S&P confirms Chorus’ BBB/positive rating

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

Email: company.secretary@chorus.co.nz





STOCK EXCHANGE ANNOUNCEMENT

15 October 2026


S&P confirms Chorus’ BBB/positive rating

S&P Global Ratings (S&P) has released the attached update on Chorus.

Following the August 2026 sale of Chorus’ UFB equity and debt funding securities
held by National Infrastructure Funding and Financing Limited (NIFF) to a select
group of domestic and international institutional investors, S&P has revised its
treatment of the NZ$683 million of NIFF equity securities from 100% equity to 100%
debt.

Chorus’ long-term rating remains at BBB/positive.

Authorised by:

Kristel McMeekin
General Counsel

ENDS


For further information:

Shannon Goldstone
Head of Corporate Affairs & Sustainability
Phone: 0800 763 000
Email: Shannon.Goldstone@chorus.co.nz

Aleida White
Head of Investor Relations
Mobile: +64 21 155 8837
Email: Aleida.White@chorus.co.nz

---

Chorus Ltd.
October 13, 2026
This report does not constitute a rating action.
Ratings Score Snapshot
Credit Highlights
Overview
Key strengths Key risks
Near monopoly over the fixed‑line telecommunications wholesale access
network in New Zealand.
Network volume risks associated with wireless
substitution and copper line loss to local fiber
companies.
Regulatory framework that supports predictability and stability of earnings
and cash flow.
Strong balance sheet and material leverage headroom.
Organic growth potential of fiber network,
limited by number of households.
Credit‑supportive financial policies.
Chorus Ltd. will maintain significant headroom under the 'BBB' rating despite a material
increase in our adjusted debt following a reclassification of NIFF securities to debt from
equity. Following the New Zealand government's recent sale of National Infrastructure Funding
and Financing (NIFF) securities to financial investors in August 2026, we revised our treatment of
the NZ$683 million of NIFF equity securities from 100% equity to 100% debt.
Business risk: Excellent
VulnerableExcellent
Financial risk: Significant
Highly
leveraged
Minimal
Anchor
a-
SACP
bbb
ICR
BBB
ModifiersGroup/Gov't
Issuer credit rating
BBB/Positive/--
ICR--Issuer credit rating. SACP--Stand-alone credit profile.
Primary Contact
Ieva Erkule
Melbourne
61-3-9631-2085
ieva.erkule
@spglobal.com
Secondary Contact
Richard P Creed
Melbourne
61-3-9631-2045
richard.creed
@spglobal.com
www.spglobal.com/ratingsdirectOctober 13, 2026 1

We had anchored our high equity assessment of these securities to the condition of their held by,
or on behalf of, the government. Following the sale, this condition is no longer met. The NIFF
securities were originally issued by Chorus in favor of the government to provide funding for the
buildout of the (UFB) network.
The reclassification materially increases Chorus’ adjusted debt as a result. We now expect our
ratio of adjusted funds from operations (FFO) to debt to fall from a presale 17% to slightly over
13% over the next two years. This is just in line with our rating upside trigger of above 13%.
The positive outlook on Chorus reflects our view that strong regulated cash flow, prudent
capital management, and robust balance sheet will support a rating upgrade to 'BBB+' over
the next 12 months. Although the company has a record of discipline in shareholder returns and
financial policy decisions, an important consideration for rating upside is clarity of the likely
outcome of the next regulatory period, Price-Quality Path 3 (PQP3), starting Jan. 1, 2029 and the
subsequent impact on Chorus' credit metrics, including the supportiveness of its financial
policies.
The regulator is expected to extend the upcoming PQP3 to a five-year term (January 2029-
December 2034), from four years. As the consultation process evolves, monitoring points include
stability of the regulated asset base, any changes to the weighted average cost of capital (WACC)
inputs and calculation methodology, allowed expenditure, and the resulting revenue path.
Chorus’ earnings will benefit from regulatory certainty until end-2028. The regulatory regime
applicable to Chorus' fiber network determines an annual maximum allowable revenue that
Chorus can earn over each regulatory period. Chorus has regulatory certainty until the end of
2028. The company entered the four-year regulatory period PQP2 (Price-Quality Path 2) on Jan. 1,
2025, and the New Zealand Commerce Commission has applied a revenue cap of NZ$4.1 billion
over this period to Dec. 31, 2028.
A wash-up mechanism adjusts for any under or over recovery of revenue arising from differences
between projected and actual demand. This adds a layer of earnings certainly.
Chorus' utility-like business will continue to underpin its credit quality. This business has high
predictability of earnings and low volatility. Chorus' continued transition to a utility-like mode with
a strong regulatory framework that delivers highly predictable earnings and low volatility could
allow the company to accommodate higher debt, in our view.
Further supporting this is a robust business risk profile, driven by a near-monopoly over New
Zealand's fixed-line wholesale access network and high barriers to entry. Chorus' regulated fiber
revenue could increase to 84%-87% of total revenue over the next two years, given the company
aims to retire its remaining copper network by 2028.
While substitution risk from alternative technologies remains manageable, the potential for
wireless fixed and satellite substitution remains a key long-term technological risk to Chorus and
its fiber dominance.
Outlook
The positive outlook reflects our view that the group's strong regulated cash flow, prudent capital
management, and robust balance sheet could support us raising the long-term rating on the
group to 'BBB+' over the next 12 months. This would entail Chorus' FFO-to-debt ratio staying
above 13%.
www.spglobal.com/ratingsdirectOctober 13, 2026 2
Chorus Ltd.

