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 Net Revenue 143,210 91,062 79,920 82,370 84,685 87,107 89,641 COGS (without 08A) (97,545) (57,965) (51.067) (53.028) 154,448) (55,904) 157,349) Operating Expenses (without 0820) (14,239) 11088) (7,029) (6,917) (6,808) (6,702) (6,600) Dry Wells (2,604) (794) (794) (794) (794) 1794) (794) €W (eadedln. One-Off 2204 262122 23,215 21,010 21,631 22,615 23,707 24,230 Interest Expense (7,045) 5.493) (6,766) (6,484) (6.381) (6,505) (8.036) Interest Income 1,085 448 351 96 100 102 104 Cash Taxes 11.9021 11297) (1,727) (1,918) (2,227) (2494) (2.424) FF0 (Funds kern Operations) 22,193 17,662 13,622 14,121 14,921 15,605 15,288 Changes in WC (6,755) 119951 (5.0841 (720) (710) 1737) (764) capes 134.732) 125,000) (19,081) (19,058) (19.036) (19,015) 118,996) ASSm Sales. 10,000 3,000 - Dividends and ocher FCF nerns 1,825 - - - FCr (12.469) (9.333) (453) (2,651) (4.825) (4,147) (4,472) Debt Amortizations (10,033) (10,819) (11,578) (11.126) (16280) (22,999) (14,125) New Debt 10.943 13,771 5,000 13,902 21,723 27.266 12,797 Impact of FX on Cain Position (1,442) (318) (119) (119) (119) (119) Net Change in Cash & ECIUEV 9,630 (7222) (13,000) Cash &Spiny 25,822 14.000 5,000 5,000 5,000 5,000 5,000 Total Debl 131.474 121,902 114,717 116,541 120,327 123.271 126,312 Net Debt 105,651 103,902 109,711 111,541 115,321 112,271 121,112 Total Debt / Retuning E8113.4 4.6 5.3 53 5.4 5.3 5.2 5.1 Net Debt / Recurring IBITDA 13 4.5 52 5.2 5.1 5.0 49 EBITDA/ Interest Expense 4.1 4.2 3.1 3.3 35 3.6 3.1 18iTDA Margin 20.1% 253% 26.3% 26.3% 26.7% 27.2% 27.7% Net Revenue- Domestic Crude Oil Exports 7,435 4.233