From: Richard Kahn

From: Richard Kahn To: "Jeffrey E." <[email protected]> Subject: Fwd: Confirm RE:GS Bond Balance Date: Thu, 04 Aug 2016 18:33:31 +0000 Attachments: GS_4%_1.7mm_Confirm.pdf Morgan Stanley sold balance at 81.75 all gs bonds were sold Richard Kahn HBRK Associates Inc. Begin forwarded message: From: "Atlas, Andrew S" Subject: Confirm RE:GS Bond Balance Date: August 4, 2016 at 1:54:40 PM EDT To: Richard Kahn < Hi Rich, Sorry for the holdup. STC sold 1.7mm GS 4% at 81.75 Position is flat. Thanks again, Andrew Andrew S. Atlas First Vice President Equity Sales/Middle Markets Group Financial Advisor Morgan Stanley Wealth Management PROT0 From: Richard Kahn rmailto: Sent: Thursday, August 04, 2016 12:45 PM To: Atlas, Andrew S (Wealth Mgmt MS) Subject: Re: GS Bond Balance Importance: High any updates on order? been selling all day at ML at 81.75-81.77 On Aug 4, 2016, at 8:44 AM, Atlas, Andrew S < > wrote: Morning Rich, 81.25 - 82.50 Still working 1.7mm with a 81.75 low? Best, Andrew From: Richard Kahn [mailto: Sent: Thursday, August 04, 2016 8:18 AM Subject: Re: GS Bond Balance What is bid ask this am? Please advise. Thank you. Sent from my iPhone On Aug 3, 2016, at 3:39 PM, Atlas, Andrew S c > wrote: PROT1 Hi Rich, So far today, nothing done yet on the GS Bonds. Quote now 81.5 - 82.50 Speak soon, Andrew From: Richard Kahn [mailto: Sent: Wednesday, August 03, 2016 10:03 AM Subject: Re: GS Bond Balance Leave order in. When is last date to tender at 83. Sent from my iPhone On Aug 3, 2016, at 9:20 AM, Atlas, Andrew S< Good Morning Rich, Goldman bonds current quote 81.25 - 82.5 Just confirming last exchange, still working 1.7mm bonds for sale 81.75 low. Thanks again. Best, Andrew wrote: PROT2 From: Richard Kahn [maiIto Sent: Tuesday, August 02, 2016 3:52 PM Subject: Re: Partial Fill RE: goldman bond ok thanks leave in at 81.75 Richard Kahn On Aug 2, 2016, at 3:49 PM, Atlas, Andrew S < Quote 81.25 - 82.50 > wrote: From: Richard Kahn lnailto: Sent: Tuesday, August 02, 2016 3:26 PM Subject: Re: Partial Fill RE: goldman bond any updates what is bid ask thanks Richard Kahn PROT3 On Aug 2, 2016, at 11:59 AM, Atlas, Andrew S wrote: Southern Trust Co. GOLDMAN SACHS CAPT II 4.0% FXD TO 03/03/14 FLOATS CUSIP : 381427AA1 Sold 300m @ 81.75 Open on 1.7mm; working 81.75 or better. Speak soon, Andrew From: Richard Kahn fmailto: Sent: Tuesday, August 02, 2016 11:11 AM Subject: Re: goldman bond yes Richard Kahn HBRK Associates Inc. On Aug 2, 2016, at 11:10 AM, Atlas, Andrew S < > wrote: PROT4 Hi Rich, Is it ok to give partial fills? We can probably sell 300m bonds at 81.75, is that ok? Let me know, AA From: Richard Kahn [mailto Sent: Tuesday, August 02, 2016 9:34 AM To: Atlas, Andrew S (Wealth Mgmt M5) Subject: Re: goldman bond yes please thank you Richard Kahn HBRK Associates Inc. On Aug 2, 2016, at 9:21 AM, Atlas, Andrew S < wrote: Good Morning Rich, Present quote for the GS bonds: 81.25 - 82.50 Do you want me to continue working the 2mm bonds for sale with a 81.75 low? Speak soon, Andrew PROT5 Original Message From: Richard Kahn [ j Sent: Monday, August 01, 2016 06:53 PM Eastern Standard Time Subject: Re: goldman bond Ok thanks. Sent from my iPhone > On Aug 1, 2016, at 4:24 PM, Atlas, Andrew S < > Hi Rich, > Nothing done at 81.75 or better. > I withdrew the tender on the bonds. > I'll touch base in the morning with an updated market. > Speak then. > -Andrew > Andrew S. Atlas > First Vice President > Equity Sales/Middle Markets Group > Financial Advisor > Morgan Stanley Wealth Management > wrote: Original Message--- > From: Richard Kahn [main° PROT6 > Sent: Monday, August 01, 2016 3:47 PM > To: Atlas, Andrew S (Wealth Mgmt MS) > Subject: Re: goldman bond > Importance: High > ok > thanks >> On Aug 1, 2016, at 3:42 PM, Atlas, Andrew S >> Nothing done yet w/ a 81.75 low...still working >> Andrew S. Atlas >> First Vice President >> Equity Sales/Middle Markets Group >> Financial Advisor >> ----Original Message.