
	Supplemental Guarantor Information

Cincinnati Bell Telephone Notes

Cincinnati Bell Telephone Company LLC (“CBT”), a wholly-owned subsidiary of Cincinnati Bell Inc. (the “Parent Company”), had $207.5 million in notes outstanding at September 30, 2011 that are guaranteed by the Parent Company and no other subsidiaries of the Parent Company. The guarantee is full and unconditional. The Parent Company’s subsidiaries generate substantially all of its income and cash flow and generally distribute or advance the funds necessary to meet the Parent Company’s debt service obligations.

The following information sets forth the Condensed Consolidating Statements of Operations for the three and nine months ended September 30, 2011 and 2010, Condensed Consolidating Balance Sheets as of September 30, 2011 and December 31, 2010, and Condensed Consolidating Statements of Cash Flows for the nine months ended September 30, 2011 and 2010, of (1) the Parent Company, as the guarantor, (2) CBT, as the issuer, and (3) the non-guarantor subsidiaries on a combined basis:



Condensed Consolidating Statements of Operations
	Three Months Ended September 30, 2011
(dollars in millions)	Parent (Guarantor)			CBT (Issuer)			Other Non-guarantors			Eliminations			Total
Revenue	$	—		$	164.0		$	219.1		$	(14.3	)	$	368.8
Operating costs and expenses	5.7			107.7			183.4			(14.3		)	282.5
Operating income (loss)	(5.7		)	56.3			35.7			—			86.3
Interest expense	47.6			3.6			6.0			(3.9		)	53.3
Other income, net	(1.4		)	(1.2		)	(1.3		)	3.9			—
Income (loss) before equity in earnings of subsidiaries and income taxes	(51.9		)	53.9			31.0			—			33.0
Income tax expense (benefit)	(14.8		)	17.9			12.3			—			15.4
Equity in earnings of subsidiaries, net of tax	54.7			—			—			(54.7		)	—
Net income	17.6			36.0			18.7			(54.7		)	17.6
Preferred stock dividends	2.6			—			—			—			2.6
Net income applicable to common shareowners	$	15.0		$	36.0		$	18.7		$	(54.7	)	$	15.0

	Three Months Ended September 30, 2010
	Parent (Guarantor)			CBT (Issuer)			Other Non-guarantors			Eliminations			Total
Revenue	$	—		$	166.0		$	200.6		$	(14.7	)	$	351.9
Operating costs and expenses	4.8			107.7			171.5			(14.7		)	269.3
Operating income (loss)	(4.8		)	58.3			29.1			—			82.6
Interest expense	45.4			1.8			13.2			(8.4		)	52.0
Other expense (income), net	(8.9		)	2.4			(1.9		)	8.4			—
Income (loss) before equity in earnings of subsidiaries and income taxes	(41.3		)	54.1			17.8			—			30.6
Income tax expense (benefit)	(10.9		)	18.5			8.5			—			16.1
Equity in earnings of subsidiaries, net of tax	44.9			—			—			(44.9		)	—
Net income	14.5			35.6			9.3			(44.9		)	14.5
Preferred stock dividends	2.6			—			—			—			2.6
Net income applicable to common shareowners	$	11.9		$	35.6		$	9.3		$	(44.9	)	$	11.9



Condensed Consolidating Statements of Operations
	Nine Months Ended September 30, 2011
(dollars in millions)	Parent (Guarantor)			CBT (Issuer)			Other Non-guarantors			Eliminations			Total
Revenue	$	—		$	493.4		$	646.4		$	(42.7	)	$	1,097.1
Operating costs and expenses	18.7			323.2			547.6			(42.7		)	846.8
Operating income (loss)	(18.7		)	170.2			98.8			—			250.3
Interest expense	142.8			10.6			37.2			(29.4		)	161.2
Other income, net	(23.5		)	(1.6		)	(4.3		)	29.4			—
Income (loss) before equity in earnings of subsidiaries and income taxes	(138.0		)	161.2			65.9			—			89.1
Income tax expense (benefit)	(43.7		)	58.4			25.4			—			40.1
Equity in earnings of subsidiaries, net of tax	143.3			—			—			(143.3		)	—
Net income	49.0			102.8			40.5			(143.3		)	49.0
Preferred stock dividends	7.8			—			—			—			7.8
Net income applicable to common shareowners	$	41.2		$	102.8		$	40.5		$	(143.3	)	$	41.2

	Nine Months Ended September 30, 2010
	Parent (Guarantor)			CBT (Issuer)			Other Non-guarantors			Eliminations			Total
Revenue	$	—		$	503.6		$	554.2		$	(43.6	)	$	1,014.2
Operating costs and expenses	23.9			323.2			475.9			(43.6		)	779.4
Operating income (loss)	(23.9		)	180.4			78.3			—			234.8
Interest expense	113.1			8.1			22.7			(12.4		)	131.5
Other expense (income), net	(3.2		)	6.0			(4.7		)	12.4			10.5
Income (loss) before equity in earnings of subsidiaries and income taxes	(133.8		)	166.3			60.3			—			92.8
Income tax expense (benefit)	(35.6		)	65.1			16.4			—			45.9
Equity in earnings of subsidiaries, net of tax	145.1			—			—			(145.1		)	—
Net income	46.9			101.2			43.9			(145.1		)	46.9
Preferred stock dividends	7.8			—			—			—			7.8
Net income applicable to common shareowners	$	39.1		$	101.2		$	43.9		$	(145.1	)	$	39.1



Condensed Consolidating Balance Sheets
	As of September 30, 2011
(dollars in millions)	Parent (Guarantor)			CBT (Issuer)		Other Non-guarantors		Eliminations			Total
Cash and cash equivalents	$	86.7		$	1.6	$	2.4	$	—		$	90.7
Receivables, net	2.0			—		176.6		—			178.6
Other current assets	4.7			28.5		46.4		(2.2		)	77.4
Total current assets	93.4			30.1		225.4		(2.2		)	346.7
Property, plant and equipment, net	0.2			630.1		708.2		—			1,338.5
Goodwill and intangibles, net	—			2.5		560.0		—			562.5
Investments in and advances to subsidiaries	1,775.0			262.8		—		(2,037.8		)	—
Other noncurrent assets	354.3			8.1		221.4		(147.7		)	436.1
Total assets	$	2,222.9		$	933.6	$	1,715.0	$	(2,187.7	)	$	2,683.8

Current portion of long-term debt	$	—		$	2.3	$	14.9	$	—		$	17.2
Accounts payable	0.5			42.9		55.5		—			98.9
Other current liabilities	98.2			53.3		56.3		0.1			207.9
Total current liabilities	98.7			98.5		126.7		0.1			324.0
Long-term debt, less current portion	2,181.9			216.9		110.0		—			2,508.8
Other noncurrent liabilities	315.4			111.8		199.9		(150.0		)	477.1
Intercompany payables	253.0			—		575.9		(828.9		)	—
Total liabilities	2,849.0			427.2		1,012.5		(978.8		)	3,309.9
Shareowners’ equity (deficit)	(626.1		)	506.4		702.5		(1,208.9		)	(626.1		)
Total liabilities and shareowners’ equity (deficit)	$	2,222.9		$	933.6	$	1,715.0	$	(2,187.7	)	$	2,683.8

	As of December 31, 2010
	Parent (Guarantor)			CBT (Issuer)		Other Non-guarantors		Eliminations			Total
Cash and cash equivalents	$	69.8		$	1.8	$	5.7	$	—		$	77.3
Receivables, net	2.4			0.9		180.9		—			184.2
Other current assets	6.4			22.5		39.0		(6.5		)	61.4
Total current assets	78.6			25.2		225.6		(6.5		)	322.9
Property, plant and equipment, net	0.5			623.7		640.2		—			1,264.4
Goodwill and intangibles, net	—			2.6		575.1		—			577.7
Investments in and advances to subsidiaries	1,648.2			146.5		—		(1,794.7		)	—
Other noncurrent assets	363.3			9.5		218.2		(102.4		)	488.6
Total assets	$	2,090.6		$	807.5	$	1,659.1	$	(1,903.6	)	$	2,653.6

Current portion of long-term debt	$	—		$	2.2	$	14.3	$	—		$	16.5
Accounts payable	2.2			45.8		62.2		—			110.2
Other current liabilities	89.1			52.3		64.6		(4.0		)	202.0
Total current liabilities	91.3			100.3		141.1		(4.0		)	328.7
Long-term debt, less current portion	2,181.4			214.1		111.6		—			2,507.1
Other noncurrent liabilities	344.6			89.1		156.8		(104.9		)	485.6
Intercompany payables	141.1			—		612.5		(753.6		)	—
Total liabilities	2,758.4			403.5		1,022.0		(862.5		)	3,321.4
Shareowners’ equity (deficit)	(667.8		)	404.0		637.1		(1,041.1		)	(667.8		)
Total liabilities and shareowners’ equity (deficit)	$	2,090.6		$	807.5	$	1,659.1	$	(1,903.6	)	$	2,653.6

Condensed Consolidating Statements of Cash Flows



	Nine Months Ended September 30, 2011
(dollars in millions)	Parent (Guarantor)			CBT (Issuer)			Other Non-guarantors			Eliminations		Total
Cash flows provided by (used in) operating activities	$	(92.6	)	$	188.7		$	102.4		$	—	$	198.5
Capital expenditures	—			(70.5		)	(96.5		)	—		(167.0		)
Proceeds from sale of assets	—			—			9.8			—		9.8
Other investing activities	(0.3		)	—			—			—		(0.3		)
Cash flows used in investing activities	(0.3		)	(70.5		)	(86.7		)	—		(157.5		)
Funding between Parent and subsidiaries, net	128.8			(116.8		)	(12.0		)	—		—
Increase in receivables facility,net	—			—			0.4			—		0.4
Repayment of debt	—			(1.6		)	(7.4		)	—		(9.0		)
Common stock repurchase	(10.0		)	—			—			—		(10.0		)
Other financing activities	(9.0		)	—			—			—		(9.0		)
Cash flows provided by (used in) financing activities	109.8			(118.4		)	(19.0		)	—		(27.6		)
Increase (decrease) in cash and cash equivalents	16.9			(0.2		)	(3.3		)	—		13.4
Beginning cash and cash equivalents	69.8			1.8			5.7			—		77.3
Ending cash and cash equivalents	$	86.7		$	1.6		$	2.4		$	—	$	90.7

	Nine Months Ended September 30, 2010
	Parent (Guarantor)			CBT (Issuer)			Other Non-guarantors			Eliminations		Total
Cash flows provided by (used in) operating activities	$	(60.2	)	$	167.8		$	97.0		$	—	$	204.6
Capital expenditures	—			(59.0		)	(42.2		)	—		(101.2		)
Acquisitions of businesses	—			(0.1		)	(526.6		)	—		(526.7		)
Other investing activities	—			0.3			0.2			—		0.5
Cash flows used in investing activities	—			(58.8		)	(568.6		)	—		(627.4		)
Funding between Parent and subsidiaries, net	(467.1		)	(108.6		)	575.7			—		—
Proceeds from issuance of long-term debt, net of financing costs	1,320.5			—			—			—		1,320.5
Decrease in receivables facility, net	—			—			(85.9		)	—		(85.9		)
Repayment of debt	(784.3		)	(1.1		)	(6.2		)	—		(791.6		)
Other financing activities	(9.0		)	—			—			—		(9.0		)
Cash flows provided by (used in) financing activities	60.1			(109.7		)	483.6			—		434.0
Increase (decrease) in cash and cash equivalents	(0.1		)	(0.7		)	12.0			—		11.2
Beginning cash and cash equivalents	20.1			2.1			0.8			—		23.0
Ending cash and cash equivalents	$	20.0		$	1.4		$	12.8		$	—	$	34.2

8³/8% Senior Notes due 2020, 8³/4% Senior Subordinated Notes due 2018, 8¹/4% Senior Notes due 2017, and 7% Senior Notes due 2015

The Parent Company’s 8 ³/8% Senior Notes due 2020, 8³/4% Senior Subordinated Notes due 2018, 8¹/4% Senior Notes due 2017, and 7% Senior Notes due 2015 are guaranteed by the following subsidiaries: Cincinnati Bell Entertainment Inc., Cincinnati Bell Complete Protection Inc., Cincinnati Bell Any Distance Inc., Cincinnati Bell Telecommunications Services LLC, Cincinnati Bell Wireless, LLC, GramTel Inc., CBTS Software LLC, Cyrus Networks, LLC, Cincinnati Bell Shared Services LLC, Cincinnati Bell Technology Solutions Inc., Cincinnati Bell Any Distance of Virginia LLC, eVolve Business Solutions LLC and Cincinnati Bell Data Centers Inc. The Parent Company owns directly or indirectly 100% of each guarantor and each guarantee is full and unconditional and joint and several. The Parent Company’s subsidiaries generate substantially all of its income and cash flow and generally distribute or advance the funds necessary to meet the Parent Company’s debt service obligations.

The following information sets forth the Condensed Consolidating Statements of Operations for the three and nine months ended September 30, 2011 and 2010, Condensed Consolidating Statements of Cash Flows for the nine months ended September 30, 2011 and 2010, and the Condensed Consolidating Balance Sheets as of September 30, 2011 and December 31, 2010 of (1) the Parent Company, as the issuer, (2) the guarantor subsidiaries on a combined basis, and (3) the non-guarantor subsidiaries on a combined basis:



Condensed Consolidating Statements of Operations
	Three Months Ended September 30, 2011
(dollars in millions)	Parent (Issuer)			Guarantors		Non-guarantors			Eliminations			Total
Revenue	$	—		$	228.8	$	154.3		$	(14.3	)	$	368.8
Operating costs and expenses	5.7			190.4		100.7			(14.3		)	282.5
Operating income (loss)	(5.7		)	38.4		53.6			—			86.3
Interest expense	47.6			4.0		5.6			(3.9		)	53.3
Other expense (income), net	(1.4		)	2.8		(5.3		)	3.9			—
Income (loss) before equity in earnings of subsidiaries and income taxes	(51.9		)	31.6		53.3			—			33.0
Income tax expense (benefit)	(14.8		)	12.6		17.6			—			15.4
Equity in earnings of subsidiaries, net of tax	54.7			—		—			(54.7		)	—
Net income	17.6			19.0		35.7			(54.7		)	17.6
Preferred stock dividends	2.6			—		—			—			2.6
Net income applicable to common shareowners	$	15.0		$	19.0	$	35.7		$	(54.7	)	$	15.0

	Three Months Ended September 30, 2010
	Parent (Issuer)			Guarantors		Non-guarantors			Eliminations			Total
Revenue	$	—		$	214.7	$	151.9		$	(14.7	)	$	351.9
Operating costs and expenses	4.8			184.3		94.9			(14.7		)	269.3
Operating income (loss)	(4.8		)	30.4		57.0			—			82.6
Interest expense	45.4			11.9		3.1			(8.4		)	52.0
Other expense (income), net	(8.9		)	2.7		(2.2		)	8.4			—
Income (loss) before equity in earnings of subsidiaries and income taxes	(41.3		)	15.8		56.1			—			30.6
Income tax expense (benefit)	(10.9		)	6.7		20.3			—			16.1
Equity in earnings of subsidiaries, net of tax	44.9			—		—			(44.9		)	—
Net income	14.5			9.1		35.8			(44.9		)	14.5
Preferred stock dividends	2.6			—		—			—			2.6
Net income applicable to common shareowners	$	11.9		$	9.1	$	35.8		$	(44.9	)	$	11.9



