SHENANDOAH TELECOMMUNICATION

Ticker: SHEN CUSIP: 82312B106 Class: Common Stock

CAPITAL FUND MANAGEMENT S.A.'s Holding History (CIK: 0001323645)

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

Q3 2016

Shares 19,800 Value ($000) $539 Avg Close $32.10 Range $24.92 - $42.66

Q1 2016

Shares 9,800 Value ($000) $262 Avg Close $22.98 Range $19.18 - $27.53

Period	Shares	Value ($000)	Average Close	Price Range
Q3 2016	19,800	$539	$32.10	$24.92 - $42.66
Q1 2016	9,800	$262	$22.98	$19.18 - $27.53