From: Richard Kahn < > Sent: Tuesday, October 11, 2016 4:01 PM To: Jeffrey E. Subject: paul barret 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 tel fax cell Begin forwarded message: EFTA_R1_01543637 EFTA02446893