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


8 November 2023

Chorus’ annual shareholders’ meeting
The attached prepared announcements will be delivered at Chorus’ annual shareholders’
meeting to be held in Wellington at 2:00pm today:
− Chairman’s address;
− CEO’s address; and
− Presentation slides.

The annual meeting can also 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:
Elaine Campbell
Chief Corporate Officer & 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

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

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Chorus Annual Meeting 8 November 2023
Chair’s Address
Tēnā koutou katoa.
Good morning and welcome to Chorus’ 2023 Annual Shareholders’ Meeting. I’m Mark Cross,
Chorus’ Chair.
We welcome those of you joining us here in the Chorus offices in Wellington today, as well
as those of you joining us online through the Computershare platform.



We have a relatively short agenda today in terms of the formal business of the meeting.
I’ll start with a short summary of the year, and what the Board is focused on then briefly
cover our regulatory process.
Chief Executive JB Rousselot will then cover what’s happening at an operational and market
level.
After that we’ll move to resolutions, questions and voting.
JB is joined today by key personnel including Mark Aue, our Chief Financial Officer and
Elaine Campbell, our Chief Corporate Officer and General Counsel. We also have
representatives from our auditors KPMG, and Chapman Tripp, our legal provider.

Let me introduce you to your directors:
• Sue Bailey
• Will Irving – Will has just had eye surgery so is joining us online but will not be
appearing on screen
• Murray Jordan
• Kate Jorgensen,
• Jack Matthews.
• Miriam Dean is unfortunately a late apology due to a close bereavement.
Kate and Jack are standing for re-election today in accordance with the NZX listing rules so
you’ll hear from them shortly.

As you’ll have seen from our results announcement in August, Chorus delivered a strong
financial result in a year of operating challenges and change.
We had hoped things were back to normal following COVID lockdowns, but FY23 brought us
extreme weather events and technician shortages, as well as the broader weakness in the
economy and inflationary pressures.
Despite these challenges, we were able to grow fibre connections and revenues, delivering
increased revenue of $980 million. And we held underlying operating expenses flat year-on-
year at $299 million.
As a result, at $682 million underlying EBITDA was up $22 million on the year before.
However, net profit after tax reduced from $64 million to $25 million because of higher
interest rates and depreciation.
These financial results and the end of the fibre rollout investment programme enabled us to
increase our dividend payout to 42.5 cents per share in the year, up from 35 cents in FY22
and 25 cents in FY21. We’ve provided guidance of 47.5 cents for the current year.
Including the FY24 guidance, our dividend will have increased by 90% since FY21. This
reflects a return to positive free cashflow after more than a decade of investing
shareholders’ funds back into the fibre rollout.
We also recently completed our $150 million share buyback programme. The buyback
programme began in early 2022 as a means of returning capital to shareholders and the
number of issued shares was reduced by about 17 million.

Our borrowings were just under 4.4 times net debt to EBITDA at the end of FY23 and remain
within our internal limit of 4.75 times which provides a buffer against the upper limit for our
current investment grade credit rating.
In my letter at the front of this year’s annual report I set out a number of beliefs that we as
a board have and it’s worth restating those here.
• Empowering our people – we need the right people, empowered and incentivised
• Fibre is future-proofed – the best direct connectivity scalable for future growth, while
acknowledging there is a place for alternative technologies working back from the
outer edges of the network
• Connections, connections, connections – connecting as many New Zealanders as we
can at a competitive price to maximise revenue within our regulated cap
• Managed exit from copper – managing our costs down and retaining as many
customers on fibre as we can
• Be an active wholesaler – treating our retail customers equally but responding to the
competition imposed by those customers selling competing products
• Promote digital equity – working together with our partners to maximise equal access
to the best digital connectivity across urban and rural areas and across socio economic
groups
• Prioritise long term value – more on this in a moment
• A considered approach to new opportunities – investing in new sources of revenue in
a disciplined way

• An appropriate capital structure – holding to a solid investment grade leverage
appropriate for a regulated utility.
I do want to highlight the point about prioritising long term value. As a board we regard
capital allocation as one of our most important responsibilities, and in that regard we strive
to walk the line between investors seeking a return on their investment in the near term by
way of dividends and ongoing investment in our regulated asset base. This is top of mind as
we work our way through the Price-Quality Expenditure process which I’ll turn to now.

