|   |                          |
|--------|-------------------------------|
|   | Exhibit 99.1                  |
|   |  Frontier Communications |
|   | 3 High Ridge Park             |
|   | Stamford, CT 06905            |
|   | 203.614.5600                  |
|   | www.frontier.com              |

|   |
|--------|
|   | •  First quarter free cash flow of $253 million |
|   | •  First quarteroperating cash flow margin of 49%, as adjusted |
|   | •  Final nine state system conversion successfully completed in March 2012 |
|   | •  $13 million increase in sequential synergy cost savings |
|   | •  40,000 new households with broadband availability |
|   | •  11,700 net new broadband subscribers |

----

----

----

----

| INVESTOR CONTACT:                                       |   |   | MEDIA CONTACT:               |
|---------------------------------------------------------|--------|--------|------------------------------|
| Gregory Lundberg                                        |   |   | Brigid Smith                 |
| Assistant Treasurer & Investor  Relations |   |   | AVP Corporate Communications |
| (203) 614-5044                                          |   |   | (203) 614-5042               |
| greg.lundberg@FTR.com                                   |   |   | brigid.smith@FTR.com         |
|                                                    |   |   |                         |

----

|                                                                                              |                                                                                                                                                                                                                                                                                                                |   |                  |   |   |         |       |   |      |   |
|---------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-----------------------|--------|--------|--------------|------------|--------|-----------|--------|
| Frontier Communications Corporation                                                               |                                                                                                                                                                                                                                                                                                                |
| Consolidated Financial Data                                                                       |                                                                                                                                                                                                                                                                                                                |
|                                                                                              |                                                                                                                                                                                                                                                                                                                |   |                  |   |   |         |       |   |      |   |
|                                                                                              |                                                                                                                                                                                                                                                                                                                |   |                  |   |   |         |       |   |      |   |
|                                                                                              |                                                                                                                                                                                                                                                                                                                |   | For the quarter ended |   |
|                                                                                              |                                                                                                                                                                                                                                                                                                                |   | March 31,             |   |   | December 31, |       |   | March 31, |   |
| (Amounts in thousands, except per share amounts)                                                  |                                                                                                                                                                                                                                                                                                                | 2012   |                  |   | 2011   |         |       | 2011   |      |
|                                                                                              |                                                                                                                                                                                                                                                                                                                |   |                  |   |   |         |       |   |      |   |
| Income Statement Data                                                                             |                                                                                                                                                                                                                                                                                                                |   |                  |   |   |         |       |   |      |
|   Revenue                                                                               |                                                                                                                                                                                                                                                                                                                | $      | 1,268,054             |   |   | $            | 1,283,152  |   |      | $      | 1,346,697 |   |
|                                                                                              |                                                                                                                                                                                                                                                                                                                |   |                  |   |   |         |       |   |      |   |   |   |   |
|   Network access expenses                                                               |                                                                                                                                                                                                                                                                                                                |   | 115,569               |   |   |         | 120,828    |   |      |   | 151,284 |   |
|   Other operating expenses (1)                                                          |                                                                                                                                                                                                                                                                                                                |   | 551,583               |   |   |         | 548,595    |   |      |   | 580,340 |   |
|   Depreciation and amortization                                                         |                                                                                                                                                                                                                                                                                                                |   | 357,300               |   |   |         | 341,025    |   |      |   | 351,257 |   |
|   Integration costs (2)                                                                 |                                                                                                                                                                                                                                                                                                                |   | 35,144                |   |   |         | 42,247     |   |      |   | 13,223 |   |
|   Total operating expenses                                                              |                                                                                                                                                                                                                                                                                                                |   | 1,059,596             |   |   |         | 1,052,695  |   |      |   | 1,096,104 |   |
|                                                                                              |                                                                                                                                                                                                                                                                                                                |   |                  |   |   |         |       |   |      |   |   |   |   |
|   Operating income                                                                      |                                                                                                                                                                                                                                                                                                                |   | 208,458               |   |   |         | 230,457    |   |      |   | 250,593 |   |
|   Investment and other income, net                                                      |                                                                                                                                                                                                                                                                                                                |   | 5,588                 |   |   |         | 1,487      |   |      |   | 9,585 |   |
|   Interest expense                                                                      |                                                                                                                                                                                                                                                                                                                |   | 164,862               |   |   |         | 165,162    |   |      |   | 167,415 |   |
|   Income before income taxes                                                            |                                                                                                                                                                                                                                                                                                                |   | 49,184                |   |   |         | 66,782     |   |      |   | 92,763 |   |
|   Income tax expense                                                                    |                                                                                                                                                                                                                                                                                                                |   | 18,694                |   |   |         | 21,534     |   |      |   | 36,567 |   |
| Net income  (2)                                                                         |                                                                                                                                                                                                                                                                                                                |   | 30,490                |   |   |         | 45,248     |   |      |   | 56,196 |   |
| Less:  Income attributable to the noncontrolling interest in a    partnership |                                                                                                                                                                                                                                                                                                                |   | 3,722                 |   |   |         | 3,001      |   |      |   | 1,485 |   |
| Net income attributable to common shareholders of Frontier  (3)                         |                                                                                                                                                                                                                                                                                                                | $      | 26,768                |   |   | $            | 42,247     |   |      | $      | 54,711 |   |
|                                                                                              |                                                                                                                                                                                                                                                                                                                |   |                  |   |   |         |       |   |      |   |   |   |   |
| Weighted average shares outstanding                                                               |                                                                                                                                                                                                                                                                                                                |   | 988,873               |   |   |         | 990,276    |   |      |   | 989,749 |   |
|                                                                                              |                                                                                                                                                                                                                                                                                                                |   |                  |   |   |         |       |   |      |   |   |   |   |
| Basic net income per share attributable to common shareholders of Frontier (3) (4)                |                                                                                                                                                                                                                                                                                                                | $      | 0.03             |   |   | $            | 0.04  |   |      | $      | 0.05  |   |
|                                                                                              |                                                                                                                                                                                                                                                                                                                |   |                  |   |   |         |       |   |      |   |   |   |   |
| Other Financial Data                                                                              |                                                                                                                                                                                                                                                                                                                |   |                  |   |   |         |       |   |      |   |   |   |
| Capital expenditures - Business operations                                                        |                                                                                                                                                                                                                                                                                                                | $      | 208,522               |   |   | $            | 111,792    |   |      | $      | 203,534 |   |
| Capital expenditures - Integration activities                                                     |                                                                                                                                                                                                                                                                                                                |   | 15,731                |   |   |         | 13,837     |   |      |   | 5,578 |   |
| Operating cash flow, as adjusted (5)                                                              |                                                                                                                                                                                                                                                                                                                |   | 619,834               |   |   |         | 616,198    |   |      |   | 626,437 |   |
| Free cash flow (5)                                                                                |                                                                                                                                                                                                                                                                                                                |   | 253,160               |   |   |         | 358,762    |   |      |   | 252,857 |   |
| Dividends paid                                                                                    |                                                                                                                                                                                                                                                                                                                |   | 99,851                |   |   |         | 186,584    |   |      |   | 186,605 |   |
| Dividend payout ratio (6)                                                                         |                                                                                                                                                                                                                                                                                                                |   | 39                    | %      |   |         | 52         | %      |      |   | 74 | % |
|                                                                                              |                                                                                                                                                                                                                                                                                                                |   |                  |   |   |         |       |   |      |   |   |   |   |
|                                                                                              |                                                                                                                                                                                                                                                                                                                |   |                  |   |   |         |       |   |      |   |   |   |   |
| (1)                                                                                               | Includes severance and early retirement costs of $6.5 million, $1.1 million and $0.1 million for the quarters ended March 31, 2012, December 31, 2011 and March 31, 2011, respectively.                                                                                                                             |   |
| (2)                                                                                               | Reflects integration costs of $35.1 million ($21.7 million or $0.02 per share after tax), $42.2 million ($26.1 million or $0.03 per share after tax) and $13.2 million ($8.3 million or $0.01 per share after tax) for the quarters ended March 31, 2012, December 31, 2011 and March 31, 2011, respectively.  |   |
| (3)                                                                                               | Basic net income per share attributable to common shareholders of Frontier, as adjusted to exclude integration costs, and severance and early retirement costs, was $0.05 per share, $0.07 per share and $0.06 per share for the quarters ended March 31, 2012, December 31, 2011 and March 31, 2011, respectively. |   |
| (4)                                                                                               | Calculated based on weighted average shares outstanding.                                                                                                                                                                                                                                                            |   |                  |   |   |         |       |   |      |   |   |   |   |
| (5)                                                                                               | Reconciliations to the most comparable GAAP measures are presented in Schedules A and B at the end of these tables.                                                                                                                                                                                                 |   |
| (6)                                                                                               | Represents dividends paid divided by free cash flow, as defined in Schedule A.                                                                                                                                                                                                                                      |   |                  |   |   |         |       |   |      |   |
|                                                                                              |                                                                                                                                                                                                                                                                                                                |   |                  |   |   |         |       |   |      |   |   |   |   |