Condensed Consolidating Statements of Operations
	Nine Months Ended September 30, 2011
(dollars in millions)	Parent (Issuer)			Guarantors		Non-guarantors			Eliminations			Total
Revenue	$	—		$	684.8	$	455.0		$	(42.7	)	$	1,097.1
Operating costs and expenses	18.7			580.1		290.7			(42.7		)	846.8
Operating income (loss)	(18.7		)	104.7		164.3			—			250.3
Interest expense	142.8			31.0		16.8			(29.4		)	161.2
Other expense (income), net	(23.5		)	8.1		(14.0		)	29.4			—
Income (loss) before equity in earnings of subsidiaries and income taxes	(138.0		)	65.6		161.5			—			89.1
Income tax expense (benefit)	(43.7		)	25.1		58.7			—			40.1
Equity in earnings of subsidiaries, net of tax	143.3			—		—			(143.3		)	—
Net income	49.0			40.5		102.8			(143.3		)	49.0
Preferred stock dividends	7.8			—		—			—			7.8
Net income applicable to common shareowners	$	41.2		$	40.5	$	102.8		$	(143.3	)	$	41.2

	Nine Months Ended September 30, 2010
	Parent (Issuer)			Guarantors		Non-guarantors			Eliminations			Total
Revenue	$	—		$	596.7	$	461.1		$	(43.6	)	$	1,014.2
Operating costs and expenses	23.9			516.1		283.0			(43.6		)	779.4
Operating income (loss)	(23.9		)	80.6		178.1			—			234.8
Interest expense	113.1			18.7		12.1			(12.4		)	131.5
Other expense (income), net	(3.2		)	6.8		(5.5		)	12.4			10.5
Income (loss) before equity in earnings of subsidiaries and income taxes	(133.8		)	55.1		171.5			—			92.8
Income tax expense (benefit)	(35.6		)	13.9		67.6			—			45.9
Equity in earnings of subsidiaries, net of tax	145.1			—		—			(145.1		)	—
Net income	46.9			41.2		103.9			(145.1		)	46.9
Preferred stock dividends	7.8			—		—			—			7.8
Net income applicable to common shareowners	$	39.1		$	41.2	$	103.9		$	(145.1	)	$	39.1



Condensed Consolidating Balance Sheets
	As of September 30, 2011
(dollars in millions)	Parent (Issuer)			Guarantors		Non-guarantors		Eliminations			Total
Cash and cash equivalents	$	86.7		$	1.6	$	2.4	$	—		$	90.7
Receivables, net	2.0			2.4		174.2		—			178.6
Other current assets	4.7			41.5		33.4		(2.2		)	77.4
Total current assets	93.4			45.5		210.0		(2.2		)	346.7
Property, plant and equipment, net	0.2			690.8		647.5		—			1,338.5
Goodwill and intangibles, net	—			560.0		2.5		—			562.5
Investments in and advances to subsidiaries	1,775.0			1.5		250.7		(2,027.2		)	—
Other noncurrent assets	354.3			222.4		7.1		(147.7		)	436.1
Total assets	$	2,222.9		$	1,520.2	$	1,117.8	$	(2,177.1	)	$	2,683.8

Current portion of long-term debt	$	—		$	14.9	$	2.3	$	—		$	17.2
Accounts payable	0.5			63.1		35.3		—			98.9
Other current liabilities	98.2			58.7		50.9		0.1			207.9
Total current liabilities	98.7			136.7		88.5		0.1			324.0
Long-term debt, less current portion	2,181.9			110.0		216.9		—			2,508.8
Other noncurrent liabilities	315.4			182.7		129.0		(150.0		)	477.1
Intercompany payables	253.0			467.8		121.2		(842.0		)	—
Total liabilities	2,849.0			897.2		555.6		(991.9		)	3,309.9
Shareowners’ equity (deficit)	(626.1		)	623.0		562.2		(1,185.2		)	(626.1		)
Total liabilities and shareowners’ equity (deficit)	$	2,222.9		$	1,520.2	$	1,117.8	$	(2,177.1	)	$	2,683.8

	As of December 31, 2010
	Parent (Issuer)			Guarantors		Non-guarantors		Eliminations			Total
Cash and cash equivalents	$	69.8		$	5.7	$	1.8	$	—		$	77.3
Receivables, net	2.4			11.2		170.6		—			184.2
Other current assets	6.4			34.4		27.1		(6.5		)	61.4
Total current assets	78.6			51.3		199.5		(6.5		)	322.9
Property, plant and equipment, net	0.5			640.2		623.7		—			1,264.4
Goodwill and intangibles, net	—			575.1		2.6		—			577.7
Investments in and advances to subsidiaries	1,648.2			—		134.7		(1,782.9		)	—
Other noncurrent assets	363.3			219.5		8.2		(102.4		)	488.6
Total assets	$	2,090.6		$	1,486.1	$	968.7	$	(1,891.8	)	$	2,653.6