REGULATORY PROPOSAL


It is hard to believe, but we are only 14 months away from the start of the second
regulatory period for fibre.
This next regulatory period will be four years, rather than the current three, and will run
from 1 January 2025 through to 31 December 2028.
Last week we submitted our initial expenditure proposal to the Commerce Commission for
this next period.
The regulatory model for fibre is based on Chorus earning an allowed rate of return on its
regulated asset base.
The Commission reviews our proposed capital and operating expenditure ahead of the
period.
The slide summarises the extensive process we’ve gone through in preparing the 1,300
pages of information for this review process – including consumer consultation and review
by an independent verifier.

Our submission is just the start of a long 12 month process with the Commission that we
expect to be finalised late next year.
INVESTMENT PROPOSAL

We’ve proposed about $1.5 billion of capital expenditure for the four-year period, with
approximately two thirds being discretionary or linked to demand and the remainder
proposed for sustaining / enhancing network and IT capex.
Working up the stack from the bottom, approximately $500 million of capex relates to
ongoing investment to sustain and enhance the network, along with business and IT support
costs.
Next is approximately $700 million of investment based on our demand forecasts for new
fibre installations, property developments, data growth and the technology needed to
deliver our multi-gigabit Hyperfibre services.
Finally about $300 million is for discretionary growth investment, principally for rural
network expansion and increased network resilience. This investment, while beneficial for
consumers and supported by stakeholders, is commercially challenging given we operate in
a dynamic industry environment. For that reason it’s important to note that it remains
subject to further business casing, appropriate regulatory settings and market demand.
In addition, we’ve proposed operating expenditure of $840 million for the four-year period,
with spend per connection largely flat. That’s despite overall fibre costs growing to reflect
the rapidly diminishing contribution copper services make to our business.

REGULATORY CERTAINTY

Our network investment is in long-dated assets and that means regulatory certainty is
essential if our shareholders are to earn a fair risk-adjusted return.
When considering making discretionary investment that will deliver good outcomes for end
customers there are three regulatory settings that are critical to ensuring a fair outcome:
Firstly, we need to know that regulatory settings won’t be interpreted or changed in a way
that undermines a fair return. We think that regulatory consistency ensures the best
outcome for consumers in the long run by reducing the risk-adjusted rate of return required
by investors, which in turn drives lower allowed revenue and prices.
Secondly, we need to be confident that the Commission is ensuring the government’s
wholesale fibre network model – under which we are regulated as a monopoly - isn’t being
undermined by our large vertically integrated customers unfairly favouring their own
wireless networks.
Lastly, we also believe the regulatory process needs to remain flexible. Telecommunications
is a dynamic industry and we’ve been required to submit a proposal more than a year ahead
of its implementation. We already know, for example, that copper withdrawal is occurring
faster than expected. We need to consider up-to-date market conditions when confirming
the business case for discretionary and demand-based investment. This includes considering
how changes in government funding or policy – particularly for rural areas - could help
accelerate or reshape our investment plans.

