Investor Presentaiton

EVOLUTION Goals 9queiroz galvão EXPLORAÇÃO E PRODUÇÃO Deliver Develop current portfolio to generate a production flow 5 years Create successful E&P track record Geography Brazil (SE basins); and opportunistically on frontier basins Technology Deep water and ultra-deep water Growth Operating model Development of Atlanta and Carcará; opportunistic M&A Operate ~50% of assets; Substantial outsourcing (seismic, platforms); Target share up to ~30-40%/asset Partnerships Petrobras (Carcará); Independent (Atlanta); Majors/Int'l (risked portfolio) Financing INVESTOR PRESENTATION Manati, IPO resources and debt; Discipline and Consistent performance P. 26

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