Deutsche BankLeveraged Finance Conference

September 30, 2014

Ralph KellySenior Vice President and Treasurer

Company Profile

4

Corporate Profile as of June 30, 2014

Residential:

• 1,403,500 residential customer relationships

• Total 3,688,200 RGUs / 2,806,700 PSUs:

1,168,800 basic video

881,500 digital video

1,103,300 residential Internet

534,600 residential telephone

Commercial:

• 86,800 commercial customer relationships

• 40,500 bundled commercial customers

• LTM pro forma revenue of $2.26 billion

• LTM pro forma Adjusted EBITDA of $878.3 million

• June 30, 2014:

• Strong liquidity position with undrawn $500 million Revolver

7th largest U.S. cable television operator

Customer Summary Financial

As Reported Pro Forma

Senior Leverage 2.62x 2.62x

Total Leverage 5.11x 5.80x

Cash Balance $221 million $101 million

5

Clustered Markets with Favorable Competitive Dynamics

Note > All figures are as of June 30, 2014

A Z

O K

T X

M O

L A

A R

W V

N C

Top 10 States

serve 96% of

customer

relationships

C A

O H

Limited Broadband Overbuild (%HP)Telco Footprint Overlap (%HP)

AT&T 62% Verizon 3%

Centurylink 16% All Others 5%

Frontier 14%

Verizon FiOS 0.0%

AT&T U-Verse 4.2%

All Others 3.9%

Broadband Overbuild 8.1%

Franchise Area

� Top 20 Primary Systems

serve 91% of customer

relationships

6

Pro Forma Capital Structure as of June 30, 2014

Various Operating SubsidiariesBank Guarantors

Cequel Communications

Holdings, LLC

Cequel Communications

Holdings II, LLCBank Guarantor

$1,500 million 6.375% Senior Notes due 2020

$ 750 million 5.125% Senior Notes due 2021

$ 500 million 5.125% Senior Notes due 2021 - New

Cequel Capital

CorporationCo-Issuer of Senior Notes

Cequel Communications,

LLCBank Borrower

Cequel Communications

Holdings I, LLCIssuer of Senior Notes

Rating

B3 / B-

Rating

B1 / B+ (Corporate)

$ 500 million ($0 million drawn) Revolver due 20171

$2,386 million Term Loan B due 2019Rating

Ba2 / BB

1 Revolver availability is reduced by approximately $17.5 million of outstanding letters of credit.

Lead Investors

BC Partners

CPPIB

Executive Management

Cequel Corporation $1,985 million Equity contributions

Transaction Summary

8

� On September 9, Suddenlink issued a $500 million mirror note to its existing 5.125% Senior Notes due 2021

– New Senior Notes issued with same terms as existing 5.125% Senior Notes due 2021

– New Senior Notes sold at 97.25

� Net proceeds from offering and $120 million of available cash was used to fund a $600 million dividend distribution to current equity holders and pay fees and expenses

– Remaining RP capacity at the high yield issuer, pro forma for the transaction, is $657 million

Sources and Uses

($ in millions)

Sources Uses

Senior Notes Proceeds 486$ Equity Distribution 600$

Cash from Balance Sheet 120 Fees and Expenses 6

Total Sources 606$ Total Uses 606$

9

Current and Pro Forma Capitalization

� S&P and Moody’s affirmed ratings of Senior Notes

� S&P upgraded the Revolver and Term Loan B facility to BB

� June Term Loan balance reflects $61 million excess cash flow payment made in April

LIBOR Notional Potential Pro Forma

($ in millions) Rating Maturity Rate Floor June 30, 2014 Transaction June 30, 2014

Cash and Cash Equivalents $221 ($120) $101

Revolver Ba2 / BB Feb 2017 L + 250 – –

Term Loan B Ba2 / BB Feb 2019 L + 275 0.75% $2,386 $2,386

Capital Leases - - - $3 3

Total OpCo Secured Debt $2,389 $2,389

Other Obligations - - - $15 $15

Senior Notes 2021 5.125% B3 / B- Dec 2021 5.125% $750 750

Senior Notes 2021 5.125% B3 / B- Dec 2021 5.125% – $500 500

Senior Notes 2020 6.375% B3 / B- Sept 2020 6.375% $1,500 1,500

Total Debt $4,654 $5,154

Net Total Debt $4,433 $5,053

Adjusted Pro Forma LTM EBITDA $878 $878

Secured Leverage (as calculated under credit agreement) 2.62x 2.62x

Total Leverage (as calculated under indenture) 5.11x 5.80x

10

Cequel Maturity Profile

� The nearest funded maturity is the Term Loan due in February 2019

� $500 million undrawn Revolver matures in February 2017

Term Loan 6.375% Senior Notes

As of June 30, 2014, Actual

As of June 30, 2014, Pro Forma for Senior Notes Issuance

5.125% Senior Notes

$2,386

$500$750

$1,985

0

1000

2000

3000

2014 2015 2016 2017 2018 2019 2020 2021 2022

$2,386

$500

$1,250$1,985

0

1000

2000

3000

2014 2015 2016 2017 2018 2019 2020 2021 2022

Undrawn Revolver

11

Proven Ability to Reduce Leverage with EBITDA Growth

Note > Prior to Q2’13, Total Leverage calculated under the indenture governing the former 8.625% Senior Notes due 2017. As of Q2’13 and thereafter, Total Leverage calculated under the indenture governing the 6.375% Senior Notes due 2020 and 5.125% Senior Notes due 2021.

