Investment Calculator

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Reinvest Dividends:

Calculate Current Value and Shares Since: September 3, 1996

Investment Date:	Original Shares:	Original Value:	Current Shares:	Current Value:	Percent Return:
Sep 3, 1996	47	$ 1,000.00	353	$ 6,933.99	593.40%

Investment of $ 1,000.00 on Sep 3, 1996 would yield $ 6,933.99 today

Adjustments

Date	Reason	Factor	Shares	Price	Value	%
Sep 3, 1996	Initial Investment		47	21.24	$1,000.00	0.00%
Nov 13, 1996	Dividend	0.420	48	20.88	$1,002.82	0.28%
Nov 12, 1997	Dividend	0.420	49	18.51	$909.17	(9.08%)
Nov 10, 1998	Dividend	0.510	50	19.50	$982.85	(1.71%)
Nov 7, 2000	Dividend	0.660	51	35.01	$1,797.85	79.79%
Nov 7, 2001	Dividend	0.690	52	35.13	$1,839.45	83.95%
Nov 13, 2002	Dividend	0.750	53	48.93	$2,601.30	160.13%
Nov 12, 2003	Dividend	0.780	54	48.99	$2,645.96	164.60%
Feb 23, 2004	Stock Split		108	24.00	$2,592.49	159.25%
Nov 9, 2004	Dividend	0.430	110	27.41	$3,007.29	200.73%
Nov 9, 2005	Dividend	0.460	111	43.35	$4,806.62	380.66%
Nov 13, 2006	Dividend	0.480	113	46.29	$5,216.08	421.61%
Nov 13, 2006	Dividend	0.270	113	46.29	$5,216.08	421.61%
Aug 20, 2007	Stock Split		338	18.75	$6,338.39	533.84%
Nov 9, 2007	Dividend	0.270	342	22.63	$7,741.29	674.13%
Nov 7, 2008	Dividend	0.300	347	22.55	$7,816.55	681.66%
Nov 6, 2009	Dividend	0.320	353	16.80	$5,934.34	493.43%
Jul 29, 2010	Current Investment		353	19.63	$6,933.99	593.40%

The Investment Calculator page and related information is provided by Mergent, a third party service. Shenandoah Telecommunications Company does not maintain this page and is not responsible for the accuracy, completeness or timeliness of the information. The results are for illustrative purposes only and should not be relied on for investment purposes. The timing and price of dividend reinvestments, taxes, commissions and other factors may affect the values shown. Please note that historical investment performance is not intended to indicate future performance.