<table><tr><th>From:</th><th>Richard Kahn</th></tr><tr><td>Sent:</td><td>Thursday, May 14, 2015 3:29 PM</td></tr><tr><td>To:</td><td>jeffrey E.</td></tr><tr><td>Subject:</td><td>Fwd: Capital One (COF) 5.55% Fixed-to-Float Pfd Stock</td></tr></table>

attached is trade idea from morgan stanley where we have =,000,000 in cash please advise thank you

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

Begin forwarded message:

From: =/b>"Atlas, Andrew S" <

To: =/b>Richard Kahn

Subject: =/b>RE: Capital One =COF) 5.55% Fixed-to-Float Pfd Stock

Date: =/b>May 13, 2015 at 2:04:18 PM =DT

Hey Rich,

It trades =ver the Counter

Security Number is C8E13

CUSIP 14040HBH7

Let me know =f you have any other questions.

Best,

Andrew

Andrew S. Atlas

Financial =dvisor

Equity Sales/Middle Markets Group
Morgan Stanley Wealth Management

Midtown Manhattan =omplex

1290 Avenue of the =mericas, 12th Floor I New York, =Y 10104

From: Richard Kahn

Sent: Wednesday, May 13, 2015 1:56 PM

To: Atlas, Andrew S (Wealth Mgmt MS)

Subject: Re: Capital One (COF) 5.55% Fixed-to-Float =fd Stock

does it trade?

if so symbol?

thanks

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

On May 13, 2015, at 10:39 AM, =tlas, Andrew S <

> wrote:

Rich,

$1000 Par Pfd

Capital One (COF) 5.55% Fixed-to-Float Pfd Stock

Rating: Ba1 / BB

Coupon (Details): 5.55% to =/1/2020; Then US 3M Libor +380bp, resets Quarterly

Next Call Date: =/1/2020, Anytime thereafter

Maturity: &nb=p; Perpetual

Current Yield is 5.5223

Yield to 6/1/2020 Call is =.4346

Presently 3 month =IBOR = .28

Speak soon,

Andrew

Andrew S. Atlas

Financial =dvisor

Equity Sales/Middle Markets Group
Morgan Stanley Wealth Management

Midtown Manhattan =omplex

1290 Avenue of the =mericas, 12th Floor I New York, =Y 10104

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