STEMCELLS INC

CUSIP: 85857R204 Class: COM

SPHERA FUNDS MANAGEMENT LTD.'s Holding History (CIK: 0001496201)

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

Q3 2014
Shares 485,500 Value ($000) $612 Avg Close — Range —
Q2 2014
Shares 500,000 Value ($000) $1,015 Avg Close — Range —