Citizens Utilities Declares Eppics Distribution.

STAMFORD, Conn.--(BUSINESS WIRE)--Dec. 4, 1998--Citizens Utilities declared today that a distribution on the 5% Equity Providing Preferred Income Convertible Securities ("EPPICS") of Citizens Utilities Trust will be paid on February 1, 1999, to holders of record on December 15, 1998.

Citizens Utilities intends to fund the declared distribution with shares of its Common Stock. Record holders who have opted to receive their distribution in shares of Citizens Utilities' Common Stock are scheduled to receive such shares valued as of January 19, 1999, which will be the share transfer and valuation date. All other record holders will receive their distribution in cash at the rate of 62.5 cents per convertible preferred security.

Holders of EPPICS who wish to make a change in their election to receive stock or cash may do so during the annual election period, which for this year begins on December 29, 1998, and ends on January 13, 1999. To effect the change, a holder must submit, by January 13, an election form to the broker or nominee with whom the holder's account is held. Holders will receive election forms from their brokers or nominees on or about December 29. Election forms need to be submitted only if holders wish to make changes to their current election.

Citizens Utilities provides communications services and public services, including gas distribution, electric distribution, water distribution and wastewater treatment services to approximately 1.8 million customers in 21 states. Citizens owns 83% of Electric Lightwave, Inc. (NASDAQ:ELIX), a leading full-service, facilities-based competitive local exchange carrier, and has a significant investment in Centennial Cellular Corp. (NASDAQ:CYCL), a cellular telephone company.