8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report: May 3, 2012

CINCINNATI BELL INC.

(Exact name of registrant as specified in its charter)

Ohio (State or other jurisdiction of incorporation)	1-8519 (Commission File Number)	31-1056105 (IRS Employer Identification No.)
221 East Fourth Street Cincinnati, Ohio (Address of principal executive offices)		45202 (Zip Code)

Registrant's telephone number, including area code: (513) 397-9900

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

1

Section 2 - Financial Information

Item 2.02Results of Operations and Financial Condition

On May 3, 2012, Cincinnati Bell Inc. reported its financial results for the first quarter 2012. The earnings release is attached as Exhibit 99.1.

Section 7 - Regulation FD

Item 7.01     Regulation FD Disclosure

On May 3, 2012, John F. Cassidy, the Company's president and chief executive officer, Kurt A. Freyberger, the Company's chief financial officer, Gary J. Wojtaszek, the president of CyrusOne, and Theodore H. Torbeck, the president of Cincinnati Bell Communications, will present first quarter 2012 results. The presentation will be webcast both live and on-demand. To listen, go to the Investor Relations section of www.cincinnatibell.com, click on the Webcasts/Presentations tab and follow the instructions for accessing the webcast.

A copy of the presentation to be made during the meeting is attached to this Current Report as Exhibit 99.2.

The information in Items 2.02 and 7.01 and the exhibits attached to this Current Report as Exhibits 99.1 and 99.2 are being furnished and shall not be deemed "filed" for purposes of Section 18 of the Securities Act of 1934 or otherwise subject to the liabilities of that Section nor shall they be deemed incorporated by reference into any filing under the Securities Act of 1933 or the Securities Act of 1934, except as shall be expressly stated by specific reference in such filing.

Item 9.01Financial Statements and Exhibits.

(c)	Exhibits
	Exhibit 99.1	Press release dated May 3, 2012
	Exhibit 99.2	Presentation made during the Cincinnati Bell first quarter 2012 earnings conference call on May 3, 2012

2

Cautionary Statement Concerning Forward-Looking Statements

This report and the documents incorporated by reference herein contain forward-looking statements regarding future events and results that are subject to the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical facts, are statements that could be deemed forward-looking statements. These statements are based on current expectations, estimates, forecasts, and projections about the industries in which we operate and the beliefs and assumptions of our management. Words such as “expects,” “anticipates,” “predicts,” “projects,” “intends,” “plans,” “believes,” “seeks,” “estimates,” “continues,” “endeavors,” “strives,” “may,” or variations of such words and similar expressions are intended to identify such forward-looking statements. In addition, any statements that refer to projections of future financial performance, anticipated growth and trends in businesses, and other characterizations of future events or circumstances are forward-looking statements. Readers are cautioned these forward-looking statements are based on current expectations and assumptions that are subject to risks and uncertainties, which could cause actual results to differ materially and adversely from those reflected in the forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, those discussed in this release and those discussed in other documents the company filed with the Securities and Exchange Commission (SEC). More information on potential risks and uncertainties is available in our recent filings with the SEC, including Cincinnati Bell's Form 10-K report, Form 10-Q reports and Form 8-K reports. Actual results may differ materially and adversely from those expressed in any forward-looking statements. The company undertakes no obligation to revise or update any forward-looking statements for any reason. The forward-looking statements included in this report represent company estimates as of May 3, 2012. Cincinnati Bell anticipates that subsequent events and developments will cause its estimates to change.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

		CINCINNATI BELL INC.
Date:	May 3, 2012	By:	/s/ Christopher J. Wilson
			Christopher J. Wilson
			Vice President, General Counsel and Secretary

3

Exhibit Index

Exhibit No.	Exhibit
99.1	Press release dated May 3, 2012
99.2	Presentation made during Cincinnati Bell third quarter 2011 earnings conference call on May 3, 2012

4

EX-99.1

Cincinnati Bell Reports First Quarter 2012 Results

• Data Center Colocation revenue and Adjusted EBITDA increase 20 percent over first quarter of 2011

• Wireline Adjusted EBITDA of $89 million is comparable to first quarter of 2011 as Fioptics passes 13,000 additional homes

• Cincinnati Bell first quarter 2012 revenue of $363 million and Adjusted EBITDA of $139 million are comparable to 2011

CINCINNATI - May 3, 2012 - Cincinnati Bell Inc. (NYSE:CBB) today announced financial results for the first quarter of 2012. For the quarter, revenue was $363 million, up from $361 million in the first quarter of 2011. Operating income was $81 million in the quarter, and net income of $13 million resulted in diluted earnings per share of 5 cents, down from 8 cents in the first quarter of 2011. Adjusted earnings before interest, taxes, depreciation and amortization¹ (Adjusted EBITDA) generated in the first quarter of 2012 totaled $139 million, up from $132 million in the fourth quarter of 2011 but down slightly from $142 million in the first quarter of 2011 due largely to $2 million of mark-to-market charges on compensation plans associated with a 33 percent increase in the company's stock price during the quarter.

“We are off to a good start in 2012 with solid performance from both our teams which continue to execute extremely well. We are very encouraged by the revenue and Adjusted EBITDA growth in our data center business and the strong operating results of the communications business,” said Jack Cassidy, president and chief executive officer.

Quarterly Highlights

• For the quarter, Data Center Colocation revenue increased to $53 million, up 21 percent from a year ago, while Adjusted EBITDA of $29 million reflects a 20 percent increase from the first quarter in 2011. The segment added 43,000 square feet of data center space during the quarter and sold 15,000 square feet. Total data center utilization was 85 percent at the end of the quarter, down slightly from 88 percent in the fourth quarter of 2011.

• Wireline revenue for the quarter was $182 million, up from $180 million in the fourth quarter of 2011 and down less than 1 percent from $184 million in the first quarter of 2011. Revenue growth from the company's Fioptics product suite and enterprise products mitigated the impact of access line losses. Adjusted EBITDA in the quarter was $89 million, compared to $88 million in the fourth quarter of 2011 and $90 million in the first quarter of 2011. Wireline Adjusted EBITDA margin² of 49 percent was comparable to both the fourth and first quarters of 2011.

• Wireless revenue for the quarter was $64 million and Adjusted EBITDA was $24 million, with an Adjusted EBITDA margin of 37 percent that represents the segment's highest margin since 2004.

Financial and Operations Review

“We invested $53 million in our data center facilities in the first quarter, our highest capital investment ever in this segment,” said Kurt Freyberger, chief financial officer. “We expect to construct an additional 140,000 square feet of space in the remainder of the year which will provide the inventory necessary to continue the growth trajectory of CyrusOne.”

Data Center Colocation Segment

For the quarter, revenue of $53 million represents an increase of $9 million, or 21 percent, compared to the same period a year ago, and the segment's operating income was $13 million, up $1 million compared to the first quarter in 2011. Adjusted EBITDA of $29 million reflects a 20 percent increase over the same period in 2011. During the quarter, the company completed construction on 43,000 square feet of new data center space, increasing capacity to 806,000 square feet. CyrusOne sold 15,000 square feet of space in the first quarter, resulting in quarter-end utilization of 85 percent, down from 88 percent at the end of the fourth quarter of 2011. The segment's Adjusted EBITDA margin in the quarter remained strong at 55 percent, comparable to both the first and fourth quarters in 2011.

