4) Petrobras * controlling shareholder is the Brazilian government , not the ADR holder . If Petrobras focuses on maximizing the government's valuation of the shares , how would this affect its discount rate for Pecom ? (I am looking for a qualitative answer here ) (5 points) 5. Assume the discount rate is what you calculated in (3). Project Pecom's free cash flows using exhibits 12, 13, and 14 . Do not neglect the extraordinary FX losses . Project a terminal value , explaining how you arrived at the terminal value growth rate . Discount the cash flows and arrive at an enterprise value . (20 points ) 6. Why has Pecom taken on so much dollar denominated debt ?

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