Epstein Secrets

panianI CC: Stewart Oldfield l; Daniel Sabba ; Ariane Dwyer Subject: RE: Ill Classification: For int

ne of the largest integrated oil companies worldwide and aims to be one of top 5 globally by 2030 Indicative Terms (as of 11/17/2015): Client buys PETBRA 3.250% Notes '17 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0087976 CONFIDENTIAL SDNY_GM_00234160 EFTA01386328

To: [email protected]' Cc: Vahe Stepanian; Ariane Dwyer Subject: Fw: Fwd: [/]PETBRA UPDATE:Levy d

sury guaranteeing a bond backed by about BRL9bn owed to Petr=bras by Eletrobras, according to Bloomberg. We view this as qualitatively =egative for PETBRA, as it indicates to us that the Brazilian government is=not willing to directly support the company until it becomes unavoidable. =his brings downsi

Paul Morris Cc: Stewart Oldfield Daniel Sabba Ariane Dwyer Classification: For internal use only Pau

t integrated oil companies worldwide EFTA01399927 and aims to be one of top 5 globally by 2030 Indicative Terms (as of 11/17/2015): Client buys PETBRA 3.250% Notes '17 Maturity 03/17/2017 Amount 0/S $1.6bn Rating Ba2 / BB / BBB- (Mdy/S&P/Fitch) Price 95.25 Mid Yield 7.06% Client buys PET