Debt Investor Presentation November 2019

Financial snapshot Revenue ($m) 1,200 1,040 990 970 1,000 800 600 400 200 FY17 EBITDA ($m) FY18* 680 660 652 653 636 640 620 600 580 560 540 520 500 FY17 FY18* * New accounting standards IFRS 9, 15 and 16 were adopted from FY18 25 November 2019 FY19 FY19 FY20 FY20 guidance 625m-645m ■ Revenue has reduced due to: copper line loss in areas where Chorus is not building the fibre network. fixed wireless competition Revenue loss partially offset by: strong fibre uptake customers moving to higher priced plans (e.g. 1Gbps, enhanced business plans) Expect to return to modest EBITDA growth in FY20 Expect continued broadband and ARPU growth Ongoing programmes to reduce costs DEBT INVESTOR PRESENTATION CHORUS

View entire presentation