Chorus Limited (NS) — Capital/Financing Update 2018

Nov 4, 2018

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

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Email: company.secretary@chorus.co.nz

STOCK EXCHANGE ANNOUNCEMENT

5 November 2018

Chorus considers retail bond offer

Chorus is considering making an offer of up to NZ$300,000,000 (with the ability to accept oversubscriptions at Chorus’ discretion) of ten year unsecured, unsubordinated, re-setting fixed rate bonds ( Bonds ) to institutional investors and New Zealand retail investors.

The Bonds will have an interest rate which will be initially set for a five year term and then re-set for a further period of five years. The offer is expected to open the week of 12 November 2018 and full details will be available then.

Chorus has appointed ANZ Bank New Zealand Limited as the Arranger and a Joint Lead Manager and Bank of New Zealand, Deutsche Craigs Limited, Forsyth Barr Limited and Hobson Wealth Partners Limited as Joint Lead Managers in relation to the Bond offer.

Investors can register their interest in the offer by contacting a Joint Lead Manager as detailed below, or their financial advisor. Indications of interest will not constitute an obligation or commitment of any kind.

No money is currently being sought and applications for the Bonds cannot currently be made. If Chorus offers the Bonds, the offer will be made in accordance with the Financial Markets Conduct Act 2013 as an offer of debt securities of the same class as existing quoted debt securities. The Bonds are expected to be quoted on the NZX Debt Market.

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ENDS

For further information:

Nathan Beaumont Stakeholder Communications Manager Phone: +64 4 896 4352 Mobile: +64 (21) 243 8412 Email: Nathan.Beaumont@chorus.co.nz

Brett Jackson Investor Relations Manager Phone: +64 4 896 4039 Mobile: +64 (27) 488 7808 Email: brett.jackson@chorus.co.nz