<table><tr><th>From:</th><th>Richard Kahn</th></tr><tr><td>Sent:</td><td>Monday, August 17, 2015 2:15 PM</td></tr><tr><td>To:</td><td>jeffrey E.</td></tr><tr><td>Subject:</td><td>Fwd: New Issue $25 Par Pfd</td></tr></table>

attached is new issue for Southern Cal Edison with guidance =f a 5.5% coupon

you =urrently have this position in SFL account

<table><tr><th>Purchase
Asset =escription</th><th>Quantity
Date</th><th></th><th>Cost</th><th>5/31/15
Value</th><th>Value</th><th>6/30/15
Gain (Loss)</th><th>Unrealized</th><th></th></tr><tr><td colspan="4">Southern Cal =dison 6.25% Dec 31 2049</td><td>1/30/12</td><td></td><td>3,000,000</td><td>2,994,600</td><td>3,433,750</td></tr><tr><td colspan="4">3,389,604 395,004</td><td></td><td></td><td></td><td></td><td></td></tr></table>

please advise
thank =ou

Richard Kahn
HBRK Associates Inc.
575 Lexington =venue 4th Floor
New York, NY 10022
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Begin forwarded message:

From: =/b>"Atlas, Andrew S'

Subject: =/b>New Issue $25 Par =fd

Date: =/b>August 17, 2015 at 9:32:12 AM =DT

To: =/b>"Richard Kahn""

Good Morning Rich,

New Issue preferred pricing today.

Speak soon,
Andrew

Issuer:
SCE Trust IV

Guarantor:
Southern California Edison Company, = subsidiary of Edison International Company (EIX)

Securities:
Fixed-to-Floating Rate Trust =reference Securities

Expected Ratings:
Baa1/BBB-/BBB+ (Stable/Stable/Stable)

Size:
$300mm (12mm $25 par shares)

Maturity:
Perpetual

Price Guidance:
5.50% Area

Offer Price:
$25.00

Distributions:

Cumulative and =ayable quarterly, in arrears, on the 15th of March, June, September, =nd December beginning 12/15/15.

From and =ncluding August , 2015 to but excluding September 15, 2025, =istributions will accrue and be payable at a rate of % per annum, =ayable beginning on December 15, 2015 and ending on September 15, 2025. =46rom and including September 15, 2025, distributions will accrue and =e payable at a floating rate equal to the three-month LIBOR plus = spread of % per annum, payable beginning on December 15, 2025.

Optional Redemption:

On or after September 15, 2025, we may redeem the Series H =reference Shares, in whole or in part, at 100% of their =iquidation preference, plus accrued and unpaid dividends, if any. In =ddition, the Series J Preference Shares may be redeemed, in whole, but =ot in part, at any time prior to September 15, 2025 if certain changes =n tax or investment company law or interpretation occur and certain =ther conditions are satisfied. Upon any redemption of the Series J =reference Shares, a corresponding amount of Trust Preference Securities =ill be redeemed.

Use of proceeds:

To repay the Series A Preference Shares (cusip 842400756) and =or general corporate purposes

0RD/ QDI =ligible:
Yes
Subject to U.S. Tax =ithholding for NRA Clients
Yes*
Expected =isting:

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