Petrobras' Energy Sector Outlook

CORPORATION Economic growth is expected to pick up from 2013 onwards Real GDP and annual growth % BRL bn 2000 6 9 7 W 1800 1 600 1400 2000-2011 CAGR: 3.5% 1200 1000 800 600 400 200 2012-2017 CAGR: 4.1% 8 7 10 6 5 4 3 2 1 0 0 -1 2000 2001 2002 2003 2004 2005 2006 2007 2008 Real GDP IMF GDP estimate 2009 2010 2011 2012e 2013e 2014e 2015e 2016e 2017e Actualy/y change (%) IMF y/y change est. (%) The Brazilian government is actively stimulating consumption by tax reductions, injecting capital through investments and by continuously reducing interest rates. Inflation at 5.3% is somewhat over the Central Bank's target of 4.5%. There is lack of skilled labour at all levels while unemployment remains record low at around 5.3% (being even lower in the offshore hub of Rio de Janeiro). December 2012 Source: IMF, DnB Nor * SELIC down from 12.5% to 7.5% during the past year VANTSILÄ

View entire presentation