Debt Investor Presentation November 2019

We've passed our capex peak UFB rollout schedule (premises) 160,000 140,000 120,000 100,000 80,000 60,000 40,000 20,000 26 26 FY19 Capex $810m $804m $689m* $660 $700m 231 245 183 258 294 308 550-580 95 66 111 125 132 81 57 58 59 FY20 FY21 FY22 FY23 FY17 FY18 FY19 50-70 50-65 FY20 GUIDANCE** UFB2 UFB1 Greenfields ■Common Copper ■Fibre other - Fibre - connect - Fibre communal UFB1 Brownfields November 2019 DEBT INVESTOR PRESENTATION *FY17 capex adjusted for NZ IFRS **FY20 subtotals are not additive CHORUS

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