Shenandoah Telecommunications Company Completes Acquisition of Horizon Telcom - Seite 3

CONTACTS:
Shenandoah Telecommunications Company
Jim Volk
Senior Vice President and Chief Financial Officer
540-984-5168
[e-mail]

¹ Reflects the addition of approximately 5,500 fiber route miles from Horizon, estimated based on Shentel’s methodology for counting fiber route miles. Shentel previously estimated 7,200 fiber route miles for Horizon based on Horizon’s own calculation methodology.
² Reflects the addition of approximately 15,600 new, greenfield fiber passings from Horizon, estimated based on Shentel’s methodology for counting passings. Shentel previously estimated 18,000 new, greenfield fiber passings based on Horizon’s own calculation methodology.
³ Dividend rate is subject to increase if ECP’s Independent Director is not seated on Shentel’s Board after the next annual meeting and the PIK dividend is subject to increase after the fifth and seventh anniversaries of the closing date.