Chorus revises indicative Issue Margin for retail bonds

Chorus Limited Level 10, 1 Willis Street P O Box 632 Wellington New Zealand Email: company.secretary@chorus.co.nz STOCK EXCHANGE ANNOUNCEMENT 20 November 2020 Chorus revises indicative Issue Margin for retail bond offer As announced on 17 November 2020, Chorus is offering up to NZ$200,000,000 (with the ability to accept oversubscriptions at Chorus's discretion) of unsecured, unsubordinated, fixed rate bonds (Bonds) to New Zealand retail and institutional investors and certain offshore institutional investors across two Series of Bonds. The bookbuild process remains underway. An update is set out below: o Chorus confirms the maximum offer amount across both Series will be up to NZ$400,000,000. o Chorus confirms that it is proceeding with a dual Series offer of no less than NZ$100,000,000 in each tranche. o Chorus has revised the indicative Issue Margin ranges for the: - 2027 Bonds to be 1.40% to 1.45% per annum; and - 2030 Bonds to be 1.70% to 1.75% per annum. Full details of the Offer (subject to the updates above) are contained in the Indicative Terms Sheet which was attached to the launch announcement on 17 November 2020. The Offer is being made pursuant to the Financial Markets Conduct Act 2013 as an offer of debt securities of the same class as existing quoted debt securities. An announcement of the actual Issue Margin (which may be above or below the revised indicative Issue Margin ranges) and Interest Rate on the Bonds will be made following the bookbuild on 20 November 2020. For further details interested investors should contact the Joint Lead Managers (details below) or their usual financial adviser. Unless the context requires otherwise, capitalised terms used in this announcement have the meaning given to them in the Indicative Terms Sheet. For further information please contact: Joint Lead Managers ANZ 0800 269 476 Craigs Investment Partners 0800 226 263 Forsyth Barr 0800 367 227 Westpac 0800 942 822 Authorised by: David Collins Chief Financial Officer ENDS For further information: Steve Pettigrew Head of External Communications Mobile: +64 (27) 258 6257 Email: Steve.Pettigrew@chorus.co.nz Brett Jackson Investor Relations Manager Phone: +64 4 896 4039 Mobile: +64 (27) 488 7808 Email: Brett.Jackson@chorus.co.nz End CA:00363571 For:CNU Type:OFFER Time:2020-11-20 08:31:23