STRATEGY BRIEFING 3 July 2019 - Investors

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STRATEGY BRIEFING 3 July 2019 - Investors
STRATEGY
BRIEFING
3 July 2019

              AUSTRALIA’S SPECIALIST FIBRE AND NETWORK SOLUTIONS PROVIDER
                              CONNECTING ALL MAINLAND CAPITALS WITH ASIA
STRATEGY BRIEFING 3 July 2019 - Investors
WELCOME
Bob Mansfield
Chairman
STRATEGY BRIEFING 3 July 2019 - Investors
09:10 – 09:30   Overview
                             Kevin Russell

             09:30 – 11:00   Vocus Network Services
                             Kevin Russell, Andrew Wildblood,
                             Mark Callander, Ellie Sweeney

             11:00 – 11:15   Coffee Break

    AGENDA   11:15 – 11:45   Vocus Retail
                             Antony de Jong

             11:45 – 12:15   Vocus New Zealand
                             Mark Callander

             12:15 – 13:00   Key Takeaways and Q&A
                             Kevin Russell

                             Lunch

3
STRATEGY BRIEFING 3 July 2019 - Investors
EVALUATING VOCUS

     ASSETS & MARKET                      EXECUTION &
       OPPORTUNITY                           TIMING

    WE ARE IN THE EARLY STAGE OF A 3 YEAR TURNAROUND

4
STRATEGY BRIEFING 3 July 2019 - Investors
THREE YEAR TURNAROUND UNDERWAY
                                    •   New leadership
    1   PEOPLE AND CULTURE          •   LTI introduced
                                    •   New Vocus values introduced
                                    •   FY19 guidance will be met
        PLANNING AND EXECUTION      •   Cash and balance sheet well managed
    2                               •   Cost out program established
                                    •   3 year operating plan and goals established
        VOCUS NETWORKS              • Clear market priorities
    3   REVENUE ENABLERS            • Australia Singapore Cable operational
                                    • Invest in key products (SD-WAN, Secure)

    4   STRATEGIC FIBRE BUILDS      • 5 year pipeline established

                                    •   Steady operational improvements
        TECHNOLOGY SIMPLIFICATION   •   Network Operations Centres consolidated
    5   AND MODERNISATION           •   SuperCore network consolidated
                                    •   Future State plans agreed and vendors selected
                                    •   Commander brand relaunched
        RETAIL TURNAROUND           •   Optus MVNO renegotiated, with a path to 5G
    6                               •   NBN price increases implemented
                                    •   Cost and operational improvements underway
5
SIMPLIFYING TO THREE INDEPENDENT
OPERATING BUSINESSES

           VOCUS NETWORK SERVICES                VOCUS RETAIL                          VOCUS NZ
                                                                                  Strong performer with
              Untapped growth potential        Reset and turnaround
                                                                                     strategic options
                                                                           Full service offering of fibre
           Leading fibre and network      Reseller of broadband, mobile,
OVERVIEW   solutions provider             voice, energy
                                                                           connectivity, broadband, voice
                                                                           energy and mobile

           • Enterprise                                                    •   Consumer
TARGET     • Federal, state and local     • Price sensitive consumers      •   Enterprise
MARKETS      government                   • Small to medium enterprises    •   Government
           • Wholesale                                                     •   Wholesale

           • c.25,000km fibre
NETWORK                                                                    • 4,200km of inter capital fibre
           • 5,500+ on-net buildings                                       • 3 owned data centres
ASSETS     • 17 owned data centres

6
SIMPLIFYING TO THREE INDEPENDENT
OPERATING BUSINESSES

           VOCUS NETWORK SERVICES                VOCUS RETAIL                          VOCUS NZ
                                                                                  Strong performer with
              Untapped growth potential        Reset and turnaround
                                                                                     strategic options
                                                                           Full service offering of fibre
           Leading fibre and network      Reseller of broadband, mobile,
OVERVIEW   solutions provider             voice, energy
                                                                           connectivity, broadband, voice
                                                                           energy and mobile

           • Enterprise                                                    •   Consumer
TARGET     • Federal, state and local     • Price sensitive consumers      •   Enterprise
MARKETS      government                   • Small to medium enterprises    •   Government
           • Wholesale                                                     •   Wholesale

           • c.25,000km fibre
NETWORK                                                                    • 4,200km of inter capital fibre
           • 5,500+ on-net buildings                                       • 3 owned data centres
ASSETS     • 17 owned data centres

               OUR CORE BUSINESS
7
NEW TIER ONE EXECUTIVE LEADERSHIP TEAM

    KEVIN RUSSELL             ANDREW WILDBLOOD              MARK CALLANDER                 ELLIE SWEENEY
    Managing Director &       Chief Executive, Enterprise   Chief Executive, New Zealand   Chief Operating Officer
    Chief Executive Officer   & Government                  Chief Executive, Wholesale
                                                            and International

    ANTONY DE JONG            MARK WRATTEN                  ASHE-LEE JEGATHESAN            AMBER KRISTOF
    Chief Executive,          Chief Financial Officer       General Counsel                Head of People & Culture
    Business & Consumer                                     & Company Secretary

8
PEOPLE ARE THE LEAD INDICATOR
OF PROGRESS IN A TURNAROUND

                    Employee NPS                   Voluntary Attrition          Alignment with goals,
    “How likely are you to recommend                                            objectives and values1
       Vocus as a place to work?”
                                     8                                                              7.1
                                             20%

                                                                                          6.5

                                                                                 6
                                                                         15%

                          -1

             -3
           May-18       Sep-18     Current                                     May-18    Sep-18    Current

9   1   Out of 10
VOCUS RETAIL
More than halfway through navigating the structural headwinds
in Voice and Broadband

                      Voice SIOs1,2                                                    Copper and NBN SIOs1,2
                         (‘000s)                                                               (‘000s)
                    IP Voice      Legacy Voice                                                   NBN          Copper         Copper
              402
                                                                                                                             • ARPU: $59
                               (187)                                     Voice           589           (84)                  • AMPU: $27
                                                                                                                       505
                                            215                          • ARPU: $49
                                                                                                                       138
              402                                                        • AMPU: $26
                                                                                         404                                 NBN
                                             181                                                                       367   • ARPU: $64
                                                                                         185           +182
                                             36                                                                              • AMPU: $21
             Jun-17                       Jun-19*                                       Jun-17                     Jun-19*

         •    Material margin dilution due to loss of legacy voice and copper ADSL SIOs, together with the migration to
              lower margin NBN products
         •    Expect the impact of erosion to be fully offset by new revenue streams and cost savings during H2 FY21

