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									                                                                                                  Vcall
               Transcript of                                                                      601 Moorefield Park Dr.
                                                                                                  Richmond, VA 23236
        NTELOS Holdings, Corp. (NTLS)                                                             Phone: 888-301-5399
     Second Quarter 2009 Earnings Conference Call                                                 Fax: 804-327-7554
                  August 06 2009
                                                                                                  info@vcall.com
                                                                                                  www.vcall.com
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Participants
    Wes Wampler, Investor Relations Director
    James S. Quarforth, Chief Executive Officer
    James A Hyde, President & Chief Operating Officer
    Michael B. Moneymaker, Executive Vice President & Chief Financial Officer

Presentation
    Operator
    Greetings and welcome to the nTelos Second Quarter 2009 Earnings Conference
    Call. At this time, all participants are in a listen-only mode. A brief question-and-
    answer session will follow the formal presentation. If anyone should require operator
    assistance during the conference, please press *0 on your telephone keypad. As a
    reminder this conference is being recorded.

    It is now my pleasure to introduce your host Mr. Wes Wampler, Investor Relations
    Director for NTELOS. Thank you. Mr. Wampler, you may begin.

    Wesley Wampler – nTelos – Investor Relations Director
    Thank you. Good morning and welcome to the nTelos Second Quarter 2009 Earnings
    conference call. The topics for today's call include an overview of business activities
    and financial highlights for the quarter and the first half of this year. Here in nTelos
    today, we have James S. Quarforth, the company's Chief Executive Officer; James A.
    Hyde, President and Chief Operating Officer; and Michael B. Moneymaker, Executive
    Vice President and Chief Financial Officer. We'll begin with comments from Mr.
    Moneymaker, followed by comments from Mr. Hyde and Mr. Quarforth and then we'll
    take any questions you may have. We ask that questions on this call be from current
    investors or analysts and that any media questions be later directed to Mike Minnis,
    our Director of Public Relations.

    Before we continue, I would like to point out that certain of the statements contained in
    our earnings release and on this conference call are forward-looking statements that
    are subject to risks and uncertainties that could cause actual results to differ materially
    from those described. Please refer to the earnings release for a special note regarding
    forward-looking statements. Also, in an effort to provide useful information to
    investors, our comments today include non-GAAP financial measures. For details on
    these measures including why we use them and reconciliations to the most
    comparable GAAP measures, please refer to our earnings release on our website at
    www.nTelos.com or to the 8-K filing provided to the SEC.



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                                                                                Transcript:
                                                             NTELOS Holdings, Corp. (NTLS)
                                              Second Quarter 2009 Earnings Conference Call
                                                                           August 06, 2009
                                                                                             Vcall
With that, I will now turn the call over to Mike Moneymaker, CFO of nTelos.
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                                                                                             Richmond, VA 23236
Michael Moneymaker – nTelos – Executive VP & CFO
Thank you, Wes, and good morning. Operating revenues were 140 million for the                Phone: 888-301-5399
second quarter of 2009, a 7% increase over second quarter 2008 led by a 9%                   Fax: 804-327-7554
increase in wireless revenues and a 1% increase in wireline revenues. Operating
income was another record level of 35.4 million for the second quarter of 2009. We           info@vcall.com
also realized an exceptional level of net income attributable to nTelos Holdings Corp        www.vcall.com
                                                                                             www.investorcalendar.com
of 17.3 million or $0.41 per share for the second quarter of 2009. Adjusted EBITDA
was another quarterly record high of 60.3 million for the second quarter of 2009, a 5%
increase over the comparable period of 2008. We are again pleased to report that this
record level was led by record level of adjusted EBITDA in our wireless segment,
which topped 44 million for the quarter.

Looking next at our key operating performance metrics, first for wireless. For
comparability purposes, the following 2009 to 2008 comparisons will be based on the
pro forma results and metrics for the periods prior to April 1, 2008, each adjusted to
reflect the change in gross versus net reporting of handset insurance revenues and
cost as a result of previously disclosed new contracts for services, that went into effect
on April 1, 2008. Please refer to the earnings release and Form 10-K and previously
filed Form 10-Qs for actual results for the periods and further discussion on this
change in gross versus net reporting.

Our year-over-year increase in wireless subscriber revenues was 3.2% for the second
quarter of 2009. Postpay subscriber revenues were up 8.3% over the second quarter
of 2008 driven by year-over-year increase in postpay subscribers, continued growth at
sales of smart phones and data cards, and growth in postpay data ARPU of nearly
40% since the second quarter of 2008. A decline in prepay ARPU driven by
competitive pricing and economic conditions contributed to a decline in prepay
subscriber revenues year-over-year. CPGA was $397 for the second quarter of 2009,
as compared to $375 for the second quarter of 2008, reflective of increased sales of
smart phones and data cards, since our launch of EVDO high speed data offerings,
which as expected has resulted in higher CPGA cost. The continued growth in the
sales mix of these devices fuelled the growth in gross additions in data ARPU and
should continue to drive data ARPU growth in the future. Incremental advertising
costs associated with our late second-quarter launch of a new prepay unlimited
service offering, sub-branded FRAWG in the Richmond and Hampton Roads markets
also contributed to the higher CPGA levels, although subsidies and commissions for
these plans but significantly less than those of conventional prepay plans.

CCPU was $33.23 for 2Q09, an increase of 3.5% from 1Q 09 CCPU of $32.10. The
increase reflects seasonal increase in collect cost, which was 5.8 million up from 5.2
million in 1Q 09 and down from $6.5 million in 2Q 08. Retention cost net of related
equipment revenues from existing customers was 2.5 million down from 2.7 million in
the first quarter and 2.6 million in the second quarter of 2008. Wireless bad debt
expense was 3.7 million as compared to 2.3 million for 1Q 09 reflecting the impact of
continued economic conditions, which contributed to higher churn and higher past due
balances at June 30. As we previously discussed throughout 2008, our EVDO
upgrade and cell site expansion contributed to an upward trend in CCPU during 2008.

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                                                             NTELOS Holdings, Corp. (NTLS)
                                              Second Quarter 2009 Earnings Conference Call
                                                                           August 06, 2009
                                                                                            Vcall
We are pleased to see network access and cell site expenses level off at 11.7 million
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in 2Q 09 as compared to 11.6 million in 1Q 09 and 11.9 million in 4Q 08.
                                                                                            Richmond, VA 23236

Moving next to wireline, our wireline segment recognized adjusted EBITDA of 17.5            Phone: 888-301-5399
million in second quarter of 2009, an slight increase over 2Q 08 driven by 0.5 million      Fax: 804-327-7554
or 28% growth over 2Q 08 in wireline revenues from dedicated Internet and metro
Ethernet connections in the competitive segment. Our wireline adjusted EBITDA               info@vcall.com
continues to exhibit strength as revenues from data services offset decreases from          www.vcall.com
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access line losses.