Downside scenario
We could revise the outlook to stable if we believe Chorus' FFO-to-debt ratio will trend to 13% or
below.
This could occur if:
• An adverse regulatory outcome occurs that reduces earnings and cash flow.
• We do not consider Chorus’ financial policy to be supportive of a higher rating, including
significant debt-financed returns to shareholders, growth capital expenditure (capex), or
acquisitions.
Upside scenario
We may raise the rating to 'BBB+' over the next 12 months if we expect Chorus to maintain its
ratio of FFO to debt above 13%, supported by robust financial policies.
Inherent to our view of potential rating upside is that the company does not materially expand
into unregulated businesses, or the regulatory regime evolves in a manner that materially
reduces the predictability and sustainability of the group's earnings and cash flow.
Our Base-Case Scenario
Assumptions
• New Zealand's GDP to grow 2.5% in 2026 and 2.5% in 2027, up from 0.7% in 2025.
• Annual revenue growth of 2%-3% in fiscal 2027-2028 (year-end June 30), supported by increasing fiber-based
revenues (fiber broadband and fiber premium). Copper-based revenues to continue to decline.
• Modest EBITDA growth of 2% in fiscal 2027 and 4% in fiscal 2028.
• EBITDA margins of about 70% over the next three years.
• Annual capex of NZ$370 million-NZ$380 million over the next three years. Of this, capex of NZ$195 million-NZ$215
million to maintain existing infrastructure.
• Dividends of 62 cents per share in fiscal 2027, subject to no material adverse changes in circumstances or outlook.
Key metrics
Chorus Ltd.--Forecast summary
Period endingJune-30-2025June-30-2026June-30-2027June-30-2028June-30-2029
(Mil. NZ$)2025a2026a2027e2028f2029f
Revenue 1,014 1,029 1,060 1,090 1,110
EBITDA 705 726 740 770 790
Funds from operations
(FFO)
551 560 540 560 550
Capital expenditure
(capex)
397 374 370 380 380
Debt 3,256 3,304 4,070 4,210 4,350
www.spglobal.com/ratingsdirectOctober 13, 2026 3
Chorus Ltd.

