Investor Presentaiton

Timing of the Sector: Concentration in Exploration in the last 5 years E&P timing breakdown per Round Bid - Brazil Higher Development Activities Ahead Total Granted Area (offshore) 232.7 thousand km² - 59.6% already explored Last Next 5 yrs 5 yrs 10th - 2008 1st 7 5 22 9th - 2007 7 5 22 22 8th - 2006 8 8 5 8 5 10 5 222 7th - 2005 2nd 22 22 6th - 2004 23 23 5th-2003 8 5 23 4th - 2002 9 5 22 22 9 5 9 5 9 5 16 3rd-2001 22 22 2nd-2000 222 22 1st - 1999 1999 2004 2009 2014 2019 2024 2029 2034 2039 2044 1998 ■ Exploration ■Development ■ Production Source: ANP and Company's assumptions 3rd 4th 5th 6th 9th 8th 7th 2000 2002 2004 2006 2008 Obs.: 10th equals to zero C LUPATECH

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