Farm in BM-S-8July 2011

2222

Acquisition of 10% stake in BM-S-

8 Block in the Santos Basin(1)

(1) Subject to approval by the ANP

3333

Offshore, Santos basin

hot spot of the pre-salt

Largest Block in the pre-salt

4

Tupi (Lula)

Guará

Júpiter

Carioca

► 2 Discoveries: Bem-te-vi and

Abaré W

► 4 Prospects

► Fluid: Oil

► Working Interest: 10%

► Petrobras Operator

► Partners: Petrobras (66%);

Petrogal (14%); Barra Energia

(10%); QGEP (10%)

555

Low Risk Prospects with High Volume

Potential

Santos Basin: BM-S-8

Santos 01

Santos 03

Promising area with several discoveries nearby

Source: ANP/Wood Mackenzie

► Transaction Value: US$ 175 MM

► CAPEX(1) related to 10% of the block:

► 2011: US$ 25 MM

► 2012: US$ 20MM (2)

666

Low Risk Prospects with High Volume

Potential

Santos Basin: BM-S-8 Short-Term Schedule

(1) Preliminary Figures(2) QGEP estimates

► Drilling started in June (SPS-71A)

► 5-6 months drilling

► Sevan Driller Rig (SS-74)

► Water depth: 2,177m

► Total depth: 6,400m

Changing composition of QGEP's asset

portfolio

Field/Block Volume (MM boe) Classification

Manati 73.3 Reserves

Camarão Norte 4.5 Contingent Resources

BM-CAL-5 35.1 Contingent Resources

CAL-M-372 24.4 Risked Prosp. Resources

BM-J-2 94.1 Risked Prosp. Resources

BM-S-12 159.7 Risked Prosp. Resources

Asset Maturity Basin

Volume (mmboe) : 391.1 (Blended Case)

7

BM-S-8 *

* Disclosure under discussion with partners

Camamu35%

Jequitinhonha24%

Santos41%

Reserves19%

Contingents11%

Prospectives70%

8888

Short-Term Catalysts

Short-Term Catalysts: BM-S-8

9

JUNE AUGUST SEPTEMBER OCTOBER NOVEMBER DECEMBERJULY

Drilling ends

at the Biguá

prospect

Drilling

begins at

Block BM-S-

8

Short-Term Catalysts

10

11th ANP

Bidding

Round

Drilling ends

at the

JEQ#1

prospect

Drilling

begins at

Block BM-S-

12

JUNE

Crossing

Prospect

Santos #1 in

Block BM-S-

12

Crossing

Prospect

Santos #4 in

Block BM-S-

12

AUGUST SEPTEMBER

Return of

a 4th well

at Manati

Filed

(Capacity:

5.3 MM

m3/day)

OCTOBER NOVEMBER DECEMBER

Crossing

Prospect

Santos #3 in

Block BM-S-

12

Return to

Full

Capacity at

Manati

Field

Drilling

begins at

Block BM-

J-2

Crossing

Prospect

Santos#2 in

the Block

BM-S-12

JULY

Drilling

begins at

Block BM-

S-8

Drilling

ends at the

Biguá

prospect

1111

BM-S-8: Boosting our Portfolio

Low risk &

high volumes

Close to future

infrastructure

facilities

Partnership with

Petrobras

Short-Term

Catalyst

Strategic

Positioning

Portfolio

Diversification

12121212

For additional information:

Investor Relations

QGEP Participações S.A.

Av. Almirante Barroso, nº 52, sala 1301, Centro – Rio

de Janeiro, RJ

CEP: 20031-918

Phone - IR: 55 21 3509-5959

Fax: 55 21 3509-5958

E-mail: ri@qgep.com.br

www.qgep.com.br/ri

Disclaimer

This document contains some statements and information about the Company that reflect the

current views and/or expectations of the Company and its managers with regard to its activities.

These include all statements containing forecasts and projections or that indicate or imply future

results, performance or achievements, which may include such words as "believe", "predict",

"expect", "contemplate", "will probably result", or any other words or expressions of similar

meaning. Such statements are subject to a series of expressive risks, uncertainties and

assumptions. Readers are warned that several important factors may lead actual results to

significantly diverge from the plans, targets, expectations, estimates and intentions expressed

herein, there can be no assurance that the Company will achieve or is likely to achieve the future

results or projections contained herein. Under no circumstances shall the Company or its

directors, officers, representatives or employees be liable to any third parties (including

investors) should they make decisions, investments or business acts based on information and

statements presented herein, nor shall the Company be liable for any indirect damages, loss of

profit, or similar consequences thereof. The Company does not intend to provide shareholders

with any revised versions of the statements or analysis of differences between the statements

and actual results. This presentation does not contain all the necessary information for a

complete investment assessment on the Company. Investors must produce their own assessments,

including the associated risks, before making an investment decision.

13