LEVEL 3 COMMUNICATIONS INC

CUSIP: 52729N308 Class: COM NEW

Global Endowment Management, LP's Holding History (CIK: 0001512237)

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

Q2 2014

Shares 30,100 Value ($000) $1,322 Avg Close — Range —

Q1 2014

Shares 40,500 Value ($000) $1,585 Avg Close — Range —

Q4 2013

Shares 49,200 Value ($000) $1,632 Avg Close — Range —

Q3 2013

Shares 83,500 Value ($000) $2,229 Avg Close — Range —

Q2 2013

Shares 70,400 Value ($000) $1,484 Avg Close — Range —

Period	Shares	Value ($000)	Average Close	Price Range
Q2 2014	30,100	$1,322	—	—
Q1 2014	40,500	$1,585	—	—
Q4 2013	49,200	$1,632	—	—
Q3 2013	83,500	$2,229	—	—
Q2 2013	70,400	$1,484	—	—