Company, it is hoped that the lower post-split trading price will make the shares more affordable to a larger number of
potential investors.
While we cannot predict how our stock's price will perform, we know that over the long term the price should be a
function of our ability to steadily increase earnings for our shareholders.  We have generally been successful at doing that
in the past, and while our future is always uncertain, generating long-term earnings growth will remain our primary
objective.
For the Board of Directors,
Christopher E. French
President
LETTER TO THE SHAREHOLDERS
SHENANDOAH TELECOMMUNICATIONS COMPANY ■ 2