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Fundação Petrobras De Seguridade Social - Petros 73.343 37.16 8 Total 188.858 41.470

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Fundação Petrobras De Seguridade Social - Petros 73.343 37.16 8 Total 188.858 41.470 PROFILE Petrobras is a publicly listed company, based in Rio de Janeiro. Its shares and ADRs are traded at the Bovespa, NYSE, Latibex and BCBA and it is classified as investment grade. It operates on an integrated basis, specializing in the following segments of the oil, gas & energy sector: exploration and production; refining, commercialization, transportation and petrochemicals; distribution of oil products; natural gas, biofuels and electricity. Founded in 1953, Petrobras is now the world’s 9th largest oil company, by market value, according to the consulting firm PFC Energy. Leader in the Brazilian oil sector, Petrobras is also pre- sent in 27 other countries, and its reserves amount to 15.1 billion boe, according to SPE criteria. The Business Plan 2009-2013 provides for the investment of US$ 174.4 billion. MISSION Operate in a safe and profitable manner in Brazil and abroad, with social and environ- mental responsibility, providing products and services that meet clients’ needs and that contribute to the development of Brazil and the countries in which it operates. 2020 VISION We will be one of the five largest integrated energy companies in the world and the preferred choice among our stakeholders. 2020 VISION CHARACTERISTICS Our operations will be notable for: > Strong international presence > World prominence in biofuels > Operational excellence in management, energy efficiency, technology and human resources > Profitability Report printed on Suzano Reciclato paper (100% recycled paper trimmings, 35% post-consumption and 65% > Setting a benchmark in social and environmental responsibility preconsumption), with inks from renewable raw materials, oilseed-base and heavy metal-free pigments, under > Commitment to sustainable development standard ISO 18,000. HIGHLIGHTS EDITORIAL STAFF Accounting and Institutional Communications NET INCOME INVESTMENTS General Coordination, Production, Writing and Editing (R$ Million) (R$ Million) Cuca Design Graphic Design 32.998 53.349 Tapioca Comunicação Editorial Production 25.919 Murilo Souza de Sá 45.285 23.725 Revision 21.512 12.443 Pancrom Printing 6.133 10.661 33.686 13.887 6.574 7.0 3 0 25.710 5.337 10.111 22.549 3.870 7.161 9.632 2004 2005 2006 2007 2008 3.153 2.331 4.181 3.286 3.907 21.662 15.341 12.441 13.934 18.418 2004 2005 2006 2007 2008 cola Exploration & Production Supply International Others HIGHLIGHTS OF NET OPERATING REVENUES OF 2004 2005 2006 2007 2008 MAIN PRODUCTS (R$ Million) TOTAL PRODUCTION PROVED RESERVES (THousand bpd) (billion boe) Domestic market Diesel 31.379 39.944 44.571 47.0 01 55.708 15,1 15,1 Gasoline 12.200 15.143 17.9 93 17.55 0 19.593 15,0 14,9 14,9 2.400 2.301 Fuel oil 3.301 3.543 3.823 4.146 5.162 2.297 2.217 11,9 2.020 11,8 11,7 420 Nafta 7.10 9 7. 3 8 6 8.290 8.658 8.886 15,5 374 381 11,2 370 GLP 6.325 5.660 5.744 5.890 6.567 359 QAV 4.139 5.237 5.358 4.733 6.740 Natural gas 4.193 4.349 5.076 5.454 9.297 Exports Oil 6.720 11.101 14.729 16.020 24.122 Oil Products and other 7.69 0 10.638 9.987 12.132 11.753 1.980 1.661 1.847 1.920 1.923 2004 2005 2006 2007 2008 2004 2005 2006 2007 2008 Oil and NGL Natural Gas SPE SEC HIGHLIGHTS EDITORIAL STAFF Accounting and Institutional Communications NET INCOME INVESTMENTS General Coordination, Production, Writing and Editing (R$ Million) (R$ Million) Cuca Design Graphic Design 32.998 53.349 Tapioca Comunicação Editorial Production 25.919 Murilo Souza de Sá 45.285 23.725 Revision 21.512 12.443 Pancrom Printing 6.133 10.661 33.686 13.887 6.574 7.0 3 0 25.710 5.337 10.111 22.549 3.870 7.161 9.632 2004 2005 2006 2007 2008 3.153 2.331 4.181 3.286 3.907 21.662 15.341 12.441 13.934 18.418 2004 2005 2006 2007 2008 cola Exploration & Production Supply International Others HIGHLIGHTS OF NET OPERATING REVENUES OF 2004 2005 2006 2007 2008 MAIN PRODUCTS (R$ Million) TOTAL PRODUCTION PROVED RESERVES (THousand bpd) (billion boe) Domestic market Diesel 31.379 39.944 44.571 47.0 01 55.708 15,1 15,1 Gasoline 12.200 15.143 17.9 93 17.55 0 19.593 15,0 14,9 14,9 2.400 2.301 Fuel oil 3.301 3.543 3.823 4.146 5.162 2.297 2.217 11,9 2.020 11,8 11,7 420 Nafta 7.10 9 7. 