Chorus’ annual shareholders’ meeting

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

Email: company.secretary@chorus.co.nz




STOCK EXCHANGE ANNOUNCEMENT


24 October 2024

Chorus’ annual shareholders’ meeting
The attached prepared announcements will be delivered at Chorus’ annual shareholders’
meeting to be held online at 10 :00am today:
− Chairman’s address;
− CEO’s address; and
− Presentation slides.

The annual meeting can be accessed via Computershare’s online meeting
platform at:

https://meetnow.global/nz

Copies of these announcements will be available on Chorus’ website later
today.

ENDS

Authorised by:
Kristel McMeekin
General Counsel

For further information:

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

Vicki Gan
Media and Content Manager
Mobile: +64 (22) 075 0159
Email: vicki.gan@chorus.co.nz

---

1


Chorus Annual Meeting – 24 October 2024

Chair’s Address

Tēnā koutou katoa.
Good morning and welcome to Chorus’ 2024 Annual Shareholders’ Meeting. I’m
Mark Cross, Chorus’ Chair.
We’re joining you virtually this morning from the Chorus Network Lab in
Auckland.
On the information conveyed to me, I confirm that a quorum of shareholders is
present and declare the meeting open.
The minutes of the last annual shareholders’ meeting have been approved. The
Notice of Meeting, including the explanatory notes has been circulated to all
shareholders, and I intend to take it as read.
We have a fairly short agenda today in terms of the formal business of the
meeting.
As the TV ad we played just before shows, our network helps Kiwis across the
country meet every day, so we think it is only appropriate that we showcase our
own technology for today’s meeting.
This is actually our third virtual meeting and the administrative nature of today’s
resolutions is part of our rationale for holding it virtually, as allowed under the
NZX Listing Rules.
A virtual meeting also makes sense given the very small number of attendees at
our recent meetings and the positive difference it makes to the costs and
associated carbon emissions for director and staff travel.
We’re always open to feedback from shareholders on how we can improve the
format of the meeting next year.

2

On to today’s agenda.


I’ll start today’s agenda with a short summary of the year and some of the
things the Board has been focused on to deliver value to shareholders.
Chief Executive Mark Aue will then cover what’s happening at an operational and
market level. Mark stepped into the CEO role in April when we said farewell to JB
Rousselot - I have previously acknowledged JB’s outstanding contribution to
Chorus over his nearly 5 years as CEO.
Mark brings extensive telecommunications experience, having previously served
as CEO of 2Degrees and CFO of Vodafone NZ.
Directors Kate Jorgensen and Sue Bailey, as chairs of our Board committees, will
then update you on the work carried out by the Audit & Risk Management
Committee and the People, Performance & Culture Committee.
After that we’ll move to resolutions, questions and voting.

2
Agenda
Introduction and Chair’s address
CEO address
Committee chairs updates
Resolutions
Shareholder questions
2

3




I would firstly like to introduce your directors to you. Joining us online are:

• Sue Bailey
• Neal Barclay, who was appointed by the Board in August this year
• Will Irving
• Kate Jorgensen, and
• Jack Matthews.
Director Miriam Dean, also joins me here at the Auckland Lab.
Miriam is standing for re-election today in accordance with the NZX listing rules
and Neal Barclay is standing for election to the Board as a new director. Neal
brings a wealth of experience from the energy and communications
infrastructure sectors.
If elected, Neal will replace Murray Jordan who retired from the Board in
September. We thank Murray for his valuable contributions to the Board over the
past nine years.
We also have with us today key personnel including:
• Drew Davies, our recently appointed Chief Operating Officer
Your Board
5
Mark Cross
Chair
Sue Bailey
Neal Barclay*
Miriam Dean
Will Irving
Kate Jorgensen
Jack Matthews
* Neal Barclay’s appointment is subject to shareholder approval at this ASM
5

4

• Katrina Smidt, our Deputy Chief Financial Officer, and
• Kristel McMeekin, our General Counsel,
as well as representatives from our auditors KPMG, and our legal provider
Chapman Tripp.

