CNSL Consolidated Communications Holdings Inc

October 15, 2023 The Special Committee of the Board of Directors Consolidated Communications Holdings, Inc. 2116 South 17th Street Mattoon, Illinois 61938 Members of the Special Committee: We understand that Condor Holdings LLC (the "Parent"), Condor Merger Sub Inc., a wholly owned subsidiary of the Parent ("Merger Sub"), and Consolidated Communications Holdings, Inc. (the "Company"), propose to enter into an Agreement and Plan of Merger (the "Agreement"), which provides, among other things, for the merger of Merger Sub with and into the Company with the Company surviving the merger (the "Surviving Corporation") as a wholly owned subsidiary of the Parent (the "Transaction"), and that, in connection with the Transaction, each issued and outstanding share of common stock, par value $0.01 per share, of the Company (the "Company Shares") ( other than (i) shares held by the Company as treasury stock, (ii) shares held by Merger Sub, (iii) shares held by any direct or indirect wholly owned subsidiary of the Company or Parent (other than Merger Sub), (iv) shares subject to Company Awards (as defined in the Agreement), (v) shares held directly by Parent, which shares shall be automatically converted into validly issued, fully paid and nonassessable shares of common stock, no par value per share, of the Surviving Corporation (the "Rollover Shares") and (vi) Dissenting Shares (as defined in the Agreement) ((i) through (vi), collectively, the "Excluded Shares")) will be cancelled and converted into the right to receive $4.70 in cash (the "Merger Consideration"). The terms and conditions of the Transaction are more fully set forth in the Agreement. The special committee of the board of directors (the "Board") of the Company (such committee, the "Special Committee") has requested our opinion as to whether the Merger Consideration payable to the holders of Company Shares (other than the Excluded Shares) in the Transaction pursuant to the Agreement is fair, from a financial point of view, to the Unaffiliated Stockholders (as defined in the Agreement). In arriving at our opinion set forth below, we have, among other things: (i) reviewed a draft of the Agreement dated October 15, 2023; (ii) reviewed certain publicly available business and financial information that we deemed to be generally relevant concerning the Company and the industry in which it operates, including certain publicly available research analyst reports and the reported price and historical trading activity for the Company Shares; (iii) compared the proposed financial terms of the Transaction with the publicly available financial terms of certain transactions involving companies we deemed generally relevant and the consideration received in such transactions; (iv) compared the financial and operating performance of the Company with publicly available information concerning certain other public companies we deemed generally relevant, including data related to public market trading levels and implied trading multiples; (v) reviewed certain internal financial and operating information with respect to the business, operations and prospects of the Company, including certain financial forecasts relating to the Company prepared by the management of the Company and approved for our use by the Special Committee (the "Forecasts"); and (vi) performed such other financial studies and analyses and considered such other information as we deemed appropriate for the purposes of this opinion. In addition, we have held discussions with certain members of the management of the Company regarding the Transaction,

Special Committee of the Board of Directors Consolidated Communications Holdings, Inc. October 15, 2023 Page 2 the past and current business operations and financial condition and prospects of the Company, the Forecasts and certain other matters we believed necessary or appropriate to our inquiry. In arriving at our opinion, we have, with your consent, relied upon and assumed, without independent verification, the accuracy and completeness of all information that was publicly available or was furnished or made available to us by the Company and its associates, affiliates and advisors, or otherwise reviewed by or for us, and we have not assumed any responsibility or liability therefor. We have not conducted any valuation or appraisal of any assets or liabilities of the Company (including, without limitation, real property owned by the Company or to which the Company holds a leasehold interest), nor have any such valuations or appraisals been provided to us, and we do not express any opinion as to the value of such assets or liabilities. We have not evaluated the solvency or fair value of the Company or Parent under any state, federal or other laws relating to bankruptcy, insolvency or similar matters. In addition, we have not assumed any obligation to conduct any physical inspection of the properties or the facilities of the Company or Parent. At your direction , we have used and relied upon the Forecasts for purposes of our opinion. In relying on the Forecasts, we have assumed, at your direction and at the direction of the Company, that they have been reasonably prepared by the management of the Company based on assumptions reflecting the best currently available estimates and judgments by the Company's management and by the Special Committee as to the expected future results of operations and financial condition of the Company. We express no view as to the reasonableness of the Forecasts and the assumptions on which they are based. We have assumed that the transactions contemplated by the Agreement will be consummated as contemplated in the Agreement without any waiver or amendment of any terms or conditions, including, among other things, that the parties will comply with all material terms of the Agreement and that in connection with the receipt of all necessary governmental, regulatory or other approvals and consents required for the Transaction, no material delays, limitations, conditions or restrictions will be imposed. For purposes of rendering this opinion, we have assumed that there has not occurred any material change in the assets, financial condition, results of operations, business or prospects of the Company since the date of the most recent financial statements and other information, financial or otherwise, relating to the Company made available to us, and that there is no information or any facts that would make any of the information reviewed by us incomplete or misleading. We do not express any opinion as to any tax or other consequences that may result from the Transaction, nor does our opinion address any legal, tax, regulatory or accounting matters. We have relied as to all legal, tax and regulatory matters relevant to rendering our opinion upon the assessments made by the Company and its other advisors with respect to such issues. In arriving at our opinion, we have not taken into account any litigation, regulatory or other proceeding that is pending or may be brought against the Company or any of its affiliates. In addition, we have relied upon and assumed, without independent verification, that the final form of the Agreement will not differ in any material respect from the draft of the Agreement reviewed by us. Our opinion is necessarily based on securities markets, economic, monetary, financial and other general business and financial conditions as they exist and can be evaluated on, and the information made available to us as of, the date hereof and the conditions and prospects, financial and otherwise, of the Company as they were reflected in the information provided to us and as they

Special Committee of the Board of Directors Consolidated Communications Holdings, Inc. October 15, 2023 Page 3 were represented to us in discussions with the management of the Company. We are expressing no opinion herein as to the price at which the Company Shares will trade at any future time. Our opinion is limited to the fairness, from a financial point of view, to the Unaffiliated Stockholders of the Merger Consideration payable to the holders of Company Shares (other than the Excluded Shares) in the Transaction pursuant to the Agreement. We do not express any opinion as to the Company's, the Board's or the Special Committee's underlying business decisions to engage in the Transaction or the relative merits of the Transaction as compared to any alternative transaction. We were not requested to solicit, and did not solicit, interest from other parties with respect to a Transaction. We have not been asked to, nor do we, offer any opinion as to the terms, other than the Merger Consideration to the extent expressly set forth herein, of the Transaction, the Agreement or any other agreement entered into in connection with the Transaction. We and our affiliates are engaged in a wide range of financial advisory and investment banking activities. In addition, in the ordinary course of their asset management, merchant banking and other business activities, our affiliates may trade in the securities of the Company, Parent, Searchlight Capital Partners, L.P., an affiliate of Parent ("Searchlight"), British Columbia Investment Management Corporation, an affiliate of Parent ("BCI"), and any of their respective affiliates, for their own accounts or for the accounts of their affiliates and customers, and may at any time hold a long or short position in such securities. We are acting as financial advisor to the Special Committee with respect to the Transaction and will receive a fee from the Company for our services, a portion of which is payable upon delivery of this opinion and the remaining portion of which is contingent upon the consummation of the Transaction. In addition, the Company has agreed to reimburse certain of our expenses and indemnify us against certain liabilities that may arise out of our engagement. We and/or our affiliates are currently providing certain financial advisory services to affiliates and/ or portfolio companies of Searchlight in connection with matters unrelated to the Transaction for which we and/ or our affiliates may receive fees for our services, including representing an affiliate of Searchlight in connection with an acquisition of Gresham House plc. We and our affiliates may in the future provide financial services to the Company, Parent, Searchlight, BCI and/ or their respective affiliates in the ordinary course of our businesses from time to time and may receive fees for the rendering of such services. This opinion is provided for the benefit of the Special Committee in connection with and for the purpose of its evaluation of the Transaction. This opinion should not be construed as creating any fiduciary duty on our part to any party. This opinion does not constitute a recommendation to the Special Committee as to whether to approve the Transaction or a recommendation as to whether or not any holder of Company Shares should vote or otherwise act with respect to the Transaction or any other matter. In addition, the Special Committee has not asked us to address, and this opinion does not address, (i) the fairness to, or any other consideration of, the holders of any class of securities (other than the Unaffiliated Stockholders and then only to the extent expressly set forth herein) or creditors or other constituencies of the Company, (ii) the fairness to, or any other consideration of, (x) the holders of Series A Perpetual Preferred Stock, par value $0.01 per share, of the Company or (y) the holders of the Rollover Shares or (iii) the fairness of the amount or nature of any compensation to be paid or payable to any of the officers, directors or employees of Parent, the Company, or any class of such persons, whether relative to the Merger Consideration pursuant to the Agreement or otherwise.

Special Committee of the Board of Directors Consolidated Communications Holdings, Inc. October 15, 2023 Page 4 This opinion is given and speaks only as of the date hereof. It should be understood that subsequent developments may affect this opinion and the assumptions used in preparing it, and we do not have any obligation to update, revise, or reaffirm this opinion. This opinion has been approved by the Global Advisory Commitment Committee of Rothschild & Co US Inc. On the basis of and subject to the foregoing, it is our opinion that, as of the date hereof, the Merger Consideration payable to the holders of Company Shares (other than the Excluded Shares) in the Transaction pursuant to the Agreement is fair, from a financial point of view, to the Unaffiliated Stockholders. Very truly yours, /s/ Rothschild & Co US Inc. ROTHSCHILD & CO US INC.

Preliminary and Confidential Draft Project [ C ] Kick-off materials 1 May 16th, 2023 Preliminary Draft

Preliminary Draft Agenda Working group introductions 1 Process discussion 3 Phase I deliverables and indicative timeline 4 Administrative items 2 Next steps 5

Preliminary Draft Special Committee working group Special Committee working group Management team (“Management”) For reference only ◼ Bob Udell, President, CEO and Director ◼ Fred Graffam, EVP & CFO ◼ Gaurav Juneja, President of Consumer ◼ John Lunny, CTO ◼ Dan Stoll, President of Commercial-Carrier ◼ Jennifer Spaude, SVP of Corporate Communications & IR ◼ Garrett Van Osdell, Chief Legal Officer & Corporate Secretary ◼ Gabe Waggoner, EVP of Operations ◼ Robert Currey, Chairman of Board ◼ Thomas Gerke, Director ◼ Roger Moore, Director ◼ Maribeth Rahe, Director Special Committee (“SC”) ◼ Jonathan Herbst, Partner & Head of North America Media & Telecommunications ◼ James Ben, Partner & Head of North America M&A ◼ Michael Speller, Partner & Head of North America Debt Advisory ◼ Ben Goldenberg, Director ◼ Charles Huyghues-Despointes, Director ◼ Keith Knobelauch, Vice President ◼ Marcos Robertson-Lavalle, Associate ◼ Patrick Cooney, Associate ◼ Derek Cunningham, Associate ◼ Austin Gausditis, Analyst ◼ Adrian Scott, Analyst ◼ Jamie Lynch, Analyst ◼ Aimee Hou, Analyst ProjectSeashoreSupport@Rothschildandco.com Rothschild & Co (“R&Co”) ◼ Robert Townsend, Partner and Co-Head of the Global M&A Practice ◼ Andrew Elken, Partner ◼ Alexander Greenberg, Associate ◼ Christopher Doherty, Associate Cravath, Swaine & Moore (“Cravath”) 1 Working group introductions 3

Preliminary Draft Administrative items 4 2 Administrative items S M T W Th F Sa 30 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 1 2 3 S M T W Th F Sa 28 29 30 31 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 1 S M T W Th F Sa 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 1 2 3 4 5 S M T W Th F Sa 30 31 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 1 2 May June July August * Key administrative items upon project kickoff ◼ Establish project name / confidential naming considerations □ Project Seashore □ Condor, Seagull, Blue Jay ◼ Establish internal communications protocols □ Among SC / R&Co / Cravath □ With Management □ With other professionals ◼ Establish external communications protocols □ With stakeholders (shareholders / creditors) □ Interaction with interested party (“IP”) □ Inbounds / interaction from 3rd parties ◼ Establish SC meeting cadence □ Weekly update calls □ Key deliverables dates (face-to-face meetings) Project Kickoff U.S. Holidays * Weekly touchpoints Q2 earnings (est., TBC)

Preliminary Draft Situation update 5 Review of Special Committee charter and objectives Debrief on discussions with IP to date (review of communication, key touchpoints, etc.), if any Other shareholder feedback, if any Update on inbound inquiry or interaction, if any Update on creditor discussions or interaction, if any 2 Administrative items 1 2 3 4 5

Preliminary Draft ◼ Ensure full understanding of proposal ◼ Develop an understanding of management’s business plan ◼ Determine standalone / intrinsic valuation of Company ◼ Shareholder value vs. proposal ◼ Determine required regulatory approvals ◼ Establish contact with IP to clarify proposed terms of proposal ◼ Review of management plan, model and forecast assumptions / sensitivities ◼ Management meeting / Q&A ◼ Benchmarking against peers / industry performance ◼ Capital needs for achievement of current Management plan / capital requirements to accelerate build plan ◼ Traditional valuation methodologies Evaluation of proposal / standalone value after evaluation of proposal Assessment of alternatives ◼ Alternative potential buyer universe (ability to transact, timing) ◼ Viability of potential asset sales (separability, timing and tax leakage) ◼ Capital markets assessments (ability to secure committed financing to refinance or solicit CoC waiver consent) ◼ Regulatory considerations ◼ Analyze potential alternative transactions / strategies ◼ Factors impacting probability of success B Special Committee process overview 6 Key objectives Key workstreams A Determine appropriate response to IP ◼ Develop appropriate communication strategy contingent on outcome of previous steps ◼ Process overlay, establish ground rules Step 2 ◼ Prepare formal response materials ◼ Determine best path for Special Committee to pursue Execution ◼ Establish process strategy and key milestones Step 3 Step 1 3 Process discussion

Preliminary Draft 7 Business plan assessment – work plan Process discussion Capital requirements of management plan ◼ Assess runway to fund its current business plan (and potential variations to the plan) ◼ Consider the timing of capex spend and how this may impact long-term plan, future funding requirements, etc. ◼ Quantify the amount of incremental capital the business would need to fund the current plan ◼ Evaluate how accessible the revolving credit facility may be given existing debt covenants Fiber deployment / legacy business strategy ◼ Key revenue growth drivers for business □ Residential / commercial fiber build plan, penetration rates and unit economics □ Carrier revenue plan and long-term outlook ◼ Assessment of profitability and long-term outlook for target EBITDA margins ◼ Capex strategy and market focus Analysis of business plan / Model review 3 ◼ Historical operating KPIs / financial results ◼ Long-term business plan ◼ Budget vs. actuals ◼ Detailed 2023 / 2024 budget ◼ Summary of fiber deployment strategy and progress to date ◼ Market penetration summary ◼ Strategic operations materials (i.e., headcount plans, market focuses, etc.) ◼ Commercial diligence / industry reports (e.g., Altman report, etc.) ◼ Board presentations related to business plan ◼ Details on funding of pension / OPEB ◼ Preferred stock calculation (if sold) □ Call protection □ Breakage calculation ◼ Pro forma capitalization table ◼ Lender register (from admin agent) and bondholders list (via an information agent) Formal diligence list to be shared following today’s meeting Key diligence items

Preliminary Draft Assessment of alternatives – Preliminary universe 8 Alternative Key points Status quo / remain publicly traded company Execute on plan ◼ Intrinsic valuation and discounted future share price ◼ Ability to self-sustain without supplemental financing ◼ Upside / downside risks to achievement of forecast plan Potential monetization of assets ◼ Near-term capital to focus on higher growth buildouts / accelerated build ◼ Potential balance sheet derisking ◼ Execution, valuation, timing and tax leakage to be evaluated Pursue transaction with IP ◼ Value of proposal vs. intrinsic value of standalone plan ◼ Analyze how to best create negotiating leverage ◼ Cost-benefit of transaction risk vs. plan execution risk ◼ Timing considerations Pursue alternative sale transaction / combination ◼ Buyer universe – potential interest / strategic value, ability to pay, timing ◼ Timing considerations vs. transaction with IP ◼ Feasibility of CoC waiver consent / new debt pricing and leverage capacity 1 3 2 Process discussion a b 3

Preliminary Draft Month May June Week 1 2 3 4 Day 15 16 17 18 19 22 23 24 25 26 29 30 31 1 2 5 6 7 8 9 General Weekly update calls 1a Analysis of business plan / model review 1a.1 Kick-off 1a.2 Share initial R&Co diligence list 1a.3 Receive / review initial management forecasts 1a.4 Management Q&A sessions 1a.5 Detailed benchmarking of plan 1a.6 Plan sensitivities 1a.7 Capital structure analysis 1a.8 Iteration of valuation considerations 1a.9 Presentation of initial valuation findings to Committee 1b Assessment of alternatives 1b.1 Review of status quo based on concurrent work in Step 1a 1b.2 Capital structure analysis / evaluate potential consent solicitation 1b.3 Evaluation of potential asset sales 1b.4 Assessment of potential strategic buyers (firepower, synergies, rationale) 1b.5 Assessment of potential financial buyers (ability to pay, returns analysis) 1b.6 Presentation of findings to Committee 2 Determine appropriate response to IP 2.1 Advisor initial outreach to IP on behalf of Company 2.2 Assessment of risk factors 2.3 Deliberation on potential strategic alternatives 2.4 Determine formal response strategy to IP 3 Execution 3.1 Provide formal response to IP 3.2 Pursue alternatives, if SC determines to do so 3.3 Consider external communications updates, if needed Phase I deliverables and indicative timeline Preliminary process timeline 9 Key action items and targeted timing to ensure an informed formal response is reached 4

Preliminary Draft Receive and review financial information from Management 2 Schedule in-person meeting with Management to review information received and engage in Q&A 3 Share initial diligence list with Management 1 Schedule meeting with regulatory counsel 4 Next steps 10 5 Next steps Determine appropriate treatment of preferred equity under potential change of control 5

11 Appendix

Confidential Preliminary Draft Pre-13D filing price Unaffected price Interested Party proposal Current price Date Metric M arch 7th, 2022 April 12th, 2023 April 13th, 2023 M ay 15th, 2023 Price $4.71 $2.76 $4.00 $3.67 % difference to 30-trading day VWAP $3.53 n.a. n.a. 52% 4% % difference to 60-trading day VWAP $3.21 n.a. n.a. 25% 14% % difference to 90-trading day VWAP $3.56 n.a. n.a. 12% 3% % difference to 52-week high $8.49 n.a. n.a. (53%) (57%) % difference to unaffected price $2.76 n.a. n.a. 45% 33% (x) Fully diluted shares outstanding 116 117 120 120 Implied equity value $544 $324 $481 $441 (+) Gross debt2 2,175 2,186 2,195 2,195 (-) Cash (100) (326) (248) (248) (-) Short term investments (111) (88) (88) (88) (+) Preferred equity (at liquidation preference)3 437 477 488 488 (+) Non-controlling interest 7 8 8 8 (-) Investments in affiliates (110) (10) (9) (9) (+) Net underfunded pension4 163 95 95 95 Implied enterprise value $3,006 $2,665 $2,921 $2,881 memo: Value of equity not owned by Interested Party n.a. $215 $324 $297 Implied EV / NTM adj. EBITDA 5 7.2x 8.4x 9.3x 9.1x Implied EV / FY+1 adj. EBITDA 6 7.1x 7.6x 8.3x 8.2x Company’s valuation in context 12 IP proposal implies 9.3x 2023E EBITDA and 8.3x 2024E EBITDA1 Sources Company filings, FactSet Notes 1 Assumes consensus EBITDA estimates as of 5/15/2023 2 Gross debt includes finance leases 3 Liquidation preference inclusive of accumulated PIK interest 4 Net of illustrative deferred tax asset 5 Denotes EV / ’22E EBITDA for “March ’22 13D filing,” EV / ’23E EBITDA for other scenarios 6 Denotes EV / ’23E EBITDA for “March ’22 13D filing,” EV / ’24E EBITDA for other scenarios Implied valuation at key transaction milestones (in USDm, except for share price)

Preliminary Draft 13 Disclaimer 1. Section name The accompanying materials were compiled on a confidential basis by Rothschild & Co US Inc. (“Rothschild & Co”) for the use and benefit of the Special Committee (the “Special Committee”) of the Board of Directors of Consolidated Communications Holdings, Inc. (the “Company”) solely in connection with its evaluation of the transaction referred to herein. Neither Rothschild & Co nor any of its affiliates, nor any of its or their respective officers, directors, employees, advisors, agents or representatives, represents or warrants as to the accuracy or completeness of any of the materials set forth herein. Nothing contained in the accompanying materials is, or shall be relied upon as, a promise or representation as to the past, present or future. It should be understood that these materials, including any valuations and/or estimates or projections contained in the accompanying materials, were prepared or derived from information supplied by the Company or derived from public sources, without any independent verification by Rothschild & Co. This information, including any valuations, estimates or projections, involves numerous and significant assumptions and subjective determinations by the Company’s management and other sources, which may or may not be correct, although the Company has represented that the materials are reasonably based. Rothschild & Co assumes no responsibility for independent verification of such information and has relied on such information being complete and accurate in all material respects. Accordingly, no representation or warranty, express or implied, can be made or is made by Rothschild & Co as to the accuracy or completeness of any such information or the achievability of any such valuations and/or estimates or projections. To the extent such information includes any estimates or projections of future financial performance, Rothschild & Co has assumed that such estimates or projections have been reasonably prepared on bases reflecting the best currently available estimates and judgments of management of the Company (or, with respect to estimates and forecasts obtained from public sources, represent reasonable estimates). The accompanying material does not represent an opinion as to the prices at which the Company, or any interests therein, actually would be acquired or sold. Except where otherwise indicated, this presentation speaks as of the date hereof and is necessarily based upon the information available to Rothschild & Co and financial, stock market and other conditions and circumstances existing and disclosed to Rothschild & Co as of the date hereof. Rothschild & Co does not have any obligation to update, review or reaffirm these materials. The presentation is incomplete without reference to, and should be viewed solely in conjunction with, the oral briefing provided by Rothschild & Co. Under no circumstances should the delivery of this presentation imply that any information or analyses included in this presentation would be the same if made as of any other date. These materials are not intended to provide the sole basis for evaluating, and should not be considered a recommendation with respect to, any transaction or other matter. No single analysis contained herein can be deemed more or less important than any other analysis and these analyses must be considered, in their totality, with the oral briefing provided by Rothschild & Co. Prior to entering into any transaction, the Special Committee should determine, without reliance on Rothschild & Co or its affiliates, the economic risks and merits as well as the legal, tax and accounting characterizations and consequences of any such transaction. In this regard, by accepting these materials, the Special Committee acknowledges that Rothschild & Co is not in the business of providing (and the Special Committee is not relying on Rothschild & Co for) legal, tax or accounting advice, and the Special Committee should receive (and rely on) separate and qualified legal, tax and accounting advice. These materials do not constitute an offer or solicitation to sell or purchase any securities. Rothschild & Co is not acting in any capacity as a fiduciary or agent of the Special Committee, the Board of Directors or the Company. In the ordinary course of their asset management, merchant banking and other business activities, affiliates of Rothschild & Co may at any time hold long or short positions, and may trade or otherwise effect transactions, for their own accounts or the accounts of their clients in equity, debt or other securities (or related derivative securities) or financial instruments of the Company or any of its affiliates or any other company that may be involved in a transaction. THIS PRESENTATION IS CONFIDENTIAL AND WAS NOT PREPARED WITH A VIEW TO PUBLIC DISCLOSURE OR FILING THEREOF UNDER STATE OR FEDERAL SECURITIES LAWS OR OTHERWISE. THIS PRESENTATION MAY NOT BE COPIED BY, OR DISCLOSED OR MADE AVAILABLE TO, ANY PERSON WITHOUT THE PRIOR WRITTEN APPROVAL OF Rothschild & Co. THIS PRESENTATION IS NOT INTENDED TO BE USED OR RELIED UPON, AND SHOULD NOT BE USED OR RELIED UPON, BY ANY PERSON OTHER THAN THE SPECIAL COMMITTEE AND MAY NOT BE USED BY ANY OTHER PERSON WITHOUT PRIOR WRITTEN APPROVAL OF Rothschild & Co. 7. NEXT STEPS

DRAFT All numbers and references herein are highly preliminary and subject to material refinement PRELIMINARY, ILLUSTRATIVE DRAFT – FOR REFERENCE ONLY AND SUBJECT TO MATERIAL CHANGE Project Seashore Discussion materials 1 6 June 2023

PRELIMINARY, ILLUSTRATIVE DRAFT – FOR REFERENCE ONLY AND SUBJECT TO MATERIAL CHANGE Topics for discussion 2 Key Special Committee confirmations Potential business plan sensitivities C Terminal cash flow assumptions B May 70% Plan financing considerations A

PRELIMINARY, ILLUSTRATIVE DRAFT – FOR REFERENCE ONLY AND SUBJECT TO MATERIAL CHANGE Key items for the Special Committee to confirm 3 ◼ Business plan for basis of analysis □ Confirmation of capital need assumptions (if any) ◼ Confirmation of terminal assumptions ◼ Confirmation of NOL / tax assumptions ◼ Direction on model sensitivities to run

PRELIMINARY, ILLUSTRATIVE DRAFT – FOR REFERENCE ONLY AND SUBJECT TO MATERIAL CHANGE 1 of 2 Net leverage1 Considerations for raising capital to fund May 70% Build Plan 4 ◼ May 70% Build Plan has ~$400m total shortfall in capital by 2026 ◼ Current revolver covenants limit ability to use leverage capacity to fund shortfall □ Model projects revolver fully drawn up to 35% springing covenant level ($79m) by year-end 2023 □ Incurrence of debt above 35% revolver draw is subject to a 6.35x leverage covenant □ Based on EBITDA / cash generation profile, additional leverage capacity below 6.35x covenant level unavailable until late 2024 / early 2025 ◼ Management has guided that ~$250 - 275m of new capital would be needed to bridge to the point at which additional revolver capacity is available to fund the remainder of the ~$400m shortfall ◼ Seagull approval rights on new capital raised require careful consideration and management 1. SECTION NAME A May 70% Plan financing considerations Situation overview May 70% Plan liquidity and leverage overview Total liquidity Net leverage1 Total liquidity Ending cash balance Ending revolver capacity New capital raise A B A PF for illustrative capital raise at Dec-23E B Source: May 70% LRP Note: 1. Defined as debt (gross of issuance costs) including finance leases less cash on hand ÷ LTM EBITDA 336 27 10 10 10 21 275 241 241 227 41 30 241 577 543 237 51 40 262 4.9x 5.8x 6.1x 5.3x 4.2x 3.2x Mar-23A Dec-23E Dec-24E Dec-25E Dec-26E Dec-27E Chart Title 336 28 (201) (385) (387) (161) 241 79 -- -- 577 107 (201) (385) (387) (161) 4.9x 6.7x 6.9x 5.9x 4.7x 3.6x Mar-23A Dec-23E Dec-24E Dec-25E Dec-26E Dec-27E Chart Title

PRELIMINARY, ILLUSTRATIVE DRAFT – FOR REFERENCE ONLY AND SUBJECT TO MATERIAL CHANGE $m 2023E 2024E 2025E 2026E 2027E Seagull preferred (at liquidation preference) $521 $569 $621 $678 $741 Illustrative new preferred instrument (25% IRR) 275 344 430 537 671 Total preferred equity (pro forma) 796 913 1,051 1,216 1,412 (+) Net debt 2,146 2,448 2,614 2,611 2,373 Memo: xLTM EBITDA 6.7x 6.9x 5.9x 4.7x 3.6x Net debt including preferred equity 2,942 3,361 3,665 3,827 3,785 Memo: xLTM EBITDA 9.2x 9.4x 8.3x 6.8x 5.7x $m, except per share Illustrative capital requirement $275 Undisturbed share price $2.76 Illustrative offering discount 20.0% Implied offering price $2.30 Implied shares issued 119.6 % of current basic shares outstanding 102.5% May 70% Plan financing considerations Considerations for raising capital to fund May 70% Build Plan 5 2 of 2 Source: May 70% LRP Note: 1. Defined as debt (gross of issuance costs) including finance leases less cash A ◼ Limited recent precedents in US public markets ◼ Issued at meaningful discount to trading price ◼ Practical requirement to have Seagull’s participation in order to underwrite ◼ Highly bespoke instruments with range of potential structures / terms ◼ Likely needs to be structured as junior to Seagull preferred equity ◼ Based on capital structure, investors would likely target 20 - 25% total return through a convertible preferred instrument □ PIK interest (10 - 15%) for portion or all of instrument life □ Conversion to common equity at a premium (10 - 20%) after specified period □ Make-whole if called within certain period (~3 years) □ Put rights for new investor (cash redemption or mandatory conversion) □ Potential governance considerations ◼ Structuring may require management of change-of-control terms on current debt (dependent on size of conversion) Negotiated senior equity instrument New capital: illustrative options Rights issue Public market announcement of need for liquidity may result in negative share price reaction, impacting the cost / terms of external capital Illustration Illustration

PRELIMINARY, ILLUSTRATIVE DRAFT – FOR REFERENCE ONLY AND SUBJECT TO MATERIAL CHANGE $m Terminal Total revenue $1,525 Adj. EBITDA 741 (-) Stock-based compensation (10) Adj. EBITDA (less SBC) $731 (-) One-time items (15) (-) D&A EBIT 716 (-) Tax at marginal rate (25%) (179) NOPAT 537 (+) D&A (-) CapEx (+ / -) Source / (use) of NWC (4) Unlevered FCF $533 Self Funding LRP $m 2023E 2024E 2025E 2026E 2027E 2028E 2029E 2030E 2031E Total sales $1,119 $1,141 $1,205 $1,282 $1,332 $1,388 $1,432 $1,479 $1,525 % growth 1.9% 5.6% 6.4% 3.9% 4.2% 3.2% 3.3% 3.1% Adj. EBITDA 321 362 428 522 597 647 683 718 741 % margin 28.6% 31.7% 35.5% 40.7% 44.8% 46.7% 47.6% 48.5% 48.6% CapEx Build 168 93 55 62 73 63 63 63 54 Success-based 175 158 167 148 132 139 141 144 141 Obligatory 88 86 79 73 69 75 75 75 75 Other 29 15 – – – – – – – Total CapEx 460 352 301 283 274 277 280 283 270 CapEx % of sales Build 15.0% 8.2% 4.6% 4.8% 5.5% 4.6% 4.4% 4.3% 3.6% Success-based 15.6% 13.8% 13.9% 11.6% 9.9% 10.0% 9.9% 9.8% 9.3% Obligatory 7.8% 7.5% 6.5% 5.7% 5.2% 5.4% 5.2% 5.1% 4.9% Other 2.6% 1.3% – – – – – – – Total CapEx 41.1% 30.9% 25.0% 22.1% 20.6% 20.0% 19.5% 19.1% 17.7% Discussion of terminal period CapEx assumptions 6 Source: Self Funding LRP Note: 1. Includes Core Network Upgrade and Digital Transformation CapEx 1. SECTION NAME B Terminal cash flow assumptions Business plan metrics Illustration of terminal period Determination of “steady-state” CapEx will be key in evaluating the value of Condor in perpetuity Memo: see appendix for peer CapEx benchmarking over time 1 1

PRELIMINARY, ILLUSTRATIVE DRAFT – FOR REFERENCE ONLY AND SUBJECT TO MATERIAL CHANGE Illustrative business plan value drivers to sensitize 7 1. SECTION NAME C Potential business plan sensitivities Illustrative metric Self Funding LRP assumption Self Funding LRP metric 2023E 2027E 2031E Terminal residential fiber penetration rate ◼ Residential fiber build cohort terminal penetration rates of 40% by year 6 16.8% 33.7% 35.7% Enterprise & carrier sales (CAGR since 2022A) ◼ Enterprise & carrier sales recover to 2019A levels by 2031E; represents CAGR over this period of 0.2% p.a. (2.6%) 0.4% 1.4% Non-video COGS (% of sales) ◼ 150bps improvement vs. 2023E in 2024E with subsequent 50bps p.a. improvements from 2025 - 27E 15.0% 12.0% 12.0% EBITDA margin ◼ Margin expansion as fiber build-out leads to improved operating leverage and decreased marketing spend per subscriber 28.6% 44.8% 48.6% Terminal CapEx intensity (% of sales) ◼ CapEx costs based on extrapolation of current construction cost and maintenance expectations 41.1% 20.6% 17.7% Source: Self Funding LRP

Appendix 8

PRELIMINARY, ILLUSTRATIVE DRAFT – FOR REFERENCE ONLY AND SUBJECT TO MATERIAL CHANGE 19% 37% 26% 25% 24% 23% 21% 19% 18% 17% 16% 13% 13% Avg. of peers: 21% Avg. of peers adj.: 19% – 5% 10% 15% 20% 25% 30% 35% 40% Chart Title 9 Average CapEx / Revenue % (2008 – 2022) Peer CapEx benchmarking Source: Company filings Notes: 1. Average excludes Shentel and TDS (Telecom segment) 2. Average calculated from 2008 through 2022 3. Average calculated from 2015 through 2022 4. Average calculated from 2008 through 2020 5. Average calculated from 2016 through 2022 6. TDS (Telecom segment) excludes HMS business segment in historical periods 7. ATN International excludes energy business segment in historical periods 8. Cincinnati Bell based on its Network segment financials (data, video, voice and other, as well as Entertainment and Communications and Wireline) in historical periods B Terminal cash flow assumptions (Telecom segment) (Cable) 5 2 4 3 Condor 1 6 7 8

