Investor presentation – UBS Australasia Investor Conference

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

Email: company.secretary@chorus.co.nz






STOCK EXCHANGE ANNOUNCEMENT

12 November 2021

Investor presentation - UBS Australasia Conference

The attached Chorus presentation will be referenced at the UBS Australasia
Conference next week.

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

---

Fibre infrastructure comes of age
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Our network infrastructure

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New Zealand market structure
Chorus structurally separated from Telecom NZ (retail) in 2011 for fibre PPP

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Fibre PPP rollout 96% complete
10-year rollout programme coming to an end
><50k premises remaining to pass by December 2022
▪~1.3mcustomers now able to connect in Chorus fibre rollout areas
▪Chorus’ fibre footprint covers 300+ cities and small communities,
from Auckland to Franz Josef on the South Island’s West Coast
>87% of NZ population will have access to fibre
▪Chorus share of government PPP footprint equates to ~75%
▪the other 25% is served by three other local fibre companies
(~450k end customers in Chorus’ existing copper network areas)
Auckland: home to 1/3 NZ population and
growing rapidly, with 76% fibre uptake to date.
Franz Josef: fibre was recently made available to
the ~100 premises

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COVID-19: reliable broadband is essential
On track for our target of 1 million fibre connections in 2022
>First four months of FY22 have delivered positive net
monthly broadband connections
▪fibre broadband connections up 23k in Q1, despite COVID 19
impact on installation activity
▪COVID lockdowns helping drive migration from copper to fibre
and upgrades to 1Gbps plans
>Reached 900,000 fibre connections in October (GPON+P2P)
▪858,000 connections in fibre PPP areas (at 30 Sept) out of
~1.3m able to connect
•uptake in UFB1 areas grew to 71% in Q1, up from 69%
•uptake in UFB2 areas grew to 44% in Q1, up from 42%
•Auckland uptake at 76%
▪strong growth in greenfieldsfibre demand outside fibre PPP
areas

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Data demand accelerates
0
100
200
300
400
500
600
700
DownstreamUpstream
COVID-19
lockdowns
Note: upstream traffic only shown from June 2020 onwards following COVID-19 effects on daytime usage trends
Record 621GB average monthly usage per fibre connection in September
Gigabytes
per month

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Working from home creates upstream need
Upstream
traffic

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Fibre for speed, capacity, low latency
New code to address telco marketing practices
Source: Commerce Commission, Measuring Broadband New Zealand, Winter Report (August 2021)
>Commerce Commission quarterly monitoring shows fibre
outperforms other technologies on key measures (e.g.
peak time speed, latency -see chart)
>industry-led code to be introduced following Commission
concerns about marketing of alternative services during
copper withdrawal. Proposed requirements include:
▪consumers should provide express consent for a change
in telco service
▪at least 4 months’ notice should be provided by
retailers where a copper service is being withdrawn
▪service performance measures to be clear, accurate and
up-to-date, with reporting of actual likely peak time
broadband speed

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Demand for higher data and speed will keep growing
We forecast 1,000GB average monthly usage in 2024
>adoption of streaming services has been accelerated by
lockdowns, with more services expected to launch (e.g.
Discovery+) and retailers bundling streaming services with
broadband
>our pre-lockdown consumer research showed about a third
of households expected their data usage to increase due to
increased streaming, more devices and more use (e.g.
working from home, older children)
▪38% of households would like more content in 4K quality
▪smart home devices (e.g. AI digital assistants, CCTV) add
to bandwidth demand and need for reliable broadband
>cloud-based gaming, 8KTV expected to drive future
bandwidth requirements

10
1 Gigabit plans now 22% of mass market
$56
$47.15
$43.56
$65+
$56.38+
$51.25+
Note: business plan pricing shown is indicative entry level option for each speed tier
$51.20+
>1Gbps connections are growing strongly, up from 20% (30 Sept) to 22% of GPON connections in October
▪reflects consumer-led demand for upgrades, migrations from the 200Mbps plan, in-market Chorus incentives
and retailer offers
>CPI changes to pricing:
▪1.52% applied to selected fibre services from 1 October: residential 50Mbps $44.22 and 100Mbps $47.87
▪4.93% to apply to copper services from mid December: baseband $33.73; broadband $45.09
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Residential fibre(GPON): 802,000
1Gbps200Mbps100Mbps
50MbpsVoice
Business fibre(GPON): 81,000
1Gbps200-300Mbps100Mbps
<100MbpsVoice
Copper connections: 435,000
Unbundled linesBaseband lines
ADSLVDSL
Chorus mass market connections by plan type (as at 30 Sept)

