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Maglan Capital Letter To FairPoint Communications

Investment funds affiliated with Maglan Capital LP are significant, long-term shareholders of FairPoint Communications, Inc. (NASDAQ:FRP) ("FairPoint" or the "Company"), with holdings together representing beneficial ownership of approximately 7.5 percent of FairPoint's outstanding common equity. We believe there is a serious discrepancy between FairPoint's improved balance sheet, operating performance and prospects, on the one hand, and its current market valuation on the other. It is our view that this discount is directly linked to the Board's failure to act in ways that protect and enhance shareholder value and reward shareholders for the Company's successes.

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