The end of the UFB rollout and the looming end of copper’s economic life means Chorus is
becoming a simpler business. We’re excited about Chorus’ future as an all-fibre digital
infrastructure company and the role we can play in enabling New Zealand’s digital future.
Fibre is unmatched as a broadband technology – a fact we champion with conviction if you
haven’t already noticed. In the words of our advertisements, no one in New Zealand should
experience 'Bad Net'. This sentiment is echoed globally; most developed countries are
rolling out fibre at pace.
JB and I recently met with several European network operators. Typically, coming from NZ,
we might feel we’re lagging behind the rest of the world, but these companies look to
Chorus and New Zealand as a possible glimpse of their own futures and are eager to learn
from us. The visits reinforced our belief in what we have achieved as a country and as a
company. Chorus is now one of the very few public-listed wholesale fibre companies in the
world, with a settled industry structure, a completed build to 87% and take-up of 70% and
growing.
But, while our global position in connectivity is solid, the pace of change is relentless, and
other countries are rolling out fibre at pace and aspiring to 99 or 100% coverage in some
cases.
There are also numerous examples of providers leaping ahead with multi-gigabit speeds
now the default technology of choice for new networks. Take Google Fiber, for example;
they’ve introduced 20-gigabit speeds to residential users on their US network. It has coupled
this with cutting-edge Wi-Fi 7 technology in the home to take advantage of the
performance.

These developments reinforce the view that New Zealand can’t afford to sit back and relax.
In the worlds of technology and connectivity, standing still is going backwards. Technology
advances such as this underscore the need for us to think about what we can do to innovate
and invest in the digital future of New Zealand, as well as to support digital equity initiatives
like the 2020 Trust and Digital Seniors.
This all points to the need to keep investing to enable new services and more capacity and
speed to meet demand. If we can get that right, our network will in turn help New Zealand
to diversify and grow, for the benefit of end customers and Chorus shareholders.
ENDS

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Chorus Annual Meeting 8 November 2023
CEO’s Address
Kia ora – nau mai haere mai.
Greetings, and welcome everyone.

WEATHER EVENTS


While looking back at last year, it is hard not to mention Cyclone Gabrielle. It was a
devastating event for the people of the East Coast and was the largest weather event to
have affected our network.
At its peak we had about 55,000 fixed connections without service, either due to loss of
electricity or damage to our network.
The Chorus team and our service company technicians did a fantastic job to get services
restored as fast as possible. In some cases, temporary links up to 5 kilometres long had to be
deployed from helicopters.
The photo on the slide shows what they were up against with some major cable routes
simply washed away. This Hikuwai River bridge was part of a back-up fibre route which we

invested in just over a decade ago to protect service into Gisborne and both this and an
alternate route were cut by the cyclone.
There are always lessons to be learnt from these kinds of events and we’re working with the
wider telco industry to identify ways we can do to improve resilience in the future.
One of the key lessons for us was just how resilient the fibre network is compared to our
legacy copper network. Copper network customers were 10 times more likely to lose service
and we saw fibre services restored twice as quickly once power came back on.
The extreme weather in FY23 impacted our reported EBITDA by $7 million.
FIBRE UPTAKE

Despite this major impact and other challenges, we delivered solid fibre growth in the year.
Our latest connections numbers showed we reached 70% uptake at the end of September.
That’s across our footprint of almost 1.5 million addresses.
And Auckland is fast approaching the 80% uptake mark.
We finished the public-private rollout with the government just under a year ago and –
despite the resourcing challenges created by COVID migration – we achieved our long-held
target of 1 million fibre connections on schedule.
Since then we’ve continued to add connections steadily. While our pace was impacted
earlier in the year, our workforce is now back to full strength and in the last quarter we
added 19,000 fibre connections and grew the footprint by another 9,000 addresses.

PRODUCT MIX

We’ve been pleased to see our entry level 50 megabit plan gain momentum in the last
quarter with 7,000 connections added. We introduced this plan to help low usage and price
sensitive consumers migrate from copper to fibre.
After a slow start, larger retailers have begun promoting the plan with positive results,
including helping us connect customers that weren’t previously on our copper or fibre
network.
Demand for our 1 gigabit plans also remains strong and continues to represent about a third
of net adds. So, overall, more than 90% of our connections are on 300 megabits or above.

