in the domestic market for fuels, increasing the value added and the preference for Petrobras brand NATURAL GAS, ENERGY and GAS-CHEMICAL BIOFUELS To add value to the businesses of the natural gas chain, ensuring the monetization of the gas from the Pre-salt and Brazil s land basins. To keep the growth in biofuels, ethanol and biodiesel, alongside the domestic market for gasoline and diesel Perform E&P activities, focusing on oil and gas exploration in Latin America, Africa and USA INTERNATIONAL 12

Exploration and Production To produce on average 4.0 million barrels of oil per day in the 2020-2030 period, under Petrobras ownership in Brazil and abroad, acquiring exploration rights to meet this objective 13

Million bpd Oil and NGL production scenarios in Brazil Petrobras and Estimators: 2013, 2020 to 2035 In 2035, according to estimators, Brazil s oil production will range from 4.7 to 6.6 million barrels of oil per day. International Energy Agency places Brazil as the 6th largest oil producer in 2035. Brazil s Average Oil Production 2020-2030: 5.2 million bpd Petrobras Vision* Estimator Brazil s Oil Production 2020-2030 Average Brazil s Oil Production 2035 1. Petrobras - Brazil* 5.2 million bpd Outside SP 2030 horizon 2. DOE 5.0 million bpd 6,6 million bpd 3. WoodMackenzie 4.9 million bpd 5,4 million bpd 4. CERA 4.4 million bpd 4,7 million bpd 5. AIE 5.4 million bpd in 2025 6,0 million bpd 1. 2. 3. 4. 2020-2030 Average 2035 Source: Petrobras Dec/2013 E&P-CORP * Brazil s production according to Petrobras s view and reasoning, considering different paces for the bid rounds put forward by the Government (Petrobras view today, 2013, up to 2030). Source: AIE 2013, DOE 2013, WoodMackenzie 2013, IHS - CERA 2013 (The use of this content was authorized in advance by IHS. Any further use or redistribution of this content is strictly prohibited without a written permission by IHS. All rights reserved). 14

Million bpd Petrobras Big Choice for the E&P segment 4 million bpd average production: 2020 to 2030, Brazil and Abroad Petrobras chooses to be a company with a potential production capacity of 4 million bpd in its activities in Brazil* and abroad, maximizing profitability. Average Oil Production in Brazil* Petrobras + Third Parties + Government 2020-2030: 5.2 million bpd Petrobras Average Production in Brazil* and Abroad 2013-2020: 3.0 million bpd 4,2 Petrobras Average Production in Brazil* and Abroad 2020-2030: 4.0 million bpd Petrobras Average Production in Brazil* 2020-2030: 3.7 million bpd Petrobras Average Production in Brazil* 2013-2020: 2.9 million bpd Average 2020-2030 * Brazil s production according to Petrobras s view and reasoning, considering different paces for the bid rounds put forward by the Government (Petrobras view today, 2013, up to 2030). Source: Petrobras Dec/2013 E&P-CORP 15

Strategies E&P Segment E&P: 2013-2030 1 2 Discover and appropriate reserves in Brazil, keeping a reserve to production ratio above 12 years Develop exploratory efforts in Brazil s sedimentary basins, selectively and sharing risks 3 4 5 Develop exploratory efforts for natural gas in Brazil s sedimentary land basins Maximize, with profitability, oil and gas recovery in Brazil s concessions under production Develop Pre-salt s Area production in Brazil 16

Refining, Transportation, Marketing and Petrochemical (RTMP) To supply the Brazilian oil products market, reaching a refining capacity of 3.9 million bpd, to match domestic market demand 17

Million bpd Brazil: Oil and NGL production x Oil Products Demand From 2013 base, oil products market to grow 20% by 2020 (2.7% p.a.) and 47% by 2030 (2.3% p.a.). Average Oil Production in Brazil* Petrobras + Third Parties + Government 2020-2030: 5.2 million bpd 3.7 Average Oil Products Demand in Brazil 2020-2030: 3.4 million bpd * Brazil s production according to Petrobras s view and reasoning, considering different paces for the bid rounds put forward by the Government (Petrobras view today, 2013, up to 2030). 18