4.3x 4.2x

3.3x 3.2x 3.1x 3.1x 2.8x 2.7x 2.7x3.0x 3.0x 2.9x 2.7x

3.1x 2.9x 2.8x 2.8x 2.7x 2.6x

6.9x 7.0x6.8x

6.7x6.5x

6.3x6.0x

5.8x5.6x 5.5x

5.4x5.3x 5.3x

5.2x 5.1x

6.0x

5.5x5.3x

5.2x

5.6x 5.5x 5.4x

6.2x

5.8x 5.7x5.6x

5.4x5.3x

PF 5.8x

Total Bank Leverage Total Leverage (including Senior Notes) Pro Forma Leverage

5.1x

Q2 2014 Financial Update

13

Q2 2014 Revenue and Adjusted EBITDA

(Dollars in millions)

Quarterly Revenue And ARPU Quarterly Adjusted EBITDA(Dollars in millions)

5.9% Revenue

CAGR

5.9% Revenue

CAGR 6.2% Adjusted

EBITDA CAGR

6.2% Adjusted

EBITDA CAGR

$213

$226

38.9% 39.0%

Q2'13 Q2'14

EBITDA EBITDA Margin

$547

$580

$150.86

$163.92

Q2'13 Q2'14

Revenue ARPU

(Dollars in millions)

Annual Revenue Annual Adjusted EBITDA(Dollars in millions)

$1,949

$2,074

$2,197 $2,262

2011 2012 2013 LTM Q2'14

6.1% Revenue

CAGR

6.1% Revenue

CAGR

7.5% Adjusted

EBITDA CAGR

7.5% Adjusted

EBITDA CAGR

$732

$796 $852 $878

37.6% 38.4% 38.8% 38.8%

2011 2012 2013 LTM Q2'14

HSI growth

15.3%

Commercial

Growth 11.4%

HSI growth

15.3%

Commercial

Growth 11.4%

14

RGU and Residential PSU Growth RGUs and PSUs

(Units in thousands)

Improving Subscriber Trends

TTM Growth %

1,197 1,169

1,026 1,103

488 535

847 881

PSUs 2,734

PSUs 2,818

RGUs3,589

RGUs3,706

Q2'13 Q2'14

Basic Video Residential HSI

Residential Phone Digital

-3.0% -2.8% -3.1% -3.4%-2.8% -2.7%

-2.4%

5.7%

4.8%4.2%

4.6%

5.8%

6.6%

7.6%

7.6%

5.4%5.0%

7.2%

8.8%

10.0%9.6%

1.9%1.3%

1.0%1.4%

2.4%3.1%

3.6%

-6.0%

-4.0%

-2.0%

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

Q4'12 Q1'13 Q2'13 Q3'13 Q4'13 Q1'14 Q2'14

Basic Video Residential HSD

Residential Telephony PSU

15

1,108 1,084

266 320

1,374 1,403

Q2'13 Q2'14

Residential Relationships and Bundling

(Units in thousands)

479 477

542 535

353 391

Q2'13 Q2'14

Non-Video and Video RelationshipsBundled Customer Trends(Units in thousands)

25.7% 27.9%

65.1% 66.0%

Non-Video as % of Total Customers

Accelerating Customer Relationship Growth Trends

� Added 29k customer relationships in TTM, or 2.2% growth

� On pace for fifth consecutive year of customer relationship growth

0.6% 0.3% 0.2%0.6%

2.2%

0.0%

2.0%

4.0%

2010 2011 2012 2013 LTM Q2'14

19.4% 22.8%

16

Abundance of Commercial Opportunities

� 11% Commercial revenue growth YoY

� 18% combined Commercial HSI, commercial telephone and on-net carrier revenue growth YoY, excluding the more mature Business Video

� Approxinately 1,500 Fiber-to-the-Tower tenants currently in billing

$93

$269

$467

$229

$258 $1,316

BusinessVideo

BusinessData

BusinessTelephone

CarrierServices

Media Total

(Dollars in millions)

Commercial Market OpportunitiesCommercial Telephone and HSI Customers

Q2’14 Commercial Revenue and Growth Highlights

55 61

28

36

Q2'13 Q2'14

(Units in thousands)

29% Commercial Phone CAGR

11% Commercial HSI CAGR

29% Commercial Phone CAGR

11% Commercial HSI CAGR

44% 43% 9% 17% 33% 24%% of

Market

� Does not include market opportunity of over $400 million for cloud based and managed services

