Infratil 2022 Sydney Investor Day

Infratil Limited 5 Market Lane, PO Box 320, Wellington, New Zealand Tel +64-4-473 3663 www.infratil.com
19 October 2022


Infratil 2022 Sydney Investor Day


Infratil Limited ("Infratil") has released the presentation materials for its Investor Day held
today in Sydney.

Infratil’s objective is to keep its stakeholders well informed about how its businesses are
performing and how their delivery on strategic objectives is progressing.

Today’s Investor Day provides an update on Infratil’s investments in CDC Data Centres and
Vodafone NZ.


Any enquiries should be directed to:

Mark Flesher, Investor Relations, Infratil Limited
mark.flesher@infratil.com
info@infratil.com

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Infratil Investor Day Presentation
19 October 2022

2
COMMERCIAL-IN-CONFIDENCE
Material contained herein is intended to be general background information on CDC, its related bodies corporate (as defined in the Corporations Act 2001) and its activities as at the date of this document. Material has been provided in summary
form, is not necessarily complete, is not intended to be relied upon as advice or recommendations and does not consider a recipient’s particular objectives, financial situation or needs. Each recipient of this presentation should: (i) make its own
enquiries and investigations regarding all information in this presentation including (but not limited to) the assumptions, uncertainties and contingencies which may affect future operations of CDC and the impact that different future outcomes may
have on CDC; (ii) seek legal, accounting and taxation advice appropriate to their jurisdiction; and (iii) note that past performance, including past financial performance and pro forma historical information in this presentation, is given for illustrative
purposes only and cannot be relied upon as an indicator of (and provides no guidance as to) future performance.
Information set forth in this presentation may contain “forward-looking information”, including “future oriented financial information” and “financial outlook”, under applicable securities laws (collectively referred to herein as “forward-looking
statements”). Except for statements of historical fact, information contained herein constitutes forward-looking statements and may include (but is not limited to): (i) CDC’s projected financial performance; (ii) the expected development of CDC’s
business, projects and joint ventures; (iii) execution of CDC’s vision and growth strategy; (iv) sources and availability of third-party financing for CDC’s projects; (v) completion of CDC projects that are currently underway, in development or
otherwise under consideration; (vi) renewal of CDC’s current customer, supplier and other material agreements; and (vii) future liquidity, working capital, and capital requirements. Forward-looking statements are provided to allow recipients of this
presentation the opportunity to understand CDC’s beliefs and opinions, so that such beliefs and opinions may be used by recipients as one factor in performing evaluation of financing opportunities.
Although forward-looking statements contained in this presentation are based on what CDC believes to be reasonable assumptions, there can be no assurance that forward-looking statements will prove to be accurate, as actual results and future
events could differ materially from those anticipated in such statements. Recipients of this presentation acknowledge and acceptthat future results may be affected by a range of variables which could cause outcomes or trends to differ materially,
including (but not limited to): (i) price fluctuations; (ii)actual demand; (iii) environmental factors and risks; (iv) development progress; (v) operating results; (vi) engineering estimates; (vii) loss of market; (viii) industry competition; (ix) geopolitical
risks, legislative, fiscal and regulatory developments; (x) economic and financial markets conditions; (xi) approvals; and (xii)cost estimate.
Important notice and disclaimer

COMMERCIAL-IN-CONFIDENCE
Agenda
Overview
1
Performance
2
Outlook
3
Questions
4

CDC Overview

5
COMMERCIAL-IN-CONFIDENCE
Established in 2007, CDC has grown to become a leading owner, developer and operator of large-scale,
secure and sovereign data centres in Australia and New Zealand
Overview
Pictured:CDC Silverdale (Auckland) –completed in August 2022
Availability –100% uptime guaranteed, resilient
and modern facilities
Interconnection –powerful ecosystem, direct
customer and cloud provider connectivity within and
across CDC’s campuses
Sovereignty & Security –Certified Strategic Provider
under Hosting CertificationFramework, Government
security accreditation, 24x7x365 on-site guards,
security cleared personnel
Optionality –service flexibility; modular,
efficient and future-proof infrastructure
Sustainability–leading water and electricity
sustainability practices, strong environmental,
sustainability and governance credentials