Million bpd Brazil: Oil and NGL production x Oil Products Demand From 2013 base, oil products market to grow 20% by 2020 (2.7% p.a.) and 47% by 2030 (2.3% p.a.). Average Oil Production in Brazil* Petrobras + Third Parties + Government 2020-2030: 5.2 million bpd Petrobras Average Oil Production in Brazil 2013-2020: 2.9 million bpd Petrobras Average Oil Production in Brazil 2020-2030: 3.7 million bpd Average Oil Products Demand in Brazil 2020-2030: 3.4 million bpd 3.7 * Brazil s production according to Petrobras s view and reasoning, considering different paces for the bid rounds put forward by the Government (Petrobras view today, 2013, up to 2030). 19

million bpd Brazil: Oil and NGL Production x Oil Products Demand Refining Expansion Aligned with the Domestic Market Growth Petrobras processing capacity is expected to reach 3.9 million barrels per day by 2030. Volumes Self-sufficiency: Oil production = oil products consumption Petrobras Average Oil Production in Brazil 2013-2020: 2.9 million bpd Oil Products Self-sufficiency: Total throughput = Total demand Average Oil Production in Brazil* Petrobras+Third Parties+ Government 2020-2030: 5.2 million bpd Petrobras Average Oil Production in Brazil 2020-2030: 3.7 million bpd Average Demand for Oil Products in Brazil 2020-2030: 3.4 million bpd * PROMEGA Increase in Capacity by 195 kbpd OBS: Additional throughput capacity from PROMEGA (by/2016): +165 kbpd (existing refineries) + 30 kbpd (RNEST). PROMEGA: Its goal is to increase diesel, jet fuel and gasoline production from the existing refineries, based on the increase in the capacity and efficiency of the processing units * Brazil s production according to Petrobras s view and reasoning, considering different paces for the bid rounds put forward by the Government (Petrobras view today, 2013, up to 2030). 20

Distribution To maintain the leadership in the domestic market for fuels, increasing the value added and the preference for Petrobras brand 21

Oil Products Distribution Markets and Petrobras Market Share Maintenance of Participation in a Growing Market Petrobras will grow organically its market share to 38% by 2030 with an investment program in Logistics. The Brazilian oil products market will grow 74% during this period. million m³ % 38% 38% 400 37% 36% 37% 300 200 100 0 126 79 82 47 2013 Others Brazil s Oil Products Retail Market BR Distribuidora Share (million m³/year and %) 129 47 2014 151 163 95 101 56 2018 BR Distribuidora 191 119 40% 30% 20% 10% 62 73 0% 2020 Average 2020-2030 Market-Share BR Distribuidora Regional Growth (2013-2030) North +3.4%a.a. Center-West +3.3%a.a. South +3.6%a.a. Southeast +2.6%a.a. Northeast +4.0%a.a. 22

Natural Gas, Energy and Gas-Chemical To add value to the businesses of the natural gas chain, ensuring the monetization of the gas from the Pre-salt and Brazil s land basins. 23

Natural Gas Supply and Demand Balance: 2013-2030 (million m³/day) 41 41 2013 The natural gas imports and transportation infrastructure already installed is enough to meet Petrobras demand until 2030*. 30 6 24 47 47 2014 30 6 24 75 75 2018 30 6 24 Supply Domestic Supply of NG¹ 86 86 2020 Bolivia Imports 30 6 24 97 89 30 6 24 8 Average 2020-2030 Supply E&P New BIDs Supply E&P Flexible Inflexible 45 33 12 2013 39 Demand Thermoelectric Demand Petrobras + Third Parties 47 35 12 2014 41 47 35 12 2018 49 49 35 11 2020 2 NG Distributors Demand 52 50 35 11 4 Average 2020-2030 57 To be contracted Flexible Inflexible Demand 2013 LNG Regasification 41 41 41 41 27 14 14 14 14 TRBA 7 7 7 7 7 Pecém 20 20 20 20 20 Baía de 2013 2014 2014 2018 2018 2020 2020 Average 2020-2030 ** Average 2020-2030 ** Guanabara 2013 2014 2018 2020 Average 2020-2030 12 9 2013 3 16 13 2014 Petrobras Demand: Fertilizers + Refineries 3 27 21 2018 1 5 28 22 2020 1 5 35 27 3 5 Average 2020-2030 98 118 146 157 168 Total 96 105 124 129 143 Total ¹ Includes NG from Partners and Third Parties. ** Supply expects the renovation of the GSA with YPFB (Bolivia) and does not consider the need of a 4 th LNG terminal. * Excludes natural gas production outflow and processing infrastructure. Fertilizers under Evaluation Fertilizers Refining 24

Biofuels To keep the growth in biofuels, ethanol and biodiesel, alongside the domestic market for gasoline and diesel 25