----

| Frontier Communications Corporation           |                                                                                                                                                                                                                         |
|-----------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Consolidated Financial and Operating Data     |                                                                                                                                                                                                                         |
|                                          |                                                                                                                                                                                                                         |   |   | For the quarter ended |   |
|                                          |                                                                                                                                                                                                                         |   |   | March 31, |   |   | December 31, |   |   | March 31, |   |
| (Amounts in thousands, except operating data) |                                                                                                                                                                                                                         | 2012 |   |   | 2011 |   |   | 2011 |   |
|                                          |                                                                                                                                                                                                                         |   |   |   |   |   |   |   |   |   |   |
| Selected Income Statement Data                |                                                                                                                                                                                                                         |   |   |   |   |   |   |   |   |
| Revenue:                                      |                                                                                                                                                                                                                         |   |   |   |   |   |   |   |   |   |
|                                          | Local and long distance services                                                                                                                                                                                             |   | $ | 572,162 |   |   | $ | 592,860 |   |   | $ | 635,114 |   |
|                                          | Data and internet services                                                                                                                                                                                                   |   |   | 450,670 |   |   |   | 464,873 |   |   |   | 458,527 |   |
|                                          | Other                                                                                                                                                                                                                        |   |   |   | 96,877 |   |   |   | 78,377 |   |   |   | 86,835 |   |
|                                          |            Customer revenue                                                                                                                                           |   |   | 1,119,709 |   |   |   | 1,136,110 |   |   |   | 1,180,476 |   |
|                                          | Switched access and subsidy                                                                                                                                                                                                  |   |   | 148,345 |   |   |   | 147,042 |   |   |   | 166,221 |   |
| Total revenue                                 |                                                                                                                                                                                                                         |   | $ | 1,268,054 |   |   | $ | 1,283,152 |   |   | $ | 1,346,697 |   |
|                                          |                                                                                                                                                                                                                         |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Other Financial and Operating Data            |                                                                                                                                                                                                                         |   |   |   |   |   |   |   |   |   |   |   |
| Revenue:                                      |                                                                                                                                                                                                                         |   |   |   |   |   |   |   |   |   |   |   |   |
|                                          | Residential                                                                                                                                                                                                                  |   | $ | 534,836 |   |   | $ | 544,144 |   |   | $ | 589,166 |   |
|                                          | Business                                                                                                                                                                                                                     |   |   |   | 584,873 |   |   |   | 591,966 |   |   |   | 591,310 |   |
|                                          |            Customer revenue                                                                                                                                           |   |   | 1,119,709 |   |   |   | 1,136,110 |   |   |   | 1,180,476 |   |
|                                          | Switched access and subsidy                                                                                                                                                                                                  |   |   | 148,345 |   |   |   | 147,042 |   |   |   | 166,221 |   |
| Total revenue                                 |                                                                                                                                                                                                                         |   | $ | 1,268,054 |   |   | $ | 1,283,152 |   |   | $ | 1,346,697 |   |
|                                          |                                                                                                                                                                                                                         |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Residential customer metrics:                 |                                                                                                                                                                                                                         |   |   |   |   |   |   |   |   |   |   |   |
|                                          | Customers - Legacy Frontier                                                                                                                                                                                             |   |   | 1,066,537 |   |   |   | 1,084,171 |   |   |   | 1,142,737 |   |
|                                          |                     - Acquired properties                                                                                |   |   | 1,972,381 |   |   |   | 2,019,595 |   |   |   | 2,195,569 |   |
|                                          |                   Total residential customers                                                                                      |   |   | 3,038,918 |   |   |   | 3,103,766 |   |   |   | 3,338,306 |   |
|                                          | Revenue                                                                                                                                                                                                                      |   |   | $ | 534,836 |   |   | $ | 544,144 |   |   | $ | 589,166 |   |
|                                          | Products per residential customer (1)                                                                                                                                                                                        |   |   | 2.50 |   |   |   | 2.47 |   |   |   | 2.35 |   |
|                                          | Average monthly residential revenue per customer (2)                                                                                                                                                                         |   | $ | 57.06 |   |   | $ | 56.95 |   |   | $ | 57.36 |   |
|                                          | Customer monthly churn  - Legacy Frontier                                                                                                                                                                          |   |   | 1.38 | % |   |   | 1.36 | % |   |   | 1.35 | % |
|                                          |                                                                                                                                                                                                                         |                           - Acquired properties |   |   | 1.66 | % |   |   | 1.62 | % |   |   | 2.01 | % |
|                                          |                                                                                                                                                                                                                         | Total residential customer monthly churn |   |   | 1.56 | % |   |   | 1.53 | % |   |   | 1.79 | % |
|                                          |                                                                                                                                                                                                                         |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Business customer metrics:                    |                                                                                                                                                                                                                         |   |   |   |   |   |   |   |   |   |   |   |
|                                          | Customers                                                                                                                                                                                                                    |   |   | 302,142 |   |   |   | 309,900 |   |   |   | 333,396 |   |
|                                          | Revenue                                                                                                                                                                                                                      |   |   | $ | 584,873 |   |   | $ | 591,966 |   |   | $ | 591,310 |   |
|                                          | Average monthly business revenue per customer                                                                                                                                                                                |   | $ | 637.07 |   |   | $ | 627.14 |   |   | $ | 582.10 |   |
|                                          |                                                                                                                                                                                                                         |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Access line metrics:                          |                                                                                                                                                                                                                         |   |   |   |   |   |   |   |   |   |   |   |
|                                          | Residential                                                                                                                                                                                                                  |   |   | 3,196,951 |   |   |   | 3,267,487 |   |   |   | 3,521,710 |   |
|                                          | Business                                                                                                                                                                                                                     |   |   |   | 1,967,877 |   |   |   | 1,999,429 |   |   |   | 2,087,254 |   |
|                                          | Total access lines                                                                                                                                                                                                           |   |   | 5,164,828 |   |   |   | 5,266,916 |   |   |   | 5,608,964 |   |
|                                          |                                                                                                                                                                                                                         |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                          | Legacy Frontier                                                                                                                                                                                                              |   |   | 1,844,010 |   |   |   | 1,872,362 |   |   |   | 1,958,380 |   |
|                                          | Acquired properties                                                                                                                                                                                                          |   |   | 3,320,818 |   |   |   | 3,394,554 |   |   |   | 3,650,584 |   |
|                                          | Total access lines                                                                                                                                                                                                           |   |   | 5,164,828 |   |   |   | 5,266,916 |   |   |   | 5,608,964 |   |
|                                          |                                                                                                                                                                                                                         |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                          | Average monthly total revenue per access line                                                                                                                                                                                |   | $ | 81.04 |   |   | $ | 80.39 |   |   | $ | 79.07 |   |
|                                          | Average monthly customer revenue per access line                                                                                                                                                                             |   | $ | 71.56 |   |   | $ | 71.18 |   |   | $ | 69.31 |   |
|                                          |                                                                                                                                                                                                                         |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Employees                                     |                                                                                                                                                                                                                         |   |   | 15,479 |   |   |   | 15,388 |   |   |   | 14,900 |   |
| Broadband subscribers                         |                                                                                                                                                                                                                         |   | 1,775,853 |   |   |   | 1,764,160 |   |   |   | 1,730,336 |   |
| Video subscribers                             |                                                                                                                                                                                                                         |   | 561,878 |   |   |   | 557,527 |   |   |   | 546,404 |   |
| Switched access minutes of use (in millions)  |                                                                                                                                                                                                                         |   | 4,517 |   |   |   | 4,482 |   |   |   | 5,000 |   |
|                                          |                                                                                                                                                                                                                         |   |   |   |   |   |   |   |   |   |   |   |   |   |
| (1)                                           | Products per residential customer: primary residential voice line, broadband and video products have a value of 1. Long distance, Frontier Secure, second lines, feature packages and dial-up have a value of 0.5. |   |
| (2)                                           | Calculation excludes the Mohave Cellular Limited Partnership.                                                                                                                                                                |   |   |   |   |   |   |   |   |   |

