NTELOS Holdings Corp. Announces Revised 2009 Financial Guidance

Company Announces Selected First Quarter 2009 Results

Sets First Quarter 2009 Earnings Release Date of April 30, 2009
WAYNESBORO, Va.--(Business Wire)--
NTELOS Holdings Corp. (NASDAQ: NTLS), a leading provider of wireless and
wireline communications services (branded as NTELOS) in Virginia and West
Virginia, today announced revised 2009 financial guidance and selected first
quarter 2009 results.

* Wireless wholesale revenue projections revised for the first half of 2009 to
reflect corrected Sprint usage information
* Changes to guidance also reflect recent operating trends, the current economic
environment and implementation of cost saving initiatives
* Strong wireless data usage continues to be the primary driver of growth. For
the first quarter, smartphones and aircards represented a record 26% of postpay
gross adds
* Management affirms prior guidance for 2009 free cash flow growth of 25%-35%
* Quarterly dividend rates unaffected by updated guidance

The revised guidance reflects the recent correction by NTELOS of billing
information used by the Company related to its Strategic Network Alliance
agreement with Sprint Nextel ("Sprint"), recent trends in the business, and
management's expectations for the remainder of 2009 in light of the current
economic conditions. The Company has taken initiatives to offset the impact of
these elements, and the revised guidance reflects these initiatives as well.

Changes to Sprint-related revenue include the discovery that portions of usage
by Sprint customers had been incorrectly classified in the Company`s billing
process, for Sprint billing only. Wireless wholesale revenue was overstated by
approximately $3.9 million, or 0.7% of previously reported consolidated revenue,
in 2008, which is not considered material. In addition, guidance for the first
six months of 2009 reflected this overstated trend, which has now been adjusted
in the updated guidance. As previously reported, Sprint-related revenues for the
second half of 2009 are expected to be at the $9 million monthly minimum due to
the July 1, 2009 travel data rate reset provided for in the Sprint agreement.

"For 2009, the Sprint adjustment has a one-time, first-half revenue impact. As
illustrated by our guidance, we do not expect this change to prevent NTELOS from
achieving solid growth this year," said James S. Quarforth, Chief Executive
Officer of NTELOS. "Robust growth in data revenue from our core retail customers
is driving continued overall growth in the wireless division. Additionally, our
wireline division had a strong first quarter and is on track for a record year
of profitability."

"Nevertheless, the economic conditions are having an impact on certain metrics,
in particular prepaid wireless ARPU and overall wireless churn, similar to what
we experienced in the second half of 2008," continued Quarforth. "We are taking
appropriate steps operationally, and we have implemented a number of cost saving
initiatives Company-wide. As a result, we expect to achieve our previous
guidance of free cash flow growth of 25% to 35% over 2008."

NTELOS now expects 2009 consolidated operating revenues to be between $562
million and $571 million. Wireless operating revenues are expected to be between
$438 million and $444 million, with total wireless wholesale and roaming
revenues of $116 million to $118 million. Total wireline operating revenues are
expected to be between $124 million and $127 million. Operating income is
expected to be between $123 million and $134 million and net income is expected
to be between $59 million and $67 million. Consolidated adjusted EBITDA is now
expected to be between $230 million and $236 million. Wireless adjusted EBITDA
is now expected to be between $167 million and $171 million and wireline
adjusted EBITDA is now expected to be between $69 million and $71 million.

Consolidated capital expenditures for 2009 are expected to be between $109
million and $115 million. Wireless capital expenditures are expected to be
between $58 million and $62 million; Wireline between $32 million and $34
million; and Other to be approximately $19 million.

Using the midpoints of these new guidance ranges, 2009 operating income is
projected to be 11% over 2008; Net income to be 40% over 2008; and free cash
flow to be more than 33% over 2008 free cash flow.

The Company currently estimates that the impact of the Sprint correction for
2008 financial results will be a reduction of wireless wholesale revenues and
adjusted EBITDA of $3.9 million ($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 second, third and fourth quarters 2008, respectively.
Revised 2008 consolidated operating revenues are estimated to be $535.9 million,
operating income to be $115.6 million, net income to be $44.8 million, and basic
and diluted earnings per share to be $1.07 and $1.06, respectively. Revised 2008
consolidated adjusted EBITDA is estimated to be $223.2 million. The final impact
for 2008 will be reflected for comparative purposes through revisions to 2008
results in subsequent quarterly releases and filings.

