NTELOS 8K Regulation FD Disclosure | SEC 2 Mar 07

Investor Presentation

March 2007

Exhibit 99.1

Use of Non-GAAP Financial Measures

Included in this presentation are certain non-GAAP financial measures that

are not determined in accordance with US generally accepted accounting

principles. These financial performance measures are not indicative of cash

provided or used by operating activities and exclude the effects

of certain

operating, capital and financing costs and may differ from comparable

information provided by other companies, and they should not be considered

in isolation, as an alternative to, or more meaningful than measures of

financial performance determined in accordance with US generally

accepted

accounting principles. These financial performance measures are

commonly

used in the industry and are presented because NTELOS believes they

provide relevant and useful information to investors. NTELOS utilizes these

financial performance measures to assess its ability to meet future capital

expenditure and working capital requirements, to incur indebtedness if

necessary, and to fund continued growth. NTELOS also uses these

financial

performance measures to evaluate the performance of its business, for

budget planning purposes and as factors in its employee compensation

programs.

Special Note 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: leverage;

operating and financial restrictions imposed by our senior credit

facilities; our cash requirements; rapid development and intense

competition in the telecommunications industry;

Special Note Regarding Forward Looking Statements (cont.)

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; 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; the potential for system failures

unauthorized use of our network; the potential for security breaches of

our physical facilities; the potential loss of our senior management and

inability to hire additional personnel; the trading market for our common

stock; the control over us by our two largest stockholders, CVC and

Quadrangle; provisions in our charter documents and Delaware law;

expenses of becoming a public company; the requirement to comply

with

Section 404 of the Sarbanes-Oxley Act; 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 on Forms

10-K.

Company Overview

Regionally-Focused Service Provider

Average of 23.0 MHz of spectrum

5.2 million covered POPs

367K

(1)

retail subscribers (YoY

increase of

9%)

Wholesale revenues (primarily Sprint Nextel

agreement) increased 24% YoY

to $78

15% YoY Revenue growth

25% YoY Adjusted EBITDA growth

35% YTD Adjusted EBITDA margin (versus

32% one year ago)

35% Adjusted EBITDA margin in 4Q06

(versus 30% in 4Q05)

45K RLEC lines, 94% DSL coverage

47K CLEC lines, 99% commercial or institutional

17K broadband ports

5% YoY

Revenue growth

5% YoY

Adjusted EBITDA growth

56% YTD Adjusted EBITDA margin

Substantial free cash flow

Wireless ($322 Revenue / $112 EBITDA)

(1)

Wireline ($117 Revenue / $65 EBITDA)

(1)

Other NTELOS Retail Territories

NTELOS Retail / Sprint Nextel Wholesale Territories

Norfolk

Outer Banks

Washington, DC

Martinsville

Roanoke

Richmond

Charleston

Hagerstown

Morgantown

Winchester

Clarksburg-

Elkins

Bluefield

Beckley

Staunton-

Waynesboro

Charlottesville

Fredericksburg

Lynchburg

Huntington

Ashland

Harrisonburg

Fairmont

Danville

To Carlisle, PA

(1) As of or for the year ended December 31, 2006.

($ in millions)

Columbus, OH

CLEC and Internet

RLEC

Internet

NTELOS Fiber Optic Network In Service

NTELOS Fiber Optic Network Owned

Interconnected Network

Norfolk

Ashland

Bluefield

Richmond

Logan

Beckley

Wash, D.C.

Cumberland

Morgantown

Clarksburg-

Elkins

Fairmont

Charlottesville

Danville

Lynchburg

Martinsville

Roanoke

Staunton-

Waynesboro

Harrisonburg

Winchester

Charleston

Huntington

Kingsport-

Johnson City-

Bristol

$20

$66

$87

$121

$147

$172

39%

37%

28%

24%

35%

$100

$150

$200

2001

2002

2003

2004

2005

2006

$440

$392

$342

$308

$279

$225

100

200

300

400

$500

2001

2002

2003

2004

2005

2006

Focused on Growth Opportunities

($ in millions)

Total Revenue

Total Adjusted EBITDA/Margin %

Strong financial performance

Two-Pronged Wireless Growth Strategy

Leverage multiple brands and distribution clout over one

network to drive economic returns.

