INTELSAT S A

CUSIP: L5140P101 Class: COM

Watershed Asset Management, L.L.C.'s Holding History (CIK: 0001315926)

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

Q2 2014
Shares 52,000 Value ($000) $980 Avg Close — Range —
Q1 2014
Shares 52,000 Value ($000) $973 Avg Close — Range —
Q4 2013
Shares 52,000 Value ($000) $1,172 Avg Close — Range —
Q2 2013
Shares 30,000 Value ($000) $600 Avg Close — Range —