CHORUS LIMITED — Major Shareholding Notification 2013

Jan 13, 2013

Form 604 Corporations Law Section 671B Notice of change of interests of substantial holder Chorus Limited To Company Name/Scheme 152 485 848 ACN/ARSN 1. Details of substantial holder (1) Name Schroder Investment Management Australia Limited ACN/ARSN (if applicable) 22 000 443 274 There was a change in the interests of the 10/01/2013 substantial holder on The previous notice was given to the 15/12/2011 company on 15/12/2011 The previous notice was dated

2. Previous and present voting power

The total number of votes attached to all the voting shares in the company or voting interests in the scheme that the substantial holder or an associate (2) had a relevant interest (3) in when last required, and when now required, to give a substantial holding notice to the company or scheme, are as follows:

Class of securities (4)	Previous notice	Previous notice	Present notice	Present notice
	Person’svotes	Voting power(5)	Person’svotes	Voting power(5)
Ordinary Shares	26,952,232	7.00%	35,232,135	9.17%%

3. Changes in relevant interests

Particulars of each change in, or change in the nature of, a relevant interest of the substantial holder or an associate in voting securities of the company or scheme, since the substantial holder was last required to give a substantial holding notice to the company are as follows:

Date of change	Person whose relevant interest changed	Nature of change (6)	Consideration given in relation to change (7)	Class and number of securities affected	Person’s votes affected
15/12/2011 - 10/01/2013	SIMAL	Purchase	16,572,400	7,001,586	7,001,586
15/12/2011 - 10/01/2013	SIMAL	Sale	3,509,457	1,278,076	1,278,076
15/12/2011 - 10/01/2013	SIM LTD	Purchase	3,008,155	1,143,761	1,143,761
15/12/2011 - 10/01/2013	SIM LTD	Sale	562,583	237,377	237,377

15/12/2011 - 10/01/2013	SIMNA LTD	Purchase	9,354,909	3,947,219	3,947,219
15/12/2011 - 10/01/2013	SIMNA LTD	Sale	5,618,862	2,370,828	2,370,828

