<table><tr><th>From:</th><th>Richard Kahn &lt;</th></tr><tr><td>Sent:</td><td>Monday, April 6, 2015 1:08 PM</td></tr><tr><td>To:</td><td>jeffrey E.</td></tr><tr><td>Subject:</td><td>Fwd: Commissions Summary [C]</td></tr></table>

Richard Kahn
HBRK Associates Inc.
575 Lexington =venue 4th Floor
New York, NY 10022
tel =12-971-1306
fax
cell =17-414-7584

| Field | Value |
|---|---|
| Header line | Begin forwarded message: |
| From | =/b>Vahe Stepanian <[redacted]> |
| To | Richard Kahn <[redacted]> |
| Cc | Daniel Sabba <[redacted]>, Ariane Dwyer <[redacted]> |
| Subject | =/b>Commissions =ummary [C] |
| Date | April 6, 2015 at 9:05:41 AM EDT |
| Contact block (top of image) | Richard Kahn<br>HBRK Associates Inc.<br>575 Lexington =venue 4th Floor<br>New York, NY 10022<br>tel =12-971-1306<br>fax<br>cell =17-414-7584 |

## Classification: Confidential

Rich- hope you had a =reat holiday weekend. We went through all equity trades done by =outhern Financial (in acct. ending x804), and created the summary below =or your reference.

Note that this is =x-IPOs and secondary offerings, and that DB has a required $50 minimum =icket. Since the second half of 2014, we have charged $0.06/sh., while =verage commission paid by Southern Financial since inception is =0.0S5/sh.

Please let us know if =ou have questions.

## Classification: Confidential (cont.)

Thank you,

Vahe

*Source: Pershing LLC as of =/2/2015
Vahe Stepanian
Assistant Vice President = Key Client Partners
Deutsche Bank Securities Inc.
Tel.: 
Mobile: 
Email:

"The above report is a service from =our Investment Professional, not a substitute for your account =tatements and confirmations. This report is prepared as of trade date rather than settlement date and may be prepared on a different date =han your statement. This report uses information from sources that =ershing believes to be reliable, but Pershing cannot guarantee the =ccuracy of this information or the reliability of these sources. If you find discrepancies in this report, please contact your =nvestment professional.

This communication may contain confidential and/or privileged =nformation. If you are not the intended recipient (or have received =his communication in error) please notify the sender immediately and =estroy this communication. Any unauthorized copying, disclosure or distribution of the material in this communication is strictly =orbidden.

Deutsche Bank does not render legal or tax advice, and the information =ontained in this communication should not be regarded as such.