1. why do you think Petrobras' cost of capital is so high? Are there better ways, or other ways, of calculating it's weighted average cost of capital?

2. Does this method of uding the sovereign spread also compensate for currency risk?

3. The final quote on "one's view on the direction of the broad Brazilian market suggests that potential investment decision. How does this perception show up in the calculation of the company's cost of capital?

4. Is the cost of capital really a relevant factor in the competitiveness and strategy of a company like Petrobras? Does the corporate cost of capital really affect competitiveness?