17

$50

$89

$16

$52

$134

$216

$266

2008 2009 2010 2011 2012 2013 LTM Q2'14

Capital Expenditures and Free Cash FlowCapital Expenditures as % of Revenue

Free Cash Flow (Dollars in millions)

16.2% 15.8%

21.0%19.4%

17.0% 17.0% 16.7%

2008 2009 2010 2011 2012 2013 LTM Q2'14

% of

Revenue 3.5% 5.7% 0.9% 2.7% 6.5% 9.9% 11.8%

Strategic Topics and Takeaways

19

� Suddenlink’s video product is comparable or superior to other competitive video offerings within our footprint

– Adding new content and expanding ways customers can consume that content

� However, rising programming content expenses continue to outpace video revenue rate increases, resulting in a shrinking video margin

� Programming renewals continue to grow more contentious, with public disputes between operators and content providers becoming more commonplace

� Growth in other services (HSI, phone, commercial) have effectively offset impact of video margin erosion

Evolving Product Landscape

20

Operation Reliant Overview

� In early 2013, Suddenlink began a process to transition from a third-party platform to our own telephone platform (“Operation Reliant”)

– The total cost to build and test our own platform and migrate off the third-party platform is approximately $50 million ($20 million capital expenditures, $30 million non-recurring operating expenses)

� Operation Reliant provides significant cost savings to Suddenlink’s telephone direct costs and provides Suddenlink with more internal flexibility

– Upon completion, it is expected to provide a material reduction in telephone direct costs starting in 2015 and normalizing in 2016

� Customer migration from the third-party platform began in August and is on pace to be completed by early 2015

21

Operation GigaSpeed Overview

� In August 2014, Suddenlink announced the launch of Operation GigaSpeed, a 3 ½ year investment project to advance the competitive position of our broadband service to nearly all of our footprint

– In over 90% of our markets, our HSI competitor is DSL

– Internet service speeds that are already many multiples higher than competitor offerings in most markets will further increase, distancing our broadband service from the competition and providing a catalyst for growth

� Operation Gigaspeed will positively impact well over 90% of our customers by ensuring the continuation of best broadband service available in our markets and the ability and capacity to offer additional products and services

� Upon the completion of Operation GigaSpeed we expect our flagship Internet speed to increase from 15 to 200 Megabits and our top speed to increase from over 100 Megabits to one Gigabit in nearly 90% of our service areas

22

Operation GigaSpeed Overview

� We expect to invest up to an additional $230 million of incremental capital expenditures above our normal levels through 2017, with approximately $35 million occurring in the second half of 2014

– Our 2014 capital expenditure guidance of $410 million – $420 million is reflective of this investment

– GigaSpeed capital expenditures will include headend equipment, DOCSIS 2.0 customer premises equipment and HD-DTA’s to complete our all-digital video conversion

� Expect 2015 capital expenditures as a percent of revenue to be less than 20%, and declining to mid-teens thereafter

23

Suddenlink Serves the Entire Community

� 300 Mbps service launched by Suddenlink in Leander and Pflugerville, Texas (near Austin’s Google Fiber, but not directly competing with Google)

– All homes in the community have access to 300Mbps service, not just a few select neighborhoods

AT&T 300 Mbps

Offering Map

Suddenlink’s 300 Mbps

Offering Map

Non-residential or undeveloped

areas

24

Key Takeaways

� Highly supportive and committed long-term investors with a positive outlook on the industry

� Limited wireline competition from RBOCs and regional telephone

� Advanced services offerings position the Company for continued future growth

� Internet product enhancements, such as Operation GigaSpeed, position Suddenlink to dominate competitive offerings in nearly all markets

� Diversified revenue streams with majority of gross margin from non-video products

� Commercial services are a leading catalyst of growth

� Suddenlink takes pride in our customer satisfaction and brand recognition initiatives

� Well capitalized with sufficient liquidity and demonstrated ability to reduce financial leverage

� Inclusive of the strategic investment in Operation GigaSpeed, Suddenlink expects to continue to generate significant annual Free Cash Flow due to strong Adjusted EBITDA growth

Questions and Answers

26

Basis of Presentation

All financial and operating results included in this presentation (except for capital expenditures as presented on page 17 and free cash flow as presented on page 17) are pro forma to include the following transactions, as if these transactions had been consummated as of January 1, 2011:

- The acquisition of NPG Cable, Inc. on April 1, 2011

- The divestiture of a TV station on June 1, 2012

- The contribution of Excell Communications on November 15, 2012

- The divestiture of small cable systems on December 31, 2012

- The acquisition of three Northland Communications systems on January 2, 2014

Unless noted otherwise, all debt balances shown are notional amount versus GAAP balance.

Further details of our financial results, both GAAP and pro forma, are available on our website at www.suddenlink.com.