Participation in the Biofuels Market: 2013-2030 Increase of Ethanol and Biofuel production, following the growth of the gasoline and diesel domestic market. 2,000 1,500 1,000 500 934 395 0 2013 Gasoline Type A and Ethanol Market ¹ (thous. bpd) 986 422 2014 1,175 559 2018 ¹ Consists of Gasoline Type A, anhydrous ethanol and hydrous ethanol. 1,275 642 2020 Gasoline Type A and Ethanol 1,501 Market 822 Ethanol Market Average 2020-2030 2,000 1,500 1,000 1,054 500 50 0 2013 ² Domestic market only 1,083 54 2014 Diesel and Biodiesel ² (thous. bpd) 1,289 100 2018 1,380 107 2020 1,618 Diesel and Biodiesel Market Biodiesel Market 152 Average 2020-2030 120 80 40 18 8 0 2013 Participation of PBIO in Ethanol Production (thous. bpd) 61 22 26 9 2014 2018 92 43 2020 119 PBIO Ethanol + Partners 60 Average 2020-2030 PBIO Ethanol 40 Participation of PBIO in Biodiesel Production (thous. bpd) 30 25 32 18 20 10 11 23 10 16 0 8 9 2013 2014 2018 2020 Average 2020-2030 36 PBIO Biodiesel + Partners PBIO Biodiesel 26

International Area Perform E&P activities, focusing on oil and gas exploration in Latin America, Africa and USA 27

International Oil and Gas Production: 2013-2030 Investment through participation in exploratory opportunities in Latin America, Africa and the U.S., especially from 2019 onwards. Act on the conservation of the natural gas supply from Bolivia to Brazil and on non-conventionals in Argentina and USA. thousand boed Petrobras Average International Oil and Natural Gas Production 2020-2030: 479 kboe Petrobras Average International Oil and Natural Gas Production 2013-2020: 229 kboe Petrobras Average International Oil Production 2020-2030: 267 kbpd Petrobras Average International Oil Production 2013-2020: 123 kbpd Average 2020-2030 28

Challenges of the Corporate Segments Human Resources (HR) Social Responsibility (SR) Health, Safety, Environment and Energy Efficiency (HSEE) Technology 29

Challenges of the Corporate Segments Human Resources Challenges (HR) To have an innovative and flexible human resource program, taking as a base the appreciation of the employees and their contribution to the sustainability of Petrobras Social Responsibility Challenges (SR) To ensure the alignment and integration of social responsibility in the decision making processes and in the management of the business Health, Safety, Environment and Energy Efficiency Challenges (HSEE) To consolidate HSEE issues as a principle of the Company s operations and permanent commitment from the workforce Technolgy Challenges To keep the technological system recognized for providing technologies for the sustainable growth of the Company 30

Mission, Vision 2030 and Corporate Drivers Mission Vision 2030 To perform in the oil and gas industry in an ethic, safe and profitable way, with social and environmental responsibility, providing products suited to the needs of its clients and contributing to the development of Brazil and the countries where it operates. To be one of the five largest integrated energy companies in the world¹ and the preferred one by its stakeholders. Corporate Drivers Integrated Growth Profitability Social and Environmental Responsibility ¹ Metric: one of the five largest oil producers among all companies, with or without shares in stock exchanges. (Source for calculation: Petroleum Intelligence Weekly PIW - Annual Report ) 31

2014-2018 Business and Management Plan

Exploratory Success and Reserves Increase 46 discoveries in the last 14 months (Jan/13 Feb/14), of which 24 were offshore (15 in Pre-salt). State Limit Sedimentary Basin 100% Petrobras Petrobras and Partners PAD IARA EXT-4(RJS-706) SAGITÁRIO(SPS-98) FLORIM(RJS-704) TANGO(CES-161) PITU(RNS-158) PAD FARFAN-1(SES-176D PAD MURIÚ-1(SES-175D) PAD MOITA BONITA(SES-178) PAD TAMBUATÁ SANTONIANO(GLF-35) SÃO BERNARDO(ESS-216) ARJUNA(ESS-211) RIO PURUS(CXR-1DA) EXT DE FORNO(AB-125) EXT DE BRAVA (VD-19) MANDARIM(MLS-105) BENEDITO(BP-8) FRANCO NORDESTE(RJS-724) FRANCO LESTE(RJS-723) FRANCO SUL(RJS-700) ENTORNO DE IARA-1(RJS-711) IARA ALTO ÂNGULO(RJS-715) JÚPITER BRACUHI(RJS-713) NE TUPI-2(RJS-721) SUL DE TUPI(RJS-698)) Brazil Discoveries: 46 Offshore: 24 Onshore: 22 Exploratory Success Ratio: 75% Reserves: 16.0 Billion boe RRR¹: 131% > 100% for the 21 st consecutive year R/P²: 20.0 years Pre-Salt Discoveries: 14, of which 5 were pioneers wells Exploratory Success Ratio: 100% Reserves: 300 km of SE region, 55% of GDP ¹ RRR: Reserves Replacement Ratio ² R/P: Reserve / Production 33

