Issue of performance share rights

Capital Change Notice

Updated as at 8 May 2019


Section 1: Issuer information
Name of issuer Chorus Limited
NZX ticker code CNU
Class of financial product
Performance share rights (PSRs)
convertible to Chorus Limited
ordinary shares pursuant to
Chorus’ Long Term Incentive
Plan.
ISIN (If unknown, check on NZX website) NZCNUE0001S2
Currency NZ$
Section 2: Capital change details
Number issued/acquired/redeemed
158,273 PSRs
Nominal value (if any) Nil
Issue/acquisition/redemption price per security Nil
Nature of the payment (for example, cash or other
consideration)
No consideration is payable for
the PSRs.
The PSRs have a set exercise
price of $0.
Amount paid up (if not in full) N/a
Percentage of total class of Financial Products
issued/acquired/redeemed/ (calculated on the number of
Financial Products of the Class, excluding any Treasury
Stock, in existence)
The 158,273 PSRs issued
comprise 100% of the financial
products of that class.
If all the conditions to exercise
were met (including performance
hurdles), and all 158,273 PSRs
were exercised, they would
convert 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 the
Conversion price and Conversion date and the ranking of
the Financial Product in relation to other Classes of
Financial Product) or the Option (for example, the exercise
price and exercise date)
The PSRs become exercisable
on certain performance hurdles
being met over an initial 3 year
performance period and in certain
other exceptional circumstances.
On becoming exercisable, each
PSR entitles the holder to one
fully paid ordinary Chorus Limited
share, ranking equally with all
other Chorus Limited ordinary
shares.
The PSRs have a set exercise
price of $0.

Reason for issue/acquisition/redemption and specific
authority for issue/acquisition/redemption/ (the reason for
change must be identified here)
The PSRs have been issued
under Chorus’ Long Term
Incentive Plan.
Board resolutions dated 23
August 2019.
Total number of Financial Products of the Class after the
issue/acquisition/redemption/Conversion (excluding
Treasury Stock) and the total number of Financial Products
of the Class held as Treasury Stock after the
issue/acquisition/redemption.
158,273 PSRs.

No PSRs or Chorus Limited
ordinary shares are held as
treasury stock.
In the case of an acquisition of shares, whether those
shares 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 23
August 2019.
Listing Rule 4.6.1.
Terms or details of the issue, acquisition, or redemption (for
example: restrictions, escrow arrangements)


The PSRs become exercisable
on certain performance hurdles
being met over an initial 3 year
performance period and in certain
other exceptional circumstances.
On becoming exercisable, each
PSR entitles the holder to one
fully paid ordinary Chorus Limited
share, ranking equally with all
other Chorus Limited ordinary
shares.
PSRs do not entitle the holder to
receive dividends or other
distributions, or vote in respect of
Chorus Limited ordinary shares,
although under the terms of the
plan an additional number of
shares will be issued on
conversion of fully vested PSRs
to reflect dividends paid on
Chorus shares prior to exercise.
Holders of PSRs cannot transfer
or grant security interests over
them.
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 Campbell
General Counsel and Company
Secretary
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