$112

$15

$33

$66

$90

17%

28%

32%

35%

$100

$120

2002

2003

2004

2005

2006

Revenue

High Growth/High Margin Wireless Operations

($ in millions)

Adjusted EBITDA/Margin %

$244

$217

$183

$167

$138

$78

$63

$52

$33

$34

$322

$280

$235

$200

$172

100

150

200

250

300

$350

2002

2003

2004

2005

2006

Retail

Wholesale

Retail Wireless Positioned For Growth

NTELOS positioned as the “Best Value in Wireless”

“Complete Nationwide Coverage”

Large contiguous regional footprint

Leveraging extensive brand awareness and retail presence

70 branded retail locations

Reinforced by regional wireline presence

The most complete nationwide coverage with no roaming

Sprint Nextel alliance

Improves economics for NTELOS national plans

Focus on higher value rate plans

Emphasis on Post-Pay and nAdvance spending limit plans

Expansion of data products and services

$2.71

$50.88

$50.67

$1.84

$52.51

$53.59

$60

12 Mo 2005

12 Mo 2006

Voice

Data

Successful Growth in Subscribers and ARPU

Retail ARPU

NTELOS Branded Subscribers (000s)

367

336

250

300

350

400

12/31

2005

12/31

2006

NTELOS’

Retail Products Target Local Customers

Contribution

Long Distance, Roaming, Features

or 2-Year Service Contract

Allows Shared Lines

Nationwide Roaming options

Traditional Prepay or Paid in Advance

Service

No Credit Check

Fixed Buckets of Minutes

Long Distance, Features Available

Description

Products

PostPay

PrePay

73% of Total Subs

$54.84 YTD ARPU

Nationwide –

30% of

4Q 2006 gross adds

83% under contract

27% of Total Subs

$49.95 YTD ARPU

41%

52%

49%

45%

41%

60%

2002

2003

2004

2005

2006

$22.44

$22.34

$31.25

$30.07

$52.51

$53.59

$60

12 Mo 2005

12 Mo 2006

ARPU and Scale Drive Profit per Subscriber

Operating costs include wholesale costs; understates profit per retail customer.

(1)

Network costs include cost of wholesale MOUs, wholesale revenue not included in ARPU.

(2)

Operating costs exclude cost of customer acquisition (CPGA) and equipment revenue.

ARPU/Cash Profit per Subscriber

(1)

Operating Costs as % of Revenue

(2)

$(.10)

Cash Profit/Subscriber

Cash Cost/Subscriber

(1)

Direct Distribution Model Improves Customer

Satisfaction

CPGA: YOY

2005 to 2006

Total Churn:

4Q05 to 4Q06

Postpay Churn:

4Q05 to 4Q06

Extensive Retail Presence

(1)

CPGA ($)/Churn (%)

(1) As of January, 2007

$368

$357

3.2%

3.5%

2.3%

2.5%

200

300

400

$500

2005

2006

VAE

VAW

WVA

NTELOS has the best regional coverage and offers the best value.

Uniquely Positioned Competitively

Value

National

Full Range

Comparative Regional Geographic Coverage

Price

Position

$34

$33

$52

$63

$78

$80

$100

2002

2003

2004

2005

2006

Wireless Wholesale Revenue

Strategic

Network

Alliance

Leverages

NTELOS

’

Network

Began with Horizon PCS in 1999

Sprint Nextel acquired 97K

Horizon subscribers in July 2004

Sprint Nextel Strategic Network

Alliance through at least July

2011

Benefits from Sprint Nextel

migration to CDMA

Attractive contribution margin

($ in millions)

High Growth, Attractive Margin Revenue Stream.

