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PADCO ADVISORS INC /MD NEW
> EBS
| Date | Name | Ticker | Shares | Change | Value | Change | Price |
| 12/31/2010 | Emergent BioSolutions Inc. | EBS | 0 | -927 | 0 | -15,000 | |
| 09/30/2010 | Emergent BioSolutions Inc. | EBS | 0 | -927 | 0 | -15,000 | |
| 06/30/2010 | Emergent BioSolutions Inc. | EBS | 927 | 145 | 15,000 | 4,000 | $16.18 |
| 03/31/2010 | Emergent BioSolutions Inc. | EBS | 592 | -190 | 10,000 | -1,000 | $16.89 |
| 12/31/2009 | Emergent BioSolutions Inc. | EBS | 782 | -113,581 | 11,000 | -2,009,000 | $14.07 |
| 09/30/2009 | Emergent BioSolutions Inc. | EBS | 114,363 | 36,894 | 2,020,000 | 910,000 | $17.66 |
| 06/30/2009 | Emergent BioSolutions Inc. | EBS | 77,469 | 29,750 | 1,110,000 | 465,000 | $14.33 |
| 03/31/2009 | Emergent BioSolutions Inc. | EBS | 47,719 | 45,399 | 645,000 | 584,000 | $13.52 |
| 12/31/2008 | Emergent BioSolutions Inc. | EBS | 2,320 | 2,320 | 61,000 | 61,000 | $26.29 |
| 09/30/2008 | Emergent BioSolutions Inc. | EBS | 710 | -2,130 | 9,000 | -19,000 | $12.68 |
| 06/30/2008 | Emergent BioSolutions Inc. | EBS | 2,840 | 470 | 28,000 | 7,000 | $9.86 |
| 03/31/2008 | Emergent BioSolutions Inc. | EBS | 2,370 | -4,460 | 21,000 | -14,000 | $8.86 |
| 12/31/2007 | Emergent BioSolutions Inc. | EBS | 6,830 | -2,830 | 35,000 | -51,000 | $5.12 |
| 09/30/2007 | Emergent BioSolutions Inc. | EBS | 9,660 | -1,091 | 86,000 | -25,000 | $8.90 |
| 06/30/2007 | Emergent BioSolutions Inc. | EBS | 10,751 | 10,751 | 111,000 | 111,000 | $10.32 |
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