X0306 4 2017-09-11 0 0001083220 XCel Brands, Inc. XELB 0001629131 HILCO TRADING, LLC C/O HILCO TRADING, LLC 5 REVERE DRIVE, SUITE 206 NORTHBROOK IL 60062 0 0 1 0 Common Stock 2017-09-11 4 P 0 300 2.95 A 666967 I By Hilco Trading Common Stock 2017-09-12 4 P 0 100 2.90 A 667067 I By Hilco Trading Common Stock 2017-09-13 4 P 0 200 2.95 A 667267 I By Hilco Trading Common Stock 2017-09-13 4 P 0 200 2.90 A 667467 I By Hilco Trading Common Stock 2017-09-13 4 P 0 300 2.85 A 667767 I By Hilco Trading Common Stock 1000000 I By H Company IP, LLC Jeffrey Hecktman is the majority owner of Hilco Trading, LLC ("Hilco Trading") and may direct the disposition of the shares beneficially owned by Hilco Trading. Mr. Hecktman hereby disclaims beneficial ownership of the reported shares directly held by Hilco Trading except to the extent of his pecuniary interest therein. The reported shares of Common Stock are held directly by The H Company IP, LLC ("H Company"). House of Halston, LLC ("Halston") is the parent company of H Company and may be deemed to share beneficial ownership of the reported shares by virtue of its ability to direct the business and investment decisions of H Company. The H Investment Company, LLC ("H Investment") is the controlling member of Halston and has the ability to direct the disposition of the reported shares; therefore, H Investment may be deemed to beneficially own the reported shares. (Continued from Footnote 2) Hilco Brands, LLC ("Hilco Brands"), in its capacity as a member of the Board of Managers of H Investment, has the ability to direct the management of H Investment's business, including the power to direct the disposition of the reported shares; therefore, Hilco Brands may be deemed to share indirect beneficial ownership of the reported shares. Hilco Trading, as the parent company of Hilco Brands, may direct the disposition of the reported shares. Mr. Hecktman hereby disclaims beneficial ownership of the reported shares directly held by H Company, except to the extent of his pecuniary interest therein. Hilco Trading, LLC, /s/ Jeffrey B. Hecktman 2017-09-15