From: Richard Kahn c:1

From: Richard Kahn c:1 To: "Jeffrey E." [email protected]> Subject: Fwd: Citi Preferred [C] Date: Thu, 06 Aug 2015 16:28:25 +0000 Inline-Images: image001.jpg; image002.jpg per your email i reached out to DB regarding Citi Preferred Q Series that was issued yesterday by Citibank: they quoted 100.125 for 2-3mm but said to give a level and they would work order did not like that answer so i called Andrew Atlas at Morgan Stanley and asked him to bid he told me spread was 99.875 bid x 100.125 ask and thought we probably could get filled at 100.00 please advise if you would like to buy preferred, quantity, price and DB or MS thank you attached below is your current exposure to Citi Preferred Stocks: Asset Description Purchase Quantity Date Cost 6/30/15 Unrealized Value Gain (Loss) Citibank Preferred Ser C 5.8% 10/28/14 49,033.00 1,180,739 1,220,922 40,183 Citibank Preferred Ser C 5.8% 10/29/14 150,967.00 3,670,430 3,759,078 88,648 Citibank Preferred Ser K 6.875% 213/14 79,000.00 1,999,419 2,106,140 106,721 6,850,589 7,086,140 235,551 Richard Kahn HBRK Associates Inc. Begin forwarded message: From: Vahe Stepanian Subject: RE: CM Preferred [C] Date: August 6, 2015 at 12:19:00 PM EDT To: Richard Kahn Cc: Daniel Sabba Classification: Confidential Per our conversation: >, Paul Morris >, Ariane Dwyer EFTA01207024 C 5.95 12/29/49 • • 21) Bond Description ' Bond Info Aden Info Bond Ratings Identifiers 7; Exchanges C Inv Parties 9; Fees, Restrict NISchedules IfiCoupons Quick Links m QUI Pricing 131QRD Quote Recap PITON trade Hist 35)CACS Cap Action filo- Prospectus Mai Sec News HOS Holders VPRD Unduly Info 21) Bond Description . Bond Info Addtl Info ,ants *OrS Bond Ratings Identifiers Exchanges Inv Parties Fees, Restrict Schedules coupons 32;ALLQ 11)0RD Quote Recap MITDfl Trade Mist BICACS Corp Action )0CF Prospectus 3/104 Sec News MUDS Holders lfivPROunderty Info l) Send Bond 99 Notes r 22/ Issuer Descrpt:on Coupons Page 11/11 Description: Bond rrSetnnlys Current Coupon Convention Coupon Calendar First Irreg Cpn Last Irreg Cpn FRN Coupon F Dat 08/12/201 08/15/202 US0003M 5.95 % Unknown Normal Normal ormula Formula 3 5.9501 Fixed )U50003M +4.095% Bench Freq Last Reset Day Count 30/360 30/360 S/A 00/00/0000 Freq Cap Floor S/A QTL From: Vahe Stepanian Sent: Thursday, August 06, 2015 12:13 PM To: 'Richard Kahn'; Paul Morris Cc: Daniel Sabba; Ariane Dwyer; Amanda Kirby Subject: RE: Citi Preferred [C] Classification: Confidential Rich • I checked in with our traders. We believe that you're referring to the pref that I've detailed in the Bloomberg screenshot below. Assuming this is the case, an indicative offer on $2.3mm is 100.125. Should Southern Financial wish to purchase, it would be helpful to have a firm level to work today. I will follow up with a phone call. Thank you, Vahe C 5.95 12/29/49 Con 9g Notes in 2D Issuer,- -- otion Issuer Information 'came CITIGR0UP INC . Diversified Banks Security Information ikt too Global Depository Receipt Country US Currency USD Rank Jr Subordinated Series Q Coupon 5.95 Type Variable Cpn Freq S/A Day Cnt 30/360 Iss Price 100.00000 Maturity PERPETUAL PERPETUAL CALL 08/15/2C4100.00 Iss Sprd Calc Type (1010)FIX-TO-FLOAT BONDS Announcement Date Interest Accrual Date 1st Settle Date 1st Coupon Date 08/05/2015 08/12/2015 08/12/2015 02/15/2016 axle liti Description: Bond Identifiers ID Number CUSIP ISIN Bond Ratings Moody's Fitch DBRS Composite NR Issuance Oradng Issued/Outstanding USD 1,250,000.00 (M)/ USD 1,250,000.00 (M) Min Piece/Increment 1,000.00 / 1,000.00 Par Amount 1,000.00 Book Runner CITI-sole Reporting UV45 34300 172967325 US172967)257 8a2e BB+e BBBLe EC Send Bond EFTA01207025 'Used with permission of Bloomberg Finance LP Original Message From: Richard Kahn Sent: Thursday, August 06, 2015 11:54 AM To: Paul Morris Cc: Vahe Stepanian; Daniel Sabba Subject: Citi Preferred mailto Paul just left you a message for your via Amanda Can you please obtain a quote for Jeffrey on the following preferred: Citibank (i believe it was issued yesterday) Pays a fixed 5.95% coupon for 5 yrs and then floats at L +409.50bps Quantity: TBD (assume 2.3mm) Thank you Richard Kahn HBRK Associates Inc. This communication may contain confidential and/or privileged information. If you are not the intended recipient (or have received this communication in error) please notify the sender immediately and destroy this communication. Any unauthorized copying, disclosure or distribution of the material in this communication is strictly forbidden. Deutsche Bank does not render legal or tax advice, and the information contained in this communication should not be regarded as such. EFTA01207026