<table><tr><th>From:</th><th>Richard Kahn &lt;</th></tr><tr><td>Sent:</td><td>Tuesday, October 11, 2016 4:01 PM</td></tr><tr><td>To:</td><td>Jeffrey E.</td></tr><tr><td>Subject:</td><td>paul barret</td></tr></table>

i spoke with paul on friday and he made the following =ecommendations after reviewing your bonds:

a) Etrade - paul likes paper as it is =ixed for 10 years at 5.875% until 09-15-26 we =ere only able to purchase 500,000 bonds on offering - paul recommends =urchasing 2,500,000 more level from MS this am of =03.50 x 104.25 paul reviewed and said he would be =k to buy at 104.125

b) Bank of America 8.125% Pfd 12/29/2049 - paul advises that =e sell as it is callable in 2018 / also in 2018 it begins to float at =ibor + 364 which paul believes is 1% below todays levels level from DB this am was 102 x 103.25 for 3,000,000 =uantity paul reviewed and said he would be ok to =ell at 102.25

c) Frontier Communications 8.5% - paul thinks we should take =rofits level from DB this am was 107 x 108.10 for =,000,000 quantity paul ok to sell at =07.00

2 other =onds that paul likes are:

a) Kindred Healthcare - =% 2020
Cusip 494580AE3

b) =clatchy 9% 2022
Cusip 579489AG0

still awaiting pricing =n those..

please advise if we should proceed with all of =ecommendations or only option a, b, or c thank =ou

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

Begin forwarded message:

From: =/b>"Barrett, Paul S" <████████████████████>

Subject: =/b>RE:

Date: =/b>October 7, 2016 at 2:05:16 PM =DT

To: =/b>Richard Kahn <█████████████████>

Hi Rich

You around in 30 mins?

=

Paul Barrett I Managing Director I Global Investment =pportunities Group I J.P. Morgan Securities LLC I J.P. =organ Private Bank I J.P. Morgan Chase Bank =.A.

*   Address: 320 Park Avenue, 14th Floor, New York, NY 10022
*   Telephone: [REDACTED]
*   Email: [REDACTED]
*   Fax: [REDACTED]

NOT AN OFFICIAL CONFIRMATION: For informational purposes only. =his report does not represent an official account of the holdings, =alances, or transactions made in your account and is being provided at your request. Please refer to your monthly account statement =or the official record of all of your account activities. For =uestion, please call your J.P. Morgan representative.

In =iscussion of options and other strategies, results and risks are based =olely on hypothetical examples cited; actual results and risks will vary depending on specific circumstances. Investors are urged to =onsider carefully whether option or option-related products in general, =s well as the products or strategies discussed herein are suitable to =heir needs. In actual transactions, the client's counterparty for OTC derivatives applications is JPMorgan Chase Bank, =.A., and affiliates. For a copy of the "Characteristics and =irks of Standardized Options" booklet, please contact your =PMorgan Advisor.

This email is =onfidential and subject to important disclaimers and conditions =ncluding on offers for the purchase or sale of securities, accuracy and =ompleteness of information, viruses, confidentiality, legal privilege, =nd legal entity disclaimers, available at http://www.jpmorgan.com/pages/disclosures/email.

From: Richard Kahn [mailto
Sent: Friday, September 30, 2016 4:36 PM
To: Barrett, Paul S
Subject: Re:

thank you

shows you the great service =joke) we are getting without you..

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

On Sep 30, 2016, at 4:35 PM, =arrett, Paul S

<mailt

> wrote:

Thanks

As an FYI - The RBS T's were =ailed last week.

| Field | Value |
|---|---|
| Address | 320 Park Avenue, 14th Floor, New York, NY 10022 |
| Telephone (T) | [redacted] |
| Fax (F) | [redacted] |
| Email (mailto) | [redacted] |
| Context | Header/contact line — likely J.P. Morgan (per surrounding text) |

NOT AN OFFICIAL CONFIRMATION: For informational purposes only. =his report does not represent an official account of the holdings, =alances, or transactions made in your account and is being provided at your request. Please refer to your monthly account statement =or the official record of all of your account activities. For =uestion, please call your J.P. Morgan representative.

