[PPT] - Year to March 2015 14 th May 2015 1 2 FY15 highlights FY15-FY17 PowerPoint Presentation

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Year to March 2015

14th May 2015

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FY15 highlights FY15-FY17 Financials Update on Strategic Priorities

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4.2%* revenue growth for FY15, accelerating to 6.0% in Q4 1m new RGUs added in FY15 (+20%) and lowest churn (Q4: 1.3%) 40% growth in Data driving Corporate revenue growth of 10% Acquisitions that will drive future growth (Virgin Media and Tesco broadband bases, blinkbox, tIPicall) 15% growth in Headline EBITDA 15% growth in dividend

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Raising revenue target to FY17 to 5% CAGR and on track to deliver FY17 EBITDA margin 25%

*Statutory revenue after £5m exceptional VAT adjustment in FY14

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10.4p 12.0p 13.8p FY13 FY14 FY15

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+15% £76m £110m

4.4%
1.0%

3.1%* 4.2% FY12 FY13 FY14 FY15 12.3% 13.6% FY14 FY15 +15% £318m £309m FY14 FY15

£9m

*Statutory revenue after £5m exceptional VAT adjustment in FY14 £213m £245m

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£76m £110m

(51)

(133)

(3) 133 87 FY11 FY12 FY13 FY14 FY15 8 65 134 272 FY11 FY12 FY13 FY14 FY15 61 114 109 180 FY11 FY12 FY13 FY14 FY15 230 687 497 FY11 FY12 FY13 FY14 FY15

Customers taking TV, mobile or fibre all have higher NPS and lower churn than phone & broadband customers

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Phone and Broadband = 1RGU/customer 25.47 26.37 26.93 28.18

1.2% 1.3% 1.4% 1.5% 1.6% 1.7% 1.8% 1.00 1.10 1.20 1.30 1.40 1.50 1.60 RGUs On-net Churn

16% growth in RGU/Customer, 2.3% growth in ARPU, larger base from which to upsell

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8 37% of phone and broadband customers taking TV vs 26% a year ago TV customers deliver higher lifetime value than broadband customers › Higher NPS › Churn half that of dual play › Incremental content revenue (+45%) Blinkbox acquisition enables › Acceleration of TV to Go App development › Expanding pay per view content › Agreement signed with HBO to offer Game of Thrones (s1-4) on Buy to Own basis access on TV to Go App from June › Greater engagement, higher content ARPU and lower churn

0% 5% 10% 15% 20% 25% 30% 35% 40% 0.2 0.4 0.6 0.8 1 1.2 1.4 1.6

Q2'13 Q3'13 Q4'13 Q1'14 Q2'14 Q3'14 Q4'14 Q1'15 Q2'15 Q3'15 Q4'15

Growing Base and Penetration The vast majority of customers will take TV over time

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9 12.7% of phone and broadband base now taking fibre vs c6% a year ago Demand growing gradually, helped by bandwidth requirement and self-install Margin squeeze regulation now in place; expect tougher pro-competition measures in due course 12.3% of phone and broadband base now taking mobile vs 7% a year ago Strong growth in SIM-only demand (13% market share in March ’15 vs 4% a year ago) Strong take-up of bundled SIM from Plus TV customers

85k 117k 152k 175k 202k 236k 260k 284k 308k 348k 398k 464k

Q1'13 Q2'13 Q3'13 Q4'13 Q1'14 Q2'14 Q3'14 Q4'14 Q1'15 Q2'15 Q3'15 Q4'15

15k 30k 52k 73k 95k 142k 177k 207k 241k 308k 396k 479k

Q1'13 Q2'13 Q3'13 Q4'13 Q1'14 Q2'14 Q3'14 Q4'14 Q1'15 Q2'15 Q3'15 Q4'15

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10% growth in Corporate revenue (over 15% vs 2 years ago) Strong growth in Data revenues (+40%) more than offsetting decline in legacy Voice Over 26,000 business Data lines Significant opportunity to drive growth in Data products in medium sized corporates – material market share opportunity tIPicall acquisition will enable TTB to aggressively enter fast growing B2B VOIP market

