CHORUS LIMITED — Director's Dealing 2015

Oct 1, 2015

Appendix 3Y Change of Director’s Interest Notice

Rule 3.19A.2

Appendix 3Y

Change of 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 30/09/01 Amended 01/01/11

Name of entity Chorus Limited ARBN 152 485 848

We (the entity) give ASX the following information under listing rule 3.19A.2 and as agent for the director for the purposes of section 205G of the Corporations Act.

Name of Director	Mark Ratcliffe
Date of last notice	9 September 2015

Part 1 - Change of director’s relevant interests in securities

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.

Direct or indirect interest	Indirect
Nature of indirect interest (including registered holder) Note: Provide details of the circumstances giving rise to the relevant interest.	(a) Beneficial interest in 69,326 Chorus Limited ordinary shares pursuant to a long term incentive plan, under which the shares are held on trust by Chorus LTI Trustee Limited subject to certain performance targets being met over the period ending 30 June 2017 (b) Beneficial interest in 69,328 Chorus Limited ordinary shares pursuant to a long term incentive plan, under which the shares are held on trust by Chorus LTI Trustee Limited subject to certain performance targets being met over the period ending 30 June 2018
Date of change	29 September 2015 – 1 October 2015 (shares were acquired by Chorus LTI Trustee Ltd across this period)

• See chapter 19 for defined terms.

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Appendix 3Y Change of Director’s Interest Notice

No. of securities held prior to change	56,618 Chorus Limited ordinary shares held by First NZ Custodians Limited as custodian for the trustees of Matapouri Family Trust 88,555 Chorus Limited ordinary shares held by First NZ Custodians Limited as custodian for Mark Ratcliffe
Class	Chorus Limited ordinary shares
Number acquired	(a) 69,326 (b) 69,328 Total 138,654
Number disposed	Nil
Value/Consideration Note: If consideration is non-cash, provide details and estimated valuation	(a) NZ$186,438.41 (b) NZ$186,443.79 Total NZ$372,882.20
No. of securities held after change	Beneficial interest in 56,618 Chorus Limited ordinary shares held by First NZ Custodians Limited as custodian for the trustees of the Matapouri Family Trust Beneficial interest in 88,555 Chorus Limited ordinary shares held by First NZ Custodians Limited as custodian for Mark Ratcliffe Beneficial interest in 138,654 Chorus Limited ordinary shares held by Chorus LTI Trustee Limited as trustee for Mark Ratcliffe
Nature of change Example: on-market trade, off-market trade, exercise of options, issue of securities under dividend reinvestment plan, participation in buy-back	Participation in Executive Long Term Incentive Plan with the shares acquired on-market

Part 2 – Change of 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)
Date of change

• See chapter 19 for defined terms.

Appendix 3Y Page 2

01/01/2011

Appendix 3Y Change of Director’s Interest Notice

No. and class of securities to which interest related prior to change Note: Details are only required for a contract in relation to which the interest has changed Interest acquired Interest disposed Value/Consideration Note: If consideration is non-cash, provide details and an estimated valuation Interest after change

Part 3 –[+] Closed period

Part 3 –+Closed period
Were the interests in the securities or contracts detailed above traded during a+closed period where prior written clearance was required?	No
If so, was prior written clearance provided to allow the trade to proceed during this period?	N/a
If prior written clearance was provided, on what date was this provided?	N/a

• See chapter 19 for defined terms.

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