1. Financing Innovation in the O&G Sector Rodrigo Bacellar November / 2015

2. BNDES Brazilian Development Bank 2

3. BNDES Highlights Founded on June 20th, 1952. 100% state-owned bank. Key instrument for implementation of Federal Government’s industrial and infrastructure policies. Main provider of long-term financing in Brazil. Emphasis on financing investment projects. Support to small, medium and large-sized companies. Support Innovation projects. 3

4. Financial support from BNDES 4 BNDES Financial Instruments: Financing Fixed Assets: Machinery and Equipment; Implantation, expansion, and/or modernization of production capacity; Increase of goods and services supply capacity; Project Finance; Export Financing; Equity; Innovation.

5. Annual Disbursements

6. BNDES and the Oil & Gas Sector 6

7. Vertical viewing entire O&G Sector Exploration and Production Refining Natural Gas Shipyard, Tanker Ships, Rigs, PSV and Supply Chain of O&G Supply Chain of Equipment, Goods and Services of O&G 7

8. BNDES Support to the O&G Sector 8 * until 05/11/2015

9. BNDES Support to the O&G Sector 9 * until 05/11/2015

10. BNDES Support to the O&G Sector 10 * until 05/11/2015

11. BNDES and Innovation in the Oil & Gas Sector 11

12. Seed Money Market FINEP BNDES Research & Development Innovation CNPQ CAPES Financial Support for Innovation

13. Technological Challenges 13

14.  Loan/Debt.  Resources non-refundable to non profitable Technology Institute projects in partnership with companies. FUNTEC.  Equity (Shareholding): Direct Participation (stake in the company). Private Equity and VC Funds. Criatec Program (Seed Money). BNDES: Innovation Instruments BNDES Innovation Instruments 14

15. Main Projects Well Engineering Deepwater Technology Advanced Oil Recovery Engineering: Topside, Subsea and Naval Processing and Fluid Measurement Technological Exploration Main Projects Well Engineering Deepwater Technology Advanced Oil Recovery Engineering: Topside, Subsea and Naval Processing and Fluid Measurement Technological Exploration Financed Innovation Projects – O&G Setor BNDES Innovation Portfolio in O&G setor R$ 882 million BNDES Innovation Portfolio in O&G setor R$ 882 million 15

16. Challenges 16

17. Sector challenges O&G industry is in transition. O&G industry must be flexible to fit at low price scenarios. Main Goals: Reduce investment costs; Increase productivity and flexibility; Develop new technologies (Subsea Factory). BNDES is prepared to support the oil and gas industry and foster supply chain. BR Pre-Salt is robust and sustainable. Cooperation is key to overcome the current scenario and to develop new technologies. 17

18. THANK YOU www.bndes.gov.br/english

19. BNDES Support to the O&G Sector 19