Debt Investor Presentation November 2019

Disclaimer This presentation: ■ Includes forward-looking statements. These statements are not guarantees or predictions of future performance. They involve known and unknown risks, uncertainties and other factors, many of which are beyond Chorus' control, and which may cause actual results to differ materially from those contained in this presentation. Includes statements relating to past performance which should not be regarded as reliable indicators of future performance. Is current at the date of this presentation, unless otherwise stated. Except as required by law or the NZX and ASX listing rules, Chorus is not under any obligation to update this presentation, whether as a result of new information, future events or otherwise. Should be read in conjunction with Chorus' audited consolidated financial statements for the year to 30 June 2019 and NZX and ASX market releases. Includes non-GAAP financial measures including "EBITDA". These measures do not have a standardised meaning prescribed by GAAP and therefore may not be comparable to similar financial information presented by other entities. They should not be used in substitution for, or isolation of, Chorus' audited consolidated financial statements. Chorus monitors EBITDA as a key performance indicator and believes it assists investors in assessing the performance of the core operations of Chorus' business. Refer to Chorus' FY19 results investor presentation for further detail relating to EBITDA measures. Has been prepared with due care and attention. However, Chorus and its directors and employees accept no liability for any errors or omissions. Contains information from third parties Chorus believes reliable. However, no representations or warranties (express or implied) are made as to the accuracy or completeness of such information. This presentation does not constitute investment advice or a securities recommendation and has not taken into account any particular investor's investment objectives or other circumstances. Investors are encouraged to make an independent assessment of Chorus. Note that references made to $ within this presentation refer to New Zealand dollars (NZD). To the extent permitted by law, the Joint Lead Managers and their respective related bodies corporate, officers, employees, agents, advisers, contractors and members: (a) disclaim any and all liability relating to this information, including, without limitation, any express or implied representation for statements and conclusions contained in and omissions from this presentation; and (b) accept no liability (whether in negligence or otherwise) for any loss, damage, costs or expenses of any nature which may be suffered or incurred by any person relying on any information or statement contained herein or otherwise arising in connection with any such information or statement. The recipient should not rely upon the contents of this presentation but should make its own assessment and evaluation, undertake an investigation and enquire and seek advice to enable it to make any decision concerning its own risks 2 November 2019 DEBT INVESTOR PRESENTATION CHORUS

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