2014-2018 BMP: Petrobras Oil and NGL Production Curve in Brazil 2014 Growth: 7.5% ± 1p.a. Oil and NGL production operate by Petrobras in 2020 will be 4.9 million of bpd. Versão 20/02 22:00 34

2014-2018 BMP: Petrobras Oil, NGL and Natural Gas Production Curve in Brazil 2014 Growth: 7.5% ± 1p.a. Versão 20/02 22:00 35

2014-2018 BMP: Petrobras Oil and NGL Production Curve in Brazil Oi and NGL production (million bpd) 9 Production Units Concluded 1 st Oil Forecast 1 st Oil Forecast 2014-2015 2016-2020 Sapinhoá Pilot (Cid. São Paulo) Baúna (Cid. Itajaí) Lula NE Pilot (Cid. Paraty) Papa-Terra (P-63) Roncador III (P-55) Norte Pq. Baleias (P-58) Roncador IV (P-62) Papa-Terra (P-61) Papa-Terra (TAD) Norte Pq. Baleias (P-58) 1 st Quarter Roncador IV (P-62) 2º Quarter Papa-Terra (P-61 + TAD ) 2 nd Quarter Sapinhoá Norte (Cid. Ilhabela) 3 rd Quarter Iracema Sul (Cid. Mangaratiba) 4 th Quarter Iracema Norte (Cid. Itaguaí) 3 rd Quarter Lula Alto Lula Central Lula Sul (P-66) Búzios I (P-74) Lapa Lula Norte (P-67) Búzios II (P-75) Lula Ext. Sul e ToR Sul de Lula (P-68) Lula Oeste (P-69) Búzios III (P-76) Iara Horst (P-70) Tartaruga Verde and Mestiça Búzios IV (P-77) NE de Tupi (P-72) Deep Water ES Iara NW (P-71) Marlim I Revitalization Deep Water I SE Sul Pq. Baleias Maromba I Carcará Entorno de Iara (P-73) Júpiter Búzios V Espadarte III Deep Water II SE Marlim II Revitalization Libra Florim 2014 Growth: 7.5% ± 1p.a. Production Units in operation Production Units Delivered in 2013 --- Production Units not bid as of Feb/2014 36

Production Units Delivered, under Construction and under Bidding 1,000 kbpd 300 kbpd Additional Installed Capacity Operated by Petrobras P-67 150 kbpd 1,000 kbpd 900 kbpd 1,050 kbpd P-73 TAD P-62 Cid. Mangaratiba Cid. Itaguaí P-75 P-67 P-77 P-71 P-61 Cid. Caraguatatuba P-70 Cid. Ilhabela P-72 P-58 Under Bidding Process: P-76 P-55 P-63 Cid. Paraty Cid. Itajaí Cid. São Paulo 2013 Tartaruga Verde and Mestiça Deep Water ES Marlim I Revitalization Deep Water I SE Maromba I Sul do Pq. das Baleias Carcará P-74 P-66 Cid. Maricá Cid. Saquarema 2014 2015 2016 2017 2018 P-69 P-68 PU under bidding: Tartaruga Verde and Mestiça + 150 kbpd PU to be bid: Deep Water ES Marlim I Revitalization Deep Water I SE Maromba I Sul do Pq. das Baleias Carcará + 600 kbpd 37

