Windstream Investor Presentation

Lehman Brothers Equity Research Worldwide Wireless and Wireline Conference May 31, 2007

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“Safe Harbor” StatementWindstream claims the protection of the safe-harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. Forward-looking statements are subject to uncertainties that could cause actual future events and results to differ materially from those expressed in the forward-looking statements. These forward-looking statements are based on estimates, projections, beliefs, and assumptions that Windstream believes are reasonable but are not guarantees of future events and results. Actual future events and results of Windstream may differ materially from those expressed in these forward-looking statements as a result of a number of important factors. Factors that could cause actual results to differ materially from those contemplated above include, among others: adverse changes in economic conditions in the markets served by Windstream; the extent, timing and overall effects of competition in the communications business; material changes in the communications industry generally that could adversely affect vendor relationships with equipment and network suppliers and customer relationships with wholesale customers; changes in communications technology; the risks associated with the separation of the publishing business; failure to realize expected benefits as a result of the transactions described above; the potential for adverse changes in the ratings given to Windstream’s debt securities by nationally accredited ratings organizations; the availability and cost of financing in the corporate debt markets; the uncertainties related to Windstream’s strategic investments; the effects of work stoppages; the effects of litigation, including any litigation with respect to the above-referenced transactions; and the effects of federal and state legislation, rules and regulations governing the communications industry. In addition to these factors, actual future performance, outcomes and results may differ materially because of more general factors including, among others, general industry and market conditions and growth rates, economic conditions, and governmental and public policy changes. Windstream undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. The foregoing review of factors that could cause Windstream’s actual results to differ materially from those contemplated in the forward-looking statements should be considered in connection with information regarding risks and uncertainties that may affect Windstream’s future results included in Windstream’s filings with the Securities and Exchange Commission at www.sec.gov.

“Safe Harbor” Statement

Regulation G DisclaimerThis presentation includes certain non-GAAP financial measures. On the Windstream investor relations web site, the company has posted additional information regarding these non-GAAP financial measures, including a reconciliation of each of such measure to the most directly comparable GAAP measure. The Investor Relations Web site is located at www.windstream.com/investors.

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Notes:*Data is LTM 3/31/07*Proforma financial data includes Valor and removes Publishing *Revenue has been restated due to the discontinuance of SFAS 71

Revenue: $3.1BOIBDA: $1.6BOperating Income: $1.1B

Windstream Business Overview Windstream Geographic Footprint

Windstream is…….

States: 16Access Lines: 3.2MLong-distance customers: 2MBroadband (HSI) customers: 715KDigital TV customers: 122K

Pro Forma Financial Data Excluding Publishing*

A COMMUNICATIONS AND ENTERTAINMENT PROVIDERwith Significant Scale and Profitability

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Acquisition of CT Communications

Overview of CT Communications

Transaction Highlights

(a) Assumes $30m synergies

• Provides voice, broadband, long distance, and wireless services to customers in North Carolina

• Total access lines (3/31/07): 157,886

• Total broadband customers (3/31/07): 28,665

- BB 95% availability to ILEC lines

- 75% of ILEC lines offer up to10Mb speeds• Financial Data (LTM 3/31/07)

- Revenue: $179M- EBITDA: $57M- Capex: $46M

• Acquired 100% of outstanding CTCI shares for $31.50 per share

Pro Forma Coverage

Strategic Rationale• Transaction improves Windstream’s position:

-Free cash flow accretive in year one-Lowers dividend payout ratio-Maintains Windstream’s strong balance sheet

• Opportunity to generate approximately $30m annual synergies as well as reductions in capital expenditures

• CTCI geographic footprint contiguous to existing Windstream access lines

• Strengthens Windstream’s position as the leading communications and entertainment company serving rural America

Valuation (a)

Equity Value 647$ Plus: Net Debt (62)$

Enterprise Value 585$

EV / LTM EBITDA Multiple 6.7x

Approximate Accretion 4%

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Our Business Model Well Positioned to Succeed

Well Positioned in the Market Place

Solid Operational and Financial Results

Opportunistic Growth

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3.22.5 2.3

1.8

0.90.3 0.2

0

2

4

WIN (1

)CZN/C

TCO (2)

CTL (3)

FRP (4)

CBB

IWA

CNSL

$1.6$1.3 $1.2

$0.6 $0.5$0.1 $0.1

$0

$1

$2

WIN (1

)CZN/C

TCO (2)

CTL (3)

FRP (4)

CBB

CNSL

IWA

$1.1$1.0 $0.9

$0.4 $0.3$0.1 $0.1

$0

$1

WIN

(1)

CZN/C

TCO (2

)

CTL (3

)

FRP (4

)

CBB

CNSL IWA

LTM 3/31/07 OIBDA - Capex ($ billions)

3/31/07 Access Lines (millions)

LTM 3/31/07 OIBDA ($ billions)

$3.1$2.4 $2.3

$1.5

$0.3 $0.2

$1.3

$0

$1

$2

$3

$4

WIN (1

)

CTL (2)

CZN/CTCO (3

)

FRP (4)

CBB

CNSL

IWA

The Leading Rural Wireline Carrier Significant Scale and Profitability

Source: Public filings and Analyst Reports(1) Windstream is pro forma to include Valor and exclude the publishing business

(2) Includes combined CZN and CTCO actual results and expected annual synergies of $30M

(3) CTL pro forma LTM 9/30/06 including acquisition of Madison River and $17M in annual synergies

(4) FRP pro forma LTM 9/30/06 including acquisition of Verizon New England wireline assets

