CHORUS LIMITED — Capital/Financing Update 2022

Sep 8, 2022

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION DIRECTLY OR INDIRECTLY TO ANY U.S. PERSON OR IN OR INTO THE UNITED STATES (EACH AS DEFINED IN REGULATION S UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT")) OR IN ANY OTHER JURISDICTION WHERE IT IS UNLAWFUL TO RELEASE, PUBLISH OR DISTRIBUTE THIS ANNOUNCEMENT.

This announcement is not, does not form part of and should not be construed as an offer of securities for sale in the United States. Neither this announcement nor any copy hereof may be taken into or distributed, directly or indirectly, in or into the United States. The securities and guarantee thereof referred to herein have not been and will not be registered under the Securities Act or laws of any state of the United States or other jurisdiction, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act. No public offering of securities will be made in the United States.

This announcement is for information purposes only and is not an offer to purchase and does not constitute an invitation or solicitation to sell any securities. The distribution of this announcement and the distribution of the Tender Offer Memorandum in certain jurisdictions may be restricted by law. Persons into whose possession this announcement or the Tender Offer Memorandum comes are required to inform themselves about and to observe any such restrictions. Please refer to “Offer and Distribution Restrictions” in the Tender Offer Memorandum for further details.

9 September 2022

Chorus Limited

( incorporated with limited liability in New Zealand )

(the " Offeror ")

Settlement of the Tender Offer by the Offeror in respect of the EUR 500,000,000 1.125 per cent. notes due 2023 (ISIN: XS1505890530) (the "Notes") issued by the Offeror and guaranteed by Chorus New Zealand Limited

Reference is made to the ASX announcements of the Offeror dated 25 August 2022 and 7 September 2022 in relation to the invitation by the Offeror to the Qualifying Holders to tender any and all Notes held by such Qualifying Holders for purchase by the Offeror for cash (the " Tender Offer ") on the terms and subject to the conditions contained in the Tender Offer Memorandum dated 25 August 2022 (the " Tender Offer Memorandum "). Capitalised terms used but not otherwise defined in this announcement shall have the meaning given to them in the Tender Offer Memorandum.

The Offeror is pleased to announce that the Financing Condition has been satisfied and the settlement of the Tender Offer was completed on 8 September 2022.

Following settlement of the Tender Offer, EUR 291,222,000 in aggregate principal amount of the Notes were purchased and redeemed by the Offeror on 8 September 2022 and cancelled pursuant to the terms and conditions of the Notes. EUR 208,778,000 in aggregate principal amount of the Notes remain outstanding.

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