Insider Trades - HSJS, LLC

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HSJS, LLC: Declared Holdings
Company/Relationship	Reported	Shares	Ownership
Emmis Communications Corporatio Other NasdaqGS:EMMS (historical quotes, profile, SEC, other insiders)	23-Jul-12	1,231,046	Direct

Insider & restricted shareholder transactions reported over the last two years
Date Shares Stock Transaction
23-Jul-12 56,400 EMMS Purchase at $1.96 per share.
(Cost of $110,544)
20-Jul-12 70,343 EMMS Purchase at $1.98 per share.
(Cost of $139,279)
18-Jul-12 46,523 EMMS Purchase at $1.95 per share.
(Cost of $90,719)
17-Jul-12 94,500 EMMS Purchase at $1.85 per share.
(Cost of $174,825)
16-Jul-12 94,500 EMMS Purchase at $1.89 per share.
(Cost of $178,605)
13-Jul-12 79,100 EMMS Purchase at $1.86 per share.
(Cost of $147,126)
22-May-12 105,600 EMMS Purchase at $1.70 per share.
(Cost of $179,520)
17-May-12 98,100 EMMS Purchase at $1.48 per share.
(Cost of $145,188)
17-May-12 585,980 EMMS Statement of Ownership

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Insider & restricted shareholder transactions reported over the last two years
Date	Shares	Stock	Transaction
23-Jul-12	56,400	EMMS	Purchase at $1.96 per share. (Cost of $110,544)
20-Jul-12	70,343	EMMS	Purchase at $1.98 per share. (Cost of $139,279)
18-Jul-12	46,523	EMMS	Purchase at $1.95 per share. (Cost of $90,719)
17-Jul-12	94,500	EMMS	Purchase at $1.85 per share. (Cost of $174,825)
16-Jul-12	94,500	EMMS	Purchase at $1.89 per share. (Cost of $178,605)
13-Jul-12	79,100	EMMS	Purchase at $1.86 per share. (Cost of $147,126)
22-May-12	105,600	EMMS	Purchase at $1.70 per share. (Cost of $179,520)
17-May-12	98,100	EMMS	Purchase at $1.48 per share. (Cost of $145,188)
17-May-12	585,980	EMMS	Statement of Ownership