The following information sets forth the Condensed Consolidating Balance Sheets of the Company as of December 31, 2014 and 2013 and the Condensed Consolidating Statements of Operations and Comprehensive Income (Loss) and Cash Flows for the years ended December 31, 2014, 2013, and 2012 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 and Comprehensive Income (Loss)
	Year Ended December 31, 2014
(dollars in millions)	Parent (Issuer)			Guarantors			Non-guarantors			Eliminations			Total
Revenue	$	—		$	731.9		$	601.5		$	(55.2	)	$	1,278.2
Operating costs and expenses	19.9			766.6			431.1			(55.2		)	1,162.4
Operating (loss) income	(19.9		)	(34.7		)	170.4			—			115.8
Interest expense (income), net	144.0			7.8			(3.1		)	—			148.7
Other expense (income), net	17.6			(171.2		)	(12.3		)	—			(165.9		)
(Loss) income before equity in earnings of subsidiaries and income taxes	(181.5		)	128.7			185.8			—			133.0
Income tax (benefit) expense	(55.6		)	45.4			67.6			—			57.4
Equity in earnings of subsidiaries, net of tax	201.5			—			—			(201.5		)	—
Net income	75.6			83.3			118.2			(201.5		)	75.6
Other comprehensive loss	(40.5		)	(0.1		)	—			—			(40.6		)
Total comprehensive income	$	35.1		$	83.2		$	118.2		$	(201.5	)	$	35.0

Net income	$	75.6		$	83.3		$	118.2		$	(201.5	)	$	75.6
Preferred stock dividends	10.4			—			—			—			10.4
Net income applicable to common shareowners	$	65.2		$	83.3		$	118.2		$	(201.5	)	$	65.2

	Year Ended December 31, 2013
(dollars in millions)	Parent (Issuer)			Guarantors			Non-guarantors			Eliminations			Total
Revenue	$	—		$	704.6		$	608.6		$	(56.3	)	$	1,256.9
Operating costs and expenses	55.4			667.5			426.5			(56.3		)	1,093.1
Operating (loss) income	(55.4		)	37.1			182.1			—			163.8
Interest expense, net	164.3			14.9			2.8			—			182.0
Other expense (income), net	28.2			17.4			(6.6		)	—			39.0
(Loss) income before equity in earnings of subsidiaries and income taxes	(247.9		)	4.8			185.9			—			(57.2		)
Income tax (benefit) expense	(79.8		)	9.7			67.6			—			(2.5		)
Equity in earnings of subsidiaries, net of tax	113.4			0.7			—			(114.1		)	—
Net (loss) income	(54.7		)	(4.2		)	118.3			(114.1		)	(54.7		)
Other comprehensive income (loss)	76.5			—			(0.1		)	—			76.4
Total comprehensive income (loss)	$	21.8		$	(4.2	)	$	118.2		$	(114.1	)	$	21.7

Net (loss) income	$	(54.7	)	$	(4.2	)	$	118.3		$	(114.1	)	$	(54.7	)
Preferred stock dividends	10.4			—			—			—			10.4
Net (loss) income applicable to common shareowners	$	(65.1	)	$	(4.2	)	$	118.3		$	(114.1	)	$	(65.1	)



Condensed Consolidating Statements of Operations and Comprehensive Income (Loss)
	Year Ended December 31, 2012
(dollars in millions)	Parent (Issuer)			Guarantors			Non-guarantors			Eliminations			Total
Revenue	$	—		$	713.4		$	822.7		$	(62.2	)	$	1,473.9
Operating costs and expenses	33.9			646.5			585.6			(62.2		)	1,203.8
Operating (loss) income	(33.9		)	66.9			237.1			—			270.1
Interest expense, net	164.8			7.8			46.3			—			218.9
Other expense (income), net	11.5			9.1			(5.3		)	—			15.3
(Loss) income before equity in earnings of subsidiaries and income taxes	(210.2		)	50.0			196.1			—			35.9
Income tax (benefit) expense	(68.3		)	19.2			73.8			—			24.7
Equity in earnings of subsidiaries, net of tax	153.1			(11.8		)	—			(141.3		)	—
Net income	11.2			19.0			122.3			(141.3		)	11.2
Other comprehensive loss	(0.8		)	—			—			—			(0.8		)
Total comprehensive income	$	10.4		$	19.0		$	122.3		$	(141.3	)	$	10.4

Net income	$	11.2		$	19.0		$	122.3		$	(141.3	)	$	11.2
Preferred stock dividends	10.4			—			—			—			10.4
Net income applicable to common shareowners	$	0.8		$	19.0		$	122.3		$	(141.3	)	$	0.8



