SPH Notice – Allan Gray Group

Disclosure of movement of 1% or more in substantial holding or change in nature of relevant interest, or both Sections 277 and 278, Financial Markets Conduct Act 2013 Note: This form must be completed in accordance with the instructions at the end of the form. To New Zealand Stock Exchange and To Chorus Limited Relevant event being disclosed: Decrease in substantial holdings by more than 1% Date of relevant event: 6 November 2018 Date this disclosure made: 7 November 2018 Date last disclosure made: 17 October 2018 Substantial product holder(s) giving disclosure Full name(s): Allan Gray Australia Pty Ltd (Allan Gray Australia) and its related bodies corporate as set out in Table 1 of Annexure A (together Allan Gray Group), as investment manager for the funds or investment mandates listed at Table 2 of Annexure A. Summary of substantial holding Class of quoted voting products: Ordinary Shares Summary for Allan Gray Group For this disclosure,-- (a) total number held in class: 24,243,929 (b) total in class: 436,075,010 (c) total percentage held in class: 5.560% For last disclosure,-- (a) total number held in class: 28,707,067 (b) total in class: 436,075,010 (c) total percentage held in class: 6.583% Details of transactions and events giving rise to relevant event Details of the transactions or other events requiring disclosure: See Annexure B - Trades on market unless otherwise specified Details after relevant event Details for Allan Gray Australia Pty Ltd (Allan Gray Australia) and its related bodies corporate as set out in Table 1 of Annexure A (together Allan Gray Group), as investment manager for the funds or investment mandates listed at Table 2 of Annexure A. Nature of relevant interest(s): As investment manager for the funds or investment mandates listed at Table 2 of Annexure A that hold Chorus Limited shares as set out in Annexure B For that relevant interest,-- (a) number held in class: 24,243,929 (b) percentage held in class: 5.560% (c) current registered holder(s): See Annexure B (d) registered holder(s) once transfers are registered: See Annexure B Additional information Address(es) of substantial product holder(s): C/- Allan Gray Australia, Level 2 Challis House, 4 Martin Place Sydney, NSW 2000, Australia Contact details: Eugene Tan, Company Secretary, telephone: +61 2 8224 8627, email: eugene.tan@orbis.com Nature of connection between substantial product holders: Related bodies corporate, as set out in Table 1 of Annexure A 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, Eugene Tan, Company Secretary, Allan Gray Australia 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:00326497 For:CNU Type:SHINTR Time:2018-11-08 08:49:45