X0304 4 2011-12-12 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 2011-12-12 4 M 0 35133 .065 A 35133 D Common Stock 2011-12-12 4 S 0 35133 9.3841 D 0 D Common Stock 2011-12-12 4 M 0 2963 .28 A 2963 D Common Stock 2011-12-12 4 S 0 2963 9.3878 D 0 D Common Stock .065 2011-12-12 4 M 0 35133 .065 D 2016-01-10 Common Stock 35133 0 D Common Stock .28 2011-12-12 4 M 0 2963 .28 D 2016-09-12 Common Stock 2963 281252 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 $9.37 to $9.38, 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. Immediately exercisable. /s/ Jeremy Liegl 2011-12-14