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

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

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

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

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

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

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

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