CORPORATE PRESENTATION

Rio de Janeiro | October 2012 |

ORGANIZATIONAL STRUCTURE

Controlling EBX Shareholder & Management* 76.64%

FREE FLOAT

23.36%

HYUNDAI

Integrated offshore E&P equipment and services provider

Holding 90% 100% OSX LEASING 100% OSX SERVIOS

10%

Shipbuilding Unit

Leasing

Services
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* Represented through Centennial Asset Mining Fund LLC. , Eike Batista (indirectly owns 100% of Centennial Asset Mining LLC), Board of Directors and Board of Executive Officers

OSX PILLARS
Strong Demand from OGX Attractive Market Conditions in Brazil Local Content Requirement Strategic Partnership with Hyundai Priority Rights between OSX and OGX

Expected oil and gas resources to increase to 100 Bboe, with announced investments of US$ 140bn plus Underserved domestic equipment & services market Approximately 70% of E&P industry capex supplied locally Key for Brazils long-term social and economic development (285,000 jobs in 5 years) Partnership with the largest shipbuilder in the world State-of-the-art technology and transfer of know-how Construction of the largest shipyard of the America's in the Au Superport Industrial District ITN Institute of Naval Technology , partnerships with technical institutions and universities Absorption and application of Korean technology Qualification of 3,100 technical personnel until 2013 More than 30 years experience, on average, in the E&P sector US$ 30bn in projects and more than 50,000 people under management
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Training (ITN) Incentivized and Experienced Management Team

ORGANOGRAM: EXPERIENCED & MOTIVATED TEAM

More than 50 engineers with an average of 26 years experience
Carlos Bellot (34) CEO

Management Planning Heleno Barbosa (33) Comunicao Roberta Brando

Environment, Health and Safety Heraldo Albuquerque (27) Commercial Department Rodrigo Lopes (25) Recursos Humanos Monica Barbosa

Danilo Baptista( 35) Shipyard Operations Officer

Ivo Dworschak (35)
Shipbuilding Unit

Operations, Engineering, Leasing and Developing Officer

Carlos Bellot (34)

Luciano Porto (21) Chief Legal Officer

Joo Borges (20) Chief Financial Officer and Investor Relations Officer

Anna Kac (34)

Engineering

Paulo Ricardo (28) Exploration Campos & (34) Antonio Maceiras ES Roberto Toledo (31) E&P Laboratory Regina Ozorio (31)
New Ventures Training /ITN

Construction, Assembly and xxxxx Integration

Arnaldo Arcadier (34)

Adilson Arajo (29) Contratos e Afiliadas Heleno Barbosa (33)

New Projects/Well Intervention

Contracts & Affiliates

Celso Martins (34) Onshore Basin Ernani Porsche (33) International

Francisco Crisostomo (35) Operation & Production

Enio Rocha (14)

(xx) Years of experience
Logistics

Total OSX employees: approx. 650 Total employees involved in the operations: 2500

LOCAL CONTENT: RATIONALE AND EVOLUTION

Represents a social & economic development strategy Has increased significantly in recent ANP bidding rounds
Local Content Requirement Definition: minimum percentage of equipment and services contracted by the operator that must be supplied by local companies Average of 70% in the production development phase Component of the bid for acquisition of E&P Blocks Certification of each item by inspection companies (guidelines set forth by Federal Government MME) Subject to severe penalties Local Content Rationale Boost local oil & gas equipment and services industry
27% 42% 25% 1st 2nd 28% 3rd 4th 5th 6th 7th 8th
(1)

Local Content Evolution

Exploration Phase Development Phase 86% 86% 74% 69% 81% 84%

77%
79%

54%

79%

48%
40% 39%

9th

10th

Source: ANP Note (1) 8th ANP bidding round auction is still under discussion

Notable Companies Committed to Local Content

Incentivize local technology development

Substantially increase employment and income
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BRAZILIAN SHIPYARDS
Local shipyards are not prepared to serve expected offshore E&P equipment demand
Main Shipbuilders in Brazil
EAS
Committed Slots

Current Conditions of Brazilian Shipyards

Mac Laren

ERG Brasfels

Mau Mac Laren

Mau

Site Area (km2)

1,6

0,5

0,5

0,4

0,1

Technology Partner Steel Processing Capacity (Kton / year)