   * End May-19 SIOs + 1 month forecast. ARPU and AMPU based on H1FY19
   1 Services in operation
10 2 Retail (including Consumer and Commander)
GUIDANCE
                                 2019                              2020                       2021+

                        $350m – $370m                      $350m – $370m               Vocus Network Services
                   Underlying EBITDArange               Underlying EBITDArange             accelerating
                    Capex to be (excl. ASC)                EBITDA growth in               EBITDA growth
                        $160m – $170m                   Vocus Network Services of
                                                                                          Retail business
                                                         $20m – $30m offset            stabilised during H2FY21
                         Cash conversion                by similar decline in Retail
                             90 – 95%                                                  and primed for growth in
                                                             Expect stronger                      FY22
                                 NLR1                      H2 performance
                          2.90 – 2.95 X                                                    New Zealand
                                                               Capex to be                  steady growth
                          Underlying D&A                   $200m – $210m
                       less than $160m              ~$15m on FSTP2 / ~$30m on IRU’s3

                                                            Cash conversion
                       Above financial metrics
                     all within original guidance               90 – 95%
                                                         NLR continues to reduce

     1
       Net Leverage Ratio (Net Debt/EBITDA)
     2 Future state technology program
11   3 Indefeasible Rights of Use (“IRU’s”)
VOCUS NETWORK
SERVICES
Kevin Russell, Andrew Wildblood,
Mark Callander, Ellie Sweeney
VOCUS NETWORK SERVICES
What are we building?

AUSTRALIA’S
SPECIALIST
FIBRE AND
NETWORK
SOLUTIONS
PROVIDER

13
VNS Overview
WHAT WE DO WELL

     Customers             People            Delivery            Fibre           Secure
 Great relationships,      Passionate,     Industry-leading   Complex and      Trusted partner
     easy to do           capable and         capability      unique builds   for highly secure
   business with        customer-focused                                          networks
                                                              Proven track
                                                                 record

14
VNS Overview
WHY OUR CUSTOMERS CHOOSE VOCUS

     We have you covered                           Trusted
     Dedicated, local account management           by leading brands and Government agencies
     24/7 local network operations centres         Security-cleared staff operating secure network

     Make it easy                                  Crazy about customers
     The nimble challenger that’s                  The challenger brand our
     easy to do business with                      customers deserve

     Innovative and                                Australia and NZ wide network
     commercially disruptive                       with reliability, resilience and reach,
     Disruptive pricing for competitive products   and growing International capability

     Innovative solution design

15
VNS Overview
SUBSTANTIAL                                             Enterprise market      Government market          Wholesale market
OPPORTUNITY
TO GAIN
MARKET                                                          $5.5b                 $0.6b                     $3.5b
SHARE
                                                       Current Vocus Share     Current Vocus Share       Current Vocus Share
                                                             c. 4.5%                 c. 11.5%                  c. 8.5%

$9.6b
directly addressable                                    A challenging time for all of our competitors
connectivity, network
security, voice and
collaboration market1

Current Vocus Share:
c. 6%                                                  Impacted by             Cost out of              Vastly more
                                                       challenges and          customer facing          complex product
                                                       priorities in their     activity and IT          portfolios
1   Excludes mobile of $4.3b
                                                       core consumer           transformations
Sources: Management estimates based on Vocus billing
data, Ovum, Gartner, IDC, company annual reports       business
    16
VNS Overview
MARKET DEMAND IS DRIVING
UTILISATION OF VALUABLE ASSETS
All mainland capitals connected with Asia

                                            Market demand                Valuable assets
                                            Digitisation, automation,    Secure inter-capital
                                            AI and Machine Learning      network is the only
                                            Driving increasing demand    complete alternative
                                            for data connectivity over   to Telstra
                                            Australia’s long distances   Vocus was built to be
                                                                         the ‘carrier’s carrier’

                                            Hyperscale cloud             Australian mobile
                                            companies are                operators deploying 5G
                                            consuming significant        Need to deploy or upgrade
                                            capacity across              backhaul to existing and
                                            Australia and into Asia      new greenfield sites

                                            Acceleration of              Addressing the
                                            Australian enterprises       digital divide
                                            adopting private and         between metro and
                                            public cloud                 regional Australia

17
VNS - E&G
ENTERPRISE &
GOVERNMENT
CUSTOMERS TODAY
                                                          Enterprise                         Government

                      EG revenue
                  (excludes Coral Sea Cable)                   5,300                             200
                                                               Enterprise customers              Government customers
                  DC & Cloud
                                                                                                 (Federal, State, Local)
         Other
                          7%                                   1.84                              3.06
                    8%
                                                               Average products                  Average products
                                                               per customer                      per customer
     Voice   15%
                                                               Geographically diverse
                                            54%
                                            54%   Fibre                                          Trusted, secure network
                                                               customer base across States

                   16%
                   16%
                                                               60% of ASX200                     On procurement panels
       Internet                                                are Vocus customers               for Federal, State and Local
                                                                                                 Government customers

                    70% of revenue                             Top 200 customers
                   is from Fibre and Internet                  = 50% of total revenue

18
VNS - E&G
KEY DRIVERS OF GROWTH IN
ENTERPRISE & GOVERNMENT

Targeted approach       Products        Channel             People           Partnerships
    to market

      Aligned to our   Rationalised   Reinvigorated    The right skill set    Disruptive
      unique assets    and updated    indirect sales   and incentives to      plays with
       and offering    product set        model         support growth         big tech

 19
VNS - E&G
TARGETED
APPROACH                                       Government and
                                               Special Projects
                                                                         Enterprise
                                                                                         E&G Indirect
                                                                                          & Alliances

TO MARKET                                 Co-funded,         Large        Local Govt       Small and
                                          secure or      departments    Niche industry     mid-sized
                                             high-       and agencies                     corporates
                                           capacity         across       Fin Services
Key verticals                              networks       Federal and   Prof Services
                                                                                         Small System
                                                                                          Integrators
                                                             State
requiring different                                      Governments
                                                                          Oil & Gas
                                                                            Mining
products and go to                                                        Broadcast
                                                                            Media
market approach
                                                              Cloud services

                                           Niche industry offers

                              Voice                    Collaboration / Unified Comms

                                                 Secure network services

                         Ethernet, private and IP wide-area networks

                                       Internet access

                      Dark fibre, wavelength

20
VNS - E&G
PRODUCTS ALIGNED TO THE NEEDS
OF OUR TARGET MARKETS

                             Now                                                  FY20 - FY22

     Networks and     Limited product set            Invest in team capability and               Grow our voice and
     Connectivity                                          relevant products                    collaboration portfolio
                                                      Expand reach through NBN                  On-demand product
     Cloud,           Wholesale products                                                            experience
                                                     Open new markets through
     Platforms        retrofitted to serve        productising international capacity           Integrated network to
     and Security    Enterprise customers                                                         provide enhanced
                                                       Secure network products
                                                                                                customer experiences
                                                           for government
     Workplace
     Collaboration                                      Leverage our network
                                                        to capitalise on growth
                                                           in cloud services

