CHORUS LIMITED — Major Shareholding Notification 2023

Jun 1, 2023

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
	L1 Capital PtyLtd(125 378 145)and L1	Capital Strategic EquityManagement PtyLtd(648 751 928)
	he substantial holder on mpany on	31/05/2023 24/03/2023 24/03/2023

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)	Previous notice	Previous notice	Present notice	Present notice
	Person's votes	Voting power(5)	Person's votes	Voting power(5)
FPO	31,485,633	7.14%	36,463,390	8.34%
	Based on issued capital of 440,713,720 shares* Based on issued capital of 437,445,703 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:

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Name and ACN/ ARSN (if applicable) Nature of association
N/A
6. Addresses
The addresses of persons named in this form are as follows:
Name Address
L1 Capital Pty Ltd Level 45, 101 Collins Street, Melbourne, VIC, 3000
L1 Capital Strategic Equity Management Pty Ltd Level 45, 101 Collins Street, Melbourne, VIC, 3001
Signature
Print name Jane Stewart Capacity Head of Compliance
Sign here Date 2/06/2023
DIRECTIONS
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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 (ACN 126 378 145) and L1 Capital Strategic Equity Management Pty Ltd (ACN 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 2/06/2023 Changes in relevant interests	Print Name Jane Stewart Capacity Head of Compliance Sign Here Date 2/06/2023 Changes in relevant interests	Print Name Jane Stewart Capacity Head of Compliance Sign Here Date 2/06/2023 Changes in relevant interests	Print Name Jane Stewart Capacity Head of Compliance Sign Here Date 2/06/2023 Changes in relevant interests	Print Name Jane Stewart Capacity Head of Compliance Sign Here Date 2/06/2023 Changes in relevant interests	Print Name Jane Stewart Capacity Head of Compliance Sign Here Date 2/06/2023 Changes in relevant interests	Print Name Jane Stewart Capacity Head of Compliance Sign Here Date 2/06/2023 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		Person's votes affected
27/03/2023	L1 Capital Strategic EquityManagement PtyLtd	On-Market Purchase	312,525.75 $	150,268	FPO	150,268
28/03/2023	L1 Capital Strategic EquityManagement PtyLtd	On-Market Purchase	2,090,584.30 $	33,295	FPO	33,295
29/03/2023	L1 Capital Strategic EquityManagement PtyLtd	On-Market Purchase	2,324,273.86 $	83,588	FPO	83,588
31/03/2023	L1 Capital Strategic EquityManagement PtyLtd	On-Market Purchase	502,318.78 $	64,341	FPO	64,341
31/03/2023	L1 Capital PtyLtd	On-Market Purchase	592,116.42 $	75,843	FPO	75,843
1/05/2023	L1 Capital PtyLtd	On-Market Purchase	190,440.51 $	23,639	FPO	23,639
2/05/2023	L1 Capital PtyLtd	On-Market Purchase	242,294.85 $	30,191	FPO	30,191
16/05/2023	L1 Capital Strategic EquityManagement PtyLtd	In-Specie Transfer In	N/A	2,503,129	FPO	2,503,129
19/05/2023	L1 Capital PtyLtd	On-Market Purchase	3,411,822.98 $	437,531	FPO	437,531
25/05/2023	L1 Capital Strategic EquityManagement PtyLtd	In-Specie Transfer In	N/A	686,558	FPO	686,558
31/05/2023	L1 Capital PtyLtd	On-Market Purchase	1,065,784.69 $	140,785	FPO	140,785
31/05/2023	L1 Capital Strategic EquityManagement PtyLtd	On-Market Purchase	5,667,043.31 $	748,589	FPO	748,589

Annexure B

L1 Capital Pty (ACN 126 378 145) and L1 Capital Strategic Equity Management Pty Ltd (ACN 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	2/06/2023

Details of present relevant interests

Holder of relevant interest	Registered holder of securities	Persons entitled to be a registered holder	Nature of relevant interest	Class and number of securities	Class and number of securities
L1 Capital Pty Ltd	National Nominees Limited	National Nominees Limited	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.	910,088	FPO
L1 Capital Pty Ltd	State Street Australia Limited (SSAL)	State Street Australia Limited (SSAL)	as above	578,316	FPO
L1 Capital Pty Ltd	Morgan Stanley & Co. International PLC	Morgan Stanley & Co. International PLC	as above	8,956,164	FPO
L1 Capital Pty Ltd	Goldman Sachs International	Goldman Sachs International	as above	7,875,726	FPO
L1 Capital Strategic Equity Management Pty Ltd	Citicorp Nominees Pty Ltd	Citicorp Nominees Pty Ltd	as above	10,255,735	FPO
L1 Capital Strategic Equity Management Pty Ltd	JPMorgan Chase Bank, N.A.	JPMorgan Chase Bank, N.A.	as above	6,016,691	FPO
L1 Capital Strategic Equity Management Pty Ltd	State Street Australia Limited (SSAL)	State Street Australia Limited (SSAL)	as above	1,870,670	FPO
36,463,390