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 ab ility 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 East Cary 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
Edinburg, VA 22824
This Annual Report to Shareholders contains forward-looking statements.  These statements are subject to certain risks
and uncertainties that could cause actual results to differ materially from those anticipated in the forward-looking
statements.  Factors that might cause such a difference include, but are not limited to: changes in the interest rate
environment; management's business strategy; national, regional, and local market conditions; and legislative and
regulatory conditions.  Readers should not place undue reliance on forward-looking statements which reflect
management's view only as of the date hereof.  The Company undertakes no obligation to publicly revise these
forward-looking statements to reflect subsequent events or circumstances, except as required by law.
SHAREHOLDER INFORMATION
Shenandoah Telecommunications Company        
124 South Main Street                                           
Edinburg, VA 22824                                             
124 South Main Street               1021 East Cary Street
2003
Quarter 1 Quarter 2 Quarter 3 Quarter 4
High price $    24.31 $      24.98 $    25.48 $    27.50
Low price $    13.64 $      14.33 $    19.25 $   19.74
The Company’s stock is traded on the NASDAQ National Market under the symbol “SHEN.” Information on the high
and low closing prices per share of common stock as reported by the NASDAQ National Market for the last two years is
set forth below:
2002
Quarter 1 Quarter 2 Quarter 3 Quarter 4
$    20.06 $    27.25 $    27.25 $   25.95
$    16.50 $    19.69 $   22.75 $    21.61 $    21.61
$    27.25
$    19.69 $   22.75$
$
$ $ $
$
$
Qtr. 1 Qtr. 2 Qtr. 3 Qtr. 4 Qtr. 1 Qtr. 2 Qtr. 3 Qtr. 4
$ $    24.98
    14.33
$    25.48
$    19.25$
$ $
$
$ $    27.25
$   22.75
$
$
   CORPORATE HEADQUARTERS
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.