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Refining our product proposition
Boosting NZ into global top 10 for average speed
>retailers can choose to apply our plan upgrades:
▪consumer 100/20 300/100
▪business evolve 100/100 300/300
▪small business 100/100 500/500
>currently consulting with retailers on possible
introduction of entry level consumer plan:
▪40/10 speed at $44.22 per month
▪price could reduce to $39 per month where
retail pricing is $63 or less (inclGST)
▪note: plan introduction and make-up is
subject to Chorus assessment of industry
feedback

>~140,000 addresses have fibre installed but not
activated
▪~7k activations in Q1 with ~3k from offnet addresses
▪direct marketing: $100 PrezzyCard incentive
>270,000 addresses have fibre at their gate
▪~12k of 30k installations in Q1 were via our
managed migration programme
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Active wholesaler programme lifting fibre uptake
Targeted advertising, incentive and installation programme continues
0
2,000
4,000
6,000
8,000
10,000
12,000
14,000
16,000
18,000
Q1 FY21Q2 FY21Q3 FY21Q4 FY21Q1 FY22
Managed migration programme
InstallationsConnections
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0
100,000
200,000
300,000
400,000
500,000
600,000
Contact
Energy
MercuryTrustPowerNova
Energy
VocusSky TV
Electricity/TV connectionsBroadband customers (reported)
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New ‘broadband bundlers’ growing market share
Retail broadband competition growing with energy and pay TV bundlers
>Energy and pay TV ‘broadband entrants’
serve ~1.7m customers on their core
services
▪Contact Energy entered the broadband market in late
2017. Their connections increased 96% in FY21.
▪Mercury NZ is in the process of purchasing Trustpower
with a focus on bundling services. Trustpoweris NZ’s
5
th
largest broadband retailer, while Mercury has not
previously provided broadband services.
▪Sky TV entered the broadband market in March 2021
with a focus on its large base of Sky Box customers.
▪Nova Energy entered the broadband market in late
2018. Broadband connections aren’t publicly reported.
▪VocusNZ acquired power retailer Switch in late 2016.
No. of
customer
connections
Note: Electricity customer numbers reflect Electricity Authority ICP data as at 30 Sept 2021.
Broadband customer numbers reflect publicly reported data where available.

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Lift in retail competition as new entrants grow share
Source: IDC market data
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22.5
12.5
7
6
15
%
48
29
12
1
10
NZ broadband market share by
retailer (Q2 2021 vs Q1 2013)
Q1 2013
Q1 2021
Growing retail diversity
14

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Home building growth supports fibre demand
New homes consented in Auckland up 29% to year ended Sept 2021
0
5,000
10,000
15,000
20,000
25,000
30,000
FY19FY20FY21
New property ordersCompleted
Chorus new property connection
pipeline (all NZ)
Source:

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Connection changes by Zone (indicative)
* Includes planned Chorus UFB1, 2 and 2+ coverage
**Excludes 10k partly subsidised education connections and 13k fibre premium and data services (copper) connections
7
5
6
-4
-2
-1
-1
-2
-2
-3
-5
-6
-6
-9
-8
-10
-8
-7
-8
-1
-2
-1
-1
-1
-3
-2
-2
-3
-2
-15-5515
Q1 FY22
Q4 FY21
Q3 FY21
Q2 FY21
Q1 FY21
Q1 FY22
Q4 FY21
Q3 FY21
Q2 FY21
Q1 FY21
Q1 FY22
Q4 FY21
Q3 FY21
Q2 FY21
Q1 FY21
Broadband connections
Copper (no broadband) connections
Quarterly change (‘000s) by zone**
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Other fibre
company (LFC)
zone
Broadband connections42,000Disconnections continue due to Local Fibre
Company and fixed wireless provider activity,
with some slowdown due to COVID-19
restrictions.
Copper line (no broadband)25,000
TOTAL67,000
Non-UFB zoneBroadband connections149,000Some expansion of wireless broadband footprint
through Government backed programme. New
housing outside of UFB zone driving fibre
premises growth.
Copper line (no broadband)34,000
TOTAL183,000
Chorus UFB zone*Broadband connections992,000Continued broadband growth driven by Chorus
incentives and migration campaigns. Copper
voice disconnections reflect migration to fibre
and targeted fixed wireless activities. COVID-19
restrictions slowed market activity in Q1 and
broadband growth has been constrained by
COVID-19 limits on net migration.
Copper line (no broadband)76,000
TOTAL1,068,000

