Consolidated Communications Proposed Transaction is Financially Compelling and Delivers Certain Cash Value at a Premium Valuation

Consolidated Communications Holdings, Inc. (Nasdaq: CNSL) (the “Company” or “Consolidated”), has mailed a letter to its shareholders in connection with its upcoming special meeting of shareholders (the “Special Meeting”). Consolidated is reminding shareholders to vote “FOR” the proposed acquisition of the Company by affiliates of Searchlight Capital Partners, L.P. (“Searchlight”) and British Columbia Investment Management Corporation (“BCI”) (the “Proposed Transaction”). The Special Meeting is scheduled to be held on January 31, 2024. Shareholders of record as of December 13, 2023, are entitled to vote at the Special Meeting.

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The full text of the letter mailed to shareholders follows:

January 3, 2024

Dear Fellow Shareholders,

You have the opportunity to protect the value of your investment and realize the benefits of the value-maximizing transaction with Searchlight and BCI. In order to participate, you must cast your vote ahead of the special meeting on January 31, 2024. The board of directors of the Company (the “Board”) strongly urges you to vote “FOR” the Proposed Transaction. Your vote is extremely important, regardless of how many shares you own. Not voting is the same as voting against the transaction.

Proposed Transaction Delivers Financially Compelling and Certain Value to Consolidated Shareholders, While Transferring Risk to Searchlight and BCI

Following an extensive and thorough review by a special committee of independent and disinterested members of the Board, the Board strongly believes the $4.70 per share cash offer from Searchlight and BCI is the best risk-adjusted outcome for shareholders, particularly in light of the significant risk associated with Consolidated’s prospects as a standalone public company with limited access to capital.

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Independent Third-Party Analysts Endorse Both the Valuation and the Sale Strategy

The transaction price of $4.70 per share also exceeds equity analysts’ price targets for Consolidated as a standalone public company disclosed prior to April 13, 2023, the day Searchlight and BCI’s non-binding offer was made public.

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The independent third-party analysts who cover our Company agree – this transaction is positive for the Company’s shareholders⁴:

• “Net-net, we view the outcome positively for CNSL shareholders, especially in the context of a weakening near-term operating position.” – Citi, October 16, 2023
• “… we view Searchlight's take-private bid and fully funded FTTH build plan as the cleanest strategy.” – Wells Fargo, August 8, 2023

Cast Your Vote Ahead of the Special Meeting on January 31, 2024