SHENANDOAH TELECOMMUNICATION

Ticker: SHEN CUSIP: 82312B106 Class: Common Stock

Hudson Bay Capital Management LP's Holding History (CIK: 0001393825)

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

Q1 2020

Shares 83,500 Value ($000) $4,112 Avg Close $44.42 Range $38.35 - $51.00

Q2 2019

Shares 92,735 Value ($000) $3,572 Avg Close $41.46 Range $36.40 - $45.27

Q1 2018

Shares 45,357 Value ($000) $1,633 Avg Close $33.27 Range $30.00 - $38.60

Period	Shares	Value ($000)	Average Close	Price Range
Q1 2020	83,500	$4,112	$44.42	$38.35 - $51.00
Q2 2019	92,735	$3,572	$41.46	$36.40 - $45.27
Q1 2018	45,357	$1,633	$33.27	$30.00 - $38.60