PRELIMINARY DRAFT Project Seashore Special Committee materials June 22nd, 2023 1

PRELIMINARY DRAFT The accompanying materials were compiled on a confidential basis by Rothschild & Co US Inc. (“Rothschild & Co”) for the use and benefit of the Special Committee (the “Special Committee”) of the Board of Directors of Consolidated Communications Holdings, Inc. (the “Company” or “Condor”) solely in connection with its evaluation of the transaction referred to herein. Neither Rothschild & Co nor any of its affiliates, nor any of its or their respective officers, directors, employees, advisors, agents or representatives, represents or warrants as to the accuracy or completeness of any of the materials set forth herein. Nothing contained in the accompanying materials is, or shall be relied upon as, a promise or representation as to the past, present or future. It should be understood that these materials, including any valuations and/or estimates or projections contained in the accompanying materials, were prepared or derived from information supplied by the Company or derived from public sources, without any independent verification by Rothschild & Co. This information, including any valuations, estimates or projections, involves numerous and significant assumptions and subjective determinations by the Company’s management and other sources, which may or may not be correct, although the Company has represented that the materials are reasonably based. Rothschild & Co assumes no responsibility for independent verification of such information and has relied on such information being complete and accurate in all material respects. Accordingly, no representation or warranty, express or implied, can be made or is made by Rothschild & Co as to the accuracy or completeness of any such information or the achievability of any such valuations and/or estimates or projections. To the extent such information includes any estimates or projections of future financial performance, Rothschild & Co has assumed that such estimates or projections have been reasonably prepared on bases reflecting the best currently available estimates and judgments of management of the Company (or, with respect to estimates and forecasts obtained from public sources, represent reasonable estimates). The accompanying material does not represent an opinion as to the prices at which the Company, or any interests therein, actually would be acquired or sold. Except where otherwise indicated, this presentation speaks as of the date hereof and is necessarily based upon the information available to Rothschild & Co and financial, stock market and other conditions and circumstances existing and disclosed to Rothschild & Co as of the date hereof. Rothschild & Co does not have any obligation to update, review or reaffirm these materials. The presentation is incomplete without reference to, and should be viewed solely in conjunction with, the oral briefing provided by Rothschild & Co. Under no circumstances should the delivery of this presentation imply that any information or analyses included in this presentation would be the same if made as of any other date. These materials are not intended to provide the sole basis for evaluating, and should not be considered a recommendation with respect to, any transaction or other matter. No single analysis contained herein can be deemed more or less important than any other analysis and these analyses must be considered, in their totality, with the oral briefing provided by Rothschild & Co. Prior to entering into any transaction, the Special Committee should determine, without reliance on Rothschild & Co or its affiliates, the economic risks and merits as well as the legal, tax and accounting characterizations and consequences of any such transaction. In this regard, by accepting these materials, the Special Committee acknowledges that Rothschild & Co is not in the business of providing (and the Special Committee is not relying on Rothschild & Co for) legal, tax or accounting advice, and the Special Committee should receive (and rely on) separate and qualified legal, tax and accounting advice. These materials do not constitute an offer or solicitation to sell or purchase any securities. Rothschild & Co is not acting in any capacity as a fiduciary or agent of the Special Committee, the Board of Directors or the Company. In the ordinary course of their asset management, merchant banking and other business activities, affiliates of Rothschild & Co may at any time hold long or short positions, and may trade or otherwise effect transactions, for their own accounts or the accounts of their clients in equity, debt or other securities (or related derivative securities) or financial instruments of the Company or any of its affiliates or any other company that may be involved in a transaction. THIS PRESENTATION IS CONFIDENTIAL AND WAS NOT PREPARED WITH A VIEW TO PUBLIC DISCLOSURE OR FILING THEREOF UNDER STATE OR FEDERAL SECURITIES LAWS OR OTHERWISE. THIS PRESENTATION MAY NOT BE COPIED BY, OR DISCLOSED OR MADE AVAILABLE TO, ANY PERSON WITHOUT THE PRIOR WRITTEN APPROVAL OF Rothschild & Co. THIS PRESENTATION IS NOT INTENDED TO BE USED OR RELIED UPON, AND SHOULD NOT BE USED OR RELIED UPON, BY ANY PERSON OTHER THAN THE SPECIAL COMMITTEE AND MAY NOT BE USED BY ANY OTHER PERSON WITHOUT PRIOR WRITTEN APPROVAL OF Rothschild & Co. Disclaimer 1. Section name 2

PRELIMINARY DRAFT Contents Situation overview Overview of business plan Preliminary valuation perspectives Valuation detail Alternative considerations Appendix Additional valuation support Other supporting materials 1 2 3 4 5 4 10 16 25 31 46 A B 47 54 3

Situation overview 1 4

PRELIMINARY DRAFT ◼ On April 12, 2023, Seagull and Blue Jay submitted a non-binding proposal at $4.00 / share to take Condor private ◼ Rothschild & Co (“R&Co”) was engaged as financial advisor to the Special Committee of the Board of Condor on May 16, 2023 ◼ During May and June, R&Co and the Special Committee were provided access to Condor’s internal operating and financial information and to Condor’s Management team for the purposes of performing a due diligence review of Condor, its recent performance and outlook including Management’s Standalone Long-Range Plan (“Standalone LRP”) ◼ For purposes of evaluating Condor’s business and performing preliminary valuation analysis, the Special Committee instructed R&Co to use the Standalone LRP ◼ Assumptions for the Standalone LRP were based on Management’s current view of business conditions and outlook as of June 2023 ◼ Based on projected business performance and capital commitments to certain inventory purchases and Rural Digital Opportunity Fund (“RDOF”) related capital spend, the Standalone LRP contemplates a significant reduction in the pace at which Condor overbuilds fiber in order to maintain adequate liquidity ◼ Certain non-core analyses utilize additional illustrative cases: □ Illustrative Buyer Plan (Including Pre-Closing Capital) – assumes Condor Management’s continued acceleration of its fiber build achieving 70% penetration by 2026 – this case requires additional capital by year end 2023 to fully fund □ Illustrative Buyer Plan (No Pre-Closing Capital) – for the purposes of evaluating a buyer’s ability to pay, assumes a build rate in line with the Standalone LRP through an illustrative transaction close date of 12/31/24, with assumed reacceleration of the build in line with the Illustrative Buyer Plan (No Pre-Closing Capital) (and related capital requirements) post-close ◼ In evaluating the Standalone LRP, R&Co has observed: ◼ Standalone LRP reflects a build-out cadence that allows Condor to remain within its current liquidity constraints with minimal cushion over the next few years (reaching a low point in liquidity of $12m in 2025) ◼ Given limited liquidity, minor fluctuations to the Standalone LRP would result in liquidity issues unless the fiber build-out is slowed further, subscriber growth is pursued less aggressively or paused, and / or new outside capital is injected (which may have a dilutive impact to current shareholders) ◼ Conversely, acceleration of the plan is limited by liquidity over the next 5 years without raising external capital or outperformance on penetration / profitability in a challenging market environment ◼ R&Co has relied on the Standalone LRP projections for the analyses laid out on subsequent pages of these materials. While certain sensitivity analyses have been performed to assess the valuation impact of changes to certain assumptions underlying the Standalone LRP, these analyses do not consider the resulting degradation of liquidity in situations where assumptions in the Standalone LRP are not met or the potential valuation impact of a liquidity shortfall 3 2 1 4 Situation overview 1. SITUATION OVERVIEW 1 Situation overview 5 6 5

PRELIMINARY DRAFT Seagull proposal: key terms Source: Amended Form SC 13D dated April 13, 2023 Notes: 1. Based on 39.3m shares held by Seagull per Amended Form SC 13D dated April 13, 2023 and Condor Management-provided FDSO of 118.7m as of May 31, 2023 2. Unaffected date is April 12, 2023, the last trading day prior to public announcement of Seagull’s non-binding proposal 3. Seagull-calculated VWAP based on trading days; premium to 1-month calendar day VWAP as of April 12, 2023 is ~61% 4. Share price as of June 16, 2023 On April 12, 2023, Seagull submitted a non-binding proposal at $4.00 / share to take Condor private Seagull proposal and market reaction ◼ Condor’s Board of Directors received a non-binding proposal from Seagull / Blue Jay to acquire the remaining ~67%1 equity stake of the Company’s outstanding shares for $4.00 / share □ The $4.00 proposal price represented a ~45% premium to the unaffected price2 of $2.76 and, per the letter, a 52% premium to 30-trading day VWAP3 □ The stock immediately reacted with a 1-day stock price increase of ~40% (increased from $2.76 to $3.83) □ Current share price of $3.704 Form of consideration / funding ◼ All cash transaction ◼ Transaction funded with equity; stated no need for debt financing as existing capital structure will remain in place under continued Seagull ownership (i.e., Seagull is a “Permitted Holder” under the terms of the credit agreement) □ Blue Jay, a significant LP in Seagull’s fund, intends to contribute a meaningful amount of equity into the transaction □ Seagull has subsequently verbally indicated that it will fully backstop the equity funding in the event Blue Jay does not invest Other proposal terms / conditions ◼ Seagull conditioned that the proposal be: □ Considered and recommended by an independent Special Committee, advised by independent legal and financial advisors □ Approved by holders of the majority of outstanding common shares not owned by Seagull or Blue Jay ◼ Seagull stated that it is not interested in selling its shares or in an alternative change of control transaction, and would not vote in favor of any alternative sale, merger or similar transaction 1 Situation overview 6

PRELIMINARY DRAFT Unaffected Seagull (4/12/2023) Proposal Illustrative share price $2.76 $4.00 (×) Fully diluted shares outstanding 118.7 118.7 Implied Condor equity value $328 $475 (+) Total debt 2,195 2,195 (+) Net, tax-effected PBO and OPEB 95 95 (-) Cash and cash equivalents (336) (336) (+) Preferred stock (at liquidation pref.) 488 488 (-) Other adjustments (1) (1) Implied enterprise value $2,767 $2,914 Seagull proposal in context: Side-by-side vs. Unaffected1 Sources: Standalone LRP, company filings, press releases, FactSet (as of June 16, 2023 and April 12, 2023) Notes: 1. Unaffected date is April 12, 2023, the last trading day prior to public announcement of Seagull’s non-binding proposal 2. Balance sheet as of March 31, 2023 as per Condor Management; Condor Management-provided FDSO of 118.7m as of May 31, 2023 3. Per proposal in Seagull’s amended 13-D dated April 13, 2023 4. Calendar day VWAP; as of April 12, 2023 5. Tax-effected at 26% tax rate (tax rate per Condor Management) 6. Other adjustments include NCI and Investments 7. Based on Standalone LRP; LTM on like-for-like basis to go-forward business per Condor Management pro forma for divestures of Ohio and Kansas City operations and wireless partnerships 8. Consensus Adj. EBITDA based on FactSet median consensus estimates Key assumptions Implied multiples 2,3 Implied premia 6 5 Unaffected Seagull (4/12/2023) Proposal Unaffected (April 12, 2023; $2.76) n.a. 45% Current (June 16, 2023; $3.70) (25%) 8% 1-month VWAP ($2.49) 11% 61% 2-month VWAP ($2.86) (4%) 40% 3-month VWAP ($3.07) (10%) 30% 6-month VWAP ($3.54) (22%) 13% 52-week high (June 24, 2022; $7.50) (63%) (47%) 52-week low (March 24, 2023; $2.15) 28% 86% 2 4 4 4 4 1 Situation overview 7 Standalone LRP EV / LTM Mar-23PF Adj. EBITDA 7.9x 8.3x EV / 2023E Adj. EBITDA 8.6x 9.1x EV / 2024E Adj. EBITDA 7.6x 8.1x Consensus EV / 2023E Adj. EBITDA 8.7x 9.2x EV / 2024E Adj. EBITDA 8.2x 8.7x 7 8

PRELIMINARY DRAFT $11.65 $3.70 6.2x 8.8x 0.0x 1.0x 2.0x 3.0x 4.0x 5.0x 6.0x 7.0x 8.0x 9.0x 10.0x $0.00 $2.00 $4.00 $6.00 $8.00 $10.00 $12.00 $14.00 $16.00 May-18 Aug-18 Nov-18 Feb-19 May-19 Aug-19 Nov-19 Feb-20 May-20 Aug-20 Nov-20 Feb-21 May-21 Aug-21 Nov-21 Feb-22 May-22 Aug-22 Nov-22 Feb-23 May-23 EV / NTM EBITDA multiple (x) Stock price ($ actuals) Stock price Q/K filed Seagull events Divestitures EV / NTM EBITDA Condor 5-year stock price and valuation multiple1 history Condor historical trading performance Sources: Company filings, press releases, FactSet (as of June 16, 2023) Note: 1. Fully diluted shares include outstanding shares and PSAs April 12, 2023 Seagull submits and publicly announces going-private proposal March 7, 2022: Seagull publicly discloses interest in increasing ownership / acquiring Condor October 2, 2020: Seagull closed on stage one investment September 14, 2020: Condor announced strategic investment from Seagull December 7, 2021: Seagull closed on stage two investment Divestiture announcements: ◆ Sep-21: Sale of Ohio assets ◆ Mar-22: Sale of Kansas City assets ◆ Aug-22: Sale of Wireless Partnership 1 Situation overview 8

PRELIMINARY DRAFT ◼ Their view that $4.00 per share price is insufficient ◼ Their view, based on past public commentary of Management, that Condor is "fully-funded” to meet needs of its publicly-stated business plan objectives ◼ Their belief that Condor is “significantly undervalued” ◼ No interest by them in selling shares at or near the Seagull proposal ◼ Their view that Condor is at an inflection point in value creation given large capital spend over last few years not yet reflected in performance of business ◼ Their view that asset value supports a stock price well in excess of the Seagull proposal and any recent / longer-term average share prices 1 2 3 4 5 6 Preliminary Condor shareholder feedback 1. SITUATION OVERVIEW As requested by the Special Committee, Rothschild & Co has engaged in a preliminary, information-gathering discussion with select shareholders who had previously attempted to contact the Special Committee Conducted two calls, a Special Committee member participated in one discussion and Rothschild & Co had the second call without participation of the Special Committee; third call is pending ◼ Rothschild & Co and the Special Committee member in listen only mode ◼ Based on the feedback, each investor appeared to be sophisticated and well-informed about the Condor business (based on publicly available information) Summary take-aways from the two shareholder calls include: 1 Situation overview 9

Overview of business plan 2 10

PRELIMINARY DRAFT Management Standalone Long-Range Plan (“Standalone LRP”): review of plan development Source: Standalone LRP, Condor Management ◼ In May 2023, Condor Management revisited its prior projections, and prepared the Standalone LRP based on its current view of business conditions and outlook. The Standalone LRP reflects: □ Recalibration of fiber build pace to manage around short-term liquidity constraints □ Continued focus on long-term objective of 70% fiber coverage, achieved by 2029 vs. previous 2026 target □ Renewed confidence on long-term fiber penetration target of 40% driven by new sales / marketing leadership and go-to-market strategy □ Input from recently appointed leadership on the timing and pace of recovery in the Commercial business □ Up-to-date perspectives on fiber build costs and operating expense assumptions ◼ Newly determined short-term liquidity constraints: □ Near-term liquidity impacted by inventory purchase commitments & current run-rates for success-based / maintenance CapEx (~$30m) and build plan, including RDOF-related capital spend, (~$88m) in 2023 / 24. Based on leverage profile, full revolver availability remains constrained over the next 24 months □ Standalone LRP maximizes pace of build-out while operating at a minimum of ~$12m of liquidity in 2025, with revolver capacity effectively fully consumed ◼ Potential risks and opportunities in the Standalone LRP: □ Given limited liquidity, minor downside deviation to the Standalone LRP would result in the need for further slowing of the fiber build out, a slowdown or cessation in pursuing new subscriber growth, or injection of outside capital □ Conversely, acceleration of the Standalone LRP is limited by liquidity over the next 5 years without raising external capital or outperformance on penetration / profitability in a challenging market environment □ Preliminary perspectives on BEAD funding opportunities identified and considered by Condor Management to be reflected in Standalone LRP; but extent of upside requires further detail on timing and access to location data to be fully quantified 2 Overview of business plan 11

PRELIMINARY DRAFT 201 75 45 60 125 173 206 2023E 2024E 2025E 2026E 2027E 2028E 2029E ◼ Build plan balances maximization of fiber deployment while managing liquidity / maintaining covenant compliance □ By 2027, business generates sufficient free cash flow to re-accelerate fiber build, reaching 71%1 fiber coverage by 2029E □ CapEx cost per fiber passing ramps as RDOF market obligations are met in next few years ◼ Terminal residential fiber cohort penetration rates (40%) combined with higher ARPUs vs. legacy copper network results in material residential sales growth throughout the period ◼ Enterprise revenues grow at a CAGR of ~3.2% from 2024 – 2031E, leading to an overall recovery of Commercial & Carrier revenue to 2019 levels after multiple years of negative growth ◼ Operationally, COGS efficiency measures and improved operating leverage as fiber penetration ramps throughout the period lead to meaningful Adj. EBITDA margin expansion (~50% by 2031E) Standalone LRP: review of key plan assumptions Source: Standalone LRP Notes: 1. Includes residential and SMB 2. Reflects total copper + fiber passings; copper + fiber passings remain constant across forecast period at 2.5m passings Key assumptions Selected fiber build KPIs Fiber passings built (000s) % fiberized of ~2.5m2 Cost per passing ($ actual) total passings $474 $849 $925 $1,190 $1,460 $850 $850 2023E 2024E 2025E 2026E 2027E 2028E 2029E 45% 48% 50% 52% 57% 63% 71% 2023E 2024E 2025E 2026E 2027E 2028E 2029E 2 Overview of business plan 12

PRELIMINARY DRAFT Standalone LRP vs. consensus estimates1 In $ millions Sources: Standalone LRP, FactSet (as of June 16, 2023) Notes: 1. Median of broker estimates 2. Number of estimates denoted as number of EBITDA estimates / number of CapEx estimates Revenue Adj. EBITDA CapEx Adj. EBITDA less CapEx2 1,119 1,145 1,209 1,284 1,333 1,117 1,126 1,162 1,205 1,276 2023E 2024E 2025E 2026E 2027E Chart Title 321 362 434 527 599 318 336 367 439 551 2023E 2024E 2025E 2026E 2027E Chart Title 460 356 284 274 439 319 441 459 392 225 2023E 2024E 2025E 2026E 2027E (139) 6 150 252 280 (121) (105) (92) 48 326 2023E 2024E 2025E 2026E 2027E Chart Title Standalone LRP Consensus estimate Number of estimates 3 3 2 1 1 1 1 1 1 3 3 3 2 1 3 / 1 3 / 1 3 / 1 2 / 1 1 2 Overview of business plan 13 Memo: number of Adj. EBITDA estimates / number of CapEx estimates

PRELIMINARY DRAFT CAGR $m, unless noted 2020PF 2021PF 2022PF 2023E 2024E 2025E 2026E 2027E 2028E 2029E 2030E 2031E (23-27) (27-31) Residential fiber $126 $198 $288 $377 $440 $510 $577 $645 $692 37% 12% Resi copper, video, voice 328 301 278 257 231 213 195 178 163 (8%) (8%) SMB 9 1 8 7 8 5 8 6 8 9 9 1 9 4 9 6 9 8 (0%) 2 % Enterprise1 295 295 300 309 322 335 347 357 367 2 % 3 % Carrier2 144 136 139 141 143 144 146 147 149 (0%) 1 % Other3 135 127 120 114 108 102 9 7 9 3 8 8 (6%) (5%) Revenue $1,238 $1,222 $1,145 $1,119 $1,145 $1,209 $1,284 $1,333 $1,396 $1,456 $1,517 $1,557 4 % 4 % % growth n.a. (1%) (6%) (2%) 2 % 6 % 6 % 4 % 5 % 4 % 4 % 3 % Gross profit $1,090 $1,066 $997 $881 $926 $996 $1,074 $1,133 $1,190 $1,242 $1,296 $1,331 7 % 4 % % margin 88% 87% 87% 79% 81% 82% 84% 85% 85% 85% 85% 85% Adj. EBITDA4 $462 $442 $369 $321 $362 $434 $527 $599 $652 $694 $746 $772 17% 7 % % margin 37% 36% 32% 29% 32% 36% 41% 45% 47% 48% 49% 50% Unlevered free cash flow5 ($25) $97 $124 $150 $214 $221 $363 $399 n.a. 28% % margin (2%) 8% 10% 11% 15% 15% 24% 26% Memo: CapEx ($460) ($356) ($284) ($274) ($319) ($318) ($336) ($231) ($221) (9%) (9%) CapEx / Revenue % 41% 31% 23% 21% 24% 23% 23% 15% 14% Change in working capital (20) 1 1 7 (23) (1) 1 2 (5) (10) (2) (55%) 30% EBITDA - CapEx ($139) $6 $150 $252 $280 $334 $358 $515 $552 n.a. 19% % conversion (43%) 2% 35% 48% 47% 51% 52% 69% 71% Cost / Passing $474 $849 $925 $1,190 $1,460 $850 $850 n.a. n.a. 32% n.a. Notes: 1. Enterprise revenue includes other commercial revenue (non-recurring and other services including business systems, joint pole & special projects, commercial video services and other services) 2. Carrier revenue includes other carrier revenue (non-recurring and other services including business systems, joint pole & special projects, commercial video services and other services) 3. Other revenue includes other subsidy revenue (excluding CAF), CAF / RDOF subsidy revenue, special access revenue, network / switched access revenue, USF revenue and other products / services rev. Source: Standalone LRP, pro forma historical periods (2020-2022) provided by Condor Management (normalized to exclude divestures of Ohio and Kansas City operations and wireless partnerships) Summary of Standalone LRP 4. Adj. EBITDA does not account for burden of SBC 5. Unlevered free cash flow per Standalone LRP; calculated as EBIT – taxes + tax depreciation – CapEx + / - change in NWC; does not consider generated nor utilized NOLs; negative EBIT results in $0 tax paid; contemplating L3Q 2023 unlevered free cash flow for purposes of valuation 2 Overview of business plan 14

PRELIMINARY DRAFT Summary of Standalone LRP (cont’d) Source: Standalone LRP Notes: 1. Adj. EBITDA does not account for burden of SBC 2. Defined as respective metric ÷ Adj. EBITDA 3. Levered free cash flow per Standalone LRP; calculated as EBITDA – taxes – CapEx + / - change in NWC – cash interest – finance lease payments – pension / OPEB contributions – one-time items; does not contemplate impact of NOL generation / utilization 4. Net debt excludes deferred debt issuance costs 5. Total liquidity based on cash on hand and revolver availability 2 Overview of business plan 15 Select cash flow and leverage metrics CAGR $ m 2023E 2024E 2025E 2026E 2027E (23-27) Adj. EBITDA1 $321 $362 $434 $527 $599 17% % margin 29% 32% 36% 41% 45% Build (168) (92) (38) (55) (116) (9%) Success-based (175) (163) (166) (146) (134) (6%) Maintenance capex (117) (101) (79) (73) (69) (12%) CapEx ($460) ($356) ($284) ($274) ($319) (9%) % sales 41% 31% 23% 21% 24% Adj. EBITDA1 - CapEx ($139) $ 6 $150 $252 $280 n.a. % conversion 2 (43%) 2 % 35% 48% 47% Levered free cash flow3 ($376) ($201) ($48) $11 $68 n.a. % conversion 2 (117%) (56%) (11%) 2 % 11% Leverage3 6.7x 6.5x 5.5x 4.5x 3.8x n.a. Memo: Net debt3,4 2,158 2,347 2,370 2,347 2,275 n.a. Liquidity5 $261 $60 $12 $24 $76 n.a.

Preliminary valuation perspectives 3 16

PRELIMINARY DRAFT Selected public company analysis ◼ Selected publicly-traded companies in the U.S. broadband sector ◼ Analysis based on implied enterprise value multiples of CY 2024 revenue and CY 2024 Adj. EBITDA ◼ Selected revenue and Adj. EBITDA multiples applied to Condor 2024 revenue and Adj. EBITDA, respectively, based on Standalone LRP ◼ Selected precedent acquisition transactions in the U.S. broadband sector ◼ Analysis based on implied transaction enterprise value multiples of last twelve months (LTM) Adj. EBITDA ◼ Selected multiples applied to Condor’s LTM (March 2023) Adj. EBITDA as per Standalone LRP1 Selected precedent transactions analysis Overview of preliminary valuation methodologies and other references ◼ Analysis of Standalone LRP as provided on June 19, 2023 □ Valuation date as of March 31, 2023 □ Perpetuity growth rates of 1.5 – 2.5% □ Weighted average cost of capital (WACC) of 9.5 – 10.5% □ Valuation range includes present value of Condor net operating losses which have been valued separately Illustrative discounted cash flow analysis Other references Other metrics Premia paid analysis ◼ Analysis of observed premia to unaffected stock price in all-cash going private transactions and acquisitions □ Going-private transactions include U.S. targets with transaction enterprise values above $250m since 2013 with pre-transaction acquiror ownership greater than 15% □ Acquisition transactions include U.S. targets with transaction enterprise values between $1.0 – 5.0bn since 2013 ◼ Implied premia applied to Condor’s unaffected stock price of $2.76 on April 12, 2023 ◼ Condor 52-week stock trading range ◼ Equity research analysts stock price targets (both unaffected and following public announcement of Seagull’s going private proposal) Source: Standalone LRP Note: 1. LTM on like-for-like basis to go-forward business per Condor Management pro forma for divestures of Ohio and Kansas City operations and wireless partnerships 3 Preliminary valuation perspectives 17

PRELIMINARY DRAFT 3. NOL schedule based on Standalone LRP 4. Selection excludes SADIF Investment Analytics, which has not updated its target price since January 2023 Preliminary assessment of valuation methodologies Sources: Standalone LRP, company filings, FactSet (as of June 16, 2023), Bloomberg (as of June 16, 2023), US Fed, Kroll Cost of Capital Guide Notes: 1. Rounded to neared $0.25 except for 52-week high / low 2. Per Condor Management, assumes 118.7m fully diluted shares outstanding, net debt of $1.86bn, net, tax-effected PBO and OPEB of $94.5m, NCI of $7.8m, Investments of $9.1m and preferred equity valued at liquidation preference of $487.6m April 12 Seagull proposal: $4.00 th closing price: $2.76 Methodology Per-share value ($ actual)1,2 Implied EV ($bn)2 Assumptions Core methodologies Selected public company analysis EV / 2024E Revenue $2.6 – 3.2 ◼ EV / 2024E Revenue: 2.25x – 2.75x EV / 2024E Adj. EBITDA $2.0 – 2.5 ◼ EV / 2024E Adj. EBITDA multiple: 5.5x – 7.0x Selected precedent transactions EV / LTM Q1’23 Adj. EBITDA $2.1 – 3.3 ◼ EV / LTM Adj. EBITDA: 6.0x – 9.4x Illustrative discounted cash flow analysis $2.7 – 3.5 ◼ PGR: 1.5 – 2.5% ◼ WACC: 9.5 – 10.5% ◼ Valuation date as of 3/31/2023 Other references Premia paid analysis All-cash going private transactions $2.9 – 3.0 ◼ 27 – 64% (25th and 75th percentile, respectively) premia to April 12, 2023 closing price of $2.76 All-cash acquisitions $2.8 – 2.9 ◼ 21 – 53% (25th and 75th percentile, respectively) premia to April 12, 2023 closing price of $2.76 Other metrics 52-week high / low $2.7 – 3.3 ◼ 52-week trading high and low closing prices as of June 16, 2023 Analyst target prices Unaffected $2.7 – 3.0 ◼ Represents low and high of analyst target prices as of April 12, 20234 Analyst target prices Current $2.9 – 2.9 ◼ Represents low and high of analyst target prices as of June 16, 20234 3 Preliminary valuation perspectives 18 1.25 n.m. n.m. 2.00 3.50 3.25 2.15 2.50 3.50 9.00 6.00 0.75 7.00 9.75 4.50 4.25 7.50 4.50 4.00 2.75 Incl. NOL value3

PRELIMINARY DRAFT Enterprise value ($m) Implied terminal multiple at PGR of at PGR of WACC 1.50% 1.75% 2.00% 2.25% 2.50% 1.50% 1.75% 2.00% 2.25% 2.50% 9.50% $3,136 $3,219 $3,308 $3,402 $3,504 6.5x 6.8x 7.0x 7.3x 7.6x 9.75% 3,008 3,085 3,167 3,254 3,347 6.3x 6.6x 6.8x 7.0x 7.3x 10.00% 2,889 2,960 3,035 3,116 3,202 6.2x 6.4x 6.6x 6.8x 7.0x 10.25% 2,776 2,842 2,912 2,987 3,066 6.0x 6.2x 6.4x 6.6x 6.8x 10.50% 2,670 2,732 2,797 2,865 2,939 5.8x 6.0x 6.2x 6.4x 6.6x Implied share price Implied share price (incl. NOLs) at PGR of at PGR of WACC 1.50% 1.75% 2.00% 2.25% 2.50% 1.50% 1.75% 2.00% 2.25% 2.50% 9.50% $5.86 $6.57 $7.31 $8.11 $8.97 $6.62 $7.32 $8.07 $8.87 $9.73 9.75% 4.79 5.44 6.13 6.86 7.65 5.54 6.19 6.88 7.62 8.40 10.00% 3.78 4.38 5.02 5.70 6.42 4.53 5.13 5.77 6.44 7.17 10.25% 2.84 3.39 3.98 4.61 5.28 3.58 4.13 4.72 5.35 6.02 10.50% 1.94 2.46 3.01 3.59 4.20 2.68 3.20 3.74 4.32 4.94 Illustrative discounted cash flow analysis 3,4 2. STANDALONE LRP Sensitized valuation range1,2 4 4,5 Sources: Standalone LRP, company filings, Bloomberg (as of June 16, 2023), US Fed, Kroll Cost of Capital Guide Notes: 1. Projected unlevered cash flows as per Standalone LRP; reviewed and approved for Rothschild & Co’s use by Condor Management 2. Terminal period assumptions per Condor Management; D&A assumed equal to CapEx per Condor Management 3. Valuation date as of March 31, 2023 4. Balance sheet as of March 31, 2023 as per Condor Management; Condor Management-provided FDSO of 118.7m as of May 31, 2023 5. Reference NOL valuation on Page 50 3 Preliminary valuation perspectives 19 Terminal value accounts for approximately 74 – 79% of DCF enterprise value

PRELIMINARY DRAFT DCF sensitivity to varying operating assumptions Does not contemplate illustrative impacts to liquidity and NOL usage Implied per-share DCF midpoint range Base assumption 1,2,3 Item Sensitivity range Sources: Standalone LRP, company filings, FactSet (as of June 16, 2023), Bloomberg (as of June 16, 2023), US Fed, Kroll Cost of Capital Guide Notes: 1. Balance sheet as of March 31, 2023 as per Condor Management, Condor Management-provided FDSO of 118.7m as of May 31, 2023 2. Valuation date as of March 31, 2023 3. Assumes WACC of 10.0% and PGR of 2.0% ~3.2% Enterprise sales growth ◼ Enterprise sales decline ~1% in 2023E and grow at a CAGR of ~3.2% from 2024 – 2031E 0% 5% ~49.6% ◼ Adj. EBITDA margin reaches ~49.6% by 2031E 45% 50% Terminal Adj. EBITDA margin Residential fiber terminal penetration ◼ Residential fiber cohorts reach 40% penetration by year 6 35% 45% Cost per home passed ◼ Blended cost per home passed increases from ~$850 in 2024 to ~$1,500 by 2027, dropping to $850 thereafter (pre-CWIP / Inventory) 40% -$200 vs. base +$200 vs. base ~$850 – ~1,500; $850 ~15.0 – 12.0% Non-video COGS % of sales ◼ COGS % of sales decline from ~15.0% in 2023E and stepped down to 12.0% by 2027E; held at 12.0% through 2031E -100 bps vs. base +100 bps vs. base 13% Terminal CapEx % of sales ◼ “Steady-state” CapEx estimated at 13% of sales in terminal period 10% 15% 3 Preliminary valuation perspectives 20 2.99 4.41 2.31 4.07 1.12 3.89 6.75 5.40 6.67 5.97 5.37 6.71 Base DCF midpoint: $5.02

PRELIMINARY DRAFT $2.76 $3.68 $5.87 $9.52 $11.47 $12.24 $0.95 $2.93 $6.26 $8.13 $8.99 n.m. $0.21 $3.48 $5.40 $6.40 – $2.00 $4.00 $6.00 $8.00 $10.00 $12.00 $14.00 Unaffected Dec-23E Dec-24E Dec-25E Dec-26E Dec-27E 9.0x 8.0x 7.0x 2025E Implied PV of '25E share price at illustrative trading multiple of 6.0x 7.0x 8.0x 9.0x 10.0x 12.5% $0.63 $3.57 $6.42 $9.75 $13.01 13.0% 0.62 3.53 6.34 9.64 12.85 13.5% 0.62 3.48 6.26 9.52 12.69 14.0% 0.61 3.44 6.19 9.41 12.54 14.5% 0.60 3.40 6.11 9.29 12.39 2026E Implied PV of '26E share price at illustrative trading multiple of 6.0x 7.0x 8.0x 9.0x 10.0x 12.5% $3.02 $5.58 $8.40 $11.85 $15.17 13.0% 2.97 5.49 8.26 11.66 14.92 13.5% 2.92 5.40 8.13 11.47 14.67 14.0% 2.87 5.31 8.00 11.28 14.43 14.5% 2.82 5.23 7.87 11.10 14.20 2027E Implied PV of '27E share price at illustrative trading multiple of 6.0x 7.0x 8.0x 9.0x 10.0x 12.5% $4.43 $6.68 $9.37 $12.77 $15.99 13.0% 4.33 6.54 9.18 12.50 15.66 13.5% 4.24 6.40 8.99 12.24 15.33 14.0% 4.16 6.27 8.80 11.99 15.02 14.5% 4.07 6.14 8.62 11.74 14.71 Ke Ke Ke Sources: Standalone LRP, company filings, FactSet (as of June 16, 2023), Bloomberg (as of June 16, 2023), US Fed, Kroll Cost of Capital Guide Notes: 1. Illustrative share prices based on fully diluted shares outstanding that includes illustrative shares issued from stock-based compensation at average illustrative future share price 2. 2025E – 2027E enterprise value to equity value bridge per Standalone LRP Illustrative PV of future share value 13.5% cost of equity PV of Future Share Value1,2 NTM EV / Adj. EBITDA: Observed public company multiples Illustrative multiple re-rating 3 Preliminary valuation perspectives 21 Cost of equity Cost of equity Cost of equity

PRELIMINARY DRAFT Sources and uses $ m % of total Sources and uses $ m % of total New debt $1,630 46% Rollover of debt $2,309 67% Cash on balance sheet 1 0 0 % Cash on balance sheet 1 0 0 % New equity 1,877 53% New equity 1,139 33% Total sources $3,517 100% Total sources $3,459 100% Memo: Incremental equity funding during ownership – Memo: Incremental equity funding during ownership $225 Equity purchase price ($4.00 / share) $475 13% Equity purchase price ($4.00 / share) $475 14% Refi existing gross debt 2,309 66% Rollover of debt 2,309 67% Redemption of preferred 583 17% Redemption of preferred 583 17% Transaction & financing fees 8 8 2 % Transaction & financing fees 4 1 1 % Call premium on Sr. Notes 1 2 0 % Cash to balance sheet 5 0 1 % Cash to balance sheet 5 0 1 % Total uses $3,517 100% Total uses $3,459 100% Acquisition by new financial buyer with refinancing of existing capital structure and take-out of preferred equity Acquisition by new financial buyer with portable capital structure through solicitation of a change of control waiver Illustrative financial buyer perspective assessment1 New buyer: illustrative new capital structure New buyer: capital structure rollover Sources: Illustrative Buyer Plan (No Pre-Closing Capital), R&Co financing extrapolations Notes: 1. Based on Illustrative Buyer Plan (No Pre-Closing Capital) 2. Assumes term loan B (4.5x leverage; 98.0 OID; 2.25% underwriter fee; priced at S+500) 3. Assumes preferred equity redeemed at applicable premium 4. Transaction fees include M&A fees, commitment fee on revolver, financing fees on term loan B and OID fees on term loan B 5. Represents call premium at 101 on 6.50% and 5.00% Senior Notes 6. Transaction fees include M&A fees, commitment fee on revolver and illustrative consent solicitation fee 2 3 5 4 3 6 Illustrative transaction close date of 12/31/2024; exit at 12/31/31 Ability to pay Target Share price at LTM exit multiple of Target Share price at LTM exit multiple of IRR 7.0x 8.0x 9.0x 10.0x IRR 7.0x 8.0x 9.0x 10.0x 14.0% $4.48 $7.05 $9.63 $12.21 14.0% $7.29 $9.86 $12.44 $15.02 15.5% 3.06 5.41 7.76 10.11 15.5% 6.05 8.40 10.76 13.11 17.0% 1.78 3.93 6.08 8.23 17.0% 4.94 7.09 9.24 11.39 18.5% 0.63 2.59 4.56 6.52 18.5% 3.94 5.91 7.87 9.84 20.0% -- 1.39 3.19 4.99 20.0% 3.04 4.84 6.64 8.44 EBITDA trajectory allows for additional leverage capacity in period and thus no further equity Existing capital structure prevents further debt financing; additional Sponsor equity is required during the projection period to fund fiber build 3 Preliminary valuation perspectives 22