Looking next at liquidity, capital expenditures for property, plant and equipment for the
second quarter and for the six months of 2009 were 37.9 million and 69.5 million
respectively. We are pleased to have completed our EVDO upgrade in the Virginia
East markets in the second quarter. Spending in the first half of 2009 also included a
significant portion of our costs associated with new prepay billing platform and web
portal, which were on schedule to go into service in the third quarter. Based on the
midpoint of our capital expenditure guidance for 2009, we have incurred
approximately 62% of our spending in the first half of 2009 and accordingly expect a
decline in capital spending in the second half of 2009 from the level experience year-
to-date.

Cash provided by operating activities was 49.8 million in the second quarter 2009, up
from 44.3 million in the first quarter of 2009. Adjusted EBITDA for the last 12 months
ended June 30, 2009 was 228.5 million, which results in a ratio of total debt at June
30, 2009 to adjusted EBITDA for the last 12 months ended June 30, 2009, of 2.64:1.
I'm also pleased to report that total debt net of 65.1 million of cash on hand at June
30, 2009, was 539.9 million. At 539.9 million this represents a ratio to adjusted
EBITDA for the last 12 months ended June 30, 2009, of 2.36:1.

With that let me now turn the discussion over to Jim Hyde, our president and COO,
who will provide an update on our latest business and operational developments.

James Hyde – nTelos – President & COO
Thanks Mike and good morning. I will walk through the business unit update for both
the wireless and the wireline segments and then hand the call over to Jim Quarforth
for a guidance update and summary.

We are very pleased with our record second-quarter financial results and feel the
company is well positioned to continue that solid performance going forward. Along
with the record adjusted EBITDA and operating income at the consolidated level, we
also reported a record adjusted EBITDA in our wireless business and consistent
record or near record high operating margins within our wireline business segments.
This strong operating performance demonstrates the quality of our strategic
investments and our ability to execute efficiently despite the difficult economic
environment. I will start with a look of the wireless business. During the second
quarter, we completed our EVDO network upgrade on time and as promised with 166
new cell site upgrades bringing our new total EVDO Rev A cell site count to 1047
across our entire footprint. The completion of our network upgrade marks a significant
milestone for the company, and one that is already yielding positive returns. For the

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                                                             NTELOS Holdings, Corp. (NTLS)
                                              Second Quarter 2009 Earnings Conference Call
                                                                           August 06, 2009
                                                                                            Vcall
second quarter, nTelos continued to deliver excellent data ARPU growth along with
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strong sales of smart phones and data cards. Smart phones and data cards
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represented 31% of total postpay gross additions in the quarter, up from 27% in Q1
and up from 11% in Q2 of 2008. Postpay data ARPU grew by nearly 40% year-on-                Phone: 888-301-5399
year to $9.88 and that is up $0.51 sequentially from the first quarter in 2009. Wireless    Fax: 804-327-7554
retail sales were strong during the second quarter with nearly 38,000 new gross
additions and that is up 4% from second-quarter 2008. These positive results were           info@vcall.com
driven by two exciting new product launches during the quarter.                             www.vcall.com
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First, we were delighted to introduce our My World calling plans in early May. These
plans allow customers unlimited calling to a defined group of friends and family of 2, 5,
10 and even 20 people regardless of which wireless or wireline network those people
happen to use. Monthly price ranges for these plans are from $39 to $99 and we have
already seen a positive customer response in the market. Equally exciting with the
launch at the end of the quarter of our sub-branded FRAWG unlimited wireless
service in the Richmond and Hampton Roads markets. Starting for as low as $30 per
month, these prepaid plans allow value seeking customers unlimited calls, texts, and
even Internet access for one low fixed price with no contract, credit check, or
activation fee. While these plans feature a competitive price, they also allow for
nTelos to attack this important market segment with substantially lower acquisition
costs and handset subsidies.

So the resulting margin from these plans are comparable to our more traditional
prepay products. Customer churn for the second quarter was up year-on-year to 3%
in total churn and 2.1% in postpay churn. These results are expected and are
consistent with the continued difficulties some customers are having during this
recessionary period. This increase in churn has resulted in a net customer loss for the
quarter of 2386. We are encouraged however by total churn and postpay churn have
improved sequentially from the first quarter of 2009 indicating the potential start to a
reversal of the trend we have seen over the previous three quarters.

Wireless ARPU for the second quarter was $53.49, down from $54.58 during the
same period last year. The drop in APRU however, was totally attributable to the
prepaid business as our postpay APRU was up sharply year-over-year to $57.28
versus $56.19 in the second quarter of 2008. The drop in prepaid ARPU is tied to
higher churn within our prepay base combined with the prepay customers controlling
their monthly spend more tightly due to the difficult economy. We are delighted with
the continued strength of our postpay ARPU driven by our compelling data offerings,
and the best handset line-up in the history of the company. In fact, we recently
launched two new smart phones, the Samsung Freedom and the LG Spyder II.

Wireless wholesale revenues from our Sprint contract were up 25% year-over-year
and up 4% from the previous quarter, driven primarily by an increase in data traffic.
Non-Sprint roaming revenues were also up sharply, growing by 76% from the second
quarter of 2008 to $1.4 million this quarter. As a reminder, effective July 1 a price
reset for the Sprint wholesale agreement went into effect allowing for our 90% share
of Sprint’s national data revenue yield. This price reset will bring the monthly revenue
derived from Sprint in line with the $9 million monthly minimum for the reminder of



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                                                            NTELOS Holdings, Corp. (NTLS)
                                             Second Quarter 2009 Earnings Conference Call
                                                                          August 06, 2009
                                                                                           Vcall
2009. This change has been included in our internal planning and has also been
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incorporated into our guidance.
                                                                                           Richmond, VA 23236

As we look to the second half of the year, we expect continued churn improvement           Phone: 888-301-5399
taking into account usual seasonal impacts and for sales to remain strong particularly     Fax: 804-327-7554
as a result of our valid position in the market, our focus on our quality direct
distribution channels, and with continued data growth driven by the completion of our      info@vcall.com
network upgrade. Mike alluded earlier to a couple of large capital IT projects that are    www.vcall.com
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scheduled to be completed during 2009. I'm excited to report that both our Web portal
and our greatly improved prepaid billing platform will both be launched during this
quarter providing us the ability to attract more customers at a lower cost, provide a
greatly enhanced service capability, as well as deliver a suite of new prepaid product
offerings.

Switching gears now to the wireline business, nTelos posted another stellar quarter in
terms of operating performance. We continue to outperform the overall wireline
industry in both the RLEC and CLEC units. These results are a reflection of our
disciplined expansion strategy within the competitive segment and our focus on data
penetration and video products within the RLEC. Specifically within the RLEC,
operating revenues totaled $14.5 million versus $14.9 million a year ago, and adjusted
EBITDA came in at $10.7 million for the quarter and that is versus $11 million in Q2
2008. We continue to reposition the RLEC asset around data and video products and
are quite pleased with our performance in these critical areas. DSL customer
penetration rates are now up to 50%, and that is up from 42% last year. IPTV
penetration of homes passed is 21% with our legacy or first neighborhood built [ph]
joint penetration rate of 32%.

