The document summarizes Petrobras' 4th quarter 2007 results and 2007 annual results. Key points include a 14,000 bpd increase in domestic oil production year-over-year due to new production systems, a 1% decline in production from existing systems, and a 131.1% reserves replacement rate. Lifting costs increased in the 4th quarter due to currency effects and wage increases. Net income decreased from the prior quarter due to higher costs and operating expenses. Upcoming production units are also outlined.

1. Conference Call / Webcast Almir Barbassa
Results Announcement CFO and Investor
4th Quarter 2007 and 2007 Relations Officer
(Brazilian Corporate Law) March 4th 2008

2. 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.
1

3. OIL AND NGL DOMESTIC PRODUCTION IN 2007
∆ +14 th. bpd
New Systems
272
80 ∆ +192 th. bpd
Th. bpd
Existing Systems
1.792
∆ -178 th. bpd
1.778
1.698 1.520
Jan-Dec 2006 Jan-Dec 2007
Systems 2006 (th. bpd) 2007 (th. bpd) Change
P-50, FPSO- Capixaba, P-34 80 225 145
FPSO-Cidade do Rio de Janeiro - 35 35
FPSO- Piranema - 2 2
FPSO-Cidade de Vitória - 4 4
P-52 - 4 4
P-54 - 2 2
New Systems - total 80 272 192
Existing Systems 1.698 1.520 -178
Total 1.778 1.792 14
* Natural decline and production stoppages 2

4. DOMESTIC OIL AND NGL PRODUCTION
• Natural production decline rate
∆ = - -1%
wasn’t completely offset by the 1,797
new units start-ups during 4Q07: 1,782
Thous. bpd
• FPSO-Piranema (Piranema);
• Cidade de Vitória (Golfinho);
• P-52 (Roncador);
• P-54 (Roncador).
3Q07 4Q07
3

5. RESERVES REPLACEMENT
SPE (billion/boe) SEC (billion/boe)
15,02 15,01
11,46 11,71
1,27 1,09 0,89
0,89
13,75 13,92 10,57 10,82
2006 2007 2006 2007
Brazil International
SPE SEC
RRI1 R/P2 RRI1 R/P2
Brazil 123,6% 19,6 years 134,6% 15,3 years
International * 12,7 years 101,2 % 10,6 years 1
Reserve Replacement Index
Total 98,4% 18,9 years 131,1% 14,8 years 2
Reserves/Production
* Contractual revisions in Bolivia and technical revisions in Ecuador and in the United States reduced reserves
by 180 million boe,
4

6. LIFTING COSTS INCLUDING GOVERNMENT PARTICIPATION
US$/barrel 50 R$/barrel
40 100
88.7
40.98
40
37.92
74.9 80 35.03
30 68.8 34.12
57.8
23.16 30
60
20.13 25.76
23.26
20 17.95 18.92 20.58
16.24
14.56 40 20
12.48
10.62
9.04
10
20 10
15.20 14.45 14.66 15.22
7.20 7.33 7.65 8.60
0 0 0
1Q07 2Q07 3Q07 4Q07 1Q07 2Q07 3Q07 4Q07
Lifting Cost (US$) Gov.Part. (US$) Brent Lifting Cost (R$) Gov. Part.(R$)
• Increase in lifting costs without government take in the 4Q07 due to:
• FX rate effect (+US$ 0.46): 7% Real appreciation, sizable stake of lifting cost expenses are Real
denominated;
• Wage revision (+US$ 0.38);
• Larger materials consumption (US$ 0.14), due to the start-up of 4 new systems in the 4Q07 with higher
unit costs, which shall reduce with production gradual increase.
5

7. REFINING COSTS IN BRAZIL (R$/bbl)
6.36
5.49
4.59 4.98 4.91
2005 2006 2007 3T 07 4T 07
• Higher operating expenses aiming fuel quality increase (better complexity indexes);
• Higher maintenance scheduled stoppages.
6

