Investor Presentaiton

0 CORPORATION Pre-salt reserves are likely to turn Brazil into a true oil World Proven Oil Reserves by Country Including pre-salt potential 1) 264 138 150 115 102 113 98 87 79 120 8 90 60 30 83- 2) 53 53 41 40 40 Saudi Arab Iran Iraq Kuwait Brazil - Bullish UAE Venezuela Russia Brazil - Conservative Libya Inclusion of pre-salt discoveries - to date should move Brazil well into the top-10 in world-wide proven reserves. 40000 30000 20000 70000 major... Brazil's proven oil reserves as per year-end 2007 amounted to 13 bn boe of which roughly 90% is offshore, compared to the world average of 18% 36 29 29 28 27 15 (3) 13 12 12 98 Kazakhstan Nigeria USA Canada Qatar China Brazil - Proven Algeria Mexico Angola Norway 60000 50000 Life after pre-salt 1) According to statements made by Brazilian government officials and Petrobras' CEO, the potential reserves of the recently discovered pre-salt area in Brazil could be as large as 70-100 bn boe 2) Our internal analysis, when only taking into account high- and medium-probability blocks* from the Santos Basin, arrives at minimum of 40 bn boe in pre-salt reserves. 3) IEA World Energy Outlook 2008 worldwide proven and probable (2P) reserves used as a proxy as the BP estimates did not provide a split into onshore and offshore 10000 0 ESBL 1955 1957 1959 - 1961 1963 T 1965 1967 - 6961 1971 1973 SLB 19771 1979- сод 1961 985 WÄRTSILÄ

View entire presentation