Strategic Network Alliance with Sprint Nextel

MVNO arrangement covers 3 million POP footprint (WVA and VAW)

Agreement through July 2011; no overbuild before January 2011

Separate rate structure for services:

“Home”

volume staggered rate reset annually on revenue yield

“Travel”

rate (outcollect roaming) is flat rate per MOU

Data rate is flat rate per MB

Rates following price protection tied to Sprint Nextel revenue yield

Incentivizes continued Sprint Nextel growth in Home markets

Rates not below NTELOS allocated costs

Reciprocal voice and data roaming rates

No capital/technology upgrade requirements

“Most Favored Nation”

pricing on long distance rates

Established, Stable Wireline Business

45,281 RLEC access lines (YoY

decline)

Access revenues increased 11% YoY

EBITDA increased 9% YoY

Margin expansion driven by lower

operating costs

RLEC ($61 Revenue / $47 EBITDA)

46,781 CLEC access lines (YoY

increase)

Revenue growth YoY

was 4%

Wholesale revenue increased 14% YoY

2,040 mile fiber-optic network

Broadband connections up 22% from

fourth quarter 2005.

Competitive

($56 Revenues / $18 EBITDA)

CLEC and Internet

RLEC

Internet

NTELOS Fiber Optic Network In Service

NTELOS Fiber Optic Network Owned

Interconnected Network

Note:

As of and for the twelve months ended December 31, 2006

Greensboro, NC

Columbus, OH

CLEC and Internet

RLEC

Internet

NTELOS Fiber Optic Network In Service

NTELOS Fiber Optic Network Owned

Interconnected Network

Norfolk

To Carlisle, PA

Ashland

Bluefield

Richmond

Logan

Beckley

Wash, D.C.

Cumberland

Morgantown

Clarksburg-

Elkins

Fairmont

Charlottesville

Danville

Lynchburg

Martinsville

Roanoke

Staunton-

Waynesboro

Harrisonburg

Winchester

Charleston

Huntington

Kingsport-

Johnson City-

Bristol

($ in millions)

Adjusted EBITDA/Margin%

Revenue

Wireline Provides Strong, Stable Cash Flow

($ in millions)

$57

$56

$53

$48

$61

$50

$49

$54

$56

100

$125

2002

2003

2004

2005

2006

RLEC

Competitive

$98

$103

$105

$111

$117

$50

$58

$59

$62

$65

51%

56%

$70

2002

2003

2004

2005

2006

Attractive Wireline Competitive Position

Most

Established

Wholesale

Fiber

Provider

Extensive fiber footprint in our markets

Cost advantage for wireline and wireless operations

Contracts with Alltel, AT&T, Cingular, Verizon, Qwest, US Cellular,

Verizon Wireless

No Voice

Competition

in RLEC

Region

DSL in 94% of footprint

Rapid Cable offers only broadband service in Alleghany County

Comcast offers only broadband service in Augusta and Botetourt

Counties

Limited

CLEC

Competition

One primary CLEC competitor per CLEC market

ILEC competition from Verizon and Embarq

CLEC competition mainly from TelCove and Fibernet

Majority of CLEC customers are subject to multi-year agreements

Financial Overview

$88

$98

$104

$105

$111

$117

$322

$280

$235

$200

$172

$127

$225

$279

$308

$342

$392

$440

100

200

300

400

$500

2001

2002

2003

2004

2005

2006

Wireless CAGR = 20%

Wireline CAGR = 6%

Total Revenue

Wireless Drives Revenue Growth

($ in millions)

Wireless

Wireline

Other

Wireless Growth Enhances EBITDA/Margin Growth

Total Adjusted EBITDA

($ in millions)

Consol. Adjusted EBITDA Margin %

Wireless

Wireline

Other

$66

$90

$112

$15

$33

$58

$50

$59

$62

$65

$172

$147

$121

$87

$66

(30)

