SPH Notice – Accident Compensation Corporation

Disclosure of ceasing to have substantial holding Section 279, Financial Markets Conduct Act 2013 To New Zealand Stock Exchange and To Chorus Ltd Date this disclosure made: 14 November 2018 Date last disclosure made: 11 October 2018 Date on which substantial holding ceased: 13 November 2018 Substantial product holder(s) giving disclosure Full Name(s): Accident Compensation Corporation (ACC) Summary of previous substantial holding Class of quoted voting products: Ordinary shares (CNU NZ) Summary for: Accident Compensation Corporation (ACC) For last disclosure: (a) Total number held in class: 22,041,578 (b) Total in class: 436,075,010 (c) Total percentage held in class: 5.055% For current holding after ceasing to have substantial holding: (a) Total number held in class: 21,734,527 (b) Total in class: 436,075,010 (c) Total percentage held in class: 4.984% Details of transactions and events giving rise to ceasing of substantial holding Details of the transactions or other events requiring disclosure: From 11 October 2018 to 13 November 2018, ACC had the following aggregated on-market transactions in Chorus Ltd: - Sales of 670,696 shares for consideration of NZD $3,335,515 - Purchases of 242,543 shares for consideration of NZD $1,134,121 - Purchases of 121,102 shares for consideration of AUD $526,024 Additional information Address(es) of substantial product holder(s): ACC: Justice Centre, 19 Aitken Street, PO Box 242, Wellington 6140. Contact details: Joshua Meier +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 securities to which this disclosure relates: n/a Certification I, Joshua Meier, 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:00326834 For:CNU Type:SHINTR Time:2018-11-14 16:00:38