#1Sunrise Investor Overview March 2020#2Sunrise Leading fully integrated challenger in Switzerland Sunrise in a a nutshell N Market share Financials 2019 ■ Present in quality focused Swiss market Diversified company set-up: Fully integrated player benefiting from cross-selling and convergence Serving residential (71%), business (17%) and wholesale customers Strong multi-brand portfolio Outstanding own mobile network; landline wholesale access across various technologies ■ Listed at SIX with around CHF 3.6bn market cap (75% free float) and CHF 5.4bn EV ☑ TV Fully integrated Swiss telco provider Sunrise Salt 16% 25% Swisscom 57% Sunrise Other 13% 17% UPC 53% Swisscom Sunrise 6% Other 24% UPC Leading challenger 36% Swisscom Revenue 1.9bn Internet / TV 16% 16% 67% Landline telephony Mobile Incl. 4% Hubbing, 6% Other EBITDA, eFCF, dividend 668 Adj. EBITDA 210 Adj. eFCF 198 Dividend Leverage 2,6 2,7 2,5 2,0 2,0 IFRS 16 Tower 2,3 2015 2016 2017 2018 2019 Solid financials 2#3Sunrise Delivering EBITDA and dividend growth ☑ Network quality Accelerated customer growth ☑ Net adds TV = Customer P} interface 8 Innovation & Convergence 62 29 163 -21 39 36 ياسي 33 2014 2019 2014 2019 2014 Accelerated financial growth Service revenue -4.0% -5.2% 2015 Adj. EBITDA 3.3% 2.3% 0.5% MTR Attractive dividend yield 2019 DPS +47% 4,20 4,40 4,00 3,33 3,00 3.9% 2.3% 2015 2019 0.8% Tower Towe -1.8% -2.5% 2019 2015 2019 3#4Sunrise Further growth potential ahead ↑ Market share ↑ Cross selling 슈 Sunrise market share ☑ 20% G TV 23% 9% 13% 3% 6% 2015 2019 2019 growth Convergence in base 11% 9% 2-4P 4P 1P Mobile postpaid (incl. prepaid 25%), internet and TV market shares based on subscriptions and Sunrise estimates (2019 refers to Q3'19); Convergence in Sunrise base: 2-4P includes mobile (see factsheet); B2B based on revenue market share and Sunrise estimates 2-4P Underrepresented in B2B B2B market share E Other Sunrise for Business Swisscom ++ 4#5Sunrise Financial outlook 2020 슈 Higher ■ Service revenue growth driven by B2B and cont'd customer momentum in postpaid, internet, and TV revenue ■ Revenues of low-margin hardware and hubbing to remain volatile ↑ 2020 guidance ۱۸ Higher adj. EBITDA ▪ Use GP upside for growth investments ▪ Efficiency program will support adj. EBITDA growth to exceed GP growth Revenue CHF 1,875-1,915m Adj. EBITDA CHF 675-690m Capex CHF 410-450m Dividend guidance eFCF impacted by Capex ■ Incremental 2020 network Capex largely financed by solid balance sheet, not impacting dividend policy ■ 2021 Capex normalization to materially improve eFCF, fully covering 2021 dividend ■ Annual 4-6% dividend growth 2018-21: CHF 4.55-4.65 per share for 2020 ■ Long-term dividend policy: at least 65% of eFCF dividend pay- out; targeting 85% if net debt / adj. EBITDA is below 2.3x Guidance is including IFRS 16 impact, which is expected roughly stable YoY; leverage ratio of 2.3x was previously 2.0x, now adjusted for IFRS 16 accounting change 5#6Sunrise Focus: strategic priorities G Network quality = Customer interface "} 8 Innovative converged products 6 ■ Fastest & largest 5G in CH (connect and RootMetrics); 5G in 426 cities/towns; strong spectrum at favorable price. First European 5G innovation center; 5G in smart manufacturing and farming; 4K game cloud app; security ops center ■ Landline access via FTTH, xDSL and FWA ☐ Leading NPS and 'time to close' open feedbacks ■ Ongoing shop refurbishment and openings, supporting highest score in DACH region in 'connect' shop test Awarded with 'Great Place to Work'; digital transformation on-track with increasing online channel share ▪ Launched 5G FWA and handsets, among 1. operators in the world; Q4: extended availability of TV OTT to Samsung TV ■ B2B launched unlimited mobile workplace; Q4: large 'Microsoft Teams' campaign, 5G indoor coverage as a service, won 'SRG SSR' and 'On' as new customers 1. in 5G test The biggest and fastest 5G network. As awarded by RootMetrics RootMetrics RootScore" Award Winner Sunrise FIRST 5G FIRST 5G ON 1. 