CHORUS LIMITED — Director's Dealing 2016

May 8, 2016

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Ongoing Disclosure Notice

Disclosure of Directors and Senior Managers Relevant Interests

Sections 297(2) and 298(2), Financial Markets Conduct Act 2013

To NZX Limited; and Name of listed issuer: Date this disclosure made: Date of last disclosure:

Chorus Limited 9 May 2016 12 April 2016

Director or senior manager giving disclosure

Full name(s): Name of listed issuer: Name of related body corporate (if applicable): Position held in listed issuer:

Clayton Gordon Wakefield Chorus Limited N/A Director

	Po	sition held in listed issuer:		Director
	Summary of acquisition or disposal of relevant interest (excluding
	specified derivatives)
	Class of affected quoted financial products:			Chorus Limited bonds
	Nature of the affected relevant interest(s):			Beneficial interest
	For that relevant interest-
	Number held in class before acquisition or disposal:				0
	Number held in class after acquisition or disposal:				76,000
	Current registered holder(s):			N/A - new issue
	Registered holder(s) once transfers are registered:			Clayton Gordon Wakefield, Maree Therese Walsh, and Douglas Andrew Burgess
	Summary of acquisition or disposal of specified derivatives relevant
	interest(if applicable)
	Type of affected derivative:			N/A
	Class of underlyingfinancialproducts:

	Director or senior managergiving disclosure	Director or senior managergiving disclosure	Director or senior managergiving disclosure
	Full name(s):			Clayton Gordon Wakefield
	Name of listed issuer:			Chorus Limited
	Name of related body corporate (if applicable):			N/A
	Position held in listed issuer:			Director
	Summary of acquisition or disposal of relevant interest (excluding specified derivatives) Class of affected quoted financial products:
	Class of affected quoted financial products:			Chorus Limited bonds
	Nature of the affected relevant interest(s):			Beneficial interest
	For that relevant interest-
	Number held in class before acquisition or disposal:			0
	Number held in class after acquisition or disposal:			76,000
	Current registered holder(s):			N/A - new issue
	Registered holder(s) once transfers are registered:			Clayton Gordon Wakefield, Maree Therese Walsh, and Douglas Andrew Burgess
	Summary of acquisition or disposal of specified derivatives relevant interest(if applicable) Type of affected derivative: Class of underlyingfinancialproducts:
	Type of affected derivative:			N/A
	Class of underlyingfinancialproducts:
	Details of affected derivative- The notional value of the derivative (if any) or the notional amount of underlying financialproducts(if any): A statement as to whether the derivative is cash settled or physically settled:
	The notional value of the derivative (if any) or the notional amount of underlying financialproducts(if any):
	A statement as to whether the derivative is cash settled or physically settled:
	Maturitydate of the derivative(if any):
	Expirydate of the derivative(if any):
	Theprice specified in the terms of the derivative(if any):
	Any other details needed to understand how the amount of the consideration payable under the derivative or the value of the derivative is affected by the value of the underlying financial products:
	For that derivative,- Parties to the derivative: If the director or senior manager is not a party to the derivative, the nature of therelevantinterestinthe derivative:
	Parties to the derivative:
	If the director or senior manager is not a party to the derivative, the nature of therelevantinterestinthe derivative:
	Details of transactionsgiving rise to acquisition or disposal
	Total number of transactions to which notice relates:			1
	Details of transactions requiring disclosure- Date of transaction: Nature of transaction: Name of anyotherpartyorparties to the transaction(if known): The consideration, expressed in New Zealand dollars, paid or received for the acquisition or disposal. If the consideration was not in cash and cannot be readilybyconverted into a cash value,describe the consideration: Number of financialproducts to which the transaction related:
	Date of transaction:			6 May2016
	Nature of transaction:			Acquisition of Chorus bonds on issue
	Name of anyotherpartyorparties to the transaction(if known):			Chorus Limited
	The consideration, expressed in New Zealand dollars, paid or received for the acquisition or disposal. If the consideration was not in cash and cannot be readilybyconverted into a cash value,describe the consideration:			$76,000.00
	Number of financialproducts to which the transaction related:			76,000

If the issuer has a financial products trading policy that prohibits directors or senior managers from trading during any period without written clearance (a closed period) include the following details—

Whether relevant interests were acquired or disposed of during a closed period: Whether prior written clearance was provided to allow the acquisition or disposal to proceed during the closed period: Date of the prior written clearance (if any):

Summary of other relevant interests after acquisition or disposal:

Class of quoted financial products: Nature of relevant interest:

For that relevant interest,- Number held in class: Current registered holder(s):

For a derivative relevant interest,- Type of derivative: Details of derivative,-

No N/A N/A Chorus Limited ordinary shares Beneficial interest 21,110 Clayton Gordon Wakefield, Maree Therese Walsh, and Douglas Andrew Burgess N/A

The notional value of the derivative (if any) or the notional amount of underlying financial products (if any):

A statement as to whether the derivative is cash settled or physically settled: Maturity date of the derivative (if any): Expiry date of the derivative (if any): The price's specified terms (if any):

Any other details needed to understand how the amount of the consideration payable under the derivative or the value of the derivative is affected by the value of the underlying financial products:

For that derivative relevant interest,- Parties to the derivative:

If the director or senior manager is not a party to the derivative, the nature of the relevant interest in the derivative:

Certification

I certify that, to the best of my knowledge and belief, the information contained in this disclosure is correct and that I am duly authorised to make this disclosure byallpersons for whom it is made.
Signature of director or officer:
Date of signature:		9 May 2016
or
Signature of person authorised to sign on behalf of director or officer:
Date of signature:
Name and title of authorisedperson:

Notes

Use this form to disclose all the acquisitions and disposals by a director or senior manager of a listed issuer, or of a related body corporate, or in specified derivatives. The disclosure must be made within—

(a) 20 working days after the first acquisition or disposal disclosed in this notice if the acquisitions or disposals are of a kind referred to in section 297(2)(a) of the Financial Markets Conduct Act 2013; or

(b) in any other case, 5 trading days after the first acquisition or disposal disclosed in this notice.