SPH Notice – Accident Compensation Corporation (ACC)

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 September 2019
Date on which substantial holding began: 10 September 2019
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 & CNU AU)
Summary for: Accident Compensation Corporation (ACC)
For this disclosure,—
(a) Total number held in class: 21,989,066
(b) Total in class: 439,288,154
(c) Total percentage held in class: 5.006%
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: 21,989,066
(b) Percentage held in class: 5.006%
(c) Current registered holder(s): ACC holds 21,014,653 shares via New Zealand Central
Securities Depository Limited (NZCSD) and 974,413 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 10 May 2019 to 10 September 2019, ACC had the following aggregated on-market
transactions in Chorus Ltd:
• Purchases of 5,720,837 NZX listed shares for consideration of NZD $30,617,995.78
• Purchases of 50,000 ASX listed shares for consideration of AUD $270,405.00
• Sales of 2,812,969 NZX listed shares for consideration of NZD $16,266,743.84

Additional information
Address of substantial product holder(s): ACC: Justice Centre, 19 Aitken Street, PO Box 242,
Wellington, NZ
Contact details: Matthew Cunliffe +64 4 816 5743 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, 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.