CHORUS LIMITED — Major Shareholding Notification 2022

Nov 1, 2022

Form 604

Corporations Act 2001 Section 671B

Notice of change of interests of substantial holder

To Company Name/ Scheme ACN/ ARSN 1. Details of substantial holder (1) Name ACN/ ARSN (if applicable) There was a change in the interests of t The previous notice was given to the co The previous notice was dated	Chorus Limited
	152 485 848
	L1 Capital PtyLtd and each of the entiti	es set out in Section 3
	21 125 378 145
	he substantial holder on mpany on	31/10/2022 25/03/2022 25/03/2022

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	36,464,794	8.16%	26,783,064	6.00%
	Based on issued capital of 446,658,327 shares* Based on issued capital of 446,305,292 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
See Annexure A

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 Annexure B

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. Addresse The address	Name and ACN/ ARSN(if applicable)	Name and ACN/ ARSN(if applicable)		Nature of association
	N/A
	s es of persons named in this form are as follows:
	Name			Address
	L1 Capital PtyLtd		Le	vel 28,101 Collins Street,Melbourne,VIC,3000
	L1 Capital Strategic EquityManagement PtyLtd		Le	vel 28,101 Collins Street,Melbourne,VIC,3001
		Capacity Date DIRECTIONS Jane Stewart		2/11/2022 Head of Compliance
Signature	Print name Sign here

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

Annexure A

L1 Capital Pty (ABN 21 126 378 145) and L1 Capital Strategic Equity Management Pty Ltd (ABN 87 648 751 928) change in substantial holding in Chorus Limited. This is Annexure "A" of 1 page referred to in the Form 604 (Notice of Change of interests of Substantial Holder)

Print Name Jane Stewart Capacity Head of Compliance Sign Here Date 2/11/2022

Changes in relevant interests

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	Class and number of securities affected	Person's votes affected
25/03/2022	Entities set out in Section 3	On-Market Sale	$ 13,036.01	1,937	FPO	1,937
30/03/2022	Entities set out in Section 3	On-Market Sale	$ 469,083.15	69,691	FPO	69,691
31/03/2022	Entities set out in Section 3	On-Market Sale	$ 4,339,828.37	638,447	FPO	638,447
1/04/2022	Entities set out in Section 3	On-Market Sale	$ 2,440,972.40	362,000	FPO	362,000
4/04/2022	Entities set out in Section 3	On-Market Sale	$ 1,436,826.95	216,801	FPO	216,801
7/04/2022	Entities set out in Section 3	On-Market Sale	$ 133,824.54	19,685	FPO	19,685

8/04/2022	Entities set out in Section 3	On-Market Sale	20,421.96 $	3,021	FPO	3,021
12/04/2022	Entities set out in Section 3	On-Market Sale	7,589.52 $	1,143	FPO	1,143
21/04/2022	Entities set out in Section 3	On-Market Sale	36,045.00 $	5,340	FPO	5,340
22/04/2022	Entities set out in Section 3	On-Market Sale	22,316.68 $	3,316	FPO	3,316
27/04/2022	Entities set out in Section 3	On-Market Sale	16,889.76 $	2,536	FPO	2,536
9/05/2022	Entities set out in Section 3	On-Market Purchase	1,325,613.90 $	202,785	FPO	202,785
12/05/2022	Entities set out in Section 3	On-Market Sale	23,769.60 $	3,714	FPO	3,714
13/05/2022	Entities set out in Section 3	On-Market Sale	170,012.14 $	26,215	FPO	26,215
17/05/2022	Entities set out in Section 3	On-Market Purchase	1,318,989.27 $	202,330	FPO	202,330
23/05/2022	Entities set out in Section 3	On-Market Sale	273,786.50 $	41,364	FPO	41,364
24/05/2022	Entities set out in Section 3	On-Market Sale	20,446.72 $	3,136	FPO	3,136
31/05/2022	Entities set out in Section 3	On-Market Sale	528,726.60 $	81,580	FPO	81,580
1/06/2022	Entities set out in Section 3	On-Market Sale	97,076.33 $	14,715	FPO	14,715

