From: Richard Kahn < Sent: Monday, November 9, 2015 9:26 PM To: jeffrey E. Subject: Fwd: Royal Bank of Scotland 7.64% Fixed-to-Float Pfd Attachments: RBS.Bonds.2.24.15.pdf; Untitled attachment 00459.htm thought this was interesting as it would =ield foreign interest income please =dvise thank you Richard Kahn HBRK Associates Inc. 575 Lexington =venue 4th Floor New York, NY 10022 tel fax cell = Begin forwarded message: From: =/b>"Atlas, Andrew 5" < Subject: =/b>Royal Bank of =cotland 7.64% Fixed-to-Float Pfd Date: =/b>November 9, 2015 at 4:03:19 PM =ST To: =/b>"Richard Kahn ( I" < Rich, Here's an attractive Yield to Call opportunity that I =anted to show Southern Trust Company. I've attached a =till relevant Morgan Stanley note from earlier this year. EFTA_R1_01939811 EFTA02671084