ex99-1.htm

July 30, 2009

Capstone Investments

2009 Small - Cap Investor Conference

Exhibit 99.1

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. These
statements can be identified by the use of forward-looking terminology such as “believes,”
“estimates,” “expects,” “intends,” “may,” “will,” “should,” “could,” or “anticipates” or the negative or
other variation of these similar words, or by discussions of strategy or risks and uncertainties. These
statements are based on current expectations of future events. If underlying assumptions prove
inaccurate or unknown risks or uncertainties materialize, actual results could vary materially from the
Company’s expectations and projections. Important factors that could cause actual results to differ
materially from such forward-looking statements include, without limitation, risks related to the
following:

nIncreasing competition in the communications industry; and

nA complex and uncertain regulatory environment.

A further list and description of these risks, uncertainties and other factors can be found in the
Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2008. Copies of this
Form 10-K, as well as subsequent filings, are available online at www.sec.gov, www.shentel.com or
on request from the Company. The Company does not undertake to update any forward-looking
statements as a result of new information or future events or developments.

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 and exclude the effectors
of certain operating, capital and financing costs and may differ from comparable information provided
by other companies, and they should not be considered in isolation, as an alternative to, or more
meaningful than measures of financial performance determined in accordance with US generally
accepted accounting principles. These financial performance measures are commonly used in the
industry and are presented because Shentel believes they provide relevant and useful information to
investors. Shentel utilizes these financial performance measures to assess its ability to meet future
capital expenditure and working capital requirements, to incur indebtedness if necessary, return
investment to shareholders and to fund continued growth. Shentel also uses these financial
performance measures to evaluate the performance of its business and for budget planning
purposes.

Agenda

Introduction and Shentel Overview - Earle MacKenzie - EVP/COO

Overview of Wireless

Overview of Wireline

Overview of Cable

Financials - Adele Skolits - CFO

Shenandoah Telecommunications Company

n Reporting Segments: Wireless, Wireline and Cable

n Shentel Management Company: Allocation subsidiary for all
employees and shared expenses

Allocation Subsidiary

Wireline Entities

Wireless Entities

Shenandoah
Telecommunications
Company

Shentel Cable
Company

Shentel Service
Company

Shenandoah Mobile
Company

Shenandoah Cable
Television Company

Shentel Management
Company

Shentel
Communications
Company

Shenandoah
Telephone Company

Shenandoah
Personal
Communications
Company

Shenandoah
Network Company

Shenandoah Long
Distance Company

Cable Entities

Business Overview

n Public company with 4,400+ shareholders

u ≈ 70% individual / 30% institutional

n Sprint PCS Affiliate of Sprint Nextel

n Profitable

n Strong growth

n Healthy balance sheet

n Continuity of ownership & management

n Focused business plan

Growth Strategy - Capitalize on Core Competencies

n Wireless

u Increase penetration in existing PCS footprint

u Look for new wireless opportunities in surrounding
geographic areas

n Wireline

u Attractive markets at reasonable prices

n Cable

u Focus on smaller less competitive markets

u Build clusters to gain operating efficiencies

u Upgrade networks to offer “Triple Play”

Segment Overview

12 Months Ending June 30, 2009

Total External Revenues = $154.8 million

Operating Income Before Depreciation &
Amortization (OIBDA) by Segment

Revenue by Segment

Agenda

Introduction and Shentel Overview

Overview of Wireless

Overview of Wireline

Overview of Cable

Financials

PCS Overview

n One of 3 remaining Sprint Nextel
affiliates

n 2.3 million licensed POPs

n 2.0 million covered POPs

n 216k total subscribers

u 11.0% penetration of covered
POPs

n 432 CDMA base stations

n 278 EVDO enabled cell sites

u 94.4% EVDO covered POPs

n $41,000 Estimated Average
household income

Key Operational Metrics - PCS

Period Ending

Retail Subscribers (000s)

Number of Cell Sites

Churn (%)

EVDO Sites

Non-EVDO Sites

Attractive Service Revenue Growth - PCS

12 Months Ending

Gross Billed PCS Revenue ($ millions)1

1 Before credits and fees

18.4% CAGR

PCS Revenues

12 Months Ending

Billed Revenue ($ millions)

Up 15.1%

Bad Debt

Management Fee

Service Credits

Service Fee

Net Revenue

PCS Revenue per Subscriber

Period Ending

Gross Billed Revenue per Subscriber1

1 Before credits and fees

Voice

Data

Wireless Segment

12 Months Ending

Reported Revenue ($ millions)

OIBDA ($ millions)

20.1% CAGR

1 Decrease in revenue between 6/30/2007 and 6/30/2008 is the result of the change in accounting for the Sprint Nextel contract amendment.

