1. Goldman Sachs TMT Leveraged Finance Conference Tony Thomas, CFO March 29, 2011

2. 2 “Safe Harbor” Statement Regulation G Disclaimer This presentation includes certain non-GAAP financial measures, which have been adjusted to include or exclude items that are related to strategic activities or other events, specific to the time and opportunity available. For the periods presented, Windstream‘s strategic activities included the acquisitions of D&E Communications Inc. ("D&E") on November 10, 2009, Lexcom, Inc. ("Lexcom") on December 1, 2009, NuVox, Inc. ("NuVox") on February 8, 2010, and Iowa Telecommunication Services, Inc. ("Iowa Telecom") on June 2, 2010. In addition, Windstream sold its out-of-territory product distribution operations on August 21, 2009. Windstream believes the presentation of supplemental measures of operating performance provides a more meaningful comparison of our operating performance for the periods presented. A reconciliation of the non-GAAP financial measures used in this presentation to the most directly comparable GAAP measure has been included in the appendix of this presentation. The non-GAAP financial measures used by Windstream may not be comparable to similarly titled measures used by other companies and should not be considered in isolation or as a substitute for measures of performance or liquidity prepared in accordance with GAAP. Safe Harbor Statement Windstream claims the protection of the safe-harbor contained in the Private Securities Litigation Reform Act of 1995 for forward-looking statements set forth in this press release. Forward-looking statements, including Windstream’s updated financial outlook for 2010 and expected pension contribution in 2011, are subject to uncertainties that could cause actual future events and results to differ materially from those expressed in the forward-looking statements. These forward-looking statements are based on estimates, projections, beliefs, and assumptions that Windstream believes are reasonable but are not guarantees of future events and results. Actual future events and results of Windstream may differ materially from those expressed in these forward-looking statements as a result of a number of important factors. Factors that could cause actual results to differ materially from those contemplated in Windstream's forward-looking statements include, among others: further adverse changes in economic conditions in the markets served by Windstream; the extent, timing and overall effects of competition in the communications business; continued voice line loss; the impact of new, emerging or competing technologies; the adoption of intercarrier compensation and/or universal service reform proposals by the Federal Communications Commission or Congress that results in a significant loss of revenue to Windstream; the risks associated with the integration of acquired businesses or the ability to realize anticipated synergies, cost savings and growth opportunities; for Windstream's competitive local exchange carrier operations, adverse effects on the availability, quality of service and price of facilities and services provided by other incumbent local exchange carriers on which Windstream's competitive local exchange carrier services depend; the availability and cost of financing in the corporate debt markets; the potential for adverse changes in the ratings given to Windstream’s debt securities by nationally accredited ratings organizations; the effects of federal and state legislation, and rules and regulations governing the communications industry; material changes in the communications industry that could adversely affect vendor relationships with equipment and network suppliers and customer relationships with wholesale customers; unfavorable results of litigation; unfavorable rulings by state public service commissions in proceedings regarding universal service funds, intercarrier compensation or other matters that could reduce revenues or increase expenses; the effects of work stoppages; the impact of equipment failure, natural disasters or terrorist acts; earnings on pension plan investments significantly below Windstream's expected long term rate of return for plan assets; changes in federal, state and local tax laws and rates; and those additional factors under the caption “Risk Factors” in Windstream’s Form 10-K for the year ended Dec. 31, 2009, and in subsequent filings with the Securities and Exchange Commission. In addition to these factors, actual future performance, outcomes and results may differ materially because of more general factors including, among others, general industry and market conditions and growth rates, economic conditions, and governmental and public policy changes. Windstream undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. The foregoing review of factors that could cause Windstream’s actual results to differ materially from those contemplated in the forward-looking statements should be considered in connection with information regarding risks and uncertainties that may affect Windstream’s future results included in filings by Windstream with the Securities and Exchange Commission at www.sec.gov.

3. Windstream Overview The Industry ► The ILEC industry is undergoing significant consolidation driven by companies seeking to stabilize cash flow as residential voice and regulatory revenues continue to decline The Company ► Windstream – a consolidator and telecom leader with attractive markets in 29 states, revenues of $4.2B and adjusted OIBDA of $2.1B The Opportunity ► Windstream is executing a strategy focused on improving the top line —expanding services in growing areas (business and broadband) —stabilizing consumer revenues 3

4. THESIS Building a Next Generation Communications Company 4

5. ► Spin off ► Traditional RLEC business model The Transformation of Windstream 5 20062007-20102011+ Traditional Rural ILEC TransformationPath to Growth ► Focused on growth in business & broadband ► Improved financial trends ► Focus on execution and integration ► Investing for growth

6. Windstream Today..... 6 Improving revenue mix – percent from broadband and business (1) Key operating and financial metrics vs. peers Well positioned competitively Solid free cash flow generation 60 % in growth segments #1#1#1#1 Attractive Markets $818M (1)Pro forma for the 4Q10 (2)Free cash flow for 2010. Presented on a GAAP basis and defined as Adjusted OIBDA less cash interest, cash taxes, cash pension contributions and capital expenditures