160

60

50

36

Brasfels

Focus on Offshore Equipment Logistics

Labor Force

Source: Verax

A construction slot in OSXs shipyard is worth more than gold

SHIPBUILDING UNIT

AU SUPERPORT LOCALIZAO UCN AU: SUPERPORTO DO AU

A One-Stop Shop for the Oil & Gas Industry

AU INDUSTRIAL COMPLEX COMPLEXO INDUSTRIAL DO AU

A New Cluster for the Offshore and Heavy Industry
CEMENT PLANTS
METAL MECHANIC POLE PLANNED NEIGHBORHOOD

SILICON VALLEY

ENVIRONMENTAL RESERVE AREA 40KM2

STEEL/SOLID BULK OFFSHORE INDUSTRIES

LIQUID BULK LOGISTICS YARD/ OTF

COAL

IRON ORE

SUPPLY BOAT CRUDE OIL

90 km Industrial Complex (1.5 x larger than Manhattan Island)

UCN AU: THE LARGEST SHIPYARD OF THE AMERICAS

Partnership with Hyundai Heavy Industries
Steel assembly capacity of 220,000 ton/year

Up to 3,525 m water front (2,400 m in first phase)

Beginning of construction in July 2011 Commercial partnership with Hyundai Capacity to integrate up to 11 FPSOs and 8 WHPs simultaneously

Main entrance Office buildings Production workshops (manufacturing of blocks, structures, accessories and pipes)

Industrial facilities Module assembly area Jacket pre-assembly area Jacket assembly area

Dry Dock Quay Quay Expansion

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ALMAGESTO MANAGEMENT SYSTEM

Focus on management processes
Project Almagesto :
Instrumentalization of Shipbuilding main processes and systems
Materials & Logistics Acquisitions

Main processes*:
Maintenance & Facilities EHS/EBP

Globally unprecedented systems integration in the naval construction sector (partnership with SIX).
Engineering

Project benefits:
Reduce errors in transmission of information Reduce stock and waste Production and productivity real time
Planning & Programing

Manufacturing Construction & Assembly

information
Precise allocation of production costs
Processes and Managerial Information Commissioning

*Illustration only

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UCN AU: SHIPBUILDING UNIT SCHEDULE

PACKAGES REMOVAL OF VEGETATION PREPARATION OF THE TERRAIN NORTH QUAY AND JACKET'S AREA DRY DOCK SOUTH QUAY AND RESPECTIVE RETRO AREA INDUSTRIAL BUILDINGS UTILITIES AND INFRASTRUCTURE ADMNISTRATIVE BUILDINGS AUXILIARY BUILDINGS ELECTROMECHANICAL ASSEMBLY SUPERVISION SUPPORT CONSTRUCTION SITE BREAKWATER DREDGING PROCUREMENT MOBILIZATION 2Q11 3Q11 1Q12 1Q12 1Q12 4Q11 3Q11 3Q12 3Q12 3Q12

P 3Q11 P 1Q12 (LOI) P 1Q12 (LOI) P 1Q12 (LOI) P 3Q11 P 3Q11 P

2Q11 3Q12 3Q12 3Q12 2Q11 3Q11 1Q11 3Q11

P P P P P P P

P P P P

2Q11 3Q11 1Q11 3Q11

P P P P

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UCN AU: ESTIMATED PARTIAL DELIVERIES

UCN SECTIONS READY SLOT 1 SLOT 2 BEGINNING OF OPERATION OF NORTH AREA MODULE ASSEMBLY AREA INDUSTRIAL FACILITIES SLOT 3 SLOT 4 DRY DOCK RETRO AREA PRE-ASSEMBLY AREA SLOT 5 COMPLETION OF CONSTRUCTION

2012 4th QUARTER -

2013 1st QUARTER 1st QUARTER 2nd QUARTER 2nd QUARTER 3rd QUARTER 3rd QUARTER 4th QUARTER 4th QUARTER 4th QUARTER -

2014 2nd QUARTER

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UCN AU: FINANCING

Obtained from Fundo da Marinha Mercante (Merchant Marine Fund)
Credit facility: 80% CAPEX

Capex distribution per year/activity 14,4% 63,6% 2012

DESCRIPTION DREDGING AND ENGINEERING BREAK WATER QUAY

20,1% 2013
OSX (US$) 93 135 262 339 133 146 487 119 $1,714

1,9% 2014
LLX (US$) 90 129 $219

Total tenure 21 years with a 42/36-month grace period for amortization of principal and 36/30-month grace period for payment of interest (BNDES/CEF) with an expected average interest rate US$ + 3,38% a.a.

