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ASX CEO Connect Conference Presentation Uniti Group (ASX:UWL) 20 April 2021 Uniti Evolution from Wireless to Fibre Infrastructure Company

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ASX CEO Connect Conference Presentation Uniti Group (ASX:UWL) 20 April 2021 Uniti Evolution from Wireless to Fibre Infrastructure Company ASX CEO Connect Conference Presentation Uniti Group (ASX:UWL) 20 April 2021 Uniti evolution from wireless to fibre infrastructure company Legend W&I C&B $100m $28m $703m $140m CPaaS Feb June Sept Oct Dec Nov Dec 2019 2020 2021 $11m $8m $78m $10m Uniti lists on ASX $2m Fuzenet acquired 2 Rapid growth since listing Significant growth in revenue, earnings and free cash since listing +160% $m 200.0 200 Reported Exit Run Rate 2 150 +12% 100 +119% 77.0 68.9 Revenue 54.6 50 31.5 36.2 22.0 11.3 3.1 0 FY19 (H1) FY19 (H2) FY20 (H1) FY20 (H2) FY21 (H1) $m 1 +183% 150 Reported 2 Exit Run Rate 116.0 100 +450% +24% 41.0 50 33.0 29.3 19.3 0.7 6.0 7.2 0 (1.6) Underlying EBDITA Underlying -50 FY19 (H1) FY19 (H2) FY20 (H1) FY20 (H2) FY21 (H1) 1. Underlying EBITDA excludes shared based payments, acquisition and restructuring costs, and dividends received from the Company’s acquired interest in OptiComm shares prior to the completion of the Scheme of Arrangement to acquire OptiComm and its controlled entities 3 2. Exit Run Rate is calculated as the final month of the relevant period annualised. For FY21 H1, this includes Velocity and synergies Financial metrics driving strong performance Attractive unit economics – company well positioned for growth Industry leading operating cash flow Highly Cash Generative After Funding Fibre Infrastructure Operating Cash Flow / Underlying EBITDA %1 1H FY21 Underlying EBITDA1 less Capex / Underlying EBITDA (%)1 (FCF) 91% +82% 50% 99% 72% Dec-19 Dec-20 63% 60% Successful Integration Increasing Operating Leverage Annualised December Underlying EBITDA1 Exit Run-Rate ($m)2 116 +252% 33 Dec-19 Dec-20 W&I CPaaS C&B Group3 1. Underlying EBITDA excludes shared based payments, acquisition and restructuring costs; and dividends received from the Company’s acquired interest in OptiComm shares prior to the completion of the Scheme of Arrangement to acquire OptiComm and its controlled entities 2. December Underlying EBITDA Exit Run Rate includes synergies 3. Group includes Corporate services 4 Financial profile by segment Uniti’s W&I and C&B segments combined contribute 91% of group EBITDA Communication Wholesale and Consumer and Platform as a Service Uniti Group1 Infrastructure (W&I) Business (C&B) (CPaaS) Half year FY21 $29.9m $17.4m $15.1m Revenue $54.6m (% of total) (48% of total) (28% of total) (24% of total) Half year FY21 $20.2m $2.0m $10.0m $29.3m EBITDA (EBITDA margin) (68% margin) (12% margin) (66% margin) (54% margin) Reported Half year FY21 $12.8m $1.2m $9.9m FCF $21.0m (Cash Conversion) (63% CC) (60% CC) (99% CC) (72% CC) 2 Half year FY21 $141.0m $52.0m ~$30.0m RR Revenue $200.0m (% of total) (63% of total) (23% of total) (13% of total) Half year FY21 $100.0m $6.0m ~$20.0m RR EBITDA $116.0m Exit Run Rate Run Exit (EBITDA margin) (71% margin) (12% of total) (66% margin) A high margin, recurring revenue business 1. Group Revenue and EBITDA accounts for intersegmental sales and associated corporate costs 2. W&I and C&B Exit run rate is calculated as Dec-20 annualised including Velocity and $6m synergies assumed. CpaaS Exit run rate approximated by annualising half year results. 5 ASX telco landscape – by company There are currently 8 companies in the diversified telco industry with a market capitalisation greater than $500m 11 GICS Classifications 2 Sub-sectors 2 Sub-sectors 18 Companies on the ASX in Communication in Telecommunication in Diversified Telco Services1 Services Services Company Mkt Cap ($m) Energy Telstra Corporation 40,794 Materials TPG Telecom 11,268 Diversified Spark New Zealand 7,599 Industrial Telco Vocus Group2 3,392 Services Utilities Telecommunication Chorus 2,651 Services Uniti Group 1,759 See Healthcare Wireless Telco Macquarie Telecom Group 1,119 next page Communication Services Aussie Broadband 571 Services MNF Group 478 Financials Media & Entertainment Superloop 391 Consumer Discretionary Tuas 299 Spirit Technology Solutions 241 Consumer Staples Pentanet 149 Information Technology 5G Networks 139 Field Solutions Holdings 79 Real Estate Hubify 36 Vonex 26 Flexiroam 23 Source: IRESS; Based on last close at 16-Apr-21 1. Only selected telecommunications companies with markets capitalisation greater than $5m have been shown - excludes Sky and Space which does not seem to have any trading liquidity 2. Vocus in the process of executing a scheme implementation agreement with MIRA/Aware Super – expected to be delisted in the near term 6 ASX telco landscape – by size In only two years, Uniti has become the 6th largest telco company on the ASX since listing from a $30m market capitalisation in February 2019 TPG Telcom