May 2014 1 Investor Presentation - PowerPoint Presentation

1. May 20141Investor PresentationRio Oil Finance Trust Series 2014-1 Senior Secured Notes

2. Summary of the OfferingMay 20142IssuerRio Oil Finance Trust , an orphan trust incorporated in DelawareIssueUS$[1] billion fixed-rate senior secured Notes representing the debut issuance under a Master Trust; Future Issuances subject to rating affirmation and Backward/Forward Looking DSCR test > [2.50]xTenor / WAL10 years (2024) / [7.5] years WALAmortization3-yr interest-only period followed by a fully amortizing customized scheduleFormat, Listing , Governing Law144A / Reg-S, [Luxembourg], New York LawRating(s)[BBB-] (S&P) / [BBB ] (Fitch)SponsorFundo Único de Previdência Social do Estado do Rio de Janeiro - RIOPREVIDÊNCIA (the “Sponsor” or “RioPrevidência”), Rio de Janeiro’s social security fund for the State’s public servants; RioPrevidência is an autonomous government agency of the State of Rio De Janeiro (“RJS”, BBB-/BBB-)1Use of ProceedsNet proceeds up-streamed to RioPrevidência, after transaction costs, funding of certain reserve accounts, and repurchase of bilateral oil royalties from Banco do Brasil (“BB”) and Caixa Econômica Federal (“CEF”) Collateral100% of the Sponsor’s rights to future oil and gas royalties and special participations from fields located in RJS, all Transaction Accounts and all proceeds of the foregoingOptional RedemptionSubject to make-whole (T+50 bps)Trigger Event60% of excess collections retained when DSCR < [2.00]xMandatory Redemption100% of retained collections applied to mandatory redemption when DSCR < [1.50]xReserves3-month Debt Service Reserve Account (DSRA); Liquidity Reserve to cover lower net collections at beginning of each yearJoint BookrunnersBB Securities and BNP Paribas1: S&P and Fitch respectively

3. Summarized Flow Chart of Royalties and Special ParticipationsMay 20143Other StatesRJSOther Oil & Gas ProducersOther BeneficiariesMandatory DeductionsMunicipalities, FECAM1, PASEP2 and Repayment of Federal DebtMonthly payment of royalties and quarterly payments of SPs to National Treasury account at the Brazilian Central BankCollection AgentAll primary beneficiaries hold an account at Banco do BrasilAudits production dataDetermines applicable oil pricesInstructs payments~93% of Oil & Gas RoyaltiesAll RJS Net Royalties were assigned by RJS to RioPrevidência in 2006IssuerAll future net Royalties and SPs assigned to the Issuer at closing1: State Fund which mission statement is to implement environmental or urban development projects (5% of royalties and SPs, except for pre-salt at 10%)2: 1% to public employee pension programPayment to beneficiaries through dedicated accounts at Banco do BrasilNational Treasury

4. Investment HighlightsThe Notes are secured by 100% of the royalties and special participations (“SPs”) owed to the State of Rio de Janeiro (“RJS”) by oil & gas producers operating in the State (approx. 40 fields)RJS accounts for over 70% of Brazil’s total oil, with such % expected to increase in line with the production curve of some mega-fields (Lula, etc.) and close to 80% of proven oil reservesPortfolio of fields at different levels of maturity provides strong mitigant to reserve depletion and production downside risks; Debt sizing based on WoodMcKenzie’s production forecast for each fieldMay 2014Diversified, High-Quality Collateral PoolContinuum of Legislation4Strong Link to PetrobrasTransparent Legal & Regulatory Regime Robust Structural ProtectionsRoyalties and SPs established by the Brazilian Constitution and regulated by Federal LawRoyalties deducted from each producer’s revenues before payment of any operating expense and calculated based on international oil & gas prices Payments and allocations instructed and audited by the Brazil National Oil and Gas Agency (“ANP”) and the National Treasury, and serviced by Banco do Brasil (“BB”) through dedicated accounts which are public assets (cannot be pledged)Performance-based cash retention (DSCR<2.00x) and mandatory redemption (DSCR<1.50x) measured on a backward and forward-looking basis3-month Debt Service Reserve; Additional Liquidity Reserve during first months of the year to cover higher deductionsRecourse to RJS/Sponsor for breach of representation (continuing existence of Collateral) or change in Law resulting in lower allocation to RJS Petrobras (BBB-/Baa1/BBB)1 is the largest player in the Brazilian upstream sector and is responsible for approx. 93% of all Royalties and SPsPetrobras’ strategic plan calls for US$154bn E&P investment in 2014-2018 to double Brazil’s oil production by 2020 (currently 2MM bpd)1: S&P, Moody’s and Fitch respectively