Wireline Segment

For the quarter, Wireline revenue was $182 million, down less than 1 percent from $184 million in the first quarter of 2011 and improved from $180 million in the fourth quarter of 2011. Operating income of $57 million represents a 4 percent decrease from the same period in 2011 while Adjusted EBITDA totaled $89 million, slightly lower than $90 million in the first quarter of

2011 and improved from $88 million in the fourth quarter of 2011. The Adjusted EBITDA margin of 49 percent was comparable to both the first and fourth quarters of 2011. The growth of the company's entertainment, data and VoIP product lines, combined with its ongoing cost reduction efforts, continue to be instrumental in mitigating the impact of access line losses on revenue and Adjusted EBITDA.

The company passed 13,000 additional homes and businesses during the quarter with its Fioptics product suite, bringing the total number of units passed to 147,000. Wireline added 3,000 new Fioptics entertainment subscribers and 4,000 new Fioptics high-speed internet subscribers during the first quarter, bringing the totals to 43,000 entertainment and high-speed internet subscribers at the end of the quarter.

Wireless Segment

Wireless revenue was $64 million in the quarter, down from $71 million in the first quarter of 2011, as the segment continues to experience subscriber losses. Operating income in the quarter was $15 million, compared to $16 million in the same period a year ago, despite 11 percent fewer subscribers. The segment's Adjusted EBITDA decreased to $24 million in the quarter from $26 million in the first quarter of 2011, but reflects an improvement from $19 million in the fourth quarter of 2011 due to lower seasonal advertising and subsidy costs.

Total wireless subscribers decreased to 446,000 at the end of the first quarter, from 504,000 at the end of the first quarter in 2011 and 459,000 at the end of the fourth quarter in 2011. The segment continues to grow its smartphone subscriber base and had a total of 126,000 smartphone subscribers at the end of the quarter, up from 111,000 subscribers at the end of the first quarter in 2011. Postpaid smartphone subscribers now represent 35 percent of the total postpaid subscribers, up from 28 percent at the end of the first quarter in 2011.

The higher smartphone penetration continues to have a positive impact on postpaid data average revenue per user (ARPU), which increased by 21 percent over the first quarter of 2011 to $16.18. This increase in postpaid data ARPU more than offset the 3 percent year over year decline in postpaid voice ARPU. As a result, the segment's postpaid ARPU in the first quarter increased to $50.82, from $48.90 in the first quarter of 2011. Postpaid churn for the quarter was 2.2 percent compared to 2.1 percent in the first quarter of 2011, while prepaid churn was 6.4 percent compared to 5.5 percent in the same period a year ago.

Prepaid smartphone subscribers increased to 22,000 at the end of the quarter, up from 14,000 at the end of the first quarter in 2011, while prepaid ARPU in the quarter was $28.53, down from $29.52 in the first quarter of 2011.

IT Services and Hardware Segment

For the quarter, revenue increased to $73 million from $70 million in the first quarter of 2011, while Adjusted EBITDA was $4 million, down from $5 million in the first quarter of 2011. Adjusted EBITDA margin in the quarter was 6 percent, down from 8 percent in the first quarter of 2011.

2012 Outlook

Cincinnati Bell reaffirms its financial guidance for 2012:

Category	2012 Guidance
Revenue	$1.5 billion
Adjusted EBITDA	Approx. $530 million*

*Plus or minus 2 percent

Conference Call/Webcast

Cincinnati Bell will host a conference call today at 5:00 p.m. (ET) to discuss its results for the first quarter of 2012. A live webcast of the call will be available via the Investor Relations section of www.cincinnatibell.com. The conference call dial-in number is (866) 780-1078. Callers located outside of the U.S. and Canada may dial (816) 581-1570. A taped replay of the conference call will be available one hour after the conclusion of the call until 5:00 p.m. on Thursday May 17, 2012. For U.S. callers, the replay will be available at (888) 203-1112. For callers outside of the U.S. and Canada, the replay will be available

at (719) 457-0820. The replay reference number is 4901049. An archived version of the webcast will also be available in the Investor Relations section of www.cincinnatibell.com.

Safe Harbor Note

This release and the documents incorporated by reference herein contain forward-looking statements regarding future events and our future results that are subject to the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical facts, are statements that could be deemed forward-looking statements. These statements are based on current expectations, estimates, forecasts, and projections about the industries in which we operate and the beliefs and assumptions of our management. Words such as “expects,” “anticipates,” “predicts,” “projects,” “intends,” “plans,” “believes,” “seeks,” “estimates,” “continues,” “endeavors,” “strives,” “may,” variations of such words and similar expressions are intended to identify such forward-looking statements. In addition, any statements that refer to projections of our future financial performance, our anticipated growth and trends in our businesses, and other characterizations of future events or circumstances are forward-looking statements. Readers are cautioned these forward-looking statements are based on current expectations and assumptions that are subject to risks and uncertainties, which could cause our actual results to differ materially and adversely from those reflected in the forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, those discussed in this release and those discussed in other documents we file with the Securities and Exchange Commission (SEC). More information on potential risks and uncertainties is available in our recent filings with the SEC, including Cincinnati Bell's Form 10-K report, Form 10-Q reports and Form 8-K reports. Actual results may differ materially and adversely from those expressed in any forward-looking statements. We undertake no obligation to revise or update any forward-looking statements for any reason.

Use of Non-GAAP Financial Measures

This press release contains information about adjusted earnings before interest, taxes, depreciation and amortization (Adjusted EBITDA), Adjusted EBITDA margin, free cash flow, net income excluding special items, and net debt. These are non-GAAP financial measures used by Cincinnati Bell management when evaluating results of operations and cash flow. Management believes these measures also provide users of the financial statements with additional and useful comparisons of current results of operations and cash flows with past and future periods. Non-GAAP financial measures should not be construed as being more important than comparable GAAP measures. Detailed reconciliations of these non-GAAP financial measures 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.

¹Adjusted EBITDA provides a useful measure of operational performance. The Company defines Adjusted EBITDA as GAAP operating income plus depreciation, amortization, restructuring charges, asset impairments, components of pension and other retirement plan costs related to interest costs, asset returns, and amortization of actuarial gains and losses, and other special items.

²Adjusted EBITDA margin provides a useful measure of operational performance. The Company defines Adjusted EBITDA margin as Adjusted EBITDA divided by revenue. Adjusted EBITDA margin should not be considered as an alternative to comparable GAAP measures of profitability and may not be comparable with the measure as defined by other companies.

Free cash flow provides a useful measure of operational performance, liquidity and financial health. The Company defines free cash flow as cash provided by (used in) operating, financing and investing activities, adjusted for the issuance and repayment of debt, debt issuance costs, the repurchase of common stock, and the proceeds from the sale or the use of funds from the purchase of business operations, including transaction costs. 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.

Net income excluding special items in total and per share provides a useful measure of operating performance. Net income excluding special items should not be considered as an alternative to comparable GAAP measures of profitability and may not be comparable with net income excluding special items as defined by other companies.

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.

About Cincinnati Bell Inc.

