CHORUS LIMITED — Major Shareholding Notification 2017

Nov 28, 2017

Disclosure of ceasing to have substantial holding

Section 279, Financial Markets Conduct Act 2013

Note: This form must be completed in accordance with the instructions at the end of the form.

To NZX Limited

and

To Chorus Limited

Date this disclosure made: 29 November 2017

Date last disclosure made: 28 November 2017

Date on which substantial holding ceased: 27 November 2017

Substantial product holder(s) giving disclosure

Full name(s): Macquarie Group Limited

Summary of previous substantial holding

Class of quoted voting products: CNU Ordinary Shares

Summary for Macquarie Group Limited

For last disclosure,—

• (a) total number held in class: 23,977,168

• (b) total in class: 424,694,208

• (c) total percentage held in class: 5.645 %

For current holding after ceasing to have substantial holding,—

• (a) total number held in class: 20,997,201

• (b) total in class: 424,694,208

• (c) total percentage held in class: 4.94%

1

Details of transactions and events giving rise to ceasing of substantial holding Details of the transactions or other events requiring disclosure:

Date ofchange	Person whoserelevant changed	Nature of change	Considerationper security	Number ofsecuritiesaffected	Class	Person's votesaffected
27-Nov-17	MBL	On Market Purchase	AUD $3.66	1,040	FPO	1,040
27-Nov-17	MBL	On Market Purchase	AUD $3.67	965	FPO	965
27-Nov-17	MBL	On Market Purchase	AUD $3.63	90	FPO	90
27-Nov-17	MBL	On Market Purchase	AUD $3.62	4,288	FPO	4,288
27-Nov-17	MBL	On Market Sale	AUD $3.60	-10,218	FPO	10,218
27-Nov-17	MBL	On Market Purchase	AUD $3.69	1,701	FPO	1,701
27-Nov-17	MIMAL	On market sale	AUD 3.57	-303,966	FPO	303,966
27-Nov-17	MIMAL	On market sale	AUD 3.65	-2,610	FPO	2,610
27-Nov-17	MIMAL	On market sale	AUD 3.57	-2,133,899	FPO	2,133,899
27-Nov-17	MIMAL	On market sale	AUD 3.57	-537,975	FPO	537,975
27-Nov-17	MIMAL	On market purchase	AUD 3.70	305	FPO	305
27-Nov-17	MIMAL	On market purchase	AUD 3.70	312	FPO	312

Additional information

Address(es) of substantial product holder(s): Level 6, 50 Martin Place, Sydney, New South Wales, Australia, 2000.

Contact details: Young Hong, +61 02 8232 4129

Name of any other person believed to have given, or believed to be required to give, a disclosure under the Financial Markets Conduct Act 2013 in relation to the financial products to which this disclosure relates: N/A

Certification

I, Dennis Leong , Company Secretary, 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 by all persons for whom it is made.

2