EFTA01131355.pdf

From: Richard Kahn To: "Jeffrey E." <jeevacation@gmail.com> Subject: Fwd: Voluntary Offer for Southern Financial Date: Fri, 06 Nov 2015 22:08:32 +0000 Attachments: GE_Synchrony_Exchange_Offer.pdf Inline-Images: image00 1 jpg; image002.gif; image003.gif attached is offer to swap GE stock for Synchrony Financial currently you own 23,000 shares of GE with a 21.57 cost basis per share (496,109 total cost) unrealized gain as of today is 191,820 i have not seen any factual information yet however i do not believe swap will be taxable if you choose to pursue attached is offer to swap GE stock for Synchrony Financial attached is indicative exchange with yesterdays closing prices: Date: November 5, 2015 4:30pm ET GE Daily VWAP: $29.5617 GE Closing Price: $29.64 Synchrony Daily VWAP: $32.2106 Synchrony Closing Price: $32.61 Indicative Exchange Ratio(1): 0.9855 Upper Limit: 1.1308 Upper Limit in Effect: No Final Exchange Ratio: GE closed today at 29.91 dividend yield 3.10% uhb=uhb2&fr=uh3 finance_vert_gs&type=2button&s=ge Synchrony Financial - pays no dividend closed today at 33.98 wNVSCAzIER1c2t0b3AgU2VhcmNoIDEx;_ylrX3oDMTBzOTkyZWtoBGxhbmcDZW4tVVMEcHQDc2Vjd EFTA01131355 GlvbnMEdGVzdAM-•_ylv=3?uhb=uhb2&fr=uh3 finance_vert_gs&type=2button&s=syf looks.html?puc=yahoo&cm_ven=YAHOO please advise if you are interested in swap or pass thank you Richard Kahn HBRK Associates Inc. 575 Lexington Avenue 4th Floor New York NY 10022 tel fax cell Begin forwarded message: From: Mane Dwyer <I Subject: Voluntary Offer for Southern Financial Date: November 6, 2015 at 3:23:14 PM EST To: Richard Kahn < Cc: Vahe Stepanian < >. Daniel Sabba < k Jj Litchford < Hi Rich, I am emailing regarding a voluntary offer for Southern Financial. GE is offering its shareholders the opportunity to exchange shares of GE for shares of Symphony Financial. Recall that Southern Financial holds 23,000 shares of GE valued at -$685,000. Southern Financial can swap all, some or none of its shares for Symphony. Please refer to the attached prospectus and below website for further information. As per the below details, we require Southern Financial to make a decision by 11/13/15. Let us know if you have any questions. Have a great weekend, Ari EFTA01131356 hems For Atrynoon Voluntary Otlet Detatts Ylvw Text Close Window Descrcoco GENERAL ELECTRIC CO Syntax GE CUSIP 369504103 Wet EXCHANGE Offer Descrotai OFFER BY GENERAL ELECTRIC Suctea To IRC 302 Winnolcify NO Omer trees Avaaao* Offer Oates Cut-0't Date 11/13/2015 Cut-0n Tee 190000 Alextranal Dale 11116/2015 WITOrywal Tee 12 0000 Dotal/on Dr* 11116/2015 bootee Tens 235903 ProX/cte0 Ore 1inormis Oder Detaas Coolc4 Oct SWAN:* tarns/ BC "Magnum BC imminent, MAW* Facto FOREIGN RESTRICTIONS SOME RESTRICTIONS APPLY FOR HOLDERS RESIDENT IN AUSTRALIA THE EUROPEAN ECONOMIC AREA. UNITED KINGDOM. JAPAN AND SINGAPORE. THE PROSPECTUS IS NOT AS OFFER TO SELL OR EXCHANGE AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY ANY SHARES OF OE COMMON STOCK OR SYNCHRONY COMMON STOOK IN ANY JURISDICTION IN %%ICH THE OFFER. SALE OR EXCHANGE IS NOT PERMITTED NON US SHAREHOLDERS SHOW.0 CONSULT THEIR ADVISORS IN CONSIDERING WHETHER THEY MAY PARTICIPATE IN THE EXCHANGE OFFER IN ACCORDANCE WITH THE LAWS OF THEIR HOME COUNTRIES AND. IF THEY CO PARTICIPATE WHETHER THERE ARE ANY RESTRICTIONS OR LIMITATIONS ON TRANSACTIONS IN GE COMMON STOCK OR SYNCHRONY COMMON STOCK THAT MAY APPLY TO THEIR HOME COUNTRIES GENERAL TERMS GENERAL ELECTRIC COMPANY (GE) IS OFFERING TO EXCHANGE UP TO AN AGGREGATE AMOUNT OF 705.270.833 SHARES OF SYNCHRONY FINANCIAL COMMON STOCK (CUSP 871658103) FOR THEIR OUTSTANDING SHARE$ OF COMMON STOCK OF OE TO AN AGGREGATE AMOUNT OF 705.270 833 SHARES OF SYNCHRONY FINANCIAL COMMON STOCK (CUSP 871658103) FOR THEIR OUTSTANDING SHARES OF COMMON STOCK OF GE THAT ME VALIDLY TENDERED AND NOT VALIDLY WID4ORNAlt AT AN EXCHANGE RATIO DESCRIBED BELOW, SUBJECT TO PRORATION • EXCHANGE CONSIOERADON FOR EACH USD103 OF GE COMMON STOCK ACCEPTED IN THE EXCHANGE OFFER. HOLDERS MIX RECEDE APPROXIMATELY USD107 53 OF SYNCHRONY COMMON STOCK SUBJECT TO AN UPPER LIMIT OF 1 1308 SHARES OF SYNCHRONY COMMON STOCK PER SHARE OF GE COMMON STOCK THE EXCHANGE DOES NOT PROVIDE A LOWER LIMIT CR MINIMUM EXCHANGE RATIO IF THE UPPER LBW IS IN EFFECT, HOLDERS %%ILL RECEDE LESS THAN USD107 53 of SYNCHRONY COMMON STOCK FOR EACH USD100 OF GE COMMON STOCK SUBMITTED FOR EXCHANGE (AND COULD BE MUCH LESS) PI FLAP REVIEW THE OFFER DOCUMENT FOR FULL DETAILS GE 'Mu. ANNOUNCE WHETHER THE UPPER LIMIT ON THE NUMBER OF SHARES THAT CAN BE RECEDED FOR EACH SHARE OF OE COMMON STOCK TENDERED IS IN EFFECT. THROUGH 'MAW E00CvUENTVIEW COWGEEXCHANGE AND BY PRESS RELEASE. NO LATER THAN 9 00AM. NEW YORK CITY TIME. ON THE TRADING DAY (CURRENTLY EXPECTED TO BE NOVEMBER 13. 2015) IMMEDIATELY PRECEDING THE EXPIRATION DATE (CURRENTLY EXPECTED TO BE NOVEMBER 16, 2015) IF THE UPPER UMIT IS IN EFFECT AT THAT TIME. THEN THE FINAL EXCHANGE RATIO VAL BE FIXED AT THE UPPER LIMIT. ARO YOU WILL RECEDE 1 1303 SHARES OF SYNCHRONY COMMON STOCK FOR EACH SHARE OF GE COMMON STOCK ACCEPTED IN THE EXCHANGE OFFER • 000 LOTS/PRORATION BENEFICIAL HOLDERS OF LESS THAN 100 SHARES OF GE COMAIONSTOCK WHO VALIDLY TENDER ALL OF THEIR SHARES WILL NOT TO BE SUBJECT TO PRORATION tF THE EXCHANGE OFFER IS OVERSUBSCRIBED. IF UPON THE EXPIRATION OF THE EXCHANGE OFFER HOLDERS HAVE