At the outset I’d like to thank and acknowledge our people and our partners.
Through their collective efforts we have enabled 1.2 million New Zealanders to
connect to the Internet so that they can live, learn, work and play. That is our
purpose and is the driving force behind what we do.
As you’ll have seen from the August results announcement, Chorus delivered
another steady financial result despite the challenging macroeconomic
environment.
We maintained solid momentum in our transformation into a simpler, all-fibre
digital infrastructure company. Fibre connections grew by 83,000 and fibre made
up 87% of our total fixed-line connections at 30 June. The continued growth in
fibre demand helped lift revenues to more than one billion dollars for the first
time. Tight cost management and reducing copper network costs helped offset
inflationary pressure across various expense lines.
This meant we achieved EBITDA of $700 million dollars, up from $682 million
last year and at the top of our guidance range.
FY24 overview
6

5

These results enabled total unimputed dividends for the year of 47.5 cents per
share. That was up from 42.5 cents in FY23 and for FY25, we’ve provided
dividend guidance of a 21% increase to 57.5 cents per share, unimputed,
subject to no significant adverse changes in circumstances or outlook.


Last year I summarised various beliefs that the Board considers important to
Chorus’ success. These are shown on the slide here.
I noted that prioritising long-term value, through capital allocation, was a key
area of focus for the Board.
During the year, we undertook a review to ensure our capital management
framework is fit for purpose as we approach the new regulatory period in 2025.
This review included a consideration of regulatory settings, shareholder
feedback, market benchmarks, and Chorus’ financial outlook.


7
Empowering our people
Fibreis future-proofed
Connections
, connections, connections
Managed exit from copper
Be an active wholesaler
Promote digital equity
Prioritise long term value
A considered approach to new opportunities
An appropriate capital structure
Your Board’s beliefs

6


This slide summarises the capital management principles that we identified
through our capital management review.
First, we see ourselves as operating an essential regulated infrastructure asset.
We have clarity for the upcoming regulatory period and our capital allocation is
underpinned by the free cash flow we see these assets now generating. The step
up in dividend has in part been driven by our solid FY24 results, confidence in
our future operating cash flows and a more efficient use of our balance sheet to
invest in the business.
A core pillar of our capital management framework is a sustainable, growing
dividend, that was paramount in all shareholder feedback. Our intention is to
maintain that dividend growth at least at the rate of inflation.
We maintain the view that an investment grade rating of BBB is appropriate for
Chorus as a digital infrastructure company. Based on the ratings down driver of
5x we remain of the view that 4.75x is an appropriate internal limit that allows
sufficient buffer, and we are comfortable to operate up to that level. Net debt
was 4.4 times EBITDA at the end of FY24.
And we’ll use the balance sheet to fund capex where it meets our investment
hurdle rates. Any growth investment must deliver greater shareholder value
than returning it to shareholders. Capital discipline is an important focus point
Capital allocation
underpinned by free
cash flow from an
essential regulated
infrastructure asset
Deliver a sustainable
growing dividend, at
least in real terms
Use balance sheet to
fund discretionary
growth capex-up to
4.75x ND/EBITDA
Discretionary growth
capex must deliver
greater value than
returning funds to
shareholders
Capital management: Principles
A digital infrastructure business maximising long-term value
and shareholder returns
8

7

for us, and was demonstrated by our decision to not proceed with $200m of
investment in extending fibre that was initially part of our regulatory submission.
As a result of this review, we decided to target a higher dividend payout range of
70% to 90% of our net operating free cash flows after sustaining capital
expenditures. This is an increase from the previous range of 60% to 80% and
reflects the confidence we have in our cash flows over the next and following
regulatory periods for fibre.

