APOLLO GLOBAL MGMT LLC

CUSIP: 037612306 Class: COM

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

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

Q1 2014
Shares 35,380 Value ($000) $1,125 Avg Close — Range —
Q4 2013
Shares 35,380 Value ($000) $1,120 Avg Close — Range —