MEGAPORT LIMITED — Investor Presentation 2021

Feb 22, 2021

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ASX RELEASE

23 February 2021

Megaport Limited – Investor Presentation

The Company provides an updated Investor Presentation, which will be presented to investors and analysts from today.

Authorised by the Board.

Celia Pheasant Company Secretary Megaport Limited

Supporting Resources

• Visit Megaport: https://megaport.com/

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About Megaport

Megaport is the global leading provider of Elastic Interconnection services. Using Software Defined Networking (SDN), the Company’s global platform enables customers to rapidly connect their network to other services across the Megaport Network. Services can be directly controlled by customers via mobile devices, their computer, or our open API. Megaport connects more than 1,842 customers in over 700 enabled data centres globally. Megaport is an Alibaba Cloud Technology Partner, AWS Technology Partner, AWS Networking Competency Partner, Google Cloud Interconnect Partner, IBM Direct Link Cloud Exchange provider, Microsoft Azure Express Route Partner, Nutanix Direct Connect Partner, Oracle Cloud Partner, Salesforce Express Connect Partner, and SAP PartnerEdge Open Ecosystem Partner.

About Megaport Cloud Router

Launched in January 2018, Megaport Cloud Router (MCR) enables customers to instantly provision and control virtual routers through Megaport’s web-based portal. Enterprises and Service Providers can unlock powerful use cases such as cloud-to-cloud networking and deploy Virtual Points of Presence (VPoPs) without the need to purchase or maintain physical routing equipment. MCR enables customers to rapidly deploy services, granularly control traffic, and reduce total cost of ownership. More information about MCR can be found at: https://www.megaport.com/services/megaport-cloud-router/

Investor enquiries

Steve Loxton Investor Relations T: +61 412 595 133 investor@megaport.com

Media enquiries media@megaport.com

Megaport Limited Level 3, 825 Ann Street Fortitude Valley QLD 4006 Australia

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Investor PresGlobal Updat e ntation

FY20 FULL YEAR RESULTSEBRUARY 2021

Important Information

This presentation has been authorised by the Board of Megaport.

Megaport Limited ACN 607 301 959

Nothing in this presentation should be construed as either an offer to sell or a solicitation of an offer to buy or sell Megaport securities in any jurisdiction. No representation or warranty, expressed or implied, is made as to the accuracy, completeness or thoroughness of the information, whether as to the past or future. Recipients of the document must make their own independent investigations, consideration and evaluation. The information contained in this presentation is subject to change without notification.

This presentation includes certain forward looking statements that are based on information and assumptions known to date and are subject to various risks and uncertainties. Actual results, performance or achievements could be significantly different from those expressed in, or implied by, these forward looking statements. Such forward looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors, many of which are beyond the control of Megaport. These factors may cause actual results to differ materially from those expressed in the statements contained in this presentation. For specific risks and disclaimers, please refer to the Megaport Placement & Share Purchase Plan presentation lodged with the ASX on 7 April 2020.

All references to “$” are to Australian currency (AUD) unless otherwise noted. For definitions refer to the Glossary for Investors on the Megaport website at https://www.megaport.com/investor/business-overview/.

A summary of Megaport's 5 year Historical KPIs and metrics to 31-Dec-20 can be found on our website at https://www.megaport.com/investor/business-overview/. Subscribe for ASX announcements at https://www.megaport.com/investor/#investor-contact

Megaport Limited Contact: Level 3 Steve Loxton 825 Ann Street Investor Relations Fortitude Valley Megaport Limited Queensland 4006 +61 412 595 133

About Megaport

Business Update

Innovation

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INVESTOR PRESENTATION

About Megaport

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ABOUT MEGAPORT

The Leader in Network as a Service (NaaS)

Megaport’s Connectivity Model	Traditional Connectivity
Pricing Pay for what you use, no setup fees	Expensive locked-in pricing model, expensive setup costs
Speed Real-time provisioning (59 seconds)	Long setup times (one week – several months)
Capacity Elastic, right-sized capacity	Fixed capacity
Terms Flexible terms, month to month contract	Locked-in long term contracts
Providers Neutral, one-stop shop featuring all service providers	Limited service providers
Ease of Use Intuitive portal to manage network	Multiple emails, calls to vendors, and contracts

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ABOUT MEGAPORT
Growing Global Network
North America EMEA Asia Pacific Group
Countries
23
Cities
130
Installed [1]
386
Enabled [2]
716
Countries Cities Installed [1] Enabled [2] Countries Cities Installed [1] Enabled [2] Countries Cities Installed [1] Enabled [2]
2 82 184 390 16 32 105 202 5 16 97 124
Megaport Enabled and In-Build Data Centres X Two or more Megaport Enabled and In-Build Data Centres
1. Installed Data Centres are Data centres in which Megaport has a Point of Presence with physical networking hardware.
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1. Installed Data Centres are Data centres in which Megaport has a Point of Presence with physical networking hardware.

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1. Enabled Data Centres is the total of Installed Data Centres plus Extended Data Centres. Extended Data Centres are data centres that can be connected directly to Megaport networking hardware within Installed Data Centres by means of interconnection services offered directly by the data centre campus / facility operator of an Installed Data Centre.

