CHORUS LIMITED — Major Shareholding Notification 2011

Dec 11, 2011

Disclosure of beginning to have substantial holding Section 22, Securities Markets Act 1988

To: NZX Limited

And: Chorus Limited

Date this disclosure made: 8 December 2011

Substantial security holder(s) giving disclosure

Name(s): Accident Compensation Corporation (“ACC”)

Nicholas Bagnall, Blair Tallott, Paul Robertshawe, Ian Graham, Blair Cooper, Ian Purdy

Contact details: Kym Nijsse +64 4 918 7067 Kym.nijsse@acc.co.nz

Date on which substantial security holder(s) began to have substantial holding: 1 December 2011

Summary of substantial holding to which disclosure relates

Class of listed voting securities: Ordinary Shares

Summary for: Accident Compensation Corporation (“ACC”)

Nicholas Bagnall, Blair Tallott, Paul Robertshawe, Ian Graham, Blair Cooper, Ian Purdy

For this disclosure,—

(a) Total number held in class: 25,653,537 (b) Total in class: 385,082,123 (c) Total percentage held in class: 6.662%

Details of relevant interests in substantial holding after relevant event

Details for: ACC

Nature of relevant interest(s):

Beneficial owner of securities under s 5 (1) (b) of the Securities Markets Act

No relevant agreement document needs to be attached under regulation 11.

For that relevant interest,—

• (a) Number held in class: 25,653,537

• (b) Percentage held in class: 6.662%

• (c) Current registered holder(s) of securities: ACC via New Zealand Central Securities Depository Limited (NZCSD)

• (d) Registered holder(s) of securities once transfers registered: n/a

Details for: Nicholas Bagnall, Blair Tallott, Paul Robertshawe, Ian Graham, Blair Cooper, Ian Purdy

Nature of relevant interest(s):

Qualified powers to exercise control of rights to vote and of acquisition or disposal of some or all of the securities, of which the Accident Compensation Corporation ("ACC") is the beneficial owner under s 5(1)(c)and 5 (1)(d) of the Securities Markets Act. Further to regulation 11(2)(b), the material terms of this arrangement are that powers are subject to ACC investment policies and the decisions of the ACC Investment Committee.

For that relevant interest,

SSH Begin ACC MM Template.doc

• (a) Number held in class: 25,653,537

• (b) Percentage held in class: 6.662%

• (c) Current registered holder(s) of securities: 25,653,537 shares held by ACC via New Zealand Central Securities Depository Limited (NZCSD)

• (d) Registered holder(s) of securities once transfers registered: n/a

Details of transactions and events giving rise to person beginning to have substantial holding

Details of the transactions or other events requiring disclosure under the instructions to this form:

Net purchases of 6,504,131 shares for net consideration of NZD $19,950,277 between the 1[st] December 2011 and the 7[th] December 2011

Additional information

Nicholas Bagnall, Blair Tallott, Paul Robertshawe, Ian Graham, Blair Cooper, Ian Purdy are employees and portfolio managers or equity analysts for ACC. Under current ACC investment policies, they have the discretion to exercise control over some or all the rights to vote and acquisition or disposal of some or all of the securities of which ACC is the beneficial owner

Address(es) of substantial security holder(s): ACC : 81-83 Molesworth Street, 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: n/a

Declaration

I, Kym Nijsse, 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 Begin ACC MM Template.doc

SSH Begin ACC MM Template.doc