From: Richard Kahn

From: Richard Kahn To: "jeffrey E." <jeevacationggmail.com> Subject: Fwd: AFSI Pfd Date: Thu, 12 Mar 2015 14:24:25 +0000 Attachments: Bannerless_E_Red_(AFSI_Series_D).pdf another preferred offering if you are interested.. please advise Richard Kahn HBRK Associates Inc. 575 Lexington Avenue 4th Floor New York, NY 10022 te fa Begin forwarded message: From: "Atlas, Andrew S" <[email protected]> To: "Richard Kahn ([email protected])" <[email protected]> Subject: AFSI Pfd Date: March 12, 2015 at 10:23:20 AM EDT Rich, Busy day in new issue pfds. Also pricing a $25 par preferred: $25 Par New Issue Syndicate Offering: AmTrust Financial Services (AFSI) Issuer: AmTrust Financial Services (Ticker: AFSI) Securities Offered: Depositary Shares, Each Representing 1/40th of a Share of _% Non-Cumulative Preferred Stock, Series D Size: $75mm (3mm $25 par shares) Expected Ratings: NR/NR Maturity: Perpetual Price Talk: 7.50% - 7.625% Offer Price: $25 per depositary share EFTA00699587 Dividends: Payable when, as and if declared on the 15th of March, June, September and December beginning on 6/15/15, Fixed for life Optional Redemption: Callable at par on or after 3/xx/2020 Use of Proceeds: General corporate purposes, which may include working capital, capital expenditures and/or strategic acquisitions DRD/QDI Eligible: Yes, See Red for tax and withholding details Listing: NYSE Expected Timing: Today's Business Speak soon, Andrew Andrew S. Atlas Financial Advisor Equity Sales/Middle Markets Group Morgan Stanley Wealth Management Midtown Manhattan Complex 1290 Avenue of the Americas, 12th Floor I New York, NY 10104 Tel/Direct andrew. atlasemorganstanley.com Important Notice to Recipients: Please do not use e-mail to request, authorize or effect the purchase or sale of any security or commodity. Unfortunately, we cannot execute such instructions provided in e-mail. Thank you. The sender of this e-mail is an employee of Morgan Stanley Smith Barney LLC ("Morgan Stanley"). If you have received this communication in error, please destroy all electronic and paper copies and notify the sender immediately. Erroneous transmission is not intended to waive confidentiality or privilege. Morgan Stanley reserves the right, to the extent permitted under applicable law, to monitor electronic communications. This message is subject to terms available at the following link: http://www.morganstanley.com/disclaimers/mssbemail.html. If you cannot access this link, please notify us by reply message and we will send the contents to you. By messaging with Morgan Stanley you consent to the foregoing. EFTA00699588