CHORUS LIMITED — Major Shareholding Notification 2012

Jul 26, 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: 25 July 2012

To: NZX

And: Chorus Limited

Date this disclosure made: 26 July 2012

Date last disclosure made: 9 May 2012

Substantial security holder(s) giving disclosure

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

Contact details: Pauline Edwards, +64 4 494 2184, Pauline.edwards@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: 43,371,379

• (b) total in class: 385,082,123

• (c) total percentage held in class: 11.263%

For last 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%

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 4,038,149 shares between 9/5/2012 and 25/7/2012

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: 43,371,379

• (b) percentage held in class: 11.263%

• (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 CNU shares (See schedule one attached). On 30 March 2011, AMP Financial Service Holdings

SSH Chorus 1% movement SSN 2012-07-25

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, Pauline Carol Edwards, 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 2012-07-25

SCHEDULE ONE

SCHEDULE ONE
Non - Beneficial Relevant Interests
Name of Registered Holder	Number of voting securities
NZGT Nominees Limited	11,330,426	AMP Capital Investors (New Zealand) Limited has a relevant interest in the voting securities as fund and asset manager of each of the registered holders
Cogent Nominees Pty Limited	14,315,654
Citicorp Nominees Pty Limited	306,833
JP Morgan Nominees Australia Limited	1,991,123
AMP Life Limited	9,793,848
National Nominees Pty Limited	1,474,247
Cogent Nominees NZ Limited	336,296
The Northern Trust Company Limited	1,959,946
TOTAL	41,508,373

	Detail of each relevant interest
5*	NZGT Nominees Limited
	Name of registered holder
6*	9/5/2012 - 25/7/2012
	Dates of transaction(s)Provision(s) of section 5
7*	1,486,104
	Number of voting securities Consideration (expressed in
	NZ$)
5*	Cogent Nominees Pty Limited
	Name of registered holder
6*	9/5/2012 - 25/7/2012
	Dates of transaction(s)Provision(s) of section 5
7*	7,959,165
	Number of voting securities Consideration (expressed in
	NZ$)
5*	Citicorp Nominees Pty Limited
	Name of registered holder
6*	9/5/2012 - 25/7/2012
	Dates of transaction(s)Provision(s) of section 5
7*	181,012
	Number of voting securities Consideration (expressed in
	NZ$)
5*	JP Morgan Nominees Australia Limited
	Name of registered holder
6*	9/5/2012 - 25/7/2012
	Dates of transaction(s)Provision(s) of section 5
7*	789,868
	Number of voting securities Consideration (expressed in
	NZ$)
5*	AMP Life Limited
	Name of registered holder
6*	9/5/2012 - 25/7/2012
	Dates of transaction(s)Provision(s) of section 5

SSH Chorus 1% movement SSN 2012-07-25

==> picture [422 x 361] intentionally omitted <==

----- Start of picture text -----

7 1,788,515
Number of voting securities Consideration (expressed in
NZ$)
5 National Nominees Pty Limited
Name of registered holder
6 9/5/2012 - 25/7/2012
Dates of transaction(s)Provision(s) of section 5
7 601,725
Number of voting securities Consideration (expressed in
NZ$)
5 Cogent Nominees NZ Limited
Name of registered holder
6 9/5/2012 - 25/7/2012
Dates of transaction(s)Provision(s) of section 5
7 12,946
Number of voting securities Consideration (expressed in
NZ$)
5 The Northern Trust Company Limited
Name of registered holder
6 9/5/2012 - 25/7/2012
Dates of transaction(s)Provision(s) of section 5
7 0
Number of voting securities Consideration (expressed in
NZ$)
12,819,335 TOTAL
----- End of picture text -----

SSH Chorus 1% movement SSN 2012-07-25

==> picture [422 x 386] intentionally omitted <==

----- Start of picture text -----

SCHEDULE TWO
Non - Beneficial Relevant Interests
Name of Registered Holder Number of voting securities
AXA Asia Pacific Holdings
Limited (or a wholly owned
HSBC Custody Nominees (Australia) Limited 1,863,006 subsidiar y com p an y) has a
relevant interest in the voting
securities as fund and asset
manager of each of the
re g istered holders.
Total 1,863,006
5 HSBC Custody Nominees (Australia) Limited
Name of registered holder
6 9/5/2012 - 25/7/2012
Dates of transaction(s)Provision(s) of section
5
7 -1,188,011
Number of voting securities Consideration (expressed in NZ
$)
HSBC Custody Nominees (New Zealand)
5 Limited
Name of registered holder
6 9/5/2012 - 25/7/2012
Dates of transaction(s)Provision(s) of section
5
7 -7,593,175
Number of voting securities Consideration (expressed in NZ
$)
-8,781,186 TOTAL
----- End of picture text -----

SSH Chorus 1% movement SSN 2012-07-25

SSH Chorus 1% movement SSN 2012-07-25