8. E&P – OIL PRICES
88.7
$11,9
74.9
68.8
76.8
US$/barril
59.7 57.8
64.4
57.0
48.7 47.8
4Q06 1Q07 2Q07 3Q07 4Q07
Brent (average) Average Sales Price
Increase in E&P’s average oil sales/transfer price in line with international crude
benchmarks.
7

9. REFINING IN BRAZIL AND SALES IN THE DOMESTIC MARKET
Thousand barrels/day %
2 ,0 0 00 0 0
2, 85 90 89 1.802 91
90
1.762 1.766 1,776 90
1.701 1,711 1,709 1,768 1.775
1,646 80
405 391 396 391
1,5 0 05 0 0
1, 374 70
60
50
1,0 0 00 0 0
1,
40
1,327 1,357 1,385 1,406 1,385 30
5 0 05 0 0
20
10
0 0 0
4T06 6
4 Q0 1T07 7
1Q0 2T07 7
2 Q0 3T07 7
3 Q0 4T07 7
4 Q0
D o mest ic Oil in F eed st o ck Imp o r t ed Oil in F eed st o ck
Oil Pr o d uct s Sal es V o l ume U t i lPr i mar y p r o cessed i nst all ed cap acit y - B r az il ( %)
• Sustainable increase in sales volume due to economic growth. (4% 4Q07/4Q06);
• Domestic oil in feedstock stable, but in 2008 a new Delayed Coking Unit will start up in Reduc
increasing our ability to handle the domestic heavy oil production.
8

10. AVERAGE REALIZATION PRICE - ARP
120 4Q06 3Q07 4Q07
Aver. Aver. Aver.
96.77
100 84.80
81.09
80 70.59 89.08
88.69
60 68.81 74.87
59.68
40
20
Dec-05 Mar-06 Jun-06 Sep-06 Dec-06 Mar-07 Jun-07 Sep-07 Dec-07
A R P B r asi l ( U S$/ b b l ) A ver ag e B r ent Pr ice ( U S$/ b b l )
A R P U SA ( U S$/ b b l w / sal es vo l . i n B r asi l )
9

11. NET INCOME CHANGE – R$ Million (4Q07 VS 3Q07)
1,797 Domestic Oil, NGL and Condensate – thousand bpd 1,782
948 1.690
5.528
408 5.053
579 421
17
3Q07 Net Revenues COGS Oper. Exp. Fin. and non Taxes Minority Inter. 4Q07 Net
Income oper. expenses and Particip. in Income
Equity Income
and Employee
Part.
• Consolidated net income was affected by:
• increase in costs, as well as lifting and refining costs;
• increase in operating expenses, such as general and administrative (ACT 2007), exploratory costs
(dry wells) and impairment (international assets).
10

12. CHANGE IN QUARTER REVENUES (4Q07 VS 3Q07)
Exploration & Production – Operating Profit Change– R$ million
1,797 Domestic Production of Oil, NGL and Condensate (thous. bpd) 1,782
2.352 612
625 261 110 12.836
11.570
3Q07 Oper. Price Effect on Volume Effect Avrg Cost Volume Effect Oper. Exp. 4Q07 Oper.
Profit Net Revenue on Net Effect on on COGS Profit
Revenue COGS
• Better E&P operating result: steady production, however, domestic oil average realization price
increased 19% in the quarter.
11

13. CHANGE IN QUARTER REVENUES (4Q07 VS 3Q07)
Downstream – Change in Operating Profit – R$ million
2.153 840
3.473
1.931
784 22 577
3Q07 Oper. Price Effect Volume Effect Avrg Cost Volume Effect Oper. Exp. 4Q07 Oper.
Profit on Net on Net Effect on on COGS Profit
Revenue Revenue COGS
• Squeeze in refining margins due to oil prices increase;
• Higher refining cost due to increased activities related to maintenance stoppages;
• Exported volumes reduction;
• These effects were partially offset by the increase in oil products average realization price in Reais
(2% in the quarter).
12

