Notification of redemption of Crown funding securities

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



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/redeemed 85,341,018 CIP1 Equity Securities redeemed
(unquoted)

7,561,881 CIP1 Warrants cancelled (unquoted)
Nominal value (if any) N/A
Issue/acquisition/redemption 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/redeemed/
(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
Reason for issue/acquisition/redemption and
specific authority for
issue/acquisition/redemption/ (the reason for
change must be identified here)
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/redemption/Conversion
(excluding Treasury Stock) and the total
number of Financial Products of the Class
held as Treasury Stock after the
issue/acquisition/redemption.
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.
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
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

Updated as at February 2025

Date of issue/acquisition/redemption
2
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).