                                      Product Simplification                                      Industry Solutions

21
VNS - E&G
NBN                                                     Why partner with NBN?
Complements
Vocus’ long-haul
network, enabling
us to disrupt and   Complementary        Customers                  Sales           Economics                Capital
take share          Vocus long-haul
                        fibre,
                                       Ability to win major
                                       customers beyond
                                                               Up-sell existing
                                                               customers with
                                                                                 Use NBN as an
                                                                                alternative to other
                                                                                                          Preserve capital
                                                                                                         for strategic Vocus
                      NBN access        the reach of our      new products and wholesale networks      fibre builds, leverage
                       network            own network          reach enabled        for highest           NBN to connect
                                                                  by NBN           overall return          customer tails

                                                     Growing NBN product suite

                    Launched          Launched                                               August
                    Jan 2019          April 2019        July 2019           July 2019         2019              Q1 FY20

                       NNI            Business          NBN Fibre        Wholesale            NBN              Enterprise
                     Linking          Internet          Upgrades        NBN Business        Symmetric           Ethernet
                                                                           Grade             Access

22
VNS - E&G
SEPARATE AND SECURE NETWORK
FOR GOVERNMENT CUSTOMERS

                                                               Specialised network to
                                                               grow Government share
                                                               • Existing contracts with major
           ~$600m                 35%             65%            Federal Government customers
     Addressable Government       State           Federal
          Market (FY19)                                        • Partitionable network and
                                                                 management systems

                                                               • Security-cleared staff
                              35% of market   65% of market
                               opportunity      opportunity    • Reach remote locations
                                is in State    is in Federal
                                                               • Australian-owned company and
                                                                 local network operations centres

23
VNS - E&G
INVEST IN CHANNEL, PEOPLE & PARTNERSHIPS

       Reinvigorate indirect                               Invest in                           Strategic
          sales channel                                   our people                          Partnerships
       2019                        2023        • Upskill to match growth ambition   • Grow in public cloud, voice
    350 partners                50 partners
VNS – W&I
TARGETED
APPROACH                      Wholesale and International

TO MARKET                 Global       Data centres          System
                       technology,      Tier III & IV      Integrators
                       content and                            MSPs
                      media carriers
Key verticals                                                 RSPs

focusing on high
bandwidth
services to deliver
maximum returns                                                                               Cloud services

                                                                             Niche industry offers

                                                             Voice                    Collaboration / Unified Comms

                                                                                  Secure network services

                                                        Ethernet, private and IP wide-area networks

                                                                         Internet access

                                                 Dark fibre, wavelength

25
VNS – W&I
TOP 100 CUSTOMERS                                                                              Vision
REPRESENT 80% OF                                                             To be the first-choice network into and within
                                                                                     Australia and New Zealand
WHOLESALE REVENUE

                                 Data Centre                     1,100        $24,000        4.5Tbps             $7.5m         Strong
            International                                         Total        Average       International    Revenue         relationships
                Carriers                                        Customers       MRR               data        per team         with all key
                            9%
                                    2%                                                                        member             players
                                                     Domestic
    Global                                           Carriers
Technology                                     31%
                  12%                                                         Wholesale revenue distribution
                                                                    Top 50 customers
                                                                   65% of total revenue

     Managed     17%                                                   Top 100 customers
      Service                                                         80% of total revenue
     Provider
                                         29%
                                               Retail
                                               Service
                                               Provider
                                                                                           Top 200 customers
                                                                                          90% of total revenue
26
VNS – W&I
FOUR DISCRETE MARKETS WE PLAY IN WITH
TARGETED PRODUCT SET AND SELECTIVE CLIENT BASE
                                             Typical
                                             Contract    Competitive Capex
                               Competition   Terms       Advantage Intensity       Business Model                         Market dynamics

                               Telstra       2-5 years              Low        • NBN enabler with nationwide reach    • Challenging market for RSPs,
Resale

                                                                               • Leverages core infrastructure          but Wholesale floats on the tide
                 Reseller      Optus                        Low                  assets                               • Low operating leverage
                               MyNetFone                                       • Voice pull through for improved
                                                                                 margins

                               Telstra       2-5 years              High       • Connecting where our customers       • Cloud adoption driving bandwidth
                                                                                 need to be in every instance           and connectivity
                               Optus         IRUs
               Data Centre                                 Medium              • Combination of leased and IRU        • Requirement for diversity and pushing
                                             10+ years                           contracts                              content to the edge
               Connectivity
                                                                               • Customer funded builds that          • Leverage international relationships
                                                                                 reduce cashflow impacts
Connectivity

                               Telstra       2-5 years              Medium     •   Long-term, high bandwidth deals    •   Stable recurring annuity revenue streams
                                                                               •   High operating leverage            •   On-net; minimal costs and high margins
                 Managed       Optus         IRUs           High
                                                                               •   Deal structure important           •   Network coverage and reliability
               Data Services                 10+ years
                                                                               •   Low competition outside Telstra    •   Positioned as alternative to Telstra

                               Indigo        1-3 years              High       •   First mover advantage with ASC     • Strong demand for data and traffic
               International                                                   •   Network ownership economics          moving to the West
                               Hawaiki       IRUs           High               •   Protected solutions with swaps     • Resiliency and diversity needs for large
                   Data        SXC           10+ years                                                                  bandwidth users such as OTTs
                                                                               •   Strong established relationships

      27
VNS – W&I
VOCUS CAN HARNESS INTERNATIONAL ASSETS
FOR DOMESTIC AND INTERNATIONAL GROWTH
                         ASC is Vocus’ ticket to play in the
                         International market
                         • Customers include major global technology
                           companies, OTT players and international carriers
                           with high bandwidth demands
                         • Internet traffic is moving to the West with low latency
                           and diversity the key requirements for OTTs and
                           international carriers
                         • Vocus has sold nearly 10x the capacity of the entire
                           SMW3 cable system in the first six months of
                           operation
                         • Leverage ASC ownership economics for strategic
                           swaps that strengthen our position and reach in
                           international market
     AUSTRALIA
     SINGAPORE           • Leverage customer relationships established through
       CABLE
                           ASC on other international assets and cable routes

                            Global technology companies and international
                               carriers will only deal with cable owners