"2008 was a successful year across our business lines," said Quarforth. "The
Sprint adjustment does not affect the many areas that experienced growth in 2008
and continue to grow in 2009. As noted previously, we experienced a 49%
year-over-year increase in postpay data ARPU in fourth quarter 2008, even though
almost 40% of our EV-DO sites were in service for only part of the quarter.
Similarly in wireline, revenue and customer growth related to fiber capital
investments in 2008 will be fully realized in 2009 and beyond, as the majority
of these projects were in service for less than half of 2008."

The Company`s compliance with its financial covenants or its ability to continue
the payment of dividends is not affected by these matters.

Selected First Quarter 2009 Results

Wireless gross subscriber additions for first quarter 2009 were 50,426, up 7%
from 46,953 in first quarter 2008. Postpay gross subscriber additions, which
generally represent higher-paying customers with long-term contracts, were
23,205 for first quarter 2009, an increase of 34% over the prior year.
Smartphone and air card sales for the quarter represented 26% of postpay sales.

"The first quarter followed a recent trend of strong postpay gross additions,
and the record sales of smartphones and aircards positions the Company well for
continued growth in data revenue," stated Quarforth. "We continue to focus on
leveraging our investment in EV-DO to attract high value customers to our
network."

Total wireless monthly subscriber churn was 3.1% for the first quarter 2009,
slightly improved from the previous quarter. Postpay churn for the quarter was
2.2%, slightly higher than the previous quarter. Net wireless subscriber
additions for first quarter 2009 were 9,467. Postpay growth for first quarter
2009 was 3,261, or 34% of the total, compared to 12% of the total for first
quarter 2008.

Total long-term debt at March 31, 2009 was approximately $606.5 million, with
cash and cash equivalents of approximately $65.6 million.

Wireless wholesale revenues derived from the Strategic Network Alliance
Agreement with Sprint were approximately $28.8 million for first quarter 2009
compared to approximately $24.0 million for first quarter 2008.

NTELOS expects to announce final first quarter 2009 financial results on April
30, 2009 and to host a conference call the following morning, May 1, 2009, to
discuss operating results for the quarter and changes to 2009 company guidance.

Quarforth concluded, "To reiterate my comments from our February 26, 2009
release, our catalysts for growth are in place and we remain confident that in
2009 we will grow revenues, adjusted EBITDA and free cash flow, as a result of
our growth in customers and data ARPU."

Business Outlook

The 2009 financial guidance contained in this press release is based on
management`s current expectations. This guidance is forward-looking and actual
results may differ materially. Please see "Special Note from the Company
Regarding Forward-Looking Statements."

NTELOS First Quarter 2009 Earnings Conference Call

May 1, 2009, 10:30 A.M. (ET)
Domestic Dial in number: 877-407-8031
International Dial in number: 201-689-8031
Account #: 286
Confirmation ID: 320066
Audio webcast: http://ir.ntelos.com/

Non-GAAP Measures

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

Free cash flow is defined as adjusted EBITDA less capital expenditures.

Adjusted EBITDA and free cash flow 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.