That confidence reflects the end of the UFB rollout and the peak of fibre
installations, as well as clarity on future fibre expansion and expenditure
allowances for the next regulatory period.
That period runs for four years from January 2025. You may recall at last year’s
meeting that we had just submitted our expenditure proposals to the Commerce
Commission for this period. The Commission has now approved capital
expenditure of $1.14 billion and operating expenditure of $790 million for this
next period.
We appreciate the Commission’s engagement through this process and its
careful consideration of the further evidence we provided that resulted in an
uplift from their initial draft decision.
Line of sight to a simpler all-fibre future
Regulatory clarity for Jan 2025-Dec 2028 (PQP2) underpins long-term strategy
Information
Disclosure
(at 31 Dec 2023)
* $5.9bn RAB
* $105m wash-up
balance
PQP2 Final
Expenditure
Decision
* $1,140m capex
* $790mopex
Final MAR
decision due
(Q4 2024)
* WACC 7.68% (vs
4.72% PQP1)
* slower regulatory
depreciation
proposed on core
assets
Copper
deregulation
review
* Due by end 2025
* Commission report
:
just 37% of rural
customers on copper
broadband (June ’23)
9

8

This final expenditure decision now becomes an input into the setting of our
maximum allowable revenue for each regulatory year. This revenue cap is
increasing as a natural function of the cost of capital being set at a much higher
rate than the record COVID lows when our first regulatory WACC was set in mid-
2021.

With the regulatory settings for fibre now close to being finalised through to
2029, our focus is turning to the need for greater clarity on the outlook for
copper.
The fibre regime means we cannot cross subsidise rural network costs with
urban revenues. As we’ve said before, copper is an old technology. Copper
networks are approaching obsolescence and are being switched off in Europe
with discussion about a 2030 end date.
We believe the trends are clear. And Chorus’ new business strategy forecasts
that copper will be shut down in New Zealand by 2030.
In 2012, when we started building our fibre network, Chorus had nearly 1.8
million copper connections. This number has now fallen to just 139,000, with
many of these remaining connections located in areas where other network
providers now have a greater market share.
0
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
FY12FY13FY14FY15FY16FY17FY18FY19FY20FY21FY22FY23Q3 FY24
Copper connectionsFibre connections
Becoming
an all-fibre
business
10
10

9

Given the rapidly diminishing market share of copper and the wide availability of
other network technologies, we think the regulatory regime is no longer fit for
purpose. The Commerce Commission has commenced an investigation into the
deregulation of copper services. It will report its results later next year.
We believe fibre can reduce the digital divide between urban and rural areas.
However, any expansion beyond the 10,000 premises rollout we announced in
January requires clarity on pricing, market and regulatory changes. As I
referenced earlier, capital discipline requires that we need further clarity and
benefits to make the commercial case for further investment stack up for our
shareholders.
I am very encouraged by the current state of the business, our leadership, our
momentum and the clear direction ahead. The evolution and simplification of
Chorus will require a different pace and focus and I am confident our people are
up for that.
It will also involve taking a more proactive stance in the market to ensure that
customers fully understand fibre as a choice, recognising the reality that most
customers don’t understand the complexities of the underlying technology that
delivers the Internet to their device.
In conclusion, I want to thank our customers, our shareholders, our team, and
my board colleagues for your continuing support of Chorus. Together, we are
enabling a stronger, simpler, all-fibre future for New Zealand.
ENDS

---

1


Chorus Annual Meeting – 24 October 2024

CEO’s Address

Tēnā koutou katoa – nau mai haere mai.
Greetings, and welcome everyone. I have been in the Chorus business for the
past 18 months, with the recent six months in the Chief Executive role.
As Mark has noted, we are pleased with our solid FY24 financial result, one that
demonstrates the resilience of our core fibre business of essential digital
infrastructure.
With our step change in strategy and in our operating model to being a more
simple, more efficient and more competitive operator, we feel emboldened by
the opportunities we see in front of us.

