Uniti : Citi 2022 AppsEconomy Conference Presentation

Citi

2022 AppsEconomy Conference

January 6, 2022

Together, Building the Future

Safe Harbor

Certain statements in this presentation may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended from time to time. Those forward-looking statements include all statements that are not historical statements of fact, including, without limitation, expectations regarding strong demand trends, our business strategies, growth prospects, industry trends, sales opportunities, impacts of the settlement with Windstream, and operating and financial performance.

Words such as "anticipate(s)," "expect(s)," "intend(s)," "estimate(s)," "foresee(s)," "plan(s)," "believe(s)," "may," "will," "would," "could," "should," "seek(s)" and similar expressions, or the negative of these terms, are intended to identify such forward-looking statements. These statements are based on management's current expectations and beliefs and are subject to a number of risks and uncertainties that could lead to actual results differing materially from those projected, forecasted or expected. Although we believe that the assumptions underlying the forward-looking statements are reasonable, we can give no assurance that our expectations will be attained. Factors which could materially alter our expectations include, but are not limited to, the future prospects of Windstream, our largest customer; the ability and willingness of our customers to meet and/or perform their obligations under any contractual arrangements entered into with us, including master lease arrangements; the ability of our customers to comply with laws, rules and regulations in the operation of the assets we lease to them; the ability and willingness of our customers to renew their leases with us upon their expiration, and the ability to reposition our properties on the same or better terms in the event of nonrenewal or in the event we replace an existing tenant; the adverse impact of litigation affecting us or our customers; our ability to renew, extend or obtain contracts with significant customers (including customers of the businesses we acquire); the availability of and our ability to identify suitable acquisition opportunities and our ability to acquire and lease the respective properties on favorable terms; the risk that we fail to fully realize the potential benefits of acquisitions or have difficulty integrating acquired companies; our ability to generate sufficient cash flows to service our outstanding indebtedness and fund our capital funding commitments; our ability to access debt and equity capital markets; the impact on our business or the business of our customers as a result of credit rating downgrades and fluctuating interest rates; our ability to retain our key management personnel; our ability to qualify or maintain our status as a real estate investment trust ("REIT"); changes in the U.S. tax law and other state, federal or local laws, whether or not specific to REITs; covenants in our debt agreements that may limit our operational flexibility; our expectations regarding the effect of the COVID-19 pandemic on our results of operations and financial condition; other risks inherent in the communications industry and in the ownership of communications distribution systems, including potential liability relating to environmental matters and illiquidity of real estate investments; and additional factors described in our reports filed with the SEC. Uniti expressly disclaims any obligation to release publicly any updates or revisions to any of the forward- looking statements set forth in this presentation to reflect any change in its expectations or any change in events, conditions or circumstances on which any statement is based.

This presentation may contain certain supplemental measures of performance that are not required by, or presented in accordance with, accounting principles generally accepted in the United States ("GAAP"). Such measures should not be considered as alternatives to GAAP. Further information with respect to and reconciliations of such measures to the nearest GAAP measure can be found herein.

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Uniti Company Overview

Uniti Leasing

Owns, Acquires, and Leases Mission-Critical Communications Assets Nationwide to Wholesale Customers on Either an Exclusive or Shared-Tenant Basis

• Proprietary Strategy and Advantaged REITIncrementalStructure

✓Key Metrics:	Cash Yield
20%

• • LTM Revenue of $784 Million(1)
  • LTM Adjusted EBITDA of $769 Million(1)
  • ~$8.3 Billion of Capital Deployed(2)
  • ~$6.6 Billion of Revenues Under Contract(3)
• High Margin, Minimal Working Capital and Capex Requirements(4), Long-Term Leases with Escalators
• Focused on Additional Sale Leaseback, OpCo/PropCo, and Lease-Up Opportunities

Uniti Fiber

Incremental Cash

Leading Provider of Lit and Dark Fiber Solutions for Wireless

Yield ~100%

Operators, Carriers, Enterprises, Schools and Government, Including Cell Site Backhaul, Small Cells, Internet Service and Wavelengths, with a Primary Focus in the Southeast

✓~10,500 New Fiber Route Miles and ~834,000 New Fiber Strand Miles Built Over the Past 3 Years

✓Key Metrics:

• LTM Revenue of $298 Million(1)
• LTM Adjusted EBITDA of $118 Million(1)
• ~$1.6 Billion of Capital Deployed(5)
• ~$1.1 Billion of Revenues Under Contract(3)

✓~26,000 Customer Connections(6)

✓Focused on Tier II & III Markets and Lease-Up of Recently Completed Anchor Builds

National Network of 126,000 Fiber Route Miles and 7.5 Million Fiber Strand Miles

Note: All information is as of September 30, 2021, unless otherwise noted.

1. Based on the previous twelve months as of September 30, 2021.
2. Represents purchase price of TPx, CableSouth, and Bluebird, purchase price for fiber acquisition from Lumen Technologies (formerly CenturyLink), the net fair value of the dark fiber IRU and other assets acquired from Windstream as part of our settlement agreement, and Enterprise Value at time of spin-off from Windstream. See Glossary for explanation of Enterprise Value calculation.
3. Contracts are subject to termination under certain conditions and/or may not be renewed. Actual Revenues Under Contract could vary materially.
4. Excludes capital commitments related to the GCI program.

(5)	Represents aggregate purchase price of acquired entities at Uniti Fiber.	3
(6)	Represents customer connections, both fiber and microwave.

Uniti's National Fiber Network

Fiber Route	Fiber Strand	Route Miles	Small	Buildings	Total Metro
Miles(1)	Miles(1)	Constructed(2)	Cells(3)	Passed(4)	Markets(5)
~126,000	~7,500,000	~10,500	~2,450	250,000+	~300

Top 10 Largest Fiber Provider in the U.S.(6)

1. As of September 30, 2021.
2. Represents new fiber route miles constructed at Uniti Fiber since 1/1/2018, and new fiber route miles constructed associated with the Windstream GCI program.
3. Includes small cells in service or in backlog.
4. Represents on-net and near-net buildings passed on Uniti Fiber's network.

(5)	Represents the number of markets served by Uniti owned metro fiber or enterprise services.	4
(6)	Source: Kagan and company estimates.

National Scale Fiber Platform

		2020			LTM			LTM Actual Results +
		Actual Results			Actual Results(1)			Windstream CLEC MLA(2)
Revenue(3)		~$345 Million		~$354 Million		~$474 Million
Adjusted EBITDA(3)
	~$153 Million		~$169 Million		~$289 Million
Adjusted EBITDA Margins(3)
~44%		~48%		~61%
Capital Expenditures(4)
	~$147 Million		~$143 Million		~$143 Million
Monthly Churn %	~0.2%		~0.3%		~0.3%
Total Fiber Route Miles(5)
~123,000		~126,000		~126,000
Metro Fiber Markets	~300		~300		~300

Uniti Owns and Operates One of the Premier Fiber Platforms Within the U.S.

1. Based on the previous twelve months as of September 30, 2021.
2. Represents LTM Actual Results for Uniti Fiber and Uniti Leasing Non-Windstream, plus annual rent of ~$120 million relating to the Windstream CLEC Master Lease Agreement.
3. Revenue and Adjusted EBITDA for 2020 and LTM Actual Results reflect combined Uniti Fiber and Uniti Leasing Non-Windstream results, and excludes results related to the Windstream Master Lease Agreements and non-core construction business.

(4)	Reflects net success-based capex at Uniti Fiber.	5
(5)	Represents total fiber route miles owned by Uniti, including fiber related to the Windstream Master Lease Agreements.