CTE Shareholders Overwhelmingly Approve Recapitalization Proposal Providing for the Reclassification and Conversion of All CTE Class B Common Stock into CTE Common Stock.

Business Editors/High-Tech Writers

DALLAS, Pa.--(BUSINESS WIRE)--Sept. 3, 2003

Commonwealth Telephone Enterprises, Inc. ("CTE") (Nasdaq: CTCO, CTCOB), announced today that its shareholders overwhelmingly approved the proposal to amend its charter to reclassify and convert each outstanding share of CTE Class B Common Stock into 1.09 shares of CTE Common Stock. At the CTE Annual Meeting of Shareholders, which was held earlier today, 98% of the votes cast by the holders of CTE Common Stock voted in favor of the reclassification, which represented 72% of all CTE Common Stock votes entitled to be cast. Further, 99% of the votes cast by the holders of CTE Class B Common Stock voted in favor of the reclassification, which represented 72% of all CTE Class B Common Stock votes entitled to be cast.

Level 3 Communications' Voting Power Reduced from 29.3% to 4.6%

Prior to the reclassification, the CTE Class B Common Stock owned by Level 3 Communications, Inc. ("Level 3 Communications"), represented approximately 29.3% of the combined voting power of CTE's Class B Common Stock and Common Stock. As a result of the reclassification, Level 3 Communications will own approximately 4.6% of the outstanding CTE Common Stock and correspondingly will have 4.6% of the voting power. CTE will only have one class of common stock, with each share having one vote in corporate governance matters.

CTE intends to file an amendment to its charter with the Secretary of State of the Commonwealth of Pennsylvania later today in order to effect the reclassification. CTE anticipates that the CTE Class B Common Stock will be delisted from the Nasdaq SmallCap Market prior to trading on September 4, 2003. The CTE Common Stock will continue to trade on the Nasdaq National Market under the ticker symbol CTCO.

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.