In the wake of the COVID pandemic, and as usage behaviour changes, many
countries are switching to fibre because of its quality, consistency, reliability and
most importantly scalability.
We’re encouraged by the strong global push for fibre, with OECD data showing
fibre connections almost doubling to more than 200 million between late 2019
and 2023, with cable and copper connections in material decline.
NZ ranked 17
th
for uptake
OECD: fibre connections +73% post-pandemic to 211m
cable and copper DSL connections declining
0
10
20
30
40
50
60
70
80
90
100
FTTH/B uptake % by households
–FTTH Council Europe, Sept 2023
%
Fibre connections surging globally
Global leaders show opportunity to grow
addressable market
12

2

New Zealand had the foresight long before and was fortunate to begin investing
in fibre since 2011. A vision to provide high speed fibre connectivity to now over
87% of our population has fundamentally changed the way we live today and
delivered tens of billions of dollars in economic and productivity benefits.
Today we rank amongst global leaders at 17th in the world according to the
Fibre to the Home Council in Europe and fibre has been a key digital enabler for
NZ.
Their September 2023 data places us just behind Sweden and Japan. But more
importantly shows that fibre uptake of 80% and above is achievable.

Our latest quarterly connections update shows our fibre footprint now covers
more than 1.5 million addresses. Of those, 1,084,000 are connected. That’s
close to 72% uptake.
Within that total, uptake rates vary from region to region. For example, the
uptake rate is higher again at over 76% in Auckland and Dunedin. Wellington is
lower at 70.6% where we face fixed line competition from the old TelstraClear
coax cable network.
In those UFB2 areas where the fibre rollout was completed in the last few years,
uptake is now at 59%, up from 53% a year ago and has more opportunity to
grow.
1,514,000 addresses passed-uptake 71.6%
*based on independent address data and Chorus network data for addresses passed by fibre; excludes Chorus fibre in LFC areas
** includes ~7k fibre premium connections to addresses; excludes smart location (GPON) connections and connections in LFC areas
***
not active on 30 June 2024
13
69.5
70.0
70.5
71.0
71.5
72.0
0
200
,000
400,000
600
,000
800,000
1,000
,000
1,200,000
1,400
,000
1,600,000
30-Sep-2330-Dec-2331-Mar-2430-Jun-2430-Sep-24
Fibre connectedInactive fibre sockets
***
Fibre socket not yet installedFibre uptake (%)
60
62
64
66
68
70
72
74
76
78
80
AucklandDunedinWellington
Uptake, by urban area, for fibre passed addresses
Sep-23Dec-23
Mar-24Jun-24
Sep-24

3

As Mark mentioned, we’re also expanding our fibre footprint to another 10,000
existing premises in 59 communities by mid-2025. We’ve already had 3,000
registrations of interest from customers and installed fibre into about half of the
900 addresses passed so far .

With the 10-year UFB fibre rollout finished, Chorus needs to transition from
being the great network builder, to the great network operator.
To enable this we’ve undertaken a reset in our strategy and developed a Horizon
model over 10 years with 3 distinct phases.
We also now have a clear aspiration that provides the clarity and specificity of
what we want to become and what success looks like.
A simplified all fibre business with 80% uptake by 2030.
That speaks to driving efficiency and operational excellence;
A need to exit from legacy copper technology completely and transition to fibre
only;
To drive an 80% uptake in premises passed – it’s ambitious, but we believe
achievable, and it anchors everything we do.
And it’s timebound, to do so by 2030
A new Aspiration...
A simplified all
-fibre business with 80% uptake by 2030
14

4

The three horizons create a distinct shift in strategy, to be simpler, more
focused, more competitive.
Horizon 1 (FY25): is about getting future fit for purpose and embedding our new
operating model.
Horizon 2 (FY26 to FY29) is about accelerating the benefits from our transition to
an all-fibre business, with growth, simplicity and efficiency.
And Horizon 3, FY30 and beyond, is our future state with one single technology.
Fibre.

