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From: leffrey E. <[email protected]> To: "Ens, Amanda" •;: > Subject: Re: Preferreds, thoughts on fixed income, mandatory converts Date: Mon. OR Aug 2016 20:39:37 +0000 Inline-Images: image015.jpg: im

version ratio sliding scale, can result in an attractively skewed upside vs downside profile for holding the mandatory convert vs the common stock. Allergen, Teva and Frontier Communications are three names we have high conviction on and they have mandatory convert preferreds that I recommend buying. All

From: "Ens, Amanda" •fl• To: "jeevacationtantail.com" <[email protected]> Cc: Richard Kahn Subject: Prefermds, thoughts on fixed income, mandatory converts Date

version ratio sliding scale, can result in an attractively skewed upside vs downside profile for holding the mandatory convert vs the common stock. Allergen, Teva and Frontier Communications are three names we have high conviction on and they have mandatory convert preferreds that I recommend buying. All

mages: image0Ol.png Richard Kahn HBRK Associates Inc. 575 Lexington Avenue 4th Floor New York. NY 10022 cc Begin forwarded message: From: -Ens, Amanda' •z > Subject: Allergen and Teva Date: July 28, 2016 at 9:08:09 AM EDT To: Richard Kahn ‹ > Rich, Regarding biotech, our traders mentioned they

footprint, thoughtful and targeted strategy, strong management team, and imaginative business development approach. We believe the acquisitions of Allergen, Warner and Forest put Irish•domiciled AGN in a strong strategic and financial position for an evolving Pharma landscape in the years ahead. Teva P