SSH – Accident Compensation Corporation

Disclosure of beginning to have substantial holding Section 276, Financial Markets Conduct Act 2013 To New Zealand Stock Exchange and To Cavalier Corporation Limited Date this disclosure made: 16 January 2017 Date on which substantial holding began: 13 January 2017 Substantial product holder(s) giving disclosure Full Name(s): Accident Compensation Corporation (ACC) Nicholas Bagnall, Guy Elliffe, Paul Robertshawe, Blair Tallott, Blair Cooper, Jason Familton Summary of substantial holding to which disclosure relates Class of quoted voting products: Ordinary shares (CAV NZ) Summary for: Accident Compensation Corporation (ACC) Nicholas Bagnall, Guy Elliffe, Paul Robertshawe, Blair Tallott, Blair Cooper, Jason Familton For this disclosure,-- (a) Total number held in class: 3,607,312 (b) Total in class: 68,679,098 (c) Total percentage held in class: 5.252% Details of relevant interests Details for ACC Nature of relevant interest(s): Beneficial owner of securities under ?235(1)(b) of the Financial Markets Conduct Act No relevant agreement document needs to be attached under regulation 139. For that relevant interest,-- (a) Number held in class: 3,607,312 (b) Percentage held in class: 5.252% (c) Current registered holder(s): ACC via New Zealand Central Securities Depository Limited (NZCSD) (d) Registered holder(s) once transfers are registered: unknown Details for Nicholas Bagnall, Guy Elliffe, Paul Robertshawe, Blair Tallott, Blair Cooper, Jason Familton Nature of relevant interest(s): Qualified powers to exercise control of rights to vote and/or of acquisition or disposal of some or all of the financial products, of which the Accident Compensation Corporation ("ACC") is the beneficial owner under ?235(1)(c)and 235(1)(d) of the Financial Markets Conduct Act. Further to regulation 139(2)(b), the material terms of this arrangement are that powers are subject to ACC investment policies and the decisions of the ACC Investment Committee. For that relevant interest, (a) Number held in class: 3,607,312 (b) Percentage held in class: 5.252% (c) Current registered holder(s): held by ACC via New Zealand Central Securities Depository Limited (NZCSD) (d) Registered holder(s) once transfers are registered: unknown Details of transactions and events giving rise to substantial holding Details of the transactions or other events requiring disclosure: From 18 July 2015 to 13 January 2017, ACC had the following aggregated on-market transactions in Cavalier Corp Ltd: o Purchases of 2,122,384 shares for consideration of NZD $1,462,338.50 o Sales of 1,540,976 shares for consideration of NZD $939,796,04 Additional information Address of substantial product holder(s): ACC: Justice Centre, 19 Aitken Street, PO Box 242, Wellington, NZ Contact details: Marianne Scott +64 4 816 7378 investmentscompliance@acc.co.nz Nature of connection between substantial product holders: Nicholas Bagnall, Guy Elliffe, Paul Robertshawe, Blair Tallott, Blair Cooper, Jason Familton, Jason Lindsay are employees of ACC and either a portfolio manager, equity analyst or corporate governance manager. Under current ACC investment policies, they have the discretion to exercise control over some or all the rights to vote and acquisition or disposal of some or all of the financial products of which ACC is the beneficial owner. Name of any other person believed to have given, or believed to be required to give, a disclosure under the Financial Markets Conduct Act 2013 in relation to the financial products to which this disclosure relates: n/a Certification I, Marianne Scott, certify that, to the best of my knowledge and belief, the information contained in this disclosure is correct and that I am duly authorised to make this disclosure by all persons for whom it is made. End CA:00295580 For:CAV Type:SSH Time:2017-01-16 15:37:12