Operating highlights for the quarter include:

Operating revenues for third quarter 2009 of $135.7 million

Adjusted EBITDA (a non-GAAP measure) of $56.6 million, representing a 41.7% margin

Adjusted EBITDA less capital expenditures of $35.2 million for third quarter 2009; $84.0 million year to date

Wireless total sales (gross additions) of 43,373, up 5% from third quarter 2008 and up 14% from second quarter 2009

FRAWG unlimited prepay sales (gross additions) of 17,926

Smart phone and data card sales were 30% of postpay gross additions, up from 23% in third quarter 2008

Wireless postpay data ARPU (a non-GAAP measure) up $0.38 or 4% from last quarter; up 29% from third quarter 2008

Wireline adjusted EBITDA of $18.6 million, a quarterly record, up 8% from third quarter 2008

Competitive Wireline adjusted EBITDA sets quarterly record at $7.5 million, up 24% from third quarter 2008

"We continue to experience year-to-date sales growth and we are especially pleased with the early success of our new FRAWG product," said James S. Quarforth, CEO of NTELOS Holdings Corp. "It is clear from our third quarter sales results that prepay unlimited plans are preferred by many customers and our FRAWG products are meeting their needs. Our postpay data ARPU continued its growth trend through the quarter -- up 29% year over year and now solidly over ten dollars. Our wireline business performed impressively again for the quarter with significant revenue growth from several of our strategic products driving another record level of adjusted EBITDA."

Recent Developments

Increase and Declaration of Dividend: On November 3, 2009, the Board of Directors of NTELOS Holdings Corp. declared a quarterly cash dividend on its common stock in the amount of $0.28 per share, an increase of 8%, to be paid on January 12, 2010 to stockholders of record on December 14, 2009.

Closing of Refinancing: On August 7, 2009 the Company closed on the refinancing of the existing first lien term loan of its wholly-owned subsidiary, NTELOS Inc. In connection with the refinancing, NTELOS Inc. entered into a new $635 million first lien term loan maturing August 7, 2015, together with a $35 million revolving credit facility maturing August 7, 2014. NTELOS Inc. used proceeds of the new first lien term loan to pay off its outstanding $603 million first lien term loan and to pay closing costs and other expenses related to the transaction, including unwinding its interest rate swap agreement, with the remaining proceeds of approximately $4 million available for general corporate purposes. Pricing on the new first lien term loan was set at LIBOR plus 3.75% with a LIBOR minimum of 2%, and sold at $99 per $100 of principal amount, or 1% OID.

Share Repurchase Program: On August 24, 2009, the Company announced that its Board of Directors had approved a share repurchase program authorizing management to repurchase up to $40 million of NTELOS' common stock. During the third quarter of 2009, 118,340 shares were repurchased for $1.9 million.

Fiber Network Expansion: In September 2009, NTELOS completed a fiber optic route from Charlottesville to Ashburn, Virginia, replacing leased services and providing interconnection to the Internet hub in Ashburn. In addition to cost savings from bringing traffic on-network, this route creates revenue opportunities for both wholesale and enterprise sales in three new key markets. The capital expenditure for this expansion was approximately $4.5 million.

Agreement to Acquire Fiber Optic Assets: The Company announced on October 6, 2009 that it executed an agreement to purchase certain fiber optic and network assets and related transport and data service contracts from Allegheny Energy, Inc. The purchase includes approximately 2,200 route-miles of fiber located primarily in central and western Pennsylvania and West Virginia, with portions also in Maryland, Kentucky and Ohio. Closing, which is expected by year-end 2009, is subject to regulatory approvals and customary closing conditions. Projected 2009 service revenues, including revenues from NTELOS, and adjusted EBITDA, pro forma for the terms and conditions of the agreement, on this fiber network are approximately $8.0 million and $4.5 million, respectively. The purchase price for the transaction assets is approximately $27 million.

FRAWG Wireless: Third quarter 2009 represents the first full quarter results for the FRAWG Unlimited Wireless sub-brand in the Richmond and Hampton Roads, Virginia markets. FRAWG plans feature competitive price points, but acquisition costs for the Company are substantially lower than with traditional offerings due to reduced handset subsidy and sales costs. FRAWG gross additions for the quarter were 17,926, with 84% of sales at the top two price tiers of $40 and $50 per month.