PRELIMINARY DRAFT Sources and uses $m % of total Rollover of debt $2,309 68% Cash on balance sheet 10 0% Rollover of preferred 569 17% Rollover of equity 157 5% New equity 375 11% Total sources $3,421 100% Memo: Incremental equity funding during ownership $225 Equity purchase price ($4.00 / share) $475 14% Rollover of debt 2,309 68% Rollover of preferred 569 17% Transaction & financing fees 18 1% Cash to balance sheet 50 1% Total uses $3,421 100% Illustrative Seagull perspective assessment1 Sources: Illustrative Buyer Plan (No Pre-Closing Capital), R&Co financing extrapolations Notes: 1. Based on Illustrative Buyer Plan (No Pre-Closing Capital) 2. Based on liquidation preference of preferred as of 12/31/2024E 3. Transaction fees include M&A fees and commitment fee on revolver 4. Illustratively assumes preferred equity remains in place during investment period with a 9% semi-annual PIK coupon; Illustrative proceeds allocable to initial investment calculated as implied accreted liquidation value of preferred equity at exit plus implied proceeds to existing Seagull common equity stake; illustrative proceeds allocable to new Seagull & Blue Jay equity deployed calculated as implied total exit proceeds less proceeds allocated to initial investment Acquisition by Seagull with portable capital structure and no change of control given existing equity stake in business Overview Seagull ability to pay4 Target Share price at LTM exit multiple of IRR 7.0x 8.0x 9.0x 10.0x 14.0% $7.79 $10.36 $12.93 $15.50 15.5% 6.89 9.23 11.58 13.92 17.0% 6.07 8.21 10.36 12.50 18.5% 5.34 7.30 9.26 11.22 20.0% 4.68 6.47 8.27 10.06 Illustrative IRR on Seagull investments4 Represents implied IRR on Seagull’s initial common and preferred equity investments of $350m and $75m in 2020 and 2021, respectively 3 2 2 Illustrative close date of 12/31/2024; exit at 12/31/31 Represents return on new Seagull & Blue Jay equity deployed only Implied IRR at entry share price of $4.00 $5.00 $6.00 $7.00 $8.00 $9.00 7.0x 15.7% 22% 19% 17% 15% 14% 12% 8.0x 16.9% 26% 23% 21% 19% 17% 16% 9.0x 17.9% 29% 26% 24% 22% 20% 19% 10.0x 18.9% 32% 29% 27% 25% 23% 22% Exit multiple IRR on initial inv. 3 Preliminary valuation perspectives 23

PRELIMINARY DRAFT Illustrative share price $2.76 $3.70 $4.00 $4.50 $5.00 $5.50 $6.00 $6.50 $7.00 $7.50 $8.00 Implied premia to: Unaffected (April 12, 2023) $2.76 – 34.1% 44.9% 63.0% 81.2% 99.3% 117.4% 135.5% 153.6% 171.7% 189.9% Current (June 16, 2023) $3.70 (25.4%) – 8.1% 21.6% 35.1% 48.6% 62.2% 75.7% 89.2% 102.7% 116.2% 1-month VWAP $2.49 10.9% 48.6% 60.7% 80.8% 100.8% 120.9% 141.0% 161.1% 181.2% 201.3% 221.3% 2-month VWAP $2.86 (3.5%) 29.3% 39.8% 57.3% 74.8% 92.3% 109.7% 127.2% 144.7% 162.2% 179.7% 3-month VWAP $3.07 (10.1%) 20.5% 30.3% 46.6% 62.8% 79.1% 95.4% 111.7% 128.0% 144.3% 160.5% 6-month VWAP $3.54 (22.1%) 4.4% 12.9% 27.0% 41.1% 55.2% 69.3% 83.4% 97.5% 111.6% 125.7% 52-week high (June 24, 2022) $7.50 (63.2%) (50.7%) (46.7%) (40.0%) (33.3%) (26.7%) (20.0%) (13.3%) (6.7%) – 6.7% 52-week low (March 24, 2023) $2.15 28.4% 72.1% 86.0% 109.3% 132.6% 155.8% 179.1% 202.3% 225.6% 248.8% 272.1% (×) Fully diluted shares outstanding 118.7 118.7 118.7 118.7 118.7 118.7 118.7 118.7 118.7 118.7 118.7 Implied equity value $328 $439 $475 $534 $593 $653 $712 $771 $831 $890 $949 (+) Net debt 1,859 1,859 1,859 1,859 1,859 1,859 1,859 1,859 1,859 1,859 1,859 (+) Preferred stock (at liquidation pref.) 488 488 488 488 488 488 488 488 488 488 488 (+) Other adjustments 93 93 93 93 93 93 93 93 93 93 93 Implied enterprise value $2,767 $2,879 $2,914 $2,974 $3,033 $3,092 $3,152 $3,211 $3,270 $3,330 $3,389 Memo: implied EV premium – 4.0% 5.3% 7.5% 9.6% 11.8% 13.9% 16.0% 18.2% 20.3% 22.5% Implied multiples EV / Revenue 2022PF $1,145 2.42x 2.51x 2.54x 2.60x 2.65x 2.70x 2.75x 2.80x 2.86x 2.91x 2.96x LTM Mar-23PF 1,133 2.44 2.54 2.57 2.62 2.68 2.73 2.78 2.83 2.89 2.94 2.99 2023E 1,119 2.47 2.57 2.60 2.66 2.71 2.76 2.82 2.87 2.92 2.97 3.03 2024E 1,145 2.42 2.51 2.55 2.60 2.65 2.70 2.75 2.80 2.86 2.91 2.96 EV / Adj. EBITDA 2022PF $369 7.5x 7.8x 7.9x 8.1x 8.2x 8.4x 8.5x 8.7x 8.9x 9.0x 9.2x LTM Mar-23PF 349 7.9 8.2 8.3 8.5 8.7 8.9 9.0 9.2 9.4 9.5 9.7 2023E 321 8.6 9.0 9.1 9.3 9.5 9.6 9.8 10.0 10.2 10.4 10.6 2024E 362 7.6 8.0 8.1 8.2 8.4 8.5 8.7 8.9 9.0 9.2 9.4 Analysis at various prices Seagull proposal implies 9.1x 2023E Adj. EBITDA and 8.1x 2024E Adj. EBITDA Unaffected Seagull Current proposal Sources: Company filings, FactSet (as of June 16, 2023 and April 12, 2023), Standalone LRP Notes: 1. Calendar day VWAPs; as of April 12, 2023 2. Balance sheet as of March 31, 2023 as per Condor Management, Condor Management-provided FDSO of 118.7m as of May 31, 2023 3. Other adjustments include net, tax-effected PBO and OPEB, NCI and Investments (net tax-effected PBO and OPEB provided per Condor Management, NCI and Investments sourced from Company filings) 4. Projected metrics per Standalone LRP; historical metrics per Condor Management on like-for-like basis to Standalone LRP pro forma for divestures of Ohio and Kansas City operations and wireless partnerships 2 3 4 2 1 1 1 1 3 Preliminary valuation perspectives 24

Valuation detail 4 25

PRELIMINARY DRAFT Sources: Standalone LRP, company filings, FactSet (as of June 16, 2023 and April 12, 2023) Notes: 1. Peers based on consensus estimates 2. Including / excluding Condor preferred equity (at liquidation preference of $487.6m as per Q1 2023 Form 10-Q) 3. LTM metric per Condor Management on like-for-like basis to Standalone LRP pro forma for divestures of Ohio and Kansas City operations and wireless partnerships 3.8x 3.2x 4.0x 0.7x 6.7x 4.5x 2.8x 2.7x 5.3x 6.7x 2% (2%) 1% 11% (1%) 2% 2% 3% 4% 6% (1%) 2% 30% 1% 3% 8% 8% 16% Condor (Standalone LRP) Revenue CAGR Adj. EBITDA CAGR Adj. EBITDA margin CapEx % of sales Net leverage 2023E – 2025E 2023E – 2025E 2023E 2023E – 2025E avg. LTM Mar-23A ILEC Rural cable Cable BB 2,3 Selected public company analysis: operational benchmarking 36% 32% 55% 29% 39% 40% 41% 24% 29% 51% 21% 23% 77% 18% 20% 34% 18% 32% Peer median1 2% 5% 37% 22% 3.5x 4 Valuation detail 26

PRELIMINARY DRAFT Rural cable ILEC Sources: Standalone LRP, company filings, FactSet (as of June 16, 2023 and April 12, 2023) Notes: 1. Peers based on consensus estimates 2. Metrics based on Standalone LRP; Balance sheet as of March 31, 2023 and outstanding stock and stock equivalents as of May 31, 2023 per Condor Management Selected public company analysis: valuation benchmarking 1 Condor 1 (Unaffected) Cable Broadband Consensus Standalone LRP 2.25x 1.66x 3.83x 3.37x 2.90x 2.73x 2.04x 1.47x 2.46x 2.42x Median: 1.96x Median: 3.60x Median: 2.73x 2.26x 1.60x 3.81x 3.80x 2.85x 2.80x 2.07x 1.50x 2.48x 2.47x Median: 1.93x Median: 3.80x Median: 2.80x EV / 2023E Revenue EV / 2024E Revenue 4 Valuation detail 27 6.3x 5.0x 6.9x 13.3x 7.4x 7.0x 5.1x 6.2x 8.7x 8.6x Median: 5.6x Median: 10.1x Median: 7.0x 6.0x 5.2x 6.8x 11.5x 7.3x 6.7x 4.8x 5.6x 8.2x 7.6x Median: 5.6x Median: 9.2x Median: 6.7x Overall median 2.53x 2.49x 6.6x 1 6.4x EV / 2023E Adj. EBITDA EV / 2024E Adj. EBITDA

PRELIMINARY DRAFT 8.8x 5.5x 6.3x 5.9x 9.4x 0.0x 4.0x 8.0x 12.0x 16.0x 20.0x 24.0x Average EV / NTM since (x) 10yr 5yr 4yr 3yr 2yr 1yr Condor 6.9x 6.4x 6.4x 6.7x 7.4x 8.2x ILEC Frontier 6.5x 6.5x 6.5x 6.5x 6.5x 6.4x Lumen 5.9x 5.6x 5.4x 5.4x 5.3x 5.1x Average 6.0x 5.8x 5.8x 5.8x 5.9x 5.8x Rural cable Cable One NM 13.3x 13.7x 12.9x 10.8x 8.0x Shentel NM NM NM NM NM 12.5x Average NM 13.6x 14.1x 13.5x 11.7x 10.2x Cable Altice 8.6x 8.5x 8.4x 8.2x 7.7x 7.2x Charter 9.3x 9.3x 9.4x 9.1x 8.3x 7.1x WOW! 7.0x 6.9x 6.9x 7.1x 7.1x 6.2x Average 8.6x 8.2x 8.2x 8.1x 7.7x 6.8x Broadband ATN International 6.7x 7.6x 7.1x 6.8x 6.6x 6.5x Overall average 8.2x 8.7x 8.7x 8.5x 8.1x 7.4x Average ex. Shentel 8.1x 8.5x 8.4x 8.1x 7.5x 6.6x Selected public companies: valuation over time EV / NTM EBITDA (L10Y)1 Sources: FactSet (as of June 16, 2023), company filings Note: 1. Includes Shentel beginning July 1, 2021, the closing date of the sale of its wireless assets and operations to T-Mobile 4 Valuation detail 28

PRELIMINARY DRAFT Target Acquiror EV ($bn) $0.3 $1.6 $0.9 $0.7 $0.2 $3.1 $0.3 $2.0 $10.5 $1.4 $7.5 Date Jun-14 Dec-16 Feb-17 Jul-17 Dec-19 Mar-20 Jan-21 Dec-13 Jan-14 May-19 Aug-21 7.3x 6.0x 9.4x 6.1x 6.4x 7.6x 5.0x 4.8x 6.7x 5.0x 5.5x Sources: company filings, press releases Notes: 1. Acquisition of wireline operations in Connecticut; 2014 PF Day 1 EBITDA from company investor presentation issued 12/17/13 2. Sale of wireline operations in California, Texas and Florida based on total consideration and segment EBITDA from investor presentation 2/5/15 and 8-K 6/2/15 respectively 3. Sale of operations and associated assets in Washington, Oregon, Idaho and Montana 4. Sale of ILEC business including consumer, SMB, wholesale and mostly copper-served enterprise customers and assets in 20 states; multiple as-disclosed by Lumen based on 2020E EBITDA Selected precedent transactions (CA, TX, FL assets)2 (CT assets)1 Select U.S. broadband sector public transactions since 2013 (WA, OR, ID, MT assets)3 (ILEC assets)4 4 Full company acquisition Corporate carve-outs Mean: 5.5x Median: 5.2x Mean: 6.8x Median: 6.4x 4 Valuation detail 29

PRELIMINARY DRAFT 21% 32% 45% 53% 25th percentile Median Mean 75th percentile Premiums paid analysis Sources: company filings, Refinitiv, FactSet (as of June 16, 2023) Notes: 1. Includes U.S. going private transactions led by shareholders with ownership of 15% or greater since 2013 2. Includes acquisitions of U.S. companies by third parties with enterprise values of $1.0 – 5.0bn since 2013 Going private transactions1 Public acquisition transactions2 Implied Condor share price based on $2.76 unaffected price: $3.34 $3.64 $4.00 $4.22 27% 45% 52% 64% 25th percentile Median Mean 75th percentile Implied Condor share price based on $2.76 unaffected price: $3.51 $3.99 $4.19 $4.52 4 Valuation detail 30

Alternative considerations 5 31

PRELIMINARY DRAFT Strategic alternatives for Special Committee's consideration Benefits Considerations Continue as standalone company Execute on Management Standalone Long-Range Plan ◼ Potential to realize future valuation uplift from fiber conversion ◼ Preserve capital / re-accelerate build when financing markets improve / EBITDA accelerates ◼ Build cadence materially below prior plan / public guidance ◼ Market has given Condor minimum credit for execution ◼ Liquidity risk if Condor underperforms Raise capital (if available) and execute on more aggressive build plan ◼ Allows Condor to continue prior build cadence (i.e., execute “2026 70% Build Plan”1) ◼ Would require ~$450m - 500m of new capital by 2026 ◼ New equity would be at a material discount / highly dilutive to current shareholders ◼ May require shareholder / regulatory approval Explore sale of select state / regional operations ◼ Provides additional capital without diluting shareholders ◼ Allows Management to focus resources on smaller footprint ◼ Can exit lower-value states of less strategic interest ◼ Valuation may be dilutive to current multiple / negatively impact liquidity ◼ Timing of capital availability (9 - 18 months to close transaction depending on separability) ◼ Smaller states provide limited proceeds unlikely to impact business trajectory Seagull transaction alternatives Negotiate transaction with Seagull / Blue Jay ◼ All-cash proposal at a premium ◼ Actionable path today with portable capital structure ◼ Limited diligence requirements given familiarity with business and Management ◼ Shareholders forego potential upside from fiber deployment Offer Seagull opportunity to acquire > 51% through tender offer ◼ Path to majority control of Condor for Seagull ◼ Provides some optionality for other shareholders to continue or exit investment ◼ Unclear what control premium would be available ◼ Unclear what exit opportunities would exist in the future ◼ Does not address near-term funding need ◼ Seagull may not have an interest Offer Seagull the opportunity to provide additional capital ◼ Option for Seagull to put in similar preferred security ◼ Expensive capital that dilutes equity long-term ◼ Likely to provide de facto / actual control to Seagull without a control premium ◼ No liquidity for current shareholders Third-party transaction alternatives Sell to financial buyer ◼ With existing capital structure ◼ With new capital structure ◼ Possible another financial buyer is willing to pay more than Seagull ◼ Debt refinancing at lower leverage / higher cost than current capital structure ◼ Would likely require change of control waiver to facilitate a competitive process ◼ May be difficult to get debt financing commitment for 12-18 months between sign and close Sell to / merge with strategic buyer ◼ With existing capital structure ◼ With new capital structure ◼ Synergy value partially shared with Condor shareholders ◼ Can use equity consideration to bridge valuation gap ◼ Shareholders provided upside option on equity ◼ Most strategics undergoing similar fiber deployment strategies as Condor with constrained balance sheets; limits ability to pay cash 1 2 3 5 Alternative considerations 32 a a b c b a b c Note: 1. “2026 70% Build Plan” is the same as the Illustrative Buyer Plan (Including Pre-Closing Capital)

PRELIMINARY DRAFT Net leverage3 Considerations for raising capital to fund 2026 70% Build Plan ◼ 2026 70% Build Plan has ~$475m total shortfall in capital by 2026 ◼ Current revolver covenants limit ability to use leverage capacity to fund shortfall □ Model projects revolver fully drawn up to 35% springing covenant level ($79m) by year-end 2023 □ Incurrence of debt above 35% revolver draw is subject to a 6.35x leverage covenant1 □ Based on EBITDA / cash generation profile, additional leverage capacity below 6.35x covenant level unavailable until 2026 ◼ ~$475m of new capital would be needed to bridge to the point at which additional revolver capacity is available to fund the remainder of the ~$475m shortfall ◼ Seagull approval rights may limit flexibility to raise capital and require careful consideration Situation overview 2026 70% Build Plan liquidity and leverage overview3 Total liquidity Net leverage3 Total liquidity Ending revolver capacity New capital raise Ending cash balance 2 A B A Pro forma3 B for illustrative capital raise at Dec-23E Source: Illustrative Buyer Plan (including pre-closing capital) Notes: 1. RCF features a springing maximum net first lien leverage ratio of 6.35x through June 30, 2025, stepping down to 5.85x thereafter. Covenant testing triggered when borrowings outstanding exceed 35.0% 2. Represents non-debt capital raise 3. Defined as debt (gross of issuance costs) including finance leases less cash on hand ÷ LTM EBITDA 336 28 (209) (405) (467) (183) 241 79 -- -- 577 107 (209) (405) (467) (249) 4.9x 6.7x 6.9x 6.0x 4.8x 3.7x Mar-23A Dec-23E Dec-24E Dec-25E Dec-26E Dec-27E Chart Title 5 Alternative considerations 33 336 27 188 10 10 222 475 241 241 241 227 166 241 577 744 429 237 176 395 4.9x 5.2x 5.6x 4.9x 4.0x 3.0x Mar-23A Dec-23E Dec-24E Dec-25E Dec-26E Dec-27E Chart Title 1B

PRELIMINARY DRAFT Pursue capital raise – potential sources of standalone financing for Condor Description Considerations Achievability Dilutive impact to common shares Public offering of common stock Common equity offering Marketed stock offer or private placement (i.e., PIPE) ◼ Shareholder approval required if offering or PIPE exceeds 19.9% of then-current shares outstanding ◼ Size of capital raise compared to current market cap makes execution very difficult □ Unaffected market cap of $328m Low High Rights offering Offer existing shareholders transferable rights to acquire common stock, likely needs backstop from Seagull ◼ Generally, no shareholder approval required ◼ Backstop likely to be required to achieve minimum level of proceeds, would likely be very expensive ◼ Highly unique financing strategy in U.S. – few rights offerings completed ◼ May be interpreted as sign of financial distress ◼ Potentially cede control to Seagull without a control premium to extent Seagull participates in excess of pro rata share Low None (for those who participate) Other alternatives Preferred stock offering Structured equity investment, potentially convertible to common stock – mid-teens return target Would be a private placement, likely subject to shareholder approval ◼ Ability for PIK accretion provides liquidity cushion ◼ Accretion can be highly dilutive to common stock if material growth not achieved ◼ Seniority to existing preferred equity needs to be negotiated ◼ Requires shareholder vote if conversion or voting power exceeds 19.9% ◼ Potentially cede control to Seagull without a control premium to extent Seagull participates in excess of pro rata shares Low / Medium Very high Asset securitization Pooling of assets into a leveraged bankruptcy-remote SPV ◼ Increased total leverage at more favorable rates ◼ Ability to layer debts in different risk tranches ◼ Timely and complex to execute ◼ Increased management time spent on compliance Medium (more feasible as footprint is overbuilt) None Access to capital is challenged by existing capital structure’s limited capacity for additional secured / unsecured debt, as well as Seagull’s approval rights 1B 5 Alternative considerations 34

PRELIMINARY DRAFT $m 2023E 2024E 2025E 2026E 2027E Seagull preferred (at liquidation preference) $521 $569 $621 $678 $741 Illustrative new preferred instrument (15% IRR) 475 546 628 722 831 Total preferred equity (pro forma) 996 1,115 1,249 1,401 1,572 (+) Net debt 1,672 1,980 2,154 2,211 1,979 Memo: xLTM EBITDA 5.2x 5.6x 4.9x 4.0x 3.0x Net debt including preferred equity 2,668 3,095 3,404 3,612 3,550 Memo: xLTM EBITDA 8.3x 8.7x 7.7x 6.5x 5.3x $m, except per share Illustrative capital requirement $475 Undisturbed share price $2.76 Illustrative offering discount 20.0% Implied offering price $2.30 Implied shares issued 206.5 % of current basic shares outstanding 177.0% Considerations for raising capital to standalone funding Source: Illustrative Buyer Plan (Including Pre-Closing Capital) Note: 1. Defined as debt (gross of issuance costs) including finance leases less cash ◼ Limited recent precedents in U.S. public markets ◼ Issued at meaningful discount to trading price ◼ Practical requirement to have Seagull’s participation in order to underwrite ◼ Highly bespoke instruments with range of potential structures / terms ◼ Likely needs to be structured as junior to Seagull preferred equity ◼ Based on capital structure, investors would likely target 10% - 25% total return through a convertible preferred instrument □ PIK interest (10 - 15%) for portion or all of instrument life □ Conversion to common equity at a premium (10 - 20%) after specified period □ Make-whole if called within certain period (~3 years) □ Put rights for new investor (cash redemption or mandatory conversion) □ Potential governance considerations ◼ Structuring may require management of change-of-control terms on current debt (dependent on size of conversion) Negotiated senior equity instrument New capital: illustrative options Rights issue Public market announcement of need for liquidity may result in negative share price reaction, impacting the cost / terms of external capital Illustration Illustration 1 5 Alternative considerations 35 1B

PRELIMINARY DRAFT 2027E Implied PV of '27E share price at illustrative trading multiple of 6.0x 7.0x 8.0x 9.0x 10.0x 15.0% – $3.13 $6.45 $8.84 $12.42 17.5% – 2.63 5.94 8.33 11.92 20.0% – 2.07 5.39 7.78 11.38 22.5% – 1.46 4.79 7.19 10.80 25.0% – 0.88 4.13 6.56 10.16 PIK rate Standalone LRP 1A Notes: 1. Illustrative share prices based on fully diluted shares outstanding that includes illustrative shares issued from stock-based compensation at average illustrative future share price 2. 2027E enterprise value to equity value bridge per Standalone LRP 2027E Implied PV of '27E share price at illustrative trading multiple of 6.0x 7.0x 8.0x 9.0x 10.0x 12.5% $4.43 $6.68 $9.37 $12.77 $15.99 13.0% 4.33 6.54 9.18 12.50 15.66 13.5% 4.24 6.40 8.99 12.24 15.33 14.0% 4.16 6.27 8.80 11.99 15.02 14.5% 4.07 6.14 8.62 11.74 14.71 Ke Commentary Standalone LRP vs. capital raise – potential value impact to Condor shareholders Sources: Standalone LRP, Illustrative Buyer Plan (Including Pre-Closing Capital), company filings, FactSet (as of June 16, 2023), Bloomberg (as of June 16, 2023), US Fed, Kroll Cost of Capital Guide PV of Future Share Value1,2 1A 1B Illustrative Buyer Plan (Including Pre-Closing Capital) (requires capital raise) ◼ Based on Standalone LRP ◼ Assumes no capital raise Commentary ◼ Based on Illustrative Buyer Plan (Including Pre-Closing Capital) ◼ Assumes illustrative $475m preferred capital raise to cover cash shortfall 5 Alternative considerations 36 Observed public company multiples Illustrative multiple re-rating 1b Cost of equity

PRELIMINARY DRAFT Illustrative implied valuation State / Market Revenue EBITDA Low High Texas $136 $44 $263 $351 California 112 36 216 288 North 108 35 209 278 Illinois 88 28 170 227 Pennsylvania 54 17 104 139 Divest select markets – illustrative divestiture options Sources: Management-provided historical financial information, Standalone LRP, Company website Notes: 1. Historical state-level 2022A revenue provided by Condor Management 2. Illustratively assumes 2022PF consolidated Condor EBITDA margin of 32% 3. Valuation range illustratively applies 6.0x and 8.0x multiple to EBITDA 1C ◼ Current state or progress of fiber deployment / potential fiber build in each asset cluster ◼ Post-tax cash for reinvestment ◼ Ability to solicit buyer interest for state- or market-level assets ◼ Amount of time and resources required to reach divestiture agreement and close transaction likely to be significant Condor network Potentially interested parties (Reg. + PE-backed | National ILECs + FW) Illustrative implied state / market valuation range Existing Condor network Considerations for asset sales 3 1 2 5 Alternative considerations 37

PRELIMINARY DRAFT Sale to financial buyer – key buyer considerations Company knowledge ◼ Familiarity with the Company, Management and its strategy; interest in copper-to-fiber conversion plays Competitive dynamics ◼ “Sponsor topping sponsor” dynamic / stalking horse potential Bandwidth / timeline ◼ Resource allocation / competing processes; timeline given potential for accelerated process Equity funding requirements ◼ Size of total equity investment, both upfront equity and growth capital to support fiber deployment Debt financing ◼ Availability of new debt to recapitalize Condor in current market conditions and / or cost to receive change of control waiver from debtholders Equity returns ◼ Returns potential vis-à-vis Seagull returns potential and ability to value the business appropriately Sign & close timing ◼ Timeline to close and interim funding required to maintain momentum between sign and close We believe that the following will impact financial buyers’ interest in Condor 3A 5 Alternative considerations 38

PRELIMINARY DRAFT New buyer Seagull Illustrative offer price $4.00 $4.00 $4.00 Shares to purchase 119 119 7 9 (% of FDSO) 100% 100% 67% Gross equity purchased 475 475 317 (+) Redemption of pref. 583 (+) Redemption of pref. 583 (+) Consent solicitation 2 3 (+) Change of control 1 2 (+) Financing fees 1 (+) Financing fees / OID 7 0 (+) Financing fees / OID 1 (+) Transaction fees 1 7 (+) Transaction fees 1 7 (+) Transaction fees 1 7 (+) Cash to BS 5 0 (+) Cash to BS 5 0 (+) Cash to BS 5 0 (+) Equity funding debt 679 Total upfront equity, net of cash $1,139 $1,877 $375 Additional equity - growth 225 – 225 Total equity investment at $4.00 / share $1,364 $1,877 $601 Total equity investment $5.00 $1,483 $1,995 $680 6.00 1,602 2,114 759 7.00 1,720 2,233 838 8.00 1,839 2,351 918 Rollover capital structure1 New capital structure1 Rollover capital structure1 Illustrative additional equity items @ close Illustrative share price of Sources: Illustrative Buyer Plan (No Pre-Closing Capital), R&Co financing extrapolations Note: 1. Based on Illustrative Buyer Plan (No Pre-Closing Capital); Condor Management-provided forecast which accelerates build-plan with access to incremental capital Sale to financial buyer – required equity capital Depending on capital structure assumed (new vs. rolled) equity financing needed is at least $1bn and could be greater than $1.9bn 3A 5 Alternative considerations 39

PRELIMINARY DRAFT Sale to financial buyer – debt financing perspectives ◼ We estimate maximum available leverage in a new financing structure at ~4.5x ◼ Cost of new debt will be significantly higher than current capital structure □ When Condor last tapped the high yield market in March 2021, underlying UST were 1.2% and LTM EBITDA was $524m1 ◼ It will be difficult to get banks to commit to financing for a deal that will take 12 – 18 months to close ◼ If bank commitments / institutional debt market financing are not available, buyers can access the private credit fund market, though at a slightly higher cost ◼ Seagull preferred – $583m redemption value – will need to be refinanced with equity Sources: FactSet, company filings Notes: 1. As compared to 2023E EBITDA of $321m 2. Assumes 1M CME term SOFR of ~3.5% as of December 31, 2024 3. Assumes $50m of minimum cash at entry Refinanced cap. structure Portable cap. structure Entry debt (12/31/24) Annualized interest rate2 Entry gross / net leverage3 ~$2.3bn ~6.5% ~6.4x / ~6.2x ~$1.6bn ~8.5% ~4.5x / ~4.4x Annualized interest expense2 ~$140m ~$150m 1. STRATEGIC ALTERNATIVES Leverage considerations Illustrative capital structure comparison New debt financing for an acquisition of Condor will be expensive and difficult to get committed, highlighting the value of the change of control waiver for financial buyers 3A 5 Alternative considerations 40

PRELIMINARY DRAFT Source: Company websites Sale to financial buyer – potential parties Buyer Fund size ($bn) Relevant investments Likely interest Comments $25.0 (2023) Low ◼ Has shown limited interest in copper to fiber conversion stories $9.0 (2023) High ◼ Runner up in multiple digital infrastructure trades (Cincinnati Bell, Point Broadband) – actively seeking U.S. digital infra platform investment $8.0 (2021) Low ◼ Well capitalized and active in broadband sector; size of opportunity may be too large $8.3 (2022) High ◼ Actively looking for residential broadband play to add to portfolio $22.0 (2019) Medium ◼ Formed team focused on digital infrastructure in 2021; have been receptive to other residential opportunities $3.8 (2021) Medium ◼ Several platform investments in residential fiber ◼ Recently closed larger fund and looking to move up market (Topped) (NZ) PE / infrastructure funds 1. STRATEGIC ALTERNATIVES 3A 5 Alternative considerations 41

PRELIMINARY DRAFT Source: Company websites Note: 1. Represents private equity fund Sale to financial buyer – potential parties (cont’d) Buyer Fund size ($bn) Relevant investments Likely interest Comments $11.5 (2023) Medium ◼ Long-term investors in fiber / cable landscape ◼ Represents attractive opportunity for pocket of infra-like capital $15.0 (2022) High ◼ Deep pockets with significant experience in digital infrastructure; looking to expand US presence $17.0 (2022) Medium / Low ◼ Deep pockets and significant experience across different classes of digital infrastructure (both wireless and broadband), but already levered to residential via Metronet $5.5 (2019) Medium ◼ Experienced infrastructure investor; size may be an issue $14.0 (2022) Medium ◼ Deep pockets with comfort around complex situations (i.e., overbuild, network conversion); Astound financial performance may create less interest for additional residential exposure $8.7 (2022)1 Medium ◼ Large-cap PE fund with global experience with fiber / telecom investments Infrastructure PE / infrastructure funds Infrastructure 1. STRATEGIC ALTERNATIVES 3A 5 Alternative considerations 42

PRELIMINARY DRAFT Sale to / merger with strategic buyer – key buyer considerations Form of consideration ◼ Ability to pay in either stock vs. cash consideration ◼ Recent trading performance of shares and expected response by the market ◼ Long-term equity story for combined company Synergies ◼ Expected synergies, timeframe to realize cost savings and framing the appropriate acquisition adjusted multiple to the market Capital structure ◼ Impact to pro-forma capital structure / leverage profile ◼ Ability and / or need to refinance capital structure ◼ Go-forward capital requirements and funding strategy / availability of capital Timing ◼ Ability to take on integration / additional build in context of their own strategy ◼ Current valuation relative to Condor takeout valuation Regulatory review ◼ Potential to have to sell overlapping states (for non-ILEC acquirors) 1. STRATEGIC ALTERNATIVES 3B 5 Alternative considerations 43

PRELIMINARY DRAFT Sale to / merger with strategic buyer – potential parties Strategic buyer Est. EV ($bn) EV / LTM EBITDA Rationale Comments Public $6bn 7.0x ◼ Previously significantly acquisitive with fiber investments made through JVs and acquisition with Clearwave and Hargray, respectively ◼ Continues to evaluate M&A despite stock price revaluation back in line with peers ◼ Large capital outlay to acquire GTCR’s MBI3 stake may use firepower $13bn 6.7x ◼ Scale economics ◼ Positions company as sector consolidator ◼ Current debt capacity limited / would likely need to use stock as consideration ◼ Undergoing their own large-scale fiber build with ongoing funding constraints $23bn 3.5x ◼ Strategic value creation through migration of Condor enterprise business to Level 3 ◼ Aggressively trying to exit much of its residential business ◼ Limited capital – restructuring potential in future $1bn 15.1x ◼ Multiple similarities between businesses ◼ Undergoing fiber greenfield effort that has been well-received by the market ◼ Shentel looking for transformational acquisition ◼ Size may present challenges Private $3bn1 7.6x1 ◼ Large synergy potential ◼ Deep familiarity with FTTH investments ◼ Macquarie has significant capital available for M&A and investment to support Altafiber ◼ Furthers efforts to refocus on broadband $7.5bn1 5.5x1 ◼ Operational synergies / efficiencies ◼ Attractive geographic proximity to Condor footprint ◼ Brightspeed bank group has been unable to fully syndicate Apollo acquisition financing ◼ Early returns on performance unclear $3.5 - 4.0bn2 4.0 - 4.5x2 ◼ Large synergy potential ◼ Provides Elliott better path to IPO option given larger scale ◼ Historical relationships with Seagull ◼ Elliott focused on exit – would consider if it improves optionality Sources: Wall Steet research, company filings, FactSet (as of June 16, 2023) Notes: 1. Represents transaction value and multiple 2. Based on Windstream's reorganization and rights offering 3. Cable One will have the option from 1Q23 – 2Q24 to acquire the direct and indirect interest in MBI not held by Cable One. If not exercised, GTCR will have a put option in 3Q25 to sell their position in MBI Strategic buyer universe likely limited to other large cap broadband companies Other potential large-cap strategics 1. STRATEGIC ALTERNATIVES 3B 5 Alternative considerations 44

PRELIMINARY DRAFT Strategic buyer LTM EBITDA ($m)1 Strategic fit Synergy potential Leverage1 WACD Stock price % of 52-wk high Comments Public $890 3.8x 7.9% 47% ◼ Despite share price revaluation, the company remains active in evaluating potential M&A opportunities 1,895 3.7x 10.6% 58% ◼ Undergoing similar large-scale fiber overbuild strategy 6,167 4.2x 15.0% 20% ◼ Currently experiencing competitive, macroeconomic and financial pressures 72 3.9x 7.5% 78% ◼ Size of Condor transaction could be challenging to Shentel Private 405 4.8x 11.4% n.a. ◼ Accelerating fiber build plans following take-private by Macquarie in Sep-2021 1,3642 n.a. 12.8% n.a. ◼ Limited access to debt financing 1,7433 n.a. 12.5% n.a. ◼ Owned by Elliott Management which is more focused on path to sell the business than reinvestment Condor $349 5.3 / 6.7x (incl. / excl. preferred) Sources: Wall Steet research, company filings, FactSet (as of June 16, 2023) Notes: 1. LTM EBITDA and leverage as of transaction announcement for private strategic buyers 2. 2020E adj. EBITDA 3. LTM as of FY2019 1. STRATEGIC ALTERNATIVES Sizing Access to capital Sale to / merger with strategic buyer – detailed assessment 5 Alternative considerations 45 3B

