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Price (mange in SRI, yoy 5% 5% 6% 6% 6% 6% 6% Diesel Refinery Once (knit vs. US) .7% 23% 15% 18% 22% 25% 29% Sane Dana* on Page 10 Deutsche Bank Securities Inc. CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0079292 CONFIDENTIAL SDNY_GM_00225476 EFTA01380763
7 October 2015 Corporate Credit,Energy Patrols° Brasileiro S.A. Figure 12: Petrobras - Base-case Forecasts by DB Credit Research financial figures in DSO minions 2014* 2015E 2016E 2011E 2018E 2019E 2020E
person for any purpose without Deutsche Bank's prior written consent. Please cite source when quoting. Copyright CO 2015 Deutsche Bank AG Deutsche Bank Securities Inc. Page 19 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0079301 CONFIDENTIAL SDNY_GM_00225485 EFTA01380768
7 October 2015 Corporate Credit,Energy Petiole° Brasileiro S.A. relevant disclosures, prospectuses and other documentation. "Moody's", "Standard & Poor's", and "Fitch" mentioned in this report are not registered
Price (mange in SRI, yoy 5% 5% 6% 6% 6% 6% 6% Diesel Refinery Once (knit vs. US) .7% 23% 15% 18% 22% 25% 29% Sane Dana* on Page 10 Deutsche Bank Securities Inc. CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0075667 CONFIDENTIAL SDNY_GM_00221851 EFTA01378487
7 October 2015 Corporate Credit,Energy Patrols° Brasileiro S.A. Figure 12: Petrobras - Base-case Forecasts by DB Credit Research financial figures in DSO minions 2014* 2015E 2016E 2011E 2018E 2019E 2020E
person for any purpose without Deutsche Bank's prior written consent. Please cite source when quoting. Copyright CO 2015 Deutsche Bank AG Deutsche Bank Securities Inc. Page 19 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0075676 CONFIDENTIAL SDNY_GM_00221860 EFTA01378496
7 October 2015 Corporate Credit,Energy Petiole° Brasileiro S.A. relevant disclosures, prospectuses and other documentation. "Moody's", "Standard & Poor's", and "Fitch" mentioned in this report are not registered
Entities connected to both Deutsche Bank Securities Inc. and Brasileiro S.A.

Deutsche Bank
ORGANIZATION
Malaysia
LOCATION
Moody's
ORGANIZATIONStandard & Poor's
ORGANIZATIONthe Dubai Financial Services Authority
ORGANIZATIONNippon
ORGANIZATIONDeutsche Bank AG - DIFC Branch
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ORGANIZATIONDeutsche Securities Saudi Arabia LLC Company
ORGANIZATION
Riyadh
LOCATIONthe Qatar Financial Centre
ORGANIZATIONDeutsche Securities Saudi Arabia
ORGANIZATIONthe Dubai International Financial Centre
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LOCATIONDiesel
ORGANIZATIONOaten Deutsche Bank AG
ORGANIZATIONCain Position
ORGANIZATIONEBITDA - Domestic Downstream
ORGANIZATIONDomestic Relining Production (Mod
ORGANIZATIONDomestic Sales Volume
ORGANIZATION