2017 Half Year Results Focus on densification and commercialisation

28 September 2017

Greg MeschChief Executive Officer

Progress to date

• Completed 5 acquisitions & 9 anchor metro builds

• Strategic consolidation of most metro core duct infrastructure outside London. Now the largest alternative wholesale infrastructure provider across 42 cities

• Addressing 4,383,000 homes, 349,400 businesses, 43,820 public sector sites and over 7,300 macro mobile base stations

• Well-positioned to drive large-scale fibre-based transition across the footprint

• Now focused on densification and commercialisation of this unique asset base

3

Leveraging a unique asset platform

Cities enabled for Entanet’s national Ethernet services(cumulative)

1

Aug-17 Oct-17 Nov-17 Dec-17 Feb-18 Apr-18 May-18

5 10 12 13 14 24

H1 overview

Key financial highlights• Strong organic revenue growth of 36% YoY• Further expansion of gross margin, to 88%, reflecting improving operating leverage• Trebling of Adjusted EBITDA, reflecting underlying admin cost increase of only 18% YoY

Operational highlights• Key focus on operational and commercial activation of 24 cities acquired in 2016• Halfway into an enablement programme using key launch partner contracts as anchors• Currently delivering incremental cabling, PoP/COLO, and active layers

Market dynamics• Regulatory developments and public policy shifts both supportive of alternative fibre builders• Snap election (purdah) and LFFN introduced market pause in PSN contracting• Launch partner contracts have slowed as we finished commercialising large acquisition cites

Post-period highlights• Successfully closed £201.8m equity raise to fund the next phase of growth• Acquired Entanet significantly expanding our business channel and Ethernet solution • On track with readiness and planning for targeted FTTH/P rollout to 5 to 10 cities

4

Focusing on enabling and densifying our cities

Operating and financial highlights

KPI H1 2017 H1 2016 YoY%

Connected sites 4,235 3,490 21%

Metro fibre km 2,417 2,011 20%

Turnover £9.0m £6.6m 36%

Gross margin 88% 86% +200bps

Adj. EBITDA £1.7m £0.4m 302%

Cumulative ICV £136m £104m(£79m ex-KCOM) 31%

5

Connections, footprint, revenues & margins showing steady expansion

Significant positive regulatory developments A tailwind in regulation and public policy

• CAT ruled against Ofcom on the Business Connectivity Market Review. Ofcom now has to re-consult the industry and the dark fibre remedy will not be implemented in 2017

BCMR

• DIIF launched with £400m of HM Treasury funds, matched by other institutions (≥£800m)

• LFFN launched with £740m (first wave of £200m) stimulus programmes

DIIF&LFFN

• 4 July 2017 Telecommunications Infrastructure Bill introduced 100% relief on business rates on new fibre investments

• 10 July 2017 Advertising Standards Authority announced in-depth review into advertising of fibre services

OTHER

CityFibre is the only major provider of dark fibre services across

our footprint

Provides incentives to both investors and

customers of full fibre

Brings greater clarity to the market and

associated economics

6

DIIF: Digital Infrastructure Investment FundLFFN: Local Full Fibre Networks

7

Metro infrastructure FTTH expansionPublic Sector Business Mobile Consumer

50 towns & cities (Planned Addressable) 52,100 sites 420,000 sites 8,700 cells

(43,500 small cells) 5,200,000 homes

New city &incremental connection drivers(1):

• £740m stimulus• Public sector

anchors• Gov’t target 100

towns and cities

• Entanet acquisition• Full fibre business

vouchers• Business parks

rollout

• Transition to dark fibre

• 5G & small cells• Discussions with

MNOs

• Ofcom – 3rd network to 40% of premises

• HM Treasury –£800m DIIF for competitive full fibre

42 towns & cities(Current Addressable) 43,820 sites 349,400 sites 7,300 cells(2)

(36,500 small cells(2))4,383,000 homes

(within metro footprints)

Sold connections(Penetration % of current)

1,946 sites(3)

(4.5%)6,010 sites(3)

(1.7%)37 cells(3)

(Trial city)3,758 homes(4)

(Trial)

Example channelpartners(Current and potential partners)

Entanet1500+ service providers

Natural expansion to FTTH

using metro infrastructure

Sources: Company information and public information.Notes: (1) Subject to government policy changes. (2) Estimated. (3) Sold connections as at 30th June 2017. (4) York FTTH trial connections sold as at 30 June 2017.