Chorus Ltd.--Forecast summary
Adjusted ratios
Debt/EBITDA (x) 4.6 4.6 5.5 5.5 5.5
FFO/debt (%) 16.9 17.0 13.3 13.2 12.7
FOCF/debt (%) 4.9 6.3 4.1 4.2 4.0
DCF/debt (%) (2.0) (1.4) (2.5) (2.4) (2.3)
Annual revenue growth
(%)
0.4 1.5 2.5 3.0 2.1
EBITDA margin (%) 69.5 70.6 70.0 70.7 71.3
The base case financials have been rounded off, while the ratios are the actual calculations. All figures are adjusted by
S&P Global Ratings, unless stated as reported. a--Actual. e--Estimate. f--Forecast
Company Description
Chorus is New Zealand's largest fixed-line wholesale communications company, including the
legacy copper network (which is on the decline). The company owns the majority of telephone
lines and exchange equipment in New Zealand and is responsible for building approximately 80%
of the new fiber optic network. UFB1 (the original phase of the rollout), UFB2, and UFB2+ are
subsequent phases announced in 2017. The government-backed UFB covers 87% of the
population and fiber uptake has reached 75.6% as of June 30, 2026, in Chorus' UFB rollout areas.
In 2011, Chorus was structurally separated from Telecom New Zealand, later rebranded as Spark
New Zealand prior to the UFB rollout.
Peer Comparison
We view Vector Ltd., Powerco Ltd., FiberCop SpA, and Crown Castle Inc. as relevant peers for
Chorus, reflecting their strong positions in their respective markets.
70%
76%
80%
83%
86%
87%
87%
16%
11%
7%
4%
3%
2%
2%
13%
13%13%
13%
11%
11%
10%
2023a2024a2025a2026a2027f2028f2029f
0
200
400
600
800
1000
1200
OtherCopper
Fiber
RevenuedistributionforfiscalyearendingJune30
ChorusLtd'srevenuecontributionfromfibertoincreasewithcopper-to-fibermigration
Copyright©2026byStandard&Poor’sFinancialServicesLLC.Allrightsreserved.
a--Actual.f--Forecast.Sources:S&PGlobalRatings.
www.spglobal.com/ratingsdirectOctober 13, 2026 4
Chorus Ltd.

Chorus’ closest peers are two regulated utilities in New Zealand: Vector Ltd. and Powerco Ltd. All
three operate under a similar regulatory framework.
Like Vector and Powerco, Chorus benefits from a revenue cap that helps mitigate volume risk.
However, Chorus' regulatory regime is relatively new and the company faces a level of
substitution risk that its electricity counterparts do not encounter. Consequently, we consider its
business profile to be somewhat weaker than that of its utility peers and therefore expect
stronger credit metrics at the respective ratings to compensate for this weakness.
We also compare Chorus with FiberCop S.p.A., an Italian provider of fixed-line wholesale services.
Although FiberCop has a weaker business risk profile than the excellent for Chorus, favorable
growth trends and the potential for more flexible pricing mechanisms support our strong
business risk assessment for FiberCop.
We consider the business strength of mobile tower company Crown Castle Inc. to be broadly
comparable to that of Chorus. Both companies benefit from high revenue certainty, with Crown
Castle having contracted revenue while Chorus has regulated revenue.
In our view, Crown Castle has a strong competitive moat. This includes high margins, low capital
intensity, long-term contracts with price escalators, and high barriers to entry due to zoning
requirements that contribute to an excellent business risk profile. The assessment is on par with
that for Chorus.
ChorusCrownCastlePowercoVectorLtdFiberCop
-
10.0
20.0
30.0
40.0
50.0
60.0
70.0
80.0
90.0
EBITDA
margin
(%)
AsoflatestFY*
Chorushasaboveaveragemarginscomparedtopeers
Copyright©2026byStandard&Poor’sFinancialServicesLLC.Allrightsreserved.
*Jun.20,2026forChorusandVector,Mar.31,2026forPowerCoandDec.31,2025forCrownCastle.ThefiguresforFiberCop
areestimatesfortheyearendingDec.31,2026.a--Actual.f--Forecast.Sources:S&PGlobalRatings.
www.spglobal.com/ratingsdirectOctober 13, 2026 5
Chorus Ltd.

