PetrobrasUpdate

August, 2015

DISCLAIMERFORWARD-LOOKING STATEMENTS:

DISCLAIMER

The presentation may contain forward-looking statements about future events within

the meaning of Section 27A of the Securities Act of 1933, as amended, and Section

21E of the Securities Exchange Act of 1934, as amended, that are not based on

historical facts and are not assurances of future results. Such forward-looking

statements merely reflect the Company’s current views and estimates of future

economic circumstances, industry conditions, company performance and financial

results. Such terms as "anticipate", "believe", "expect", "forecast", "intend", "plan",

"project", "seek", "should", along with similar or analogous expressions, are used to

identify such forward-looking statements. Readers are cautioned that these

statements are only projections and may differ materially from actual future results

or events. Readers are referred to the documents filed by the Company with the

SEC, specifically the Company’s most recent Annual Report on Form 20-F, which

identify important risk factors that could cause actual results to differ from those

contained in the forward-looking statements, including, among other things, risks

relating to general economic and business conditions, including crude oil and other

commodity prices, refining margins and prevailing exchange rates, uncertainties

inherent in making estimates of our oil and gas reserves including recently

discovered oil and gas reserves, international and Brazilian political, economic and

social developments, receipt of governmental approvals and licenses and our ability

to obtain financing.

We undertake no obligation to publicly update or revise any forward-looking

statements, whether as a result of new information or future events or for any other

reason. Figures for 2014 on are estimates or targets.

All forward-looking statements are expressly qualified in their entirety by this

cautionary statement, and you should not place reliance on any forward-looking

statement contained in this presentation.

NON-SEC COMPLIANT OIL AND GAS RESERVES:

CAUTIONARY STATEMENT FOR US INVESTORS

We present certain data in this presentation, such as oil and gas resources, that we

are not permitted to present in documents filed with the United States Securities

and Exchange Commission (SEC) under new Subpart

1200 to Regulation S-K because such terms do not qualify as

proved, probable or possible reserves under Rule 4-10(a)

of Regulation S-X.

3

2015-2019 Business and Management Plan Targets

DELEVERAGE GENERATE VALUE FOR SHAREHOLDERS

Focus on profitabilityCapital discipline

Strengthening of performance management

� Net Leverage below 40%

� Net Debt / EBITDA below 3.0xBy 2018

By 2020� Net Leverage below 35%

� Net Debt / EBITDA below 2.5x

Prioritization of oil production

projects in Brazil, focusing on the

pre-salt

E&P

Downstream, G&P and

Other AreasMaintenance of Operations

4

Financial Planning Assumptions

Import parityOil Product Prices

in Brazil

Preço do BrentUS$ 60/bbl in 2015

US$ 70/bbl in the 2016-2019 period

Brent Prices(Average)

Nominal Exchange Rate

(Average)R$/US$

2015

3.10

2016

3.26

2017-2019

3.29

2020

3.56

No equity issuance

5

Divestments and Restructurings

US$ 42.6 billion as follows:

� Businesses restructurings

� Demobilization of assets

� Additional divestments

Divestments revised to US$ 15.1 billion

from US$ 13.7 billion2015-2016

2017-2018

6

InvestmentsReduction of 37% relative to 2014-2018 BMP

* Considers only financiability portfolio (implementation + under bidding process)** Includes Petrobras investments abroad*** Includes Distribution

6.3(5%)

12.8(10%)

2.6(2%)

108.6(83%)

Exploration and Production**

Gas & Power

Downstream***

Other Areas

2015-2019 BMP US$ 130.3 Billion

3,2(2%)

158,1(76%)

9,1(4%)

36,4(18%)

2014-2018 BMP*US$ 206.8 Billion

Redução de 37%3,2

(2%)

158,1(76%)

9,1(4%)

36,4(18%)

37% Reduction

7

Investments By Segment

89.4(82%)

3.0(3%) 11.3

(10%)4.9

(5%)

Operational Support

Investments Abroad

Exploration

Production Development

E&PUS$ 108.6 Billion

1.3(10%)

1.4(11%)

8.8(69%)

1.3(10%)

Others

Abreu e Lima Refinery

Distribution (BR Distribuidora)

Maintenance and Infrastructure

DownstreamUS$ 12.8 Billion

(1%)

5.0(80%)

0.3(5%)0.9

(14%)

LNG

Pipelines

Gas Chemical Units

Electricity

G&PUS$ 6.3 Billion

Note: Downstream total amount includes investments in Comperj to receive and treat natural gas, maintenance of equipment, among others.

