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Frontier Communications Reports 2013 Fourth Quarter And Full Year Results

Pension Contributions

The Company made total contributions to its pension plan for 2013 of $62.3 million, consisting of cash payments of $38.9 million and contributions of real property with a fair value of $23.4 million. We expect that we will make contributions to our pension plan of approximately $100 million in 2014.

2014 Guidance

For the full year of 2014, the Company’s expectations for capital expenditures and free cash flow for Frontier business operations are within a range of $575 million to $625 million and $725 million to $775 million, respectively. The Company expects that absent any further legislative changes in 2014, its 2014 cash taxes will be in the range of $130 million to $160 million. Acquisition and integration costs for the pending AT&T Connecticut transaction are excluded from this guidance. We expect to incur additional operating expenses of $140 million to $170 million and capital expenditures of $85 million to $105 million in 2014 related to acquisition and integration activities in connection with the pending AT&T Connecticut transaction.

Non-GAAP Measures

The Company uses certain non-GAAP financial measures in evaluating its performance. These include non-GAAP adjusted net income attributable to common shareholders of Frontier, free cash flow, operating cash flow and adjusted operating cash flow. A reconciliation of the differences between non-GAAP adjusted net income attributable to common shareholders of Frontier, free cash flow, operating cash flow and adjusted operating cash flow and the most comparable financial measures calculated and presented in accordance with GAAP is included in the tables that follow. The non-GAAP financial measures are by definition not measures of financial performance under GAAP, and are not alternatives to operating income or net income attributable to common shareholders of Frontier as reflected in the statement of operations or to cash flow as reflected in the statement of cash flows, and are not necessarily indicative of cash available to fund all cash flow needs. The non-GAAP financial measures used by the Company may not be comparable to similarly titled measures of other companies.

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