Strip yield: 12.0% (vs common stock at 8.6% div yield) BofAML price target: $7.50 (buy) Upside to BofAML price target: 53.4% If hold pref to maturity and stock is up 25%: 33.5% If hold pref to maturity and stock is down 25%: 1.1% MA-eligible: No Amount outstanding: $1.925bn Assumes convert held to maturity; all coupons included Source: Bloomberg Thanks, Amanda From: Ens, Amanda Sent: Tuesday, August 09, 2016 10:00 AM To: 'jeffrey E.'; 'Richard Kahn' Subject: RE: Preferreds, thoughts on fixed income, mandatory converts Jeffrey, Updated levels: AGN 5.5% 3/1/18 Pfd $895.50 (6.2% strip yield) TEVA 7.0% 12/15/18 Pfd $894.00 (7.9% strip yield) FTR 11.125% 6/29/18 Pfd $95.15 (11.9% strip yield) 3 EFTA_R1_01555891 EFTA02454263

We could trade today if we can deliver into your account at MS or DB. If you'd prefer custody at BAML, the institutional custody account is not open yet so we likely need to wait until next week. Sorry for the inconvenience. Please let me know what you prefer. FTR mandatory convert preferred details Ticker: FTRPR Pfd Coupon: 7.0% Maturity: 12/15/2018 Pfd Price: 95.15 FTR stock ref: 4.90 Convert low strike: 5.00 Convert high strike: 5.875 Strip yield: 11.9% (vs common stock at 8.6% div yield) BofAML price target: $7.50 (buy) Upside to BofAML price target: 53% If hold pref to maturity and stock is up 25%: 33.0% If hold pref to maturity and stock is down 25%: 0.6% QDI-eligible: No Amount outstanding: $1.925bn Thanks, Amanda Amanda Ens Director Bank of America Merrill Lynch Merrill Lynch, Pierce, Fenner & Smith Incorporated 4 EFTA_R1_01555892 EFTA02454264