Spreadsheet: 4ded3d4b-2867-44c8-b13d-0d71e9a30d68
Sheet: Page 5-6

WINDSTREAM CORPORATION
[NAME] OF REVENUES AND SALES, OPERATING INCOME AND CAPITAL EXPENDITURES UNDER GAAP TO PRO FORMA (A)
REVENUES AND SALES, PRO FORMA ADJUSTED OIBDA AND PRO FORMA CAPITAL EXPENDITURES (NON-GAAP)
(In millions)
 |  |  |  | THREE MONTHS ENDED |  |  |  | SIX MONTHS ENDED
 |  |  |  | June 30, |  | June 30, |  | June 30, |  | June 30,
 |  |  |  | 2011 |  | 2010 |  | 2011 |  | 2010
 | Revenues and sales under GAAP |  |  | 1030.4 |  | 917.3 |  | 2053.5 |  | 1765.2
 | Pro forma adjustments:
 | NuVox revenues and sales prior to acquisition |  | (B) | 0 |  | 0 |  | 0 |  | 57.3
 | Iowa Telecom revenues and sales prior to acquisition |  | (B) | 0 |  | 42.3 |  | 0 |  | 109.2
 | Hosted Solutions revenues and sales prior to acquisition |  | (B) | 0 |  | 12.9 |  | 0 |  | 25.8
 | Q-Comm revenues and sales prior to acquisition |  | (B) | 0 |  | 57 |  | 0 |  | 114
 | Elimination of Windstream revenues from Q-Comm prior to acquisition |  | (C) | 0 |  | -0.4 |  | 0 |  | -0.8
 | Pro forma revenues and sales |  |  | 1030.4 |  | 1029.1 |  | 2053.5 |  | 2070.7
 | Operating income from continuing operations under GAAP |  |  | 292.8 |  | 254.2 |  | 575.2 |  | 500.9999999999998
 | Pro forma adjustments:
 | NuVox pre-acquisition operating income, excluding M&I costs |  | (B) | 0 |  | 0 |  | 0 |  | 4.1
 | NuVox intangible asset amortization adjustment |  | (D) | 0 |  | 0 |  | 0 |  | -1.5
 | Iowa Telecom pre-acquisition operating income, excluding M&I costs |  | (B) | 0 |  | 9.8 |  | 0 |  | 23.9
 | Iowa Telecom intangible asset amortization adjustment |  | (D) | 0 |  | -4.7 |  | 0 |  | -11.2
 | Hosted Solutions pre-acquisition operating income, excluding M&I costs |  | (B) | 0 |  | 2.9 |  | 0 |  | 5.6
 | Hosted Solutions intangible asset amortization adjustment |  | (D) | 0 |  | -2.6 |  | 0 |  | -5.2
 | Q-Comm pre-acquisition operating income, excluding M&I costs |  | (B) | 0 |  | 13.6 |  | 0 |  | 25.6
 | Q-Comm intangible asset amortization adjustment |  | (D) | 0 |  | -11 |  | 0 |  | -22.2
 | M&I costs |  | (E) | 5.1 |  | 16.8 |  | 14 |  | 40
 | Pro forma operating income |  |  | 297.9 |  | 279.0000000000001 |  | 589.2 |  | 560.0999999999997
 | Depreciation and amortization expense |  | (E) | 197 |  | 167.7 |  | 402.4 |  | 323.1
 | NuVox pre-acquisition depreciation and amortization expense |  | (F) | 0 |  | 0 |  | 0 |  | 9.5
 | Iowa Telecom pre-acquisition depreciation and amortization expense |  | (F) | 0 |  | 15.5 |  | 0 |  | 39.1
 | Hosted Solutions pre-acquisition depreciation and amortization expense |  | (F) | 0 |  | 5.9 |  | 0 |  | 12
 | Q-Comm pre-acquisition depreciation and amortization expense |  | (F) | 0 |  | 20.8 |  | 0 |  | 41.90000000000001
 | Pro forma OIBDA |  |  | 494.9 |  | 488.9 |  | 991.6 |  | 985.6999999999997
 | Other adjustments:
 | Pension expense |  | (E) | 11.6 |  | 15.3 |  | 21.9 |  | 31
 | Pension expense of Iowa Telecom prior to acquisition |  | (B) | 0 |  | 0.1 |  | 0 |  | 0.2
 | Restructuring charges |  | (E) | 0.1 |  | 0.5 |  | 0.2 |  | 0.5
 | Stock-based compensation |  | (E) | 6.1 |  | 4 |  | 11.4 |  | 7.5
 | Stock-based compensation of NuVox prior to acquisition |  | (B) | 0 |  | 0 |  | 0 |  | 0.1
 | Stock-based compensation of Iowa Telecom prior to acquisition |  | (B) | 0 |  | 0.7 |  | 0 |  | 1.8
 | Stock-based compensation of Hosted Solutions prior to acquisition |  | (B) | 0 |  | 0.1 |  | 0 |  | 0.2
 | Pro forma adjusted OIBDA |  |  | 512.7 |  | 509.6000000000001 |  | 1025.1 |  | 1027
WINDSTREAM CORPORATION
[NAME] OF REVENUES AND SALES, OPERATING INCOME AND CAPITAL EXPENDITURES UNDER GAAP TO PRO FORMA (A)
REVENUES AND SALES, PRO FORMA ADJUSTED OIBDA AND PRO FORMA CAPITAL EXPENDITURES (NON-GAAP)
(In millions)
 |  |  |  | THREE MONTHS ENDED |  |  |  | SIX MONTHS ENDED
 |  |  |  | June 30, |  | June 30, |  | June 30, |  | June 30,
 |  |  |  | 2011 |  | 2010 |  | 2011 |  | 2010
 | Capital expenditures under GAAP |  |  | 172.1 |  | 98.9 |  | 331.7 |  | 159.4
 | Pro forma adjustments:
 | NuVox capital expenditures prior to acquisition |  | (B) | 0 |  | 0 |  | 0 |  | 3.8
 | Iowa Telecom capital expenditures prior to acquisition |  | (B) | 0 |  | 5.4 |  | 0 |  | 8.4
 | Hosted Solutions capital expenditures prior to acquisition |  | (B) | 0 |  | 2.6 |  | 0 |  | 3.5
 | Q-Comm capital expenditures prior to acquisition |  | (B) | 0 |  | 15.6 |  | 0 |  | 28.6
 | Pro forma capital expenditures |  |  | 172.1 |  | 122.5 |  | 331.7 |  | 203.7