From: Ens, Amanda < Sent: Monday, August 15, 2016 1:34 PM To: jeffrey E.; Richard Kahn Subject: RE: Preferreds, thoughts on fixed income, mandatory converts Jeffrey, The account will be open today. Please find updated levels below; would you like to proceed with the purchases? AGN 5.5% 3/1/18 Pfd @ $882.00 (6.2% strip yield) TEVA 7.0% 12/15/18 Pfd @ $901.75 (7.9% strip yield) FTR 11.125% 6/29/18 Pfd @ $94.80 (12.0% strip yield) AGN mandatory convert preferred Ticker: AGN A Pfd Coupon: 5.5% Maturity: 3/1/2018 Pfd Price: 882.00 AGN stock ref: 251.50 Convert low strike: 288.00 (at maturity, if AGN is at or below 288, you get 3.4722 shares) Convert high strike: 352.80 (at maturity, if AGN is at or above 352.7959, you get 2.8345 shares) Strip yield: 6.2% (versus common stock which pays no dividend) BofAML price target: $294 (Buy, US-1 top picks list) Upside to BofAML price target: 16.9% If hold pref to maturity and stock is up 25%: 22.3% If hold pref to maturity and stock is down 25%: -16.2% QDI-eligible: No EFTA_R1_01555889 EFTA02454261

Amount outstanding: $5.06 bn TEVA mandatory convert preferred Ticker: TEVVF Pfd Coupon: 7.0% Maturity: 12/15/2018 Pfd Price: 901.75 TEVA stock ref: 54.14 Convert low strike: 62.50 Convert high strike: 75.00 Strip yield: 7.9% (vs common stock at 2.5% div yield) BofAML price target: $72.00 (Buy) Upside to BofAML price target: 33.0% If hold pref to maturity and stock is up 25%: 30.3% If hold pref to maturity and stock is down 25%: -8.5% QDI-eligible: No Amount outstanding: $3.7125 bn FTR mandatory convert preferred details Ticker: FTRPR Pfd Coupon: 7.0% Maturity: 12/15/2018 Pfd Price: 94.80 FTR stock ref: 4.90 Convert low strike: 5.00 Convert high strike: 5.875 2 EFTA_R1_01555890 EFTA02454262