SPH Notice – Accident Compensation Corporation (ACC)

Disclosure of beginning to have substantial holding Section 276, Financial Markets Conduct Act 2013 To New Zealand Stock Exchange and To Cavalier Corporation Ltd Date this disclosure made: 29 May 2018 Date on which substantial holding began: 28 May 2018 Substantial product holder(s) giving disclosure Full Name(s): Accident Compensation Corporation (ACC) Summary of substantial holding to which disclosure relates Class of quoted voting products: Ordinary shares (CAV NZ) Summary for: Accident Compensation Corporation (ACC) For this disclosure,-- (a) Total number held in class: 3,720,000 (b) Total in class: 68,679,098 (c) Total percentage held in class: 5.416% 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: 3,720,000 (b) Percentage held in class: 5.416% (c) Current registered holder(s): 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 7 March 2018 to 28 May 2018, ACC had the following aggregated on-market transactions in Cavalier Corporation Ltd: o Purchases of 589,803 shares for consideration of NZD $313,631.80 o Sales of 269,803 shares for consideration of NZD $153,588.63 Additional information Address of substantial product holder(s): ACC: Justice Centre, 19 Aitken Street, PO Box 242, Wellington, NZ Contact details: Terence Tong +64 4 816 6600 investmentscompliance@acc.co.nz In accordance with the Financial Markets Authority's Guidance Note: Guidance on Substantial Product Holder Disclosures issued on 27 September 2017, ACC has not made disclosures for employees who manage 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, Terence Tong, 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:00318634 For:CAV Type:SHINTR Time:2018-05-29 14:47:22