Vocus : AGM Speeches

Date: 28 October 2020

The Manager

Market Announcements Office

Australian Securities Exchange Limited

20 Bridge St

Sydney NSW 2000

ELECTRONIC LODGEMENT

Dear Sir or Madam,

2020 Annual General Meeting Speeches

Vocus Group Limited (ASX: VOC) today holds its 2020 Annual General Meeting.

Please find enclosed the speeches of the Chairman and Group Managing Director and Chief Executive Officer, which will be delivered from 10am at the meeting.

The Annual General Meeting will also be webcast live and can be accessed through the Company's website at www.vocusgroup.com.au/investors.

Authorised for release by:

Simon Lewin

Company Secretary

Level 10, 452 Flinders Street,

Melbourne VIC 3000 Australia

1300 88 99 88 [e-mail]

vocus.com.au

2020 Annual General Meeting - 28 October 2020

Chairman's Address - Bob Mansfield

Welcome ladies and gentlemen to the Annual General Meeting of Vocus Group. My name is Bob Mansfield and I have the pleasure of being the Chairman of your company.

On behalf of the Vocus Board of Directors, I'd like to welcome our shareholders, employees and guests present - thank you for attending today.

As a quorum is present, I declare the 2020 Vocus Annual General Meeting open. I propose to take the Notice of Meeting as read.

I would like to start by introducing the company officeholders present today:

• Kevin Russell, Group Managing Director and CEO
• Our Non-Executive Directors:
• David Wiadrowski
• Julie Fahey
• John Ho
• Bruce Akhurst
• Matt Hanning
• And Executive Director Mark Callander, who is also our Chief Executive of New Zealand, and Chief Executive of Wholesale and International in Australia

Also with us is our Executive Team:

• Nitesh Naidoo, Group CFO
• Simon Lewin, General Counsel & Company Secretary
• Ellie Sweeney, Chief Operating Officer
• Andrew Wildblood, Chief Executive - Enterprise and Government
• Antony de Jong, Chief Executive - Business and Consumer
• And Amber Kristof, Head of People and Culture

Our Auditor, Mark Dow, from PWC, is also present.

Like many AGMs this year, given the ongoing health risks associated with the COVID-19 pandemic, our Annual General Meeting is being held online via the Lumi platform, which I will take a moment to explain. All attendees are currently listening to a live webcast of the meeting, and you are also able to ask questions and submit votes through the platform.

Questions can be submitted at any time. Instructions for how to ask a question are available on the screen. To ask a question, press on the 'speech bubble' icon. This will open a new screen. At the bottom of that screen there is a section for you to type your question. Once you have finished typing, please hit the arrow symbol to send.

Please note that while you can submit questions from now on, I will address them at the relevant time in the meeting. Please also note that your questions may be moderated, or if we receive multiple questions on one topic they may be

amalgamated. But we will be very conscious to try and answer everyone's questions throughout the course of today's meeting.

Voting today will be conducted by way of a poll on all items of business. In order to provide you with enough time to vote, I will shortly open voting for all resolutions. Instructions for how to vote are available on the screen.

If you are eligible to vote at this meeting, a new polling icon will appear. Selecting this icon will bring up a list of resolutions, and present you with voting options. To cast your vote simply select one of the options. There is no need to press a 'submit' or 'enter' button, as the vote is automatically recorded. However, you do have the ability to change your vote, up until the time I declare voting closed.

I now declare voting open on all items of business. The polling icon will soon appear, please submit your votes at any time. I will give you a warning before I move to close voting.

With that explanation, I will now make some remarks before handing over to our CEO Kevin Russell.

I'd like to start by providing some broad context on the business.

Since I became Chair of this company I have consistently said that Vocus would require three years to turn around.

FY20 marked year-two of that three-year turnaround, and it was a year of strong operational execution and financial progress.

Today, four months into year three of our turnaround, I'm pleased to say the execution risk is largely behind us and the foundations for growth are firmly in place.

Vocus is Australia's specialist fibre and network solutions provider.

At its core, Vocus is an infrastructure company. The fibre and network assets that we own and operate have proven to be critical infrastructure over the past year through the bushfires and COVID.

It's worth taking a minute to look back at what's been achieved over the past two years.

Year one, FY19, was the foundational year to get the right people, the right structure, and the right strategy in place.

Year two, FY20, was a critical year for rebuilding Vocus as an organisation - where we stopped talking and started delivering, demonstrating progress and building momentum in building a strong, sustainable and growing business.

The company's FY20 results provide an endorsement that our strategy is the right one and the turnaround is firmly on-track.

We have been clear that Vocus Network Services (VNS) is our core infrastructure business positioned to capitalise on our market opportunity as Australia's specialist fibre and network solutions provider.

Our FY20 results show that we have momentum to achieve this ambition, with EBITDA growth of 10% in VNS.

But the headline financial growth of VNS, while obviously very positive, doesn't tell the full story of the shape of the business.

The company's operational response to the summer bushfires and COVID was second to none, and Vocus is in better shape today having successfully managed these significant events.

VNS is winning bigger, higher quality customers with higher monthly recurring revenues.

We're being recognised in market as being more responsive to our customers' needs, and more agile in delivering new services when our customers have urgent requirements.

In my experience, culture trumps strategy in business, and Vocus is building a challenger culture that delivers for our customers, cares about our people, and is accountable for financial performance.

Across the Vocus Group, FY20 was characterised by building momentum in our core markets, delivering a stronger balance sheet, and increasing stability as we managed through the financial headwinds caused by the transition to NBN from legacy copper-based products in the Australian Retail business.

And there are broader indicators of our success in FY20.

The refinancing of our debt facilities and the extension of their duration was a clear vote of confidence from our lenders, both existing and new.

The fact that the debt syndication was oversubscribed in a period of global economic uncertainty shows the underlying strength of Vocus' business, and the new loan facility gives Vocus financial stability and flexibility as we enter the next phase of the company's growth and business transformation.

In summary, the second year of our turnaround was a critical execution year and with the turnaround firmly on track, we are now starting to see the longer-term financial shape of our different business units.

All of our 3 businesses are operating well. VNS and New Zealand are well-positioned to benefit from the accelerating market trends due to COVID-19 and our Retail business has largely negotiated the erosion of legacy revenues and its financial performance is stabilising.