SHENANDOAH TELECOMMUNICATION

Ticker: SHEN CUSIP: 82312B106 Class: Common Stock

Spark Investment Management LLC's Holding History (CIK: 0001554871)

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

Q2 2016

Shares 54,800 Value ($000) $2,140 Avg Close $30.94 Range $25.69 - $39.11

Q1 2016

Shares 71,800 Value ($000) $1,920 Avg Close $22.98 Range $19.18 - $27.53

Q4 2015

Shares 35,900 Value ($000) $1,545 Avg Close $23.10 Range $19.63 - $25.67

Q3 2015

Shares 24,300 Value ($000) $1,040 Avg Close $18.93 Range $15.68 - $22.10

Q2 2015

Shares 8,100 Value ($000) $276 Avg Close $16.60 Range $15.04 - $18.79

Q1 2015

Shares 8,100 Value ($000) $252 Avg Close $15.28 Range $13.76 - $16.84

Period	Shares	Value ($000)	Average Close	Price Range
Q2 2016	54,800	$2,140	$30.94	$25.69 - $39.11
Q1 2016	71,800	$1,920	$22.98	$19.18 - $27.53
Q4 2015	35,900	$1,545	$23.10	$19.63 - $25.67
Q3 2015	24,300	$1,040	$18.93	$15.68 - $22.10
Q2 2015	8,100	$276	$16.60	$15.04 - $18.79
Q1 2015	8,100	$252	$15.28	$13.76 - $16.84