EFTA Document EFTA01380761

7 October 2015 Corporate Credit,Energy Petroleo Brasileiro S.A. antestments: why not sell al€ of non•core assets (rather than 49% stakes); and woukl pre-salt reserves be realty sokl at low valuations? A relatively easy way for the Brazilian government to provide support to Petrobras would be letting the company sell all of its non-core assets (fuel distribution, natural gas distribution, power plants and international assets). We believe that the company could eventually raise as much as