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ielding -10% Buy Brazil CDS costs 3.9=% The bet is that spreads =ighten (see green chart below). </=pan> EFTA_R1_01577231 EFTA02467912 Source: Bloomberg 31=3/16 Syr Petrobras & Syr Brazil CDS: Buy Buy CDS Protection Bond: PETBRA 5 4 01/27/21 Contract: Brazil Syr CDS Issuer: PETROBRAS GLOBAL F
<=> =span style="font-size:8.0pt;font-family:"Verdana","sans-s=rir;coloril1f497d">Paul Barrett I Managing Director Global Investment Op=ortunities Group I J.P. Morgan Securities LLC I J.P. Morgan Private Bank I =.I.P. Morgan Chase Bank N.A.=/u> Mtel:%28212%29%20310-0108> I <mailto: </=pan> NOT =N OFFICIAL CONFIRMATION: F
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pan> </=> <image002jpg>=u> =/P> =/p> Source: Bloomberg 14Aug2015=/span> =span style="font-size:8.0pt;fo
<=U> =span style="font-size:8.0pt;font-family:"Verdana","sans-s=rir;color:itlf497d">Paul Barrette Managing Director Global Investment Op=ortunities Group I J.P. Morgan Securities LLC I J.P. Morgan Private Bank I =1.P. Morgan Chase Bank N.A. 2 EFTA_R1_01613144 EFTA02491238 NOT AN OFFICIAL CONFIRMATIO=: For informational p
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R1_01616291 EFTA02493161 Source: JP Morgan a=d Bloomberg, July 2015 This material is in=ended as a genera
<=> =span style="font-size:8.0pt;font-family:"Verdana","sans-s=rif";color:fflf497d">Paul Barrett I Managing Director Global Investment Op=ortunities Group I J.P. Morgan Securities LLC I J.P. Morgan Private Bank I =J.P. Morgan Chase Bank N.A.=/u> 320 Park Avenue, 14th Floor, New York, NY=10022 I T: (212) 622-2770 F: (212) 310-
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