CHORUS LIMITED — Major Shareholding Notification 2020

Sep 20, 2020

Form 604

Corporations Act 2001 Section 671B

Notice of change of interests of substantial holder

To Company Name/ SchemeACN/ ARSN1. Details of substantial holder (1)NameACN/ ARSN (if applicable)There was a change in the interests of thThe previous notice was given to the coThe previous notice was dated	CHORUSLIMITED
	152 485 848
	L1Capital PtyLtd
	21 125 378145
	e substantial holder onmpany on	18/09/202026/03/202026/03/2020

2. Previous and present voting power

The total number of votes attached to all the voting shares in the company or voting interests in the scheme that the substantial holder or an associate (2) had a relevant interest (3) in when last required, and when now required, to give a substantial holding notice to the company or scheme, are as follows:

Class ofsecurities (4)	Numberofsecurities	Numberofsecurities	Person'svotes (5)	Person'svotes (5)
	Person'svotes	Voting power(5)	Person'svotes	Voting power(5)
FPO	48,819,484	11.00%	43,609,816	9.83%
	*Based on issued capital of 444,491,560 shares

3. Changes in relevant interests

Particulars of each change in, or change in the nature of, a relevant interest of the substantial holder or an associate in voting securities of the company or scheme, since the substantial holder was last required to give a substantial holding notice to the company or scheme are as follows:

Date ofchange	Person whose relevant interestchanged	Nature ofchange (6)	Consideration given inrelation to change (7)	Class and number ofsecurities affected	Person'svotesaffected
18/09/2020	L1 Capital Pty Ltd	5,209,668		5,209,668	5,209,668

4. Present relevant interests

Particulars of each relevant interest of the substantial holder in voting securities after the change are as follows:

Holder ofrelevantinterest	RegisteredHolderofsecurities	Person entitled to beregistered asholder(8)	Nature of relevant interest	Class and number ofsecurities	Person'svotes
SeeSchedule 1

5. Changes in association

The persons who have become associates (2) of, ceased to be associates of, or have changed the nature of their association (9) with, the substantial holder in relation to voting interests in the company or scheme are as follows:

	Name andACN/ARSN(ifapplicable)	Name andACN/ARSN(ifapplicable)		Nature ofassociation
	N/A
6. Addresses
The addresses of persons		named in this form are as follows:
		Name		Address
		L1Capital PtyLtd	Level 28,101Collins Street,Melbourne,VIC, 3000
Signature
	Print name	MARK LANDAU	Capacity	Director
	Sign here		Date	21/09/2020
			DIRECTIONS

(1)	If there are a number of substantial holders with similar or related relevant interests (eg. a corporation and its related corporations, or the manager and trustee of an
	equity trust), the names could be included in an annexure to the form. If the relevant interests of a group of persons are essentially similar, they may be referred to
	throughout the form as a specifically named group if the membership of each group, with the names and addresses of members is clearly set out in paragraph 6 of the
	form.
(2)	See the definition of "associate" in section 9 of the Corporations Act 2001.
(3)	See the definition of "relevant interest" in sections 608 and 671B(7) of the Corporations Act 2001.
(4)	The voting shares of a company constitute one class unless divided into separate classes.
(5)	The person's votes divided by the total votes in the body corporate or scheme multiplied by 100.
(6)	Include details of:
	(a)
	any relevant agreement or other circumstances because of which the change in relevant interest occurred. If subsection 671B(4) applies, a copy of any
	document setting out the terms of any relevant agreement, and a statement by the person giving full and accurate details of any contract, scheme or
	arrangement, must accompany this form, together with a written statement certifying this contract, scheme or arrangement; and
	(b)any qualification of the power of a person to exercise, control the exercise of, or influence the exercise of, the voting powers or disposal of the securities to
	which the relevant interest relates (indicating clearly the particular securities to which the qualification applies).
	See the definition of "relevant agreement" in section 9 of the Corporations Act 2001.
(7)	Details of the consideration must include any and all benefits, money and other, that any person from whom a relevant interest was acquired has, or may, become entitled to
	receive in relation to that acquisition. Details must be included even if the benefit is conditional on the happening or not of a contingency. Details must be included of any
	benefit paid on behalf of the substantial holder or its associate in relation to the acquisitions, even if they are not paid directly to the person from whom the relevant interest
	was acquired.
(8)	If the substantial holder is unable to determine the identity of the person (eg. if the relevant interest arises because of an option) write "unknown".

(9) Give details, if appropriate, of the present association and any change in that association since the last substantial holding notice.

Schedule 1 - L1 Capital Pty Ltd change in substantial holding for CHORUS LIMITED Details of relevant interests

Holder of relevant interest	Nature of relevant interest	Class and number of securities
L1 Capital Pty Ltd	Power to (or to control) exercise vote and/ordispose of the securities as discretionary investmentmanagers or advisers of superannuation funds,pooled superannuation trusts, managed investmentschemes and investment management agreements.	Fully paid ordinary shares43,609,816

Details of present registered holders

Holder of relevant interest	Registered holder of securities	Persons entitled to be a registered holder	Class and number ofsecurities	Class and number ofsecurities
L1 Capital Pty Ltd	National Nominees Ltd	National Nominees Ltd	5,699,125	FPO
L1 Capital Pty Ltd	Credit Suisse	Credit Suisse	24,892,220	FPO
L1 Capital Pty Ltd	Citigroup Nominees	Citigroup Nominees	4,196,858	FPO
L1 Capital Pty Ltd	Morgan Stanley	Morgan Stanley	7,255,023	FPO
L1 Capital Pty Ltd	State Street Australia Limited	State Street Australia Limited	1,566,590	FPO
			43,609,816