EFTA01378488.pdf

7 October 2016 Corporate Credit,Energy Petroleo Bresileiro S.A. 'figure IS: Petrobras' leverage (net debt to EBITDA) sensitivity to Brent price and 2016 USD6RL 6.0 64 6.0 5.0 5.0 • ice . • '_.: 4.0 3.0 3.0 3.0 1015E 2016E 2017E 2011E 2013E 1010E 2015E 2016E 2017E 2016E 2019E 2020E 1015E 3016E 2017E 2018E 2013E 2020E ...-.uwast..3.4. Brent aD $40//60 - US0101. 034 Brant* 5.40/Mil ..*-141.raftl OSA, Brent • 545/bb -ie.. VAMP • 3.6. Went 46 5450:61 -a .1.01011M. • AA Went@ $46/664 -s-US-080$ 0 3.i Brent * SWAPO wis—USOBRI • 36. Wee • $50.MF -••• Mani 5S0;1N Went CO 3a -6-6513BRI. Ea 3.4 theni @ 6550:0 -6-USCIBRI e 3,6. Imre @ $55/1:11 - s- UW8910311. Brent 0 $55/bbl -•-.1.61101. be JA. Brent 0 560Po0 -41-1.5C/BRI.• 3.6. Dant • 560AME —sa. OWN: ca 34 WardCo $6o/6N —4.-13506FIL • 3.6, Brent • $6$A0 -0-1.506111 @ 3.6. Brent Or $65/146 - USDBRL @ 34. Brent @ $65/66 60 60 64 SA 60 54 4.0 4.0 4.0 it • 3.0 201SE 7016E 7017E 2018E 2019E 2020E 2115E 7016E 7017E 1018E 2019E 2020E 2015E 2(16E 2017E 2018E 2019E 7020E 1.5.180; • to Brent0543PN # 47, Brom 07 $40/ba 044, Pew 0 SWAN re-USEPRI. eR 4.0. Brent 545/661 p. USCPM. 04 2. Brent • SASA0 et • USOBRL 144. Bea@ $4S/bb' -e-USDBRL @ 4.0. Brent @ 850/W -a- ushiski.• 4.2. *rat # 550rabt - e-USOBRIO 4.4. Welt ti 690,4A6 —2-650691 @AO. Brent • $55/60 -le-USOCIRI. @ A 2. Brent • $55,b0 -s-USDBRL @AA Brent @$55/blyl —0-65089$ 04.0. Brent fi $60/MS P-USE904 Q42, Pert 0 $6040 U6083104 4, Brent 0 $60.4361 •••••1$10691 040. Brent 0 $65A:b1 me- OSUMI& 4.2. Brent • 565Aitil - 2" USOE.R$ 04.4, Bran@ $65A0 Key ampere Domestic E&P production growing 4.5%in 2015 and 2.0% thereafter. international E&P production flat Domestic demand for oil products a In 2015. est rn 2016..arn 2017. • 2% pa theroafter. intemetoral demand foe ml products flat. Doman gasoline and diesel prices .6% p a in BBL terms Variable coats denominated in BBL 38% of total in 2015. growing with inflation of 5% p.a. Marginal interest rate 8%p a for USO debt. 14% p • for BBL debt. Cape'. US D256.1 in 2015. USD1glen thereafter. Working capital venation. USD50n 'span* in 2016 Asset sales LISDIObn in 2016 and USDOln in 2017 NO dividend payments. New debt breakdown 75%in USD. 25% in GAL Minimum cash position USD5bn San Dandy Sint Deutsche Bank Securities Inc. Page 11 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0075668 CONFIDENTIAL SDNY_GM_00221852 EFTA01378488