Amendments to Master Trust Deed

STOCK EXCHANGE ANNOUNCEMENT 9 November 2018 Amendments to Master Trust Deed Chorus Limited (Chorus) has amended the master trust deed dated 30 March 2016 (Master Trust Deed) under which Chorus may issue debt securities from time to time. Chorus currently has one series of fixed rate bonds issued under the Master Trust Deed (and a supplemental trust deed dated 30 March 2016), quoted on the NZX Debt Market with NZX ticker code CNU010. The amendments to the Master Trust Deed have been made to reflect recent amendments to New Zealand's withholding tax regime, and to update certain legislative and other references. An investor may obtain a copy of the Master Trust Deed (as amended), free of charge, on Chorus' website at www.chorus.co.nz/bonds. ENDS For further information: Nathan Beaumont Media and PR Manager Phone: +64 4 896 4352 Mobile: +64 (21) 243 8412 Email: Nathan.Beaumont@chorus.co.nz Brett Jackson Investor Relations Manager Phone: +64 4 896 4039 Mobile: +64 (27) 488 7808 Email: Brett.Jackson@chorus.co.nz End CA:00326584 For:CNU Type:GENERAL Time:2018-11-09 08:38:55