CTE Completes Reclassification of All Class B Common Stock into Common Stock.

Business Editors/High-Tech Writers

DALLAS, Pa.--(BUSINESS WIRE)--Sept. 4, 2003

Commonwealth Telephone Enterprises, Inc. ("CTE") (Nasdaq: CTCO), announced today that it has completed the reclassification of all CTE Class B Common Stock into CTE Common Stock. At CTE's Annual Meeting of Shareholders, which was held yesterday, September 3, 2003, shareholders overwhelmingly approved the proposal to reclassify and convert each outstanding share of CTE Class B Common Stock into 1.09 shares of CTE Common Stock. CTE now has one class of common stock, with each share having one vote in corporate governance matters.

As a result of the recapitalization, the CTE Class B Common Stock will be delisted from the Nasdaq SmallCap Market prior to trading this morning, September 4, 2003, and the CTE Common Stock will continue to trade on the Nasdaq National Market under the ticker symbol CTCO.

Mellon Investor Services LLC, the Exchange Agent for this transaction, will be sending a letter of transmittal to the former holders of CTE Class B Common Stock. The letter will contain instructions for surrendering certificates representing former shares of CTE Class B Common Stock in exchange for the shares of CTE Common Stock (and cash in lieu of fractional shares) to which the former holders of CTE Class B Common Stock have become entitled as a result of the reclassification. Certificates representing the former CTE Class B Common Stock should not be sent directly to CTE.

About CTE

Headquartered in Dallas, PA, Commonwealth Telephone Enterprises, Inc., serves a growing base of business and residential customers with the full array of technologically advanced data and voice telecommunications products and services, including broadband data services and high-speed Internet access, delivered over its 100% digitally switched, fiber-rich network.

CTE's primary operating segments are: Commonwealth Telephone Company ("CT"), the nation's 7th largest publicly held independent local exchange carrier, which has been operating in various rural Pennsylvania markets since 1897; and, CTSI, LLC ("CTSI"), a local exchange carrier operating in competitive markets outside CT's territory, that formally commenced operations in 1997. CTE's support businesses include epix(R)Internet Services (www.epix.net), one of the Northeast's largest rural Internet Service Providers ("ISPs"); and, Jack Flash(R), a broadband data service that uses DSL technology to offer high-speed Internet access and digital connectivity solutions. Additionally, CTE operates two other support businesses that provide products, services and expertise to its CT and CTSI operations. These businesses are Commonwealth Communications, a provider of telecommunications equipment and facilities management services; and, CLD, a long-distance reseller.

A web site featuring current information regarding Commonwealth Telephone Enterprises, Inc., can be found on the Internet at www.ct-enterprises.com.

Forward-Looking Statements

The Private Securities Litigation Reform Act of 1995 provides a "safe harbor" for forward-looking statements. Certain information included in this press release is forward-looking. Such forward-looking information involves important risks and uncertainties that could significantly affect expected results in the future and cause them to be different from those expressed in any forward-looking statements made by, or on behalf of, the Company. These risks and uncertainties include, but are not limited to, uncertainties related to the Company's ability to further penetrate its markets and the related costs of that effort, economic conditions, acquisitions and divestitures, government and regulatory policies, the pricing and availability of equipment, materials and inventories, technological developments and changes in the competitive environment in which the Company operates.