With headquarters in Cincinnati, Ohio, Cincinnati Bell (NYSE: CBB) provides integrated communications solutions-including local, long distance, data, Internet, entertainment and wireless services - that keep residential and business customers in Greater Cincinnati and Dayton connected with each other and with the world. In addition, Cincinnati Bell provides best-in-class data center colocation services to its enterprise customers through its facilities with fully redundant power and cooling solutions that are currently located in the Midwest, Texas, London and Singapore. Complementing the colocation products, Cincinnati Bell also offers complex information technology solutions like managed services and technology staffing. For more information, visit www.cincinnatibell.com.

Cincinnati Bell Inc.
Consolidated Statements of Operations
(Unaudited)
(Dollars in millions, except per share amounts)
				Three Months Ended
				March 31,				Change
				2012		2011		$			%
	Revenue			$	362.8	$	360.8	$	2.0		1%
	Costs and expenses
		Cost of services and products		165.8		159.2		6.6			4%
		Selling, general and administrative		64.0		64.6		(0.6		)	(1)%
		Depreciation and amortization		51.1		48.4		2.7			6%
		Restructuring charges		0.9		—		0.9			n/m
		Acquisition costs		—		1.1		(1.1		)	n/m
		Asset impairments		—		1.1		(1.1		)	n/m
			Operating income	81.0		86.4		(5.4		)	(6)%
	Interest expense			54.4		54.5		(0.1		)	0%
	Other expense, net			1.5		—		1.5			n/m
	Income before income taxes			25.1		31.9		(6.8		)	(21)%
	Income tax expense			12.5		14.0		(1.5		)	(11)%
	Net income			12.6		17.9		(5.3		)	(30)%
	Preferred stock dividends			2.6		2.6		—			0%
	Net income applicable to common shareowners			$	10.0	$	15.3	$	(5.3	)	(35)%
	Basic and diluted earnings per common share			$	0.05	$	0.08
	Weighted average common shares outstanding
		(in millions)
		- Basic		195.3		197.8
		- Diluted		201.6		199.8

Cincinnati Bell Inc.
Consolidated Statements of Operations
(Unaudited)
(Dollars in millions, except per share amounts)
				Three Months Ended
				March 31,		December 31,			Change
				2012		2011			$			%
	Revenue			$	362.8	$	365.3		$	(2.5	)	(1)%
	Costs and expenses
		Cost of services and products		165.8		174.5			(8.7		)	(5)%
		Selling, general and administrative		64.0		65.4			(1.4		)	(2)%
		Depreciation and amortization		51.1		53.2			(2.1		)	(4)%
		Restructuring charges		0.9		12.2			(11.3		)	(93)%
		Impairment of goodwill and other assets		—		50.8			(50.8		)	n/m
			Operating income	81.0		9.2			71.8			n/m
	Interest expense			54.4		53.8			0.6			1%
	Other expense, net			1.5		0.9			0.6			67%
	Income (loss) before income taxes			25.1		(45.5		)	70.6			n/m
	Income tax expense (benefit)			12.5		(15.1		)	27.6			n/m
	Net income (loss)			12.6		(30.4		)	43.0			n/m
	Preferred stock dividends			2.6		2.6			—			0%
	Net income (loss) applicable to common shareowners			$	10.0	$	(33.0	)	$	43.0		n/m
	Basic and diluted earnings (loss) per common share			$	0.05	$	(0.17	)
	Weighted average common shares outstanding
		(in millions)
		- Basic		195.3		194.9
		- Diluted		201.6		194.9

Cincinnati Bell Inc.
Income Statements by Segment
(Unaudited)
(Dollars in millions)
			Three Months Ended
			March 31,				Change
			2012		2011		$			%
	Wireline
	Revenue
		Voice - local service	$	66.0	$	73.2	$	(7.2	)	(10)%
		Data	76.0		71.1		4.9			7%
		Long distance and VoIP	28.9		27.8		1.1			4%
		Entertainment	7.7		5.8		1.9			33%
		Other	3.8		6.0		(2.2		)	(37)%
		Total revenue	182.4		183.9		(1.5		)	(1)%
	Operating costs and expenses
		Cost of services and products	68.8		65.9		2.9			4%
		Selling, general and administrative	30.5		33.0		(2.5		)	(8)%
		Depreciation and amortization	25.9		25.4		0.5			2%
		Total operating costs and expenses	125.2		124.3		0.9			1%
	Operating income		$	57.2	$	59.6	$	(2.4	)	(4)%
	Wireless
	Revenue
		Service	$	59.1	$	65.1	$	(6.0	)	(9)%
		Equipment	4.6		6.3		(1.7		)	(27)%
		Total revenue	63.7		71.4		(7.7		)	(11)%
	Operating costs and expenses
		Cost of services and products	29.5		32.0		(2.5		)	(8)%
		Selling, general and administrative	10.7		13.3		(2.6		)	(20)%
		Depreciation and amortization	7.9		8.7		(0.8		)	(9)%
		Other*	0.5		1.1		(0.6		)	(55)%
		Total operating costs and expenses	48.6		55.1		(6.5		)	(12)%
	Operating income		$	15.1	$	16.3	$	(1.2	)	(7)%
	Data Center Colocation
	Revenue		$	52.6	$	43.4	$	9.2		21%
	Operating costs and expenses
		Cost of services	17.3		13.7		3.6			26%
		Selling, general and administrative	6.5		5.7		0.8			14%
		Depreciation and amortization	15.6		12.0		3.6			30%
		Total operating costs and expenses	39.4		31.4		8.0			25%
	Operating income		$	13.2	$	12.0	$	1.2		10%
	IT Services and Hardware
	Revenue
		Telecom and IT equipment distribution	$	45.7	$	48.5	$	(2.8	)	(6)%
		Managed and professional services	27.5		21.8		5.7			26%
		Total revenue	73.2		70.3		2.9			4%
	Operating costs and expenses
		Cost of services and products	58.7		55.0		3.7			7%
		Selling, general and administrative	10.3		9.9		0.4			4%
		Depreciation and amortization	1.6		2.2		(0.6		)	(27)%
		Total operating costs and expenses	70.6		67.1		3.5			5%
	Operating income		$	2.6	$	3.2	$	(0.6	)	(19)%
		*Other includes restructuring charges and asset impairments.

