EFTA01380762.pdf

7 October 2015 Corporate Credit,Energy Petroleo Brasileiro S.A. [Filture 6: Z-Spread: Front End iFigure 7: Sov Spread: Front End 1.703 1.4W 1.500 1.203 1.300 1.0110 1.102 880 903 400 703 460 9 9 9 9 P *9 9 9 9 9 d5. 41 •fi 4.1 1)46 94 Petrobal 3 875 16 — Pelrobrat 3.517 888,888s 3 875 16 --......Pdrobas 3.5 17 Petrobas 5.875 IB Pel:mb/as 3.0019 Petrobas 5,87518 Petrobas 3.00 19 Sten 0— Brå Source DWOIChe &n* rFigure 8: Z-Spread; Belty Figtire 9: Sov Spread: Belly 1.400 1.203 800 att 1 200 o, 9999999999 1, .> 9 9 9 9 p 9 9 9 9 e # # 94‘ 4fr it i '1 1 1 PetrObab 4.825 20 —Petrobras 5.375 21 Petrobras 4.875 20 — Petrobas 5.375 21 Petrobras 4.315 23 Petrobras 62W 24 pa/ans4.375 23 Petrobas 6.250 24 kur« 0•88818 aPt Saga DafteM4it IFigure 10: Z-Spread: Long End IFigure 11: Sov Spread: Long End 1.100 • 650 1.880 550 WO i 800 450 700 I 350 fa» 500 250 400 150 ferjzt " 300 50 200 .s6 p p p 4,3,9 44/9 "9", (9 4 9 .ty9 <P vr <i p+ esP 4# `tY 1 &Ø 40.......--Pdrofrin 6.7541 —Petrobras 6 87540 — Petrobras 6.7541 _Petrobras 5.625 43 Poirobras 7.2544 Petrobras 5.62543 Petrobras 7.25 44 SantDat:~ Be* SantDan.• Sint Deutsche Bank Securities Inc. l'age 9 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0079291 CONFIDENTIAL SDNY_GM_00225475 EFTA01380762