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Gold/Mining/Energy : ENERGY EXPLORATION & PRODUCTION

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To: Dennis Roth who wrote (98)	6/12/2008 9:46:59 AM
From: Dennis Roth	Read Replies (1) of 111

Petroleo Brasileiro S.A. (ADR) (PBR): Meetings with CEO Gabrielli enhance confidence in PBR's outlook - Goldman Sachs - June 12, 2008 What's changed We spent the past two days attending a series of meetings, presentations, and meals with Petrobras CEO Jose S. Gabrielli De Azevedo. Implications We enjoyed our time with Gabrielli and came away impressed that his leadership and strategic vision for Petrobras will benefit both its government and non-government shareholders. Most importantly, we believe Gabrielli is positioning Petrobras to continue to be the dominant oil company in Brazil and in particular in the emerging pre-salt trend that holds considerable promise for the future of Petrobras and Brazil. Valuation We see 29% upside to an $84, 12-month target price, which is based on asset value, P/E and cash flow valuation analyses. We continue to see the Canadian oil sands company Suncor Energy as the best global oils valuation peer to Petrobras. Key risks Key risks include sustained lower oil prices, depreciation of the Brazilian real, and disappointment in the “pre-salt” trend offshore Brazil.

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