ARMADA HOFFLER PPTYS INC

Ticker: AHRT CUSIP: 04208T108 Class: REIT

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

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

Q3 2013
Shares 20,000 Value ($000) $198 Avg Close — Range —
Q2 2013
Shares 20,000 Value ($000) $236 Avg Close — Range —