Subject: RE: Citi Preferred [C] From: Vahe Stepanian Date: Thu, 06 Aug 2015 14:51:09 -0400 To: Darren Indyke Cc: Daniel Sabba Richard Kahn Paul Morris < Ariane Dwyer Thanks Darren. We'll be back if/when filled. Vahe Stepanian Key Client Partners Deuts he Bank S uritie Inc. Tel. Mobil Email: Original Message From: Daniel Sabba Sent: Thursday, August 06, 2015 02:33 PM Eastern Standard Time To: Vahe Stepanian Subject: FW: Citi Preferred [C] Original Message From: Darren Indyke [ Sent: Thursday, August 06, 2015 02:17 PM Eastern Standard Time To: Daniel Sabba Subject: Re: Citi Preferred [C] Confirmed Sent from my iPhone On Aug 6, 2015, at 2:03 PM, Daniel Sabba wrote: Darren - please confirm a $3,000,000 order to purchase Citi Preferred 0 @ 100.00. EFTA01474191

Original Message From: Richard Kahn [ Sent: Thursday, August 06, 2015 01:54 PM Eastern Standard Time To: Vahe Stepanian Cc: Paul Morris; Daniel Sabba; Ariane Dwyer; Amanda Kirby; Darren Indyke Subject: Re: Citi Preferred [C] please work $3,000,000 order at 100.00 for Citi Preferred Q please email or call Darren if you need to confirm thank you Richard Kahn HBRK Associates Inc. or On Aug 6, 2015, at 12:19 PM, Vahe Stepanian a wrote: > Classification: Confidential Per our conversation: <image001.jpg> From: Vahe Stepanian Sent: Thursday, August 06, 2015 12:13 PM To: 'Richard Kahn'; Paul Morris Cc: Daniel Sabba; Ariane Dwyer; Amanda Kirby Subject: RE: Citi Preferred [C] Classification: Confidential Rich - I checked in with our traders. We believe that you're referring to the pref that I've detailed in the Bloomberg screenshot below. EFTA01474192

Assuming this is the case, an indicative offer on $2-3mm is 100.125. Should Southern Financial wish to purchase, it would be helpful to have a firm level to work today. I will follow up with a phone call. Thank you, Vahe <image002.1pq> *Used with permission of Bloomberg Finance LP Original Message From: Richard Kahn [mailto: Sent: Thursday, August 06, 2015 11:54 AM To: Paul Morris Cc: Vahe Stepanian; Daniel Sabba Subject: Citi Preferred Paul just left you a message for your via Amanda Can you please obtain a quote for Jeffrey on the following preferred: Citibank (i believe it was issued yesterday) Pays a fixed 5.95% coupon for 5 yrs and then floats at L +409.50bps Quantity: TBD (assume 2-3mm) EFTA01474193

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This communication may contain confidential and/or privileged information. If you are not the intended recipient (or have received this communication in error) please notify the sender immediately and destroy this communication. Any unauthorized copying, disclosure or distribution of the material in this communication is strictly forbidden. Deutsche Bank does not render legal or tax advice, and the information contained in this communication should not be regarded as such. This communication may contain confidential and/or privileged information. If you are not the intended recipient (or have received this communication in error) please notify the sender immediately and destroy this communication. Any unauthorized copying, disclosure or distribution of the material in this communication is strictly forbidden. Deutsche Bank does not render legal or tax advice, and the information contained in this communication should not be regarded as such. EFTA01474195