DATA USAGE

While 1 gigabit plans make up about a quarter of our fibre connections, there are markets
like Singapore where 1 gigabit is considered a basic broadband product. The Singapore
government has just announced that it wants 10 gigabit services to be available by 2026 as
part of its digital strategy.
Multi-gigabit services are starting to gain momentum globally with the deployment of new
electronic equipment into fibre networks.
We already have several thousand customers on these Hyperfibre plans – that’s 2, 4 and 8
gigabits.
And you can see from the chart on the left how much more data these early adopters use
each month. About 3,500 gigabytes compared to 1,000 gigabytes average for a consumer on
a 1 gig plan.
Data usage overall is nearing 600 gigabytes average for consumers. And we expect the next
significant lift in data usage to come from greater consumption of video over the internet
and especially of 4K content.

ONLY FIBRE IS FIBRE-LIKE

The Commission has done a very useful job requiring transparency in broadband marketing.
They publish quarterly reports that compare how different technologies perform on a range
of factors.
And their data shows that fibre outclasses alternative technologies in almost every test.
Based on our own customer research, things like latency and reliability are really important
to consumers. They value rock solid performance without interruption or delays.
So let's be clear: There's no "fibre-like" performance when comparing technologies. It's
either fibre, or it's not.

OPERATING MODEL

With the fibre rollout completed, we’ve begun reshaping the way Chorus is set up. We want
to be nimbler in executing our strategy as a network operator.
To achieve this, we’ve refreshed our operating model to unlock value and meet the needs of
a changing market. This includes the creation of three end-to-end value streams.
• Access, to focus on fibre broadband to homes and businesses.
• Infrastructure, to focus on complex fibre solutions for our customers and to leverage
Chorus’ assets to generate new revenues.
• And Fibre Frontier, focused on executing our rural and regional strategy.

A SIMPLER BUSINESS

Ultimately, these changes are all about simplifying our business and becoming an all-fibre
digital infrastructure company.
The rollout of better and more sustainable fibre networks means the days of copper
networks are numbered. In those areas where we built UFB fibre, we expect to retire copper
by the end of 2026.
To date we’ve issued about 34,000 notices to copper customers and shut almost 700
broadband cabinets. At the end of September there were fewer than 80,000 copper
connections remaining in areas where we have fibre available.
Outside fibre areas, just over 100,000 copper connections remain. A Commerce Commission
study showed that copper has less than 50% market share in these areas, as consumers are
choosing satellite and wireless technologies that better meets their needs than copper.
These market changes ultimately point to a full disconnection of Copper networks. Here in
New Zealand, we believe that this should happen within a decade.

OECD UPTAKE

We are not the only country reaching this stage. Last week we met with a range of network
operators at a global broadband conference in Europe.
While NZ was early to the mark targeting 87% fibre coverage through the UFB program, and
reaching 70% take up, many countries in Europe are now targeting 95%+ fibre coverage and
have similar or higher uptakes. Spain for example is at 83%.
Given these high fibre coverage and take up rates, copper networks are actively being
turned off.
Norway, with about 70% uptake - and a similar population and geography to New Zealand -
shut their retail copper network in January.
Spain plans to shut their copper network in the next year.
So with NZ in 9th position among OECD countries for fibre uptake at the end of 2022 it is
time we accelerate the copper disconnection discussion.

WORKING TOGETHER

It is also time to reopen a conversation about extending fibre coverage beyond the current
footprint. As the research for our regulatory expenditure proposal shows, Kiwi consumers
believe that rural communities should not be left on the other side of a digital divide.
And there’s billions of dollars in economic benefit to be gained by enabling city-grade
broadband in these areas. That’s the rationale behind government investment programmes
in both Europe and the USA to take fibre as far as possible.
We have been doing some of that, but only in a targeted way. Earlier this year, we
completed work on building fibre backhaul into Milford Sound. This was achieved with the
help of government funding and it now supports eight mobile towers to provide coverage
for motorists on the way.
More importantly, we can now get on with connecting the 120 or so residents in Milford
Sound to fibre. And that will in turn help enhance their local businesses and their interaction
with the wider world. Not to mention the tourists who will be using a whole lot of data to
show just why everyone should visit such a magic place.
This is the kind of transformative outcome that is a blueprint for how government, industry
and network builder can unite for a common cause.
The challenge is to find a way to leverage the benefits of fibre broadband for even more
New Zealanders, and we look forward to working together with the new government to do
more.
ENDS

