text: The Board of Directors and Shareholders 
  Shenandoah Telecommunications Company: 
  
  We have audited the accompanying consolidated balance sheets of Shenandoah Telecommunications Company and 
  subsidiaries (the Company), as of December 31, 2003, 2002, and 2001, and the related consolidated statements of 
  income, shareholders’ equity and comprehensive income, and cash flows for the years then ended. These consolidated 
  financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion 
  on these consolidated financial statements based on our audits. 
  
  We conducted our audits in accordance with auditing standards generally accepted in the United States of America. 
  Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial 
  statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the 
  amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used 
  and significant estimates made by management, as well as evaluating the overall financial statement presentation. We 
  believe that our audits provide a reasonable basis for our opinion. 
  
  In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the 
  financial position of Shenandoah Telecommunications Company and subsidiaries as of December 31, 2003, 2002 and 
  2001, and the results of their operations and their cash flows for the years then ended, in conformity with accounting 
  principles generally accepted in the United States of America. 