6
COMMERCIAL-IN-CONFIDENCE
Operating Footprint
CDC boasts a broad footprint of
data centres in Australia and New
Zealand servicing a wide range of
Government, Hyperscale and
Commercial clients
The combination of high credit
quality clients and large contracts
with long Weighted Average
Lease Expiries is unique globally
in the data centre industry
Melbourne
Sydney
Canberra
Operational
Under Development
BK1
Brooklyn
F1F
Fyshwick
2
H1H2
Hume One
H3
H4H5
Hume Two
H6
EC1EC2
Eastern Creek
EC3
EC4EC5EC6
Auckland
SLV1
Silverdale
Auckland
HSV1
Hobsonville
Canberra
SLV1A
HSV1A
F3

7
COMMERCIAL-IN-CONFIDENCE
World Class Data Centre Portfolio
FacilityStatus
Build Capacity
(MW)
Commission
Date
Hume 1 & 2Operating122008 & 2011
Fyshwick 1Operating192015
Hume 3Operating92016
Eastern Creek 1Operating72018
Fyshwick 2Operating262018
Hume 4Operating292019
Eastern Creek 2Operating202019
Eastern Creek 3Operating422020
Eastern Creek 4Operating542022
Hume 5Operating222022
Silverdale 1Operating142022
Hobsonville 1Operating142022
Total Operating Capacity 268
Brooklyn 1Under Construction302023
AucklandUnder Construction122024
Total Construction Capacity42
Sydney Future Build108
Canberra Future Build178
MelbourneFuture Build120
AucklandFuture Build70
Total Future Capacity476
Total Capacity786
CDC data centres are renowned for their extremely high performance, technical and security standards at all locations
2008 -2018
2019 -2021
2022
Hume 1 & 2Fyshwick 1
Eastern Creek 1 & 2
Hume 3
Fyshwick 2
Hume 4Eastern Creek 3
Eastern Creek 4Auckland 1Hume 5

8
COMMERCIAL-IN-CONFIDENCE
CDC sources renewable energy for 78% of its data centresand is working to have 100% renewable energy
ESG Leadership –Energy
•More than 70% of the National Electricity Market in Australia is powered by
fossil fuels (coal and gas). In New Zealand this is less than 20% due to its vast
hydroelectric generation infrastructure
•In stark contrast, 78% of CDC’s data centreelectricity is from renewable
energy sources –hydro, solar and wind
•CDC’s aspiration is to achieve net zero emissions by 2030 and is well
advanced with its current operating and procurement practices
•100% renewable and “carboNZero certified” electricity in Auckland,
New Zealand
•100% renewable electricity in all ACT sites
•The ambition is for 100% of NSW andVIC electricity to be sourced
from renewable sources going forward
Pictured: Electric vehicle charging stations at Eastern Creek
78%
renewable
Renewable Canberra / Sydney / AucklandNon-renewable Sydney
CDC total electricity mix

9
COMMERCIAL-IN-CONFIDENCE
0
100
200
300
400
CDCPeer 1Peer 2Peer 3
Megalitres
CDC is a leader in the responsible use of water for managing and cooling its data centres
ESG Leadership –Water
•Compared to CDC, other Australian data centreproviders consume
~300 megalitresper annum more water to operate their facilities –
equivalent to 120Olympic-sized swimming pools every year
•CDC-built data centreshave an innovative closed-loop cooling
system that eliminates water wastage –consuming near zerowater
•The closed loop also removes a major potential point of failure in
operation as well as being more sustainable and resilient
Source:Company websites, scaled based on published WUE data
Annual water usage, 2020/21

10
COMMERCIAL-IN-CONFIDENCE
ESG Leadership –Social and Governance
CDC is committedto leading governance practices and being a positive contributor in the communities where weoperate,
supporting 17 community and sporting clubs
PCI DSS
SOC 2 Type II
ISO 9001: 2015 Quality Management System
ISO 14001: 2015 Environmental Management System
ISO 27001:2013 Information Security Management System
ISO 45001: 2018 Work Health and Safety Management System
Global Real Estate Sustainability Benchmark

CDC Performance

12
COMMERCIAL-IN-CONFIDENCE
CDC has delivered on all its promises from February 2022
FY23 Achievements to Date
•Continuing to grow and diversify National Critical
Infrastructure and Commercial client base
Customers
Development
•Commissioning four new data centres in Auckland,
Canberra and Sydney
•Have commenced development in Melbourne
•Exploring additional strategic growth opportunities
•On track to deliver 30%+ YoY revenue and earnings
growth
Financial
People
•Building the team further to meet organisationalgoals,
broaden capability and exceed client expectations

