CHORUS LIMITED — Capital/Financing Update 2025

May 26, 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

27 May 2025

Chorus revises indicative Initial Margin range for Capital Notes offer

Chorus Limited ( Chorus ) is making an offer of up to $170 million of unsecured, subordinated, redeemable, cumulative, interest-bearing capital notes ( Capital Notes ) to investors in New Zealand ( Offer ).

On 26 May 2025, Chorus announced the indicative Initial Margin range for the Capital Notes and the Minimum Initial Interest Rate that will apply until the First Reset Date (6 June 2031). Chorus has today revised the indicative Initial Margin range for the Capital Notes to be 2.05% to 2.15% per annum. The Minimum Initial Interest Rate remains 5.50% per annum.

The actual Initial Margin (which may be above or below the revised indicative Initial Margin range) and the Interest Rate that will apply until the First Reset Date (6 June 2031) will be determined on the Rate Set Date (29 May 2025) following the bookbuild process and will be announced by Chorus via NZX on or about that date.

Details of the Offer and the Capital Notes are contained in the replacement PDS dated 23 May 2025, which is available on the Disclose register at www.discloseregister.companiesoffice.govt.nz (offer number OFR13938).

Investors can register their interest by contacting any of the Joint Lead Managers (as detailed below) or their usual financial advice provider.

Arranger and Joint Lead Manager

Forsyth Barr Limited: 0800 367 227

Joint Lead Manager

Bank of New Zealand: 09 924 9602

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