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2008 Analyst DayNew York City

June 4, 2008

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Safe HarborCertain of the statements and predictions contained in this presentation constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act. In particular, any statements, projections or estimates that include or reference the words “believes,” “anticipates,” “plans,” “intends,” “expects,” “will,” or any similar expression fall within the safe harbor for forward-looking statements contained in the Reform Act. Actual results or outcomes may differ materially from those indicated or suggested by any such forward-looking statement for a variety of reasons, including but not limited to, Cincinnati Bell’s ability to maintain its market position in communications services, including wireless, wireline and internet services; general economic trends affecting the purchase or supply of communication services; world and national events that may affect the ability to provide services; changes in the regulatory environment; any rulings, orders or decrees that may be issued by any court or arbitrator; restrictions imposed under various credit facilities and debt instruments; work stoppages caused by labor disputes; adjustments resulting from year-end audit procedures; and Cincinnati Bell’s ability to develop and launch new products and services. More information on potential risks and uncertainties is available in recent filings with the Securities and Exchange Commission, including Cincinnati Bell’s Form 10-K report, Form 10-Q reports and Forms 8-K. The forward-looking statements included in this presentation represent estimates as of the date on the first slide. It is anticipated that subsequent events and developments will cause estimates to change.

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Agenda

Jack Cassidy - CEOJack Cassidy - CEO

Brian Ross - CFOBrian Ross - CFO

Dave Burns – Data CentersDave Burns – Data Centers

Question and AnswerQuestion and Answer

Closing RemarksClosing Remarks

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Jack Cassidy - CEOJack Cassidy - CEO

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Who Are We?$1.3B diversified telcoMain segments include wireline, wireless, technology solutions•

≈821k access lines•

≈579k wireless subscribers •

≈182k square-feet raised floor

Local ILEC & CLEC within licensed wireless area

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We Are…

Not an RLEC Not an RBOC

Not a Wireless Only Company

Not a Data Center “Pureplay…build to spec” company

“We’re not Fish, we’re not Fowl…we’re Frog Legs.”Jack Cassidy

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Our Difference is our Right to Win

Consumers Value…One-stop shoppingCompetitive pricesOur products because

“they work” and are integrated

WE are a full service provider not just a provider of productsWE are the Local/Hometown Company involved in our communityWE know our customers better and they have a “connection” to usWE are small enough that we can innovate quickly

Businesses Value…Quality and are willing

to pay for itOur relationships and

commitment to themThe end to end

services we recommend and provide that address their needs and improve their business

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Why Do We Succeed? “We Serve”

•Our individual and collective giving•Our individual and collective time and talents•Our joint efforts inadvancement of the common good

Our Customers Our Communities

Our Colleagues

•Innovation and Speed•Technical and Service Excellence•Commitment to Quality in Everything We Do

•Honesty and Integrity•Support and Collaboration•Openness to Learning and Diversity

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Diversified Industry Innovator

1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008

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“The Most Honest Man in Telecom”

Forbes Magazine – March 2008

“anticipate the inevitable, don't fight it.”

“…so enjoys being candid that it seems to matter little to him whether the truth he is telling is pleasant or petrifying.”

“It means letting customers switch to new technologies…that are likely to cost (the company) money.”

“communication lines must be open. That means not locking customers into two-year cellular contracts”

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Continued Revenue DiversificationWireline Voice -

Consumer

Wireline Voice - Business

Wireline Data

Other Wireline

Tech Sol

Wireless

(before inter-company eliminations)

(includes Long Distance)

15%

19%22%

21%

9%

14%

* May not foot due to rounding

Consumer41%

Business59%

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1Q08 Accomplishments

OverviewOverview TechnologySolutions

TechnologySolutions WirelessWireless WirelineWireline

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Grew revenue 11%

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Increased Adjusted EBITDA by 2.5%

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Improved EPS excluding special items by 22%

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7th consecutive qtr Adjusted EBITDA growth from core ops

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Purchased 4M shares in 1Q08

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Grew service revenue by 16%

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Improved Adjusted EBITDA 30%

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Expanded Adjusted EBITDA margins by 3 pts to 28%

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Increased postpaid subscriber base by 8%

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Increased DSL subs by 10%

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Grew wireline data revenue by 8%

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Increased long distance and VoIP revenue by 30%

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44% DSL consumer primary line penetration

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Increased revenue by 54%

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Grew Adjusted EBITDA by 76%

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Increased data center capacity by 38K sq ft

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Began billing 21K sq ft in the quarter

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What’s New and Exciting?It’s all about the 3 C’s

Convergence,Convergence,Convergence

Picx2PC UMA re-launchSpinvoxThe Unlimited Super Bundle

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Strategy and Focus Areas

GrowGrow DefendDefend De-lever/Balance Sheet

De-lever/Balance Sheet

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Minimize in territory consumer access line loss

