CHORUS LIMITED — Major Shareholding Notification 2018

Oct 10, 2018

Disclosure of beginning to have substantial holding

Section 276, Financial Markets Conduct Act 2013

To New Zealand Stock Exchange

and

To Chorus Ltd Date this disclosure made: 11 October 2018 Date on which substantial holding began: 9 October 2018

Substantial product holder(s) giving disclosure

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

Summary of substantial holding to which disclosure relates

Class of quoted voting products: Ordinary shares (CNU NZ)

Summary for: Accident Compensation Corporation (ACC)

For this disclosure,—

(a) Total number held in class: 22,041,578 (b) Total in class: 436,075,010 (c) Total percentage held in class: 5.055%

Details of relevant interests

Details for ACC

Nature of relevant interest(s):

Beneficial owner of securities under §235(1)(b) of the Financial Markets Conduct Act

No relevant agreement document needs to be attached under regulation 139.

For that relevant interest,—

• (a) Number held in class: 22,041,578 (b) Percentage held in class: 5.055% (c) Current registered holder(s): ACC holds 21,563,771 shares via New Zealand Central Securities Depository Limited (NZCSD) and 477,807 shares via JPMorgan Nominees Australia

• (d) Registered holder(s) once transfers are registered: unknown

Details of transactions and events giving rise to substantial holding

Details of the transactions or other events requiring disclosure:

From 19 September 2018 to 9 October 2018, ACC had the following aggregated on-market transactions in Chorus Ltd:

• Purchases of 139,019 shares for consideration of NZD $667,490

• Sales of 51,754 shares for consideration of NZD $255,960

• Allotment of 587,407 shares received under the Dividend Reinvestment Plan on 9 October 2018

Additional information

Address of substantial product holder(s): ACC: Justice Centre, 19 Aitken Street, PO Box 242, Wellington, NZ

Contact details: Joshua Meier +64 4 816 6600 investmentscompliance@acc.co.nz

In accordance with the Financial Markets Authority’s Guidance Note: Guidance on Substantial Product Holder Disclosures issued on 27 September 2017, ACC has not made disclosures for employees who manage the financial products of which ACC is the beneficial owner.

Name of any other person believed to have given, or believed to be required to give, a disclosure under the Financial Markets Conduct Act 2013 in relation to the financial products to which this disclosure relates: n/a

Certification

I, Joshua Meier, certify 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.