28
VNS – W&I
THREE DISTINCT                                        Global                      International and             Content Distribution
INTERNATIONAL                                         Technology Giants           Domestic Carriers             Networks (CDNs)
                                                      • Adoption of cloud-based   • Increased focus on          • Growth in bandwidth
COHORTS                                Trends
                                                        services, big data          diversity, service uptime     in all market segments
                                                      • Live video streaming,     • Protection within and       • Connectivity is the critical
                                                        better quality              between Data Centres          enabler of CDN partners
What makes Vocus different?                           • Augmented reality         • Bandwidth explosion with    • Delivers lowest cost and
                                                        and virtual reality         double digit CAGR             lowest latency content
• Design of the Australia Singapore
  Cable with 4 fibre pairs, breakout   Customer • Network scale and               • Network scale and           • Commercial flexibility
  into Indonesia                                     capacity                       capacity                      and content reach
                                       Value
• Capacity advantage 60Tbps            Proposition • Network  reach
                                                     throughout Australia
                                                                                  • Pull through services
                                                                                    and network reach
                                                                                                                • Network scale and
                                                                                                                  capacity
  with one owner versus competitor
  36Tbps with four owners                             • Ownership economics       • Ownership economics         • Ownership economics
                                       Capability
• Ability to deliver data anywhere     Leverage       • Relationships             • Relationships               • Relationships
  in Australia on our network                         • Software enabled          • International voice,        • Software enabled
                                       Future
• Protection solution can be offered                    customer experience         bi-laterals                   customer experience
                                       Capability
  with strategic swaps at ownership                   • Low commit with           • Online ordering and APIs    • Flexible bandwidth
                                                        high burst flexibility    • Realtime provisioning         provisioning in real time
  economics
                                                      • Realtime provisioning                                   • Zero touch provisioning
• Australia Singapore Cable is
  wholly Australian owned
                                       Bandwidth
                                       sold on ASC                    68.7%                      31.2%                            0.1%
                                       (in excess
                                       of 3.5 Tbps)

 29
VNS – W&I
WHY CONSIDER SWAPS ON ASC -
WHAT ARE THE KEY DRIVERS

                                                         Swap considerations
              International Go To Market

            Sell                     Swap            A                                   B
      Yield Management           Value Accretion
                                                         Capacity           Value of
           Lease              Earnings Improvement       offered to       the capacity
           IRUs                  Extended Reach            Vocus            to Vocus
                                Capex Avoidance

                                                              Align ASC value
                                                            to capacity offered
        International           Network Planning
     Sales Management            and Commercial
                                                                      C

30
VNS – W&I
KEY DRIVERS     Sales enablement                                       Pricing and
OF GROWTH IN    Development of sales operations
                                                                       commercial
WHOLESALE AND   to increase selling effectiveness                  Leverage dedicated
INTERNATIONAL   and customer engagement
                Enhanced customer delivery
                                                              pricing team across VNS
                                                          Maximise profitability across
                with team focused on end to                    segment opportunities
                process, not just sales effort
                                                              Align incentive programs
                Product simplification,                        with the optimal returns
                online ordering and APIs                               for the business

                GTM enhancements                                      International
                Dedicated product resource                 Build specialist international
                for Wholesale and International      sales team to capitalise on market
                business                                    opportunity created by ASC
                Increased base management                    Focus on pull the through
                capability, white space management               of domestic services
                and customer marketing
                                                               Potential new presence
                Consistent selling methodology and               in Singapore and US
                marketing supported campaigns

31
VNS – I&O
LEADING FIBRE ASSETS
CONNECTING AUSTRALIA WITH ASIA
Our fibre and core transport network are our key assets

                                                 • 15,020km of inter-capital network in Australia
                                                 • Over 9,500km of metropolitan and regional fibre
                                                   in all major centres
                                                 • 4,200km of inter-capital network in New Zealand

                                                 • More than 5,500 on-net buildings
                                                 • Connectivity to 17 major sports stadiums

                                                 • Australia Singapore Cable gateway to Asia
                                                 • North West Cable System connecting offshore
                                                   oil and gas facilities

                                                 • Own and operate portfolio of 17 data centres
                                                   in Australia

                                                 • Delivering Secure network and operations
                                                   for Government customers

32
VNS – I&O
PROVEN TRACK RECORD
OF RUNNING NETWORKS
Operating ahead of target metrics

               Customer                               Network                  Systems
              Satisfaction                           Resilience               Availability

     Customer Service Delivery                     Targets beaten            Targets beaten
           NPS Score
40
                                                    IP Core Network      Operating Support Systems
                                                                                   (OSS)
30                                                   Edge network
20
                                                                         Business Support Systems
                                                     Voice Network                (BSS)
10
                                                  Transmission Network          IT Systems
 0
     Feb-19   Mar-19   Apr-19   May-19   Jun-19

33
VNS – I&O
PROVEN TRACK RECORD OF WINNING
AND BUILDING LARGE SCALE CABLES

                   Delivery date   Description

                                   • 2,100km, 12TB capacity
North West Cable
                     Oct 2016      • Connecting offshore oil and gas facilities in the Timor Sea, between Port
 System (NWCS)
                                     Hedland and Darwin

                                   • 4,600km, 60TB capacity
     Australian
                                   • New high capacity route to Asia (and onto Europe) replacing ageing and
     Singapore       Sep 2018
                                     unreliable SeaMeWe3 system
     Cable (ASC)
                                   • Delivered ahead of time and under budget

                                   • 4,800km, 40TB capacity Sydney to Honiara and Port Moresby
 Coral Sea Cable     Dec 2019      • 800km Domestic submarine cable network between 4 islands in Solomon
     System                          Islands

34
VNS – I&O
OUR OPPORTUNITY IS TO SIMPLIFY,
MODERNISE AND ENABLE GROWTH

                                                        Phase 2
                                                        Future State
                            Phase 1                     FY20+
                            Initial integration         • Simplify and
                            2017-2019                     modernise
                            • NOC Consolidation
                            • Network consolidated
        M&A Activity          to Supercore
        • Ipera, Amcom,     • Stabilised Delivery
          Nextgen, Vocus,   • Voice consolidation
          M2, IPTel         • Isolated Secure Network
                            • Secure gateway

