<table><tr><th>From:</th><th>Richard Kahn</th></tr><tr><td>Sent:</td><td>Thursday, March 12, 2015 2:24 PM</td></tr><tr><td>To:</td><td>jeffrey E.</td></tr><tr><td>Subject:</td><td>Fwd: AFSI Pfd</td></tr></table>

another preferred offering if you are interested..
please advise

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

Begin forwarded message:

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

To: =/b>"Richard Kahn (richardkahn12@gmail.com)" <

Subject: =/b>AFSI Pfd

Date: =/b>March 12, 2015 at 10:23:20 AM =DT

Rich,

Busy day in new issue =fds. Also pricing a $25 par preferred:

$25 Par New Issue Syndicate Offering:

AmTrust Financial =ervices (AFSI)

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Issuer: = AmTrust =inancial Services (Ticker: AFSI)

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=on-Cumulative Securities Preferred =ffered: Stock, Series =nbsp; D &n=sp; Depositary Shares, Each Representing 1/40th of a Share of _%

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Size: &=bsp; &nb=p; $75mm (3mm $25 par shares)

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Expected =atings: =nbsp; &n=sp; NR/NR

Maturity: &nb=p; = Perpetual

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Price =alk: &nb=p; = 7.50% - 7.625%

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Offer =rice: &n=sp; &nbs=; $25 per depositary share

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Dividends: =nbsp; &n=sp; &nbs=; Payable when, as and if declared on the 15th of March, June, =eptember and December beginning on 6/15/15, Fixed for =ife &nbs=;

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Optional =edemption: &nb=p; Callable at par on or =fter 3/xx/2020 =nbsp; &n=sp;

Use of =roceeds: = &=bsp; General corporate purposes, which may =nclude working capital, capital expenditures and/or strategic =cquisitions

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DRD/QDI =ligible: = &=bsp; Yes, See Red for tax and withholding =etails

Listing: &nbs=; NYSE =xpected

Timing: = Today's =usiness

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Speak soon,

Andrew

Andrew S. Atlas

Financial =dvisor

Equity Sales/Middle Markets Group
Morgan Stanley Wealth Management

Midtown Manhattan =omplex

1290 Avenue of the =mericas, 12th Floor I New York, =Y 10104

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