<table><tr><th>From:</th><th>Richard Kahn &lt;richardkahn12@gmail.com&gt;</th></tr><tr><td>Sent:</td><td>Tuesday, December 12, 2017 6:38 PM</td></tr><tr><td>To:</td><td>jeffrey E.</td></tr><tr><td>Subject:</td><td>capital gains</td></tr></table>

2016 capital loss carry forward =/span>(30,712,274)

apple realized gains (march 2017 & dec 2017) =/span>      26,940,828
other =ap gains (includes haze trust art sale gains) =/span> 3,836,328

capital gains thru nov 2017 =      =/span>64,882

## K-1's

a) honeycomb - they made a 475 election =o all income (20mm investment x 20% returns = 4mm) should be =rdinary EDC

b) boothbay - portion relating =o capital gain from ytd gain of 5.4mm (as fund is up 12.4% thru Nov =017) is unknown and concerning on 2016 =-1 the majority (95%+) of the income was ordinary business income =EDC), interest and dividends

Top = Unrealized losses in Portfolio

- 1 Ascena Retail Group (50,500 =hares) = 973,468

- 2 Teva =harmaceuticals Mandatory convert (1mm quantity) =/span>604,500

- 3 Nationwide Bond (2mm =uantity) = 506,660 =/span>

- 4 Royal Bank of Scotland Bond (5mm =uantity) = 433,817

- 5 Allergan =andatory convert (1mm quantity) 260,035

Total Top S Unrealized Losses = =/span>2,778,480

should we take losses to =ffset boothbay capital gains and give ourself a cushion so that we come =s close to $0 capital gains for 2017 please =dvise thank you

=awbone 11,250,000 - should mort sell to RK/someone else for $1 to =ecognize the loss??

Richard Kahn
HBRK Associates Inc.
575 =exington Avenue 4th Floor
New York, NY 10022
tel 212-971-1306
fax 212-320-0381

## K-1's (cont.)