SHENANDOAH TELECOMMUNICATION

Ticker: SHEN CUSIP: 82312B106 Class: Common Stock

12 West Capital Management LP's Holding History (CIK: 0001540531)

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

Q3 2014

Shares 1,021,282 Value ($000) $25,338 Avg Close $14.04 Range $12.36 - $15.55

Q2 2014

Shares 1,082,336 Value ($000) $32,968 Avg Close $14.24 Range $12.61 - $16.38

Q1 2014

Shares 1,082,336 Value ($000) $34,949 Avg Close $13.41 Range $11.51 - $17.00

Q4 2013

Shares 1,150,000 Value ($000) $29,521 Avg Close $12.60 Range $11.10 - $14.57

Q3 2013

Shares 795,747 Value ($000) $19,178 Avg Close $9.63 Range $8.38 - $12.18

Period	Shares	Value ($000)	Average Close	Price Range
Q3 2014	1,021,282	$25,338	$14.04	$12.36 - $15.55
Q2 2014	1,082,336	$32,968	$14.24	$12.61 - $16.38
Q1 2014	1,082,336	$34,949	$13.41	$11.51 - $17.00
Q4 2013	1,150,000	$29,521	$12.60	$11.10 - $14.57
Q3 2013	795,747	$19,178	$9.63	$8.38 - $12.18