EFTA00817322.txt

"From: Richard Kahn... To: (Wealth Mgmt MS)"

"From: Richard Kahn To: "jeffrey E." <[email protected]> Subject: SQBG Date: Thu, 22 Sep 2016"

"Kimberley Gato Wealth Management Associate I The HBC Group Assistant Vice President Morgan Stanley Wealth Management"

"Kimberley Gato Wealth Management Associate I The HBC Group"

"From: Richard Kahn Sent: Thursday, September 22, 2016 3:50 PM To: Gato Kimberle (Wealth Mgmt MS)"

"From: "Gato, Kimberley" Subject: RE: Trades Date: September 22, 2016 at 4:10:35 PM EDT To: Richard Kahn"

"Please buy 50,000 shares of colony capital (clny) in gratitude account with a 18.55 limit."

"Bought 27,586 SQBG @ 7.9914 AVG (Day Order)"

"To: (Wealth Mgmt MS)"

"Richard Kahn HBRK Associates Inc. 575 Lexington Avenue 4th Floor"

"Cina, Maurizio M (Wealth Mgmt MS)"

"Tucker, Lillian (Wealth Mgmt MS)"

"Collins, William (Wealth Mgmt MS)"

"Richard Kahn HBRK Associates Inc. 575 Lexington Avenue, 4th Floor"