AUSSIE BROADBAND LIMITED — Investor Presentation 2021

Mar 16, 2021

ASX Small and Mid-Cap Conference presentation.

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The Company.

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Company Overview

Company Overview

• Founded in 2003, Aussie Broadband Limited (“the Company” or “Aussie Broadband”) is an Australian owned and operated telecommunications service provider based in Morwell, Victoria.

• The company is the 5th largest nbn™ services provider with over 342,000 nbn connections in both the residential and business segments

• The company grew its workforce from 230 to over 450 during FY20 and has over 500 today.

Company Values

The Company’s culture is driven by its values, which are instructional rather than descriptive, and empower staff to exhibit those values in their everyday interactions with customers.

The Company’s core values are summarised:

Don’t be ordinary, be awesome

• Aussie Broadband is led by Phillip Britt (Managing Director) and supported by a team of executives including Brian Maher (CFO) and John Reisinger (CTO).

Think BIG

Company Strategy

No bullsh*t

• Strongly grow its market share by leveraging the Company’s customer loyalty to deliver new products and by investing in customer acquisition;

• Challenge larger telecommunication companies, by delivering exceptional customer experience and innovative products. Wholly committed to maintaining and improving its industry-leading customer experience though systems, processes and customer communications;

Be good to people

Have fun

• Invest in the Company’s own network infrastructure to enhance the customer experience while improving financial margins; and

• Maintain a thriving workplace and culture.

Investment Highlights

Key Strengths

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Topics Summary
Growing consumer • The primary driver of growth and development
demand for highspeed in the Australia telecommunications industry is the
internet increasing demand for data consumption.
• Large Australian telecommunications industry
Large and growing
market • NBN market share growth from 1.09% in June
2017 to 4.2% as at December 2020.
• As at December 2020, the Company provided
approximately 343,000 connections.
Large and In H1 FY20 Aussie Broadband added approximately
growing market 81,000 new Residential connections.
• Revenue CAGR of 96% between FY 17 and FY20.
Experienced
• Experienced leadership team with diverse
management
management experience across many industries.
team
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Topics Summary
• Strong customer satisfaction and brand loyalty.
• Marketing and brand – competitive advantages
of speed and customer service to prospective
customers.
• Development and deployment of software and
Competitive systems, including its in-house developed platform
strengths
for customer management and billing, and the
CVCBot.
• Corporate and employee culture – employees
have consistently scored the Company at 90% or
higher against the statement “is this a great place
to work?”.
• Expected to replace 63% of the Company’s
leased Backhaul capacity and will remove all
leased dark fibre capacity currently between
Fibre Project capital city data centre sites.
• Expected to reduce Aussie Broadband’s reliance
on third-party carriers and leased backhaul and
dark fibre.
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Corporate History & Milestones

Key Strengths

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Year Description
• Wideband Networks founded by Phillip Britt and John Reisinger.
2003 • Westvic Broadband founded by Ian Watson,
Pat Greene and others.
• Westvic and Wideband started selling satellite
2006 and wireless services. Westvic
• Broadband branded their satellite services ‘Aussie Broadband’.
• Wideband Networks merged with Westvic Broadband to form
2008
Aussie Broadband Limited
2010 • Sold its satellite customer base to Skymesh
• Established its first direct connections to nbn™
2013 POIs in regional Victoria and subsequently connected its
first customers to the nbn™.
• Began reselling the nbn™ product for a major Australian
2015 telecommunications carrier in areas where it did not have
a direct connection to an nbn™ POI.
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Year Description
• Commissioned its own national backhaul to all 121 nbn™ POIs
across Australia and became the only telecommunications
2016
company other than the four largest Australian carriers at the
time to do so.
• Became the first national internet service provider to publish
daily bandwidth graphs.
2018 • Launched custom built plans and partnerships with Fetch TV
for entertainment services and Symbio for mobile SIMs using the
Telstra wholesale network.
• Passed the 100,000th customer milestone.
• Launched its MyAussie App and portal for customer service
2019
• Managing Director, Phillip Britt, was inducted into the
telecommunications industry’s Edison Awards Hall of Fame.
• Recorded approximately 243,000 residential connection as
at June 2020.
• Began the rollout of a Company-owned fibre infrastructure
2020 project.
• Launched its Carbon Portal for large business and managed
service providers.
• Listed on ASX in October
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Marketing & Customer Service

Customer Acquisition

• Aussie Broadband’s in-house marketing team develops marketing campaigns, which utilise positive customer feedback and reviews to emphasise the Company’s competitive advantages, namely the speed of its NBN access plans and strong customer service.

