SPH Notice – Allan Gray Group

100080615/3821103.1
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
Note: This form must be completed in accordance with the instructions at the end of the
form.
To New Zealand Stock Exchange
and
To Chorus Limited
Relevant event being disclosed: Decrease in substantial holdings by more than 1%
Date of relevant event: 31 August 2018
Date this disclosure made: 4 September 2018
Date last disclosure made: 28 November 2017
Substantial product holder(s) giving disclosure
Full name(s): Allan Gray Australia Pty Ltd (Allan Gray Australia) and its related bodies
corporate as set out in Table 1 of Annexure A (together Allan Gray Group), as investment
manager for the funds or investment mandates listed at Table 2 of Annexure A.
Summary of substantial holding
Class of quoted voting products: Ordinary Shares
Summary for Allan Gray Group
For this disclosure,—
(a) total number held in class: 32,704,892
(b) total in class: 429,641,197
(c) total percentage held in class: 7.612%
For last disclosure,—
(a) total number held in class: 36,839,475
(b) total in class: 424,694,208
(c) total percentage held in class: 8.674%
Details of transactions and events giving rise to relevant event
Details of the transactions or other events requiring disclosure: See Annexure B –
Trades on market unless otherwise specified

100080615/3821103.1
Details after relevant event
Details for Allan Gray Australia Pty Ltd (Allan Gray Australia) and its related bodies
corporate as set out in Table 1 of Annexure A (together Allan Gray Group), as investment
manager for the funds or investment mandates listed at Table 2 of Annexure A.
Nature of relevant interest(s): As investment manager for the funds or investment
mandates listed at Table 2 of Annexure A that hold Chorus Limited shares as set
out in Annexure B
For that relevant interest,—
(a) number held in class: 32,704,892
(b) percentage held in class: 7.612%
(c) current registered holder(s): See Annexure B
(d) registered holder(s) once transfers are registered: See Annexure B

Additional information
Address(es) of substantial product holder(s): C/- Allan Gray Australia, Level 2 Challis
House, 4 Martin Place Sydney, NSW 2000, Australia
Contact details: Eugene Tan, Company Secretary, telephone: +61 2 8224 8627,
email: eugene.tan@orbis.com
Nature of connection between substantial product holders: Related bodies corporate, as
set out in Table 1 of Annexure A
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, Eugene Tan, Company Secretary, Allan Gray Australia 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.

100080615/3821103.1

ANNEXURE A OF 3 PAGES REFERRED TO IN THE ABOVE FORM
CHORUS LIMITED
Table 1 – Related bodies corporate
The following entities are associates of Allan Gray Australia Pty Ltd (AGA) and each other by virtue of being related bodies corporate.
Table 1 – Related bodies corporate
The following entities are associates of Allan Gray Australia Pty Ltd (AGA) and each other by virtue of being related bodies corporate.
Orbis Allan Gray Limited Orbis Mansfield Street Properties Ltd
Orbis Holdings Limited Orbis Investment Management (BVI) Limited (OIMLBVI)
Orbis Investment Management Limited (OIML) Orbis Investment Advisory Pty Limited
Orbis Asset Management Limited (OAML) Allan Gray (Holdings) Pty Ltd
Orbis Administration Limited Orbis Investment Advisory (Hong Kong) Limited
Orbis Investment Research Limited Orbis Client Services (Canada) Limited
Orbis Investment Management (MIS) Limited Orbis Holdings (UK) Limited
Triple Blue Holdings Limited Orbis Investment Management (Europe) LLP
Pictet Overseas Trust Corporation and Pictet Trustee Company SA Orbis Investment Management (Luxembourg) S.A
Allan & Gill Gray Foundation (Guernsey) EmCap Limited (Guernsey)

