From: "Jeffrey E." <[email protected]>

From: "Jeffrey E." <[email protected]> To: Richard Kahn Subject: Fwd: Trade Idea for LB Date: Thu, 18 May 2017 13:15:42 +0000 Forwarded message From: Barrett, Paul S Date: Thu, May 18, 2017 at 9:14 AM Subject: Trade Idea To: Brad Wechsler @gmail.com)" [email protected]>, Barrett Team "Nelson, Justin D" I >, "Fennessey, Stephanie" 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%. 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 I J.P. Morgan Securities LLC I J.P. Morgan Private Bank I J.P. Morgan Chase Bank N.A. 320 Park Avenue, 14th Floor, New York, NY 10022 I 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. EFTA01045475 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 counterpart)/ 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 #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 htty./Avww.j an prgan.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. please note The information contained in this communication is confidential, may be attorney-client privileged, may constitute inside information, and is intended only for the use of the addressee. It is the property of JEE Unauthorized use, disclosure or copying of this communication or any part thereof is strictly prohibited and may be unlawful. If you have received this communication in error, please notify us immediately by return e-mail or by e-mail to [email protected], and destroy this communication and all copies thereof, including all attachments. copyright -all rights reserved EFTA01045476