Cincinnati Bell Inc.
Income Statements by Segment
(Unaudited)
(Dollars in millions)
			Three Months Ended
			March 31,		December 31,			Change
			2012		2011			$			%
	Wireline
	Revenue
		Voice - local service	$	66.0	$	66.2		$	(0.2	)	0%
		Data	76.0		74.2			1.8			2%
		Long distance and VoIP	28.9		28.0			0.9			3%
		Entertainment	7.7		7.2			0.5			7%
		Other	3.8		4.7			(0.9		)	(19)%
		Total revenue	182.4		180.3			2.1			1%
	Operating costs and expenses
		Cost of services and products	68.8		67.8			1.0			1%
		Selling, general and administrative	30.5		29.7			0.8			3%
		Depreciation and amortization	25.9		26.3			(0.4		)	(2)%
		Other*	—		8.2			(8.2		)	n/m
		Total operating costs and expenses	125.2		132.0			(6.8		)	(5)%
	Operating income		$	57.2	$	48.3		$	8.9		18%
	Wireless
	Revenue
		Service	$	59.1	$	60.4		$	(1.3	)	(2)%
		Equipment	4.6		8.0			(3.4		)	(43)%
		Total revenue	63.7		68.4			(4.7		)	(7)%
	Operating costs and expenses
		Cost of services and products	29.5		36.1			(6.6		)	(18)%
		Selling, general and administrative	10.7		13.4			(2.7		)	(20)%
		Depreciation and amortization	7.9		8.4			(0.5		)	(6)%
		Other*	0.5		50.3			(49.8		)	(99)%
		Total operating costs and expenses	48.6		108.2			(59.6		)	(55)%
	Operating income (loss)		$	15.1	$	(39.8	)	$	54.9		n/m
	Data Center Colocation
	Revenue		$	52.6	$	49.1		$	3.5		7%
	Operating costs and expenses
		Cost of services	17.3		15.8			1.5			9%
		Selling, general and administrative	6.5		6.4			0.1			2%
		Depreciation and amortization	15.6		16.6			(1.0		)	(6)%
		Total operating costs and expenses	39.4		38.8			0.6			2%
	Operating income		$	13.2	$	10.3		$	2.9		28%
	IT Services and Hardware
	Revenue
		Telecom and IT equipment distribution	$	45.7	$	49.9		$	(4.2	)	(8)%
		Managed and professional services	27.5		25.7			1.8			7%
		Total revenue	73.2		75.6			(2.4		)	(3)%
	Operating costs and expenses
		Cost of services and products	58.7		62.4			(3.7		)	(6)%
		Selling, general and administrative	10.3		8.4			1.9			23%
		Depreciation and amortization	1.6		1.8			(0.2		)	(11)%
		Other*	—		1.9			(1.9		)	n/m
		Total operating costs and expenses	70.6		74.5			(3.9		)	(5)%
	Operating income		$	2.6	$	1.1		$	1.5		136%
		*Other includes restructuring charges and impairment of goodwill and other assets.

Cincinnati Bell Inc.
Segment Information
(Unaudited)
(Dollars in millions)
			Three Months Ended
			March 31,						Change
			2012			2011			$			%
	Revenue
		Wireline	$	182.4		$	183.9		$	(1.5	)	(1)%
		Wireless	63.7			71.4			(7.7		)	(11)%
		Data Center Colocation	52.6			43.4			9.2			21%
		IT Services and Hardware	73.2			70.3			2.9			4%
		Eliminations	(9.1		)	(8.2		)	(0.9		)	(11)%
		Total revenue	$	362.8		$	360.8		$	2.0		1%
	Cost of Services and Products
		Wireline	$	68.8		$	65.9		$	2.9		4%
		Wireless	29.5			32.0			(2.5		)	(8)%
		Data Center Colocation	17.3			13.7			3.6			26%
		IT Services and Hardware	58.7			55.0			3.7			7%
		Eliminations	(8.5		)	(7.4		)	(1.1		)	(15)%
		Total cost of services and products	$	165.8		$	159.2		$	6.6		4%
	Selling, General and Administrative
		Wireline	$	30.5		$	33.0		$	(2.5	)	(8)%
		Wireless	10.7			13.3			(2.6		)	(20)%
		Data Center Colocation	6.5			5.7			0.8			14%
		IT Services and Hardware	10.3			9.9			0.4			4%
		Corporate and eliminations	6.0			2.7			3.3			122%
		Total selling, general and administrative	$	64.0		$	64.6		$	(0.6	)	(1)%
	Depreciation and Amortization
		Wireline	$	25.9		$	25.4		$	0.5		2%
		Wireless	7.9			8.7			(0.8		)	(9)%
		Data Center Colocation	15.6			12.0			3.6			30%
		IT Services and Hardware	1.6			2.2			(0.6		)	(27)%
		Corporate	0.1			0.1			—			0%
		Total depreciation and amortization	$	51.1		$	48.4		$	2.7		6%
	Other*
		Wireline	$	—		$	—		$	—		n/m
		Wireless	0.5			1.1			(0.6		)	(55)%
		Data Center Colocation	—			—			—			n/m
		IT Services and Hardware	—			—			—			n/m
		Corporate	0.4			1.1			(0.7		)	(64)%
		Total other	$	0.9		$	2.2		$	(1.3	)	(59)%
	Operating Income
		Wireline	$	57.2		$	59.6		$	(2.4	)	(4)%
		Wireless	15.1			16.3			(1.2		)	(7)%
		Data Center Colocation	13.2			12.0			1.2			10%
		IT Services and Hardware	2.6			3.2			(0.6		)	(19)%
		Corporate	(7.1		)	(4.7		)	(2.4		)	(51)%
		Total operating income	$	81.0		$	86.4		$	(5.4	)	(6)%
		*Other includes restructuring charges, acquisition costs, and asset impairments.

Cincinnati Bell Inc.
Segment Information
(Unaudited)
(Dollars in millions)
			Three Months Ended
			March 31,			December 31,			Change
			2012			2011			$			%
	Revenue
		Wireline	$	182.4		$	180.3		$	2.1		1%
		Wireless	63.7			68.4			(4.7		)	(7)%
		Data Center Colocation	52.6			49.1			3.5			7%
		IT Services and Hardware	73.2			75.6			(2.4		)	(3)%
		Eliminations	(9.1		)	(8.1		)	(1.0		)	(12)%
		Total revenue	$	362.8		$	365.3		$	(2.5	)	(1)%
	Cost of Services and Products
		Wireline	$	68.8		$	67.8		$	1.0		1%
		Wireless	29.5			36.1			(6.6		)	(18)%
		Data Center Colocation	17.3			15.8			1.5			9%
		IT Services and Hardware	58.7			62.4			(3.7		)	(6)%
		Eliminations	(8.5		)	(7.6		)	(0.9		)	(12)%
		Total cost of services and products	$	165.8		$	174.5		$	(8.7	)	(5)%
	Selling, General and Administrative
		Wireline	$	30.5		$	29.7		$	0.8		3%
		Wireless	10.7			13.4			(2.7		)	(20)%
		Data Center Colocation	6.5			6.4			0.1			2%
		IT Services and Hardware	10.3			8.4			1.9			23%
		Corporate and eliminations	6.0			7.5			(1.5		)	(20)%
		Total selling, general and administrative	$	64.0		$	65.4		$	(1.4	)	(2)%
	Depreciation and Amortization
		Wireline	$	25.9		$	26.3		$	(0.4	)	(2)%
		Wireless	7.9			8.4			(0.5		)	(6)%
		Data Center Colocation	15.6			16.6			(1.0		)	(6)%
		IT Services and Hardware	1.6			1.8			(0.2		)	(11)%
		Corporate	0.1			0.1			—			0%
		Total depreciation and amortization	$	51.1		$	53.2		$	(2.1	)	(4)%
	Other*
		Wireline	$	—		$	8.2		$	(8.2	)	n/m
		Wireless	0.5			50.3			(49.8		)	(99)%
		Data Center Colocation	—			—			—			n/m
		IT Services and Hardware	—			1.9			(1.9		)	n/m
		Corporate	0.4			2.6			(2.2		)	(85)%
		Total other	$	0.9		$	63.0		$	(62.1	)	(99)%
	Operating Income (Loss)
		Wireline	$	57.2		$	48.3		$	8.9		18%
		Wireless	15.1			(39.8		)	54.9			n/m
		Data Center Colocation	13.2			10.3			2.9			28%
		IT Services and Hardware	2.6			1.1			1.5			136%
		Corporate	(7.1		)	(10.7		)	3.6			34%
		Total operating income	$	81.0		$	9.2		$	71.8		n/m
		*Other includes restructuring charges and impairment of goodwill and other assets.

