Earnings Presentation

Fiscal Year 2020 Q1NYSE: 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

Sep19q financial highlights1

Net Installs of $0.9M imply a 2% growth rate

Revenue decreased 7.6% (2.1% recurring Revenue2 constant currency growth)

EBITDA margin of 55.3%, and aUFCF of 24%

LFCF positive at $87M

Continued progress on regulatory approvals; transaction is expected to close in the first half of 2020

3

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

3EXCLUDES ALLSTREAM

2% 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 ($0.9M*4 = $3.6M), divided by the beginning quarter run-rate $180.5M=2%)

Net installs of $0.9M

Zayo Networks Net Installs of $1.1M and implied growth of 3%

4EXCLUDES ALLSTREAM

Capital profile

Strong payback at 18 months

Total Bookings contract value 2.2x the associated committed capex

Contract Value vs. CapEx on Bookings

5EXCLUDES ALLSTREAM

1

1 Jun19q restated to include $11M of additional Network Capacity capital commitments

Healthy 24% aUFCF margin

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Capital Expenditures

aUFCF LFCF

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Decrease in Net Capital despite higher capex due to increased Upfront Payments collections

Increased LFCF due to seasonal timing of interest payments, lower Net Capital

6EXCLUDES ALLSTREAM

2% Recurring Revenue growth ex-one times

aEBITDA

Revenue

Revenue GrowthSep19q

QoQ YoY

As Reported -7.6% 3.0%

As Reported (Constant Currency) -6.8% 3.5%

Recurring Revenue (Constant Currency) 2.1% 2.6%

aEBITDA GrowthSep19q

QoQ YoY

As Reported -4.8% 2.3%

In Constant Currency -4.3% 2.8%

7EXCLUDES ALLSTREAM

Segments

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Growth slightly below CY2019 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 Sep19q

Network

Implied Growth from Net Installs1 4-6% 3%

EBITDA Margin 56%+ EBITDA margin 57%

Cash Flow 20-25%+ aUFCF margin 26%

zColo Cloud

Implied Growth from Net Installs Flat to low growth -2%

EBITDA Margin 45-50% EBITDA margin 42%

Cash Flow 0-10% aUFCF margin 13%

Allstream aUFCFReduce reliance on Network;

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

$4.9M

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$1.9B of net operating loss carryforwards

No material federal cash taxes until 2024/2025

Strong Balance sheet

Debt Schedule¹

Gross leverage of 4.8x remains within 3-5x target

1

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¹2020 includes $125M outstanding revolver balance as of 9/30/19 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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Zayo Networks has strong financial profile1

Jun19q LQA Revenue1 $1.9 billion

EBITDA Margin1 57% EBITDA Margin

aUFCF Margin1 22%

Implied Growthfrom Net Installs1 3%

11ZAYO NETWORKS

1 As reported, does not include any potential shift of customers or revenue to or from Allstream

Net InstallationsaUFCF

RevenueEBITDA

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Zayo 100G Wavelength Network

Largest capacity sold on any route in a single deal in Zayo’s history

~5 terabits (Tb) of capacity

Infrastructure capacity demand continues to accelerate especially for webscale, content and cloud providers

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Commercial Highlight:Zayo’s largest capacity wavelengths deal

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Commercial Highlight:Growing demand in new sectors

Transportation Company

Private dedicated network (PDN) to connect the company’s data centers in Atlanta

Leverages investments made for prior FTT build

Cloud adoption driving bandwidth demand for customer

PDN provides the Transportation Company with a scalable, resilient and flexible solution

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