Investor Presentaiton

STRONG NET CASH POSITION A A < 9queiroz galvão EXPLORAÇÃO E PRODUÇÃO Cash balance R$1.3 billion as of March 31, 2015 Net cash of R$852 million as of March 31, 2015 R$375 million the cash invested in exchange funds R$233 million credit line with BNB to fund the projects in the northeast of Brazil R$266 million financing package from Brazil's Financiadora de Estudos e Projetos (FINEP) Goal: to support the development of the Atlanta Field EPS Terms: Two credit lines: one fixed rate, one floating 3-year grace period and amortization period of 7 years Investment Distribution ■Santander 10,8% ■Government Securities 53,8% Ratings* Caixa Econômica 9,5% ■Bradesco 8,9% ■ BNB 6,0% ■ HSBC 4,5% ■ Votorantim 2,2% ■ Itaú 1,5% Other 2,7% ■ AA 1% AAA 99% INVESTOR PRESENTATION *Does not include Government Securities P. 22

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