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

4 June 2025

Notification of issue of CIP warrants

Chorus Limited has issued further Crown Infrastructure Partners (CIP)
warrants as per 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

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Capital Change Notice

Updated as at February 2025



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 501,958 CIP1 Warrants (unquoted).
Nominal value (if any) N/A
Issue/acquisition/redemption price per
security
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)
1

2.96% 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.


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

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

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.
17,465,028 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
2
03/06/2025
Section 3: Disclosure required for Placements made under Rule 4.5.1
[I ssuers may opt to release Section 3 information (if not already done so) in a separate announcement within five Business Days of
the issuance. Delete this Section 3 if capital change is not the result of a Placement under Rule 4.5.1]

Details of the approach in identifying
investors who were able to participate in
the offer and how their respective
allocations in the offer were determined.

N/A

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).

Capital Change Notice

Updated as at February 2025
The explanation must set out the key
objectives and criteria the Issuer adopted in
the allocation process, whether one of
those objectives was a best effort to
allocate on a pro rata basis to existing
holders of the Issuer’s Equity Securities,
and any significant exceptions or deviations
from those objectives and criteria.
Section 4: Authority for this announcement and contact person
Name of person

authorised to make this
announcement
Drew Davies
Chief Operating 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

4 June 2025