7. Strong Rural Footprint with Robust Network in 29 States 7

8. 8 Business Services Consumer Services ► Dedicated Internet services ► Integrated VoIP & data solutions ► Cloud computing & cloud storage ► Managed services and data center co-location ► Voice & long-distance solutions ► Fiber transport /wireless backhaul A Next Generation Telecom Company ► High-speed Internet —90% of footprint addressable —Speeds up to 10-12 Mb, depending on market ► Broadband features (TechHelp, security, data back-up) ► Digital TV via DISH offering ► Voice and long-distance

9. 9 Delivering Industry-Leading Returns to Shareholders WIN has generated a 65% total return since inception July 17, 2006 – March 25, 2011 Source: Bloomberg 9

10. THESIS Building a Next Generation Communications Company 10 The new Windstream… …Delivering best-in-class results… #1#1 …Executing a successful strategy… …with key initiatives to improve the business

11. Executing Successful Strategy 11 Goal Protect and sustain free cash flow Strategy 1.Improve revenue trends 2.Ensure disciplined expense management 3.Pursue selective acquisition strategy

12. 12 STRATEGY #1: IMPROVE REVENUE TRENDS 60% of Revenues from Growth Services ► Business revenues grew 2% in 4Q —Advanced data and integrated solutions up 8%  Integrated VoIP and data services  Ethernet Internet access  Managed services —Special access (fiber transport / wireless backhaul) up 3% ► Consumer broadband revenue grew 10% in 4Q —Broadband customers growing 6% —Selling faster broadband speeds —Growth in broadband features YOY Revenue Trends Note: Pro forma results from 4Q10

13. STRATEGY #1: IMPROVE REVENUE TRENDS Stabilizing Consumer Revenues Improve Retention Action Increase distribution channels Offer video service Improve service levels Expand bundling penetration Create product sets ► Price for Life ► Greenstreak 13 Improve Competitiveness

14. STRATEGY #1: IMPROVE REVENUE TRENDS Stronger Revenue Mix and Improving Consumer Channel = Improving Revenue Trends 14 Improving Revenue TrendsStronger Revenue Mix 1 Broadband and Business Residential Switched Access/USF 20072010 38% 34% 28% 58% 25% 17% 1. 2007 data presented on an actual basis; 2010 pro forma Excludes NuVox, Iowa, Hosted Solutions and Q-Comm Pro forma for all acquisitions

15. STRATEGY #2: DISCIPLINED EXPENSE MANAGEMENT Disciplined Expense Management Resulting in Strong, Stable OIBDA Margin 15 50.8% Adjusted OIBDA margin (ex pension) Notes: Adjusted OIBDA excludes the impact of restructuring charges, pension expense and restricted stock expense 2010 Expense Initiatives ► Deal Synergies ► Network grooming ► Procurement ► Improved processes ► Technological efficiencies ► Organizational discipline 2009

16. STRATEGY #3: SELECTIVE ACQUISITIONS Pursuing a Selective Acquisition Strategy Advance strategy to improve revenue trends Opportunity to generate meaningful synergies Located in attractive markets Favorable competitive environment Well-positioned network Maintain leverage in same range Criteria 16 Free cash flow accretive

17. STRATEGY #3: SELECTIVE ACQUISITIONS Completed Eight Targeted Acquisitions in Four Years 17 ► NuVox ► Iowa Telecommunications ► Q-Comm ► Hosted Solutions ► D & E Communications ► Lexcom ► Valor ► CT Communications 2006-20072010 2008-2009

18. STRATEGY #3: SELECTIVE ACQUISITIONS Powerful Impact of Acquisitions on Windstream 18 Expanded free cash flow Advanced strategy to expand services to broadband and business customers Added over $2B in revenues Created $200M in opex and capex synergies Slight increase in leverage but positions WIN to improve financial trends

19. Goal: PROTECT AND SUSTAIN FREE CASH FLOW A Powerful Cash Flow Business 19 Free cash flow (2) 2010 Payout Ratio 2010 Adjusted OIBDA (1) 2010 57%$818M$2.06B Flat YOY (1) Pro forma for all acquisitions. Adjusted OIBDA excludes pension expense, restructuring, and restricted stock expense (2) Free cash flow presented on a GAAP basis and defined as Adjusted OIBDA less cash interest, cash taxes, cash pension contributions and capital expenditures

20. THESIS Building a Next Generation Communications Company 20 The new Windstream… …Executing a successful strategy… …Delivering best-in-class results… #1#1 …with key initiatives to improve the business

21. The Strategy is Delivering Best-In-Class Operating Results… 21 Video Penetration of Total Access Lines HSI Penetration of Total Access Lines Year-over-Year Change in Access Lines Internet Customer Change Year-Over-Year Leading results Notes: Results as of 12/31/10 Windstream results are pro forma for NuVox, Inc., Iowa Telecom, Q-Comm, and Hosted Solutions Verizon and Frontier results are pro forma for the sale of Verizon lines