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Fibre enables sustainability
>inaugural Sustainability Report in 2021
▪sustainability strategy focused on: thriving environment, champion
digital futures, thriving people
▪aligning our reporting with GRESB communications infrastructure
framework
>targeting80% emissions reduction (scope 1&2) from FY12
level by 2030
▪electricity consumption expected to reduce 30-40% as customers
migrate to fibre
▪assisted by NZ electricity decarbonistation: grid typically ~80%
renewable with Climate Change Commission recommended target of
95% to 98% by 2030
▪broadband underpins significant emissions reduction by enabling
activities such as working from home, telemedicine and reduced travel
>Diversity and inclusion
▪Chorus Board: 43% women, 57% men
▪targeting 40:40:20 people leader gender ratio: 36% women, 64% men
in FY21
▪objective of 0% gender career level pay gap by 2022
▪employee engagement: 8.5/10 in FY20 and FY21

Financial highlights and
regulatory framework
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Financial snapshot
* New accounting standards IFRS 9, 15 and 16 were adopted from FY18
19
0
200
400
600
800
1000
FY18FY19FY20FY21
Revenue
0
100
200
300
400
500
600
700
FY18FY19FY20FY21FY22
EBITDA
$m
$m
Guidance
$640 -$660m
>Revenue has reduced due to:
▪copper line loss in areas where Chorus is not
the Government’s chosen fibre network
provider
▪fixed wireless competition
>Revenue loss partially offset by:
▪strong fibre uptake at higher ARPU than
copper
▪consumers upgrading to higher speed plans
(e.g.1Gbps)
>ObjectiveofmodestEBITDAgrowth:
▪expect continued fibre ARPU growth
▪ongoing focus on cost reduction as fibre
rollout ends and transition to operational
mode

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Capex & Leverage
0
0.5
1
1.5
2
2.5
3
3.5
4
4.5
0
100
200
300
400
500
600
700
800
900
FY13FY14FY15FY16FY17FY18FY19FY20FY21FY22
CapexNet senior debt/EBITDA*
*based on S&P and bank covenant methodologies
>Chorus’ Board considers that a ‘BBB’ credit rating or
equivalent credit rating is appropriate for a company
such as Chorus.
▪4.24x ND/EBITDA at30 June
▪total net debt $2,748m at30 June
>ratings agencies expected to review current
thresholds to reflect new regulatory regime and
growth in free cashflow
▪S&P:4.25xND/EBITDA on a sustained basis
▪Moody’s: 4.2x ND/EBITDA on a sustained basis
>financial covenants require senior debt ratio to be
no greater than 4.75 times
>member of GLIO infrastructure index from Sept
2021
Guidance
$550 -$590m
$m
Net Debt
/EBITDA

0
50
100
150
200
250
300
FY20FY21FY22*FY23FY24
Communal spend
Installation & layer 2 spend
>significant downward trajectory for capex:
▪communal fibrespend ends in FY23 as rollout
ends; installation capex slows as uptake is
maximised
▪copper capex will reduce as fibremigration
migrationenables copper withdrawal
▪other ongoing discretionary capex subject to
market drivers and regulatory incentives
Free cash flow grows as fibre rollout ends
21
*based on midpoint of FY22 guidance and regulatory proposals
Source: Chorus proposed fibre capex, Our Fibre Plans 2020
Chorus CI = confidential information
>installation demand is the bulk of expected RP1 capex (see
chart)
▪Chorus’ RP1 proposal forecasts ~$1 billion of capex for 2022 to
2024 (calendar)
$m
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Transition to new dividend policy underway
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>we expect to provide further detail on dividend
outlook, including expected pay-out range, in
February 2022, following finalisation of key
regulatory outputs
>policy based on a majority pay-out range of free
cashflow(net cash flows from operating activities
minus sustaining capex)
▪sustaining capex was $180m in FY21 and expected to be
~$200m (midpoint within a range) in future
>dividend levels through the transition period will
reflect the maintenanceof a BBB credit rating and
non-sustaining capex demands (fibrerollout and
connections)
▪we expect the April 2022 interim dividend will be fully
imputed, followed by unimputed dividends for the short
to medium term
0
5
10
15
20
25
30
FY17FY18FY19FY20FY21FY22
Dividend
Initial
guidance of
26cps