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FY13 FY14 FY15

Data +39% CAGR Voice -10% CAGR

5.4 7.1 8.7 10.2 11.8 13.7 15.2 17.4 19.2 21.6 23.9 26.2 Q1'13 Q2'13 Q3'13 Q4'13 Q1'14 Q2'14 Q3'14 Q4'14 Q1'15 Q2'15 Q3'15 Q4'15

Corporate Revenue Ethernet & EFM Lines (‘000)

Data Carrier Voice

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11 Process improvements recognised by our customers and our regulator Some systems implementation delayed Significantly greater benefits identified for delivery in FY16-FY17 Churn

1.2% 1.3% 1.4% 1.5% 1.6% 1.7% 1.8%

9,191 6,355 5,040 FY13 FY14 FY15

Ofcom Complaints

£30m-£50m £15m £17m £15m £25m £70m+ FY13 FY14 FY15 FY16-FY17 £15m Original Target Delivered Delivered Delayed Additional Identified Total

MTTS Benefits

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Delivered accelerating revenue growth Broadened trading strategy to be a true quad play provider › Added RGUs at lower CPA › Reduced churn Delivered most but not all of the planned savings from MTTS Delivered FY15 as planned

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Upgrading to 5% CAGR to FY17 and >5% beyond FY17 Expect continuing quad play momentum to FY17 and beyond Expect greater benefits from MTTS over next two years and beyond On track deliver 25% EBITDA margin in FY17

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(1) Headline results excluding exceptional items and amortisation of acquisition intangibles

FY151 FY14 yoy Headline Revenue 1,795 1,727 +3.9% Gross Profit 980 958 +2.3% 54.6% 55.5% Operating costs (735) (745)

1.3%

EBITDA 245 213 +15.0% 13.6% 12.3%

+3.9% +4.2% +0.3% Q3FY14 VAT impact Headline Statutory Opex

SAC & Marketing FY14 FY15 309 427 318 426 FY14 FY15 958 41 19 980 Price & Proposition Mix

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15

ARPU Growth +2.3%*

* Adjusted for FY14 exceptional VAT impact *

£1,722m* £1,795m

On-net Corporate Off-net

Full year Revenue Growth

FY14 FY15 26.36 1.71 0.75 26.97 Price & Proposition Mix 0.63 1.22 Voice usage New products

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On-net growth 7.3% › Underlying base + ARPU › Virgin base in Q4 ARPU growth of 4.6% Corporate growth 14.3% Off-net decline 33.3% RGU growth of 16% to 1.56 16

Accelerating Revenue Growth Q4 FY15

+3.1% +3.6% +4.2%* +6.0%

Q1 FY15 Q2 FY15 Q3 FY15 Q4 FY15

* After £5m exceptional adjustment in FY14 for VAT

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Focus on driving efficiency › Reducing costs through fewer engineer visits › Better contractual terms Whilst investing in growth › Investing to scale TV, mobile & ultrafast › Investing in our network Opex 23.7% of revenue, a reduction of 110bps 17

Full Year Opex

FY14 FY15 427 12 17 426 MTTS Innovation 2 2 blinkbox Business Expansion

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Additional investment in growing mobile, fibre and broadband offset by lower TV volumes Underlying SAC falling due to lower churn and lower CPA for TV and broadband 18

Increased investment in H2 FY15 Product Net Adds SAC & Marketing

FY14 FY15 CPA Churn Growth H1 FY14 H2 FY14 H1 FY15 H2 FY15 174 144 153 156

TV BB Fibre Mobile

H1 FY14 H2 FY14 H1 FY15 H2 FY15 318 16 7 14 309

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19 FY15 EBITDA up 15% H2 EBITDA margin of 14.6%

FY14 FY15 Gross Profit Lower Churn Investment in Growth 213 22 7 30 245 17 16 Lower CPA MTTS

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20 >£100m >£40m >£70m

Incremental Gross Profit MTTS SAC reduction through lower CPA

>£30m

SAC reduction through lower Churn

EBITDA £246m

13.7%

FY15 FY17

Investment in Growth

Illustrative EBITDA £475m EBITDA £213m

12.3%

FY14

25%

+5% CAGR

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2.3 x 2.4 x

FY14 FY15 OFCF Interest & Tax Dividend 497 114 24 116 589 30 36 Investments Exceptionals

Successfully refinanced core debt › Renewed bank debt › Accessed US private placement market Capex › stable at c6% of revenues for FY15 › FY16 core capex 6-6.5% with further 1-2% capex investment in mobile and ultrafast fibre projects Exceptional items › FY15: Primarily MTTS › FY16: expected £40m-£45m driven by mobile, acquisitions and MTTS Investments › Acquisitions of Tesco and Virgin Media broadband bases and blinkbox › Youview and York JV

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Revenue growth 5% › Strong on-net growth driven by base and ARPU › Strong growth in Data products › Continued decline in off-net and corporate Legacy Voice › Multi-product strategy with continued investment in growth Strong growth in EBITDA and Operating FCF › H2 weighted Net debt / EBITDA < FY15 Dividend growth of 15%

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On-net Network Advantage Integrated Quad-play TalkTalk Business Making TalkTalk Simpler Ultrafast Fibre Inside Out Mobile

Revenue growth >5% and sustained FCF generation

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Making TalkTalk Simpler Quad Play Network Advantage 25 25

FY14-FY17 A HIGH GROWTH, INTEGRATED, VALUE FOR MONEY TELECOMS NETWORK

Scaling TTB Ultrafast and Inside Out Mobile The No.1 Priority Growing take-up of TV, fibre and mobile Scaling and simplifying Growing data revenues Trialling and laying the foundations

Beyond FY17

Brand reputation transformed Growing household market share Rising bandwidth usage, lower marginal cost Doubled market share Step change economics enable scaling

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1. Quad play growth ambitions
2. How making TalkTalk Simpler will transform our customers’ experience
3. Long term potential of Ultrafast and Inside Out Mobile

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Premium Speed
Discounted broadband

but Premium Content

Discounted Sport but

Premium broadband & voice

Acquisition of Premium

mobile base in EE

Best value BROADBAND Best value TV Best value MOBILE Value for money in all 4 elements of quadplay

vs

Premium mobile
TV and broadband ??

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28 18m Cost of Dual Play 18m Cost of Triple Play 18m Cost of Quad Play Cheapest UNLIMITED SIM-Only

£12.00 £27.00 £18.00 £25.00 £27.00 £27.99 £29.00 TalkTalk 3 Vmed BT Voda EE O2 £397 £437 £473 £480 £574 £621 TalkTalk Sky BT Plusnet EE BT Virgin Media £487 £534 £653 £687 £702 £849 TalkTalk EE BT Plusnet BT Virgin Media Sky £667 £804 £858 £936

TalkTalk EE BT Virgin Media Not Unlimited

3G 3G 4G 4G 4G 4G 4G

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7% 26% 37% >75%

FY13 FY14 FY15 FY17 FY20

5% 7% 12% 1/hh

FY13 FY14 FY15 FY17 FY20

2% 6% 13% >50%

FY13 FY14 FY15 FY17 FY20

1.12 1.35 1.56 >2

FY13 FY14 FY15 FY17 FY20

TV Mobile Fibre RGUs

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£30m-£50m £15m £17m £15m £25m £70m FY13 FY14 FY15 FY6-FY17 £15m Original Target Delivered Delivered Delayed Delayed from FY15 + Additional Identified Total ££m Beyond -FY17 ££m

What’s changed Clear vision of end goal Learned from Salesforce implementation Delivered 55+ projects Seconded team of senior leaders; 160 FTEs, rising to 280 FTEs at peak Identified, scoped and resourced 140+ projects

