Moody’s updated credit opinion

STOCK EXCHANGE ANNOUNCEMENT 3 July 2018 Moody's updated credit opinion Moody's Investors Services has released the attached updated credit opinion on Chorus. The long term rating remains unchanged at Baa2 (outlook stable). It also notes that a transition to a regulated utility model could support a higher leverage profile within Chorus' Baa2 credit rating. ENDS For further information: Brett Jackson Investor Relations Manager Phone: +64 4 896 4039 Mobile: +64 (27) 488 7808 Email: brett.jackson@chorus.co.nz Andrew Hopkinson Treasurer Phone: +64 4 896 4014 Mobile: +64 (27) 249 5678 Email: andrew.hopkinson@chorus.co.nz End CA:00320317 For:CNU Type:CREDIT Time:2018-07-03 15:56:44