SHENANDOAH TELECOMMUNICATION

Ticker: SHEN CUSIP: 82312B106 Class: Common Stock

SYSTEMATIC FINANCIAL MANAGEMENT LP's Holding History (CIK: 0001085936)

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

Q2 2016

Shares 51,890 Value ($000) $2,026 Avg Close $30.94 Range $25.69 - $39.11

Q4 2015

Shares 38,687 Value ($000) $1,665 Avg Close $23.10 Range $19.63 - $25.67

Q3 2015

Shares 54,102 Value ($000) $2,316 Avg Close $18.93 Range $15.68 - $22.10

Q2 2015

Shares 76,462 Value ($000) $2,617 Avg Close $16.60 Range $15.04 - $18.79

Period	Shares	Value ($000)	Average Close	Price Range
Q2 2016	51,890	$2,026	$30.94	$25.69 - $39.11
Q4 2015	38,687	$1,665	$23.10	$19.63 - $25.67
Q3 2015	54,102	$2,316	$18.93	$15.68 - $22.10
Q2 2015	76,462	$2,617	$16.60	$15.04 - $18.79