Investor Update
 Second Quarter 2011
 August 3, 2011





2
 Safe Harbor Statement
 Forward-Looking Language
 This document contains forward-looking statements that are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied in
the financial statements.Statements that are not historical facts are forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation
Reform Act of 1995.Words such as “believe,” “anticipate,” “expect” and similar expressions are intended to identify forward-looking statements.Forward-looking statements
(including oral representations) are only predictions or statements of current plans, which we review continuously.Forward-looking statements may differ from actual future results
due to, but not limited to, and our future results may be materially affected by, potential risks or uncertainties.You should understand that it is not possible to predict or identify all
potential risks or uncertainties. We note the following as a partial list: our ability to successfully integrate the operations and systems of the acquired business into Frontier’s
existing operations; the risk that the growth opportunities and cost synergies from the transaction may not be fully realized or may take longer to realize than expected; our
indemnity obligation to Verizon for taxes which may be imposed upon them as a result of changes in ownership of our stock may discourage, delay or prevent a third party from
acquiring control of us during the two-year period ending July 2012 in a transaction that stockholders might consider favorable; the effects of increased expenses incurred due to
activities related to the integration of the acquired business; most of the Acquired Business operates on systems acquired in the Transaction, which may not continue to function
properly following the first group of conversions to our legacy systems; our ability to maintain relationships with customers, employees or suppliers; the effects of greater than
anticipated competition requiring new pricing, marketing strategies or new product or service offerings and the risk that we will not respond on a timely or profitable basis;
reductions in the number of our access lines that cannot be offset by increases in High-Speed Internet (HSI) subscribers and sales of other products and services; the effects of
ongoing changes in the regulation of the communications industry as a result of federal and state legislation and regulation, or changes in the enforcement or interpretation of such
legislation and regulation; the effects of any unfavorable outcome with respect to any current or future legal, governmental or regulatory proceedings, audits or disputes; the effects
of changes in the availability of federal and state universal funding to us and our competitors; the effects of competition from cable, wireless and other wireline carriers; our ability
to adjust successfully to changes in the communications industry and to implement strategies for growth; continued reductions in switched access revenues as a result of
regulation, competition or technology substitutions; our ability to effectively manage service quality in our territories and meet mandated service quality metrics; our ability to
successfully introduce new product offerings, including our ability to offer bundled service packages on terms that are both profitable to us and attractive to customers; changes in
accounting policies or practices adopted voluntarily or as required by generally accepted accounting principles or regulations; our ability to effectively manage our operations,
operating expenses and capital expenditures, and to repay, reduce or refinance our debt; the effects of changes in both general and local economic conditions on the markets that
we serve, which can affect demand for our products and services, customer purchasing decisions, collectability of revenues and required levels of capital expenditures related to
new construction of residences and businesses; the effects of technological changes and competition on our capital expenditures and product and service offerings, including the
lack of assurance that our network improvements will be sufficient to meet or exceed the capabilities and quality of competing networks; the effects of increased medical, retiree
and pension expenses and related funding requirements; changes in income tax rates, tax laws, regulations or rulings, or federal or state tax assessments; the effects of state
regulatory cash management practices that could limit our ability to transfer cash among our subsidiaries or dividend funds up to the parent company; our ability to successfully
renegotiate union contracts expiring in 2011 and thereafter; changes in pension plan assumptions and/or the value of our pension plan assets, which would require us to make
increased contributions to the pension plan in 2012 and beyond; the effects of customer bankruptcies and home foreclosures, which could result in difficulty in collection of
revenues and loss of customers; adverse changes in the credit markets or in the ratings given to our debt securities by nationally accredited ratings organizations, which could limit
or restrict the availability, or increase the cost, of financing; limitations on the amount of capital stock that we can issue to make acquisitions or to raise additional capital until July
2012; our ability to pay dividends on our common shares, which may be affected by our cash flow from operations, amount of capital expenditures, debt service requirements,
cash paid for income taxes and liquidity; and the effects of severe weather events such as hurricanes, tornados, ice storms or other natural or man-made disasters. These and
other uncertainties related to our business are described in greater detail in our filings with the Securities and Exchange Commission, including our reports on Forms 10-K and 10-
Q, and the foregoing information should be read in conjunction with these filings.We undertake no obligation to publicly update or revise any forward-looking statements or to
make any other forward-looking statement, whether as a result of new information, future events or otherwise unless required to do so by securities laws.





