<table><tr><th>From:</th><th>Daniel Sabba</th></tr><tr><td>Sent:</td><td>Thursday, March 12, 2015 6:03 PM</td></tr><tr><td>To:</td><td>jeevacation@gmail.com'</td></tr><tr><td>Cc:</td><td>Vahe Stepanian; Ariane Dwyer</td></tr><tr><td>Subject:</td><td>Fw: Fwd: [/]PETBRA UPDATE:Levy does not like directly support to Petbra</td></tr></table>

Classification: Public

----- Original Message-----

From: Isin Sumengen-Ziel (DEUTSCHE BANK AG, LO) [mailto:
Sent: Thursday, March 12, 2015 01:39 PM

To: Daniel Sabba

Subject: Fwd: ViPETBRA UPDATE:Levy does not like directly support to Petbr=

Sent From Bloomberg Mobile MSG

---- Original Message ----
From: DIEGO FERNANDEZ, DEUTSCHE BANK SECURI
At: 3/12/2015 17:34

[/JPETBRAUPDATE: Finance Minister Joaquim Levy ruled out the possibility o= Brazil's Treasury 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 downside to investments, and hence to production growth and cre=it ratings prospects.

PETBRA 3.2517 640/625
PETBRA 3.5017 640/625
PETBRA 5.875 18 610/595
PETBRA 7.875 19 575/560
PETBRA 4.875 20 585/575
PETBRA 5.75 20 600/585
PETBRA 21 590/580
PETBRA 23 500/490
PETBRA 24 528/520
PETBRA 40 527/517
PETBRA 41527/517
PETBRA 43 480/470
PETBRA 44 527/517

This has been prepared solely for informational purposes. It is not an offe=, recommendation or solicitation to buy or sell, nor is it an official con=irmation of terms. It is based on information generally available to the p=blic from sources believed to be reliable. No representation is made that =t is accurate or complete or that any returns indicated will be achieved. =hanges to assumptions may have a material impact on any returns detailed. =ast performance is not indicative of future returns. Price and availabilit= are subject to change without notice. Additional information is available=upon request.

This communication may contain confidential and/or privileged information. =f you are not the intended recipient (or have received this communication =n error) please notify the sender immediately and destroy this communicati=n. Any unauthorized copying, disclosure or distribution of the material in=this communication is strictly forbidden.

Deutsche Bank does not render legal or tax advice, and the information cont=ined in this communication should not be regarded as such. <?xml version=.0" encoding=TF-8"?> <!DOCTYPE plist PUBLIC "-//Apple//DTD PLIST 1.0//EN" "http://www.apple.com/DTDs/PropertyList-1.O.dtd"> <plist version=.0">

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