7 October 2015 Corporate Credit,Energy Petroleo Brasileiro S.A. We believe Petrobras has a very high chance of meeting its funding gap through 2017 without relying on direct government support We have revised o

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 6

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 aro

7 October 2015 Corporate Credit,Energy Petroleo Brasileiro S.A. IFigure 2: Outstanding Petrobras bond issues covered by Deutsche Bank Maturity AiTr1tAl I (VS itsidy/S&P/Eiti;11 DF) Rec. Dote of MiK Mid Pima

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 relativ

7 October 2015 Corporate Credit,Energy Petroleo Brasileiro S.A. loans to Petrobras are already close to the cap of 25% of regulatory capital imposed by Brazil's central bank. Perhaps the government could relax t

7 October 2015 Corporate Credit,Energy Petroleo Brasileiro S.A. [Filture 6: Z-Spread: Front End 1.703 1.500 1.300 1.102 903 703 9 9 9 9 P *9 9 9 9 9 d5. 41 •fi 4.1 1)46 94 Petrobal 3 875 16 — P

7 October 2015 Corporate Credit,Energy Petroleo Brasileiro S.A. 5:4m4 SM.mrc 4,505.1 2014 33114 etro eo : rase 'Euro 40'4 '015 • 2015 Taal Reven444 3492.6 345604 33,3944 25,883 0 20.039 2 Omn14 0111

7 October 2015 Corporate Credit,Energy Petroleo Brasileiro S.A. Additional Information The information and opinions in this report were prepared by Deutsche Bank AG or one of its affiliates (collectively "Deuts

7 October 2015 Corporate Credit,Energy Petroleo Brasileiro S.A. to or inspired by the contents of this publication. The risk of loss in futures trading and options, foreign or domestic, can be substantial. As a

7 October 2015 Corporate Credit,Energy Petroleo Brasileiro S.A. important Disclosures Required by U.S. Regulators Disclosures marked with an asterisk may also be required by at least one jurisdiction in addition

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 aro

7 October 2015 Corporate Credit,Energy Petroleo Brasileiro S.A. IFigure 2: Outstanding Petrobras bond issues covered by Deutsche Bank Maturity AiTr1tAl I (VS itsidy/S&P/Eiti;11 DF) Rec. Dote of MiK Mid Pima

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 6

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 relativ

7 October 2015 Corporate Credit,Energy Petroleo Brasileiro S.A. 5:om• Soweto: 4.8091 2014 etro eo 3314 40'4 : rase 'Euro • '015 2015 Taal Reven444 34020.6 345604 33.3244 24883 5 240392 Co:. Oen Roe

7 October 2015 Corporate Credit,Energy Petroleo Brasileiro S.A. [Filture 6: Z-Spread: Front End 1.703 1.500 1.300 1.102 903 703 9 9 9 9 P *9 9 9 9 9 d5. 41 •fi 4.1 1)46 94 Petrobal 3 875 16 — P

7 October 2015 Corporate Credit,Energy Petroleo Brasileiro S.A. Additional Information The information and opinions in this report were prepared by Deutsche Bank AG or one of its affiliates (collectively "Deuts