I want to start with the largest operating unit of Shentel, our PCS business. We have seen a dramatic turnaround in this business. As you saw during Chris’ presentation, we have moved from losses of over $5 million dollars in 2002 to net income of $17 million in 2007. I will take you through some key operating indexes for our PCS business, give you our perspective on what is happening at Sprint and discuss the very aggressive construction program that we have underway.

Slide 29. My first slide gives you a historical perspective on how our PCS customer base has grown since inception of the business in 1999. You can see that we have had strong growth from day one. We had approximately 85,000 customers when we became net income positive in 2003. We ended 2007 with over 187,000 customers with two great years back to back. In 2006 we put on 30,500 net new customers, a record year and followed up with an even better year in 2007 with 33,800 net new customers.

Slide 30. This slide shows a comparison of the gross customer additions we have achieved in each of the last five years compared to the net customers. On this slide it is easier to see the ongoing banner years we have had both with gross and net additions. Please note that the gross additions are growing faster than our net. Each month about 2% of our customers leave us either because they choose another carrier or we disconnect them for non-payment. Therefore we need to add more customers every year to backfill for the customers that leave, plus add new customers.

Slide 31. Corresponding to the growth in customers, we have had significant growth in our revenues. Here you see that we had total revenues of $115M in 2006 dropping to $87M in 2007. As Adele has discussed earlier, the decrease in revenues is entirely due to the changes we made in the way we accounted for revenues due to the changes in our settlement process with Sprint at the beginning of 2007.

Slide 32. The next slide shows a clearer picture of the correlation between our customer and revenue growth. The bars on this slide isolate the revenue billed to our customers before any fees are netted to Sprint. You see that the growth slope of the billed revenue is very similar to the growth in customers you saw earlier. The line at the top is the Average Monthly Revenue per customer. You see a drop in the period from 2003 to 2005. The reason was the popularity of family plans with customers adding additional lines to their accounts and sharing minutes. We increased customers but saw a slight decrease in average revenue. Since 2005 we have seen an increase in each year.

Slide 33. Although most of the revenue comes from selling voice services, data revenue has become a significant percentage of total revenue. The bars show that data revenue at almost $20 million in 2007 is growing more quickly than total revenues as customers continue to use more applications such as text messaging, taking pictures, and surfing the Internet. The line at the top shows the significant growth in data revenue per customer per month. It has grown from about $4 in 2004 to over $9 in 2007. In 2007, data represented almost 18% of total monthly revenue.

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