I worked for PIPE 2, page-7

Comparing TPG Fibre to the NBN is chalk and cheese. TPG Fibre is all metro Fibre as well as interstate Fibre (between states) and Fibre to Guam. The Gov is not going to tax all of TPG Fibre, TPG plan on constructing Fibre t0 500,000 extra buildings the Government is looking at taxing this component of TPF Fibre (the service at the end of the fibre within these buildings.

Yes TPG are constructing the Voda back-haul network (this was my deal originally when I worked for PIPE, my idea so I understand it very well). Instead of leasing the Fibre to Voda the traditional way (like a mobile contract, leasing access) TPG have given Voda a 15 year renewable IRU, basically Voda pay TPG to extend the TPG/Pipe fibre network to all there mobile towers with diverse paths. Voda pay TPG for the entire deal upfront and pay very minimal opex fees to access the network.

For TPG this means Voda are paying TPG to build out TPG's network substancially and Voda are paying for it. TPG give Voda a tube of fibre within the fibre network for Voda's own use and TPG own the rest of the network. This is also great for TPG because it means Voda are paying TPG to build what could be TPG's future mobile network in term of tower connectivity and backhaul. The original deal with Pipe was 38 million upfront for a poition but has grown considerably since I left as you are aware through public announcements.

The value for Voda is a colossal reduction in the overall cost of accessing Fibre because they save millions by paying for it upfront instead of paying traditional leasing agreements with Telco's. When this deal was done originally there was no threat of Pipe building a mobile network, things have changed.