Integrating our verticals through densification

Terry Hart Chief Financial Officer

York core metro network:• Anchor contract with City of York for

105 council sites and schools• Net incremental public sector and

business connections of 175• Total connected sites 282 (as at 30

June 2017)

FTTH network employing York metro:• 13,582 homes passed • 3,758 sold connections representing c.

27% penetration (as at 30 June 2017)• CoLo & POP quickly connected off metro• Deep 2x110mm ducted metro core used

to feed 36 fibre cabinets

Densification in action: YorkHow a metro core can accelerate the build and save on capex

9

FTTP demand and penetration proof-points

10

Consumer take-up gathers momentum

• Cabinets can be released when built proving take-up rates and de-risking entire city builds• Business Parks FTTP and Consumer FTTH share architecture and metro core • All cabinets continue to grow at steady rates- 32 cabs at >20%- 21 cabs at >30%- 3 cabs at >40%

CabinetNumber

t1 t2 t3 t4 t5 t6 t7 t8 t9 t10 t11 t12 t13 t14 t15 t16 t17 t18 t19 t20 t21 t22 t23 t24 t25

4 0% 2% 3% 4% 6% 7% 8% 9% 12% 13% 14% 16% 16% 18% 19% 18% 20% 22% 23% 23% 23% 24% 24% 24% 25%1 0% 2% 5% 7% 9% 11% 13% 18% 21% 22% 23% 25% 25% 28% 30% 30% 31% 32% 33% 34% 34% 35% 36% 36% 37%3 0% 1% 6% 7% 8% 10% 14% 18% 18% 20% 22% 24% 25% 29% 29% 29% 31% 33% 36% 39% 40% 42% 42% 43% 44%2 0% 1% 4% 5% 6% 6% 7% 9% 10% 12% 16% 18% 19% 20% 21% 22% 23% 26% 26% 26% 27% 28% 28% 28% 30%8 0% 0% 3% 4% 6% 7% 9% 11% 13% 14% 14% 16% 16% 18% 19% 21% 22% 22% 24% 24% 25% 25% 26% 26% 28%

10 0% 0% 3% 4% 5% 6% 8% 9% 11% 13% 14% 16% 17% 19% 20% 21% 22% 24% 25% 25% 26% 26% 27% 27% 28%9 0% 2% 2% 4% 4% 6% 8% 9% 10% 10% 12% 13% 16% 17% 18% 18% 21% 22% 23% 23% 24% 25% 25% 24%

