X0306 4 2012-10-01 0001230276 Pandora Media, Inc. P 0001522484 Conrad Thomas PANDORA MEDIA, INC. 2101 WEBSTER STREET, SUITE 1650 OAKLAND CA 94612 0 1 0 0 CTO, EVP PRODUCT COMMON STOCK 2012-10-01 4 S 0 38096 .16 A 77896 D COMMON STOCK 2012-10-01 4 M 0 38096 10.6098 D 39800 D COMMON STOCK (RIGHT TO PURCHASE) .16 2012-10-01 4 M 0 38096 .16 D 2019-07-06 COMMON STOCK 38096 2834689 D Shares acquired and disposed of pursuant to a previously established Rule 10b5-1 Plan. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $10.45 to $11.10, inclusive. The reporting person undertakes to provide to the issuer, any security holder of the issuer or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the ranges set forth in this Form 4. The original option vests in equal monthly installments over four years from July 2009. /s/ Jeremy Liegl, Attorney-in-Fact 2012-10-03