8-K

UNITED STATESSECURITIES 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: November 3, 2010

CINCINNATI BELL INC.
(Exact name of registrant as specified in its charter)

Ohio	1-8519	31-1056105
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification No.)

221 East Fourth Street Cincinnati, Ohio	45202
(Address of principal executive offices)	(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))

Form 8-K Cincinnati Bell Inc.

Section 2 - Financial Information

Item 2.02       Results of Operations and Financial Condition.

On November 3, 2010, Cincinnati Bell Inc. reported its financial results for the third quarter 2010. The earnings release is attached as Exhibit 99.1.

Section 7 - Regulation FD

Item 7.01       Regulation FD Disclosure.

On November 3, 2010, John F. Cassidy, the Company's president and chief executive officer, Gary J. Wojtaszek, the Company’s chief financial officer, and Theodore H. Torbeck, the president of Cincinnati Bell Communications, will present third quarter 2010 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 9.01       Financial Statements and Exhibits.

(c)	Exhibits
	Exhibit 99.1	Press release dated November 3, 2010
	Exhibit 99.2	Presentation made during the Cincinnati Bell third quarter 2010 earnings conference call on November 3, 2010

Form 8-K Cincinnati Bell Inc.

Forward Looking Statements

Certain of the statements and predictions contained in this report constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act.  In particular, 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:  changing market conditions and growth rates within the telecommunications industry or generally within the overall economy; changes in competition in markets in which the company operates; pressures on the pricing of company products and services; advances in telecommunications technology; the ability to generate sufficient cash flow to fund the company’s business plan, repay the company’s debt and interest obligations, and maintain its networks; the ability to refinance indebtedness when required on commercially reasonable terms; changes in the telecommunications regulatory environment; changes in the demand for the company’s services and products; the demand for particular products and services within the overall mix of products sold, as the company’s products and services have varying profit margins; the company’s ability to introduce new service and product offerings on a timely and cost effective basis; work stoppage caused by labor disputes; restrictions imposed under various credit facilities and debt instruments; the company’s ability to attract and retain highly qualified employees; the company’s ability to access capital markets and the successful execution of restructuring initiatives; changes in the funded status of the company’s retiree pension and healthcare plans; disruption in operations caused by a health pandemic, such as the H1N1 influenza virus; changes in the company’s relationships with current large customers, a small number of whom account for a significant portion of company revenue; disruption in the company’s back-office information technology systems, including its billing system; the company’s ability to integrate successfully the business of Cyrus Networks, LLC with the company’s existing operations and to achieve the anticipated benefits of the acquisition of Cyrus Networks, LLC; and failure of or disruption in the operation of the Company's data centers. 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 Form 8-K reports.  The forward-looking statements included in this report represent company estimates as of November 3, 2010.  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.
		By:	/s/ Christopher J. Wilson
			Christopher J. Wilson
			Vice President, General Counsel and Secretary
Date:	November 3, 2010

Exhibit Index

Exhibit No.	Exhibit
99.1	Press release dated November 3, 2010
99.2	Presentation made during the Cincinnati Bell third quarter 2010 earnings conference call on November 3, 2010

EX-99.1

Exhibit 99.1

Cincinnati Bell Inc. Reports Third Quarter 2010 Results

• Adjusted EBITDA of $131 million up 9 percent - the highest quarterly result since 2004
• Revenue up 4 percent from the third quarter 2009
• CyrusOne acquisition contributes $20 million of revenue and 62 percent Adjusted EBITDA margin

CINCINNATI--(BUSINESS WIRE)--November 3, 2010--Cincinnati Bell Inc. (NYSE:CBB) today announced financial results for the third quarter of 2010. For the quarter, revenue was $352 million, an increase of 4 percent compared to the third quarter of 2009. Operating income was $83 million, and net income for the quarter of $15 million resulted in diluted earnings per share of 6 cents. Cincinnati Bell generated adjusted earnings before interest, taxes, depreciation and amortization¹ (Adjusted EBITDA) of $131 million in the third quarter, an $11 million or 9 percent increase compared to last year.

For the first nine months of 2010, Cincinnati Bell had operating income of $235 million and generated Adjusted EBITDA of $379 million. Adjusted EBITDA is up $28 million compared to the same period in 2009.

“Cincinnati Bell’s third quarter financial results demonstrate the company’s ability to produce strong Adjusted EBITDA performance,” said Jack Cassidy, president and chief executive officer. “Our legacy products continue to generate strong profitability and cash flows, and our growth areas in data center colocation and Fioptics fiber-to-the-home products are exhibiting significant increases.”

Quarterly Highlights

• Technology Solutions quarterly revenue of $103 million represents a $22 million increase, or 27 percent, compared to 2009 and reflects third quarter operations of CyrusOne, which was acquired on June 11, 2010. Data center and managed services revenue, which includes $20 million of CyrusOne revenue, was up $24 million or 79 percent compared to the third quarter of 2009. Technology Solutions operating income of $13 million was up 64 percent and Adjusted EBITDA of $27 million was up 104 percent versus the third quarter of last year. These amounts include CyrusOne operating income of $5 million and Adjusted EBITDA of $12 million. Annualized third quarter Adjusted EBITDA for CyrusOne of $50 million continues to run ahead of the company’s acquisition plan.
• Wireless operating income of $16 million in the third quarter of 2010 increased by $11 million compared to the third quarter of 2009, and Wireless Adjusted EBITDA increased by $5 million, or 26 percent, to $24 million. The Adjusted EBITDA margin² of 33 percent in the third quarter compared to 24 percent in the 2009 quarter continued its strong 2010 trend.

• Wireline generated $185 million of revenue and operating income of $59 million. Cincinnati Bell continued to expand availability of its Fioptics product suite, passing 62,000 homes at the end of the third quarter, up from 41,000 at the end of 2009. Fioptics entertainment customers totaled 20,900 and Fioptics hi-speed internet customers totaled 19,800 at the end of the third quarter 2010, up 3,900 and 4,000, respectively, in the third quarter. The company has attained a customer penetration rate of approximately 30 percent of homes passed after six months or longer.
• On October 13, the company issued $500 million aggregate principal amount of 8⅜% Senior Notes due 2020 and used the net proceeds from the sale of the notes to repay $490 million of outstanding borrowings under its senior credit facilities.

Financial and Operations Review

“The results from our recently acquired CyrusOne operations demonstrate great progress towards our goal of being the preferred provider of global data center colocation services to Fortune 1000 companies,” said Gary Wojtaszek, chief financial officer. “We were pleased to take advantage of favorable market conditions in early October to issue ten-year senior notes at attractive rates to take out seven-year bank debt.”

Wireline Segment

Quarterly revenue of $185 million was down 2 percent or $4 million from a year ago. Operating income was $59 million compared to $64 million in the third quarter of 2009. Adjusted EBITDA totaled $85 million, down 7 percent or $7 million from the prior year quarter.