11 0% 0% 0% 3% 5% 7% 9% 13% 15% 17% 18% 20% 23% 24% 25% 27% 28% 31% 31% 31% 32% 33% 35% 36%12 0% 0% 1% 4% 5% 6% 8% 10% 12% 13% 14% 16% 18% 19% 20% 21% 22% 24% 25% 26% 26% 26% 26% 27%13 0% 0% 0% 4% 6% 8% 8% 10% 12% 13% 14% 15% 18% 19% 20% 21% 22% 25% 27% 27% 27% 28% 29% 31%14 0% 0% 1% 5% 6% 7% 9% 11% 11% 13% 14% 16% 19% 20% 21% 21% 23% 25% 27% 28% 28% 29% 30% 31%15 0% 0% 0% 4% 6% 8% 9% 11% 12% 14% 16% 17% 20% 21% 21% 21% 24% 27% 27% 27% 28% 28% 29% 31%16 0% 0% 0% 4% 5% 6% 8% 9% 10% 11% 12% 13% 16% 17% 18% 19% 21% 25% 25% 26% 26% 26% 27% 28%36 0% 0% 3% 6% 11% 13% 16% 18% 20% 22% 23% 24% 25% 27% 30% 30% 30% 32% 32% 33% 33%35 0% 6% 9% 13% 14% 18% 21% 23% 25% 27% 29% 29% 30% 33% 35% 35% 37% 38% 39% 40% 41%29 0% 0% 2% 5% 6% 10% 14% 15% 17% 19% 20% 21% 22% 22% 26% 27% 27% 27% 28% 30% 31%30 0% 6% 8% 12% 16% 18% 21% 22% 24% 25% 26% 27% 29% 32% 33% 33% 32% 33% 33% 34%27 0% 0% 2% 8% 11% 12% 14% 16% 16% 18% 18% 19% 21% 24% 25% 26% 26% 26% 27% 29%33 2% 4% 9% 12% 15% 18% 18% 19% 21% 22% 24% 28% 31% 32% 33% 33% 33% 33% 34%37 0% 0% 4% 6% 10% 12% 16% 21% 23% 27% 27% 29% 30% 32% 32% 33% 33% 34% 35%18 0% 0% 0% 1% 2% 5% 6% 8% 10% 10% 12% 12% 13% 13% 13% 13% 15% 16% 16%28 0% 3% 12% 19% 21% 23% 25% 27% 27% 29% 31% 32% 33% 33% 32% 33% 35% 35%26 0% 2% 4% 9% 11% 11% 13% 14% 15% 18% 21% 22% 25% 25% 26% 26% 28% 28%39 0% 4% 14% 19% 23% 25% 27% 29% 30% 32% 35% 35% 36% 37% 38% 39% 39%40 0% 5% 11% 15% 17% 18% 22% 23% 24% 28% 30% 31% 31% 32% 32% 32% 33%41 0% 6% 14% 21% 24% 26% 28% 29% 29% 31% 32% 33% 33% 33% 34% 34% 35%42 0% 5% 13% 17% 19% 21% 24% 25% 25% 28% 30% 30% 30% 31% 32% 32% 33%25 0% 0% 6% 7% 7% 7% 9% 9% 9% 11% 12% 12% 13% 13% 14% 15%23 2% 4% 7% 9% 10% 10% 11% 13% 14% 15% 15% 15% 17% 18% 20%44 10% 26% 29% 30% 32% 33% 35% 37% 37% 38% 40% 40% 42% 43%43 8% 14% 19% 23% 25% 25% 27% 30% 30% 30% 31% 31% 31% 34%45 8% 19% 23% 24% 25% 26% 29% 33% 34% 35% 35% 36% 37% 38%32 0% 6% 8% 11% 12% 13% 15% 16% 17% 17% 18% 19% 21% 22%31 0% 4% 8% 12% 12% 12% 13% 16% 17% 17% 18% 19% 19% 20%19 0% 4% 8% 9% 10% 12% 15% 16% 17% 17% 17% 18% 19%

Months in service

>20% penetration

>30% penetration

>40% penetration

Blended penetration now over 30%

Entanet acquisition

11

Strategically complementary to CityFibre’s asset base

• Extensively enhances CityFibre’s wholesale fibre capability

• 1,500 Active Channel Partners in FY 2016, accelerating CityFibre’s commercial relationships

• National Ethernet Capability accelerating the timescale and scope of CityFibre’s Ethernet strategy

• Estate of >45,000 residential and business broadband connections, and >3,500 leased lines (25% on CityFibre’s footprint)

• Acquired for £29m on a cash free debt free basis• Synergies of >£3m per annum within three years• Significantly greater synergies available from future

potential revenues from cross selling and cost avoidance

Already showing encouraging early signs of new business conversion on CityFibre network

Mature sales channel

+

Physical network

Independentfull-fibre network

Established Channel Partners (c. 1,500)

Trading & support interfaces

Automated order & billing portal/platforms & support systems

Products & development expertise

• Active Internet (FTTP, FTTH)• Ethernet Services• Metro & LDN Dark Fibre (FTTT)

Financial highlights Strong growth and margin expansion continues

(6 months to 30 Jun) 2017 2016 YoY

Turnover 9.0 6.6 36%

Cost of sales (1.1) (0.9) 19%

Gross profit 7.9 5.7 39%

Gross margin 87.6% 85.9% +170bps

Administrative expenses 9.4 9.9 (5%)

Operating loss (1.5) (4.2) (64%)

Net financial expense (4.3) (3.3) 30%

Pre-tax loss (5.9) (7.5) (21%)

Adjusted EBITDA 1.7 0.4 302%

(As at 30 Jun) 2017 2016 YoY

Fixed assets 163.9 141.7 16%

Cash and equivalents 7.9 8.1 (3%)