PLSVs under Operation and Construction 19 New PLSVs to support the Oil Curve Current Fleet = 11 PLSVs + 8 throughout 2014 + 9 + 2 3 PLSVs of 550t (The Netherlands) 1 PLSVs of 300t (Suape) Sunrise 270t Kommandor 3000 135t North Ocean 102 210t Sapura Diamante 550t 1 PLSVs of 300t (The Netherlands) 1 PLSVs of 550t (The Netherlands) Deep Constructor 125t Normand7 340t Lay Vessel 105 300t Sapura Topázio 550t P-58 Skandi Vitória 300t Seven Mar 340t Polar Onyx 275t Seven Waves 550t 2 PLSVs of 550t (The Netherlands) Skandi Niterói 270t Seven Seas 430t Coral do Atlântico 550t Estrela do Mar 550t 2 PLSVs of 650t (The Netherlands) McDermott Agile 200t Seven Condor 230t 1 PLSVs of 300t (Suape) PLSV: Pipe Laying Support Vessel 2014 Seven Phoenix 340t 2014 2016 2017 38

Million bpd Brazil: Oil and NGL Production x Oil Products Demand Refining Expansion Aligned with Domestic Market Growth Petrobras refining capacity should reach 3.3 million bpd in 2020, aligned with domestic market growth. PROMEGA Capacity Expansion of 195 kbpd RNEST 1 st Phase 4 th Quarter RNEST 2 nd Phase 2 nd Quarter Comperj 1 st Phase Premium I 1 st Phase Premium II PROMEGA additional refining capacity (by Dec/2016): +165 kbpd (current refineries) + 30 kbpd (RNEST). PROMEGA targets are to increase diesel, jet fuel and gasoline production of our refineries, based on capacity and efficiency increase of processing units. 39

mai-04 nov-04 mai-05 nov-05 mai-06 nov-06 mai-07 nov-07 mai-08 nov-08 mai-09 nov-09 mai-10 nov-10 mai-11 nov-11 mai-12 nov-12 mai-13 nov-13 mai-14 nov-14 mai-15 nov-15 mai-16 nov-16 mai-17 nov-17 mai-18 nov-18 mai-19 nov-19 mai-20 nov-20 mai-21 nov-21 jan-10 jul-10 jan-11 jul-11 jan-12 jul-12 jan-13 jul-13 jan-14 jul-14 jan-15 jul-15 jan-16 jul-16 jan-17 jul-17 jan-18 jul-18 jan-19 jul-19 jan-20 jul-20 jan-21 jul-21 (%) US$ MM abr-05 out-05 abr-06 out-06 abr-07 out-07 abr-08 out-08 abr-09 out-09 abr-10 out-10 abr-11 out-11 abr-12 out-12 abr-13 out-13 abr-14 out-14 abr-15 out-15 abr-16 out-16 abr-17 out-17 abr-18 out-18 abr-19 out-19 abr-20 out-20 abr-05 out-05 abr-06 out-06 abr-07 out-07 abr-08 out-08 abr-09 out-09 abr-10 out-10 abr-11 out-11 abr-12 out-12 abr-13 out-13 abr-14 out-14 abr-15 out-15 abr-16 out-16 abr-17 out-17 abr-18 out-18 abr-19 out-19 abr-20 out-20 (%) US$ MM RNEST and COMPERJ Refineries Physical and Financial Monitoring RNEST Start-up: 4 th Quarter 110 100 90 80 70 60 50 40 30 20 10 0 Physical Monitoring S-Curve IMPLEMENTION MILESTONES 1 - Start-up - ETA (Mar/2014) 2 - Start-up - ETDI (Sep/2014) 3 - Start-up UDA 11 (Oct/2014) 4 - Start-up UCR 21 (Nov/2014) 5 - Start-up HDT Diesel 31 (Nov/2014) BMP PNG 13-17 2014 Projetado Planned 2014 BMP 13-17: 87% Accomplished: 84% 20000 18000 16000 14000 12000 10000 8000 6000 4000 2000 0 Financial Monitoring S-Curve BMP PNG 13-17: US$ US$ 18.515 MM MM Projetado: Planned US$ 18.579 MM US$ 18.579 MM BMP 13-17: 15,246 Million Accomplished: 14,841 Million feb/14 PNG BMP 12-16 PNG BMP 13-17 Realizado Accomplished Projetado Planned PNG BMP 13-17 Realizado Accomplished Projetado Planned COMPERJ Start-up: 2016 110 100 90 80 70 60 50 40 30 20 10 0 Physical Monitoring S-Curve IMPLEMENTATION MILESTONES 1 - Start-up ETA (Jun/2015) 2 - Start-up - ETDI (Jun/2015) 3 - Start-up - UDAV (Ago/2016) 4 - Start-up - UCR (Ago/2016) 5 - Start-up - HCC (Ago/2016) BMP PNG 13-17 2016 Projetado Planned 2016 BMP 13-17: 67% Accomplished: 66% 16.000 14.000 12.000 10.000 8.000 6.000 4.000 2.000 0 Financial Monitoring S-Curve PNG 13-17: US$ BMP 13-17 13.457 MM US$ 13.457 MM Projetado: US$ Planned 13.596 MM US$ 13.596 MM BMP 13-17: 7,882 Million Accomplished: 7,573 Million feb/14 PNG BMP 12-16 PNG BMP 13-17 Realizado Accomplished Projetado Planned PNG BMP 13-17 Realizado Accomplished Projetado Planned 40