5. 1. The SponsorState of Rio de JaneiroRioPrevidência (the Sponsor)May 20145

6. A Major Brazilian StateDiversification of the economy through large investments in infrastructure and transformation industry: RJS generates more than 10% of Brazil GDP with GDP per capita of US$ 14,000. Services sector accounts for ~60% of RJS economyProduces over 70% of Brazil’s oil and close to 90% of country proven oil reserves: Oil royalties revenues correspond to 13.6% of operating revenues in 2012DebtTotal Debt of $79.31BN as of Aug 2013 (134% of 2013 expected operating revenues) – Fiscal Responsibility Law (“FRL”) limits net indebtedness to 2x net operating revenues and RJS owes 86% of its debt to the federal governmentSignificant infrastructure Capex planned in next 2 years (Debt still expected to remain < 150% of operating revenues) but FRL requirements limit overall level of investments which remain inferior to its international peers rated BBB-Revenue Challenges and Pension Liabilities PressuresBudgetary independence: RJS own source revenue (incl. royalties) represented almost 90% of its total revenue in 2012Recent federal decision to reduce tax from 25% to 18% on energy billsTax collection still underperforming due to informal economyOperating Margin and debt repayments are under pressure due to high % of public sector employment - 19% of total working-age population - and pension related liabilities1.1. The State of Rio de JaneiroMay 2014A Large and Diversified Economy Accounting for 10% of Brazil GDP and 90% of Oil Reserves Credit Ratings6From Standard & Poor’s (reaffirmed in December 2013) and Fitch (reaffirmed in October 2013)2010201120122013bc2014bc2015bcOperating Revenues46.652.555.1 58.8 63.5 69.1 Operating Balance4.14.7 2.0 1.61.62.0 Capital Expenditures 5.24.7 5.3. 6.6 7.1 7.7 Direct Debt 59.264.1 74.482.989.495.5Debt Repaid1.31.92.43.03.33.7Direct debt (% of operating revenues)127.1122.2135.2141.0140.8138.0Interest (% of operating revenues)5.04.74.84.74.64.5Debt service (% of operating revenues)7.98.39.29.89.89.8State of Rio de Janeiro - Key Statistics (BN R$)1Source: ANP, S&P and Fitch1: Fiscal year ends on December 31, source S&PBBB- / BBB-

7. 1.2. RioPrevidência OverviewAutonomous government agency (autarquia) of the RJSCollects, pays and manages financial assets to fund salaries, pensions and other social security benefits granted to public servants and their dependents by RJS, its autonomous government agencies and foundationsRJS has secured different sources of recurring income for RioPrevidência to ensure its present and future financial soundness, including wage contributions from RJS and its employees and RJS oil royalties and SPsRioPrevidência owns the present and future rights to all RJS oil and natural gas production royalties, including special participations, in excess of certain mandatory deductions. Oil royalties and SPs payable to RJS were incorporated into the assets of RioPrevidência in 2006In 1999, RJS renegotiated its debt with the Federal Government, pursuant to which the Federal Government issued bonds to RioPrevidência to fund its deficit. Repayment of this debt is secured by a capped portion of oil royalties and SPsMatures in February 2021 according to a repayment schedule; indexed to Brazil’s CPIIn 2012, RJS reformed its social security system in order to limit deficit and achieve long-term stability. As a result, assets and liabilities of RioPrevidência were segregated into two independent funds, a self sustaining fund for employees hired after September 4, 2013 and a “Financial Fund”, for employee hired previous to that date. Liabilities of the Financial Fund – to decrease over time – will be funded by relevant employee contribution and revenues from oil royalties and SPs (including securitization of such revenues)Institutions such as RioPrevidência are required by Federal Law to maintain a Federal certification (that includes strict protection of booked assets such as royalties) in order to operate and benefit from Federal support (Certificado de Regularidade Previdenciaria). May 2014HighlightsRioPrevidência in briefIncome (2011-2013)7Reserves (Assets)R$ 84.6 BNNumber of Employees389State Pensioners92,085Employee Wage Contribution Rate11%RJS Wage Contribution Rate22%Income201120122013Oil Royalties44%54%68%Wage Contributions27%34%28%Redemption of Federal Bonds22%7%0%Others7%4%3%Total IncomeR$ 10.1BNR$ 9.5BNR$ 12.1BNKey Numbers11: As of March 31, 2014

