Stock Split Q & A

When did Shenandoah Telecommunications' stock split?

On June 18, 2007, the Board of Directors declared a three-for-one stock split with a record date of August 2, 2007. For each share of common stock held on the record date, Shareholders will receive two additional shares of common stock of the Company. The certificates for the additional shares are expected to be mailed to shareholders on or about August 17, 2007.

Why did the stock split?

A stock split makes the per share price of the Company's stock more affordable and attractive to investors. By splitting the stock and therefore reducing the per share price, Shenandoah Telecommunications is making it more affordable for more people to invest in the Company.

How many times has the stock been split?

Since the Company was founded in 1902, the Company's stock has been split 10 times prior to the June 18, 2007 announcement. After the August 2, 2007 split, one original share of stock will have converted and split into 8,640 shares. The most recent stock split was a two-for-one split in 2004.

Will all shareholders receive additional certificates?

No. Many shareholders have their ownership in "street name" with brokers instead of holding physical certificates in their own name. The Company will inform affected brokers of the additional shares registered in broker name. It is the responsibility of the brokers to properly record this information for their clients' accounts.

If the shares are held in my name when will I receive additional stock certificates?

Certificates representing the additional shares will be mailed on or about August 17, 2007.

What do I do with my existing certificate(s)?

You should continue to hold your certificates in a safe place. The existing certificates are still valid. Do not destroy them. All of the certificates that you hold should be kept in a safe place, such as a safe deposit box.

How does this impact transactions that may occur in the near future?

The three-for-one stock split covers shareholders known to the Company as of the record date of August 2, 2007. The effective trading date may vary by stock exchange and broker. Potential buyers and sellers are encouraged to ensure that contemplated transactions take into account the pre-split or post-split nature of the underlying shares.

How many shares of Shenandoah Telecommunications stock are outstanding?

As of June 18, 2007, there were 7,790,000 shares outstanding out of 16,000,000 total authorized shares. After the split, there will be 23,370,000 outstanding out of 48,000,000.

As a shareholder, what do I need to do to participate in the stock split?

No action is required on the part of shareholders. The Company will take the necessary actions to affect the stock split.