text: In May 2003, the Financial Accounting Standards Board (“FASB”) issued SFAS No. 150, “Accounting for Certain 
  Financial Instruments with Characteristics of Liabilities and Equity,” which was effective at the beginning of the first 
  interim period beginning after June 15, 2003. This Statement establishes standards for the classification and 
  measurement of certain financial instruments with characteristics of both liabilities and equity. The Statement also 
  includes required disclosures for financial instruments within its scope. For the Company, the Statement was effective 
  for instruments entered into or modified after May 31, 2003 and otherwise will be effective as of January 1, 2004, 
  except for mandatorily redeemable financial instruments. For certain mandatorily redeemable financial instruments, the 
  Statement will be effective for the Company on January 1, 2005. The effective date has been deferred indefinitely for 
  certain other types of mandatorily redeemable financial instruments. The Company currently does not have any 
  financial instruments that are within the scope of this Statement. 
  
  In December 2003, the Financial Accounting Standards Board issued FASB Statement No. 132(R). Statement No. 
  132(R) is a revision of Statement No. 132, “Employers’ Disclosures about Pensions and Other Postretirement 
  Benefits.” SFAS 132(R) is effective for financial statements with fiscal years ending after December 15, 2003. SFAS 
  132(R) requires additional disclosures including information describing the types of plan assets, investment strategy, 
  measurement date(s), plan obligations, cash flows, and components of net periodic benefit cost recognized during 
  interim periods. The objectives of the revisions are to provide qualitative information about the items in the financial 
  statements, quantitative information about items recognized or disclosed in the financial statements, information that 
  enables users of financial statements to assess the effect that pension plans and other postretirement benefit plans have 
  on entities’ results of operations, and information to facilitate assessments of future earnings and cash flows. The 
  Company has adopted this statement effective December 31, 2003 with disclosures included in Note 9. 
  
  SHENANDOAH TELECOMMUNICATIONS COMPANY ■ 22 