--- » From: Richard Kahn [mailto >> Sent: Monday, August 01, 2016 3:09 PM >> To: Atlas, Andrew S (Wealth Mgmt MS) >> Subject: Re: goldman bond >> Importance: High >> yes 81.75 or better >> thank you >>> On Aug 1, 2016, at 3:01 PM, Atlas, Andrew S < >>> Desk not showing me an offer. >>> Went to 81.25 bid for 2mm...do you want them to work with a limit? >>> Andrew S. Atlas >>> First Vice President >>> Equity Sales/Middle Markets Group >>> Financial Advisor >>> Morgan Stanley Wealth Management >>> -----Original Message >>> From: Richard Kahn [mailto >>> Sent: Monday, August 01, 2016 2:52 PM >>> To: Atlas, Andrew S (Wealth Mgmt MS) >>> Subject: Re: goldman bond >>> Importance: High >» what is ask? >>> i am seeing 81.75 vs 82.75 from 2 other desks please ask trades to >>> tighten up spread thanks > wrote: wrote: PROT7 >>>> On Aug I, 2016, at 2:46 PM, Atlas, Andrew S >>>> Desk just got back to me. >>>> 81 bid for the 2mm bonds, rt now we're in there to tender at 83. >>>> Speak soon, >>>> Andrew >>>> Andrew S. Atlas >>>> First Vice President >>>> Equity Sales/Middle Markets Group >>>> Financial Advisor >>>> Morgan Stanley Wealth Management >>>> ----Original Message-- >>>> From: Richard Kahn ilto- >>>> Sent: Monday, August 01, 2016 2:43 PM >>>> To: Atlas, Andrew S (Wealth Mgmt MS) >>>> Subject: Re: goldman bond >>» Importance: High >>>> any update on pricing? >>>>> On Aug 1, 2016, at 2:17 PM, Atlas, Andrew S < >>>>> Sure, I'll be rt back >>>>> Andrew S. Atlas >>>>> First Vice President >>>>> Equity Sales/Middle Markets Group >>>>> Financial Advisor >>>>> Morgan Stanley Wealth Management >>>» >>>>> -----Original Message >>>>> From: Richard Kahn (mailto >>>>> Sent: Monday, August 01, 2016 2:14 PM >>>>> To: Atlas, Andrew S (Wealth Mgmt MS) >>>>> Subject: goldman bond >>>>> Importance: High >>>>> i know we mentioned our desire to tender bond however the boss is >>>>> now thinking of selling can you please provide a bid ask to sell >>>>> bond thank you wrote: wrote: PROT8 >>>>> NOTICE: Morgan Stanley is not acting as a municipal advisor and the opinions or views contained herein are not intended to be, and do not constitute, advice within the meaning of Section 975 of the Dodd-Frank Wall Street Reform and Consumer Protection Act. If you have received this communication in error, please destroy all electronic and paper copies and notify the sender immediately. Mistransmission 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://nw.morganstanley.com/disclaimers If you cannot access these links, please notify us by reply message and we will send the contents to you. By communicating with Morgan Stanley you consent to the foregoing and to the voice recording of conversations with personnel of Morgan Stanley. >>>> NOTICE: Morgan Stanley is not acting as a municipal advisor and the opinions or views contained herein are not intended to be, and do not constitute, advice within the meaning of Section 975 of the Dodd-Frank Wall Street Reform and Consumer Protection Act. If you have received this communication in error, please destroy all electronic and paper copies and notify the sender immediately. Mistransmission 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 If you cannot access these links, please notify us by reply message and we will send the contents to you. By communicating with Morgan Stanley you consent to the foregoing and to the voice recording of conversations with personnel of Morgan Stanley. >>> NOTICE: Morgan Stanley is not acting as a municipal advisor and the opinions or views contained herein are not intended to be, and do not constitute, advice within the meaning of Section 975 of the Dodd-Frank Wall Street Reform and Consumer Protection Act. If you have received this communication in error, please destroy all electronic and paper copies and notify the sender immediately. Mistransmission 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 If you cannot access these links, please notify us by reply message and we will send the contents to you. By communicating with Morgan Stanley you consent to the foregoing and to the voice recording of conversations with personnel of Morgan Stanley. >> NOTICE: Morgan Stanley is not acting as a municipal advisor and the opinions or views contained herein are not