8. 2. Royalties and Special ParticipationsLegal FrameworkCalculation and AllocationHistorical Production Royalties and Special ParticipationsTiming of Payment and Underlying Data SharingMay 20148

9. Brazil’s 1988 Constitution establishes that all natural resources found on Brazilian territory, its continental shelf and its territorial sea are property of the Federal Government. Additionally, the Constitution guarantees that individual States receive proceeds from the extraction and sale of energy-producing resources in their respective territoriesPayments of Governmental Participations are regulated by the Petroleum Law (PL), enacted in 1997The PL enables the Government to grant concessions to oil and gas companies pursuant to the “Concession Regime”It also created the Agência Nacional de Petróleo (ANP) to oversee the oil & gas sector, including royalty paymentsStarting 2010, the Transfer of Right and Sharing Regimes were implemented mostly to regulate exploration/production of certain fields in the pre-salt areaFederal Law 12,734 (2012) set new rules for the Sharing Regime, but also changed the existing allocation percentages for both Royalties and SPs for fields under the Concession Regime (and by extension under the Transfer Rights Regime). Originated from non-producing states and cities to benefit from the substantial upside of pre-salt discoveries Currently suspended by Supreme Court following a presidential veto and subsequent rejection by the CongressPending final decision from the Supreme Court2.1. Legal FrameworkMay 20149Concession RegimeTransfer of RightsSharing RegimeDescription of Production Legal Regime All fields granted prior to 2010ANP auctions the granting of concessions to the highest signing bonus with highest local contentConcessionaires have to pay signing bonus, production royalties and special participationsANP approves production plans submitted by ConcessionairesThe National Energy Policy Council (“CNPE”) makes strategic determinations, auction timetable and asset locationsIn 2010, the Federal Government assigned all E&P activities to Petrobras relating to a defined area and volume of oil and gas (5 billions boe)Objective is to increase Petrobras’ ability to finance new E&P investments, in particular in pre-salt fieldsFields falling under such regime are Tupi Sul / Florim / Tupi NE / Peroba / Guara Sul / Franco / Iara EntornoPetrobras pays production royalties but no special participations (currently challenged by RJS)Designed for new fields in the strategic pre-salt area (“Pre-salt Polygon”)ANP auctions fields to the highest excess oil for the Federal Government. To date, only Libra field has been granted under this regimeContracted entities assume all exploratory risksOil companies will be repaid in kind (% of oil) for completed E&P investments, with excess oil to be shared under contractual arrangementPetrobras will have a minimum equity share of 30% in all these fields and will be the exclusive operatorGovernment ParticipationsProduction Royalties (5% to 10%) and Special Participations (10% to 40%)Production Royalties (10%)Profit Sharing Royalties (15%)

10. 2.2. Calculation & AllocationRoyalties and SPs calculated for each oil and gas field and paid in R$ based on international reference pricesRoyalty = Rate x Production x Reference PriceSpecial Participations = Rate x (Quarterly Gross Revenue – Opex)May 2014105% to 10%Exploration costs, operational costs, depreciation and taxes10% to 40% depending on field location, age, depth and productionTotal Production * Reference PriceAllocation of Oil Royalties and SPs (for Offshore Fields)Calculation of Oil Royalties and SPsProduction RoyaltiesProfit Sharing Royalties(out of which 7.5% paid to Municipalities)123Percentages with full application of Law 12,734:1: 20.0%2: 20.0%3: 34.0% (to be reduced to 20.0% until 2018)Oil: The greater of (i) weighted average actual sales price and (ii) basket of oil prices for up to 4 similar types of oil quoted in the international marketGas: Weighted average actual sales price of each gas supply agreement market

11. 2.3. Historical Production Royalties and Special ParticipationsMay 2014Royalties and SPs for RJS Fields Before Allocation (MM US$), RJS Gross and Net Oil RevenuesSource: Wood Mackenzie / ANP11RJS gross Oil RevenuesRioPrevidencia net Oil Revenues