35
VNS – I&O
TECHNOLOGY FUTURE STATE
Simplify and modernise

BSS                                                         Phase 2 – 2020 to 2023
                                                            • Commencing H1FY20
                                              Phase 2
                                                            • Consolidate six Edge Networks into one
Edge                                                        • Consolidate eight BSS environments into two
                                                              non-customised, cloud-based environments
                                                            • Implement Programmable Network to automate
                                                              network actions
Core
Transmission                City A                          • Digital customer self-service
                                              Phase 1
                                                            • Software Defined Networking
           City C                    City B   2017 - 2019
                                                            • Network Functions Virtualisation
                                                            • Simplified network planning and operations
                                              Physical
                                              fibre         • Optimised customer provisioning
                    Fibre

36
VNS – I&O
            Financial efficiency
            • Reduce cost to serve and improve speed of service provisioning,
              assurance and monitoring
            • Annual Opex savings of c.$30m and Capex reductions of $30m by FY23

            Customer experience
            • Provide customers with enhanced control over consumption, activation,
              billing, monitoring
            • Expand our market reach through enabling Channel Partners
BENEFITS
OF FUTURE   Disrupt
            • Potential to disrupt the market with new commercial models including;
STATE         Bandwidth on Demand, Pay by minute, SLA, Capacity, Latency

            Partner ecosystem
            • Participate in the ecosystem of Global Cloud and Software Providers
            • Extend network to global players using virtualisation and open standard
              interfaces

            Product innovation
            • Easier product innovation with new software, product catalogue and
              simplification of product
            • Improve speed to market and ability to white label with Challenger Partners

37
VNS – I&O
TARGETED MILESTONES – FUTURE STATE
                                                                Current
Milestone                                                                      FY20           FY21         FY22     FY23
                                                                 state
                        1
Capex spend                                                                    $15m           $30m         $33m     $5m

                                      New Edge Network build1
Network                                                            -            55             110          160      41
                                      (No. sites)
Consolidation
and Simplification                    Edge Networks                6                                                 12

                  BSS Stack consolidation                          8                                         2
BSS Consolidation
and Modernisation New BSS platforms                                       Front end       Back end
                                                                   -
                  implemented                                             systems         systems
                                                                                          NFV
Programmable                                                              NW
                                                                                          Management   Advanced
Network and                           New Systems implemented      -      Orchestration
                                                                                          Basic        Automation
Automation                                                                SDN Control
                                                                                          Automation
Infrastructure and
                                                                $165m         $161m           $150m        $145m    $135m
Operations Opex

     1 Does not  include customer fibre builds
38   2   Excludes secure network
LONGER TERM OPPORTUNITIES
IN OIL AND GAS MARKET
North West Cable System

                                                                                                       The Opportunity
                                                                       Sunrise
                                                                                               • Numerous scoping studies
                                                                                                 underway with potential oil and
                                                                                 Evans Shoal
                                                                                                 gas partners along NWCS route
                                                               Bayu

                                                                                               • Vocus is uniquely placed and
                                                               Undan

                                                       Cash
                                                                                                 has unparalleled expertise in
                                                       Maple
                                                                                                 submarine cable connectivity
                                                    CRUX
      Poseidon

                                          Prelude
                                                                                               • Typically 15 year annuity
                 Torosa
                                         Ichthys
                                                                                                 revenue structure, frequently
                  Brecknock
                  Calliance

                              Burnside
                                                                                                 customer funded

39
LONGER TERM OPPORTUNITIES
STRATEGIC FIBRE BUILDS UNDER REVIEW

     Projects assessed against financial and strategic          Project                     Opportunity
       returns and are potentially customer funded                          • Vocus regional fibre assets well positioned
                                                             5G fibre
                                                         A                    to service 5G and NBN Fixed Wireless
                                                             backhaul
                                                                              backhaul
                                                             Indonesia      • Close proximity to burgeoning Eastern
                                                         B                    Indonesian market of 60m people
                                                             Cable
                      B
                                                                          • Ability to connect to offshore projects
                                                                            including Scarborough gas shelf
              C
                                                             Port Hedland
                                                         C   branch cable • Completes the loop around Australia,
                                                                            improving redundancy credentials with key
                  D                                                         clients

                                                                           • Ability to connect mining clients that are
                                               A                             demanding high capacity fibre
                                                             Geraldton
                                                         D                 • Mining region generates 1/3 of Australia’s
                                                             to Port
                                                                             GDP
                                                             Hedland cable
                                                                           • Makes Vocus the only competitive option to
                                                                             incumbent provider

40
VOCUS RETAIL
Antony de Jong
VOCUS RETAIL
Strategic direction

Vocus Retail        Turnaround           Leverage three    Diversification   Deploy low cost,
being established   strategy underway    strong brands     of revenue and    digital operating
as a separate       to return business   (Dodo, iPrimus,   growth through    model – move
standalone          to revenue and       Commander)        mobile and        away from
Business Unit       profit growth in     to clear market   energy            legacy systems
                    FY22                 segments

42
VOCUS RETAIL IS EXECUTING A MULTI-BRAND STRATEGY

                  Dodo        Be the simplest choice for        For individuals on the go who    The small business telco
                  iPrimus     household services –              always want to stay in touch     that disrupts, to give Australian
     Revenue
                              fixed, mobile and energy          “The most flexible internet      small businesses better value
     by brand     Commander
                              “Simple Not Stupid”               you can get”                     at speed
                  Other                                                                          “Making business faster, faster”

                              • Price conscious consumers       • Consumers who value superior   • SMBs up to 50 staff
                              • Skew to lower income              service and reliability        • Value speed and service
Target segment                  and youth                       • Willing to pay more for more     from a well established,
                              • Movers, renters and switchers                                      trusted brand

                  Broadband   • Broadband - NBN                 • Broadband - NBN                • Broadband – NBN
                  Voice       • Mobile                          • Voice                          • Voice
      Revenue
                  Mobile
     by product               • Energy                          • Mobile                         • Mobile
                  Energy
                  Other
                                                                • Entertainment                  • Energy

43
VOCUS IS THE FOURTH LARGEST NBN PROVIDER

                                                     The reality of NBN economics
                  21.6%
                                                     • One-time NBN costs to acquire and connect
                                      14.2%            are high - chasing share is costly
                                                     • NBN variable pricing constructs for RSPs are
                                                       not aligned with end customer fixed price

                                              8.3%   • Majority of customers are on unlimited plans –
                                                       higher speed tiers and higher usage impact AMPU

               SIO Market Share           6.8%       The Vocus approach
                                                     • Increase price in market consistent
          49.2%                                        with increasing costs
                                                     • Migrate to higher ARPU plans where possible
                                                     • Develop Wireless Broadband options as cost
                                                       effective alternatives
     Telstra   TPG        Optus   Vocus   Other