13
COMMERCIAL-IN-CONFIDENCE
CDC has commissioned four new data centres in FY23. These sites meet and improve upon the extremely high standards
for which CDC is renowned, attracting strong Day 1 commitments from our customers
104 MW of New Capacity Delivered in FY23
01
Silverdale (Auckland)
14MW DC in northern Auckland
02
Hobsonville (Auckland)
14MW DC in western Auckland
04
Eastern Creek 4 (NSW)
54MW DC, CDC’s largest to date
03
Hume 5 (ACT)
22MW DC in Hume Campus 2
H5 Admin Building from H5
H5 Admin Building (front) and H5 (rear-left)EC4 façade during construction
EC4 chiller deck
Silverdale frontage
Silverdale electrical switch room
Hobsonvillestreet-view
Hobsonvillefrontage

14
COMMERCIAL-IN-CONFIDENCE
Financial Performance
CDC has built a loyal customer base
comprising Government, Hyperscale and
National Critical Infrastructure / Commercial
clients
Long-term contracts
High quality underlying client base
New customers added to the CDC ecosystem
Strong track record of renewals and extensions
Superior Weighted Average Lease Expiry
(WALE) of 21+ years including options
•CDC has continued to invest in new data centrecapacity in 1H of FY23
•New customer contracts signed are in line with forecast, however pandemic
impacts and supply chain delays have slowed customers’ commencement of
operations in some instances
•Inflation impacts on capex are being offset by innovation in construction
methods, better procurement practices, and improved site productivity
6 months to
30 Sep 22
6 months to
31 Mar 22
6 months to
30 Sep 21
Data Centre capacity (built)268 MW164 MW164 MW
Capacity under construction42 MW104 MW104 MW
Development pipeline476 MW436 MW286 MW
Weighted Average Lease Expiry
(including options)
21.121.622.5
Rack utilisation65.9%75.3%74.0%
Capital expenditureA$444mA$308mA$195m
CDC’s business model has very solid foundations,
with six key strengths underpinning strong financial
performance
1
2
3
4
5
6

CDC Outlook

16
COMMERCIAL-IN-CONFIDENCE
CDC’s track record of project delivery puts it in the right place at the right time to satisfy accelerating market demand
Strategic Customer Trends Continue to Underpin Growth Plans
Customer digitalisation and data growth
Driven by cloud adoption and digitalisation, remote working,
online service delivery across private & public sector customers
Increased focus on security
Driven by increased number of attacks and threat vectors, as well as the need
to comply with the new suite of government policy, legislative and regulatory actions
Greater emphasis on sustainability
Driven by corporate values and commitments, stakeholder and
community expectations
Sovereignty and National Critical Infrastructure requirements
Driven by new and emerging government policy, legislative and regulatory
requirements
•Additional customer demand continues
to encourage CDC to bring forward
capacity expansion
•Existing CDC capacity to be reached
earlier than expected
•CDC continues to identify and pursue
strategic growth opportunities across
Australia and New Zealand

17
COMMERCIAL-IN-CONFIDENCE
The focus for the rest of FY23 is across the 4 key dimensions of Customers, Development, People and Financial
Looking Ahead
Hume 4
•Onboard new contracted customers in Auckland,
Canberra and Sydney
•Continue to grow and diversify National Critical
Infrastructure and Commercial client base
•Exceed client expectations
Customers
Development
•Accelerate construction in Melbourne and Auckland
•Plan for more new data centre developments in Auckland,
Canberra and Sydney
•Explore additional strategic growth opportunities in
Australia and New Zealand
•Deliver 30%+ YoY revenue and earnings growth
•Maintain prudent cost controls in inflationary environment
•Expand capital structure to fund investment plans
Financial
People
•Foster high performance culture
•Build the team to meet corporate goals and planned growth
•Enhance organisationalskill base through CDC Academy

18
COMMERCIAL-IN-CONFIDENCE
Construction has commenced at CDC’s first Melbourne facility, with works progressing at pace.We expect to welcome our
first customers in mid-2023
Development Pipeline –Melbourne