• The marketing team constantly tests marketing campaigns, content and channels to ensure the greatest impact and efficiency of marketing spend.

• Primary sales channels include direct mail, Australian based call centres, television, digital payper-click channels, email, social media and referral clients.

Australian operations and support

• Aussie Broadband employ over 500 staff and has made a deliberate decision to keep all staff operations in Australia, both to support Australian jobs and to provide a better customer experience.

Growth Drivers

The primary driver of growth and development in the Australian telecommunications industry has been, and is expected to continue to be, the increasingdemandfordata consumption.

The market is also influenced by a range of secondary factors which drive data consumption demand and usage, which include:

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Video and Growth in Remote
Population audio hardware Business and
growth streaming and device demand distributed
services penetration work
84% of
12.3 million
25.5 million Each home $1.5 billion Australian
at the end
in 2019 has 17 in 2019 businesses
of June 2019
(growing by connected (growing 5.2% use remote
(growing by
1.4% per year) devices (2018) per year) working
29% per year)
technologies
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• The company has experienced strong demand for its products and services as a result of travel restrictions and social distancing requirements associated with COVID-19.

Our Leadership

Board

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Phillip Britt Managing Director Board Member

Adrian Fitzpatrick

Chairman

• Extensive operational, financial

• 24 years in the telecommunications industry

• management and strategic experience from a 30 year career

• Co-founded Wideband Networks in 2003 and has served on the Board of Directors since its merger with Westvic Broadband

• Previously founding partner of Pitcher Partners

• Inductee into the Edison Awards Hall of Fame

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Richard Dammery Non-Executive Director

Vicky Papachristos Non-Executive Director

• Has held senior leadership roles in major AUS and NZ companies.

• Over 30 years of experience in marketing and business development

• Telco experience with Telstra, Telecom New Zealand and AAPT

• National and international experience across private, public, government and NFP organizations

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John Reisinger CTO & Director Board Member

• Co-founder of Wideband Networks and appointed CTO in 2008

• Bachelor of Computing Monash University

• Graduate of the JMW Leader of the Future program

• 20 years of telco experience

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Patrick Greene Non-Executive Director

• Co-founder of Westvic Broadband

• Extensive sales, marketing, financial and management experience in retail businesses across a range of sectors

Our Leadership

Management Team

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Phillip Britt Managing Director Board Member

• 24 years in the telecommunications industry

• Co-founded Wideband Networks in 2003 and has served on the Board of Directors since its merger with Westvic Broadband

• Inductee into the Edison Awards Hall of Fame

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John Reisinger CTO & Director Board Member

• Co-founder of Wideband Networks and appointed CTO in 2008

• Bachelor of Computing Monash University

• Graduate of the JMW Leader of the Future program

• 20 years of telco experience

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Brian Maher CFO & Secretary

• Joined as CFO and Company Secretary in 2019

• Experience across audit, financial services, and waste management sectors

• Chartered Accountant and Chartered Secretary

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Janet Granger-Wilcox Corporate Affairs

• Joined in 2016 with experience in media and management roles in the agriculture, water and disability sectors

• Master of Arts (Communications Management from the University of Technology Sydney

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Matthew Kusi-Appauh Marketing & Strategy

• Joined Aussie Broadband in 2016 to establish its marketing and strategy functions

• Bachelor of Commerce (Dean’s Scholar) from the University of Wollongong

• JMW Leader of the Future graduate

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Leigh Markham Service Delivery