"The power of n" Marketing Campaign: A new marketing campaign was launched during third quarter emphasizing the strength of NTELOS' newly upgraded network and focusing on "worry-free wireless," highlighting new overage alerts and increased flexibility for wireless customers and customer service that is always local and always best in class. Concepts of the campaign may be viewed on the NTELOS web site at http://www.nteloswireless.com/powerofn/.

Business Segment Highlights

Wireless

Wireless operating revenues for the third quarter 2009 were $104.2 million, compared to $103.9 million for the third quarter 2008. Adjusted EBITDA for Wireless was $39.1 million and $40.6 million for the third quarters of 2009 and 2008, respectively. Revenues from the Sprint wholesale agreement were $27.1 million, supported by the $9.0 million per month minimum and reflecting the previously announced travel data rate reset effective July 1, 2009. This rate reset, based on 90% of Sprint's revenue yield, was provided for in the Sprint wholesale agreement in recognition of significantly increased throughput that would occur upon the completion of the EV-DO upgrade.

Retail wireless subscribers were 438,303 at September 30, 2009, a 3% increase from 427,028 at September 30, 2008. Wireless gross subscriber additions for third quarter 2009 were 43,373, up 5% from 41,322 in third quarter 2008, reflecting the significant sales success of the new FRAWG prepay product in the Virginia East markets. Net wireless subscriber change for third quarter 2009 was a loss of 3,786. Churn rates for the third quarter 2009 reflected typical seasonal increases and also continued to be influenced by macro economic conditions, with total monthly subscriber churn of 3.6% and postpay churn of 2.4%, both higher than churn from third quarter last year. Involuntary postpay churn levels remain higher year over year, representing 43% of the churn in third quarter 2009 compared to 34% in third quarter 2008.

Postpay ARPU was $57.53 for the third quarter of 2009, compared to $57.85 for the third quarter 2008 and up from $57.28 in the previous quarter. Postpay data ARPU continued to show solid growth, increasing $2.33, or 29%, from $7.93 in third quarter 2008 to $10.26 in third quarter 2009. Sequentially, postpay data ARPU is up 4%, or $0.38, compared to second quarter 2009. On a total customer basis, ARPU for third quarter 2009 was $53.22, down $1.87 from third quarter last year reflecting declining prepay ARPU driven in part by the transition to the FRAWG model of lower prices but also low subsidies and sales costs.

A new prepay billing platform, which provides increased functionality for customers, was successfully implemented in the third quarter 2009. Significantly, the use of data cards and true pay-per-day functionality became available to prepay customers for the first time beginning October 1, 2009.

"Churn remains a challenge, but we are confident that it will improve with the economic recovery, especially in levels of involuntary churn," said Quarforth. "This, combined with our continued sales strength due to our EV-DO capabilities, robust handset line-up, broader distribution and generally positive fourth quarter seasonal trends, provides optimism for the remainder of the year with regard to wireless subscribers."

Wireline

Wireline operating revenues for the third quarter 2009 were $31.3 million, compared to $31.1 million for the third quarter 2008. Adjusted EBITDA for Wireline increased 8% year over year, from $17.1 million in third quarter 2008 to $18.6 million in third quarter 2009.

RLEC: RLEC revenues for the third quarter of 2009 were $14.4 million, down 5% from third quarter 2008 as an increase in tandem switched access revenues from other carriers partially offset a 7% decline in access lines. Despite line losses, RLEC adjusted EBITDA remained at levels consistent with the prior year, reflecting impacts from expense reduction initiatives.

Competitive Wireline: Revenues from wireline strategic products increased approximately $0.9 million, or 7%, to $14.0 million in third quarter 2009 from $13.1 million in third quarter 2008, due to customer growth and continued growth in data connectivity and bandwidth demand. Several high-speed data and transport products showed significant revenue growth year over year: Private Line/Transport, up 12%; Integrated Access, up 7%; Metro Ethernet, up 30%; Broadband over fiber, up 82%; and IPTV video, up 183%. Broadband growth in the RLEC footprint continued with a year-over-year gain of 1,020 customers, increasing customer penetration from 44% at September 30, 2008 to 52% at the end of third quarter 2009. Third quarter 2009 adjusted EBITDA for Competitive Wireline was up 24% from third quarter last year.

"Our wireline business continues to outperform the industry with another solid quarter," stated Quarforth. "Our high-bandwidth data products are the main drivers of revenue and adjusted EBITDA growth. Our recent fiber network expansion to the Internet hub in Ashburn and, when completed, the Allegheny acquisition, will nearly double the route- miles of our fiber network, allowing expansion of these same successful strategic products and services."