Appendix 46

Appendix Additional valuation support A 47

PRELIMINARY DRAFT Share %52w Market Enterprise EV / Sales EV / EBITDA Sales Growth $m, unless noted price ($) high capitalization value 2023E 2024E 2023E 2024E Condor (Standalone LRP) $2.76 33% $328 $2,767 2.47x 2.42x 8.6x 7.6x Condor (Consensus) $2.76 33% $328 $2,767 2.48x 2.46x 8.7x 8.2x ILEC Lumen $2.25 20% $2,321 $23,442 1.60x 1.66x 5.0x 5.2x Frontier $17.57 58% 4,448 13,070 2.26x 2.25x 6.3x 6.0x Mean / median 1.93x 1.96x 5.6x 5.6x Rural cable Cable One $675.64 47% $3,901 $6,367 3.81x 3.83x 6.9x 6.8x Shentel $20.12 78% 1,033 1,079 3.80x 3.37x 13.3x 11.5x Mean / median 3.80x 3.60x 10.1x 9.2x Cable Charter $341.24 69% $58,415 $154,399 2.80x 2.73x 7.0x 6.7x Altice $2.98 25% 1,420 26,256 2.85x 2.90x 7.4x 7.3x WOW $7.84 38% 671 1,458 2.07x 2.04x 5.1x 4.8x Mean 2.57x 2.56x 6.5x 6.3x Median 2.80x 2.73x 7.0x 6.7x Broadband ATN International $39.60 80% $638 $1,162 1.50x 1.47x 6.2x 5.6x Overall peer mean 2.59x 2.53x 7.1x 6.7x Overall peer median 2.53x 2.49x 6.6x 6.4x Selected public company analysis: valuation benchmarking A Additional valuation support – Public trading comparables Sources: company filings, FactSet (as of June 16, 2023 and April 12, 2023), Standalone LRP Notes: 1. Condor share price as of April 12, 2023; all other companies as of June 16, 2023 2. Condor 52-week high as of April 12, 2023; all other companies as of June 16, 2023 3. Balance sheet as of March 31, 2023 as per Condor Management; Condor Management-provided FDSO of 118.7m as of May 31, 2023 4. Metrics based on Standalone LRP 5. Metrics based on median consensus estimates 6. Lumen capitalization pro forma for divestiture of EMEA Business 3,4 1 3,5 6 2 A Appendix — Additional valuation support 48

PRELIMINARY DRAFT Enterprise value ($m) PV of terminal value as % of EV Implied share price Implied terminal multiple at PGR of at PGR of at PGR of at PGR of WACC 1.50% 1.75% 2.00% 2.25% 2.50% 1.50% 1.75% 2.00% 2.25% 2.50% 1.50% 1.75% 2.00% 2.25% 2.50% 1.50% 1.75% 2.00% 2.25% 2.50% 9.50% $3,136 $3,219 $3,308 $3,402 $3,504 76% 77% 77% 78% 79% $5.86 $6.57 $7.31 $8.11 $8.97 6.5x 6.8x 7.0x 7.3x 7.6x 9.75% 3,008 3,085 3,167 3,254 3,347 76% 76% 77% 77% 78% 4.79 5.44 6.13 6.86 7.65 6.3x 6.6x 6.8x 7.0x 7.3x 10.00% 2,889 2,960 3,035 3,116 3,202 75% 76% 76% 77% 77% 3.78 4.38 5.02 5.70 6.42 6.2x 6.4x 6.6x 6.8x 7.0x 10.25% 2,776 2,842 2,912 2,987 3,066 74% 75% 76% 76% 77% 2.84 3.39 3.98 4.61 5.28 6.0x 6.2x 6.4x 6.6x 6.8x 10.50% 2,670 2,732 2,797 2,865 2,939 74% 74% 75% 76% 76% 1.94 2.46 3.01 3.59 4.20 5.8x 6.0x 6.2x 6.4x 6.6x $m Q2-Q4'23E 2024E 2025E 2026E 2027E 2028E 2029E 2030E 2031E Total revenue $843 $1,145 $1,209 $1,284 $1,333 $1,396 $1,456 $1,517 $1,557 $1,557 % growth n.m. 5.6% 6.2% 3.8% 4.7% 4.3% 4.2% 2.6% Adj. EBITDA 245 362 434 527 599 652 694 746 772 772 % margin 29.1% 31.6% 35.8% 41.0% 44.9% 46.7% 47.7% 49.2% 49.6% (-) One-time items (10) (15) (13) (15) (15) (15) (15) (15) (15) (15) (-) D&A (345) (319) (239) (204) (185) (226) (264) (283) (276) (202) EBIT (109) 28 182 307 398 410 415 449 481 555 (-) Tax at 26% marginal rate - - (7) (47) (80) (104) (107) (108) (117) (125) (144) NOPAT (109) 20 135 227 295 304 307 332 356 411 (+) D&A 345 319 239 204 185 226 264 283 276 202 (-) CapEx (315) (356) (284) (274) (319) (318) (336) (231) (221) (202) (-) Stock-based compensation (7) (10) (10) (10) (10) (10) (10) (10) (10) (10) (+/-) Source / (use) of NWC (59) 1 17 (23) (1) 12 (5) (10) (2) (2) Unlevered FCF ($146) ($25) $97 $124 $150 $214 $221 $363 $399 $398 Terminal period Illustrative discounted cash flow analysis Projected cash flows1 2. STANDALONE LRP Sources: Standalone LRP, company filings, Bloomberg (as of June 16, 2023), US Fed, Kroll Cost of Capital Guide Notes: 1. Projected unlevered cash flows per Standalone LRP 2. Terminal period assumptions per Condor Management and approved by the Special Committee; D&A assumed equal to CapEx per Condor Management 3. Per Condor Management, one-time items are tax deductible; stock-based compensation not tax deductible 2 6 7 4. 26% tax rate as per Condor Management 5. 75% of full year 2023E D&A per Condor Management and approved by the Special Committee 6. Valuation date as of March 31, 2023 7. Balance sheet as of March 31, 2023 as per Condor Management, Condor Management-provided FDSO of 118.7m as of May 31, 2023 5 4 3 3 6 A Appendix — Additional valuation support 49

PRELIMINARY DRAFT $m Q2-Q4'23E 2024E 2025E 2026E 2027E 2028E 2029E 2030E 2031E Memo: Taxable income ($171) $17 $114 $197 $265 $274 $277 $302 $324 Restricted NOLs utilized - - 17 114 9 - - - - - - - - - - Unrestricted NOLs utilized - - - - - - 150 175 - - - - - - - - Total NOLs used - - 17 114 160 175 - - - - - - - - (x) Tax rate 26% 26% 26% 26% 26% 26% 26% 26% 26% FV of NOL benefit - - 4 30 42 45 - - - - - - - - Illustrative NOL valuation analysis Projected NOL utilization1,2 3 4 6 1. Projected NOL generation and utilization per Standalone LRP 2. Valuation date as of March 31, 2023 3. Restricted NOLs generated prior to 2018 4. Unrestricted NOLs generated during or after 2018; subject to 80% of taxable income limitation Sources: Standalone LRP, company filings, Bloomberg (as of June 16, 2023), US Fed, Kroll Cost of Capital Guide Notes: 5. 26% tax rate as per Condor Management 6. Balance sheet as of March 31, 2023 as per Condor Management, Condor Management-provided FDSO of 118.7m as of May 31, 2023 5 Discount Cumulative Incr. value rate PV per share 9.50% $90.0 $0.76 9.75% 89.4 0.75 10.00% 88.7 0.75 10.25% 88.1 0.74 10.50% 87.4 0.74 A Appendix — Additional valuation support 50

PRELIMINARY DRAFT Overview of selected Standalone LRP value drivers Driver Standalone LRP assumption Standalone LRP metric 2023E 2027E 2031E Residential fiber penetration rate ◼ Each residential fiber build cohort reaches terminal penetration rates of 40% by year 6 (at a market level) 16.7% 33.2% 37.4% Cost per passing (pre-CWIP / Inventory) ◼ Cost per home passed increases steadily from 2023E to 2027E as RDOF requirements are fulfilled; cost levels off thereafter as focus shifts to highest %IRR passings and BEAD impact ramps ~$475 ~$1,500 n.a. Enterprise & carrier sales growth ◼ Enterprise & carrier sales recover to 2019A levels by 2031E; represents CAGR over the 2019A – 31E period of 0.2% p.a. (2.6%) 0.4% 1.4% Non-video COGS (% of sales) ◼ 150bps improvement vs. 2023E in 2024E with subsequent 50bps p.a. improvements from 2025E - 27E 15.0% 12.0% 12.0% Adj. EBITDA margin ◼ Margin expansion as fiber build-out leads to improved operating leverage and decreased marketing spend per subscriber 28.8% 45.1% 49.6% CapEx intensity (% of sales) ◼ CapEx costs represent fiber build costs, success-based CapEx driven by penetration growth and maintenance CapEx 41.3% 24.0% 14.2% Source: Standalone LRP (Blended penetration) A Appendix — Additional valuation support 51 (CAGR since 2022A)

PRELIMINARY DRAFT Market Debt Pref. Debt / Debt / Tax Beta Peer cap ($m) ($m) eq. ($m) equity cap rate (%) Levered Unlevered Re-levered Frontier $4,448 $9,842 – 221% 69% 25% 1.10 0.41 0.72 Cable One 3,901 3,844 – 99% 50% 25% 1.02 0.58 1.02 Shentel 1,033 102 – 10% 9% 25% 0.98 0.91 1.58 WOW 671 800 – 119% 54% 25% 1.10 0.58 1.01 ATN International 638 524 – 82% 45% 25% 0.72 0.45 0.78 75th percentile 54% 1.10 0.58 Mean 45% 0.98 0.59 Median 99% 50% 1.02 0.58 25th percentile 45% 0.98 0.45 Condor $328 $2,195 $488 819% 89% 26% 1.06 0.15 0.26 Implied levered beta Implied cost of equity Implied cost WACC Gross Gross Pre-tax cost at unlevered beta of at unlevered beta of at unlevered beta of debt / cap debt / equity of debt 0.50 0.58 0.60 0.50 0.58 0.60 0.50 0.58 0.60 25.0% 33.3% 10.1% 0.62 0.72 0.75 10.4% 11.1% 11.3% 9.7% 10.2% 10.3% 35.0% 53.8% 10.1% 0.70 0.81 0.84 10.9% 11.7% 11.9% 9.7% 10.2% 10.3% 49.6% 98.5% 10.1% 0.86 1.00 1.04 12.0% 13.0% 13.2% 9.8% 10.2% 10.4% 55.0% 122.2% 10.1% 0.95 1.10 1.14 12.6% 13.6% 13.9% 9.8% 10.2% 10.4% 65.0% 185.7% 10.1% 1.19 1.37 1.42 14.2% 15.5% 15.8% 9.8% 10.3% 10.4% Cost of equity Risk-free rate 4.1% Levered beta 1.00 Equity risk premium 6.8% Size premium 2.2% Cost of equity 13.0% Cost of debt Cost of debt (pre-tax) 10.1% Tax shield (2.6%) Cost of debt (post-tax) 7.4% Weighted average cost of capital (WACC) Selected public company beta analysis Implied WACC Based on CAPM analysis and historical trading yields, estimated WACC range for Condor is 9.5 - 10.5% 1 2 3 3 4 5 6 7 8 9 10 10 8 1. Based on median gross debt to capital ratio of peer references 2. Based on peer median 2-year adjusted historical beta (weekly periodicity, regressed against S&P 500) per Bloomberg (as of June 16, 2023) 3. Unlevered beta = Bloomberg adjusted beta ÷ ( 1+ ( 1 – marginal tax rate) × D/E ) 4. Based on current yield on 20-year US Treasury (as of June 16, 2023) 5. Based on the average of Kroll’s Supply-side ERP methodology (6.4%) and Historical ERP methodology (7.2%) per Kroll’s Cost of Capital Guide (as of December 31, 2022) 6. Based on Kroll’s size premia analysis per Kroll’s Cost of Capital Guide (9th decile, as of December 31, 2022) Sources: company filings, FactSet (as of June 16, 2023 and April 12, 2023), Bloomberg (as of June 16, 2023 and April 12, 2023), US Federal Reserve, Kroll Cost of Capital Guide, Pitchbook LCD Research Notes: 7. Average of Single-B new-issue first-lien yield to maturity (Pitchbook LCD Research) and Single-B US High Yield Index Semi-Annual Yield to Worst (FRED) 8. 26% tax rate as per Condor Management 9. Condor beta and share price as of April 12, 2023; Balance sheet as of March 31, 2023 as per Condor Management; Condor Management-provided FDSO of 118.7m as of May 31, 2023 10. Illustratively includes preferred equity as debt-like item A Appendix — Additional valuation support 52

PRELIMINARY DRAFT – $2.00 $4.00 $6.00 $8.00 $10.00 - 20% 40% 60% 80% 100% Jun-21 Dec-21 Jun-22 Dec-22 Jun-23 % of ratings Buy Hold Sell Share price Target price Analyst price targets Sources: FactSet (as of June 16, 2023), Bloomberg (as of June 16, 2023) Notes: 1. Target prices based on 100-day consensus window 2. Selection excludes SADIF Investment Analytics, which has not updated its target price since January 2023 Analyst sentiment over time1 Analyst price targets2 Number of broker recommendations 4 4 4 4 4 Target price as of Unaffected date Current price target Average target price over time1 $4.50 $2.50 $4.00 $4.00 $3.50 $4.00 $ actual Jun-21 Dec-21 Jun-22 Dec-22 Jun-23 Average target price $7.33 $8.17 $5.83 $5.83 $3.83 % Premium (16.6%) 9.2% (16.7%) 62.9% 3.6% A Appendix — Additional valuation support 53 Memo: $3.74 based on DCF Memo: $2.67 based on DCF and $2.74 based on 9.0x 2023 EV / EBITDA Memo: $4.00 based on DCF

Appendix Other supporting materials B 54

PRELIMINARY DRAFT CAGR $m, unless noted 2020PF 2021PF 2022PF 2023E 2024E 2025E 2026E 2027E 2028E 2029E 2030E 2031E (23-27) (27-31) Residential fiber $126 $210 $327 $460 $563 $643 $686 $715 $737 45% 7 % Resi copper, video, voice 328 301 276 252 224 205 187 171 156 (9%) (9%) SMB 9 1 8 7 8 5 8 6 8 9 9 1 9 4 9 6 9 8 (0%) 2 % Enterprise1 295 295 300 309 322 335 347 357 367 2 % 3 % Carrier2 144 136 139 141 143 144 146 147 149 (0%) 1 % Other3 135 127 120 114 108 102 9 7 9 3 8 8 (6%) (5%) Revenue $1,238 $1,222 $1,145 $1,119 $1,156 $1,247 $1,362 $1,449 $1,521 $1,557 $1,580 $1,595 7 % 2 % % growth n.a. (1%) (6%) (2%) 3 % 8 % 9 % 6 % 5 % 2 % 1 % 1 % Gross profit $1,090 $1,066 $997 $881 $936 $1,028 $1,142 $1,235 $1,299 $1,331 $1,351 $1,365 9 % 3 % % margin 88% 87% 87% 79% 81% 82% 84% 85% 85% 85% 86% 86% Adj. EBITDA4 $462 $442 $369 $321 $356 $440 $559 $669 $740 $759 $768 $774 20% 4 % % margin 37% 36% 32% 29% 31% 35% 41% 46% 49% 49% 49% 49% Unlevered free cash flow5 ($134) ($40) $47 $293 $356 $385 $400 $413 n.a. 9 % % margin (12%) (3%) 3% 20% 23% 25% 25% 26% Memo: CapEx ($479) ($474) ($428) ($401) ($224) ($243) ($217) ($211) ($203) (17%) (2%) CapEx % of sales 43% 41% 34% 29% 15% 16% 14% 13% 13% Change in working capital (19) 9 2 (15) (15) 1 1 (3) (1) (1) (5%) (49%) EBITDA - CapEx ($158) ($118) $12 $157 $445 $497 $542 $557 $571 n.a. 6 % % conversion (49%) (33%) 3% 28% 67% 67% 71% 73% 74% Cost / Passing $615 $822 $917 $1,178 n.a. n.a. n.a. n.a. n.a. n.a. n.a. Notes: 1. Enterprise revenue includes other commercial revenue (non-recurring and other services including business systems, joint pole & special projects, commercial video services and other services) 2. Carrier revenue includes other carrier revenue (non-recurring and other services including business systems, joint pole & special projects, commercial video services and other services) Source: Illustrative Buyer Plan (Including Pre-Closing Capital), PF historical periods (2020-2022) provided by Management (normalized to exclude divestures of Ohio and Kansas City operations and wireless partnerships) Summary of Illustrative Buyer Plan (Including Pre-Closing Capital) 3. Other revenue includes other subsidy revenue (excluding CAF), CAF / RDOF subsidy revenue, special access revenue, network / switched access revenue, USF revenue and other products / services rev. 4. Adj. EBITDA does not account for burden of SBC 5. Unlevered free cash flow per Standalone LRP; calculated as EBIT – taxes + tax depreciation – CapEx + / - change in NWC; does not consider generated nor utilized NOLs; negative EBIT results in $0 tax paid 55 B Appendix — Other supporting materials

PRELIMINARY DRAFT CAGR $ m 2023E 2024E 2025E 2026E 2027E (23-27) Adj. EBITDA1 $321 $356 $440 $559 $669 20% % margin 29% 31% 35% 41% 46% Build (187) (189) (154) (147) – (100%) Success-based (175) (184) (195) (181) (155) (3%) Maintenance capex (117) (101) (79) (73) (69) (12%) CapEx ($479) ($474) ($428) ($401) ($224) (17%) CapEx % of sales 43% 41% 34% 29% 15% Adj. EBITDA1 - CapEx ($158) ($118) $12 $157 $445 n.a. % conversion 2 (49%) (33%) 3 % 28% 67% Levered free cash flow3 ($391) ($317) ($196) ($62) $234 n.a. % conversion 2 (122%) (89%) (44%) (11%) 35% Leverage3 6.8x 6.4x 5.1x 4.0x 3.3x n.a. Memo: Net debt3,4 2,175 2,269 2,245 2,233 2,214 n.a. Liquidity5 $107 ($209) ($405) ($467) ($249) n.a. Summary of Illustrative Buyer Plan (Including Pre-Closing Capital) (cont.) Source: Illustrative Buyer Plan (Including Pre-Closing Capital) Notes: 1. Adj. EBITDA does not account for burden of SBC 2. Defined as respective metric ÷ Adj. EBITDA 3. Levered free cash flow per Standalone LRP; calculated as EBITDA – taxes – CapEx + / - change in NWC – cash interest – finance lease payments – pension / OPEB contributions – one-time items; does not contemplate impact of NOL generation / utilization 4. Net debt excludes deferred debt issuance costs 5. Total liquidity based on cash on hand and revolver availability B Appendix — Other supporting materials 56 Select cash flow and leverage metrics

PRELIMINARY DRAFT CAGR $m, unless noted 2020PF 2021PF 2022PF 2023E 2024E 2025E 2026E 2027E 2028E 2029E 2030E 2031E (23-27) (27-31) Residential fiber $126 $195 $294 $414 $515 $611 $664 $703 $729 42% 9 % Resi copper, video, voice 328 301 278 254 226 207 189 172 158 (9%) (9%) SMB 9 1 8 7 8 5 8 6 8 9 9 1 9 4 9 6 9 8 (0%) 2 % Enterprise1 295 295 300 309 322 335 347 357 367 2 % 3 % Carrier2 144 136 139 141 143 144 146 147 149 (0%) 1 % Other3 135 127 120 114 108 102 9 7 9 3 8 8 (6%) (5%) Revenue $1,238 $1,222 $1,145 $1,119 $1,141 $1,216 $1,319 $1,404 $1,491 $1,537 $1,569 $1,589 6 % 3 % % growth n.a. (1%) (6%) (2%) 2 % 7 % 9 % 6 % 6 % 3 % 2 % 1 % Gross profit $1,090 $1,066 $997 $881 $923 $1,001 $1,104 $1,195 $1,273 $1,313 $1,342 $1,359 8 % 3 % % margin 88% 87% 87% 79% 81% 82% 84% 85% 85% 85% 86% 86% Adj. EBITDA4 $462 $442 $369 $321 $362 $425 $534 $634 $716 $744 $763 $773 19% 5 % % margin 37% 36% 32% 29% 32% 35% 40% 45% 48% 48% 49% 49% Unlevered free cash flow5 ($19) ($34) $39 $156 $347 $373 $395 $411 n.a. 27% % margin (2%) (3%) 3% 11% 23% 24% 25% 26% Memo: CapEx ($460) ($352) ($409) ($393) ($340) ($230) ($221) ($214) ($205) (7%) (12%) CapEx % of sales 41% 31% 34% 30% 24% 15% 14% 14% 13% Change in working capital (20) 3 8 (9) (11) 3 (3) (2) (1) (14%) (42%) EBITDA - CapEx ($139) $10 $16 $141 $294 $486 $523 $549 $568 n.a. 18% % conversion (43%) 3% 4% 26% 46% 68% 70% 72% 74% Cost / Passing $448 $849 $897 $977 $1,050 n.a. n.a. n.a. n.a. 24% n.a. Notes: 1. Enterprise revenue includes other commercial revenue (non-recurring and other services including business systems, joint pole & special projects, commercial video services and other services) 2. Carrier revenue includes other carrier revenue (non-recurring and other services including business systems, joint pole & special projects, commercial video services and other services) Source: Illustrative Buyer Plan (No Pre-Closing Capital), PF historical periods (2020-2022) provided by Management (normalized to exclude divestures of Ohio and Kansas City operations and wireless partnerships) Summary of Illustrative Buyer Plan (No Pre-Closing Capital) 3. Other revenue includes other subsidy revenue (excluding CAF), CAF / RDOF subsidy revenue, special access revenue, network / switched access revenue, USF revenue and other products / services rev. 4. Adj. EBITDA does not account for burden of SBC 5. Unlevered free cash flow per Standalone LRP; calculated as EBIT – taxes + tax depreciation – CapEx + / - change in NWC; does not consider generated nor utilized NOLs; negative EBIT results in $0 tax paid 57 B Appendix — Other supporting materials

PRELIMINARY DRAFT CAGR $ m 2023E 2024E 2025E 2026E 2027E (23-27) Adj. EBITDA1 $321 $362 $425 $534 $634 19% % margin 29% 32% 35% 40% 45% Build (168) (93) (147) (149) (112) (10%) Success-based (175) (158) (184) (171) (159) (2%) Maintenance capex (117) (101) (79) (73) (69) (12%) CapEx ($460) ($352) ($409) ($393) ($340) (7%) CapEx % of sales 41% 31% 34% 30% 24% Adj. EBITDA1 - CapEx ($139) $10 $16 $141 $294 n.a. % conversion 2 (43%) 3 % 4 % 26% 46% Levered free cash flow3 ($376) ($194) ($195) ($83) $78 n.a. % conversion 2 (117%) (54%) (46%) (16%) 12% Leverage3 6.7x 6.5x 5.6x 4.4x 3.7x n.a. Memo: Net debt3,4 2,158 2,340 2,382 2,370 2,352 n.a. Liquidity5 $261 $67 ($128) ($211) ($148) n.a. Summary of Illustrative Buyer Plan (No Pre-Closing Capital) (cont.) Source: Illustrative Buyer Plan (No Pre-Closing Capital) Notes: 1. Adj. EBITDA does not account for burden of SBC 2. Defined as respective metric ÷ Adj. EBITDA 3. Levered free cash flow per Standalone LRP; calculated as EBITDA – taxes – CapEx + / - change in NWC – cash interest – finance lease payments – pension / OPEB contributions – one-time items; does not contemplate impact of NOL generation / utilization 4. Net debt excludes deferred debt issuance costs 5. Total liquidity based on cash on hand and revolver availability B Appendix — Other supporting materials 58 Select cash flow and leverage metrics

PRELIMINARY DRAFT Interest Price as of rate Mar-23 6/16/2023 YTM Maturity Cash and cash equivalents1 $336 $250m RCF due 20272 S + 400 – n.a. n.a. 02-Oct-27 $1,000m senior secured term loan due 2027 S + 350 1,000 86.9% 12.7% 02-Oct-27 $750m secured notes due 2028 6.50% 750 80.3% 11.6% 01-Oct-28 $400m secured notes due 2028 5.00% 400 77.0% 10.8% 01-Oct-28 Finance leases n.a. 45 n.a. n.a. Various Total debt $2,195 Series A preferred stock 9.00% 488 n.a. n.a. n.a. Total debt and preferred $2,682 Market capitalization (based on $3.70 stock price) 439 Total capitalization $3,121 LTM Mar-23 adjusted EBITDA $349 Credit statistics Mar-23PF Gross leverage 6.3x Gross leverage (including preferred stock) 7.7x Net leverage 5.3x Net leverage (including preferred stock) 6.7x Capital structure overview and observations As of 3/31/23 | Pricing as of 6/16/23 Capitalization overview ($ in millions) 3 4 5 6 APPENDICES — B. CAPITAL STRUCTURE 7 ◼ Seagull is a permitted holder under the existing term loan and bonds and therefore can acquire Condor without a need to refinance the capital structure ◼ Based on current market conditions, an alternative buyer should expect a higher cost of debt and reduced leverage (c. 4.0 – 4.5x) Capital Structure Observations CCR: B- B3 Senior secured: B- B3 Outlook: Stable Stable 8 Sources: Company filings, Markit, Bloomberg, S&P, Moody’s Notes: 1. Includes short-term investments of $87.95m as per Condor filings 2. Subject to springing maturity on April 2, 2027 if the Term Loans, as of April 1, 2027, are scheduled to mature earlier than March 31, 2028 as per Condor filings 3. RCF interest subject to a 0.25% reduction if the consolidated first lien leverage ratio does not exceed 3.2x as per Condor filings 4. Amended to transition from LIBOR to SOFR on April 19, 2023; CSA is 11.448bps for the one-month interest period, 26.161bps for the three-month period and 42.826bps for the six-month period as per Condor filings 5. Authorized to issue up to 10,000,000 shares of Series A preferred; dividends accrue daily on liquidation preference, payable semi-annually on January 1 and July 1 of each year as per Condor filings 6. At Condor’s election, either in cash or PIK through an accrual of unpaid dividends until October 2, 2027; and solely in cash thereafter as per Condor filings 7. Presented at liquidation preference value 8. Condor Management-provided FDSO of 118.7m as of May 31, 2023 9. LTM metric per Condor Management on like-for-like basis to Standalone LRP pro forma for divestures of Ohio and Kansas City operations and wireless partnerships 6.50% secured noted due 2028 and 5.00% secured notes due 2028 both have first call dates of October 1, 2023 at 104.875 and 103.750, respectively 9 B Appendix — Other supporting materials 59

PRELIMINARY DRAFT Seagull 34% Institutional investors 45% Retail/ undisclosed 18% Insiders 3% Chart Title Name Type %SO 1 Seagull Insider 34.0 2 Other insiders Insider 3.2 Other top shareholders 3 BlackRock Passive 9.7 4 Vanguard Passive 5.1 5 Dimensional Passive 3.5 6 Anchorage Capital Hedge Fund 3.3 7 State Street Passive 2.5 8 Wildcat Capital Long-only 2.2 9 Charles Schw ab Passive 1.7 10 Geode Passive 1.3 11 Renaissance Technologies Hedge Fund 1.2 12 Invesco Long-only 1.1 13 Private Management Group Long-only 1.0 14 Private Advisor Group LLC Long-only 0.9 15 Northern Trust Passive 0.7 16 Millennium Mng. Hedge Fund 0.6 17 M&G Investment Management Ltd. Long-only 0.5 18 American Money Mng. Long-only 0.5 19 Principal Global Long-only 0.4 20 Marshall Wace LLP Hedge Fund 0.4 Top 20 shareholders 73.7 Investor details Holding Condor shareholder base Source: FactSet (as of June 16, 2023) Shareholder overview Shareholder base overview B Appendix — Other supporting materials 60

Project Seashore Special Committee materials September 6th, 2023 1 PRELIMINARY DRAFT

PRELIMINARY DRAFT Disclaimer The accompanying materials were compiled on a confidential basis by Rothschild & Co US Inc. (“Rothschild & Co”) for the use and benefit of the Special Committee (the “Special Committee”) of the Board of Directors of Consolidated Communications Holdings, Inc. (the “Company” or “Condor”) solely in connection with its evaluation of the transaction referred to herein. Neither Rothschild & Co nor any of its affiliates, nor any of its or their respective officers, directors, employees, advisors, agents or representatives, represents or warrants as to the accuracy or completeness of any of the materials set forth herein. Nothing contained in the accompanying materials is, or shall be relied upon as, a promise or representation as to the past, present or future. It should be understood that these materials, including any valuations and/or estimates or projections contained in the accompanying materials, were prepared or derived from information supplied by the Company or derived from public sources, without any independent verification by Rothschild & Co. This information, including any valuations, estimates or projections, involves numerous and significant assumptions and subjective determinations by the Company’s management and other sources, which may or may not be correct, although the Company has represented that the materials are reasonably based. Rothschild & Co assumes no responsibility for independent verification of such information and has relied on such information being complete and accurate in all material respects. Accordingly, no representation or warranty, express or implied, can be made or is made by Rothschild & Co as to the accuracy or completeness of any such information or the achievability of any such valuations and/or estimates or projections. To the extent such information includes any estimates or projections of future financial performance, Rothschild & Co has assumed that such estimates or projections have been reasonably prepared on bases reflecting the best currently available estimates and judgments of management of the Company (or, with respect to estimates and forecasts obtained from public sources, represent reasonable estimates). The accompanying material does not represent an opinion as to the prices at which the Company, or any interests therein, actually would be acquired or sold. 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No single analysis contained herein can be deemed more or less important than any other analysis and these analyses must be considered, in their totality, with the oral briefing provided by Rothschild & Co. Prior to entering into any transaction, the Special Committee should determine, without reliance on Rothschild & Co or its affiliates, the economic risks and merits as well as the legal, tax and accounting characterizations and consequences of any such transaction. In this regard, by accepting these materials, the Special Committee acknowledges that Rothschild & Co is not in the business of providing (and the Special Committee is not relying on Rothschild & Co for) legal, tax or accounting advice, and the Special Committee should receive (and rely on) separate and qualified legal, tax and accounting advice. These materials do not constitute an offer or solicitation to sell or purchase any securities. 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THIS PRESENTATION IS NOT INTENDED TO BE USED OR RELIED UPON, AND SHOULD NOT BE USED OR RELIED UPON, BY ANY PERSON OTHER THAN THE SPECIAL COMMITTEE AND MAY NOT BE USED BY ANY OTHER PERSON WITHOUT PRIOR WRITTEN APPROVAL OF Rothschild & Co. 2

PRELIMINARY DRAFT Contents Situation update 1 Updated valuation perspectives 3 Review of updated Standalone LRP 2 4 6 11 Appendix A 21 3

Situation update 1 4

PRELIMINARY DRAFT Sources: FactSet (as of September 1, 2023), Condor Management, Condor filings, company press releases, news articles Notes: 1. Fiber securitization raised $1.6bn of new capital with additional access to a $0.5bn variable funding note facility through a delayed draw feature 2. Represents last trading date presented to the Special Committee Situation update Since R&Co last presented preliminary valuation analysis to the Special Committee on June 22nd, a number of Condor and sector developments have occurred 1 Situation update $3.70 $3.84 Jun-16 Jun-29 Jul-12 Jul-25 Aug-7 Aug-20 Chart Title Sector / market developments Condor developments ◼ Lead-sheathed cable issues affected sector equity values □ Prices have largely recovered after the initial impact but continue to trade meaningfully below 52-week highs (Frontier: 53% of 52-week high, Lumen: 16% of 52-week high) ◼ Frontier announced a $2.1bn1 securitization of its fiber assets in the Dallas metro area □ First-of-its kind for a traditional LEC provider □ Unlocks investment-grade source of capital to efficiently fund continued fiber build-out □ Strong market reaction upon announcement (up 26%), although prices have settled and stock still trades down from June levels ◼ Interest rate environment remains elevated □ Capital markets activity remained relatively quiet through the end of the summer, although base rates are up ~40bps since June 22nd meeting ◼ Announced 2Q23 results on August 8th □ Initial share price reaction of +2.4% □ Strong FTTH numbers reflect impact of new go-to-market strategy □ CapEx remains significantly above budget, resulting in a ~$50m increase to Condor Management FY23 guidance ◼ Announced sale of WA assets for $73m □ Expected to close in the second half of 2024 □ Monetization of non-core assets provides additional capital to manage liquidity / fund fiber build ◼ Announced Project Simplify □ Cost reduction / operational efficiency strategy expected by Condor Management to generate ~$30m in run-rate savings □ Discussed liquidity constraints, underscoring that fiber build timeline will be a function of available liquidity ◼ Disclosed that take-private proposal is still under consideration Indexed peer stock price performance since June 162 , 2023 Condor stock price performance since June 162 , 2023 August 8th: Announces Q2 earnings Condor AT&T Frontier Verizon July 9th: WSJ first reports lead cable story High $4.19 Low $3.12 Since June 16th, 2023 (7.2%) (4.4%) (8.8%) +3.8% (29.8%) Jun-16 Jun-29 Jul-12 Jul-25 Aug-7 Aug-20 Sep-1 Sep-1 Lumen 5

Review of updated Standalone LRP 2 6

PRELIMINARY DRAFT Standalone Long-Range Plan – Aug. ‘23 revisions In August 2023, Condor Management updated the June 2023 Standalone LRP to reflect recent developments to Condor. The following revisions were made by Condor1 : ◼ Updated remainder of 2023 for Condor Management’s latest “6+6 forecast” □ Actual financials for January – June 2023 and latest balance sheet □ Condor Management’s latest view for Q3 and Q4 2023 ◼ Adjusted projected operating costs to reflect Project Simplify □ No impact to 2023 □ Forecasted to generate annualized cost savings of ~$30 million per year in network operation expenses starting in 2024E; initiative commenced in the second half of 2023 □ Modeled impact of ~$15 - 20m to reflect incremental cost savings above cost efficiencies previously assumed in Standalone LRP ◼ Adjusted for impact of Washington asset divestiture □ Cash proceeds for sale of assets ($73m of gross proceeds; net proceeds of ~$65m) □ Expected to close in Q3 2024 □ Revenues and corresponding direct costs removed from model starting in Q3 2024 Despite these revisions, the Standalone LRP continues to reflects a build-out cadence that allows Condor to remain within its current liquidity constraints with minimal cushion over the next few years (now reaching a low point in liquidity of $20m in 2025) ◼ Given limited liquidity, minor fluctuations to the Standalone LRP would result in liquidity issues unless the fiber build-out is slowed further, subscriber growth is pursued less aggressively or paused, and / or new outside capital is injected (which may have a dilutive impact to current shareholders) Condor Management also made these revisions to the Illustrative Buyer Plan (No Pre-Closing Capital) ◼ This plan, prepared for the purposes of evaluating a potential buyer’s ability to pay and utilized by Rothschild & Co for certain non-core analyses, assumes a build rate in line with the Standalone LRP through an illustrative transaction close date of 12/31/24, and assumed reacceleration of the build (requiring additional capital) post-close 1 2 3 2 Review of updated Standalone LRP Source: Condor Standalone Long-Range Plan per Condor Management and approved by the Special Committee (“Standalone LRP”) Note: 1. Standalone LRP also updated to reflect latest interest rate expectations 7

PRELIMINARY DRAFT August 2023 vs. June 2023 Standalone LRP $m 2 Review of updated Standalone LRP Source: Standalone LRP Adj. EBITDA CapEx Levered free cash flow August 2023 June 2023 Revenue 1,119 1,145 1,209 1,284 1,333 1,396 1,456 1,517 1,557 1,115 1,128 1,185 1,264 1,316 1,382 1,443 1,505 1,547 2023E 2024E 2025E 2026E 2027E 2028E 2029E 2030E 2031E 321 362 434 527 599 652 694 746 772 327 360 436 526 601 657 699 751 781 2023E 2024E 2025E 2026E 2027E 2028E 2029E 2030E 2031E 460 356 284 274 319 318 336 231 221 495 359 285 274 319 318 334 231 220 2023E 2024E 2025E 2026E 2027E 2028E 2029E 2030E 2031E (376) (201) (48) 11 68 16 40 190 234 (409) (205) (71) 23 71 17 43 184 237 2023E 2024E 2025E 2026E 2027E 2028E 2029E 2030E 2031E 8