12. Royalties and SPs are payable to the National Treasury by Concessionaires no later than the last day of the month following the month (Royalties) or calendar quarter (SPs) of productionUpon receipt, the National Treasury transfers the funds to Banco do Brasil for further allocation to each beneficiary’s account Historically, Royalties and Special Participations payments to beneficiaries have been paid consistently on timeRoyalties and SPs are due no later than the last business day of the 2nd month following the month/quarter of productionRoyalties and SPs are typically paid by the 20th and the 10th, respectively, of such monthThe Petroleum Law also regulates the requirements by the Concessionaires to submit evidence of payments and underlying assumptions for the calculations, including production output and reference prices. All data submitted by concessionaire is audited and reconciled by the ANP on an ongoing basis2.4. Timing of Payment and Disclosure12May 2014Summarized Timeline for RoyaltiesMonth of ProductionM+1MConcessionaires transfer funds to Central Bank Account of National Treasury via a DARF1 by the last day of the following month and evidence of payment to ANP no later than 5 business days laterM+220thNational Treasury transfers funds to Banco do Brasil and Banco do Brasil to dedicated accounts of beneficiaries by the 20th of the following month5thConcessionaires send the Royalty Calculation Worksheet3 the 5th business day of the second month following production 15thConcessionaires send Monthly Production Report2 on the 15th business day of the month following production Timeline for SPs substantially similar from the end of each calendar quarter of production RJS Historical Payment Dates1: Federal revenue collection document2: Detailed production data per field/well3: Includes all data and assumptions to calculate royalties (production, reference price, etc.)

13. 3. Oil & Gas in BrazilOil & Gas Historical ProductionOverview of PetrobasForecasted Oil & Gas Production for Petrobras and Brazil May 201413

14. 3.1. Brazil Oil & Gas Historical Production(103 barrels)RJ offshoreOil Production 2003-20131Oil Production 2013 by State1Production of Oil and Gas Dominated by Rio de Janeiro Offshore Fields14Source: ANP/SDP as of YE 20121: Condensates IncludedMay 2014Map of RJS’ Offshore Fields

15. 3.2. Petrobras OverviewPetrobras is an integrated oil and gas company that is the largest corporation in Brazil and one of the largest companies in Latin America in terms of revenuesOperates most of Brazil’s producing oil and gas fields and holds a large base of proved reserves and a fully developed operational infrastructureThe Brazilian Federal Government owns 50.3% of common shares of Petrobras as of 1/31/201415.9 billion boe proven reserves in Brazil (16.6 worldwide) at year-end 2013, as per SPE/ANP criteria1.9 million bpd oil & gas production in Brazil in 2013Petrobras has developed in Brazil special expertise in deepwater and ultra-deepwater E&PMost of its domestic reserves are in large, contiguous and highly productive fields in the Campos BasinUS$154 billion E&P investment plan for 2014-2018 to double Brazil’s oil production by 2020Rated BBB- by S&P, Baa1 by Moody’s and BBB by Fitch RatingsThe Largest Player in the Brazilian Upstream SectorSource: Petrobras15May 2014Petrobras Reserves (MM boe)Petrobras Brazilian Production (Thousands of boep/d)

16. 3.3. Forecasted Oil & Gas Production for Petrobras and BrazilSource: Petrobras Strategic Plan (Brazil’s production according to Petrobras’s view and reasoning, considering different paces for the bid rounds put forward by the Government (Petrobras’ view today, 2013, up to 2030). Source: IEA 2013, DOE 2013, WoodMackenzie 2013. All rights reserved))16Estimator (MM bdp)Brazil’s Oil production 2020-2030 AverageBrazil’s Oil Production 20351. Petrobras5.2Outside SP 2030 horizon2. IEA5.46.03. DOE5.06.64. WoodMac4.95.4NE de TupiDeep Water ESLara NWMarlim I RevitalizationDeep Water I SESul Pq. BaleiasMaromba ICarcaràEntorno de Lara2013201420162017201820192020Production Units in OperationProduction Units Delivered in 2013Production Units not bid as of Feb/201420151.933.24.2Sapinhoà Pilot (Cid. Säo Paulo)Baúna (Cid. Itajai)Lula NE Pilot (City Paraty)Papa-TerraRoncador IIINorte Pq. BaleiasRoncador IVPapa-TerraPapa-Terra (TAD) 9 Production Units ConcludedNorte Pq. Baleias (1st Quarter)Roncador IV (2nd Quarter)Papa-Terra (2nd Quarter)Sapinhoá NorteCid Ilhabela (3rd Quarter)Iracema Sul Cid. Mangaratiba (4th Quarter)Iracema NorteCid. Itaguai(3rd Quarter)1st Oil Forecast 2014 - 2015Lula AltoLula CentralLula SulBùzios ILapaLula NorteBùzios IILula Ext. Sul e ToR Sul de LulaLula OesteBúzios IIILara HorstTartaruga Verde and MestiçaBùzios IVJúpiterBùzios VEspadarte IIIDeep Water II SEMarlim II RevitalizationLibraFlorim1st Oil Forecast 2016 - 20202014 Growth: 7.5% ± 1p.a. 2020-2030 Average1.3.4.Brazil’s Average Oil Production 2020 – 2030: 5.2 MM bpdPetrobras VisionBrazil’s ProductionPetrobras Brazilian Oil ProductionMay 20142.2.022.43.0WoodMac Forecast for Brazil