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ABOUT MEGAPORT

Connecting the Ecosystem

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102 Unique Data Megaport’s Unique 365+ Service
2,043 Customers Centre Operators Value Proposition Providers
Scalable and on demand
Multicloud connectivity
Private and Secure
Flexible Terms
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ABOUT MEGAPORT

The Network Effect

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Megaport Service Connections
Ports
Services
31 Dec 2017 31 Dec 2018 31 Dec 2019 31 Dec 2020
Service Connection Types
20% 19% 19%
25%
Direct Public Cloud
51% 16% 16% 13%
Internet Exchange 64% 65% 68%
24%
Private Connection
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ABOUT MEGAPORT

Industry Growth Trends

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Enterprise Cloud Service Spend (US$B) Enterprise Cloud Strategy
1000+ Employees
6% Multiple Public
6%
93%
1%
87% Hybrid Cloud
Multicloud Single Public Single Private
Total of: BPaaS, PaaS, SaaS, Cloud Management & Security Services, Source: Gartner, 2019 Source: Flexera 2020 State of the Cloud Report
Multicloud Breakdown
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Number of Megaport customers connecting to multiple clouds up 7.5 times over 3 years

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ABOUT MEGAPORT

Selection of Major Customers

[UPDATE]

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PARTNERS & CUSTOMERS

102 Unique Data Centre Operator Partners

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Note: List of DCO partners as at 30 June 2020

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About Megaport

Business Innovation Update

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INVESTOR PRESENTATION

Business Update

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BUSINESS UPDATE

Highlights 1HFY21

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+11% +11% +11%
Monthly Recurring Revenue [1] Annualised Revenue [2] Total Number of Customers
$5.7M $6.3M $67.8M $75.0M 1,842 2,043
30 JUNE 2020 31 DEC 2020 30 JUNE 2020 31 DEC 2020 30 JUNE 2020 31 DEC 2020
+16% +15% +5%
Total Number of Services [3]
Total Number of Ports Total Installed Data Centres [4]
16,712 19,278
5,767 6,691 366 386
30 JUNE 2020 31 DEC 2020
30 JUNE 2020 31 DEC 2020 30 JUNE 2020 31 DEC 2020
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1. Monthly Recurring Revenue (MRR) is revenue (excluding one-off and non-recurring revenue) for the last month of the relevant period. 2. Annualised Revenue is MRR for the month multiplied by 12 3. Total Services comprises of Ports, Virtual Cross Connections (VXCs), Megaport Cloud Router (MCR), and Internet Exchange (IX) 4. Installed Data Centres are Data centres in which Megaport has a Point of Presence with physical networking hardware.

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BUSINESS UPDATE

Highlights 1HFY21

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+12% +7%
Leading Cloud Partners Cloud Onramps Total Enabled Data Centres [1]
NEW 23 220 47 716
1HFY21
NEW TOTAL NEW TOTAL
+10%
Cloud Regions Megaport Marketplace
11 120
365+
NEW TOTAL
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1. Enabled Data Centres is the total of Installed Data Centres plus Extended Data Centres. Extended Data Centres are data centres that can be connected directly to Megaport networking hardware within Installed Data Centres by means of interconnection services offered directly by the data centre campus / facility operator of an Installed Data Centre.

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BUSINESS UPDATE

Revenue Performance 1HFY21

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North America Asia Pacific Europe Global
1HFY21 1HFY21 1HFY21 1HFY21
$17.2M $12.3M $6.5M $36.0M
$5.8M 51% $2.9M 31% $1.4M 30% $10.1M 39%
1HFY20: $11.4M 1HFY20: $9.4M 1HFY20: $5.1M 1HFY20: $25.9M
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Note: Growth rates are calculated using the actual $ values.

BUSINESS UPDATE

Megaport Cloud Enablement

Available Cloud Regions

220 Onramps

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1HFY21 +23 +12%

sia Pacifc (Sydney) sia Pacifc (Hong Kong) sia Pacifc (Singapore) sia Pacifc (Tokyo) sia Pacifc (Osaka) U (London) U (Ireland) U (Frankfurt) U (Paris) U (Stockholm) WS GovCloud (West) S East (Ohio) S East (N.Virginia) S West (N.California) S West (Oregon) anada (Central) - Australia East - Australia South East - East Asia - Southeast Asia - Japan East - Japan West - UK South - France South - Germany North - Germany Central - West Europe (Amsterdam) - North Europe (Ireland) - Switzerland North - Switzerland West - Norway East - Norway West - Asia Northeast1 (Japan) - Asia Northeast2 (Osaka) - Asia Southeast1 (Singapore) - Australia South East1 (Sydney) - Asia East1 (Taiwan) - Europe West1 (Belgium) - Europe West2 (UK) - Europe West3 (Germany) - Europe West4 (Netherlands) - Europe West6 (Zurich) - North America-Northeast1 (Montréal) - US Central1 (Iowa) - US East1 (South Carolina) - US East4 (Virginia) - US West1 (Oregon) - US West2 (Los Angeles) - UAE North - US Gov Arizona - US Gov Virginia - US Gov San Antonio - US DoD East (Virginia) - US DoD Central (Chicago) - North Central US - South Central US - West Central US - East US - East US2 - West US - West US2 - Canada East - Canada Central	- APAC Sydney - APAC Melbourne - Japan East (Tokyo) - Japan West (Osaka) - EMEA Frankfurt - UK South (Slough) - UK Gov (London) - Switzerland North (Zurich) - US Ashburn - US Chicago - US West Phoenix - US West San Jose - US Gov DC - US Gov PHX - Canada (Toronto) - Canada (Montreal)
	st est ntral on UK - Australia (Sydney) - Europe (Frankfurt) - US East (Ashburn) - US East (Sterling) - US West (Chandler)

