Commerce Commission confirms regulatory WACC

Chorus Limited
Level 10, 1 Willis Street
P O Box 632
Wellington
New Zealand

Email: company.secretary@chorus.co.nz






STOCK EXCHANGE ANNOUNCEMENT

1 July 2021

Commerce Commission confirms regulatory WACC

The Commerce Commission has today released its cost of capital determination for
Chorus’ price quality path for the first regulatory period from 2022 to 2024.

The Commission has determined a mid-point vanilla WACC of 4.72% and a post-tax
WACC of 4.52%. This reflects updates to the risk-free rate, cost of debt and cost of
equity.

The Commission’s prior draft price-quality determination reflected a mid-point vanilla
WACC of 4.66% and a mid-point post-tax WACC of 4.46%.

The Commission decision is available here:
https://comcom.govt.nz/__data/assets/pdf_file/0033/258396/2021-NZCC-8-
Cost-of-capital-determination-Fibre-PQ-1-July-2021.pdf


Authorised by:

David Collins
Chief Financial Officer

ENDS

For further information:

Brett Jackson
Investor Relations Manager
Phone: +64 4 896 4039
Mobile: +64 (27) 488 7808
Email: Brett.Jackson@chorus.co.nz

Steve Pettigrew
Head of External Communications
Mobile +64 (27) 258 6257
Email: Steve.Pettigrew@chorus.co.nz