Cincinnati Bell Inc.
Segment Metric Information
(Unaudited)
(In thousands)
			March 31,		December 31,		March 31,
			2012		2011		2011
	Local access lines		608.6		621.3		663.6
	Long distance lines		439.2		447.4		477.1
	High-speed internet subscribers
		DSL subscribers	214.4		218.0		228.2
		Fioptics subscribers	42.8		39.3		30.3
			257.2		257.3		258.5
	Fioptics entertainment subscribers		42.7		39.6		30.6
	Wireless
		Postpaid wireless subscribers	297.7		311.0		341.9
		Prepaid wireless subscribers	148.7		148.0		162.0
			446.4		459.0		503.9
	Data Center Colocation
		Data center capacity (in square feet)	806,000		763,000		659,000
		Utilization rate*	85	%	88	%	90	%
	*	Data center utilization is calculated by dividing data center square footage that is committed contractually to customers, if built, by total data center square footage. Some data center square footage that is committed contractually may not yet be billed to the customer.

Cincinnati Bell Inc.
Local Access Line Detail
(Unaudited)
(In thousands)
		2010				2011				2012
		1Q	2Q	3Q	4Q	1Q	2Q	3Q	4Q	1Q
	Local Access Lines
	In-Territory:
	Primary Residential	354.1	345.5	336.8	328.9	321.8	313.8	304.8	296.7	288.9
	Secondary Residential	21.8	20.8	19.3	19.1	18.3	16.3	15.6	14.9	14.2
	Business/ Other	261.9	258.7	256.2	252.5	250.7	248.7	244.4	240.8	238.5
	Total In-Territory	637.8	625.0	612.3	600.5	590.8	578.8	564.8	552.4	541.6
	Out-of-Territory:
	Primary Residential	32.9	32.5	32.1	31.2	30.4	29.3	27.8	26.7	25.2
	Secondary Residential	1.1	1.1	1.0	1.0	0.9	0.9	0.9	0.8	0.8
	Business/ Other	39.9	40.4	41.5	41.4	41.5	41.6	41.8	41.4	41.0
	Total Out-of-Territory	73.9	74.0	74.6	73.6	72.8	71.8	70.5	68.9	67.0
	Total Access Lines	711.7	699.0	686.9	674.1	663.6	650.6	635.3	621.3	608.6

Cincinnati Bell Inc.
Net Debt and Common Shares Outstanding
(Unaudited)
(Dollars and shares in millions)
		March 31,			December 31,
		2012			2011
7% Senior Notes due 2015		$	250.2		$	250.4
8 1/4% Senior Notes due 2017		500.0			500.0
8 3/4% Senior Subordinated Notes due 2018		625.0			625.0
8 3/8% Senior Notes due 2020		775.0			775.0
7 1/4% Senior Notes due 2023		40.0			40.0
Various Cincinnati Bell Telephone notes		207.5			207.5
Capital leases and other debt		141.8			144.4
Net unamortized discount		(8.3		)	(8.7		)
	Total debt	2,531.2			2,533.6
Less: Interest rate swap adjustment		(2.7		)	(2.9		)
Less: Cash and cash equivalents		(6.9		)	(73.7		)
	Net debt (as defined by the company)	$	2,521.6		$	2,457.0
Credit facility availability		$	210.0		$	210.0
Common shares outstanding		197.2			195.7

Cincinnati Bell Inc.
Reconciliation of Net Income (Loss) (GAAP) to Adjusted EBITDA (Non-GAAP)
(Unaudited)
(Dollars in millions)
			Three Months Ended March 31, 2012
			Wireline			Wireless			Data Center Colocation			IT Services & Hardware			Corporate			Total Company
	Net Income (GAAP)																	$	12.6
	Add:
		Income tax expense																12.5
		Interest expense																54.4
		Other expense, net																1.5
	Operating Income (GAAP)		$	57.2		$	15.1		$	13.2		$	2.6		$	(7.1	)	$	81.0
	Add:
		Depreciation and amortization	25.9			7.9			15.6			1.6			0.1			51.1
		Restructuring charges	—			0.5			—			—			0.4			0.9
		Pension and other retirement plan expenses	5.4			—			—			—			0.4			5.8
	Adjusted EBITDA (Non-GAAP)		$	88.5		$	23.5		$	28.8		$	4.2		$	(6.2	)	$	138.8
	Adjusted EBITDA Margin		49		%	37		%	55		%	6		%	—			38		%
			Three Months Ended December 31, 2011
			Wireline			Wireless			Data Center Colocation			IT Services & Hardware			Corporate			Total Company
	Net Loss (GAAP)																	$	(30.4	)
	Add:
		Income tax benefit																(15.1		)
		Interest expense																53.8
		Other expense, net																0.9
	Operating Income (Loss) (GAAP)		$	48.3		$	(39.8	)	$	10.3		$	1.1		$	(10.7	)	$	9.2
	Add:
		Depreciation and amortization	26.3			8.4			16.6			1.8			0.1			53.2
		Restructuring charges	7.7			—			—			1.9			2.6			12.2
		Impairment of goodwill and other assets	0.5			50.3			—			—			—			50.8
		Legal claim costs	—			—			0.4			—			0.8			1.2
		Pension and other retirement plan expenses	4.9			—			—			—			0.4			5.3
	Adjusted EBITDA (Non-GAAP)		$	87.7		$	18.9		$	27.3		$	4.8		$	(6.8	)	$	131.9
	Adjusted EBITDA Margin		49		%	28		%	56		%	6		%	—			36		%
	Sequential dollar change in Adjusted EBITDA		$	0.8		$	4.6		$	1.5		$	(0.6	)	$	0.6		$	6.9
	Sequential percentage change in Adjusted EBITDA		1		%	24		%	5		%	(13		)%	9		%	5		%
			Three Months Ended March 31, 2011
			Wireline			Wireless			Data Center Colocation			IT Services & Hardware			Corporate			Total Company
	Net Income (GAAP)																	$	17.9
	Add:
		Income tax expense																14.0
		Interest expense																54.5
	Operating Income (GAAP)		$	59.6		$	16.3		$	12.0		$	3.2		$	(4.7	)	$	86.4
	Add:
		Depreciation and amortization	25.4			8.7			12.0			2.2			0.1			48.4
		Acquisition costs	—			—			—			—			1.1			1.1
		Asset impairments	—			1.1			—			—			—			1.1
		Pension and other retirement plan expenses	5.0			—			—			—			0.4			5.4
	Adjusted EBITDA (Non-GAAP)		$	90.0		$	26.1		$	24.0		$	5.4		$	(3.1	)	$	142.4
	Adjusted EBITDA Margin		49		%	37		%	55		%	8		%	—			39		%
	Year-over-year dollar change in Adjusted EBITDA		$	(1.5	)	$	(2.6	)	$	4.8		$	(1.2	)	$	(3.1	)	$	(3.6	)
	Year-over-year percentage change in Adjusted EBITDA		(2		)%	(10		)%	20		%	(22		)%	(100		)%	(3		)%