Year-over-year access line loss in the Cincinnati ILEC territory was slightly lower than recent trends at 7.8 percent, and year-over-year access line loss for the total company including the Dayton and other CLEC markets was 6.9 percent.

For the quarter, Wireline added 3,900 Fioptics entertainment subscribers and 2,300 high-speed Internet customers (including both Fioptics and DSL).

Wireless Segment

Quarterly revenue from the Wireless segment decreased 6 percent to $73 million, reflecting lower postpaid service revenue. Operating income for the third quarter 2010 was $16 million, an increase of $11 million from last year, and Adjusted EBITDA was $24 million, an increase of $5 million, or 26 percent, from the third quarter of 2009. The third quarter Adjusted EBITDA margin was 33 percent, an improvement of 9 percentage points compared to the prior year quarter. The improvement was primarily due to reduced expenses for handset subsidies, roaming, and other operating costs.

Postpaid average revenue per user (ARPU) in the third quarter improved to $50.31 compared to $49.27 a year ago and included data ARPU growth of 20 percent. This increase reflects positive momentum in acquiring smartphone subscribers. The company now has 87,000 smartphone subscribers, which is 35 percent more than at the end of the third quarter of 2009. Prepaid ARPU was $29.90, up $1.20 year-over-year due to the company’s focus on higher value rate plans.

Technology Solutions Segment

Including the third quarter operating results of CyrusOne, Technology Solutions quarterly revenue was $103 million, a $22 million increase over the third quarter of 2009. Including CyrusOne revenues of $20 million, data center and managed services revenue grew year-over-year by $24 million, or 79 percent. Operating income in the third quarter of $13 million was up $5 million from the prior year quarter. Third quarter Adjusted EBITDA increased $14 million to $27 million, up 104 percent from a year ago, and included $12 million of Adjusted EBITDA from CyrusOne operations.

Data center utilization increased to 87 percent on 621,000 square feet of data center space at September 30, 2010 compared to 86 percent at the end of the second quarter.

Net Income

Net income for the third quarter of $15 million decreased from $28 million in 2009, and diluted earnings per share of 6 cents decreased from 12 cents. These decreases resulted primarily from increased interest expense of $21 million due to the acquisition of CyrusOne and higher interest rates on the company’s debt.

2010 Outlook

Cincinnati Bell reaffirms its financial guidance for 2010:

Category	2010 Guidance
Revenue	$1.3 billion
Adjusted EBITDA	Approx. $500 million*
Free Cash Flow3	Approx. $120 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 third quarter 2010. 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) 780-1233. Callers located outside of the U.S. and Canada may dial (816) 581-1571. A taped replay of the conference call will be available one hour after the conclusion of the call until 5:00 p.m. on November 17, 2010. 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 7574424. An archived version of the webcast will also be available in the Investor Relations section of www.cincinnatibell.com.

Safe Harbor Note

Certain 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, 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: changing market conditions and growth rates within the telecommunications industry or generally within the overall economy; changes in competition in markets in which the company operates; pressures on the pricing of company products and services; advances in telecommunications technology; the ability to generate sufficient cash flow to fund the company’s business plan, repay the company’s debt and interest obligations, and maintain its networks; the ability to refinance indebtedness when required on commercially reasonable terms; changes in the telecommunications regulatory environment; changes in the demand for the company’s services and products; the demand for particular products and services within the overall mix of products sold, as the company’s products and services have varying profit margins; the company’s ability to introduce new service and product offerings on a timely and cost effective basis; work stoppage caused by labor disputes; restrictions imposed under various credit facilities and debt instruments; the company’s ability to attract and retain highly qualified employees; the company’s ability to access capital markets and the successful execution of restructuring initiatives; changes in the funded status of the company’s retiree pension and healthcare plans; disruption in operations caused by a health pandemic, such as the H1N1 influenza virus; changes in the company’s relationships with current large customers, a small number of whom account for a significant portion of company revenue; disruption in the company’s back-office information technology systems, including its billing system; the company’s ability to integrate successfully the business of Cyrus Networks, LLC with the company’s existing operations and to achieve the anticipated benefits of the acquisition of Cyrus Networks, LLC; and failure of or disruption in the operation of the Company's data centers. 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 Form 8-K reports. The forward-looking statements included in this presentation represent company estimates as of November 3, 2010. Cincinnati Bell anticipates that subsequent events and developments will cause its estimates to change.

Use of Non-GAAP Financial Measures

This press release contains information about adjusted earnings before interest, taxes, depreciation and amortization (Adjusted EBITDA), net income excluding special items, free cash flow, 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 adjusted earnings before interest, taxes, depreciation and amortization (Adjusted EBITDA), net income excluding special items, free cash flow and net debt 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, acquisition costs, 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 the measure as defined by other companies.

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.

³Free 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 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.

Net income excluding special items 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.

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, businesses nationwide ranging in size from start-up companies to large enterprises turn to Cincinnati Bell for efficient, scalable office communications systems as well as complex information technology solutions including data center colocation and managed services. For more information, visit www.cincinnatibell.com.

Cincinnati Bell Inc.
Consolidated Statements of Operations
(Unaudited)
(Dollars in millions, except per share amounts)
			Three Months										Nine Months
			Ended September 30,					Change					Ended September 30,					Change
			2010		2009			$			%		2010		2009			$			%
Revenue			$	351.9	$	337.7		$	14.2		4	%	$	1,014.2	$	990.8		$	23.4		2	%
Costs and expenses
	Cost of services and products			152.8		152.9			(0.1	)	0	%		432.7		431.0			1.7		0	%
	Selling, general and administrative			68.3		64.7			3.6		6	%		202.7		209.4			(6.7	)	(3	%)
	Depreciation and amortization			48.2		41.2			7.0		17	%		129.7		122.0			7.7		6	%
	Restructuring charges (gains)			-		0.9			(0.9	)	n/m			5.2		(5.5	)		10.7		n/m
	Loss on sale of asset			-		4.8			(4.8	)	n/m			-		4.8			(4.8	)	n/m
	Acquisition costs			-		-			-		n/m			9.1		-			9.1		n/m
		Operating income		82.6		73.2			9.4		13	%		234.8		229.1			5.7		2	%
Interest expense				52.0		31.5			20.5		65	%		131.5		94.6			36.9		39	%
Loss (gain) on extinguishment of debt				-		(7.6	)		7.6		n/m			10.4		(7.4	)		17.8		n/m
Other expense (income), net				-		(0.1	)		0.1		n/m			0.1		-			0.1		n/m
Income before income taxes				30.6		49.4			(18.8	)	(38	%)		92.8		141.9			(49.1	)	(35	%)
Income tax expense				16.1		21.7			(5.6	)	(26	%)		45.9		59.1			(13.2	)	(22	%)
Net income				14.5		27.7			(13.2	)	(48	%)		46.9		82.8			(35.9	)	(43	%)
Preferred stock dividends				2.6		2.6			-		0	%		7.8		7.8			-		0	%
Net income applicable to common shareowners			$	11.9	$	25.1		$	(13.2	)	(53	%)	$	39.1	$	75.0		$	(35.9	)	(48	%)
Basic earnings per common share			$	0.06	$	0.12							$	0.19	$	0.35
Diluted earnings per common share			$	0.06	$	0.12							$	0.19	$	0.34
Weighted average common shares outstanding
	(in millions)
	- Basic			201.2		209.0								201.0		215.7
	- Diluted			204.2		213.2								204.9		218.1