19
COMMERCIAL-IN-CONFIDENCE
Profitable growth to continue as customers are onboarded into our newly commissioned facilities in New Zealand and
Australia, and our customer-driven development pipeline is realised
Financial Outlook
•CDC generated A$161.2m of EBITDAF earnings in FY22
•CDC is forecast to deliver FY23 earnings in the A$210-220m
range (ie. +30-37% YoY), slightly below the May 22 guidance of
A$220-230m (+40% at the mid-point)
•The change is mainly due to two factors:
1.Labour and supply chain challenges in Auckland delaying the
completion of the 2 new data centres
2.Pandemic impacts and supply chain delays slowing
customers’ commencement of operations in some instances
Both factors pertain to time of onboarding and revenue
commencement, and not to opexcosts which are tightly
controlled
•The new business pipeline is strongand conversions have been
very high across all customer categories
56
73
117
148
161
210-220
0
50
100
150
200
250
2018A2019A2020A2021A2022A2023F
FY23 GuidanceReported EBITDA

Questions

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C2 General
Vodafone
Infratil Investor Update
19 October 2022
1

Our executive team
Jason Paris
Chief Executive
Jodie King
Chief People
Officer
Richard Mooney
Chief Strategy
Officer
Lindsay Zwart
Chief Enterprise
Officer
Tony Baird
Chief Technology
Officer
Juliet Jones
Legal, Regulatory &
Sustainability
Director
Ralph Brayham
Transformation
Director
John Boniciolli
Chief Financial
Officer
Andrew Haddad
Chief Information
Officer
Joe Goddard
Experience &
Commercial
Director
Chris Fletcher
SME & Consumer
Director
2

Our purpose
Our plan to deliver
Remarkable Simplicity
Our customers value us
because we support them with
effortless experiences that work
flawlessly every time
Customer Obsessed
Our customers love us
because we understand their
needs and are passionate about
always delivering for them
Network Forward
Our customers trust us
because we provide secure,
world-leading technology solutions
that improve their lives and
businesses
Winning where it matters
Our owners back us because we provide strong financial returns through
ICT, mobility and on net leadership, with the most efficient cost to operate
Unlocking the magic of technology to create an awesome Aotearoa
Ka maute mauri o te hangarau, ka whakamana a Aotearoa
3

Strong progress with significant additional potential available
Progress
Network Forward
•TowerCotransaction soon to be completed​
•Wholesale MVNO platform built and in market​
•Awarded New Zealand’s best mobile network​
Remarkable Simplicity
•Best ever IT stability
1
•Best ever customer service results​
1
•Fastest cost reduction
2,3
Customer Obsessed
•Highest ever organisationalcapability and culture scores​
1
•Helping create a better Aotearoa through our Vodafone
Aotearoa Foundation
Winning where it matters
•Stable but competitive market​
•Fastest growing postpaid connections
4
•Fastest growing ICT revenue
5
•Fastest growing EBITDA in the market
2
1. For Vodafone NZ
2. Based on latest annual reporting period vs PCP (Prior Comparable Period). Sourced from Spark (June-22) and 2degrees (December-21) annual reports
3. Totaloperating costs (direct costs and operating expenses)
4. Based on absolute Consumer and Business postpaidconnection growth in quarter to June-22 vs PCP, sourced from IDC
5. Based on latest annual reporting period vs PCP vs incumbents Spark and Datacom. Sourced from Spark (June-22) and Datacom (March-22) annual reports
Potential
Network Forward
•Accelerated 4G and 5G upgrade path
•Fibreassetreview underway
•Significant ongoing investments in security and privacy protections
Remarkable Simplicity
•ITmodernisationprogrammepivot
•On net migration continues
•Product, plan, and experience simplification
•Further service gains being targeted
Customer Obsessed
•Advanced AI, Machine learning and
dataanalyticsexperimentation
Winning where it matters
•FY23 guidanceand eventual 30% EBITDAmargin on track
•CPI based pricing construct
•2023 rebrand announced
•Prepaid churn improvement required
4

•Mobile service revenue growth driven by:
–Connection growth
oConsumer Postpaid: +7% CAGR (FY20-22)
oBusiness: +4% CAGR (FY20-22)
–Blended total mobile ARPU growth (FY20: $28.20 →FY22: $29.80)
driven by pre to post migration, data growth etc.)
•The growth in FY22 does not include the impact of return of roaming,
which we are now experiencing in current trading
•Industry consolidation (illustrated below)
Strong and resilient market dynamics in key mobile segment
1. Market revenue data sourced from IDC and includes interconnect revenue
2. Periods presented at Vodafone financial year end March
3. Business includes SME and Enterprise
Market trends
1,2,3
1,537
1,493
1,557
695
680
695
FY20FY21
2,173
FY22
2,252
2,232
COVID
impact
+4%
BusinessConsumer
Pre 2degrees and VocusNZ mergerPost merger
Mobile market service revenue ($m)
1,2,3
5

