1 2 Fastest growing TV business in the UK (over 1m customers at 12 - - PowerPoint PPT Presentation

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Fastest growing TV business in the UK (over 1m customers at 12th May) Strong growth from TalkTalk Business (Q4 Corporate revenues +11.0%) 6th consecutive quarter of net adds growth (+10,000) 5th consecutive quarter of revenue growth (+4.9%) EBITDA margin of 15.5% in H2 (from 9.0% in H1) Dividend up 15.4% to 12.0p On track to deliver 4% CAGR in Revenue and 25% EBITDA margin by FY17 More opportunities to drive significant growth over long term

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4.047m 4.043m 4.053m 4.063m 4.071m 4.076m 4.186m 4.196m

Q1 '13 Q2' 13 Q3 '13 Q4 '13 Q1 '14 Q2 '14 Q3 '14 Q4 '14 80k 230k 390k 557k 732k 917k Q2' 13 Q3 '13 Q4 '13 Q1 '14 Q2 '14 Q3 '14 Q4 '14 15k 30k 52k 73k 95k 142k 177k 207k

Q1 '13 Q2' 13 Q3 '13 Q4 '13 Q1 '14 Q2 '14 Q3 '14 Q4 '14

85k 117k 152k 175k 202k 236k 260k 284k

Q1 '13 Q2' 13 Q3 '13 Q4 '13 Q1 '14 Q2 '14 Q3 '14 Q4 '14

5.4k 7.1k 8.7k 10.3k 11.8k 13.7k 15.2k 17.4k

Q1 '13 Q2' 13 Q3 '13 Q4 '13 Q1 '14 Q2 '14 Q3 '14 Q4 '14

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(1.9%) (0.1%) 1.8% 5.0% H1'13 H2'13 H1'14 H2'14 17.8% 17.0% 9.0% 15.5% H1'13 H2'13 H1'14 H2'14 9.0p 10.4p 12.0p FY12 FY13 FY14 98 136 174 144 H1'13 H2'13 H1'14 H2'14

+15.4%

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7.9m 6.8m 7.1m 6.2m 5.3m H2 '12 H1 '13 H2 '13 H1 '14 H2 '14 1.0% 1.2% 1.4% 1.6% 1.8% 2.0% Q4 '12 Q1 '13 Q2 '13 Q3 '13 Q4 '13 Q1 '14 Q2 '14 Q3 '14 Q4 '14 7,635 4,858 4,333 3,556 2,799 H2 '12 H1 '13 H2 '13 H1 '14 H2 '14 Dual Play TV Fibre Mobile Mar 2014 Mar 2013

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FY Revenue Growth 3.4% (H2 +5.0%), FY EBITDA margin 12.3% (H2 15.5%) £112m of incremental investment in growth Strong acceleration in revenue growth and step-up in EBITDA margin in H2 Net debt/EBITDA 2.3x reflects investment in growth Dividend up 15.4% year-on-year, in line with commitment Investment in growth is delivering results in line with our plan Clear route to FY17 targets of 4% revenue growth and 25% EBITDA margin

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(1) Excluding exceptional items and amortisation of acquisition intangibles

£ million FY14 FY13 Growth Revenue 1,727 1,670 +3.4% Gross Profit 958 919 +4% Gross Margin 55.5% 55.0% +50 bps Opex (427) (395) +8% EBITDA pre SAC & Marketing 531 524 +1% EBITDA pre SAC & Marketing Margin 30.7% 31.4%

• 70 bps

SAC & Marketing (207) (172) TV SAC (111) (62) EBITDA 213 290

• 27%

EBITDA Margin 12.3% 17.4% Profit Before Tax 74 165

• 55%

Tax (13) (33) Effective Tax Rate

18% 20%

Profit After Tax 61 132

• 54%

EPS 6.8 14.9

• 54%

£ million

FY14 FY13

Growth EBITDA 213 290

• 27%

Working capital (30) (11) Capex (107) (104) Operating free cashflow 76 175

• 57%

OFCF margin 4.4% 10.5% Interest and taxation (17) (16) 6% Free Cashflow 59 159

• 63%

Acquisition & Share purchase (41) (39) Exceptional spend (23) 8 Dividend (99) (87) Net cash flow (104) 41 Opening Net Debt 393 434 Closing Net Debt 497 393 10

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+5.0%

Corporate Base Voice Upsell & Price

+1.8%

H1 H2

£1,670m Off-net Upsell & Price Corporate Base Voice £1,727m On-net (+7.6%)