----

| Frontier Communications Corporation            |   |
|------------------------------------------------|--------|
| Condensed Consolidated Balance Sheet Data      |   |
|                                           |   |   |   |   |   |   |
| (Amounts in thousands)                         |   |   |   |   |   |   |
|                                           |   |   |   |   |   |   |
|                                           |   | March 31, 2012 |   |   | December 31, 2011 |   |
| ASSETS                                         |   |   |   |   |   |   |
| Current assets:                                |   |   |   |   |   |   |
| Cash and cash equivalents                      |   | $ | 365,814 |   |   | $ | 326,094 |   |
| Accounts receivable, net                       |   |   | 525,252 |   |   |   | 585,157 |   |
| Other current assets                           |   |   | 326,110 |   |   |   | 327,779 |   |
| Total current assets                           |   |   | 1,217,176 |   |   |   | 1,239,030 |   |
|                                           |   |   |   |   |   |   |   |   |
| Restricted cash                                |   |   | 139,255 |   |   |   | 144,680 |   |
| Property, plant and equipment, net             |   |   | 7,501,149 |   |   |   | 7,547,523 |   |
| Other assets - principally goodwill            |   |   | 8,360,670 |   |   |   | 8,498,535 |   |
| Total assets                                   |   | $ | 17,218,250 |   |   | $ | 17,429,768 |   |
|                                           |   |   |   |   |   |   |   |   |
| LIABILITIES AND EQUITY                         |   |   |   |   |   |   |   |   |
| Current liabilities:                           |   |   |   |   |   |   |   |   |
| Long-term debt due within one year             |   | $ | 674,746 |   |   | $ | 94,016 |   |
| Accounts payable and other current liabilities |   |   | 901,471 |   |   |   | 1,058,200 |   |
| Total current liabilities                      |   |   | 1,576,217 |   |   |   | 1,152,216 |   |
|                                           |   |   |   |   |   |   |   |   |
| Deferred income taxes and other liabilities    |   |   | 3,627,661 |   |   |   | 3,602,577 |   |
| Long-term debt                                 |   |   | 7,614,392 |   |   |   | 8,205,841 |   |
| Equity                                         |   |   | 4,399,980 |   |   |   | 4,469,134 |   |
| Total liabilities and equity                   |   | $ | 17,218,250 |   |   | $ | 17,429,768 |   |
|                                           |   |   |   |   |   |   |   |   |
|                                           |   |   |   |   |   |   |   |   |
|                                           |   |   |   |   |   |   |   |   |

----

| Frontier Communications Corporation                             |   |
|-----------------------------------------------------------------|--------|
|  Consolidated Cash Flow Data                               |   |
|                                                            |   |   |   |   |   |   |
| (Amounts in thousands)                                          |   |   |   |   |   |   |
|                                                            |   | For the quarter ended March 31, |   |
|                                                            |   | 2012 |   |   | 2011 |   |
|                                                            |   |   |   |   |   |   |
| Cash flows provided by (used in) operating activities:          |   |   |   |   |   |   |
| Net income                                                      |   | $ | 30,490 |   |   | $ | 56,196 |   |
| Adjustments to reconcile net income to net cash provided        |   |   |   |   |   |   |   |   |
|        by operating activities:   |   |   |   |   |   |   |   |   |
| Depreciation and amortization expense                           |   |   | 357,300 |   |   |   | 351,257 |   |
| Stock based compensation expense                                |   |   | 3,718 |   |   |   | 3,584 |   |
| Pension/OPEB costs                                              |   |   | 12,403 |   |   |   | 11,279 |   |
| Other non-cash adjustments                                      |   |   | 1,537 |   |   |   | (2,999 | ) |
| Deferred income taxes                                           |   |   | 15,764 |   |   |   | 27,744 |   |
| Change in accounts receivable                                   |   |   | 59,905 |   |   |   | 30,996 |   |
| Change in accounts payable and other liabilities                |   |   | (102,042 | ) |   |   | 29,469 |   |
| Change in other current assets                                  |   |   | 3,438 |   |   |   | 6,588 |   |
| Net cash provided by operating activities                       |   |   | 382,513 |   |   |   | 514,114 |   |
|                                                            |   |   |   |   |   |   |   |   |
| Cash flows provided from (used by) investing activities:        |   |   |   |   |   |   |   |   |
| Capital expenditures - Business operations                      |   |   | (208,522 | ) |   |   | (203,534 | ) |
| Capital expenditures - Integration activities                   |   |   | (15,731 | ) |   |   | (5,578 | ) |
| Cash transferred from escrow                                    |   |   | 5,425 |   |   |   | 3,349 |   |
| Other assets purchased and distributions received, net          |   |   | (5,918 | ) |   |   | (6,556 | ) |
| Net cash used by investing activities                           |   |   | (224,746 | ) |   |   | (212,319 | ) |
|                                                            |   |   |   |   |   |   |   |   |
| Cash flows provided from (used by) financing activities:        |   |   |   |   |   |   |   |   |
| Long-term debt payments                                         |   |   | (14,502 | ) |   |   | (969 | ) |
| Dividends paid                                                  |   |   | (99,851 | ) |   |   | (186,605 | ) |
| Repayment of customer advances for construction,                |   |   |   |   |   |   |   |   |
|   distributions to noncontrolling interests and other |   |   | (3,694 | ) |   |   | (6,102 | ) |
| Net cash used by financing activities                           |   |   | (118,047 | ) |   |   | (193,676 | ) |
|                                                            |   |   |   |   |   |   |   |   |
| Increase in cash and cash equivalents                           |   |   | 39,720 |   |   |   | 108,119 |   |
| Cash and cash equivalents at January 1,                         |   |   | 326,094 |   |   |   | 251,263 |   |
|                                                            |   |   |   |   |   |   |   |   |
| Cash and cash equivalents at March 31,                          |   | $ | 365,814 |   |   | $ | 359,382 |   |
|                                                            |   |   |   |   |   |   |   |   |
| Cash paid (received) during the period for:                |   |   |   |   |   |   |   |   |
| Interest                                                        |   | $ | 118,524 |   |   | $ | 119,067 |   |
| Income taxes (refunds)                                          |   | $ | (369 | ) |   | $ | 8,946 |   |
|                                                            |   |   |   |   |   |   |   |   |

