SPH Notice – Accident Compensation Corporation

Disclosure of beginning to have substantial holding Section 276, Financial Markets Conduct Act 2013 To New Zealand Stock Exchange and To Chorus Ltd Date this disclosure made: 18 December 2018 Date on which substantial holding began: 17 December 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 (CNU NZ & CNU AU) Summary for: Accident Compensation Corporation (ACC) For this disclosure,-- (a) Total number held in class: 21,804,402 (b) Total in class: 436,075,010 (c) Total percentage held in class: 5.000% 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: 21,804,402 (b) Percentage held in class: 5.000% (c) Current registered holder(s): ACC holds 20,855,388 shares via New Zealand Central Securities Depository Limited (NZCSD) and 949,014 shares via JPMorgan Nominees Australia (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 14 November 2018 to 17 December 2018, ACC had the following aggregated on-market transactions in Chorus Ltd: - Purchases of 629,875 NZX listed shares for consideration of NZD $2,905,157.50 - Purchases of 140,000 ASX listed shares for consideration of AUD $653,751.77 - Sales of 700,000 NZX listed shares for consideration of NZD $3,506,125.00 Additional information Address of substantial product holder(s): ACC: Justice Centre, 19 Aitken Street, PO Box 242, Wellington, NZ Contact details: Matthew Cunliffe +64 4 816 5743 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, Matthew Cunliffe, 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:00328605 For:CNU Type:SHINTR Time:2018-12-18 17:00:21