From: Richard Kahn

From: Richard Kahn To: "Jeffrey E." <[email protected]> Subject: Fwd: New Issue $25 Par: AmTrust Financial Services (AFSI) Non-Cumulative Perpetual Preferred Stock; 7.75% - 7.875% Fixed for Life Date: Tue, 08 Mar 2016 15:47:25 +0000 Attachments: Bannerless_E-red_(3.8.16).pdf attached was sent from both Morgan Stanley and Wells Fargo please advise thank you Richard Kahn HBRK Associates Inc. 575 Lexington Avenue 4th Floor New York, NY 10022 Begin forwarded message: From: "Atlas, Andrew S" Subject: New Issue $25 Par: AmTrust Financial Services (AFSI) Non-Cumulative Perpetual Preferred Stock; 7.75% - 7.875% Fixed for Life Date: March 8, 2016 at 10:13:33 AM EST To: "Richard Kahn Good Morning Rich, Want to show STC another new issue preferred that Morgan Stanley is pricing today. Details: $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 E. Size: $75mm (3mm $25 par shares) Expected Ratings: AmBest bb+ Maturity: Perpetual Price Talk: 7.75% - 7.875% EFTA01184779 Offer Price: $25.00 Dividends: Payable when, as and if declared on the 15th of March, June, September and December beginning on 6/15/16, Fixed for life Optional Redemption: Callable at par on or after 3/xx/2021 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 Subject to US Tax Withholding for NRA Clients: Yes* Expected Listing: NYSE Timing: Today's Business Speak soon, Andrew Andrew S. Atlas First Vice President Equity Sales/Middle Markets Group Financial Advisor Morgan Stanley Wealth Management 1290 Avenue of the Americas, 12th Floor I New York, NY 10104 NMLS ID if 1326736 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. EFTA01184780