2011

Lending agents: BNDES and Caixa Econmica Federal (CEF)

BUILDINGS DRY DOCK ROADS AND PAVING EQUIPMENT, ENGINEERING AND ENVIRONMENT OTHERS TOTAL

TOTAL OF US$ 1,933 MM

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UCN AU: AERIAL VIEW

15

UCN AU: AERIAL VIEW

Evolution of the construction of the canal

October | 2011

November | 2011

December | 2011

January | 2012

February | 2012

March | 2012

April | 2012

May | 2012

June | 2012

July | 2012

August | 2012

September | 2012

16

UCN AU: AERIAL VIEW

Aerial view of the canal: 27th September 2012

17

UCN AU: CONSTRUCTION OF THE CANAL

Aerial view of the canal: 27th September 2012

18

UCN AU: BUILDINGS

19

UCN AU: BUILDINGS

Cutting Workshop Columns Interior of Warehouse

Assembly (lift) of Sub Production Workshop Columns

Inspection of the Sub Production Workshops columns

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PRODUCT PORTFOLIO
UCN Au designed and equipped to meet diverse orders FPSO
Floating, Production, Storage and Offloading Unit Drilling units heavily demanded for ultra-deep waters

Drillship

Tanker
Maritime Transportation Unit

FPSO OSX-1 : Guanabara Bay, RJ, Brazil

Image courtesy of Hyundai Heavy Industries

Image courtesy of Hyundai Heavy Industries

Fixed drilling & production platforms ( Wellhead Platform)

WHP

PLSV
Pipe-Laying Support Vessel

TLWP
Tension-Leg Wellhead Platform

Image courtesy of Hyundai Heavy Industries

Image courtesy of IHC Offshore&Marine B.V.

Image courtesy of Hyundai Heavy Industries

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ORDER BOOK

CURRENT ORDER BOOK

CLIENT OGX OGX OGX OGX OGX OGX OGX OGX OGX SAPURA KINGFISH PETROBRAS UNIT FPSO OSX-1 FPSO OSX-2 FPSO OSX-3 FPSO OSX-4 FPSO OSX-5 WHP-1 WHP-2 WHP-3 WHP-4 PLSV 11 MRs 2 FPSOs CAPACITY 80K bopd 100K bopd 100K bopd ESTIMATED PRICE (US$ MM) 610 775 800 DELIVERY* OK 3Q13 3Q13 CONSTRUCTION LOCATION SAMSUNG, KOREA KEPPEL, SINGAPORE JURONG, SINGAPORE OSX, BRAZIL OSX, BRAZIL TECHINT, BRAZIL TECHINT, BRAZIL OSX, BRAZIL OSX, BRAZIL OSX, BRAZIL OSX, BRAZIL OSX, BRAZIL OSX LEASING & SERVICES

Expecting Technical Specifications from Client Expecting Technical Specifications from Client 30 wells 30 wells 400-450 400-450 2Q14 4Q13

Expecting Technical Specifications from Client Expecting Technical Specifications from Client N/A N/A 150K bopd 263 732 900 4Q14 2Q15 - 4Q17 3Q16 - 3Q17

P P P P P P P P P

* Delivery at the shipyard (ex-installation) 1- OSX with a 49% stake of total contract

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FPSOs

FPSO OSX-1: HIGH OPERATIONAL EFFICIENCY

Leasing and O&M contracts with OGX for a period of 20 years
Operational Efficiency (OSX Services)
99% 97% *
ABNT NBR: ISO 9001 Quality Management ABNT NBR: ISO 14001 Environmental Management OHSAS 18001: Health and Safety Systems in the workplace

Certifications
99.4% Certified by BSI (British Standard Institution)

1Q 2012

2Q 2012

3Q 2012

Age (crew)
4% 14% 28% 26% 28%
Greater than or equal to 60 years 20 to 30 years 30 to 40 years 40 to 50 years 50 to 60 years

Years of experience (crew)

