Proposed Transaction is Financially Compelling and Delivers Certain, Premium Cash Value and is the Best Outcome for Shareholders

Reiterates Recommendation from Leading Independent Proxy Advisory Firm ISS that Shareholders Vote "FOR" the Proposed Transaction with Searchlight and BCI

MATTOON, Ill.--(BUSINESS WIRE)-- 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") urging 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.  

The full text of the letter mailed to shareholders follows:  

January 22, 2024  

Dear Fellow Shareholders,  

The January 31, 2024, deadline to vote on the proposed acquisition of Consolidated by Searchlight and BCI is fast approaching. In order to realize the benefits of this value-maximizing transaction, the majority of our independent shareholders must vote in support.  

This means that your vote is extremely important, regardless of the number of shares you own. Every vote counts and is critical to the future of the Company. Not voting is the same as voting against the transaction.

The board of directors of the Company strongly urges you to vote "FOR" the Proposed Transaction, which offers financially compelling and certain value:

• $4.70 per share in cash eliminates ongoing uncertainty in Company's go forward plan and transfers the real risk of significant value decline that shareholders face if the Company were to remain standalone  

• 70% premium to Consolidated's share price as of April 12, 20231

• 89% premium to one-month VWAP2

• 18% increase in price achieved through negotiations following the initial bid from Searchlight and BCI  

Institutional Shareholder Services ("ISS"), a leading independent advisory firm, stated that support for the Proposed Transaction is warranted and recommends that Consolidated shareholders vote "FOR" the Proposed Transaction.  

Failure to vote "FOR" the Proposed Transaction, including not voting at all, could result in the deal failing and Consolidated's share price falling to well below the pre-announcement price. As a Consolidated shareholder, your choice is clear: vote for significant, compelling and certain value.  

We thank you for your continued support.  

Sincerely,  

The Consolidated Communications Board  

Maximize the value of your investment  

Vote "FOR" the Proposed Transaction Today