• Joined the company in his current role in 2011, with experience in the telco and IT industries since 2003

• Bachelor of Computing from Monash

• University, and ITIL certified

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Kevin Salerno

Customer Service

• Joined the company in 2014

• Extensive experience across construction, mining and agricultural as an IT management specialist

• TIL and Microsoft System Engineer certified

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Aaron O’Keeffe

Sales

• Experienced IT professional

• Joined the company in 2008 and promoted to GM Sales in 2017

• Graduate of both the JMW Leader of the Future and Being a Leader programs

Half year results summary

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Strong Financial Growth

• Revenue up 89% to $157.4m ($83.4m 1H20)

• EBITDA up 87% to $7.3m ($3.9m 1H20)

Strong organic connection growth

• Residential broadband up 30% to 313,193 services and Business broadband up 49% to 29,441 services since June 2020

Continued strong organic growth across both residential and business segments.

• Total broadband services up 31% to 342,634 services since June 2020

Fibre project progressing well

• 79km now in the ground, 6 data centres and 7 nbn POIs now connected representing 7% of the project complete

• Build pipeline now running at scale with 150km of fibre to 8 data centres and 17 POIs under construction

• First direct customer connections active on the network

Broadband services

Taking market share in a highly competitive market

• Broadband market share (excluding satellite technology)

• 4.2% (up from 2.8% at December 19)

• The nbn network roll out is largely complete. Currently 70% of sales are from customers switching nbn providers and this is expected to increase

• 71,566 net residential additions

• 9,707 net business additions

Residential broadband

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350,000
300,000
250,000
200,000
150,000
100,000
Jun-19 Dec-19 Jun-20 Dec-20
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• 100% organic growth

Churn better than forecast

• Average residential connection churn for the period was 1.9% per month (forecast 2.1%)

• Forecast was higher for the period due to price rises from September to December 2020

• Average residential customer churn for the period was 0.9% per month

Business broadband

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30,000
25,000
20,000
15,000
10,000
5,000
Jun-19 Dec-19 Jun-20 Dec-20
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Complementary services

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70,000
60,000
50,000
40,000
30,000
20,000
10,000
-
Single line VoIP Mobile FetchTV
Jun-19 Dec-19 Jun-20 Dec-20
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Single line VoIP growth is stronger due to increased business customer signups.

Mobile growth is improving due to more competitive plan offerings and increased sales focus.

Expecting further mobile growth from Q4FY21 with new MVNO agreement signed and increased marketing focus to promote complementary services to existing customers.

FetchTV is only sold in the residential segment. Mobile & single line VoIP includes both residential & business segments.

Fibre network

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Victoria

• 6 data centres and 7 nbn POIs connected

• 68km of fibre completed for this segment

• Network is active and carrying customer traffic

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New South Wales

• Connections to 6 data centres and 6 nbn POIs at an advanced stage of construction - due to be completed by March 2021

• 10.2km of fibre completed in this segment including through Sydney Harbour Tunnel

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Western Australia

• Connections to 2 data centres and 4 nbn POIs under construction.

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• Have signed over 300 MSP partners on to the Carbon platform.

• Carbon is now billing in excess of $275,000 per month and is growing rapidly.

• Have recently launched Hosted PBX on to Carbon allowing

• MSPs to deliver business voice services to their clients.

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13.
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Investing in customer growth

Lower cost to acquire

Strong business growth

• Lower than forecast cost to acquire achieved in 1H21

• Overall marketing spend was $9.7m, 16% under budget whilst still achieving sales in excess of forecast

• New business campaigns have generated strong sales growth and raised brand awareness in the business segment

