includes indirect participation through capital venture funds of South Atlantic Venture Fund III, South Atlantic Private
Equity IV, Dolphin Communications Parallel Fund, Dolphin Communications Fund II and the Burton Partnership.  The
Company also participates by direct investment in privately held companies.  Currently the Company’s only direct
investment is in NTC Communications, a provider of voice, video and data connections to off campus housing
properties at universities and colleges.  For those companies that eventually make public offerings of their securities, it
51 ■ 2003 ANNUAL REPORT
SHENANDOAH TELECOMMUNICATIONS COMPANY AND SUBSIDIARIES
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS