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Cincinnati Bell-Hawaiian Telcom Combination Receives Final Regulatory Approval

Cincinnati Bell (NYSE: CBB) announced today that the U.S. Federal
Communications Commission (FCC) has approved Cincinnati Bell’s
acquisition of Hawaiian Telcom Holdco, Inc. (NASDAQ: HCOM).

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The FCC’s approval of the merger follows the unanimous approvals of the
merger by the Hawai‘i Public Utilities Commission on April 30, 2018 and
the Hawai‘i Department of Commerce and Consumer Affairs’ Cable
Television Division on December 8, 2017. The merger also cleared the
Hart-Scott-Rodino Act review period and received overwhelming support
from Hawaiian Telcom shareholders. The receipt of approval from the FCC
was the final outstanding regulatory approval and, accordingly, the
closing of the merger is now subject only to the satisfaction of
customary closing conditions.

As previously announced, Cincinnati Bell and Hawaiian Telcom established
an election deadline of 5:00 p.m., New York time, on June 21, 2018
(Election Deadline) for Hawaiian Telcom stockholders to elect the form
of consideration they wish to receive, subject to proration, in
connection with the merger. The Election Deadline remains unchanged. The
companies expect to be able to close the merger on July 2, 2018.

Leigh Fox, President and Chief Executive Officer of Cincinnati Bell,
said, “We are excited that this final regulatory approval has cleared
the way for us to combine these two great businesses. Together,
Cincinnati Bell and Hawaiian Telcom will be a stronger communications
and technology company that will foster greater innovation as we build
scale and fiber density across our footprint. This is a significant
development for us and for our customers, bringing us one step closer to
delivering more competitive products and services, including continuing
to expand the Next Generation Fiber Network to customers across Hawai‘i.”

About Cincinnati Bell

With headquarters in Cincinnati, Ohio, Cincinnati Bell Inc. (NYSE: CBB)
provides integrated communications solutions – including local and long
distance voice, data, high-speed Internet and video – that keep
residential and business customers in Greater Cincinnati and Dayton
connected with each other and with the world. In addition, enterprise
customers across the United States and Canada rely on CBTS and OnX,
wholly-owned subsidiaries, for efficient, scalable office communications
systems and end-to-end IT solutions. For more information, please visit www.cincinnatibell.com.

About Hawaiian Telcom

Hawaiian Telcom (NASDAQ: HCOM), headquartered in Honolulu, is Hawai‘i’s
Technology Leader, providing integrated communications, broadband, data
center and entertainment solutions for business and residential
customers. With roots in Hawai‘i beginning in 1883, the Company offers a
full range of services including Internet, video, voice, wireless, data
network solutions and security, colocation, and managed and cloud
services supported by the reach and reliability of its next generation
fiber network and a 24/7 state-of-the-art network operations center.
With employees statewide sharing a commitment to innovation and a
passion for delivering superior service, Hawaiian Telcom provides an
Always On customer experience. For more information, visit
hawaiiantel.com.

No Offer or Solicitation

This communication is neither an offer to sell, nor a solicitation of an
offer to buy any securities, the solicitation of any vote or approval in
any jurisdiction pursuant to or in connection with the proposed
transaction or otherwise, nor shall there be any sale, issuance or
transfer of securities in any jurisdiction in contravention of
applicable law. No offer of securities shall be made except by means of
a prospectus meeting the requirements of Section 10 of the Securities
Act of 1933, as amended, and otherwise in accordance with applicable law.

Additional Information and Where to Find It

In connection with the proposed transaction between Hawaiian Telcom and
Cincinnati Bell, Cincinnati Bell has filed with the Securities and
Exchange Commission (“SEC”) a registration statement on Form S-4 on
August 17, 2017, as amended on August 30, 2017 and October 2, 2017 (the
“Registration Statement”) (which Registration Statement was declared
effective on October 5, 2017), which includes a final prospectus with
respect to Cincinnati Bell’s common shares to be issued in the proposed
transaction and a definitive proxy statement for Hawaiian Telcom’s
stockholders (the “Definitive Proxy Statement”), and Hawaiian Telcom
began mailing the Definitive Proxy Statement to its stockholders on or
about October 10, 2017 and may file other documents regarding the
proposed transaction with the SEC. SECURITY HOLDERS ARE URGED AND
ADVISED TO READ ALL RELEVANT MATERIALS FILED WITH THE SEC, INCLUDING THE
REGISTRATION STATEMENT AND THE DEFINITIVE PROXY STATEMENT, CAREFULLY
BECAUSE THEY CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED
TRANSACTION AND RELATED MATTERS. The Registration Statement and the
Definitive Proxy Statement and any other documents filed or furnished by
Cincinnati Bell or Hawaiian Telcom with the SEC may be obtained free of
charge at the SEC’s web site at www.sec.gov.
In addition, security holders are able to obtain free copies of the
Registration Statement from Cincinnati Bell by going to its investor
relations page on its corporate web site at www.cincinnatibell.com
and free copies of the Definitive Proxy Statement from Hawaiian Telcom
by going to its investor relations page on its corporate web site at www.hawaiiantel.com.