PRELIMINARY DRAFT Summary of Standalone LRP 2 Review of updated Standalone LRP Notes: Financials as presented include WA results until transaction close in 2024 1. Enterprise revenue includes other commercial revenue (non-recurring and other services including business systems, joint pole & special projects, commercial video services and other services) 2. Carrier revenue includes other carrier revenue (non-recurring and other services including business systems, joint pole & special projects, commercial video services and other services) 3. Other revenue includes other subsidy revenue (excluding CAF), CAF / RDOF subsidy revenue, special access revenue, network / switched access revenue, USF revenue and other products / services rev. 4. Adj. EBITDA excludes cost of stock-based compensation (“SBC”) 5. Unlevered free cash flow per Standalone LRP; calculated as EBIT – taxes + tax depreciation – CapEx + / - change in NWC + net proceeds from asset divestitures; does not consider generated nor utilized NOLs; negative EBIT results in $0 tax paid; contemplating H2-2023 unlevered free cash flow for purposes of valuation 6. Defined as respective metric ÷ Adj. EBITDA Sources: Standalone LRP, pro forma historical periods (2020-2022) provided by Condor Management (normalized to exclude divestures of Ohio and Kansas City operations and wireless partnerships) 9 6

PRELIMINARY DRAFT Summary of Standalone LRP (cont’d) 2 Review of updated Standalone LRP Select cash flow and leverage metrics Source: Standalone LRP Notes: Financials as presented include WA results until transaction close in 2024 1. Adj. EBITDA excludes cost of SBC 2. Defined as respective metric ÷ Adj. EBITDA 3. Levered free cash flow per Standalone LRP; calculated as Adj. EBITDA – cash taxes (net of NOLs) – CapEx + / - change in NWC – cash interest – finance lease payments – pension / OPEB contributions – one-time items; does not reflect movements in revolver or net proceeds from asset divestitures 4. Leverage defined as net debt ÷ Adj. EBITDA; does not contemplate additional potential add-backs allowed by debt covenants 5. Net debt excludes deferred debt issuance costs 6. Total liquidity based on cash on hand and revolver availability 10

Updated valuation perspectives 3 11

PRELIMINARY DRAFT Preliminary assessment of valuation methodologies 12 3. Financials through 2024E adjusted for pro forma impact of WA divestiture per Condor Management 4. NPV of WA proceeds and interim cash flows treated as cash-like item for purposes of EV bridge ($68m; see p. 22) 5. NOL schedule based on Standalone LRP 6. Current analyst target prices based, in part, on take-out price; intrinsic represents DCF-based analysis; Selection excludes SADIF Investment Analytics Notes: 1. Rounded to neared $0.25 except for 52-week high / low and analyst target prices 2. Per Condor Management, assumes 118.7m fully diluted shares outstanding, net debt of $1.99bn, net, tax-effected PBO and OPEB of $94.5m, NCI of $8.0m, Investments of $9.1m and preferred equity valued at liquidation preference of $498.3m Sources: Standalone LRP, company filings, FactSet (as of September 1, 2023), Bloomberg (as of September 1, 2023), US Fed, Kroll Cost of Capital Guide 3 Updated valuation perspectives Methodology Per-share value ($ actual)1,2 Implied EV ($bn)2 Assumptions Core methodologies Selected public company analysis EV / 2024E Revenue3 $2.5 – 3.14 ◼ EV / 2024E Revenue: 2.25x – 2.75x EV / 2024E Adj. EBITDA3 $1.9 – 2.54 ◼ EV / 2024E Adj. EBITDA multiple: 5.5x – 7.0x EV / 2025E Adj. EBITDA $2.4 – 3.04 ◼ EV / 2025E Adj. EBITDA multiple: 5.5x – 7.0x Selected precedent transactions EV / LTM Q2’23 Adj. EBITDA3 $1.9 – 3.04 ◼ EV / LTM Adj. EBITDA: 6.0x – 9.4x Illustrative discounted cash flow analysis $2.9 – 3.7 ◼ PGR: 1.5 – 2.5% ◼ WACC: 9.5 – 10.5% ◼ Valuation date as of 6/30/2023 Other references Premia paid analysis All-cash going private transactions $3.0 – 3.14 ◼ 35 – 80% (25th and 75th percentile, respectively) premia to April 12, 2023 closing price of $2.76 All-cash acquisitions $2.9 – 3.04 ◼ 21 – 53% (25th and 75th percentile, respectively) premia to April 12, 2023 closing price of $2.76 Other metrics 52-week high / low $2.8 – 3.24 ◼ 52-week trading high and low closing prices as of September 1, 2023 Analyst target prices Unaffected $2.8 – 3.04 ◼ Represents low and high of analyst target prices as of April 12, 20236 Analyst target prices Current $3.0 – 3.04 ◼ Represents low and high of analyst target prices as of September 1, 20236 Analyst target prices Intrinsic $3.0 – 3.14 ◼ Represents low and high of analyst DCF-based valuations as of September 1, 20236 n.m. n.m. n.m. n.m. 2.50 3.75 3.25 2.15 2.50 3.75 3.94 4.75 4.50 4.00 9.75 5.00 4.25 5.97 4.50 4.00 4.72 April 12 Seagull proposal: $4.00 th closing price: $2.76 3.25 Incl. NOL value5 3.92 Current trading implies 8.4x ’24E EBITDA 10.50 Seagull verbal indication: $4.20 7.1x multiple implies $0 of equity value

PRELIMINARY DRAFT Enterprise value ($m) Implied terminal multiple at PGR of at PGR of WACC 1.50% 1.75% 2.00% 2.25% 2.50% 1.50% 1.75% 2.00% 2.25% 2.50% 9.50% $3,354 $3,440 $3,533 $3,631 $3,737 6.6x 6.8x 7.1x 7.3x 7.6x 9.75% 3,223 3,303 3,388 3,479 3,576 6.4x 6.6x 6.8x 7.1x 7.3x 10.00% 3,100 3,174 3,253 3,337 3,426 6.2x 6.4x 6.6x 6.8x 7.1x 10.25% 2,985 3,053 3,126 3,204 3,286 6.0x 6.2x 6.4x 6.6x 6.9x 10.50% 2,876 2,940 3,007 3,079 3,155 5.9x 6.0x 6.2x 6.4x 6.6x Implied share price Implied share price (incl. NOLs) at PGR of at PGR of WACC 1.50% 1.75% 2.00% 2.25% 2.50% 1.50% 1.75% 2.00% 2.25% 2.50% 9.50% $6.51 $7.24 $8.02 $8.85 $9.74 $7.18 $7.91 $8.69 $9.52 $10.41 9.75% 5.41 6.08 6.80 7.57 8.38 6.07 6.75 7.46 8.23 9.05 10.00% 4.37 5.00 5.66 6.37 7.12 5.03 5.66 6.32 7.03 7.78 10.25% 3.40 3.98 4.60 5.25 5.94 4.05 4.63 5.25 5.90 6.60 10.50% 2.49 3.02 3.59 4.20 4.84 3.13 3.67 4.24 4.85 5.49 Illustrative discounted cash flow analysis 13 3 Updated valuation perspectives 3 Sensitized valuation range1,2 4 4,5 Terminal value accounts for approximately 71 – 77% of DCF enterprise value Sources: Standalone LRP, company filings, Bloomberg (as of September 1, 2023), US Fed, Kroll Cost of Capital Guide Notes: 1. Projected unlevered cash flows as per Standalone LRP 2. Terminal period assumptions per Condor Management and approved by the Special Committee; D&A assumed equal to CapEx per Condor Management 3. Valuation date as of June 30, 2023 4. Valuation date as of June 30, 2023 as per Condor Management; Condor Management-provided FDSO of 118.7m as of July 31, 2023 5. Reference NOL valuation on p. 25

PRELIMINARY DRAFT DCF sensitivity to varying operating assumptions Does not contemplate illustrative impacts to liquidity and NOL usage 14 3 Updated valuation perspectives 3.73 n.m. 5.07 3.04 4.70 1.01 4.53 7.30 7.48 6.08 7.50 6.63 6.12 7.40 Implied per-share DCF midpoint range Base assumption 1,2,3 Item Sources: Standalone LRP, company filings, FactSet (as of September 1, 2023), Bloomberg (as of September 1, 2023), US Fed, Kroll Cost of Capital Guide Notes: 1. Sensitivity analyses vs. Standalone LRP 2. Valuation date as of June 30, 2023 as per Condor Management, Condor Management-provided FDSO of 118.7m as of July 31, 2023 3. Assumes WACC of 10.0% and PGR of 2.0% Enterprise sales growth rate ◼ Enterprise sales decline ~1% in 2023E and grow at a CAGR of ~3.1% from 2024 – 2031E ~3.1% 0% 5% ~50.5% 45% 51% ◼ Adj. EBITDA margin reaches ~50.5% by 2031E Terminal Adj. EBITDA margin Residential fiber terminal penetration ◼ Residential fiber cohorts reach 40% penetration by year 6 Cost per home passed ◼ Blended cost per home passed increases from ~$850 in 2024 to ~$1,250 by 2027, dropping to ~$725 thereafter (pre-CWIP / Inventory) Sensitivity range 35% 45% 40% -$200 vs. base +$200 vs. base ~$850 – ~1,250; ~$725 Non-video COGS % of sales ◼ COGS % of sales decline from ~15.1% in 2023E and stepped down to 12.0% by 2027E; held at 12.0% through 2031E Terminal CapEx % of sales ◼ “Steady-state” CapEx estimated at 13% of sales in terminal period 10% 13% 15% Base DCF (ex. NOLs) midpoint: $5.66 Residential fiber ARPU growth rate ◼ Existing residential fiber subscriber ARPU grown at 4.0% p.a.; new cohort residential fiber subscriber ARPU grown at 5.0% p.a ~15.0 – 12.0% -100 bps vs. base +100 bps vs. base 0%;1% 5%; 6% 4%; 5%

PRELIMINARY DRAFT Long-term EBITDA margins: additional context DCF highly sensitive to long-term EBITDA margins – projected 50% margin at high end of range based on comparable data 15 3 Updated valuation perspectives 30% 36% 39% 41% 54% 34% 46% 30% 41% 41% 41% 55% 36% 51% 50.5% Med: 40% Med: 41% Illustrative terminal EBITDA margin of 50.0% Illustrative terminal EBITDA margin of 47.5% Illustrative terminal EBITDA margin of 45.0% Condor3 2031E margin Current Cable margins1 Future ILEC margins2 Selected EBITDA margin data points Sensitized per-share DCF valuation ranges4,5 Implied share price at PGR of WACC 1.50% 1.75% 2.00% 2.25% 2.50% 9.50% $3.93 $4.60 $5.31 $6.07 $6.89 9.75% 2.92 3.54 4.19 4.90 5.65 10.00% 1.97 2.54 3.15 3.80 4.49 10.25% 1.08 1.61 2.18 2.77 3.41 10.50% 0.24 0.74 1.26 1.81 2.40 Implied share price at PGR of WACC 1.50% 1.75% 2.00% 2.25% 2.50% 9.50% $6.11 $6.83 $7.60 $8.42 $9.30 9.75% 5.02 5.69 6.40 7.15 7.96 10.00% 4.00 4.62 5.27 5.97 6.71 10.25% 3.04 3.61 4.22 4.86 5.55 10.50% 2.14 2.67 3.23 3.83 4.46 Implied share price at PGR of WACC 1.50% 1.75% 2.00% 2.25% 2.50% 9.50% $1.72 $2.34 $2.99 $3.70 $4.45 9.75% 0.79 1.36 1.97 2.61 3.31 10.00% – 0.45 1.01 1.60 2.24 10.25% – – 0.11 0.66 1.25 10.50% – – – – 0.32 EBITDA margin range: High Low Sources: FactSet (as of September 1, 2023); Wall Street research Notes: 1. Based on range of 2023E EBITDA margin estimates of Wall Street research analysts 2. Based on range of furthest reported period EBITDA margin estimates of Wall Street research analysts; Frontier margin range based on selected data points between 2028 through 2031; Lumen margin range based on selected data points between 2027 through 2030 3. Based on 2031E EBITDA margin of the Standalone LRP 4. Sensitivity analyses vs. Standalone LRP 5. Valuation date as of June 30, 2023 as per Condor Management; Condor Management-provided FDSO of 118.7m as of July 31, 2023

PRELIMINARY DRAFT $2.76 $3.57 $6.45 $9.93 $12.15 $13.08 $0.79 $3.40 $6.59 $8.72 $9.72 n.m. $0.44 $3.32 $5.32 $6.42 – $2.00 $4.00 $6.00 $8.00 $10.00 $12.00 $14.00 Unaffected Dec-23E Dec-24E Dec-25E Dec-26E Dec-27E 9.0x 8.0x 7.0x Illustrative PV of future share value 16 3 Updated valuation perspectives 13.5% cost of equity PV of Future Share Value1,2,3 NTM EV / Adj. EBITDA: Observed public company multiples Illustrative multiple re-rating Sources: Standalone LRP, company filings, FactSet (as of September 1, 2023), Bloomberg (as of September 1, 2023), US Fed, Kroll Cost of Capital Guide Notes: 1. Illustrative share prices based on fully diluted shares outstanding that includes illustrative shares issued from stock-based compensation at average illustrative future share price 2. 2024E EBITDA adjusted for pro forma impact of WA divestiture per Condor Management; NPV of WA proceeds and interim cash flows treated as cash-like item in 2023E enterprise value to equity value bridge 3. 2024E – 2027E enterprise value to equity value bridge per Standalone LRP

PRELIMINARY DRAFT $2.76 $3.57 $6.45 $9.93 $12.15 $13.08 $0.79 $3.40 $6.59 $8.72 $9.72 n.m. $0.44 $3.32 $5.32 $6.42 – $2.00 $4.00 $6.00 $8.00 $10.00 $12.00 $14.00 Unaffected Dec-23E Dec-24E Dec-25E Dec-26E Dec-27E 9.0x 8.0x 7.0x Impl. PV of '27E share price at illust. trading multiple of Illust. '28E EBITDA Impl. '28E margin 6.0x 7.0x 8.0x 9.0x 10.0x $500 36% n.m. $1.20 $3.13 $5.75 $8.18 550 40% 0.38 2.84 5.22 8.07 10.75 600 43% 0.88 4.29 7.32 10.40 13.33 657 48% 4.05 6.42 9.72 13.08 16.29 700 51% 5.50 7.93 11.51 15.07 18.49 Illustrative PV of future share value: sensitivity analysis 17 3 Updated valuation perspectives 13.5% cost of equity PV of Future Share Value1,2,3 NTM EV / Adj. EBITDA: Illustratively assumes 2028E EBITDA is reached at the same annual growth cadence as base Standalone LRP; liquidity shortfalls or excess cash flow implied by illustrative EBITDA variances vs. Standalone LRP added as debt or cash, respectively, to enterprise value to equity value bridge Sensitivity: PV of 2027E future share value at varying 2028E EBITDAs Observed public company multiples Illustrative multiple re-rating Sources: Standalone LRP, company filings, FactSet (as of September 1, 2023), Bloomberg (as of September 1, 2023), US Fed, Kroll Cost of Capital Guide Notes: 1. Illustrative share prices based on fully diluted shares outstanding that includes illustrative shares issued from stock-based compensation at average illustrative future share price 2. 2024E EBITDA adjusted for pro forma impact of WA divestiture per Condor Management; NPV of WA proceeds and interim cash flows treated as cash-like item in 2023E enterprise value to equity value bridge 3. 2024E – 2027E enterprise value to equity value bridge per Standalone LRP

PRELIMINARY DRAFT Illustrative Seagull perspective assessment1 Illustrative close date of 12/31/2024; exit at 12/31/28 18 3 Updated valuation perspectives Target Share price at LTM exit multiple of IRR 6.0x 7.0x 8.0x 9.0x 10.0x 15.0% $3.47 $6.88 $10.29 $13.70 $17.11 16.3% 3.24 6.50 9.77 13.04 16.30 17.5% 3.02 6.15 9.28 12.41 15.54 18.8% 2.81 5.81 8.81 11.81 14.81 20.0% 2.61 5.49 8.37 11.24 14.12 Sources and uses $m % of total Rollover of debt $2,292 67% Cash on balance sheet 10 0% Rollover of preferred equity 569 17% Rollover of common equity 157 5% New sponsor equity 375 11% Total sources $3,404 100% Memo: Incremental equity funding during ownership $224 Equity purchase price ($4.00 / share) 475 14% Rollover of gross debt 2,292 67% Rollover of preferred equity 569 17% Transaction & financing fees 18 1% Cash to balance sheet 50 1% Total uses $3,404 100% Sources: Illustrative Buyer Plan (No Pre-Closing Capital), Illustrative R&Co financing extrapolations Notes: 1. Based on Illustrative Buyer Plan (No Pre-Closing Capital) 2. Based on liquidation preference of preferred as of 12/31/2024E 3. Transaction fees include illustrative estimated M&A fees and commitment fee on revolver 4. Illustratively assumes preferred equity remains in place during investment period with a 9% semi-annual PIK coupon; Illustrative proceeds allocable to initial investment calculated as implied accreted liquidation value of preferred equity at exit plus implied proceeds to existing Seagull common equity stake; illustrative proceeds allocable to new Seagull & Blue Jay equity deployed calculated as implied total exit proceeds less proceeds allocated to initial investment Acquisition by Seagull with portable capital structure and no change of control given existing equity stake in business Overview Seagull ability to pay4 Illustrative IRR on Seagull investments4 Represents implied IRR on Seagull’s initial common and preferred equity investments of $350m and $75m in 2020 and 2021, respectively 2 2 Represents return on new Seagull & Blue Jay equity deployed only 3 Implied IRR at entry share price of $4.00 $5.00 $6.00 $7.00 $8.00 $9.00 6.0x 14.4% 12% 8% 5% 2% (0%) (3%) 7.0x 16.9% 27% 22% 18% 15% 12% 9% 8.0x 19.0% 38% 32% 28% 24% 21% 18% 9.0x 20.9% 46% 41% 36% 32% 29% 26% 10.0x 22.7% 54% 48% 43% 39% 35% 32% Exit multiple IRR on initial inv.

PRELIMINARY DRAFT Illustrative Seagull ability to pay: sensitivity analysis1 Illustrative close date of 12/31/2024; exit at 12/31/28 19 3 Updated valuation perspectives Sources: Illustrative Buyer Plan (No Pre-Closing Capital), Illustrative R&Co financing extrapolations Notes: 1. Sensitivity analyses vs. Illustrative Buyer Plan (No Pre-Closing Capital) 2. All-in IRR denotes blended IRR across illustrative 2024E equity contribution plus Seagull’s initial common and preferred equity investments of $350m and $75m in 2020 and 2021, respectively 3. Illustratively assumes preferred equity remains in place during investment period with a 9% semi-annual PIK coupon Seagull ability to pay sensitivity: 2028E EBITDA vs. exit multiple at varying all-in target IRRs2,3 15.0% IRR 17.5% IRR 20.0% IRR Share price at Illustrative exit multiple of Share price at Illustrative exit multiple of Share price at Illustrative exit multiple of 6.0x 7.0x 8.0x 9.0x 10.0x 6.0x 7.0x 8.0x 9.0x 10.0x 6.0x 7.0x 8.0x 9.0x 10.0x $550 37.3% n.m. n.m. $0.56 $4.47 $8.39 n.m. n.m. n.m. $2.22 $5.81 n.m. n.m. n.m. $0.05 $3.35 600 40.6% n.m. 0.15 4.42 8.69 12.96 n.m. n.m. 2.20 6.12 10.04 n.m. n.m. 0.06 3.67 7.27 650 44.0% n.m. 3.55 8.17 12.80 17.43 n.m. 1.42 5.67 9.91 14.16 n.m. n.m. 3.27 7.17 11.07 700 47.4% 1.93 6.91 11.89 16.88 21.86 n.m. 4.53 9.10 13.67 18.24 n.m. 2.24 6.44 10.65 14.85 719 48.7% 3.10 8.22 13.34 18.46 23.58 1.03 5.73 10.43 15.13 19.83 n.m. 3.35 7.67 11.99 16.31 750 50.8% 4.93 10.27 15.61 20.94 26.28 2.72 7.62 12.52 17.42 22.32 0.60 5.10 9.60 14.10 18.61 Illustrative 2028E Adj. EBITDA Implied 2028E margin Represents 2028E EBITDA per Illustrative Buyer Plan (No Pre-Closing Capital)

PRELIMINARY DRAFT Analysis at various prices Seagull verbal indication implies 9.6x, 8.5x and 6.9x 23E, 24E and 25E Adj. EBITDA, respectively 20 3 Updated valuation perspectives Illustrative share price $2.76 $3.84 $4.00 $4.20 $4.50 $5.00 $5.50 $6.00 $6.50 $7.00 $7.50 Implied premia to: Unaffected (Apr. 12, 2023) $2.76 – 39.1% 44.9% 52.2% 63.0% 81.2% 99.3% 117.4% 135.5% 153.6% 171.7% Current (Sep. 1, 2023) $3.84 (28.1%) – 4.2% 9.4% 17.2% 30.2% 43.2% 56.3% 69.3% 82.3% 95.3% 1-month VWAP $2.49 10.9% 54.2% 60.7% 68.7% 80.8% 100.8% 120.9% 141.0% 161.1% 181.2% 201.3% 2-month VWAP $2.86 (3.5%) 34.2% 39.8% 46.8% 57.3% 74.8% 92.3% 109.7% 127.2% 144.7% 162.2% 3-month VWAP $3.07 (10.1%) 25.1% 30.3% 36.8% 46.6% 62.8% 79.1% 95.4% 111.7% 128.0% 144.3% 6-month VWAP $3.54 (22.1%) 8.4% 12.9% 18.5% 27.0% 41.1% 55.2% 69.3% 83.4% 97.5% 111.6% 52-week high (Sep. 12, 2022) $5.97 (53.8%) (35.7%) (33.0%) (29.6%) (24.6%) (16.2%) (7.9%) 0.5% 8.9% 17.3% 25.6% 52-week low (Mar. 24, 2023) $2.15 28.4% 78.6% 86.0% 95.3% 109.3% 132.6% 155.8% 179.1% 202.3% 225.6% 248.8% (×) Fully diluted shares outstanding 118.7 118.7 118.7 118.7 118.7 118.7 118.7 118.7 118.7 118.7 118.7 Implied equity value $328 $456 $475 $498 $534 $593 $653 $712 $771 $831 $890 (+) Net debt 1,989 1,989 1,989 1,989 1,989 1,989 1,989 1,989 1,989 1,989 1,989 (-) NPV of WA assets (68) (68) (68) (68) (68) (68) (68) (68) (68) (68) (68) (+) Preferred stock (at liquidation pref.) 498 498 498 498 498 498 498 498 498 498 498 (+) Other adjustments 93 93 93 93 93 93 93 93 93 93 93 Implied enterprise value $2,841 $2,969 $2,988 $3,012 $3,047 $3,107 $3,166 $3,225 $3,285 $3,344 $3,403 Memo: implied EV premium – 4.5% 5.2% 6.0% 7.3% 9.4% 11.4% 13.5% 15.6% 17.7% 19.8% Implied multiples EV / Revenue 2022PF $1,124 2.53x 2.64x 2.66x 2.68x 2.71x 2.76x 2.82x 2.87x 2.92x 2.97x 3.03x LTM Jun-23PF 1,104 2.57 2.69 2.71 2.73 2.76 2.81 2.87 2.92 2.97 3.03 3.08 2023E (pro forma) 1,095 2.59 2.71 2.73 2.75 2.78 2.84 2.89 2.94 3.00 3.05 3.11 2024E (pro forma) 1,119 2.54 2.65 2.67 2.69 2.72 2.78 2.83 2.88 2.94 2.99 3.04 2025E 1,185 2.40 2.50 2.52 2.54 2.57 2.62 2.67 2.72 2.77 2.82 2.87 EV / Adj. EBITDA 2022PF $354 8.0x 8.4x 8.4x 8.5x 8.6x 8.8x 8.9x 9.1x 9.3x 9.4x 9.6x LTM Jun-23PF 319 8.9 9.3 9.4 9.4 9.6 9.7 9.9 10.1 10.3 10.5 10.7 2023E (pro forma) 313 9.1 9.5 9.5 9.6 9.7 9.9 10.1 10.3 10.5 10.7 10.9 2024E (pro forma) 354 8.0 8.4 8.4 8.5 8.6 8.8 8.9 9.1 9.3 9.5 9.6 2025E 436 6.5 6.8 6.9 6.9 7.0 7.1 7.3 7.4 7.5 7.7 7.8 Sources: Company filings, FactSet (as of September 1, 2023 and April 12, 2023), Standalone LRP Notes: 1. Calendar day VWAPs; as of April 12, 2023 2. Valuation date as of June 30, 2023 as per Condor Management, Condor Management-provided FDSO of 118.7m as of July 31, 2023 3. NPV of WA proceeds and interim cash flows treated as cash-like item; 2022 – 2024 financials adjusted for pro forma impact of WA divestiture per Condor Management 4. Other adjustments include net, tax-effected PBO and OPEB, NCI and Investments (net tax-effected PBO and OPEB provided per Condor Management, NCI and Investments sourced from Company filings) 5. Projected metrics per Standalone LRP; historical metrics per Condor Management on like-for-like basis to Standalone LRP pro forma for divestures of Ohio and Kansas City operations and wireless partnerships Unaffected Seagull Current proposal 2 3 5 2 1 1 1 1 4 3 3 3 3 3 3 3 3 Verbal indication

Appendix Appendix A 21

PRELIMINARY DRAFT Washington NPV and pro forma impact analysis Illustrative transaction close date of 6/30/2024 22 A Appendix Sources: Condor Management, company filings, Bloomberg (as of September 1, 2023), US Fed, Kroll Cost of Capital Guide Notes: 1. Historical results based on actual results; projected earnings and cash flows as approved by Condor Management 2. Assumes no cash taxes paid related to earnings and cash proceeds $m, fiscal quarter ending Mar-22A Jun-22A Sep-22A Dec-22A Mar-23A Jun-23A Sep-23E Dec-23E Mar-24E Jun-24E Sale Sales $5.2 $5.3 $5.2 $5.1 $5.0 $5.1 $5.0 $5.0 $4.8 $4.6 Adj. EBITDA $3.6 $3.7 $3.7 $3.6 $3.5 $3.5 $3.4 $3.4 $3.2 $3.0 (-) Capital expenditures (1.0) (0.9) (1.0) (1.0) (+) Net proceeds from divestiture 65.0 Unlevered free cash flow $2.4 $2.4 $2.2 $2.0 $65.0 NPV of WA assets at 10.0% WACC 68 Historical and projected Washington cash flows1,2

PRELIMINARY DRAFT Selected public company analysis: valuation benchmarking 23 A Appendix Share %52w Market Enterprise EV / Sales EV / EBITDA Sales Growth $m, unless noted price ($) high cap value 2023E 2024E 2025E 2023E 2024E 2025E Condor (Standalone LRP) $2.76 33% $328 $2,841 2.59x 2.54x 2.40x 9.1x 8.0x 6.5x Condor (Consensus) $2.76 33% $328 $2,841 2.57x 2.55x 2.47x 9.2x 8.4x 7.8x ILEC Lumen $1.58 16% $1,636 $22,655 1.55x 1.62x 1.64x 4.8x 5.0x 5.0x Frontier $16.31 53% 4,123 13,537 2.35x 2.33x 2.26x 6.5x 6.3x 5.8x Mean / median 1.95x 1.98x 1.95x 5.6x 5.6x 5.4x Rural cable Cable One $628.02 56% $3,589 $6,026 3.57x 3.58x 3.52x 6.5x 6.4x 6.3x Shentel $22.55 98% 1,159 1,232 4.31x 3.90x 3.52x 14.4x 13.2x 8.9x Mean / median 3.94x 3.74x 3.52x 10.5x 9.8x 7.6x Cable Charter $422.32 94% $72,044 $168,171 3.06x 2.99x 2.94x 7.6x 7.3x 7.1x Altice $3.06 29% 1,467 26,428 2.87x 2.93x 2.99x 7.4x 7.4x 7.4x WOW $8.01 42% 676 1,530 2.20x 2.18x 2.16x 5.3x 5.0x 4.5x Mean 2.71x 2.70x 2.70x 6.8x 6.6x 6.3x Median 2.87x 2.93x 2.94x 7.4x 7.3x 7.1x Broadband ATN International $36.12 73% $577 $1,109 1.46x 1.41x 1.36x 6.0x 5.5x 5.1x Overall peer mean 2.67x 2.62x 2.55x 7.3x 7.0x 6.2x Overall peer median 2.61x 2.63x 2.60x 6.5x 6.3x 6.0x Sources: company filings, FactSet (as of September 1, 2023 and April 12, 2023), Standalone LRP Notes: 1. Condor share price as of April 12, 2023; all other companies as of September 1, 2023 2. Condor 52-week high as of April 12, 2023; all other companies as of September 1, 2023 3. Valuation date as of June 30, 2023 as per Condor Management; Condor Management-provided FDSO of 118.7m as of July 31, 2023 4. NPV of WA proceeds and interim cash flows treated as cash-like item ($68m; see p. 22) 5. Metrics based on Standalone LRP; 2023 – 2024 financials adjusted for pro forma impact of WA divestiture per Condor Management 6. Metrics based on median consensus estimates 7. Lumen capitalization pro forma for divestiture of EMEA Business 3,4,5 1 3,4,6 6 2

PRELIMINARY DRAFT Illustrative discounted cash flow analysis 24 A Appendix Projected cash flows1 $m H2-2023E 2024E 2025E 2026E 2027E 2028E 2029E 2030E 2031E Total revenue $564 $1,128 $1,185 $1,264 $1,316 $1,382 $1,443 $1,505 $1,547 $1,547 % growth n.m. 5.1% 6.6% 4.1% 5.0% 4.5% 4.3% 2.8% Adj. EBITDA 175 360 436 526 601 657 699 751 781 781 % margin 30.9% 31.9% 36.8% 41.6% 45.7% 47.6% 48.4% 49.9% 50.5% (-) One-time items -- (15) (13) (15) (15) (15) (15) (15) (15) (15) (-) D&A (241) (328) (241) (206) (187) (227) (265) (283) (276) (201) (+) Gain on asset divestitures -- 60 -- -- -- -- -- -- -- -- EBIT (66) 77 181 305 399 415 419 453 489 564 (-) Tax at 26% marginal rate -- (20) (47) (79) (104) (108) (109) (118) (127) (147) NOPAT (66) 57 134 226 296 307 310 335 362 418 (+) D&A 241 328 241 206 187 227 265 283 276 201 (-) CapEx (186) (359) (285) (274) (319) (318) (334) (231) (220) (201) (+) Untaxed proceeds from asset divestitures -- 5 -- -- -- -- -- -- -- -- (-) Stock-based compensation (5) (10) (10) (10) (10) (10) (10) (10) (10) (10) (+/-) Source / (use) of NWC (85) 7 (2) (6) 4 11 (4) (15) (3) (3) Unlevered FCF ($101) $28 $79 $142 $157 $217 $227 $361 $405 $405 Terminal period Enterprise value ($m) PV of terminal value as % of EV Implied share price Implied terminal multiple at PGR of at PGR of at PGR of at PGR of WACC 1.50% 1.75% 2.00% 2.25% 2.50% 1.50% 1.75% 2.00% 2.25% 2.50% 1.50% 1.75% 2.00% 2.25% 2.50% 1.50% 1.75% 2.00% 2.25% 2.50% 9.50% $3,354 $3,440 $3,533 $3,631 $3,737 74% 75% 75% 76% 77% $6.51 $7.24 $8.02 $8.85 $9.74 6.6x 6.8x 7.1x 7.3x 7.6x 9.75% 3,223 3,303 3,388 3,479 3,576 73% 74% 75% 75% 76% 5.41 6.08 6.80 7.57 8.38 6.4x 6.6x 6.8x 7.1x 7.3x 10.00% 3,100 3,174 3,253 3,337 3,426 73% 73% 74% 75% 75% 4.37 5.00 5.66 6.37 7.12 6.2x 6.4x 6.6x 6.8x 7.1x 10.25% 2,985 3,053 3,126 3,204 3,286 72% 73% 73% 74% 75% 3.40 3.98 4.60 5.25 5.94 6.0x 6.2x 6.4x 6.6x 6.9x 10.50% 2,876 2,940 3,007 3,079 3,155 71% 72% 73% 73% 74% 2.49 3.02 3.59 4.20 4.84 5.9x 6.0x 6.2x 6.4x 6.6x Sources: Standalone LRP, company filings, Bloomberg (as of September 1, 2023), US Fed, Kroll Cost of Capital Guide Notes: 1. Projected unlevered cash flows per Standalone LRP 2. Terminal period assumptions per Condor Management and approved by the Special Committee; D&A assumed equal to CapEx per Condor Management 3. Per Condor Management, one-time items are tax deductible; stock-based compensation not tax deductible 2 6 7 4. 26% tax rate as per Condor Management 5. 50% of full year 2023E D&A per Condor Management and approved by the Special Committee 6. Valuation date as of June 30, 2023 7. Valuation date as of June 30, 2023 as per Condor Management, Condor Management-provided FDSO of 118.7m as of July 31, 2023 5 4 3 6 3

PRELIMINARY DRAFT Illustrative NOL valuation analysis 25 A Appendix $m H2-2023E 2024E 2025E 2026E 2027E 2028E 2029E 2030E 2031E Memo: Taxable income $52 $114 $196 $266 $278 $280 $304 $329 Restricted federal NOLs utilized 52 89 -- -- -- -- -- -- Unrestricted federal NOLs utilized -- 20 157 171 -- -- -- -- Total federal NOLs used 52 109 157 171 -- -- -- -- (x) Tax rate 21% 21% 21% 21% 21% 21% 21% 21% FV of federal NOL benefit 11 23 33 36 -- -- -- -- Projected NOL utilization1,2 3 4 6 1. Projected federal NOL generation and utilization per Standalone LRP 2. Valuation date as of June 30, 2023 3. Restricted federal NOLs generated prior to 2018 4. Unrestricted federal NOLs generated during or after 2018; subject to 80% of taxable income limitation Sources: Standalone LRP, company filings, Bloomberg (as of September 1, 2023), US Fed, Kroll Cost of Capital Guide Notes: 5. 21% federal tax rate as per Condor Management 6. Valuation date as of June 30, 2023 as per Condor Management, Condor Management-provided FDSO of 118.7m as of July 31, 2023 5 Discount Cumulative Incr. value rate PV per share 9.50% $79.0 $0.67 9.75% 78.5 0.66 10.00% 78.0 0.66 10.25% 77.5 0.65 10.50% 77.0 0.65

