ALMIR GUILHERME BARBASSA

1. Conference Call / Webcast RESULTS ANNOUCEMENT 1st Quarter 2009(Brazilian Corporate Law) ALMIR GUILHERME BARBASSA CFO and Investor Relations Officer May 13, 2009

2. Disclaimer Disclaimer The presentation may contain forecasts about future events. Such forecasts merely reflect the expectations of the Company's management. Such terms as "anticipate", "believe", "expect", "forecast", "intend", "plan", "project", "seek", "should", along with similar or analogous expressions, are used to identify such forecasts. These predictions evidently involve risks and uncertainties, whether foreseen or not by the Company. Therefore, the future results of operations may differ from current expectations, and readers must not base their expectations exclusively on the information presented herein. The Company is not obliged to update the presentation/such forecasts in light of new information or future developments. CAUTIONARY STATEMENT FOR US INVESTORS The United States Securities and Exchange Commission permits oil and gas companies, in their filings with the SEC, to disclose only proved reserves that a company has demonstrated by actual production or conclusive formation tests to be economically and legally producible under existing economic and operating conditions. We use certain terms in this presentation, such as oil and gas resources, that the SEC’s guidelines strictly prohibit us from including in filings with the SEC.

3. DOMESTIC OIL, NGL & NATURAL GAS PRODUCTION – 1Q09 VS 4Q08 Oil and Natural Gas Average Domestic Production 7% +3% 2,261 2,195 2,120 Thous. bpd 1Q08 4Q08 1Q09 Record for daily production of oil in Brazil (05.04.2009) 2,059,063 barrels • 3% increase in production due to: • production increase in platforms P-52 and P-54 (Roncador); • start-up of P-51, in Marlim Sul, P-53, in Marlim Leste, and FPSO Cidade de Niterói, in Marlim Leste; • Due to a decline in the domestic market demand, natural gas production decreased 6%. We currently have installed capacity to produce an additional 87 thousand boed of natural gas if the market demands. 3

4. NEW PRODUCTION SYSTEMS STATUS P-53 P-51 FPSO Cidade de Niterói

5. PARQUE DAS CONCHAS FRADE LARGE PROJECTS STARTING UP IN 2009 MANATI expansão FPSO Espírito Santo FPSO Frade ¹ Operated by Chevron ² Operated by Shell 5

6. CHALLENGES AND GOALS: TUPI DEVELOPMENT FPSO BW Cidade de São Vicente PHASE 3 POÇO 3-RJS-646 3 MONTHS DRILL WELL P1 LDA: 2.200m • Challenges: • Special coating for well and flexible risers to support aggressive fluid and high pressure; • Supplementary recovery with alternating water and gas injection*; • Reinjection of CO2 associated with the fluids produced in the reservoir*; • Wet Christmas trees at water depths never used in Brazil*; • High resolution seismic acquisition in some areas to identify reservoirs; • Completion of wells in an environment with high pressure; • (*) expected for the Pilot Project in 2010 LINE RELOCATION PHASE 2 POÇO P1 6 MONTHS PHASE 1 POÇO 3-RJS-646 6 MONTHS • Extended Well Test: • Capacity: 30,000 bpd • Duration: 15 months • API: 28-30o • Main information to be collected during the EWT: • long-term behavior of producing reservoir; • fluids flowage and drainage during production; • subsea outflow; • geometry of final wells. 6 6

7. MAIN DISCOVERIES IN THE POST-SAT REGION * * 2007 to 2009 7

8. E&P OIL PRICES (US$ per barrel) Average 4Q08 Average 1Q09 • The spread between average domestic oil price and average Brent price increased from US$ 6.96/bbl in the 4Q08, to US$ 12.17 in the 1Q09.

9. LIFTING COST IN BRAZIL US$/barrel R$/barrel 54.40 51.14 43.20 41.48 34.24 31.08 30.27 24.82 18.11 14.69 • Lifting cost without government take, both in Reais and in Dollar, have been decreasing, following international oil prices; • 3 new units launched recently ( producing 25% of the capacity) contributed to increase this cost, besides reduction of 6% of natural gas production.

10. AVERAGE REALIZATION PRICES – ARP US$/bbl R$/bbl 1Q08 4Q08 1Q09 1Q08 4Q08 1Q09 176.48 77.40 181.83 163.59 104.79 161.89 163.07 93.90 71.64 70.53 123.72 53.48 • Average Realization Prices in Reais slightly decreased in the quarter, reflecting international oil prices; • Prices in the international market are still volatile: • Brent increased 15% in the last 10 days. • USGC Gasoline increased 17% in the last 10 days. 10

11. SALES VOLUME IN THE DOMESTIC MARKET – OIL PRODUCTS AND NATURAL GAS IMPORTAÇÃO E EXPORTAÇÃO DE PETRÓLEO E DERIVADOS Oil Products Natural Gas -6% 1,703 1,609 -29% Thous. barrels/day Thousand boed • 6% decrease in diesel sales volume due to: • Reduced sales to thermo plants; • Increase of the percentage of biodiesel (2% to 3%); • Decrease in industrial production. • 2% increase in gasoline sales, due to the expressive increase in the vehicles fleet. • 29% decrease in natural gas sales volume due to: • Reduction of the non-thermal market consumption (economic slowdown / FO substitution); • Decrease in thermal demand (reservoirs at a higher level in the Southeast region). * Others: Coke, Asphalt, Propene, Lubricants, other liquefied gases and other oil products. Biggest decrease when compared to the 1Q08 was lubricants and other gases and oil products.