Capital Expenditures - Wireless

12 Months Ending

Capital Expenditures by Category ($ millions)

# Cell Sites 332 346 411 486

% Covered POPs 77% 79% 85% 88%

# EVDO Sites 0 52 211 338

% POPs Covered N/A 27% 86% 94%

Other

Capacity

Coverage

EVDO

Mobile

Agenda

Introduction and Shentel Overview

Overview of Wireless

Overview of Wireline

Overview of Cable

Financials

Wireline Customers

12 Months Ending June 30, 2009

n 24.0k LEC access lines

n Pending Acquisition of North
River Telephone

u 1.0k access lines

n 10.5k DSL subscribers

n 4.4k dial-up Internet
subscribers

n 10.8k long distance
subscribers

n One FTTH community in
service outside of LEC area

n Fiber Network

u Route miles: 767

u Fiber miles: 47,654

Access lines (000s)

-1.4% CAGR

Internet Customers (000s)

1 DSL only available within LEC area

2 Dial-up offered inside and outside the LEC area

Wireline Customers

12 Months Ending

Wireline Overview

12 Months Ending

Revenue ($ millions)

OIBDA ($ millions)

Agenda

Introduction and Shentel Overview

Overview of PCS

Overview of Wireline

Overview of Cable

Financials

Cable TV Overview

n Complimentary (with LEC business)

u 16k Homes Passed

u 8.3k Video Subscribers

n Offensive positioning (Outside ILEC)

u 44k Homes Passed

u 17k Video, 1.3k Internet, 0 Voice Subscribers

n One-way now, two way in 2009/2010

n YE09 - HD, DVR, VOD, Internet, Voice

Cable TV

12 Months Ending

Subscribers (000s)

Revenue ($ millions)

OIBDA ($ millions)

1 Includes Rapid Communications acquisition - December 2008

Digital

Basic

Agenda

Introduction and Shentel Overview

Overview of PCS

Overview of Wireline

Overview of Cable

Financials - Adele Skolits - CFO

Key Financial Results - Continuing Operations1

12 Months Ending

Net Income from Continuing Operations

($ millions)

16.9% CAGR

Revenue ($ millions)

1 Shentel Converged Services has been reclassed as discontinued operations. All results have been restated.

2 Decrease in revenue between 6/30/2007 and 6/30/2008 is the result of the change in accounting for the Sprint Nextel contract amendment.

Wireless

Wireline

Cable

Operating Income ($ millions)

Operating Income Before Depreciation &
Amortization ($ millions)

Key Financial Results - Continuing Operations1

12 Months Ending

1 Shentel Converged Services has been reclassed as discontinued operations. All results have been restated.

Key Financial Results - Consolidated

12 Months Ending

Earnings Per Share

- Continuing Operations1

Earnings Per Share

- Net Income

1 Shentel Converged Services has been reclassed as discontinued operations. All results have been restated.

2 Includes $10.7 million write down of Converged Service Business Unit ($0.45 per share) in Q1 2009

Total Capex

12 Months Ending

Wireless

Wireline

Cable

Capital Expenditures by Segment ($ millions)

Q&A

Appendix

Non-GAAP Financial Measure - Billed Revenue per Subscriber

Period Ending

Dollars in thousands

	Wireless	Wireline	Cable	Other	Consolidated
Operating Income	$40,055	$13,278	($2,897)	($4,642)	$45,794
Depreciation and amortization	18,749	8,389	2,350	327	29,815

OIBDA	$58,804	$21,667	($547)	($4,315)	$75,609

Non-GAAP Financial Measure - OIBDA

12 Months Ended 6/30/2009

Dollars in thousands

	Wireless	Wireline	Cable	Other	Consolidated
Operating Income	$32,522	$13,622	($1,182)	($4,901)	$40,061
Depreciation and amortization	16,819	6,897	1,031	283	25,030

OIBDA	$49,341	$20,519	($151)	($4,618)	$65,091

Non-GAAP Financial Measure - OIBDA

12 Months Ended 6/30/2008

Dollars in thousands

	Wireless	Wireline	Cable	Other	Consolidated
Operating Income	$24,814	$14,528	($1,244)	($5,328)	$32,770
Depreciation and amortization	15,983	5,617	1,078	236	22,914

OIBDA	$40,797	$20,145	($166)	($5,092)	$55,684

Non-GAAP Financial Measure - OIBDA

12 Months Ended 6/30/2007

July 30, 2009

Capstone Investments

2009 Small - Cap Investor Conference