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Annual Meeting
8 NOVEMBER 2023

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ANNUAL MEETING 2023
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ANNUAL MEETING 2023
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Agenda
▪Introduction and Chair’s address
▪CEO address
▪Resolutions
▪Shareholder questions
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Your Board
Chair
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FY23 overview
1. Earnings before interest, income tax, depreciation and amortisation (EBITDA) is a non-GAAP profit measure without a standardised meaning for comparison between
companies. 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.
FY23FY22
Fibre
connections
1,031,000959,000
Broadband
connections
1,188,0001,189,000
Fixed line
connections
1,271,0001,304,000
Data traffic
(petabytes)
7,402 7,140
Employee
engagement
8.7/108.5/10
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Your Board’s focus
▪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
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How we developed our PQP2 proposal
Extensive end-user and stakeholder inputs overlaid by Independent Verification
Annual business planning
cycle
Draft PQP2
Proposal
Financial outcomes from 2022
regulatory base year
Industry & stakeholder
consultation
Consumer surveys and panel
(2,500+ orgs and individuals)
Auditor review
Review and testing by
Independent Verifier
Final PQP2
Proposal
submitted to
Commerce
Commission with
detailed
Independent
Verifier report
Discretionary capex
prioritised via consumer
workshops overseen by
consumer advocate, Sue
Chetwin
Board approval
8

Greenfields: fibre to new developments (excl contributions)
Fibre installations: build and provisioning for ~150k standard
and complex installations
Key elements of proposed $1.5bn investment
Majority of investment is discretionary or linked to demand
491
253
73
38
333
93
234
0
200
400
600
800
1000
1200
1400
1600
$m
(nominal)
Rural expansion: fibre to pass 40,000 rural premises
Resilience: investment to support network robustness
Hyperfibre: installation of multi-gigabit ONT
Capacity/Transport: enabling continued growth in data demand
Other network investment:includes network sustain/enhance
investment, business and IT support
the commercial investment case is challengingand
investment is subject to further business casing,
market and regulatory developments
amounts are based on forecasts
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DISCRETIONARY:
DEMAND-DRIVEN:
9

Long-term investment requires certainty
To ensure good outcomes for end customers and fair returns for investors, we
need...
1. To know regulatory settings won’t be interpreted or changed in a
way that undermines a fair return.
2. Confidence the government’s wholesale fibre network model isn’t
being undermined by large vertically integrated retailers who unfairly
favour their own wireless networks.
3. A regulatory process that has the flexibility to allow for the
dynamic nature of the telecommunications industry. (e.g.changing
market conditions that diminish the business case, or government
policy/funding that helps accelerate or reshape investment )
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Broadband isn’t standing still....
Google Fiber has just announced the launch of 20Gbps plans
“
”
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CEO Address
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Cyclone Gabrielle in Feb ‘23
•55,000 fixed connections disrupted
•Copper customers 10-times more likely to
lose service
•Fibre services restored twice as quickly