The competitive or CLEC business also continues to perform well with second-quarter
revenues up 5% from previous year to $16.6 million, and demand for data connectivity
and increased broadband has fuelled our growth with our four core vertical customer
segments of healthcare, education, government and banking. Adjusted EBITDA was
$6.7 million, that is up 6% from 6.4 million last year and what is perhaps even more
exciting is that the CLEC business is now delivering EBITDA margins of 41%, which
we think is near best in class. During the quarter, we completed the critical fiber swap
deal that provides us an important traverse route into the internet cloud in Ashburn,
Virginia. This network enhancement will allow us to improve the quality and cost of
service we provide to our existing customers, and is already provided us with
additional sales opportunities.

As I said earlier, we're quite pleased with the second-quarter results and the progress
in both our wireless and wireline businesses, despite the difficult current economic
climate. Furthermore, we feel we are well positioned to continue strong performances
as we look forward. With that I will turn the call over to Jim Quarforth, our CEO.

James Quarforth – nTelos – CEO
Thanks Jim and good morning. As Mike and Jim have pointed out, we had very good
financial results in the quarter setting new record levels of consolidated adjusted
EBITDA and operating income. In addition to the record financial results, we were
able to improve our consolidated EBITDA margins sequentially to over 43%. We are

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                                                             NTELOS Holdings, Corp. (NTLS)
                                              Second Quarter 2009 Earnings Conference Call
                                                                           August 06, 2009
                                                                                            Vcall
particularly pleased with these results in light of the challenging economic climate.
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Based on these results, we're reaffirming our current guidance.
                                                                                            Richmond, VA 23236

Today the company declared a quarterly cash dividend on its common stock in the             Phone: 888-301-5399
amount of $0.26 per share to be paid on October 12 to shareholders of record on             Fax: 804-327-7554
September 14. Two weeks ago, the company announced its efforts to raise a new
$635 million term loan facility and a $35 million revolver for the purpose of refinancing   info@vcall.com
its existing debt, which begins to mature at the end of 2010. The offering was heavily      www.vcall.com
                                                                                            www.investorcalendar.com
oversubscribed as a result of the quality of the credit and the performance of the
company. The pricing on the facility is L+ 375 with a 2% LIBOR floor and a 1% OID.
The facility has a six-year term and provides the company with more strategic
flexibility and improvement in its restricted payment basket. Closing should occur very
soon and is subject to market and other customary conditions. After closing the
company will update its guidance to reflect changes in interest expense, taxes and net
income. As we look into the future, the company is clearly focused on data as a key
driver for growth in both our wireless and wireline businesses. Both businesses offer
our customers today with best in class broadband products such as EVDO Rev A in
wireless, national Ethernet for our wireline enterprise and carrier customers, and up to
20 meg speeds over fiber to our residential customers within the ILEC.

Our wireless business unit continues to demonstrate continued year-over-year sales
growth as a result of many catalysts including our EVDO Rev A data network,
expanded retail distribution, enhanced handset lineup, and other new products such
as My World and FRAWG. While these catalysts have assisted us in offsetting the
economic pressures on APRU and churn, they will be equally important in driving
growth as the economy rebounds. Our focus on data in the wireline business has also
proven to be a winning strategy. Our competitive segment continues to post
consistent EBITDA and strong margins, which exceeded 40% this quarter.

The competitive segment has built a formidable franchise addressing the business
and carrier customers’ needs for high bandwidth data products. The repositioning of
the ILEC from a voice business to a data focus business is progressing very well with
impressive results. In particular, the achievement of 50% broadband penetration and
32% video penetration of homes passed in original neighborhoods in less than two
years outpaces our peers in the industry.

The company is clearly focused on the future growth of the business, and expects to
come out of this recessionary period a stronger company than we were when the
recession began. Our focus on data investments and cell sites, EVDO, fiber networks,
retail distribution, and improvements in operating systems and processes will provide
solid catalysts for growth in the future. The team is very excited about its position in
the market and the future growth potential of the company.

We will now take questions and ask the operator to give instructions.

Operator
Thank you. Ladies and gentlemen we will now be conducting a question and answer
session. If you would like to ask a question, please press *1 on your telephone
keypad. A confirmation tone will indicate your line is in the question queue. You can

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                                                                               Transcript:
                                                            NTELOS Holdings, Corp. (NTLS)
                                             Second Quarter 2009 Earnings Conference Call
                                                                          August 06, 2009
                                                                                           Vcall
press *2 if you would like to remove your question from the queue. For participants
                                                                                           601 Moorefield Park Dr.
using speaker equipment, it may be necessary to pick up your handset before
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pressing the * keys. One moment please while we poll for questions. Once again
ladies and gentlemen if you would like to ask a question please press *1 on your           Phone: 888-301-5399
telephone keypad. There are no questions at this time.                                     Fax: 804-327-7554

Our first question comes from the line of Ric Prentiss with Raymond James and              info@vcall.com
Associates. Please proceed with your question.                                             www.vcall.com
                                                                                           www.investorcalendar.com
<Q:> Thanks. Good morning guys.

Michael Moneymaker – nTelos – Executive VP & CFO
Hey Ric.

<Q:> Hey. A couple questions. First, obviously emphasizing data pretty significantly
there, we've noticed that Sprint from the Sprint affiliates are seeing data ARPU north
of $18. Part of that tally I think describe the Simple Everything plan between data and
voice. As you looked at your, excuse me, postpay data ARPU on the wireless side of
around 10 bucks, what do you see as the progression to move that up? Is it continuing
sell of smart phones and air[ph] cards? Are people in this economy may be buying the
phones but not signing up with the higher rate plans. What should we look for as
catalyst and milestones to see that the progress of ten bucks kind of moves up and
where could it move to?

James Hyde – nTelos – President & COO
Well, hey Ric. Jim Hyde here. Thanks for the question. Well, a couple of things. One, I
think we see a tremendous amount of upside as you point out in terms of where we
think data ARPU can go for our business. Certainly, one of the reasons why our
number is maybe south of what's some of the Sprint affiliates and some of the other
national players are even reporting is the fact that there are these all inclusive plans
out there and maybe how they allocate the data portion of those excess fees. It's a
little different than how we price our products, but secondarily remember we just
recently completed you know, our network upgrade in our, one of our largest markets,
which is Richmond and Hampton Roads and as we see these data cards and smart
phone percentages continue to increase on the back of that network upgrade, I think
we'll see that data ARPU number continue to close the gap on those national
averages.

<Q:> And, on the FRAWG launch, any update as far as when you expect Leap to be
coming to town in the Virginia East markets and just any early indications on how that
new product offering is being received and distributed?

