Watershed Asset Management, L.L.C.

Holdings History for INTELSAT S A - MAN CONV JR PFD (IPRA)

Symbol: IPRA
Investment type: Equity / MAN CONV JR PFD

Shares, Excluding Options vs Price

Value, Excluding Options

Holdings date	Weight	Change	Value $	Shares	Change	Activity %	Price	All Holders
30 Sep 2014		-6.3%	$0	0	-157,100	-100%		Q3 2014
30 Jun 2014	6.3%	0%	$7,998,000	157,100	0		$50.91	Q2 2014
31 Mar 2014	5.7%	0%	$8,428,000	157,100	0		$53.65	Q1 2014
31 Dec 2013	6.8%	0%	$9,190,000	157,100	0		$58.50	Q4 2013

* Reported Price is the price of the security as of the portfolio date. This value is significant in that it is the last known price at which the security was still held.
An asterisk sign (*) next to the price indicates that the price is likely invalid.