From: jeffrey E. <[email protected]> Sent: Monday, August 15, 2016 1:48 PM To: Ens, Amanda; Richard Kahn Subject: Re: Preferreds, thoughts on fixed income, mandatory converts 1 million each of AGN and TEVA On Mon, Aug 15, 2016 a= 7:34 AM, Ens, Amanda > wrote: Jeffrey, The account will be open today. Please =ind updated levels below; would you like to proceed with the purchases?=/u> AGN 5.5% 3/1/18 Pfd @ $882.00 (6.2% str=p yield) TEVA 7.0% 12/15/18 Pfd @ $901.75 (7.9% =trip yield) FTR 11.125% 6/29/18 Pfd @ $94.80 (12.0%=strip yield) AGN mandatory convert preferred<=> Ticker: AGN A Pfd<=p> Coupon: 5.5% Maturity: 3/1/2018=/p Pfd Price: 882.00<=p> AGN stock ref: 251.50<=u> Convert low strike: 288.00 (at maturity= if AGN is at or below 288, you get 3.4722 shares) Convert high strike: 352.80 (at maturit=, if AGN is at or above 352.7959, you get 2.8345 shares)<=u> Strip yield: 6.2% (versus common stock =hich pays no dividend) BofAML price target: $294 (Buy, US•1 to= picks list) Upside to BofAML price target: 16.9% EFTA_R1_01556369 EFTA02454560