CHORUS LIMITED — Capital/Financing Update 2025

Jun 5, 2025

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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

6 June 2025

Chorus issues Capital Notes (CNU050)

Chorus Limited has issued NZ$170 million of unsecured, subordinated, redeemable, cumulative, interest-bearing capital notes (CNU050) as set out in the attached notice.

Authorised by:

Drew Davies Chief Operating 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

Nathan Beaumont

Head of Corporate Relations Phone: +64 (4) 896 4352 Email. Nathan.Beaumont@chorus.co.nz

Capital Change Notice

Updated as at February 2025

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Se	ction 1: Issuer information
Na	me of issuer	Chorus Limited
NZ	X ticker code	CNU050
Cla	ss of financial product	Unsecured, subordinated, redeemcumulative, interest-bearing capita	able,l notes
ISI	N (If unknown, check on NZX website)	NZCNUDT007C7
Cu	rrency	NZ$
Se	ction 2: Capital change details
Nu	mber issued	170,000,000
No	minal value (if any)	$1.00 per capital note
Iss	ue price per security	$1.00 per capital note
Naco	ture of the payment (for example, cash or othernsideration)	Payment in cash
Am	ount paid up (if not in full)	The capital notes are fully paid up
PeissPrSt	rcentage of total class of Financial Productsued (calculated on the number of Financialoducts of the Class, excluding any Treasuryock, in existence)	100%
FoOpexanto(fo	r an issue of Convertible Financial Products ortions, the principal terms of Conversion (forample the Conversion price and Conversion dated the ranking of the Financial Product in relationother Classes of Financial Product) or the Optionr example, the exercise price and exercise date)	N/A
Re(th	ason for issue and specific authority for issuee reason for change must be identified here)	Allotment under Replacement ProDisclosure Statement dated 23 Mathe proceeds of which will be usedfinance the repayment and redemCrown Funding Securities due 302025.Issue pursuant to Board Resolutiodated 11 April 2025 and 5 May 20	ducty 2025,toption ofJunens25.
Toafttothe	tal number of Financial Products of the Classer the issue (excluding Treasury Stock) and theal number of Financial Products of the Classld as Treasury Stock after the issue	170,000,000
Intho	the case of an acquisition of shares, whetherse shares are to be held as treasury stock	N/A
Specific authority for the issue, acquisition, orredemption, including a reference to the rulepursuant to which the issue, acquisition, orredemption is made	ecific authority for the issue, acquisition, oremption, including a reference to the rulersuant to which the issue, acquisition, or	Resolution of directors dated 11 A2025 and 5 May 2025

Terms or details of the issue, acquisition, orredemption (for example: restrictions, escrowarrangements)	As set out in the Master Trust Deed dated9 May 2025, as supplemented by theSupplemental Deed dated 9 May 2025and the Amendment to the SupplementalDeed dated 23 May 2025, and theReplacement Product DisclosureStatement dated 23 May 2025
Date of issue	6/06/2025
Section 3: Authority for this announcement and contact person
Name of person authorised to make thisannouncement	Drew DaviesChief Operating Officer
Contact person for this announcement	Brett JacksonInvestor Relations Manager
Contact phone number	+64 4 896 4039 +64 27 488 7808
Contact email address	Brett.Jackson@chorus.co.nz
Date of release through MAP	6 June 2025