Page 1

Frontier COMMUNICATIONS Frontier Communications Reports First Quarter 2021 Financial Results ● ● ● ● ● ● Net income of $ 60 million Revenue of $ 1.68 billion , down 6.3 % year - over - year , and Adjusted EBITDA of $ 670 million , down 2.3 % year - over - year¹ , in line with expectations Expects to extend fiber network to 495,000 locations in 2021 , with approximately 100,000 locations completed in the first quarter Expects to emerge today from Chapter 11 restructuring , reducing debt by approximately $ 11 billion and annual interest expense by approximately $ 1 billion Liquidity of over $ 1.3 billion at emergence , creating flexibility to reinvest in fiber network expansion Incoming Executive Chairman John Stratton , President and CEO Nick Jeffery , and CFO Sheldon Bruha to host presentation regarding first quarter results and path forward today at 10:00 AM ET Investor Day announced for August 2021 NORWALK , Conn . , Apr. 30 , 2021 - Frontier Communications Corporation ( " Frontier " or the " Company " ) today reported financial results for the first quarter ended March 31 , 2021 . Nick Jeffery , President and Chief Executive Officer of Frontier , said , " Frontier is now positioned with operational momentum and industry - leading leverage ratios to capitalize on the major growth forecast in the US fiber market . At this pivotal moment in the company's evolution , we look forward to rapidly expanding our fiber footprint , delivering enhanced customer service offerings and value , and accelerating our efforts to build Gigabit America . Building on our first quarter performance , I am thrilled to announce our plan to expand our fiber footprint to 495,000 new locations in 2021. " First Quarter 2021 Financial Results¹ Frontier reported consolidated revenue for the first quarter of 2021 of $ 1.68 billion , a 6.3 % decline from consolidated revenue reported in the first quarter of 2020 . While overall Data and Internet Services revenue decreased $ 13 million in the first quarter of 2021 , or 1.5 % , against the prior year , Frontier's fiber broadband revenues grew by $ 19 million in the first quarter of 2021 compared to the prior year . Consumer fiber net adds were 11,000 in the quarter , the seventh consecutive quarter of positive consumer fiber net adds . 1 Prior Year Comparisons are Adjusted for Disposal of Northwest Operations . See Schedule D on page 14 and Schedule F on page 16 for reconciliation of reported results to the results adjusted for the Disposal of Northwest Operations . Adjusted EBITDA is a non - GAAP measure of performance , See " Non - GAAP Measures " on page 4 for a description of this measure and its calculation . See Schedule A on page 12 for a reconciliation of Adjusted EBITDA to net income / ( loss ) . - 1 of 18 -