SHEN · Shenandoah Telecommunications Co/Va/

Shares received in lieu of director fees.

Shares received in lieu of director fees.

Shares received in lieu of director fees.

Shares received in lieu of director fees.

Shares received in lieu of director fees.

Shares received in lieu of director fees.

Each RSU represents a contingent right to receive one share of common stock.

The Reporting Person serves as a director designee of LIF Vista, LLC ("LIF Vista") on the Board of Directors of the Issuer. In connection with this arrangement, any equity-based securities awarded to the Reporting Person in his capacity as a director of the Issuer will be held by the Reporting Person on behalf of LIF Vista or its affiliates, transferred by the Reporting Person to LIF Vista or its affiliates, and/or sold by the Reporting Person, with the proceeds of such sale to be remitted to LIF Vista or its affiliates, in each case as directed by LIF Vista. Accordingly, the Reporting Person does not have a pecuniary interest in these securities for purposes of Section 16 of the Securities Exchange Act of 1934, as amended.

This Form 4 is filed jointly by LIF Vista, LLC ("LIF Vista"), Labor Impact Fund, L.P. ("Labor Fund"), LIF AIV 1, L.P. ("LIF AIV"), GCM Investments GP, LLC ("GCM GP"), Grosvenor Capital Management Holdings, LLLP ("Grosvenor Capital Holdings"), GCM Grosvenor Holdings, LLC ("GCM Holdings"), GCM Grosvenor Inc. ("GCM Grosvenor"), GCM V, LLC ("GCM V") and Michael J. Sacks (collectively, the "Reporting Persons"). Each of the Reporting Persons disclaims beneficial ownership of the securities reported herein except to the extent of his or its pecuniary interest therein, and this report shall not be deemed to be an admission that any Reporting Person is the beneficial owner of such securities for purposes of Section 16 or for any other purpose.

Each restricted stock unit represents a contingent right to receive one share of common stock.

In connection with the resignation of James DiMola, LIF Vista's prior director designee, from the Board of Directors of the Issuer, the 9,863 restricted stock units previously granted to Mr. DiMola on February 19, 2026, were cancelled for no consideration.

Represents securities awarded to Matthew Rinklin in his capacity as a director of the Issuer. Mr. Rinklin currently serves as LIF Vista's director designee on the Board of Directors of the Issuer. In connection with this arrangement, any equity-based securities awarded to Mr. Rinklin in his capacity as a director of the Issuer will be held by Mr. Rinklin on behalf of LIF Vista or its affiliates, transferred by Mr. Rinklin to LIF Vista or its affiliates, and/or sold by Mr. Rinklin, with the proceeds of such sale to be remitted to LIF Vista or its affiliates, in each case as directed by LIF Vista. Accordingly, LIF Vista and the other Reporting Persons may be deemed to have a pecuniary interest in these securities when awarded to Mr. Rinklin for purposes of Section 16 of the Securities Exchange Act of 1934, as amended.

Shares received in lieu of director fees.

Shares received in lieu of director fees.

Shares received in lieu of director fees.

Shares received in lieu of director fees.

Shares received in lieu of director fees.

Shares received in lieu of director fees.

Shares received in lieu of director fees.

Shares received in lieu of director fees.

Shares received in lieu of director fees.

Shares received in lieu of director fees.

Shares received in lieu of director fees.

Shares received in lieu of director fees.

Each restricted stock unit represents a contingent right to receive one share of common stock.

The restricted stock units vested on an accelerated basis pursuant to the reporting person's retirement on April 21, 2026.

Each restricted stock unit represents a contingent right to receive one share of common stock.

The restricted stock units vested on an accelerated basis pursuant to the reporting person's retirement on April 21, 2026.

Each restricted stock unit represents a contingent right to receive one share of common stock.

Each restricted stock unit represents a contingent right to receive one share of common stock.

Shares received in lieu of director fees.

Shares received in lieu of director fees.

Shares received in lieu of director fees.

Shares received in lieu of director fees.

Shares received in lieu of director fees.

Shares received in lieu of director fees.

Shares received in lieu of director fees.

Shares received in lieu of director fees.

Shares received in lieu of director fees.

Shares received in lieu of director fees.

Shares received in lieu of director fees.

Distribution from trust to beneficiary.

These shares are held in trust for the benefit of certain relatives of Mr. French. Mr. French disclaims beneficial ownership of the shares as to which he has no pecuniary interest and this filing is not an admission that Mr. French is the beneficial owner of such shares.

Shares received in lieu of director fees.

Shares received in lieu of director fees.

Shares received in lieu of director fees.

Each restricted stock unit represents a contingent right to receive one share of common stock.

The restricted stock unit award vests one-fourth on each the first, second, third and fourth anniversary. The restricted stock unit award (and shares issuable upon exercise of the restricted stock unit award) are subject to cancellation and forfeiture in accordance with the Company's executive compensation recovery policy.

Each restricted stock unit represents a contingent right to receive one share of common stock.

The restricted stock unit award vests one-fourth on each the first, second, third and fourth anniversary. The restricted stock unit award (and shares issuable upon exercise of the restricted stock unit award) are subject to cancellation and forfeiture in accordance with the Company's executive compensation recovery policy.

Each restricted stock unit represents a contingent right to receive one share of common stock.

The restricted stock unit award vests one-fourth on each the first, second, third and fourth anniversary. The restricted stock unit award (and shares issuable upon exercise of the restricted stock unit award) are subject to cancellation and forfeiture in accordance with the Company's executive compensation recovery policy.

Each restricted stock unit represents a contingent right to receive one share of common stock.

Each restricted stock unit represents a contingent right to receive one share of common stock.

The restricted stock unit award vests one-fourth on each the first, second, third and fourth anniversary. The restricted stock unit award (and shares issuable upon exercise of the restricted stock unit award) are subject to cancellation and forfeiture in accordance with the Company's executive compensation recovery policy.

Each restricted stock unit represents a contingent right to receive one share of common stock.

The restricted stock unit award vests one-fourth on each the first, second, third and fourth anniversary. The restricted stock unit award (and shares issuable upon exercise of the restricted stock unit award) are subject to cancellation and forfeiture in accordance with the Company's executive compensation recovery policy.