LEVEL 3 COMMUNICATIONS INC

CUSIP: 52729NBP4 Class: NOTE 7.000% 3/1

SANDLER CAPITAL MANAGEMENT's Holding History (CIK: 0001000742)

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

Q4 2014
Shares 1,100,000 Value ($000) $1,997 Avg Close — Range —
Q3 2014
Shares 600,000 Value ($000) $1,023 Avg Close — Range —
Q2 2014
Shares 600,000 Value ($000) $996 Avg Close — Range —