X0306 4 2013-05-15 0 0000276720 PURE CYCLE CORP PCYO 0001409045 Epker Arthur G III C/O PURE CYCLE CORPORATION 1490 LAFAYETTE STREET DENVER CO 80218 1 0 0 0 Common Stock 2013-05-15 4 S 0 205 7.20 D 6003350 I See Footnote Common Stock 2013-05-15 4 S 0 39 7.21 D 6003311 I See Footnote Common Stock 2013-05-16 4 S 0 203 7.10 D 6003108 I See Footnote Common Stock 2013-05-16 4 S 0 99 7.13 D 6003009 I See Footnote 5,982,970 shares noted in Table I of this Form 4 are held directly by PAR Investment Partners, L.P. ("PIP"). PAR Capital Management, Inc. ("PCM"), as the general partner of PAR Group, L.P., which is the general partner of PIP, has investment discretion and voting control over shares held by PIP. The remaining shares noted in Table I of this Form 4 were held by Mr. Epker directly through an investment account over which Mr. Epker did not have investment discretion or control, which account has been closed. Mr. Epker is a portfolio manager employed by PCM and disclaims beneficial ownership of the shares held directly by PAR, except to the extent of his pecuniary interest, if any, therein by virtue of his equity ownership interest in PIP. /s/: Arthur G. Epker, III 2014-04-17