Natural Gas, Energy and Gas-Chemical Monetization of Natural Gas reserves by increasing the capacity of thermoelectric generation and of nitrogenous fertilizers, as well as the NG distributor demand. 7.5 Installed Capacity of 5.0 Thermoelectric Generation (GW) 2.5 6.0 6.0 6,3 6.0 +20% 0.3 6.8 6.0 0.8 7,2 6.0 1.2 New TP Current Capacity Thermoelectric Power Plant projects: TP Baixada Fluminense Feb/2014 TP Azulão 2017 TP Bahia II 2020 TP Sudeste VI 2020 0.0 2013 2014 2018 2020 +33% NG Distributor Demand (million m³/d) 60 40 20 39 41 49 52 Infrastructure projects of NG: Delivery gates along GASBOL and NE and SE Network 0 2013 2014 2018 2020 Ammonia and Urea Market Supply (million ton/year) 4.5 3.0 1.5 0.0 1.3 1.1 2013 0.2 1.8 1.6 2014 +169% 0.2 3.5 0.8 2.7 2018 3.5 0.7 2.8 2020 Ammonia Urea Fertilizers projects: Ammonium Sulfate Feb/2014 UNF III (MS) 4 th Quarter - 2014 UNF V (MG) 2017 41

International: Oil and Natural Gas Production Production growth by participation in exploratory opportunities in Latin America, Africa and the USA. Maintenance of Bolivian gas supply to Brazil and minority operation in non-conventional in Argentina and the USA. kboed 177 92 253 140 294 152 2014-2020 Growth rate: 8.9 % p.a. 2014-2020 Growth rate: 8.7 % p.a. 2014 2015 2016 2017 2018 2019 2020 Petrobras International Oil and Natural Gas Production Petrobras International Oil Production 42

2014-18 Business and Management Plan Fundamentals PERFORMANCE CAPITAL DISCIPLINE PRIORITY Financiability Assumptions Investment Grade rating maintenance No new equity issuance Convergence with International Prices (Oil Products) Partnerships and Business Models Restructuring Management focused on reaching physical and financial targets of each project Guarantee the expansion of the business with solid financial indicators Priority for oil and natural gas exploration & production projects in Brazil 2014 2018 43

2014-2018 BMP Investments Approved by the Board of Directors of Petrobras on 02/25/2014 BMP 2014-2018 US$ 220.6 billion 38.7 (18%) Financiability Assumptions Investment Grade Rating maintenance: 153.9 (70%) 10.1 (5%) 9.7 (4%) 2,3 (1.0%) 2.7 2.2 (1.2%) (1%) 1.0 (0.4%) Return of the debt ratios and leverage to their limits within 24 months 2 Leverage lower than 35% Net Debt/Ebitda lower than 2.5x No new equity issuance Convergence with International Prices (Oil Products) E&P Downstream Gas and Energy International Biofuels Distribution Engineering, Technology and Materials Other Areas 1 Partnerships and Business Models Restructuring 1) Financial Area, Strategy and Corporate-Services 2) Material Fact of 11/29/2013 44

2014-2018 BMP Investments: US$ 220.6 Billion Portfolio of Projects Under Implementation, Bidding Process and Evaluation Total Investments US$ 220.6 Billion Portfolio of Projects Under Implementation + Under Bidding Process US$ 206.8 Billion Portfolio of Projects Under Evaluation US$ 13.8 Billion 153.9 (70%) 38.7 (18%) 10,1 (5%) 9,7 (4%) 2,3 (1,0%) 2,2 (1%) 1,0 (0,4%) 2,7 (1,2%) = Under Implementation Projects being executed (construction) Projects already bid Resources required for studies of Projects Under Evaluation Under Bidding Process E&P projects in Brazil Premium I Refinery Premium II Refinery + Projects under Studies in Phase I, II or III (except E&P in Brazil) Oil Production 2020: 4.2 million bpd No impact in Oil Production 2020 E&P Downstream Gas and Energy International Biofuels Distribution Engineering, Technology and Materials Other Areas 1 1) Financial Area, Strategy and Corporate-Services ¹ Includes E&P projects in Brazil that must pass through bidding process of their units, as well as Premium I and Premium II refineries that bidding process will be done in 2014. 45

