CHORUS LIMITED — Capital/Financing Update 2020

Dec 2, 2020

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

Email: company.secretary@chorus.co.nz

STOCK EXCHANGE ANNOUNCEMENT

3 December 2020

Notification of issue of CNU040 Bonds

Chorus Limited has issued 10 year Bonds (CNU040) as set out in the attached notice.

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

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Capital Change Notice

Section 1: Issuer information
Name of issuer		Chorus Limited
NZX ticker code		CNU040
Class of financial product		Unsecured, unsubordinated,fixed rate debt securities
ISIN (If unknown, check on NZX website)		NZCNUDT005C1
Currency		NZ$
Section 2: Caital chane details
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Number issued/acquired/redeemed		200,000,000 issued
Nominal value (if any)		NZ$1.00 per bond
Issue/acquisition/redemption price per security		NZ$1.00 per bond
Nature of the payment (for example, cash or otherconsideration)		Payment in cash
Amount paid up (if not in full)		The bonds are fully paid up
Percentage of total class of Financial Productsissued/acquired/redeemed/ (calculated on the number ofFinancial Products of the Class, excluding any Treasury Stock,in existence)		100%
For an issue of Convertible Financial Products or Options, theprincipal terms of Conversion (for example the Conversionprice and Conversion date and the ranking of the FinancialProduct in relation to other Classes of Financial Product) or theOption (for example, the exercise price and exercise date)		N/A
Reason for issue/acquisition/redemption and specific authorityfor issue/acquisition/redemption/ (the reason for change mustbe identified here)		Allotment under Final TermsSheet dated 20 November2020, the proceeds of whichwill be used to refinanceChorus’ NZ$400 million retailbond maturing on 6 May 2021and for general corporatepurposes
Total number of Financial Products of the Class after theissue/acquisition/redemption/Conversion (excluding TreasuryStock) and the total number of Financial Products of the Classheld as Treasury Stock after the issue/acquisition/redemption.		200,000,000
In the case of an acquisition of shares, whether those sharesare to be held as treasury stock		N/A
Specific authority for the issue, acquisition, or redemption,including a reference to the rule pursuant to which the issue,acquisition, or redemption is made		Resolution of directors
Terms or details of the issue, acquisition, or redemption (forexample: restrictions, escrow arrangements)		As set out in the SupplementalDeed dated 17 November2020 and the Final Terms

	Sheet dated 20 November2020
Date of issue/acquisition/redemption	2 December 2020
Section 3: Authority for this announcement and contact person
Name of person authorised to make this announcement	David Collins, Chief FinancialOfficer
Contact person for this announcement	Brett Jackson, InvestorRelations Manager
Contact phone number	+64 4 896 4039
Contact email address	brett.jackson@chorus.co.nz
Date of release through MAP	3/12/2020