CHORUS LIMITED — Major Shareholding Notification 2020

Sep 22, 2020

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 NZX Limited

and

To Chorus Limited

Relevant event being disclosed: Movement of 1% or more in the substantial holding

Date of relevant event: 18 September 2020

Date this disclosure made: 21 September 2020

Date last disclosure made: 26 March 2020

Substantial product holder(s) giving disclosure

Full name(s): L1 CAPITAL PTY LTD

Summary of substantial holding

Class of quoted voting products: Ordinary share

Summary for L1 CAPITAL PTY LTD

For this disclosure,—

• (a) total number held in class: 43,609,816

• (b) total in class: 444,491,560

• (c) total percentage held in class: 9.83%

• For last disclosure,—

• (a) total number held in class: 48,819,484

• (b) total in class: 443,709,223

• (c) total percentage held in class: 11.00%

Details of transactions and events giving rise to relevant event

Details of the transactions or other events requiring disclosure: Disposal of 5,209,668 units on market.

Details after relevant event

Details for L1 CAPITAL PTY LTD

Nature of relevant interest(s): L1 Capital has a relevant interest in the ordinary shares of Chorus Limited (CNU) in its capacity as investment manager for a range of client portfolios. L1 Capital’s relevant interest arises under its investment management contract(s) with the clients and only from the powers of investment contained in the investment management contract(s), including the power to exercise, or to control the exercise of, a right to vote

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attached to the ordinary shares of CNU, or to acquire or dispose of, or to control the acquisition or disposal of, the ordinary shares of CNU.

Additional information

Address(es) of substantial product holder(s): Level 28 101 Collins Street, Melbourne, VIC, 3000. Australia

Contact details: Jane Stewart, +61 3 9286 7015, compliance@L1.com.au

Certification

I, Jane Stewart , 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.

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