AMP LIMITED — Major Shareholding Notification 2012

May 9, 2012

Disclosure of movement of 1% or more in substantial holding or change in nature of relevant interest or both

Sections 23 and 24, Securities Markets Act 1988

Relevant event being disclosed: Change in the number of voting securities in which a substantial security holder has a relevant interest (section 23(2))

Date of relevant event: 8 May 2012

To: NZX

And: Chorus Limited

Date this disclosure made: 9 May 2012

Date last disclosure made: 26 March 2012

Substantial security holder(s) giving disclosure

Name(s): AMP Capital Investors (New Zealand) Limited

Contact details: Amelia Hamilton, +64 4 494 2110, amelia.hamilton@ampcapital.co.nz

Summary of substantial holding to which disclosure relates

Class of listed voting securities: Ordinary Shares in CNU

Summary for: AMP Capital Investors (New Zealand) Limited

For this disclosure,—

• (a) total number held in class: 39,333,230

• (b) total in class: 385,082,123

• (c) total percentage held in class: 10.214%

For last disclosure,—

• (a) total number held in class: 34,501,977

• (b) total in class: 385,082,123

• (c) total percentage held in class: 8.960%

Details of transactions and events giving rise to relevant event

Details of the transactions or other events requiring disclosure under the instructions to this form: A purchase of 4,831,253 shares between 26/03/2012 and 8/05/2012

Details of relevant interests in substantial holding after relevant event

Details for: AMP Capital Investors (New Zealand) Limited and AMP Capital Investors Limited

Nature of relevant interest(s): Investment Manager and non-beneficial owner

For that relevant interest,—

• (a) number held in class: 39,333,230

• (b) percentage held in class: 10.214%

• (c) current registered holder(s) of securities: See Schedule one and Schedule two

• (d) registered holder(s) of securities once transfers registered: not applicable

Additional information

Nature of connection between substantial security holders: AMP Capital Investors (New Zealand) Limited, AMP Capital Investors Limited and AXA Asia Pacific Holdings Limited (or a wholly owned subsidiary company) is the Investment Manager for beneficial owners of the

SSH Chorus 1% movement SSN 2012-05-08.doc

CNU shares (See schedule one attached). On 30 March 2011, AMP Financial Service Holdings Limited (a related body corporate of AMP Capital Investors (New Zealand) Limited acquired all of the voting securities in AXA Asia Pacific Holdings Limited, a company incorporated in Australia which occurred by share acquisition and scheme of arrangement.

Address(es) of substantial security holder(s): C/- Ground Floor, PWC Building, 113-119 The Terrace, Wellington

Name of any other person believed to have given, or believed to be required to give, a disclosure under the Act in relation to the securities to which this disclosure relates: not applicable

Declaration

I, Amelia Stefanie Hamilton, declare 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.

SSH Chorus 1% movement SSN 2012-05-08.doc

SCHEDULE ONE	SCHEDULE ONE	SCHEDULE ONE
Non - Beneficial Relevant Interests
Name of Registered Holder	Number of votingsecurities
NZGT NomineesLimited	9,844,322	AMP Capital Investors(New Zealand) Limitedhas a relevant interest inthe voting securities asfund and asset managerof each of the registeredholders
CogentNomineesPtyLimited	6,356,489
Citicorp Nominees Pty Limited	125,821
JP Morgan NomineesAustraliaLimited	1,201,255
AMP LifeLimited	8,005,333
National NomineesPtyLimited	872,522
CogentNomineesNZ Limited	323,350
TheNorthern Trust CompanyLimited	1,959,946
TOTAL	28,689,038
Detailofeach relevantinterestNZGT NomineesLimited_Name of registered holder _26/03/2012 -8/05/2012Dates oftransaction(s)Provision(s) ofsection5-636,500Number of voting securitiesConsideration (expressed inNZ$)CogentNomineesPtyLimited_Name of registered holder _26/03/2012 -8/05/2012Dates oftransaction(s)Provision(s) ofsection51,815,399Number of voting securitiesConsideration (expressed inNZ$)CiticorpNomineesPtyLimited_Name of registered holder _26/03/2012-8/05/2012Dates oftransaction(s)Provision(s) ofsection597,678Number of voting securitiesConsideration (expressed inNZ$)JP Morgan Nominees Australia Limited_Name of registered holder _26/03/2012 -8/05/2012Dates oftransaction(s)Provision(s) ofsection5337,326Number of voting securitiesConsideration (expressed inNZ$)AMP Life Limited_Name of registered holder _
26/03/2012 -8/05/2012

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----- Start of picture text ----- Dates of transaction(s)Provision(s) of section 57* 1,272,989Number of voting securities Consideration (expressed inNZ$)5* National Nominees Pty LimitedName of registered holder6* 26/03/2012 - 8/05/2012Dates of transaction(s)Provision(s) of section 57* 101,818Number of voting securities Consideration (expressed inNZ$)5* Cogent Nominees NZ LimitedName of registered holder6* 26/03/2012 - 8/05/2012Dates of transaction(s)Provision(s) of section 57* 2,900Number of voting securities Consideration (expressed inNZ$)5* The Northern Trust Company LimitedName of registered holder6* 26/03/2012 - 8/05/2012Dates of transaction(s)Provision(s) of section 57* -250,000Number of voting securities Consideration (expressed inNZ$)2,741,610 TOTAL----- End of picture text -----

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----- Start of picture text ----- SCHEDULE TWONon - Beneficial Relevant InterestsName of Registered Holder Number of voting securitiesAXA Asia Pacific HoldingsLimited (or a wholly ownedHSBC Custody Nominees (Australia) Limited 3,051,017 subsidiary company) has arelevant interest in the votingHSBC Custody Nominees (New Zealand)securities as fund and assetLimited 7,593,175manager of each of theregistered holders.Total 10,644,1925* HSBC Custody Nominees (Australia) LimitedName of registered holder6* 26/03/2012 - 8/05/2012Dates of transaction(s)Provision(s) of section 57* 2,667,673Number of voting securities Consideration (expressed inNZ$)HSBC Custody Nominees (New Zealand)5* LimitedName of registered holder6* 26/03/2012 - 8/05/2012Dates of transaction(s)Provision(s) of section 57* -578,030Number of voting securities Consideration (expressed inNZ$)2,089,643 TOTAL----- End of picture text -----

SSH Chorus 1% movement SSN 2012-05-08.doc

SSH Chorus 1% movement SSN 2012-05-08.doc