2003 2002
Quarter 1 Quarter 2 Quarter 3 Quarter 4 Quarter 1 Quarter 2 Quarter 3 Quarter 4
High price $    24.31 $      24.98 $    25.48 $    27.50 $    20.06 $    27.25 $    27.25 $   25.95
Low price $    13.64 $      14.33 $    19.25 $   19.74 $    16.50 $    19.69 $   22.75 $    21.61
All share and per share figures are restated to reflect the 2 for 1 stock split effected February 23, 2004.
The Company historically has paid an annual cash dividend on or about December 1 st of each year.  The cash dividend
per share was $0.39 in 2003 and $0.37 in 2002. The Company’s ability to pay dividends is restricted by its long-term
loan agreements.  The loan agreements are not expected to limit dividends in amounts that the Company historically has
paid.
 As of February 15, 2004, there were approximately 3,930 holders of record of the Company’s common stock.
            CORPORATE HEADQUARTERS                                                        INDEPENDENT AUDITOR
Shenandoah Telecommunications Company                                                              KPMG LLP
124 South Main Street                                                                                                 1021 EastCary Street
Edinburg, VA 22824                                                                                                   Richmond, VA 23219
SHAREHOLDERS' QUESTIONS AND STOCK TRANSFERS
CALL (540) 984-5200
Transfer Agent - Common Stock
Shenandoah Telecommunications Company
P.O. Box 459
Edi b VA 22824
Shenandoah Telecommunications Company is a diversified telecommunications holding company which provides
various telecommunications services through its operating subsidiaries.  These services include: wireline telephone
service, primarily in Shenandoah County and small service areas in Rockingham, Frederick, and Warren counties, all in
Virginia; cable television service in Shenandoah County; unregulated telecommunications equipment sales and services;
online information and Internet access provided to the multi-state region surrounding the Northern Shenandoah Valley of
Virginia; financing of purchases of telecommunications facilities and equipment; paging services in the Northern
Shenandoah Valley; resale of long distance services; operation and maintenance of an interstate fiber optic network;
wireless personal communications services (PCS) and a tower network in the four-state region from Harrisonburg,
Virginia to the Harrisburg, York and Altoona, Pennsylvania markets.
ANNUAL MEETING
The Board of Directors extends an invitation to all shareholders to attend the Annual Meeting of Shareholders.  The
meeting will be held at 11:00 AM (EST) on April 20, 2004 in the Auditorium of the Company’s offices at the Shentel
Center, 500 Mill Road, Edinburg, Virginia.
FORMS 10-K, 10-Q, and 8-K
The Company files periodic reports with the Securities and Exchange Commission.  The Company's Annual
Report on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K, along with any
amendments to these reports, are available to shareholders through the Company’s website, www.shentel.com.
This website also has recent news releases and other information potentially of interest to shareholders.
A copy of the Company’s Annual Report on Form 10-K, without exhibits, may be obtained, without charge, by
writing to Shenandoah Telecommunications Company, 124 South Main Street, P.O. Box 459, Edinburg, Virginia
22824, Attention: Secretary.
MARKET AND DIVIDEND INFORMATION
The Company's stock is traded on the NASDAQ National Market under the symbol “SHEN.”  Information on the
high and low sales prices per share of common stock as reported by the NASDAQ National Market for the last two years
is set forth below:
OUR BUSINESS
2003 2002
Quarter 1 Quarter 2 Quarter 3 Quarter 4 Quarter 1 Quarter 2 Quarter 3 Quarter 4
High price $    24.31 $      24.98 $    25.48 $    27.50 $    20.06 $    27.25 $    27.25 $   25.95