Five Largest Holding Companies' Share of Loops

Telephone Loops of Incumbent Local Exchange Carriers by Holding Company ¹
(As of December 31, 2003)

Holding Companies	Loops	Percent of Loops
Verizon Communications Inc.	55,675,974	32.16 %
SBC Communications, Inc.	54,373,692	31.41
BellSouth Telecommunications, Inc.	22,914,563	13.23
Qwest Communications International, Inc.	15,516,565	8.96
Sprint Corporation	7,631,693	4.41
ALLTEL Corporation	2,832,983	1.64
CenturyTel, Inc.	2,344,028	1.35
Citizens Communications Company	2,248,570	1.30
Cincinnati Bell	938,397	0.54
TDS Telecommunications Corporation	681,438	0.39
Valor Communications Group, Inc.	549,093	0.32
Commonwealth Telephone Enterprises, Inc.	338,666	0.20
Alaska Communications Systems	303,411	0.18
Iowa Network Services, Inc.	275,150	0.16
FairPoint Communications, Inc.	245,933	0.14
Consolidated Communications, Inc.	244,540	0.14
Madison River Telephone Company, LLC	181,459	0.10
D&E Communications, Inc.	144,577	0.08
Rock Hill Telephone Company	144,539	0.08
SureWest Communications	133,707	0.08
North State Communications Corporation	127,044	0.07
The Concord Telephone Company	116,761	0.07
Horry Telephone Cooperative, Inc.	93,974	0.05
North Pittsburgh Telephone Company	76,736	0.04
Hargray Communications Group, Inc.	74,066	0.04
Innovative Communications Corporation	69,691	0.04
Guam Telephone Authority	67,194	0.04
Hickory Tech Corporation	63,152	0.04
Matanuska Telephone Association, Inc.	62,740	0.04
Farmers Telephone Cooperative, Inc.	59,737	0.03
Pioneer Telephone Cooperative, Inc.	54,429	0.03
Lynch Interactive Corporation	54,094	0.03
NTELOS, Inc.	48,167	0.03
Golden West Telecommunications	47,310	0.03
SRT Communications, Inc.	44,931	0.03
Guadalupe Valley Telephone Cooperative, Inc.	42,031	0.02
Atlantic Telephone Membership Corporation	41,068	0.02
EATELCORP, Inc.	38,882	0.02
Twin Lake Telephone Cooperative	38,827	0.02
Skyline Telephone Membership Corporation	37,540	0.02
Ben Lomand Rural Telephone Cooperative, Inc.	36,713	0.02
The Chillicothe Telephone Company	36,446	0.02
All Other Companies	4,086,326	2.36
Total	173,136,837	100.00 %
¹ Includes incumbent local exchange carriers' loops for holding companies with more than 35,000 loops.
Source: NECA, Universal Service Fund 2004 Submission of 2003 Study Results (October 1, 2004).