<table><tr><th>From:</th><th>Barrett, Paul S</th></tr><tr><td>Sent:</td><td>Monday, November 16, 2015 3:04 PM</td></tr><tr><td>To:</td><td>Brad Wechsler</td></tr><tr><td>Cc:</td><td>Matusow, Jeffrey M; Barrett Team; Nelson, Justin D; Jeffrey Epstein
(jeevacation@gmail.com) </td></tr><tr><td>Subject:</td><td>Frontier bonds with some leverage</td></tr></table>

Brad

The Frontier bonds a=e now offered at 100.50. Lending value is 65%. So if we buy these in the ma=gin account you end up with a 21% leveraged yield.

Would recommend $1-$=MM.

&=bsp;

FTR 8=34 04/15/20 (35906AAH1)

Issuer:&=bsp; = FR=NTIER COMMUNICATIONS

Ticker:&=bsp; = FTR

Ratings:=nbsp; &nbs=; Ba3/BB-/BB

Ranking:=nbsp; &nbs=; Sr Unsecured

Coupon:&=bsp; = 8.50=/span>

Maturity= &nb=p; 04/15/20

Price:&n=sp; =nbsp; &nb=p;100.50

YTW:&nbs=; &n=sp; = 8.35%

YTM:&nbs=; &n=sp; =nbsp; 8.35%

OAS Mod=0uration: 3.58

Cusip:&n=sp; =nbsp; 35906AAH=

Company Description:

Frontier Communicati=ns Corp. (FTR) is the largest pure rural telecom company in the U.S. focuse= on providing services to small and medium-sized cities. Frontier's s=rvices include voice, high-speed internet, satellite video (through agreements with DISH), wireless internet data acce=s, data security solutions, bundled offerings, specialized bundles for smal= businesses and home offices. In February of 2015, FTR announced the=acquisition of Verizon FiOS assets in Texas, Florida and California. In September 11, Frontier priced $6.6bn o= unsecured notes, consisting of $1bn of 8.875% notes due 9/2020, $2bn of 10=5% notes due 9/2022 and 3.6bn of 11% notes due 9/2025. The unsecured issuan=e followed prior completion of the secured debt ($1.5bn of term loan A) and equity ($2.75bn common and=preferred) components, and therefore completes the financing of the Verizon=transaction. Prior to the FiOS transaction, FTR completed the acquisition o= AT&T wireline operations in Connecticut for $2Bb in cash.

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ser=f";color:#5F5F5F">______________________________________________=

<=pan style="font-size:8.0pt;font-family:"Verdana","sans-ser=f"">Paul Barrett I Managing Director I Global Investment Opportunities Group I J.P. Morgan Securities LLC I J.P. Morgan Private Bank I =J.P. Morgan Chase Bank N.A.

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