Our strategy is underpinned by our belief that fibre will continue to serve
consumer needs well into the future.
Ten years ago, annual data usage was just 400 petabytes.
Annual traffic this year on our network grew to almost 8,000 petabytes. That’s
the equivalent of 8 billion gigabytes. To put that in context, we now consume the
annual usage from 10 years ago in just over 2 weeks.
Our fibre network carried 94% of that traffic and it can carry even more at much
lower cost than other technologies.
15

5

Most traffic occurs at peak times in the evening and we are seeing some
evenings with traffic about a third higher than the average - usually when major
gaming updates or online events occur.
Despite this growth, fibre’s greater efficiency enabled us to reduce our net
electricity use by 3% in FY24, by shutting down legacy network equipment. This
transition means we’re well on our way to reducing our electricity consumption
by 25% between FY20 and FY28.
This reduction also supports our target of a 62% reduction in our scope 1 and 2
emissions, from FY20 levels, by 2030.

With cost-of-living pressures on customers it is no surprise that we’ve seen our
entry level 50 megabits plan – Home Fibre Starter – grow strongly in the last
year. It now connects close to 60,000 customers.
We introduced this plan to help low usage and price sensitive consumers, as well
as provide a defence to fixed wireless and it has worked well.
At the other end of our product mix, we continue to see good growth in demand
for our one gigabit and multi-gigabit Hyperfibre services, now over 25% of our
total customer base.
Home Fibre Starter (50Mbps) connections now 57k; plans below 300Mbps are 12% of residential connections
81% of business connections are on 500Mbps or faster
;
25% of residential plans are on 1Gbps or faster
Hyperfibreconnections of 2Gbps and above grew to more than 4k with ~81% on residential plans
16
-
100,000
200,000
300,000
400,000
500,000
600,000
700,000
800,000
900,000
1,000,000
Sep-23Dec-23Mar-24Jun-24
Sep-24
Residential
2Gbps+1Gbps500Mbps300Mbps
200Mbps100Mbps<100MbpsVoice
Sep-23Dec-23Mar-24Jun
-24Sep-24
Business
2Gbps+1Gbps500Mbps300Mbps
200Mbps100Mbps<100Mbps
Voice
Hyperfibrelifts to over 4k connections
16

6

Our Hyperfibre services are still niche and in their infancy, but have just passed
4,000 connections as more retailers promote those services, and there are some
sharp offers in-market for consumers that shop around. We expect demand to
evolve over time with greater use case applications.
As context, as part of their Digital Connectivity Blueprint, Singapore is offering a
$100 million grant to support service provider investment in 10 gigabit
capability. This is to prepare the city state’s infrastructure for expected growth in
internet-linked appliances and data intensive applications. They expect half a
million households to sign up to these plans by 2028.

We are certainly in a competitive market.
We’ve said before that when comparing broadband technologies, there is no
such thing as “fibre-like”. The Commerce Commission’s quarterly report shows
this across a range of factors, such as speed, latency and reliability.
But, too often, we’re seeing examples of customers who have been given the
impression that fixed wireless is “just as good” as fibre. We’ve included some
customer examples from online forums on the slide and we are increasingly
seeing more of these.
We’re concerned that headline comparisons are being made between fibre and
fixed wireless on the basis of average download speed performance. Such
17
Source: Reddit user
Source:Geekzoneuser
Only fibre is fibre-like

7

comparisons can be misleading when fixed wireless performance can vary
significantly due to a wide range of factors – such as how far a customer is
located from a cell tower, trees, house construction materials, and the number
of customers using the cell tower at any one time.
In contrast, a fibre network means you can expect to receive the marketed
speed at any time of the day.
That’s why we’ve launched a new campaign to help customers better understand
the difference – referencing the mobile network operators’ own terms and
conditions that talk to the variability in network experience. We believe
transparency and product disclosure to consumers of broadband technology
options is essential.