Condensed Consolidating Balance Sheets
	As of December 31, 2014
(dollars in millions)	Parent (Issuer)			Guarantors			Non-guarantors		Eliminations			Total
Cash and cash equivalents	$	56.2		$	0.2		$	1.5	$	—		$	57.9
Receivables, net	2.6			6.1			158.8		—			167.5
Other current assets	4.7			74.6			33.1		(1.2		)	111.2
Total current assets	63.5			80.9			193.4		(1.2		)	336.6
Property, plant and equipment, net	0.2			94.9			764.4		—			859.5
Investment in CyrusOne	—			273.6			—		—			273.6
Goodwill and intangibles, net	—			13.2			2.2		—			15.4
Investments in and advances to subsidiaries	1,066.1			387.8			214.6		(1,668.5		)	—
Other noncurrent assets	294.2			191.6			3.8		(155.0		)	334.6
Total assets	$	1,424.0		$	1,042.0		$	1,178.4	$	(1,824.7	)	$	1,819.7
Current portion of long-term debt	$	5.4		$	3.9		$	3.9	$	—		$	13.2
Accounts payable	1.0			80.8			54.2		—			136.0
Deferred gain on sale of wireless spectrum licenses	—			112.6			—		—			112.6
Other current liabilities	52.3			46.3			49.3		0.1			148.0
Total current liabilities	58.7			243.6			107.4		0.1			409.8
Long-term debt, less current portion	1,526.1			84.5			160.4		—			1,771.0
Other noncurrent liabilities	254.1			25.7			164.0		(156.4		)	287.4
Intercompany payables	233.4			—			131.9		(365.3		)	—
Total liabilities	2,072.3			353.8			563.7		(521.6		)	2,468.2
Shareowners’ (deficit) equity	(648.3		)	688.2			614.7		(1,303.1		)	(648.5		)
Total liabilities and shareowners’ equity (deficit)	$	1,424.0		$	1,042.0		$	1,178.4	$	(1,824.7	)	$	1,819.7

	As of December 31, 2013
(dollars in millions)	Parent (Issuer)			Guarantors			Non-guarantors		Eliminations			Total
Cash and cash equivalents	$	2.1		$	0.3		$	2.2	$	—		$	4.6
Receivables, net	2.6			7.2			145.0		—			154.8
Other current assets	4.4			60.7			27.3		(0.7		)	91.7
Total current assets	9.1			68.2			174.5		(0.7		)	251.1
Property, plant and equipment, net	0.1			194.1			708.6		—			902.8
Investment in CyrusOne	—			471.0			—		—			471.0
Goodwill and intangibles, net	—			103.8			2.3		—			106.1
Investments in and advances to subsidiaries	1,406.6			(1.6		)	218.2		(1,623.2		)	—
Other noncurrent assets	359.1			179.9			5.1		(167.8		)	376.3
Total assets	$	1,774.9		$	1,015.4		$	1,108.7	$	(1,791.7	)	$	2,107.3
Current portion of long-term debt	$	5.4		$	3.0		$	4.2	$	—		$	12.6
Accounts payable	1.5			72.3			16.1		—			89.9
Other current liabilities	67.7			36.9			47.1		0.1			151.8
Total current liabilities	74.6			112.2			67.4		0.1			254.3
Long-term debt, less current portion	1,916.1			87.0			249.5		—			2,252.6
Other noncurrent liabilities	214.5			61.3			169.9		(168.6		)	277.1
Intercompany payables	246.4			149.9			33.2		(429.5		)	—
Total liabilities	2,451.6			410.4			520.0		(598.0		)	2,784.0
Shareowners’ (deficit) equity	(676.7		)	605.0			588.7		(1,193.7		)	(676.7		)
Total liabilities and shareowners’ equity (deficit)	$	1,774.9		$	1,015.4		$	1,108.7	$	(1,791.7	)	$	2,107.3

Condensed Consolidating Statements of Cash Flows



	Year Ended December 31, 2014
(dollars in millions)	Parent (Issuer)			Guarantors			Non-guarantors			Eliminations			Total
Cash flows (used in) provided by operating activities	$	(56.3	)	$	(1.4	)	$	232.9		$	—		$	175.2
Capital expenditures	(0.2		)	(29.6		)	(152.5		)	—			(182.3		)
Proceeds received from sale of CyrusOne	—			355.9			—			—			355.9
Dividends received from CyrusOne	—			28.4			—			—			28.4
Proceeds from sale of assets	—			194.4			2.0			—			196.4
Distributions received from subsidiaries	12.8			—			—			(12.8		)	—
Funding between Parent and subsidiaries, net	—			(539.3		)	(78.0		)	617.3			—
Other investing activities	(0.3		)	(5.5		)	—			—			(5.8		)
Cash flows provided by (used in) investing activities	12.3			4.3			(228.5		)	604.5			392.6
Funding between Parent and subsidiaries, net	516.2			—			101.1			(617.3		)	—
Distributions paid to Parent	—			—			(12.8		)	12.8			—
Debt issuance costs	(0.7		)	—			(0.2		)	—			(0.9		)
Net decrease in corporate credit and receivables facilities with initial maturities less than 90 days	(40.0		)	—			(87.0		)	—			(127.0		)
Repayment of debt	(367.3		)	(3.0		)	(6.2		)	—			(376.5		)
Proceeds from exercise of options and warrants	1.3			—			—			—			1.3
Other financing activities	(11.4		)	—			—			—			(11.4		)
Cash flows provided by (used in) financing activities	98.1			(3.0		)	(5.1		)	(604.5		)	(514.5		)
Increase (decrease) in cash and cash equivalents	54.1			(0.1		)	(0.7		)	—			53.3
Beginning cash and cash equivalents	2.1			0.3			2.2			—			4.6
Ending cash and cash equivalents	$	56.2		$	0.2		$	1.5		$	—		$	57.9

	Year Ended December 31, 2013
(dollars in millions)	Parent (Issuer)			Guarantors			Non-guarantors			Eliminations			Total
Cash flows (used in) provided by operating activities	$	(218.1	)	$	26.2		$	270.7		$	—		$	78.8
Capital expenditures	—			(36.1		)	(160.8		)	—			(196.9		)
Dividends received from CyrusOne	—			21.3			—			—			21.3
Proceeds from sale of assets	—			—			2.0			—			2.0
Cash divested from deconsolidation of CyrusOne	—			—			(12.2		)	—			(12.2		)
Other investing activities	—			—			0.4			—			0.4
Cash flows used in investing activities	—			(14.8		)	(170.6		)	—			(185.4		)
Issuance of long-term debt	536.0			—			—			—			536.0
Funding between Parent and subsidiaries, net	174.2			(7.4		)	(166.8		)	—			—
Debt issuance costs	(6.7		)	—			—			—			(6.7		)
Net increase in corporate credit and receivables facilities with initial maturities less than 90 days	40.0			—			54.2			—			94.2
Repayment of debt	(522.0		)	(4.0		)	(4.8		)	—			(530.8		)
Proceeds from exercise of options and warrants	7.1			—			—			—			7.1
Other financing activities	(12.2		)	—			—			—			(12.2		)
Cash flows provided by (used in) financing activities	216.4			(11.4		)	(117.4		)	—			87.6
Decrease in cash and cash equivalents	(1.7		)	—			(17.3		)	—			(19.0		)
Beginning cash and cash equivalents	3.8			0.3			19.5			—			23.6
Ending cash and cash equivalents	$	2.1		$	0.3		$	2.2		$	—		$	4.6



Condensed Consolidating Statements of Cash Flows
	Year Ended December 31, 2012
(dollars in millions)	Parent (Issuer)			Guarantors			Non-guarantors			Eliminations		Total
Cash flows (used in) provided by operating activities	$	(144.8	)	$	51.3		$	306.2		$	—	$	212.7
Capital expenditures	—			(30.2		)	(337.0		)	—		(367.2		)
Proceeds from sale of assets	—			—			1.6			—		1.6
Other investing activities	—			—			(6.2		)	—		(6.2		)
Cash flows used in investing activities	—			(30.2		)	(341.6		)	—		(371.8		)
Issuance of long-term debt	—			—			525.0			—		525.0
Funding between Parent and subsidiaries, net	433.6			(16.9		)	(416.7		)	—		—
Net increase in corporate credit and receivables facilities with initial maturities less than 90 days	—			—			52.0			—		52.0
Repayment of debt	(352.0		)	(4.6		)	(85.8		)	—		(442.4		)
Debt issuance costs	(3.6		)	—			(17.3		)	—		(20.9		)
Common stock issuance costs	—			—			(5.7		)	—		(5.7		)
Common stock repurchase	(0.3		)	—			—			—		(0.3		)
Proceeds from exercise of options and warrants	12.1			—			—			—		12.1
Other financing activities	(10.8		)	—			—			—		(10.8		)
Cash flows provided by (used in) financing activities	79.0			(21.5		)	51.5			—		109.0
(Decrease) increase in cash and cash equivalents	(65.8		)	(0.4		)	16.1			—		(50.1		)
Beginning cash and cash equivalents	69.6			0.7			3.4			—		73.7
Ending cash and cash equivalents	$	3.8		$	0.3		$	19.5		$	—	$	23.6