----

|                                          |                                                                                                                                                                                                                                                                                                                                                                                                                                                |   |                  |    |   |         |   |    | Schedule A |   |
|-----------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-----------------------|---------|--------|--------------|--------|---------|------------|--------|
| Frontier Communications Corporation           |                                                                                                                                                                                                                                                                                                                                                                                                                                                |
| Reconciliation of Non-GAAP Financial Measures |                                                                                                                                                                                                                                                                                                                                                                                                                                                |
|                                          |                                                                                                                                                                                                                                                                                                                                                                                                                                                |   |                  |    |   |         |   |    |       |   |
|                                          |                                                                                                                                                                                                                                                                                                                                                                                                                                                |   | For the quarter ended |    |
|                                          |                                                                                                                                                                                                                                                                                                                                                                                                                                                |   | March 31,             |    |   | December 31, |   |    | March 31,  |   |
|                                          | (Amounts in thousands)                                                                                                                                                                                                                                                                                                                                                                                                                              |   | 2012                  |    |   | 2011         |   |    | 2011       |   |
|                                          |                                                                                                                                                                                                                                                                                                                                                                                                                                                |   |                  |    |   |         |   |    |       |   |
|                                          | Net Income to Free Cash Flow;                                                                                                                                                                                                                                                                                                                                                                                                                       |   |                  |    |   |         |   |    |       |   |
|                                          |    Net Cash Provided by Operating Activities                                                                                                                                                                                                                                                                                                                                                                                         |   |                  |    |   |         |   |    |       |   |
|                                          |                                                                                                                                                                                                                                                                                                                                                                                                                                                |   |                  |    |   |         |   |    |       |   |
|                                          | Net income                                                                                                                                                                                                                                                                                                                                                                                                                                          |   | $                     | 30,490  |   |         | $      | 45,248  |       |   | $ | 56,196 |   |
|                                          |                                                                                                                                                                                                                                                                                                                                                                                                                                                |   |                  |    |   |         |   |    |       |   |   |   |   |
|                                          |  Add back:                                                                                                                                                                                                                                                                                                                                                                                                                                     |   |                  |    |   |         |   |    |       |   |   |   |   |
|                                          |     Depreciation and amortization                                                                                                                                                                                                                                                                                                                                                                                               |   |                  | 357,300 |   |         |   | 341,025 |       |   |   | 351,257 |   |
|                                          |     Income tax expense                                                                                                                                                                                                                                                                                                                                                                                                          |   |                  | 18,694  |   |         |   | 21,534  |       |   |   | 36,567 |   |
|                                          |     Integration costs                                                                                                                                                                                                                                                                                                                                                                                                           |   |                  | 35,144  |   |         |   | 42,247  |       |   |   | 13,223 |   |
|                                          |     Pension/OPEB costs (non-cash) (1)                                                                                                                                                                                                                                                                                                                                                                                           |   |                  | 12,403  |   |         |   | 1,382   |       |   |   | 11,279 |   |
|                                          |     Severance and early retirement costs (3)                                                                                                                                                                                                                                                                                                                                                                                    |   |                  | 6,529   |   |         |   | 1,087   |       |   |   | 85 |   |
|                                          |     Stock based compensation                                                                                                                                                                                                                                                                                                                                                                                                    |   |                  | 3,718   |   |         |   | 3,480   |       |   |   | 3,584 |   |
|                                          |                                                                                                                                                                                                                                                                                                                                                                                                                                                |   |                  |    |   |         |   |    |       |   |   |   |   |
|                                          |  Subtract:                                                                                                                                                                                                                                                                                                                                                                                                                                     |   |                  |    |   |         |   |    |       |   |   |   |   |
|                                          |     Cash paid (refunded) for income taxes                                                                                                                                                                                                                                                                                                                                                                                       |   |                  | (369    | )      |         |   | (16,825 | )          |   |   | 8,946 |   |
|                                          |     Other income, net                                                                                                                                                                                                                                                                                                                                                                                                           |   |                  | 2,965   |   |         |   | 2,274   |       |   |   | 6,854 |   |
|                                          |     Capital expenditures - Business operations (2)                                                                                                                                                                                                                                                                                                                                                                              |   |                  | 208,522 |   |         |   | 111,792 |       |   |   | 203,534 |   |