James Hyde – nTelos – President & COO
Sure. Thanks for that one too. We are really excited about how FRAWG is going. Let
me address the Leap part of the question first and on two fronts. First, we're not sure
you know when Leap is going to come. Right now it's kind of all quiet, on what we call
the Eastern front really in our Virginia East market. No sign of Leap. We are hearing
that there are out, you know, kind of sniffing around for some cell sites and so forth.
Obviously, they just went out and raised, you know, a substantial amount of money.

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                                                                                Transcript:
                                                             NTELOS Holdings, Corp. (NTLS)
                                              Second Quarter 2009 Earnings Conference Call
                                                                           August 06, 2009
                                                                                            Vcall
So they certainly got cash to build but as you know, that is a 12 or 18 month, you
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know process once they really start to go out there and seriously consider a new
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market. Having said that they have recently launched Washington DC and Baltimore
as you well know and that's providing us a benefit as their preferred roaming partner       Phone: 888-301-5399
in Virginia East. You know, we are hoping they are really successful up there in DC         Fax: 804-327-7554
and Baltimore because that's going to drive increased roaming revenues over our
way. So, you know, in terms of Leap, you know, I think we are in pretty good shape          info@vcall.com
there. Having said that we think we've got a pretty long run way with the FRAWG             www.vcall.com
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product out there in Richmond and Hampton Roads. In fact it's early days it's only
been out there a couple of months, but we're exceeding our sales, our gross
additions. The migrations in terms of our internal planning were overplanned in terms
of new sales. Of those, the number of customers that are migrating from our existing
base is below what we expected. In ARPU on those plans is above what we expected.
In fact, you know, we've got three price points, $30, $40, and $50 on FRAWG and
87% of our new customers signing up on FRAWG are going for the $40 or $50 price
point. So early days of course, but we are very encouraged.

<Q:> Great, thanks guys.

Operator
Thank you. Our next question comes from the line of Dave Coleman with RBC Capital
Markets. Please proceed with your question.

<Q:> Thank you. Can you just talk about, a little more about FRAWG? Just trying to
find out what the take rates on those plans are during the, since you launched those,
and sort of the percentage of the prepaid base that are FRAWG wireless subscribers
what the ARPU is for that for FRAWG versus the legacy prepay, and then on the
credit facility that you have out there, that you are putting into place now, Jim you
mentioned increased flexibility with regard to a restricted payment basket. Does the
new facility have a restricted payment basket at all, and if not you know, what would
be your intention what the free cash flow that you guys are generating? Thanks.

James Hyde – nTelos – President & COO
Hey Dave, Jim Hyde, I want to take the first part of that question and then turn over
the credit facility part to Mike and Jim Quarforth. On FRAWG, as I just mentioned a
moment ago, very, very encouraged with the early results there. FRAWG has become
our prepaid products in our Virginia East markets. Having said that we are continuing
to service our traditional nTelos up, you know, prepay products and services. We are
a little reluctant to report ARPU right now because it's only a couple of months in on
FRAWG. I can tell you that only 13% of our FRAWG base as it exists today is signing
up for the $30 price point with 87% going for the $40 and $50 price points, which is
driving ARPU, which is significantly above our original internal business plan, but over
the course of the next quarter or two, you know, we'll see you know, if that continues
or how that things settles up and we will be I think able to report, you know, specific
FRAWG ARPUs. In terms of your question about the base, we are getting some
migration of our existing base, but it is, you know, we expected a significant portion of
our customers to immediately convert to FRAWG and we're just not seeing that high
of conversion rate. So again, very encouraging but we do expect migrations to
continue into the future.

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                                                                                 Transcript:
                                                              NTELOS Holdings, Corp. (NTLS)
                                               Second Quarter 2009 Earnings Conference Call
                                                                            August 06, 2009
                                                                                               Vcall
                                                                                               601 Moorefield Park Dr.
James Quarforth – nTelos – CEO
                                                                                               Richmond, VA 23236
Yes Dave, this is Jim. On the RP basket, there is an RP provision for an RP basket in
the new facility. It's a larger basket. The basket initially starts at $50 million and has a   Phone: 888-301-5399
$10 million per quarter builder to that comparable to 6.5 million on the previous facility,    Fax: 804-327-7554
and then also has a similar excess cash flow builder as well by quarter. So you know,
I think the company has demonstrated that it has a growing free cash flow attribute            info@vcall.com
and that the expectation would be that as we continue to grow free cash flow then we           www.vcall.com
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would continue to look at the regular quarterly dividend and returning capital back to
our shareholders.

<Q:> Thank you for that and just back to the FRAWG, you know, FRAWG wireless
plants. What was built into your business plan as far as what the ARPU would be from
that versus the legacy prepay. You know, would it bring down prepay ARPU over time
or what would sort of be the impact from FRAWG on prepay ARPU? Thanks.

James Hyde – nTelos – President & COO
You know, obviously for you know for competitive reasons we're not going to really
share what our kind of internal expectations around ARPU are and that thing. I will tell
you that we are quite pleased with the take rates. We expected in excess of 50% of
FRAWG customers to be signing up for the $30 rate and we are seeing that coming at
13%. So that's very encouraging. The second part of the question, we just really can't
kind of talk about what our internal plans were around ARPU.

Michael Moneymaker – nTelos – Executive VP & CFO
Yes Dave, I think another important attribute about this product is the fact that the cost
structure is dramatically lower than the current prepay product we offer, which really
allows the company to garner the same margin that we have on our existing products.

<Q:> That's helpful. Thank you.

Operator
Thank you. Our next question comes from the line of Michael McCormick with
JPMorgan Chase & Co. Please proceed with your question.

<Q:> Hi, thanks. Couple of things, first on your expectations for churn improvement
on the postpay side. Can you just give us a sense for what do you think the key
drivers are for that and then secondly there has been some discussion about Sprint
potentially rolling out you know, boost type products on the CDMA side. It is not
something that you guys taking a benefit from.

James Hyde – nTelos – President & COO
Sure. Hi Mike. Jim Hyde here. Thanks for the questions. Sure. We have seen a
sequential improvement in churn quarter-on-quarter, which is encouraging for us. That
I think signals the start of a recovery. Additionally, particularly we in our Virginia East
markets with the completion of our EVDO network upgrade, we are able now to
provide a robust selection of smart phone options. Many customers as you know are
switching to data capable devices nationally, and now we think we are in a very good
position to offer our customers that are doing upgrade or coming up for contract

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                                                             NTELOS Holdings, Corp. (NTLS)
                                              Second Quarter 2009 Earnings Conference Call
                                                                           August 06, 2009
                                                                                             Vcall
renewal, a great selection of smart phone options and so we are beginning to see
                                                                                             601 Moorefield Park Dr.
those take rates improve, you know, significantly on the back of that network upgrade.
                                                                                             Richmond, VA 23236
So that's a big piece of it, not an option. You know, a customer retention delivers,
customer retention programs continue to ramp up. I'll also add that our new Web              Phone: 888-301-5399
portal provides greater customer service capabilities, self-care options for our             Fax: 804-327-7554
customers. That's something that our customers have been telling us for quite some
time they would benefit from, and so with the launch of our Web portal, we think that        info@vcall.com
that's going to continue to drive some churn out of the business. On Sprint, yes you         www.vcall.com
                                                                                             www.investorcalendar.com
know, we're excited about the announcement of Boost rolling over on CDMA
networks. Obviously, we think that's an opportunity for them to, you know, drive some
growth here in our wholesale footprint and with that relationship so far they haven't
launched it on CDMA here, but we'll be ready for them when they do.

