<table><tr><th>From:</th><th>Richard Kahn</th></tr><tr><td>Sent:</td><td>Tuesday, March 8, 2016 4:14 PM</td></tr><tr><td>To:</td><td>jeffrey E.</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>

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

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

fax 646-350-0954

On Mar 8, 2016, at 11:12 AM, jeffrey E. <jeevacation@gmail.com> wrote:

cash flow?

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

attached was sent from both =organ Stanley and Wells Fargo
please advise
thank you

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

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

Begin forwarded message:

From: =/b>"Atlas, Andrew 5'

Subject: =/b>New Issue $25 Par: =mTrust Financial Services (AFSI) Non-Cumulative Perpetual Preferred =tock; 7.75% - 7.875% Fixed for Life

## Date: =/b>March 8, 2016 at 10:13:33 AM =ST

- Context: Email about a new preferred issue that Morgan Stanley is pricing today.
- Offering: $25 par new issue syndicate offering
- Issuer: AmTrust Financial Services (Ticker: AFSI)
- Security: Depositary shares, each representing 1/40th of a share of Cumulative Preferred Stock, Series E
- Size: 75mm (3mm $25 par shares)
- Expected ratings: A.M. Best bb+
- Maturity: Perpetual
- Price talk: 7.75% - 7.875%

## Date: =/b>March 8, 2016 at 10:13:33 AM =ST (cont.)

&nb=p; = 
Offer =rice: &n=sp; =25.00
&nb=p; = 
Dividends: =nbsp; &n=sp; =ayable when, as and if declared on the 15th of March, June, September =nd December beginning on 6/15/16, Fixed for =ife &nbs=;
&nb=p; = 
Optional Redemption: Callable at par on or after =/xx/2021
&nb=p; = 
Use of =roceeds: = General corporate purposes, which may include working capital, =apital expenditures and/or strategic acquisitions
&nb=p; = 
DRD/QDI =ligible: Yes, See =ed for tax and withholding details
Subject to US Tax =ithholding for NRA =lients: =nbsp; &n=sp; Yes*
&nb=p; = 
Expected =isting: =NYSE
Timing: &n=sp; &nbs=; Today's =usiness

Speak soon,

Andrew

Andrew S. Atlas
First Vice President
Equity Sales/Middle Markets Group
Financial Advisor
Morgan Stanley Wealth Management

## Date: =/b>March 8, 2016 at 10:13:33 AM =ST (cont.)

Fax: +1 212 705 4592

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NMLS ID # =326736

# <tel:%2B1%20212%20705%204592> (cont.)

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