4. Present relevant interests

Particulars ofeach relevantinterest ofthe substantial holder in voting securities afterthe change are asfollows: Holder of relevant interest Registered holder of securities Beneficial Owner Nature of relevant interest Class and number of securities Person’s votes SIMAL BNP Paribas BNP Paribas Power to dispose of securities 1,921,121 1,921,121 SIMAL JP Morgan Custodial Services JP Morgan Custodial Services Power to dispose of securities 7,354,069 7,354,069 SIMAL Citicorp Nominees Ltd HK Citicorp Nominees Ltd HK Power to dispose of securities 2,612,555 2,612,555 SIMAL HSBC Custody Nominees (Australia)Ltd HSBC Custody Nominees (Australia)Ltd Power to dispose of securities 1,627,565 1,627,565 SIMAL National Nominees Ltd - Melbourne National Nominees Ltd - Melbourne Power to dispose of securities 5,029,794 5,029,794 SIMAL State Street Australia Limited State Street Australia Limited Power to dispose of securities 1,762,504 1,762,504 SIM LTD JP Morgan Chase (Bournemouth) JP Morgan Chase (Bournemouth) Power to dispose of securities 7,835,499 7,835,499 SIMNA LTD JP Morgan Chase (New York) JP Morgan Chase (New York) Power to dispose of securities 579,505 579,505 SIMNA LTD JP Morgan Chase (Bournemouth) JP Morgan Chase (Bournemouth) Power to dispose of securities 657,768 657,768 SIMNA LTD State Street Bank &Trust Co State Street Bank & Trust Co Power to dispose of securities 1,871,036 1,871,036	Particulars ofeach relevantinterest ofthe substantial holder in voting securities afterthe change are asfollows: Holder of relevant interest Registered holder of securities Beneficial Owner Nature of relevant interest Class and number of securities Person’s votes SIMAL BNP Paribas BNP Paribas Power to dispose of securities 1,921,121 1,921,121 SIMAL JP Morgan Custodial Services JP Morgan Custodial Services Power to dispose of securities 7,354,069 7,354,069 SIMAL Citicorp Nominees Ltd HK Citicorp Nominees Ltd HK Power to dispose of securities 2,612,555 2,612,555 SIMAL HSBC Custody Nominees (Australia)Ltd HSBC Custody Nominees (Australia)Ltd Power to dispose of securities 1,627,565 1,627,565 SIMAL National Nominees Ltd - Melbourne National Nominees Ltd - Melbourne Power to dispose of securities 5,029,794 5,029,794 SIMAL State Street Australia Limited State Street Australia Limited Power to dispose of securities 1,762,504 1,762,504 SIM LTD JP Morgan Chase (Bournemouth) JP Morgan Chase (Bournemouth) Power to dispose of securities 7,835,499 7,835,499 SIMNA LTD JP Morgan Chase (New York) JP Morgan Chase (New York) Power to dispose of securities 579,505 579,505 SIMNA LTD JP Morgan Chase (Bournemouth) JP Morgan Chase (Bournemouth) Power to dispose of securities 657,768 657,768 SIMNA LTD State Street Bank &Trust Co State Street Bank & Trust Co Power to dispose of securities 1,871,036 1,871,036	Particulars ofeach relevantinterest ofthe substantial holder in voting securities afterthe change are asfollows: Holder of relevant interest Registered holder of securities Beneficial Owner Nature of relevant interest Class and number of securities Person’s votes SIMAL BNP Paribas BNP Paribas Power to dispose of securities 1,921,121 1,921,121 SIMAL JP Morgan Custodial Services JP Morgan Custodial Services Power to dispose of securities 7,354,069 7,354,069 SIMAL Citicorp Nominees Ltd HK Citicorp Nominees Ltd HK Power to dispose of securities 2,612,555 2,612,555 SIMAL HSBC Custody Nominees (Australia)Ltd HSBC Custody Nominees (Australia)Ltd Power to dispose of securities 1,627,565 1,627,565 SIMAL National Nominees Ltd - Melbourne National Nominees Ltd - Melbourne Power to dispose of securities 5,029,794 5,029,794 SIMAL State Street Australia Limited State Street Australia Limited Power to dispose of securities 1,762,504 1,762,504 SIM LTD JP Morgan Chase (Bournemouth) JP Morgan Chase (Bournemouth) Power to dispose of securities 7,835,499 7,835,499 SIMNA LTD JP Morgan Chase (New York) JP Morgan Chase (New York) Power to dispose of securities 579,505 579,505 SIMNA LTD JP Morgan Chase (Bournemouth) JP Morgan Chase (Bournemouth) Power to dispose of securities 657,768 657,768 SIMNA LTD State Street Bank &Trust Co State Street Bank & Trust Co Power to dispose of securities 1,871,036 1,871,036	Particulars ofeach relevantinterest ofthe substantial holder in voting securities afterthe change are asfollows: Holder of relevant interest Registered holder of securities Beneficial Owner Nature of relevant interest Class and number of securities Person’s votes SIMAL BNP Paribas BNP Paribas Power to dispose of securities 1,921,121 1,921,121 SIMAL JP Morgan Custodial Services JP Morgan Custodial Services Power to dispose of securities 7,354,069 7,354,069 SIMAL Citicorp Nominees Ltd HK Citicorp Nominees Ltd HK Power to dispose of securities 2,612,555 2,612,555 SIMAL HSBC Custody Nominees (Australia)Ltd HSBC Custody Nominees (Australia)Ltd Power to dispose of securities 1,627,565 1,627,565 SIMAL National Nominees Ltd - Melbourne National Nominees Ltd - Melbourne Power to dispose of securities 5,029,794 5,029,794 SIMAL State Street Australia Limited State Street Australia Limited Power to dispose of securities 1,762,504 1,762,504 SIM LTD JP Morgan Chase (Bournemouth) JP Morgan Chase (Bournemouth) Power to dispose of securities 7,835,499 7,835,499 SIMNA LTD JP Morgan Chase (New York) JP Morgan Chase (New York) Power to dispose of securities 579,505 579,505 SIMNA LTD JP Morgan Chase (Bournemouth) JP Morgan Chase (Bournemouth) Power to dispose of securities 657,768 657,768 SIMNA LTD State Street Bank &Trust Co State Street Bank & Trust Co Power to dispose of securities 1,871,036 1,871,036	Particulars ofeach relevantinterest ofthe substantial holder in voting securities afterthe change are asfollows: Holder of relevant interest Registered holder of securities Beneficial Owner Nature of relevant interest Class and number of securities Person’s votes SIMAL BNP Paribas BNP Paribas Power to dispose of securities 1,921,121 1,921,121 SIMAL JP Morgan Custodial Services JP Morgan Custodial Services Power to dispose of securities 7,354,069 7,354,069 SIMAL Citicorp Nominees Ltd HK Citicorp Nominees Ltd HK Power to dispose of securities 2,612,555 2,612,555 SIMAL HSBC Custody Nominees (Australia)Ltd HSBC Custody Nominees (Australia)Ltd Power to dispose of securities 1,627,565 1,627,565 SIMAL National Nominees Ltd - Melbourne National Nominees Ltd - Melbourne Power to dispose of securities 5,029,794 5,029,794 SIMAL State Street Australia Limited State Street Australia Limited Power to dispose of securities 1,762,504 1,762,504 SIM LTD JP Morgan Chase (Bournemouth) JP Morgan Chase (Bournemouth) Power to dispose of securities 7,835,499 7,835,499 SIMNA LTD JP Morgan Chase (New York) JP Morgan Chase (New York) Power to dispose of securities 579,505 579,505 SIMNA LTD JP Morgan Chase (Bournemouth) JP Morgan Chase (Bournemouth) Power to dispose of securities 657,768 657,768 SIMNA LTD State Street Bank &Trust Co State Street Bank & Trust Co Power to dispose of securities 1,871,036 1,871,036	Particulars ofeach relevantinterest ofthe substantial holder in voting securities afterthe change are asfollows: Holder of relevant interest Registered holder of securities Beneficial Owner Nature of relevant interest Class and number of securities Person’s votes SIMAL BNP Paribas BNP Paribas Power to dispose of securities 1,921,121 1,921,121 SIMAL JP Morgan Custodial Services JP Morgan Custodial Services Power to dispose of securities 7,354,069 7,354,069 SIMAL Citicorp Nominees Ltd HK Citicorp Nominees Ltd HK Power to dispose of securities 2,612,555 2,612,555 SIMAL HSBC Custody Nominees (Australia)Ltd HSBC Custody Nominees (Australia)Ltd Power to dispose of securities 1,627,565 1,627,565 SIMAL National Nominees Ltd - Melbourne National Nominees Ltd - Melbourne Power to dispose of securities 5,029,794 5,029,794 SIMAL State Street Australia Limited State Street Australia Limited Power to dispose of securities 1,762,504 1,762,504 SIM LTD JP Morgan Chase (Bournemouth) JP Morgan Chase (Bournemouth) Power to