Fw: Fwd: [/]PETBRA UPDATE:Levy does not like directly support to Petbra

---- 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.

We view this as qualitatively negative for PETBRA, as it indicates to us that the Brazilian government is not willing to directly support the company until it becomes unavoidable. This brings downside to investments, and hence to production growth and credit ratings prospects.

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

This communication may contain confidential and/or privileged information. If you are not the intended recipient (or have received this communication in error) please notify the sender immediately and destroy this communication. 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 contained in this communication should not be regarded as such.

jeevacation@gmail.com

Vahe StepanianAriane Dwyer

----- 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=

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