Chorus Ltd.--Peer Comparisons
Chorus Ltd.Vector Ltd.Crown Castle
Inc.
Powerco Ltd.FiberCop
S.p.A.*
Foreign currency issuer credit ratingBBB/Positive/--BBB+/Positive/NRBBB/Stable/A-2BBB/Stable/A-2BB+/Stable/-
-
Local currency issuer credit ratingBBB/Positive/--BBB+/Positive/NRBBB/Stable/A-2BBB/Stable/A-2BB+/Stable/-
-
PeriodAnnualAnnualAnnualAnnualAnnual
Period ending2026-06-302026-06-302025-12-312026-03-3112/31/2026
Mil.NZ$NZ$NZ$NZ$NZ$
Revenue1,029 773 7,411 539 -
EBITDA726 524 6,036 365 -
Funds from operations (FFO)560 424 3,821 232 -
Interest 226 95 2,245 135 -
Cash interest paid162 99 2,190 133 -
Operating cash flow (OCF)581 445 3,782 273 -
Capital expenditure374 335 290 317 -
Free operating cash flow (FOCF)207 111 3,492 (45)-
Discretionary cash flow (DCF)(47)(154)(163)(75)-
Cash and short-term investments199 5 172 1 -
Gross available cash199 5 172 1 -
Debt3,304 2,142 51,659 2,475 -
Equity1,751 3,782 (2,842)564 -
EBITDA margin (%)70.6 67.8 81.4 67.6 56.9
Return on capital (%)6.1 4.3 8.3 8.3 2.4
EBITDA interest coverage (x)3.2 5.5 2.7 2.7 2.6
FFO cash interest coverage (x)4.5 5.3 2.7 2.7 2.7
Debt/EBITDA (x)4.6 4.1 8.6 6.8 7.4
FFO/debt (%)17.0 19.8 7.4 9.4 8.5
ChorusCrownCastlePowercoVectorLtdFiberCop
-
5.0
10.0
15.0
20.0
25.0
FFO/Debt
(%)
Chorusmaintainsthesecondlowestleveragerelativetoitspeers
Copyright©2026byStandard&Poor’sFinancialServicesLLC.Allrightsreserved.
*Jun.20,2026forChorusandVector,Mar.31,2026forPowerCoandDec.31,2025forCrownCastle.ThefiguresforFiberCop
areestimatesfortheyearendingDec.31,2026.a--Actual.f--Forecast.Sources:S&PGlobalRatings.
www.spglobal.com/ratingsdirectOctober 13, 2026 6
Chorus Ltd.

Chorus Ltd.--Peer Comparisons
OCF/debt (%)17.6 20.8 7.3 11.0 3.6
FOCF/debt (%)6.3 5.2 6.8 (1.8)-13.5
DCF/debt (%)(1.4)(7.2)(0.3)(3.0)-13.5
*The figures for FiberCop are estimates for the year ending Dec. 31, 2025
Financial Risk
The positive outlook reflects our view that the group's strong regulated cash flow, prudent
capital management, and robust balance sheet could support a rating upgrade to 'BBB+' over
the next 12 months. This would entail Chorus maintaining an FFO-to-debt ratio of above 13%.
We make several adjustments to Chorus' reported debt to calculate our financial ratios.
Material adjustments to our fiscal 2027 metrics include:
• Lease liabilities of about NZ$150 million.
• Hybrid capital: We treat the company’s new NZ$170 million subordinated capital notes as 50%
equity and 50% debt.
• We will treat the NIFF equity securities as 100% debt and the net present value of the NIFF
debt securities as 100% debt.
• Surplus cash: We assume all cash and liquid investments are immediately available for debt
repayment.
• Adjusted EBITDA does not include any material S&P Global Ratings adjustments.
Debt maturities
Drawn debt% of total(Mil. NZ$)
Within 1 year0.0%96.9
2 years15.0%200.0
3 years12.2%500.0
19.1%
17.9%
16.9%
17.0%
13.3%
13.2%
12.7%
2023a2024a2025a2026a2027f2028f2029f
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
FFO/Debt
UpsideTrigger
(13%)
DownsideTrigger
(9%)
Chorus'leverageexpectations
Copyright©2026byStandard&Poor’sFinancialServicesLLC.Allrightsreserved.
a--Actual.f--Forecast.Sources:S&PGlobalRatings.
www.spglobal.com/ratingsdirectOctober 13, 2026 7
Chorus Ltd.

