Debt Investor Presentation November 2019

Leverage follows Capex 3.92 4.06 3.43 3.1 2.98 3.1 2.9 2.7 680 593 689 810 804 681 679 597 ■ ■ Capex peaked in FY18 & FY19, leverage to peak in FY20 UFB1 will be completed in December 2019 Leverage will reduce in line with lower capex/growing free cash flow in future. years FY20 gross capex guidance: ■ $660m-$700m FY20 EBITDA guidance: ■ $625-645m FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 ■ Capex Senior ND/EBITDA *4.06x calculated at mid guidance levels Key Financial ratios: Bank covenant- - Net Senior Debt/EBITDA 4.75x Credit rating down driver - Net Senior Debt/EBITDA on a sustained basis > 4.25x (S&P) ◉ > 4.20x (Moody's) 27 November 2019 DEBT INVESTOR PRESENTATION CHORUS

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