3
 Non-GAAP Financial Measures
 The Company uses certain non-GAAP financial measures in evaluating its performance.These include free cash flow, EBITDA or “operating cash flow”, which
we define as operating income plus depreciation and amortization (“EBITDA”), and Adjusted EBITDA; a reconciliation of the differences between EBITDA and
free cash flow and the most comparable financial measures calculated and presented in accordance with GAAP is included in the appendix.The non-GAAP
financial measures are by definition not measures of financial performance under generally accepted accounting principles and are not alternatives to operating
income or net income 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.
 The Company believes that the presentation of non-GAAP financial measures provides useful information to investors regarding the Company’s financial
condition and results of operations because these measures, when used in conjunction with related GAAP financial measures, (i) together provide a more
comprehensive view of the Company’s core operations and ability to generate cash flow, (ii) provide investors with the financial analytical framework upon
which management bases financial, operational, compensation and planning decisions and (iii) presents measurements that investors and rating agencies
have indicated to management are useful to them in assessing the Company and its results of operations.Management uses these non-GAAP financial
measures to plan and measure the performance of its core operations, and its divisions measure performance and report to management based upon these
measures. In addition, the Company believes that free cash flow and EBITDA, as the Company defines them, can assist in comparing performance from period
to period, without taking into account factors affecting cash flow reflected in the statement of cash flows, including changes in working capital and the timing of
purchases and payments.
 The Company has shown adjustments to its financial presentations to exclude certain costs because investors have indicated to management that such
adjustments are useful to them in assessing the Company and its results of operations.These adjustments are detailed in the Appendix for the reconciliation
of free cash flow and operating cash flow.
 Management uses these non-GAAP financial measures to (i) assist in analyzing the Company’s underlying financial performance from period to period, (ii)
evaluate the financial performance of its business units, (iii) analyze and evaluate strategic and operational decisions, (iv) establish criteria for compensation
decisions, and (v) assist management in understanding the Company’s ability to generate cash flow and, as a result, to plan for future capital and operational
decisions.Management uses these non-GAAP financial measures in conjunction with related GAAP financial measures.These non-GAAP financial measures
have certain shortcomings.In particular, free cash flow does not represent the residual cash flow available for discretionary expenditures, since items such as
debt repayments and dividends are not deducted in determining such measure.EBITDA has similar shortcomings as interest, income taxes, capital
expenditures, debt repayments and dividends are not deducted in determining this measure.Management compensates for the shortcomings of these
measures by utilizing them in conjunction with their comparable GAAP financial measures.The information in this document should be read in conjunction with
the financial statements and footnotes contained in our documents filed with the U.S. Securities and Exchange Commission.





4
 Second Quarter 2011 Summary
 ●  Raised synergy targets to $600 million by year-end 2012and $475-$500 million by year-end 2011
 ●  Generated incremental synergies of $14 million includinginitial savings from backbone migration; $32 millionoverall cost reduction in the quarter
 ●  Grew adjusted EBITDA by 1.2% sequentially; EBITDAmargin expanded 141 bps to 48%
 ●  Broadband availability increased by 142,000 new homes
 ●  Grew DSL broadband subscribers by 12,300; had a netloss of 4,900 on FiOS data





5
 Quarterly Snapshot
 Notes: 1) Total revenues including Switched Access & Subsidy. 2) Customer revenue is defined as total revenue less Switched Access & Subsidy revenues. 3) Represents
Operating Cash Flow (EBITDA), as adjusted. 4) Capital expenditures exclude integration capital expenditures. 5) Free cash flow (“FCF”) as defined by Frontier, and
excluding acquisition and integration costs and capex. Please see Non-GAAP Reconciliations in Appendix.
 Notes: 1) Total revenues including Switched Access & Subsidy. 2) Customer revenue is defined as total revenue less Switched Access & Subsidy revenues. 3) Represents
Operating Cash Flow (EBITDA), as adjusted. 4) Capital expenditures exclude integration capital expenditures. 5) Free cash flow (“FCF”) as defined by Frontier, and
excluding acquisition and integration costs and capex. Please see Non-GAAP Reconciliations in Appendix.





6
 Business Update
 ●  Ramped up broadband expansion and congestion relief in2Q, continued to improve churn rates; cost synergies ontrack.Still need to drive higher broadband net additions
 ●  2Q sales are filling the second-half pipeline.Gainingmarket share in Carrier and Large/Medium businesses withhigher monthly recurring revenue.Continued success inSmall Business, increasing local engagement
 ●  Focused on increasing network capacity to meet customerdemand in advance of high-bandwidth applications. Lowerpromotional activity in 2Q.Signed new DISH video andYahoo! partnership agreements
 ●  First 4 states on track for early 4Q11; have begun planningprocess for conversion of remaining 9 states in 2012
 Execution
 Execution
 Commercial
 Commercial
 Residential
 Residential
 Integration
 Integration





7
 Key Metrics
 ●  Continued broadbandsubscriber growth
 ●  Satellite videoremains strong
 ●  Total access line lossrate improving, doesnot yet reflect full sell-through of availablehomes
 ●  Churn improveddespite FiOS offset
 Notes: (1) Comparisons to amounts prior to 7/1/10 pro forma for the Acquired Properties. Subscriber units in 000s
 Notes: (1) Comparisons to amounts prior to 7/1/10 pro forma for the Acquired Properties. Subscriber units in 000s





8
 One-Year Accomplishments
 Goal
StatusImplement “Local Engagement”Sell & retain customersGet the expenses outBuild and improve the network Continue delivering
and improving...
 Continue delivering
and improving...