Table 2 - Funds
An entity within the Group acts as investment manager for some or all of the assets in the following funds.
No Fund name Manager Code Registered holder Persons entitled to be registered
holder
1. Allan Gray Australia Equity Fund AGA SMEF Citibank N.A., Sydney Branch as
SMEF’s custodian
Equity Trustees Limited as SMEF’s
responsible entity
2. Allan Gray Australia Balanced Fund AGA SMBF Citibank N.A., Hong Kong Branch
as SMBF’s custodian
Equity Trustees Limited as SMBF’s
responsible entity
3. Allan Gray Australia Stable Fund AGA SMSF Citibank N.A., Sydney Branch as
SMSF’s custodian
Equity Trustees Limited as SMSF’s
responsible entity
4. Warakirri Australian Equities Pensions
and Charities Fund
AGA SMWA JP Morgan Nominees Australia
Ltd as SMWA’s custodian
Warakirri Asset Management Pty Ltd
SMWA’s trustee
5. Morningstar Australian Shares High
Alpha Fund
AGA SMIA JP Morgan Nominees Australia
Ltd as SMIA’s custodian
Morningstar Investment Management
Australia Limited SMIA’s trustee
6. Construction and Building Unions
Superannuation Fund
AGA SMCB JP Morgan Nominees Australia
Ltd as SMCB’s custodian
United Super Pty Ltd as SMCB’s trustee
7. HESTA Superannuation Fund AGA SMHT JP Morgan Nominees Australia
Ltd as SMHT’s custodian
H.E.S.T. Australia Ltd as SMHT’s trustee
8. Hostplus Pooled Superannuation
Trust
AGA SMHP Citibank N.A., Sydney Branch as
SMHP’s custodian
Host Plus Pty ltd as SMHP’s trustee
9. Russell Australian Opportunities Fund AGA SMRI State Street Australia Ltd as
SMRI’s custodian
Russell Investment Management Ltd as
SMRI’s responsible entity
10. MyLifeMyMoney Superannuation
Fund
AGA SMCS NAB Custodial Services as
custodian for SMCS
CSF Pty Ltd as SMCS’s trustee
11. Maritime Super AGA SMMS NAB Custodial Services as
custodian for SMMS
Maritime Super Pty Ltd as SMMS’s
trustee
12. Non-Government Schools
Superannuation Fund
AGA SMNG State Street Australia Ltd as
SMNG’s custodian
Non-Government Schools
Superannuation Fund Pty Ltd as
SMNG’s trustee
13. REST Superannuation Fund AGA SMRT State Street Australia Ltd as
SMRT’s custodian
Retail Employees Superannuation Pty
Ltd as SMRT’s trustee
14. Government Employees
Superannuation Board
AGA SMGB Northern Trust Corporation as
SMGB’s custodian
Government Employees Superannuation
Board
15. Statewide Superannuation Trust AGA SMSW NAB Custodial Services as
custodian for SMSW
Statewide Superannuation Pty Ltd as
SMSW’s trustee
16. Orbis Global Equity Fund (Australia
Registered)
OIML GAPL Citibank N.A., Hong Kong Branch,
as GAPL’s custodian
Equity Trustees Limited as GAPL’s
responsible entity
17. Orbis Emerging Markets Equity Fund
(Australia Registered)
OIML EMAF Citibank N.A., Hong Kong Branch,
as EMAF’s custodian
Equity Trustees Limited as EMAF’s
responsible entity

