GRAHAM HLDGS CO

Ticker: GHC CUSIP: 384637104 Class: Common Stock

ADAGE CAPITAL PARTNERS GP, L.L.C.'s Holding History (CIK: 0001165408)

Note: Option positions (PUT/CALL) are excluded.

Q2 2014

Shares 6,500 Value ($000) $4,668 Avg Close $368.14 Range $345.36 - $392.61

Q1 2014

Shares 6,600 Value ($000) $4,645 Avg Close $359.32 Range $325.70 - $396.88

Q4 2013

Shares 6,700 Value ($000) $4,444 Avg Close $339.79 Range $315.53 - $360.20

Period	Shares	Value ($000)	Average Close	Price Range
Q2 2014	6,500	$4,668	$368.14	$345.36 - $392.61
Q1 2014	6,600	$4,645	$359.32	$325.70 - $396.88
Q4 2013	6,700	$4,444	$339.79	$315.53 - $360.20