#1Kia ora and welcome to One New Zealand Infratil Investor Day Presentation 24 March 2023 Jason Paris Chief Executive Officer one.nz#2Customer Obsessed Our customers love us Our purpose Unlocking the magic of technology to create an awesome Aotearoa Ka mau te mauri o te hangarau, ka whakamana a Aotearoa because we understand their needs and are passionate about always delivering for them Heart Our plan to deliver Remarkable Simplicity Our customers value us because we support them with effortless experiences that work flawlessly every time Winning where it matters Network Forward Our customers trust us because we provide secure, world-leading technology solutions that improve their lives and businesses Our owners back us because we provide strong financial returns through ICT, mobility and on net leadership, with the most efficient cost to operate We show up as our best selves in every situation Our behaviours Grit We deliver a radically better world for our customers Freedom We're empowered to shape the future by creating a more progressive, more inclusive Aotearoa#3One awesome business Maximising infrastructure investment to deliver ongoing value uplift Infrastructure We are a technology leader and have led the market in launching 2G, 3G, 4G, 5G and loT Awarded New Zealand's best mobile network One of New Zealand's largest fixed infrastructure owners and continue to own active mobile network infrastructure (core, backhaul power, radio network, spectrum) across ~1,500 sites Our 4.5/5G upgrade path and 2G/3G switch off plans are all on track and our negotiations continue with the Crown on direct allocation of 3.5GHz spectrum to accelerate the roll out of 5G further and faster one.nz#4One awesome business Excellent medium to long term industry dynamics, competitive but stable market Services More than 2 million mobile connections, 70 retail stores, providing mobile fixed and ICT services to over 110,000 corporate, government and small/medium businesses We are the number one growing postpaid mobile provider in New Zealand, leading the market in total postpaid mobile connection growth for the past 8 quarters¹ We are the fastest growing ICT provider in the country² We continue to achieve our best ever IT stability and customer service results We are achieving the fastest cost reduction in the market³ 1 Based on QoQ net additions from Q1-21 to Q4-22, sourced from IDC 2 Relative to incumbents Spark and Datacom, latest reporting periods vs PCP (Prior Comparable Period). Spark (December-22) and Datacom (March-22) 3 Relative to peers Spark and 2degrees, latest annualised reporting periods vs PCP, excluding one-offs. Spark (December-22) and 2degrees (December-21). one.nz#5One awesome Aotearoa Halving the number of youth experiencing disadvantage and creating a better planet for future generations $2 million per year ($49 million total) invested in Te Rourou, Vodafone Aotearoa Foundation focused on New Zealand's youth • One Good Kiwi - $100k per month to youth-related charities Auckland flood and Cyclone Gabrielle response • Emissions footprint evaluation underway Energy reduction through power management of off-peak capacity, recycling of infrastructure, passive heat exchanging, solar power trials O one.nz#6One awesome team 2,500 team members, with capability and culture scores now in the top quartile internationally • • • Organisational health in top quartile of international employee benchmark Strong employment brand with excellent talent retention and acquisition track record Investing in data, Al and ICT for growth Investing in Transformation Office to accelerate business simplification • Cross skilling and in-housing of service teams delivering further service uplifts Retail stores successfully integrated and delivering strong mobile results Successful separation and handover of Passive mobile assets to FortySouth Strong team of partners supporting us including Vodafone, Nokia, DEFEND, Amazon, Microsoft, Harvey Norman and Google one.nz#7One trading update Market leading mobile growth, increasing mobile ARPU, ICT growing Consumer and SME • Fastest growing Consumer postpaid connections¹ • Mobile ARPU increasing Roaming at >70% of pre-Covid levels Record low SME churn Continued move to on-net Fixed-Wireless Access Enterprise Market leading growth in ICT services² · Number one for enterprise mobile³ and loT connections Integration of DEFEND security offering Industry leading ICT attachment at 55% • Palo Alto Networks ANZ Service Provider of the Year Wholesale Double digit growth with strong pipeline Mobile products launched with MVNO offering mobile, FWA and lot • New fibre builds for CDC and hyperscaler data centres Delivering private 5G networks and Mobile Edge Compute 1 Dec-22 vs PCP, sourced from IDC 2 Relative to incumbents Spark and Datacom, latest reporting periods vs PCP. Spark (December-22) and Datacom (March-22) 3 Based on Enterprise mobile connection market share at Dec-22, sourced from IDC one.nz#8On track to exceed FY2023 EBITDAF guidance Income statement $ millions FY2023 Key Trends • FY2023 FY2022 PCP H1 H1 H1 • Consumer SME 315 290 9% Enterprise 60 57 5% Mobile 375 347 8% Consumer SME - Fixed & ICT 174 195 (11%) Enterprise - Fixed & ICT 127 109 16% • Wholesale & other 83 79 4% Recurring revenue 758 730 4% Procurement & One-off revenue 232 225 3% Total Revenue 990 955 4% • Direct Cost (433) (439) 1% Gross Margin 557 516 8% Operating Expenses (299) (274) (9%) Normalised EBITDAF** 258 242 7% Normalised EBITDAF % 26% 25% 1pp Capex incl. Spectrum 125 211 41% Market leading total mobile service revenue growth ¹ due to strong acquisition in post-paid and ARPU increasing as customers move to higher value plans and roaming returns Consumer fixed ARPU is stable, but revenue has declined due to the intensely competitive market ICT is growing faster than market² due to good momentum in Contact Centres, public cloud migrations and Security via our partial acquisition of DEFEND Wholesale revenue uplift due to the continued growth in fixed line capacity Procurement revenue largely relates to lower margin device revenue with uplift due to buy back of our retail stores Operating expenditure increases largely due to in housing of our retail stores and investment in rebrand to One NZ Capex decrease largely relates to non-recurring spectrum cost in prior period. IT project spend mix changed between SaaS and Capital spend On track to exceed FY23 guidance range of $490 million to $520 million with estimated growth of ~10% PCP ** Normalised EBITDAF excludes impairment, impact of M&A activity and transaction costs 1 Dec-22 vs PCP, sourced from IDC 2 Relative to incumbents Spark and Datacom, latest reporting periods vs PCP. Spark (December-22) and Datacom (March-22) one.nz#9One simple business • Pivoted from changing out parts of our existing IT stack with a new vendor to upgrading these components with existing partners A new Business Simplification programme is helping us to become an even leaner and more efficient business and deliver further gains in customer service and cost reduction • Focus areas include: • Product rationalisation · Improved digital first customer journeys and experience Operational excellence driven by Al, robotics and automation Technology modernisation Our new brand drives this focus within the business: One plan, One click, One call, One bill, One process, One decision maker, One meeting#10Changing the way customers think about our brand Our new brand will: • Enable significant ongoing cost savings Improve mobile trading performance • Accelerate our ICT growth • Drive dramatic simplification and efficiency across the company one.nz#11O Thank You