CHORUS LIMITED — Share Issue/Capital Change 2025

Jun 30, 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

1 July 2025

Notification of redemption of Crown funding securities

Chorus Limited has redeemed the first tranche of Crown funding securities (previously referred to as Crown Infrastructure Partners ( CIP ) CIP1 equity securities) and cancelled the first tranche of CIP1 warrants as per the attached notice.

The CIP1 equity securities and CIP1 warrants were issued to CIP (now National Infrastructure Funding and Financing Limited) by Chorus to partially finance the build of the UFB network. Chorus also issued unquoted debt securities to CIP as part of the funding arrangements.

The Crown funding securities redeemed, cancelled and repaid at 30 June 2025 include:

1. Redemption of 85,341,018 CIP1 equity securities (unquoted) for cash at NZ$1.00 per CIP1 equity security;

2. Cancellation of 7,561,881 CIP1 warrants (unquoted) at nil consideration;

3. Repayment of $85,341,018 worth of CIP1 debt securities (unquoted).

Authorised by:

Katrina Smidt Deputy 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

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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	Section 1: Issuer information	Section 1: Issuer information
	Name of issuer		Chorus Limited
	NZX ticker code		CNU
	Class of financial product		CIP1 Equity Securities (unquoted) CIP1 Warrants (unquoted)
	ISIN (If unknown, check on NZX website)		N/A
	Currency		NZD
	Section	2: Capital change details
	Number	~~issued/acquired/r~~edeemed	85,341,018 CIP1 Equity Securities redeemed (unquoted) 7,561,881 CIP1 Warrants cancelled (unquoted)
	Nominal value (if any)		N/A
	~~Issue/acquisition/r~~edemption price per security		NZ$1.00000000 per CIP1 Equity Security Nil per CIP1 Warrant
	Nature of the payment (for example, cash or other consideration)		Cash for CIP1 Equity Securities.
	Amount paid up (if not in full)		N/A
	Percentage of total class of Financial Products~~issued/acquired/r~~edeemed/ (calculated on the number of Financial Products of the Class, excluding any Treasury Stock, in existence)1		18.5% of CIP1 Equity Securities 43.3% of CIP1 Warrants
	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
	date)
	Reason for		Dividends became payable on a portion of the CIP1 Equity Securities from 30 June 2025. Chorus elected to redeem that portion of the CIP1 Equity Securities for cash. The CIP1 Equity Securities were redeemed for cash pursuant to: • the terms of the subscription agreement between Chorus and CIP dated 9

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

		November 2011, as amended by agreements between Chorus and CIP dated 18 September 2016 and 26 January 2017 (UFB1 Subscription Agreement) • a redemption notice issued by Chorus on 29 May 2025 pursuant to the terms of the UFB1 Subscription Agreement • a Chorus Board resolution passed on 28 June 2025. The exercise period for the CIP1 Warrants set out in this notice expired on 30 June 2025. The CIP1 Warrants were cancelled for nil consideration pursuant to: • the terms of the subscription agreement between Chorus and CIP dated 9 November 2011, as amended by agreements between Chorus and CIP dated 18 September 2016 and 26 January 2017 (UFB1 Subscription Agreement).
	Total number of Financial Products of the Class after the ~~issue/acquisition/~~redemptio~~n/Conversion~~ (excluding Treasury Stock) and the total number of Financial Products of the Class	376,711,053 CIP1 Equity Securities (unquoted) 9,903,147 CIP1 Warrants (unquoted) No CIP1 Equity Securities or CIP1 Warrants are held as treasury stock.
	held as Treasury Stock after the
	issue/acquisition/redemption.
	In the case of an acquisition of shares, whether those shares are to be held as treasury stock	N/A
	treasury stock
	Specific authority for the	For redemption of the CIP1 Equity Securities, a Chorus Board resolution passed on 28 June 2025. The CIP1 Equity Securities have been redeemed pursuant to listing rule 4.14.1(c).
	Terms or details of the issue, acquisition, or redemption (for example: restrictions, escrow arrangements)	The terms of redemption of the CIP1 Equity Securities and cancellation of the CIP1 Warrants are as set out in the UFB1 Subscription Agreement. Further information regarding the terms of the CIP1 Equity Securities and CIP1 Warrants is set out in the summary available at https://company.chorus.co.nz/investors/financial- reports/crown-infrastructure-partners

Capital Change Notice

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Updated as at February 2025

	Capital Change Notice Updated as at February 2025
Date of issue/acquisition/redemption2	30/06/2025
Section 3: Authority for this announcement and contact person
Name of person authorised to make this announcement	Katrina Smidt Deputy Chief Financial Officer
Contact person for this announcement	Brett Jackson Investor 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	1 July 2025

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).