Cautionary Statement Concerning Forward-Looking Statements

This press release may contain “forward-looking” statements, as defined
in federal securities laws including the Private Securities Litigation
Reform Act of 1995, which are based on our current expectations,
estimates, forecasts and projections. Statements that are not historical
facts, including statements about the beliefs, expectations and future
plans and strategies of the Company, are forward-looking statements.
Actual results may differ materially from those expressed in any
forward-looking statements. The following important factors, among other
things, could cause or contribute to actual results being materially and
adversely different from those described or implied by such
forward-looking statements including, but not limited to: those
discussed in this release; we operate in highly competitive industries,
and customers may not continue to purchase products or services, which
would result in reduced revenue and loss of market share; we may be
unable to grow our revenues and cash flows despite the initiatives we
have implemented; failure to anticipate the need for and introduce new
products and services or to compete with new technologies may compromise
our success in the telecommunications industry; our access lines, which
generate a significant portion of our cash flows and profits, are
decreasing in number and if we continue to experience access line losses
similar to the past several years, our revenues, earnings and cash flows
from operations may be adversely impacted; our failure to meet
performance standards under our agreements could result in customers
terminating their relationships with us or customers being entitled to
receive financial compensation, which would lead to reduced revenues
and/or increased costs; we generate a substantial portion of our revenue
by serving a limited geographic area; a large customer accounts for a
significant portion of our revenues and accounts receivable and the loss
or significant reduction in business from this customer would cause
operating revenues to decline and could negatively impact profitability
and cash flows; maintaining our SM telecommunications networks requires
significant capital expenditures, and our inability or failure to
maintain our telecommunications networks could have a material impact on
our market share and ability to generate revenue; increases in broadband
usage may cause network capacity limitations, resulting in service
disruptions or reduced capacity for customers; we may be liable for
material that content providers distribute on our networks; cyber
attacks or other breaches of network or other information technology
security could have an adverse effect on our business; natural
disasters, terrorists acts or acts of war could cause damage to our
infrastructure and result in significant disruptions to our operations;
the regulation of our businesses by federal and state authorities may,
among other things, place us at a competitive disadvantage, restrict our
ability to price our products and services and threaten our operating
licenses; we depend on a number of third party providers, and the loss
of, or problems with, one or more of these providers may impede our
growth or cause us to lose customers; a failure of back-office
information technology systems could adversely affect our results of
operations and financial condition; if we fail to extend or renegotiate
our collective bargaining agreements with our labor union when they
expire or if our unionized employees were to engage in a strike or other
work stoppage, our business and operating results could be materially
harmed; the loss of any of the senior management team or attrition among
key sales associates could adversely affect our business, financial
condition, results of operations and cash flows; our debt could limit
our ability to fund operations, raise additional capital, and fulfill
our obligations, which, in turn, would have a material adverse effect on
our businesses and prospects generally; our indebtedness imposes
significant restrictions on us; we depend on our loans and credit
facilities to provide for our short-term financing requirements in
excess of amounts generated by operations, and the availability of those
funds may be reduced or limited; the servicing of our indebtedness is
dependent on our ability to generate cash, which could be impacted by
many factors beyond our control; we depend on the receipt of dividends
or other intercompany transfers from our subsidiaries and investments;
the trading price of our common shares may be volatile, and the value of
an investment in our common shares may decline; the uncertain economic
environment, including uncertainty in the U.S. and world securities
markets, could impact our business and financial condition; our future
cash flows could be adversely affected if it is unable to fully realize
our deferred tax assets; adverse changes in the value of assets or
obligations associated with our employee benefit plans could negatively
impact shareowners’ deficit and liquidity; third parties may claim that
we are infringing upon their intellectual property, and we could suffer
significant litigation or licensing expenses or be prevented from
selling products; third parties may infringe upon our intellectual
property, and we may expend significant resources enforcing our rights
or suffer competitive injury; we could be subject to a significant
amount of litigation, which could require us to pay significant damages
or settlements; we could incur significant costs resulting from
complying with, or potential violations of, environmental, health and
human safety laws; the timing and likelihood of completing the merger
with Hawaiian Telcom; the possibility that competing offers or
acquisition proposals for Hawaiian Telcom will be made; the occurrence
of any event, change or other circumstance that could give rise to the
termination of the proposed transaction; the possibility that the
expected synergies and value creation from the proposed transaction
involving Hawaiian Telcom will not be realized or will not be realized
within the expected time period; the risk that the businesses of the
Company and Hawaiian Telcom and other acquired companies will not be
integrated successfully; disruption from the proposed transaction
involving Hawaiian Telcom making it more difficult to maintain business
and operational relationships; the risk that unexpected costs will be
incurred; and the possibility that the proposed transaction involving
Hawaiian Telcom does not close, including due to the failure to satisfy
the closing conditions and the other risks and uncertainties detailed in
our filings with the SEC, including our Form 10-K report, Form 10-Q
reports and Form 8-K reports, as well as Hawaiian Telcom’s filings with
the SEC, including its Form 10-K reports, Form 10-Q reports and Form 8-K
reports.

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