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Continue ongoing cost reduction initiatives

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Leverage new integrated products

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Continue de- levering the balance sheet – no debt refinancing until 2011

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Execute $150M stock repurchase over 2 years

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Focus on Enterprise/SMB

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Grow Wireless revenue, margins, and subscriber metrics

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Execute on regional acquisitions

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Increase data center capacity and utilization

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Financial Philosophy

Strong Cash Flow usedto repurchase shares

and retire debt

Strong Cash Flow usedto repurchase shares

and retire debt

Shareholder rewardthrough larger claim of

total CBB value

Shareholder rewardthrough larger claim of

total CBB value

Sustained Revenue and modest EBITDA

growth leads tomaintenance ofEnterprise Value

Sustained Revenue and modest EBITDA

growth leads tomaintenance ofEnterprise Value

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BreakBreak

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Brian Ross - CFOBrian Ross - CFO

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Wireline SegmentWhat Is It?

Access lines –

ILEC, CLEC, business, consumer, wholesale, payphoneLong Distance –

voice, audio conferencing,

VoIPData –

DSL, high capacity circuits, storage and backupSecurity –

fire, break-in, carbon monoxide monitoring for home or office

Competitive LandscapeMarket Share Leader

100% cable overlay –

Time Warner, Insight

Wireless Substitution

Other national

VoIP

providers

Our Right to WinInteroperability

Bundle price/value

Exceptional Service

Reliability

Local/Hometown Company

Measures of SuccessSteady profit margins

Data revenue growth

Slow consumer access line loss

Grow business access lines

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Wireline Financials

$100

$12

$5

$6$3

$96

1Q07EBITDA

Voice Rev Data Rev LD & VoIPRev

Expense 1Q08EBITDA

($’s in millions)

* May not foot due to rounding

DSL Net AddsChurn %

6 46

49

1Q07 2Q07 3Q07 4Q07 1Q08

1.7%

1.9%2.1%

2.0%1.8%

(in thousands)

Access Line Net Adds -ILEC

(19) (17) (16)(15)(14)

1Q07 2Q07 3Q07 4Q07 1Q08

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Cost Initiatives to Maintain Wireline Margin Trends

Recent restructure charges taken to align future cost structure with anticipated revenue

Restructure requires additional funding of $25-$30M over next 7 years

$20M already funded in December 2007 through pension contribution

Lower Cost Labor•CWA labor agreement •Continued outsourcing

Productivity Improvements

(in millions) 4Q07 1Q08 Future TotalRetirement Offer $9 $23 $6 $38

Curtailment 6 15 - 21 Severence and Other 23 (14) - 9

Total Pre-Tax Restructure Expense $38 $24 $6 $68

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Wireless SegmentWhat Is It?

Postpaid subscribersPrepaid subscribersGSM network (upgrading to 3G)Launched in 1998

Competitive Landscape

Verizon

WirelessAT&TSprintT-MobileLEAP

Our Right to Win

Best Network –

3 years in a rowInteroperability –

UMA,

SpinVox, integrated voicemail and emailUnique and Competitive Rate plansLocal/Hometown Company (Think Local, Act Global)

Measures of Success

Continued subscriber growthIncrease Data ARPU and penetrationPush EBITDA margins to 30%

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Wireless FinancialsTotal Service Revenue

Year-over-Year Growth Rates

$62.2 $67.4 $68.2 $69.7 $72.0

1Q07 2Q07 3Q07 4Q07 1Q08

13% 14%

12%

($’s in millions)Total Adjusted EBITDA

Year-over-Year Growth Rates

$16.7 $19.6 $18.6 $19.3 $21.7

1Q07 2Q07 3Q07 4Q07 1Q08

15% 28%48%

48% 35%16% 30%

Postpaid ARPU

$5.64 $6.14 $6.53 $6.96 $7.56

$40.88 $39.18 $39.91$41.64$39.11

1Q07 2Q07 3Q07 4Q07 1Q08Voice Data

Prepaid ARPU

$22.42 $22.44 $26.17$26.10$22.96

1Q07 2Q07 3Q07 4Q07 1Q08

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Wireless EBITDA Margin GrowthEBITDA and Margins

$28.5

$16.7

$21.7

$6.8

$1.3

$3.7

1Q07 SubscriberBase

AcquisitionExpense

1Q08 RoamingCosts

1Q08 (exclIncollect)

24.4%

27.6%

36.3%

CBW EBITDA % margin approaches national carriers when adjusted for roaming expense

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3G Update – Why do it?Secured 20 Mhz of AWS Spectrum for

overbuild with possible expansion opportunities

3G will drive a cost and capital efficient network and future converged opportunities

Network goes live August ‘08•Seeding market with 3G capable phones since March (15% of gross adds)

Mobile bandwidth creates the platform for future integrated services = AWS = AWS + 700 Mhz

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Technology Solutions SegmentWhat Is It?