19% 49% 32%
Less than 20 years

1st oil produced on 31/Jan/12 & 1st offloading on 28/Mar/12

From 20 to 30 years

Greater or equal to 30 years

* Includes Operational Efficiency results for months of February and March only

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FPSO OSX-2
Leasing and O&M contracts with OGX for a period of 20 years
Construction Contract EPCI contract signed with SBM Construction of the vessel, turret and topside modules in progress at

the Keppel shipyard in Singapore

Main equipment purchase orders have been placed Bare Boat contract signed between OSX & OGX Physical progress: approximately 70% Estimated delivery: 3Q13 Debt commitment Facility agreement: US$ 850 million (12 years, LIBOR +4,41% p.a.) Syndicated bank loan: ING, Ita-BBA and Santander (leaders), HSBC, Citibank, ABN Amro Bank, Banco do Brasil, NIBC and DnB Nor Construction of the turret Gas compression module 26 Main deck undergoing Conversion/construction Moonpool

FPSO OSX-3
Leasing and O&M contracts with OGX for a period of 20 years
Construction Contract EPCI contract signed with MODEC Conversion and construction of the hull in progress at the Jurong shipyard in Singapore, with the final dry docking of the vessel underway Main equipment purchase orders have been placed

Physical progress: approximately 64%

Estimated delivery: 3Q13 Debt commitment Financing: Senior Secured Bonds US$ 500 mm, maturity March/2015 at an interest rate of 9.25% pa, payable quarterly Global Coordinator, Joint Lead Manager and Bookrunner: Pareto Securities and Joint Lead Manager and Bookrunner: DNB Markets E-house Pull-in deck of the turret 27

FPSOs OSX-4 & OSX-5

Hull designated for OSX-4 Hull designated for OSX-5

Milestones achieved and next steps The Gemini Star and Suhail Star Very Large Crude Carriers (VLCCs) will be used in the conversion of the hulls of FPSOs OSX-4 and OSX-5. The Concept Design, Front End Engineering Development (FEED), and Detailed Design for the Process Plants are following the OSX FLEX Concept. As informed in the previously mentioned order book, OSX awaits technical specifications from its client OGX regarding characteristics of these units. Regarding FPSO OSX-4: Basic engineering project concluded Generators and water injection modules with purchase orders placed Remaining main equipments and services with purchase orders under negotiation Hull survey completed 28

PETROBRAS CONTRACT: 2 REPLICABLE FPSOs

Integration of FPSOs P-67 and P-70, with an option to integrate P-72 or P-73
Main highlights: Contract signed on 09/Aug/2012 Contract price: ~US$ 900 million Partnership Mendes Jnior Trading e Engenharia S/A (51%) & OSX Construo Naval S/A (49%) Scope: Integration and construction of various modules at the OSX Au Shipbuilding Unit

Delivery date:
P-67: 3Q 2016 P-70: 3Q 2017

Option to contract the integration of the third FPSO (P-72 or P-73) in up to 18 months from contract signature by Petrobras, through its subsidiary TUPI B.V.

Processing capacity: 150K bopd Storage capacity: 1.6MM bbl

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WHPs

WELL HEAD PLATFORMS

WHP-1 and WHP-2
Engineering, Procurement, Construction and Installation (EPCI) agreement with Techint Engenharia e Construo S.A. for WHP-

1 and WHP-2 to be chartered and operated by subsidiaries of OSX to its client OGX in the Campos Basin. WHP-1 will be connected
to FPSO OSX-2 and WHP-2 to FPSO-OSX-3 Development of the Basic Project for the jacket and topside by TECHNIP, subcontracted by TECHINT. Contract Techint Acquisition from TTS/CAMERON of a Drilling Package Unit (DPU) for each of the Units. Project underway. Estimated delivery WHP-1: 2Q 2014 Estimated delivery WHP-2: 4Q 2013 signed with

WHP-3 and WHP-4

Both WHPs were ordered by client OGX to be chartered and operated by OSX subsidiaries. WHP-3 will be connected to FPSO OSX-4 and WHP-4 to FPSO-OSX-5. As informed in the previously mentioned order book, OSX awaits technical specifications from its client OGX regarding characteristics of these units.

