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Filed by: CFW Communications Company
Pursuant to Rule 425 under the Securities Act of 1933
Subject Company: CFW Communications Company
Commission File No. 333-43244
CFW COMMUNICATIONS
Photo of products and customers.
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CFW Communications Overview
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o Regionally-focused ICP concentrating on high-growth sectors
- PCS: 11.0MM pops
- Internet: 58 markets
- Wireline: CLEC (9 markets)
Long Haul
ILEC (3 markets)
o Long operating history, founded in 1897
- Public for over 30 years
- Wireless services since 1991
o Strong local presence and brand
o Facilities-based
o Established "mid-stage" telco
- Over 288,000 customers
- Over $500MM CAPEX from 1996-2000
Map of Virginia, West Virginia, Maryland, Portions of Pennsylvania, Portions of
North Carolina, and Portions of Kentucky showing regions with:
PCS, CLEC AND Internet
PCS & ISP
PCS
Richmond-Norfolk PCS
CLEC and ISP
ILEC
AT&T Swap
2
<PAGE>
<TABLE>
The Transactions
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<S> <C>
-------------------------------- ----------------------------------- --------------------------------
| | | | | Divestiture of |
| Preferred Stock | | Debt Financing | | Non-Core Assets |
| o $225MM from Welsh Carson | | o $325MM Senior Credit Facility | | o Directory assistance |
| o $25MM from MSDW | | o $375MM Senior and | | o Communications towers |
| | | Subordinated Notes | | o Additional non-core assets |
-------------------------------- ----------------------------------- --------------------------------
| | $700MM |
| | |
| $250MM ---------------- $60MM + |
| | | |
-----------------------------| CFW |------------------------
| | | Up to |
| $408.6MM + ---------------- $250MM |
| Asset Swaps + | 3.7MM |
| Assumed Leases | shares |
------------------------------------ ---------------------------------- ---------------------------------------
| Richmond-Norfolk | | | | |
| PCS Acquisition | | R&B Communications | | VA and WVA PCS |
| o $408.6MM cash | | Merger | | Alliance Recap |
| o Swap cellular assets of RSA 5 | | o Stock-for-stock | | o Inter-company loan |
| and RSA 6 | | o Long-time partner in all key | | o Refinance credit facilities |
| o Assume $20MM in capital leases| | businesses | | o Pro forma ownership |
| o Contiguous PCS footprint | | o Consolidate ownership of PCS | | o 91.1% of Virginia Alliance |
| | | Alliances | | o 78.9% of West Virginia Alliance |
------------------------------------ ---------------------------------- ---------------------------------------
</TABLE>
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Esatblished Regional ICP
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Invested Capital
----------------
($MM)
[Graph]
PCS Other Total
--- ----- -----
1996 98.1 21.0 119.1
1997 68.1 22.2 90.3
1998 63.6 20.8 84.4
1999 61.5 43.6 105.1
2000E 55.0 45.0 100.0
Customer Base
-------------
(000s)
[Graph]
PCS ILEC/CLEC Internet Total
--- --------- -------- -----
1995 41.7 41.7
1996 43.4 0.3 43.7
1997 23.8 45.5 4.8 74.1
1998 69.8 48.9 8.7 127.4
1999 122.1 59.3 47.3 228.7
3Q00 157.7 70.8 60.1 288.6
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Richmond-Norfolk PCS Acquisition and AT&T Swap
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Expanding PCS footprint
o Richmond-Norfolk PCS
- Rationale:
o Expansion of ICP footprint to adjacent market
o Increase on-net traffic with end-to-end connectivity
o 39 company-owned distribution outlets
- Key operating metrics:
o 3.0MM pops (20 MHz)
o 83% covered
o 88,300 subscribers
- Seamless integration
o AT&T Swap - definitive agreement with AT&T to swap licenses in PA
- 2.5MM new pops (10-15 MHz)
- No build-out requirement
Map of Virginia, West Virginia, Maryland, Portions of Pennsylvania, Portions of
North Carolina, and Portions of Kentucky showing regions with:
Alliances and CFW (5.5MM pops)
Richmond-Norfolk PCS (3.0MM pops)
AT&T Swap (2.5MM pops)
5
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R&B Communcations Merger
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Unifying companies with similar footprint and products