<Q:> Hi Jim, I know you have been beating the FRAWG thing a bit, but just your
thoughts on timing. You know, what was, why did you guys decided this is the right
time to try to come out with that?

James Hyde – nTelos – President & COO
That's a great question, you know. For us, what we saw happening is really a reset of
prepay pricing nationally, you know, and you're seeing that, I mean we are seeing
some price changes just in the last week from the Metros and the Crickets and even
the Track phones out there. And in Virginia East particularly where we've got the most
competition on the prepay front with Boost. Virgin you know, obviously is there,
certainly Leap is talking about coming there but you know, they are a good year, 18
months away. We felt that it was, you know, a good time to go out there and respond
to the reset that we've seen in prepaid nationally, but at the same time drive costs out
of the business and as you can see we are continuing to drive you know, what our
near best in class operating margins for a wireless company even when you compare
to our larger competitors.

<Q:> Great. Thanks guys.

James Hyde – nTelos – President & COO
Sure.

Operator
Thank you. Our next question comes from the line of Robert Dezego with SunTrust
Investment Services. Please proceed with your question.

<Q:> Good morning guys. Good quarter. Just two quick questions on the
expectations for the third-quarter for Sprint, given your expectations of how far below
that $27 million, the actual billing would be without the minimum, and I guess
ultimately you plan on breaking out in the future that way you have in the past?

James Quarforth – nTelos – CEO
Yes, we will break that out as we have in the past. We would tell you that the billing for
July was approximately $7.4 million. So similar to --




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                                                               NTELOS Holdings, Corp. (NTLS)
                                                Second Quarter 2009 Earnings Conference Call
                                                                             August 06, 2009
                                                                                                Vcall
James Hyde – nTelos – President & COO
                                                                                                601 Moorefield Park Dr.
Before the true up.
                                                                                                Richmond, VA 23236

James Quarforth – nTelos – CEO                                                                  Phone: 888-301-5399
Yes, the actual billing would be $9 million.                                                    Fax: 804-327-7554

James Hyde – nTelos – President & COO                                                           info@vcall.com
Right.                                                                                          www.vcall.com
                                                                                                www.investorcalendar.com
James Quarforth – nTelos – CEO
Similar to a couple of years ago when we established the $8 million minimum. You
know, I think this provides Sprint an incentive to grow the business and as they do
that and they will lower their cost structure. So, we will as Jim pointed out, I think in his
comments we will continue to build a $9 million minimum for the balance of this year.

<Q:> And your expectation that $7.4 million is that kind of low bar expectation for the
year or can that continue to drip downward until you get more data growth from Sprint.

James Quarforth – nTelos – CEO
I think the expectation is that data is going to continue to drive the wireless business.
So our expectation would be that Sprint like all the other carriers are going to continue
to see strong growth in both home data and travel data, which will drive that wholesale
revenue component.

<Q:> Okay, so you think the volume growth will be great enough to offset the
continuing declining rate that you're going to be getting from this, from them?

James Quarforth – nTelos – CEO
Well, it is not a continuing decline. We had to decline to a, from a kind of artificial
contract rate to 90% of their revenue yield. So we are getting 90% of the revenue
yield. That does reset every quarter based on their revenue yield, but for example, the
voice rates actually went up July 1st as a result of this, you know, a floating
mechanism on revenue yield. So we don't, you know, I think the key point here is that
we have a very nice margin on those rates, both voice and data and that they will
fluctuate up and down but clearly that fluctuation is tied to volume. So to the extent
that you have higher volume you may have a little lower rate, but you have a little
lower volume then you'll have a higher rate.

<Q:> Got it, and on the postpay ARPU, you know, including both voice and data, it
had been growing it you know, over 4% for the last several quarters on a year-over-
year basis. In this quarter it came in at around 2% and also most of the decline is on
the voice side. It looks like the voice part of that ARPU declined, you know, at more
than twice the rate of last quarter. Can you talk a little bit of what's happening on the
voice side of your post paid plans and what's driving that ARPU down and kind of
what your expectations are, you know, in the next few quarters?

James Hyde – nTelos – President & COO
Sure. You know, I think similar to what I think we've seen internationally in the space,
we are seeing voice pricing you know, come off just a little bit. We're seeing increased

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                                                              NTELOS Holdings, Corp. (NTLS)
                                               Second Quarter 2009 Earnings Conference Call
                                                                            August 06, 2009
                                                                                              Vcall
take rates in our unlimited plans. The other thing that's driving you know, the total
                                                                                              601 Moorefield Park Dr.
postpaid ARPU number is, you know the percentage, you know, that's coming in off of
                                                                                              Richmond, VA 23236
the data ARPU and you know, those smartcards coming at a lower access rate.
Specific to voice, I would expect as we look to the second half of the year. There'll be      Phone: 888-301-5399
a more of a leveling off than a decline, but a pickup on the data side.                       Fax: 804-327-7554

<Q:> Okay, and then finally when you guys gave your guidance initially was FRAWG              info@vcall.com
part of that guidance?                                                                        www.vcall.com
                                                                                              www.investorcalendar.com
James Hyde – nTelos – President & COO
Yes.

<Q:> Okay, thank you very much.

Operator
Thank you ladies and gentlemen, our next question comes from the line of David
Dixon with FBR Capital Markets. Please proceed with your question.

<Q:> Thank you. Good morning gentlemen. First off Mike, wondered if you could give
us some more details on any potential benefits that you may get from the continued
orders that is underway at Sprint estimated processing arrangement. I think you had
highlighted that there were some opportunities, some callback there. An update there
would be helpful, and perhaps just some update on your expectation for when we will
track above the $9 million run rate on wholesale. Clearly the focus is back on the retail
side of the business, which is fine, but I wanted to perhaps understand a better profile
I think for the outlook there, particularly as we see some of the transition of Sprint data
volumes going on the 4G Clearwire network. I'm wondering if they will be included in
the formula for travel data going forward. Obviously, some very high volumes moving
off the 3G network there, I wondered if that's incorporated into the formula, thanks
very much.

