<table><tr><th>From:</th><th>jeffrey E. &lt;jeevacation@gmail.com&gt;</th></tr><tr><td>Sent:</td><td>Tuesday, March 8, 2016 4:15 PM</td></tr><tr><td>To:</td><td>Richard Kahn</td></tr><tr><td>Subject:</td><td>Re: New Issue $25 Par. AmTrust Financial Services (AFSI) Non-Cumulative Perpetual
Preferred Stock; 7.75% - 7.875% Fixed for Life</td></tr></table>

ok thx

On Tue, Mar 8, 2016 at 11:14 AM, Richard Kahn
wrote:

working on it now and it will take all=day - hope to have rough draft late this afternoon or tomorrow am

=div>

Richard Kahn
HBRK Associates Inc.

New York, <u>NY</u> 10022
La>
fax 646-350-0954 <tel:646-350-0954>

On Mar 8, 2016, at 11:12 AM, jeffre= E. <jeevaca=ion@gmail.com <mailto:jeevacation@gmail.com» wrote:

## cash flow?

=/div>

<u>On Tue, Mar=8, 2016</u> at 10:47 AM, Richard Kah
<mailto: ><=span> wrote:

attached was sent from both Morgan Stanley and Wells Fargo
ple=se advise
thank you

Richard Kahn
HBRK Associates Inc.

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

## cash flow? (cont.)

Begin forwarded message:

<=iv style="margin-top:0px;margin-right:0px;margin-bottom:0px;margin-
left:=px">From: "Atlas, Andrew S&=uot; <██████████████████████
<mailto████████████████████>

Subject: New Issue $25 Par: AmTrust Finan=ial Services (AFSI) Non-Cumulative Perpetual Preferred Stock; 7.75% - 7.87=% Fixed for Life

Date: March 8, 2016 at 10:13:33 AM EST

<mailto

To: "Richard

Kahn

Good Morning Rich,

Want to show STC another new issue preferr=d that Morgan Stanley is pricing today.

=AO

Details:
Maturity: =A0 =C2 Perpetua=
=A0 =C2
Price Talk: =C2 =A0 7.75% - 7.875%
=C2 =A0
Offer Price: =C2 =A0 $25.00
=C2 =A0

## cash flow? (cont.)

Dividends: =C2 =A0 Payable when, as and if declared on the 15th of March= June, September and December beginning on 6/15/16, Fixed for life =C2 =A0

=C2 =A0

Optional Redemption: Callable at par on or after 3/xx/=021

=C2 =A0

Use of Proceeds: =C2 General corporate purposes, which may includ= working capital, capital expenditures and/or strategic acquisitions

=C2 =A0

DRD/QDI Eligible: =C2 Yes, See Red for tax and withholding details

Sub=ect to US Tax Withholding for NRA Clients: =C2 =A0 =Yes*

=C2 =A0

Expected Listing: =C2 NYSE

Timing: =A0 =C2 Today'= Business

Speak soon,

Andrew</=>

Andrew S. Atlas=u>

First Vice President

=span style="font-size:10.0pt;color:#004080">Equity Sales/Middle Mar=ets Group </=pan>

Financial=Advisor

Morgan Stanley=Wealth Management

1290 Avenue of the Americas, 12th Floor | New York, NY 10104

█████████████████████████████████████████████████████████ Fax: +1 212 705 4592 <tel:%2B1%20212%20705%2045=2>

=span style="font-size:9.0pt;color:#595959">NMLS ID # 1326736

## cash flow? (cont.)

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4

## Important Notice to Recipients: (cont.)

=AO

please note

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