44
NBN INDUSTRY        Accessibility and affordability
PRICING             Broadband for all Australians, especially price-conscious
CONSULTATION        and disadvantaged
An opportunity      • lower entry level pricing
                    • support voice only customers
to make NBN
more economically
and operationally   Simplicity and certainty
sustainable         Pricing aligned to support unlimited data plans
                    • abolish CVC, variable cost is incompatible with fixed prices
                    • range of consumer speed tiers to support various
                      customer needs

                    Fairness
                    Promote competition, level the playing field
                    • complexity benefits larger players and hurts competition

45
OPPORTUNITY FOR MOBILE TO DRIVE GROWTH
                                                                                        Grow aggressively in Mobiles to reflect Fixed share
                                          Vocus participates in $12.8bn market          • High brand awareness relative to other challenger brands
                      $5.1                    $4.9           $4.2            $3.7       • Strong consideration for Dodo in broadband
100%                                                                                    • Optus MVNO has path to 5G and Fixed Wireless Broadband
                    Fixed                   Fixed           Fixed           Fixed       • 3x SIO growth across 3 brands in next 3 years

  80%                                                   21%
                                                        revenue share
                                                                                        Commander to drive disruption in SMB and take
                                      7%                                6%
                                      revenue share                     revenue share   share from majors
  60%                                                                                   • Commander is uniquely placed as SMB-only brand
                                             Segments targeted by Vocus represent       • Competes with larger multi-segment brands focused
                                                   72% of AU Telco Market                 elsewhere
  40%                                                                                   • Commander heritage built over 30 years with 36%
                                                                                          awareness is a platform for growth
                 Mobiles                  Mobiles         Mobiles         Mobiles
                                                                                        • Most customers need an NBN sales conversation with 80%
  20%                                                                                     yet to migrate
BUNDLING ENERGY EXPANDS TENURE AND MARGINS

Broadband is the entry point into the home                                        Customer tenure improves with
Almost 70% of Dodo customers with 2 products and over                             every additional product
90% with 3 products have Broadband as the core
                                                                                       BB Customers           Incremental av tenure (months)
            2%                                       8%                                                                           10
                       Mobile +                               Mobile +                  77%
      30%              Electricity                            Electricity + Gas
                                                                                                               6
            2          BB + Mobile/               3
        products       Electricity/ Gas        products       BB + 2 of                                      20%
                                                              Mobile/
                       Electricity + Gas                                                 0                                       3%
                 68%                                          Electricity/ Gas
                                               92%                                      BB            BB + Mobile/ Energy   BB + Mobile +
                                                                                                                               Energy

 • Brand awareness of 40% for                  • Draw from Vocus NZ experience           • Regulatory changes
   Dodo in Energy is approx. double              – broadband led sales with                and price transparency will
   other retail Energy challengers               attachment of energy and                  accelerate customer switching
                                                 mobile and single acquisition
 • Only 10% of current NBN                       and billing experience                  • Commander also uniquely
   and Mobile customers take                                                               placed to offer Energy to SMB’s
   Energy from Dodo today

 47
ESTABLISHING THE BUILDING BLOCKS IN VOCUS RETAIL
                                                                                              NBN margin
                                                                           Launched
                Dodo brand                            Customer base                           focus, $10 price
                                                                           $5/$10 discount
                relaunch 76%                          management                              increase to out
                                                                           “Bundle and
                prompted                              focus, refreshed                        of contract                                    New mobile
                                                                           Save”
                awareness and                         NBN migration                           customers and                                  offers, digital
                                  Optus MVNO                               campaign.                                New GM Energy
                14% consideration                     program                                 updated plans                                  improvements
                                  Agreement,                               Energy price                             commenced
                                  MyDodo service                           refresh leading                          rebuilding
                                  portal launched                          to SIO growth                            Energy team

             Sep-18            Dec-18               Feb-19               Mar-19              Apr-19              May-19                    Coming

                                Mobile and Bundle     Online       New brand and ‘Back to                           New offshore sales       New simplified
                               refresh reducing in-   sales        Business’ campaign launch                        team to drive cross-     bundles and
                              market plans by 50%     capability   attracting +380k unique                          sell/upsell              mobile plans
                                                      launched     website visitors

                                                                                                                     AU labour and marketing
     20% year on year offshore                         Ombudsman complaints
                                                                                                                  efficiencies implemented post
       headcount reduction                                improved 15%
                                                                                                                 formation of Retail BU in March

48
VOCUS
NEW ZEALAND
Mark Callander
VOCUS NZ, SUSTAINED GROWTH WITH
SIGNIFICANT MARKET SHARE OPPORTUNITY
                           Consistent and sustained revenue growth over five years from core telco and energy bundles.
                         Incremental EBITDA delivered, whilst consolidating merged companies and investing for growth.

                                                     Revenue                                                                                                            EBITDA
                                                                                 363.5
                                 340.6                   350.4
          331.7                                                                                                                                                                      61.3
                                                                                                                                                                          55.6
                                                                                                                                                                 53.6
                                                                                                                                         50.3

                                                                                                           H1
                                                                                                                                                                                                 H1
                                                                                                          188
                                                                                                                                                                                                30.6

       FY15 (A)                FY16 (A)               FY17 (A)                FY18 (A)                FY19 (F)                       FY15 (A)                FY16 (A)   FY17 (A)   FY18 (A)   FY19 (F)

FY15-17 financials represented on a pro-forma basis for one-off and non-recurring items and contribution of acquired entities throughout the historical period

  50
NZ TELCO MARKET                                                                                                  MARKET INSIGHTS
– $5.4BN
                                                                                                                 Data Consumption               Market Share
Significant market share opportunity exists for Vocus NZ’s core telco                                            Intensifying
                                                                                                                                                • Consumer broadband
products, leveraging network reach and capability. Targeted growth                                               •   Streaming services           market share 13%
in the non-core energy market through cross sell and bundling.                                                   •   Catch up services            of total connections
                                                                                                                 •   Video and user content     • Enterprise and
                                                                                                                 •   Rugby World Cup              Government revenue
       Addressable                                                   Addressable
                                                                                                                                                  share at 5% of market
         Market                                                        Market

              Consumer Telco                                                  Business Telco                     Network Ownership Critical     Rationale Market Structure

                                                                                                                 Bandwidth explosion positive   Less price discounting as fibre
         Fixed                       Mobile                       Fixed & ICT                         Mobile     for infrastructure owners      uptake reduces switching
       c. $1.4bn                    c. $1.9bn                      c. $1.1bn                         c. $1.0bn   compared to Resellers, key     numbers, but some aggressive
                                                                                                                 enabler of Wholesale market    short term discounting still
                                                                                                                 opportunity                    exists