17. 4. Transaction Structure – SummarySummarized StructureCash WaterfallTriggers and Other Key TermsIssuer’s Cash FlowSummary Model OutputMay 201417

18. 4.1. Transaction Summarized StructureMay 201418TrusteeRioPrevidênciaIssuerCaixa Econômica FederalRoyalties Sales AgreementLegal StructureBondholdersSecuritizadoraMaster TrustPartial Assignment of RioPrevidência Royalties RightsBanco do BrasilAssignments of BB and CEF Royalties Rights Assignments to Issuer (in two steps via Securitizadora)Debentures issued to Banco do Brasil and Caixa EconômicaOffshoreBrazil2014-1 Notes: RioPrevidência will sell and assign to the Issuer the RioPrevidência Royalties Rights: At closing, Banco do Brasil and Caixa Econômica Federal will assign their previously purchased Royalties Rights to the Issuer against a partial cash prepayment and the issuance of debentures issued by a Brazilian Securitizadora (in turn benefitting from a partial assignment of RioPrevidência Royalties Rights)Bill of SaleServicer Agreement2014-2 Notes

19. 4.2. Simpilfied Cash WaterfallMay 201419Collections Account(Banco do Brasil)National Royalties Account (Central Bank)RJS Oil Revenues Dedicated Account (Banco do Brasil) RevenueAccountExpenseAccountSenior Debt Service AccountsAccelerated Principal AccountDebt Service Reserve AccountLiquidity Reserve AccountServicer Fee & TaxesAll remaining fundsRJS Oil RevenuesPASEP, FECAM, Municipalities, Federal DebtRioPrevi Oil RevenuesOil & Gas ConcessionairesRoyalties & Special ParticipationsIssuer ExpensesNext quarterly Debt ServiceOne quarterly Debt ServiceEarly Amortization Period1?60% of excess funds2014-1 Debt Service Accounts2014-2 Debt Service Accounts2014-1 Accel. Principal Accounts2014-2 Accel. Principal AccountsTrigger Event2?Trigger Event Reserve AccountyesnoReserve LC Expense Accountyesno60% of excess fundsUp to 1 quarterly Debt Service3Accelerated PrincipalPro-rataPro-rataAllocations to other BeneficiariesAllocations of Payment and cash waterfall are run on each business day following the receipt of any fund in the Collections AccountAllocations of payments are determined in R$ and based on pro-rata allocations to all Senior SeriesCash transfers are made by Banco do Brasil (Bond Administrator) and Citibank NA (Indenture Trustee) to the relevant Series accounts after conversion to USD (when applicable)1: Upon the occurrence of any Event of Default and subsequent vote by >50% of all Senior Series voting in concert2: If AADSCR or FLDSCR < 2.00x 3: Additional seasonality reserve to cover lower collections during first months of every year

20. 4.3. Triggers and Other Key TermsSecurity interest over 100% of Royalties and Special Participations payable to RJS, net of Municipalities/PASEP/FECAM allocations and Federal Debt repayments3-month Debt Service Reserve Account, funded at closingLiquidity ReserveMay 2014Robust Structural ProtectionsCollateral20New Issuances subject to rating affirmation, Min [2.50]x pro-forma AADSCR and FLDSCR2Limitations on Additional DebtTrigger Event: retention of 60% of excess cash after debt service payment and reserves replenishment:AADSCR1 or FLDSCR2 < [2.00]xEvent of Default, 100% of retained cash applied to mandatory redemption:AADSCR1 or FLDSCR2 < [1.50]xOil Revenue Rights ImpairmentOther customary EoDsPerformance-Based TriggersIllegality, Invalidity, imperfection of Collateral, etcOil Revenue Rights Impairment:Change in Law which reduces the allocation % of Royalties/SPs to RJS resulting in >15% reduction of FLDSCR2 (and subject to FLDSCR2<1.75x)Repurchase Obligations by RJS/RioPrevidencia1: Debt service Coverage Ratio: [Average last 4 quarters]2: Forward Looking Debt Service Coverage Ratio: Average projected annualized DSCR through the remaining life of the Notes, based on WoodMakenzie forecasts (as updated from time to time with actual production data)

