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Windstream Uniti Master Lease Agreement

Uniti expressly opposes any obligation to publicly publish updates or revisions to any of the forward-looking statements in this press release, in order to reflect any changes in its expectations or any change in the events, conditions or circumstances on which a statement is based. “We are pleased to have reached an agreement with creditors on the terms of a comprehensive financial restructuring that will significantly reduce our debts and strengthen our long-term competitive position,” said Tony Thomas, President and CEO of Windstream. “This agreement demonstrates the confidence of our creditors in our business plan for the future and will allow Windstream to move quickly through the financial restructuring process.” Uniti, an in-house real estate investment fund, is involved in the acquisition and construction of a critical communications infrastructure and is a leading provider of wireless infrastructure solutions for the communications industry. As of June 30, 2020, Uniti owns 6.5 million miles of fiber optic range and other communications properties in the United States. For more information about Uniti, please visit your website at www.uniti.com. “We are pleased to have achieved a mutually beneficial result for both Uniti and Windstream, which has been our stated goal from the outset,” Uniti CEO and President Kenny Gunderman said in a statement. This agreement has an important strategic value for Uniti, as it immediately allows the company to expand its national fiber optic footprint with approximately 450,000 new fiber miles and 1.8 million miles of existing fibers, which can be leased to a third party by Uniti. The agreement also provides for further expansion in the coming years for further fibre optic development, with a commitment to invest up to $1.75 billion in capital in Uniti-owned assets leased by Windstream. Approximately 90% of our capital promised under the transaction agreement is spent on the acquisition or construction of new fibre facilities with attractive returns. Media Contact: David Avery, 501-748-5876 david.avery@windstream.com Investor Contact: Chris King, 704-319-1025 christopher.c.king@windstream.com The day they were tried, Windstream Holdings and Uniti Group announced terms of transaction regarding their master credit contract. The proposed comparison allowed Windstream to significantly reduce the burden of its debt, while Uniti made concessions that strengthened its domestic fibre optic footprint. “This agreement demonstrates the confidence of our creditors in our future business plan and will allow Windstream to move quickly through the financial restructuring process,” Said Tony Thomas, Chief Executive Officer of Windstream, in a statement.

(Bloomberg) — Windstream Holdings Inc. settled the dispute over the leasing of Uniti Group Inc.`s telecommunications network, paving the way for the telephone and broadband operator to exit bankruptcy in the middle of the year. The two companies also agreed on the principle of resolving Windstream`s insolvency disputes last year in Chapter 11. The comparison allows Windstream and Uniti to avoid a trial because of the master-leasing litigation that was scheduled to begin on March 3. Windstream stated that its $650 million-a-year lease to use Uniti`s network assets was overvalued and attempted to reclassify it as an unsecured financing agreement, allowing Uniti to give less priority to payment, thereby improving recoveries for other unsecured creditors. On the other side of the living room, Windstream transfers some impractical user rights (IRUs) from dark fibre, which currently generate about $21 million in EBITDA per year, and its user rights of 1.8 million miles of fiberglass fibreglass currently leased by Windstream, which are either unused or used for transferred black fibre ERIs.