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Regulatory process
Final RAB and MARdecisions due December
Source: Commerce Commission, stylised key building blocks equations
>2022-2024 parameters confirmed so far:
▪vanilla WACC: 4.72%
▪post tax WACC: 4.52%
▪CPI forecast: 1.63% (2022), 2.03% (2023), 2.17% (2024)
>regulatory framework provides allowance for inflation:
▪RAB will be indexed by actual inflation over the regulatory
period (reflected in RAB at start of second regulatory period)
▪forecast inflation is applied to the RAB to set the initial MAR,
with the MAR reduced by the value of the revaluation -there is
no adjustment for actual inflation in the period

>Chorus’ conservative initial valuation of $5.5 billion was based on extensive modelling work undertaken by
AnalysysMason
▪the Commission’s draft $5.4bn RAB doesn’t reflect Chorus’ business operations, particularly allocation of
technology costs, duct sharing and exchange space
▪the draft RAB amounts exclude ~$1.3bn assets: copper assets (including shared assets currently allocated to
copper), non-regulated fibreassets (e.g.fibrein local fibrecompany areas) and fibreassets part or wholly
funded with third party capital contributions (e.g.government subsidisedRural Broadband Initiative network,
greenfieldsdevelopers).
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Regulatory asset base (RAB)
Draft Commission decision (19 August) suggested 1 Jan 2022 RAB of $5.4bn
Core fibre
assets
$3,980m
Financial loss
asset
$1,446m

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Maximum allowable revenue (MAR)
Draft Commission decision (27 May)
>Table X3 (right) summariseskey MAR components but doesn’t
reflect potential final decision changes for:
▪Commission draft RAB of $5,427m in August vs Commission’s use
of Chorus initial valuation of $5,507m in May
▪changes in risk free rates reflected in final WACC (increased from
.43% to .51%)
▪updated indexation forecasts following May quarter
▪Chorus’ submissions noting fundamental issues with the
Commission’s proposed reductions to capex ($158m or 16.2%
reduction) and opex($52m or 10.6% reduction)
▪treatment of depreciation for the financial loss asset (Commission
draft MAR decision proposed diminishing value of 14.3%)
The Commission noted on 19 August: “If all other aspects of our draft PQ decision remained
unchanged, our indicative estimate of the combined impact of these decisions would lead to
a 2%-2.5% reduction in allowable revenue over the PQP1 period.”
Source: Commerce Commission

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Looking ahead...
>We expect MAR for the second regulatory period to reflect:
▪future risk-free rate
▪inclusion of tax building block once tax loss of ~$280m
(tax effected) is used up
▪~$250m (current value) of existing shared assets that
should be eligible to enter the RAB over time
▪partial repayments of Crown financing (regulator only
allows ~2% return on funded assets)
>we estimate that $158m (53%) of FY21 expenditure was
regulated FFLAS*, up from 47% in FY20, vs 59% of FY21
total revenue**
▪cost allocators remain consistent with the initial RAB
unless there is a justifiable reason to change
* based on Chorus’ March Initial Asset Value and May Expenditure proposals
**based on Input Methodologies

Appendices
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28
FY22 strategy
15 November 2021

