From: Richard Kahn

From: Richard Kahn To: "Jeffrey E." <[email protected]> Subject: Morgan Stanley - New Issue $25 Par Preferred Date: Mon, 13 Jul 2015 16:17:37 +0000 Attachments: DYNAGAS_20150517_0000.pdf; MARITIME_20150713_0000.pdf; 947859 013 WEB BMK4.pdf appears to be a Junk Issue which is not rated when i looked at stock i see it yields 11.5% which is higher than preferred coupon of 9.0% http://finance.yahoo.cotn/q;_ylt=AjmFTYvDD2TMck8KQMW_aTeAohG;_ylu=X3oDMTBxdGVyNzJxBHNI YwNVSCAzIER1c2t0b3AgU2VhcmNoIDEx;_ylg=X3oDMTEyZmpncW1wBGxhbmcDZW4tVVMEcHQDc2V jdGIvbnMEdGVzdAMxMTExMTE-•_ylv=3?s=dIng&uhb=uhb2&fr=uh3 finance vert_gs Richard Kahn HBRK Associates Inc. New York, NY 10022 Begin forwarded message: From: "Atlas, Andrew S" < Subject: New Issue $25 Par Preferred Date: July 13, 2015 at 9:58:18 AM EDT To: "Richard Kahn Morning Rich, Wanted to show you this new issue coming today. C Issuer: Dynagas LNG Partners LP (Ticker: DLNG) Size: $50mm (2mm $25 par units) Expected Ratings: Non-Rated Offering: Series A Cumulative Redeemable Preferred Format: SEC Registered Maturity: Perpetual Price Guidance: 9.00 — 9.125%; Fixed-for-Life Offer Price: $25.00 per unit Dividends: Payable when, as and if declared on the 12th of February, May, August and November beginning on 11/12/15 EFTA00710410 Optional Redemption: Use of Proceeds: DRD/QDI Eligible: Expected Listing: Speak soon, Andrew Callable, in whole or in part, at any time on or after 8/12/2020. To finance the purchase price of the Optional Vessel Acquisition O01 yes; Not DRD Eligible NYSE Andrew S. Atlas Financial Advisor Equity Sales/Middle Markets Group Morgan Stanley Wealth Management Midtown Manhattan Complex New York, NY 10104 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: 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. 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: 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. EFTA00710411