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GRUBER & MCBAINE CAPITAL MANAGEMENT LLC
> SHOR
| Date | Name | Ticker | Shares | Change | Value | Change | Price |
| 06/30/2015 | ShoreTel Inc | SHOR | 325,000 | 181,871 | 2,204,000 | 1,597,000 | $6.78 |
| 03/31/2015 | ShoreTel Inc | SHOR | 325,000 | 181,871 | 2,217,000 | 1,610,000 | $6.82 |
| 12/31/2014 | ShoreTel Inc | SHOR | 475,500 | 332,371 | 3,495,000 | 2,888,000 | $7.35 |
| 09/30/2014 | ShoreTel Inc | SHOR | 350,000 | 206,871 | 3,248,000 | 2,641,000 | $9.28 |
| 06/30/2014 | ShoreTel Inc | SHOR | 425,000 | 75,000 | 2,771,000 | -477,000 | $6.52 |
| 03/31/2014 | ShoreTel Inc | SHOR | 375,000 | 25,000 | 3,225,000 | -23,000 | $8.60 |
| 12/31/2013 | ShoreTel Inc | SHOR | 350,000 | 206,871 | 3,248,000 | 2,641,000 | $9.28 |
| 09/30/2013 | ShoreTel Inc | SHOR | 376,000 | 232,871 | 2,271,000 | 1,664,000 | $6.04 |
| 06/30/2013 | ShoreTel Inc | SHOR | 0 | -79,790 | 0 | -290,000 | |
| 03/31/2013 | ShoreTel Inc | SHOR | 79,790 | -63,339 | 290,000 | -317,000 | $3.63 |
| 12/31/2012 | ShoreTel Inc | SHOR | 143,129 | -131,871 | 607,000 | -518,000 | $4.24 |
| 09/30/2012 | ShoreTel Inc | SHOR | 275,000 | -105,000 | 1,125,000 | -539,000 | $4.09 |
| 06/30/2012 | ShoreTel Inc | SHOR | 380,000 | 0 | 1,664,000 | -494,000 | $4.38 |
| 03/31/2012 | ShoreTel Inc | SHOR | 380,000 | 0 | 2,158,000 | -266,000 | $5.68 |
| 12/31/2011 | ShoreTel Inc | SHOR | 380,000 | 0 | 2,424,000 | 532,000 | $6.38 |
| 09/30/2011 | ShoreTel Inc | SHOR | 380,000 | -10,000 | 1,892,000 | -2,086,000 | $4.98 |
| 06/30/2011 | ShoreTel Inc | SHOR | 390,000 | 40,000 | 3,978,000 | 1,097,000 | $10.20 |
| 03/31/2011 | ShoreTel Inc | SHOR | 350,000 | 40,000 | 2,881,000 | 460,000 | $8.23 |
| 12/31/2010 | ShoreTel Inc | SHOR | 310,000 | 267,000 | 2,421,000 | 2,208,000 | $7.81 |
| 09/30/2010 | ShoreTel Inc | SHOR | 43,000 | 43,000 | 213,000 | 213,000 | $4.95 |
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