Epstein Secrets

oughts on fixed income, mandatory converts To: "Jeffrey E." <[email protected]>, Richard Kahn imacie001.

acie001.0nq image002.1pg imacte003.i0q imacie004.ipq irrapg imaqe006.iPq imaee007.ioq imacie008.ipq imaae009.Mq imaoe010.Mq imacie011.clif Jeffrey, AGN 5.5% Pfd $886.50 (6.3% strip yield) TEVA 7.0% Pfd $894.00 (7.9% strip yield) We could trade today if we can deliver into your account at MS o

25%: -15.7% ODI-eligible: No Amount outstanding: $5.06 bn TEVA mandatory convert preferred Ticker: TEVVF Pfd Coupon: 7.0% Maturity: 12/15/2018 Pfd Price: 895.07 TEVA stock ref: 54.21 Convert low strike: 62.50 Convert high strike: 75.00 Strip yield: 7.9% (vs common stock at 2.5% div yield) BofAML

From: jeffrey E. <[email protected]> Sent: Monday, August 8, 2016 8:59 PM To: Ens, Amanda; Richard Kahn Subject: Re: Preferreds, thoughts on fixed income, man

is has a 19% 30-day vol (vs 24% for the common stock) and 30% 90-day vol (vs 41% for the common stock)= For comparison, PFF had a 4.5-5% vol. From: jeffrey =. [mailto:[email protected] <mailto:[email protected]> I Sent: Monday, August 08, 2016 4:40 PM To: Ens, Amanda Subject: Re: Preferreds, tho

hat rate<=> On Mon, Aug 8, 2016 at 4:30 PM, Ens, Amanda AGN mandatory convert pre=erred Ticker: AGN A Pfd<=> Coupon: 5.5% Maturity: 3/1/2018=u> Pfd Price: 881.38<=> AGN stock ref: 248.31 Convert low strike: 288.0= (at maturity, if AGN is at or below 288, you get 3.4722 shares)=/u> EFTA_R1_01555602

From: jeffrey E. <[email protected]> Sent: Tuesday, August 9, 2016 2:23 PM To: Ens, Amanda Subject: Re: Preferreds, thoughts on fixed income, mandatory conver

tel:212.449.7781> Mobil=: 917.386.3280 <tel:917.386.3280> <javascript:_e(=78%7D,1cvmr );> </=> The power of global conne=tionr <1=> <1=> From: jeffrey =. [mailto:[email protected] <javascript:_e(%7B%7D;cvmr/jeevacation@=mail.comt> I Sent: Monday, August 08, 2016 4:14 PM To: Ens, Amanda Subject:

ns, Amanda a wrote: AGN mandatory convert pre=erred Ticker: AGN A Pfd<=> 2 EFTA_R1_01557872 EFTA02455319 Coupon: 5.5% Maturity: 3/1/2018=u> Pfd Price: 881.38<=> AGN stock ref: 248.31 Convert low strike: 288.0= (at maturity, if AGN is at or below 288, you get 3.4722 shares)=/u> Convert high strik

convert held to maturity; all coupons included Source: Bloomberg Thanks, Amanda From: Ens, Amanda Sent: Tuesday, August 09, 2016 10:00 AM To: 'jeffrey E.'; 'Richard Kahn' Subject: RE: Preferreds, thoughts on fixed income, mandatory converts 3 EFTA_R1_01556630 EFTA02454701 Jeffrey, Updated levels:

Sent: Monday, August 15, 2016 1:51 PM To: jeffrey E.; Richard Kahn Subject: RE: Preferreds, thoughts on fixed income, mandatory converts Thanks Jeffrey From: jeffrey E. [mailto:[email protected]] Sent: Monday, August 15, 2016 9:48 AM To: Ens, Amanda; Richard Kahn Subject: Re: Preferreds, thou

25%: -16.2% QDI-eligible: No Amount outstanding: $5.06 bn TEVA mandatory convert preferred Ticker: TEVVF Pfd Coupon: 7.0% Maturity: 12/15/2018 Pfd Price: 901.75 TEVA stock ref: 54.14 Convert low strike: 62.50 Convert high strike: 75.00 Strip yield: 7.9% (vs common stock at 2.5% div yield) BofAML

convert held to maturity; all coupons included Source: Bloomberg Thanks, Amanda From: Ens, Amanda Sent: Tuesday, August 09, 2016 10:00 AM To: 'jeffrey E.'; 'Richard Kahn' Subject: RE: Preferreds, thoughts on fixed income, mandatory converts Jeffrey, Updated levels: AGN 5.5% 3/1/18 Pfd $895.50 (6.2%

Re: Preferreds, thoughts on fixed income, mandatory converts 1 million each of AGN and TEVA On Mon, Aug 15, 2016 at 7:34 AM, Ens, Amanda > wrote: Jeffrey, The account will be open today. Please find updated levels below; would you like to proceed with the purchases? AGN 5.5% 3/1/18 Pfd @ $882.00 (6.2

