SHENANDOAH TELECOMMUNICATIONS COMPANY ■  10 (4) - On a normalized basis, the 4$^{th}$ quarter PCS travel revenue per subscriber would be $19.25 and PCS CCPU would be approximately $38.66 if adjustments and true-ups recorded in December 2003 were excluded. (3) — POPS refers to the estimated population of a given geographic area. Market POPS are those within a market area, and Covered POPS are those covered by the network’s service area. ARPU is revenue before travel, roaming revenue, and management fee, net of adjustments divided by average subscribers. PCS Travel revenue includes roamer revenue and is divided by average subscribers. PCS Average management fee per subscriber is 8% of collected revenue excluding travel revenue, retained by Sprint. PCS Ave Monthly Churn is the average of three monthly calculations of deactivations (excluding returns less than 30 days) divided by beginning of period subscribers. CPGA includes selling costs, product costs, and advertising costs. CCPU includes network, customer care and other costs. (2) — Originated by customers of the Company’s Telephone subsidiary (1) — Wholesale Digital PCS Users are private label subscribers homed in the Company’s wireless network service area. PLANT FACILITIES Telephone CATV Route Miles 2,133.6 550.5 Customers Per Route Mile 11.7 15.8 Miles of Distribution Wire 579.3 157.8 Telephone Poles 7,675 36 Miles of Aerial Copper Cable 337.2 162.0 Miles of Buried Copper Cable 1,314.4 352.7 Miles of Underground Copper Cable 39.2 2.0 Fiber Optic Cable-Fiber Miles 256.9 - Inter-toll Circuits to Interexchange Carriers 1,622 - Special Service Circuits to Interexchange Carriers 313 - 2,134 12 579 337 1,314 39 257 551 16 158 162 353 2 PLANT FACILITIES AT DEC. 31, 2003 Three Month Period Ended Dec. 31, Sept. 30, Jun. 30, Mar. 31, Dec. 31, 2003 2003 2003 2003 2002 Telephone Access Lines 24,877 24,951 24,972 24,903 24,879 Cable Television Subscribers 8,696 8,796 8,750 8,704 8,677 Dial-up Internet Subscribers 17,420 17,616 17,798 18,174 18,050 DSL Subscribers 1,298 1,163 1,080 852 646 Retail PCS Subscribers 85,139 81,015 77,398 72,480 67,842 Wholesale PCS Users (1) 12,858 7,531 4,690 3,280 1,672 Paging Subscribers 1,989 2,107 2,315 2,805 2,940 Long Distance Subscribers 9,526 9,517 9,520 9,312 9,310 Fiber Route Miles 552 552 552 552 549 Total Fiber Miles 28,740 28,740 28,739 28,729 28,403 Wholesale PCS Minutes (000) 4,974 3,207 2,303 1,562 530 Long Distance Calls (000) (2) 5,851 6,078 5,001 5,074 5,969 Total Switched Access Minutes (000) 55,932 54,349 51,124 48,380 46,627 Originating Switched Access MOU (000) 17,829 18,285 18,343 18,685 18,476 Employees (full time equivalents) 268 264 266 267 268 CDMA Base Stations (sites) 253 248 246 240 237 Towers (100 foot and over) 77 76 73 72 72 Towers (under 100 foot) 11 10 10 10 10 (See note (3) for definitions of terms) PCS Market POPS (000) 2,048 2,048 2,048 2,048 2,048 PCS Covered POPS (000) 1,581 1,581 1,574 1,574 1,555 PCS Average Revenue Per User (ARPU) (ex. Travel) $52.05 $55.09 $52.84 $52.22 $51.38 PCS Travel Revenue per Subscriber (4) $20.84 $16.50 $17.18 $17.39 $31.21 PCS Average Management. Fee per Subscriber $4.02 $4.62 $4.58 $4.40 $4.64 PCS Average Monthly Churn % 2.0% 2.2% 1.9% 2.3% 2.8% PCS Cost Per Gross Add (CPGA) $387.47 $418.22 $376.98 $276.97 $390.66 PCS Cash Cost Per User (CCPU) (4) $36.31 $40.05 $ 44.23 $45.87 $53.52 (2) SELECTED STATISTICS  (unaudited)