8

Oil Products Demand

842

402

573 587608

897

990

2,596

1,032

2010

2,141

2020

2,851

1,189

1,054

2015

2,627

1,032

1,008

2014

kbpd

Gasoline

5.0%p.y.

1.6%p.y.

Diesel Others

9

Deleverage ProjectionIncluding productivity gains and divestments/restructurings in 2017 and 2018

Net Debt / EBITDANet Leverage

50.8%

32.2%

20%

30%

40%

50%

60%

2015 2016 2017 2018 2019 2020

3.33

2.03

0,0

1,0

2,0

3,0

4,0

5,0

2015 2016 2017 2018 2019 2020

5.0

0.0

1.0

2.0

3.0

4.0

10

Moody’s

Petrobras Brazil

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Positive outlook Stable outlook Negative outlook

O

Petrobras Global Rating Petrobras Intrinsic Risk

Investment Grade

Non Investment Grade

Rating Agencies Scale – Petrobras and Brazil Current Rating

O

Exploration & ProductionUpdate

12

Production Systems on the Pre-Salt LayerProduction peak of 811 kbbl on June 26, 2015, with 40 wells. Petrobras share= 586 kbbl

FPSO Cid. Angra dos Reis5 production wells

FPSO Cid. Paraty5 production wells

FPSO Cid. São Paulo4 production wells

FPSO Cid. Mangaratiba3 production wells

FPSO Cid. Ilhabela3 production wells

FPSO Dynamic

Producer1 production well

P-58 (*)5 production wells

FPSO Capixaba (*)2 production wells

FPSO Cid. Anchieta4 production wells

P-48 (*)2 production wells

P-53 (*)4 production wells

EWT

Lula/Iracema

Sapinhoá

Parque das Baleias

Marlim Leste + Marlim

Santos BasinPre-salt

Avg. WI – 60%327 kbbl

Campos BasinPre-salt

WI – 100%259 kbbl

* Post-salt and pre-salt production

FPSO Cid. São Vicente1 production well

P-20 (*)1 production well

13

ATAPU

LIBRA

BUZIOS

LULA / IRACEMA

SURURU

JÚPITERSÉPIA

SUL DE SURURU

OESTE DE ATAPU

SUL DE LULA

CARCARÁ

CARAMBA

LAPASAPINHOÁ

NORTE DE BERBIGÃO

ITAPÚ

SUL DE SAPINHOÁ

SAGITÁRIO

BERBIGÃOSUL DE BERBIGÃO

IRACEMA

NORTE DE SURURU

152126

101 9985 79

158

102

89 8666 58

0

50

100

150

200

250

300

350

Until2010

2011 2012 2013 2014 1Q15

Reduction of Well-Construction Time(55% of capex)

Pre-Salt PerformanceFast production growth, low lifting cost and continuous reduction of well-construction time

Average Reduction17% p.a. 9.07

14.57 14.97

Pre-salt* PetrobrasAverage

MajorsAverage

2014 Lifting Cost (US$/boe)

days

0

100

200

300

400

500

600

700

800

Oil Operated Production on the Pre-salt

2008 2009 2010 2011 2012 2013 2014 2015

PRODUCTION SHARING

TRANSFER OF RIGHTS

CONCESSION

Daily Production Record811 th. bpd on Jun. 26th

Ave

rage

Mon

thly

Pro

duct

ion

(kbp

d)

SANTOS BASINPRE-SALT

POLE

Breakeven = US$54/boe

*Lula/Iracema field

14* Top 5 fields in average productivity per well. Sources: Norwegian Petroleum Directorate and Bureau of Ocean Energy Management