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Clear, simple products and tariffs Joining and upgrading process that just works Fast, reliable network Clear and fair billing Efficient multi-channel self- service WHAT CUSTOMERS WANT FROM TALKTALK ALL AT VALUE FOR MONEY PRICES Significantly lower call volumes Lower leakage between sales and connection Lower bad debt from right first time bills and easier payment processes Lower retention costs from happier customers Lower operating costs from fewer engineer visits and router replacements FINANCIAL BENEFITS £70m by FY17

Major systems and process transformation

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Clear, simple products and tariffs Great joining and upgrading process Fast, reliable network Clear and fair billing and payments Flexible and efficient customer service

Sold IP Stream
Rebranded AOL
Significantly reduced

legacy tariffs

2015

£17m delivered FY15 £40m+ £m++

Migrate/exit

residual SMPF

Email moved to

Critical Path replacing 6 legacy systems

Simplified mobile

tariffs

Moved to Pega,

retiring old iProcess Order Management

Single UPRN based

address validation

Self install for Fibre
Next-best-offer

decisioning

New fault diagnostic

and repair tools

Single fault ticketing

system

End to end check of

exchange

NGE rollout start
Easier billing queries
New collections

system and processes

Redesigned bills
Further credit check

improvements

Scale Webchat
Pega case

management

Voiceprint ID
Pega decisioning

system

Salesforce retired

2016-17

Dynamic, rapid

continuous improvement

‘Always on’

integrated network, including mobile

ffload to fixed

network and increasing Superfast fibre

100% e-billing
Customer service

integrated across all channels and all products

>80% of contact self-

serve

2017-20

Launched online

welcome centre

Online now 35% of

sales and upsell

Better manual

processes

New fault diagnostic

tools trialled

Deep dive analysis of

connectivity issues

New credit scorecard

for new customers

Simpler rules for

credits

Nexidia based agent

training

Pega selected for

decisioning & CRM

Liveperson webchat
Voice Activated IVR
Simple quad play

product set at great prices

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Launched April 27th Unlimited voice, texts and data for £12 30 day contract

33 Market leading Quad play

Plus TV Unlimited broadband Anytime calls Free SIM worth £90 › 100 minutes › 250 texts › 200MB data

Only available to TalkTalk broadband customers

Market leading Unlimited SIM

85k 117k 152k 175k 202k 236k 260k 284k 308k 348k 398k 464k

Q1'13 Q2'13 Q3'13 Q4'13 Q1'14 Q2'14 Q3'14 Q4'14 Q1'15 Q2'15 Q3'15 Q4'15

4.2% 5.0% 7.9% 10.7% Q1 FY15 Q2 FY15 Q3 FY15 Q4 FY15

Source: GfK

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THIN MVNO WITH VOD THIN MVNO WITH O2 THICK MVNO WITH O2 FEMTO ROLLOUT WITH TT SPECTRUM

Reseller

economics based

n new entrant

volumes

3G
400k customers
Mainly mobile as

add-on

New SIM market

share 13%

Improved

reseller economics reflecting scale and growth of base

4G
Mobile bundled

as quad play

Unbundled

economics (similar to LLU) from building

wn core mobile

network

4G and national

roaming

Offload

significantly drives down cost/Mb

4G in home

better experience

Seamless

integrated inside

ut network

2013-15 FY15 2016-17 2017

Improved economics will enable us to drive volume

Inside out

mobile network

Structurally

lower costs

Significantly

better customer experience

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Building 1Gig fibre to the premise to 20,000 homes and businesses in York with Sky and CityFibre Micro-trench trial completed and 1,200 homes passed in first dig area Successfully connected test house Systems build is on track for go-live date in autumn Ultrafast brand launch due very soon

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JV economics very powerful if can deliver right cost to build (<£500 per home passed) and penetration (30%-40%) Expect to validate build technologies, phasing, build costs, penetration ramp and opex variables Potential to scale to 10m premises in Tier2 cities Preliminary discussions on financing have been positive Supportive regulator