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BUSINESS UPDATE

Customer Cohort Trends

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Average Services per Customer Average Monthly Revenue per Customer ($)
CAGR [1] 44% 43% 42% 48% 66% 50% CAGR [1] 39% 54% 60% 53% 70% 119%
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Average Services per Customer [2]
Customer spend increases over time as
a result of service uptake and adoption
9.1 +17%
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Average Revenue per Customer [3]
$3,068 +27%
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Note: Yearly cohorts are customers acquired in a given reporting year

1. Compound average growth rate for each customer cohort is calculated for the period from end of Year 1 to 30 June 2020.

2. At 30 June 2020; percentage represents growth compared to 12 months earlier

3. Represents June 2020 MRR divided by total customers at 30 June 2020; percentage represents movement compared to 12 months earlier

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BUSINESS UPDATE

Growth in Ports, Services, and Revenue

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MRR growth impacted by movements in foreign exchange rates[ 3]

1. Total Services comprises of Ports, Virtual Cross Connections (VXCs), Megaport Cloud Router (MCR), and Internet Exchange (IX) at period end.

2. Monthly Recurring Revenue (MRR) is revenue (excluding one-off and non-recurring revenue) for the last month of the period.

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1. Refer to Appendix for details of MRR growth in local currency.

1HFY21 FINANCIAL PERFORMANCE

Operating Leverage (month of December[1] )

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Group (A$ million)

Revenue growth 81% 58% 73% 36%

Margin Trends[1]

Group Profit after direct network cost[2] margin has continued to expand as MRR growth has outstripped growth in direct network costs

Group EBITDA margin has significantly improved as all regions were EBITDA positive in 2QFY21

Dec-16 Dec-17 Dec-18 Dec-19 Margins Dec-20	Dec-16 Dec-17 Dec-18 Dec-19 Margins Dec-20	Dec-16 Dec-17 Dec-18 Dec-19 Margins Dec-20
(16%) 26% 37% 53% Profit after Direct Network Cost Margin % 54 %
Group EBITDA Margin % (120%) (80%) (30%) n.m. (15%)

Group EBITDA loss narrowed in Dec-20 as all regions were EBITDA positive in 2QFY21

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1. All figures are for the month of December 2 Direct network costs comprise data centre power and space, physical cross connect fees, bandwidth and dark fibre, network operation and maintenance, and channel commissions which are directly related to generating the service revenue of Megaport Group.

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About Megaport

Business Innovation Update

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INVESTOR PRESENTATION

Innovation

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INNOVATION

Platform Evolution

2014 2018 *

2020

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IaaS = Infrastructure as a Service, PaaS = Platform as a Service, SaaS = Software as a Service, MSP = Managed Service Provider, NSP = Network Service Provider *MVE is under development with anticipated launch in 2QFY21

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INNOVATION

Megaport Connected Edge Model

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under development with
anticipated launch in
2QFY21
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Agile networking methodology enabling end-to-end, on-demand connectivity

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INNOVATION

Megaport Virtual Edge Overview

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MVE will integrate Megaport’s platform with various networking technologies including SD-WAN

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Extends reach of Megaport platform Cisco SD-WAN first MVE use case Enables branch office connections API for future technology support Extends enterprise network edge Activate on demand network devices End-to-end provisioning

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*MVE is under development with anticipated launch in 2QFY21

BUSINESS UPDATE

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Megaport Virtual Edge (MVE)

MVE Platform Status:

• MVE deployed to 11 major metros, with 10 additional metros to be added in H2 FY21

• MVE platform availability on target: March 31

• VMWare Velocloud SD-WAN integration underway

• Technology Partner pipeline: 50% of SD-WAN market share (source: IHS Markit)

Cisco SD-WAN Integration and Service Offering

• Customer trials underway

• Integrated Cisco Viptela service offering availability: 4QFY21

• Product launch will be featured at Cisco Live! 2021, Cisco’s premiere global conference (30 March to 1 April 2021)

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“This collaboration extends Cisco’s SD-WAN leadership, by offering an ecosystem platform for partners, of which Megaport is the first, to bridge Cisco SD-WAN fabric with the carrier-neutral and software-defined cloud interconnect fabrics.”

Raj Gulani, Senior Director, Product Management Cisco SD-WAN and Cloud Networking

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23

Thank you

ASX: MP1

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Megaport Limited | ACN 607 301 959 | ASX: MP1