o R&B Communications Overview
- Member of the VA and WV PCS Alliances (26% and 34%)
- 12,509 ILEC access lines
- 5,690 CLEC access lines
- 2,552 Internet customers
o PCS Alliances
- First CDMA provider in central and western VA and WV
- 91.1% pro forma interest in VA Alliance
- 78.9% pro forma interest in WV Alliance
Map of Virginia, West Virginia, Maryland, Portions of Pennsylvania, Portions of
North Carolina, and Portions of Kentucky showing regions with:
CFW CLEC Service Area
R&B CLEC Service Area
CFW ILEC
R&B ILEC
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<PAGE>
Pro Forma Service Footprint
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PCS
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o 11,032,828 PCS pops
o 157,717 PCS subscribers
o 616 cell sites
Wireline
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o 51,894 ILEC access lines
o 18,858 CLEC access lines
o 727 route miles
o 60,109 Internet subscribers
Map of Virginia, West Virginia, Maryland, Portions of Pennsylvania, Portions of
North Carolina, and Portions of Kentucky showing regions with:
PCS, CLEC and Internet
PCS & ISP
PCS
Richmond-Norfolk PCS
CLEC and ISP
ILEC
AT&T Swap
7
<PAGE>
Fiber Network Expansion
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o 727 route miles
o Fiber construction and swap activities
- 500 new route miles to be completed in 4Q00
- 1,500 route miles to be in service by EOY2000
- 32,000 fiber route miles by EOY2000
- Charlottesville to Richmond to Norfolk planned in 2001
o Connectivity to major cities
o Best-in-class equipment
(Lucent, Nortel, Siemens/Corning)
Map of Virginia, West Virginia, Maryland, Portions of Pennsylvania, Portions of
North Carolina, and Portions of Kentucky showing Fiber Network expansion plans
at:
End of year 1999
End of year 2000
Planned
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<PAGE>
Pro Forma PCS Statistics
Subscribers
-----------
(000s)
[Graph]
Alliance PrimeCo Total
-------- ------- -----
1Q 99 19.1 68.6 87.7
2Q 99 24.2 73.7 97.9
3Q 99 30.5 74.9 105.4
4Q 99 43.3 78.9 122.2
1Q 00 55.2 86.4 141.6
2Q 00 63.5 88.0 151.5
3Q 00 69.4 88.3 157.7
Revenues and EBITDA
-------------------
($ MMs)
[Graph]
EBITDA Revenues
------ --------
1Q 99 (9.6) 15.1
2Q 99 (8.0) 16.6
3Q 99 (5.7) 17.2
4Q 99 (8.9) 19.6
1Q 00 (8.8) 21.2
2Q 00 (4.3) 23.8
3Q 00 (5.4) 23.9
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PCS Operating Strategy
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o Own and control licenses, network, distribution channels and brand
o Focus on in-region market niche with localized marketing
- Highly competitive intra-regional "one-rate" plans (88-94% of
subscribers)
- National "one-rate" (6-12% of subscribers)
o Expand robust digital CDMA PCS network
o Emphasize customer service via consolidated selling effort and single bill
o Target attractive markets
- Individual - convenience users in the 25-45 age group
- Business - regional small to medium sized businesses
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PCS Spectrum and Market Coverage
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Digital
Company Service Launch Date Spectrum Market
------- ------- ----------- -------- ------
CFW CDMA Digital 1996 10 -40 Mhz 8
PCS
Sprint PCS CDMA Digital 1Q 1999 10 - 30 Mhz 8(1)
PCS
Triton/AT&T TDMA Digital 1Q 1999 10 - 30 Mhz 5
PCS
ALLTEL Digital/Analog Incumbent 25 Mhz 6
Cellular WL Cellular
Verizon Digital/Analog Incumbent 25 Mhz 3
Cellular WL Cellular
US Cellular Digital/Analog 2Q 1998 25 Mhz 4
Cellular
Note: (1) Includes wholesale agreements in six CFW markets
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<PAGE>
Wireline Overview
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100% digital platform with best-in-class equipment
CLEC
----
o 18,858 business access lines
o 9 markets; 11 COs
o Interconnection agreements in
VA, WV and TN with Sprint and
Bell Atlantic/GTE
Internet ILEC
-------- ----
o 60,109 customers o 51,894 residential/business
o 58 markets access lines
o Dial-up access o Leading ILEC service provider in VA
o DSL in 16 markets
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Focused Wireline Service Area
