Chorus : SPH Notice - Accident Compensation Corporation (ACC)

Disclosure of ceasing to have substantial holding

Section 279, Financial Markets Conduct Act 2013

To New Zealand Stock Exchange and

To Chorus Ltd

Date this disclosure made: 14 February 2019

Date last disclosure made: 18 December 2018

Date on which substantial holding ceased: 12 February 2019

Substantial product holder(s) giving disclosure

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

Summary of previous substantial holding

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

Summary for: Accident Compensation Corporation (ACC)

For last disclosure:

(a) Total number held in class:	21,804,402
(b) Total in class:	436,075,010
(c) Total percentage held in class:	5.000%

For current holding after ceasing to have substantial holding:

(a) Total number held in class:	21,620,711
(b) Total in class:	436,075,000
(c) Total percentage held in class:	4.958%

Details of transactions and events giving rise to ceasing of substantial holding

Details of the transactions or other events requiring disclosure:

From 18 December 2018 to 12 February 2019, ACC had the following aggregated on-market transactions in Chorus Ltd:

• • Sales of 932,365 shares for consideration of NZD $4,746,953.14

• • Purchases of 748,674 shares for consideration of NZD $3,527,767.31

Additional information

Address(es) of substantial product holder(s):

ACC: Justice Centre, 19 Aitken Street, PO Box 242, Wellington 6140.

Contact details: Matthew Cunliffe [phone]

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 securities to which this disclosure relates: n/a

Certification

I, Matthew Cunliffe, 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.