SHENANDOAH TELECOMMUNICATION

Ticker: SHEN CUSIP: 82312B106 Class: Common Stock

PICTON MAHONEY ASSET MANAGEMENT's Holding History (CIK: 0001539041)

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

Q3 2016

Shares 12,400 Value ($000) $337 Avg Close $32.10 Range $24.92 - $42.66

Q2 2016

Shares 27,950 Value ($000) $1,093 Avg Close $30.94 Range $25.69 - $39.11

Q1 2016

Shares 58,400 Value ($000) $1,564 Avg Close $22.98 Range $19.18 - $27.53

Q1 2015

Shares 57,450 Value ($000) $1,790 Avg Close $15.28 Range $13.76 - $16.84

Q2 2014

Shares 13,500 Value ($000) $411 Avg Close $14.24 Range $12.61 - $16.38

Period	Shares	Value ($000)	Average Close	Price Range
Q3 2016	12,400	$337	$32.10	$24.92 - $42.66
Q2 2016	27,950	$1,093	$30.94	$25.69 - $39.11
Q1 2016	58,400	$1,564	$22.98	$19.18 - $27.53
Q1 2015	57,450	$1,790	$15.28	$13.76 - $16.84
Q2 2014	13,500	$411	$14.24	$12.61 - $16.38