C2 General
Network Forward

Infrastructure utilisationcontinues
WHERE WE’VE COME FROM
WHERE WE ARE NOWWHERE WE’RE HEADING
•Challenger with a proud history of
technology leadership;
first to launch 2G/3G/4G
•New Zealand’s first 5G network and
awarded New Zealand’s best mobile
network. 30-year Nokia partnership
•Best in class mobile network with all
sites 4.5G/5G and ubiquity; small cell
and mmWave; 2G/3G switch-off;
4G/5G spectrum re-farm
•Limited growth investment,
focus on capacity & metropolitanareas
•New site builds (85/210) and upgrades
(281/660) being completed in metro and
regional New Zealand in partnership
with customer facing BU’s and customer
input (pin drop); RBI2
•New Zealand’s smartest integrated
network leveraging 5G SA Core
capabilities with fixed / mobile
convergence; high-capacity fibre; AI/ML
•High quality but underutilised asset –
11,000 km of access, metro, national
and International fibre
•Increased network utilisation with ~30%
increase in on net customers; wholesale
wins, network sharing and new
hyperscalerdata centrefibrebuilds;
double-digit international growth
•Further on net migration and wholesale
acceleration
•No ability to consider infrastructure
value maximisationopportunities
•Infrastructure value maximisation and
delayering (e.g. 2degrees MoRAN and
TowerCo)
•FibreCoasset review –48,000 buildings
within 50m of network; 214k homes
passed in HFC; domestic and
International
•Cyber security only as strong as
Vodafone's weakest market
•Group separation, improved cyber
security maturity (NIST 3.6) and
reliability with AI and analytics
•Cyber security leader (NIST >4) with 5G
SA Core virtualisationand
legacyretirement
7

TowerCotransaction
Passivemobile
infrastructure
Mobile sites
(towers, rooftops)
3,4,5,9
Active mobile
infrastructure
Spectrum
Radio network 1,2
Backhaul Power,
cabinets 6,7,8
Core network
Expected to complete 1 November 2022
•1,485 Passive Towers transfer
•Supportive owners –Infratil, InfraRed Capital Partners and
NorthleafCapital
Master Services Agreement
•Term 20+10+10 years
•Inflation linked price indexation
•Build To Suit (BTS) 390 towers minimum over 10 years
Transitional Services Agreement
•Phased transition up to 18 months
•Expected transfer of staff from Vodafone
•Completes provincial build
•Vodafone provides transition services, e.g. Network Operations
Centre(NOC), build, break fix
•Teams working well with no issues so far
8

C2 General
Remarkable Simplicity

Simplifying, stabilising and modernising our IT
WHERE WE’VE COME FROM
WHERE WE ARE NOWWHERE WE’RE HEADING
•Complex architecture, aged applications
and BSS complexity driven by multiple
acquisitions
•Stabilisation and simplification of legacy
systems with open problem
investigations reduced from >350 in
2019 to < 50 in September 2022
•All existing legacy systems upgraded
and stabilised
•Initial moves to consolidate BSS systems•All Consumer and SME customers
migrated off legacy IT stacks onto the
target platform by December 2022
•Successful IT delivery of key technology
changes –Group separation for ERP,
Office IT and security, new contact
centre, Cloud infrastructure,
NaaS–Network as a Service & APIs,
modernised ticketing and customer
reporting
•BSS modernisationprogramme(DX)
with international vendor challenging
and have pivoted to work with existing
vendors
•New MVNO/MVNE deployed for
mobile, FWA and IoT
•Increased AI and analytics to drive new
user experiences.Automated security
tools, controls and compliance to
ensure effortless customer migration to
new products, plans and IT stack
•Further radical product
simplification,digitisationand
automation across all products and
journeys
•ITmodernisationcompleted
withexisting vendors and xVNOfor
Fixed and Mobile wholesale offers
10

