<table><tr><th>From:</th><th>jeffrey E. &lt;jeevacation@gmail.com&gt;</th></tr><tr><td>Sent:</td><td>Tuesday, July 19, 2016 4:31 PM</td></tr><tr><td>To:</td><td>Richard Kahn</td></tr><tr><td>Subject:</td><td>Re: Derivatives not priced for a bond-equity melt up or tantrum, making hedging
cheap </td></tr></table>

Ideas

On Tuesday, 19 July 2016, Richard Kahn > wrote:=br>

in p=ocess of setting up account with amanda ens at investment bank now wou=d you like to see these emails or shall i just have amanda send trade idea=? please advise

thank you

Richard Kahn

HBRK Associates Inc.

<u>New York, NY 10022</u>

Begin forwarded message:

<iv style='margin-top:0px;margin-right:0px;margin-bottom:0px;margin-left:=px'>From: "Ens,=Amanda" <amanda.ens@baml.com <javascript:_e("%7B%7D",'cvml','amand=ens@baml.com');>> >

Subject: Derivatives not priced for a bond-equity melt up or tantrum, making =edging cheap

D=te: July 19, 2016 at 10:07:27 AM EDT

<iv style="margin-top:0px;margin-right:0px;margin-bottom:0px;margin-left:=px">To: "Rich K=hn"<richardkahn12@gmail.com <javascript:_e(%7B%7D,'cvml','richardkah=12@gmail.com');> > =/span>

Reply-To: <=pan style="font-family:-webkit-system-font,Helvetica Neue,Helvetica,sans-serif">"Ens, Amanda" <amanda.ens@baml.com <javascript:_e("%7B%7D",'cv=!','amanda.ens@baml.com');>>>

Highlights from this week's Global Equity Volatility=Insights

<=td>

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