From: Daniel Sabba

From: Daniel Sabba To: [email protected] <[email protected]> CC: Vahe Ste anian Ariane DwyerWilr, Paul Morris Subject: update on brazil [C] Date: Fri, 13 Mar 2015 18:42:19 +0000 Classification: Confidential noteworthy --- Original Sender: JOSE CARLOS FARIA, DEUTSCHE BANK S.A. B --- Latest noteworthy developments: - Labor unions have scheduled demonstrations all over the country today, at the same time demanding the preservation of labor rights (jeopardized by Levy's fiscal adjustment) and protesting against a potential "rupture in democracy" (in other words, supporting President Dilma Rousseff and rejecting her impeachment). Demonstrations in favor of Dilma's impeachment are scheduled for Sunday. - According to Broadcast newswire service, Finance Minister Joaquim Levy threatened to resign during the tough negotiation that he held with Senate Sepaker Renan Calheiros on Wednesday night in order to prevent Congress from overriding Rousseff's veto on the extension of electricity subsidies until 2042. - The local press is also reporting that Dilma and Lula had a serious altercation when they met Tuesday night. - According to Folha de S.Paulo, Petrobras is negotiating with its creditors a six-month delay for the publication of its audited results. 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. EFTA00670731