We were pleased last week to see the Commerce Commission has proposed
improved broadband marketing guidelines. These include consumers having the
right to exit fixed wireless services if real world broadband performance is
consistently less than 70% of average reported speeds.
The Commerce Commission’s reporting shows 5G fixed wireless performance has
varied significantly in the last two quarters – possibly as more customers use the
18
Source
: Measuring Broadband New
Zealand quarterly reports
Note:
small sample size (Sept: n=119)

data doesn’t disclose customer
proximity to tower
Commission reports show fixed wireless variability
Peak time speed performance by
% of Spark 5G fixed wireless customers
0
5
10
15
20
25
JuneSept
Download speed (Mbps)
%

8

network. The chart shows the very wide range of speeds that about half the
monitored customers were receiving below the reported average speed. And
17% were getting less than 50 megabits – which is more comparable to 4G and
below our entry level fibre plan. Compare this to fibre which sees very little
variability from stated plan speeds.

Finally as we look ahead to 2030, while New Zealand may be facing macro
market challenges, the investment we’ve already made in fibre means we are
well placed for the future. We have picked the technology that is in high demand
and can cater for the expected ongoing growth in data. That growth doesn’t
require the development of fantastic new applications on virtual reality headsets,
although they will likely also come.
We can see it right in front of us with simple steps such as the switch from
terrestrial to internet broadcast TV, and more 4K content at mass market level
as it becomes the default standard for video content. That’s before we see the
ongoing evolution of AI adoption and cloud-based applications.
This financial year marks the step change in what has been a very successful
story to date for Chorus, ...but now is the transition time to a more simplified
future state, with one superior technology. And that is Fibre.
ENDS
19

---

1

2
Agenda
Introduction and Chair’s address
CEO address
Committee chairs updates
Resolutions
Shareholder questions
2

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3

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4

Your Board
5
Mark Cross
Chair
Sue Bailey
Neal Barclay*
Miriam Dean
Will Irving
Kate Jorgensen
Jack Matthews
* Neal Barclay’s appointment is subject to shareholder approval at this ASM
5

FY24 overview
6

7
Empowering our people
Fibre is future-proofed
Connections, connections, connections
Managed exit from copper
Be an active wholesaler
Promote digital equity
Prioritise long term value
A considered approach to new opportunities
An appropriate capital structure
Your Board’s beliefs

Capital allocation
underpinned by free
cash flow from an
essential regulated
infrastructure asset
Deliver a sustainable
growing dividend, at
least in real terms
Use balance sheet to
fund discretionary
growth capex - up to
4.75x ND/EBITDA
Discretionary growth
capex must deliver
greater value than
returning funds to
shareholders
Capital management: Principles
A digital infrastructure business maximising long-term value
and shareholder returns
8

Line of sight to a simpler all-fibre future
Regulatory clarity for Jan 2025-Dec 2028 (PQP2) underpins long-term strategy
Information
Disclosure
(at 31 Dec 2023)
* $5.9bn RAB
* $105m wash-up
balance
PQP2 Final
Expenditure
Decision
* $1,140m capex
* $790m opex
Final MAR
decision due
(Q4 2024)
* WACC 7.68% (vs
4.72% PQP1)
* slower regulatory
depreciation
proposed on core
assets
Copper
deregulation
review
* Due by end 2025
* Commission report:
just 37% of rural
customers on copper
broadband (June ’23)
9

0
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
FY12FY13FY14FY15FY16FY17FY18FY19FY20FY21FY22FY23Q3 FY24
Copper connectionsFibre connections
Becoming
an all-fibre
business
10
10

11

NZ ranked 17
th
for uptake
OECD: fibre connections +73% post-pandemic to 211m
cable and copper DSL connections declining
0
10
20
30
40
50
60
70
80
90
100
FTTH/B uptake % by households – FTTH Council Europe, Sept 2023
%
Fibre connections surging globally
Global leaders show opportunity to grow
addressable market
12

