PUBLIC STORAGE psa c pfd STANLEY BLACK & DECKER INC SWJ pfd STATE STREET CORP stt e pfd ■ STATE STREET CORP stt d pfd ■ US BANCORP usb m pfd VERIZON COMMUNICATIONS vza pfd WELLS FARGO & COMPANY wfc v pfd WELLS FARGO & COMPANY wfc r pfd ■ From: Vahe Stepanian Sent: Tuesday, June 28, 2016 3:19 PM To: Stewart Oldfield Cc: Daniel Sabba; Andrew King Subject: FW: Southern Financial - IA Request [I] Classification: For Infernal use only Stew - quick update on below, still waiting on pricing from our Global Markets colleagues for Southern Financial's pref basket. See below. The IA requirement is 40% as requested by CRM. Will be back to you once I have pricing — I expect to have shortly. Best, Vahe From: Andrew Xu Sent: Tuesday, June 28, 2016 1:19 PM To: Vahe Stepanian; Roddy Moore Cc: Daniel Sabba; Keith Buckholz Subject: RE: Southern Financial - IA Request [I] Classification: For internal use only Ok thanks. I'm satisfied on our end. Andrew Xu, CFA From: Vahe Stepanian Sent: Tuesday, June 28, 2016 1:17 PM To: Andrew Xu; Roddy Moore Cc: Daniel Sabba; Keith Buckholz Subject: RE: Southern Financial - IA Request [I] Classification: For internal use only Andrew — just in the brokerage accts there are > $100mm in assets. Thank you, Vahe CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0084627 CONFIDENTIAL SDNY_GM_00230811 EFTA01384443