22. …And Driving Strong Financial Results 22 Year-over-Year Change in Revenue Year-over-Year Change in OIBDA Notes: Results as of 12/31/10 Windstream results are pro forma for D&E Communications, Lexcom, Inc., NuVox, Inc., and Iowa Telecom AT&T and Verizon results are for the wireline segment only Verizon and Frontier results are pro forma for the sale of Verizon lines OIBDA excludes one-time charges for WIN, Q, and CTL

23. 23 2011 Guidance Total Revenues$4,139$4,015 – $4,140-3% to 0% OIBDA$1,975$1,985 – $2,0451% to 4% Adjusted OIBDA$2,064$2,045 – $2,105-1% to 2% Capex $490$520 - $580 Dividend payout 57%52% to 59% Notes: For 2010, revenue, OIBDA, adjusted OIBDA and Capex are presented on a pro forma basis The 2010 dividend payout ratio is presented on an actual basis, reflecting the acquisitions from the time that they were acquired Adjusted OIBDA excludes pension, restricted stock, restructuring expense As provided on February 18, 2011 23 $ in millions 20102011 Guidance Change

24. 24 Attractive Growth Opportunities in 2011 24 $M 2010 Pro Forma2011 Guidance Change ► Pro forma capex was $490M in 2010 ► The midpoint of our 2011 capex guidance is $550M ► WIN will spend ~$40M related to the broadband stimulus grants in 2011: —Awarded a total of $180M in grants to invest in our broadband network —WIN will contribute a total of $60M, resulting in $240M in investments in our broadband network over the next few years ► The remaining incremental capex will be invested in success-based growth opportunities related to fiber to the cell projects and data center services & expansion which should contribute to improved financial performance ► Absent the stimulus capex, the midpoint of 2011 guidance is only 4% higher than the baseline 2010 capex

25. THESIS Building a Next Generation Communications Company 25 The new Windstream… …Executing a successful strategy… …Delivering best-in-class results… #1#1 …with key initiatives to improve the business

26. Our focus is execution Key Initiatives for 2011 26 Complete integration of acquisitions Invest for growth Deleverage the balance sheet 123

27. PRIORITY #1 Integration of Acquisitions On Track 27 CompanyClose DateSynergiesIntegration Status November 2009 December 2009 February 2010 June 2010 December 2010 $25M $5M $25M $30M $2M $21M Completed Completed by 1H11 ► Synergies achieved 2010: $55M ► Incremental synergies 2011: $45M

28. PRIORITY #2 Invest for Growth 28 Success Based Fiber Initiatives ► Increasing bandwidth demand is driving network transport from wireless providers and businesses ► Investments are success-based with attractive returns Data Center Services ► Cloud computing, managed services and data center colocation are natural complements to our business portfolio ► Enhance speeds with VDSL & ADSL2+ bonded —Enable 20 Mb speeds to certain markets ► Expand availability from 90% to 93% (stimulus projects) Grow Broadband

29. PRIORITY #3 Deleveraging the Balance Sheet Reasons this is achievable ► Expect excess FCF of ~$350M to $460M in 2011 ► WIN plans to pay down ~$135M related to 2011 debt maturities ► Revolver borrowings will provide further flexibility to reduce debt ► Will improve net leverage by making pension contribution using WIN stock Current leverage Target (In line with historic range) 3.55X 3.2X To 3.4X 29 Note: Leverage is defined as Total Debt to Adjusted OIBDA. Proforma for all acquisitions 29

30. $139 30 Improving Maturity Profile and Liquidity Position Sr. Notes Bank Debt $44 $1604 Note: Maturity profile excludes discount on long-term debt 1Q11 Activities Increased revolver availability from $750M to $1.25 billion Completed tender for all of the $400M Valor 2015 notes using proceeds from the $200M 2020 notes and ~$200M in revolver borrowings Tendered for a portion of the 2016 notes using proceeds from the new 2021 and 2023 notes (currently estimate the paydown to be ~$1.030 billion) Increased revolver availability to $1.25B New notes due 2021 (2016 refi) New notes due 2023 (2016 refi) $200M add-on notes due 2020 (Valor refi) $350

31. Why Invest in Windstream? 31 Positioning Performance Cash Flow A different path ► Successful repositioning in faster growth segments driving improving revenue trends Solid track record ► Industry leading performance, successful integration of acquisitions Strong, sustainable FCF ► Making success-based capital investments in growth opportunities while improving the balance sheet and returning cash to shareholders

32. Q&A 32

33. Appendix 33

34. Reconciliations of Non-Gaap Financial Measures 34

35. 2011 Financial Guidance 35

36. Pro Forma Supplemental Information 36

37. Pro Forma Supplemental Information 37

38. Pro Forma Supplemental Information 38

39. Reconciliations of Non Gaap Financial Measures 39

40. Reconciliations of Non Gaap Financial Measures 40