Michael Moneymaker – nTelos – Executive VP & CFO
This is Mike. I will start with I guess on the 2008. Again we, again as a reminder for
some participants that are new on the call, we did announce back in the first quarter
that we had a revision of 2008 results on a matter that we uncovered in our billing
process back in the first quarter. We continue to have discussions with Sprint. They
also are auditing and verifying their results in terms of you know, trying to just validate
you know, their findings and compared against ours. That process is still ongoing. It's
a very complex process as evidenced by how long it has taken for everyone to, for
them to go through and do a reverification on their end as well. So that is ongoing, as
we said previously, we think the amount that we adjusted in 2008 represents the
maximum amount and, you know, we remain you know, optimistic and look forward to
settling this with them in the future. In terms of the 2009 or the July 1, 2009 reset, as
Jim said, July, again it is one month the July came in at 7.4 compared to the $9 million
minimum. David, quite honestly there are so many variables involved here. As
someone earlier indicated, you know, is Sprint going to rule out Boost on CDMA? How
successful will they be? How much of a dramatic change will that be in traffic not only
in home but in data? Hoping that travelers coming to the network. I guess we can only
tell you as Jim indicated, you know, everyone tends to assume that it's a pricing resets

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                                                              NTELOS Holdings, Corp. (NTLS)
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or declines. In this case we saw a July 1 increase, in the voice range. Therefore, you
                                                                                              601 Moorefield Park Dr.
know, there are a lot of variables involved. Again we are seeing good strong growth
                                                                                              Richmond, VA 23236
there. We think, you know, they continue to perform well, and with the beneficiary of
that in this wholesale footprint. You can look over the last several years, data clearly is   Phone: 888-301-5399
explosive and continues to be explosive in the throughput, and now that we have               Fax: 804-327-7554
reset that rate while there will be, as Jim indicated, quarterly resets, we don't believe
in fact you know, they would not be of the magnitude as you've seen before, and if            info@vcall.com
you do look at our quarterly growth in travel data over the last two years since they         www.vcall.com
                                                                                              www.investorcalendar.com
entering into the amended contract, you know, four fold increase in travel data
revenues. And along the way we went from $0.99 per megabyte down to $0.59 for the
second quarter. So, substantial rate resets occurred during that period, yet the net
travel data grew fourfold over that period. That reset occurred in July 1. We should not
experience anything of that magnitude going forward in terms of reset. We think that
the throughput should be a catalyst that will close that gap. How quick, how long? A
lot of unknown variables at this point.

James Hyde – nTelos – President & COO
David, to your question on Clearwater, if you had a customer that moved over to a
Clearwater product, clearly that's not covered on our agreement but I think the way
the mechanism works is presumably our customers are going to be high bandwidth
customer, high usage customer and so that comes out of the, in that example that
comes out of the denominator and would have a propensity to actually increase rate.
If something, if you have large users move off and your rates stay the same, then our
rate will effectively go up.

James Quarforth – nTelos – CEO
I think the way to really think about the Sprint wholesale agreement as we look to the
future is really kind of look at Sprint themselves and say, you know, as they, if you
think that they are you know continuing to kind of move round the bend, and improve
their own operating results with the introduction of things like the Palm Pre and Boost,
you know, maybe getting some traction on CDMA and driving some volume there.
Just, you know, overall kind of recovery on the Sprint side, I think that's obviously
where they got the opportunity to close the gap against that minimum and then we
have the opportunity to benefit you know, as we break through that minimum albeit
with a very healthy $9 million monthly minimum, you know, through July 2015. So I
think we are in pretty good shape.

<Q:> That's very helpful and just to be clear there, as the Sprint customer and the
data customer moves off is still the Sprint customer moves on to the Clearway
network, the usage there comes out of that denominator?

James Hyde – nTelos – President & COO
That's right, because they're not on our network.

<Q:> Terrific. All right, thanks very much.

Operator
Thank you ladies and gentlemen. Our next question comes from the line of Gregory
Burns with Sidoti & Co. Please proceed with your question.

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                                                              NTELOS Holdings, Corp. (NTLS)
                                               Second Quarter 2009 Earnings Conference Call
                                                                            August 06, 2009
                                                                                              Vcall
                                                                                              601 Moorefield Park Dr.
<Q:> Hi guys.
                                                                                              Richmond, VA 23236

Michael Moneymaker – nTelos – Executive VP & CFO                                              Phone: 888-301-5399
Hi Greg.                                                                                      Fax: 804-327-7554

<Q:> In regards to the Rapid cable assets, I believe Shenandoah’s completed the               info@vcall.com
upgrade of those assets in a few of your markets. Are you seeing increased                    www.vcall.com
                                                                                              www.investorcalendar.com
competition there and do you offer the IPTV option in those networks -- in those
areas?

James Hyde – nTelos – President & COO
Hi Greg. Thanks for the question. Yes, you know, we've seen a little bit of activity from
Shentel, you know, in those areas but in terms of you know, impact on our business, it
is , we really haven’t seen anything. It's been negligible you know, to a point. On the
IPTV, we don't offer that product in those markets currently, but again so far we
haven't really seen much pressure from those guys with their cable offering.

Michael Moneymaker – nTelos – Executive VP & CFO
As a reminder, Comcast introduced voice competition in the Waynesboro, Augusta
County area in our ILEC, back in May of 2008, and as you've seen, you know, our
wireline business in the first and second quarter posted the highest level of adjusted
EBITDA results in the history. So, we performed very well and as we've said before
while churn is up, the component of the churn driven by cable competition is a very
small component of that churn.

<Q:> Okay, thanks and one more. The mix of gross adds, prepay, postpay has kind of
been trending towards the postpay side this quarter. Prepays were more prominent, I
guess given the early success of the FRAWG initiative and what you're seeing there
should, going forward, what should we expect to see there more prepay additions or
how should we think about it?

James Hyde – nTelos – President & COO
Yes, good question. Yes, I think the mix is very much so tied to the FRAWG launch in
the second quarter obviously and, you know, as we look to the future, we certainly you
know, plan for FRAWG that continue to be very successful in our Virginia East
markets. Having said that with the completion of the EVDO network upgrade in the
East, we also expect an improvement in our top line postpaid sales. So in terms of
how that's going to kind of come out over the next couple of quarters, I think all signs
point to north in terms of gross ads and in terms of the mix, it will be tied to really how
much FRAWG we bring in. But we think that's an underserved segment there that
we're now providing a great solution for. So we'll take as much of that business as we
can get.

<Q:> All right, sounds good. Thanks guys.

James Hyde – nTelos – President & COO
You bet.



