CHORUS LIMITED — Share Issue/Capital Change 2019

Sep 9, 2019

Capital Change Notice

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Updated as at 8 May 2019

		Capital Change NoticeUpdated as at 8 May 2019	Capital Change NoticeUpdated as at 8 May 2019	Capital Change NoticeUpdated as at 8 May 2019
		Chorus LimitedCNUPerformance share rights (PSRs)convertible to Chorus Limited
Section	1: Issuer information
Name of	issuer		Chorus Limited
NZX tick	er code		CNU
Class of	financial product		Performance share rights (PSRs)convertible to Chorus Limited
			ordinary shares pursuant toChorus’ Long Term IncentivePlan.
ISIN (If u	nknown, check on NZX website)
			NZCNUE0001S2
Currenc	y		NZ$
Section	2: Capital change details
Number	issued/acquired/redeemed		158,273 PSRs
Nominal	value (if any)
			Nil
Issue/ac	quisition/redemption price per secur	ity	Nil
Nature oconsider	f the payment (for example, cash or	other	No consideration is payable forth PSR
	ation)
			e s.The PSRs have a set exerciseprice of $0.
Amount	paid up (if not in full)		N/a
Percentaissued/aFinanciaStock, in	ge of total class of Financial Produc	tse number of	The 158,273 PSRs issuedcomprise 100% of the financial
	cquired/redeemed/ (calculated on th
	l Products of the Class, excluding a
		ny Treasury	products of that class.
	existence)		If all the conditions to exercisewere met (including performancehurdles), and all 158,273 PSRswere exercised, they wouldconvert into 0.03603% of Chorus’ordinary shares (based on the
			439,288,154 ordinary shares
			currently on issue).
For an issue of Convertible Financial Products or Options,the principal terms of Conversion (for example theConversion price and Conversion date and the ranking ofthe Financial Product in relation to other Classes ofFinancial Product) or the Option (for example, the exerciseprice and exercise date)	sue of Convertible Financial Produc	ts or Options,le thehe ranking ofses of	The PSRs become exercisableon certain performance hurdlesbeing met over an initial 3 yearerformance eriod and in certain
	ipal terms of Conversion (for examp
	ion price and Conversion date and t
	ncial Product in relation to other Cla
		the exercise	p pother exceptional circumstances
	l Product) or the Option (for exampl
		,	.On becoming exercisable, eachPSR entitles the holder to onefully paid ordinary Chorus Limitedshare, ranking equally with allother Chorus Limited ordinaryshares
	d exercise date)
			.The PSRs have a set exerciseprice of $0.

Reason for issue/acquisition/redemption and specificauthority for issue/acquisition/redemption/ (the reason forchange must be identified here)	The PSRs have been issuedunder Chorus’ Long TermIncentive Plan.Board resolutions dated 23August2019.
Total number of Financial Products of the Class after theissue/acquisition/redemption/Conversion (excludingTreasury Stock) and the total number of Financial Productsof the Class held as Treasury Stock after theissue/acquisition/redemption.	158,273 PSRs.No PSRs or Chorus Limitedordinary shares are held astreasury stock.
In the case of an acquisition of shares, whether thoseshares are to be held as treasury stock	N/a
Specific authority for the issue, acquisition, or redemption,including a reference to the rule pursuant to which the issue,acquisition, or redemption is made	Board resolutions dated 23August 2019.Listing Rule 4.6.1.
Terms or details of the issue, acquisition, or redemption (forexample: restrictions, escrow arrangements)	The PSRs become exercisableon certain performance hurdlesbeing met over an initial 3 yearperformance period and in certainother exceptional circumstances.On becoming exercisable, eachPSR entitles the holder to onefully paid ordinary Chorus Limitedshare, ranking equally with allother Chorus Limited ordinaryshares.PSRs do not entitle the holder toreceive dividends or otherdistributions, or vote in respect ofChorus Limited ordinary shares,although under the terms of theplan an additional number ofshares will be issued onconversion of fully vested PSRsto reflect dividends paid onChorus shares prior to exercise.Holders of PSRs cannot transferor grant security interests overthem.
Date of issue/acquisition/redemption	10 September 2019
Section 3: Authority for this announcement and contact person
Name of person authorised to make this announcement	Elaine CampbellGeneral Counsel and CompanySecretary
Contact person for this announcement	Elaine Campbell
Contact phone number	+64 9 975 2983
Contact email address	Elaine.Campbell@chorus.co.nz
Date of release through MAP	10 September 2019