15 November 2021
Capital allocation framework driven by shareholder value
Net cash flow from operating activities
Sustaining capital
expenditure
Dividend
distribution
Surplus
capital
>Transition from FY22 to dividend distribution based on pay-
out range of free cash flow to reflect:
▪a focus on providing shareholders with dividend predictability,
stability and sustainable growth
▪comparable Australasian infrastructure and utility-like
businesses that pay out the majority of FCF
▪robust management of sustaining capital expenditure
>Transition driven by reductions innon-sustaining capex,
mainly UFB build & installations
▪dividend levels & surplus capital temporarily constrained by
credit rating thresholds
>Future surplus capital after dividend to be allocated based
on maximising shareholder value, and guided by:
▪debt levels consistent with existing credit rating, noting potential
re-gearing from any relaxation of rating thresholds
▪discretionary capex will only be pursued where:
•greater shareholder value is created compared to share buy
backs and/or additional dividends; and
•regulatory incentives are appropriate (e.g.regulatory WACC
vs Chorus WACC)
Discretionary
capex *
Additional
dividends
Share buy
backs
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*Examples include fibre footprint expansion, greenfield connections & customer retention spend

>$180m sustaining capex in FY21 vs FY20:$186m (see
table on right)
>chart (below) shows proposed regulated fibre capex for
RP1 (calendar years) as per our general definition of
sustaining vs non-sustaining:
▪see 17 December 2020 presentation slide 12 for more detail on
regulatory categories
▪is net of capital contributions, excludes FFLAS in LFC areas and
includes regulatory inflation
▪actual RP1 spend subject to regulatory outcomes
15 November 2021
Sustaining capex
Fibrecapex: sustainingFY21 $mFY20 $m
Layer 23131
Fibre products & systems1114
Other fibre1112
Fibre sustain118
Customer retention costs*117
Subtotal7572
Coppercapex: sustainingFY21 $mFY20 $m
Network sustain2931
Copperconnections11
Copper layer247
Customer retention costs*1115
Subtotal4554
Commoncapex: sustainingFY21 $mFY20 $m
Informationtechnology4643
Building& engineering services1417
Subtotal6060
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*Relates to provisioning, systems and service desk costs
0
50
100
150
200
250
300
350
400
202220232024
Proposed regulatory fibre capex
SustainingNon-sustaining
$m

>up to $1.33 billion CIP financing
available by 2023 (57:43 equity/debt)
>$1,189m drawn at 30 June 2021
>At 30 June, debt of $2,339m comprised:
▪Long term bank facilities of $350m ($140m drawn)
▪NZ bonds: $400m and $500m
▪Euro Medium Term Notes $1,299m (NZ$ equivalent at hedged rates)
NZ
$M
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200
500
200
785
514
85
86
128
163
20
39
46
0
100
200
300
400
500
600
700
800
CIP debt securities available
Face value of CIP debt securities issued
EUR EMTN
NZ Bond
Crown financing and debt profile
462462
265
41
105
U F B 1
E Q U I T Y
U F B 1 D E B TU F B 2 / 2 +
E Q U I T Y
U F B 2 / 2 +
D E B T
drawnundrawn
NZ
$M
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15 November 2021
Crown financing
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▪CIP equity securities
•unique class of security with no right to vote at
shareholder meetings, but entitle the holder to a
right to repayment preference on liquidation
•an increasing portion of the securities will attract
dividend payments from 30 June 2025 onwards
•the dividend rate is based on 180 day NZ bank bill
rate, plus 6% p.a. margin
•may be redeemed at any time by cash payment of
total issue price or the issue of Chorus shares (at a
5% discount to the 20-day VWAP for Chorus
shares)
▪CIP debt securities
•unsecured, non-interest bearing and carry no voting
rights at shareholder meetings
•Chorus is required to redeem the securities in
tranches from 30 June 2025 to 2036 by repaying
the issue price to the holder
Debt
securities
maturity
profile
30 June
2025
30 June
2030
30 June
2033
30 June
2036TOTAL
UFB1 & 2$85.3m$104.7m$166.7m$210.2m$566.9m
Equity
securities
subject to
paying
dividends
(cumulative)
30 June
2025
30 June
2030
30 June
2033
30 June
2036TOTAL
UFB1 & 2$85.3m$197.1m$377.7m$766.4m$766.4m

