From: "Barrett, Paul

From: "Barrett, Paul To: Brad Wechsler CC: "Jeffrey Epstein (jeevacation®gmail.com)" <[email protected]>, Barrett Team "Nelson, Justin D" < "Fennessey, Stephanie" Subject: RE: Trade Idea for LB Date: Fri, 19 May 2017 12:36:17 +0000 Brad Bonds are 103.375 bid this morning. So let's pass. For a higher risk trade buying the local BRL bonds could make sense. BRL is down 6% this week. So buying the Brazil 10.25% 2028 (govie bond linked to BRL) would be a good way to play both a rebound in the bond price and the fx. Bonds are down from 105. Brazil 10.25% 2028 @ 103 (ytm 9.78%) Paul Paul Barrett I Managing Director I Global Investment Opportunities Group I J.P. Morgan Securities LLC I J.P. Morgan Private Bank I J.P. Morgan Chase Bank N.A. 320 Park Avenue, le Floor, New York, NY 10022 NOT AN OFFICIAL CONFIRMATION: For informational purposes only. This report does not represent an official account of the holdings, balances, or transactions made in your account and is being provided at your request. Please refer to your monthly account statement for the official record of all of your account activities. For question, please call your J.P. Morgan representative. In discussion of options and other strategies, results and risks are based solely on hypothetical examples cited; actual results and risks will vary depending on specific circumstances. Investors are urged to consider carefully whether option or option-related products in general, as well as the products or strategies discussed herein are suitable to their needs. In actual transactions, the client's counterparty for OTC derivatives applications is JPMorgan Chase Bank, N.A., and affiliates. For a copy of the "Characteristics and Risks of Standardized Options" booklet, please contact your JPMorgan Advisor. For clients domiciled in Australia, J.P. Morgan Chase Bank, N.A. (ABN 43 074 112 011) holds an Australian Financial Services Licence No. 238367. It is subject to the supervision of the Australian Prudential Regulation Authority and the Australian Securities and Investments Commission. J.P. Morgan Securities LLC is a V.S. registered broker-dealer incorporated in Delaware, U.S.A. (ABRN #109293610) This email is confidential and subject to important disclaimers and conditions including on offers for the purchase or sale of securities, accuracy and completeness of information, viruses, confidentiality, legal privilege, and legal entity disclaimers, available at Sf ://vAvw.Ipmorgan.coranges/disclosures/email. From: Barrett, Paul S Sent: Thursday, May 18, 2017 9:15 AM To: Brad Wechsler Cc: Jeffrey Epstein ([email protected]); Barrett Team; Nelson, Justin D; Fennessey, Stephanie Subject: Trade Idea for LB Hi Brad Petrobras bonds are down 4-10 points today. I think this move is overdone and recommend the following trade: Buy Petbra 6.125% 2022 @ 101.25. The bonds are down 4 points today. Yield 5.81%. EFTA00667598 Petrobras continues to de-lever the balance sheet. We expect the company to be at 2.5x leverage by year end Prenominal Q1 earnings USD denominated so no explicit FX risk Paul Paul Barrett I Managing Director I Global Investment Opportunities Group 13.P. Morgan Securities LLC I J.P. Morgan Private Bank I 3.P. Morgan Chase Bank N.A. 320 Park Avenue, 14th Floor, New York, NY 10022 NOT AN OFFICIAL CONFIRMATION: For informational purposes only. This report does not represent an official account of the holdings, balances, or transactions made in your account and is being provided at your request. Please refer to your monthly account statement for the official record of all of your account activities. For question, please call your J.P. Morgan representative. In discussion of options and other strategies, results and risks are based solely on hypothetical examples cited; actual results and risks will vary depending on specific circumstances. Investors are urged to consider carefully whether option or option-related products in general, as well as the products or strategies discussed herein are suitable to their needs. In actual transactions, the client's counterparty for OTC derivatives applications is JPMorgan Chase Bank, N.A., and affiliates. For a copy of the "Characteristics and Risks of Standardized Options" booklet, please contact your JPMorgan Advisor. For clients domiciled in Australia, J.P. Morgan Chase Bank, N.A. (ABN 43 074 112 011) holds an Australian Financial Services Licence No. 238367. It is subject to the supervision of the Australian Prudential Regulation Authority and the Australian Securities and Investments Commission. J.P. Morgan Securities LLC is a U.S. registered broker-dealer incorporated in Delaware, U.S.A. (ABRN 4109293610) This email is confidential and subject to important disclaimers and conditions including on offers for the purchase or sale of securities, accuracy and completeness of information, viruses, confidentiality, legal privilege, and legal entity disclaimers, available at I tp://www.ipmorgan.com/pages/disclosures/email. This message is confidential and subject to terms at: http://www.jpmorgan.com/emaildisclaimer including on confidentiality, legal privilege, viruses and monitoring of electronic messages. If you are not the intended recipient, please delete this message and notify the sender immediately. Any unauthorized use is strictly prohibited. EFTA00667599