We’re improving our operational performance
WHERE WE’VE COME FROM
WHERE WE ARE NOWWHERE WE’RE HEADING
•Low transactional NPS (tNPS)•tNPS has improved 25% over the last year•#1 brand in telco by NPS
•Average speed to answer (ASA),
First Time Fix (FTF) and Transfers all worst
in market
•ASA has halved, ~4k additional customers
FTF per month,8% fewer calls transferred
•Digital first, automationself service,
calltransfers halved by end ofFY24 and
lowest cost toserve
•Calls handled offshore or outsourced•~300 customer service frontline staff
nowonshore andinsourced with100% of
Business calls now onshore and regional
SMEbusinessmanagers in place
•Omnichannel and hyperlocal sales and
serviceexperiencefullyembedded
•Retail operated as a JV not direct•Retail store buy back completed•New store fit outs in 2023 with locals
serving locals
•Higher call volumes /
less digital self serve
•Started to deliver on our
omnichannelstrategy using Amazon
connect and asyncmessaging
•Design service out of products and plans
•Improving our digitalself
servethroughApp (7% increase in usage
since June 2022)
•Fully rationalisedproduct set
11

C2 General
Customer Obsessed

Lifting our culture, capability and performance
WHERE WE’VE COME FROM
WHERE WE ARE NOWWHERE WE’RE HEADING
•LoweNPSat 13•Strong eNPS at 55•Further eNPS improvement
•Limited organisational health measures•Top end of second quartile
organisationalhealth
•Top quartile organisationalhealth
•Limitedorganisationalproductivity
measures
(benchmark to VodafoneGroup)
•Organisationalproductivity better than
NZ peers (labour/ revenue ratio)
•Upper quartile internationally in
organisational productivity
•A leader in flexible working•A recognised New Zealand leader in
hybrid flexible through COVID, withthe
tools, behaviours and cultureembedded
to support highperformance
•A leader in flexible working
toattractregional talent and investment
in new ways of working, simplification
and digital tools for ongoing productivity
gains
•Limited investment in capability and new
ways of working
•New ways of working being trialed and
embedded, new behaviours launched
and comprehensive leadership
development programmes in place
•New ways of working and behaviors
embedded to accelerate to future
operating model, investment in Data,
CX & Digital capability
13

Committed to ESG and a better New Zealand for future generations
WHERE WE’VE COME FROM
WHERE WE ARE NOWWHERE WE’RE HEADING
•Legacy equipment, growing power
consumption
•Power management of off-peak capacity,
recycling of infrastructure, passive heat
exchanging, solar power trials
•Increased use of solar, power
management, retirement of legacy
network equipment, leading to reduced
power consumption
•Limited focus on carbon emissions•Evaluation of carbon emissions footprint
by independent audit
•Sustainability standards set through
procurement processes including our
commitment toTeTiritioWaitangi
•Execution of plan to transition to a
greener future using mix of different
carbon emission reduction options
•Strong focus on philanthropy via the
Vodafone Aotearoa Foundation
•Vodafone AotearoaFoundation 100%
focused on the youth of New Zealand
•Vodafone Aotearoa Foundation with its
partners makes significant inroads in
halving the number of disadvantaged
youth in New Zealand
•Vodafone AotearoaFoundation focused
on young people and $47m contributed
over 20 years
•Additional $1.2 million p.a. to be given to
youth-related charities via
One GoodKiwi
•One Good Kiwi scales and
additionallyfunded by other corporate
partners
•ESG largely informed by the
VodafoneGroup priority areas with
heavyEurope/Africafocus
•Creation ofWhārikihia-Our Māori
strategy,initial focus oncultural
competency and developing
relationships with Māori businesses
•Embedding of Whārikihia-our Māori
strategy creates sustainable futures with
Māori
•Increase diversity e.g. Pacifika, LGBTQI+
across all levels of our workforce
14

C2 General
Winning where it matters

C2 General
Changing the way customers think about our brand
Our new brand will
1.Enable significant ongoingcost savingsonce the rebrand is
completed and the brand has been established
2.Improve mobile trading performanceby creating
ongoingmomentsof reappraisal andimproved consideration
for a large segment of New Zealanders who currently don’t
consider us an option for their mobile and broadband services
3.Accelerate our ICT growth. The Vodafone brand is strongly
linked with mobility and now also needs to be just as strong in
ICT.The new brand will unlock further trading improvements
in a growing segment of the market that we have relatively low
market share in
4.Drive dramatic simplification and efficiencyacross the
company –one plan, one click, one call, one bill, one process
16

