AKEBIA THERAPEUTICS INC

Ticker: AKBA CUSIP: 00972D105 Class: COM

EMERALD MUTUAL FUND ADVISERS TRUST's Holding History (CIK: 0001352895)

Note: Option positions (PUT/CALL) are excluded.

Q4 2015

Shares 188,299 Value ($000) $2,433 Avg Close $10.20 Range $7.91 - $13.20

Q3 2015

Shares 256,450 Value ($000) $2,477 Avg Close $9.18 Range $5.91 - $14.20

Q2 2015

Shares 306,450 Value ($000) $3,153 Avg Close $8.53 Range $7.27 - $11.12

Q1 2015

Shares 257,090 Value ($000) $2,121 Avg Close $10.65 Range $8.47 - $13.90

Period	Shares	Value ($000)	Average Close	Price Range
Q4 2015	188,299	$2,433	$10.20	$7.91 - $13.20
Q3 2015	256,450	$2,477	$9.18	$5.91 - $14.20
Q2 2015	306,450	$3,153	$8.53	$7.27 - $11.12
Q1 2015	257,090	$2,121	$10.65	$8.47 - $13.90