Drawn debt% of total(Mil. NZ$)
4 years14.6%924.4
5 years27.0%525.0
Thereafter31.2%1368.2
Total3,614.5
* As of June 30, 2026
Chorus Ltd.--Financial Summary
Period endingJune-30-2021June-30-2022June-30-2023June-30-2024June-30-2025June-30-2026
Reporting period2021a2022a2023a2024a2025a2026a
Display currency (mil.)NZ$NZ$NZ$NZ$NZ$NZ$
Revenues 947 965 980 1,010 1,014 1,029
EBITDA 649 676 674 700 705 726
Funds from operations (FFO)550 562 531 534 551 560
Interest expense159 151 207 226 218 226
Cash interest paid98 100 139 166 154 162
Operating cash flow (OCF)554 568 523 512 557 581
Capital expenditure647 518 495 442 397 374
Free operating cash flow (FOCF)(93)50 28 70 160 207
Discretionary cash flow (DCF)(179)(85)(233)(134)(64)(47)
Cash and short-term investments 53 88 76 45 81 199
Gross available cash53 88 76 45 81 199
Debt 2,723 2,602 2,776 2,980 3,256 3,304
Common equity948 1,029 1,063 841 1,242 1,751
Adjusted ratios
EBITDA margin (%)68.6 70.0 68.7 69.3 69.5 70.6
Return on capital (%)6.2 6.8 6.2 6.3 5.6 6.1
EBITDA interest coverage (x) 4.1 4.5 3.3 3.1 3.2 3.2
FFO cash interest coverage (x)6.6 6.6 4.8 4.2 4.6 4.5
Debt/EBITDA (x) 4.2 3.9 4.1 4.3 4.6 4.6
FFO/debt (%)20.2 21.6 19.1 17.9 16.9 17.0
OCF/debt (%) 20.3 21.8 18.8 17.2 17.1 17.6
FOCF/debt (%) (3.4)1.9 1.0 2.3 4.9 6.3
DCF/debt (%) (6.6)(3.3)(8.4)(4.5)(2.0)(1.4)
Reconciliation Of Chorus Ltd. Reported Amounts With S&P Global Adjusted Amounts (Mil. NZ$)
DebtShareholder EquityRevenueEBITDAOperating
income
Interest
expense
S&PGR
adjusted
EBITDA
Operating
cash flow
DividendsCapital
expenditure
Financial yearJune-30-2026

Company
reported
amounts
4,262 1,030 1,029 726 287 227 726 740 254 375
Cash taxes paid - - - - - - (4) - - -
www.spglobal.com/ratingsdirectOctober 13, 2026 8
Chorus Ltd.

Reconciliation Of Chorus Ltd. Reported Amounts With S&P Global Adjusted Amounts (Mil. NZ$)
DebtShareholder EquityRevenueEBITDAOperating
income
Interest
expense
S&PGR
adjusted
EBITDA
Operating
cash flow
DividendsCapital
expenditure
Cash interest
paid
- - - - - - (161) - - -
Lease liabilities 147 - - - - - - - - -
Equity-like
hybrids
(683) 683 - - - - - - - -
Intermediate
hybrids (debt)
(38) 38 - - - (2) - - - -
Accessible
cash and liquid
investments
(199) - - - - - - - - -
Capitalized
interest
- - - - - 1 (1) (1) - (1)
Nonoperating
income
(expense)
- - - - 3 - - - - -
Reclassification
of interest and
dividend cash
flows
- - - - - - - (158) - -
Debt: Foreign
currency
hedges
(186) - - - - - - - - -
Total
adjustments
(959) 721 - - 3 (1) (166) (159) - (1)
S&P Global
Ratings
adjusted
DebtEquityRevenueEBITDAEBITInterest
expense
Funds
from
Operations
Operating
cash flow
DividendsCapital
expenditure
3,304 1,751 1,029 726 290 226 560 581 254 374
Liquidity
We consider Chorus' liquidity to be adequate, reflecting our expectation that the group's sources
of liquidity will cover its uses by about 1.2x over the 12-month period ending June 30, 2027. We
also expect the company's net sources to remain positive even if EBITDA were to decline by 15%.
Also supporting the group's liquidity are its sound relationships with banks and its generally high
standing in credit markets. Chorus has accessed funding in the domestic New Zealand,
Australian, and euro medium-term note markets. The group had the following sources and uses
of liquidity as of June 30, 2026.
Principal liquidity sourcesPrincipal liquidity uses
• Cash and cash equivalents of about NZ$200 million.
• Undrawn committed bank facilities of about NZ$450
million, expiring beyond 12 months.
• Cash funds from operations of NZ$500 million-NZ$540
million.
• Minimal working capital inflows.
• NZ$97 million debt maturing within the 12 months.
• Capex of NZ$375 million over the same period.
• Dividends of 62 cents per share over the same period.
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Chorus Ltd.