Cincinnati Bell Inc.
Income Statements by Segment*
(Unaudited)
(Dollars in millions)
		Three Months									Nine Months
		Ended September 30,				Change					Ended September 30,					Change
		2010		2009		$			%		2010		2009			$			%
Wireline*
Revenue
	Voice - local service	$	76.5	$	83.0	$	(6.5	)	(8	%)	$	236.9	$	260.8		$	(23.9	)	(9	%)
	Data		68.4		69.5		(1.1	)	(2	%)		205.2		208.4			(3.2	)	(2	%)
	Long distance and VoIP		26.8		24.0		2.8		12	%		78.5		72.0			6.5		9	%
	Other		13.5		12.2		1.3		11	%		39.0		32.5			6.5		20	%
	Total revenue		185.2		188.7		(3.5	)	(2	%)		559.6		573.7			(14.1	)	(2	%)
Operating costs and expenses
	Cost of services and products		65.0		62.0		3.0		5	%		191.9		186.4			5.5		3	%
	Selling, general and administrative		35.0		35.0		-		0	%		106.2		111.2			(5.0	)	(4	%)
	Depreciation and amortization		26.3		26.3		-		0	%		77.2		77.2			-		0	%
	Restructuring charges (gains)		-		1.0		(1.0	)	n/m			3.3		(5.5	)		8.8		n/m
	Total operating costs and expenses		126.3		124.3		2.0		2	%		378.6		369.3			9.3		3	%
Operating income		$	58.9	$	64.4	$	(5.5	)	(9	%)	$	181.0	$	204.4		$	(23.4	)	(11	%)
Wireless
Revenue
	Service	$	67.1	$	71.6	$	(4.5	)	(6	%)	$	204.8	$	214.1		$	(9.3	)	(4	%)
	Equipment		5.7		6.1		(0.4	)	(7	%)		14.9		16.4			(1.5	)	(9	%)
	Total revenue		72.8		77.7		(4.9	)	(6	%)		219.7		230.5			(10.8	)	(5	%)
Operating costs and expenses
	Cost of services and products		34.6		42.0		(7.4	)	(18	%)		99.0		121.9			(22.9	)	(19	%)
	Selling, general and administrative		14.4		16.8		(2.4	)	(14	%)		43.1		50.8			(7.7	)	(15	%)
	Depreciation and amortization		8.1		9.7		(1.6	)	(16	%)		25.4		29.3			(3.9	)	(13	%)
	Loss on sale of asset		-		4.8		(4.8	)	n/m			-		4.8			(4.8	)	n/m
	Total operating costs and expenses		57.1		73.3		(16.2	)	(22	%)		167.5		206.8			(39.3	)	(19	%)
Operating income		$	15.7	$	4.4	$	11.3		n/m		$	52.2	$	23.7		$	28.5		n/m
Technology Solutions*
Revenue
	Telecom and IT equipment distribution	$	42.1	$	45.2	$	(3.1	)	(7	%)	$	118.8	$	109.4		$	9.4		9	%
	Data center and managed services		54.3		30.3		24.0		79	%		124.1		89.9			34.2		38	%
	Professional services		6.2		5.1		1.1		22	%		18.3		15.1			3.2		21	%
	Total revenue		102.6		80.6		22.0		27	%		261.2		214.4			46.8		22	%
Operating costs and expenses
	Cost of services and products		61.1		57.5		3.6		6	%		165.7		148.5			17.2		12	%
	Selling, general and administrative		15.0		10.1		4.9		49	%		41.6		32.9			8.7		26	%
	Depreciation and amortization		13.7		5.2		8.5		n/m			26.8		15.3			11.5		75	%
	Restructuring charges		-		-		-		n/m			1.8		-			1.8		n/m
	Total operating costs and expenses		89.8		72.8		17.0		23	%		235.9		196.7			39.2		20	%
Operating income		$	12.8	$	7.8	$	5.0		64	%	$	25.3	$	17.7		$	7.6		43	%
*	2009 amounts have been revised to present certain data center operations in the Technology Solutions segment that were previously reported in the Wireline segment.

Cincinnati Bell Inc.
Segment Information*
(Unaudited)
(Dollars in millions)
		Three Months											Nine Months
		Ended September 30,						Change					Ended September 30,						Change
		2010			2009			$			%		2010			2009			$			%
Revenue
	Wireline*	$	185.2		$	188.7		$	(3.5	)	(2	%)	$	559.6		$	573.7		$	(14.1	)	(2	%)
	Wireless		72.8			77.7			(4.9	)	(6	%)		219.7			230.5			(10.8	)	(5	%)
	Technology Solutions*		102.6			80.6			22.0		27	%		261.2			214.4			46.8		22	%
	Eliminations		(8.7	)		(9.3	)		0.6		(6	%)		(26.3	)		(27.8	)		1.5		(5	%)
	Total revenue	$	351.9		$	337.7		$	14.2		4	%	$	1,014.2		$	990.8		$	23.4		2	%
Cost of Services and Products
	Wireline*	$	65.0		$	62.0		$	3.0		5	%	$	191.9		$	186.4		$	5.5		3	%
	Wireless		34.6			42.0			(7.4	)	(18	%)		99.0			121.9			(22.9	)	(19	%)
	Technology Solutions*		61.1			57.5			3.6		6	%		165.7			148.5			17.2		12	%
	Eliminations		(7.9	)		(8.6	)		0.7		(8	%)		(23.9	)		(25.8	)		1.9		(7	%)
	Total cost of services and products	$	152.8		$	152.9		$	(0.1	)	0	%	$	432.7		$	431.0		$	1.7		0	%
Selling, General and Administrative
	Wireline*	$	35.0		$	35.0		$	-		0	%	$	106.2		$	111.2		$	(5.0	)	(4	%)
	Wireless		14.4			16.8			(2.4	)	(14	%)		43.1			50.8			(7.7	)	(15	%)
	Technology Solutions*		15.0			10.1			4.9		49	%		41.6			32.9			8.7		26	%
	Corporate and eliminations		3.9			2.8			1.1		39	%		11.8			14.5			(2.7	)	(19	%)
	Total selling, general and administrative	$	68.3		$	64.7		$	3.6		6	%	$	202.7		$	209.4		$	(6.7	)	(3	%)
Depreciation and Amortization
	Wireline*	$	26.3		$	26.3		$	-		0	%	$	77.2		$	77.2		$	-		0	%
	Wireless		8.1			9.7			(1.6	)	(16	%)		25.4			29.3			(3.9	)	(13	%)
	Technology Solutions*		13.7			5.2			8.5		n/m			26.8			15.3			11.5		75	%
	Corporate		0.1			-			0.1		n/m			0.3			0.2			0.1		50	%
	Total depreciation and amortization	$	48.2		$	41.2		$	7.0		17	%	$	129.7		$	122.0		$	7.7		6	%
Restructuring Charges (Gains), Loss on Sale of Asset and Acquisition Costs
	Wireline	$	-		$	1.0		$	(1.0	)	n/m		$	3.3		$	(5.5	)	$	8.8		n/m
	Wireless		-			4.8			(4.8	)	n/m			-			4.8			(4.8	)	n/m
	Technology Solutions		-			-			-		n/m			1.8			-			1.8		n/m
	Corporate		-			(0.1	)		0.1		n/m			9.2			-			9.2		n/m
	Total restructuring charges (gains), loss on sale of asset and acquisition costs	$	-		$	5.7		$	(5.7	)	n/m		$	14.3		$	(0.7	)	$	15.0		n/m
Operating Income
	Wireline*	$	58.9		$	64.4		$	(5.5	)	(9	%)	$	181.0		$	204.4		$	(23.4	)	(11	%)
	Wireless		15.7			4.4			11.3		n/m			52.2			23.7			28.5		n/m
	Technology Solutions*		12.8			7.8			5.0		64	%		25.3			17.7			7.6		43	%
	Corporate		(4.8	)		(3.4	)		(1.4	)	41	%		(23.7	)		(16.7	)		(7.0	)	42	%
	Total operating income	$	82.6		$	73.2		$	9.4		13	%	$	234.8		$	229.1		$	5.7		2	%
* 2009 amounts have been revised to present certain data center operations in the Technology Solutions segment that were previously reported in the Wireline segment.

