Subject: FW: Brazil trade idea [C] From: Vahe Stepanian Date: Mon, 28 Mar 2016 13:27:58 -0400 To: Paul Morris ‹ > Classification: Confidential FYI, meant to CC you. Will add you if they come back. Thanks, Vahe From: Vahe Stepanian Sent: Monday, March 28, 2016 1:20 PM To: Richard Kahn Cc: Daniel Sabba; Ariane Dwyer Subject: RE: Brazil trade idea [C] Classification: Confidential Rich — indicatively, Southern Financial can purchase 5mm PETBRA 5 01/27/21 @ —82 Brazil 5y CDS (6/20/21 maturity) is currently @ 380 x 385. We will need to refresh before trading. Please let us know if you have questions. Thank you, Vahe From: Richard Kahn [mailto: Sent: Monday, March 28, 2016 1:08 PM To: Vahe Stepanian EFTA01477762

Cc: Daniel Sabba Subject: Brazil trade idea can you please provide pricing on the following: Buy Buy CDS Protection Bond: PETBRA 5 101/27/21 Contract: Brazil 5yr CDS Issuer: PETROBRAS GLOBAL FINANCE Underlying Issuer: Federative Republic of Brazil ISIN: US71645WAR25 Maturity: 06/20/21 Ratings: EFTA01477763

B3/B+/BB+ Coupon: 100 bps Ranking: Sr Unsecured Spread: 396 bps Richard Kahn HBRK Associates Inc. 575 Lexington Avenue 4th Floor EFTA01477764