Unsolicited offer for small shareholders

Chorus Limited
Level 10, 1 Willis Street
P O Box 632
Wellington 6140
New Zealand
Email: company.secretary@chorus.co.nz







STOCK EXCHANGE ANNOUNCEMENT

26 October 2017



Unsolicited offer for small shareholders

Zero Commission NZ Limited has notified Chorus of its intention to write to selected
Chorus shareholders with an offer to buy their shares at NZ$3.80 per share.

The market price for Chorus shares was NZ$4.04 per share as at close of NZX trading on
25 October 2017.

Zero Commission’s offer is expected to open on 31 October 2017 and close on 1
December 2017. However, Zero Commission may make further offers over the next six
months.

Chorus does not endorse Zero Commission’s current, or any subsequent, offer.
Shareholders are under no obligation to accept Zero Commission’s offer or to take any
other action. Shareholders accepting the offer may cancel their acceptance up to 10
working days after acceptance.

Chorus recommends that shareholders who receive an offer from Zero Commission:

 read Zero Commission’s disclosure document and offer terms carefully;
 seek independent financial and/or legal advice if they are uncertain about the offer;
and
 check Chorus’ most recent share price at www.nzx.com/markets/NZSX/securities/CNU
or in daily newspapers.


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