Cincinnati Bell Inc.
Segment Metric Information
(Unaudited)
		September 30,		December 31,
		2010		2009
(in thousands)
Local access lines		686.9		723.5
High-speed internet subscribers
	DSL subscribers	231.5		233.8
	Fiber subscribers	19.8		10.2
		251.3		244.0
Fiber entertainment subscribers		20.9		11.1
Wireless subscribers
	Postpaid wireless subscribers	348.8		379.1
	Prepaid wireless subscribers	152.3		154.0
		501.1		533.1
Long distance lines
	Consumer long distance lines	316.1		331.9
	Business long distance lines	174.1		176.4
		490.2		508.3
Data Center and Managed Services*
	Data center capacity (in square feet)	621,000		446,000
	Utilization rate**	87	%	87	%
*	December 31, 2009 amounts have been adjusted for certain data center operations that were previously reported in the Wireline segment.
**	Data center utilization is calculated by dividing data center square footage that is committed contractually to customers by total data center square footage. Some data center square footage that is committed contractually may not yet be billing to the customer.

Cincinnati Bell Inc.
Local Access Line Detail
(Unaudited)
(In thousands)
	2008				2009				2010
	1Q	2Q	3Q	4Q	1Q	2Q	3Q	4Q	1Q	2Q	3Q
Local Access Lines
In-Territory:
Primary Residential	441.2	427.6	414.5	403.6	392.2	382.8	371.6	362.1	354.1	345.5	336.8
Secondary Residential	30.7	29.5	28.4	27.2	25.8	24.8	23.6	22.7	21.8	20.8	19.3
Business/ Other	284.3	283.4	280.2	277.7	274.3	271.5	268.9	265.4	261.9	258.7	256.2
Total In-Territory	756.2	740.5	723.1	708.5	692.3	679.1	664.1	650.2	637.8	625.0	612.3
Out-of-Territory:
Primary Residential	32.8	32.7	33.7	34.9	35.4	34.8	34.3	33.3	32.9	32.5	32.1
Secondary Residential	1.4	1.3	1.3	1.3	1.3	1.2	1.2	1.1	1.1	1.1	1.0
Business/ Other	30.2	31.2	33.3	35.0	36.3	37.4	38.2	38.9	39.9	40.4	41.5
Total Out-of-Territory	64.4	65.2	68.3	71.2	73.0	73.4	73.7	73.3	73.9	74.0	74.6
Total Access Lines	820.6	805.7	791.4	779.7	765.3	752.5	737.8	723.5	711.7	699.0	686.9

Cincinnati Bell Inc.
Net Debt and Common Shares Outstanding
(Unaudited)
(Dollars and shares in millions)
		September 30,			December 31,			Change
		2010			2009			$			%
Credit facility, Tranche B Term Loan		$	756.2		$	204.9			551.3		n/m
8 3/8% Senior Subordinated Notes due 2014			-			569.8			(569.8	)	n/m
7% Senior Notes due 2015			251.6			252.3			(0.7	)	0	%
8 1/4% Senior Notes due 2017			500.0			500.0			-		0	%
8 3/4% Senior Subordinated Notes due 2018			625.0			-			625.0		n/m
7 1/4% Senior Notes due 2023			40.0			40.0			-		0	%
Accounts receivable securitization facility			-			85.9			(85.9	)	n/m
Various Cincinnati Bell Telephone notes			207.5			207.5			-		0	%
Capital leases and other debt			136.2			125.5			10.7		9	%
Net unamortized discount			(36.9	)		(6.8	)		(30.1	)	n/m
	Total debt		2,479.6			1,979.1			500.5		25	%
Less: Interest rate swap adjustment			(4.1	)		(14.6	)		10.5		(72	%)
Less: Cash and cash equivalents			(34.2	)		(23.0	)		(11.2	)	49	%
	Net debt (as defined by the company)	$	2,441.3		$	1,941.5		$	499.8		26	%
Credit facility availability		$	185.4		$	185.5		$	(0.1	)	0	%
Common shares outstanding			201.8			200.4			1.4		1	%

