From: Richard Kahn < la> Sent: Tuesday, November 10, 2015 9:25 PM To: jeffrey E. Subject: Re: Royal Bank of Scotland 7.64% Fixed-to-Float Pfd Trade executed at 105.00 vs 105.25 on RBS Fixed to Float =refferred Yield to =all now 4.8104% vs 4.6871% Richard Kahn HBRK Associates Inc. 575 Lexington =venue 4th Floor New York, NY 10022 Begin =orwarded message: From: "Atlas, Andrew S" Subject: Trade Confirm RE: Royal Bank of =cotland 7.64% Fixed-to-Float Pfd Date: November 10, 2015 at 4:19:30 PM EST To: Richard Kahn < Rich, Good News to =eport. Southern =rust Company bought 5,000,000 Royal Bank of Scotland 7.64% "rixed-to-Float Pfds for 105. Yield to 9/29/2017 Call = 4.8104% Current Yield = =.2761 EFTA_R1_01597871 EFTA02481473