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n-left=0px">To: —=ichard Kahn — > > Good=Morning Rich, New Issue preferred pricing today. Speak soon,

tly =ave this position in SFL account 40 Purchase Quantity 5/31/15 6/30/15 Unrealized Asset Description Date Cost Value Value Gain (Loss) Southern Cal Edison 6.25%* Dec 31 2049 1/30/12 3,000,000 2,994,600 3,433,750 3,389,604 395,004 please advise =/div> thank you Richard Kahn HBRK Associates Inc.

16 at 2:05:16 PM =DT To: =/b>Richard Kahn la Hi Rich You around in 30 mins? Paul Barrett I Managing

6/15/11 7 EFTA_R1_01543643 EFTA02446899 2,500,000 LBG Capital 12/29/49 5/21/13 1,903,000 Lloyds Bank 9.875% 12/16/2021 5/10/12 1,500,000 Southern Cal Edison 6.25% Dec 31 =049 1/30/12 3,000,000 GMAC Cap TR I GTD Pfd Sec Ser 2 8 2/22/12 80,000 Royal Bank Scotland Group PLC 7.25% Ser T 10/24/12 40,00

:12 AM =DT To: =/b>"'Richard Kahn' Good Morning Rich, New Issue preferred pricing today. EFTA_R1_013

From: Richard Kahn Sent: Monday, Auguillill iiiII M To: Jeffrey E. Subject: Fwd: New Issue $25 Par Pfd attached is new issue for Southern Cal Edison with guidance =f a 5.5% coupon you =urrently have this position in SFL account Purchase Quantity 5/31/15 6/30/15 Unrealized Asset =escription