From: Richard Kahn ████████████████████████
Sent: Tuesday, March 31, 2015 6:21 PM
To: jeffrey E.

terrible execution as stock was 14.40/14.42 with approx 415k =f volume when you placed order also should i challenge =06 vs .03?

a few thoughts:

1) we could shut down Galloway as he is =own to 1 position TBIO (currently at 1.45) and use TD Ameritrade for =lane vanilla executions they charge 9.99 per =rade

https://www.tdameritrade.com/pricing.page#Stocks

2) another idea is for =utterfly to take loan from SFL and purchase your next idea in that =ccount to hopefully utilize cap loss carry which will be approx =,000,000 - 1,100,000 in 2015 (butterfly cash =alance after yesterday wire is approx 83,000)

Richard Kahn

HBRK Associates Inc.

New York, NY 10022
tel:
fax
cell =

Begin forwarded message:

- Image type: email header snippet
- Subject line: "=/b>RE: [C]" (rendering artifact visible)
- Fields shown: From, To, Cc
- From: sender name visible but covered/partially redacted
- To: recipient entry present and fully redacted
- Cc: two entries shown — first fully redacted, second partially visible but redacted
- Visual: long black redaction bars over names/addresses; HTML formatting artifact before sender name

Subject: =/b>RE: [C]

Date: =/b>March 31, 2015 at 2:11:04 PM =DT

Classification: Confidential

Yes, CC'ed you on report. =ommission is $0.06/sh.

From: Richard Kahn (mailto
Sent: Tuesday, March 31, 2015 2:09 PM
To: Vahe Stepanian
Subject: Re: [CI

has order been filled

what was commission on trade

please advise

thanks

Key information:

*   Name: Richard Kahn
*   Organization: HBRK Associates Inc.
*   Address: New York, NY 10022
*   Contact: Telephone, fax, cell (numbers redacted)

On Mar 31, 2015, at 1:33 PM, Vahe =tepanian ██████████████████
<mailto:█████████████████████████> wrote:

Classification: Confidential

Got it Jeffrey. Will be back to you in = few minutes with your print.

Thank you,

Vahe

From: Daniel Sabba
Sent: Tuesday, March 31, 2015 1:31PM
To: Vahe Stepanian
Subject: FW: [CJ

Classification: Confidential

From: Jeffrey E. [mailto:jeevacation@gmail.com]
Sent: Tuesday, March 31, 2015 1:31PM
To: Daniel Sabba; Richard Kahn
Subject: Re: [CI

15 thousand =hares. thanks

On Tue, Mar 31, 2015 at 1:29 PM, =aniel Sabba

mailto:

> wrote:

Classification: Confidential

Looking into it.

From: jeffrey E. [mailto:jeevacation@gmail.com <mailto:jeevacation@gmail.com>
Sent: Tuesday, March 31, 2015 1:28 PM
To: Daniel Sabba; Richard Kahn
Subject:

buy =5k wisdom tree, wetf

&=bsp; please note

The =nformation contained in this communication is confidential, may be attorney-client privileged, may

3

constitute inside information, and is intended only for the use of the addressee. It is the property of JEE Unauthorized use, disclosure or copying of this communication or any part thereof is strictly prohibited and may be unlawful. If you have received this communication in error, please notify us immediately by return e-mail or by e-mail to jeevacation@gmail.com <mailto:jeevacation@gmail.com> , and destroy this communication and all copies thereof, including all attachments. copyright -all rights reserved

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 =uch.

please =ote

The information contained in this =ommunication is confidential, may be attorney-client privileged, may constitute inside information, and is intended only for the use of the addressee. It is the property of JEE

Unauthorized use, disclosure or copying of this communication or any part thereof is strictly prohibited and may be unlawful. If you have received this communication in error, please notify us immediately by return e-mail or by e-mail to jeevacation@gmail.com <mailto:jeevacation@gmail.com> , and destroy this communication and all copies thereof, including all attachments. copyright -all rights reserved

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 =uch.

4

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.