et° el? et> et, it AP .0 .0 .0 01y4°d' Gr 14* A.14) 45'4 S • a ‘424 41.-ther do% .,,. . A. it, &mot Deaductv Sn Iron a odiatileetanideia as 0/Oaten& 2075 Because of Petrobras' high leverage (5.2x estimated for 2016 with Brent of USD50/bbl and USDBRL of 4.2), significant challenges to reduce its cash

et° el? et> et, it AP .0 .0 .0 01y4°d' Gr 14* A.14) 45'4 S • a ‘424 41.-ther do% .,,. . A. it, &mot Deaductv Sn Iron a odiatileetanideia as 0/Oaten& 2075 Because of Petrobras' high leverage (5.2x estimated for 2016 with Brent of USD50/bbl and USDBRL of 4.2), significant challenges to reduce its cash