EFTA Document EFTA01380760

7 October 2015 Corporate Credit,Energy Petroleo Brasileiro S.A. Figure 5: Leverage and Funding Gap - Forecasts by DB Credit Research 7017 Net EcirreA Forecast Avg. 2-yr Brent Price (MAW) 40 45 50 55 60 65 3.5 c% 3.7 C vi 3.9 ▪ 4.1 re 4.3 4.5 L. 4.6 4.5 4.4 4.4 4.8 4.7 4.6 4.5 5.0 4.9 4.8 4.7 5.2 5.1 5.0 4.9 ,S, 4 C 53 5.2 5.0 X38_ 5.2 4.4 4.4 4.6 4.5 4.8 4.7 4.9 4.8 5.1 5.0 2C,20 Net Debt to [BETA l'crecast Avg. 5-yr Brent Price (050/trbt) 40