Uniti : Q2 2022 Uniti Group Earnings Conference Call Presentation

Second Quarter 2022 Financial Results

Conference Call Presentation

August 4, 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, our 2022 financial outlook, expectations regarding strong demand trends, our business strategies, growth prospects, industry trends, sales opportunities, 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.

2

Uniti's National Fiber Network

Top 10 Largest Fiber Providers in the U.S.	(6)
1	RBOC
2	RBOC
3	RBOC
4	National Cable Provider
5	RLEC / National CLEC
6	National Cable Provider
7	Independent Fiber Provider
8	Uniti
9	International Carrier
10	Independent Fiber & Tower Provider

Fiber Route	Fiber Strand	Route Miles	Small	Buildings	Total Metro
Miles(1)	Miles(1)	Constructed(2)	Cells(3)	Passed(4)	Markets(5)
~133,000	~7,800,000	~16,400	~2,500	275,000+	~300

Robust Demand For Our Portfolio of Mission Critical Communications Infrastructure

1. As of June 30, 2022.
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.	3
(6)	Source: Kagan and company estimates.

Cumulative Uniti Lease-Up

• Initial Aggregate Cash Yields on Major Wireless Anchor Builds of ~7%
• Cumulative Lease-Up Sold Expected to Generate Incremental Cash Yields of ~32%

▪ Results in Combined Anchor and Lease-Up Cash Yield of ~21%	Incremental Cash
	Yield ~100%

Incremental

Cash Yield

24%

Cumulative Cash Yield Has

Increased 3x from Anchor

Cash Yield

(1)

(2)

(3)

(4)

(5)

Proven Track Record of Lease-up Provides Significant Upside on Fiber Acquired from Windstream

1. Calculated as expected annualized recurring cash flow on major wireless anchor builds at Uniti Fiber divided by the related net capital investment on the anchor builds of ~$205 million.
2. Calculated as expected annualized recurring cash flow from lease-up sold on major wireless anchor builds from the time the project started through June 30, 2022, divided by the related net capital investment on the lease-up of ~$309 million.
3. Represents expected initial cash yield on major wireless anchor builds plus expected incremental yield from lease-up sold to-date.

(4)	Calculated as expected annualized recurring cash flow from lease-up sold to-date through June 30, 2022 at Uniti Leasing divided by capital spent to acquire fiber assets from Lumen Technologies (formerly CenturyLink), net of upfront customer IRU payments received.	4
(5)	Represents expected cumulative cash yield on major wireless anchor builds plus lease-up at Uniti Fiber and reflects capital spent to acquire fiber assets from Lumen Technologies (formerly CenturyLink) and lease-up of those assets at Uniti Leasing.

Consolidated New Sales Bookings

• Consolidated New Sales Bookings MRR of ~$0.9 Million in the Second Quarter of 2022
• • Fifth Consecutive Quarter of Elevated New Sales Bookings
• Growth Driven by Continued Lease-Up of Our National Owned Fiber Network

(MRR $ in millions)

$0.7	$0.7
65%
$0.4	$0.3
	42%
$0.4	$0.4

1Q20

2Q20

			$1.0		$1.0
			$0.9
						$0.9
						$0.8
					$0.3
			$0.3
		66%
65%	61%		$0.4	64%
		$0.3	$0.4
	$0.6	$0.5	72%
			52%
$0.5
	61%
					59%
	$0.2	$0.3
$0.3				$0.7
		$0.7
			$0.5
					$0.5	$0.4
	$0.3
$0.2	$0.3
3Q20	4Q20	1Q21	2Q21	3Q21	4Q21	1Q22	2Q22

Wholesale

Bookings

(1)

Non-Wholesale Bookings	Lease-Up Bookings %
(2)	(3)

Healthy Mix of Both Wholesale and Non-Wholesale Opportunities Driving Robust Growth

Note: Amounts may not foot due to rounding.

1. Wholesale Bookings include Uniti Leasing bookings, and wireless and wholesale bookings at Uniti Fiber.

(2)	Non-Wholesale Bookings include enterprise, E-Rate and government bookings at Uniti Fiber.	5
(3)	Represents percentage of total bookings that comes from lease-up sold on our major wireless anchor builds and lease-up sold at Uniti Leasing.