Investor Presentaiton

Wall Street Has Been Supportive of Cincinnati Bell's Transformational Strategy "With IT Services, CBB could eventually pursue a strategy similar to the one it had with CyrusOne - i.e. scaling the business and eventually monetizing it (via IPO, spin-off, etc.) in order to delever, reinvest in the fiber business, buy back stock. With HCOM deal, [...] in the long run, CBB could still become an acquisition target for a company interested in expanding its scale through purchase of fiber-rich wireline properties." Gabelli & Company July 11, 2017 "Cincinnati Bell's stock is up ~20% since it announced the acquisitions of OnX and Hawaiian Telcom. This contrasts with the market's attitude towards other recent wireline M&A [...] The company has not done significant M&A since it acquired CyrusOne (since spun off) back in 2010, but if it is successful, it could pursue more M&A given its relative cost of capital advantage vs other wireline peers [...] As noted previously with CyrusOne, Cincinnati Bell has experience spinning off businesses, and we think the IT services business (CBTS) is on an easier path to monetization following the enhanced scale provided by OnX." Morgan Stanley November 30, 2017 "We are encouraged by continued strength and development of the company's fiber business [...] In addition, we believe the company's acquisition of OnX and proposed purchase of Hawaiian Telcom have the potential to strengthen CBB's long-term fundamental outlook." HILLIARD November 2, 2017 LYONS "In a rapidly consolidating sector, these deals give CBB added scale in the communications space and align with management's strategy of increasing investment in fiber and IT services. HCOM is a fiber-rich asset with a similar competitive profile to CBB's. Meanwhile, OnX will bring along relationships, sales and a national distribution platform that will help management target the growing lot, cyber security and cloud markets. We estimate the deals will enhance standalone CBB's growth trajectory and are slightly accretive to free cash flow per share." UBS July 10, 2017 "These acquisitions help CBB gain needed scale in the communications and IT services businesses, and would be accretive to FCF/share upon closing. The transactions will increase CBB's exposure in the enterprise market to 76% (vs. 69% today) [...] We believe the longer term strategy of diversifying its business is a correct one given the structural challenges of telecom." WELLS FARGO SECURITIES July 10, 2017 23

View entire presentation