                                                                    Business                     Industrial
            Consumer Energy
                                                                     Energy                       Energy         Differentiation based          Lifetime value of
                c.$3.5bn
                                                                    c.$3.1bn                      c.$3.4bn       on network performance         customers increasing
                                                                                                                 a reality driven by            through effective bundling
                                                                                                                 unconstrained and              and service reputation
Source: Commerce Commission Telco Market Monitoring report 2018                                                  unlimited fibre based plans    driving organic growth
Electricity company annual reports, Electricity authority – Electricity Market Information website
Chorus and MBIE UFB Quarterly connectivity update; management estimates

  51
INCREASED BANDWIDTH DEMAND MAKES NETWORK OWNERSHIP
AND ECONOMICS CRITICAL TO DELIVER SUPERIOR VALUE

                                                     SAN JOSE
                                                       (USA)

       SYDNEY           WHANGAREI                                              ~4,300km fibre backhaul               Three core network data
     (AUSTRALIA)
                                                                               network throughout New                centres, interconnection with
                                             AUCKLAND                          Zealand                               over 30 major data centres in
                                             TAURANGA
                                  HAMILTON                                                                           NZ and 100% UFB coverage

                       NEW PLYMOUTH
                                                  NAPIER

                    PALMERSTON NORTH

                                                                               Spare capacity across 360+            200Gbps wavelengths over a
                      NELSON
                                                                               fibres nationwide providing           multi-terabit optical transmission
                                         WELLINGTON                            ability to generate future growth     network with market leading
                                                                               at relatively low marginal costs      partners including Infinera,
                                                                                                                     Juniper, Cisco and Nokia
                                   CHRISTCHURCH

                         DUNEDIN                  Vocus NZ
                                                  Third Party Netw ork
                                                                               Disciplined investment in network     In-house team manages and
                   INVERCARGILL
                                                  International Connectivity   and equipment upgrades has resulted   develops technology and applications
                                                                               in efficient capital requirements     across a single framework

52
LEVERAGING BRANDS, PRODUCTS AND NETWORK
ECONOMICS TO GROW ADDRESSABLE MARKET SHARE
          Mass market                                                        Business
                                                                                                                                         Wholesale
        Consumer                 SE                  Medium Enterprise                   Corporate and Government

• Dual brand strategy to win customers      • Credible and trusted brands that      • Proven experience in Government        • Harvesting the network to
• Well established brands that are            compete in all enterprise market        sector with involvement in One.govt      maximise profitability
  household names and pioneers of             segments                              • Appointment to the TaaS panel          • Highly motivated wholesaler that
  the internet                              • Carrier grade network that provides     under a direct supply relationship       offers flexible solutions
                                              the only real alternative to the        last year
• Broadband led strategy with                                                                                                • Customised solutions including
                                              incumbents
  compelling reasons to bundle                                                      • Infrastructure assets key to deliver     SaaS platforms
• Brands sit on common platforms and        • Longstanding reseller partnerships      network solutions and earning          • New market entrants driving growth
  infrastructure to enable singular scale     due to flexible approach and focus      leverage                                 and new opportunities
                                              on providing complementary
• Digital leadership is a key competitive     services                                                                       • Strong voice and carrier
  advantage                                                                                                                    relationships
                                                                   FY19 Revenue by Segment (%)

                                            55%                                                                              45%

                                      Mass market                                                           Enterprise, Government and Wholesale

 53
NZ STRATEGIC PILLARS
Focusing on what moves the needle

        Increase bundling                                 Harvest the network
        Significant opportunities to increase broadband   Utilise the scale and capacity of Vocus NZ's
        and energy bundles, along with mobile to reduce   network to drive profitability and reinforce its
        churn and increase customer lifetime value        position as a motivated wholesaler for existing
                                                          and new market entrants

                                                          More focus and investment
        Continuing to grow share in UFB                   into new market segments
        Continue to capitalise on network performance     Leverage the Vocus brand and networks in the
        and customer experience to take share in UFB      Enterprise sector with further investment in both
        and high value segments                           direct and indirect sales channels

        Government                                        Reduce cost to serve
        Capitalise on strong Government                   Singular focus driving business simplification and
        relationships and the product investment in       automation to reduce costs, increase productivity
        TaaS to drive further results in this sector      and lead on customer experience to win

54
CONSUMER MARKET
Opportunity and strategy                                                                                               UFB1 provides a generational
                                                                                                                       opportunity to grow our
New Zealand consumer broadband market                                                                                  current 13% market share

                                                                                                                       Vocus NZ Consumer strategy
1.8                        50%                             92%                 Significant        c.1.4 million
million                    connected                       broadband           broadband          UFB homes                 Dual brand strategy targeting
homes                      UFB homes                       uptake              data usage         passed                    data hungry households with
                                                                               growth                                       unlimited plans for simplicity
Vocus NZ Consumer strategy
                                                                                                                            Price competitiveness without
        8%                                                                                                                  compromising on the customer
       15%                           33%
                                                                                                                            experience
                                                                  50%
       24%                                                                         62%               71%
                                      6%
                                                                                                                            Broadband led strategy with
                                     21%                                                                                    compelling reasons to bundle
                                                                   8%
       32%                                                        16%              12%
                                     26%                                                             13%
                                                                  17%              17%                                      Grow UFB to take unfair
       21%                           14%                                            4%               14%
                                                                                                                  2%
                                                                                                                            market share - goal to
                                                                   9%                        5%
                                                                                                                  1%        connect 1 in 4 kiwi homes
      2014                          2015                         2016              2017             2018
          Less than 20 GB                   20-50 GB               50-100 GB     100 GB or more     No cap
     Source: Statistics New Zealand, Internet service provider survey.
55   1 UFB – Ultra Fast Broadband
BUSINESS MARKET                                                                                   Highly attractive connectivity market,
                                                                                                  with UFB and the move to the cloud
Opportunity and strategy                                                                          providing an opportunity as
                                                                                                  customers make their next long term
New Zealand business telco market dynamics                                                        choice of telco partner

