SHENANDOAH TELECOMMUNICATION

Ticker: SHEN CUSIP: 82312B106 Class: Common Stock

ADVISORY RESEARCH INC's Holding History (CIK: 0000902584)

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

Q4 2013

Shares 83,506 Value ($000) $2,144 Avg Close $12.60 Range $11.10 - $14.57

Q3 2013

Shares 158,666 Value ($000) $3,824 Avg Close $9.63 Range $8.38 - $12.18

Q2 2013

Shares 177,535 Value ($000) $2,961 Avg Close $8.21 Range $6.92 - $8.96

Period	Shares	Value ($000)	Average Close	Price Range
Q4 2013	83,506	$2,144	$12.60	$11.10 - $14.57
Q3 2013	158,666	$3,824	$9.63	$8.38 - $12.18
Q2 2013	177,535	$2,961	$8.21	$6.92 - $8.96