CHORUS LIMITED — Major Shareholding Notification 2026

Feb 24, 2026

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	` 23/02/2026 23/09/2025 23/09/2025

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	34,111,525	7.86%	28,407,350	6.55%
	*Based on issued capital of 433,887,294 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 Legal & Compliance
Sign here Date 25/02/2026
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".
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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 125 378 145) and L1 Capital Strategic Equity Management Pty Ltd (ACN 648 751 928) change in substantial holding in Chorus Limited. This is Annexure "A" of 2 pages referred to in the Form 604 (Notice of change of interests of substantial holder)

Print Name

Sign Here

Jane Stewart

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Capacity Date 25/02/2026

Head of Legal & Compliance

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
30/09/2025	L1 Capital Pty Ltd	On-Market Sale	410,091.44 $	49,054	FPO	49,054
29/09/2025	L1 Capital Strategic Equity Management Pty Ltd	On-Market Sale	356,580.00 $	42,450	FPO	42,450
30/09/2025	L1 Capital Strategic Equity Management Pty Ltd	On-Market Sale	301,411.44 $	36,054	FPO	36,054
1/10/2025	L1 Capital Strategic Equity Management Pty Ltd	On-Market Sale	6,748,669.48 $	809,588	FPO	809,588
2/10/2025	L1 Capital Strategic Equity Management Pty Ltd	On-Market Sale	6,225,012.52 $	747,554	FPO	747,554
7/10/2025	L1 Capital Strategic Equity Management Pty Ltd	On-Market Sale	768,764.52 $	92,178	FPO	92,178
10/10/2025	L1 Capital Strategic Equity Management Pty Ltd	On-Market Sale	65,345.28 $	8,008	FPO	8,008
22/10/2025	L1 Capital Strategic Equity Management Pty Ltd	On-Market Purchase	9,546.20 $	1,180	FPO	1,180
23/10/2025	L1 Capital Strategic Equity Management Pty Ltd	On-Market Sale	411,653.61 $	50,609	FPO	50,609
24/10/2025	L1 Capital Strategic Equity Management Pty Ltd	On-Market Sale	31,048.47 $	3,819	FPO	3,819
29/10/2025	L1 Capital Strategic Equity Management Pty Ltd	On-Market Purchase	3,768.69 $	467	FPO	467
4/11/2025	L1 Capital Strategic Equity Management Pty Ltd	On-Market Sale	256,525.30 $	30,740	FPO	30,740
11/11/2025	L1 Capital Strategic Equity Management Pty Ltd	On-Market Purchase	6,913.72 $	836	FPO	836
27/11/2025	L1 Capital Strategic Equity Management Pty Ltd	On-Market Sale	684,818.75 $	84,410	FPO	84,410

28/11/2025	L1 Capital Strategic Equity Management Pty Ltd	On-Market Sale	402,405.00 $	50,000	FPO	50,000
1/12/2025	L1 Capital Strategic Equity Management Pty Ltd	On-Market Sale	1,503,894.53 $	187,635	FPO	187,635
3/12/2025	L1 Capital Strategic Equity Management Pty Ltd	On-Market Sale	265,664.52 $	33,084	FPO	33,084
4/12/2025	L1 Capital Strategic Equity Management Pty Ltd	On-Market Sale	1,634,835.58 $	203,972	FPO	203,972
8/12/2025	L1 Capital Strategic Equity Management Pty Ltd	On-Market Sale	3,982,766.90 $	497,528	FPO	497,528
9/12/2025	L1 Capital Strategic Equity Management Pty Ltd	On-Market Sale	2,218,238.00 $	276,500	FPO	276,500
10/12/2025	L1 Capital Strategic Equity Management Pty Ltd	On-Market Sale	126,740.06 $	15,803	FPO	15,803
12/12/2025	L1 Capital Strategic Equity Management Pty Ltd	On-Market Sale	530,075.00 $	65,000	FPO	65,000
17/12/2025	L1 Capital Strategic Equity Management Pty Ltd	On-Market Sale	1,144,424.32 $	139,932	FPO	139,932
18/12/2025	L1 Capital Strategic Equity Management Pty Ltd	On-Market Sale	808,757.84 $	99,597	FPO	99,597
19/12/2025	L1 Capital Strategic Equity Management Pty Ltd	On-Market Sale	5,691,609.58 $	703,668	FPO	703,668
3/02/2026	L1 Capital Strategic Equity Management Pty Ltd	On-Market Sale	281,860.00 $	34,000	FPO	34,000
16/02/2026	L1 Capital Strategic Equity Management Pty Ltd	On-Market Purchase	30,709.26 $	3,922	FPO	3,922
23/02/2026	L1 Capital Strategic Equity Management Pty Ltd	On-Market Sale	2,546,650.00 $	310,000	FPO	310,000
24/02/2026	L1 Capital Strategic Equity Management Pty Ltd	On-Market Sale	9,348,752.39 $	1,139,397	FPO	1,139,397

Annexure B

L1 Capital Pty (ACN 125 378 145) 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 Legal & Compliance Sign Here Date 25/02/2026

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	Merrill Lynch (Australia) Nominees Pty Limited	Merrill Lynch (Australia) Nominees Pty 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.	1,680,661	FPO
L1 Capital Pty Ltd	Morgan Stanley & Co. International PLC	Morgan Stanley & Co. International PLC	as above	5,884,919	FPO
L1 Capital Pty Ltd	Goldman Sachs International	Goldman Sachs International	as above	7,285,758	FPO
L1 Capital Pty Ltd	JPMorgan Chase Bank, N.A.	JPMorgan Chase Bank, N.A.	as above	8,635,487	FPO
L1 Capital Strategic Equity Management Pty Ltd	Citicorp Nominees Pty Ltd	Citicorp Nominees Pty Ltd	as above	2,987,080	FPO
L1 Capital Strategic Equity Management Pty Ltd	State Street Australia Limited (SSAL)	State Street Australia Limited (SSAL)	as above	44,198	FPO
L1 Capital Strategic Equity Management Pty Ltd	JPMorgan Chase Bank, N.A.	JPMorgan Chase Bank, N.A.	as above	1,889,247	FPO