                                                                                                  Vocus NZ Business strategy
310k                 50%+ network          High adoption            61%               -1% NPS
enterprise           issues moving to      of fibre at 52%          planning for      Unloved         Target growth in key telco segments with high
customers            the cloud                                      SD-WAN            Customers       fixed data requirements with market share upside
New Zealand business telco market (NZ$m)1                                                             Core focus is market share gains in Medium
                                                                                                      Enterprise, Corporate and Government
                                                                            Fixed      Mobile
                                 Brand         Proposition                 Market1     Market1        Increased investment in sales capability and
 Enterprise                                     Connectivity
                                                                                                      resources to deliver on the market opportunity
                                                                             $550m      $220m
 and ICT                                      Agnostic Provider
                                                                                                      Leverage our agnostic network position with
                                                 Connectivity
 Corporate and                                                               $300m      $220m
                                                                                                      partners
                                         Solution Flexibility Dedicated
 Government                                         Service
                                                                                                      Enhance product development using the service
                                             Solution Flexibility
 Medium                                                                      $130m      $280m
                                                                                                      proposition built for the Government (TaaS)
                                             Competitive Pricing
 Enterprise                                  Dedicated Service
                                                                                                      Migrate small business to mass market life
                                               Simple Bundles
 Mass Market                                  Data Performance               $160m      $240m
                                                                                                      cycle management
                                               Value Bundling
                                                                                   $2.1bn
 56   1   Management estimates
WHOLESALE MARKET
Opportunity and strategy
A motivated wholesale partner, leveraging and harvesting our national network scale

New Zealand wholesale telco market                                                           Vocus NZ wholesale strategy

                                       Service                         Carrier                         Enhance product suite and
      New Entrants                     Provider                        Market                          portals for online ordering and
                                      Community                                                        customer management.
                                                                                                       Key enabler of full white label
 Companies with no Telco       Companies with limited         Large Telcos                             solutions.
 capability that require an    Telco capability with
 effective white label         existing customer base         • Large international                    Providing access to
 solution for market entry                                      carriers                               network infrastructure, both
                               • Smaller providers that                                                domestically and
 • New industry sectors now      require network reach to     • Domestic carriers                      internationally, for data and
   offering Telco services       enhance their services                                                voice solutions.
                                                              • Network diversity for core
 • System integrators and IT   • Ability to evolve and grow     data routes                            Leveraging network scale
   companies that require        with these customers                                                  and expertise in voice at an
   network connectivity                                                                                interconnection level. A key
                                                                                                       provider of diversity to other
                                                                                                       network operators.

 57
VOCUS NEW ZEALAND
A platform for future growth

Focus on market share gains      Mobile growth with             Launch of Orcon into           Market share gains in
in Medium Enterprise             an MVNO structured             the Small Enterprise           the Consumer segments
                                 for success                    market segment
• Increased investment in                                                                      • Harvest the network
  sales channels                 • Improve mobile offering      • Simple and compelling          to deliver high growth
                                   to increase market share       market proposition focused     across retail brands and
• Leveraging new product                                          on network performance         wholesale enablement
  capability and software        • Test the market for a          and ‘always on’
  enablement of the network        mobile partnership focused                                  • Continue the broadband
  for consumption of bandwidth     on growth                    • Leverage low cost              led strategy with energy
                                                                  operating platform while       and mobile bundling, it
                                                                  delivering exceptional         has only just begun
                                                                  service

 58
KEY TAKEAWAYS
Kevin Russell
KEY TAKEAWAYS

     This is a three year turnaround

     Team and plan in place and now we have to execute and deliver

     The core business is Vocus Network Services and we see
     sustainable profitable growth in FY20 and beyond
     Simplification and modernisation of technology has a significant
     market and financial prize
     Diversification of revenue and cost saving opportunities will
     return Retail to growth as it transitions through legacy headwinds

     Strong New Zealand business positioned for further growth

60
Q&A
DISCLAIMER
This presentation (Presentation) contains summary information about Vocus Group Limited (Vocus) and its activities which is c urrent as at the date of this Presentation. The information in this
Presentation is of a general nature and does not purport to be complete nor does it contain all the information which a prospective investor may require in evaluating a possible investment in
Vocus or that would be required in a prospectus or product disclosure statement prepared in accordance with the requirements of the Corporations Act 2001 (Cth). This Presentation does not
constitute investment or financial product advice (nor tax, accounting or legal advice) or any recommendation to acquire shares in Vocus.
Vocus' historical information in this Presentation is, or is based upon, information that has been released to the Australian Securities Exchange (ASX). This Presentation should be read in
conjunction with Vocus' other periodic and continuous disclosure announcements lodged with the ASX, which are available at www.asx.com.au.
All financial information in this Presentation is in Australian Dollars ($ or AUD) unless otherwise stated. This Presentation contains pro forma and forecast financial information. The pro forma
and forecast financial information, and the historical information, provided in this Presentation is for illustrative purposes only and is not represented as being indicative of Vocus' views on its
future financial condition and/or performance. The pro forma financial information has been prepared by Vocus in accordance with the measurement and recognition requirements, but not the
disclosure requirements, of applicable accounting standards and other mandatory reporting requirements in Australia.
A number of figures, amounts, percentages, estimates, calculations of value and fractions in this Presentation are subject to the effect of rounding. Accordingly, the actual calculation of these
figures may differ from the figures set out in this Presentation.
This Presentation contains certain ‘forward looking statements’, including but not limited to projections, guidance on future revenues, earnings, margin improvement, other potential synergies
and estimates and the future performance of Vocus. Forward looking statements can generally be identified by the use of forward looking words such as, ‘expect’, ‘anticipate’, ‘likely’, ‘intend’,
‘should’, ‘could’, ‘may’, ‘predict’, ‘plan’, ‘propose’, ‘will’, ‘believe’, ‘forecast’, ‘estimate’, ‘target’ ‘outlook’, ‘guidance’, ‘potential’ and other similar expressions within the meaning of securities
laws of applicable jurisdictions and include. The forward looking statements contained in this Presentation are not guarantees or predictions of future performance and involve known and
unknown risks and uncertainties and other factors, many of which are beyond the control of Vocus, its Directors and management, and may involve significant elements of subjective
judgement and assumptions as to future events which may or may not be correct. Actual performance may differ materially from these forward-looking statements. A number of important
factors could cause actual results or performance to differ materially from the forward looking statements, including the ris k factors set out in this Presentation. Investors should consider the
forward looking statements contained in this Presentation in light of those disclosures. The forward looking statements are based on information available to Vocus as at the date of this
Presentation. Except as required by law or regulation (including the ASX Listing Rules), Vocus undertakes no obligation to provide any additional or updated information whether as a result
of new information, future events or results or otherwise. Indications of, and guidance or outlook on, future earnings or financial position or performance are also forward looking statements.
Past performance, including past share price performance of Vocus 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 Vocus performance including future share price performance. The pro forma historical information is not represented as being
indicative of Vocus' views on its future financial condition and/or performance.
To the maximum extent permitted by law, Vocus, and their respective advisers, affiliates, related bodies corporate, directors , officers, partners, employees and agents make no representation
or warranty, express or implied, as to the currency, accuracy, reliability or completeness of information in this Presentation
This Presentation is for information purposes only.

 62
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