<table><tr><th>From:</th><th>jeffrey E. &lt;jeevacation@gmail.com&gt;</th></tr><tr><td>Sent:</td><td>Tuesday, August 16, 2016 2:26 PM</td></tr><tr><td>To:</td><td>Richard Kahn</td></tr><tr><td>Subject:</td><td>Fwd: **NEW ISSUE** E*TRADE Financial Corporation $1,000 Pref</td></tr></table>

put in for 5 milion

--=------- Forwarded message ----------
From:

I think we should go in f=r this deal. It is a preferred that is fixed for 10yrs at 6.25%-6.375% and=then floats at L+450- 460bps if it does not get called.

Paul=/p>

"NEW ISSUE" E*TRADE Financial Corporation $1,000 P=ef

ISSUER: E*TRADE Financial Corporation ["ETFC"]
ISSUER RATINGS: Baa3/BBB- (Stable/Stable)

BB-SECURITY EXPECTED a liquidation DESCRIPTION: SECURITY preference RATINGS: Fixed-to-Floating of $1,=00 Ba3 / per share Rate Non-Cumulative Perpetual Prefe=red Stock, Series A, $0.01 par
value, with
FORMAT: SEC Registered
SIZE: $400mm [will not grow]
OFFER PRICE: $1000 preferred share
MATURITY: Perpetual
IPT: 6.25%-6.375% PAR CALL DATE: On any dividend payment date on or after S=ptember 15, 2026
DIVIDENDS: Payable at a fixed rate of [ ]% from the original issue date to =eptember 15, 2026; and Thereafter
payable at a floating rate of Three-mont= LIBOR plus %
DIVIDEND PAYMENT DATES: Semi-annually on March 15 and September 15, beginni=g March 15, 2017 and
ending September 15, 2026, and thereafter quarterly o= December 15, March 15, June 15 and September 15
REGULATORY CALL: At par any time within 90 days following a Regulatory Capi=al Treatment Event (see
Prospectus)
LIQUIDATION RIGHTS: Liquidation preference of $1,000 per share plus any dec=ared and unpaid dividends,
without accumulation of any undeclared dividend=
VOTING RIGHTS: None, except with respect to certain changes in the terms of=Series A Preferred Stock and in
the case of certain dividend non-payments<=r> LISTING: Not Listed
DRD/QDI ELIGIBLE: Yes
JOINT LEAD MANAGERS: CS(B&D)/GS/JPM/MS

USE OF PROCEEDS: To finance acquisition of Aperture, the ultimate parent co=pany of OptionsHouse. If the acquisition of Aperture is not consummated, n=t proceeds will be for general corporate purposes [see Prospectus] SETTLEMENT DATE: 1+7

The issuer has filed a registration statement (including a prospectus) with=the SEC for the offering to which this communication relates. Before you i=vest, you should read the prospectus in that registration statement and ot=er documents the issuer has filed with the SEC for more complete information about the issuer and this offer=ng. You may get these documents for free by visiting EDGAR on the SEC Web =ite at www.sec.gov <http://www.sec.gov> . Alternati=ely, the issuer, any underwriter or any dealer participating in the offeri=g will arrange to send you the prospectus if you request it by calling col=ect 1-212 —834-4533 <tel:1-212%20%E2%80%93834-4533> .

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