Shenandoah Telecommunications Co · NASDAQ:SHEN

Shenandoah Telecommunications — Shareholder Meeting (April 2014)

36 slides from Shenandoah Telecommunications's shareholder meeting presentation, Apr 22, 2014

1. Slide 1: 2014 Shareholder Meeting

   2014 Shareholder Meeting April 22, 2014

2. Slide 2: Safe Harbor Statement

   Safe Harbor Statement This presentation includes “forward-looking statements” within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934, as amended, regarding, among other things, our business strategy, our prospects and our financial position. Th

3. Slide 3: Use of Non-GAAP Financial Measures

   Use of Non-GAAP Financial Measures Included in this presentation are certain non-GAAP financial measures that are not determined in accordance with US generally accepted accounting principles. These financial performance measures are not indicative of cash provided or used by operating activities an

4. Slide 4: Management Reports

   A\SHENTEL Always connected to you ee Management Reports —

5. Slide 5: Record Financial Results

   Record Financial Results Revenue Earnings per Share Net Income Dividend x x 2012 2013 5

6. Slide 6: Wireless Coverage

   Wireless Coverage iy e.< “> 7 4 5 Virginia

7. Slide 7: Cable Markets

   Cable Markets Re % o Richmond Dinwiddio South Hill Atlanta, GA [ (Telx)

8. Slide 8: Net Promoter Score Improvement

   Net Promoter Score Improvement 8

9. Slide 9: Access Revenue (in millions)

   Access Revenue (in millions) 9

10. Slide 10: Percent of Households with Type of Telephone

    Percent of Households with Type of Telephone Source: Census Bureau 10

11. Slide 11: Fiber Network

    Fiber Network Edinburg New Market Harrisonburg Summersville a Richmond Dinwiddie Lebanon Clarksville outh Hill Atlanta, GA (Telx) 11

12. Slide 12: Viacom

    Viacom Vie nicxenire Bait nic fvland nlon ir gang BET VSCOM ote ten et CMT tr3s © VEIT +, comeDy avaiNa> nicKxToons AXSHENTEL’

13. Slide 13: Competition

    Competition Voice/Internet Internet Video 13

14. Slide 14: Associations

    Associations OADBAND — Mi THE RURAL BR ASSOCIATION USTELECOM “WV American — 9 Cable "Association CONNECTING HOMETOWN AMERICA AX 1 )) CTA AXSHENTEL 14

15. Slide 15: Realignment of Management Structure

    Realignment of Management Structure Thomas A. Whitaker Vice President - Cable Edward H. McKay Vice President - Wireline & Engineering William L. Pirtle Vice President - Wireless 15

16. Slide 16: Financial Reporting

    Financial Reporting Forbes | 2014 AMERICA’S COMPANIES “Shenandoah Telecommunications Company was selected from among thousands for its exemplary trustworthy behavior.” : : i z AXSHENTEL 16

17. Slide 17: Stock Price (2012 – 2013)

    Stock Price (2012 — 2013) $30 $25 $20 tL | $15 ty ett opt $10 74! $5 $o Yy o » > DD Oa ~~ + + YoY oy oY Oo YD © oD 2 2 Oo 0 Oo Ow » 2 e ST SM oF on yo x iN x PP a b b ys ‘ C. ? e ; a PF ge oe sr ST FE oo” Sok” SS CS = Close 17

18. Slide 18: Earle MacKenzie

    Earle MacKenzie EVP and COO 18

19. Slide 19: PCS Postpaid Subscribers (in thousands)

    PCS Postpaid Subscribers (in thousands) (Year End) 19

20. Slide 20: PCS Postpaid Gross Billed Revenue per User

    PCS Postpaid Gross Billed Revenue per User 20

21. Slide 21: PCS Prepaid Subscribers (in thousands)

    PCS Prepaid Subscribers (in thousands) (Year End) 21

22. Slide 22: PCS Prepaid Gross Billed Revenue per User

    PCS Prepaid Gross Billed Revenue per User 22

23. Slide 23: How Does Shentel's Wireless Compare?

    How Does Shentel’s Wireless Compare? 2013 Results (in thousands) Shentel Verizon AT&T Sprint US T-Mobile NTELOS Leap PCS Wireless Mobile Nextel Cellular Covered POPS 2,067 303,000 317,000 279,000 31,759 280,000 6,000 97,100 2013 Net Adds / 20 4,569 3,419 (272) (1,024) 4,408 ** 25 (745) (Loss) % Grow

24. Slide 24: Cable Revenue Generating Units (in thousands)

    Cable Revenue Generating Units (in thousands) (Year End) 24

25. Slide 25: Cable Average Monthly Revenue per Customer

    Cable Average Monthly Revenue per Customer 25

26. Slide 26: How Does Shentel Cable Compare?

    How Does Shentel Cable Compare? (Year End) Industry Peer 2010 2011 2012 2013 Average * Average * Video Homes Passed 178,763 182,156 184,533 186,565 Penetration 38% 36% 33% 32% 41% 36% High-speed Internet Available Homes 144,099 156,119 163,273 168,255 Penetration 22% 24% 25% 27% 38% 26% Voice Availa

27. Slide 27: Wireline Customers

    Wireline Customers (Year End) 27

28. Slide 28: New Fiber Lease Contracts Signed (in millions)

    New Fiber Lease Contracts Signed (in millions) 28

29. Slide 29: Major Upgrades Completed – CapEx Spending (in millions)

    Major Upgrades Completed – CapEx Spending (in millions) 29

30. Slide 30: Adele Skolits

    Adele Skolits VP of Finance and CFO 30

31. Slide 31: Consolidated Operating Revenues (in millions)

    Consolidated Operating Revenues (in millions) 31

32. Slide 32: Mix of Revenues

    Mix of Revenues HW Wireline Wireless MCable $350 $308.9 $300 $250 $200 $150 $100 $50 sO 2009 2010 2011 2012 2013 32

33. Slide 33: Operating Expenses (in millions)

    Operating Expenses (in millions) 33

34. Slide 34: Mix of Operating Expenses (in millions)

    Mix of Operating Expenses (in millions) Note: 2012 excludes $11.0 in Goodwill Impairment charges and $6.1 in favorable adjustments for prior year Prepaid activities. 2012 and 2013 exclude $1.8 and $0.4, respectively, in Cable Cost of Goods and Services in Wireline. 34

35. Slide 35: Cash Dividends per Share

    Cash Dividends per Share Note: For 2003 – 2006, per share data reflects 3 for 1 stock split effective August 2007. 35

36. Slide 36: 2014 Shareholder Meeting

    2014 Shareholder Meeting April 22, 2014

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