EMERITUS CORP

CUSIP: 291005106 Class: COMMON STOCK

Philadelphia Financial Management of San Francisco, LLC's Holding History (CIK: 0001351407)

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

Q2 2014
Shares 399,678 Value ($000) $12,650 Avg Close — Range —
Q1 2014
Shares 392,065 Value ($000) $12,327 Avg Close — Range —
Q4 2013
Shares 533,532 Value ($000) $11,540 Avg Close — Range —