SHENANDOAH TELECOMMUNICATION

Ticker: SHEN CUSIP: 82312B106 Class: Common Stock

ELEMENT CAPITAL MANAGEMENT LLC's Holding History (CIK: 0001535630)

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

Q4 2018

Shares 4,623 Value ($000) $205 Avg Close $42.67 Range $34.74 - $51.41

Q3 2018

Shares 6,381 Value ($000) $247 Avg Close $35.63 Range $31.10 - $39.40

Q1 2018

Shares 6,267 Value ($000) $226 Avg Close $33.27 Range $30.00 - $38.60

Period	Shares	Value ($000)	Average Close	Price Range
Q4 2018	4,623	$205	$42.67	$34.74 - $51.41
Q3 2018	6,381	$247	$35.63	$31.10 - $39.40
Q1 2018	6,267	$226	$33.27	$30.00 - $38.60