+3.4% FY13 FY14

3.4% y-o-y growth › On-net +7.6%

• Base growth
• ARPU (+3.5%)
• Post Office

› Corporate +5.6%

• Data +37.5%

› Off-net -28%

• Only 7.5% of group revenues (FY13:

10.7%) Strong acceleration in H2 (+5.0%) › On-net +8.4% › Corporate + 9.9%

12 £112m incremental investment in growth in FY14 (£86m H1) › Significant investment in TV growth in H1 › Incremental Opex costs from scaling TV non-recurring in FY15 Strong step up in H2 EBITDA margin › Cost control › Lower BB & Marketing CPA › Lower TV CPA

• H2 investment lower than in H2

FY13 despite greater volumes

FY14

Gross Profit & Savings Opex TV Dual play SAC

FY13 H2

Opex Gross Profit SAC TV 15.5%

H1

9.0% Mobile & Fibre

Investing for growth £112m

£213m £290m

13 Network costs in line with our plan to expand capacity and resilience Incremental (non-recurring) costs to serve from investment in TV growth › Lower in H2 than H1 Strong progress in cost savings from › Continuing benefit of historic programmes › Making TalkTalk Simpler

£395m £427m

FY13 FY14

Network Volume One off CTS Cost savings

14 Full year investment in growth › 687,000 TV net adds › 109,000 mobile net adds › 134,000 fibre net adds H2 TV SAC benefit to CPA from Essentials › TV CPA down from £170 in H1 to £130 in H2 › No more TV SAC in FY14 H2 than in FY13 H2 BB CPA down from £190 in H1 to £180 in H2

£234m £318m

Investing for growth BB TV Volume Mobile & Fibre TV CPA TV Launch

£174m £144m BB CPA & Marketing TV CPA TV Volume

FY13 FY14 H2 H1

Net debt b/f Operating Free Cashflow Exceptionals Acquisition & share repurchase Interest & Tax Dividend Net debt c/f

15 Key driver in FY14 is impact on Operating FCF of £112m investment in growth Capex and working capital in line with guidance Dividend payment in line with our commitment and underlines our confidence in future growth prospects Net debt to EBITDA ratio of 2.3x

£393m £497m £76m £23m £41m £17m £99m

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£ million FY14 FY13 Cash outflow 23 (8) Ethernet Settlement (3) (27) Making TalkTalk Simpler 21 5 Operating Efficiencies 14 VAT 5 P&L charge 22 (9) Ethernet Settlement (3) (27) Making TalkTalk Simpler 20 7 Operating Efficiencies 11 VAT 5

VAT charge relates to change of HMRC rules on allowable treatment of prompt payment discount

Modest growth in net adds in FY15 Similar number of TV net additions to FY14 Revenue growth of at least 4% Overheads as a % of revenue to fall below FY13 level Pre-SAC EBITDA % ahead of that reported in FY13 SAC & Marketing costs lower than FY14 Headline EBITDA Margin 16% -17% Dividend growth of no less than 15%

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Consumer quad play Business Data products Fibre to the Premise Mobile Making TalkTalk Simpler TV for Everyone Grow Business Market Share Expand capacity and utilisation

Creating value through revenue growth and margin expansion

Net adds accelerated each quarter of FY14 More customers added than all other Pay-TV operators combined 30% new to TalkTalk › 70% Freeview upgraders Essentials TV has driven acceleration in take-up in H2; continuing take-up of Plus Over 1m customers at 12th May 2014

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80k 150k 160k 167k 175k 185k Q2' 13 Q3 '13 Q4 '13 Q1 '14 Q2 '14 Q3 '14 Q4 '14 80k 230k 390k 557k 732k 917k Q2' 13 Q3 '13 Q4 '13 Q1 '14 Q2 '14 Q3 '14 Q4 '14

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*

YouView Adult BrandTracker (450 Respondents, April 2014)

A large (18m households) and under-served market segment

8% 15% 15% 28% 57% 60% 61% Childrens cartoon Interesting programs / films Family entertainment Flexible boosts Good value/Promos Easy catch up TV Free Set Top Box

Which reader survey Oct 2013 TalkTalk TV Customer Market Probe (731 respondents, Oct 2013)

0% 5% 10% 15% 20% 25% Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar

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* *

*Total revenues / Number of TV customers taking content

0k 20k 40k 60k 80k 100k 120k Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Plus Essentials

Mar 2014 Mar 2013

80% satisfaction rating Those who have used TalkTalk TV the most are the happiest Only 318 complaints to Ofcom relating to TV in H2

