<table><tr><th>From:</th><th>Richard Kahn &lt; ) </th></tr><tr><td>Sent:</td><td>Wednesday, May 27, 2015 2:37 PM</td></tr><tr><td>To:</td><td>jeffrey E.</td></tr><tr><td>Subject:</td><td>Fwd: Citigroup 5.95% Fixed-to-Float Rate Preferred</td></tr></table>

attached is investment idea from Morgan broker Andrew for a =iti Fixed to Float Preferred 6.0% yield please note we =ave 2,000,000 cash in account as our first investment was in something =imilar

$1000 Par Pfd

Capital =ne (COF) 5.55% Fixed-to-Float Pfd Stock Rating: Ba1 / BB Coupon =Details): 5.55% to 9/1/2020; Then US 3M Libor +380bp, resets =uarterly Next Call Date: 6/1/2020, Anytime thereafter Maturity: &nb=p; Perpetual

Current Yield is =nbsp;5.5223

Yield to 6/1/2020 Call is 5.4346

Presently 3 month LIBOR = =28

Speak =oon,

Andrew

In addition you =urrently have a few Citi positions and not sure you would like more =xposure to Citi:

<table><tr><th>Purchase</th><th>Quantity</th><th></th><th>3/31/15</th><th></th><th>4/30/15</th><th>Unrealized </th><th></th><th></th></tr><tr><td>Asset =escription</td><td>Date</td><td>Cost</td><td>Value</td><td>Value</td><td>Gain (Loss)</td><td></td><td></td><td></td></tr><tr><td colspan="3">Haze Trust - =ixed Income</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="3">Citibank Preferred Ser C 5.8% 10/28/14</td><td>49,033.00</td><td></td><td>1,180,739</td><td>1,242,011</td><td>1,235,141</td><td>54,402</td></tr><tr><td></td><td></td><td></td><td></td><td>1</td><td></td><td></td><td></td><td></td></tr></table>

<table><tr><th>Citibank Preferred Ser C 5.8% 10/29/14</th><th></th><th>150,967.00</th><th>3,670,430</th><th>3,824,009</th><th>3,802,859</th></tr><tr><td>132,428 </td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Citibank Preferred Ser K 6.875%</td><td>2/3/14</td><td>79,000.00</td><td>1,999,419</td><td>2,153,540</td><td>2,150,380</td></tr><tr><td>150,961 </td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Total Haze =rust - Citi Fixed Income</td><td></td><td>6,850,589</td><td></td><td>7,219,560 7,188,380</td><td>337,791</td></tr></table>

Richard Kahn
HBRK Associates Inc.
575 Lexington Avenue 4th Floor
New York, =Y 10022
tel
fax
cel

Begin forwarded message:

From: =/b>"Atlas, Andrew S" <Andrew.Atlas@morganstanley.com>

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

Subject: =/b>Citigroup 5.95% =ixed-to-Float Rate Preferred

Date: =/b>May 27, 2015 at 10:11:20 AM =DT

Good Morning Rich,

Have another Preferred =o show you:

CUSIP =72967JM4

CITIGROUP INC =C)

Ba3e / =B =

Current Coupon =.950%

Coupon Details =.95% to 5/15/2025; Then US 3M Libor + 391bps; resets Quarterly

Maturity Perpetual
Next Call 5/15/2025
Price is 99.125; =urrent Yield 6.0025%
Talk with you =oon,
Andrew
Andrew S. Atlas
Financial =disor
Equity Sales/Middle Markets Group
Morgan Stanley Wealth Management
Midtown Manhattan =omplex
1290 Avenue of the =mericas, 12th Floor | New York, =Y 10104
Tel/Direct:

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