• Several national chains signed as key clients

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“ Fast painless setup and
a network that just works
for business.”
– ProMet101 Consulting. Mining, consulting & research.
#cantbeatfeedback
Aussie Broadband. Building better businesses with high-speed nbn™.
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Essential Business Bundle Call us on 1300 480 905
nbn™ 100 plan Included Premium VoIP plan
$99/month with unlimited dataTypical evening speeds: 86Mbps Static IP Included local, national & mobile callsFREE for the first 6 months!
Australian-based Priority support Award-winning No lock-in
customer service for businesses internet^ contracts
Promotional code: VOICE20
Visit aubb.me/business or scan the QR code to get started.
Service not available at all premises. Full terms and conditions available at aubb.me/terms. Offer code expires 30.09.2020 and only available on Small Business plans.
$99 price point promotes 100/40 speeds with unlimited data plan, and typical evening speeds of 86Mbps. Typical evening speeds valid as at March 2020. Bundled
with $20 Premium VoIP plan at no cost for the first 6 months with promotional offer applied, then total cost $119/month after. VoIP is for a single phone line and requires
VoIP compatible modem. Offer valid for ABN holders only. ^Winner of Canstar’s most satisfied nbn™️ customer award 2019. CBFBUS-CPC-1
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“ Australian call centre,
say no more” “ Finally, I am no longer hearing:
- RonnieB, ProductReview
#cantbeatfeedback
‘Dad! The internet’s not working’.”
– Paul B, ProductReview
#cantbeatfeedback
Most satisfied nbn™ customers
Rated five stars in the 2019 Canstar Blue awards Aussie Broadband. Bringing peace to your home.
for overall satisfaction, speed and reliability,
ease of sign-up and customer service.
$69/month
100% Australian support
When you need support our 100% Australian-based team will be there to help. Unlimited data
No lock-in contract, no setup fee Need internet that can keep up with your family?
We believe our service is so good you won’t
want to go with anyone else, so you can
connect with us free of any unnecessary fees or commitments. Australian Internet for Entertainment Best in class
support everyone at your fingertips and reliable
Fast, easy setup Browse, stream and game! Whether it’s movie nights, binging your Industry leading reliability means
A fast, easy setup is important when swapping over to the nbn™, so we’ve made it easy - enclosed is our nbn™ connection guide to walk you through the process. First month All at the same time with our range of high speed plans, perfect for making sure no one misses out. favourite show or watching the big game, our broadband is built to meet the demand with optional Fetch spending less time on the phone with us and more time doing things that really matter. Rated Canstar Blue’s Most
free entertainment bundles. satisfied customers for 2019 and 2020
Your area is now live. Sign up to the nbn™ today!Call our Australian-based team on Use the code
1300 280 905 or sign up online AUSSIEFREE Get $10 off your first 6 months! Use code: PEACE
aussiebroadband.com.au/saynomore Call our Australian-based team on 1300 280 905
or sign up online aussiebroadband.com.au/peace
your broadband service prior to your first invoice being raised. Full terms and conditions available at aussiebroadband.com.au. Code expires 31.07.2020. CBFGRN20Things you should know. Service not available at all premises. All prices are subject to change without notice. * Additional charges may apply for a new housing development or subsequent line installation. $69 Unlimited data bundle uses the nbn™25 speed tier with typical evening speeds of 22 mbps. Promo code AUSSIEFREE provides a credit to the value of the first month of Additional charges may apply for new developments or subsequent line installs. Service not available at all premises. Promo code provides $10 credit to the first 6 months Internet service. Offer only available on 50/20, 100/20, 100/40 and 250/25 unlimited plans. Offer valid until 28/02/2021. Full terms and conditions available at aussiebroadband.com.au/legal. PEACE
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Building our brand

Continuing to build brand awareness

• Increased use of above-the-line channels such as TV and billboards has built higher brand awareness.

• This strategy has supported further scaling of our direct mail and digital campaigns.

• Prompted brand awareness increased from 33% in May 2020 to 38% in November 2020

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Melbourne Stars partnership

• Principal partners of the Melbourne Stars BBL cricket team for the 2020/21 season.

• First major sponsorship for Aussie which generated excellent coverage both on-ground and on TV.

