MANAGEMENT TEAM (Front, left to right): Earle A. MacKenzie, Executive VP, Len L. Greisz, Director of Internal Control, Christopher E. French, President, Daniel R. Detamore-Hunsberger, Controller, Marcy J. Engle, Human Resources Manager. (Back, left to right): David K. MacDonald, VP – Operations, David E. Ferguson, VP – Customer Services, Lori W. Warren, Director of Regulatory Affairs, Chris S. Kyle, Director of Planning, William L. Pirtle, VP – Sales, Laurence F. Paxton, VP – Information Technology 1999 2000 2001 2002 2003 69 30 44 93 106 Revenue ($ millions) SHENANDOAH TELECOMMUNICATIONS COMPANY ■  6 1999 2000 2001 2002 2003 6 10 16 5 32 3 10 (-3) 5 10 Income from  Continuing Operations Net Income Net Income ($ millions)  (-3) 1999 2000 2001 2002 2003 29 16 44 23 12 Capital Expenditures ($ millions) 1999 2000 2001 2002 2003 Wholesale P ost-paid 47 10 22 70 68 89 98 PCS Customers (thousands)