SSH Notice – Accident Compensation Corporation (ACC)

Disclosure of movement of 1% or more in substantial holding or change in
nature of relevant interest or both
Sections 277 and 278, Financial Markets Conduct Act 2013

To New Zealand Stock Exchange
and
To Chorus Ltd
Relevant event being disclosed: Movement of 1% or more
Date of relevant event: 7 April 2017
Date this disclosure made: 10 April 2017
Date last disclosure made: 23 August 2016

Substantial product holder(s) giving disclosure
Full Name(s): Accident Compensation Corporation (ACC)
Nicholas Bagnall, Guy Elliffe, Paul Robertshawe, Blair Tallott, Blair Cooper, Jason Familton,
Jonathan Davis

Summary of substantial holding
Class of quoted voting products: Ordinary shares (CNU NZ)
Summary for: Accident Compensation Corporation (ACC)
Nicholas Bagnall, Guy Elliffe, Paul Robertshawe, Blair Tallott, Blair Cooper, Jason Familton
For this disclosure,—
(a) Total number held in class: 20,988,401
(b) Total in class: 411,001,665
(c) Total percentage held in class: 5.107%
For last disclosure,—
(a) Total number held in class: 24,554,049
(b) Total in class: 400,799,739
(c) Total percentage held in class: 6.126%

Summary for: Jason Familton
For this disclosure,—
(a) Total number held in class: 21,009,816
(b) Total in class: 411,001,665
(c) Total percentage held in class: 5.112%
For last disclosure,—
(a) Total number held in class: 24,574,433
(b) Total in class: 400,799,739
(c) Total percentage held in class: 6.131%

Summary for: Jonathan Davis
For this disclosure,—
(a) Total number held in class: 20,992,414
(b) Total in class: 411,001,665
(c) Total percentage held in class: 5.108%
For last disclosure,—
(a) Total number held in class: 24,558,062
(b) Total in class: 400,799,739
(c) Total percentage held in class: 6.127%

Details of transactions and events giving rise to relevant event
Details of the transactions or other events requiring disclosure:
ACC had aggregated on-market transactions in Chorus Ltd between12 August 2016 and 7 April
2017 as follows:
 Purchases of 6,673,739 shares for consideration of NZD $26,829,476
 Sales of 10,566,694 shares for consideration of NZD $43,690,593
 Sales of 991,169 shares for consideration of AUD $3,858,597

ACC received ordinary shares issued under the Dividend Reinvestment Plan as follows:
 Received 857,411 shares on 7 October 2016
 Received 461,065 shares on 4 April 2017

Jason Familton received ordinary shares issued under the Dividend Reinvestment Plan as
follows:
 Received 620 shares on 7 October 2016
 Received 411 shares on 4 April 2017

Details after relevant event
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: 20,988,401
(b) Percentage held in class: 5.107%
(c) Current registered holder(s): ACC holds 20,431,530 NZX listed shares via New Zealand
Central Securities Depository Limited (NZCSD) and 556,871 ASX listed shares indirectly
via J.P. Morgan Nominees Australia Ltd.
(d) Registered holder(s) once transfers are registered: unknown
For a derivative relevant interest, also—
(a) type of derivative: n/a

(b) details of derivative: n/a
(c) parties to the derivative: n/a
(d) if the substantial product holder is not a party to the derivative, the nature of the relevant
interest in the derivative: n/a

Details for Jason Familton
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: 21,415
(b) Percentage held in class: 0.005%
(c) Current registered holder(s): Jason Familton, either directly or indirectly
(d) Registered holder(s) once transfers are registered: n/a
For a derivative relevant interest, also—
(a) type of derivative: n/a
(b) details of derivative: n/a
(c) parties to the derivative: n/a
(d) if the substantial product holder is not a party to the derivative, the nature of the relevant
interest in the derivative: n/a

Details for Jonathan Davis
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: 4,013
(b) Percentage held in class: 0.001%
(c) Current registered holder(s): Jonathan Davis, either directly or indirectly
(d) Registered holder(s) once transfers are registered: n/a
For a derivative relevant interest, also—
(a) type of derivative: n/a
(b) details of derivative: n/a
(c) parties to the derivative: n/a
(d) if the substantial product holder is not a party to the derivative, the nature of the relevant
interest in the derivative: n/a

Details for Nicholas Bagnall, Guy Elliffe, Paul Robertshawe, Blair Tallott, Blair Cooper, Jason
Familton, Jonathan Davis
Nature of relevant interest(s):
Qualified powers to exercise control of rights to vote and/or of acquisition or disposal of
some or all of the financial products, of which the Accident Compensation Corporation
("ACC") is the beneficial owner under §235(1)(c)and 235(1)(d) of the Financial Markets
Conduct Act. Further to regulation 139(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,
(a) Number held in class: 20,988,401
(b) Percentage held in class: 5.107%
(c) Current registered holder(s): ACC via New Zealand Central Securities Depository Limited
(NZCSD)
(d) Registered holder(s) once transfers are registered: unknown
For a derivative relevant interest, also—
(a) type of derivative: n/a
(b) details of derivative: n/a
(c) parties to the derivative: n/a
(d) if the substantial product holder is not a party to the derivative, the nature of the relevant
interest in the derivative: n/a

Additional information
Address of substantial product holder(s):
ACC: Justice Centre, 19 Aitken Street, PO Box 242, Wellington, NZ
Contact details: Jonathan Williams +64 4 816 7045 investmentscompliance@acc.co.nz
Nature of connection between substantial product holders: Nicholas Bagnall, Guy Elliffe, Paul
Robertshawe, Blair Tallott, Blair Cooper, Jason Familton and Jonathan Davis are employees of
ACC and either a portfolio manager, equity analyst or corporate governance manager. 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 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, Jonathan Williams 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.