Epstein Files Search

EFTA01378492Dataset 10

2015-10-071p464w

7 October 2015 Corporate Credit,Energy Petroleo Brasileiro S.A. important Disclosures Required by U.S. Regulators Disclosures marked with an asterisk may also be required by at least one jurisdiction in addition to the United States. See Important Disclosures Required by Non-US Regulators and Explanatory Notes. 1. Within the past year, Deutsche Bank and/or its affiliate(s) has managed or co-managed a public or private offering for this company, for which it received fees. 7. Deutsche…

https://www.justice.gov/epstein/files/DataSet%2010/EFTA01378492.pdf

EFTA01380764Dataset 10

2015-10-071p722w

7 October 2015 Corporate Credit.Energy Petroleo Brasileiro SA. [Figure 14: Petrobras 2O15 summary financials (BRUT) • e ro eo raSi eiro • YT' 013 20 4 LTV. 1000Nara CANA 04,777.0 *DSO YOKO 71004 7.441 5541500.0 337,200.0 327,7130 COGS 663.450 01 0,1.`.006 0202601 01.943.0 64091 CO 4.4 4 73 OM*Prot 11.111.0 20.410 23.013.0 2%410.0 14.I% 21101 71,164.0 00…

https://www.justice.gov/epstein/files/DataSet%2010/EFTA01380764.pdf

EFTA01378489Dataset 10

2015-10-071p570w

7 October 2015 Corporate Credianergy Petroleo Bresileiro SA. [Figure 14: Petrobras 2O15 summary financials (BRUT) 'etro eo :rasi air° 1405-4 M4Ur,nl alra 2014 5013 40'' 21' 5 064 2313 30'4 LW. T91414•0444•4 81.100 10774 seibriao 74363.0 79,90 0 -24911 434190.0 337,240.0 327.713 C 1Jt 0. 444 0 4`4 3 34 144 06 OIN•Plat 11818.0 24411.0 22,0150 SUMO MI5 an 71,1610 03,47…

https://www.justice.gov/epstein/files/DataSet%2010/EFTA01378489.pdf

EFTA01380759Dataset 10

2015-10-071p294w

7 October 2015 Corporate Credit,Energy Petroleo Brasileiro S.A. The average yield of the bonds due beyond 2019 is currently around 10%, compared to an average yield of the bonds due between 2018 and 2019 of around 10.3%. The spread curve is actually inverted beyond 2020. 'Figure 3: Petrobras' spread curve is inverted beyond 2020 1050 - 950 .1 S. • 850 8 8 8 • 8 • Par equivalent * 0 0 750 • • 0 • • 650 550 0 8 • 450 Kraig Sore 350…

https://www.justice.gov/epstein/files/DataSet%2010/EFTA01380759.pdf

EFTA01378484Dataset 10

2015-10-071p619w

7 October 2015 Corporate Credit,Energy Petroleo Brasileiro S.A. L. Figure 5: Leverage and Funding Gap - Forecasts by DB Credit Research 7017 Net EcirreA Forecast 2016.17 Funding Gap Forecast (LISDbri) Avg. 2-yr Brent Price (MAW) Avg. zair Brent Price (USD/bbl) 40 45 50 55 60 65 40 45 50 55 60 65 3.5 4.6 4.5 4.4 4.4 3.5 18 18 18 18 17 17 c% 3.7 4.8 4…

https://www.justice.gov/epstein/files/DataSet%2010/EFTA01378484.pdf

EFTA01380760Dataset 10

2015-10-071p619w

7 October 2015 Corporate Credit,Energy Petroleo Brasileiro S.A. L. Figure 5: Leverage and Funding Gap - Forecasts by DB Credit Research 7017 Net EcirreA Forecast 2016.17 Funding Gap Forecast (LISDbri) Avg. 2-yr Brent Price (MAW) Avg. zair Brent Price (USD/bbl) 40 45 50 55 60 65 40 45 50 55 60 65 3.5 4.6 4.5 4.4 4.4 3.5 18 18 18 18 17 17 c% 3.7 4.8 4…