Cincinnati Bell Inc.
Consolidated Statements of Cash Flows
(Unaudited)
(Dollars in millions)
			Three Months Ended
			March 31,
			2012			2011
	Cash provided by operating activities		$	23.6		$	65.0
		Capital expenditures	(84.6		)	(52.4		)
		Other, net	—			0.1
	Cash used in investing activities		(84.6		)	(52.3		)
		Repayment of debt	(4.0		)	(3.0		)
		Dividends paid on preferred stock	(2.6		)	(2.6		)
		Common stock repurchase	(0.3		)	—
		Other, net	1.1			(0.4		)
	Cash used in financing activities		(5.8		)	(6.0		)
	Net increase (decrease) in cash and cash equivalents		(66.8		)	6.7
	Cash and cash equivalents at beginning of period		73.7			77.3
	Cash and cash equivalents at end of period		$	6.9		$	84.0
	Reconciliation of GAAP Cash Flow to
		Free Cash Flow (as defined by the company)
	Net increase (decrease) in cash and cash equivalents		$	(66.8	)	$	6.7
	Less adjustments:
		Repayment of debt	4.0			3.0
		Acquisition costs	—			1.1
		Common stock repurchase	0.3			—
		Free cash flow (as defined by the company)	$	(62.5	)	$	10.8
	Income tax refunds		$	0.8		$	1.3

Cincinnati Bell Inc.
Free Cash Flow (as defined by the company)
(Unaudited)
(Dollars in millions)
	Free Cash Flow for the three months ended March 31, 2011	$	10.8
	Decrease in Adjusted EBITDA	(3.6		)
	Increase in capital expenditures	(32.2		)
	Decrease in pension and postretirement payments and contributions	2.9
	Change in working capital and other	(40.4		)
	Free Cash Flow for the three months ended March 31, 2012	$	(62.5	)

Cincinnati Bell Inc.
Capital Expenditures
(Unaudited)
(Dollars in millions)
	Three Months Ended
	Mar. 31, 2012		Dec. 31, 2011		Sep. 30, 2011		Jun. 30, 2011		Mar. 31, 2011
Wireline	$	23.3	$	37.4	$	27.1	$	22.6	$	25.5
Wireless	6.3		7.0		4.9		0.9		4.8
Data Center Colocation	52.8		41.3		41.0		14.6		21.6
IT Services and Hardware	2.2		2.8		1.5		2.0		0.5
Total capital expenditures	$	84.6	$	88.5	$	74.5	$	40.1	$	52.4

Cincinnati Bell Inc.
Normalized Statements of Operations (Non-GAAP) - Reconciliation to Reported Results
(Unaudited)
(Dollars in millions, except per share amounts)
										Three
				Three						Months Ended
				Months Ended						March 31, 2012
				March 31, 2012						Before Special Items
				(GAAP)		Special Items				(Non-GAAP)
	Revenue			$	362.8	$	—			$	362.8
	Costs and expenses
		Cost of services and products		165.8		—				165.8
		Selling, general and administrative		64.0		—				64.0
		Depreciation and amortization		51.1		—				51.1
		Restructuring charges		0.9		(0.9		)	[A]	—
			Operating income	81.0		0.9				81.9
	Interest expense			54.4		—				54.4
	Other expense, net			1.5		(1.4		)	[B]	0.1
	Income before income taxes			25.1		2.3				27.4
	Income tax expense			12.5		0.9				13.4
	Net income			12.6		1.4				14.0
	Preferred stock dividends			2.6		—				2.6
	Net income applicable to common shareowners			$	10.0	$	1.4			$	11.4
	Weighted average diluted common shares			201.6		201.6				201.6
	Diluted earnings per common share			$	0.05	$	0.01			$	0.06
	Normalized results have been adjusted for the following (pretax adjustments are tax effected at 40%):
A	Restructuring charges consist of severance and lease abandonments.
B	Loss on termination of financing obligation.

Cincinnati Bell Inc.
Normalized Statements of Operations (Non-GAAP) - Reconciliation to Reported Results
(Unaudited)
(Dollars in millions, except per share amounts)
										Three
				Three						Months Ended
				Months Ended						March 31, 2011
				March 31, 2011						Before Special Items
				(GAAP)		Special Items				(Non-GAAP)
	Revenue			$	360.8	$	—			$	360.8
	Costs and expenses
		Cost of services and products		159.2		—				159.2
		Selling, general and administrative		64.6		—				64.6
		Depreciation and amortization		48.4		—				48.4
		Acquisition costs		1.1		(1.1		)	[A]	—
		Asset impairments		1.1		(1.1		)	[B]	—
			Operating income	86.4		2.2				88.6
	Interest expense			54.5		—				54.5
	Income before income taxes			31.9		2.2				34.1
	Income tax expense			14.0		0.9				14.9
	Net income			17.9		1.3				19.2
	Preferred stock dividends			2.6		—				2.6
	Net income applicable to common shareowners			$	15.3	$	1.3			$	16.6
	Weighted average diluted common shares			199.8		199.8				199.8
	Diluted earnings per common share*			$	0.08	$	0.01			$	0.08
	Normalized results have been adjusted for the following (pretax adjustments are tax effected at 40%):
A	Acquisition costs consist of legal and professional fees incurred in due diligence.
B	Impairment recorded to reduce carrying value of property to reflect its estimated fair value.
*	Diluted earnings per common share have been calculated independently for the results above. Therefore, the sum of the per share amounts will not necessarily equal the per share results for the Before Special Items (Non-GAAP) results.

Cincinnati Bell Inc.
Reconciliation of Operating Income (GAAP) Guidance to Adjusted EBITDA (Non-GAAP) Guidance
(Unaudited)
(Dollars in millions)
	2012 Operating Income (GAAP) Guidance	$	300
	Add:
	Depreciation and amortization	206
	Other	1
	Pension and other retirement plan expenses	23
	2012 Adjusted EBITDA (Non-GAAP) Guidance	$	530	*
	* Plus or minus 2 percent.

CONTACT:

Cincinnati Bell Inc.

Investor / Media contact:

John Caulfield, 513-397-0487

John.Caulfield@cinbell.com

EX-99.2

Cincinnati Bell First Quarter 2012 Results May 3, 2012

2 2 Today’s Agenda Performance Highlights Jack Cassidy, President & Chief Executive Officer Review of Cincinnati Bell Communications Ted Torbeck, President, Cincinnati Bell Communications Review of CyrusOne Gary Wojtaszek, President, CyrusOne Financial Overview Kurt Freyberger, Chief Financial Officer Question & Answer Cincinnati Bell Management Team

3 3 Safe Harbor This presentation and the documents incorporated by reference herein contain forward- looking statements regarding future events and our future results that are subject to the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical facts, are statements that could be deemed forward-looking statements. These statements are based on current expectations, estimates, forecasts, and projections about the industries in which we operate and the beliefs and assumptions of our management. Words such as “expects,” “anticipates,” “predicts,” “projects,” “intends,” “plans,” “believes,” “seeks,” “estimates,” “continues,” “endeavors,” “strives,” “may,” variations of such words and similar expressions are intended to identify such forward-looking statements. In addition, any statements that refer to projections of our future financial performance, our anticipated growth and trends in our businesses, and other characterizations of future events or circumstances are forward- looking statements. Readers are cautioned these forward-looking statements are based on current expectations and assumptions that are subject to risks and uncertainties, which could cause our actual results to differ materially and adversely from those reflected in the forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, those discussed in this release and those discussed in other documents we file with the Securities and Exchange Commission (SEC). More information on potential risks and uncertainties is available in our recent filings with the SEC, including Cincinnati Bell’s Form 10-K report, Form 10-Q reports and Form 8-K reports. Actual results may differ materially and adversely from those expressed in any forward-looking statements. We undertake no obligation to revise or update any forward-looking statements for any reason.