Spark New Zealand $11.3b $7.6b Macquarie Telecom $1.1b Telstra Corporation Vocus Group2 Chorus Uniti Aussie $40.8b $3.4b $2.7b $1.8b Broadband $0.6b Source: IRESS; Based on last close at 16-Apr-21 1. Only selected telecommunications companies with market capitalisations greater than $500m have been shown 2. Vocus in the process of executing a scheme implementation agreement with MIRA/Aware Super – expected to be delisted in the near term 7 ASX telco landscape – by return profile Uniti has generated the highest annual internal rate of return from date of listing to now Annual Internal Rate of Return1 (%) – from company listing date to now 205% Only 2 of the larger ASX telco companies have generated more than 15% returns for shareholders 18% Has been listed for 11% 11% 5% 3% less than 12 months (3%) Uniti TPG Vocus Chorus Macquarie Spark NZ Telstra Aussie Telecom Corporation Broadband Source: IRESS; Based on last close at 16-Apr-21 1. IRR based on adjusted close prices (includes corporate actions such as bonus issues, rights issues, reconstructions etc. however excludes dividends) from each company‘s listing date to 16-Apr-21; only selected telecommunications companies with market capitalisations greater than $500m have been shown 8 Relative valuation Uniti appears to be valued by the market as a specialty telco despite its digital infrastructure characteristics and superior growth profile EBITDA CAGR EV / FY21 EBITDA (x) EV / FY22 EBITDA (x) CASH CONVERSION (CY20-22) (%) (%) 2 2 21.6x 14.0x 123% 72% 36.3x 16.9x 214% Negative 36.1x 29.1x 25% Negative 14.9x 20.7x 37% Negative 14.9x 12.9x 14% Infrastructure Infrastructure Negative 10.7x 9.4x 10% 59% Specialty Telco / Digital Digital / Telco Specialty 9.0x 8.9x 1% Negative 1 10.8x 11.6x 1 10.6x 11.4x 5% 44% 9.5x 8.9x 2% 41% 8.9x 8.7x 1% 65% 7.7x 7.4x -3% 60% Diversified Telco Diversified Source: Bloomberg based on close prices at 12-Mar-21, calendarised to June end. Megaport excluded given negative EBITDA 1. Based on both current Vocus multiple as well as unaffected Vocus multiple at the last close (8-Feb-21) before the MIRA takeover bid was announced 2. Cash conversion represents last reported EBITDA less last reported Capex as a % of last reported EBITDA; Uniti cash conversion reported in 1H FY21 9 The opportunity •A high growth, large scale national •Favourable market dynamics and FTTP network owner/operator. limited competition leading to Scale and capability to challenge exceptional returns on invested the NBN. capital •Significant and proven market •Strong recurring revenue and high demand for quality fibre profit & cash margins. ~80% of infrastructure businesses both revenues recurring. Gross margins domestically and offshore (e.g. driven by owning our Vocus & European transactions) infrastructure. •Organic growth locked in through •Proven management and board contracted pipeline with further with a track record of growing and whitespace underpinned by scaling telecommunications structural tailwinds increasing the 16 April 2021 businesses contracted pipeline. Share price: $2.60 Market Cap: $1.76bn Enterprise Value1: $2.02bn 1. Based on cash of A$45.5m and debt of A$301.2m as at 31-Dec-20 (as reported) 10 Snapshot of Uniti Increasing focus on W&I, which is a high margin recurring revenue business Wholesale and Infrastructure Consumer and Business Communication Platform as a Service (W&I) (C&B) (CPaaS) • The design, installation, operation • Provides telecom products and • Provides premium voice services maintenance and wholesale sale of services including broadband and over 13, 1300, 1800 calling services Fibre to the Premises (‘FTTP’) voice services on a mixture of and SMS. What we do networks. owned wireless infrastructure, W&I • Includes value-added SaaS data • Operating mainly across greenfields networks and resold fibre access analytics and call tracking new housing developments in networks application, as well as the leasing of broadacre residential estates and • Also a reseller of NBNCo for phonewords on these numbers multiple dwelling units. customer retention purposes Our core brands W&I is a core infrastructure business The CPaaS service portfolio have infrastructure- Mainly a reseller of Uniti‘s owned networks comprising predominantly exclusive fibre like characteristics providing high margin & (W&I) networks & integrated communications. highly cash generative. 11 Our business model Primarily a wholesale infrastructure business supported by a retail presence and a cash generative CPaaS business Developer funded Wholesale & contribution for Infrastructure construction and installation of the Communication 48% of Total Revenue network Platform as a 68% EBITDA Margin Revenue streams from Service premium inbound (including: 13, 1300 & Provides fibre ready 24% of Total Revenue 1800) voice, premises in residential 66% EBITDA Margin Phonewords, SIP and commercial Trunking & business- grade SMS service Developer Consumer
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