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Achievable, affordable and value accretive

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Delivered accelerating revenue growth in FY15 as planned Value for money quad play delivering strong RGU growth and lower churn TalkTalk Business growing strongly Identified greater benefits from MTTS than originally planned Upgrading revenue growth target to 5% CAGR to FY17 and on track to deliver 25% EBITDA margin Well positioned to build a high growth, integrated, value for money telecoms network Ultrafast fibre and inside out mobile networks present long term growth opportunities Expect to grow revenues at >5% beyond FY17 with strong FCF generation

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40 FY15 Headline FY15 Exceptional FY15 Statutory EBITDA 245 (46) 199 Depreciation (78) (5) (83) Amortisation (42) (12) (54) Share of JVs (8) (8) Interest (22) (22) Profit Before Tax 95 (63) 32 Tax (19) 59 40 Effective Tax Rate 20% Profit After Tax 76 (4) 72 EPS 8.2 7.8 DPS 13.8 13.8

DPS Headline EPS Exceptional

MTTS Acquisition Innovation

46 22

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42 Simply Broadband Essentials TV Plus TV BETTER GOOD BEST £5.00* £10.00* £20.00*

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 Free Mobile SIM worth £90 including a monthly allowance of 100 minutes, 250 texts & 250Mb of data * Excluding Line Rental at £16.70 per month

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DUAL PLAY TalkTalk BT PlusNet Sky Virgin Media EE Product Name Simply Broadband Unlimited Broadband PlusNet Unlimited Broadband Broadband Unlimited Virgin Media Broadband 50 MB Unlimited Broadband Monthly Fee £5.00 £17.50 £9.99 £7.50 £17.50 £9.95 Line Rental £16.70 £16.99 £15.95 £16.40 £16.99 £16.40 Total Monthly Fee £21.70 £34.49 £25.94 £23.90 £34.49 £26.35 Postage / Setup £6.75 £6.95 £5.99 £6.95 £0.00 £6.00 Inclusive Calls None Included None Included Weekend Weekend None Included Weekend Contract 18 Months 12 Months 12 Months 12 Months 12 Months 12 Months Total Cost 18m £397.35 £573.77 £472.91 £437.15 £620.82 £480.30 Savings with TalkTalk (18m) £176.42 £75.56 £39.80 £223.47 £82.95 Monthly Average £22.08 £31.88 £26.27 £24.29 £34.49 £26.68 TRIPLE PLAY TalkTalk BT Plusnet Sky Virgin Media EE Product Name TalkTalk Essentials TV TV Starter + Unlimited Broadband + Evening & Weekend Calls Plusnet Fibre, TV & Calls Sky Original Bundle with Broadband Unlimited Big Easy (50 MB) EE TV, Broadband & Calls Monthly Fee £10.00 £24.50 £19.99 £29.00 £22.00 £12.95 Line Rental £16.70 £16.99 £15.95 £16.40 £16.99 £16.40 Total Monthly Fee £26.70 £41.49 £35.94 £45.40 £38.99 £29.35 Postage £6.75 £6.95 £5.99 £6.95 £0.00 £6.00 TV Connection Fee £0.00* £35.00 £0.00 £25.00 £0.00 £0.00 Inclusive Calls Evening & Weekend Weekend Weekend Weekend Weekend Weekend Contract 18 Months 12 Months 18 Months 12 Months 18 Months 18 Months Total Cost 18m £487.35 £686.77 £652.91 £849.15 £701.82 £534.30 Savings with TalkTalk (18m) £199.42 £165.56 £361.80 £214.47 £46.95 Monthly Average £27.08 £38.15 £36.27 £47.18 £38.99 £29.68 QUAD PLAY TalkTalk BT Virgin Media EE Product Name TalkTalk Plus TV TV Starter, Unlimited Broadband, Anytime Calls + BT Mobile 500MB Plan Big Easy (50 MB) + Anytime Calls + 250MB Sim EE TV, Broadband, Anytime Calls + 250MB Sim Monthly Fee £20.00 £34.00 £35.00 £27.94 Line Rental £16.70 £16.99 £16.99 £16.40 Total Monthly Fee £36.70 £50.99 £51.99 £44.34 Postage £6.75 £6.95 £0.00 £6.00 TV Connection Fee £0.00* £35.00 £0.00 £0.00 Inclusive Calls Evening & Weekend Weekend Weekend Weekend Contract 18 Months 12 Months 18 Months 18 Months Total Cost 18m £667.35 £857.77 £935.82 £804.12 Savings with TalkTalk (18m) £190.42 £268.47 £136.77 Monthly Average £37.08 £47.65 £51.99 £44.67 FIBRE TalkTalk BT Virgin Media Sky PlusNet EE Product Name TalkTalk Simply BB with Fibre Medium Unlimited BT Infinity 1 Broadband Only (50 MB) Fibre Unlimited & Talk Weekends Unlimited Fibre and Calls Unlimited Fibre Monthly Fee £15.00 £23.00 £17.50 £20.00 £14.99 £19.95 Line Rental £16.70 £16.99 £16.99 £16.40 £15.95 £16.40 Total Monthly Fee £31.70 £39.99 £34.49 £36.40 £30.94 £36.35 Postage / Setup £56.75 £36.95 £0.00 £36.95 £5.99 £56.00 Inclusive Calls N/A Weekend N/A Weekend Eve & Wkd Weekend Total Cost 18m £627.35 £696.77 £620.82 £692.15 £562.91 £710.30 Savings with TalkTalk (18m) £69.42 £64.80 £82.95 Monthly Average £34.85 £38.71 £34.49 £38.45 £31.27 £39.46

