Financial Reporting Document

Q3 2021 Earnings

Oct. 28, 2021

Safe Harbor

The Securities and Exchange Commission ("SEC") encourages companies to disclose forward-looking information so that investors can better understand a

company's future prospects and make informed investment decisions. Certain statements in this communication are forward-looking statements and are made pursuant to the safe harbor provisions of the Securities Litigation Reform Act of 1995. These forward-looking statements reflect, among other things, our current expectations, plans, strategies, and anticipated financial results. There are a number of risks, uncertainties, and conditions that may cause our actual results to differ materially from those expressed or implied by these forward-looking statements. These risks and uncertainties include a number of factors related to our business, including the uncertainties relating to the impact of the novel coronavirus (COVID-19) pandemic on the company's business, results of operations, cash flows, stock price and employees; the ability to obtain regulatory approvals required for the Searchlight investment and meet other closing conditions to the investment on a timely basis or at all; economic and financial market conditions generally and economic conditions in our service areas; various risks to the price and volatility of our common stock; changes in the valuation of pension plan assets; the substantial amount of debt and our ability to repay or refinance it or incur additional debt in the future; our need for a significant amount of cash to service and repay the debt restrictions contained in our debt agreements that limit the discretion of management in operating the business; regulatory changes, including changes to subsidies, rapid development and introduction of new technologies and intense competition in the telecommunications industry; risks associated with our possible pursuit of acquisitions; system failures; cyber-attacks, information or security breaches or technology failure of ours or of a third party; losses of large customers or government contracts; risks associated with the rights-of-way for the network; disruptions in the relationship with third party vendors; losses of key management personnel and the inability to attract and retain highly qualified management and personnel in the future; changes in the extensive governmental legislation and regulations governing telecommunications providers and the provision of telecommunications services; new or changing tax laws or regulations; telecommunications carriers disputing and/or avoiding their obligations to pay network access charges for use of our network; high costs of regulatory compliance; the competitive impact of legislation and regulatory changes in the telecommunications industry; and liability and compliance costs regarding environmental regulations; and risks associated with discontinuing paying dividends on our common stock. A detailed discussion of these and other risks and uncertainties that could cause actual results and events to differ materially from such forward-looking statements are discussed in more detail in our filings with the SEC, including our reports on Form 10-K and Form 10-Q. Many of these circumstances are beyond our ability to control or predict. Moreover, forward-looking statements necessarily involve assumptions on our part. These forward- looking statements generally are identified by the words "believe," "expect," "anticipate," "estimate," "project," "intend," "plan," "should," "may," "will," "would," "will be," "will continue" or similar expressions. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements of Consolidated Communications Holdings, Inc. and its subsidiaries to be different from those expressed or implied in the forward-looking statements. All forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by the cautionary statements that appear throughout this communication. Furthermore, forward-looking statements speak only as of the date they are made. Except as required under the federal securities laws or the rules and regulations of the SEC, we disclaim any intention or obligation to update or revise publicly any forward- looking statements. You should not place undue reliance on forward-looking statements.

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Non-GAAP Measures

This presentation includes certain non-GAAP historical and forward-looking financial measures, including but not limited to "EBITDA," "adjusted

EBITDA," and "total net debt to last twelve month adjusted EBITDA ratio." In addition to providing key metrics for management to evaluate the

Company's performance, we believes these measurements assist investors in their understanding of operating performance and in identifying historical and prospective trends.

A reconciliation of the differences between these non-GAAP financial measures and the most directly comparable financial measures presented in accordance with GAAP are available on the Company's website at https://ir.consolidated.com. Non-GAAP measures are not presented to be replacements or alternatives to the GAAP measures, and investors are urged to consider these non-GAAP measures in addition to, and not in substitution for, measures prepared in accordance with GAAP. Consolidated may present or calculate its non-GAAP measures differently from other companies.

Consolidated has filed a Form 8-K reporting the quarterly results for the third quarter of 2021. The Company's 8-K, Form 10-K, Form 10-Q and other filings should be read in conjunction with this presentation as they contain additional important details on the quarterly results.

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Consolidated's Fiber Build Plan

Consolidated Fiber Upgrade Markets

2021 - 2025 Fiber Build Plan

Passings in thousands

Operating States

Fiber Build Markets

1.6 million passings to be upgraded by 2025,

~1M in Northern New England

70%+ service area to be Gig+ capable by 2025

Majority markets have

one competitor

No competition in 11% of markets

2,000														70%	80%
													61%	1,925	70%
				Fiber Expansion
1,500							50%	1,675		60%
				Progress
										1,375			50%
											35%
1,000														40%
					14%	18%	21%	975				30%
			12%			400	400
500	10%			300		300		20%
				575	250
					97	494
	2	275	46	321	76	397							10%
0															0%
	2020	Q1-21	Q2-21	Q3-21	2021	2022E	2023E	2024E	2025E

G+ Upgrades		Total Fiber Gig+ Passings		% Gig+ Capable Passings

On track to exceed 300,000 fiber upgrades in 2021

In Q1 2021, the Company launched a multi-year, fiber build plan to upgrade 1.6 million passings or 70% of its service area to Gig+ fiber capable services by 2025. As of Sept. 30, 2021, 219,000 of the target 300,000 passings for 2021 were upgraded to FttP.

Consolidated has ~2.7M total passings across 23 operating states. Fiber Build Plan chart updated quarterly to reflect progress and forecast of planned upgrades.

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Fiber Expansion Plan

Fiber Penetration Target per Cohort

14%		24%		33%
12 mos.		24 mos.		36 mos.

See appendix for actual consumer total company FttP - Gig penetration.

Consolidated Fiber Deployment Advantages

• Incumbent position accelerates plan
• Owned or leased local and long-haul fiber network, conduit capacity
• Aerial fiber access to 80% of Northern New England
• Less competitive markets: majority with one wireline competitor
• Experienced teams, contractor resources and strong build partners

Average cost per passing:

$550-600 fiber passing1

• Northern New England: $400-$450/passing

1. Includes edge access equipment, labor and fiber components.

$700 cost to connect2

(2) Includes CPE, labor and drop

2021 Capex

Guidance*

$440M to $460M

45% fiber build

35% success based (all customer channels)

20% maintenance & digital transformation

*Outlook updated with Q3 earnings on Oct. 28, 2021.