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 CNU030 Bonds

Chorus Limited has issued 7 year Bonds (CNU030) 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	CNU030
Class of financial product	Unsecured, unsubordinated, fixed rate debt securities
ISIN (If unknown, check on NZX website)	NZCNUDT004C4
Currency	NZ$
Section 2: Capital change details
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 other consideration)	Payment in cash
Amount paid up (if not in full)	The bonds are fully paid up
Percentage of total class of Financial Products issued/acquired/redeemed/ (calculated on the number of Financial Products of the Class, excluding any Treasury Stock, in existence)1	100%
For an issue of Convertible Financial Products or Options, the principal terms of Conversion (for example the Conversion price and Conversion date and the ranking of the Financial Product in relation to other Classes of Financial Product) or the Option (for example, the exercise price and exercise date)	N/A
Reason for issue/acquisition/redemption and specific authority for issue/acquisition/redemption/ (the reason for change must be identified here)	Allotment under Final Terms Sheet dated 20 November 2020, the proceeds of which will be used to refinance Chorus’ NZ$400 million retail bond maturing on 6 May 2021 and for general corporate purposes
Total number of Financial Products of the Class after the issue/acquisition/redemption/Conversion (excluding Treasury Stock) and the total number of Financial Products of the Class held as Treasury Stock after the issue/acquisition/redemption.	200,000,000
In the case of an acquisition of shares, whether those shares are 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

1 The percentage is to be calculated immediately before the issue, acquisition, redemption or Conversion.

Terms or details of the issue, acquisition, or redemption (for example: restrictions, escrow arrangements)	As set out in the Supplemental Deed dated 17 November 2020 and the Final Terms Sheet dated 20 November 2020
Date of issue/acquisition/redemption2	2 December 2020
Section 3: Authority for this announcement and contact person
Name of person authorised to make this announcement	David Collins, Chief Financial Officer
Contact person for this announcement	Brett Jackson, Investor Relations Manager
Contact phone number	+64 4 896 4039
Contact email address	brett.jackson@chorus.co.nz
Date of release through MAP	3/12/2020

2 Continuous issuers using this form in reliance on Rule 3.13.2, please indicate the period during which the relevant issue/acquisition/redemptions were made (for example, 1 January 2019 to 31 January 2019).