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Customer experience

4.6 from 5523 reviews on

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• Customer satisfaction remained high even through price rise period of September to December

• Winner Customer Service Organisation of the Year, Large Business – Australian Service Excellence Awards

4.3 from 2782 reviews on

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4.8 from 1754 reviews on

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Financial results

Revenue

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170
150
130
110
90
70
50
1H20 2H20 1H21
$ Millions
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Revenue up 89% to $157.4m due to:

• 81,273 net broadband additions in 1H21

• Growth in mobile, fetch TV and VoIP

• Strong growth in business broadband and Hosted phone

• Increase in retail broadband prices and lower than expected churn

EBITDA adjusted for IPO expenses

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9
8
7
6
5
4
3
2
1
-
1H20 2H20 1H21
(1)
$ Millions
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EBITDA adjusted for IPO expenses up 115% to $8.4m due to:

• Strong organic growth in both residential & business segments

• Marketing efficiency better than forecast albeit with net spend being lower than forecast due to additional nbn marketing rebates received and advertising mail delivery restrictions during COVID-19 lock downs

• Extended nbn CVC rebates yielded an above forecast benefit of $1.2m to the result.

Financial performance

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Profit and Loss
$’m H1FY21 H1 FY20 Change %
Revenue 157.4 83.4 89%
Network and hardware expenses (115.4) (64.5) -79%
Gross margin 42.0 18.9 122%
Gross margin % 26.7% 22.7% -
Marketing expenses (9.7) (3.0) -222%
Employee and administration expenses (23.9) (12.0) -99%
- -
IPO expenses (1.1)
EBITDA 7.3 3.9 87%
Depreciation and Amortisation (3.6) (2.5) -44%
Net interest expense (1.9) (3.1) 37%
Change in fair value of derivative (12.3) 0.3 4318%
Net profit before tax (10.5) (1.4) 673%
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• Revenue growth driven by ongoing volume growth

• Gross margin benefitting from static CVC charges for bulk of the year

• Significant increase in investment in marketing YoY fuelling revenue growth

• Employee and administrative costs almost doubling with both volume and upskilling in advance of IPO

• Embedded derivative associated with conversion mechanics of convertible note at IPO resulted in fair value adjustment

Financial position

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Balance Sheet
$’m Dec-20 Jun-20 Change
Cash and cash equivalents 50.4 21.4 29.0
Trade and other receivables 16.5 11.4 5.1
Other current assets 5.1 4.2 0.8
Property, Plant and Equipment 12.4 5.4 7.0
Right of use assets 13.9 12.4 1.5
Intangibles and financial assets 3.7 2.7 1.1
Total Assets 102.0 57.5 44.5
Trade payables and other trade liabilities 33.0 26.9 6.2
Lease liabilities 12.9 11.5 1.3
Employee benefit liabilities 3.0 2.2 0.8
Derivative - 10.4 (10.4)
Debt 0.5 27.2 (26.7)
Total Liabilities 49.4 78.3 (28.9)
Net Assets / (Liabilities) 52.7 (20.7) 73.4
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• Cash boosted by IPO proceeds

• Slight increase in debtor days with extended credit offered during COVID period

• PPE increase driven by fibre network construction

• Debt reduced through convertible note conversion and repayment of bulk of external debt ($5.0m)

Cash flow

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Cash flow statement
$’m H1FY21 H1 FY20 Change
Receipts from customers 171.5 90.4 90%
Payments to suppliers & employees (162.5) (88.5) -84%
Net interest payments (0.2) (0.3) 23%
Operating cash flows 8.8 1.6 453%
Payment for PPE (8.1) (1.9) -332%
Payment for Intangibles (1.4) (0.5) -145%
Investing cash flows (9.5) (2.4) -290%
Lease payments (2.7) (2.1) -32%
Proceeds from convertible note - 23.4 -100%
- -
Repayment of debt (5.0)
Net proceeds of IPO 37.4 - -
Other (0.0) (0.1) 93%
Financing cash flows 29.7 21.2 40%
Net increase in cash and cash equivalents 29.0 20.4 42%
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• Customer receipts and supplier/employee payments movements broadly consistent with financial performance • Strong correlation between EBITDA and operating cash flows in 1H FY21 • PPE spend related to fibre roll out • Intangible spend on systems development and IP addresses • Debt reduced through convertible note conversion and repayment of bulk of external debt • Successful IPO raised $40m gross proceeds