FTA01785500 WA-eligible: No Amount outstanding: $5.06 bn TEVA mandatory convert preferred Ticker: TEVVF Pfd Coupon: 7.0% Maturity: 12/15/2018 Pfd Price: 901.75 TEVA stock ref: 54.14 Convert low strike: 62.50 Convert high strike: 75.00 Strip yield: 7.9% (vs common stock at 2.5% div yield) BofAML

From: Ens, Amanda < Sent: Monday, August 15, 2016 1:34 PM To: jeffrey E.; Richard Kahn Subject: RE: Preferreds, thoughts on fixed income, mandatory converts Jeffrey, The account will be open today. Please find updated

nda < Sent: Monday, August 15, 2016 1:34 PM To: jeffrey E.; Richard Kahn Subject: RE: Preferreds, thoughts on fixed income, mandatory converts Jeffrey, The account will be open today. Please find updated levels below; would you like to proceed with the purchases? AGN 5.5% 3/1/18 Pfd @ $882.00 (6.2

TA_R1_01555889 EFTA02454261 Amount outstanding: $5.06 bn TEVA mandatory convert preferred Ticker: TEVVF Pfd Coupon: 7.0% Maturity: 12/15/2018 Pfd Price: 901.75 TEVA stock ref: 54.14 Convert low strike: 62.50 Convert high strike: 75.00 Strip yield: 7.9% (vs common stock at 2.5% div yield) BofAML

convert held to maturity; all coupons included Source: Bloomberg Thanks, Amanda From: Ens, Amanda Sent: Tuesday, August 09, 2016 10:00 AM To: 'jeffrey E.'; 'Richard Kahn' Subject: RE: Preferreds, thoughts on fixed income, mandatory converts Jeffrey, Updated levels: AGN 5.5% 3/1/18 Pfd $895.50 (6.2%

da Sent: Tuesday, August 09, 2016 10:00 AM To: 'jeffrey E.'; 'Richard Kahn' Subject: RE: Preferreds, thoughts on fixed income, mandatory converts Jeffrey, Updated levels: AGN 5.5% 3/1/18 Pfd $895.50 (6.2% strip yield) TEVA 7.0% 12/15/18 Pfd $894.00 (7.9% strip yield) FTR 11.125% 6/29/18 Pfd $95.15

inconvenience. Please let me know what you prefer. FTR mandatory convert preferred details Ticker: FTRPR Pfd Coupon: 7.0% Maturity: 12/15/2018 Pfd Price: 95.15 FTR stock ref: 4.90 Convert low strike: 5.00 Convert high strike: 5.875 Strip yield: 11.9% (vs common stock at 8.6% div yield) BofAML pri

From: jeffrey E. <[email protected]> Sent: Monday, August 15, 2016 1:48 PM To: Ens, Amanda; Richard Kahn Subject: Re: Preferreds, thoughts on fixed income, ma

Re: Preferreds, thoughts on fixed income, mandatory converts 1 million each of AGN and TEVA On Mon, Aug 15, 2016 a= 7:34 AM, Ens, Amanda > wrote: Jeffrey, The account will be open today. Please =ind updated levels below; would you like to proceed with the purchases?=/u> AGN 5.5% 3/1/18 Pfd @ $882.00

igible: No</=> Amount outstanding: $5.06 bn<=u> TEVA mandatory convert preferred=u> Ticker: TEVVF Pfd<=p> Coupon: 7.0% Maturity: 12/15/2018</=> Pfd Price: 901.75<=p> TEVA stock ref: 54.14<=u> Convert low strike: 62.50=u> Convert high strike: 75.00 Strip yield: 7.9% (vs common stock at 2=5% div yiel

One Bryant Park, 5th Floor, New York, NY 10036 The power of global connections" From: jeffrey E. [mailto:[email protected]] Sent: Monday, August 08, 2016 4:59 PM To: Ens, Amanda; Richard Kahn Subject: Re: Preferreds, thoughts on fixed inco

25%: -15.7% QDI-eligible: No Amount outstanding: $5.06 bn TEVA mandatory convert preferred Ticker: TEVVF Pfd Coupon: 7.0% Maturity: 12/15/2018 Pfd Price: 895.07 TEVA stock ref: 54.21 Convert low strike: 62.50 7 EFTA_R1_00107686 EFTA01785505 Convert high strike: 75.00 Strip yield: 7.9% (vs comm

One Bryant Park, 5th Floor, New York, NY 10036 Phoneme Mobile The power of global connections" From: jeffrey E. [mailto:[email protected]] Sent: Monday, August 08, 2016 4:59 PM To: Ens, Amanda; Richard Kahn Subject: Re: Preferreds, thoughts on fixed inco

25%: -15.7% QDI-eligible: No Amount outstanding: $5.06 bn TEVA mandatory convert preferred Ticker: TEVVF Pfd Coupon: 7.0% Maturity: 12/15/2018 Pfd Price: 895.07 TEVA stock ref: 54.21 Convert low strike: 62.50 6 EFTA_R1_01555894 EFTA02454266 Convert high strike: 75.00 Strip yield: 7.9% (vs comm