Notification of issue of CIP warrants

Chorus Limited
Level 10, 1 Willis Street
P O Box 632
Wellington, New Zealand
Email: company.secretary@chorus.co.nz



STOCK EXCHANGE ANNOUNCEMENT

14 November 2024

Notification of issue of CIP warrants

Chorus Limited has issued further Crown Infrastructure Partners (CIP)
warrants as per the attached notice.

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

Vicki Gan
Media & Content Manager
Mobile: +64 22 075 0159
Email. vicki.gan@chorus.co.nz

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Page 1 of 2

Capital Change Notice

Updated as at June 2023

Section 1: issuer information
Name of issuer Chorus Limited
NZX ticker code CNU
Class of Financial Product CIP1 Warrants (unquoted)
ISIN (If unknown, check on NZX website) N/A
Currency NZD
Section 2: capital change details
Number issued/acquired/redeemed/ 555,843 CIP1 Warrants (unquoted).
Nominal value (if any) N/A
Issue/acquisition/redemption/ price Nil per CIP1 Warrant.
Nature of the payment (for example,
cash or other consideration)
N/A
Amount paid up (if not in full) N/A
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)
3.39% 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)
CIP1 Warrants are an option to acquire ordinary
Chorus shares on a specified exercise date at a set
strike price.

CIP1 Warrants are issued for no consideration.

Each CIP1 Warrant gives the holder the right, on a
specified exercise date, to purchase an ordinary
Chorus share at a set strike price. The strike price is
based on a total shareholder return of 16% per
annum on ordinary Chorus shares over the relevant
period. Therefore, a holder of a CIP1 Warrant is only
likely to exercise the CIP1 Warrant if total
shareholder return on ordinary Chorus shares has
exceeded 16% per annum over that period.

The exercise dates correspond to the repayment
dates for the CIP1 Debt Securities and the dates on
which dividends become payable on an increased
proportion of CIP1 Equity Securities, and will
therefore be between 2025 and 2036.

Further information regarding the terms of the CIP1
Warrants is set out in the summary of CIP1 Securities

Page 2 of 2




which is available at:
https://company.chorus.co.nz/investors/financial-
reports/crown-infrastructure-partners

Reason for issue/acquisition/redemption
and specific authority for
issue/acquisition/redemption/ (the
reason for change must be identified
here)
The CIP1 Warrants have been issued 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); and
• a Chorus Board resolution passed on 3 April
2012.
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.
16,963,070 CIP1 Warrants (unquoted)
No CIP1 Warrants are held as treasury stock.
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
Board resolution passed on 3 April 2012.

The CIP1 Warrants have been issued under listing
rule 4.2 pursuant to a waiver dated 3 April 2020.
Terms or details of the issue,
acquisition, or redemption (for example:
restrictions, escrow arrangements)
The terms of issue are as set out in the UFB1
Subscription Agreement. Further information
regarding the terms of the CIP1 Warrants is set out in
the summary of CIP1 Securities which is available at
https://company.chorus.co.nz/investors/financial-
reports/crown-infrastructure-partners.
Date of issue/acquisition/redemption 13/11/2024

Section 3: authority for this announcement
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
14 November 2024