EFTA02716946

From: Richard Kahn Sent: Wednesday, July 22, 2015 2:38 PM To: Jeffrey E. Subject: Fwd: JPM New Issue $25 Par Perpetual Preferred Stock Attachments: JPM July red.pdf; Untitled attachment 00094.htm please advise if you are interested in JPM =referred offering with 6.25% yield your current =PM exposure as of 6.30- 2015 is as follows: Purchase Quantity 5/31/15 6/30/15 Unrealized Asset =escription Date Cost Value Value Gain (Loss) Haze Trust - =ixed Income JP Morgan Chase =.9% Pfd 4/30/2049 5/10/11 3,000,000 3,337,958 3,219,250 3,212,750 -125,208 Southern =inancial LLC - Fixed Income JP Morgan Chase =amp; Co Pfd 7.9% April 30 2049 6/15/11 2,500,000 2,687,500 2,682,708 2,677,292 -10,208 JP Morgan Chase =amp; Co Pfd 7.9% April 30 2049 6/15/11 2,500,000 2,675,000 2,682,708 2,677,292 2,292 Total JPM Preferred - Fixed Income 8,700,458 8,584,666 8,567,334 -133,124 Richard Kahn HBRK Associates Inc. Begin forwarded message: From: =/b>"Atlas, Andrew 5' EFTA_R1_02158903 EFTA02716946 Subject: =/b>1PM New Issue $25 =ar Perpetual Preferred Stock Date: =/b>July 22, 2015 at 10:09:58 AM =DT To: ./b>"Richard Kahn Hi Rich, Here's a new =ssue I wanted to show Southern Trust Company: $25 Par New Issue Syndicate Offering: J.P. Morgan Chase & Co. =JPM) =nbsp; &n=sp; Issuer: =nbsp; &n=sp; J.P. Morgan Chase & Co. (Ticker: JPM) =nbsp; &n=sp; Securities =ffered: =epositary Shares Each Representing a 1/400th Interest in a Share of =% Non- Cumulative Perpetual Preferred Stock, Series BB =nbsp; &n=sp; Size: &=bsp; &nb=p; =nbsp; &n=sp; $400mm (16mm shares) =nbsp; &n=sp; Expected =atings: =Baa3 / BBB- / BBB- (stable/neg/stable) Format: &=bsp; SEC =egistered Maturity: &nb=p; = Perpetual =nbsp; &n=sp; Price =alk: &nb=p; = 6.25% area; Fixed-for-Life =nbsp; &n=sp; Offer =rice: &n=sp; &nbs=; $25 per depositary share =nbsp; &n=sp; 2 EFTA_R1_02158904 EFTA02716947 Dividends: =nbsp; &n=sp; &nbs=; When, as, and if declared, dividends will accrue and be payable =uarterly in arrears, on March 1st, June 1st, Sept. 1st, and =ec.lst beginning December 1st, =015 &nbs=; =nbsp; &n=sp; Optional =edemption: Subject to regulatory approval, (1) in whole or =n part, from time to time, on any dividend payment date on or after =eptember 1, 2020 at Par plus any declared and unpaid dividends, or (2) =n whole but not in part, at any time within 90 days following a regulatory capital =reatment event (see Prospectus), at Par plus any declared and unpaid =ividends. Use of =roceeds: &=bsp; GCP (see Prospectus) DRD/QDI =ligible: &=bsp; Yes (see Prospectus) Listing: &nbs=; NYSE Expected =O:p class=""> Timing: = Today's =usiness =nbsp; &n=sp; Andrew S. Atlas Financial =dvisor Equity Sales/Middle Markets Group Morgan Stanley Wealth Management Midtown Manhattan =omplex 1290 Avenue of the =mericas, 12th Floor I New York, =Y 10104 Tel/Direct: +1 212 705 4521 I Fax: +1 212 705 4592 Important Notice to Recipients: 3 EFTA_R1_02158905 EFTA02716948 Please do not use e-mail to request, authorize or effect the purchase or sale of any =ecurity or commodity. Unfortunately, we cannot execute such instructions provided =n e-mail. Thank you. The sender of this =-mail is an employee of Morgan Stanley Smith Barney LLC ("Morgan Stanley"). If you have =eceived this communication in error, please destroy all electronic and paper =opies and notify the sender immediately. Erroneous transmission is not intended to =aive confidentiality or privilege. Morgan Stanley reserves the right, =o the extent permitted under applicable law, to monitor electronic =ommunications. This message is subject to terms available at the following link: http://www.morganstanley.com/disclaimers/mssbemail.html.&nb=p; 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 =he foregoing. 4 EFTA_R1_02158906 EFTA02716949