Cincinnati Bell Inc.
Consolidated Statements of Cash Flows
(Unaudited)
(Dollars in millions)
		Three Months						Nine Months
		Ended September 30,						Ended September 30,
		2010			2009			2010			2009
Cash provided by operating activities		$	79.2		$	79.8		$	204.6		$	250.3
	Capital expenditures		(43.0	)		(47.5	)		(101.2	)		(141.7	)
	Acquisitions of businesses		(1.7	)		-			(526.7	)		(3.4	)
	Proceeds from sales of wireless spectrum		-			5.6			-			5.8
	Other, net		0.1			-			0.5			0.8
Cash used in investing activities			(44.6	)		(41.9	)		(627.4	)		(138.5	)
	Issuance of long-term debt		2.1			-			1,353.4			-
	Change in corporate credit and receivables facilities, net		(10.0	)		52.0			(85.9	)		23.6
	Repayment of debt		(6.5	)		(27.4	)		(791.6	)		(32.4	)
	Debt issuance costs		(0.2	)		-			(32.9	)		(4.4	)
	Preferred stock dividends		(2.6	)		(2.6	)		(7.8	)		(7.8	)
	Common stock repurchase		-			(25.0	)		-			(59.4	)
	Other, net		(0.3	)		-			(1.2	)		(0.6	)
Cash provided by (used in) financing activities			(17.5	)		(3.0	)		434.0			(81.0	)
Net increase in cash and cash equivalents			17.1			34.9			11.2			30.8
Cash and cash equivalents at beginning of period			17.1			2.6			23.0			6.7
Cash and cash equivalents at end of period		$	34.2		$	37.5		$	34.2		$	37.5
Reconciliation of GAAP Cash Flow to Free Cash Flow (as defined by the company)
Net increase in cash and cash equivalents		$	17.1		$	34.9		$	11.2		$	30.8
Less adjustments:
	Issuance of long-term debt		(2.1	)		-			(1,353.4	)		-
	Change in corporate credit and receivables facilities, net		10.0			(52.0	)		85.9			(23.6	)
	Repayment of debt		6.5			27.4			791.6			32.4
	Debt issuance costs		0.2			-			32.9			4.4
	Common stock repurchase		-			25.0			-			59.4
	Acquisitions of businesses		1.7			-			526.7			3.4
	Acquisition costs		-			-			9.1			-
	Free cash flow (as defined by the company)	$	33.4		$	35.3		$	104.0		$	106.8
Income tax payments		$	-		$	0.2		$	3.3		$	5.3

Cincinnati Bell Inc.
Free Cash Flow (as defined by the company)
(Unaudited)
(Dollars in millions)
Free Cash Flow for the three months ended September 30, 2009	$	35.3
Increase in Adjusted EBITDA		10.7
Decrease in capital expenditures		4.5
Proceeds received from terminated swaps in 2009		(2.7	)
Increase in other interest payments		(1.3	)
Proceeds from sales of wireless spectrum		(5.6	)
Change in working capital and other		(7.5	)
Free Cash Flow for the three months ended September 30, 2010	$	33.4
Free Cash Flow for the nine months ended September 30, 2009	$	106.8
Increase in Adjusted EBITDA		28.4
Decrease in capital expenditures		40.5
Proceeds received from terminated swaps in 2009		(13.2	)
Increase in other interest payments		(22.0	)
Proceeds from sales of wireless spectrum		(5.8	)
Change in working capital and other		(30.7	)
Free Cash Flow for the nine months ended September 30, 2010	$	104.0

Cincinnati Bell Inc.
Capital Expenditures
(Unaudited)
(Dollars in millions)
	Three Months Ended
	Sep. 30, 2010		Jun. 30, 2010		Mar. 31, 2010		Dec. 31, 2009		Sep. 30, 2009
Wireline*	$	24.3	$	22.4	$	20.7	$	32.0	$	35.1
Wireless		1.1		2.2		2.2		17.0		8.1
Technology Solutions*		17.6		6.3		4.4		4.4		4.2
Corporate		-		-		-		-		0.1
Total capital expenditures	$	43.0	$	30.9	$	27.3	$	53.4	$	47.5
* 2009 amounts have been revised to present certain data center operations in the Technology Solutions segment that were previously reported in the Wireline segment.

Cincinnati Bell Inc.
Reconciliation of Adjusted EBITDA (Non-GAAP) to Net Income (GAAP)
(Unaudited)
(Dollars in millions)
		Three Months Ended September 30, 2010
		Wireline			Wireless			Technology Solutions			Corporate			Total Company
Net Income (GAAP)														$	14.5
Add:
	Income tax expense														16.1
	Interest expense														52.0
Operating Income (GAAP)		$	58.9		$	15.7		$	12.8		$	(4.8	)	$	82.6
Add:
	Depreciation and amortization		26.3			8.1			13.7			0.1			48.2
Adjusted EBITDA (Non-GAAP)		$	85.2		$	23.8		$	26.5		$	(4.7	)	$	130.8
		Three Months Ended September 30, 2009
		Wireline*			Wireless			Technology Solutions*			Corporate			Total Company
Net Income (GAAP)														$	27.7
Add:
	Income tax expense														21.7
	Other income, net														(0.1	)
	Interest expense														31.5
	Gain on extinguishment of debt														(7.6	)
Operating Income (GAAP)		$	64.4		$	4.4		$	7.8		$	(3.4	)	$	73.2
Add:
	Depreciation and amortization		26.3			9.7			5.2			-			41.2
	Restructuring charges (gains) and loss on sale of asset		1.0			4.8			-			(0.1	)		5.7
Adjusted EBITDA (Non-GAAP)		$	91.7		$	18.9		$	13.0		$	(3.5	)	$	120.1
Year-over-year dollar change in Adjusted EBITDA			($6.5	)	$	4.9		$	13.5			($1.2	)	$	10.7
Year-over-year percentage change in Adjusted EBITDA			(7	%)		26	%		104	%		34	%		9	%
		Nine Months Ended September 30, 2010
		Wireline			Wireless			Technology Solutions			Corporate			Total Company
Net Income (GAAP)														$	46.9
Add:
	Income tax expense														45.9
	Other expense, net														0.1
	Interest expense														131.5
	Loss on extinguishment of debt														10.4
Operating Income (GAAP)		$	181.0		$	52.2		$	25.3		$	(23.7	)	$	234.8
Add:
	Depreciation and amortization		77.2			25.4			26.8			0.3			129.7
	Restructuring charges		3.3			-			1.8			0.1			5.2
	Acquisition costs		-			-			-			9.1			9.1
Adjusted EBITDA (Non-GAAP)		$	261.5		$	77.6		$	53.9		$	(14.2	)	$	378.8
		Nine Months Ended September 30, 2009
		Wireline*			Wireless			Technology Solutions*			Corporate			Total Company
Net Income (GAAP)														$	82.8
Add:
	Income tax expense														59.1
	Interest expense														94.6
	Gain on extinguishment of debt														(7.4	)
Operating Income (GAAP)		$	204.4		$	23.7		$	17.7		$	(16.7	)	$	229.1
Add:
	Depreciation and amortization		77.2			29.3			15.3			0.2			122.0
	Restructuring charges (gains) and loss on sale of asset		(5.5	)		4.8			-			-			(0.7	)
Adjusted EBITDA (Non-GAAP)		$	276.1		$	57.8		$	33.0		$	(16.5	)	$	350.4
Year-over-year dollar change in Adjusted EBITDA			($14.6	)	$	19.8		$	20.9		$	2.3		$	28.4
Year-over-year percentage change in Adjusted EBITDA			(5	%)		34	%		63	%		(14	%)		8	%
* 2009 amounts have been revised to present certain data center operations in the Technology Solutions segment that were previously reported in the Wireline segment.