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                                                             NTELOS Holdings, Corp. (NTLS)
                                              Second Quarter 2009 Earnings Conference Call
                                                                           August 06, 2009
                                                                                            Vcall
Operator
                                                                                            601 Moorefield Park Dr.
Thank you. Our next question comes from the line of Phil Cusick with Macquarie.
                                                                                            Richmond, VA 23236
Please proceed with your question.
                                                                                            Phone: 888-301-5399
<Q:> Hi guys. Can we shift back to the postpay business a little bit. Can you talk          Fax: 804-327-7554
about the mix of data devices in the gross adds in terms of blackberries, laptop cards,
things like that. Is that where the growth is coming in from the market, and then overall   info@vcall.com
in your region, do you feel like the growth in the industry has really come down or         www.vcall.com
                                                                                            www.investorcalendar.com
you're losing share to the other competitors out there? Thanks.

James Hyde – nTelos – President & COO
Hey, thanks for the question Phil. In terms of the mix, you know, we are seeing, in
terms of smart phones right now, you know, the suite of blackberries is the lead dog
by a large margin, but we are, with the introduction of some of the HTC devices, the
LG devices, we are beginning to see an increased take rate in those areas, you know,
the touch screens are gaining in popularity. So you know and we are happy that we've
got you know, we've got to see those devices in the line of this well, but right now
Blackberry is still a lead dog. In terms of losing share, we're not seeing them.
Remember, our sales continue to, our top line sales continue to you know, increase
on a year-over-year basis. So, you know, we are pleased with that growth, and, you
know, we see, on a market by market basis you know, kind of fluctuates, you know,
quarterly you know, for instance we saw a little bit of increase in West Virginia to
AT&T when they introduced the 3G you know, iPhone there, but again that's, you
know, those are nominal changes. They fluctuate a little bit quarter-to-quarter, but no
real kind of wholesale share changes in the markets that we can see.

<Q:> Great, thanks guys.

James Hyde – nTelos – President & COO
You bet.

Operator
Thank you. Our next question comes from the line of Alex Heidbreder with Millennium
Management. Please proceed with your question.

<Q:> Hi, good morning guys.

Michael Moneymaker – nTelos – Executive VP & CFO
Good morning.

<Q:> Can you remind us what happens to the wholesale agreement with Sprint if
Spring were to change of control?

James Quarforth – nTelos – CEO
Sure. Whether Sprint has a change of control or NTELOS has a change of control the
acquiring party has to honor the agreement. So the agreement survives in either case.

<Q:> And, like what's the shortest amount of time if sometime decides to opt out. How
they like the two-year, three-year lag.

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                                                               NTELOS Holdings, Corp. (NTLS)
                                                Second Quarter 2009 Earnings Conference Call
                                                                             August 06, 2009
                                                                                              Vcall
                                                                                              601 Moorefield Park Dr.
James Quarforth – nTelos – CEO
                                                                                              Richmond, VA 23236
They are require to honor the agreement through July 2015, and if they want to
overbill, they can begin an overbill a year and a half prior, but they cannot migrate         Phone: 888-301-5399
traffic until July of 2015. We have always viewed this as a, for Sprint and probably any      Fax: 804-327-7554
acquiring company as buy versus lease as opposed to a build versus lease.
                                                                                              info@vcall.com
<Q:> Excellent, and then last question I guess is on wireless net adds. I guess what's        www.vcall.com
                                                                                              www.investorcalendar.com
your process going forward this year to get it back to positive?

James Hyde – nTelos – President & COO
Right. Thanks for that Alex. Jim Hyde, I will take that one. In terms of the net add
development, obviously we were slightly negative in Q2 as reported and that's really
kind of a function of the seasonal drop from Q1 to Q2 that we see annually in gross
adds. And we saw that drop from Q1 to Q2 as well. Yet, on the back of good solid
subscriber, you know, growth in 2008, obviously when you're running sort of a
consistent churn number you know, it's more DX off of a larger base against, you
know, fewer gross adds, even though our gross adds were up 4% year-over-year,
which we think you know, represented solid growth. Having said that we, if you kind of
look at where we are coming in, in the first half of the year with positive subscriber
development, and while we don't give you net add guidance, we expect to be positive
in the second half of the year as well as churn improves in our top line sales stay
strong.

<Q:> And last question is I saw that you guys had built in flexibility in regards to the
wireline operations in the new credit facility. Can you just about that a little bit and if
there any intention of doing anything there?

James Quarforth – nTelos – CEO
Sure, I guess we get that question pretty often relative to the May 2010 date where
the company could separate the businesses and avoid a punitive corporate tax. You
know, clearly as we have stated before the board actively looks at various strategic
alternatives available to the company, and so when we went through the refinancing,
we wanted to be sure that all of the alternatives that the board has or will consider can
be accommodated by that credit facility. So no action or decision has been made by
the board as to how any strategic direction by the company, but clearly we have the
flexibility to what we would like to do, which we think is very helpful. As you see these
industries mature and you see consolidation. It is important that the company has the
flexibility and be able to maintain the credit facility in place through its term.

<Q:> No, actually sorry, one follow-up to that, what do you guys see as the regulatory
environment in Virginia for the RLEC, do you see any threats on the horizon, and if
you guys were to decide to do something with that in the future, is that subject to sort
of regulatory risk since it is such a well-run RLEC right now?

James Quarforth – nTelos – CEO
Well, rarely if you do something with a RLEC, it requires approval from the State
Corporation Commission. We have seen other transactions within the state be
approved by the State Corporation Commission, and we don't view that as anything

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                                                             NTELOS Holdings, Corp. (NTLS)
                                              Second Quarter 2009 Earnings Conference Call
                                                                           August 06, 2009
                                                                                            Vcall
that would be problematic at all. But certainly something that I hooe that you to go
                                                                                            601 Moorefield Park Dr.
through if you go down that path.
                                                                                            Richmond, VA 23236

<Q:> But just in terms of the current regulatory environment for your guys?                 Phone: 888-301-5399
                                                                                            Fax: 804-327-7554
James Quarforth – nTelos – CEO
Yes, we're currently what is referred to as lightly regulated under the Virginia statute,   info@vcall.com
which is different than the larger companies like Verizon and Embarq and effectively        www.vcall.com
                                                                                            www.investorcalendar.com
what it means is that while we are still regulated, we have the ability to impact rates
without going through the commission, provided that we don't have a large number of
customers react in a negative manner. In fact in this last quarter, we actually had a
rate increase in the ILEC that was put in place, and effectively, automatically
approved. We had only one customer that complained. So a lot of flexibility. I think the
smaller companies in the State of Virginia are viewed very positively by the State
Corporation Commission, predominantly because of the very high-quality service
levels and the fact that we are continuing to invest in our business and we are
providing best in class services in our market areas. For example, 97% of our
customers have DSL capability at 6 meg speed, and as we have talked about, we are
continuing to invest in fiber directly to the premise, and offering our customers very
high-quality both data and video services. So the commission obviously has a very
favorable view on the company.

<Q:> Good work guys. Thanks.

Operator
Thank you. Ladies and gentlemen as a reminder if you’d like to ask a question you
may do so by pressing *1 on your telephone keypad at this time. Our next question
comes from the line of Ric Prentiss with Raymond James. Please proceed with your
question.