Looking ahead

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Continued growth

Residential

• Marketing spend will be accelerated for the remainder of the year to take advantage of opportunities as they present

• Additional focus on bundling with new campaigns to target existing customers towards multiple products

• Using nbn focus on fast campaign to further target growth into 100 Mbps and above tiers

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Fibre project

Business

• Fibre build now operating at scale with over 150km currently under construction

• Adding further pre sales engineering functions to target customers with more complex needs

• Business specific marketing now operating at scale and providing strong lead generation

• Business sales call centre increased and achieving good conversion results

• Builds are now underway in Victoria, New South Wales and Western Australia

• Queensland and South Australia presently in final design

• Exploring partnerships to reduce the need to construct redundancy paths and access regional POIs not originally contemplated in the initial project design

• Pipeline of direct fibre customer orders building with signed orders ahead of forecast

Carbon

Network growth

• Focus now shifting from onboarding MSPs into scaling up order volume from existing MSPs

• Next phase of network expansion underway to take the company past the present 500,000 connection design

• Continued platform development with mobiles the next product to be added into the platform

• Presently assessing vendors and design pathways to support

• 1 million connections

Relaunch of mobiles

MVNO agreement signed with Optus Wholesale

• Will replace existing MVNO (mobile virtual network operator) agreement for access to the Telstra mobile network

• Will transition our existing 19,000 mobile customers on to the Optus network

• Flexible agreement with the ability for Aussie to create new plans without the need for wholesaler involvement

• We will offer 4G failover for both residential and business nbn customers

• Includes access to the full Optus 5G network and fixed wireless offering

• Expecting new plans and handsets to be available Q4 FY2021

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Refreshed marketing

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Switch to freakin’
fast internet
For a bloody good price.
5000+ 5 star reviews
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h
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Freakin' fast internet backed by
Save up to
our 100% Australian based team.
Home Fast Home Superfast $180
Typical evening speed 99Mbps Typical evening speed 248Mbps on freakin'
fast internet!
$89/month $99/month
for the first 6 months for the first 6 months Sign up online at
(normally $99/m) (normally $129/m) aubb.me/freakinfast
Unlimited data Unlimited data or use the
QR code below.
Use code: FAST10 Use code: FAST30
T&Cs. Additional charges may apply for new developments or subsequent line installs. Typical evening speeds (7pm-11pm). Based on the
ACCC Measuring Broadband Australia Report. Valid as of Dec 2020. Service not available at all premises, Advertised prices are inclusive
of the discounted offer, $10 off for 6 months on Home Fast plans and $30 off for 6 months on Home Superfast and Home Ultrafast plans.
General t&c's apply, for more info visit aussiebroadband.com.au/legal. Offer only available to new customers and valid until 31/03/2021
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Guidance

As noted by the Reserve Bank of Australia recently, a high degree of uncertainty continues to surround Australia’s economic outlook. The potential exists for further COVID-19 geographic lockdowns as outbreaks occur, with associated bandwidth usage impacting the company’s CVC and network costs.

The company is accelerating its investment in marketing in H2 which impacts short term EBITDA but drives long term growth. The company expects an impact from the NBN HFC stop sell which has been allowed for in the guidance below.

As a result, the Board provides the following updated guidance for FY2021:

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Updated Guidance for FY2021 Prospectus
Revenue $345 million to $355 million $338.0 million
Normalised EBITDA [1] $13.0 million to $15.0 million $12.3 million
Residential broadband [2] 380,000 to 410,000 368,172
Business broadband [3] 37,000 to 42,000 Not provided
Total broadband 417,000 to 452,000 Not provided
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1. Normalised EBITDA is EBITDA excluding IPO costs

2. Residential broadband connections

3. Business broadband includes small business, enterprise and wholesale services

Thank you investors@aussiebb.com.au

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