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Q1 Q2 Q3 Q4 Dual-Play Triple-Play

Dual-Play TV

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FY17

As a result TV will drive lower churn and higher ARPU across the base

BT Retail Virgin Media Sky TalkTalk

0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Dec-09 Jun-10 Dec-10 Jun-11 Dec-11 Jun-12 Dec-12 Jun-13 Dec-13

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TV customers will deliver 2x the Average Lifetime Value of Dual Play customers

Take-up Usage Loyalty

• Over 1m customers in

18 months

• Proposition appeals

to 18m households who want a little bit more TV

• 25% of base leaves

significant headroom

• CPA declining
• Customers love

YouView functionality

• 28+% are purchasing

boost and TVOD content

• 228k TVOD in Q4 and

growing

• Average boost and

TVOD ARPU c£9.00

• NPS significantly

higher than Broadband

• Reporting higher

likelihood to stay with TalkTalk beyond contract

• Early life churn half

that of broadband

109,000 net adds in year taking base to 284,000 7% of on-net base vs 4.5% a year ago Mobile customers continue to show lower churn and higher NPS Expect base to continue to grow 26 134,000 net adds in year taking base to 207,000 5.0% of on-net base vs 1.9% a year ago Overall demand still modest except where higher speeds transform experience › 50% of fibre customers take TV › 11% of TV customers take fibre

15k 30k 52k 73k 95k 142k 177k 207k Q1 '13 Q2' 13 Q3 '13 Q4 '13 Q1 '14 Q2 '14 Q3 '14 Q4 '14 85k 117k 152k 175k 202k 236k 260k 284k Q1 '13 Q2' 13 Q3 '13 Q4 '13 Q1 '14 Q2 '14 Q3 '14 Q4 '14

Continuing strong growth in Data revenues (+37.5% y-o-y) drives Corporate growth of 5.6% in FY14 Strong growth in H2 from new contract wins e.g. Iceland Group, Selfridges 3,024 Ethernet enabled exchanges

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5.4k 7.1k 8.7k 10.3k 11.8k 13.7k 15.2k 17.4k Q1 '13 Q2' 13 Q3 '13 Q4 '13 Q1 '14 Q2 '14 Q3 '14 Q4 '14 £80m £80m £80m £82m £80m £82m £87m £91m Q1 '13 Q2' 13 Q3 '13 Q4 '13 Q1 '14 Q2 '14 Q3 '14 Q4 '14

+3% +9% +11%

Q1 '13 Q2' 13 Q3 '13 Q4 '13 Q1 '14 Q2 '14 Q3 '14 Q4 '14

+38% +29%

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• Scale and focus enables

competitive pricing for high margin data connectivity products

• Fibre to the Premise

and Mobile will drive long term growth in B2B

• Same opportunity to

make TalkTalk Business simpler as in Consumer

• Grow market share from <5%
• Through partners and direct
• Uses excess daytime capacity
• 95% Ethernet coverage

A integral component of TalkTalk’s 4% revenue CAGR and 25% EBITDA margin targets

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Carrier Public sector FTSE100 & multinationals Corporates & Enterprises SME Micro SME SOHO Consumers (through Partners)

Maintain Maintain

Maintain strength

• f Partner channel

Going Big in Small Data into Big Business

Three areas

• f growth

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Maintain strength

• f Partner channel

Going Big in Small Data into Big Business

Successfully migrated Post Office base FTTC Wholesale Migrated O2 wholesale base

FY14 FY15 and beyond

Supporting partner growth with new data products Over 17,000 EFM and Ethernet lines connected New business: Iceland, Hutchison 3G, Selfridges Scaling ethernet Increase value from managed ethernet Leveraging Consumer experience Simpler, better value products Re-focused sales team driving market share Triple play (Phone, BB and Mobile)

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EBITDA £475m

Implied Revenue of £1.9bn (4% CAGR)

25% FY17

EBITDA £213m

12.3% FY14 >£120m >£40m >£70m

Incremental Revenue at constant gross margin Making TalkTalk Simpler SAC reduction through lower CPA

c£30m

SAC reduction through lower Churn

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+

Base growth & ARPU

+

New products

+

TV

+

Mobile

+

Fibre

+

TalkTalk Business

+

Data in Big

+

Partners

+

Big in Small

• Off-net base
• Voice

FY14- FY17

5.0% H2’14

4.0%+

1.8% H1’14 (4.0%) H2’12 (0.1%) H1’13 (1.9%) H2’13 (4.8%) H1’12

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FY14

Annualised savings of £40m+ £14.5m

FY15 FY16 – FY17

Brilliant Self Service

• m.dot sales and service sites
• Online attraction
• Full home move functionality
• Continuous improvement of

self serve channels  New Service Centre  TalkTalk App  Voice recognition IVR  Better online help