Current portion of long-term debt	$	—		$	14.3	$	2.2	$	—		$	16.5
Accounts payable	2.2			73.2		34.8		—			110.2
Other current liabilities	89.1			68.1		48.8		(4.0		)	202.0
Total current liabilities	91.3			155.6		85.8		(4.0		)	328.7
Long-term debt, less current portion	2,181.4			111.6		214.1		—			2,507.1
Other noncurrent liabilities	344.6			157.2		88.7		(104.9		)	485.6
Intercompany payables	141.1			476.7		148.1		(765.9		)	—
Total liabilities	2,758.4			901.1		536.7		(874.8		)	3,321.4
Shareowners’ equity (deficit)	(667.8		)	585.0		432.0		(1,017.0		)	(667.8		)
Total liabilities and shareowners’ equity (deficit)	$	2,090.6		$	1,486.1	$	968.7	$	(1,891.8	)	$	2,653.6



Condensed Consolidating Statements of Cash Flows
	Nine Months Ended September 30, 2011
(dollars in millions)	Parent (Issuer)			Guarantors			Non-guarantors			Eliminations		Total
Cash flows provided by (used in) operating activities	$	(92.6	)	$	103.4		$	187.7		$	—	$	198.5
Capital expenditures	—			(96.5		)	(70.5		)	—		(167.0		)
Proceeds from sale of assets	—			9.8			—			—		9.8
Other investing activities	(0.3		)	—			—			—		(0.3		)
Cash flows used in investing activities	(0.3		)	(86.7		)	(70.5		)	—		(157.5		)
Funding between Parent and subsidiaries, net	128.8			(13.8		)	(115.0		)	—		—
Increase in receivables facility, net	—			—			0.4			—		0.4
Repayment of debt	—			(7.0		)	(2.0		)	—		(9.0		)
Common stock repurchase	(10.0		)	_—			—			—		(10.0		)
Other financing activities	(9.0		)	—			—			—		(9.0		)
Cash flows provided by (used in) financing activities	109.8			(20.8		)	(116.6		)	—		(27.6		)
Increase (decrease) in cash and cash equivalents	16.9			(4.1		)	0.6			—		13.4
Beginning cash and cash equivalents	69.8			5.7			1.8			—		77.3
Ending cash and cash equivalents	$	86.7		$	1.6		$	2.4		$	—	$	90.7

	Nine Months Ended September 30, 2010
	Parent (Issuer)			Guarantors			Non-guarantors			Eliminations		Total
Cash flows provided by (used in) operating activities	$	(60.2	)	$	93.5		$	171.3		$	—	$	204.6
Capital expenditures	—			(42.2		)	(59.0		)	—		(101.2		)
Acquisitions of businesses	—			(526.6		)	(0.1		)	—		(526.7		)
Other investing activities	—			0.2			0.3			—		0.5
Cash flows used in investing activities	—			(568.6		)	(58.8		)	—		(627.4		)
Funding between Parent and subsidiaries, net	(467.1		)	493.3			(26.2		)	—		—
Proceeds from issuance of long-term debt, net of financing costs	1,320.5			—			—			—		1,320.5
Decrease in receivables facility, net	—			—			(85.9		)	—		(85.9		)
Repayment of debt	(784.3		)	(6.2		)	(1.1		)	—		(791.6		)
Other financing activities	(9.0		)	—			—			—		(9.0		)
Cash flows provided by (used in) financing activities	60.1			487.1			(113.2		)	—		434.0
Increase (decrease) in cash and cash equivalents	(0.1		)	12.0			(0.7		)	—		11.2
Beginning cash and cash equivalents	20.1			0.8			2.1			—		23.0
Ending cash and cash equivalents	$	20.0		$	12.8		$	1.4		$	—	$	34.2