C2 General
17
Linda announced –will drive brand reconsideration
Showcase key Linda images here

C2 General
18

C2 General

Consumer Trading: Mobile Service Revenue Growth Accelerating
WHERE WE’VE COME FROM
WHERE WE ARE NOWWHERE WE’RE HEADING
•Trailing the market in total mobile
customer growth
•Leading the market in postpaid mobile
customer connection growth
1
•Leading the market in total mobile
customer growth
•Mobile & broadband customer ARPU
decline
•Mobile customer ARPU growth•Mobile & broadband ARPUgrowth
•Mobile & Broadband revenue decline•Mobile revenue growth•Mobile & Broadband revenue growth
•Price drops•Price increases•CPI based pricing construct
•Postpaid customer churn of 11-12%•Postpaid customer churn of 9-10%•Postpaid customer churn of 7-8%
•<10% fixed wireless penetration of
broadband base
•>20% fixed wireless penetration of
broadband base
•>25% fixed wireless penetration of
broadband base
•Strong roaming& tourism revenues•Partial return of roaming& tourism
revenues
•Roaming& tourism returning to
pre-covid levels
1. Based on absolute connection growth in quarter to June-22 vs PCP, sourced from IDC
20

WHERE WE’VE COME FROM
WHERE WE ARE NOWWHERE WE’RE HEADING
•A declining mobile based with high churn•Enterprise and SME #1 mobilemarket
connection share
1
and SME mobile base
with lowest churn on record
2
•Maintain #1 in Mobile market connection
share for Enterprise and SME
•ICT products sold to 20% of customer
base
•ICTrevenue growthfaster than the
market
3
•A leader in ICT enhancedsecurity through
partial acquisition of NZ's leading cyber
security company, DEFEND
•ICT attachment at 46%
•New Zealand’s most disruptive and
fastest growing ICT brand
•Differentiated private cloud partnering
with hyperscalers
•Limited fixed options•Unified communicationsgrowingat
greater than 20% YOY
•Fixed wireless and unified
communications growth
•Low customer satisfaction with offshore
customer service and poor digital
experience
•100% of business care onshore improved
customer satisfaction
•Enhanced self service and digital
experience
•100% case managed care for customer
service
•Hyperlocal omni channel execution
leading to growth of regional market
share for SME
1. Market share estimates sourced from IDC
2. For Vodafone NZ
3. Based on latest annual reporting period vs PCP vs incumbents (Spark and Datacom). Sourced from Spark (June-22) and Datacom (March-22) annual reports
21
Enterprise & SME Trading: #1 in Mobile and Fastest Growing in ICT

Wholesale trading: Our Aim Is to be the Wholesale Partner of Choice
WHERE WE’VE COME FROM
WHERE WE ARE NOWWHERE WE’RE HEADING
•Traditional wholesaling•Infrastructure partnering •Infrastructure partnering leadership
•Fledgling business at acquisition
primarily dealing in traditional fixed
products; Vodafone Group reluctance in
wholesaling mobile or monetising
infrastructure
•Growing business with strong pipeline.
36% YoY growth targeting new
customers with full product catalogue:
•Mobile products launched with MVNO
offering mobile, FWA and IoT –deals
contracted; active network sharing
•Ongoing double-digit growth
•Use of xVNEfor fixed and mobile
products in converged bundles
•Overall business focus on retail with
limited wholesale customer or product
focus.Aged and complex services
•Modern fixed products such as Data
Centre Connect for wholesale and
Enterprise with new fibrebuilds
underway for CDC and hyperscalerdata
centres; International growth
(30% 3-year CAGR);
•Access fibremodernisation
•New 5G enabled use cases:
•Private 5G on premise (e.g. campus /
Enterprise WiFi replacement)
•Network Slice (e.g. emergency
services)
•Mobile Edge Compute
•IoT
•Government –private networks and
emergency services proposals; rural /
mobile black spot builds
•Fixed highly elastic and secure solutions
easily configured with bandwidth on
demand for business to cloud
applications
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Financials