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FY13 FY14 FY15 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 On-Net Broadband & Voice 3.096 3.162 3.231 3.295 3.346 3.402 3.532 3.570 3.615 3.656 3.708 3.775 Broadband Only 0.669 0.642 0.609 0.575 0.548 0.526 0.503 0.490 0.468 0.449 0.420 0.402 Total On-net 3.765 3.804 3.840 3.870 3.894 3.928 4.035 4.060 4.083 4.105 4.128 4.177 Churn 1.6% 1.6% 1.5% 1.5% 1.4% 1.7% 1.6% 1.5% 1.4% 1.4% 1.3% 1.3% Fully Unbundled 77% 78% 80% 81% 82% 83% 84% 85% 86% 87% 88% 88% Mobile 0.085 0.117 0.152 0.175 0.202 0.236 0.260 0.284 0.308 0.348 0.398 0.464 Fibre 0.015 0.030 0.052 0.073 0.095 0.142 0.177 0.207 0.241 0.308 0.396 0.479 TV 0.080 0.230 0.390 0.557 0.732 0.917 1.102 1.217 1.332 1.414 Off-net Broadband 0.282 0.239 0.213 0.193 0.177 0.148 0.151 0.136 0.123 0.116 0.108 0.106 Voice 0.436 0.407 0.380 0.358 0.335 0.315 0.297 0.282 0.252 0.242 0.234 0.226 Total Broadband 4.047 4.043 4.053 4.063 4.071 4.076 4.186 4.196 4.206 4.221 4.236 4.283 Revenue On-net 285 288 292 305 306 306 3151 327 322 326 334 351 Off-net 49 46 43 40 35 34 29 30 24 22 21 20 Corporate 80 80 80 82 80 82 87 91 88 89 94 104 Total 414 414 415 427 421 422 4311 448 434 437 449 475 ARPU On-net 25.27 25.37 25.47 26.37 26.28 26.08 26.371 26.93 26.36 26.54 27.05 28.18 Off-net 21.71 22.48 23.13 23.31 21.94 23.25 21.23 23.09 20.18 20.01 20.00 19.78

1 Prior year revenue adjusted to reflect exceptional item resulting from HMRC ruling on VAT treatment