SHENANDOAH TELECOMMUNICATION

Ticker: SHEN CUSIP: 82312B106 Class: Common Stock

SHEPHERD KAPLAN KROCHUK, LLC's Holding History (CIK: 0001218583)

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

Q3 2015

Shares 5,135 Value ($000) $220 Avg Close $18.93 Range $15.68 - $22.10

Q2 2013

Shares 17,022 Value ($000) $284 Avg Close $8.21 Range $6.92 - $8.96

Period	Shares	Value ($000)	Average Close	Price Range
Q3 2015	5,135	$220	$18.93	$15.68 - $22.10
Q2 2013	17,022	$284	$8.21	$6.92 - $8.96