From: jeffrey E. <jeevacation@gmail.com>
Sent: Friday, January 15, 2016 9:33 PM
To: Richard Kahn
Subject: Re: GE Preferred

no

On Fri, Jan 15, 2016 at 3:43 PM, Richard Kahn ██████████████████████████████████ wrote:

i understand we were not filled on our=order of 100.5 and today at 4pm is cutoff for voluntary exchange we currently own 2,469 shares x 10 = 24,690 cash payment plus new 5= preferred please advise if we should proceed with exchange thank you

Richard Kahn

Richard Kahn
HBRK Associates Inc.
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Begin forwarded message:

From: Ariane Dwyer
Subject: RE: Follow up to this morning's call
Date: January 12, 2016 at 1:29:30 PM EST
To: Richard Kahn
Cc: Vahe Stepanian, Daniel Sabba

Hi Rich,

=/span>

I found thi= in the text outlining the corporate action. I think it clarifies the volu=tary exchange.

GENERAL OFFER=TERMS: GENERAL ELECTRIC COMPANY IS OFFERING TO EXCHANGE ANY AND ALL FIXED-TO-FLOATING OF=THE ABOVE RATE OUTSTANDING NON-CUMULATIVE SHARES PERPETUAL (THE 'OLD PREFERRED =REFERRED STOCK') STOCK SERIES FOR THEIR=NEWLY D (THE 'NEW ISSUED PREFERRED 5.00 PERCENT STOCK') AT AN EXCHANGE CONSIDER=TION DESCRIBED BELOW.

## =A0

EXCHANGE CONSIDERATION: FOR EAC= SHARE OF THE ABOVE OLD PREFERRED STOCK VALIDLY TENDERED (AND NOT VALIDLY =ITHDRAWN) AND ACCEPTED IN THE EXCHANGE OFFER, HOLDERS WILL RECEIVE ONE SHA=E OF NEW PREFERRED STOCK PLUS A CASH PAYMENT OF USD10.00 PER SHARE OF OLD PREFERRED STOCK EXCHANGED

THE NEW PR=FERRED STOCK WILL BE IDENTICAL TO THE OLD PREFERRED STOCK, EXCEPT THAT THE=DIVIDEND RATES ON THE NEW PREFERRED STOCK WILL BE HIGHER, AND THE FIRST AV=ILABLE REDEMPTION DATE WILL BE 01/21/21.

The 'OLD PREFERRED STOCK' refers to the below position:=/u>

I hope all goes well with the doctor.

Wh=n you have a minute could you please let us know how you would like to pro=eed with the below? The cut-off date is 1/15/16.

<= class="MsoNormal">

Best,
Ari

From:
Sent: Thursday, January 07, 2016 12:35 PM
To: Richard Kahn
Cc: Vahe Stepanian
Subject: Follow up to this morning's calk/=>

## =A0 (cont.)

<= class="MsoNormal">I spoke with Pershing regarding the General Electric =ecurity exchange. They clarified that this was a mandatory exchange for ho=ders of outstanding GE Preferred Stock. Please find details of the exchang= in this article, under the sub-title "GE Preferred Stock" http://www.businesswire.com/news/home/20151201006722/en/ <http://www.businesswire.co=inews/home/203.51.201.006722/en/> <=p>

Th=t being said, there is now an open voluntary action for the preferred stoc=, details below. Southern Financial owns 2,469,000 of these securities (ap=rox. market value of $2.49mm)

<=u>

Please let us know how you would=like to proceed.

<=u>

Best,
Ari


Ariane Dwyer
Analyst | Key Client Partners - US
Deutsche Bank Securities Inc
Deutsche Asset & Wealth Management

=p class="MsoNormal">

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## =A0 (cont.)

Deutsche Bank does not render legal or tax advice, and the information cont=ined in this communication should not be regarded as such.

## =C2 please note

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