Cincinnati Bell Inc.
CyrusOne Reconciliation of Adjusted EBITDA (Non-GAAP) to Operating Income (GAAP)
(Unaudited)
(Dollars in millions)
		Three
		Months Ended
		September 30,2010
Operating income (GAAP)		$	4.9
Add:
	Depreciation and amortization		7.5
Adjusted EBITDA (Non-GAAP)		$	12.4
Annualized Adjusted EBITDA		$	49.6

Cincinnati Bell Inc.
Normalized Statements of Operations (Non-GAAP) - Reconciliation to Reported Results
(Unaudited)
(Dollars in millions, except per share amounts)
				Three Months Ended September 30, 2010 (GAAP)		Special Items		Three Months Ended September 30, 2010 Before Special Items (Non-GAAP)
						A
	Revenue			$	351.9	$	-	$	351.9
	Costs and expenses
		Cost of services and products			152.8		-		152.8
		Selling, general and administrative			68.3		-		68.3
		Depreciation and amortization			48.2		-		48.2
			Operating income		82.6		-		82.6
	Interest expense				52.0		-		52.0
	Income before income taxes				30.6		-		30.6
	Income tax expense				16.1		-		16.1
	Net income				14.5		-		14.5
	Preferred stock dividends				2.6		-		2.6
	Net income applicable to common shareowners			$	11.9	$	-	$	11.9
	Weighted average diluted common shares				204.2		204.2		204.2
	Diluted earnings per common share			$	0.06	$	-	$	0.06
	Normalized results have been adjusted for the following (pretax adjustments are tax effected at 40%):
A	There were no special items in the third quarter of 2010.

Cincinnati Bell Inc.
Normalized Statements of Operations (Non-GAAP) - Reconciliation to Reported Results
(Unaudited)
(Dollars in millions, except per share amounts)
																Three Months Ended September 30, 2009 Before Special Items (Non-GAAP)
				Three Months Ended September 30, 2009 (GAAP)			Special Items
										Loss on			Gain on
							Restructuring			Sale of Asset			Debt Extinguishment
							A			B			C
	Revenue			$	337.7		$	-		$	-		$	-		$	337.7
	Costs and expenses
		Cost of services and products			152.9			-			-			-			152.9
		Selling, general and administrative			64.7			-			-			-			64.7
		Depreciation and amortization			41.2			-			-			-			41.2
		Restructuring charges			0.9			(0.9	)		-			-			-
		Loss on sale of asset			4.8			-			(4.8	)		-			-
			Operating income		73.2			0.9			4.8			-			78.9
	Interest expense				31.5			-			-			-			31.5
	Gain on extinguishment of debt				(7.6	)		-			-			7.6			-
	Other income, net				(0.1	)		-			-			-			(0.1	)
	Income before income taxes				49.4			0.9			4.8			(7.6	)		47.5
	Income tax expense				21.7			0.4			1.9			(3.0	)		21.0
	Net income				27.7			0.5			2.9			(4.6	)		26.5
	Preferred stock dividends				2.6			-			-			-			2.6
	Net income applicable to common shareowners			$	25.1		$	0.5		$	2.9		$	(4.6	)	$	23.9
	Weighted average diluted common shares				213.2			213.2			213.2			213.2			213.2
	Diluted earnings per common share			$	0.12		$	0.00		$	0.01		$	(0.02	)	$	0.11
	Normalized results have been adjusted for the following (pretax adjustments are tax effected at 40%):
A	Charge related to voluntary early retirement program for union and management employees.
B	Loss on the sale of wireless spectrum for the Indianapolis, Indiana region.
C	Gain on extinguishment of a portion of the 7 1/4% Senior Notes due 2023 and Cincinnati Bell Telephone notes.

Cincinnati Bell Inc.
Normalized Statements of Operations (Non-GAAP) - Reconciliation to Reported Results
(Unaudited)
(Dollars in millions, except per share amounts)
																		Nine Months Ended September 30, 2010 Before Special Items (Non-GAAP)
				Nine Months Ended September 30, 2010 (GAAP)		Special Items
						Loss on									Prescription
						Extinguishment of Debt			Restructuring			Acquisition Costs			Drug Subsidy
						A			B			C			D
	Revenue			$	1,014.2	$	-		$	-		$	-		$	-		$	1,014.2
	Costs and expenses
		Cost of services and products			432.7		-			-			-			-			432.7
		Selling, general and administrative			202.7		-			-			-			-			202.7
		Depreciation and amortization			129.7		-			-			-			-			129.7
		Restructuring charges			5.2		-			(5.2	)		-			-			-
		Acquisition costs			9.1		-			-			(9.1	)		-			-
			Operating income		234.8		-			5.2			9.1			-			249.1
	Interest expense				131.5		-			-			-			-			131.5
	Loss on extinguishment of debt				10.4		(10.4	)		-			-			-			-
	Other expense, net				0.1		-			-			-			-			0.1
	Income before income taxes				92.8		10.4			5.2			9.1			-			117.5
	Income tax expense				45.9		4.2			2.1			3.6			(3.9	)		51.9
	Net income				46.9		6.2			3.1			5.5			3.9			65.6
	Preferred stock dividends				7.8		-			-			-			-			7.8
	Net income applicable to common shareowners			$	39.1	$	6.2		$	3.1		$	5.5		$	3.9		$	57.8
	Weighted average diluted common shares				204.9		204.9			204.9			204.9			204.9			204.9
	Diluted earnings per common share			$	0.19	$	0.03		$	0.01		$	0.03		$	0.02		$	0.28
	Normalized results have been adjusted for the following (pretax adjustments are tax effected at 40%):
A	Loss on extinguishment of the 8 3/8% Senior Subordinated Notes due 2014 and Tranche B Term Loan.
B	Future lease costs of abandoned office space and costs associated with expense reduction plans.
C	Costs related to CyrusOne acquisition.
D	Charge for a change in federal tax law related to retiree Medicare drug subsidies.

Cincinnati Bell Inc.
Normalized Statements of Operations (Non-GAAP) - Reconciliation to Reported Results
(Unaudited)
(Dollars in millions, except per share amounts)
																Nine Months Ended September 30, 2009 Before Special Items (Non-GAAP)
				Nine Months Ended September 30, 2009 (GAAP)			Special Items
										Loss on			Gain on
							Restructuring			Sale of Asset			Debt Extinguishment
							A			B			C
	Revenue			$	990.8		$	-		$	-		$	-		$	990.8
	Costs and expenses
		Cost of services and products			431.0			-			-			-			431.0
		Selling, general and administrative			209.4			-			-			-			209.4
		Depreciation and amortization			122.0			-			-			-			122.0
		Restructuring gains			(5.5	)		5.5			-			-			-
		Loss on sale of asset			4.8			-			(4.8	)		-			-
			Operating income		229.1			(5.5	)		4.8			-			228.4
	Interest expense				94.6			-			-			-			94.6
	Gain on extinguishment of debt				(7.4	)		-			-			7.4			-
	Income before income taxes				141.9			(5.5	)		4.8			(7.4	)		133.8
	Income tax expense				59.1			(2.2	)		1.9			(3.0	)		55.8
	Net income				82.8			(3.3	)		2.9			(4.4	)		78.0
	Preferred stock dividends				7.8			-			-			-			7.8
	Net income applicable to common shareowners			$	75.0		$	(3.3	)	$	2.9		$	(4.4	)	$	70.2
	Weighted average diluted common shares				218.1			218.1			218.1			218.1			218.1
	Diluted earnings per common share			$	0.34		$	(0.01	)	$	0.01		$	(0.02	)	$	0.32
	Normalized results have been adjusted for the following (pretax adjustments are tax effected at 40%):
A	Curtailment gains primarily related to changes in the pension and postretirement plans announced in February 2009,
	and charges related to voluntary early retirement program for union and management employees.
B	Loss on the sale of wireless spectrum for the Indianapolis, Indiana region.
C	Gain on extinguishment of a portion of the 7 1/4% Senior Notes due 2023 and Cincinnati Bell Telephone notes.