120

150

180

$210

2002

2003

2004

2005

2006

Wireless CAGR = 65%

Wireline CAGR = 7%

39%

37%

35%

28%

23%

50%

2002

2003

2004

2005

2006

$20

$28

($8)

$29

$61

$58

$86

(20)

$100

$120

$140

2002

2003

2004

2005

2006

Discretionary CapEx

$78

$114

$20

$28

$32

$41

$36

$37

$49

$21

$17

$19

$20

$21

100

$120

2002

2003

2004

2005

2006

$89

$60

$59

$73

$87

Accelerating Consolidated Free Cash Flow

Consol. Adjusted

EBITDA -

CapEx

Consolidated CapEx

($ in millions)

Wireless

Wireline

Other

Discretionary

Capitalization

(dollars in millions)

12/31/05

Proforma

12/31/06

Adjusted EBITDA

146.8

172.5

Cash and cash equivalents

28.1

44.2

1st lien senior secured credit facility

396.0

625.2

2nd lien senior secured credit facility

225.0

Capital leases

1.1

1.3

Total Debt

622.1

626.5

Total Debt Leverage Ratio

4.24 x

3.63 x

Net Debt

(total debt less cash and cash equivalents)

594.0

582.3

Net Debt Leverage Ratio

4.05 x

3.38 x

Adjusted EBITDA for 2005 and 2006 is actual.

Amount for 12/31/05 are proforma

to exclude $135 million of floating rate notes paid off on April 15, 2006 with

proceeds from the initial public offering.

Common Stock Ownership as of December 31, 2006

Shares (in 000s)

% of Total

Quadrangle Entities

12,263

29.2%

CVC Entities

12,269

29.2%

Sub-total of Sponsors

24,532

58.5%

NTELOS' Named Executive Officers

1,093

2.6%

Public

16,341

38.9%

Total Common Stock

41,965

100.0%

Summary

Consistently Strong Financial Performance

Positive and growing Net Income

Accelerating Consolidated Free Cash Flow

Diversified Business Model

High Growth Wireless Business

Expanding retail subscriber base

Growing high-margin wholesale revenue

Strong Regional Wireline Business

Scalable Systems for Continued Expansion

Experienced Management Team

Appendix

Adjusted EBITDA Reconciliation

($ in millions)

2001

2002

2003

2004

2005

2006

Consolidated

Operating Income (loss)

($30)

($416)

$14

$55

$53

$60

Depreciation and Amortization

Capital and Operational Restructuring

Charges

Accretion of Asset Retirement Obligation

Advisory Termination Fees

Asset Impairment Charges

403

Gain on Sale of Assets

(32)

(8)

(9)

Non-cash Compensation Charge

Adjusted EBITDA

$20

$66

$87

$121

$147

$172

Adjusted EBITDA Reconciliation

($ in millions)

2002

2003

2004

2005

2006

Wireless

Operating Income (loss)

($410)

($15)

$21

$32

$53

Depreciation and Amortization

Accretion of Asset Retirement Obligation

Asset Impairment Charges

367

Gain on Sale of Assets

(3)

Adjusted EBITDA

$15

$33

$66

$90

$112

Wireline

Operating Income (loss)

$11

$37

$39

$36

$39

Depreciation and Amortization

Asset Impairment Charges

Adjusted EBITDA

$50

$58

$59

$61

$65

ARPU Reconciliation

($ in thousands, except for subscribers and ARPU data)

Dec. 31, 2005

Dec. 31, 2006

Dec. 31, 2005

Dec. 31, 2006

Average Revenue per Handset/Unit (ARPU)

(dollars in thousands except for subscribers and ARPU)

Wireless communications revenue

73,149

83,933

280,303

322,329

Less: Equipment revenue from sales to new customers

(2,819)

(3,677)

(11,997)

(15,063)

Less: Equipment revenue from sales to existing customers

(1,468)

(1,472)

(4,135)

(5,079)

Less: Wholesale revenue

(16,883)

(20,939)

(62,651)

(77,747)