On track for FY23 Guidance with strong mobile services revenue growth
•FY23 guidance of
$490m -$520m is maintained
•FY23 Total Costs includeone-
off (a) Tower Co transaction
and implementation costs; and
(b) the rebranding investment
•FY23 guidance basis guidance
basis excludes any potential
impairments to investment /
non-current assets and the
impact of the Tower Co sale
(including transaction and
implementation costs)which is
yet to complete.
12 months
31/03/2021
$m
12 months
31/03/2022
$m
FY22
pcp
%
FY23 Outlook
Mobile
revenue
793.7804.91.4%
Accelerating mobile services revenue growth.
FY23 mobile services revenue aspiration mid-to-high single
digitpercentage growth
Fixed
revenue
728.1710.5(2.4%)
FY23 outlook broadly in-line with FY22. Strong ICT, FWA, and
Wholesale revenue growth partly offsets the decline in fixed
legacy resulting from market competitive intensity
Other
revenue
431.9452.04.7%
FY23 outlook broadly in-line with FY22 subject to handset supply
conditions
Total
Costs
(1,517.1)(1,486.4)2.0%
Direct cost of sales expected to grow at a slower pace
thanrevenue growth. Reduction in underlying indirect operating
costs excluding (a) one off Tower Co costs; and (b) one-off
rebranding investment
EBITDA436.6481.010.2%
FY23 EBITDA margin expansion through accelerating service
revenue growth and reduction in underlying indirect operating
costs
Capex242.2356.247.1%
FY23 capex ex-spectrum is expected to be broadly in-line with
FY22
Net Debt1,300.81,344.43.3%
~30% maturing July 2023, balance maturing July 2025.
The process to extend the July 2023 maturity has commenced.
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2degrees
FY21
Best practice
international
benchmarks
VFNZ
FY22
22.3%
24.0%
24.4%24.4%
Spark
FY22
~30%
30.9%
+2.1p.p
Vodafone has a clear path to deliver margin expansion aspirations in line
with international benchmarks
Statutory EBITDA margin (post-SaaS) (%):
Vodafone
1
vs. international benchmarks
2
EBITDA drivers:
Continued strong (low to midsingle digit)
mobile service revenue growth supported by
−Continued market growth
−Return of roaming revenues and travellers
−Data growth
Continued pressure in fixed broadband
market, reducing ARPU by low single digit
offset by growth of FWA
Growth sectors, in particular ICT and
Wholesale.
−ICT growth of c. 10%+ in line with market
driven by challenger position and strong
growth in security and cloud markets.
−Gradual sustained growth in Wholesale
infrastructure
Continued operating efficiencies driven by:
−Network and IT modernisation
−Simplification, automation, process
improvements and improved CX
Future EBITDA % growth drivers
MobileFY22Medium
term
EBITDA
Fixed
Enterprise,
ICT &
Wholesale
Fixed
Mass
Market
Opex
efficiencies
$481m
(24.4%)
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1
2
3
4
Targeting 30%
EBITDA margin over
the medium term,
comparable to
international best
practice
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I L L U S T R A T I V E
VFNZ
FY21
Optus
FY21
1. Vodafone presented pre TowerCo impact
2. Sourced from Optus (March-21), 2degrees (December-21) and Spark (June-22) annual
reports
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C2 General
Future Scorecard
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Our key focus areas
ObjectiveMeasure
Network Forward•Maximise value from infrastructure
•Best in class mobile network
Remarkable Simplicity•Dramatic simplification of products, plans and journeys
•All service interactions right first time
•Market leading efficiency and cost discipline
Customer Obsessed•Market leading customer experience
•Strong employee capability, productivity and engagement
Winning Where It Matters•Stable but competitive market
•Grow mobile revenue
•Grow ICT year on year revenue
•Gain market NPS leadership
•A New Zealand leader in sustainability
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Questions?

C2 General
Thank you
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Appendix –acronym guide
AcronymMeaning
5G SA5G Stand Alone core solution
APIApplication Programming Interface
ASAAverage Speed to Answer
BSSBusiness Support Systems
BUBusiness Unit
ERPEnterprise resource planning
FTFFirst time fix
FWAFixed Wireless Access
IoTInternet of Things
MVNE / xVNE / MVNOMobile Virtual Network Enabler / Operator
NIST / CSFNational Institute of Standards and Technology / Cybersecurity Framework
NPS / eNPS / tNPSNet Promoter Score / Employee Net Promoter Score / Transactional Net Promoter Score
NaaSNetwork as a service
OHIOrganisational Health Index
RBIRural Broadband Initiative
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