SAVINGS Getting our customers current

 Exited Narrowband  Migrating SMPF to MPF  Stopped selling AOL

• Disposal of IP Stream base
• Rebranding AOL
• Reducing tariffs in Consumer

and B2B

• Tools to sustain simple tariffs
• Exit SMPF in Consumer

Systems Transformation

 Detailed business requirements completed

• Upgrading Consumer billing

system

• Reducing B2B billing systems

to 2

• Enhancing CRM capability
• Better product and order

management systems

• Better Assurance tools
• Product mgt systems
• Enhanced online platform
• Rationalise IT infrastructure

Leveraging Data

 Improved customer data capture  Data accuracy and governance

• External systems

decommissioned

• Better MI for targeting
• Advanced analytics

capabilities

34 LEVERS OF SAC REDUCTION HOW? POTENTIAL SAC SAVING BY FY17 EVIDENCE TO DATE ASSUMPTIONS LOWER CHURN = FEWER GROSS ADDS

• Better customer

experience

• More customers take

TV, Mobile and Fibre c£30m

• Triple Play churn

is 50% of Dual Play

• Mature Triple Play

churn benchmark 0.8%-1.2%

Reduce on-net churn to 1.2% LOWER COST PER ADD

• Lower Set Top Box costs
• More self service

>£70m

• TV CPA £170 (H1)

to £130 (H2)

• BB CPA £190 (H1)

to £180 (H2)

Reduce blended CPA by 50% >£100m

Partnering with BSkyB (Sky) and CityFibre (CFH) to build the UK’s first ultrafast FTTP network delivering 1 Gig services to consumers and businesses JV will build the network, TalkTalk and Sky will offer competing retail propositions Funding for Phase 1 (20,000 homes): £5m each from TalkTalk and Sky, metro ring assets from CFH Why York: › Existing metro layer network in place, owned by CFH › Strong local enthusiasm for high speed connectivity › Representative demographic and market shares First customers connected in FY15 Process for selecting next two cities in due course

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36 COST TO TALKTALK COST TO SERVE CUSTOMER EXPERIENCE POSITIONING MPF + GEA = c£17 No MPF Line rental equivalent to GEA Lower than copper but still weather dependent 50% lower than FTTC Independent of weather and BTOR Dependent on distance from cabinet Up to 76 Mbps for £15 premium 1 Gig (1,000Mbps) A premium product for customers with poor broadband speeds A mass market product for everyone

FTTP FTTC

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COST PER PREMISE PASSED TAKE-UP ASSUMPTIONS RATIONALE

<£500 / Premise passed 30%-40%

• Tier 2 cities combine density

without urban complexity

• No need to use BTOR
• Microtrenching lowers costs
• Sky + TalkTalk combined base
• Only build with local sign-up – the

Google Fibre model

• Mass market positioning

POTENTIAL TO SCALE

• 10m households in Tier 2 cities
• Strong asset covenant to allow significant debt funding of any future JV

KEY DRIVERS

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Ultrafast Cabinet Ultrafast POP

Fibre Fibre Fibre Fibre Backhaul

TalkTalk Business TalkTalk Consumer

WiFi + In-premise 4G WiFi + In-home 4G

Seamless, genuinely unlimited, low cost connectivity to our customers’ homes and businesses… …which will drive growth for the foreseeable future

Collector Node

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We have the fastest growing TV business in the UK TalkTalk Business is growing faster than the Group We have delivered a significant step up in EBITDA from H1 to H2, as expected… …and are on track to deliver 4% CAGR in revenue and 25% EBITDA margin by FY17 We have grown our dividend by 15% in the last two years and expect to grow it by no less than 15% again in FY15 In addition we see real potential for future growth, beyond the medium term

Appendices

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£ million FY14 FY13 Change Headline earnings 61 132

• 54%

Weighted sverage shares in issue 938 924 Weighted average shares in employee trust (37) (40) Shares for basic EPS calculation 901 884 Headline EPS - Basic 6.8p 14.9p

• 54%

Dilutive effect of share options 30 56 Shares for diluted EPS 931 940 Headline EPS - Diluted 6.6p 14.0p