Issue Ratings--Subordination Risk Analysis
Capital structure
As of June 30, 2026, Chorus' capital structure consisted of €950 million medium-term notes,
A$300 million medium-term notes, NZ$900 million New Zealand domestic bonds, NZ$170 million
of subordinated capital notes, that receive intermediate equity credit.
Chorus' capital structure also includes NIFF equity securities of about NZ$683 million. We treat
this as 100% debt in our credit metrics from fiscal 2027 onward (not rated). It also includes the
net present value of the NIFF debt securities of about NZ263 million (not rated).
Analytical conclusions
We rate Chorus' senior unsecured bonds at 'BBB', the same as the long-term issuer credit rating.
This is given the debt is senior, with no significant elements of subordination risk present.
We rate the subordinated debt two notches below at 'BB+'. This is given the debt's subordinated
nature and deferability characteristics.
The subordinated notes have a final maturity of 31 years on June 3, 2056, with a 25 basis point
(bp) step-up in year 11 (2036) and another 75 bp step-up in year 26 (2051). While our long-term
issuer credit rating on Chorus is in the 'BBB' rating category or higher, we will reclassify the
capital notes as having no equity content from intermediate when the period remaining to
effective maturity is less than 20 years (2031).
Rating Component Scores
Foreign currency issuer credit ratingBBB/Positive/--
Local currency issuer credit ratingBBB/Positive/--
Business riskExcellent
Country riskLow
Industry riskLow
Competitive positionExcellent
Financial riskSignificant
Cash flow/leverageSignificant
Anchora-
Modifiers
Diversification/portfolio effectNeutral (no impact)
Capital structureNeutral (no impact)
Financial policyNegative (-1 notch)
LiquidityAdequate (no impact)
Management and governanceNeutral (no impact)
Comparable rating analysisNegative (-1 notch)
Stand-alone credit profilebbb
Related Criteria
•Criteria | Corporates | General: Reflecting Subordination Risk In Corporate Issue Ratings, March
28, 2018
www.spglobal.com/ratingsdirectOctober 13, 2026 10
Chorus Ltd.

•General Criteria: Environmental, Social, And Governance Principles In Credit Ratings, Oct. 10,
2021
•Criteria | Corporates | General: Corporate Methodology, Jan. 7, 2024
•General Criteria: Hybrid Capital: Methodology And Assumptions, Oct. 13, 2025
•General Criteria: Principles Of Credit Ratings, Feb. 16, 2011
•Criteria | Corporates | General: Corporate Methodology: Ratios And Adjustments, April 1, 2019
•General Criteria: Methodology: Industry Risk, Nov. 19, 2013
•General Criteria: Country Risk Assessment Methodology And Assumptions, Nov. 19, 2013
•Criteria | Corporates | General: Methodology And Assumptions: Liquidity Descriptors For Global
Corporate Issuers, Dec. 16, 2014
•General Criteria: Group Rating Methodology, July 1, 2019
•Criteria | Corporates | General: Sector-Specific Corporate Methodology, July 7, 2025
•Criteria | Corporates | General: Methodology: Management And Governance Credit Factors For
Corporate Entities, Jan. 7, 2024
Related Research
•Chorus Ltd. Outlook Revised To Positive On Updated Methodology; 'BBB' Rating Affirmed; Off
UCO, Nov. 10, 2025
Ratings Detail (as of October 11, 2026)*
Chorus Ltd.
Issuer Credit RatingBBB/Positive/--
Senior UnsecuredBBB
SubordinatedBB+
Issuer Credit Ratings History
10-Nov-2025BBB/Positive/--
03-Dec-2014BBB/Stable/--
22-May-2014BBB/Negative/--
*Unless otherwise noted, all ratings in this report are global scale ratings. S&P Global Ratings’ credit ratings on the global
scale are comparable across countries. S&P Global Ratings’ credit ratings on a national scale are relative to obligors or
obligations within that specific country. Issue and debt ratings could include debt guaranteed by another entity, and rated
debt that an entity guarantees.
AUSTRALIA S&P Global Ratings Australia Pty Ltd holds Australian financial services license number 337565 under the Corporations Act 2001. S&P Global
Ratings credit ratings and related research are not intended for and must not be distributed to any person in Australia other than a wholesale client (as defined
in Chapter 7 of the Corporations Act).
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Chorus Ltd.

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Chorus Ltd.

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