Capital expenditures for the third quarter 2009 were $21.5 million and were $91.0 million for the first nine months of 2009. The year to date amount reflects heavier spending levels in the first half of the year for several projects, including the wireless EV-DO upgrade, fiber expansion and wireline core data network upgrades, and corporate IT upgrades for the new prepay billing platform and a web portal.

"Overall, our third quarter results demonstrated stability considering the nearly $3 million revenue reduction related to the Sprint wholesale travel data rate reset and sluggish macro economic conditions," said Quarforth. "Sales of the new FRAWG wireless products are most encouraging and we are now preemptively well-positioned against future competitive products in these markets. Trends in data ARPU growth remain strong, surpassing the ten dollar level. Our wireline segment continues its solid and growing contributions and network expansion will be a significant further catalyst."

"We have updated our 2009 guidance to reflect our year to date results," concluded Quarforth. "While the economy has clearly been a factor in our subscriber growth this year, we believe our net income and free cash flow growth over previous year will be approximately 30% and 32%, respectively."

Business Outlook

The following statements are based on management's current expectations. These statements are forward-looking and actual results may differ materially. Please see "Special Note from the Company Regarding Forward-Looking Statements."

The Company expects 2009 consolidated operating revenues to range between $549 million and $553 million; consolidated adjusted EBITDA to range between $227 million and $230 million; and capital expenditures to range between $107 million and $108 million. Net income attributable to NTELOS Holdings Corp. for 2009 is expected to be between $56 million and $60 million. Expenditures related to the acquisition of fiber optic assets from Allegheny Energy, Inc. are not included in 2009 Wireline capital expenditure outlook. Please see the Business Outlook exhibit with this press release for additional guidance detail.

Non-GAAP Measures

Adjusted EBITDA is defined as net income attributable to NTELOS Holdings Corp. before interest, income taxes, depreciation and amortization, accretion of asset retirement obligations, loss on interest rate swap agreement, net income attributable to noncontrolling interests, other income, non-cash compensation charges and voluntary early retirement charges.

ARPU, or average monthly revenues per subscriber/unit with service, is computed by dividing service revenues per period by the weighted average number of subscribers with service during that period. Please see the footnotes in the exhibits for a complete definition of this measure.

Adjusted EBITDA and ARPU are non-GAAP financial performance measures. They should not be considered in isolation or as an alternative to measures determined in accordance with GAAP. Please refer to the exhibits and materials posted on the Company's website for a reconciliation of these non-GAAP financial performance measures to the most comparable measures reported in accordance with GAAP and for a discussion of the presentation, comparability and use of such financial performance measures.

Note: Subsequent to the Company's filing of its Annual Report on Form 10-K for the year ended December 31, 2008, the Company discovered an error related to the billing information used by the Company for billing services to Sprint under its Strategic Network Alliance agreement. A portion of network usage by Sprint customers had been incorrectly classified in the Company's billing process. As a result, wireless wholesale revenue was overstated by approximately $3.9 million in 2008 ($2.4 million after tax, or $0.06 per share). Quarterly for 2008, this amount is estimated to be $0.2 million, $0.9 million and $2.8 million in the second, third and fourth quarters 2008, respectively. The Company assessed the materiality and determined that the error was immaterial to previously reported amounts contained in its periodic reports. The Company's financial statements for the fiscal 2008 quarterly periods have been adjusted to reflect the effect of this immaterial error.

About NTELOS

NTELOS Holdings Corp. is an integrated communications provider with headquarters in Waynesboro, VA. NTELOS provides products and services to customers in Virginia, West Virginia, Kentucky, Ohio, Tennessee, Maryland and North Carolina, including wireless phone service, local and long distance telephone services, IPTV-based video services, and data services for internet access and wide area networking. Detailed information about NTELOS is available at www.ntelos.com.

SPECIAL NOTE FROM THE COMPANY REGARDING FORWARD-LOOKING STATEMENTS

Any statements contained in this presentation that are not statements of historical fact, including statements about our beliefs and expectations, are forward-looking statements and should be evaluated as such. The words "anticipates," "believes," "expects," "intends," "plans," "estimates," "targets," "projects," "should," "may," "will" and similar words and expressions are intended to identify forward-looking statements.