Annual Shareholder Meeting

May 5, 2009

SHENANDOAH

TELECOMMUNICATIONS

COMPANY

Exhibit 99.1

Annual Shareholder Meeting

May 5, 2009

SHENANDOAH

TELECOMMUNICATIONS

COMPANY

Chris French - CEO

Forward-Looking Statements

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:

Increasing competition in the communications industry; and

A 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.

0.27

0.80

18.8

36.7

130.4

2007

11.1

0.30

Cash Dividend Per Share

30.0

1.04

Earnings Per Share

29.8

24.4

Total Net Income

24.4

45.6

Operating Income

10.8

144.4

Revenues

Percent
Change

2008

Comparative Results

(in millions, except per share amounts)

Converged Services Operating Losses

in millions

Converged Services and the Triple Play

Business Case for Converged Services

Bundled service provider focused on small/medium
markets in the Mid-Atlantic and southeast

Core competence of Triple Play offering: voice, video
and data

Differentiate service based on tailored offerings,
service quality and excellent customer service

Franchised Cable Model (MSO)

Triple play bundle with opportunity for integrated
services in the future

Local community focus – excellent customer service
and local content

Wireless Capital Expenditures

in millions

North River Telephone Cooperative

Proximity to Shentel
LEC territory

Existing Shentel
fiber south of
Harrisonburg

1,000 access lines

Upgrade to offer
DSL service to all
customers

Long-Term Stock Performance

December 2001 – April 2008

Long-Term Stock Performance

December 2001 – April 2009

Total Return - 5 Years

Annual Shareholder Meeting

May 5, 2009

SHENANDOAH

TELECOMMUNICATIONS

COMPANY

Adele Skolits - CFO

Earnings Per Share – Net Income

¹ EPS and Fully Diluted EPS include $0.27 per share as a result of the one time gain related to the liquidation of the Rural Telephone Bank

$0.27

$0.50

Earnings Per Share – Continuing Operations

¹ EPS and Fully Diluted EPS include $0.27 per share as a result of the one time gain related to the liquidation of the Rural Telephone Bank

Up 26%

$0.27

$0.62

Key Financial Results – Dividends per Share

$0.09

$0.16

Special

Annual Financial Results – Revenues

in millions

PCS

Other

Annual Financial Results – Operating Expenses

in millions

PCS

Other

Key Financial Results – Operating Income

in millions

PCS

Other

Cash Flows

in millions

2007 2008 Change

Net Cash from Operations $43.7 $50.1 $6.4

Capital Expenditures ($29.1) ($65.5) ($36.4)

Cable TV Acquisition ($10.9) ($10.9)

Borrowings $23.7 $23.7

Debt Repayments ($4.1) ($4.2) ($0.1)

Dividends ($5.8) ($6.5) ($0.7)

Other ($0.9) $1.3 $2.2

Increase in Cash Balance $3.8 ($12.0) ($15.8)

Annual Capex

Wireless – PCS/Mobile

Wireline – Cable

Wireline - Other

First Quarter 2009 – Revenues

in millions

First Quarter 2009 – Operating Income

First Quarter 2009 – Net Income

in millions

First Quarter 2009 – Earnings per Share

Annual Shareholder Meeting

May 5, 2009

SHENANDOAH

TELECOMMUNICATIONS

COMPANY

Earle MacKenzie - COO

Sale of Converged Services

Change in competitive environment

Regulatory issues

Difficulty of reaching scale

Shrinking video margins

Increasing internet capacity demand and
decreasing margins

Converged Services Users

in thousands

Data

Video

Voice

Converged Services Revenues

in millions

Data

Video

Voice

PCS Subscriber Growth

Customer Additions

in thousands

¹ Before credits and fees

14.9% CAGR

Gross Billed PCS Revenue¹

in millions

PCS Net Revenues

in millions

Up 19%

Bad Debt

Management Fee

Service Credits

Service Fee

Net Revenue

PCS Gross Billed Revenue per Subscriber¹

¹ Before credits and fees

Voice

Data

Tower Revenue

in millions

Towers 113 115 118

Non-affiliate 151 167 183

leases

Non-affiliate

Affiliate

Capital Expenditures – Wireless

in millions

# Cell Sites 332 346 411 478

% Covered POPs 77% 79% 85% 89%

# EVDO Sites 0 52 211 318

EVDO % Covered POPs N/A 27% 86% 92%

Other

Capacity

Coverage

EVDO

Mobile

Why Large Increase in Wireless Construction?

Keep ahead of capacity requirements

Continue to roll out high speed data (EVDO)

Coverage issues in Central PA

Sprint

Our relationship is still positive but affiliates not
a priority

Significant staff reductions

Still losing customers but at a slower rate

Improved customer service indexes

Focusing on price advantage over Verizon and
AT&T

Playing defense rather than offense

Telephone Access Lines

in thousands

-0.7% CAGR

Telephone Revenues¹
in millions

¹ Includes internal revenues

Local Subs

Access

Other

Internet Services Customers

in thousands

¹ DSL only available within LEC area

² Dial-up offered inside and outside the LEC area

Internet Services Revenues

in millions

DSL

Dial-up

¹ DSL only available within LEC area

² Dial-up offered inside and outside the LEC area

Cable TV Subscribers

in thousands

¹ Includes Rapid Communications acquisition – December 2008

Digital

Basic

Rapid Cable Acquisition

December 2008

Alleghany County Virginia and throughout West
Virginia

17,000 subscribers and 44,000 homes passed

$10,000,000 purchase price or $590 per
subscriber

$25,000,000 system upgrades primarily in
2009

Cable TV Overview

Complimentary (with LEC business)

Offensive positioning (Outside ILEC)

60,000 homes passed

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

Year end 2009 – HD, DVR, VOD, Internet, Voice

Annual Shareholder Meeting

May 5, 2009

SHENANDOAH

TELECOMMUNICATIONS

COMPANY