0
200,000
400,000
600,000
800,000
1,000,000
1,200,000
1,400,000
30-Sep-2031-Dec-2031-Mar-2130-Jun-2130-Sep-21
15 November 2021
30 Sept
2020
31 Dec
2020
31 March
2021
30 June
2021
30 Sept
2021
Unbundled copper
(no broadband)
14,00013,00011,00010,0008,000
Baseband copper
(no broadband)
169,000159,000150,000137,000127,000
Copper ADSL
(includes naked)
218,000197,000180,000163,000152,000
VDSL
(includes naked)
202,000184,000170,000157,000148,000
Fibre broadband
(GPON)
773,000802,000831,000860,000883,000
Data services
(copper)
3,0003,0003,0002,0002,000
Fibre premium
(P2P)
11,00011,00011,00011,00011,000
Total connections
1,390,0001,369,0001,356,0001,340,0001,331,000
Fibre (GPON)
VDSL
Copper ADSL
Unbundled copper
Baseband copper
Fibre comprises 67% of Chorus connections
>1,183,000 broadband connections comprises:
▪883,000 fibre (GPON) connections
▪300,000 VDSL/ADSL (copper) connections
Business premium
Note: 10,000 partly subsidisededucation connections are excluded from this data
UBS AUSTRALASIA CONFERENCE
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-
200,000
400,000
600,000
800,000
1,000,000
1,200,000
1,400,000
1,600,000
1,800,000
2,000,000
Q1 2013Q2 2013Q3 2013Q4 2013Q1 2014Q2 2014Q3 2014Q4 2014Q1 2015Q2 2015Q3 2015Q4 2015Q1 2016Q2 2016Q3 2016Q4 2016Q1 2017Q2 2017Q3 2017Q4 2017Q1 2018Q2 2018Q3 2018Q4 2018Q1 2019Q2 2019Q3 2019Q4 2019Q1 2020Q2 2020Q3 2020Q4 2020Q1 2021
Broadband uptake by retailer (all technology)
SparkVodafoneOrconVocus2degreesTrustpowerROM
Source: IDCSource: IDC
-
200,000
400,000
600,000
800,000
1,000,000
1,200,000
1,400,000
1,600,000
1,800,000
2,000,000
Q1 2013Q2 2013Q3 2013Q4 2013Q1 2014Q2 2014Q3 2014Q4 2014Q1 2015Q2 2015Q3 2015Q4 2015Q1 2016Q2 2016Q3 2016Q4 2016Q1 2017Q2 2017Q3 2017Q4 2017Q1 2018Q2 2018Q3 2018Q4 2018Q1 2019Q2 2019Q3 2019Q4 2019Q1 2020Q2 2020Q3 2020Q4 2020Q1 2021
NZ broadband market –by technology
Chorus xDSLChorus mass market fibreChorus premium fibre
Local fibre companies (UFB)Other fibre networksOther xDSL
Vodafone cableFixed (mobile) wirelessLegacy fixed wireless, satellite
Connectionandmarkettrends
34
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15 November 202135
Disclaimer
UBS AUSTRALASIA CONFERENCE
This presentation:
• Is provided for general information purposes and does not constitute investment advice or an offer of or invitation to purchase Chorus
securities.
• Includes forward-looking statements. These statements are not guarantees or predictions of future performance. They involve known
and unknown risks, uncertainties and other factors, many of which are beyond Chorus’ control, and which may cause actual resultsto
differ materially from those contained in this presentation.
• Includes statements relating to past performance which should not be regarded as reliable indicators of future performance.
• Is current at the date of this presentation, unless otherwise stated. Except as required by law or the NZX Main Board and ASX listing
rules, Chorus is not under any obligation to update this presentation, whether as a result of new information, future events or otherwise.
• Should be read in conjunction with Chorus’ audited consolidated financial statements for the year to 30 June 2021 and NZX and ASX
market releases.
• Includes non-GAAP financial measures such as "EBITDA”. These measures do not have a standardised meaning prescribed by GAAP and
therefore may not be comparable to similar financial information presented by other entities. They should not be used in substitution for,
or isolation of, Chorus' audited consolidated financial statements. We monitor EBITDA as a key performance indicator and we believe it
assists investors in assessing the performance of the core operations of our business.
• Has been prepared with due care and attention. However, Chorus and its directors and employees accept no liability for any errors or
omissions.
• Contains information from third parties Chorus believes reliable. However, no representations or warranties (express or implied) are
made as to the accuracy or completeness of such information.