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Frontier was advised by Evercore and Cravath,Swaine&Moore LLP.WDC and Searchlight were advised by
<br /> Bank of America,Credit Suisse,and Deutsche Bank and Paul,Weiss,Rifkind,Wharton&Garrison LLP.
<br /> Additional Details of Frontier Operations
<br /> Across the four states,Frontier's network passes 1.7 million residential and business locations,of which
<br /> approximately 500,000 axe fiber-to-the-premises capable.As of March 31,2019,Frontier served
<br /> approximately 150,000 fiber broadband,150,000 copper broadband and 35,000 video connections in these
<br /> states.
<br /> About Frontier Communications
<br /> Frontier Communications Corporation(NASDAQ:FTR)is a leader in providing communications services to
<br /> urban,suburban,and rural communities in 29 states.Frontier offers a variety of services to residential
<br /> customers over its fiber-optic and copper networks,including video,high-speed internet,advanced voice,and
<br /> Frontier Secure®digital protection solutions.Frontier BusinessTM offers communications solutions to small,
<br /> medinm,and enterprise businesses.More information about Frontier is available at www.frontier.com.
<br /> About WaveDivision Capital
<br /> Founded in 2003 by broadband entrepreneur Steve Weed,WaveDivision Capital("WDC"),headquartered in
<br /> Kirkland,WA,is a private investment firm focused on the broadband industry.Steve was founder and CEO
<br /> of Wave Broadband,and the managing directors of WDC,Harold Zeitz and Wayne Schattenkerk,were
<br /> formerly the President and CFO,respectively,of Wave Broadband,which grew to one of the largest
<br /> broadband companies on the West coast,until its multi-billion dollar sale in 2018.WDC's goal is to bring
<br /> better interact connections to more homes and businesses throughout North America.WDC's current
<br /> investments include Hargray Communications,Xplornet Communications,MetroNet,and
<br /> RCN/Wave/Grande.You can learn more about WDC at www.wavedc.com.
<br /> About Searchlight Capital Partners
<br /> Searchlight is a global private investment fine with offices in New York,London and Toronto.Searchlight
<br /> seeks to invest in business where their long-term capital and strategic support accelerate value creation for all
<br /> stakeholders.For more information,please visit www.searchlightcap.com.
<br /> NntLC. FinangiaiMear erar
<br /> Frontier uses certain non-GAAP financial measures in evaluating its performance,including EBITDA and
<br /> Adjusted EBri'DA,each of which is described below.Management uses these non-GAAP financial measures
<br /> internally to(i)assist in analyzing Frontier's underlying financial performance from period to period,(i
<br /> analyze and evaluate strategic and operational decisions,(iii)establish criteria for compensation decisions,and
<br /> (iv)assist in the understanding of Frontier's ability to generate cash flow and,as a result,to plan for future
<br /> capital and operational decisions.Management believes that the presentation of these non-GAAP financial
<br /> measures provides useful information to investors regarding Frontier's financial condition and results of
<br /> operations because these measures,when used in conjunction with related GAAP financial measures (i)
<br /> provide a more comprehensive view of Frontier's core operations and ability to generate cash flow,(ii)
<br /> provide investors with the financial analytical framework upon which management bases financial,
<br /> operational,compensation,and planning decisions and(iii)present measurements that investors and rating
<br /> agencies have indicated to management are useful to them in assessing Frontier and its results of operations.
<br /> A reconciliation of these measures to the most comparable financial measures calculated and presented in
<br /> accordance with GAAP is included in the accompanying tables.These non-GAAP financial measures are riot
<br /> measures of financial performance or liquidity under GAAP,nor are they alternatives to GAAP measures and
<br /> they may not be comparable to similarly titled measures of other companies.
<br /> EBJ.TDA is defined as net income(loss)less income tax expense(benefit),interest expense,investment and
<br /> other income,and depreciation and amortization.EBl'1'DA margin is calculated by dividing EBl'1'DA by total
<br /> revenue.
<br /> Adjusted EBITDA is defined as EBITDA,as described above,adjusted to exclude certain pension/OPEB
<br /> expenses,restructuring costs and other charges,stock-based compensation expense,goodwill impairment
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