From: "Jeffrey E." <[email protected]>

From: "Jeffrey E." <[email protected]> To: Richard Kahn Subject: Re: Citi Preferred (C) Date: Thu, 06 Aug 2015 17:27:11 +0000 Inline-Images: image00 1 jpg: image002.jpg bid 100 at db for 3 m On Thu, Aug 6, 2015 at 12:28 PM, Richard Kahn ,t7 > wrote: 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 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% 2/3/14 79,000.00 1,999,419 2,106,140 106,721 6,850,589 7,086,140 235,551 Purchase Quantity Date Cost 6/30/15 Value Unrealized Gain (Loss) Richard Kahn HBRK Associates Inc. Begin forwarded message: From: Vahe Stepanian Subject: RE: CRI Preferred [C] Date: August 6, 2015 at 12:19:00 PM EDT To: Richard Kahn , Paul Morris Cc: Daniel Sabba ekt•:iane Dwyer , Amanda Kirby Classification: Confidential Per our conversation: EFTA01207027 C 5.95 12/29/49 Corp e „ 21) Bond Description Rood lilt() • Addit Into riGual areas 5)8cal Ratings S) Identifiers nExchanges him. Parties 9)Fees, Restrict :0Schedules it)Coupons Quick I :BALLO Pi lc:n.1 '..31QR0 Quote Recap 'ATI* Trade Mist SiCACS Corp Action ;Sift Prospectus '..nCti Sec News ZHOS Holders SWPRD Underty Info eel Send Bond 94 Notes 23 Issuer Descrl Coupons SO Ca 1; cex Current Coupon Convention Coupon Calendar First Irreg Cpn Last Irreg Cpn FRN Coupon Formula Da US0003M 5.95 % Unknown Normal Normal 9s Bu 96) Sea Bench Freq S/A Last Reset 00/00/0000 e Formula Day Count Freq Cap 30/360 30/360 08/12/2015 5.950:, Fixed 08/15/2020 US0003M +4.095% 5/A QTL From: Vahe Stepanian Sent Thursday, August 06, 2015 12:13 PM To: 'Richard Kahn'; Paul Morris Cc: Daniel Sabha; Mane 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 EFTA01207028 C 5.95 12 29/49 • • Page 1/11 I Tf ti011113011 21) Bond Description Bond Info AddIt Into 5N3ond Redoes eldentiliers nExchanges OW Parties eras. Resbict xiSdiedules niCoupons inks Fl I Q Pricing QFtD Quote Recap 'NUM track Hist CACS Corp Action 't)CF Prospectus '')CM Sec News :OHM Holders sIVPFtOUnderly Info 94Notes 12 21) Issuer Description Issuer Information CITIGROUP INC . . Diversified Banks Security Information Mkt in Global Country US Currency Rank Jr Subordinated Series Coupon 5.95 Type Cpn Freq S/A Day Cnt 30/360 Iss Price Maturity PERPETUAL PERPETUAL CALL 08/15/20€100.00 Iss Sprd Calc Type (1010)FIX-TO-FLOAT BONDS Announcement Date Interest Accrual Date 1st Settle Date 1st Coupon Date 951 Bu. Depository Receipt USD Q Variable 100.00000 08/05/2015 08/12/2015 08/12/2015 02/15/2016 Identifiers ID Number CUSIP ISIN Earns Moody's Fitch DBRS Corrossite Issuance & Trading Amt Issued/Outstandirg 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 UV4S34300 1729673Z5 U51729673Z57 Bate BB+e BBBLe NR *Used with permission of Bloomberg Finance LP Original Message From: Richard Kahn Dal Sent: Thursday, August 06, 2015 11:54 AM To: Paul Morris Cc: Vahe Stepanian; Daniel Sabba Subject: Citi Preferred 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. EFTA01207029 This communication may contain confidential and/or privileged information. 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