3 8 6 8.290 8.658 8.886 15,5 374 381 11,2 370 GLP 6.325 5.660 5.744 5.890 6.567 359 QAV 4.139 5.237 5.358 4.733 6.740 Natural gas 4.193 4.349 5.076 5.454 9.297 Exports Oil 6.720 11.101 14.729 16.020 24.122 Oil Products and other 7.69 0 10.638 9.987 12.132 11.753 1.980 1.661 1.847 1.920 1.923 2004 2005 2006 2007 2008 2004 2005 2006 2007 2008 Oil and NGL Natural Gas SPE SEC PROFILE Petrobras is a publicly listed company, based in Rio de Janeiro. Its shares and ADRs are traded at the Bovespa, NYSE, Latibex and BCBA and it is classified as investment grade. It operates on an integrated basis, specializing in the following segments of the oil, gas & energy sector: exploration and production; refining, commercialization, transportation and petrochemicals; distribution of oil products; natural gas, biofuels and electricity. Founded in 1953, Petrobras is now the world’s 9th largest oil company, by market value, according to the consulting firm PFC Energy. Leader in the Brazilian oil sector, Petrobras is also pre- sent in 27 other countries, and its reserves amount to 15.1 billion boe, according to SPE criteria. The Business Plan 2009-2013 provides for the investment of US$ 174.4 billion. MISSION Operate in a safe and profitable manner in Brazil and abroad, with social and environ- mental responsibility, providing products and services that meet clients’ needs and that contribute to the development of Brazil and the countries in which it operates. 2020 VISION We will be one of the five largest integrated energy companies in the world and the preferred choice among our stakeholders. 2020 VISION CHARACTERISTICS Our operations will be notable for: > Strong international presence > World prominence in biofuels > Operational excellence in management, energy efficiency, technology and human resources > Profitability Report printed on Suzano Reciclato paper (100% recycled paper trimmings, 35% post-consumption and 65% > Setting a benchmark in social and environmental responsibility preconsumption), with inks from renewable raw materials, oilseed-base and heavy metal-free pigments, under > Commitment to sustainable development standard ISO 18,000. CONTENTS 40 Notes to the Financial Statements 1 Presentation of the financial statements 40 2 Consolidation procedures 41 3 Changes in accounting practices 44 4 Description of significant accounting policies 56 5 Cash and cash equivalents 61 6 Trade accounts receivable, net 62 7 Related party transactions 63 8 Invesntories 74 9 Oil and alcohol accounts - STN 75 10 Marketable securities 76 11 Project financing 77 12 Deposits in court 82 Financial Analysis 13 Investments 83 2 14 Property, plant and equipment 106 1 Economic and financial summary 2 15 Intangible assets 115 2 Results by business segment 4 16 Financing 118 3 Consolidated result 6 17 Contractual commitments 131 4 Effects of adoption of law 11.638/07 8 18 Financial income and expenses 132 and provisional measure 449/08 19 Other operating expenses, net 133 5 Result per company 10 20 Taxes and contributions 134 6 Sales volume 11 21 Employee benefits 140 7 Inventories 12 22 Employee and management 152 8 Indebtedness 13 profit-sharing 9 Return on capital expenditure (ROCE) 15 23 Tax incentives 153 and return on equity (ROE) 24 Shareholders’ equity 153 10 Shareholders’ equity, distribution 16 25 Legal proceedings and contingencies 157 of results and dividends 26 Commitments assumed by 164 the energy segment 18 Financial 27 Guarantees for concession agreements 164 for petroleum exploration Statements 28 Segment reporting 165 Independent auditors’ report 18 29 Derivative financial instruments, economic 166 Balance sheets 20 hedge and risk management activities Statements of income 22 30 Insurance 175 Statements of changes in 24 31 Security, environment and health 176 shareholders’equity 32 Subsequent events 177 Statements of cash flows 26 Statements of added value 28 Information about reserves 178 Statement of business 30 Board of directors 180 segmentation (Consolidated) Executive board 180 Social balance 37 Report of fiscal council 180 FINANCIAL ANALYSIS 1 ECONOMic anD financial SUMMARY¹ HIGHliGHTS COnsOliDATED PETROBRAS 2008 2008 2007 2007 laW 11.638 laW 6.404 laW 11.638 laW 6.404 Financial Highlights(1) (R$ million) Gross operating income (R$ million) 266.494 284.579 218.254 207.9 9 0 207.9 9 0 170.245 Net operating income (R$ million) 215.118 232.183 170.578 161.710 161.709 126.767 Income from operations 44.605 44.258 39.014 41.905 39.834 35.031 Net income (loss): Own activities 37. 324 37.422 23.778 37.110 37.197 23.570 Subsidiaries/affiliated companies (874) (399) (465) 2.252 2.231 (662) 36.450 37.023 23.313 39.362 39.428 22.908 Extraordinary items (2) (3.462) (3.108) (1.801) (2.892) (2.538) (879) Net Profit (R$ million) 32.988 33.915 21.512 36.470 36.890 22.029 Net indeptedness(3) 48.824 48.824 26.670 (4) (4) (4) EBITDA (R$ million) (4) 57.170 57.
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