Cincinnati Bell Inc.
Reconciliation of Adjusted EBITDA (Non-GAAP) Guidance to Operating Income (GAAP) Guidance
(Unaudited)
(Dollars in millions)
	2010 Operating Income (GAAP) Guidance	$	306
	Add:
	Depreciation and amortization		180
	Restructuring charges		5
	Acquisition costs		9
	2010 Adjusted EBITDA Guidance	$	500	*
	* Plus or minus 2 percent.

CONTACT:
Cincinnati Bell Inc.
Kurt Freyberger, 513-397-1055
kurt.freyberger@cinbell.com

EX-99.2

Exhibit 99.2

1 Cincinnati Bell 3rd Quarter 2010Review November 3, 2010

2 Agenda 1. Performance Highlights Jack Cassidy, President & CEO 2. Operational Review of Wireline and Wireless Ted Torbeck, President of Cincinnati Bell Communications 3. Operational Review of Tech Solutions and Financial Overview Gary Wojtaszek, Chief Financial Officer 4. Q & A

3 Safe Harbor Certain 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, 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: changing market conditions and growth rates within the telecommunications industry or generally within the overall economy; changes in competition in markets in which the company operates; pressures on the pricing of company products and services; advances in telecommunications technology; the ability to generate sufficient cash flow to fund the company’s business plan, repay the company’s debt and interest obligations, and maintain its networks; the ability to refinance indebtedness when required on commercially reasonable terms; changes in the telecommunications regulatory environment; changes in the demand for the company’s services and products; the demand for particular products and services within the overall mix of products sold, as the company’s products and services have varying profit margins; the company’s ability to introduce new service and product offerings on a timely and cost effective basis; work stoppage caused by labor disputes; restrictions imposed under various credit facilities and debt instruments; the company’s ability to attract and retain highly qualified employees; the company’s ability to access capital markets and the successful execution of restructuring initiatives; changes in the funded status of the company’s retiree pension and healthcare plans; disruption in operations caused by a health pandemic, such as the H1N1 influenza virus; changes in the company’s relationships with current large customers, a small number of whom account for a significant portion of company revenue; disruption in the company’s back-office information technology systems, including its billing system; the company’s ability to integrate successfully the business of Cyrus Networks, LLC with the company’s existing operations and to achieve the anticipated benefits of the acquisition of Cyrus Networks, LLC; and failure of or disruption in the operation of the company’s data centers. 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 Form 8-K reports.  The forward-looking statements included in this presentation represent company estimates as of November 3, 2010.  Cincinnati Bell anticipates that subsequent events and developments will cause its estimates to change.

4 Performance Highlights Jack Cassidy President & CEO

5 Other Placeholder: 5 Title: 2010 3rd Quarter Highlights Overview Technology Solutions Wireless Wireline Adjusted EBITDA of $131M, highest since 3Q 04 Revenue increased 4% y/y and sequentially Refinanced $490M of 2017 bank debt to 2020 by issuing $500M of 8.375% Senior Notes Maintained 2010 earnings guidance Grew Adjusted EBITDA by 104%,  including $12M for CyrusOne Data center & mgd services revenue up 79%; including $20M from CyrusOne  Increased data center utilization to 87% on 621,000 sq feet Grew Adjusted EBITDA by 26% Adjusted EBITDA margin of 33%, up 9 pts y/y Postpaid data ARPU up 20% Increased prepaid ARPU 4% to $29.90  Solid Adjusted EBITDA margin of 46% Added 3,900 Fioptics entertainment subs and 2,300 high-speed internet subs Fioptics homes passed increased by 13% to 62k since 2Q

6 Title: 3Q10 Year-Over-Year Change in Revenue Body: 27% increase in Technology Solutions $24M / 79% increase in data center & managed services, including $20M from CyrusOne $1M / 22% increase in professional services Wireless ($4M) postpaid service revenue Wireline 12% LD and VoIP growth  Added 4K fiber entertainment subs and 2K high-speed internet subs in quarter Access line loss was 7% driving voice revenue decline ($’s in millions)

7 Title: 3Q10 Year-Over-Year Change in Adjusted EBITDA Body: 104% increase in Technology Solutions Generated from revenue increase of $24M or 79% in data center & managed services, including CyrusOne revenue of $20.0 million 26% increase in Wireless Lower costs from handset subsidies, roaming and other operating costs more than offset a $5M decrease in revenue Adjusted EBITDA margin of 33%, up 9 pts vs. 3Q 09 (7%) decrease in Wireline Adjusted EBITDA margin of 46% down slightly $1M higher corporate costs due to increased benefit expenses ($’s in millions)

8 Operational Overview Ted Torbeck President of Cincinnati Bell Communications

9 Wireline Adjusted EBITDA Adjusted EBITDA decrease of 7% 6.9% access line loss drove $6.5M voice revenue reduction Payroll benefits costs were higher by $2M, including a reinstituted 401K match and higher healthcare costs $3M from cost reduction initiatives and Fioptics contribution ($’s in millions) 3Q09 EBITDA Voice and Data Rev Benefits Fioptics and Cost Reductions 3Q10 EBITDA $92 ($8) ($2) $3 $85

10 Fioptics Penetration Entertainment Penetration Entertainment Subscribers Fioptics subscribers 62K units passed, 9% of ILEC households 21K entertainment subs 20K internet subs 14K voice subs Fioptics consumer monthly ARPU of $114 in 3Q 2010 Penetration In thousands Actual Months

11 Title: Cincinnati Bell’s Unbeatable Bundle Body: Get Cable out of the house 35,000 DirecTV subscribers at 3Q 2010 Increase of 5,000 subscribers versus 2009 year-end Access line and Zoomtown churn reduced by 50 basis points when bundled with DirecTV.