PRELIMINARY DRAFT Weighted average cost of capital (WACC) 26 A Appendix Market Debt Pref. Debt / Debt / Tax Beta Peer cap ($m) ($m) eq. ($m) equity cap rate (%) Levered Unlevered Re-levered Frontier $4,123 $11,424 – 277% 73% 25% 1.13 0.37 0.66 Cable One 3,589 3,790 – 106% 51% 25% 1.02 0.57 1.02 Shentel 1,159 127 – 11% 10% 25% 0.97 0.90 1.61 WOW 676 877 – 130% 56% 25% 1.03 0.52 0.94 ATN International 577 539 – 94% 48% 25% 0.70 0.41 0.73 75th percentile 56% 1.03 0.57 Mean 48% 0.97 0.55 Median 106% 51% 1.02 0.52 25th percentile 48% 0.97 0.41 Condor $328 $2,192 $498 821% 89% 26% 1.06 0.15 0.27 Cost of equity Risk-free rate 4.5% Levered beta 0.93 Equity risk premium 6.8% Size premium 2.2% Cost of equity 12.9% Cost of debt Cost of debt (pre-tax) 9.9% Tax shield (2.6%) Selected public company beta analysis Cost of debt (post-tax) 7.4% Implied WACC Based on CAPM analysis and historical trading yields, estimated WACC range for Condor is 9.5 - 10.5% 1 2 3 3 4 5 6 7 8 9 10 10 8 1. Based on median gross debt to capital ratio of peer references 2. Based on peer median 2-year adjusted historical beta (weekly periodicity, regressed against S&P 500) per Bloomberg (as of September 1, 2023) 3. Unlevered beta = Bloomberg adjusted beta ÷ ( 1+ ( 1 – marginal tax rate) × D/E ) 4. Based on current yield on 20-year US Treasury (as of September 1, 2023) 5. Based on the average of Kroll’s Supply-side ERP methodology (6.4%) and Historical ERP methodology (7.2%) per Kroll’s Cost of Capital Guide (as of December 31, 2022) 6. Based on Kroll’s size premia analysis per Kroll’s Cost of Capital Guide (9th decile, as of December 31, 2022) Sources: company filings, FactSet (as of September 1, 2023 and April 12, 2023), Bloomberg (as of September 1, 2023 and April 12, 2023), US Federal Reserve, Kroll Cost of Capital Guide, Pitchbook LCD Research Notes: 7. Average of Single-B new-issue first-lien yield to maturity (Pitchbook LCD Research) and Single-B US High Yield Index Semi-Annual Yield to Worst (FRED) 8. 26% tax rate as per Condor Management 9. Condor beta and share price as of April 12, 2023; Valuation date as of June 30, 2023 as per Condor Management; Condor Management-provided FDSO of 118.7m as of July 31, 2023 10. Illustratively includes preferred equity as debt-like item Implied levered beta Implied cost of equity Implied WACC Gross Gross Pre-tax cost at unlevered beta of at unlevered beta of at unlevered beta of debt / cap debt / equity of debt 0.40 0.52 0.60 0.40 0.52 0.60 0.40 0.52 0.60 25.0% 33.3% 9.9% 0.50 0.65 0.75 10.0% 11.0% 11.7% 9.3% 10.1% 10.6% 35.0% 53.8% 9.9% 0.56 0.73 0.84 10.4% 11.6% 12.3% 9.3% 10.1% 10.6% 51.4% 105.6% 9.9% 0.71 0.93 1.07 11.4% 12.9% 13.9% 9.3% 10.1% 10.5% 55.0% 122.2% 9.9% 0.76 1.00 1.14 11.8% 13.4% 14.4% 9.3% 10.1% 10.5% 65.0% 185.7% 9.9% 0.95 1.24 1.42 13.1% 15.0% 16.3% 9.4% 10.0% 10.5%

PRELIMINARY DRAFT Analyst price targets 27 A Appendix $4.50 $2.50 $4.00 $4.00 $3.75 $4.00 Analyst sentiment over time1 Analyst price targets2 Number of broker recommendations 4 4 4 4 4 Target price as of Unaffected date Current price target Average target price over time1 $ actual Sep-21 Mar-22 Sep-22 Mar-23 Sep-23 Average target price $8.00 $5.50 $6.17 $3.67 $3.92 % Premium (12.9%) (6.8%) 48.2% 52.1% 2.0% Memo: $3.94 based on DCF Memo: Scenario weighted; 75% based on $4.00 Seagull proposal and 25% based on average of $4.72 DCF valuation and $1.58 2023 EV / OIBDA valuation (9.5x) Memo: $4.00 based on DCF – $2.00 $4.00 $6.00 $8.00 $10.00 - 20% 40% 60% 80% 100% Sep-21 Mar-22 Sep-22 Mar-23 Sep-23 % of ratings Buy Hold Sell Share price Target price Sources: FactSet (as of September 1, 2023), Bloomberg (as of September 1, 2023) Notes: 1. Target prices based on 100-day FactSet consensus window 2. Selection excludes SADIF Investment Analytics

PRELIMINARY DRAFT CAGR $m, unless noted 2020PF 2021PF 2022PF 2023E 2024E 2025E 2026E 2027E 2028E 2029E 2030E 2031E (23-27) (27-31) Residential fiber $127 $199 $297 $418 $519 $614 $668 $706 $732 42% 9 % Resi copper, video, voice 324 290 261 240 214 197 180 165 151 (10%) (8%) SMB 9 1 8 7 8 5 8 6 8 9 9 1 9 4 9 6 9 8 (1%) 2 % Enterprise1 295 293 296 306 319 332 343 354 364 2 % 3 % Carrier2 146 136 139 141 143 144 146 147 149 (0%) 1 % Other3 133 123 114 108 103 9 8 9 4 9 0 8 6 (6%) (4%) Revenue $1,238 $1,222 $1,145 $1,115 $1,128 $1,193 $1,300 $1,388 $1,476 $1,524 $1,558 $1,580 6 % 3 % % growth n.a. (1%) (6%) (3%) 1 % 6 % 9 % 7 % 6 % 3 % 2 % 1 % Gross profit $1,090 $1,066 $997 $880 $904 $984 $1,090 $1,184 $1,263 $1,305 $1,334 $1,354 8 % 3 % % margin 88% 87% 87% 79% 80% 83% 84% 85% 86% 86% 86% 86% Adj. EBITDA4 $462 $442 $369 $327 $360 $423 $534 $635 $719 $750 $772 $783 18% 5 % % margin 37% 36% 32% 29% 32% 35% 41% 46% 49% 49% 50% 50% Unlevered free cash flow5 $23 ($35) $40 $160 $342 $378 $402 $419 n.a. 27% % margin 2 % (3%) 3% 12% 23% 25% 26% 26% Memo: CapEx ($495) ($370) ($409) ($394) ($340) ($230) ($221) ($214) ($205) (9%) (12%) CapEx % of revenue 44% 33% 34% 30% 25% 16% 14% 14% 13% Change in working capital (17) 1 1 5 (7) (7) (6) (3) (2) (2) (19%) (32%) EBITDA - CapEx ($168) ($10) $14 $140 $295 $490 $529 $558 $578 n.a. 18% % conversion (51%) (3%) 3% 26% 46% 68% 71% 72% 74% Cost / passing (pre-CWIP & inventory) $639 $849 $942 $830 $952 n.a. n.a. n.a. n.a. 10% n.a. Summary of Illustrative Buyer Plan (No Pre-Closing Capital) 28 A Appendix Notes: Financials as presented include WA results until transaction close in 2024 1. Enterprise revenue includes other commercial revenue (non-recurring and other services including business systems, joint pole & special projects, commercial video services and other services) 2. Carrier revenue includes other carrier revenue (non-recurring and other services including business systems, joint pole & special projects, commercial video services and other services) 3. Other revenue includes other subsidy revenue (excluding CAF), CAF / RDOF subsidy revenue, special access revenue, network / switched access revenue, USF revenue and other products / services rev. 4. Adj. EBITDA excludes cost of stock-based compensation (“SBC”) 5. Unlevered free cash flow per Standalone LRP; calculated as EBIT – taxes + tax depreciation – CapEx + / - change in NWC + net proceeds from asset divestitures; does not consider generated nor utilized NOLs; negative EBIT results in $0 tax paid; contemplating H2-2023 unlevered free cash flow for purposes of valuation Sources: Illustrative Buyer Plan (No Pre-Closing Capital), pro forma historical periods (2020-2022) provided by Condor Management (normalized to exclude divestures of Ohio and Kansas City operations and wireless partnerships)

PRELIMINARY DRAFT Summary of Illustrative Buyer Plan (No Pre-Closing Capital) (cont’d) 29 A Appendix Select cash flow and leverage metrics Source: Illustrative Buyer Plan (No Pre-Closing Capital) Notes: Financials as presented include WA results until transaction close in 2024 1. Adj. EBITDA excludes cost of SBC 2. Defined as respective metric ÷ Adj. EBITDA 3. Levered free cash flow per Standalone LRP; calculated as Adj. EBITDA – cash taxes (net of NOLs) – CapEx + / - change in NWC – cash interest – finance lease payments – pension / OPEB contributions – one-time items; does not reflect movements in revolver or net proceeds from asset divestitures 4. Leverage defined as net debt ÷ Adj. EBITDA; does not contemplate additional potential add-backs allowed by debt covenants 5. Net debt excludes deferred debt issuance costs 6. Total liquidity based on cash on hand and revolver availability CAGR $ m 2023E 2024E 2025E 2026E 2027E (23-27) Adj. EBITDA1 $327 $360 $423 $534 $635 18% % margin 29% 32% 35% 41% 46% Build (177) (77) (148) (149) (112) (11%) Success-based (190) (184) (182) (172) (159) (4%) Maintenance capex (128) (109) (79) (73) (69) (14%) CapEx ($495) ($370) ($409) ($394) ($340) (9%) CapEx % of sales 44% 33% 34% 30% 25% Adj. EBITDA1 - CapEx ($168) ($10) $14 $140 $295 n.a. % conversion 2 (51%) (3%) 3 % 26% 46% Levered free cash flow3 ($409) ($212) ($203) ($89) $77 n.a. % conversion 2 (125%) (59%) (48%) (17%) 12% Leverage4,5 6.6x 6.4x 5.9x 4.8x 3.9x n.a. Memo: Net debt5 2,159 2,300 2,484 2,569 2,495 n.a. Liquidity6 $231 $85 ($118) ($207) ($146) n.a.

PRELIMINARY DRAFT Project Seashore Special Committee materials September 13th, 2023 1

PRELIMINARY DRAFT Disclaimer The accompanying materials were compiled on a confidential basis by Rothschild & Co US Inc. (“Rothschild & Co”) for the use and benefit of the Special Committee (the “Special Committee”) of the Board of Directors of Consolidated Communications Holdings, Inc. (the “Company” or “Condor”) solely in connection with its evaluation of the transaction referred to herein. Neither Rothschild & Co nor any of its affiliates, nor any of its or their respective officers, directors, employees, advisors, agents or representatives, represents or warrants as to the accuracy or completeness of any of the materials set forth herein. Nothing contained in the accompanying materials is, or shall be relied upon as, a promise or representation as to the past, present or future. It should be understood that these materials, including any valuations and/or estimates or projections contained in the accompanying materials, were prepared or derived from information supplied by the Company or derived from public sources, without any independent verification by Rothschild & Co. This information, including any valuations, estimates or projections, involves numerous and significant assumptions and subjective determinations by the Company’s management and other sources, which may or may not be correct, although the Company has represented that the materials are reasonably based. Rothschild & Co assumes no responsibility for independent verification of such information and has relied on such information being complete and accurate in all material respects. Accordingly, no representation or warranty, express or implied, can be made or is made by Rothschild & Co as to the accuracy or completeness of any such information or the achievability of any such valuations and/or estimates or projections. To the extent such information includes any estimates or projections of future financial performance, Rothschild & Co has assumed that such estimates or projections have been reasonably prepared on bases reflecting the best currently available estimates and judgments of management of the Company (or, with respect to estimates and forecasts obtained from public sources, represent reasonable estimates). The accompanying material does not represent an opinion as to the prices at which the Company, or any interests therein, actually would be acquired or sold. Except where otherwise indicated, this presentation speaks as of the date hereof and is necessarily based upon the information available to Rothschild & Co and financial, stock market and other conditions and circumstances existing and disclosed to Rothschild & Co as of the date hereof. Rothschild & Co does not have any obligation to update, review or reaffirm these materials. The presentation is incomplete without reference to, and should be viewed solely in conjunction with, the oral briefing provided by Rothschild & Co. Under no circumstances should the delivery of this presentation imply that any information or analyses included in this presentation would be the same if made as of any other date. These materials are not intended to provide the sole basis for evaluating, and should not be considered a recommendation with respect to, any transaction or other matter. No single analysis contained herein can be deemed more or less important than any other analysis and these analyses must be considered, in their totality, with the oral briefing provided by Rothschild & Co. Prior to entering into any transaction, the Special Committee should determine, without reliance on Rothschild & Co or its affiliates, the economic risks and merits as well as the legal, tax and accounting characterizations and consequences of any such transaction. In this regard, by accepting these materials, the Special Committee acknowledges that Rothschild & Co is not in the business of providing (and the Special Committee is not relying on Rothschild & Co for) legal, tax or accounting advice, and the Special Committee should receive (and rely on) separate and qualified legal, tax and accounting advice. These materials do not constitute an offer or solicitation to sell or purchase any securities. Rothschild & Co is not acting in any capacity as a fiduciary or agent of the Special Committee, the Board of Directors or the Company. In the ordinary course of their asset management, merchant banking and other business activities, affiliates of Rothschild & Co may at any time hold long or short positions, and may trade or otherwise effect transactions, for their own accounts or the accounts of their clients in equity, debt or other securities (or related derivative securities) or financial instruments of the Company or any of its affiliates or any other company that may be involved in a transaction. THIS PRESENTATION IS CONFIDENTIAL AND WAS NOT PREPARED WITH A VIEW TO PUBLIC DISCLOSURE OR FILING THEREOF UNDER STATE OR FEDERAL SECURITIES LAWS OR OTHERWISE. THIS PRESENTATION MAY NOT BE COPIED BY, OR DISCLOSED OR MADE AVAILABLE TO, ANY PERSON WITHOUT THE PRIOR WRITTEN APPROVAL OF Rothschild & Co. THIS PRESENTATION IS NOT INTENDED TO BE USED OR RELIED UPON, AND SHOULD NOT BE USED OR RELIED UPON, BY ANY PERSON OTHER THAN THE SPECIAL COMMITTEE AND MAY NOT BE USED BY ANY OTHER PERSON WITHOUT PRIOR WRITTEN APPROVAL OF Rothschild & Co. 2

PRELIMINARY DRAFT Preliminary assessment of valuation methodologies 3 3. Financials through 2024E adjusted for pro forma impact of WA divestiture per Condor Management 4. NPV of WA proceeds and interim cash flows treated as cash-like item for purposes of EV bridge ($68m; see p. 22) 5. NOL schedule based on Standalone LRP 6. Current analyst target prices based, in part, on take-out price; intrinsic represents DCF-based analysis; Selection excludes SADIF Investment Analytics Notes: 1. Rounded to neared $0.25 except for 52-week high / low and analyst target prices 2. Per Condor Management, assumes 118.7m fully diluted shares outstanding, net debt of $1.99bn, net, tax-effected PBO and OPEB of $94.5m, NCI of $8.0m, Investments of $9.1m and preferred equity valued at liquidation preference of $498.3m Sources: Standalone LRP, company filings, FactSet (as of September 1, 2023), Bloomberg (as of September 1, 2023), US Fed, Kroll Cost of Capital Guide Methodology Per-share value ($ actual)1,2 Implied EV ($bn)2 Assumptions Core methodologies Selected public company analysis EV / 2024E Revenue3 $2.5 – 3.14 ◼ EV / 2024E Revenue: 2.25x – 2.75x EV / 2024E Adj. EBITDA3 $1.9 – 2.54 ◼ EV / 2024E Adj. EBITDA multiple: 5.5x – 7.0x EV / 2025E Adj. EBITDA $2.4 – 3.04 ◼ EV / 2025E Adj. EBITDA multiple: 5.5x – 7.0x Selected precedent transactions EV / LTM Q2’23 Adj. EBITDA3 $1.9 – 3.04 ◼ EV / LTM Adj. EBITDA: 6.0x – 9.4x Illustrative discounted cash flow analysis $2.9 – 3.7 ◼ PGR: 1.5 – 2.5% ◼ WACC: 9.5 – 10.5% ◼ Valuation date as of 6/30/2023 Other references Premia paid analysis All-cash going private transactions $3.0 – 3.14 ◼ 35 – 80% (25th and 75th percentile, respectively) premia to April 12, 2023 closing price of $2.76 All-cash acquisitions $2.9 – 3.04 ◼ 21 – 53% (25th and 75th percentile, respectively) premia to April 12, 2023 closing price of $2.76 Other metrics 52-week high / low $2.8 – 3.24 ◼ 52-week trading high and low closing prices as of September 1, 2023 Analyst target prices Unaffected $2.8 – 3.04 ◼ Represents low and high of analyst target prices as of April 12, 20236 Analyst target prices Current $3.0 – 3.04 ◼ Represents low and high of analyst target prices as of September 1, 20236 Analyst target prices Intrinsic $3.0 – 3.14 ◼ Represents low and high of analyst DCF-based valuations as of September 1, 20236 n.m. n.m. n.m. n.m. 2.50 3.75 3.25 2.15 2.50 3.75 3.94 4.75 4.50 4.00 9.75 5.00 4.25 5.97 4.50 4.00 4.72 Seagull proposal: $4.00 April 12th closing price: $2.76 3.25 Incl. NOL value5 3.92 Current trading implies 8.4x ’24E EBITDA 10.50 1 st Seagull verbal indication: $4.20 7.1x multiple implies $0 of equity value 2 nd Seagull verbal indication: $4.35

PRELIMINARY DRAFT DCF sensitivity to varying operating assumptions Does not contemplate illustrative impacts to liquidity and NOL usage 4 3.73 n.m. 5.07 3.04 4.70 1.01 4.53 7.30 7.48 6.08 7.50 6.63 6.12 7.40 Implied per-share DCF midpoint range Base assumption 1,2,3 Item Sources: Standalone LRP, company filings, FactSet (as of September 1, 2023), Bloomberg (as of September 1, 2023), US Fed, Kroll Cost of Capital Guide Notes: 1. Sensitivity analyses vs. Standalone LRP 2. Valuation date as of June 30, 2023 as per Condor Management, Condor Management-provided FDSO of 118.7m as of July 31, 2023 3. Assumes WACC of 10.0% and PGR of 2.0% Enterprise sales growth rate ◼ Enterprise sales decline ~1% in 2023E and grow at a CAGR of ~3.1% from 2024 – 2031E ~3.1% 0% 5% ~50.5% 45% 51% ◼ Adj. EBITDA margin reaches ~50.5% by 2031E Terminal Adj. EBITDA margin Residential fiber terminal penetration ◼ Residential fiber cohorts reach 40% penetration by year 6 Cost per home passed ◼ Blended cost per home passed increases from ~$850 in 2024 to ~$1,250 by 2027, dropping to ~$725 thereafter (pre-CWIP / Inventory) Sensitivity range 35% 45% 40% -$200 vs. base +$200 vs. base ~$850 – ~1,250; ~$725 Non-video COGS % of sales ◼ COGS % of sales decline from ~15.1% in 2023E and stepped down to 12.0% by 2027E; held at 12.0% through 2031E Terminal CapEx % of sales ◼ “Steady-state” CapEx estimated at 13% of sales in terminal period 10% 13% 15% Base DCF (ex. NOLs) midpoint: $5.66 Residential fiber ARPU growth rate ◼ Existing residential fiber subscriber ARPU grown at 4.0% p.a.; new cohort residential fiber subscriber ARPU grown at 5.0% p.a ~15.0 – 12.0% -100 bps vs. base +100 bps vs. base 0%;1% 5%; 6% 4%; 5%

PRELIMINARY DRAFT Illustrative share price $2.76 $3.84 $4.00 $4.20 $4.35 $4.50 $5.00 $5.50 $6.00 $6.50 $7.00 $7.50 Implied premia to: Unaffected (Apr. 12, 2023) $2.76 – 39.1% 44.9% 52.2% 57.6% 63.0% 81.2% 99.3% 117.4% 135.5% 153.6% 171.7% Current (Sep. 1, 2023) $3.84 (28.1%) – 4.2% 9.4% 13.3% 17.2% 30.2% 43.2% 56.3% 69.3% 82.3% 95.3% 1-month VWAP $2.49 10.9% 54.2% 60.7% 68.7% 74.7% 80.8% 100.8% 120.9% 141.0% 161.1% 181.2% 201.3% 2-month VWAP $2.86 (3.5%) 34.2% 39.8% 46.8% 52.1% 57.3% 74.8% 92.3% 109.7% 127.2% 144.7% 162.2% 3-month VWAP $3.07 (10.1%) 25.1% 30.3% 36.8% 41.7% 46.6% 62.8% 79.1% 95.4% 111.7% 128.0% 144.3% 6-month VWAP $3.54 (22.1%) 8.4% 12.9% 18.5% 22.7% 27.0% 41.1% 55.2% 69.3% 83.4% 97.5% 111.6% 52-week high (Sep. 12, 2022) $5.97 (53.8%) (35.7%) (33.0%) (29.6%) (27.1%) (24.6%) (16.2%) (7.9%) 0.5% 8.9% 17.3% 25.6% 52-week low (Mar. 24, 2023) $2.15 28.4% 78.6% 86.0% 95.3% 102.3% 109.3% 132.6% 155.8% 179.1% 202.3% 225.6% 248.8% (×) Fully diluted shares outstanding 118.7 118.7 118.7 118.7 118.7 118.7 118.7 118.7 118.7 118.7 118.7 118.7 Implied equity value $328 $456 $475 $498 $516 $534 $593 $653 $712 $771 $831 $890 (+) Net debt 1,989 1,989 1,989 1,989 1,989 1,989 1,989 1,989 1,989 1,989 1,989 1,989 (-) NPV of WA assets (68) (68) (68) (68) (68) (68) (68) (68) (68) (68) (68) (68) (+) Preferred stock (at liquidation pref.) 498 498 498 498 498 498 498 498 498 498 498 498 (+) Other adjustments 93 93 93 93 93 93 93 93 93 93 93 93 Implied enterprise value $2,841 $2,969 $2,988 $3,012 $3,029 $3,047 $3,107 $3,166 $3,225 $3,285 $3,344 $3,403 Memo: implied EV premium – 4.5% 5.2% 6.0% 6.6% 7.3% 9.4% 11.4% 13.5% 15.6% 17.7% 19.8% Implied multiples EV / Revenue 2022PF $1,124 2.53x 2.64x 2.66x 2.68x 2.69x 2.71x 2.76x 2.82x 2.87x 2.92x 2.97x 3.03x LTM Jun-23PF 1,104 2.57 2.69 2.71 2.73 2.74 2.76 2.81 2.87 2.92 2.97 3.03 3.08 2023E (pro forma) 1,095 2.59 2.71 2.73 2.75 2.77 2.78 2.84 2.89 2.94 3.00 3.05 3.11 2024E (pro forma) 1,119 2.54 2.65 2.67 2.69 2.71 2.72 2.78 2.83 2.88 2.94 2.99 3.04 2025E 1,185 2.40 2.50 2.52 2.54 2.56 2.57 2.62 2.67 2.72 2.77 2.82 2.87 EV / Adj. EBITDA 2022PF $354 8.0x 8.4x 8.4x 8.5x 8.6x 8.6x 8.8x 8.9x 9.1x 9.3x 9.4x 9.6x LTM Jun-23PF 319 8.9 9.3 9.4 9.4 9.5 9.6 9.7 9.9 10.1 10.3 10.5 10.7 2023E (pro forma) 313 9.1 9.5 9.5 9.6 9.7 9.7 9.9 10.1 10.3 10.5 10.7 10.9 2024E (pro forma) 354 8.0 8.4 8.4 8.5 8.6 8.6 8.8 8.9 9.1 9.3 9.5 9.6 2025E 436 6.5 6.8 6.9 6.9 7.0 7.0 7.1 7.3 7.4 7.5 7.7 7.8 Analysis at various prices Seagull 2nd verbal indication implies 9.7x, 8.6x and 7.0x 23E, 24E and 25E Adj. EBITDA, respectively 5 Sources: Company filings, FactSet (as of September 1, 2023 and April 12, 2023), Standalone LRP Notes: 1. Calendar day VWAPs; as of April 12, 2023 2. Valuation date as of June 30, 2023 as per Condor Management, Condor Management-provided FDSO of 118.7m as of July 31, 2023 3. NPV of WA proceeds and interim cash flows treated as cash-like item; 2022 – 2024 financials adjusted for pro forma impact of WA divestiture per Condor Management 4. Other adjustments include net, tax-effected PBO and OPEB, NCI and Investments (net tax-effected PBO and OPEB provided per Condor Management, NCI and Investments sourced from Company filings) 5. Projected metrics per Standalone LRP; historical metrics per Condor Management on like-for-like basis to Standalone LRP pro forma for divestures of Ohio and Kansas City operations and wireless partnerships Unaffected Seagull Current proposal 2 3 5 2 1 1 1 1 4 3 3 3 3 3 3 3 3 1 st Verbal indication 2 nd Verbal indication

PRELIMINARY DRAFT Project Seashore Special Committee materials September 23rd, 2023 1

PRELIMINARY DRAFT Disclaimer The accompanying materials were compiled on a confidential basis by Rothschild & Co US Inc. (“Rothschild & Co”) for the use and benefit of the Special Committee (the “Special Committee”) of the Board of Directors of Consolidated Communications Holdings, Inc. (the “Company” or “Condor”) solely in connection with its evaluation of the transaction referred to herein. Neither Rothschild & Co nor any of its affiliates, nor any of its or their respective officers, directors, employees, advisors, agents or representatives, represents or warrants as to the accuracy or completeness of any of the materials set forth herein. Nothing contained in the accompanying materials is, or shall be relied upon as, a promise or representation as to the past, present or future. It should be understood that these materials, including any valuations and/or estimates or projections contained in the accompanying materials, were prepared or derived from information supplied by the Company or derived from public sources, without any independent verification by Rothschild & Co. This information, including any valuations, estimates or projections, involves numerous and significant assumptions and subjective determinations by the Company’s management and other sources, which may or may not be correct, although the Company has represented that the materials are reasonably based. Rothschild & Co assumes no responsibility for independent verification of such information and has relied on such information being complete and accurate in all material respects. Accordingly, no representation or warranty, express or implied, can be made or is made by Rothschild & Co as to the accuracy or completeness of any such information or the achievability of any such valuations and/or estimates or projections. To the extent such information includes any estimates or projections of future financial performance, Rothschild & Co has assumed that such estimates or projections have been reasonably prepared on bases reflecting the best currently available estimates and judgments of management of the Company (or, with respect to estimates and forecasts obtained from public sources, represent reasonable estimates). The accompanying material does not represent an opinion as to the prices at which the Company, or any interests therein, actually would be acquired or sold. Except where otherwise indicated, this presentation speaks as of the date hereof and is necessarily based upon the information available to Rothschild & Co and financial, stock market and other conditions and circumstances existing and disclosed to Rothschild & Co as of the date hereof. Rothschild & Co does not have any obligation to update, review or reaffirm these materials. The presentation is incomplete without reference to, and should be viewed solely in conjunction with, the oral briefing provided by Rothschild & Co. Under no circumstances should the delivery of this presentation imply that any information or analyses included in this presentation would be the same if made as of any other date. These materials are not intended to provide the sole basis for evaluating, and should not be considered a recommendation with respect to, any transaction or other matter. No single analysis contained herein can be deemed more or less important than any other analysis and these analyses must be considered, in their totality, with the oral briefing provided by Rothschild & Co. Prior to entering into any transaction, the Special Committee should determine, without reliance on Rothschild & Co or its affiliates, the economic risks and merits as well as the legal, tax and accounting characterizations and consequences of any such transaction. In this regard, by accepting these materials, the Special Committee acknowledges that Rothschild & Co is not in the business of providing (and the Special Committee is not relying on Rothschild & Co for) legal, tax or accounting advice, and the Special Committee should receive (and rely on) separate and qualified legal, tax and accounting advice. These materials do not constitute an offer or solicitation to sell or purchase any securities. Rothschild & Co is not acting in any capacity as a fiduciary or agent of the Special Committee, the Board of Directors or the Company. In the ordinary course of their asset management, merchant banking and other business activities, affiliates of Rothschild & Co may at any time hold long or short positions, and may trade or otherwise effect transactions, for their own accounts or the accounts of their clients in equity, debt or other securities (or related derivative securities) or financial instruments of the Company or any of its affiliates or any other company that may be involved in a transaction. THIS PRESENTATION IS CONFIDENTIAL AND WAS NOT PREPARED WITH A VIEW TO PUBLIC DISCLOSURE OR FILING THEREOF UNDER STATE OR FEDERAL SECURITIES LAWS OR OTHERWISE. THIS PRESENTATION MAY NOT BE COPIED BY, OR DISCLOSED OR MADE AVAILABLE TO, ANY PERSON WITHOUT THE PRIOR WRITTEN APPROVAL OF Rothschild & Co. THIS PRESENTATION IS NOT INTENDED TO BE USED OR RELIED UPON, AND SHOULD NOT BE USED OR RELIED UPON, BY ANY PERSON OTHER THAN THE SPECIAL COMMITTEE AND MAY NOT BE USED BY ANY OTHER PERSON WITHOUT PRIOR WRITTEN APPROVAL OF Rothschild & Co. 2

PRELIMINARY DRAFT Preliminary assessment of valuation methodologies 3 3. Financials through 2024E adjusted for pro forma impact of WA divestiture per Condor Management 4. NPV of WA proceeds and interim cash flows treated as cash-like item for purposes of EV bridge ($68m; see p. 22) 5. NOL schedule based on Standalone LRP 6. Current analyst target prices based, in part, on take-out price; intrinsic represents DCF-based analysis; Selection excludes SADIF Investment Analytics Notes: 1. Rounded to neared $0.25 except for 52-week high / low and analyst target prices 2. Per Condor Management, assumes 118.7m fully diluted shares outstanding, net debt of $1.99bn, net, tax-effected PBO and OPEB of $94.5m, NCI of $8.0m, Investments of $9.1m and preferred equity valued at liquidation preference of $498.3m Sources: Standalone LRP, company filings, FactSet (as of September 1, 2023), Bloomberg (as of September 1, 2023), US Fed, Kroll Cost of Capital Guide Methodology Per-share value ($ actual)1,2 Implied EV ($bn)2 Assumptions Core methodologies Selected public company analysis EV / 2024E Revenue3 $2.5 – 3.14 ◼ EV / 2024E Revenue: 2.25x – 2.75x EV / 2024E Adj. EBITDA3 $1.9 – 2.54 ◼ EV / 2024E Adj. EBITDA multiple: 5.5x – 7.0x EV / 2025E Adj. EBITDA $2.4 – 3.04 ◼ EV / 2025E Adj. EBITDA multiple: 5.5x – 7.0x Selected precedent transactions EV / LTM Q2’23 Adj. EBITDA3 $1.9 – 3.04 ◼ EV / LTM Adj. EBITDA: 6.0x – 9.4x Illustrative discounted cash flow analysis $2.9 – 3.7 ◼ PGR: 1.5 – 2.5% ◼ WACC: 9.5 – 10.5% ◼ Valuation date as of 6/30/2023 Other references Premia paid analysis All-cash going private transactions $3.0 – 3.14 ◼ 35 – 80% (25th and 75th percentile, respectively) premia to April 12, 2023 closing price of $2.76 All-cash acquisitions $2.9 – 3.04 ◼ 21 – 53% (25th and 75th percentile, respectively) premia to April 12, 2023 closing price of $2.76 Other metrics 52-week high / low $2.8 – 3.24 ◼ 52-week trading high and low closing prices as of September 1, 2023 Analyst target prices Unaffected $2.8 – 3.04 ◼ Represents low and high of analyst target prices as of April 12, 20236 Analyst target prices Current $3.0 – 3.04 ◼ Represents low and high of analyst target prices as of September 1, 20236 Analyst target prices Intrinsic $3.0 – 3.14 ◼ Represents low and high of analyst DCF-based valuations as of September 1, 20236 n.m. n.m. n.m. n.m. 2.50 3.75 3.25 2.15 2.50 3.75 3.94 4.75 4.50 4.00 9.75 5.00 4.25 5.97 4.50 4.00 4.72 Seagull proposal: $4.00 April 12th closing price: $2.76 3.25 Incl. NOL value5 3.92 Current trading implies 8.4x ’24E EBITDA 10.50 Latest Seagull verbal indication: $4.65 7.1x multiple implies $0 of equity value

PRELIMINARY DRAFT DCF sensitivity to varying operating assumptions Does not contemplate illustrative impacts to liquidity and NOL usage 4 3.73 n.m. 5.07 3.04 4.70 1.01 4.53 7.30 7.48 6.08 7.50 6.63 6.12 7.40 Implied per-share DCF midpoint range Base assumption 1,2,3 Item Sources: Standalone LRP, company filings, FactSet (as of September 1, 2023), Bloomberg (as of September 1, 2023), US Fed, Kroll Cost of Capital Guide Notes: 1. Sensitivity analyses vs. Standalone LRP 2. Valuation date as of June 30, 2023 as per Condor Management, Condor Management-provided FDSO of 118.7m as of July 31, 2023 3. Assumes WACC of 10.0% and PGR of 2.0% Enterprise sales growth rate ◼ Enterprise sales decline ~1% in 2023E and grow at a CAGR of ~3.1% from 2024 – 2031E ~3.1% 0% 5% ~50.5% 45% 51% ◼ Adj. EBITDA margin reaches ~50.5% by 2031E Terminal Adj. EBITDA margin Residential fiber terminal penetration ◼ Residential fiber cohorts reach 40% penetration by year 6 Cost per home passed ◼ Blended cost per home passed increases from ~$850 in 2024 to ~$1,250 by 2027, dropping to ~$725 thereafter (pre-CWIP / Inventory) Sensitivity range 35% 45% 40% -$200 vs. base +$200 vs. base ~$850 – ~1,250; ~$725 Non-video COGS % of sales ◼ COGS % of sales decline from ~15.1% in 2023E and stepped down to 12.0% by 2027E; held at 12.0% through 2031E Terminal CapEx % of sales ◼ “Steady-state” CapEx estimated at 13% of sales in terminal period 10% 13% 15% Base DCF (ex. NOLs) midpoint: $5.66 Residential fiber ARPU growth rate ◼ Existing residential fiber subscriber ARPU grown at 4.0% p.a.; new cohort residential fiber subscriber ARPU grown at 5.0% p.a ~15.0 – 12.0% -100 bps vs. base +100 bps vs. base 0%;1% 5%; 6% 4%; 5%