12. OIL AND OIL PRODUCTS IMPORTS AND EXPORTS IMPORTAÇÃO E EXPORTAÇÃO DE PETRÓLEO E DERIVADOS Financial Deficit 1Q08 US$ 775 Million Financial Deficit 1Q09 US$ 150 Million Thous. bpd Oil Products Oil • Positive net exports driven by the increase in domestic production; • Financial deficit resulting from the light x heavy spread between exported products (heavy) and imported products (light); • Investments in refining to maximize the processing of national oil and capture this margin.

13. OPERATING INCOME CHANGE – R$ MILLION – 1Q09 VS 4Q08 1,952 Operating Expenses 1Q09 Operating Income 4T08 Operating Income Revenues COGS • Lower Net Operating Revenues, due to decrease in sales volume and lower prices; • Decrease in COGS reflects lower costs with oil and oil products imports and the decrease in the government participation; • Reduction in Operating Expenses due to the absence of impairment and adjustments in inventories, which occurred in the 4Q08; • Decrease in recurring items in Sales expenses (freight reduction) and in General and Administrative expenses (decrease in expenditures with consultancies and data processing).

14. NET INCOME CHANGE – R$ MILLION – 1Q09 VS 4Q08 4Q08 Net Income Minority Interest Operating Income Financial Result Equity Income 1Q09 Net Income Taxes • Decrease in financial result due to FX losses in the 1Q09 (-R$ 298) in comparison with the gain in the 4Q08 (R$ 2.258); and absence of gain with hedge , which occurred in the 4Q08 (R$ 620); • Equity Income was impacted by the provision for the acquisition of Pasadena refinery (R$ 341); • Higher income tax payment due to the absence of fiscal benefit for the provision of Interest on Own Capital, as occurred in the 4Q08, and higher operating income; • Increase in Minority Interest due to the negative result of SPCs in the 4Q08, due to the FX effect on debts.

15. EXPLORATION AND PRODUCTION – CHANGE IN OPERATING INCOME (R$ MILLION – 1Q09 VS 4Q08) 7,818 5,839 591 3,693 889 1,909 1,675 Cost Effect on average COGS Volume Effect on COGS 4Q08 Oper. Profit Operational Expenses 1Q09 Oper. Profit Price Effect on revenues Volume Effect on revenues • Decrease in domestic oil price (from US$ 47 in 4Q08 to US$ 32 in 1Q09); • Reduction of volumes sold is explained by an increase in oil inventory; • Lower lifting cost and government take contributed to a decrease in COGS; • Lower operational expenses due to impairment in the 4Q08. 15

16. SUPPLY - CHANGE IN OPERATING INCOME (R$ MILLION – 1Q09 VS 4Q08) 511 7,115 2,555 11,925 (1,397) 3,827 2.652 Cost Effect on average COGS 1Q09 Oper. Profit 4Q08 Oper. Loss Volume Effect on COGS Operational Expenses Price Effect on revenues Volume Effect on revenues • Maintenance of diesel and gasoline prices policy kept average realization prices relatively stable in an environment of reduced oil prices; • COGS reduction were explained by lower inventory retention costs and lower oil acquisition prices; • Net effect of lower sales volume had an minimal impact on supply result; 16

17. GAS & ENERGY, INTERNATIONAL and DISTRIBUTION (1Q09 VS 4Q08) 1Q09 (R$ 99 milion) 4Q08 (R$ 235 million) Operating Result: VS. Gas & Energy • Improved operating result due to a reduction in the acquisition cost of power and lower natural gas import price; • Partially offset by the reduction in volumes sold. 1Q09 R$ 25 million 4Q08 (R$ 2,243 million) Operating Result: VS. International • Growing production in Nigeria (Agbami and Akpo); • Lower exploratory costs; • Absence of impairment and lower provision for devaluation of inventories than in 4Q08. 1Q09 R$ 386 million 4Q08 R$ 379 million Operating Result: VS. Distribution • Lower margins due to lower prices; • Partially offset by a decrease in SG&A expenses; • Increase in market share. 17

18. INVESTIMENTS BY BUSINESS AREA Investments in 1Q08 – R$ 10.2 billion Investments in 1Q09 – R$ 14.4 billion E&P 0.4 0.1 0.4 Supply 0,1 0,3 0.2 1.0 Gas & Energy 1.3 International 2.2 Distribution 5.1 1.2 7.3 Corporate 3.0 Others 2.0 EBITDA (R$ million) Increase in the Company’s investments supported by a strong cash generation

19. LEVERAGE • Increase of our debt level to meet our investment needs. • Global Notes due 2019: US$ 1.5 billion issued in February 2009. • Increasing debt but keeping the strength of credit ratios . ¹ The short term debt includes the long term debt amortization schedule for the next year. *After adjustments of Law 11.638/07 (1) Total Debt- cash

20. For more information: Investor Relations www.petrobras.com.br/ri +55 21 3224-1510 petroinvest@petrobras.com.br