12 High-Speed Internet Subscriber Activity 251K high-speed internet subscribers at end of 3Q 10 231K DSL customers 20K Fioptics customers 2K DSL/Fioptics combined net adds DSL churn holding steady at 2% High-Speed Internet Net Adds (in thousands) High-Speed Internet Customers (DSL & Fiber) (in thousands) 3 (1) 3 (1) 3 1 3 (2) 4 (2) 242 244 248 249 251 3Q09 4Q09 1Q10 2Q10 3Q10 3Q09 4Q09 1Q10 2Q10 3Q10 Fiber Net Adds DSL Net Adds High-speed internet customers

13 Title: Access Line Loss – Consumer & Business  6.9% access line loss 7.8% ILEC access line loss 10,200 consumer ILEC line loss in 3Q 10 Down from 12,400 loss in 3Q 09 3,500 access line equivalents for new customers and migrations of existing customers to VoIP have offset 1,400 business access line loss Churn remains well below 2% (in thousands)

14 Wireless Revenue and EBITDA Results (7%) Postpaid service revenue Data ARPU up 20% (6%) lower voice minutes of use per subscriber; (9%) lower subscribers 4% Prepaid service revenue 4% growth in ARPU Wireless Adjusted EBITDA up 26% year-over-year Adjusted EBTIDA margin of 33% up 9 pts vs. 3Q 09 ($’s in millions) Total Service Revenue Year-over-Year Growth Rates Total Adjusted EBITDA Year-over-Year Growth Rates 3Q09 4Q09 1Q10 2Q10 3Q10 3Q09 4Q09 1Q10 2Q10 3Q10 (4%) (2%) (3%) (4%) (6%) $71.6 $70.2 $68.9 $68.8 $67.1 (8%) (2%) 50% 28% 26% $18.9 $19.4 $26.7 $27.1 $23.8

15 Wireless Adjusted EBITDA ($’s in millions) Subsidy cost down $2M due to lower subscriber activations Roaming costs down $3M due to lower rates on new roaming agreements Contract services decreased $2M due to outsourcing and cost reduction initiatives Bad debts improved $1M due to prior year tightening of credit policies $19 ($3) $2 $3 $2 $1 $24 3Q09 Prepd/postpd rev Subsidy Roaming Contract services Bad debts 3Q10

16 Wireless – 3G Test Results Cincinnati Bell Wireless max download throughput speed for all sessions was 3.4 Mbps, better than competitors in Greater Cincinnati CBW max average download throughput speed for all sessions was 2.8 Mbps, better than competitors in Greater Cincinnati

17 Smartphone Customers Strong smartphone plan growth Postpaid smartphone subs up 35% from 3Q 09 70% consumer smartphone sub growth vs. 3Q 09 Smartphones represent 22% of postpaid consumer subscribers  Smartphone Customers (in thousands) Postpaid customers Prepaid customers 3Q09 4Q09 1Q10 2Q10 3Q10 64 83 83 85 87 1 2 6 6 6

18 3Q Postpaid ARPU and Churn 2% Postpaid ARPU growth $2.01 increase in data ARPU driven by smartphones 2010 lineup improvements 3G Blackberry and Android phones lowered subscriber loss in 3Q 2010 Additional Android and 3G handsets coming in 4Q 2010 for holiday season. Postpaid ARPU Postpaid Churn % 3Q09 4Q09 1Q10 2Q10 3Q10 3Q09 4Q09 1Q10 2Q10 3Q10 $39.14 $38.26 $38.29 $38.93 $38.17 $10.13 $10.56 $10.88 $11.82 $12.14 2.32% 2.15% 2.06% 2.21% 2.29%

19 Prepaid Wireless Prepaid Service Revenue ($’s in millions) Prepaid ARPU Service revenue up 5% y/y Prepaid churn of 6.3% Consistent with 2Q 10 and   1Q 10 4% ARPU growth ARPU increased $1.20 y/y Marketing focus on high-value rate plans 3Q09 4Q09 1Q10 2Q10 3Q10 3Q09 4Q09 1Q10 2Q10 3Q10 $13.1 $13.4 $13.7 $13.7 $13.7 $28.70 $29.07 $29.56 $29.59 $29.90

20 Financial Overview Gary Wojtaszek Chief Financial Officer

21 Technology Solutions Revenue and EBITDA ($’s in millions) Increases in data center and managed services revenue 3Q 10 – $24M increase, 79%, including $20.0M from CyrusOne acquisition Utilization rate of 87% on 621K sq ft, up from 86% utilization on 621K sq ft in 2Q 10 Increase in professional services revenue 3Q 10 – $1M increase, 22% Increase in Adjusted EBITDA 3Q 10 – $13.5M increase, 104%, including $12.4M from CyrusOne Total Revenue Adjusted EBITDA 3Q09 4Q09 1Q10 2Q10 3Q10 3Q09 4Q09 1Q10 2Q10 3Q10 $80.6 $88.7 $71.6 $87.0 $102.6 $13.0 $15.9 $13.1 $14.3 $26.5

22 Data Center Utilization Update Data Center Capacity (sq ft in thousands) at quarter end Utilized Available 88% 54 392 87% 57 389 90% 43 403 86% 87 534 87% 83 538 3Q09* 4Q09* 1Q10 2Q10 3Q10 Space utilization of 87% 538K sq ft utilized at   3Q 10 versus 392K sq ft utilized at 3Q 09 CyrusOne acquisition in 2Q 10 added 176k sq ft of space, 140k sq ft utilized at 3Q 10 *2009 amounts have been revised to present certain data center operations in the Technology Solutions segment that were previously reported in the Wireline segment.

23 3Q ’10 and ’09 Income Statement (Unaudited, $’s in millions except per share amounts)

24 Diluted Earnings Per Share Diluted EPS of $0.06 in 3Q 2010 compared to diluted EPS excluding special items of $0.11 for 3Q 2009 Higher interest expense from CyrusOne acquisition and refinancing $0.11 $0.06 QTD 3Q 09 QTD 3Q 10

25 3Q10 Free Cash Flow ($’s in millions) Body: 3Q 10 FCF of $33M decreased $2M y/y $11M increase in Adjusted EBITDA $5M from timing of capital spending ($3M) from proceeds received on terminated swaps in 3Q 09 ($1M) higher interest payments due primarily to timing of payments from refinancings and higher debt balances ($6M) from sale of wireless spectrum in 2009 ($8M) decrease from working capital and other

26 No Significant Debt Maturities until 2015 Pro forma for October Senior Notes Offering ($MM) Credit Facility Bonds New Bonds No near term maturities for the next 5 years, which provides the company with full ability to meet its strategic and operational plans Note: Excludes capital lease obligations and interest rate swap adjustments.

27 Reaffirm 2010 Earnings Guidance 2010 Guidance Revenue $1.3B Adjusted EBITDA* Approx. $500M Free Cash Flow* Approx. $120M * Plus or minus 2 percent

28 Cincinnati Bell 3rd Quarter 2010Review November 3, 2010

29 Non-GAAP Reconciliations(please refer to the Earnings Financials)