4 4 Non GAAP Financial Measures This presentation contains information about adjusted earnings before interest, taxes, depreciation and amortization (Adjusted EBITDA), Adjusted EBITDA margin, free cash flow and diluted earnings per share before special items. These are non-GAAP financial measures used by Cincinnati Bell management when evaluating results of operations and cash flow. Management believes these measures also provide users of the financial statements with additional and useful comparisons of current results of operations and cash flows with past and future periods. Non-GAAP financial measures should not be construed as being more important than comparable GAAP measures. Detailed reconciliations of Adjusted EBITDA, free cash flow and diluted earnings per share before special items (including the Company’s definition of these terms) to comparable GAAP financial measures can be found in the earnings release on our website at www.cincinnatibell.com within the Investor Relations section.

Jack Cassidy President and CEO

6 6 2012 1st Quarter Highlights – Great start to kick-off 2012 Net revenue in the first quarter was $363 million, 1% higher than 2011 Generated strong Adjusted EBITDA of $139 million, a decrease of 3% from Q1 2011 and up 5% sequentially Continued investment in Data Center Colocation yields growth of 21% for revenue and 20% for Adjusted EBITDA Strong Adjusted EBITDA margins of 49% and 37% generated by legacy Wireline and Wireless businesses, respectively • Data Center and Fioptics year-over-year growth in revenue and Adjusted EBITDA offsets access line loss, wireless subscriber losses and $2M mark-to- market charge - MTM charge resulted from 33% increase in stock price during Q1 • Adjusted EBITDA increased $7 million sequentially • Constructed 43,000 sq feet of new data center space during the quarter and sold 15,000 sq feet, maintaining high utilization of 85% • Wireline maintains industry leading Adjusted EBITDA margin of 49% and Wireless Adjusted EBITDA margin in the quarter is the highest since 2004

7 7 Q1 2012 Year over Year Change in Revenue Data Center Colocation continues its strong growth trend $9 million or 21% increase in Data Center Colocation • Utilized data center square footage increased by 17% $3 million or 4% increase in IT Services and Hardware ($1 million) decrease in Wireline • Revenue growth from Fioptics and enterprise offsets continued access line losses and home security business sold in 2011 ($8 million) decrease in Wireless • Decline in total subscriber base is partially mitigated by postpaid ARPU growth ($’s in millions) $361 $363 ($1) ($8) $3 $9 ($1) Q1 2011 Wireline Wireless IT Svcs & HW DC Colocation Eliminations Q1 2012

8 8 Q1 2012 Year over Year Change in Adjusted EBITDA $5 million increase in Data Center Colocation • Driven by new sales from added capacity ($1 million) decrease in Wireline • Cost management initiatives continue to have a favorable impact on Adjusted EBITDA, more than offset by lower revenue ($3 million) decrease in Wireless • 11% decline in total subscriber base year over year is partially offset by cost reductions ($3 million) increase in Corporate expenses • $2M increase in mark-to-market expense on comp plans related to our 33% increase in stock price ($1 million) decrease in IT Services and Hardware ($’s in millions) $142 $139 ($1) ($3) ($1) $5 ($3) Q1 2011 Wireline Wireless IT Svcs and HW DC Colocation Corporate Q1 2012

Ted Torbeck Cincinnati Bell Communications, President

10 10 Wireline Performance ($’s in millions) Revenue Adj. EBITDA Adj. EBITDA Margin Wireline Revenue and Adjusted EBITDA High Adjusted EBITDA margin of 49% • Revenue and Adjusted EBITDA are comparable to Q1 2011 despite continued loss of access lines • Fioptics revenue in the quarter was $15 million, up 47% from Q1 2011, mitigating lower voice revenues Generated strong Adjusted EBITDA of $89 million in the quarter • Access line losses drive $7M decline in voice revenue • Fioptics growth contributed EBITDA increase of $2M • Sourcing savings help to offset growth and other costs $184 $185 $183 $180 $182 $90 $90 $87 $88 $89 49% 49% 48% 49% 49% Q1 2011 Q2 2011 Q3 2011 Q4 2011 Q1 2012 $90 $89 ($7) $8 $3 ($5) 011 Voice Revenue Revenue from Entertainment, Data & VoIP Sourcing Savings Growth Costs and Other Q1 2012 Wireline Adjusted EBITDA Year over Year Changes

11 Fioptics Activity Q1 2012 Fioptics subscribers • 147K units now passed; added 13K in Q1 • 43K entertainment subs; added 3K in Q1 • 43K internet subs; added 4K in Q1 • 32K voice subs; added 3K in Q1 Churn for entertainment subscribers was 2.4% in the quarter, comparable to Q1 2011 • Churn rate is reasonable given the mix of single family and apartment units Fioptics consumer monthly ARPU was $127, up from $117 in Q1 2011 11 31 34 38 40 43 Q1 2011 Q2 2011 Q3 2011 Q4 2011 Q1 2012 Total Entertainment Subscribers (in thousands) Fioptics offering well received by customers, with a 29% penetration rate of total units passed

12 228 225 222 218 214 31 33 37 39 43 259 258 259 257 257 Q1 2011 Q2 2011 Q3 2011 Q4 2011 Q1 2012 Fioptics (Including Cable) DSL (1) (4) (3) (4) (4) 4 3 4 2 4 Q1 2011 Q2 2011 Q3 2011 Q4 2011 Q1 2012 DSL Net Adds Fioptics Net Adds High-Speed Internet Net Adds 12 High-Speed Internet Subscriber Activity Added 4K Fioptics high-speed internet subscribers during the quarter, fully offsetting DSL losses 41% growth in Fioptics high-speed internet subs since Q1 2011 Churn of high-speed internet subscribers continues to be less than 2% (In thousands) 3 (1) 1 (2) High-Speed Internet Customers (DSL & Fioptics) -

13 Access Line Loss – Consumer & Business Year over year total access line loss of 8.3% • Reduced activities in low-margin Dayton CLEC markets • 8.3% in-territory access line loss, compared to 8.0% at end of 2011 VoIP access line equivalents increased 15% year over year Access line churn of 1.3% in the quarter is consistent with Q1 2011 13 (In thousands) (9) (11) (11) (10) (10) (2) (2) (4) (4) (3) (11) (13) (15) (14) (13) Q1 2011 Q2 2011 Q3 2011 Q4 2011 Q1 2012 Access Line Net Adds Consumer Net Adds Business Net Adds

