Chorus Limited

Level 10, 1 Willis Street

P O Box 632

Wellington

New Zealand

Email: company.secretary@chorus.co.nz

STOCK EXCHANGE ANNOUNCEMENT

31 January 2022

S&P increases Chorus' credit rating threshold

S&P has released the attached update on Chorus.

The update states that the downgrade threshold for Chorus has been increased to a debt to EBITDA ratio of 5.0x at the current rating level, compared with a ratio of 4.25x previously.

The long-term rating remains unchanged at BBB stable.

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

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Chorus Limited published this content on 01 February 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 31 January 2022 19:41:01 UTC.