<Q:> Thanks. Two quick follow-up guys. First with the sprinter rate reset going back
July 1, what are your thoughts as far as return on capital as far as putting in more cell
sites as we look into the second half of this year and into the next year. Any updates
as far as what you are kind of seeing as far as the volume on a per cell site basis?

James Quarforth – nTelos – CEO
You know Ric on the cell sites, typically whether it is cell sites or any of the capital
project and that we have in the company, wireless or wireline, it requires a minimum
20% IRR. Obviously you may have a couple of cell sites in the core network you
would do from a quality standpoint, but, so I think the expectation there is that we
would be doing that same evaluation, but predominantly your capital and the return on
capital is probably going to come more from the retail side and more from the
reducing roaming expense. At this point, Sprint continues to turn around and start
growing all four of those billing elements and break into the 9 million minimum. Then
certainly that component will build back into the calculation. I think Mike talked about
earlier that we kind of front-end loaded our capital this year. Some of that started in
EVDO build in Richmond, and so the capital spend for the balance of the year will be
less and should fall in line with our guidance that we provided.



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                                                             NTELOS Holdings, Corp. (NTLS)
                                              Second Quarter 2009 Earnings Conference Call
                                                                           August 06, 2009
                                                                                             Vcall
Michael Moneymaker – nTelos – Executive VP & CFO
                                                                                             601 Moorefield Park Dr.
As a reminder, Ric back in the first quarter after assessing the impact of the revised
                                                                                             Richmond, VA 23236
rates and the billing correction, we did a forecast. We updated guidance, we did lower
our CapEx, and part of that was reassessing indeed the return. We did take some cell         Phone: 888-301-5399
sites out in that revised forecast, but still have a number of cell sites as Jim indicated   Fax: 804-327-7554
that we think our retail and our in turn our roaming cost will benefit from the addition.
So we still have probably in the zone of 50 to 60 cell sites in the plan for 2009, and       info@vcall.com
that is just really to continue to improve upon the quality and the network, cut the         www.vcall.com
                                                                                             www.investorcalendar.com
roaming cost, and also address, you know, Sprint still paying us on a go forward basis
here, that is 108 million a year. And as such they are very important customer, and we
will work with them as we have in the past, and continue to work with them for areas
where they have demands, and historically that acts very well with our own retail
demand. But we definitely do recalculate the return on capital and done so for this
year.

<Q:> Okay and then as we, think kind of high level, not to box you into any 2010
numbers, think of 2010 versus 2009, CapEx, you would expect it to come down a little
bit given that the Rev A project is done, given the Sprint return on invested capital
kind of review that you did earlier this year. That kind of safe assumption to think just
macro level?

James Quarforth – nTelos – CEO
Yes, Ric, I think those were fairly good assumptions. I would also say that this year we
had about $10 million CapEx project within our Web portal, and our prepaid billing
platform that we won't have next year. So you know those were kind of one time
expense.

Michael Moneymaker – nTelos – Executive VP & CFO
Yes, I think within the wireline segment, I think it is important to note that we did have
in 2009 the completion of two very important, very strategic fiber builds, long haul fiber
routes that cut some of our internal cost as well as create new opportunities. We're
pretty excited about the opportunities in the fiber build that we are going to Ashburn
up route 29, we bypass several new markets have already had demand, have already
had services lined up in that new corridor in right out of the gate, and are having
active dialog on other customers. We got a great reputation in the sectors that we
focus on, and frankly that reputation kind of feeds upon itself. It is a great resume of
the service quality that we provide to hospitals, universities, governments, banking et
cetera. And as a result of that we have been successful there. I think in terms of
capital, 2009 is one where we want to build upon that success. It is pretty exciting that
we kind of lead this, what I call the cornerstone. If you think about it, EVDO upgrades
and the long haul fiber routes, those are cornerstones to build from. And we look
forward to leveraging that embedded one-time cost that we incur to put those in place.

<Q:> One follow up also, U.S. Cellular today with their call getting ready to start, had
some weak net adds, pointing to the economy, introductions of more prepaid
competition, but also threw a little shot as some of the larger guys saying the
exclusivity contracts with handsets, particularly the iPhone and then left unnoticed
others. By just saying that they had felt an impact, they felt in the quarter, any



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                                                              NTELOS Holdings, Corp. (NTLS)
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                                                                            August 06, 2009
                                                                                               Vcall
thoughts from your side as far as what you are seeing from the regulatory front about
                                                                                               601 Moorefield Park Dr.
exclusivities and what it might mean, sorry, fighting a cold, for you guys?
                                                                                               Richmond, VA 23236

James Hyde – nTelos – President & COO                                                          Phone: 888-301-5399
Yes, sure. Hi Ric. On the US cellular, specifically I think there is a number of things        Fax: 804-327-7554
that they are talking about and pointed to that are impacting their results, and some of
which I don't think you know, I would paint nTelos sort of with the same brush. We             info@vcall.com
took a look of those results to and said, while we're not seeing that, but let us be smart     www.vcall.com
                                                                                               www.investorcalendar.com
about this and kind of look to the future. For instance, we kind of took a look at their
pricing in some of their coal markets and to us it seems like they have been a little
slow to respond in terms of some of the competitive pricing that they are seeing in
their own markets.

We think we have done may be a, we have taken a slightly different approach in our
markets, and remain maybe a little bit more competitive, and I think that is probably
impacting them a little bit. I don't want to necessarily speak for them, but it seems to
me that that is evident. On the handset exclusivity, you know that is something that I
would say nTelos has been dealing with for ever, whether they were explicit exclusive
deals like the iPhone or the Blackberry Storm or even the Palm Pre or whether they
were the big guys just gobbling up all the capacity of the handset manufacturers on a
great new device.

Any relaxation from a regulatory perspective on these exclusive deals, certainly we
think we will be able to profit from, but up to this point hadn't really impacted our sales.
In Q1, we had a record sales quarter in terms of new gross adds, in Q2 we are up 4%
versus last year. So while those deals, certainly we are not real happy with them. We
have had to compete with those deals with that type of environment forever, and I
think we are in pretty good shape in terms of our handset line up right now.

<Q:> Great. Thanks guys.

James Hyde – nTelos – President & COO
You bet.

Operator
Thank you. Ladies and gentlemen, we have no further questions. At this time, I would
like the floor back to Mr. Wes Wampler.

Wesley Wampler – nTelos – Investor Relations Director
Thank you. As a reminder, a replay of this call and an archive of the audio web cast
will be available. Please refer to our investor relations website for details. Please also
feel free to contact us anytime with questions. The media should contact Mike Minnis
at 540-946-7290. Investors please contact me at 540-949-3447. Thank you again for
joining us this morning and this concludes our call.

Operator
Once again ladies and gentlemen this concludes today’s teleconference and you may
disconnect your lines at this time. Thank you for your participation.



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