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• <br /> Frontier <br /> COMMUNICATIONS <br /> FOR IMMEDIATE RELEASE www.ftontier.com <br /> Frontier Communications Announces Sale of Operations in Washington, <br /> Oregon, Idaho, and Montana <br /> NORWALK,Conn.,May 29,2019--Frontier Communications Corporation(NASDAQ;FTR)today <br /> announced it has entered into a definitive agreement to sell its operations and all associated assets in <br /> Washington,Oregon,Idaho,and Montana to WaveDivision Capital,LLC(WDC)in partnership with <br /> Searchlight Capital Partners;LLC(Searchlight)for$1.352 billion in cash subject to certain closing <br /> adjustments. <br /> Frontier's operations in these states serve more than 350,000 residential and commercial customers as of <br /> March 31,2019 and account for$619 million of revenue,$46 million of net income and$272 million of <br /> Adjusted EB1'1'llA1 for the twelve months ending March 31,2019.The transaction is subject to regulatory <br /> approvals and other customary closing conditions,with dosing anticipated to occur within one year. <br /> "The sale of these properties reduces Frontier's debt and strengthens liquidity,"said Dan McCarthy,Frontier <br /> President and Chief Executive Officer. "We are pleased to have a buyer with extensive experience building <br /> and operating advanced fiber-based communications assets in these regions.We will be working very closely <br /> with the new owners to ensure a smooth,successful transition for our customers and the communities we <br /> serve." <br /> WDC,headed by broadband entrepreneur Steve Weed,is based in Kirkland,Washington,and brings <br /> extensive technical,organizational,and management experience in building and operating residential and <br /> business next-generation fiber networks. <br /> `We are excited to be partnering with Searchlight on this opportunity to acquire Frontier's operations in the <br /> • Northwest,"said Steve Weed,CEO of WDC,and Founder and fanner CEO of Wave Broadband."We have <br /> a proven track record of customer satisfaction by providing fast,reliable internes connectivity combined with <br /> great service and support.Having grown up in the Northwest,I'm excited to be able to continue to serve my <br /> community through this new venture." <br /> "Searchlight is pleased to have reached this agreement with Frontier,"said Eric Zintethofer,Founding <br /> Partner of Searchlight.'We are excited to partner with Steve and his team,who have an outstanding track <br /> record of building best-in-class fiber networks,and who will enable us to accelerate the deployment of <br /> superior next generation products for our residential and business customers:" <br /> Additional Transaction Details <br /> Frontier will continue to operate the business and serve customers with existing products and services until <br /> the transaction closes.WDC and Searchlight have foamed a new company to operate the business and honor <br /> existing customer commitments and contracts after the transaction closes. <br /> Under the teams of the transaction,Frontier will receive$1.352 billion in cash at dosing subject to certain <br /> adjustments,including working capital as compared to an agreed target,and certain pension and retiree <br /> medical liabilities.Frontier has also agreed to provide certain transition services to the new ownership group <br /> following the closing. <br /> The transaction is subject to regulatory approvals by the Federal Communications Commission,the U.S. <br /> Department of Justice,the Committee on Foreign Investment in the United States (CFIUS),applicable state <br /> regulatory agencies,and certain local video franchise authorities. <br /> 1 See"Non-GAAP Measures"for a description of this measure and its calculation.See Appendix A for a <br /> reconciliation to net income/(loss). <br /> 81 <br />