14. CHANGE IN QUARTER REVENUES (4Q07 VS 3Q07)
International – Change in Operating Profit – R$ Million
439 66 480
166
1.055
241
(755)
3Q07 Volume Effect
Price effect Volume Cost Effect
Oper. on COGS
on Net Effect on Net on COGS
Income
Revenue Revenue
4Q07
Oper. Operating
Expenses Loss
Increase in Operating Expenses:
• Increase in exploratory costs, specially with dry wells write-offs (R$ 495 million);
• impairment (R$ 401 million), specially in Ecuador.
13

15. INVESTMENTS
R$ million
2007 2006 %
Exploration and Production 20,813 17,248 21
Downstream 10,536 4,501 134
Gas & Energy 4,817 3,229 49
International 6,574 7,161 (8)
Supply 1,670 642 160
Corporate 875 905 (3)
Total Investments 45,285 33,686 34
• In 2007 Petrobras invested R$ 45,285 million, which represents a 34% increase over 2006;
• The investments in consolidating the petrochemical sector (Ipiranga and Suzano acquisition)
contributed to the increase in Downstream and Supply segments CAPEX.
14

16. LEVERAGE
Petrobras’ Leverage Ratio
R$ million 12/31/2007 12/31/2006
(1)
19% Short Term debt 8,960 13,074
19%
(1)
Long Term Debt 30,781 33,531
17%
16%
16% Total Debt 39,741 46,605
Cash and Cash Equivalents 13,071 27,829
(2)
Net Debt 26,670 18,776
Dec-06 Mar-07 Jun-07 Sep-07 Dec-07
Net Debt/Net Capitalization
• Net debt Increase mainly due to reduction of cash/cash equivalents, investments, and payments
related to the Pension Plan settlement;
• Effect partially offset by debt amortization and Real appreciation
(1) Includes debt from leasing contracts (R$ (13.071 million on 12.31.2007 and R$ 27.829 million on 06.30.2007)
(2) Total debt less cash and cash equivalents
15

17. E&P: UPCOMING UNITS
Units Field Capacity Status Start-up Shipyard
FPSO Cidade Oil: 100.000 bpd Under
Jabuti 2S08 Singapore
de Niterói* Gas: 3,5 MM m3/dia Construction
Oil: 180.000 bpd Under
P-51 Marlim Sul 2S08 Nuclep/Brasfels
Gas: 6MM m3/dia Construction
Singapore and
Oil: 180.000 bpd Under
P-53 Marlim Leste 2S08 Porto de Rio
Gas: 6MM m3/dia Construction
Grande
Cidade São Oil: 35.000 bpd Under
Camarupim 2S08
Mateus* Gas: 10 MM m3/dia Construction
Under FSTP Consortium
Oil:100.000 bpd
P-56 Marlim Sul Construction 2011 (Keppel Fels and
Gas: 6MM m3/dia
(P-51 Clone) Technip)
Oil: 180.000 bpd
P-57 Jubarte Contracted 2011 SBM
Gas: 2MM m3/dia
Hull contract
Oil: 180.000 bpd signed. Basic
P-55 Roncador 2013 Atlântico Sul (hull)
Gas: 6MM m3/dia Project under
revision.
* Leased
16

18. SHAREHOLDER’S RETURN
140% Total Shareholder's Return 131,4%
7.6%
120% 111,5%
15.8%
100%
85,2%
80% 6.0%
123.8%
60% 79.2% 50,5%
95.7%
43,6%
6.0%
40% 7.5% 44.5%
39.5%
31.5% 34.1%
20% 30.2%
36.1% 22.8%
0%
2003 2004 2005 2006 2007
Shares increase Dividends Amex Oil Index (*)
Source: Bloomberg * includes dividends for comparison purposes
PBR’s yield surpassed Amex Oil in the last 5 years
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19. QUESTION AND ANSWER SESSION
Visit our website: www.petrobras.com.br/ri
For more information contact:
PetrOil Brasileiro S.A – PETROBRAS
Investor Relations Department
E-mail: petroinvest@petrobras.com.br
Av. República do Chile, 65 – 22o floor
20031-912 – Rio de Janeiro, RJ
(55-21) 3224-1510 / 3224-9947
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