High dividend pricing - TRS only IC (Daniel Sabba, 2/10/2015)

From: Daniel Sabba Sent: 2/10/2015 7:32:45 PM To: jeffrey E. ijeevacation@ mail.com CC: Vahe Ste anian ; Jay Lipman Subject: High dividend pricing - TRS only IC) Classification: Confidential We priced the following in the past • Richard Kahn Long TRSs for GE and ConEd (without the sale of a call option). We could provide the financing terms on a $20mm notional equivalent at lml+75bps, with $0.03 commissions in and out. The IA for these names would be 20% for TRS only. As discussed