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⚡IMPACT LEVEL 3 — NOTEWORTHY

Epstein File EFTA02704013: Andrew, Privilege and Southern Trust (DS11)

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Email dated February 19, 2016 from Andrew Atlas to Richard Kahn regarding a new corporate bond from PepsiCo Inc (PEP) with ratings from Moody's (A1/Stable) and S&P (A/Stable) intended for Southern Trust Company. The message includes standard privilege disclaimers and contact information for HBRK Associates Inc. located at 575 Lexington Avenue, 4th Floor, New York, NY.

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Excerpt 1
Erroneous transmission is not intended to =aive confidentiality or **privilege**.
Excerpt 2
EP Date: =/b>February 19, 2016 at 9:52:51 AM =ST To: =/b>"Richard Kahn Good Morning Rich, New issue corporate =ond coming today that I wanted to show **Southern**
Excerpt 3
**Trust** Company. 1 EFTA_R1_02086522 EFTA02704013 Details: Issuer/Ticker PepsiCo Inc (PEP) Issue Ratings Moody's: A1/Stable/Expected S&P: A/Stable/Expected

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