Citizens Utilities Receives $213 Million from Century-Adelphia Merger.

STAMFORD, Conn.--(BUSINESS WIRE)--Oct. 5, 1999--

Citizens Utilities (NYSE: CZN, CZNPr) announced today that it has received approximately $213 million in proceeds from Adelphia Communications Corporation (NASDAQ: ADLAC) for its interest in Century Communications Corporation and a cable television joint venture with Century. Century merged with Adelphia on October 1.

"We are very pleased with the value created for our shareholders through our telecommunications investments, of which our interest in Century and our cable television joint venture with Century have been an important part," said Robert J. DeSantis, Citizens' chief financial officer, vice president and treasurer. "Citizens has realized a 30% annual return on its 1992 investment in Century common stock and a 25% annual return on its 1994 investment in the joint venture. Citizens will recognize a pretax gain of approximately $152 million from these transactions in the fourth quarter of 1999."

Citizens Utilities provides telecommunications services and public services including gas distribution, electric distribution, water distribution and wastewater treatment services to approximately 1.9 million customers in 22 states. Citizens also owns 83% of Electric Lightwave, Inc. (NASDAQ: ELIX), a facilities-based, integrated communications provider that offers a broad range of services to telecommunications-intensive businesses throughout the United States. More information about Citizens can be found at www.czn.net.

This document contains forward-looking statements that are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied in the statements. These and all forward-looking statements are only predictions or statements of current plans that are constantly under review by the company. All forward-looking statements may differ from actual results because of, but not limited to, changes in the local and overall economy, changes in market conditions for debt and equity securities, the nature and pace of technological changes, the number and effectiveness of competitors in the company's markets, success in overall strategy, weather conditions, changes in legal or regulatory policy, changes in legislation, the company's ability to identify future markets and successfully expand existing ones and the mix of products and services offered in the company's target markets. These important factors should be considered in evaluating any statement contained herein and/or made by the company or on its behalf. The foregoing information should be read in conjunction with the company's filings with the U.S. Securities and Exchange Commission including, but not limited to, reports on Forms 10-K and 10-Q. The company does not intend to update or revise these forward-looking statements to reflect the occurrence of future events or circumstances.