https://www.justice.gov/epstein/files/DataSet%2010/EFTA01380760.pdf

EFTA01380762Dataset 10

2015-10-071p238w

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…

https://www.justice.gov/epstein/files/DataSet%2010/EFTA01380762.pdf

EFTA01378485Dataset 10

2015-10-071p389w

7 October 2015 Corporate Credit,Energy Petroleo Brasileiro S.A. antestments: why not sell al€ of non•core assets (rather than 49% stakes); and woukl pre-salt reserves be realty sokl at low valuations? A relatively easy way for the Brazilian government to provide support to Petrobras would be letting the company sell all of its non-core assets (fuel distribution, natural gas distribution, power plants and international assets). We believe that the company could eventually raise as much as…

https://www.justice.gov/epstein/files/DataSet%2010/EFTA01378485.pdf

EFTA01380766Dataset 10

2015-10-071p106w

7 October 2015 Corporate Credit,Energy Petroleo Brasileiro S.A. Regulatory Disclosures 1.Important Additional Conflict Disclosures Aside from within this report, important conflict disclosures can also be found at https://gm.db.com/equities under the "Disclosures Lookup" and "Legal" tabs. Investors are strongly encouraged to review this information before investing. 2 Short-Term Trade Ideas Deutsche Bank equity research analysts sometimes have shorter-term trade ideas (known as SOLAR ideas) that are consistent or inconsistent with Deutsche Bank…

https://www.justice.gov/epstein/files/DataSet%2010/EFTA01380766.pdf

EFTA01378480Dataset 10

2015-10-071p793w

7 October 2015 Corporate Credit,Energy Petroleo Brasileiro S.A. IFigure 2: Outstanding Petrobras bond issues covered by Deutsche Bank Maturity AiTr1tAlI (VS itsidy/S&P/Eiti;11 DF) Rec. Dote of MiK Mid Pima Mori vkild Zenread Soy Sprit PETBFIA 2.000% Notes '16 20.May-16 USD 1,250m Ba2/ BB / BBB- Hold I 13-Jan-2015 96.57 6.94 656 535 PEMBA 3.675,11) Notes '16 27-Jan-16 USD 2.500m Ba2 BB / BOB…

https://www.justice.gov/epstein/files/DataSet%2010/EFTA01378480.pdf

EFTA01380761Dataset 10

2015-10-071p389w

7 October 2015 Corporate Credit,Energy Petroleo Brasileiro S.A. antestments: why not sell al€ of non•core assets (rather than 49% stakes); and woukl pre-salt reserves be realty sokl at low valuations? A relatively easy way for the Brazilian government to provide support to Petrobras would be letting the company sell all of its non-core assets (fuel distribution, natural gas distribution, power plants and international assets). We believe that the company could eventually raise as much as…

https://www.justice.gov/epstein/files/DataSet%2010/EFTA01380761.pdf

EFTA01378491Dataset 10

2015-10-071p296w

7 October 2015 Corporate Credit,Energy Petroleo Brasileiro Appendix 1 Important Disclosures Additional information available upon request [Disclosure checklist Institution Disclosure Petrobras PETROBRAS ARGENTINA SA 5.875 20170515 1,7.14,15,17 PETROBRAS ARGENTINA SA 5.875 20170515 1,7.14,15,17 Petrobras International Finance Co Petrobras Global Finance BV 5.625 20430520 1,7,14,15,17 Petrobras Global Finance BV 4.375 20230520 1,7,14,15,17 Petrobras Global Finance BV 3.25 20170317 1…

https://www.justice.gov/epstein/files/DataSet%2010/EFTA01378491.pdf

EFTA01378481Dataset 10

2015-10-071p723w

7 October 2015 Corporate Credit,Energy Petroleo Brasileiro S.A. We believe Petrobras has a very high chance of meeting its funding gap through 2017 without relying on direct government support We have revised our base-case cash flow forecasts and now assume lower capex (from USD27bn to USD25bn in 2015 and from USD22bn to USD19bn onwards), 2.0% CAGR of domestic E&P production (vs. 4.0%) and domestic fuel prices increasing by 6% p.a. with no restrictions…