Scale Improves Operating Efficiency and Strategic Flexibility

LTM 3/31/07 Revenue ($ billions)

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> Windstream has total debt of $5.5B− Net leverage of 3.1x

> Expect 70-75% FCF payout ratio− Annual dividend per share of $1.00

> Flexibility to pursue strategic opportunities

> Management team has proven track record of balancing acquisitions while maintaining focus on leverage

Attractive Capital Structure

Highest dividend yield

in the S&P 500

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Increasing Competitiveness with Sales and Marketing Initiatives

Focus on improving gross adds by expanding distribution channels:

Partnering opportunities

Door-to-door sales strategy

Sales focused culture

Focus on retaining existing customers by:

Increasing penetration of bundled products

Win-back Campaigns

Overall Positioning

• Marketing aggressively at the local level - Truck Tour

• Promoting the safety, security and reliability of landline phones with the message “Your Landline is your Lifeline”

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Focused Marketing Plans Driven by the Competitive Environment

Rural Markets Less Competitive Than Urban Markets

> Focus marketing resources on the markets most impacted by competition

> Shift media spend to more competitive markets

> Expand distribution channels and promotions in ultra competitive markets

Tiered marketing plan maximizes resources and media spend

Competitive Environment Cable Overlap (% of access lines)

•~40% of lines have cable voice competition

•~75-80% of lines have broadband competition

Time Warner34%

Other MSOs20%

Mediacom4%

Cox4%

Insight5%

Charter12%

Comcast12%

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Our Business Model Singular Focus Driving Solid Results

Well Positioned in the Market Place

Solid Financial and Operational Results

Opportunistic Growth

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Delivered Solid Financial Results in 1Q07

Notes:Pro-forma results from current businesses excluding the publishing business

Offsetting voice and switched access revenue declines with growth in broadband, long distance and special access

Revenues - $761M2% increase YOY

> 1Q06 - transitioned from an allocation to direct cost methodology and did not reflect our current cost structure, making YOY comparisons tough

> Fully realized the Valor synergies in 1Q07

OIBDA - $394M2% decrease YOY

Capex - $80M Aggressively managing capex while continuing to modernize the network

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502,400

715,400

1Q06 1Q07

Delivered a Record Broadband Quarter in 1Q07

Broadband Customer Base Year-Over-Year

42% YOY

47,96945,168

47,852

43,177

51,980

45,491

59,200

55,268 53,018

1Q05 2Q05 3Q05 4Q05 1Q06 2Q06 3Q06 4Q06 1Q07

Net Broadband Additions by Quarter

Record Broadband Quarter

• Solid execution resulted in the addition of 59k net broadband customers in 1Q07

• Broadband customer base increased 42% year over year

• Increased broadband penetration to 22% of total access lines

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29,12042,750

61,511

87,731

122,265

1Q06 2Q06 3Q06 4Q06 1Q07

Digital TV Subscribers Grew 320% Year Over Year

• Added 35K digital TV customers in 1Q07

• 4% Penetration of Total Lines

• Strategic product that improves competitiveness and reduces churn

Digital TV Subscriber Trends

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Our Business Model Well Positioned to Succeed

Well Positioned in the Market Place

Solid Operational and Financial Results

Opportunistic Growth

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Improving the Network

Aggressively Manage Capex While Continuing to Modernize the Network

2006 Network Accomplishments:> Expanded broadband availability from

~ low 70’s% to 80%> Improved broadband speeds

(as % of BB capable lines) : - 3Mb - 80% availability - 6 Mb - 22% availability

>2007 Focus> Expand broadband availability to 83%> Continue deploying faster speeds

- Introducing 10 - 12 Mb speeds in certain markets in late 2007

> Investigate new technologies

$408

$380

2005 2006

Capex down 7% in 2006 while completing all network modernization objectives

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Explore Strategic Opportunities

Focus on Activities that are FCF Accretive Resulting in a Lower Payout Ratio

Criteria for Strategic

Opportunities

> Free Cash Flow Accretive Deals > Opportunities to Generate Meaningful

Synergies> Focus on Rural Properties > Favorable Competitive Environment

Windstream Has the Flexibility, Experience and Financial Discipline to Pursue Strategic Opportunities

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Why Invest in Windstream?

• Windstream has the highest dividend yield in the S&P 500

• Windstream is well positioned with a singular focus to succeed going forward

• Windstream has solid operational and financial metrics

• Windstream has the ability to generate strong sustainable free cash flow over the long-term

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Reconciliations of Non-GAAP Financial Measures

Windstream CorporationUnaudited Pro Forma Results From Current BusinessesReconciliations of Non-GAAP Financial Measures

Net Debt to Operating Incomefor the twelve months ended March 31:(Dollars in millions) 2007Long-term debt, including current maturities 5,488.6$ Cash and short-term investments (397.6) Net debt (A) 5,091.0$

Expected debt retirement from directory publishing sale (250.0) Pro forma net debt (B) 4,841.0$

Operating Incomefor the twelve months ended March 31:(Dollars in millions)Operating income under GAAP 994.6$ Pro forma adjustments:

Valor operating income 36.6 Customer list amortization (13.1) Royalty expense 62.4 Restructuring and other charges 67.4 Discontinuance of SFAS No. 71 2.3

Depreciation and amortization 509.5 Pro forma OIBDA from current businesses (C) 1,659.7$ Adjustment for sale of directory publishing (65.2) Adjusted pro forma OIBDA from current businesses (D) 1,594.5$ Net debt to OIBDA from current businesses (A)/(C) 3.1 Net debt to OIBDA from current businesses giving effect to the directory publishing transaction (B)/(D) 3.0