CHORUS LIMITED — Capital/Financing Update 2016

May 5, 2016

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NZX Client Market Services NZX Limited Wellington

Chorus Limited Level 10, 1 Willis Street P O Box 632 Wellington 6140 New Zealand Email: company.secretary@chorus.co.nz

6 May 2016

Notification of issue of securities (bonds)

For the purposes of Listing Rule 7.12.1 Chorus Limited (NZX: CNU ) advises that the following securities have been issued pursuant to its unsecured, unsubordinated, fixed rate bond offer:

• a) Class of Securities Unsecured, unsubordinated, fixed rate debt securities ISIN NZCNUDT002C8 Ticker Code CNU010

• b) Number issued 400,000,000 c) Issue price $1.00 per bond d) Payment Cash

  • Paid in full

• e) Amount paid up

• f) Principal terms of Securities (other than for Quoted Securities)

Unsecured, unsubordinated, fixed rate debt securities with a maturity date of 6 May 2021

• g) Percentage of the total Class of Securities issued

• h) Reason for issue

100%

• To be applied towards repayment of existing bank loans

• i) Specific authority for issue Resolution of directors dated 18 February 2016 j) Terms or details of issue As set out in the Product Disclosure Statement for the

As set out in the Product Disclosure Statement for the offer of fixed rate bonds dated 30 March 2016

• k) Total number of Securities of 400,000,000 Class after issue

• l) Treasury Stock (acquisition only) Not applicable

• m) Date of issue 6 May 2016

ENDS

Vanessa Oakley

General Counsel & Company Secretary