INTELSAT S A

Ticker: I 5.75 05/01/16 A CUSIP: L5140P119 Class: MAN CONV JR PFD

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

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

Q2 2014
Shares 157,100 Value ($000) $7,998 Avg Close — Range —
Q1 2014
Shares 157,100 Value ($000) $8,428 Avg Close — Range —
Q4 2013
Shares 157,100 Value ($000) $9,190 Avg Close — Range —
Q3 2013
Shares 150,000 Value ($000) $9,161 Avg Close — Range —
Q2 2013
Shares 150,000 Value ($000) $8,250 Avg Close — Range —