Plus (Less): Other revenues, eliminations and adjustments

259

167

1,192

778

Wireless gross subscriber revenue

52,238

58,012

202,712

225,218

Less: Paid in advance subscriber revenue

(10,921)

(14,263)

(42,104)

(52,648)

Plus (Less): adjustments

(350)

(303)

(1,422)

(1,124)

Wireless gross postpay

subscriber revenue

40,967

43,446

159,186

171,446

Average subscribers

330,106

360,526

321,719

350,235

Total ARPU

52.75

53.64

52.51

53.59

Average postpay

subscribers

250,684

264,460

243,772

260,530

Postpay

ARPU

54.47

54.76

54.42

54.84

Wireless gross subscriber revenue

52,238

58,012

202,712

225,218

Less: Wireless voice and other feature revenue

(50,041)

(54,890)

(195,591)

(213,824)

Wireless data revenue

2,197

3,122

7,121

11,394

Average subscribers

330,106

360,526

321,719

350,235

Total Data ARPU

2.22

2.89

1.84

2.71

Wireless gross postpay

subscriber revenue

40,967

43,446

159,186

171,446

Less: Wireless postpay

voice and other feature revenue

(38,999)

(40,777)

(152,704)

(161,687)

Wireless postpay

data revenue

1,968

2,669

6,482

9,759

Average postpay

subscribers

250,684

264,460

243,772

260,530

Postpay

data ARPU

2.62

3.36

2.22

3.12

Year Ended:

Three Months Ended:

CPGA Reconciliation

Dec. 31, 2005

Dec. 31, 2006

Dec. 31, 2005

Dec. 31, 2006

Year Ended:

Three Months Ended:

($ in thousands, except for subscribers and CPGA data)

Cost of wireless sales

14,357

17,902

57,284

68,413

Less: access, roaming, and other cost of sales

(7,990)

(10,820)

(31,686)

(40,332)

Merchandise cost of sales

6,367

7,082

25,598

28,081

Total customer operations

26,166

26,061

92,600

99,998

Less Wireline and other segment expenses

(4,110)

(3,954)

(14,580)

(16,619)

Less: Wireless customer care, billing, bad debt and other expenses

(8,987)

(9,665)

(33,229)

(37,611)

Sales and marketing

13,069

12,442

44,791

45,768

Merchandise cost of sales

6,367

7,082

25,598

28,081

Sales and marketing

13,069

12,442

44,791

45,768

Less: Merchandise sales

(2,819)

(3,743)

(11,997)

(15,198)

Total CPGA costs

16,617

15,781

58,392

58,651

Gross subscriber additions

43,187

44,591

158,728

164,375

CPGA

385

354

368

357

CCPU Reconciliation

Dec. 31, 2005

Dec. 31, 2006

Dec. 31, 2005

Dec. 31, 2006

Year Ended:

Three Months Ended:

($ in thousands, except for subscribers and CCPU data)

Maintenance and support

18,450

20,252

68,746

78,016

Less Wireline, other segment expenses

(8,787)

(9,231)

(32,584)

(36,432)

Wireless maintenance and support

9,663

11,021

36,162

41,584

Corporate operations

8,766

6,225

30,619

34,398

Less Wireline, other segment, and corporate expenses

(3,870)

(2,298)

(11,491)

(17,487)

Wireless corporate operations

4,896

3,927

19,128

16,911

Wireless maintenance and support

9,663

11,021

36,162

41,584

Wireless corporate operations

4,896

3,927

19,128

16,911

Wireless customer care, billing, bad debt and other expenses

8,987

9,665

33,229

37,611

Wireless access, roaming, and other cost of sales

7,990

10,820

31,686

40,332

Equipment revenue from sales to existing customers

(1,468)

(1,472)

(4,135)

(5,079)

Total CCPU costs

30,068

33,961

116,070

131,359

Average subscribers

330,105

360,526

321,719

350,235

CCPU

30.36

31.40

30.07

31.25

NTELOS Inactive 8-KRegulation FD Disclosure