From: Stewart Oldfield Sent: 6/7/2016 5:03:09 PM To: Daniel Sabba Subject: RE: (No Subject) [I) Vahe Stepanian Classification: For Internal use only I did not. I've never seen preferreds put into notes and I don't see why they need the structure when they can just trade margin. Happy to make the intro to ISG but let me make sure they know something about the space From: Daniel Sabba Sent: Tuesday, June 07, 2016 5:01 PM To: Vahe Stepanian; Stewart Oldfield Subject: FW: (No Subject) Did u get this? Stew maybe this topic is a perfect entree for 1SG? Original Message--- From: Richard Kahn Sent: Tuesday, June 07, 2016 04:49 PM Eastern Standard Time To: Subject: can you please look into a basket of preferred stocks (probably via a stmetured note) that we can lever 2-3x in a margin account think you Richard Kahn HBRK Associates Inc. 575 Lexington Avenue 4th Floor New York, NY I(0122 tel fa cel CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0067193 CONFIDENTIAL SDNY_GM_00213377 EFTA01373153