intended to be, and do not constitute, advice within the meaning of Section 975 of the Dodd-Frank Wall Street Reform and Consumer Protection Act. If you have received this communication in error, please destroy all electronic and paper copies and notify the sender immediately. Mistransmission 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://nw.morganstanley.com/disclaimers If you cannot access these links, please notify us by reply message and we will send the contents to you. By communicating with Morgan Stanley you consent to the foregoing and to the voice recording of conversations with personnel of Morgan Stanley. PROT9 > NOTICE: Morgan Stanley is not acting as a municipal advisor and the opinions or views contained herein are not intended to be, and do not constitute, advice within the meaning of Section 975 of the Dodd-Frank Wall Street Reform and Consumer Protection Act. If you have received this communication in error, please destroy all electronic and paper copies and notify the sender immediately. Mistransmission 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://vAvw.morganstanley.com/disclaimers If you cannot access these links, please notify us by reply message and we will send the contents to you. By communicating with Morgan Stanley you consent to the foregoing and to the voice recording of conversations with personnel of Morgan Stanley. NOTICE: Morgan Stanley is not acting as a municipal advisor and the opinions or views contained herein are not intended to be. and do not constitute. advice within the meaning of Section 975 of the Dodd-Frank Wall Street Reform and Consumer Protection Act. If you have received this communication in error. please destroy all electronic and paper copies and notify the sender immediately. Mistransmission 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: httplAwrve.morpanstanley.comidsclaimers If you cannot access these links, please notify us by reply message and we will send the contents to you. By communicating with Morgan Stanley you consent to the foregoing and to the voice recording of conversations with personnel of Morgan Stanley. NOTICE: Morgan Stanley is not acting as a municipal advisor and the opinions or views contained herein are not intended to be. and do not constitute, advice within the meaning of Section 975 of the Dodd-Frank Wall Street Reform and Consumer Protection Act. If you have received this communication in error, please destroy all electronic and paper copies and notify the sender immediately. Mistransmission 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.morpanstanley.cornidisclaimers If you cannot access these links, please notify us by reply message and we will send the contents to you. By communicating with Morgan Stanley you consent to the foregoing and to the voice recording of conversations with personnel of Morgan Stanley. NOTICE: Morgan Stanley is not acting as a municipal advisor and the opinions or views contained herein are not intended to be. and do not constitute. advice within the meaning of Section 975 of the Dodd-Frank Wall Street Reform and Consumer Protection Act. If you have received this communication in error. please destroy all electronic and paper copies and notify the sender immediately. Mistransmission is not intended to waive confidentiality or privilege. Morgan Stanley reserves the right, to the extent rmitted under a icable law, to monitor electronic communications. This message is subject to terms available at the following link: If you cannot access these links, please notify us by reply message and we will send the contents to you. By communicating with Morgan Stanley you consent to the foregoing and to the voice recording of conversations with personnel of Morgan Stanley. PROT10 NOTICE: Morgan Stanley is not acting as a municipal advisor and the opinions or views contained herein are not intended to be. and do not constitute. advice within the meaning of Section 975 of the Dodd-Frank Wall Street Reform and Consumer Protection Act. If you have received this communication in error, please destroy all electronic and paper copies