2. 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. Disclaimer Disclaimer
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16. CONTINUED GROWTH IN CAPITAL SPENDING Upstream Dowstream Gas & Energy International Corporate Distribution SPE 2,5 2,7 9,7 0,5 3,7 1,1 0,2 0,4 Capex in 1H08 – R$ 20.9 billion EBITDA (R$ million) Projects under Negociation Increase in the Company’s capex supported by a cash generation. Capex in 1H09 – R$ 32.5 billion 1,5 2,8 0,1 0,4 0,4 7,1 1,0 1,1 14,8 6,4 3,1 4,2 0,2 0,7 2,6 0,7
17. WIDE ACCESS TO FINACIAL SOURCES (1) Values not disbursed up to 07/31//09 (2) R$ 25 billion converted by the FX rate in 07/30/09 Bonds Issues March 15, 2019 8.125% US$ 1.5 billion Global Notes February 11 6.875% Yield to investor Maturity Value Issue type Conclusion Date March 15, 2019 US$ 1.25 billion Global Notes July 09 Capital Market Development Banks/Export Promotion Agencies (1) US$ 6,5 billions, acquired in the first half, to be changed to bonds issues, with two years maturity. Bridge Loan 19 years e 8 months US$ 13.3 billions (2) BNDES July 30 10 years US$ 10 billions China Development Bank May 19 5 - 10 years US$ 2 billions US EximBank April 29 Term Value Lender Date
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19. For more information: Investor Relations www.petrobras.com.br/ri +55 21 3224-1510 [email_address]
Hinweis der Redaktion
No conference call would be complete without a brief update on the Santos Basin Pre-Salt cluster. As we announced last quarter, With the completion of the Guara, Iara and Jupiter wells, we have completed the Minimum Exploratory Program of the exploration phase for all of the blocks we operate in the cluster. The only exploration well to be drilled will be in block BM-S-22, operated by Exxon. That well has been spud, and it should contribute substantially to our understanding of the basin. We continue preparation for the extended well test of Tupi planned for the first quarter of next year. The test, as well as the pilot system, are on schedule. We can also report that we produced 18,000 barrels per day from well 1 ESS-103A in the pre-salt of the Espirito Santos and found the carbonate reservoir as productive as we had hoped. We are now evaluating where additional well tests and pilot systems will be installed in the cluster. We also continue to make long term plans for installing full production systems by 2015. The turmoil in the world’s financial markets and the fall in the price of oil have had no impact on our thinking regarding the timing or feasibility of the Santos pre-salt development. We and our partners remain confident about our prospects and we continue to believe these reserves are economical, even at crude oil prices well below those of today.