50
55
60
65
70
75
80
AucklandDunedinWellington
Uptake, by urban area, for
fibre passed addresses
Sep-22Dec-22Mar-23
Jun-23Sep-23
Fibre available to 1.48m addresses; 70% uptake
65.0
66.0
67.0
68.0
69.0
70.0
71.0
0
200,000
400,000
600,000
800,000
1,000,000
1,200,000
1,400,000
1,600,000
30-Jun-2230-Sep-2231-Dec-2231-Mar-2330-Jun-2330-Sep-23
Fibre connectedInactive fibre sockets***
Fibre socket not yet installedFibre uptake (%)
%
*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 September 2023
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>Home Fibre Starter (50Mbps) connections grew from 16k to 23k
>1Gbps and Hyperfibreconnections were 36% of net mass market fibre adds (Q4 FY23:44%)
>91% of connections are on300Mbps or more
Mass market fibre connections –Q1 FY24
0
20,000
40,000
60,000
80,000
100,000
120,000
June 2023Sept 2023
Business
2Gbps+1Gbps500Mbps300Mbps200Mbps100Mbps<100MbpsVoice
0
100,000
200,000
300,000
400,000
500,000
600,000
700,000
800,000
900,000
1,000,000
June 2023Sept 2023
Residential
2Gbps+1Gbps300Mbps100Mbps<100MbpsVoice
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Data usage back at COVID levels; 4K to come
0
500
1000
1500
2000
2500
Monthly fibre
data usage
today
All streaming
in 4K
All TV
streamed in
4K
4K EFFECT ON DATA
DEMAND
Data usage (GB)
0
500
1,000
1,500
2,000
2,500
3,000
3,500
Hyperfibre
(2,4,8 Gbps)
Fibre Max
(1Gbps)
Fibre
300Mbps
Fibre 50Mbps
Average monthly data usage by plan
(September)
>monthly average data usage on fibre 585GB in Sept
>consumers on fast fibre plans use, on average,
significantly more data than those on lower speed plans
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Commerce Commission: Measuring Broadband -NZ, Winter Report, Sept 2023
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A nimbler Chorus
>Unlocking value through a matrix model
▪including three value streams with sharp strategies
and end-to-end approaches
▪historical functional units (Customer & Network
Operations; Product, Sales & Marketing) realigned to
drive strategic outcomes
▪and enabling a thriving culture
Operating model transition from build to operate
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Becoming an all-fibredigital infrastructure company
Chorus UFB area
▪31k copper voice lines
▪48k copper broadband lines
Local fibreco. area
▪12k copper voice lines
▪17k copper broadband lines
Non-fibrearea
▪21k copper voice lines
▪85k copper broadband lines
▪FY23: 544 cabinets closed
and~30k consumer notices
▪FY24 target:750+ cabinets
closed,30k+ consumer notices,
88% broadband retention rate
▪targeted copper withdrawal where
remaining connections are
uneconomic
▪first trial notices issued
▪Chorus market share <50%
▪<50% of remaining connections
are TSO qualifying
▪testing satellite options
▪regulatory review 2025
Retired by
end 2026
Retired by
early 2030s
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Singapore copper network shut in 2020.UK, French, Dutch,
Belgian and Swiss telcos all indicating copper shut down
byearly2030's once fibrewidely deployed anduptake grows
targeting copper shut down in2024
retail copper network was shut in early 2023
copper network ~80% shut; targeting 2026
The sun is setting on copper networks worldwide
copper DSL closed in fibreareas in early 2023
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TAKING FIBRE FURTHER
•NZ$16.5 billion benefit over 10 years
•120km fibreconnecting Milford
Sound, pop. 120
•8 new cell towers enroute

Resolutions
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Resolutions
1.That Ms Kate Jorgensen be re-elected as a Chorus director.
2.That Mr Jack Matthews be re-elected as a Chorus director.
3.That the Board be authorised to fix the fees and expenses of KPMG as
auditor.
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Resolution 1: Re-election of Kate Jorgensen
That Ms Kate Jorgensen be re-elected as a Chorus
director.
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Resolution 2: Re-election of Jack Matthews
That Mr Jack Matthews be re-elected as a Chorus
director.
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Resolution 3: Auditor’s fees and expenses
That the Board be authorised to fix the fees and
expenses of KPMG as auditor.
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Questions?
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Feedback
We welcome your feedback.
If you have additional questions, please email us at:
company.secretary@chorus.co.nz
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Disclaimer
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 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.
8 NOVEMBER 2023
ANNUAL MEETING 2023
30