CHORUS LIMITED — Major Shareholding Notification 2012

Jul 25, 2012

Disclosure of ceasing to have substantial holding

Sections 25, Securities Markets Act 1988

To: NZX Limited

And: Chorus Limited

Date this disclosure made: 25 July 2012

Date last disclosure made: 19 March 2012

Substantial security holder(s) giving disclosure

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

Nicholas Bagnall, Blair Tallott, Paul Robertshawe, Ian Graham, Blair Cooper Contact details: Kym Nijsse +64 4 816 6767 kym.nijsse@acc.co.nz

Date on which substantial security holder(s) ceased to have a substantial holding: 24 July 2012

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

For last disclosure,—

• (a) Total number held in class: 21,636,485

• (b) Total in class: 385,082,123

• (c) Total percentage held in class: 5.619%

For current holding after ceasing to have substantial holding:

• (a) Total number held in class: 19,238,049

• (b) Total in class: 385,082,123

• (c) Total percentage held in class: 4.996%

Details of transactions and events giving rise to person ceasing to have a substantial holding:

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

Sale of 100,000 shares for net consideration of NZD $313,740.00 on the 24[th] July 2012

Additional information

Nicholas Bagnall, Blair Tallott, Paul Robertshawe, Ian Graham and Blair Cooper 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 : Vogel Centre, 19 Aitken Street, PO Box 242, Wellington 6140.

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.