Offers flexible outsourced IT and Telecom infrastructure solutions

Telecom and IT Equipment –

Cisco/Sun/Avaya/NetApp/EMC sales, installation & maintenanceData Center and Managed Services –

end to end managed infrastructure outsourced servicesProfessional Services –

provides related customer staffing needs

Competitive LandscapeHP LogicalisIBM

CDW/BerbeeVerizon

MVDLevel3

TechsystemsPeak10

AjilonBlackbox

Robert Half

A company’s “make vs. buy” decision

Our Right to Win

Flexible SolutionsMix of Assets and CapabilitiesSpeed and CreativenessSimultaneous Replication (Metro Strategy)RelationshipsTrusted Customer Partner

Measures of Success

Data Center Utilization Rate Continued EBITDA GrowthReturn on Investments

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Technology Solutions Financials

Gross Profit

$10.6$14.6 $16.7 $16.8

$11.8

1Q07 2Q07 3Q07 4Q07 1Q08

Adjusted EBITDA

$3.8

$7.6$9.7

$6.7$5.5

1Q07 2Q07 3Q07 4Q07 1Q08

($’s in millions)

Telecom and IT Equipment Revenue

$32.4

$52.9 $55.8 $49.7$39.7

1Q07 2Q07 3Q07 4Q07 1Q08

Data Center and Managed Services Revenue

$14.4$18.5 $19.4 $21.7

$15.4

1Q07 2Q07 3Q07 4Q07 1Q08

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Dave Burns – Data CentersDave Burns – Data Centers

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Our Definition of a Data CenterUs

Fortune 500/100 customers•“brick and mortar”

Long term contractsTarget >20% returnsHigh utilization ratesUltimate business bundle Outsourcing one step at a timeClients can grow with CBTS

without staying in the same building

Them

Mostly internet based customersShorter term contractsNetwork neutralLower utilization ratesPure-playSmaller customers

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What Makes CBB’s Data Centers So Special?

WE can leverage CBT network – extension of telephone networkWE offer true real time failover for clients running business transactions 24x7WE are flexible. All or nothing approach incurs an additional amount of risk.WE work hard to understand our customers’ business and effectively address

their needsWE have a rock solid Metro DC strategy that addresses costs and business

needEnd to End Telecom Solution

SpaceSpace ConnectivityConnectivity HardwareHardware LaborLabor

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Data Center Build Out Update

Newly Commissioned Data Center Capacity (thousands of sq ft)

4438

7 2 6

50

9

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2007 1Q08 2Q08 3Q08 4Q08 1Q09CBTS GramTel

(in thousands)

by qtr end

~200K sq ft capacity by 2Q08•

More than 2X of 91K at 4Q06

Modest 3Q08 & 4Q08 additions•

6K at W7th facility to accommodate customer timing

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50K sq ft to be commissioned in 2009 –

New Lebanon facility

No change 2008 capex guidance•

Slower New Lebanon facility spending accommodates W7th capacity

Sales Funnel Strong•

85% utilization at 1Q08•

Customers identified / in contract negotiations for 2008 inventory

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Customer demand building for 2009 Lebanon capacity

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Lebanon Facility

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Questions and Answers

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Thank you for joining us!

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•

Detailed reconciliations of free cash flow, net debt and adjusted EBITDA to comparable GAAP financial measures have been included in the tables distributed with this release and are available in the Investor Relations section of www.cincinnatibell.com.

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Free cash flow provides a useful measure of operational performance, liquidity

and financial health. The company defines free cash flow as SFAS 95 cash provided by (used

in) operating, financing and investing activities, adjusted for the issuance and repayment of debt and for the proceeds from the sale or the use of funds from the purchase of business operations. Free cash flow should not be considered as an alternative to net income (loss), operating income (loss), cash flow from operating

activities, or the change in cash on the balance sheet and may not be comparable with free cash flow as defined by other companies. Although the company feels that there is no comparable GAAP measure for free cash flow, the attached financial information reconciles free cash flow to the net increase (decrease) in cash and cash equivalents.

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Net debt provides a useful measure of liquidity and financial health. The

company defines net debt as the sum of the face amount of short-term and long-term debt and unamortized

premium and/or discount, offset by cash and cash equivalents

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Adjusted EBITDA provides a useful measure of operational performance. The company defines Adjusted EBITDA as GAAP Operating Income plus depreciation, amortization,

restructuring charges, asset impairments and other special items. Adjusted EBITDA should not be considered as an alternative to comparable GAAP measures of profitability and may not be comparable with Adjusted EBITDA as defined by other companies.

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Gross Profit is defined as revenues less cost of services and products.

Non- GAAP Financial Measures