VALIDLY TENDEREDMORE GE COMMON STOCK THAN OE IS ABLE TO ACCEPT FOR EXCHANGE GE WILL ACCEPT FCR EXCHANGE THE SHARES Of GE COMMON STOCK VALIDLY TENDERED AND NOT VALIDLY WITHDRAWN BY EACH TENDERING SHAREHOLDER ON A PRO RATA BASIS. BASED ON THE PROPORTION THAT THE TOTAL NUMBER OF SHARES OF OE COMMON STOCK TO BE ACCEPTED FOR EXCHANGE BEARS TO THE TOTAL NUMBER OF SHARES CC GE COMMON STOCK VALIDLY TENDERED AND NOT VALIDLY WITHDRAWN (ROUNDED TO THE NEAREST WHOLE NUMBER OF SHARES OF GE COMMON STOCK AND SUBJECT TO ANY ADJUSTMENT NECESSARY TO ENSURE THE EXCHANGE Of ALL SHARES OFSYNCHRONY COMMON STOCK OWNED BY GE). EXCEPT FOR TENDERED COO LOTS • IF THE OFFER IS NOT FULLY SUBSCRIBED. GE 'MU. CONDUCT A DISTRIBUTION OF ITS REMAINING SHARES Of SYNCHRONY COMMON STOCK THROUGH A SPECIAL CAMDEN() TO ALL GE SHAREHOLDERS. ON A PRO RATA BASIS (THE PRO RATA SPLN-OFF) OR. ALTERNATIVELY. ONE OR MORE ADDITIONAL EXCHANGE OFFERS OR EXCHANGES OF ALL OF ITS RE WINING SHARES OF SYNCHRONY COMMON STOCK FOR OE COMMON STOCK, IN ANY CASE. WITHIN 12 MONTHS OF THE CLOSING OF THE EXCHANGE OFFER • CONDITIONS THE EXCHANGE OFFER IS CONDITIONED UPON. AMONG OTHER THINGS THAT AT LEAST 614.743.750 SHARES OF SYNCHRONY COMMON STOCK WOULD BE DISTRIBUTED IN THE EXCHANGE FOR SHARES OF GE COMMON STOCK THAT ARE VALIDLY TENDERED AND NOT VALIDLY WITHDRAWN PRIOR TO THE EXPIRATION Of THE OFFER OVHACH REPRESENTS 90 PERCENT OF THE OUTSTANDING SHARES OF SYNCHRONY COMMON STOCK HELD BY GE AS or lotifyls). • CASH IN LIEU WILL BE PAID FOR FRACTIONAL SHARES • GE RESERVES THE RIGHT. IN ITS SOLE DISCRETION. TO EXTEND THE OFFER PERIOD FOR ANY REASON - A MAILING HAS BEEN MADE TO HOLDERS • • /IF YOU OUALIFY AND WISH TO EXCHANGE GE eidnr$ FOR SYNCHRONY SHARES VIA IFS SELECT POSIDONS THEN ENTER INSTRUCTIONS UNDER OPTiON V UNDER THE EXCHANGE OFFER TO EXCHANGE %IA THE REOR SYSTEM USE OFFER CODE EXC PLEASE NOTE THAT IN GENERAL TERMS. THE PAY DATE FOR VOLUNTARY CORPORATE ACTIONS IS 740 BUSINESS DAYS AFTER THE OFFER EXPIRES —LS— L 01^-117- PeAtfratin Best, Ari Ariane Dwyer Analyst I Key Client Partners - US Deutsche Bank Securities Inc EFTA01131357 Deutsche Asset & Wealth Management 345 Park Avenue. 26 New York. NY. 10154-0004 Tel. Email This communication may contain confidential and/or privileged information. If you are not the intended recipient (or have received this communication in error) please notify the sender immediately and destroy this communication. Any unauthorized copying, disclosure or distribution of the material in this communication is strictly forbidden. Deutsche Bank does not render legal or tax advice, and the information contained in this communication should not be regarded as such. EFTA01131358