Debt Investor Presentation November 2019

Regulated Asset Base implementation Commerce Commission will determine the starting value of the RAB, regulatory WACC, cost allocations, expenditure allowances and maximum allowable revenue Illustrative Only Initial RAB value Capex 23 November 2019 RAB × × Opex ALLOWABLE ANNUAL MAXIMUM Regulatory WACC = Return on capital Depreciation Return of capital Regulatory tax allowance REVENUE Anchor and price capped products: ■ voice ■ 100/20Mbps fibre ■ direct fibre NB. Symmetrical wash- up for under or overs Asset lives Building block cost stack DEBT INVESTOR PRESENTATION CHORUS

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