EFTA Document EFTA01380759

7 October 2015 Corporate Credit,Energy Petroleo Brasileiro S.A. The average yield of the bonds due beyond 2019 is currently around 10%, compared to an average yield of the bonds due between 2018 and 2019 of around 10.3%. The spread curve is actually inverted beyond 2020. 'Figure 3: Petrobras' spread curve is inverted beyond 2020 1050 - 950 .1 850 750 8 8 8 • 8 S. • • * 0 • Par equivalent 0 • • 0 • 650 8 • 550 0 450 350 Kraig Sore 250 150 1 SO 4- 442 •"S' e:fr‘ 9 9 9 e