get our Ally position up to $5MM (we own $2.9MM face). Therefore I think we should rotate out of the Felcor bonds into the Ally Pfds. We would buy the Ally A Pfds (ytw 9.30%) which are trust preferreds and higher up on the capital structure than our Ally B Pfds. I like have a mix of both. Let me know Paul P

ay, January 02, 2019 3:49 PM To: Jeffrey Epstein Cc: Richard Kahn < Subject: Ally A Pfds Jeffrey EFTA_R1_01798638 EFTA02607060 We own $2MM of the Ally A Pfds. • Purchase date: Feb 2012 @ $23.53 • Currently=at $25.55 down from $26.50. • They pay 3 month Libor &#=3; 578bps (so 8.40% current coupon) •