CHORUS LIMITED — Major Shareholding Notification 2013

Jul 22, 2013

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To	Australian Securities Exchange	PREVENTION CARL RECOVERY. Te Kaporelhana Awhina Hunga Whera
Attention	Company Announcements	All of the material in this message is confidential to the addressee and
Fax No.	0800 449 707	protected by legal privilage.
From	Ryan McMaster	If the reader is not the intended recipient, please note that you may not use any material in this message nor pass it on to others.
Date	19 July 2013	Please notify us promptly of your having received this message and we will arrange collection at our expense.
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	If this message is not received complete and fully legible, please advise sender on Telephone 64 4 816 7642 or Fax 64 4 816 6062 or e-mail investmentscompliance@acc.co.nz

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To whom it may concern

Attached is a notice for Chorus Limited. ACC have submitted the following substantial shareholding notice to the NZX today.

Regards

Ryan McMaster ACC - Investment Compliance

Accident Compensation Corporation

Telephone, Facsimile, www.acc.co.nz

l,

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: Movement of 1% or more

Date of relevant event: 18 July 2013

To: NZX Limited

And: Chorus Limited

Date this disclosure made: 23 July 2013

Date last disclosure made: 09 April 2013

Substantial security holder(s) giving disclosure

Name(s): Accident Compensation Corporation ("ACC")

Nicholas Bagnall, Blair Tallott, Paul Robertshawe, Blair Cooper, Jason Familton investmentscompliance@acc.co.nz Contact details: Ryan McMaster +64 4 816 5743

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, Blair Cooper, Jason Familton

For this disclosure.-

• Total number held in class: 24,046,750 $(a)$
• $(b)$ Total in class: 389,299,049
• Total percentage held in class: 6.177% $(c)$

For last disclosure,-

• Total number held in class: 27,724,163 $(a)$
• 385,082,123 $(b)$ Total in class:
• Total percentage held in class: 7.20% $(c)$

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:

Sale of 400,553 shares for net consideration of NZD \$1,085,187.31 on 18^th July 2013.

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: 24,046,750
• (b) Percentage held in class: 6.177%
• $(c)$ Current registered holder(s) of securities: ACC via New Zealand Central Securities Depository Limited (NZCSD)
• $(d)$ Registered holder(s) of securities once transfers registered: unknown

Nicholas Bagnall, Blair Tallott, Paul Robertshawe, Blair Cooper, Jason Details for: Familton

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,

• Number held in class: 24,046,750 $(a)$
• (b) Percentage held in class: 6.177%
• Current registered holder(s) of securities: ACC via New Zealand Central Securities (c) Depository Limited (NZCSD)
• $(d)$ Registered holder(s) of securities once transfers registered: unknown

Additional information

Nicholas Bagnall, Blair Tallott, Paul Robertshawe, Jason Familton 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 : Justice Centre, 19 Aitken Street, PO Box 242, Wellington, NZ

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, Ryan McMaster, 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.