Revised indicative Initial Margin range - Capital Notes

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.disclose-
register.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