CHORUS LIMITED — Capital/Financing Update 2018

Nov 22, 2018

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QUOTATION NOTICE: NZX DEBT MARKET CHORUS LIMITED BONDS (“CNU020”)

Company: Chorus Limited (“CNU”) Security Code: CNU020 ISIN: NZCNUDT003C6 Details of Issue: An offer of $500 million of unsubordinated, unsecured, re-setting fixed rate bonds Opening Date: Wednesday, 14 November 2018 Closing Date: Friday, 23 November 2018 Initial Interest Rate: 4.35% per annum Reset Date: Wednesday, 6 December 2023 Reset Interest Rate: Sum of the five year swap rate on 6 December 2023 plus a margin of 1.80% per annum Maturity Date: Wednesday, 6 December 2028 Interest Payment Dates: 6 March, 6 June, 6 September and 6 December in each year up to and including the Maturity Date Date of First Interest Payment: Wednesday, 6 March 2019 First Interest Paid To: Holder on Record Date Record Date: 10 calendar days prior to the relevant payment date or, if that date is not a business day, the immediately preceding business day

Minimum Application Amount: $5,000 and in multiples of $1,000 thereafter Minimum Holding: $5,000 Face Value: $1.00 per Bond Organising Participants: ANZ Bank New Zealand Limited Joint Lead Managers: ANZ Bank New Zealand Limited, Deutsche Craigs Limited, Bank of New Zealand, Forsyth Barr Limited and Hobson Wealth Partners Limited Trust Deed: Master Trust Deed dated 30 March 2016, as amended and restated on 9 November 2018 and Supplemental Trust Deed dated 14 November 2018

NZX Limited, Level 1, NZX Centre, 11 Cable Street, PO Box 2959, Wellington 6140, New Zealand Tel +64 4 472 7599, www.nzx.com

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Issue Date:

Registrar:

Settlement Status:

Expected Commencement of Trading on the NZX Debt Market:

6 December 2018 Computershare Investor Services Limited (“RMLT”) NZCDC Settlement System

7 December 2018

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Mark Peterson Chief Executive Officer NZX Limited

23 November 2018