Epstein Secrets

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

55607 EFTA02454076 High Strike Current Yield Yield Advantage over Stock Stock Upside to Price Tgt Stock Up 25%: Pfd Return Stock Down 25%: Pfd Return Notional Outstanding AGN (AGNprA) 5.5% 3/1/18 252.95 893.45 288.00 352.80 6.2% 6.2% 1 - Buy $ 294.00 16.2% 22.7% -15.5% $5.06bn TEVA

onday, August 8, 2016 6:26 PM To: [email protected] Cc: Richard Kahn Subject: RE: Preferreds, thoughts on fixed income, mandatory converts Jeffrey, I continue to=like the AGN, TEVA and FTR mandatory convert preferreds. While AGN missed =n sales today, is was mostly due to noise around the last

hursday, August 04, 2016 6:30 PM To: '[email protected]' Cc: 'Richard Kahn' Subject: Preferreds, thoughts on fixed income, mandatory converts Jeffre=, Rich m=ntioned you're interested in potentially buying preferreds. While th=y still pay a decent yield, I wanted to share some thoughts about why

High Strike Current Yield Yield Advantage over Stock BAML Ranking (Stock) BAML Price Tgt (Stock) Stock Upside to Price Tgt S=ock Up 25%: Pfd Return S=ock Down 25%: Pfd Return N=tional Outstanding AGN =AGNprA) 5.5% 3/1/18 252.95 893.45 288.00 4 EFTA_R1_01556245 EFTA02454471 352.80 6.2%

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:

d Yield Advantage over Stock BAML Ranking (Stock) BAML Price Tgt (Stock) Stock Upside to Price Tgt Stock Up 25%: Pfd Return Stock Down 25%: Pfd Return Notional Outstanding AGN (AGNprA) 5.5% 3/1/18 252.95 893.45 288.00 8 EFTA_R1_01557878 EFTA02455325 352.80 6.2% 6.2% 1 - Buy $ 294.00

PM To:'[email protected] <[email protected]> ' Cc: 'Richard Kahn' Subject: Preferreds, thoughts on fixed income, mandatory converts Jeffrey, Rich mentioned you're interested in potentially buying preferreds. While they still pay a decent yield, I wanted to share some thoughts about why

11 EFTA_R1_01556638 EFTA02454709 Ranking (Stock) BAML Price Tgt (Stock) Stock Upside to Price Tgt Stock Up 25%: Pfd Return Stock Down 25%: Pfd Return Notional Outstanding AGN (AGNprA) 5.5% 3/1/18 252.95 893.45 288.00 352.80 6.2% 6.2% 1 - Buy $ 294.00 16.2% 22.7% -15.5% S5.06bn TEVA

To: '[email protected] <mailto:[email protected]> ' Cc: 'Richard Kahn' Subject: Preferreds, thoughts on fixed income, mandatory converts Jeffrey, Rich mentioned you're interested in potentially buying preferreds. While they still pay a decent yield, I wanted to share some thoughts about why

d Yield Advantage over Stock BAML Ranking (Stock) BAML Price Tgt (Stock) Stock Upside to Price Tgt Stock Up 25%: Pfd Return Stock Down 25%: Pfd Return Notional Outstanding AGN (AGNprA) 5.5% 3/1/18 12 EFTA_R1_001 07691 EFTA01785510 252.95 893.45 288.00 352.80 6.2% 6.2% 1 - Buy $ 294.00

To: '[email protected] <mailto:[email protected]> ' Cc: 'Richard Kahn' Subject: Preferreds, thoughts on fixed income, mandatory converts Jeffrey, Rich mentioned you're interested in potentially buying preferreds. While they still pay a decent yield, I wanted to share some thoughts about why

d Yield Advantage over Stock BAML Ranking (Stock) BAML Price Tgt (Stock) Stock Upside to Price Tgt Stock Up 25%: Pfd Return Stock Down 25%: Pfd Return Notional Outstanding AGN (AGNprA) 5.5% 3/1/18 11 EFTA_R1_01555899 EFTA02454271 252.95 893.45 288.00 352.80 6.2% 6.2% 1 - Buy $ 294.00

M To:'[email protected] <mailto:[email protected]> ' Cc: 'Richard Kahn' Subject: Preferreds, thoughts on fixed income, mandatory converts Jeffrey, =/u> Rich mentioned you're=interested in potentially buying preferreds. While they still pay a decent=yield, I wanted to share some thoughts abou

ispricing FTR. Name High Strike Current Yield Yield Advantage over Stock Stock Upside to Price Tgt Stock Up 25%: Pfd Return Stock Down 25%: Pfd Return Notional Outstanding AGN (AGNprA) 5.5% 3/1/18 252.95 893.45 288.00 352.80 6.2% 6.2% 11 EFTA_R1_01556379 EFTA02454570 1 - Buy $ 294.00