PANDORA MEDIA INC

CUSIP: 698354107 Class: COMMON STOCK

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

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

Q3 2015
Shares 190,156 Value ($000) $4,058 Avg Close — Range —
Q2 2015
Shares 127,427 Value ($000) $1,980 Avg Close — Range —
Q1 2015
Shares 142,183 Value ($000) $2,605 Avg Close — Range —