https://www.justice.gov/epstein/files/DataSet%2010/EFTA01378481.pdf

EFTA01378494Dataset 10

2015-10-071p825w

7 October 2015 Corporate Credit,Energy Petroleo Brasileiro S.A. Additional Information The information and opinions in this report were prepared by Deutsche Bank AG or one of its affiliates (collectively "Deutsche Bank"). Though the information herein is believed to be reliable and has been obtained from public sources believed to be reliable. Deutsche Bank makes no representation as to its accuracy or completeness. Deutsche Bank may consider this report in deciding to trade as principal. It may also engage…

https://www.justice.gov/epstein/files/DataSet%2010/EFTA01378494.pdf

EFTA01378493Dataset 10

2015-10-071p106w

7 October 2015 Corporate Credit,Energy Petroleo Brasileiro S.A. Regulatory Disclosures 1.Important Additional Conflict Disclosures Aside from within this report, important conflict disclosures can also be found at https://gm.db.com/equities under the "Disclosures Lookup" and "Legal" tabs. Investors are strongly encouraged to review this information before investing. 2 Short-Term Trade Ideas Deutsche Bank equity research analysts sometimes have shorter-term trade ideas (known as SOLAR ideas) that are consistent or inconsistent with Deutsche Bank…

https://www.justice.gov/epstein/files/DataSet%2010/EFTA01378493.pdf

EFTA01380767Dataset 10

2015-10-071p825w

7 October 2015 Corporate Credit,Energy Petroleo Brasileiro S.A. Additional Information The information and opinions in this report were prepared by Deutsche Bank AG or one of its affiliates (collectively "Deutsche Bank"). Though the information herein is believed to be reliable and has been obtained from public sources believed to be reliable. Deutsche Bank makes no representation as to its accuracy or completeness. Deutsche Bank may consider this report in deciding to trade as principal. It may also engage…

https://www.justice.gov/epstein/files/DataSet%2010/EFTA01380767.pdf

EFTA01378486Dataset 10

2015-10-071p238w

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…

https://www.justice.gov/epstein/files/DataSet%2010/EFTA01378486.pdf

EFTA01378483Dataset 10

2015-10-071p294w

7 October 2015 Corporate Credit,Energy Petroleo Brasileiro S.A. The average yield of the bonds due beyond 2019 is currently around 10%, compared to an average yield of the bonds due between 2018 and 2019 of around 10.3%. The spread curve is actually inverted beyond 2020. 'Figure 3: Petrobras' spread curve is inverted beyond 2020 1050 - 950 .1 S. • 850 8 8 8 • 8 • Par equivalent * 0 0 750 • • 0 • • 650 550 0 8 • 450 Kraig Sore 350…

https://www.justice.gov/epstein/files/DataSet%2010/EFTA01378483.pdf

EFTA01378490Dataset 10

2015-10-071p621w

7 October 2015 Corporate Credit,Energy Petroleo Brasileiro S.A. etro eo : rase 'Euro • 5:4m4 SM.mrc 4,505.1 2014 33114 40'4 '015 2015 0>3 vo1 20'3 2014 LTV Taal Reven444 3492.6 345604 33,3944 25,883 0 20.039 2 OM .216% .41.074.4 1430010 124157.6 Omn14 0111 44435 6.9468 46425 7,9013 43761 8.7% 44% 3Z928 14189 33.751 6nns 1936 •345554ett4.4% t.oenv: i4 SG62. .551 501…

https://www.justice.gov/epstein/files/DataSet%2010/EFTA01378490.pdf

EFTA01380758Dataset 10

2015-10-071p793w

7 October 2015 Corporate Credit,Energy Petroleo Brasileiro S.A. IFigure 2: Outstanding Petrobras bond issues covered by Deutsche Bank Maturity AiTr1tAlI (VS itsidy/S&P/Eiti;11 DF) Rec. Dote of MiK Mid Pima Mori vkild Zenread Soy Sprit PETBFIA 2.000% Notes '16 20.May-16 USD 1,250m Ba2/ BB / BBB- Hold I 13-Jan-2015 96.57 6.94 656 535 PEMBA 3.675,11) Notes '16 27-Jan-16 USD 2.500m Ba2 BB / BOB…

https://www.justice.gov/epstein/files/DataSet%2010/EFTA01380758.pdf