|                                          | Free cash flow (3)                                                                                                                                                                                                                                                                                                                                                                                                                                  |   |                  | 253,160 |   |         |   | 358,762 |       |   |   | 252,857 |   |
|                                          |                                                                                                                                                                                                                                                                                                                                                                                                                                                |   |                  |    |   |         |   |    |       |   |   |   |   |
|                                          |  Add back:                                                                                                                                                                                                                                                                                                                                                                                                                                     |   |                  |    |   |         |   |    |       |   |   |   |   |
|                                          |     Deferred income taxes                                                                                                                                                                                                                                                                                                                                                                                                       |   |                  | 15,764  |   |         |   | 67,192  |       |   |   | 27,744 |   |
|                                          |     Non-cash (gains)/losses, net                                                                                                                                                                                                                                                                                                                                                                                                |   |                  | 17,658  |   |         |   | (19,854 | )          |   |   | 11,864 |   |
|                                          |     Other income, net                                                                                                                                                                                                                                                                                                                                                                                                           |   |                  | 2,965   |   |         |   | 2,274   |       |   |   | 6,854 |   |
|                                          |     Cash paid (refunded) for income taxes                                                                                                                                                                                                                                                                                                                                                                                       |   |                  | (369    | )      |         |   | (16,825 | )          |   |   | 8,946 |   |
|                                          |     Capital expenditures - Business operations (2)                                                                                                                                                                                                                                                                                                                                                                              |   |                  | 208,522 |   |         |   | 111,792 |       |   |   | 203,534 |   |
|                                          |                                                                                                                                                                                                                                                                                                                                                                                                                                                |   |                  |    |   |         |   |    |       |   |   |   |   |
|                                          |  Subtract:                                                                                                                                                                                                                                                                                                                                                                                                                                     |   |                  |    |   |         |   |    |       |   |   |   |   |
|                                          |     Changes in current assets and liabilities                                                                                                                                                                                                                                                                                                                                                                                   |   |                  | 38,699  |   |         |   | 133,584 |       |   |   | (67,053 | ) |
|                                          |     Income tax expense                                                                                                                                                                                                                                                                                                                                                                                                          |   |                  | 18,694  |   |         |   | 21,534  |       |   |   | 36,567 |   |
|                                          |     Integration costs                                                                                                                                                                                                                                                                                                                                                                                                           |   |                  | 35,144  |   |         |   | 42,247  |       |   |   | 13,223 |   |
|                                          |     Pension/OPEB costs (non-cash) (1)                                                                                                                                                                                                                                                                                                                                                                                           |   |                  | 12,403  |   |         |   | 1,382   |       |   |   | 11,279 |   |
|                                          |     Severance and early retirement costs                                                                                                                                                                                                                                                                                                                                                                                        |   |                  | 6,529   |   |         |   | 1,087   |       |   |   | 85 |   |
|                                          |     Stock based compensation                                                                                                                                                                                                                                                                                                                                                                                                    |   |                  | 3,718   |   |         |   | 3,480   |       |   |   | 3,584 |   |
|                                          | Net cash provided by operating activities                                                                                                                                                                                                                                                                                                                                                                                                           |   | $                     | 382,513 |   |         | $      | 300,027 |       |   | $ | 514,114 |   |
|                                          |                                                                                                                                                                                                                                                                                                                                                                                                                                                |   |                  |    |   |         |   |    |       |   |   |   |   |
|                                          |                                                                                                                                                                                                                                                                                                                                                                                                                                                |   |                  |    |   |         |   |    |       |   |   |   |   |
| (1)                                           | Reflects pension and other postretirement benefit (OPEB) expense, net of capitalized amounts, of $15.8 million, $2.2 million and $15.9 million for the quarters ended March 31, 2012, December 31, 2011 and March 31, 2011, respectively, less cash pension contributions and certain OPEB costs/payments of $3.4 million, $0.8 million and $4.6 million for the quarters ended March 31, 2012, December 31, 2011 and March 31, 2011, respectively. |   |
|                                          |                                                                                                                                                                                                                                                                                                                                                                                                                                                |   |                  |    |   |         |   |    |       |   |   |   |   |
| (2)                                           | Excludes capital expenditures for integration activities.                                                                                                                                                                                                                                                                                                                                                                                           |   |                  |    |   |         |   |    |       |   |   |   |   |
| (3)                                           | The definition of free cash flow has been revised to add back severance and early retirement costs, with all prior periods conformed to the current calculation.                                                                                                                                                                                                                                                                                    |
|                                          |                                                                                                                                                                                                                                                                                                                                                                                                                                                |   |                  |    |   |         |   |    |       |   |   |   |   |
|                                          |                                                                                                                                                                                                                                                                                                                                                                                                                                                |   |                  |    |   |         |   |    |       |   |   |   |   |
|                                          |                                                                                                                                                                                                                                                                                                                                                                                                                                                |   |                  |    |   |         |   |    |       |   |   |   |   |

