ALLIANCE DATA SYSTEMS CORP

Ticker: BFH CUSIP: 018581108 Class: Common Stock

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

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

Q1 2017

Shares 946 Value ($000) $236 Avg Close $164.03 Range $148.35 - $173.98

Q4 2016

Shares 1,066 Value ($000) $244 Avg Close $150.52 Range $136.26 - $167.02

Q1 2016

Shares 983 Value ($000) $216 Avg Close $150.81 Range $121.75 - $190.20

Q4 2015

Shares 815 Value ($000) $225 Avg Close $195.34 Range $176.62 - $209.37

Q3 2015

Shares 778 Value ($000) $201 Avg Close $186.69 Range $166.74 - $212.15

Period	Shares	Value ($000)	Average Close	Price Range
Q1 2017	946	$236	$164.03	$148.35 - $173.98
Q4 2016	1,066	$244	$150.52	$136.26 - $167.02
Q1 2016	983	$216	$150.81	$121.75 - $190.20
Q4 2015	815	$225	$195.34	$176.62 - $209.37
Q3 2015	778	$201	$186.69	$166.74 - $212.15