Consolidated Communications : Citi Global TMT West Conference

Citi Global TMT West Conference

Jan. 6, 2021

Safe Harbor

Forward-Looking Statements

Certain statements in this communication are forward-looking statements and are made pursuant to the safe harbor provisions of the Securities Litigation Reform Act of 1995. These forward-looking statements reflect, among other things, our current expectations, plans, strategies, and anticipated financial results. There are a number of risks, uncertainties, and conditions that may cause our actual results to differ materially from those expressed or implied by these forward-looking statements. These risks and uncertainties include a number of factors related to our business, including the uncertainties relating to the impact of the novel coronavirus (COVID-19) pandemic on

the company's business, results of operations, cash flows, stock price and employees; the possibility that any of the anticipated benefits of the strategic investment from

Searchlight or our refinancing of outstanding debt will not be realized; the outcome of any legal proceedings that may be instituted against the Company or its directors; the ability to obtain regulatory approvals and meet other closing conditions to the investment on a timely basis or at all, including the risk that regulatory approvals required for the investment are not obtained on a timely basis or at all, or are obtained subject to conditions that are not anticipated or that could adversely affect the Company or the expected benefits of the investment; the anticipated use of proceeds of the strategic investment; economic and financial market conditions generally and economic conditions in our service areas; various risks to the price and volatility of our common stock; changes in the valuation of pension plan assets; the substantial amount of debt and our ability to repay or refinance it or incur additional debt in the future; our need for a significant amount of cash to service and repay the debt restrictions contained in our debt agreements that limit the discretion of management in operating the business; regulatory changes, including changes to subsidies, rapid development and introduction of new technologies and intense competition in the telecommunications industry; risks associated with our possible pursuit of acquisitions; system failures; cyber-attacks, information or security breaches or technology failure of ours or of a third party; losses of large customers or government contracts; risks associated with the rights-of-way for the network; disruptions in the relationship with third party vendors; losses of key management personnel and the inability to attract and retain highly qualified management and personnel in the future; changes in the extensive governmental legislation and regulations governing telecommunications providers and the provision of telecommunications services; new or changing tax laws or regulations; telecommunications carriers disputing and/or avoiding their obligations to pay network access charges for use of our network; high costs of regulatory compliance; the competitive impact of legislation and regulatory changes in the telecommunications industry; and liability and compliance costs regarding environmental regulations; and risks associated with discontinuing paying dividends on our common stock. A detailed discussion of these and other risks and uncertainties that could cause actual results and events to differ materially from such forward-looking statements are discussed in more detail in our filings with the SEC, including our reports on Form 10-K and Form 10-Q. Many of these circumstances are beyond our ability to control or predict. Moreover, forward-looking statements necessarily involve assumptions on our part. These forward-looking statements generally are identified by the words "believe," "expect," "anticipate," "estimate," "project," "intend," "plan," "should," "may," "will," "would," "will be," "will continue" or similar expressions. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements of the Company and its subsidiaries to be different from those expressed or implied in the forward-looking statements. All forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by the cautionary statements that appear throughout this communication. Furthermore, forward- looking statements speak only as of the date they are made. Except as required under the federal securities laws or the rules and regulations of the SEC, we disclaim any intention or obligation to update or revise publicly any forward-looking statements. You should not place undue reliance on forward-looking statements.

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Non-GAAP Measures

This presentation includes certain non-GAAP financial measures, including but not limited to "EBITDA," "adjusted EBITDA," "total net debt to last twelve month adjusted EBITDA ratio," and "free cash flow." In addition to providing key metrics for management to evaluate the Company's performance, we believes these measurements assist investors in their understanding of operating performance and in identifying historical and prospective trends.

A reconciliation of the differences between these non-GAAP financial measures and the most directly comparable financial measures presented in accordance with GAAP are available in the Appendix here to. Non-GAAP measures are not presented to be replacements or alternatives to the GAAP measures, and investors are urged to consider these non-GAAP measures in addition to, and not in substitution for, measures prepared in accordance with GAAP. Consolidated may present or calculate its non-GAAP measures differently from other companies.

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About Consolidated Communications

Consolidated's Current

Fiber Network

Expansive, Dense Core Fiber Network

• Top 10 U.S. fiber provider,
  2M+ fiber-strand miles across 23 states
• High bandwidth network, enabling a fiber-centric strategy supporting Consumer, Commercial, and Carrier customers

46,300	2.8M	13,200
Total Fiber	Homes	On-Net
Route Miles	Passed	Buildings

46,300	23
Fiber-route miles	Operating states

Highly Diverse and Attractive Markets
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• Majority of markets have one wireline competitor;
consecutive quarters
11% with no wireline competition	broadband growth

• Diverse footprint of suburban and rural markets

Robust, Scalable Back-Office

Infrastructure	Tier 1 CRM, Service Delivery,
• Strategy and resources in place to scale and grow the	Workforce Management
System

business

2M+	3,900
Fiber connections to
Fiber-strand miles
wireless providers
13,200	550
On-net Buildings	Fiber hubs/COs

Experienced Management Team

• Proven track record of integration, strategic investments, and repositioning for the future
• Achieved financial stability, capital structure deleveraging, and exceeded synergy targets

Executive Team has an average of 28 years of industry experience

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#s as of Sept. 30, 2020