<table><tr><th>From:</th><th>Richard Kahn &lt;</th></tr><tr><td>Sent:</td><td>Monday, June 8, 2015 5:25 PM</td></tr><tr><td>To:</td><td>jeffrey E.</td></tr><tr><td>Subject:</td><td>Petrobras sells $2.5 bln in 100-year bonds as debt costs rise</td></tr></table>

i called Daniel and asked why he did not show you this 100 year bond that DB was lead on.. i suggested that maybe it could have been a hedge, maybe your view on Brazil changed and nonetheless you should be sending him info that is relevant to his investments he had no answer and said he would now send you a note

http://www.reuters.com/article/2015/06/02/brazil-petrobras-bonds-idUSL1N0Y001V20150602

Richard Kahn
HBRK Associates Inc.
575 Lexington Avenue 4th Floor
New York, NY 10022
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