dispose of securities 7,835,499 7,835,499 SIMNA LTD JP Morgan Chase (New York) JP Morgan Chase (New York) Power to dispose of securities 579,505 579,505 SIMNA LTD JP Morgan Chase (Bournemouth) JP Morgan Chase (Bournemouth) Power to dispose of securities 657,768 657,768 SIMNA LTD State Street Bank &Trust Co State Street Bank & Trust Co Power to dispose of securities 1,871,036 1,871,036	Particulars ofeach relevantinterest ofthe substantial holder in voting securities afterthe change are asfollows: Holder of relevant interest Registered holder of securities Beneficial Owner Nature of relevant interest Class and number of securities Person’s votes SIMAL BNP Paribas BNP Paribas Power to dispose of securities 1,921,121 1,921,121 SIMAL JP Morgan Custodial Services JP Morgan Custodial Services Power to dispose of securities 7,354,069 7,354,069 SIMAL Citicorp Nominees Ltd HK Citicorp Nominees Ltd HK Power to dispose of securities 2,612,555 2,612,555 SIMAL HSBC Custody Nominees (Australia)Ltd HSBC Custody Nominees (Australia)Ltd Power to dispose of securities 1,627,565 1,627,565 SIMAL National Nominees Ltd - Melbourne National Nominees Ltd - Melbourne Power to dispose of securities 5,029,794 5,029,794 SIMAL State Street Australia Limited State Street Australia Limited Power to dispose of securities 1,762,504 1,762,504 SIM LTD JP Morgan Chase (Bournemouth) JP Morgan Chase (Bournemouth) Power to dispose of securities 7,835,499 7,835,499 SIMNA LTD JP Morgan Chase (New York) JP Morgan Chase (New York) Power to dispose of securities 579,505 579,505 SIMNA LTD JP Morgan Chase (Bournemouth) JP Morgan Chase (Bournemouth) Power to dispose of securities 657,768 657,768 SIMNA LTD State Street Bank &Trust Co State Street Bank & Trust Co Power to dispose of securities 1,871,036 1,871,036
	Holder of relevant interest	Registered holder of securities	Beneficial Owner	Nature of relevant interest	Class and number of securities	Person’s votes
	SIMAL	BNP Paribas	BNP Paribas	Power to dispose of securities	1,921,121	1,921,121
	SIMAL	JP Morgan Custodial Services	JP Morgan Custodial Services	Power to dispose of securities	7,354,069	7,354,069
	SIMAL	Citicorp Nominees Ltd HK	Citicorp Nominees Ltd HK	Power to dispose of securities	2,612,555	2,612,555
	SIMAL	HSBC Custody Nominees (Australia)Ltd	HSBC Custody Nominees (Australia)Ltd	Power to dispose of securities	1,627,565	1,627,565
	SIMAL	National Nominees Ltd - Melbourne	National Nominees Ltd - Melbourne	Power to dispose of securities	5,029,794	5,029,794
	SIMAL	State Street Australia Limited	State Street Australia Limited	Power to dispose of securities	1,762,504	1,762,504
	SIM LTD	JP Morgan Chase (Bournemouth)	JP Morgan Chase (Bournemouth)	Power to dispose of securities	7,835,499	7,835,499
	SIMNA LTD	JP Morgan Chase (New York)	JP Morgan Chase (New York)	Power to dispose of securities	579,505	579,505
	SIMNA LTD	JP Morgan Chase (Bournemouth)	JP Morgan Chase (Bournemouth)	Power to dispose of securities	657,768	657,768
	SIMNA LTD	State Street Bank &Trust Co	State Street Bank & Trust Co	Power to dispose of securities	1,871,036	1,871,036

5. Changes in association

The persons who have become associates (2) of, ceased to be associates of, or have changed the nature of their association (9) with, the substantial holder in relation to voting interests in the company or scheme are as follows:

Name and ACN/ARSN (if applicable)	Nature of association
Schroder Investment Management Australia Limited (“SIMAL”)	Relevant Fund Manager
Schroder Investment Management UK Limited (“SIM LTD”)	Relevant Fund Manager
Schroder Investment Management North America (“SIMNA LTD”)	Relevant Fund Manager

6. Addresses

~~The addresses of persons named in this form are:~~

Name	Address
Schroder Investment Management (Australia) Limited (“SIMAL”)	Level 20, Angel Place, 123 Pitt Street, Sydney, 2000, Australia
Schroder Investment Management Limited (“SIM LTD”)	31 Gresham Street, London EC2V 7QA, UK
Schroder Investment Management North America (“SIMNA LTD”)	31 Gresham Street, London EC2V 7QA, UK