----

|      |                                                                                                                                                                                                                                                                                                                                                                                                                                                |   |                                    |      |   |                                 |   |   |         |   |     |       |   |      |      |   |   |     |   |      |        |   |   |         |   |   |       |   |   |     |   |
|-----------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-----------------------------------------|-----------|--------|--------------------------------------|--------|--------|--------------|--------|----------|------------|--------|-----------|-----------|--------|--------|----------|--------|-----------|-------------|--------|--------|--------------|--------|--------|------------|--------|--------|----------|--------|
|      |                                                                                                                                                                                                                                                                                                                                                                                                                                                |   | For the quarter ended March 31, 2012    |      |   | For the quarter ended March 31, 2011 |   |
|      | (Amounts in thousands)                                                                                                                                                                                                                                                                                                                                                                                                                              |   |                                    |      |   |                                 |   |   |         |   |     |       |   |      |      |   |   |     |   |      |        |   |   |         |   |   |       |   |   |     |   |
|      |                                                                                                                                                                                                                                                                                                                                                                                                                                                |   |                                    |      |   |                                 |   |   |         |   |     | Severance  |   |      |      |   |   |     |   |      |        |   |   |         |   |   | Severance  |   |   |     |   |
|      |                                                                                                                                                                                                                                                                                                                                                                                                                                                |   |                                    |      |   |                                 |   |   | Non-cash     |   |     | and Early  |   |      |      |   |   |     |   |      |        |   |   | Non-cash     |   |   | and Early  |   |   |     |   |
|      | Operating Cash Flow and                                                                                                                                                                                                                                                                                                                                                                                                                             |   | As                                      |      |   | Integration                          |   |   | Pension/OPEB |   |     | Retirement |   |      | As        |   |   | As       |   |      | Integration |   |   | Pension/OPEB |   |   | Retirement |   |   | As       |   |
|      |  Operating Cash Flow Margin                                                                                                                                                                                                                                                                                                                                                                                                                    |   | Reported                                |      |   | Costs                                |   |   | Costs (1)    |   |     | Costs      |   |      | Adjusted  |   |   | Reported |   |      | Costs       |   |   | Costs (1)    |   |   | Costs      |   |   | Adjusted |   |
|      |                                                                                                                                                                                                                                                                                                                                                                                                                                                |   |                                    |      |   |                                 |   |   |         |   |     |       |   |      |      |   |   |     |   |      |        |   |   |         |   |   |       |   |   |     |   |
|      | Operating Income                                                                                                                                                                                                                                                                                                                                                                                                                                    |   | $                                       | 208,458   |   |                                 | $      | 35,144 |         |   | $        | 12,403     |   |      | $         | 6,529  |   |     | $      | 262,534   |        |   | $      | 250,593      |   |   | $          | 13,223 |   |     | $      | 11,279 |   |   | $ | 85 |   |   | $ | 275,180 |   |
|      |                                                                                                                                                                                                                                                                                                                                                                                                                                                |   |                                    |      |   |                                 |   |   |         |   |     |       |   |      |      |   |   |     |   |      |        |   |   |         |   |   |       |   |   |     |   |   |   |   |   |   |   |   |   |   |   |
|      |  Add back:                                                                                                                                                                                                                                                                                                                                                                                                                                     |   |                                    |      |   |                                 |   |   |         |   |     |       |   |      |      |   |   |     |   |      |        |   |   |         |   |   |       |   |   |     |   |   |   |   |   |   |   |   |   |   |   |
|      |      Depreciation and                                                                                                                                                                                                                                                                                                                                                                                                      |   |                                    |      |   |                                 |   |   |         |   |     |       |   |      |      |   |   |     |   |      |        |   |   |         |   |   |       |   |   |     |   |   |   |   |   |   |   |   |   |   |   |
|      |        amortization                                                                                                                                                                                                                                                                                                                                                                                              |   |                                    | 357,300   |   |                                 |   | -      |         |   |     | -          |   |      |      | -      |   |     |   | 357,300   |        |   |   | 351,257      |   |   |       | -      |   |     |   | - |   |   |   | - |   |   |   | 351,257 |   |
|      | Operating cash flow                                                                                                                                                                                                                                                                                                                                                                                                                                 |   | $                                       | 565,758   |   |                                 | $      | 35,144 |         |   | $        | 12,403     |   |      | $         | 6,529  |   |     | $      | 619,834   |        |   | $      | 601,850      |   |   | $          | 13,223 |   |     | $      | 11,279 |   |   | $ | 85 |   |   | $ | 626,437 |   |
|      |                                                                                                                                                                                                                                                                                                                                                                                                                                                |   |                                    |      |   |                                 |   |   |         |   |     |       |   |      |      |   |   |     |   |      |        |   |   |         |   |   |       |   |   |     |   |   |   |   |   |   |   |   |   |   |   |
|      | Revenue                                                                                                                                                                                                                                                                                                                                                                                                                                             |   | $                                       | 1,268,054 |   |                                 |   |   |         |   |     |       |   |      |      |   |   |     | $      | 1,268,054 |        |   | $      | 1,346,697    |   |   |       |   |   |     |   |   |   |   |   |   |   |   | $ | 1,346,697 |   |
|      |                                                                                                                                                                                                                                                                                                                                                                                                                                                |   |                                    |      |   |                                 |   |   |         |   |     |       |   |      |      |   |   |     |   |      |        |   |   |         |   |   |       |   |   |     |   |   |   |   |   |   |   |   |   |   |   |