100080615/3821103.1
No Fund name Manager Code Registered holder Persons entitled to be registered
holder
18. Orbis Global Equity LE Fund
(Australia Registered)
AGA GALE Citibank N.A., Hong Kong Branch,
as GALE’s custodian
Equity Trustees Limited as GALE’s
responsible entity
19. Orbis Global Equity Fund Limited OIML OGEF Citigroup Fund Services Canada,
Inc (Citi Canada) as OGEF’s
custodian
OGEF
20. Orbis Optimal SA Fund Limited OIML OSAP Citi Canada as OSAP’s custodian OSAP
21. Institutional Global Equity Fund OIML IGEF Citi Canada as IGEF’s custodian IGEF
22. Orbis Optimal LP OIML OOLP Citi Canada as OOLP’s custodian OOLP
23. Orbis International Equity LP OIML IELP Citi Canada as IELP’s custodian IELP
24. Orbis Institutional Global Equity LP OIML OGLP Citi Canada as OGLP’s custodian OGLP
25. Orbis Institutional International Equity
LP
OIML ONLP Citi Canada as ONLP’s custodian ONLP
26. Orbis Institutional U.S. Equity LP OIML USLP Citi Canada as USLP’s custodian USLP
27. Orbis Institutional Emerging Markets
Equity LP
OIML EMLP Citi Canada as EMLP’s custodian EMLP
28. Orbis SICAV – Global Equity Fund OIML SGPL Citibank International plc
(Luxembourg Branch) (Citi Lux)
as SGPL’s custodian
SGPL
29. Orbis SICAV – Asia- Ex Japan Fund OIML XJPL Citi Lux as XJPL’s custodian XJPL
30. Orbis SICAV – Global Balanced Fund OIML GBSA Citi Lux as GBSA’s custodian GBSA
31. Orbis SICAV – International Equity OIML SNPL Citi Lux as SNPL’s custodian SNPL
32. Orbis OEIC Global Equity Fund OIML UKGE Citi Lux as UKGE’s custodian UKGE
33. Orbis Institutional Global Equity
(OFO)
OIML OGEO Citi Canada as OGEO’s custodian OGEO

ANNEXURE B OF 1 PAGE REFERRED TO IN THE ABOVE FORM
Chorus Limited

Trade Date Reference Code Action No of security Consideration
28 Nov 17 to 31 Aug 18 SMBF Buy and Sell 36,380 $ 88,349
28 Nov 17 to 31 Aug 18 SMCB Buy and Sell -735,094 -$ 3,197,805
28 Nov 17 to 31 Aug 18 SMCS Buy and Sell -848,831 -$ 3,411,414
28 Nov 17 to 31 Aug 18 SMEF Buy and Sell -822,811 -$ 3,727,352
28 Nov 17 to 31 Aug 18 SMGB Buy and Sell -318,979 -$ 1,390,591
28 Nov 17 to 31 Aug 18 SMHP Buy and Sell -445,966 -$ 1,954,449
28 Nov 17 to 31 Aug 18 SMHT Buy and Sell -295,620 -$ 1,289,067
29 Jan 18 to 31 Aug 18 SMIA Buy and Sell -76,042 -$ 316,455
11 Dec 17 to 31 Aug 18 SMMS Buy and Sell -487,260 -$ 1,939,138
29 Nov 17 to 31 Aug 18 SMNG Buy and Sell 67,064 $ 252,382
28 Nov 17 to 31 Aug 18 SMRI Buy and Sell 230,138 $ 806,713
28 Nov 17 to 31 Aug 18 SMRT Buy and Sell -762,679 -$ 3,316,341
28 Nov 17 to 11 Jul 18 SMSF Buy and Sell -253,461 -$ 1,071,528
11 May 18 to 31 Aug 18 SMSW Buy and Sell 591,398 $ 2,218,541
29 Nov 17 to 31 Aug 18 SMWA Buy and Sell -12,820 -$ 56,708
Total -4,134,583 -$ 18,304,863

100080615/3821103.1
Trades giving rise to a change in relevant interest
Trades on market, unless otherwise stated
Current holding
Reference Code Total no of securities
SMBF 187,599
SMCB 5,021,578
SMCS 1,966,521
SMEF 9,473,507
SMGB 2,330,221
SMHP 3,426,850
SMHT 2,163,737
SMIA 373,018
SMMS 891,493
SMNG 249,481
SMRI 692,185
SMRT 5,245,402
SMSW 591,398
SMWA 91,902
Total 32,704,892