14 14 Wireless Performance Revenue Adj. EBITDA Adj. EBITDA Margin Wireless Revenue & Adjusted EBITDA Continued focus on maximizing cash flows and profitability • Adjusted EBITDA margin of 37% in the quarter Competitive environment expected to continue into the foreseeable future Postpaid churn in the quarter was 2.2%, compared to 2.4% in Q4 2011 and 2.1% in Q1 2011 342 331 322 311 298 162 156 150 148 148 504 487 472 459 446 Q1 2011 Q2 2011 Q3 2011 Q4 2011 Q1 2012 Prepaid Postpaid Wireless Customers (In thousands) $71 $70 $68 $68 $64 $26 $24 $20 $19 $24 37% 34% 29% 28% 37% Q1 2011 Q2 2011 Q3 2011 Q4 2011 Q1 2012 ($’s in millions)

15 15 Postpaid ARPU and Smartphone Customers Postpaid data ARPU continues to trend upwards • Data ARPU is up 21% compared to Q1 2011 • Voice ARPU has been declining over the past 4 quarters, but higher data ARPU continues to provide stability to total postpaid ARPU Smartphone subscribers continue to drive increase in data ARPU • Total smartphone subscriber base has grown by 15% year over year • Postpaid smartphone penetration now at 35% of total postpaid subscriber base, up from 28% at Q1 2011 • Prepaid smartphone subscribers of 22K have grown 65% since Q1 2011 $35.57 $36.02 $35.47 $35.02 $34.64 $13.33 $14.72 $14.89 $15.30 $16.18 $48.90 $50.74 $50.36 $50.32 $50.82 Q1 2011 Q2 2011 Q3 2011 Q4 2011 Q1 2012 Voice Data Postpaid ARPU 97 98 103 106 104 14 15 17 19 22 111 113 120 125 126 Q1 2011 Q2 2011 Q3 2011 Q4 2011 Q1 2012 Po tpaid Prepaid Smartphone Customers (In thousands)

16 16 Prepaid Wireless Prepaid subscribers decreased 8% from Q1 2011 Prepaid ARPU is down 3% compared to Q1 2011, but is stable compared to the 2 immediately preceding quarters • Sustained competitive environment continues to put pressure on voice ARPU • Prepaid data ARPU increased 10% year over year, helping to offset decline in prepaid voice ARPU $14.2 $13.3 $13.0 $12.7 $12.7 Q1 2011 Q2 2011 Q3 2011 Q4 2011 Q1 2012 Prepaid Service Revenue ($’s in millions) $29.52 $27.71 $28.48 $28.58 $28.53 Q1 2011 Q2 2011 Q3 2011 Q4 2011 Q1 2012 Prepaid ARPU

17 17 ($’s in millions) IT Services and Hardware Revenue in the quarter increased 4% from prior year • Revenue from Managed and Professional Services increased $6 million, or 26%, from 2011 • Telecom & IT Equipment sales were 6% lower compared to same period in 2011 Adjusted EBITDA of $4 million decreased by $1 million compared to Q1 2011 $70 $76 $79 $76 $73 Q1 2011 Q2 2011 Q3 2011 Q4 2011 Q1 2012 Revenue $5 $4 $6 $5 $4 8% 5% 8% 6% 6% Q1 2011 Q2 2011 Q3 2011 Q4 2011 Q1 2012 Adjusted EBITDA Adj. EBITDA Adj. EBITDA Margin

Gary Wojtaszek President of CyrusOne

19 19 Revenue and Adjusted EBITDA increased 21% and 20%, respectively, from Q1 2011 • 22% increase in data center space Adjusted EBITDA margin of 55% was consistent with Q1 2011 Data Center Colocation Performance ($ in millions) Data Center Colocation Revenue and Adjusted EBITDA Revenue Adj. EBITDA Adj. EBITDA Margin $43 $45 $47 $49 $53 $24 $26 $25 $27 $29 55% 57% 53% 56% 55% Q1 2011 Q2 2011 Q3 2011 Q4 2011 Q1 2012

20 591 600 630 673 688 68 69 106 90 118 Q1 2011 Q2 2011 Q3 2011 Q4 2011 Q1 2012 Data Center Utilization Update Data Center Capacity At Quarter end Continued to execute on data center strategy while exploring strategic alternatives for the business • Completed construction on 43k sq ft of space mostly in Austin • Sold 15k sq ft during the quarter (sq ft in thousands) Utilized Available 90% 86% 90% 20 88% 85%

21 Data Center Capacity and Utilization by Market 21 Expect to add approx. 140k sq ft of new space during the remainder of 2012 • 45k sq ft in Dallas and 15k sq ft in Houston during Q2 2012 • 40k sq ft in San Antonio in Q3 2012 • 40k sq ft in Phoenix in Q4 2012 Market # of Facilities Capacity (Sq Ft) % Utilized Cincinnati 7 442,000 90% Houston 3 153,000 98% Dallas 4 124,000 85% Austin 1 55,000 30% Other Markets 5 32,000 64% TOTAL 20 806,000 85%

Kurt Freyberger Chief Financial Officer

23 Q1 2012 and 2011 Income Statement (Unaudited, $’s in millions except per share amounts) 23 2012 2011 $ % Revenue 362.8$ 360.8$ 2.0$ 1% Costs and expenses Cost of services and products 165.8 159.2 6.6 4% Selling, general and administrative 64.0 64.6 (0.6) (1)% Depreciation and amortization 51.1 48.4 2.7 6% Restructuring charges 0.9 - 0.9 n/m Acquisition costs - 1.1 (1.1) n/m Asset impairments - 1.1 (1.1) n/m Operating income 81.0 86.4 (5.4) (6)% Interest expense 54.4 54.5 (0.1) 0% Other expense, net 1.5 - 1.5 n/m Income before income taxes 25.1 31.9 (6.8) (21)% Income tax expense 12.5 14.0 (1.5) (11)% Net income 12.6 17.9 (5.3) (30)% Preferred stock dividends 2.6 2.6 - 0% Net income applicable to common shareowners 10.0$ 15.3$ (5.3)$ (35)% Basic and diluted earnings per common share 0.05$ 0.08$ Three Months Ended March 31, Change

24 24 Q1 2012 Free Cash Flow ($63 million) negative Free Cash Flow for first quarter of 2012 • $32 million of higher capital expenditures from increased investment in data centers • Remainder primarily due to working capital changes associated with timing of cash payments and receipts Continue to expect negative Free Cash Flow for the full year 2012 Significant items influencing 2012 FCF as compared to 2011: • Capital expenditures are expected to range between $300 million and $400 million for 2012 due to the increase in data center investments • Pension and other post-retirement payments expected to be $20 million higher than 2011 • Adjusted EBITDA guidance of $530 million in 2012 compared to $545 million in 2011

25 Available Liquidity 25 ($ in millions) Cash and cash equivalents 7$ Capacity under the Corporate credit facility 210 Capacity under the Receivables facility 80 297$ Liquidity at March 31, 2012

26 2012 Financial Guidance 26 Category 2012 Guidance Revenue $ 1.5 billion Adjusted EBITDA* Approx. $530 million * Plus or minus 2 percent