24/06/2022	Entities set out in Section 3	On-Market Sale	368,398.30 $	55,335	FPO	55,335
6/07/2022	Entities set out in Section 3	On-Market Purchase	612,255.81 $	91,946	FPO	91,946
13/07/2022	Entities set out in Section 3	On-Market Sale	250,941.37 $	37,230	FPO	37,230
15/07/2022	Entities set out in Section 3	On-Market Sale	970,273.96 $	141,607	FPO	141,607
26/07/2022	Entities set out in Section 3	On-Market Sale	22,118,863.52 $	3,097,518	FPO	3,097,518
27/07/2022	Entities set out in Section 3	On-Market Sale	701,975.04 $	98,592	FPO	98,592
28/07/2022	Entities set out in Section 3	On-Market Sale	720,785.96 $	101,092	FPO	101,092
28/07/2022	Entities set out in Section 3	On-Market Purchase	Individual portfolio transition. Trading completed by Citicorp Nominees Pty Ltd acting as Transition Manager.	2,332,056	FPO	2,332,056
29/07/2022	Entities set out in Section 3	On-Market Sale	87,513.04 $	12,200	FPO	12,200
3/08/2022	Entities set out in Section 3	On-Market Sale	1,631,963.28 $	224,142	FPO	224,142
5/08/2022	Entities set out in Section 3	On-Market Sale	283,550.66 $	38,682	FPO	38,682
17/08/2022	Entities set out in Section 3	On-Market Sale	1,736,313.73 $	242,025	FPO	242,025

18/08/2022	Entities set out in Section 3	On-Market Sale	51,615.86 $	7,206	FPO	7,206
30/08/2022	Entities set out in Section 3	On-Market Sale	715,000.00 $	100,000	FPO	100,000
31/08/2022	Entities set out in Section 3	On-Market Sale	3,580,020.00 $	500,000	FPO	500,000
25/10/2022	Entities set out in Section 3	On-Market Sale	2,870,269.27 $	403,411	FPO	403,411
26/10/2022	Entities set out in Section 3	On-Market Sale	567,528.00 $	80,000	FPO	80,000
27/10/2022	Entities set out in Section 3	On-Market Sale	2,695,892.05 $	377,166	FPO	377,166
31/10/2022	Entities set out in Section 3	On-Market Sale	41,914,950.00 $	5,500,000	FPO	5,500,000

Annexure B

L1 Capital Pty (ABN 21 126 378 145) and L1 Capital Strategic Equity Management Pty Ltd (ABN 87 648 751 928) change in substantial holding in Chorus Limited. This is Annexure "B" of 1 page referred to in the Form 604 (Notice of Change of interests of Substantial Holder)

Print Name	Jane Stewart	Capacity	Head of Compliance
Sign Here		Date	2/11/2022

Details of present relevant interests

Details of present relevant interests
Holder of relevant interest	Registered holder of securities	Persons entitled to be a registered holder	Class and number of securities
L1 Capital Pty Ltd	National Nominees Limited	National Nominees Limited	1,009,449	FPO
L1 Capital Pty Ltd	State Street Australia Limited (SSAL)	State Street Australia Limited (SSAL)	1,709,834	FPO
L1 Capital Pty Ltd	Goldman Sachs International	Goldman Sachs International	7,967,987	FPO
L1 Capital Pty Ltd	Morgan Stanley & Co. International PLC	Morgan Stanley & Co. International PLC	8,100,865	FPO
L1 Capital Strategic Equity Management Pty Ltd	Citicorp Nominees Pty Ltd	Citicorp Nominees Pty Ltd	7,114,220	FPO
L1 Capital Strategic Equity Management Pty Ltd	State Street Australia Limited (SSAL)	State Street Australia Limited (SSAL)	880,709	FPO
			26,783,064