In discussion of options and other =trategies, results and risks are based solely on hypothetical examples =iced; actual results and risks will vary depending on specific circumstances. Investors are urged to consider carefully =hether option or option-related products in general, as well as the =roducts or strategies discussed herein are suitable to their needs. In =ctual transactions, the client's counterparty for OTC derivatives applications is JPMorgan Chase Bank, N.A., and =ffiliates. For a copy of the "Characteristics and Risks of =tandardized Options" booklet, please contact your JPMorgan =dvisor.

This email is confidential and =ubject to important disclaimers and conditions including on offers for the purchase or sale of securities, accuracy and completeness of =nformation, viruses, confidentiality, legal privilege, and legal entity =isclaimers, available at http://www.jpmorgan.com/pages/disclosures/email.

From: Richard Kahn lmailto
Sent: Friday, September 30, 2016 4:30 PM
To: Barrett, Paul S
Subject:

attached is list for your review

thank you

=

Purchase

4

Quantity

Asset Description

Date

Bank of America 8.125% Pfd 12/29/2049
05/10/11
3,000,000

JP Morgan Chase 7.9% Pfd 4/30/2049
05/10/11
3,000,000

Ipayment Inc 10.25% 5/15/2018
10/02/12
500,000

JPM Tr Flt Rate Income Fund
01/22/13
230,554.049

Citibank Preferred Ser C 5.8%
10/28/14
49,033.00

Citibank Preferred Ser C 5.8%
10/29/14
150,967.00

Citibank Preferred Ser K =.875%
2/3/14
79,000.00

JPM Trust FLT RT Income fund

= 02/13/13

172,709.589

Western Digital Corp 7.375% Matures 4-1-2023

06/09/16

2,000,000

Nationwide Society 6.875% GBP callable 6/20/2019

4/15/14

2,000,000

Charles Schwab 6.0% Preferred $25 par

7/27/15

40,000

Wells Fargo 5.7% Preferred $25 par

1/19/16

120,000

Ebay 6% Preferred $25 par matures 2-1-2056

2/22/16

80,000

Royal Bank Scotland 7.64% Fixed to 9-29-2017 then 3M =ibor +232bp

11/10/15

5,000,000

Goldman Sachs 5.375% Fixed to 5-10-2020 then 392.2 =ver 3 mo libor

6/4/15

5,000,000

Capital One 5.55% Fixed to 9-1-2020 then 380 over 3 =o libor

5/14/15

3,000,000

Bank of America 8.125% Pfd Dec 29 =049
1/10/11
2,000,000

Barclays Bank PLC 7.75% =/10/2023
4/3/13
300,000

Citigroup Inc - Series Q 5.95%
8/6/15
3,000,000

Earthlink Inc 8.875% May 15 2019
10/22/12
146,000

Earthlink Inc 8.875% May 15 2019
10/23/12
600,000

Frontier Communications 8.5% 4/15/2020
7/6/15
3,000,000

General Electric Co GTD Fixed to Floate 4.0% =ec 15 2065
12/3/15
2,469,000

JP Morgan Chase & Co Pfd 7.9% April =0 2049
6/15/11
2,500,000

JP Morgan Chase & Co Pfd 7.9% April =0 2049
6/15/11

2,500,000
LBG Capital 12/29/49
5/21/13
1,903,000
Lloyds Bank 9.875% 12/16/2021
5/10/12
1,500,000
Southern Cal Edison 6.25% Dec 31 =049
1/30/12
3,000,000
GMAC Cap TR I GTD Pfd Sec Ser 2 8
2/22/12
80,000
Royal Bank Scotland Group PLC 7.25% Ser T
10/24/12
40,000
Royal Bank Scotland Group PLC 7.25% Ser T
1/7/13
40,000
Royal Bank Scotland Group PLC 7.25% Ser T
1/14/13
40,000
Washington Mutual Mtg 2004-RA2 cl CB1 var =/25/2033
11/19/13
625,690

Richard Kahn
HBRK Associates Inc.
575 Lexington Avenue 4th Floor
New York, NY 10022
tel
fa
cell

This email is confidential and =ubject to important disclaimers and conditions including on offers for =he purchase or sale of securities, accuracy and completeness of information, viruses, confidentiality, legal =rivilege, and legal entity disclaimers, available at http://www.jpmorgan.com/pages/disclosures/email

This email is confidential and subject to important disclaimers and =onditions including on offers for the purchase or sale of securities, =ccuracy and completeness of information, viruses, confidentiality, =egal privilege, and legal entity disclaimers, available at http://www.jpmorgan.com/pages/disclosures/email