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. Such forward-looking
statements reflect, among other things, our current expectations, plans and
strategies, and anticipated financial results, all of which are subject to known
and unknown risks, uncertainties and factors that may cause our actual results
to differ materially from those expressed or implied by these forward-looking
statements. Many of these risks are beyond our ability to control or predict.
Because of these risks, uncertainties and assumptions, you should not place
undue reliance on these forward-looking statements. Furthermore, forward-looking
statements speak only as of the date they are made. We do not undertake any
obligation to update or review any forward-looking information, whether as a
result of new information, future events or otherwise. Important factors with
respect to any such forward-looking statements, including certain risks and
uncertainties that could cause actual results to differ from those contained in
the forward-looking statements, include, but are not limited to: rapid
development and intense competition in the telecommunications industry; adverse
economic conditions; leverage; operating and financial restrictions imposed by
our senior credit facilities; our cash requirements; increased competition in
our markets; declining prices for our services; changes or advances in
technology; the potential to experience a high rate of customer turnover; our
dependence on our affiliation with Sprint Nextel ("Sprint"); a potential
increase in the roaming rates we pay; wireless handset subsidy costs; the
potential for our largest competitors and Sprint to build networks in our
markets; the potential loss of our licenses; federal and state regulatory
developments including developments that could negatively affect our revenues
from network access charges and the universal service fund; loss of our cell
sites; the rates of penetration in the wireless telecommunications industry; our
capital requirements; governmental fees and surcharges; our reliance on certain
suppliers and vendors and the transition of our prepay billing services to a new
vendor; the potential for system failures or unauthorized use of our network;
the potential for security breaches of our physical facilities; the potential
for patent and other intellectual property right infringement claims; the
potential loss of our senior management and inability to hire additional
personnel; the trading market for our common stock; the potential influence over
us by our largest stockholder, Quadrangle; our ability to pay dividends;
provisions in our charter documents and Delaware law; and other unforeseen
difficulties that may occur. These risks and uncertainties, as well as other
risks and uncertainties that could cause our actual results to differ
significantly from management`s expectations, are not intended to represent a
complete list of all risks and uncertainties inherent in our business, and
should be read in conjunction with the more detailed cautionary statements and
risk factors included in our SEC filings, including our Annual Reports filed on
Forms 10-K.

Exhibits:

* Wireless Customer Detail
* Customer Summary Table

NTELOS Holdings Corp.
Wireless Customer Detail
Quarter Ended: 3/31/08 6/30/08 9/30/08 12/31/08 3/31/09
Total Wireless Subscribers
Beginning Subscribers 406,795 421,265 425,880 427,028 435,008
Prepay 115,068 127,765 127,419 123,451 123,999
Postpay 291,727 293,500 298,461 303,577 311,009

Gross Additions 46,953 36,559 41,322 48,964 50,426
Prepay 29,586 17,900 17,727 22,888 27,221
Postpay 17,367 18,659 23,595 26,076 23,205

Disconnections 32,483 31,944 40,174 40,984 40,959
Prepay 16,120 17,456 20,969 21,579 20,170
Postpay 16,363 14,488 19,205 19,405 20,789

Net Additions 14,470 4,615 1,148 7,980 9,467
Prepay 13,466 444 (3,242 ) 1,309 7,051
Postpay 1,004 4,171 4,390 6,671 2,416

Ending Subscribers 421,265 425,880 427,028 435,008 444,475
Prepay 127,765 127,419 123,451 123,999 130,205
Postpay 293,500 298,461 303,577 311,009 314,270

Postpay subscriber growth for first quarter 2009 of 3,261 consists of net additions of 2,416 and conversions of prepay customers to postpay of 845.

NTELOS Holdings Corp.

Customer Summary Table
Quarter Ended: 3/31/08 6/30/08 9/30/08 12/31/08 3/31/09
Wireless Subscribers 421,265 425,880 427,028 435,008 444,475
RLEC Total Access 43,260 42,777 41,989 41,135 40,343
Lines
RLEC Residential 28,303 27,870 27,124 26,513 25,893
Access Lines
CLEC Access Lines 1 49,273 49,555 49,856 49,899 49,499
RLEC Broadband 12,364 12,701 13,010 13,358 13,791
Customers 2
Total Broadband 20,890 21,371 21,825 22,505 22,846
Connections 2
Long Distance 48,715 49,069 49,027 48,655 48,240
Subscribers

1 Includes customer Primary Rate Interface (PRI) line equivalents at 23 lines per PRI. Excludes intercompany PRI lines.
2 Includes DSL, dedicated Internet access, wireless portable broadband, broadband over fiber and metro Ethernet. All revenues from broadband products, including RLEC broadband, are recorded in the operating revenues of the Competitive wireline
segment.

NTELOS Holdings Corp.
Wesley B. Wampler, 540-949-3447
Director, Investor Relations
wamplerwes@ntelos.com

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