From: jeffrey E. <[email protected]> Sent: Monday, August 15, 2016 1:48 PM To: Ens, Amanda; Richard Kahn Subject: Re: Preferreds, thoughts on fixed income, mandatory converts 1 million each of AGN and TEVA On Mon, Aug 15, 2016 a= 7:34 AM, Ens, Amanda > wrote: Jeffrey, The account will be open today. Please =ind updated levels below; would you like to proceed with the purchases?=/u> AGN 5.5% 3/1/18 Pfd @ $882.00 (6.2% str=p yield) TEVA 7.0% 12/15/18 Pfd @ $901.75 (7.9% =trip yield) FTR 11.125% 6/29/18 Pfd @ $94.80 (12.0%=strip yield) AGN mandatory convert preferred<=> Ticker: AGN A Pfd<=p> Coupon: 5.5% Maturity: 3/1/2018=/p Pfd Price: 882.00<=p> AGN stock ref: 251.50<=u> 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 maturit=, if AGN is at or above 352.7959, you get 2.8345 shares)<=u> Strip yield: 6.2% (versus common stock =hich pays no dividend) BofAML price target: $294 (Buy, US•1 to= picks list) Upside to BofAML price target: 16.9% EFTA_R1_01556369 EFTA02454560

If hold pref to maturity and stock is u= 25%: 22.3% If hold pref to maturity and stock is d=wn 25%: -16.2% QDI-eligible: No</=> Amount outstanding: $5.06 bn<=u> TEVA mandatory convert preferred=u> Ticker: TEVVF Pfd<=p> Coupon: 7.0% Maturity: 12/15/2018</=> Pfd Price: 901.75<=p> TEVA stock ref: 54.14<=u> Convert low strike: 62.50=u> 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 u= 25%: 30.3% If hold pref to maturity and stock is d=wn 25%: -8.5% QDI-eligible: No</=> Amount outstanding: $3.7125 bn FTR mandatory convert preferred details=/span> Ticker: FTRPR Pfd<=p> Coupon: 7.0% Maturity: 12/15/2018<R> Pfd Price: 94.80</=> 2 EFTA_R1_01556370 EFTA02454561

FTR stock ref: 4.90 Convert low strike: 5.0()<=> Convert high strike: 5.875 Strip yield: 12.0% (vs common stock at =.6% div yield) BofAML price target: $7.50 (buy)=u> Upside to BofAML price target: 53.4% If hold pref to maturity and stock is u= 25%: 33.5% If hold pref to maturity and stock is d=wn 25%: 1.1% QDI-eligible: No</=> Amount outstanding: $1.925bn<=u> Assumes convert held to maturity; al= coupons included Source: Bloomberg Thanks, Amanda From: Ens, Ama=da Sent: Tuesday, August 09, 2016 10:00 AM To: 'jeffrey E.'; 'Richard Kahn' Subject: RE: Preferreds, thoughts on fixed income, mandatory convert= Jeffrey, Updated levels:=/u> AGN 5.5% 3/1/18 Pfd $895.=0 (6.2% strip yield) TEVA 7.0% 12/15/18 Pfd $8=4.00 (7.9% strip yield) 3 EFTA_R1_01556371 EFTA02454562

FTR 11.125% 6/29/18 Pfd $=5.15 (11.9% strip yield) We could trade today if w= can deliver into your account at MS or DB. If you'd prefer custod= at BAML, the institutional custody account is not open yet so we likely need to wait until next week. Sorry for the inconvenience. Pleas= let me know what you prefer. FTR mandatory convert =referred details Ticker: FTR=i>PR Pfd Coupon: 7.0%=/u> Maturity: 12/15/20184=pan> Pfd Price: 95.15 FTR stock ref: 4.90 Convert low strike: 5.=0 Convert high strike: 5=875 Strip yield: 11.9% (vs=common stock at 8.6% div yield) BofAML price target: $=.50 (buy) Upside to BofAML price=target: 53% If hold pref to maturi=y and stock is up 25%: 33.0% If hold pref to maturi=y and stock is down 25%: 0.6% QDI-eligible: No Amount outstanding: $1=925bn Thanks, Amanda Amanda Ens</=> Director 4 EFTA_R1_01556372 EFTA02454563