SHENANDOAH TELECOMMUNICATION

Ticker: SHEN CUSIP: 82312B106 Class: Common Stock

NATURAL INVESTMENTS, LLC's Holding History (CIK: 0001800245)

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

Q4 2025

Shares 62,373 Value ($000) $1 Avg Close $11.83 Range $9.67 - $13.90

Q3 2025

Shares 62,373 Value ($000) $1 Avg Close $13.74 Range $11.71 - $15.84

Q2 2025

Shares 67,697 Value ($000) $1 Avg Close $12.69 Range $10.07 - $14.46

Q1 2025

Shares 68,302 Value ($000) $1 Avg Close $11.76 Range $9.77 - $13.61

Q4 2024

Shares 67,778 Value ($000) $1 Avg Close $13.44 Range $12.01 - $16.28

Period	Shares	Value ($000)	Average Close	Price Range
Q4 2025	62,373	$1	$11.83	$9.67 - $13.90
Q3 2025	62,373	$1	$13.74	$11.71 - $15.84
Q2 2025	67,697	$1	$12.69	$10.07 - $14.46
Q1 2025	68,302	$1	$11.76	$9.77 - $13.61
Q4 2024	67,778	$1	$13.44	$12.01 - $16.28