|      | Operating income margin                                                                                                                                                                                                                                                                                                                                                                                                                             |   |                                    |      |   |                                 |   |   |         |   |     |       |   |      |      |   |   |     |   |      |        |   |   |         |   |   |       |   |   |     |   |   |   |   |   |   |   |   |   |   |   |
|      |    (Operating income divided                                                                                                                                                                                                                                                                                                                                                                                                         |   |                                    |      |   |                                 |   |   |         |   |     |       |   |      |      |   |   |     |   |      |        |   |   |         |   |   |       |   |   |     |   |   |   |   |   |   |   |   |   |   |   |
|      |        by revenue)                                                                                                                                                                                                                                                                                                                                                                                               |   |                                    | 16.4      | %      |                                 |   |   |         |   |     |       |   |      |      |   |   |     |   | 20.7      | %           |   |   | 18.6         | %      |   |       |   |   |     |   |   |   |   |   |   |   |   |   | 20.4 | % |
|      |                                                                                                                                                                                                                                                                                                                                                                                                                                                |   |                                    |      |   |                                 |   |   |         |   |     |       |   |      |      |   |   |     |   |      |        |   |   |         |   |   |       |   |   |     |   |   |   |   |   |   |   |   |   |   |   |
|      | Operating cash flow margin                                                                                                                                                                                                                                                                                                                                                                                                                          |   |                                    |      |   |                                 |   |   |         |   |     |       |   |      |      |   |   |     |   |      |        |   |   |         |   |   |       |   |   |     |   |   |   |   |   |   |   |   |   |   |   |
|      |    (Operating cash flow divided                                                                                                                                                                                                                                                                                                                                                                                                      |   |                                    |      |   |                                 |   |   |         |   |     |       |   |      |      |   |   |     |   |      |        |   |   |         |   |   |       |   |   |     |   |   |   |   |   |   |   |   |   |   |   |
|      |        by revenue)                                                                                                                                                                                                                                                                                                                                                                                               |   |                                    | 44.6      | %      |                                 |   |   |         |   |     |       |   |      |      |   |   |     |   | 48.9      | %           |   |   | 44.7         | %      |   |       |   |   |     |   |   |   |   |   |   |   |   |   | 46.5 | % |
|      |                                                                                                                                                                                                                                                                                                                                                                                                                                                |   |                                    |      |   |                                 |   |   |         |   |     |       |   |      |      |   |   |     |   |      |        |   |   |         |   |   |       |   |   |     |   |   |   |   |   |   |   |   |   |   |   |
|      |                                                                                                                                                                                                                                                                                                                                                                                                                                                |   |                                    |      |   |                                 |   |   |         |   |     |       |   |      |      |   |   |     |   |      |        |   |   |         |   |   |       |   |   |     |   |   |   |   |   |   |   |   |   |   |   |
|      |                                                                                                                                                                                                                                                                                                                                                                                                                                                |   | For the quarter ended December 31, 2011 |      |   |                                 |   |   |         |   |     |       |   |      |      |   |   |     |   |      |        |   |   |         |   |
|      |                                                                                                                                                                                                                                                                                                                                                                                                                                                |   |                                    |      |   |                                 |   |   |         |   |     |       |   |      |      |   |   |     |   |      |        |   |   |         |   |   |       |   |   |     |   |   |   |   |   |   |   |   |   |   |   |
|      |                                                                                                                                                                                                                                                                                                                                                                                                                                                |   |                                    |      |   |                                 |   |   |         |   |     |       |   |      | Severance |   |   |     |   |      |        |   |   |         |   |   |       |   |   |     |   |   |   |   |   |   |   |   |   |   |
|      |                                                                                                                                                                                                                                                                                                                                                                                                                                                |   |                                    |      |   |                                 |   |   |         |   | Non-cash |       |   | and Early |      |   |   |     |   |      |        |   |   |         |   |   |       |   |   |     |   |   |   |   |   |   |   |   |   |
|      | Operating Cash Flow and                                                                                                                                                                                                                                                                                                                                                                                                                             |   | As                                      |      |   | Integration                          |   |   | Pension/OPEB |   |     | Retirement |   |      | As        |   |   |     |   |      |        |   |   |         |   |   |       |   |   |     |   |   |   |   |   |   |
|      |  Operating Cash Flow Margin                                                                                                                                                                                                                                                                                                                                                                                                                    |   | Reported                                |      |   | Costs                                |   |   | Costs (1)    |   |     | Costs      |   |      | Adjusted  |   |   |     |   |      |        |   |   |         |   |   |       |   |   |     |   |   |   |   |   |   |
|      |                                                                                                                                                                                                                                                                                                                                                                                                                                                |   |                                    |      |   |                                 |   |   |         |   |     |       |   |      |      |   |   |     |   |      |        |   |   |         |   |   |       |   |   |     |   |   |   |   |   |   |   |   |   |   |   |
|      | Operating Income                                                                                                                                                                                                                                                                                                                                                                                                                                    |   | $                                       | 230,457   |   |                                 | $      | 42,247 |         |   | $        | 1,382      |   |      | $         | 1,087  |   |     | $      | 275,173   |        |   |   |         |   |   |       |   |   |     |   |   |   |   |   |   |   |   |   |   |   |