Petrobras Investments in Exploration and Production: US$ 153.9 billion Total E&P US$ 153.9 bilhões Production Development + Exploration US$ 135.9 billion 18,0 (12%) 23,4 (15%) 53,9 (40%) 82,0 (60%) 112,5 (73%) Exploration Production Development Infrastructure and Support Post-Salt Pre-Salt Pre-Salt (Concession) Transfer of Rights PSA (Libra) E&P Petrobras US$ 153.9 Billion (77%) + E&P Partners US$ 44.8 Billion (23%) = Total with Partners US$ 198.7 Billion (100%) 46

Petrobras Investments: US$ 58.5 billion Downstream Gas, Energy and Gas-Chemical International Downstream US$ 38.7 billion Refining Capacity Expansion Operational Improvement Quality and Conversion Logistics for Oil Fleet Expansion Petrochemical Logistics for Ethanol Distribution Corporate 1,4 3% 5,5 14% 3,3 9% 0,4 1% 1,4 4% 9,4 24% 0,3 1% 0,3 1% 16,8 43% Projects Under Implementation RNEST (Pernambuco) COMPERJ 1st phase (Rio de Janeiro) PROMEF 45 Vessels to transport Oil and Oil Products Projects Under Bidding Process Premium I 1st phase (Maranhão) Premium II (Ceará) Gas, Energy and Gas-Chemical US$ 10.1 billion Energy Network Regas - LNG 6,1 61% 0,1 1% 1,3 13% 2,6 25% Projects Under Implementation UNF III (Mato Grosso do Sul) UNF V (Minas Gerais) Rote 2: Gas pipeline and NGPU Rote 3: Gas pipeline and NGPU Gas-Chemical Operational Units (Nitrogenous) International US$ 9.7 billion Exploration & Production Refining & Marketing Distribution Gas & Energy Corporate Petrochemical 9,0 92% 0,05 0,5% 0,6 6% 0,01 0,1% 0,05 0,5% 0,1 0,7% Projects Under Implementation E&P USA Saint Malo E&P USA Cascade and Chinook E&P USA Lucius E&P Argentina Medanito and Entre Lomas E&P Bolivia San Alberto and San Antonio E&P Nigeria Egina Projects under implementation, under evaluation and under bidding were included.. 47

2014-2018 BMP: Investment and Operating Costs Management 2014-2018 BMP US$ 220.6 Billion PROEF Program to Increase Operational Efficiency UO-BC UO-RIO PROCOP Operating Costs Optimization Program PRC-Poço Program to Reduce Well Costs PRC-Sub Program to Reduce Subsea Facilities Costs INFRALOG Logistic Infrastructure Optimization Program Local Content Management Take advantage of the industry s capacity to maximize gains to Petrobras Health, Safety, Environment and Energy Efficiency PROCOP: Focus on OPEX, operating costs of the Company activities Manageable Operating Costs.. PRC-Poço: Focus on CAPEX dedicated to Wells construction Investments in Drilling and Completion. PRC Sub: Focus on CAPEX dedicated to subsea systems construction. 48

Logistic Cost in Downstream (R$/bbl): Lifting Cost (R$/boe): Refining Cost (R$ thous./uedc *): 2014-2018 BMP Incorporates operational efficiency gains from PROCOP 34,8 32,7 2014 Costs reduction between 2013 and 2016 with potential savings of R$ 37.5 billion in nominal values -5.9% p.a. -7.2% p.a. 2018 27,3 Without PROCOP 24,2 With PROCOP Gains from PROCOP reduce Lifting Cost: Optimization of routine processes and resources used in the production of oil & gas. Excellence level in the management of materials and spares. Adequacy of overhead. 10,50 10,06 2014 +0.78% p.a. +0.12% p.a. 2018 10,83 Without PROCOP 10,11 With PROCOP Gains from PROCOP reduce Logistic Cost: Reduction in shipping costs: simplification of customs procedures; optimization of fuel consumption; and implementation of new management tools. Optimization of inventory levels of oil and oil products. Reduction of stored water in the logistics system. 1,177 1,029 +1.32% p.a. -0.40% p.a. 1,240 1,013 Without PROCOP With PROCOP Gains from PROCOP reduce Refining Cost: Integrating common and interdependent activities among refineries. Optimized use of support resources. Optimization in the consumption of energy, catalyzers and chemicals. 2014 2018 * UEDC = Utilized Equivalent Distillation Capacity 2014-18 period: projected with nominal values. 49

