Epstein Secrets

7 October 2015 Corporate Credit,Energy Petroleo Brasileiro S.A. IFigure 2: Outstanding Petrobras bond issues covered by Deutsche Bank Maturity AiTr1tAl I (VS itsidy/S&P/Eiti;11 DF) Rec. Dote of MiK Mid Pima Mori vkild Zenread Soy Sprit PET

Hold 1 13-Jan.2015 98.77 6.30 601 532 PETEIRA 3.250% Notes '17 17-Mar-17 USD I.600m Eta2 / BB / BBB- Buy/ 7-Oct-2015 90.88 9.82 924 731 PETBRA 3.50CP,‘ Notes '17 6-Feb-17 USD 1,750m Ba2 / BB / BBB- Buy I 7-Oct-2015 91.85 9.79 923 736 PETBRA 5.875% Notes '18 1-Mar-18 USD 1,750m Ba2

7 October 2015 Corporate Credit,Energy Petroleo Brasileiro S.A. IFigure 2: Outstanding Petrobras bond issues covered by Deutsche Bank Maturity AiTr1tAl I (VS itsidy/S&P/Eiti;11 DF) Rec. Dote of MiK Mid Pima Mori vkild Zenread Soy Sprit PET

Hold 1 13-Jan.2015 98.77 6.30 601 532 PETEIRA 3.250% Notes '17 17-Mar-17 USD I.600m Eta2 / BB / BBB- Buy/ 7-Oct-2015 90.88 9.82 924 731 PETBRA 3.50CP,‘ Notes '17 6-Feb-17 USD 1,750m Ba2 / BB / BBB- Buy I 7-Oct-2015 91.85 9.79 923 736 PETBRA 5.875% Notes '18 1-Mar-18 USD 1,750m Ba2

esk analyst looking at CoCos will be sending us a few specific issues in the morning, which we will send along to you once available. In addition to Petrobras, I've attached a piece with top AWM Fixed Income ideas — pgs. 33-44 are specific to top HY ideas. We can highlight the most relevant ideas — plannin

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

gap: Petrobras will need to roll $60bn and $104bn of debt maturities in the next four and nine years respectively and sovereign support is not guaranteed • DB's

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 Maturity 03/17/2017 Amount O/S $1.6bn Rating Ba2 / BB / BBB- (Mdy/S&P/Fitch) Price 95.25 Mid Yield 7.06% Client buys PET

elds and P=trobras has blown out from 100bps in June '15 to around 500bps today for their USD bonds. Our view is that the government will backsto= Petrobras and will not allow it to default on its debt (Govt net reserves = $200bIn ; Petrobras debt notional = $105=In). We think it makes sense to play for

trobras debt notional = $105=In). We think it makes sense to play for the spread to compress back to 30=-400bps. We can execute this through a long PETBRA position a=d buying protection on S yr BRL CDS to reduce risk. Details below.<=> 1.Spread Trade - CDS leg reduces risk in first=option Buy Pet

sk analyst looking at CoCos will be sending us a few specific issues in the morning, which we will send along to you once available. In addition to Petrobras, I've attached a piece with top AWM Fixed Income ideas — pgs. 33-44 are specific to top HY ideas. We can highlight the most relevant ideas — planni

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

yields and =etrobras has blown out from 100bps in June '15 to around =00bps today for their USD bonds. Our view is that the government =ill backstop Petrobras and will not allow it to default on its debt (Govt net reserves = $200bIn ; Petrobras debt notional = =105Bln). We think it makes sense to play for

trobras debt notional = =105Bln). We think it makes sense to play for the spread to compress =ack to 300-400bps. We can execute this through a long PETBRA position =nd buying protection on 5 yr BRL CDS to reduce risk. Details below. 1. Spread =rade - CDS leg reduces risk in first option Buy Petrobra