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Map of Virginia, West Virginia, Maryland, Portions of Pennsylvania, Portions of
North Carolina, and Portions of Kentucky showing regions with:
CLEC
ILEC
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Integrated CLEC Operating Strategy
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o Hybrid facilities-based/ "smart-build" strategy
- Leverage our fiber optic network and ILEC switching platform
- Remote switching in COs
o Target businesses through a direct sales strategy
o Bundle local service with long distance, DSL and digital PCS
- PCS service emphasized
o Leverage local brand name recognition and strong customer service
o Focus on long-term, sustainable revenues
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Pro Forma CLEC Statistics
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Business Access Lines
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($000s)
[Graph]
CFW R&B Total
--- --- -----
1Q 99 0.9 1.6 2.5
2Q 99 2.3 2.6 4.9
3Q 99 4.0 3.1 7.1
4Q 99 5.8 4.0 9.8
1Q 00 8.9 4.4 13.3
2Q 00 12.4 5.0 17.4
3Q 00 13.2 5.7 18.9
Revenues and EBITDA
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($000s)
[Graph]
EBITDA Revenues
------ --------
1Q 99 (295) 647
2Q 99 (404) 884
3Q 99 (334) 1,132
4Q 99 (501) 1,453
1Q 00 (486) 2,013
2Q 00 (820) 2,180
3Q 00 (764) 2,245
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Favorable ILEC Regulatory Environment
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o No competition in ILEC markets to date, despite deregulation
o ILEC operates under small company status, which is lightly regulated
o Virginia State Corporation Commission has taken a progressive stance
on supporting the value of rural telephone companies and the role
they play in economic development in these regions
o Process for rate increases is less cumbersome than for large telcos
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Pro Forma ILEC Statistics
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Access Lines
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(000s)
[Graph]
CFW R&B Total
--- --- -----
1Q 99 37.1 10.8 47.9
2Q 99 37.3 10.9 48.2
3Q 99 37.5 11.3 48.8
4Q 99 37.9 12.2 50.1
1Q 00 38.3 12.3 50.6
2Q 00 39.1 12.3 51.4
3Q 00 39.4 12.5 51.9
Revenues and EBITDA
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(000s)
[Graph]
EBITDA Revenues
------ --------
1Q 99 6,642 9,880
2Q 99 7,024 10,251
3Q 99 6,503 10,054
4Q 99 6,293 10,018
1Q 00 6,407 10,171
2Q 00 6,037 10,072
3Q 00 6,265 10,178
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Internet Operating Strategy
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o Broad product offering of fast and reliable services
- Offers local dial-up, dedicated and discounted bundled services
- All digital network
- Web hosting available
- Low modem-to-customer ratio (9:1)
o 24/7 customer care
o High speed data services
- Aggressive rollout strategy
- DSL: offered in a growing number of markets in four states
- Wireless spectrum: LMDS (1.3MM POPs), MMDS (850,000) households
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Pro Forma Internet Statistics
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Subscribers
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(000s)
[Graph]
CFW R&B Total
--- --- -----
1Q 99 9.1 1.4 10.5
2Q 99 16.7 1.4 18.1
3Q 99 31.6 1.8 33.4
4Q 99 45.7 2.1 47.8
1Q 00 54.4 2.2 56.6
2Q 00 57.0 2.3 59.3
3Q 00 57.6 2.5 60.1
Revenues and EBITDA
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(000s)
[Graph]
EBITDA Revenues
------ --------
1Q 99 (249) 630
2Q 99 (325) 921
3Q 99 (249) 1,704
4Q 99 84 2,949
1Q 00 121 3,652
2Q 00 197 4,142
3Q 00 431 4,347
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Extensive Retail Distribution Focused on Customer Care
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o Sales force representatives
- 106 retail
- 30 business
- 14 CLEC
o 42 company-owned retail outlets
o Consolidated customer care centers
and operations support systems for
all products
- One-call access for all products and services
- Consolidated, itemized bill
Photo of retail center.
