Financial Astrology of Citizens Communications Company

FINANCIAL ASTROLOGY

First Trade Date for Citizens Communications Company

Company Name	First Trade Date (yyyy-mm-dd)
Citizens Communications Company	1992-02-24

Company Name	Symbol
Citizens Communications Company	CZN
History and Business of Company (this information may include date of incorporation)
We are a telecommunications-focused company providing wireline communications services to rural areas and small and medium-sized towns and cities, including the Rochester, New York metropolitan area as an incumbent local exchange carrier, or ILEC. We offer our ILEC services under the "Frontier" name. In addition, we provide competitive local exchange carrier, or CLEC, services to business customers and to other communications carriers in certain metropolitan areas in the western United States through Electric Lightwave, Inc., or ELI, our wholly-owned subsidiary. We also provide public utility services including natural gas transmission and distribution and electric transmission and distribution services to primarily rural and suburban customers in Vermont, Hawaii and Arizona. We currently have contracts to sell all of our public utility operations in Hawaii and Arizona. These sales are expected to close during the second half of 2003. Revenue from our ILEC, CLEC and public utility operations was $2,062.9 million, $175.1 million, and $431.3 million, respectively, in 2002. Our ILEC segment has grown substantially over the last three years, primarily as a result of acquisitions. During 2001, we purchased from Global Crossing Ltd. (Global) the 1.1 million access lines of the Frontier local exchange business for approximately $3,373.0 million in cash. During 2000, we acquired approximately 334,500 telephone access lines for approximately $986.2 million in cash. In June 2002, we acquired all of the common stock of ELI that we did not previously own for $0.70 per share in cash. Total cost (including fees and expenses) of the acquisition was approximately $6.8 million. In 1999, we announced plans to divest our public utilities services segments. As a result, in 2001 we sold two of our four natural gas transmission and distribution businesses and during 2002 we sold our entire water distribution and wastewater treatment business and one of our three electric businesses. In October 2002, we entered into definitive agreements to sell our Arizona gas and electric divisions for $230.0 million in cash ($220.0 million if we close by July 28, 2003) subject to adjustments specified in the agreements. In December 2002, we entered into a definitive agreement to sell our Hawaiian gas division for $115.0 million in cash, subject to adjustments specified in the agreement. These transactions, which are subject to regulatory approvals, are expected to close during the second half of 2003. Currently, we do not have an agreement to sell our Vermont electric division, but we continue to actively pursue a buyer. All of our public utility assets have been written down to our best estimate of the net realizable value upon sale (see Note 4 to Consolidated Financial Statements). Pending these divestitures, we continue to provide gas and electric utility services.

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