9
 Revenues
 ●  Regulatoryrevenues 11.9% of2Q11 total
 ●  Well positionedfor ICC/USFreform
 Notes: $ Millions; Numbers may not sum due to rounding. 1Q11 Residential and Business Revenue are
restated; (1) as a percentage of Customer Revenue.
 Notes: $ Millions; Numbers may not sum due to rounding. 1Q11 Residential and Business Revenue are
restated; (1) as a percentage of Customer Revenue.
 ●  Businessrevenues are 51%of total customerrevenues
 ●  Business pipelineis solid
 ●  Continuing shift toincreasingcontribution ofbusiness andbroadbandrevenues





10
 Residential & Business
 ●  Residential ARPUimproving onadditional productsper customer, led bybroadband expansion
 ●  Business ARPUreflects additionalproducts and largercustomers
 ●  Networkenhancements andlarger Business salesforce should increaseshare
 Notes: 1) Sequential quarterly change.1Q11 Residential and Business Revenue are restated.
 Notes: 1) Sequential quarterly change.1Q11 Residential and Business Revenue are restated.





11
 Cash Operating Expenses
 Notes:$ Millions; Please see Non-GAAP reconciliations in Appendix.
 Notes:$ Millions; Please see Non-GAAP reconciliations in Appendix.
 ●  Through 2Q11, wehave eliminated 12%of the pro forma totalcompany 2Q10 coststructure
 ●  Continued extensivefocus and disciplineon synergy list andother areas of costcontrol





12
 Operating Expenses
 ●  $14M incrementalsynergies fromreduced backboneexpense, contractorreductions and othersavings
 ●  Raising 4Q12 target to$600M, up $50M
 ●  Raising 4Q11 target toa run-rate of $475-$500M, up $75-$100M





13
 Capital Expenditures
 ●  Expanded network toreach 466,000 homessince closing on7/1/2010
 ●  Broadband expansionand magnitude ofcapex on scheduleand budget
 ●  Expect capex to fall toapproximately 11% ofrevenues atcompletion of buildout
 Notes:$ Millions
 Notes:$ Millions





14
 Cash Flow
 ●  Adjusted EBITDAmargins expanded141 bps to 47.9%
 ●  FCF dividendcoverage should bepositively impactedby further synergies,revenue traction, andcompletion ofbroadband expansionin 2013
 Notes:$ Millions; See Appendix for calculation of Free Cash Flow (FCF).
 Notes:$ Millions; See Appendix for calculation of Free Cash Flow (FCF).





15
 Credit & Liquidity
 ●  Over $1B of liquidity
 ●  Deleveraged almost afull point; 2.5x target
 ●  Manageableremaining 2011maturities of $202M
 ●  Monitoringrefinancingopportunities
 ●  Fixed rate debt is 97%of total, no swaps
 Notes:$ Millions; 2Q10 pro forma for the 7/1/10 acquisition; (1) Excludes $72.4M of escrow cash.
 Notes:$ Millions; 2Q10 pro forma for the 7/1/10 acquisition; (1) Excludes $72.4M of escrow cash.





16
 Guidance
 Notes:$ Millions. See Appendix for calculation of Free Cash Flow. (1) Cash Taxes reflect an anticipated refund
in the second half of 2011.
 Notes:$ Millions. See Appendix for calculation of Free Cash Flow. (1) Cash Taxes reflect an anticipated refund
in the second half of 2011.
 ~
 ~





17
 Appendix





18
 Reconciliation of Non-GAAP Financial Measures
 Notes:Please refer to our Pro Forma Combined Historical and Operating data,filed as an 8-K, for explanatory notes which are an integral part of
the pro forma combined historical financial data.The unaudited pro forma financial information makes certain assumptions for illustrative
purposes and is subject to change
 Notes:Please refer to our Pro Forma Combined Historical and Operating data,filed as an 8-K, for explanatory notes which are an integral part of
the pro forma combined historical financial data.The unaudited pro forma financial information makes certain assumptions for illustrative
purposes and is subject to change





19
 Reconciliation of Non-GAAP Financial Measures
 Notes:Please refer to our Pro Forma Combined Historical and Operating data,filed as an 8-K, for explanatory notes which are an integral part of
the pro forma combined historical financial data.The unaudited pro forma financial information makes certain assumptions for illustrative
purposes and is subject to change
 Notes:Please refer to our Pro Forma Combined Historical and Operating data,filed as an 8-K, for explanatory notes which are an integral part of
the pro forma combined historical financial data.The unaudited pro forma financial information makes certain assumptions for illustrative
purposes and is subject to change





Frontier Communications Corp.
 (NYSE: FTR)
 Investor Relations
 Investor Relations
 Frontier Communications Corp.
 Frontier Communications Corp.
 3 High Ridge Park
 3 High Ridge Park
 Stamford, CT 06905
 Stamford, CT 06905
 203.614.4606
 203.614.4606
 IR@FTR.com
 IR@FTR.com