• 53%

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£ million Statutory Headline Comments EBITDA 191 213 P&L exceptional £22m Other 4 Share based payment charge £4m Adjusted EBITDA 195 213 Working Capital (35) (30) Share based payment charge £4m, £1m exceptional provision movement Capex (107) (107) Operating Free Cashflow 53 76 Exceptional spend (23) Share buy back and investments (41) (41) Tax & Interest (17) (17) Dividend (99) (99) Net cash flow (104) (104)

Star Sony Asia Eros TalkTalk Box Office Now TV Sky store

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BBC ITV Channel 4 Channel 5 Aljazeera Pick Dave More4 Food Film4 Cbeebies Sky News London Live BBC ITV Channel 4 Channel 5 Dave Milkshake Sky Movies (11 channels) Picturebox Universal Fox TCM Sky 1 Sky sports news Universal Fox E! Comedy Central Discovery National Geographic Animal Planet MTV Nickelodeon Cartoon Network Disney Scamp Sky sports 1-4 Sky sports F1

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10 MB EFM MPF & SMPF Broadband SFBB 100 MB Gig < £20 p.m. From £25 p.m. From £1,000 p.m. From £350 p.m. From £100 p.m.

Asymmetric, asynchronous, Contended, business SLAs, <2Meg upstream Symmetric, synchronous, non-contended, business-grade SLAs, high speeds High speed non symmetrical

EoFTTC

45 Simply Broadband Essentials TV Plus TV BETTER GOOD BEST £3.50 £8.50 £18.50

Totally unlimited broadband, no caps and no speed loss at peak times Britain's safest connection, with award winning HomeSafe security service Free calls between all TalkTalk customers Totally unlimited broadband, no caps and no speed loss at peak times Unlimited eve & w/e calls to UK landlines including 0870 and 0845 numbers Britain's safest connection with award winning HomeSafe security service Free calls between all TalkTalk customers FREE YouView box worth £149 70+ Freeview channels some in HD 7-day catch up with BBC iPlayer, ITV Player, Demand5 and 4oD Pause for up to 30 minutes Access to Now TV & TalkTalk BOX OFFICE Add entertainment channels with Kids or Picturebox TV Boosts a month at a time Totally unlimited broadband, no caps and no speed loss at peak times Unlimited anytime calls to UK landlines including 0870 and 0845 numbers Britain's safest connection with award winning HomeSafe security service and Super Safe Boost Free calls between all TalkTalk customers FREE YouView + box with PVR, worth £299 7 Sky Entertainment Channels 70+ Freeview channels some in HD Pause, rewind & record, including whole series record at the touch of a button Record over 200+ hours of freeview 7-day catch up with BBC iPlayer, ITV Player, Demand5 and 4oD Access to Now TV & TalkTalk BOX OFFICE Add entertainment channels with TV Boosts like Sky Sports and Sky Movies a month at a time

TalkTalk Sky Virgin Media BT Plusnet

Simply Broadband Unlimited BB + Wkd Calls 50 MB Broadband Only Unlimited Broadband + Wkd calls Unlimited Broadband + Wkd calls Subscription £3.50 £10.00 £25.00 *£16.00 £9.99 Download Totally Unlimited Totally Unlimited Unlimited Totally Unlimited Unlimited Line Rental £15.95 £15.40 N/A £15.99 £14.50 Monthly cost (inc LR) £19.45 £25.40 £25.00 £31.99 £24.49 One off charges £30.00 £6.95 £49.95 £6.95 £5.99 18 month total £380.10 £464.15 £499.95 £582.77 £446.81 Saving with TT £84.05 £119.85 £202.67 £66.71 Monthly with VLR £15.25 N/A N/A £29.32 £20.98 18 month total £304.50 £464.15 £499.95 £534.71 £383.63 Saving with TT £159.65 £195.56 £230.21 £79.13

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* Excluding any promotions

TalkTalk Sky Virgin Media BT

Essentials TV (Eve & Weekend calls) Lite box TV Entertainment inc Broadband Lite (Weekend calls) Starter collection 50MB (Weekend calls) Broadband and TV Essential (Weekend calls) Subscription £8.50 £21.50 £20.00 £15.00 Download Totally Unlimited 2 GB Unlimited 10 GB Line Rental £15.95 £15.40 £15.99 £15.99 Monthly cost (inc LR) £24.45 £36.90 £35.99 £30.99 One off charges £50 £36.95 £49.95 £41.95 18 month total £490.10 £701.15 £697.77 £599.77 Saving with TT £211.05 £207.67 £109.67 Monthly with VLR £20.25 N/A £30.67 £28.32 18 month total £414.50 £701.15 £602.01 £551.71 Saving with TT £286.65 £187.51 £143.21