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PLSV

SAPURA CONTRACT: PIPE-LAYING SUPPORT VESSEL

Used for laying and installing flexible pipelines on the seabed
Milestones:

Contract signed on 24/Feb/2012

Contract price: US$ 263 million Delivery date: 4Q 2014 Main characteristics: Length: 135 meters Breadth: 24 meters Depth: 10 meters

Flexible lines traction capacity : 300 tons

Flexible lines capacity: 2,500 tons Deadweight: 5,880 tons
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TANKERs

KINGFISH CONTRACT: 11 MEDIUM RANGE TANKERS

Used for transportation of oil and clear products
Milestones: Contract signed on 9/Mar/2012 Contract price: US$ 732 million

Delivery date: 2Q 2015 - 4Q 2017

Main characteristics: Total length: 183 meters Breadth: 32.20 meters Depth: 18 meters Deadweight : 47,000 tons

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PARTNERSHIP BRAZIL / KOREA

ITN: INSTITUTE OF NAVAL TECHNOLOGY

ITN- INSTITUTE OF NAVAL TECHNOLOGY

Professional Training Program in Shipbuilding Qualifying the local population
City So Joo da Barra Campos Radius Approx. distance 20 Km 40 Km Up to 50 Km Work force 6,000 92. 000 98,000 Population 33,000 460,000 493,000

PHASE I PHASE II

Qualification and Training Training on the job

Training activities, technical assistance and supervision of operations in partnership with Hyundai (40 Korean specialists based in Brazil for 5 years) 80 employees from UCN Au to be trained at Hyundais shipyard in Ulsan, Korea Construction of ITN at UCN Au, with an area of approximately 1,800 m2 Facilities for workshops, labs, classrooms, auditorium and library Implementation of systems for simulation of operations of offshore units

Quissam So Francisco So Fidelis Maca Radius 2 75 Km 95 Km 100 Km 130 Km Up to 150 Km 3000 3,000 5,000 113,000 222,000 20,000 41,000 37,000 206,000 797,000

PHASE III Supply Chain Strengthening

Identification of suppliers that have the potential to develop new
materials, equipment and innovative work methodologies, focused on OSXs potential demand

PHASE IV
Establish

Technological Innovation
partnerships with Brazilian and international academic

institutions, focused on the development and assimilation of new technologies 37

ITN- INSTITUTE OF NAVAL TECHNOLOGY

Phase I - Qualification and Training
More than 19 thousand candidates applied for 3,100 places in 23 free courses offered in

Metal-Mechanics,

Electricity,

Metallurgy,
O&G,

Automation/Instrumentation, and Management

Automotive Operations, Civil Construction

Use of SENAIs facilities and faculty in the city of Campos, as well as mobile units in So Joo da Barra
Mobile units for practical welding classes First welding class

Scholarships providing financial assistance, food and transportation

Investment in training: R$ 12.7 million Classes began in June, 2012 880 students already being qualified Graduation Ceremony of the First Class (100 students) was held in October, 2012
First electrical class Graduation Ceremony of 1st class 38

FINANCIAL PERFORMANCE
R$ 36.5 MM EBITDA in 1H12 with two business units already in operation
In millions of BRL
OSX Brasil S.A. 1H12 Gross Revenue Taxes Net Revenue COGS Op. Income G&A EBITDA (24.4) (24.4) 1H11 (19.6) (19.6)

Consolidated 1H12 Gross Revenue Taxes Net Revenue COGS Op. Income G&A
1H11 39.5 (4.7) 34.8 (25.1) 9.7 (5.2) 4.5

1H11 39.5 (4.7) 34.8 (25.1) 9.7 (46.4) (36.7) (8.3)

207.9 199.6 (95.7) 103.9 (67.4) 36.5

Shipbuilding 1H12 Gross Rev Taxes Net Rev COGS Op. Income G&A EBITDA (32.2) (32.2) 1H11 (21.1) (21.1) Gross Rev Taxes Net Rev COGS

Leasing 1H12 103.6 103.6 (13.4) 90.2 (2.9) 87.3 1H11 (0.5) (0.5)

O&M Services 1H12 Gross Rev Taxes Net Rev COGS Op. Income G&A EBITDA 104.3 (8.3) 96.0 (82.3) 13.7 (7.9) 5.8

EBITDA

Op. Income G&A EBITDA

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RI@OSX.COM.BR
+55 21 2555 6914