CHORUS LIMITED — Major Shareholding Notification 2020

Mar 25, 2020

Form 604

Corporations Act 2001 Section 671B

Notice of change of interests of substantial holder

To Company Name/ Scheme CHORUS LIMITED ACN/ ARSN 152 485 848 1. Details of substantial holder (1) Name L1 Capital Pty Ltd ACN/ ARSN (if applicable) 21 125 378 145 There was a change in the interests of the substantial holder on 24/03/2020 The previous notice was given to the company on 1/06/2018 The previous notice was dated 1/06/2018

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 of securities(4)	Number of securities	Number of securities	Person's votes(5)	Person's votes(5)
	Person's votes	Voting power(5)	Person's votes	Voting power(5)
FPO	63,601,466	14.80%	54,258,751	12.23%

*Based on issued capital of 443,709,223 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 of change	Person whose relevant interest changed	Nature of change(6)	Consideration given in relation to change(7)	Class and number of securities affected	Person's votes affected
1/6/2018 to 24/03/2020	L1 Capital Pty Ltd	Disposal of 9,342,715 shares		9,342,715	9,342,715

4. Present relevant interests

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

Holder of relevant interest	Registered Holder of securities	Person entitled to be registered as holder(8)	Nature of relevant interest	Class and number of securities	Person's votes
See Schedule 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:

6. Addresses The addresses of persons named in this form are as follows: Signature Print name Capacity Sign here Date Nature of association Name L1 Capital PtyLtd Address Name and ACN/ ARSN(if applicable) N/A Level 28,101 Collins Street,Melbourne,VIC, 3000 26/03/2020 MARK LANDAU Director	Name and ACN/ ARSN(if applicable)	Name and ACN/ ARSN(if applicable)	Nature of association
	N/A
		Name	Address
		L1 Capital PtyLtd	Level 28,101 Collins Street,Melbourne,VIC, 3000
Signature

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/or dispose of the securities as discretionary investment managers or advisers of superannuation funds, pooled superannuation trusts, managed investment schemes and investment management agreements.	Fully paid ordinary shares 54,258,751

Details of present registered holders

Holder of relevant interest	Registered holder of securities	Persons entitled to be a registered holder	Class and number of securities	Class and number of securities
L1 Capital Pty Ltd	National Nominees Ltd	National Nominees Ltd	5,911,403	FPO
L1 Capital Pty Ltd	Credit Suisse	Credit Suisse	12,073,005	FPO
L1 Capital Pty Ltd	Citigroup Nominees	Citigroup Nominees	4,273,873	FPO
L1 Capital Pty Ltd	Northern Trust	Northern Trust	1,432,946	FPO
L1 Capital Pty Ltd	Morgan Stanley	Morgan Stanley	28,972,477	FPO
L1 Capital Pty Ltd	State Street Australia Limited	State Street Australia Limited	1,595,047	FPO
			54,258,751