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* Excluding any promotions

TalkTalk Sky Virgin Media BT

Plus TV (Anytime calls) Youview PVR TV Entertainment inc Broadband Unlimited with Anytime Calls Starter Collection 50MB with Anytime calls Unlimited Broadband & TV Essential with Anytime calls Subscription £18.50 £34.00 £28.00 £28.00 Download Totally Unlimited Totally Unlimited Unlimited Totally Unlimited Line Rental £15.95 £15.40 £15.99 £15.99 Monthly cost (inc LR) £34.45 £49.40 £43.99 £43.99 One off charges £50 £36.95 £49.95 £41.95 18 month total £670.10 £926.15 £841.77 £833.77 Saving with TT £265.05 £171.67 £163.67 Monthly with VLR £30.25 N/A £38.67 £41.32 18 month total £594.50 £926.15 £746.01 £785.71 Saving with TT £331.65 £151.51 £191.21

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* Excluding any promotions

TalkTalk Sky Virgin Media BT

Essentials TV (Eve & Weekend calls) with Fibre M Lite Box TV Entertainment with Fibre Unlimited (Weekend calls) Starter Collection 50MB (Weekend calls) TV Essential + Infinity Extra (Weekend calls) Subscription £18.50 £41.50 £20.00 £21.00 Download Totally Unlimited Totally Unlimited Unlimited 40GB Line Rental £15.95 £15.40 £15.99 £15.99 Monthly cost (inc LR) £34.45 £56.90 £35.99 £36.99 One off charges £80.00 £86.95 £49.95 £55.95 18 month total £700.10 £1,115.15 £697.77 £721.77 Saving with TT £415.05 £2.33 £21.67 Monthly with VLR £30.25 N/A £30.67 £34.32 18 month total £624.50 £1,115.15 £602.01 £673.71 Saving with TT £490.65 £22.49 £49.21

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* Excluding any promotions

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FY12 FY13 FY14 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 KPIs (m) On-Net Broadband & Voice 2.827 2.910 2.966 3.066 3.096 3.162 3.231 3.295 3.346 3.402 3.532 3.570 Broadband Only 0.815 0.758 0.712 0.689 0.669 0.642 0.609 0.575 0.548 0.526 0.503 0.490 Total On-net 3.642 3.668 3.678 3.755 3.765 3.804 3.840 3.870 3.894 3.928 4.035 4.060 Churn 1.7% 1.6% 1.6% 1.5% 1.5% 1.4% 1.7% 1.6% 1.5% Unbundled 87% 89% 90% 92% 93% 94% 95% 95% 96% 96% 96% 97% Fully Unbundled 68% 70% 73% 75% 77% 78% 80% 81% 82% 83% 84% 85% Mobile 0.027 0.038 0.045 0.061 0.085 0.117 0.152 0.175 0.202 0.236 0.260 0.284 Fibre 0.001 0.003 0.005 0.008 0.015 0.030 0.052 0.073 0.095 0.142 0.177 0.207 TV 0.080 0.230 0.390 0.557 0.732 0.917 Off-net Broadband 0.530 0.461 0.401 0.311 0.282 0.239 0.213 0.193 0.177 0.148 0.151 0.136 Voice 0.621 0.573 0.525 0.476 0.436 0.407 0.380 0.358 0.335 0.315 0.297 0.282 Total Broadband 4.172 4.129 4.079 4.066 4.047 4.043 4.053 4.063 4.071 4.076 4.186 4.196 Revenue (£m) On-net 261 263 276 284 285 288 292 305 306 306 320 327 Off-net 85 77 67 58 49 46 43 40 35 34 29 30 Corporate 77 81 79 79 80 80 80 82 80 82 87 91 Total 423 421 422 421 414 414 415 427 421 422 436 448 ARPU (£) On-net 24.00 23.99 25.05 25.47 25.27 25.37 25.47 26.37 26.28 26.08 26.79 26.93 Off-net 23.41 23.49 22.79 22.57 21.71 22.48 23.13 23.31 21.94 23.25 21.23 23.09 Exchanges Unbundled in period 30 171 130 170 83 104 22 7 74 181 35 13 Total unbundled 2,037 2,208 2,338 2,508 2,591 2,695 2,717 2,724 2,798 2,979 3,014 3,027