CHORUS LIMITED — Director's Dealing 2011

Nov 20, 2011

Appendix 3X Initial Director’s Interest Notice

Rule 3.19A.1

Appendix 3X

Initial Director’s Interest Notice

Information or documents not available now must be given to ASX as soon as available. Information and documents given to ASX become ASX’s property and may be made public. Introduced 30/9/2001.

Name of entity CHORUS LIMITED ARBN 152 485 848

We (the entity) give ASX the following information under listing rule 3.19A.1 and as agent for the director for the purposes of section 205G of the Corporations Act.

Name of Director	Paul Reynolds
Date of appointment	1 July 2011

Part 1 - Director’s relevant interests in securities of which the director is the registered holder

In the case of a trust, this includes interests in the trust made available by the responsible entity of the trust

Note: In the case of a company, interests which come within paragraph (i) of the definition of “notifiable interest of a director” should be disclosed in this part.

Number & class of securities

101,991 ordinary shares, 1,481,800 performance rights (pursuant to the Telecom Corporation of New Zealand Limited (“Telecom”) performance rights scheme) and 389,136 performance incentive shares (pursuant to the Telecom performance incentive scheme) in Telecom (being a related body corporate of Chorus Limited until the demerger of Chorus Limited by Telecom on 30 November 2011)

• See chapter 19 for defined terms.

Appendix 3X Page 1

11/3/2002

Appendix 3X Initial Director’s Interest Notice

Part 2 – Director’s relevant interests in securities of which the director is not the registered holder

In the case of a trust, this includes interests in the trust made available by the responsible entity of the trust

Name of holder & nature ofinterestNote: Provide details of the circumstances giving rise tothe relevant interest.N/A	Number & class of SecuritiesNil

Part 3 – Director’s interests in contracts

Note: In the case of a company, interests which come within paragraph (ii) of the definition of “notifiable interest of a director” should be disclosed in this part.

Detail of contract	N/A
Nature of interest
Name of registered holder(if issued securities)
No. and class of securities to whichinterest relates

• See chapter 19 for defined terms.

Appendix 3X Page 2

11/3/2002