<table><tr><th>From:</th><th>jeffrey E. &lt;jeevacation@gmail.com&gt;</th></tr><tr><td>Sent:</td><td>Tuesday, March 8, 2016 4:13 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>

cash flow?

On Tue, Mar 8, 2016 at 10:47 AM, Richard Kahn
wrote:

attached was sent from both Morgan =tanley and Wells Fargo
please advise
thank you

Richard Kahn
HBRK Associates Inc.

New York, NY 10022

fax 646-350-0954 <tel:646-350-0954>

Begin forwarded message:

<=iv style="margin-top:0px;margin-right:0px;margin-bottom:0px;margin-left:=px">From: "Atla=, Andrew S" <Andrew.Atlas@morganstanley.com <mailto:Andrew.Atlas@morganstanley.com> >

Subject: New Issu= $25 Par: AmTrust Financial Services (AFSI) Non-Cumulative Perpetual Prefe=red Stock; 7.75% - 7.875% Fixed for Life

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

To: =/span>"Richard Kahn

Good Morning Rich,

Want to show SIC another new i=sue preferred that Morgan Stanley is pricing today.

Details:

$25 Par New Issue Syndi=ate Offering:

AmTrust Financial Services (AFSI)</=>

=A0 =C2

Issuer: =A0 AmTrust Financial Servi=es (Ticker: AFSI)

=C2 =A0

Securities Offered: =A0 Depositary Shares, Each Representing 1/40th of a Share of _% Non-
=umulative Preferred Stock, Series E.

=C2 =A0

Size: =C2 $7=mm (3mm $25 par shares)

=C2 =A0

Expected Ratings: =C2 AmBest bb+

Maturity: =A0 =C2 Perpetua=

=A0 =C2

Price Talk: =C2 =A0 7.75% - 7.875%

=C2 =A0

Offer Price: =C2 =A0 $25.00

=C2 =A0

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<=u>

Andrew S. Atlas

First Vice President

Equi=y Sales/Middle Markets Group

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

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