Debt Investor Presentation November 2019

Key Credit Highlights New Zealand's largest fixed line communications infrastructure company Building and operating 75% of NZ's planned fibre to the premises footprint Fibre partnership with NZ Government: pre-committed, low cost, long-term funding Regulated utility framework to underpin financial profile from 2022 Strong demand for fibre broadband, and population/premises growth Strong operating cash flows and financial performance Financial flexibility via $550m bank facility, multi-currency EMTN and NZ dollar retail bond programmes Proven commitment to maintaining a BBB credit rating (S&P or equivalent) 6 November 2019 DEBT INVESTOR PRESENTATION CHORUS

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