21. 4.4. Issuer’s Cash FlowCash Flow Structure and Repayment Schedule21May 2014RevenuesMonthlyRoyaltiesQuarterlySpecialParticipationAnnual US$ MM20142024Royalties~1,600 ~4,000Special Participations~2,800 ~6,800 Total Revenues~4,400~10,800DeductionsState AllocationsFederalDebtRepaymentAnnual US$ MM20142024Municipalities1~500~850PASEP2~100~220FECAM3~550~2,150Federal Debt~530~0Total Deductions~1,680~3,220Cash Flow StructureRevenuesDeductions-=Cash Available for Debt Service2014 2024US$ 2,720 MM US$ 7,580 MMDebt Service2014 2024US$ 500 MM US$ 500 MMDebt Service Cover Ratio (DSCR)&Forward Looking Debt Service Cover Ratio (FLDSCR)4Repayment Schedule 2014-1 Series1: 7.5% out of the 30% allocated to RJS for Production Royalties <5%2: State Fund which mission statement is to implement environmental or urban development projects (5% of royalties and SPs, except for pre-salt at 10%)3: 1% to public employee pension program4: Average DSCR throughout the remaining life of the Notes based on WoodMakenzie latest available forecasts (as updated from time to time)

22. 22Source: Wood Mackenzie Productions/BNPPDeductions include transfers to municipalities (Law 7990), PASEP and FECAM One Offs: 2011-Decreto 43358/2011 Conta B, 2012-Decreto 43911/2012, 2013-Decreto 43358/2011 Conta B (BRL 100mm) + Decreto 43911/2012 BRL1,012,657,473Gross Revenue Composition($MM)Cost Analysis($MM)(1)(2)DSCR Multiple over Life of BondBond Debt Buffer4.5.1. Base Case DSCR without Application of Law 12,734 Robust DSCR Coverage Throughout the Life of the ProgramMay 2014

23. 23Source: Wood Mackenzie Productions/BNPPDeductions include transfers to municipalities (Law 7990), PASEP and FECAM One Offs: 2011-Decreto 43358/2011 Conta B, 2012-Decreto 43911/2012, 2013-Decreto 43358/2011 Conta B (BRL 100mm) + Decreto 43911/2012 BRL1,012,657,473Gross Revenue Composition($MM)Cost Analysis($MM)(1)(2)DSCR Multiple over Life of BondBond Debt Buffer4.5.2. DSCR with Application of Law 12,734 DSCR Coverage Remains Strong with Application of Law 12,734May 2014

24. 4.5.3. Model SensitivitiesWithout application of Law 12,734: Scenario A1 (Base Case): Production and price base caseScenario A2: Downside Price Case (US$70/bbl flat real 2014 terms oil price assumption)Scenario A3: Downside Production CaseWith application of Law 12,734: Scenario B1: Production and price base caseScenario B2: Downside Price Case (US$70/bbl flat real 2014 terms oil price assumption)Scenario B3: Downside Production CaseMay 201424Strong Resilience to Downside Scenarios [TO BE UPDATED] US$ 1 BN 2014-1 SeriesUS$ 2.5 BN ProgramMinimum DSCRAverage DSCRMinimum DSCRAverage DSCRScenario A1 (Base)7.9x18.2x7.4x11.0xScenario A25.8x12.7x5.2x7.7xScenario A36.3x14.0x5.7x8.5xUS$ 1 BN 2014-1 SeriesUS$ 2.5 BN ProgramMinimum DSCRAverage DSCRMinimum DSCRAverage DSCRScenario A15.8x11.2x5.2x6.9xScenario A24.0x8.0x3.7x4.9xScenario A34.4x8.8x4.0x5.5x1: Debt service Coverage Ratio: [Average last 4 quarters]2: Forward Looking Debt Service Coverage Ratio: Average projected annualized DSCR through the remaining life of the Notes, based on WoodMakenzie forecasts (as updated from time to time with actual production data)

25. Appendices May 201425

26. Appendix 1May 201426WoodMackenzie Base Case Production Forecast by RJS Field - Oil

27. Appendix 1May 201427WoodMackenzie Base Case Production Forecast by RJS Field - Oil

28. Fields Assigned to PetrobrasPre-Salt ProvinceFieldStateSul de LulaRJFlorimRJTupi NERJPerobaRJGuara SulRJ & SPBuziosRJIaraRJAppendix 2May 201428Transfer of Rights to Petrobras: Fields not under Concession Regime