CHORUS LIMITED — Major Shareholding Notification 2023

Mar 23, 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)	Chorus Limited
	152 485 848
	L1 Capital PtyLtd and each of the entities set out in Section 3
	L1 Capital PtyLtd(125 378 145)and L1 Capital Strategic EquityManagement PtyLtd(648 751 928)

There was a change in the interests of the substantial holder on The previous notice was given to the company on The previous notice was dated	22/03/2023
	2/11/2022
	2/11/2022

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)	Previous notice	Previous notice	Present notice	Present notice
	Person's votes	Voting power(5)	Person's votes	Voting power(5)
FPO	26,783,064	6.00%	31,485,633	7.14%
	Based on issued capital of 446,305,292 shares* Based on issued capital of 440,713,720 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 24/03/2023
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 24/03/2023

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	Class and number of securities affected	Person's votes affected
16/11/2022	L1 Capital PtyLtd	On-Market Purchase	312,525.75 $	43,107	FPO	43,107
30/11/2022	L1 Capital PtyLtd	On-Market Sale	2,090,584.30 $	277,494	FPO	277,494
1/12/2022	L1 Capital PtyLtd	On-Market Sale	2,324,273.86 $	309,757	FPO	309,757
2/12/2022	L1 Capital PtyLtd	On-Market Sale	292,781.85 $	38,695	FPO	38,695
8/12/2022	L1 Capital PtyLtd	In-Specie Transfer Out	N/A	145,327	FPO	145,327
15/12/2022	L1 Capital PtyLtd	On-Market Sale	2,738,324.12 $	351,712	FPO	351,712
16/12/2022	L1 Capital Strategic EquityManagement PtyLtd	On-Market Purchase	3,966,997.19 $	511,138	FPO	511,138
29/12/2022	L1 Capital Strategic EquityManagement PtyLtd	On-Market Purchase	698,856.96 $	90,997	FPO	90,997
10/01/2023	L1 Capital Strategic EquityManagement PtyLtd	On-Market Purchase	283,233.42 $	37,614	FPO	37,614
12/01/2023	L1 Capital PtyLtd	On-Market Purchase	47,045.62 $	6,273	FPO	6,273
13/01/2023	L1 Capital PtyLtd	On-Market Purchase	10,022.83 $	1,331	FPO	1,331
19/01/2023	L1 Capital Strategic EquityManagement PtyLtd	On-Market Purchase	1,073,165.64 $	142,513	FPO	142,513
16/01/2023	L1 Capital PtyLtd	On-Market Purchase	128,434.16 $	16,936	FPO	16,936
19/01/2023	L1 Capital PtyLtd	On-Market Purchase	155,322.18 $	20,239	FPO	20,239

19/01/2023	L1 Capital Strategic EquityManagement PtyLtd	On-Market Purchase	1,932,904.95 $	251,314	FPO	251,314
20/01/2023	L1 Capital Strategic EquityManagement PtyLtd	On-Market Purchase	1,418,768.37 $	186,629	FPO	186,629
24/01/2023	L1 Capital Strategic EquityManagement PtyLtd	On-Market Purchase	289,029.12 $	37,378	FPO	37,378
24/01/2023	L1 Capital PtyLtd	On-Market Purchase	1,816,543.15 $	234,835	FPO	234,835
25/01/2023	L1 Capital PtyLtd	On-Market Purchase	1,429,084.16 $	186,264	FPO	186,264
27/01/2023	L1 Capital PtyLtd	On-Market Purchase	1,405,569.05 $	185,086	FPO	185,086
31/01/2023	L1 Capital PtyLtd	On-Market Purchase	750,666.94 $	97,738	FPO	97,738
1/02/2023	L1 Capital PtyLtd	On-Market Purchase	2,019,984.48 $	260,198	FPO	260,198
14/02/2023	L1 Capital Strategic EquityManagement PtyLtd	On-Market Purchase	1,757,991.14 $	222,230	FPO	222,230
17/02/2023	L1 Capital Strategic EquityManagement PtyLtd	On-Market Purchase	3,160,351.07 $	409,311	FPO	409,311
21/02/2023	L1 Capital PtyLtd	On-Market Purchase	748,358.28 $	103,157	FPO	103,157
21/02/2023	L1 Capital Strategic EquityManagement PtyLtd	On-Market Purchase	1,151,393.38 $	159,233	FPO	159,233
22/02/2023	L1 Capital PtyLtd	On-Market Purchase	882,499.25 $	121,909	FPO	121,909
22/02/2023	L1 Capital Strategic EquityManagement PtyLtd	On-Market Purchase	224,886.77 $	31,066	FPO	31,066
24/02/2023	L1 Capital Strategic EquityManagement PtyLtd	On-Market Purchase	1,540,477.05 $	207,393	FPO	207,393
27/02/2023	L1 Capital Strategic EquityManagement PtyLtd	On-Market Purchase	1,966,385.00 $	264,985	FPO	264,985
28/02/2023	L1 Capital PtyLtd	On-Market Purchase	833,082.95 $	112,376	FPO	112,376
28/02/2023	L1 Capital Strategic EquityManagement PtyLtd	On-Market Purchase	231,266.91 $	31,196	FPO	31,196
7/03/2023	L1 Capital Strategic EquityManagement PtyLtd	On-Market Purchase	1,111,222.68 $	147,885	FPO	147,885
14/03/2023	L1 Capital Strategic EquityManagement PtyLtd	On-Market Purchase	1,369,690.75 $	188,883	FPO	188,883
14/03/2023	L1 Capital PtyLtd	On-Market Sale	981,263.41 $	135,427	FPO	135,427
15/03/2023	L1 Capital PtyLtd	On-Market Purchase	950,575.27 $	129,405	FPO	129,405
22/03/2023	L1 Capital Strategic EquityManagement PtyLtd	In-Specie Transfer In	N/A	914,564	FPO	914,564
23/02/2023	L1 Capital Strategic EquityManagement PtyLtd	On-Market Purchase	4,470,556.05 $	607,798	FPO	607,798

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 24/03/2023

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	595,562	FPO
L1 Capital Pty Ltd	Morgan Stanley & Co. International PLC	Morgan Stanley & Co. International PLC	as above	9,106,020	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	7,787,762	FPO
L1 Capital Strategic Equity Management Pty Ltd	JPMorgan Chase Bank, N.A.	JPMorgan Chase Bank, N.A.	as above	4,238,921	FPO
L1 Capital Strategic Equity Management Pty Ltd	State Street Australia Limited (SSAL)	State Street Australia Limited (SSAL)	as above	971,554	FPO
31,485,633