Nymia Almeida

We believe that the 28 percent devaluation of the real during the third quarter of 2015 effectively eliminated the premiums between local prices and international prices of gasoline and diesel.

We believe that Brazilian banks' ability to continue to lend to Petrobras has declined and that the company will have to maintain strong liquidity in a context of a weak Brazilian economy, volatile oil prices, difficult prospects for asset sales and political uncertainties.