Total assets 188.5 172.6 9%

Interest-bearing loans and borrowings 61.2 39.9 53%

Total equity 103.2 113.2 (9%)

Network capex (excluding acquisitions) (7.7) (10.8) (29%)

Operating cash outflow (1.2) (3.8) (68%)

Balance sheet and cash flow extract (£m)

*£5.5m of the debt facility drawn in the period; total facility drawn of £65.3m as at 30 June 2017

Profit and Loss (£m)

• Revenue growth driven by commercialisation of acquired assets, Edinburgh completion & addition of Redcentric assets

• 20% of revenues in the period from Ethernet services – set to expand

• Gross margin expanded 170bps, reflecting high margin new business

• Underlying administrative expenses increased 18% to 6.3m (excluding non-cash and non-recurring fees)

• Adjusted EBITDA increased 302% to £1.7m

• Network capex of £7.7m

• Cash position £7.9m, net debt 57.4m

• Gross proceeds of £201.8m from equity raise after the period end

• Focus in H2 2017/H1 2018 on refinancing existing debt facilities and optimising capital structure

12

Greg MeschChief Executive Officer

Enabling the next stage

• Well-positioned and capitalised to increase densification and commercialisation efforts

• Continuing enablement of the 24 acquired cites in 2016

• Enable the Entanet Ethernet (L2/L3) network across all CityFibre Cities

• Preparing select cities for FTTH/P rollouts

Summary and outlook

PurposeThe sole purpose (“the Purpose”) of this presentation (the “Presentation”) is to provide information on CityFibre Infrastructure Holdings Plc (“CityFibre” or “the Company”) and its subsidiaries (together “the Group”). This Presentation and the contents of it do not, and are not intended to, constitute an offer for sale, prospectus, invitation to subscribe for or purchase or otherwise acquire, shares or other securities in the Company.

Verification of informationThe information contained in this Presentation is being supplied as a guide only and no reliance may be placed for any purpose whatsoever on the sufficiency, accuracy or completeness of the statements contained herein. No representation or warranty whatsoever is given by or on behalf of CityFibre or any directors, officers, employees or advisers or any other person and no responsibility or liability is accepted by any of them, in relation to the shares, business or prospects of the Company expressed or implied, or with respect to the adequacy, accuracy, completeness or reasonableness of the facts, opinions, estimates, forecasts, projections or other information set out in this Presentation or any further information, written or oral or other, supplied in connection with it. Nothing contained within this Presentation is or should be relied upon as a promise or representation as to the future. Any pro-forma and estimated financial information contained herein is prepared expressly for use herein and is based on certain assumptions and the Directors’ analysis of information available at the time this Presentation was prepared. There is no representation, warranty or other assurance that any of the projections will be realised. The information contained herein and any further information relating to the Company supplied by CityFibre or its advisers is, and will be, supplied on the condition that neither CityFibre nor its advisers accepts any responsibility and/or liability for any loss or damage of whatsoever nature that may result or occur by reliance on such information and howsoever arising. The information contained in this Presentation has not been legally verified.

Forward Looking StatementCertain statements made in this presentation are forward-looking statements. These forward-looking statements are not historical facts but rather are based on the Company’s current expectations, estimates and projections about its industry, its beliefs and assumptions. Words such as “anticipates”, “expects”, “intends”, “plans”, “believes”, “seeks”, “estimates” and similar expressions are intended to identify forward-looking statements. These statements are not guarantees of future performance and are subject to known and unknown risks, uncertainties and other factors, some of which are beyond the Company’s control are difficult to predict and could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements. These factors include, amongst others, technology risks, including dependence on core technology, fluctuations in results, dependence on new product development, rapid technological and market change, reliance on sales by others, management of growth, dependence on key personnel; rapid expansion; financial risk management and future growth subject to risks. The Company cautions recipients of this presentation not to place undue reliance on these forward-looking statements, which reflect the view of the Company only as of the date of this presentation. The forward-looking statements made in this presentation relate only to events as of the date on which the statements are made. The Company will not undertake any obligation to release publicly any revisions or updates to these forward-looking statements to reflect events, circumstances or unanticipated events occurring after the date of this announcement except as required by law or by any appropriate regulatory authority.

Disclaimer

15