Chorus EMTN tender offer – settlement completed

Chorus Limited
Level 10, 1 Willis Street
P O Box 632
Wellington
New Zealand

Email: company.secretary@chorus.co.nz






STOCK EXCHANGE ANNOUNCEMENT

1 December 2025

Chorus EMTN tender offer – settlement completed

Please find attached:

• an announcement regarding the completed settlement of Chorus’ tender offer for
the EUR 300,000,000 0.875% notes due 5 December 2026 (the 2026 Notes).
EUR 243,452,000 worth of the 2026 Notes were purchased and cancelled
pursuant to the tender offer;

• ASX Appendix 3H – cancellation of securities.

Authorised by:

Drew Davies
Chief Operating Officer

ENDS

For further information:

Andrew Hopkinson Treasurer
Mobile: +64 (27) 249 5678
Email: Andrew.Hopkinson@chorus.co.nz

Aleida White
Head of Investor Relations
Mobile: 64 (21) 155 8837
Email: Aleida.White@chorus.co.nz

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NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION DIRECTLY OR INDIRECTLY
TO ANY U.S. PERSON OR IN OR INTO THE UNITED STATES (EACH AS DEFINED IN
REGULATION S UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE
"SECURITIES ACT")) OR IN ANY OTHER JURISDICTION WHERE IT IS UNLAWFUL
TO RELEASE, PUBLISH OR DISTRIBUTE THIS ANNOUNCEMENT.
This announcement is not, does not form part of and should not be construed as an offer of securities
for sale in the United States or to any U.S. Person. Neither this announcement nor any copy hereof
may be taken into or distributed, directly or indirectly, in or into the United States or to any U.S.
Person. The securities and guarantee thereof referred to herein have not been and will not be
registered under the Securities Act or laws of any state of the United States or other jurisdiction, and
may not be offered or sold in the United States or to any U.S. Person absent registration or an
applicable exemption from the registration requirements of the Securities Act. No public offering of
securities will be made in the United States.
This announcement is for information purposes only and is not an offer to purchase and does not
constitute an invitation or solicitation to sell any securities. This announcement and the Tender Offer
Memorandum referred to herein distributed do not constitute an offer to participate in the Tender
Offer (as defined herein) in any jurisdiction in which, or to any person to or from whom, it is unlawful
to make such offer or Tender Offer or for there to be such participation under applicable laws. The
distribution of this announcement and the distribution of the Tender Offer Memorandum in certain
jurisdictions may be restricted by law. Persons into whose possession this announcement or the
Tender Offer Memorandum comes are required to inform themselves about and to observe any such
restrictions. Please refer to "Offer and Distribution Restrictions" in the Tender Offer Memorandum
for further details.
1 December 2025
Chorus Limited
(incorporated with limited liability in New Zealand)

(the "Offeror")
Settlement of the Tender Offer by the Offeror in respect of the EUR 300,000,000 0.875 per
cent. notes due 5 December 2026 (ISIN: XS2084759757)
(the "Notes") issued by the Offeror and guaranteed by Chorus New Zealand Limited

Reference is made to the announcements of the Offeror dated 11 November 2025 and 27 November
2025 in relation to the invitation by the Offeror to the Qualifying Holders to tender any and all Notes
held by such Qualifying Holders for purchase by the Offeror for cash (the "Tender Offer") on the
terms and subject to the conditions contained in the Tender Offer Memorandum dated 11 November
2025 (the "Tender Offer Memorandum"). Capitalised terms used but not otherwise defined in this
announcement shall have the meaning given to them in the Tender Offer Memorandum.
The Offeror is pleased to announce that the Financing Condition has been satisfied and the settlement
of the Tender Offer was completed on 28 November 2025.
Following settlement of the Tender Offer, EUR 243,452,000 in aggregate principal amount of the
Notes were purchased by the Offeror on 28 November 2025 and cancelled pursuant to the terms and
conditions of the Notes. EUR 56,548,000 in aggregate principal amount of the Notes remain
outstanding.