5G innovation center HUA Sunrise G nova in Cente nwol ni vil de C 20 European 5G leadership NPS Connect shop test 2019 Customer service 69 Sunrise 430 Swisscom 398 Shops 82 Salt 391 Leading customer interface Music ON FIRST 5G 12 58 306 54 htc TV Neo & Samsung Drive convergence GAME CLOUD Sunrise#7Sunrise Focus: mobile network quality Network investment ramp-up (((0)) Outstanding rated ("0") network Capex / revenue 1) Capex 1) 8% 2011 Connect network test 2) 100 20% 17% 17% 11% 2013 2015 2017 2019 356 369 281 292 315 303 225 213 152 400 312 294 278 243 410 - 450 2012 2014 2016 2018 2020 guidance 2020 with accelerated 5G roll-out % of max Swisscom Sunrise Salt 1 of the world's best mobile networks Sunrise 60 2011 Strongest improvement since 2011 driving customer growth 2019 1) Excl. spectrum of CHF 91m in 2019 and CHF 482m spectrum investments phased-in over 2012 (CHF 289m), 2015 and 2016; Capex definition includes 'movements in not-yet-paid Capex invoices' as of 2015; 2) Source: connect 1/2020; www.connect.de; Scores: Swisscom 974, Sunrise 967, Salt 923; Sunrise score vs. international peers see FY'19 results presentation 7#8Sunrise Focus: landline access ↑ Fiber ~30% coverage - target 50-60% Utilities: In 2018, entered into 20 years agreement with utilities for access at defined scope of fiber lines 1); scope extended beyond 2018 due to business growth and allocation shifts from LLU, leading to incremental upfront Capex Swisscom: 2019-2022 fiber and xDSL access agreement 1) Illustration: 3 years example Upfront models tend to have lower cumulated payments due to long-term commitment (volume & time) and discount factor Upfront investment Pure wholesale model 2) Ultim Capex swiss fibre net ewz SIG Sunrise swisscom COGS COGS COGS COGS COGS t t+1 t+2 Iwb ↑ FWA Target coverage outside fiber area ☐ ■ 5G rollout expected to support use of fixed wireless access (FWA) ■ Fixed wireless substitution; attractive margins as on own network xDSL/Copper COGS 1) For utility deal see Q4'17 investor presentation p.19 (extension of initial scope beyond 2018; NPV accretive); for Swisscom deal see Q2'18 investor presentation p. 14 2) Assuming unchanged customer number; COGS = Cost of goods sold (part of P&L); simplified ■ ~98% XDSL coverage via 3.5 yrs agreement with Swisscom Own LLU only supporting ADSL technology (low speeds) Expected decreasing share as customers migrate to fiber or FWA 8#9Sunrise Investor Relations Stephan Gick [email protected] کے +41 58 777 96 86 [email protected] www.sunrise.ch/ir 101a AMBASSADOR HOUSE SUNIS BNUT#10Sunrise Disclaimer This document and any materials distributed in connection herewith (including any oral statements) (together, the "Presentation") do not constitute or form a part of, and should not be construed as, an offer for sale or subscription of or solicitation of any offer to purchase or subscribe for any securities, and neither this Presentation nor anything contained herein shall form the basis of, or be relied upon in connection with, or act as an inducement to enter into, any contract or commitment whatsoever. 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