1,514,000 addresses passed - uptake 71.6%
*based on independent address data and Chorus network data for addresses passed by fibre; excludes Chorus fibre in LFC areas
** includes ~7k fibre premium connections to addresses; excludes smart location (GPON) connections and connections in LFC areas
*** not active on 30 June 2024
13
69.5
70.0
70.5
71.0
71.5
72.0
0
200,000
400,000
600,000
800,000
1,000,000
1,200,000
1,400,000
1,600,000
30-Sep-2330-Dec-2331-Mar-2430-Jun-2430-Sep-24
Fibre connectedInactive fibre sockets***
Fibre socket not yet installedFibre uptake (%)
60
62
64
66
68
70
72
74
76
78
80
AucklandDunedinWellington
Uptake, by urban area, for fibre passed addresses
Sep-23Dec-23Mar-24Jun-24Sep-24

A new Aspiration...
A simplified all-fibre business with 80% uptake by 2030
14

15

Home Fibre Starter (50Mbps) connections now 57k; plans below 300Mbps are 12% of residential connections
81% of business connections are on 500Mbps or faster; 25% of residential plans are on 1Gbps or faster
Hyperfibre connections of 2Gbps and above grew to more than 4k with ~81% on residential plans
16
-
100,000
200,000
300,000
400,000
500,000
600,000
700,000
800,000
900,000
1,000,000
Sep-23Dec-23Mar-24Jun-24Sep-24
Residential
2Gbps+1Gbps500Mbps300Mbps
200Mbps100Mbps<100MbpsVoice
Sep-23Dec-23Mar-24Jun-24Sep-24
Business
2Gbps+1Gbps500Mbps300Mbps
200Mbps100Mbps<100MbpsVoice
Hyperfibre lifts to over 4k connections
16

17
Source: Reddit user
Source: Geekzone user
Only fibre is fibre-like

18
Source: Measuring Broadband New
Zealand quarterly reports
Note:
small sample size (Sept: n=119)
data doesn’t disclose customer
proximity to tower
Commission reports show fixed wireless variability
Peak time speed performance by % of Spark 5G fixed wireless customers
0
5
10
15
20
25
JuneSept
Download speed (Mbps)
%

19

20

Resolutions
21

Resolutions
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1.That Ms Miriam Dean be re-elected as a Chorus director
2.That Mr Neal Barclay be elected as a Chorus director.
3.That the maximum aggregate remuneration able to be paid to all
directors (in their capacity as directors) be increased by
$195,958 (17%) from $1,169,042 to $1,365,000 per annum.
4.That the Board be authorised to fix the fees and expenses of
KPMG as auditor.

How to Participate in Virtual Meetings (Voting)
Shareholder & Proxyholder Voting
Once the voting has been opened, the resolutions and voting
options will allow voting.
To vote, simply click on the Vote tab, and select your voting
direction from the options shown on the screen. You can vote
for all resolutions at once or by each resolution.
Your vote has been cast when the tick appears. To change your
vote, select ‘Change Your Vote’.
23

Resolution 1: Re-election of Miriam Dean
24
That Ms Miriam Dean be re-elected as a Chorus
director
Miriam Dean
CNZM, KC
Director since 27 October 2021
Independent

Resolution 2: Election of Neal Barclay
25
That Mr Neal Barclay be elected as a Chorus
director
Neal Barclay
BCA, Chartered Accountant
Director since 23 August 2024
Independent

Resolution 3: Director remuneration
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That the maximum aggregate remuneration able
to be paid to all directors (in their capacity as
directors) be increased by $195,958 (17%) from
$1,169,042 to $1,365,000 per annum.

Resolution 4: Auditor’s fees and expenses
27
That the Board be authorised to fix the fees and
expenses of KPMG as auditor.

Questions?
28

Feedback
29
We welcome your feedback.
If you have additional questions, please email:
company.secretary@chorus.co.nz

Disclaimer
30
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 results to
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 2023 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.