PRELIMINARY DRAFT Illustrative share price $2.76 $3.54 $4.00 $4.20 $4.35 $4.65 $5.00 $5.50 $6.00 $6.50 $7.00 $7.50 Implied premia to: Unaffected (Apr. 12, 2023) $2.76 – 28.3% 44.9% 52.2% 57.6% 68.5% 81.2% 99.3% 117.4% 135.5% 153.6% 171.7% Current (Sep. 22, 2023) $3.54 (22.0%) – 13.0% 18.6% 22.9% 31.4% 41.2% 55.4% 69.5% 83.6% 97.7% 111.9% 1-month VWAP $2.49 10.9% 42.2% 60.7% 68.7% 74.7% 86.8% 100.8% 120.9% 141.0% 161.1% 181.2% 201.3% 2-month VWAP $2.86 (3.5%) 23.8% 39.8% 46.8% 52.1% 62.6% 74.8% 92.3% 109.7% 127.2% 144.7% 162.2% 3-month VWAP $3.07 (10.1%) 15.3% 30.3% 36.8% 41.7% 51.4% 62.8% 79.1% 95.4% 111.7% 128.0% 144.3% 6-month VWAP $3.54 (22.1%) (0.1%) 12.9% 18.5% 22.7% 31.2% 41.1% 55.2% 69.3% 83.4% 97.5% 111.6% 52-week high (Sep. 12, 2022) $5.97 (53.8%) (40.7%) (33.0%) (29.6%) (27.1%) (22.1%) (16.2%) (7.9%) 0.5% 8.9% 17.3% 25.6% 52-week low (Mar. 24, 2023) $2.15 28.4% 64.7% 86.0% 95.3% 102.3% 116.3% 132.6% 155.8% 179.1% 202.3% 225.6% 248.8% (×) Fully diluted shares outstanding 118.7 118.7 118.7 118.7 118.7 118.7 118.7 118.7 118.7 118.7 118.7 118.7 Implied equity value $328 $420 $475 $498 $516 $552 $593 $653 $712 $771 $831 $890 (+) Net debt 1,989 1,989 1,989 1,989 1,989 1,989 1,989 1,989 1,989 1,989 1,989 1,989 (-) NPV of WA assets (68) (68) (68) (68) (68) (68) (68) (68) (68) (68) (68) (68) (+) Preferred stock (at liquidation pref.) 498 498 498 498 498 498 498 498 498 498 498 498 (+) Other adjustments 93 93 93 93 93 93 93 93 93 93 93 93 Implied enterprise value $2,841 $2,933 $2,988 $3,012 $3,029 $3,065 $3,107 $3,166 $3,225 $3,285 $3,344 $3,403 Memo: implied EV premium – 3.3% 5.2% 6.0% 6.6% 7.9% 9.4% 11.4% 13.5% 15.6% 17.7% 19.8% Implied multiples EV / Revenue 2022PF $1,124 2.53x 2.61x 2.66x 2.68x 2.69x 2.73x 2.76x 2.82x 2.87x 2.92x 2.97x 3.03x LTM Jun-23PF 1,104 2.57 2.66 2.71 2.73 2.74 2.78 2.81 2.87 2.92 2.97 3.03 3.08 2023E (pro forma) 1,095 2.59 2.68 2.73 2.75 2.77 2.80 2.84 2.89 2.94 3.00 3.05 3.11 2024E (pro forma) 1,119 2.54 2.62 2.67 2.69 2.71 2.74 2.78 2.83 2.88 2.94 2.99 3.04 2025E 1,185 2.40 2.47 2.52 2.54 2.56 2.59 2.62 2.67 2.72 2.77 2.82 2.87 EV / Adj. EBITDA 2022PF $354 8.0x 8.3x 8.4x 8.5x 8.6x 8.7x 8.8x 8.9x 9.1x 9.3x 9.4x 9.6x LTM Jun-23PF 319 8.9 9.2 9.4 9.4 9.5 9.6 9.7 9.9 10.1 10.3 10.5 10.7 2023E (pro forma) 313 9.1 9.4 9.5 9.6 9.7 9.8 9.9 10.1 10.3 10.5 10.7 10.9 2024E (pro forma) 354 8.0 8.3 8.4 8.5 8.6 8.7 8.8 8.9 9.1 9.3 9.5 9.6 2025E 436 6.5 6.7 6.9 6.9 7.0 7.0 7.1 7.3 7.4 7.5 7.7 7.8 Analysis at various prices Latest Seagull verbal indication implies 9.8x, 8.7x and 7.0x 23E, 24E and 25E Adj. EBITDA, respectively 5 Sources: Company filings, FactSet (as of September 22, 2023 and April 12, 2023), Standalone LRP Notes: 1. Calendar day VWAPs; as of April 12, 2023 2. Valuation date as of June 30, 2023 as per Condor Management, Condor Management-provided FDSO of 118.7m as of July 31, 2023 3. NPV of WA proceeds and interim cash flows treated as cash-like item; 2022 – 2024 financials adjusted for pro forma impact of WA divestiture per Condor Management 4. Other adjustments include net, tax-effected PBO and OPEB, NCI and Investments (net tax-effected PBO and OPEB provided per Condor Management, NCI and Investments sourced from Company filings) 5. Projected metrics per Standalone LRP; historical metrics per Condor Management on like-for-like basis to Standalone LRP pro forma for divestures of Ohio and Kansas City operations and wireless partnerships Unaffected Seagull Current proposal 2 3 5 2 1 1 1 1 4 3 3 3 3 3 3 3 3 1 st Verbal indication 2 nd Verbal indication Latest indication

Project Seashore Fairness opinion analysis October 14, 2023 1

Disclaimer 1. Section name 2 The accompanying materials were compiled on a confidential basis by Rothschild & Co US Inc. (“Rothschild & Co”) for the use and benefit of the Special Committee (the “Special Committee”) of the Board of Directors of Consolidated Communications Holdings, Inc. (the “Company” or “Condor”) solely in connection with its evaluation of the transaction referred to herein. Neither Rothschild & Co nor any of its affiliates, nor any of its or their respective officers, directors, employees, advisors, agents or representatives, represents or warrants as to the accuracy or completeness of any of the materials set forth herein. Nothing contained in the accompanying materials is, or shall be relied upon as, a promise or representation as to the past, present or future. It should be understood that these materials, including any valuations and/or estimates or projections contained in the accompanying materials, were prepared or derived from information supplied by the Company or derived from public sources, without any independent verification by Rothschild & Co. This information, including any valuations, estimates or projections, involves numerous and significant assumptions and subjective determinations by the Company’s management and other sources, which may or may not be correct, although the Company has represented that the materials are reasonably based. Rothschild & Co assumes no responsibility for independent verification of such information and has relied on such information being complete and accurate in all material respects. 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Except where otherwise indicated, this presentation speaks as of the date hereof and is necessarily based upon the information available to Rothschild & Co and financial, stock market and other conditions and circumstances existing and disclosed to Rothschild & Co as of the date hereof. Rothschild & Co does not have any obligation to update, review or reaffirm these materials. The presentation is incomplete without reference to, and should be viewed solely in conjunction with, the oral briefing provided by Rothschild & Co. Under no circumstances should the delivery of this presentation imply that any information or analyses included in this presentation would be the same if made as of any other date. These materials are not intended to provide the sole basis for evaluating, and should not be considered a recommendation with respect to, any transaction or other matter. No single analysis contained herein can be deemed more or less important than any other analysis and these analyses must be considered, in their totality, with the oral briefing provided by Rothschild & Co. Prior to entering into any transaction, the Special Committee should determine, without reliance on Rothschild & Co or its affiliates, the economic risks and merits as well as the legal, tax and accounting characterizations and consequences of any such transaction. In this regard, by accepting these materials, the Special Committee acknowledges that Rothschild & Co is not in the business of providing (and the Special Committee is not relying on Rothschild & Co for) legal, tax or accounting advice, and the Special Committee should receive (and rely on) separate and qualified legal, tax and accounting advice. These materials do not constitute an offer or solicitation to sell or purchase any securities. Rothschild & Co is not acting in any capacity as a fiduciary or agent of the Special Committee, the Board of Directors or the Company. In the ordinary course of their asset management, merchant banking and other business activities, affiliates of Rothschild & Co may at any time hold long or short positions, and may trade or otherwise effect transactions, for their own accounts or the accounts of their clients in equity, debt or other securities (or related derivative securities) or financial instruments of the Company or any of its affiliates or any other company that may be involved in a transaction. THIS PRESENTATION IS CONFIDENTIAL AND WAS NOT PREPARED WITH A VIEW TO PUBLIC DISCLOSURE OR FILING THEREOF UNDER STATE OR FEDERAL SECURITIES LAWS OR OTHERWISE. THIS PRESENTATION MAY NOT BE COPIED BY, OR DISCLOSED OR MADE AVAILABLE TO, ANY PERSON WITHOUT THE PRIOR WRITTEN APPROVAL OF ROTHSCHILD & CO. 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Executive summary Contents 1 Valuation perspectives 3 Overview of business plan 2 4 9 13 3 Appendix – Valuation supplement A 16

Executive summary 1 4

Rothschild & Co engagement 5 Rothschild & Co US Inc. (“Rothschild & Co” or “We”) has been engaged by the Special Committee (the “Special Committee”) of the Board of Directors of Condor (the “Company”) as financial advisor in connection with advising the Special Committee with respect to any potential transaction (the “Transaction”) proposed by Seagull (together with its affiliated investment funds) and Blue Jay (collectively, referred herein as the “Seagull Group”) as well as in evaluating potential strategic and financial alternatives to the Transaction, and if requested by the Special Committee, rendering an opinion as to the fairness, from a financial point of view, to the Company or to the holders of the Company’s common stock, as applicable, of the consideration to be received by the Company or such holders in a proposed Transaction To this end, these materials focus on the following: ◼ Review of Condor’s Standalone LRP projections ◼ Valuation of Condor utilizing various industry-standard valuation methodologies In connection with our engagement, Rothschild & Co has, among other things: ◼ At the direction of the Special Committee, utilized financial forecasts for Condor, prepared and provided by Condor’s management team (“Management”) and confirmed by the Special Committee and Management on October 12, 2023 (the “Standalone Long Range Plan” or “Standalone LRP”) ◼ Held discussions with the Special Committee regarding: □ The proposed Transaction; □ Past and current business operations and financial condition and prospects of Condor, including the Standalone LRP and the financial implications thereof; □ Strategic alternatives available to the Company; □ Certain other matters believed necessary or appropriate to our inquiry ◼ Held discussions with key members of Management on a regular basis over the course of our engagement 1. SITUATION OVERVIEW 1 Executive summary

Proposal overview (1 of 2) 6 Sources: Seagull Group amended Form SC 13D dated April 13, 2023, Merger Agreement, Communication from Seagull Group on September 27, 2023 Notes: 1. Unaffected date is April 12, 2023, the last trading day prior to public announcement of Seagull Group’s non-binding proposal 2. Company’s equity value based on $4.70 offer price per share and FDSO of 118.5m as of October 11, 2023 per Condor Management ~$3.1bn sale of Condor to the Seagull Group 1. SITUATION OVERVIEW 1 Executive summary Target Condor Acquiror The Seagull Group Purchase price $4.70 per share Premium ~70% premium to the unaffected price of $2.761 ~33% premium to last trading price of $3.53 (on October 13, 2023) Form of consideration All cash Financing conditions No financing contingency; existing debt to stay in place Shareholder approval Company shareholder approval by a majority of the voting power represented by the outstanding shares that are entitled to vote as well as a majority of the voting power held by unaffiliated stockholders Conditions Execution of a mutually acceptable definitive merger agreement No material adverse effect Receipt of certain regulatory approvals “No shop” Neither the Company nor its advisors may solicit alternative Acquisition Proposals Condor has the right to terminate the agreement if it receives an unsolicited Superior Proposal, subject to a termination fee Termination fee ~$17m (equal to 3% of Company’s equity value2 )

Unaffected Current Seagull Group (4/12/2023) (10/13/2023) proposal Unaffected (April 12, 2023; $2.76) n.a. 28% 70% Current (October 13, 2023; $3.53) (22%) n.a. 33% 1-month VWAP (April 12, 2023; $2.49) 11% 42% 89% 2-month VWAP (April 12, 2023; $2.86) (4%) 23% 64% 3-month VWAP (April 12, 2023; $3.07) (10%) 15% 53% 6-month VWAP (April 12, 2023; $3.54) (22%) (0%) 33% 52-week high (November 1, 2022; $5.35) (48%) (34%) (12%) 52-week low (March 24, 2023; $2.15) 28% 64% 119% Metric Multiple ($m) (x) Standalone LRP EV / LTM Jun-23PF Adj. EBITDA $319 9.6x EV / 2023E Adj. EBITDA (pro forma) 313 9.8x EV / 2024E Adj. EBITDA (pro forma) 354 8.7x EV / 2025E Adj. EBITDA 436 7.0x Consensus EV / 2023E Adj. EBITDA (pro forma) $295 10.4x EV / 2024E Adj. EBITDA (pro forma) 331 9.3x EV / 2025E Adj. EBITDA 365 8.4x Seagull Group proposed price per share $4.70 (×) Fully diluted shares outstanding 118.5 Implied Condor equity value $557 (+) Total debt 2,192 (+) Net, tax-effected PBO and OPEB 95 (-) Cash and cash equivalents (203) (-) NPV of WA assets (68) (+) Preferred stock (at liquidation pref.) 498 (-) Other adjustments (1) Implied enterprise value $3,070 Proposal overview (2 of 2) Implied enterprise value1 ($m, except per-share data) Implied premia 7 4 5 5 5 5 7 1 Executive summary ~70% premium to the unaffected price of $2.76 and ~33% premium to current price of $3.53 6 2 Sources: Standalone LRP, company filings, press releases, FactSet (as of October 13, 2023 and April 12, 2023) Notes: 1. Balance sheet as of June 30, 2023 as per Condor Management; FDSO of 118.5m as of October 11, 2023 per Condor Management 2. Unaffected date is April 12, 2023, the last trading day prior to public announcement of Seagull Group’s non-binding proposal 3. Gross of discounts and deferred debt issuance costs; includes finance leases 4. Tax-effected at 26% tax rate per Condor Management 5. Calendar day VWAP 6. NPV of WA sale proceeds and interim cash flows treated as cash-like item (see p. 17) 7. Other adjustments include NCI and Investments 8. Projected metrics per Standalone LRP; historical metric per Condor Management on like-for-like basis to Standalone LRP pro forma for divestures of Ohio and Kansas City operations and wireless partnerships; LTM Jun-23 through 2024 financials adjusted for pro forma impact of WA divestiture per Condor Management 9. Consensus Adj. EBITDA based on FactSet median consensus estimates as of October 13, 2023; 2023 and 2024 adjusted for pro forma impact of WA divestiture per Condor Management Implied multiples 8 9 3

$3.53 9.1x 0.0x 1.0x 2.0x 3.0x 4.0x 5.0x 6.0x 7.0x 8.0x 9.0x 10.0x $0.00 $2.00 $4.00 $6.00 $8.00 $10.00 $12.00 $14.00 $16.00 Oct-18 Apr-19 Oct-19 Apr-20 Oct-20 Apr-21 Oct-21 Apr-22 Oct-22 Apr-23 Oct-23 EV / NTM EBITDA multiple (x) Stock price ($ actuals) Q/K filed Seagull events Divestitures Stock price EV / NTM EBITDA Condor 5-year stock price and valuation multiple1,2,3 history Condor historical trading performance Sources: Company filings, press releases, FactSet (as of October 13, 2023) Notes: 1. Multiples prior to August 9, 2023 (the date of the Q2 2023 Form 10-Q filing) reflect corresponding publicly disclosed historical balance sheet and share information 2. Multiples following August 9, 2023 reflect balance sheet as of June 30, 2023 as per Condor Management; FDSO of 118.5m as of October 11, 2023 per Condor Management 3. EV / NTM EBITDA based on FactSet median consensus estimates; as a result, divestitures do not impact valuation until brokers adjust earnings April 12, 2023 Seagull Group submits and publicly announces going private proposal March 7, 2022: Seagull publicly discloses interest in increasing ownership / acquiring Condor October 2, 2020: Seagull closed on stage one investment September 14, 2020: Condor announced strategic investment from Seagull December 7, 2021: Seagull closed on stage two investment Divestiture announcements: ◆ Sep-21: Sale of Ohio assets ◆ Mar-22: Sale of Kansas City assets ◆ Aug-22: Sale of Wireless Partnership ◆ Aug-23: Sale of Washington state assets 8 1 Executive summary

Overview of business plan 2 9

46% 49% 50% 53% 57% 64% 71% 2023E 2024E 2025E 2026E 2027E 2028E 2029E Standalone LRP: review of key plan assumptions Source: Standalone LRP Notes: 1. Includes residential and SMB 2. Reflects total copper + fiber passings; copper + fiber passings remain constant across forecast period at ~2.7m passings Selected fiber build KPIs Fiber passings built (000s) % fiberized of ~2.7m2 Cost per passing (pre-CWIP & Inv.; $ actual) total passings 2 Overview of business plan 10 ◼ Build plan balances maximization of fiber deployment while managing liquidity / maintaining covenant compliance □ By 2027, business generates sufficient free cash flow to re-accelerate fiber build, reaching 71%1 fiber coverage by 2029E □ Capital expenditure (“CapEx”) cost per fiber passing ramps as RDOF market obligations are met in next few years ◼ Terminal residential fiber cohort penetration rates (40%) combined with higher ARPUs vs. legacy copper network result in material residential sales growth throughout the period ◼ Enterprise revenues are projected to grow at a CAGR of ~3.1% from 2024 – 2031E, leading to an overall recovery of Commercial & Carrier revenue to 2019 levels after multiple years of negative growth ◼ Operationally, COGS efficiency measures and improved operating leverage as fiber penetration ramps throughout the period lead to meaningful Adj. EBITDA margin expansion (~50% by 2031E) Key assumptions ◼ Standalone LRP reflects a build-out cadence that allows Condor to remain within its current liquidity constraints with minimal cushion over the next few years □ Reaches a low point in liquidity of $11m in 2025 ◼ Given limited liquidity, minor fluctuations to the Standalone LRP would result in liquidity issues unless the fiber build-out is slowed further, subscriber growth is pursued less aggressively or paused, and / or new outside capital is injected (which may have a dilutive impact to current shareholders) ◼ Conversely, acceleration of the plan is limited by near-term liquidity constraints without raising external capital or outperformance on penetration / profitability in a challenging market environment ◼ The subsequent analyses do not consider the resulting degradation of liquidity in situations where assumptions in the Standalone LRP are not met or the potential valuation impact of a liquidity shortfall Select observations 222 75 45 60 125 173 200 2023E 2024E 2025E 2026E 2027E 2028E 2029E $619 $849 $925 $1,190 $1,261 $706 $725 2023E 2024E 2025E 2026E 2027E 2028E 2029E

CAGR $m, unless noted 2020PF 2021PF 2022PF 2023E 2024E 2025E 2026E 2027E 2028E 2029E 2030E 2031E (23-27) (27-31) Residential fiber $127 $199 $290 $380 $443 $513 $581 $648 $694 37% 12% Resi copper, video, voice 324 290 262 243 219 203 186 170 156 (9%) (8%) SMB 91 87 85 86 89 91 94 96 98 (0%) 2% Enterprise1 295 293 296 306 319 332 343 354 364 2% 3% Carrier2 146 136 139 141 143 144 146 147 149 (0%) 1% Other3 133 123 114 108 103 98 94 90 86 (6%) (4%) Revenue $1,238 $1,222 $1,145 $1,115 $1,128 $1,185 $1,264 $1,316 $1,382 $1,443 $1,505 $1,547 4% 4% % growth n.a. (1%) (6%) (3%) 1% 5% 7% 4% 5% 4% 4% 3% Gross profit $1,090 $1,066 $997 $880 $904 $978 $1,059 $1,121 $1,179 $1,234 $1,288 $1,325 6% 4% % margin 88% 87% 87% 79% 80% 82% 84% 85% 85% 85% 86% 86% Adj. EBITDA4 $462 $442 $369 $327 $360 $436 $526 $601 $657 $699 $751 $781 16% 7% % margin 37% 36% 32% 29% 32% 37% 42% 46% 48% 48% 50% 50% Unlevered free cash flow5 $28 $79 $142 $157 $217 $227 $361 $405 n.a. 27% % margin 2% 7% 11% 12% 16% 16% 24% 26% Memo: CapEx ($495) ($359) ($285) ($274) ($319) ($318) ($334) ($231) ($220) (10%) (9%) CapEx % of revenue 44% 32% 24% 22% 24% 23% 23% 15% 14% Change in working capital (17) 7 (2) (6) 4 11 (4) (15) (3) n.a. n.a. EBITDA - CapEx ($168) $1 $151 $252 $282 $339 $366 $519 $560 n.a. 19% % conversion (51%) 0% 35% 48% 47% 52% 52% 69% 72% Cost / passing (pre-CWIP & inventory) $619 $849 $925 $1,190 $1,261 $706 $725 n.a. n.a. 19% n.a. Summary of Standalone LRP Notes: Financials as presented include WA results until transaction close in 2024 1. Enterprise revenue includes other commercial revenue (non-recurring and other services including business systems, joint pole & special projects, commercial video services and other services) 2. Carrier revenue includes other carrier revenue (non-recurring and other services including business systems, joint pole & special projects, commercial video services and other services) 3. Other revenue includes other subsidy revenue (excluding CAF), CAF / RDOF subsidy revenue, special access revenue, network / switched access revenue, USF revenue and other products / services rev. 4. Adj. EBITDA excludes cost of stock-based compensation (“SBC”) 5. Unlevered free cash flow per Standalone LRP; calculated as EBIT – taxes + tax depreciation – stock-based compensation – CapEx + / - change in NWC + net proceeds from asset divestitures; does not consider generated nor utilized NOLs; negative EBIT results in $0 tax paid; contemplating H2-2023 unlevered free cash flow for purposes of valuation 6. Defined as respective metric ÷ Adj. EBITDA Sources: Standalone LRP as approved for Rothschild & Co’s use by the Special Committee on October 12, 2023, pro forma historical periods (2020-2022) provided by Condor Management (normalized to exclude divestures of Ohio and Kansas City operations and wireless partnerships) 11 6 2 Overview of business plan

CAGR $m 2023E 2024E 2025E 2026E 2027E (23-27) Adj. EBITDA1 $327 $360 $436 $526 $601 16% % margin 29% 32% 37% 42% 46% Build (177) (65) (38) (54) (115) (10%) Success-based (190) (184) (167) (147) (135) (8%) Maintenance capex (128) (109) (79) (73) (69) (14%) CapEx ($495) ($359) ($285) ($274) ($319) (10%) CapEx % of sales 44% 32% 24% 22% 24% Adj. EBITDA1 - CapEx ($168) $1 $151 $252 $282 n.m. % conversion 2 (51%) 0% 35% 48% 47% Levered free cash flow3 ($403) ($143) ($78) $15 $46 n.m. % conversion 2 (123%) (40%) (18%) 3% 8% Leverage4,5 6.6x 6.4x 5.4x 4.4x 3.8x n.m. Memo: Net debt 5 2,159 2,296 2,356 2,336 2,277 n.m. Cash 15 10 10 10 10 n.m. Revolver availability 216 79 1 16 62 n.m. Liquidity6 $231 $89 $11 $26 $72 n.m. Summary of Standalone LRP (cont’d) Select cash flow and leverage metrics Source: Standalone LRP Notes: Financials as presented include WA results until transaction close in 2024 1. Adj. EBITDA excludes cost of SBC 2. Defined as respective metric ÷ Adj. EBITDA 3. Levered free cash flow per Standalone LRP; calculated as Adj. EBITDA – cash taxes (net of NOLs) – CapEx + / - change in NWC – cash interest – finance lease payments – pension / OPEB contributions – one-time items; does not reflect movements in revolver or net proceeds from asset divestitures 12 2 Overview of business plan 4. Leverage defined as net debt ÷ Adj. EBITDA; does not contemplate additional potential add-backs allowed by debt covenants 5. Net debt net of deferred debt issuance costs 6. Total liquidity based on cash on hand and revolver availability

Valuation perspectives 3 13

Overview of valuation methodologies and other references Selected public company analysis ◼ Selected publicly-traded companies in the U.S. broadband sector ◼ Analysis based on implied enterprise value multiples of CY 2024 revenue and Adj. EBITDA and CY 2025 Adj. EBITDA ◼ Selected revenue and Adj. EBITDA multiples applied to Condor 2024 revenue and 2024 & 2025 Adj. EBITDA, respectively, based on Standalone LRP1 ◼ Selected precedent acquisition transactions in the U.S. broadband sector ◼ Analysis based on implied transaction enterprise value multiples of last twelve months (LTM) Adj. EBITDA ◼ Selected multiples applied to Condor’s LTM Adj. EBITDA as per Standalone LRP1,2 Selected precedent transactions analysis ◼ Analysis of Standalone LRP □ Valuation date as of June 30, 2023 □ Perpetuity growth rates of 1.5 – 2.5% □ Weighted average cost of capital (WACC) of 9.5 – 10.5% □ Valuation range includes present value of Condor net operating losses which have been valued separately Illustrative discounted cash flow analysis Other references Other metrics Premia paid analysis ◼ Analysis of observed premia to unaffected stock price in all-cash going private transactions and acquisitions □ Going private transactions include U.S. targets with transaction enterprise values above $250m since 2013 with pre-transaction acquiror ownership greater than 15% and less than 50% □ Acquisition transactions include U.S. targets with transaction enterprise values between $1.0 – 5.0bn since 2013 ◼ Implied premia applied to Condor’s unaffected stock price of $2.76 on April 12, 2023 ◼ Implied premia applied to Condor’s current stock price of $3.53 on October 13, 2023 ◼ Condor 52-week stock trading range ◼ Equity research analysts stock price targets (both unaffected and following public announcement of Seagull Group’s going private proposal) □ Includes both target price and intrinsic valuations (if applicable) Source: Standalone LRP; FactSet (as of October 13, 2023) Notes: 1. Financials through 2024E adjusted for pro forma impact of WA divestiture per Condor Management (see p. 17) 2. LTM on like-for-like basis to go-forward business per Condor Management pro forma for divestures of Ohio, Kansas City, Washington operations and wireless partnerships 3 Valuation perspectives 14

1. Rounded to neared $0.25 except for 52-week high / low and analyst target prices 2. Balance sheet as of June 30, 2023 as per Condor Management: net debt of $1.99bn, net, tax-effected PBO and OPEB of $94.5m, NCI of $8.0m, Investments of $9.1m and preferred equity valued at liquidation preference of $498.3m; FDSO of 118.5m as of October 11, 2023 per Condor Management Sources: Standalone LRP, company filings, FactSet (as of October 13, 2023), Bloomberg (as of October 13, 2023), US Fed, Kroll Cost of Capital Guide Notes: “n.m” denotes implied per-share prices of less than $0.00 Assessment of valuation methodologies 15 3. Financials through 2024E adjusted for pro forma impact of WA divestiture per Condor Management (see p. 17) 4. NPV of WA proceeds and interim cash flows treated as cash-like item for purposes of EV bridge ($68m) 5. NOL schedule based on Standalone LRP 6. Current analyst target prices based, in part, on take-out price; intrinsic represents DCF-based analysis; Selection excludes SADIF Investment Analytics Methodology Per-share value ($ actual)1,2 Implied EV ($bn)2 Assumptions Core methodologies Selected public company analysis EV / 2024E Revenue3,4 $2.5 – 3.1 ◼ EV / 2024E Revenue: 2.25x – 2.75x EV / 2024E Adj. EBITDA3,4 $1.9 – 2.5 ◼ EV / 2024E Adj. EBITDA multiple: 5.5x – 7.0x EV / 2025E Adj. EBITDA4 $2.4 – 3.0 ◼ EV / 2025E Adj. EBITDA multiple: 5.5x – 7.0x Selected precedent transactions EV / LTM Q2’23 Adj. EBITDA3,4 $1.9 – 3.0 ◼ EV / LTM Adj. EBITDA: 6.0x – 9.4x Illustrative discounted cash flow analysis $2.9 – 3.7 ◼ PGR: 1.5 – 2.5% ◼ WACC: 9.5 – 10.5% Other references Premia paid analysis All-cash going private transactions $3.0 – 3.14 $3.0 – 3.14 ◼ 34 – 80% (25th and 75th percentile, respectively) premia to April 12, 2023 closing price of $2.76 ◼ 5 – 32% (25th and 75th percentile, respectively) premia to October 13, 2023 closing price of $3.53 All-cash acquisitions $2.9 – 3.04 $3.0 – 3.24 ◼ 21 – 53% (25th and 75th percentile, respectively) premia to April 12, 2023 closing price of $2.76 ◼ 21 – 53% (25th and 75th percentile, respectively) premia to October 13, 2023 closing price of $3.53 Other metrics 52-week high / low $2.8 – 3.14 ◼ 52-week trading high and low closing prices as of October 13, 2023 Analyst target prices Unaffected $2.8 – 3.04 ◼ Represents low and high of analyst target prices as of April 12, 20236 Analyst target prices Current $3.0 – 3.04 ◼ Represents low and high of analyst target prices as of October 13, 20236 Analyst target prices Intrinsic $3.0 – 3.14 ◼ Represents low and high of analyst DCF-based valuations as of October 13, 20236 April 12th closing price: $2.76 Incl. NOL value5 3.53 Current trading implies 8.3x ’24E EBITDA Seagull Group proposal: $4.70 7.1x multiple implies $0 of equity value 3 Valuation perspectives Reference share prices ◼ Valuation date as of 6/30/2023 3.75 3.75 5.00 4.75 3.25 4.25 4.25 5.50 n.m. n.m. n.m. n.m. 2.50 4.75 4.50 4.00 3.25 9.75 10.50 2.15 2.50 3.75 3.94 5.35 4.50 4.00 4.72 0.00

Appendix – Valuation supplement A 16

Washington sale proceeds and interim cash flow NPV and pro forma impact analysis $m, fiscal quarter ending Mar-22A Jun-22A Sep-22A Dec-22A Mar-23A Jun-23A Sep-23E Dec-23E Mar-24E Jun-24E Sale Revenue $5.2 $5.3 $5.2 $5.1 $5.0 $5.1 $5.0 $5.0 $4.8 $4.6 Adj. EBITDA $3.6 $3.7 $3.7 $3.6 $3.5 $3.5 $3.4 $3.4 $3.2 $3.0 (-) Capital expenditures (1.0) (0.9) (1.0) (1.0) (+) Net proceeds from divestiture 65.0 Unlevered free cash flow $2.4 $2.4 $2.2 $2.0 $65.0 NPV of WA assets at 10.0% WACC 68 17 Sources: Standalone LRP, Condor Management, company filings, Bloomberg (as of October 13, 2023), US Fed, Kroll Cost of Capital Guide Notes: 1. Historical results based on actual results; projected earnings and cash flows based on extract of Washington financials from Standalone LRP as provided by Management 2. Assumes no cash taxes paid related to earnings and cash proceeds per Condor Management Historical and projected Washington cash flows1,2 (Illustrative transaction close date of 6/30/2024) A Appendix – Valuation supplement $

Memo: implied multiples at Seagull Group proposed price per share Share %52w Market Enterprise EV / Revenue EV / EBITDA Sales Growth $m, unless noted price ($) high cap value 2023E 2024E 2025E 2023E 2024E 2025E Condor (Standalone LRP) $2.76 52% $327 $2,840 2.59x 2.54x 2.40x 9.1x 8.0x 6.5x Condor (Consensus) $2.76 52% $327 $2,840 2.62x 2.57x 2.47x 9.6x 8.6x 7.8x ILEC Lumen $1.32 18% $1,367 $22,386 1.54x 1.62x 1.63x 4.8x 5.0x 5.0x Frontier $16.61 54% 4,199 13,613 2.36x 2.35x 2.27x 6.5x 6.3x 5.8x Mean / median 1.95x 1.98x 1.95x 5.6x 5.7x 5.4x Rural cable Cable One $649.90 74% $3,714 $6,151 3.64x 3.65x 3.59x 6.6x 6.5x 6.4x Shentel $21.66 94% 1,113 1,187 4.15x 3.76x 3.39x 13.9x 12.7x 8.6x Mean / median 3.90x 3.71x 3.49x 10.3x 9.6x 7.5x Cable Charter $449.27 99% $76,732 $172,859 3.16x 3.08x 3.03x 7.9x 7.5x 7.3x Altice $3.05 46% 1,462 26,423 2.88x 2.93x 2.99x 7.4x 7.4x 7.4x WOW $7.10 49% 599 1,453 2.09x 2.08x 2.07x 5.1x 4.8x 4.4x Mean 2.71x 2.70x 2.69x 6.8x 6.6x 6.3x Median 2.88x 2.93x 2.99x 7.4x 7.4x 7.3x Broadband ATN International $33.09 67% $528 $1,063 1.40x 1.36x 1.30x 5.7x 5.3x 4.9x Overall peer mean 2.65x 2.60x 2.53x 7.2x 7.0x 6.2x Overall peer median 2.62x 2.64x 2.63x 6.6x 6.4x 6.1x Condor (Standalone LRP) $4.70 88% $557 $3,070 2.80x 2.74x 2.59x 9.8x 8.7x 7.0x Condor (Consensus) $4.70 88% $557 $3,070 2.83x 2.77x 2.67x 10.4x 9.3x 8.4x Selected public company analysis: valuation benchmarking 18 Sources: company filings, FactSet (as of October 13, 2023 and April 12, 2023), Standalone LRP Notes: 1. Condor share price as of April 12, 2023; all other companies as of October 13, 2023 2. Share price as a percent of 52-week high closing prices as of October 13, 2023 3. Valuation date as of June 30, 2023; enterprise value to equity value bridge based on balance sheet as of June 30, 2023 as per Condor Management; FDSO of 118.5m as of October 11, 2023 per Condor Management 3,4,5 1 3,4,6 7 2 A Appendix – Valuation supplement 4. NPV of WA proceeds and interim cash flows treated as cash-like item ($68m; see p. 17) 5. Metrics based on Standalone LRP; 2023 – 2024 financials adjusted for pro forma impact of WA divestiture per Condor Management 6. Metrics based on median consensus estimates as of October 13, 2023; 2023 – 2024 financials adjusted for pro forma impact of WA divestiture per Condor Management 7. Lumen capitalization pro forma for divestiture of EMEA Business 3,4,5 3,4,6

Target Acquiror EV ($bn) $0.3 $1.6 $0.9 $0.7 $0.2 $3.1 $0.3 $2.0 $10.5 $1.4 $7.5 Date Jun-14 Dec-16 Feb-17 Jul-17 Dec-19 Mar-20 Jan-21 Dec-13 Jan-14 May-19 Aug-21 Sources: company filings, press releases Notes: 1. Transaction multiples recognized on an LTM EBITDA basis as of announcement date unless otherwise noted 2. Based on Seagull Group proposed price per share of $4.70; per Balance sheet as of June 30, 2023 as per Condor Management; FDSO of 118.5m as of October 11, 2023 per Condor Management; NPV of WA sale proceeds and interim cash flows treated as cash-like item (see p. 17) 3. LTM Adj. EBITDA per Condor Management on like-for-like basis to Standalone LRP pro forma for divestures of Ohio and Kansas City operations and wireless partnerships; adjusted for pro forma impact of WA divestiture per Condor Management Selected precedent transactions Select U.S. broadband sector transactions since 20131 Full company acquisition Corporate carve-outs Mean: 5.5x Median: 5.2x Mean: 6.8x Median: 6.4x 19 (CA, TX, FL assets) 5 (CT assets) 4 (WA, OR, ID, MT assets) 6 (ILEC assets) 7 A Appendix – Valuation supplement 4. Acquisition of wireline operations in Connecticut; 2014 PF Day 1 EBITDA from company investor presentation issued 12/17/13 5. Sale of wireline operations in California, Texas and Florida based on total consideration and segment EBITDA from investor presentation 2/5/15 and 8-K 6/2/15, respectively 6. Sale of operations and associated assets in Washington, Oregon, Idaho and Montana 7. Sale of ILEC business including consumer, SMB, wholesale and mostly copper-served enterprise customers and assets in 20 states; multiple as-disclosed by Lumen based on 2020E EBITDA Seagull Group proposal: 9.6x2,3 7.3x 6.0x 9.4x 6.1x 6.4x 7.6x 5.0x 4.8x 6.7x 5.0x 5.5x 7