Pre-salt ProductivityAverage productivity above 30 kbpd

39

36 35 34

33 31

30 28 27

24

SPH

-7

SPH

-1

SPH

-5

LL-2

7

JUB

-34

RJS

-681

RJS

-647

SPH

-8

LL-2

2

SPS-

55

Top 10 PBR Pre-salt Wells

17

7 6 6 5

Sval

in

Hym

e

Gud

run

Bøy

la

Kna

rr

North Sea*

24

20

1514 13 13 13 13 13 13

RO

-158

RO

-41

MLL

-10

RO

-66

SPS-

92

RO

-133

RO

-8

RO

-153

JUB

-51

BA

N-1

Top 10 PBR Post-salt WellsApr/15, Source: NPDMay/15May/15

13 1211 10 10

Sain

t M

alo

Luci

us

Tub

ular

Bel

ls

East

Ans

tey

Jack

US GoM*Apr/15, Source: BOEM

15

Adjustments on Offshore Projects Schedule = 2015-2019 BMPVariations on production systems first-oil years in comparison with 2014-18 BMP

1 year delayRev. of Marlim

Lula Sul

Atapu Sul

Berbigão

Sépia

Búzios 1

2 years delayLula Norte

Búzios 4

3 years delayLula Oeste

Búzios 2

After 2020ES Águas Profundas

SE Águas Profundas 1

Parque das Baleias Sul

Maromba 1

Carcará

Júpiter

Espadarte 3

SE Águas Profundas 2

Rev. of Marlim 2

Itapu

No alterationIracema Norte

Lapa

Lula Alto

Lula Central

Tartaruga Verde e

Mestiça

Lula Ext. Sul / Sul de

Lula

Búzios 3

Iara NE / Atapu Norte

Búzios 5

Libra

Post-salt

Pre-salt

16

New Offshore Production Systems in BrazilAverage capacity of oil processing is150 kbpd and production peak in 2 years

2.02.1

2.2

2.8

2.0 2.1

1,4

2014 2015 2016 2017 2018 2019 2020

mill

ion

bpd

PAPA TERRA (Mar/15)

IRACEMA NORTE(3Q)

LULA ALTO (1H)

LULA CENTRAL(1H)

LAPA (2H)

TLD de LIBRA (2H)

LULA SUL Replicant FPSO

BÚZIOS 1 FPSO ToR

BÚZIOS 3 FPSO ToR

TARTARUGA VERDE E MESTIÇA

LULA EXT. SUL Replicant FPSO

LULA NORTE Replicant FPSO

ATAPU NORTE/PILOTO SURURUReplicant FPSO

ATAPU SULReplicant FPSO

BÚZIOS 2 FPSO ToR

BÚZIOS 4 FPSO ToR

SÉPIA

REVITALIZAÇÃO DE MARLIM 1

BÚZIOS 5

BERBIGÃO / SURURU

Replicant FPSO

PRE –SALT(CONCESSION)

TRANSFER OF RIGHTS

POST -SALT

PRODUCTION SHARING

To be contracted

LIBRA PILOT

LULA OESTE

+ New Systems

Current Systems Production+ Ramp-up + Complementary

17

Vitória

ES

RJ

CamposBasin

Parque das Baleias

CangoáPeroá

CanapuGolfinho

Camarupim

Carapó

RoncadorAlbacora

Marlim

Barracuda

Garoupa

Carapicu

Xerelete

Papa-Terra

Maromba

Carataí

Pampo

Controlled production reduction on Campos BasinReduction of 9.9% on the production in five years

1,6941,526

1.000

1.500

2.000

2.500

2009 2010 2011 2012 2013 2014

Oil production (kbbl/d)

Brazil

Campos Basin

- 2.1% CAGR

100 km

86% 75%

Campos Basin Share on Petrobrasproduction in Brazil

84% 83% 82% 79%

18

Oil, NGL and Natural Gas Production in Brazil and AbroadComparison with 2014-2018 BMP

2.7 2.8 2.9

3.7

2.7

3.1 3.2

5.3

2014 2015 2016 2017 2018 2019 2020

2015-2019 BMP 2014-2018 BMP

Million boed

PetrobrasUpdate

August, 2015