|      |                                                                                                                                                                                                                                                                                                                                                                                                                                                |   |                                    |      |   |                                 |   |   |         |   |     |       |   |      |      |   |   |     |   |      |        |   |   |         |   |   |       |   |   |     |   |   |   |   |   |   |   |   |   |   |   |
|      |  Add back:                                                                                                                                                                                                                                                                                                                                                                                                                                     |   |                                    |      |   |                                 |   |   |         |   |     |       |   |      |      |   |   |     |   |      |        |   |   |         |   |   |       |   |   |     |   |   |   |   |   |   |   |   |   |   |   |
|      |      Depreciation and                                                                                                                                                                                                                                                                                                                                                                                                      |   |                                    |      |   |                                 |   |   |         |   |     |       |   |      |      |   |   |     |   |      |        |   |   |         |   |   |       |   |   |     |   |   |   |   |   |   |   |   |   |   |   |
|      |        amortization                                                                                                                                                                                                                                                                                                                                                                                              |   |                                    | 341,025   |   |                                 |   | -      |         |   |     | -          |   |      |      | -      |   |     |   | 341,025   |        |   |   |         |   |   |       |   |   |     |   |   |   |   |   |   |   |   |   |   |   |
|      | Operating cash flow                                                                                                                                                                                                                                                                                                                                                                                                                                 |   | $                                       | 571,482   |   |                                 | $      | 42,247 |         |   | $        | 1,382      |   |      | $         | 1,087  |   |     | $      | 616,198   |        |   |   |         |   |   |       |   |   |     |   |   |   |   |   |   |   |   |   |   |   |
|      |                                                                                                                                                                                                                                                                                                                                                                                                                                                |   |                                    |      |   |                                 |   |   |         |   |     |       |   |      |      |   |   |     |   |      |        |   |   |         |   |   |       |   |   |     |   |   |   |   |   |   |   |   |   |   |   |
|      | Revenue                                                                                                                                                                                                                                                                                                                                                                                                                                             |   | $                                       | 1,283,152 |   |                                 |   |   |         |   |     |       |   |      |      |   |   |     | $      | 1,283,152 |        |   |   |         |   |   |       |   |   |     |   |   |   |   |   |   |   |   |   |   |   |
|      |                                                                                                                                                                                                                                                                                                                                                                                                                                                |   |                                    |      |   |                                 |   |   |         |   |     |       |   |      |      |   |   |     |   |      |        |   |   |         |   |   |       |   |   |     |   |   |   |   |   |   |   |   |   |   |   |
|      | Operating income margin                                                                                                                                                                                                                                                                                                                                                                                                                             |   |                                    |      |   |                                 |   |   |         |   |     |       |   |      |      |   |   |     |   |      |        |   |   |         |   |   |       |   |   |     |   |   |   |   |   |   |   |   |   |   |   |
|      |    (Operating income divided                                                                                                                                                                                                                                                                                                                                                                                                         |   |                                    |      |   |                                 |   |   |         |   |     |       |   |      |      |   |   |     |   |      |        |   |   |         |   |   |       |   |   |     |   |   |   |   |   |   |   |   |   |   |   |
|      |        by revenue)                                                                                                                                                                                                                                                                                                                                                                                               |   |                                    | 18.0      | %      |                                 |   |   |         |   |     |       |   |      |      |   |   |     |   | 21.4      | %           |   |   |         |   |   |       |   |   |     |   |   |   |   |   |   |   |   |   |   |   |
|      |                                                                                                                                                                                                                                                                                                                                                                                                                                                |   |                                    |      |   |                                 |   |   |         |   |     |       |   |      |      |   |   |     |   |      |        |   |   |         |   |   |       |   |   |     |   |   |   |   |   |   |   |   |   |   |   |
|      | Operating cash flow margin                                                                                                                                                                                                                                                                                                                                                                                                                          |   |                                    |      |   |                                 |   |   |         |   |     |       |   |      |      |   |   |     |   |      |        |   |   |         |   |   |       |   |   |     |   |   |   |   |   |   |   |   |   |   |   |
|      |    (Operating cash flow divided                                                                                                                                                                                                                                                                                                                                                                                                      |   |                                    |      |   |                                 |   |   |         |   |     |       |   |      |      |   |   |     |   |      |        |   |   |         |   |   |       |   |   |     |   |   |   |   |   |   |   |   |   |   |   |
|      |        by revenue)                                                                                                                                                                                                                                                                                                                                                                                               |   |                                    | 44.5      | %      |                                 |   |   |         |   |     |       |   |      |      |   |   |     |   | 48.0      | %           |   |   |         |   |   |       |   |   |     |   |   |   |   |   |   |   |   |   |   |   |
|      |                                                                                                                                                                                                                                                                                                                                                                                                                                                |   |                                    |      |   |                                 |   |   |         |   |     |       |   |      |      |   |   |     |   |      |        |   |   |         |   |   |       |   |   |     |   |   |   |   |   |   |   |   |   |   |   |
| (1)  | Reflects pension and other postretirement benefit (OPEB) expense, net of capitalized amounts, of $15.8 million, $2.2 million and $15.9 million for the quarters ended March 31, 2012, December 31, 2011 and March 31, 2011, respectively, less cash pension contributions and certain OPEB costs/payments of $3.4 million, $0.8 million and $4.6 million for the quarters ended March 31, 2012, December 31, 2011 and March 31, 2011, respectively. |   |
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