tnering with Pemex in both shallow and deepwater. Lastly, Venezuela may be showing some signs of improvement with the recently negotiated deal with PDVSA. Together with Schlumberger and Weatherford, $2bn in work has been agreed upon, which will include payment on receivables. Many Options with Balan

the country nor the opposition leaders are ready to get enough votes to win and constitute a government far right. Anyways i see the venezuelan and PDVSA flying today.... Francisco D'Agostino From: Jeffrey Epstein <[email protected]> Date: Mon, 10 Dec 2012 06:43:54 -0500 To: Francisco D'Agostin

the country nor the opposition leaders are ready to get enough votes to win and constitute a government far right. Anyways i see the venezuelan and PDVSA flying today.... Francisco D'Agostino From: Jeffrey Epstein <jeevacation@grrtn> Date: Mon, 10 Dec 2012 06:43:54 -0500 To: Francisco D'Agostinoc

B+ 11.615/11.519 USP17625AD98 VENZ 9% 34 89.150-89.850 B2 B+ 10.671/10.580 US922646BL74 VENZ 7 38 73.500-74.250 B2 B+ 9.8582/9.7548 USP97475AJ95 PDVSA 8 13 99.500-100.250 N.A. N.A. PDVSA 8 13 100.000-100.500 N.A. N.A PDVSA 4.9 14 89.500-90.250 N.A. N.A. 10.700/10.257 XS0460546442 PDVSA 5 15 83

B+ 11.615/11.519 USP17625AD98 VENZ 9% 34 89.150-89.850 B2 B+ 10.671/10.580 US922646BL74 VENZ 7 38 73.500-74.250 B2 B+ 9.8582/9.7548 USP97475AJ95 PDVSA 8 13 99.500-100.250 N.A. N.A. PDVSA 8 13 100.000-100.500 N.A. N.A PDVSA 4.9 14 89.500-90.250 N.A. N.A. 10.700/10.257 XS0460546442 PDVSA 5 15 83

hard currency for duration. • Credit: Idiosyncratic factors have been dominant over the past week, including. Venezuela/PDVSA payment deadlines (PDVSA CDS could be triggered if 20s' amortization is not paid by Wednesday). Stay neutral South Africa as spreads price in downgrades and retain 5s10s cas

gmail.com> Cc: "Barrett Paul S" Weissend, Renee E" ct. : O Sent: Jeffrey, Friday, March 8, 2013 4:35:46 PM We should add another $1mm of the PDVSA 2017's for Southern Trust Co. They're trading a touch weaker at 98.50 (9% yield) after Chavez's death. Thanks, Amanda Amanda Ens I Vice President

From: Tazia Smith Sent: 3/19/2014 9:22:16 AM To: [email protected] CC: Paul Morris Vinit Sahni ahe Stepanian Subject: PDVSA 5% 10/28/15 now completely retraced recent drop... lC) Classification: Confidential Nay Gupta Jeffrey - PVDSA has now fully recouped recent losse

PDVSA 5 10 28 '15 05/08/2012 From: Sent: To: CC: Subject: Tazia Smith 5/8/2014 2:42:15 PM Nay Gupta ; Paul Morris [pa Vinit Sahni Re: PDVSA 5%

PDVSA 5 10 15 0.5/CS/2013 PDVSA 5 10/28/15$ 1028.5 , •23d Vol 4.3MM 92.963 93.850 '— 4$ Save As 944 Actions - 07) Edit - OS/C41/2014 Las: Pri

nt losses. You're now down $246,600 on your 4.5mm PVDSA 5% 10/28/15 (your average cost is 91.08) Mid-level 85.6, 15.53% yield (Bloomberg, 3/19/14) PDVSA 5% 10/15 - 1yr Price History PDVSA 5 10/28/15.1 '85-600 4-.100 1512.6 bp vs T 0.250 02/29/2016 .,t r WV. Vol 11.3MM Do 85.500 H1 87.750 L

PDVSA 5 10/28/15 03,x. 2013 :37:3'1014 PDVSA 5 10/28/155 "85.6O0 ..100 1512.6 ' T 0.250 02/29/2016 At - :59d Vol 11.31t1 op 85.500 Hi 87.750 _ 8

11/13/2042 and ping u as and when our view on rates or the currency changes will keep u updated, as here u have risk on both components unlike the PDVSA where the bond was denominated in usDs. Best vinit (Embedded image moved to file: pic19258.gif) Vinit Sahni Managing Director I Global Head - P

in m: To: Vinit Sahni Cc: Tazia Smith/ "Nay Gupta (DEUTSCHE ASSET MANAG)" < >, Pau Morris, , vahe Stepanian oat 13/01/2014 11:50 e: Sub Re: PDVSA chart + USDJPY Trade [C] jec t: thanks , lets keep on Mon, Jan 13, 2014 at 7:47 AM, vinit Sahni <-> wrote: Classification: Confidential This

@DBAMERICAS To: "Jeffrey epstein" [email protected]>, Cc: "vinit Sahni" , "Nay Gupta (DEUTSCHE ASSET MANAG)" Date 12/01/2014 22:52 Subj Re: PDVSA chart + USDJPY Trade [c] ect: Classification: Confidential Looping in vinit here as he was recently involved with a large offering in the pdvsa c

m mark to market risk is slower pace of implementation of energy reform and a selloff in uSTs Sahni <[email protected]> wrote: EM space, post the PDVSA analysis, happy to discuss further if u find interesting... (Embedded image moved to file: pic04930.gif) CNYMXN chart courtesy Nav Gupta (shows re

On Sun, Jan 12, 2014 at 4:38 PM, Tazia Smith wrote: Classification: Confidential Jeffrey: Please find the chart of PDVSA 5% 10/28/15 price history below, as well as a description of the USDJPY 10yr trade that we briefly discussed on Friday. Speak with you soon, Tazia

o 3m On Tue, Jan 14, 2014 at 4:23 AM, vinit Sahni < wrote: classification: confidential Jeffrey - was looking for value in the EM space, post the PDVSA analysis, started looking at Mexico... here is a trade I think makes sense -> buying MBONO 30y unhedged At around 7.5% yield, inflation probably i

com> m: To: vinit Sahni Cc: Tazia Smith "may Gupta (DEUTSCHE ASSET MANAG)" < , Pau Morris , vahe Stepani an oat 13/01/2014 11:50 e: sub Re: PDVSA chart USDJPV Trade [c] jec t: thanks , lets keep On Mon, Jan 13, 2014 at 7:47 AM, vinit Sahni > wrote: classification: confidential This atta

s does not mean that we are inactive and certainly not that we are inactive in dealing with HOVENSA. The duty to deal with HOVENSA, with Hess, with PDVSA, falls to me, and that is a duty I shall fulfill. We are meeting with their officers at the appropriate decision-making levels, we are meeting with