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Appendix 3H - Notification of cessation of securities
Appendix 3H - Notification of cessation of securities
1 / 4
Announcement Summary
Entity name
CHORUS LIMITED
Announcement Type
New announcement
Date of this announcement
Monday December 01, 2025
Details of +securities that have ceased
ASX +security
codeSecurity description
Number of
+securities that
have ceased
The +securities have
ceased due to
Date of
cessation
CNUHB0.875% NOTES MAT
05-DEC-2026 MIN CONS
$5HT NC
24,345Cancellation by agreement
between the entity and the
holder
28/11/2025
Refer to next page for full details of the announcement

Appendix 3H - Notification of cessation of securities
Appendix 3H - Notification of cessation of securities
2 / 4
Part 1 - Announcement Details
1.1 Name of +Entity
CHORUS LIMITED
We (the entity named above) provide the following information about our issued capital.
1.2 Registered Number Type
ARBN
Registration Number
152485848
1.3 ASX issuer code
CNU
1.4 The announcement is
1.5 Date of this announcement
1/12/2025
New announcement

Appendix 3H - Notification of cessation of securities
Appendix 3H - Notification of cessation of securities
3 / 4
Part 2 - Details of +equity securities or +debt securities that have ceased
ASX +Security Code and Description
CNUHB : 0.875% NOTES MAT 05-DEC-2026 MIN CONS $5HT NC
Quoted +equity securities or +debt securities that have ceased
Number of securities that have ceased
24,345
Reason for cessation
Cancellation by agreement between the entity and the holder
Date of cessation
28/11/2025
Is the entity paying any consideration for the cessation?
In what currency is the consideration
being paid?
EUR - Euro
Consideration amount per +security paid by the entity for the cessation
EUR 9,869.400000000000
Any other information the entity wishes to notify to ASX about the cessation?
Cancellation of the notes is the result of a tender by the entity for any and all of the 2026 notes held by 'qualifying holders'
for purchase by the entity for cash. EUR 243,452,000 worth of notes were purchased and cancelled. Based on the ASX
face value of EUR 10,000, the number of notes to be cancelled should be 24,345.2 (rather than the whole number
required above of 24,345), and the number of 2026 notes remaining on issue should be 5,654.8. Accrued interest was
also paid on settlement.
Yes

Appendix 3H - Notification of cessation of securities
Appendix 3H - Notification of cessation of securities
4 / 4
Part 3 - Issued capital following changes
Following the cessation of the +securities the subject of this notification, the issued capital of the entity will
comprise:
The figures in parts 3.1 and 3.2 below are automatically generated and may not reflect the entity's current issued capital if
other Appendix 2A, Appendix 3G or Appendix 3H forms are currently with ASX for processing.
3.1 Quoted +equity securities and +debt securities (total number of each +class of +securities quoted on ASX)
ASX +security code and description
Total number of
+securities on issue
CNUHC : 3.625% NOTES MAT 07-SEP-2029 MIN CONS $5HT NC50,000
CNU : ORDINARY FULLY PAID FOREIGN EXEMPT NZX433,887,294
CNUHD : 3.529% NOTES MAT 26-NOV-2032 MIN CONS $5HT NC40,000
CNUHB : 0.875% NOTES MAT 05-DEC-2026 MIN CONS $5HT NC5,655
3.2 Unquoted +equity securities (total number of each +class of +equity securities issued but not quoted on ASX)
ASX +security code and description
Total number of
+securities on issue
CNUAM : WARRANT EXPIRING VARIOUS DATES EX VARIOUS PRICES10,277,345
CNUAK : DEBT SECURITY CIP1376,711,053
CNUAI : EQUITY SECURITY CIP2306,423,177
CNUAO : DEBT SECURITY CIP2104,852,093
CNUAN : EQUITY SECURITY CIP1376,711,053
Note: the figures stated in the tables above are used to calculate the total market capitalisation of the entity published by
ASX from time to time. The table will not include those classes of +securities that have ceased or lapsed in their entirety in
ASX records before the announcement date described in Q1.5, even if the entity has advised ASX of a change to that class
of +security in Part 2 of this form.