3 Illustrative discounted cash flow analysis 20 Projected cash flows1 $m H2-2023E 2024E 2025E 2026E 2027E 2028E 2029E 2030E 2031E Total revenue $564 $1,128 $1,185 $1,264 $1,316 $1,382 $1,443 $1,505 $1,547 $1,547 % growth n.m. 5.1% 6.6% 4.1% 5.0% 4.5% 4.3% 2.8% Adj. EBITDA 175 360 436 526 601 657 699 751 781 781 % margin 30.9% 31.9% 36.8% 41.6% 45.7% 47.6% 48.4% 49.9% 50.5% (-) One-time items -- (15) (13) (15) (15) (15) (15) (15) (15) (15) (-) D&A (241) (328) (241) (206) (187) (227) (265) (283) (276) (201) (+) Gain on asset divestitures -- 60 -- -- -- -- -- -- -- -- EBIT (66) 77 181 305 399 415 419 453 489 564 (-) Tax at 26% marginal rate -- (20) (47) (79) (104) (108) (109) (118) (127) (147) NOPAT (66) 57 134 226 296 307 310 335 362 418 (+) D&A 241 328 241 206 187 227 265 283 276 201 (-) CapEx (186) (359) (285) (274) (319) (318) (334) (231) (220) (201) (+) Untaxed proceeds from asset divestitures -- 5 -- -- -- -- -- -- -- -- (-) Stock-based compensation (5) (10) (10) (10) (10) (10) (10) (10) (10) (10) (+/-) Source / (use) of NWC (85) 7 (2) (6) 4 11 (4) (15) (3) (3) Unlevered FCF ($101) $28 $79 $142 $157 $217 $227 $361 $405 $405 Terminal period Sources: Standalone LRP, company filings, Bloomberg (as of October 13, 2023), US Fed, Kroll Cost of Capital Guide Notes: 1. Projected unlevered cash flows as per Standalone LRP 2. Terminal period assumptions per Condor Management and approved by the Special Committee; D&A assumed equal to CapEx per Condor Management 2 5 4 3 A Appendix – Valuation supplement 3. Per Condor Management, one-time items are tax deductible; SBC not tax deductible 4. 26% tax rate as per Condor Management 5. 50% of full year 2023E D&A per Condor Management and approved by the Special Committee 5

Sources: Standalone LRP, company filings, Bloomberg (as of October 13, 2023), US Fed, Kroll Cost of Capital Guide Notes: 1. Projected unlevered cash flows as per Standalone LRP 2. Terminal period assumptions per Condor Management and approved by the Special Committee; D&A assumed equal to CapEx per Condor Management 3. Valuation date as of June 30, 2023 Enterprise value ($m) Implied terminal multiple at PGR of at PGR of WACC 1.50% 1.75% 2.00% 2.25% 2.50% 1.50% 1.75% 2.00% 2.25% 2.50% 9.50% $3,354 $3,440 $3,533 $3,631 $3,737 6.6x 6.8x 7.1x 7.3x 7.6x 9.75% 3,223 3,303 3,388 3,479 3,576 6.4x 6.6x 6.8x 7.1x 7.3x 10.00% 3,100 3,174 3,253 3,337 3,426 6.2x 6.4x 6.6x 6.8x 7.1x 10.25% 2,985 3,053 3,126 3,204 3,286 6.0x 6.2x 6.4x 6.6x 6.9x 10.50% 2,876 2,940 3,007 3,079 3,155 5.9x 6.0x 6.2x 6.4x 6.6x Implied share price Implied share price (incl. NOLs) at PGR of at PGR of WACC 1.50% 1.75% 2.00% 2.25% 2.50% 1.50% 1.75% 2.00% 2.25% 2.50% 9.50% $6.52 $7.25 $8.03 $8.86 $9.76 $7.19 $7.92 $8.70 $9.53 $10.42 9.75% 5.42 6.09 6.81 7.58 8.40 6.08 6.75 7.47 8.24 9.06 10.00% 4.38 5.01 5.67 6.38 7.13 5.04 5.66 6.33 7.04 7.79 10.25% 3.41 3.99 4.60 5.26 5.95 4.06 4.64 5.26 5.91 6.61 10.50% 2.49 3.03 3.60 4.20 4.85 3.14 3.68 4.25 4.85 5.50 Illustrative discounted cash flow analysis sensitivities 21 3 Sensitized valuation range1,2 4 4,5 Terminal value accounts for approximately 71 – 77% of DCF enterprise value 4. Valuation date as of June 30, 2023; enterprise value to equity value bridge based on balance sheet as of June 30, 2023 as per Condor Management; FDSO of 118.5m as of October 11, 2023 per Condor Management 5. See p. 23 A Appendix – Valuation supplement

3.75 n.m. 5.08 3.05 4.70 1.01 4.53 7.32 7.49 6.09 7.51 6.64 6.13 7.41 Illustrative DCF sensitivity to varying operating assumptions Does not contemplate potential impacts to liquidity and NOL usage 22 Appendix – Valuation supplement Implied per-share DCF midpoint range Base assumption 1,2,3 Item Sources: Standalone LRP, company filings, Bloomberg (as of October 13, 2023), US Fed, Kroll Cost of Capital Guide Notes: 1. Sensitivity analyses vs. Standalone LRP 2. Valuation date as of June 30, 2023; enterprise value to equity value bridge based on balance sheet as of June 30, 2023 as per Condor Management; FDSO of 118.5m as of October 11, 2023 per Condor Management 3. Assumes WACC of 10.0% and PGR of 2.0% ~3.1% 0% 5% ~50.5% 45% 51% Sensitivity range 35% 45% 40% -$200 vs. base +$200 vs. base ~$850 – ~1,250; ~$725 10% 13% 15% Base DCF (ex. NOLs) midpoint: $5.67 Enterprise sales growth rate ◼ Enterprise sales decline ~1% in 2023E and grow at a CAGR of ~3.1% from 2024 – 2031E ◼ Adj. EBITDA margin reaches ~50.5% by 2031E Terminal Adj. EBITDA margin Residential fiber terminal penetration ◼ Residential fiber cohorts reach 40% penetration by year 6 Cost per home passed ◼ Blended cost per home passed increases from ~$850 in 2024 to ~$1,250 by 2027, dropping to ~$725 thereafter (pre-CWIP / Inventory) Non-video COGS % of sales ◼ COGS % of sales decline from ~15.1% in 2023E and stepped down to 12.0% by 2027E; held at 12.0% through 2031E Terminal CapEx % of sales ◼ “Steady-state” CapEx estimated at 13% of sales in terminal period Residential fiber ARPU growth rate ◼ Existing residential fiber subscriber ARPU grown at 4.0% p.a.; new cohort residential fiber subscriber ARPU grown at 5.0% p.a ~15.0 – 12.0% -100 bps vs. base +100 bps vs. base 0%; 1% 5%; 6% 4%; 5% A

Illustrative NOL valuation analysis 23 $m H2-2023E 2024E 2025E 2026E 2027E 2028E 2029E 2030E 2031E Memo: Taxable income $52 $114 $196 $266 $278 $280 $304 $329 Restricted federal NOLs utilized 52 89 -- -- -- -- -- -- Unrestricted federal NOLs utilized -- 20 157 171 -- -- -- -- Total federal NOLs used 52 109 157 171 -- -- -- -- (x) Tax rate 21% 21% 21% 21% 21% 21% 21% 21% FV of federal NOL benefit 11 23 33 36 -- -- -- -- Projected NOL utilization1,2 3 4 6 1. Projected federal NOL generation and utilization per Standalone LRP 2. Valuation date as of June 30, 2023 3. Restricted federal NOLs generated prior to 2018 4. Unrestricted federal NOLs generated during or after 2018; subject to 80% of taxable income limitation Sources: Standalone LRP, company filings, Bloomberg (as of October 13, 2023), US Fed, Kroll Cost of Capital Guide Notes: 5. 21% federal tax rate as per Condor Management 6. Valuation date as of June 30, 2023; FDSO of 118.5m as of October 11, 2023 per Condor Management 5 Discount Cumulative Incr. value rate PV per share 9.50% $79.0 $0.67 9.75% 78.5 0.66 10.00% 78.0 0.66 10.25% 77.5 0.65 10.50% 77.0 0.65 A Appendix – Valuation supplement

Implied levered beta Implied cost of equity Implied WACC Gross Gross Pre-tax cost at unlevered beta of at unlevered beta of at unlevered beta of debt / cap debt / equity of debt 0.40 0.49 0.60 0.40 0.49 0.60 0.40 0.49 0.60 30.0% 42.9% 10.0% 0.53 0.64 0.79 10.7% 11.5% 12.5% 9.7% 10.3% 10.9% 40.0% 66.7% 10.0% 0.60 0.73 0.90 11.2% 12.1% 13.2% 9.7% 10.2% 10.9% 50.5% 102.1% 10.0% 0.70 0.86 1.05 11.9% 12.9% 14.2% 9.6% 10.1% 10.8% 60.0% 150.0% 10.0% 0.84 1.03 1.27 12.8% 14.1% 15.7% 9.6% 10.1% 10.7% 70.0% 233.3% 10.0% 1.09 1.33 1.64 14.5% 16.1% 18.2% 9.5% 10.0% 10.6% Market Debt Pref. Debt / Debt / Tax Beta Peer cap ($m) ($m) eq. ($m) equity cap rate (%) Levered Unlevered Re-levered Frontier $4,199 $11,424 – 272% 73% 25% 1.14 0.37 0.66 Cable One 3,714 3,790 – 102% 51% 25% 1.02 0.58 1.02 Shentel 1,113 127 – 11% 10% 25% 1.01 0.93 1.64 WOW 599 877 – 146% 59% 25% 1.03 0.49 0.86 ATN International 528 539 – 102% 51% 25% 0.72 0.41 0.72 75th percentile 59% 1.03 0.58 Mean 49% 0.98 0.55 Median 51% 1.02 0.49 25th percentile 51% 1.01 0.41 Condor $327 $2,192 $498 823% 89% 26% 1.06 0.15 0.26 Cost of equity Risk-free rate 5.0% Levered beta 0.86 Equity risk premium 6.8% Size premium 2.2% Cost of equity 12.9% Cost of debt Cost of debt (pre-tax) 10.0% Tax shield (2.6%) Cost of debt (post-tax) 7.4% Weighted average cost of capital (WACC) 24 Selected public company beta analysis Implied WACC Based on CAPM analysis and historical trading yields, estimated WACC range for Condor is 9.5 - 10.5% 1 2 3 3 4 5 6 7 8 9 10 10 8 1. Based on median gross debt to capital ratio of peer references 2. Based on peer median 2-year adjusted historical beta (weekly periodicity, regressed against S&P 500) per Bloomberg (as of October 13, 2023) 3. Unlevered beta = Bloomberg adjusted beta ÷ ( 1+ ( 1 – marginal tax rate) × D/E ) 4. Based on current yield on 20-year US Treasury (as of October 13, 2023) 5. Based on the average of Kroll’s Supply-side ERP methodology (6.4%) and Historical ERP methodology (7.2%) per Kroll’s Cost of Capital Guide (as of December 31, 2022) 6. Based on Kroll’s size premia analysis per Kroll’s Cost of Capital Guide (9th decile, as of December 31, 2022) Sources: company filings, FactSet (as of October 13, 2023 and April 12, 2023), Bloomberg (as of October 13, 2023 and April 12, 2023), US Federal Reserve, Kroll Cost of Capital Guide, Pitchbook LCD Research Notes: 7. Average of Single-B new-issue first-lien yield to maturity (Pitchbook LCD Research) and Single-B US High Yield Index Semi-Annual Yield to Worst (FRED) 8. 26% tax rate as per Condor Management 9. Condor beta and share price as of April 12, 2023; Valuation date as of June 30, 2023 as per Condor Management; Balance sheet as of June 30, 2023 as per Condor Management; FDSO of 118.5m as of October 11, 2023 per Condor Management 10. Illustratively includes preferred equity as debt-like item A Appendix – Valuation supplement

34% 51% 63% 80% 25th percentile Median Mean 75th percentile Implied Condor share price based on $2.76 unaffected price: $3.34 $3.64 $3.99 $4.23 21% 32% 45% 53% 25th percentile Median Mean 75th percentile Premia paid analysis: premia to unaffected price 25 Going private transactions1 Public acquisition transactions2 A Appendix – Valuation supplement Implied Condor share price based on $2.76 unaffected price: $3.71 $4.18 $4.50 $4.97 Sources: company filings, Refinitiv, FactSet (as of October 13, 2023) Notes: 1. Includes all-cash going private transactions of U.S. companies with enterprise values of greater than $250m led by shareholders with ownership between 15% and 50% since January 1, 2013 2. Includes all-cash acquisitions of U.S. companies by third parties with enterprise values of $1.0 – 5.0bn since January 1, 2013; premium to one day prior to announcement date or date transaction publicly rumored

Implied Condor share price based on 10/13/2023 closing price of $3.53: $4.27 $4.65 $5.10 $5.41 Implied Condor share price based on 10/13/2023 closing price of $3.53: $3.69 $4.08 $4.80 $4.65 5% 16% 36% 32% 25th percentile Median Mean 75th percentile Premia paid analysis: premia to last trading price 26 Going private transactions1 Public acquisition transactions2 Sources: company filings, Refinitiv, FactSet (as of October 13, 2023) Notes: 1. Includes all-cash going private transactions of U.S. companies with enterprise values of greater than $250m led by shareholders with ownership between 15% and 50% since January 1, 2013 2. Includes all-cash acquisitions of U.S. companies by third parties with enterprise values of $1.0 – 5.0bn since January 1, 2013; premium to one day prior to announcement date or date transaction publicly rumored A Appendix – Valuation supplement 21% 32% 45% 53% 25th percentile Median Mean 75th percentile

– $2.00 $4.00 $6.00 $8.00 $10.00 - 20% 40% 60% 80% 100% Oct-21 Apr-22 Oct-22 Apr-23 Oct-23 % of ratings Buy Hold Sell Share price Target price $4.50 $2.50 $4.00 $4.00 $3.75 $4.00 Analyst price targets 27 Analyst sentiment over time1 Analyst price targets2 Number of broker recommendations 4 4 4 4 4 Target price as of Unaffected date Current price target Average target price over time1 Memo: $3.94 based on DCF Memo: Scenario weighted; 75% based on $4.00 Seagull Group proposal and 25% based on average of $4.72 DCF valuation and $1.58 2023 EV / OIBDA valuation (9.5x) Memo: $4.00 based on DCF Sources: FactSet (as of October 13, 2023), Bloomberg (as of October 13, 2023) Notes: 1. Target prices based on 100-day FactSet consensus window 2. Selection excludes SADIF Investment Analytics A Appendix – Valuation supplement $ actual Oct-21 Apr-22 Oct-22 Apr-23 Oct-23 Average target price $8.17 $5.50 $5.83 $4.00 $3.92 % Premium vs. spot 10.4% (7.6%) 12.8% 3.4% 11.0%

March 2023 Discussion materials

Agenda Page 1 Consolidated trading update and industry backdrop 1 2 Appendix 10

CNSL public market overview Stock price performance since 01/01/2021 (indexed to 100) Source: Company filings, Factset as of 03/10/23, Wall Street research S&P500 Public market overview ($mm) Current price (03/10/23) $2.63 % of 52-week high 31.0% Diluted shares outstanding 117.8 Market capitalization $310 Plus: Debt 2,283 Less: Cash (414) Plus: Minority interests 8 Plus: Preferred stock 477 Firm value $2,664 Less: Unconsolidated investments (10) Adjusted firm value $2,654 Valuation (Street) Metric Multiple Adj FV / Revenue CY2023E $1,143 2.3x CY2024E 1,151 2.3x Adj FV / EBITDA (post-SBC) CY2023E $311 8.5x CY2024E 343 7.7x Leverage Total debt / LTM EBITDA (pre-SBC) $384 5.9x Net debt / LTM EBITDA (pre-SBC) 384 4.9x 1

8.5x 6.8x 5.1x Consumer broadband providers’ current footprint and passings target Adj. FV / 2023 EBITDA (post-sbc) 3 Net debt / LTM EBITDA (pre-sbc) 3 22.0 5.2 3.1 1.0 Q4 2022 fiber passings (mm) 30.0+ 10.0 + 9.0 2.0 12.0 Fiber target passings (mm) 27% 35% 32% % EBITDA margin: 70% 67% 50% 41% % of Legacy footprint targeted for Ftth 73% 52% 50% 34% % of Fiber target passings completed Source: Company filings, Factset as of 03/10/23, Wall Street research 1 Includes saleable consumer and business locations 2 Average of 8mm to 10mm fiber addressable location opportunity 3 Debt is inclusive of pensions of $124mm for Consolidated, $2.4bn for Lumen, and $1.1bn for Frontier, tax-affected at respective applicable tax rate; 4 CNSL reiterated its target passings from 2025 to 2026; 5 Based on EBITDA (pre-SBC) from continuing operations only 4.9x 3.8x 3.8x 1 1 Historical targets 2 (2025) (2025 / 2026) (2026)4 (2025) 5 2

3,250 605 988 133 72 550 403 1,224 2,250 500 900 175 100 225 1,300 Many consumer broadband providers missed build targets for 2022 and are moderating their build pace for 2023 Source: Company reports, MoffettNathanson estimates and analysis 2022 Fiber deployment surplus / deficit vs. Beginning of year targets (000s) (500) (395) (312) (27) (3) 0 3 224 Shift driven by cost inflation, labor availability, funding costs and ability of sales & installs to keep up 2022 Actual build 1,600 1,600 N/A 2022 Fiber deployment vs. 2023 Targets (000s) 2023 Target Build - Prior 2023 Target Build - Current 400 3,750 1,750 Target adjusted to account for ~2mm unsaleable locations already built 3

Company YTD 1 yr ago 2 yr ago 3 yr ago (22%) (68%) (89%) (85%) (3%) (41%) (48%) (31%) (10%) (56%) (65%) (59%) 1% (22%) (38%) (10%) 6% (45%) (43%) 106% 18% (9%) (64%) (57%) (27%) (53%) (63%) (57%) (4%) (6%) N/A N/A (49%) (75%) (81%) (76%) (0%) 13% 9% 64% 0% 5% (19%) (32%) (7%) (31%) (36%) (35%) S&P 500 1% (9%) (1%) 34% Traditional Broadband has suffered significant declines from pre-Covid levels Source: Factset as of 03/10/23 1 Represents total return performance; 2 Weighted average of Wireless companies that include T, TMUS and VZ; 3 Weighted average of FttH Upgrade companies that include CNSL, FYBR, LUMN and SHEN; 4 Weighted average of cable companies that include ATUS, CABO, CMCSA, CHTR ad WOW 1-year stock performance (indexed to 100)1 FttH Upgrade3 S&P 500 Cable4 FttH vs. S&P: 1-year stock performance (indexed to 100)1 S&P 500 Cable vs. S&P: 1-year stock performance (indexed to 100)1 Share price performance S&P 500 4 Wireless2 (for reference only)

9.6x 11.2x 18.9x 8.6x 6.6x 10.7x 5.8x 6.3x 5.4x 8.4x 7.4x 6.3x 8.2x 11.2x 15.2x 8.7x 5.8x 15.1x 6.1x 7.0x 4.5x 8.0x 6.6x 7.5x 7.9x 7.0x 6.8x 6.2x 5.8x 14.0x 8.5x 6.8x 5.1x 8.6x 6.4x 6.4x (87.7%) (85.8%) (38.5%) (56.2%) (63.4%) (66.5%) (22.9%) (37.0%) 29.5% (52.1%) Median: (38.5%) (56.2%) (61.4%) (37.5%) (64.0%) (70.2%) NA (19.1%) (79.7%) (78.6%) Median: (64.0%) (53.9%) 41.8% 9.2% (36.7%) (9.6%) (37.0%) (32.1%) Median: (36.7%) (9.6%) Macroeconomic backdrop has compressed both multiples and share prices Competition from FttH and FWA has taken Cable market share and challenged Cable valuations Source: Company filings, Wall Street research, Factset as of 03/10/23; 1 Pre-COVID figures as of 02/21/20; 2 Cable highs figures as of 09/22/21; 3 Post-bankruptcy figure as of 05/07/21 Pre-COVID1 Cable highs2 Cable FttH upgrade Share price ∆ since Adj. FV / EBITDA as of Multiple + / – Since Pre-COVID1 Cable highs2 Company Range: 5.8x – 18.9x Median: 8.5x Range: 6.1x – 15.2x Median: 8.1x Range: 6.2x – 14.0x Median: 6.9x Wireless (for reference only) Pre-COVID1 (FV / 2020E EBITDA) Cable highs2 (FV / 2022E EBITDA) Current (FV / 2023E EBITDA) 3 7.4x 7.5x 6.4x 6.1x 6.6x 7.7x 9.6x 8.7x 6.8x (1.7x) (0.3x) (4.2x) (4.2x) (12.1x) (8.4x) (2.3x) (2.5x) (0.7x) (0.0x) (2.3x) (2.5x) 3.3x (1.1x) 2.7x 2.4x 0.5x (0.2x) (0.3x) 0.7x 1.6x 0.2x 0.2x 0.7x 0.1x (0.2x) (1.0x) (1.1x) 0.1x (0.2x) 5

Selected U.S. FttH / consumer broadband transactions 6 7.8x1 8.4x1 12.7x1 6.5x1 7.3x1 8.1x 2 7.6x 10.1x 9.4x 9.5x 8.3x 4.8x 11.5x 8.2x 13.6x 11.6x 10.1x 11.7x 5.0x 7.2x 15.0x 17.8x 12.4x 4.9x 17.2x 24.1x 11.0x Target Acquiror Date Mar 2015 May 2015 May 2015 Sep 2015 Aug 2016 Dec 2016 Jan 2017 Mar 2017 May 2017 July 2017 July 2017 Apr 2019 May 2019 Mar 2020 Jun 2020 Sep 2020 Nov 2020 Jan 2021 Feb 2021 Mar 2021 Jun 2021 Size ($bn) $10.4bn $9.1bn $78.7bn $17.7bn $2.3bn $1.5bn $0.7bn $0.7bn $2.4bn $1.4bn $0.3bn $0.5bn $1.4bn $2.9bn N/A $0.6bn $8.1bn $0.3bn $2.2bn $0.3bn $1.7bn N.V. Source: Company filings, Wall Street research, press releases 1 Adjusted for value of tax assets and synergies; 2 Adjusted for synergies; 3 Adjusted for value of tax asset; 4 Represents latest FY multiple Note: Altice / Cablevision: 6.1x multiple based on consolidated metrics which include ($147mm) of Media and other; 6.5x multiple based on Cable operations and Lightpath metrics only; 8.8x multiple based on consolidated metrics which include ($147mm) of Media and other; 8.8x multiple based on Cable operations and Lightpath metrics only; TPG / RCN Grande: 8.3x multiple based on estimate from equity research; CDPQ / Cogeco: CDPQ’s investment in Atlantic Broadband and Metrocast is for a 21% (non-control) position in the pro forma company; CDPQ acquired 21% equity stake for $315mm in cash; Cable One / Mega Broadband: Cable One acquired 45% equity stake for $574mm in cash; Cable One / Hargray: 17.2x multiple based on 4Q20 LQA EBITDA; Altice / Morris: 7.4x multiple based on 2022E EBITDA including estimated run-rate synergies and PV of tax benefits; 24.1x multiple based on 4Q20 LQA EBITDA; Rogers / Shaw: 10.7x multiple based on 2021E EBITDA; Astound & Atlantic Broadband / WOW!: Astound to acquire WOW!’s Cleveland and Columbus service areas, Atlantic Broadband to acquire WOW!’s Chicago, Evansville, and Anne Arundel service areas at a multiple of 10.9x for the Atlantic Broadband transaction and a combined multiple of 11.0x; Atlantic Broadband / WOW! multiple of 10.9x is on a synergized EBITDA FV / EBITDA multiples N.V. 8.8x 6.5x 6.1x FV / 1-yr fwd EBITDA 7.4x 12.7x1 FV / LTM EBITDA 10.9x 8.8x2 8.8x 9.0x 3 3 8.4x2 6.6x1 8.6x2 8.4x1 Northwest assets 4 3

% conversion NM / NM NM / NM NM / NM $1,135 $1,143 $1,143 $1,151 $1,157 $1,187 2023E 2024E 2025E Pre Q4'22 earnings Street $495 $441 $442 $447 $434 $459 2023E 2024E 2025E Pre Q4'22 earnings Street Revenue EBITDA (post-sbc) Capex EBITDA (pre-sbc) – Capex % y/y growth (1%) / (4%) 1% / 1% 1% / 3% % revenue 44% / 52% 39% / 44% 37% / 44% $346 $363 $384 $311 $343 $397 2023E 2024E 2025E Pre Q4'22 earnings Street % margin 30% / 27% 32% / 30% 33% / 33% Summary of CNSL’s financial projections % y/y growth (10%) / (17%) 5% / 10% 6% / 16% Source: Factset, Broker reports as of 03/10/23 ’23-’25 CAGR 1.0% / 1.9% ’23-’25 CAGR 5.4% / 12.9% ’23-’25 CAGR (6.4%) / 2.0% ’23-’25 CAGR NM / NM 0.8% 0.8% 2.5% (10.9%) 1.2% 5.8% (10.0%) (5.6%) 3.3% ($139) ($68) ($39) ($120) ($94) ($52) 2023E 2024E 2025E Pre Q4'22 earnings Street (13.6%) 39.3% 35.2% 7

Areas of discussion and focus Analyst Sentiment & Expectations Revenue estimates | Last 2 years EBITDA estimates | Last 2 years Capex estimates | Last 2 years ⚫ FY22 results in line or ahead of research analyst expectations, though a decline in 2023 guidance likely pushes the full inflection point on EBITDA growth for the Company to 2024 ⚫ Penetration rates and ARPU appear in line or ahead of street estimates ⚫ Research analysts focused on the achievement of forecast passings growth and discipline to stay-in-line with publicly stated cost targets ⚫ Company appears to have adequate near-term liquidity due to $600mm+ in assets sales in FY22, however believes cash could become tight by the end of 2023 (though this can be offset with additional $200mm of asset sales) Current research analysts’ recommendations Source: Factset estimates and Research Analysts as of 03/10/2023 1 Represents the upside / (downside) of the current price target of the current price (as of the publish date). Broker Rec. Date Current Target Price Prior Target Price Upside/ Downside1 Metho-dology Multiple Citigroup Sell 3/1/23 $2.50 NA (17)% NA NA Cowen Hold 3/1/23 $4.50 $6.50 49% DCF 7.7x ’23 EBITDA Wells Fargo Hold 3/1/23 $4.00 $7.00 32% DCF 6.6x ‘23 EBITDA Median $4.00 $6.75 32% $ 50 $ 250 $ 450 Mar-2021 Sep-2021 Mar-2022 Sep-2022 Mar-2023 2023 Capex 2024 Capex 2025 Capex 2026 Capex $ 250 $ 450 $ 650 Mar-2021 Sep-2021 Mar-2022 Sep-2022 Mar-2023 2023 EBITDA 2024 EBITDA 2025 EBITDA 2026 EBITDA $ 1,000 $ 1,200 $ 1,400 $ 1,600 Mar-2021 Sep-2021 Mar-2022 Sep-2022 Mar-2023 2023 Revenue 2024 Revenue 2025 Revenue 2026 Revenue 8

Evolution of Research analyst Perspectives Research analyst target prices have tracked down with overall stock price, with 2 of the 3 analysts aligned around a hold rating Source: Research Analysts as of 03/10/2023 # Analysts 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 33% 33% 33% 33% 67% 67% 67% 67% 100% 100% 100% 100% 67% 67% 67% 67% 67% 67% 67% 67% 67% 33% 33% 33% 33% 33% 33% 33% 33% 33% $1.75 $3.50 $5.25 $7.00 $8.75 $10.50 (Price ($) Buy Hold Sell Price Target Price 9

Agenda Page 1 Consolidated trading update and industry backdrop 1 2 Appendix 10

Fiber - trading metrics FV / EBITDA FV / EBITDA (growth adj.) FV / (EBITDA - Capex) P / LFCF / share ($mm USD, except share price) Share price as of 03/10/23 % of 52 week high Market cap Adj. firm value CY2023E CY2024E CY2023E CY2024E CY2023E CY2024E CY2023E CY2024E Net leverage Dividend yield Cable Altice $3.58 27.2% $1,678 $26,902 7.9x 7.8x NM 8.4x 16.3x 15.6x 6.0x 3.7x 6.3x NA Charter 329.49 56.4% 56,448 152,018 7.0x 6.8x 3.0x 1.7x 13.8x 14.0x 10.9x 10.5x 4.5x NA Cable One 643.01 40.8% 3,711 6,185 6.8x 6.7x 2.9x 3.1x 12.1x 11.7x 10.9x 10.4x 4.0x 1.8% Comcast 35.31 72.9% 150,458 233,464 6.2x 5.9x 2.1x 1.2x 9.3x 8.7x 11.7x 10.1x 2.5x 3.3% WideOpenWest 9.65 42.1% 846 1,542 5.8x 5.4x 2.1x 0.7x 38.8x 30.3x 49.4x NM 2.5x NA Mean 47.9% 6.7x 6.5x 2.5x 3.0x 18.1x 16.1x 17.8x 8.7x 4.0x 2.5% Median 42.1% 6.8x 6.7x 2.5x 1.7x 13.8x 14.0x 10.9x 10.3x 4.0x 2.5% FttH Upgrade Shentel $18.69 72.1% $954 $976 14.0x 9.8x 3.2x 0.2x NM NM NM NM 0.4x 0.4% Consolidated Communications 2.63 31.0% 310 2,654 8.5x 7.7x NM 0.8x NM NM NM NM 4.9x NA Frontier 24.34 78.9% 6,110 13,931 6.8x 6.6x 3.6x 1.6x NM NM NM NM 3.8x NA Lumen 2.68 21.4% 2,757 23,990 5.1x 5.3x NM NM 14.4x 18.5x 44.1x 29.6x 3.8x NA Mean 50.8% 8.6x 7.4x 3.4x 0.9x 14.4x 18.5x 44.1x 29.6x 3.2x 0.4% Median 51.5% 7.7x 7.2x 3.4x 0.8x 14.4x 18.5x 44.1x 29.6x 3.8x 0.4% Wireless (for reference only) T-Mobile $139.51 90.4% $171,520 $246,641 8.6x 8.0x 0.8x 0.9x 13.1x 11.6x 12.5x 9.7x 2.8x NA AT&T 18.43 80.7% 132,067 277,066 6.4x 6.3x 1.8x 2.6x 13.0x 11.2x 8.4x 7.8x 3.4x 6.0% Verizon 36.68 66.1% 154,828 307,261 6.4x 6.3x NM 3.8x 10.6x 9.8x 9.1x 8.0x 3.1x 7.1% Mean 79.0% 7.2x 6.9x 1.3x 2.4x 12.3x 10.9x 10.0x 8.5x 3.1x 6.6% Median 80.7% 6.4x 6.3x 1.3x 2.6x 13.0x 11.2x 9.1x 8.0x 3.1x 6.6% Source: Company filings, Wall Street research, Factset as of 03/10/23 10

Fiber - operating metrics Source: Company filings, Wall Street research, Factset as of 03/10/23 Revenue growth EBITDA growth CAGR (2022E - 2024E) EBITDA margin Capex as % Capex as % Cash ($mm USD) CY2023E CY2024E CY2023E CY2024E Revenue EBITDA CY2023E CY2024E of revenue of EBITDA conversion Cable Altice (3.9%) (1.7%) (7.0%) 0.9% (2.8%) (3.1%) 36.9% 37.8% 19.1% 51.8% 48.2% Charter 2.2% 2.9% 2.4% 4.0% 2.5% 3.2% 39.2% 39.6% 19.3% 49.2% 50.8% Cable One (2.0%) (0.5%) 2.3% 2.1% (1.2%) 2.2% 54.5% 55.9% 24.0% 44.1% 55.9% Comcast (0.8%) 3.0% 3.0% 4.8% 1.0% 3.8% 31.2% 31.7% 10.4% 33.4% 66.6% WideOpenWest (0.4%) 1.0% 2.7% 7.4% 0.3% 5.1% 37.7% 40.2% 32.1% 85.0% 15.0% Mean (1.0%) 0.9% 0.7% 3.8% (0.0%) 2.2% 39.9% 41.0% 21.0% 52.7% 47.3% Median (0.8%) 1.0% 2.4% 4.0% 0.3% 3.2% 37.7% 39.6% 19.3% 49.2% 50.8% FttH Upgrade Shentel 6.1% 15.9% 4.4% 42.6% 10.9% 22.0% 24.5% 30.2% 95.4% NM NM Consolidated Communications (4.0%) 0.7% (16.7%) 10.0% (1.7%) (4.2%) 27.2% 29.8% 43.3% NM NM Frontier (0.7%) 1.2% 1.9% 4.1% 0.3% 3.0% 35.4% 36.4% 48.8% NM NM Lumen (5.2%) (3.6%) (14.2%) (3.6%) (4.4%) (9.1%) 31.8% 31.8% 20.5% 64.4% 35.6% Mean (0.9%) 3.5% (6.1%) 13.3% 1.3% 2.9% 29.7% 32.1% 52.0% 64.4% 35.6% Median (2.3%) 0.9% (6.1%) 7.1% (0.7%) (0.6%) 29.5% 31.0% 46.0% 64.4% 35.6% Wireless (for reference only) T-Mobile 1.8% 3.3% 10.6% 8.6% 2.5% 9.6% 35.3% 37.1% 12.1% 34.2% 65.8% AT&T 1.5% 1.3% 3.7% 2.4% 1.4% 3.0% 35.1% 35.5% 17.7% 50.5% 49.5% Verizon 0.7% 1.1% 0.1% 1.7% 0.9% 0.9% 34.8% 35.0% 13.7% 39.5% 60.5% Mean 1.3% 1.9% 4.8% 4.2% 1.6% 4.5% 35.0% 35.8% 14.5% 41.4% 58.6% Median 1.5% 1.3% 3.7% 2.4% 1.4% 3.0% 35.1% 35.5% 13.7% 39.5% 60.5% 11

Consolidated capitalization and trading levels Recent TLB trading levels (Price) Recent secured notes trading levels (YTW) Capitalization as of 12/31/22 1 Calculation includes cash and cash equivalents and short-term investments 2 Yield on Term Loan B shown as Simple Yield calculated to a 4-year takeout assumption, Yield on secured notes shown as YTW 3 Tax adjusted for 21% marginal tax rate on notional amount 4 Net Debt calculation utilizes $50mm cash netting cap As of 12/31/22 As of 3/10/23 Next Call ($mm) Ratings Coupon Floor Maturity Amount LTM Adj. EBITDA Price Yield YTW Date Date Price Cash & cash equivalents1 Corp: B3 / B- (Stable / Stable) $414 $250mm RCF B3 / B- S + 400 0.00% Oct-27 - Term loan B2 B3 / B- L + 350 0.75% Oct-27 1,000 80.875 13.42% Senior secured notes2 B3 / B- 6.500% - Oct-28 750 70.500 14.39% Oct-28 Oct-23 104.875 Senior secured notes2 B3 / B- 5.000% - Oct-28 400 67.000 13.68% Oct-28 Oct-23 103.750 Unfunded pension liabilities3 98 Finance leases 36 Total Debt $2,283 5.9x Net Debt4 $2,233 5.8x SCP Preferred Equity 477 Total Debt + Preferred $2,760 7.2x Net Debt + Preferred $2,710 7.1x Market cap as of 3/10/23 310 Total capitalization $3,070 8.0x LTM 12/31/2022 Adj. EBITDA $384 $78.00 $82.00 $86.00 $90.00 $94.00 $98.00 Jan-22 Mar-22 May-22 Jul-22 Aug-22 Oct-22 Dec-22 Feb-23 JPM LL Index CNSL TLB 4.00% 6.00% 8.00% 10.00% 12.00% 14.00% Jan-22 Mar-22 May-22 Aug-22 Oct-22 Dec-22 Feb-23 JPM HY Index 6.50% Notes 5.00% Notes 80.875 94.375 14.39% 9.62% 13.68% 12

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