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Pro Forma Historical Operating Statistics
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1995 1996 1997 1998 1999
---- ---- ---- ---- ----
Subscribers
PCS - - 23,758 69,797 122,150
% Growth - - - 193.8% 75.0%
Internet - 363 4,800 8,659 47,290
% Growth - - 1,222.3% 80.4% 446.1%
Access Lines
CLEC - - - 1,688 9,176
% Growth - - - - 443.6%
ILEC 41,689 43,371 45,495 47,258 50,157
% Growth NA 4.0% 4.9% 3.9% 6.1%
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Pro Forma Historical Financial Statistics
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Revenues
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($MM)
[Graph]
Wireline/
PCS Other
--- -----
1995 - 54.6
1996 0.7 62.1
1997 11.3 72.3
1998 36.0 85.0
1999 66.9 98.7
EBITDA
------
($MM)
[Graph]
Wireline/
PCS Other
--- -----
1995 - 26.3
1996 (14.9) 29.5
1997 (28.0) 34.9
1998 (30.5) 39.8
1999 (28.5) 37.6
Capital Expenditures
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($MM)
[Graph]
Wireline/
PCS Other
--- -----
1995 7.3 15.2
1996 98.1 21.0
1997 68.1 22.2
1998 63.6 20.8
1999 61.5 43.6
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Investment Highlights
o Transactions solidify position as regional PCS / ICP powerhouse
o Region's first and largest PCS provider utilizing CDMA technology
o Established, local CLEC and ILEC presence provides stable revenues
o Explosive Internet growth increases bundled service offerings
o Significant liquidity and financial flexibility
- Positive EBITDA
- $250MM of new preferred stock
- $175MM available at closing under senior credit facility
- $100MM+ in non-core assets available for sale
o Experienced management team
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<PAGE>
WE URGE INVESTORS AND SECURITY HOLDERS TO READ CFW'S REGISTRATION STATEMENT ON
FORM S-4 AND THE JOINT PROXY STATEMENT/PROSPECTUS AND ANY OTHER RELEVANT
DOCUMENTS RELATING TO THE PROPOSED CFW-R&B MERGER BECAUSE THEY CONTAIN IMPORTANT
INFORMATION. Investors and security holders may obtain a free copy at the
Securities and Exchange Commission's web site at www.sec.gov. The documents
filed with the Commission by CFW may also be obtained for free from CFW by
directing a request to CFW Communications Company, P. O. Box 1990, Waynesboro,
Virginia 22980, Attn: Investor Relations, telephone: (540) 946-3500. Certain of
these documents may also be available on CFW's website at www.cfw.com or
www.ntelos.com. READ THE DEFINITIVE REGISTRATION STATEMENT AND JOINT PROXY
STATEMENT/PROSPECTUS CAREFULLY BEFORE MAKING A DECISION CONCERNING THE MERGER.
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