2014-2018 BMP: Financiability Analysis US$ 206.8 billion Total Investment US$ 220.6 billion Projects Under Implementation + Projects Under Bidding Process US$ 206.8 billion Projects Under Evaluation US$ 13.8 billion 153.9 (70%) 38.7 (18%) 10.1 (5%) 9.7 (4%) 2,3 (1.0%) 2.2 (1%) 1,0 (0.4%) = 2.7 (1.2%) Under Implementation Projects being executed (construction) Projects already bid Resources required for studies of Projects Under Evaluation Under Bidding Process E&P projects in Brazil Premium I Refinery Premium II Refinery + Projects under Studies in Phase I, II or III (except E&P in Brazil) Oil Production 2020: 4.2 million bpd No impact in Oil Production 2020 E&P Downstream Gas and Energy International Biofuels Distribution Engineering, Technology and Materials Other Areas 1 Financiability US$ 206.8 billion Low maturity of projects: not considered in the financiability analysis 2 1) Financial Area, Strategy and Corporate-Services 2) As occurred in 2012 (2012-2016 BMP ) and in 2013 (2013-2017 BMP). ¹ Includes E&P projects in Brazil that must pass through bidding process of their units, as well as Premium I and Premium II refineries that bidding process will be done in 2014. 50

E&P and Dowstream Share Evolution in the Business and Management Plan Portfolio of Projects for Financiability Evaluation Portfolio of Projects for Financiability Evaluation E&P share in Petrobras investments has been increasing in the last five Business and Management Plan Investment US$ 224.0 Billion US$ 224.7 Billion US$ 236.5 Billion US$ 236.7 Billion US$ 220.6 Billion 70% E&P 48% 52% 56% 62% Downstream 35% 33% 30% 27% Other Areas* 17% 15% 14% 11% 18% 12% 2010-2014 BMP 2011-2015 BMP 2012-2016 BMP Total Capex 2013-2017 BMP Total Capex 2014-2018 BMP Total Capex * Gas and Energy, International, BR Distribuidora, PBio, Engineering Technology and Materials (ETM) and Corporate and Services Area 51

2014-2018 BMP: Financial Planning Assumptions Financing analysis only incorporates projects under Implementation + Bidding = US$ 206.8 Billion No equity issuance Investment grade maintenance Main Assumptions for Cash Flow Generation and Investment Levels 2014-2018 BMP is based on constant currencies from 2014. Brent Prices (US$/bbl) Average Exchange Rate (R$/US$) US$ 105 in 2014, declining to US$ 100 by 2017 and to US$ 95 in the long term R$ 2.23 in 2014, strengthening to R$ 1.92 in the long term Leverage Limit: < 35% Declining leverage (although limit surpassed in 2014) Net Debt/ EBITDA Oil Product Prices in Brazil Limit: < 2.5x Limit will be surpassed in 2014 and will fall below 2.5x from 2015 and below 2.0x in the end of period Convergence of prices in Brazil to international benchmarks, according to diesel and gasoline price policy appreciated by the Board of Directors on November 29 th, 2013. 52

US$ Billion bilhão 2014-2018 BMP: Operating Cash Flow and Funding Needs 261.7 261.7 9.1 9.9 54.9 61,3 60.5 39,8 Additional funding needs will be funded exclusively through new debt. No equity issuance is envisaged Free cash flow, before dividends, from 2015 on. 165,0 182.2 207,1 206.8 Annual borrowing needs 2014-2018 Gross US$ 12.1 billion Net US$ 1.1 billion Net borrowing needs below previous BMP due to: Fontes Sources Usos Uses Business Model Restructuring Cash Utilization Third-party resources (Debt) Operating Cash Flow (After Dividends) and Divestments Amortization Investments Higher oil production. Expansion of refining capacity, reducing oil products imports. Business model restructuring, which decreases cash needs throughout the BMP. 53

2014-2018 BMP: Leverage and Net Debt/EBITDA Leverage Net Debt/EBITDA Declining leverage, within maximum limit of 35% from 2015 on Net Debt/EBITDA comply with the limit from 2015 on 54

2014 2018 Business and Management Plan The End 55