EMERGENT BIOSOLUTIONS INC

Ticker: EBS CUSIP: 29089Q105 Class: Common Stock

PICTON MAHONEY ASSET MANAGEMENT's Holding History (CIK: 0001539041)

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

Q3 2016

Shares 2,400 Value ($000) $76 Avg Close $29.06 Range $26.12 - $34.10

Q2 2016

Shares 21,500 Value ($000) $605 Avg Close $39.20 Range $27.01 - $44.38

Q1 2016

Shares 21,500 Value ($000) $781 Avg Close $35.32 Range $31.26 - $39.29

Q4 2015

Shares 21,900 Value ($000) $876 Avg Close $34.87 Range $27.68 - $40.49

Period	Shares	Value ($000)	Average Close	Price Range
Q3 2016	2,400	$76	$29.06	$26.12 - $34.10
Q2 2016	21,500	$605	$39.20	$27.01 - $44.38
Q1 2016	21,500	$781	$35.32	$31.26 - $39.29
Q4 2015	21,900	$876	$34.87	$27.68 - $40.49