Earnings Presentation

Fiscal Year 2020 Q2NYSE: ZAYO@ZayoGroup

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Information contained in this supplemental presentation that is not historical by nature constitutes “forward-looking statements” which can be identified by the use of forward-looking terminology such as “believes,” “expects,” “plans,” “intends,” “estimates,” “projects,” “could,” “may,” “will,” “should,” or “anticipates” or the negatives thereof, other variations thereon or comparable terminology, or by discussions of strategy. No assurance can be given that future results expressed or implied by the forward-looking statements will be achieved and actual results may differ materially from those contemplated by the forward-looking statements. Such statements are based on management’s current expectations and beliefs and are subject to a number of risks and uncertainties that could cause actual results to differ materially from those expressed or implied by the forward-looking statements. These risks and uncertainties include, but are not limited to, those relating to our financial and operating prospects, current economic trends, future opportunities, ability to retain existing customers and attract new ones, our acquisition strategy and ability to integrate acquired companies and assets, outlook of customers, reception of new products and technologies, strength of competition and pricing, and potential organizational strategies that we may opt to pursue in the future. Other factors and risks that may affect our business and future financial results are detailed in the “Risk Factors” section of our annual report on Form 10-K and most recent Form 10-Q filed with the Securities and Exchange Commission. We caution you not to place undue reliance on these forward-looking statements, which speak only as of their respective dates. We undertake no obligation to publicly update or revise forward-looking statements to reflect events or circumstances after releasing this supplemental information or to reflect the occurrence of unanticipated events, except as required by law.

In addition to this presentation and our filings with the SEC, the Company provides a glossary of terms used throughout and a supplemental earnings presentation, both of which are available under the investor section of the Company’s website at http://www.zayo.com/investors. The supplemental earnings presentation includes definitions and tables reconciling non-GAAP measures used in this presentation, including the quantitative reconciliation of Adjusted EBITDA to net income/(loss) and quantitative reconciliations of adjusted unlevered free cash flow and levered free cash flow, each to net cash provided by operating activities.

Safe Harbor

2

Dec19q financial highlights1

Net Installs of $1.3M implies a 3% growth rate; $1.9M Net Installs and 5% growth rate for Zayo Networks

Annualized revenue growth of 14.1% (3.2% Recurring Revenue2 constant currency growth)

EBITDA margin of 56.5%, and aUFCF of 16%

Continued progress on regulatory approvals; the transaction is expected to close by late first calendar quarter or early calendar second quarter of 2020.

3

1 Excludes Allstream; growth rates presented are QoQ annualized growth2 Recurring revenue excludes Other revenue

3EXCLUDES ALLSTREAM

3% annualized growth from Net Installs

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Net Installations

1 Implied by the current quarter CI pace of Net Installs, calculated as Net Installs annualized ($1.3M*4 = $5.2M), divided by the beginning quarter run-rate $181.0M=3%)

Net installs of $1.3M

Zayo Networks Net Installs of $1.9M and implied growth of 5%

zColo negative net installs driven almost entirely by a single customer churn event

4EXCLUDES ALLSTREAM

Capital profile remains strong

Strong payback at 15 months

Total Bookings contract value remains consistent at 2.2x the associated committed capex

73% of Bookings had a payback period of <12 months

Contract Value vs. CapEx on Bookings

5EXCLUDES ALLSTREAM

Capex increased as large projects deployed

6

Capital Expenditures

aUFCF LFCF

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Increased Capital Expenditures from previously sold ERate, long haul and mobile infrastructure projects

Decreased LFCF due to timing of interest payments and increased Capital Expenditures

6EXCLUDES ALLSTREAM

3% Recurring Revenue growth ex-one times

aEBITDA

Revenue

Revenue GrowthDec19q

QoQ YoY

As Reported 14.1% 5.3%

As Reported (Constant Currency) 13.8% 5.6%

Recurring Revenue (Constant Currency) 3.2% 2.9%

aEBITDA GrowthDec19q

QoQ YoY

As Reported 22.7% 6.3%

In Constant Currency 22.5% 6.4%

7EXCLUDES ALLSTREAM

Segments

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Network performance in line with guidance

1 Calculated as Net Installs annualized, divided by the beginning quarter run-rate; actual revenue growth will lag the Implied Growth from Net Installs

Pro Forma New Segment

CY2019 Dec19q

Network

Implied Growth from Net Installs1 4-6% 5%

EBITDA Margin 56%+ EBITDA margin 58%

Cash Flow 20-25%+ aUFCF margin 16%

zColo Cloud

Implied Growth from Net Installs Flat to low growth -12%

EBITDA Margin 45-50% EBITDA margin 46%

Cash Flow 0-10% aUFCF margin 13%

Allstream aUFCFReduce reliance on Network;

Generate $8-10M in quarterly cash; Continue evaluating separation opportunities

$1.6M

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Steady performance from Zayo Networks

Jun19q LQA Revenue1 $1.9 billion

EBITDA Margin1 57% EBITDA Margin

aUFCF Margin1 22%

Implied Growthfrom Net Installs1 3%

10ZAYO NETWORKS

Net InstallationsaUFCF

RevenueEBITDA

$1.5B of net operating loss carryforwards

No material federal cash taxes until 2024/2025

Strong Balance Sheet

Debt Schedule¹

Gross leverage of 4.5x remains within 3-5x target

1

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¹2020 includes $50M outstanding revolver balance as of 12/31/19 which represents the earliest possible maturity under an April 2019 amendment. If the TLB-1 is not extended 6 months prior to maturity, the RC maturity will spring forward to July 2020.

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Telecommunications Company

2,000-mile long haul dark fiber deal from San Jose to Amarillo

Customer needed capacity as part of upgrade of connectivity between key markets

Advanced offerings that provide a competitive differentiation continue to accelerate the demand for infrastructure

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Commercial Highlight

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Commercial Highlight

European Financial Services Company

Private wavelength network to connect the company’s key locations in London and Paris

Zayo won this deal through extensive pre planning and an offering that could not be replicated by competitors

Zayo is now this customer’s largest network infrastructure provider in Europe and North America

While customer is headquartered in EU, they are a material U.S. customer

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