and notify the sender immediately. Mistransmission is not intended to waive confidentiality or privilege. Morgan Stanley reserves the right, to the extentpermitted under a icable law. to monitor electronic communications. This message is subject to terms available at the following link: If you cannot access these links. please notify us by reply message and we will send the contents to you. By communicating with Morgan Stanley you consent to the foregoing and to the voice recording of conversations with personnel of Morgan Stanley. NOTICE: Morgan Stanley is not acting as a municipal advisor and the opinions or views contained herein are not intended to be. and do not constitute. advice within the meaning of Section 975 of the Dodd-Frank Wall Street Reform and Consumer Protection Act. If you have received this communication in error. please destroy all electronic and paper copies and notify the sender immediately. Mistransmission is not intended to waive confidentiality or privilege. Morgan Stanley reserves the f•ht. to the extent • ,rmitted under ao•licable law. to monitor electronic communications. This message is subject to terms available at the following link: If you cannot access these links. please notify us by reply message and we will send the contents to you. By communicating with Morgan Stanley you consent to the foregoing and to the voice recording of conversations with personnel of Morgan Stanley. NOTICE: Morgan Stanley is not acting as a municipal advisor and the opinions or views contained herein are not intended to be. and do not constitute. advice within the meaning of Section 975 of the Dodd-Frank Wall Street Reform and Consumer Protection Act. If you have received this communication in error. please destroy all electronic and paper copies and notify the sender immediately. Mistransmission is not intended to waive confidentiality or privilege. Morgan Stanley reserves the r. ht. to the extent rmitted under a licable law. to monitor electronic communications. This message is subject to terms available at the following link: If you cannot access these links. please notify us by reply message and we will send the contents to you. By communicating with Morgan Stanley you consent to the foregoing and to the voice recording of conversations with personnel of Morgan Stanley. NOTICE: Morgan Stanley is not acting as a municipal advisor and the opinions or views contained herein are not intended to be. and do not constitute. advice within the meaning of Section 975 of the Dodd-Frank Wall Street Reform and Consumer Protection Act. If you have received this communication in error. please destroy all electronic and paper copies and notify the sender immediately. Mistransmission is not intended to waive confidentiality or privilege. Morgan Stanley reserves the r' ht. to the extent ermitted under a licable law, to monitor electronic communications. This message is subject to terms available at the following link: If you cannot access these links. please notify us by reply message and we will send the contents to you. By communicating with Morgan Stanley you consent to the foregoing and to the voice recording of conversations with personnel of Morgan Stanley. NOTICE: Morgan Stanley is not acting as a municipal advisor and the opinions or views contained herein are not intended to be. and do not constitute. advice within the meaning of Section 975 of the Dodd-Frank Wall Street Reform and Consumer Protection Act. If you have received this communication in error. please destroy all electronic and paper copies and notify the sender immediately. Mistransmission is not intended to waive confidentiality or privilege. Morgan Stanley reserves the r ht. to the extent •ermitted under applicable law. to monitor electronic communications. This message is subject to terms available at the following link: If you cannot access these links. please notify us by reply message and we will send the contents to you. By communicating with Morgan Stanley you consent to the foregoing and to the voice recording of conversations with personnel of Morgan Stanley. PROT11 PROT12