PAPA JOHNS INTL INC

Ticker: PZZA CUSIP: 698813102 Class: Common Stock

WATER ISLAND CAPITAL LLC's Holding History (CIK: 0001222765)

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

Q4 2018

Shares 88,200 Value ($000) $3,511 Avg Close $42.40 Range $33.11 - $51.00

Q1 2018

Shares 9,375 Value ($000) $537 Avg Close $49.64 Range $44.87 - $57.48

Q4 2017

Shares 4,750 Value ($000) $267 Avg Close $51.42 Range $45.56 - $60.62

Q3 2017

Shares 4,000 Value ($000) $292 Avg Close $61.89 Range $58.16 - $66.67

Q1 2017

Shares 7,477 Value ($000) $598 Avg Close $66.64 Range $60.50 - $71.55

Period	Shares	Value ($000)	Average Close	Price Range
Q4 2018	88,200	$3,511	$42.40	$33.11 - $51.00
Q1 2018	9,375	$537	$49.64	$44.87 - $57.48
Q4 2017	4,750	$267	$51.42	$45.56 - $60.62
Q3 2017	4,000	$292	$61.89	$58.16 - $66.67
Q1 2017	7,477	$598	$66.64	$60.50 - $71.55