SPH Notice – L1 Capital Pty Ltd

To Company Name/ SchemeChorus Limited
ACN/ ARSN152 485 848
1. Details of substantial holder (1)
NameL1 Capital Pty Ltd and each of the entities set out in Section 3
ACN/ ARSN (if applicable)L1 Capital Pty Ltd (125 378 145) and L1 Capital Strategic Equity Management Pty Ltd (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
2. Previous and present voting power
*Based on issued capital of 446,305,292 shares*Based on issued capital of 440,713,720 shares
3. Changes in relevant interests
Date of
change
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:
See
Annexure B
Nature of change (6)
Consideration given in
relation to change (7)
Person whose relevant interest
changed
Person's votes
Class and number of
securities affected
Registered Holder of securities
Person entitled to be
registered as holder (8)
Present noticePrevious notice
7.14%
Person's votesVoting power (5)Person's votes
26,783,064 6.00%31,485,633
Nature of relevant interest
Class and number of
securities
Holder of
relevant
interest
Form 604
Corporations Act 2001
Section 671B
Notice of change of interests of substantial holder
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:
Voting power (5)
FPO
Class of securities (4)
22/03/2023
2/11/2022
2/11/2022
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:

5. Changes in association
6. Addresses
The addresses of persons named in this form are as follows:
Signature
Print nameCapacity
Sign hereDate
DIRECTIONS
(1)
(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)
(b)
See the definition of "relevant agreement" in section 9 of the Corporations Act 2001.
(7)
(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.
L1 Capital Strategic Equity Management Pty LtdLevel 45, 101 Collins Street, Melbourne, VIC, 3001
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.
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.
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).
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:
Nature of association
Name
L1 Capital Pty Ltd
Address
Name and ACN/ ARSN (if applicable)
N/A
Level 45, 101 Collins Street, Melbourne, VIC, 3000
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
24/03/2023
Jane StewartHead of Compliance

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 NameJane StewartCapacityHead of Compliance
Sign HereDate
24/03/2023
Changes in relevant interests
16/11/2022
On-Market Purchase
312,525.75$ 43,107
FPO
43,107
30/11/2022
On-Market Sale 2,090,584.30$
277,494
FPO
277,494
1/12/2022
On-Market Sale 2,324,273.86$
309,757
FPO
309,757
2/12/2022
On-Market Sale 292,781.85$
38,695
FPO
38,695
8/12/2022
In-Specie Transfer Out N/A
145,327
FPO
145,327
15/12/2022
On-Market Sale 2,738,324.12$
351,712
FPO
351,712
16/12/2022
On-Market Purchase 3,966,997.19$
511,138
FPO
511,138
29/12/2022
On-Market Purchase 698,856.96$
90,997
FPO
90,997
10/01/2023
On-Market Purchase 283,233.42$
37,614
FPO
37,614
12/01/2023
On-Market Purchase 47,045.62$
6,273
FPO
6,273
13/01/2023
On-Market Purchase 10,022.83$
1,331
FPO
1,331
19/01/2023
On-Market Purchase 1,073,165.64$
142,513
FPO
142,513
16/01/2023
On-Market Purchase 128,434.16$
16,936
FPO
16,936
19/01/2023
On-Market Purchase 155,322.18$
20,239
FPO
20,239
L1 Capital Pty Ltd
L1 Capital Strategic Equity Management Pty Ltd
L1 Capital Pty Ltd
L1 Capital Strategic Equity Management Pty Ltd
L1 Capital Strategic Equity Management Pty Ltd
L1 Capital Pty Ltd
L1 Capital Strategic Equity Management Pty Ltd
L1 Capital Pty Ltd
L1 Capital Pty Ltd
L1 Capital Pty Ltd
L1 Capital Pty Ltd
L1 Capital Pty Ltd
L1 Capital Pty Ltd
Date of changePerson whose relevant interest changedNature of change (6)
Consideration given in
relation to change (7)
Class and number of securities
affected
Person's votes
affected
L1 Capital Pty Ltd

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

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 NameJane StewartCapacityHead of Compliance
Sign HereDate
24/03/2023
Details of present relevant interests
Holder of relevant interestRegistered holder of securities
Persons entitled to be a registered holder
Nature of relevant
interest
National Nominees LimitedNational 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
State Street Australia Limited (SSAL)State Street Australia Limited (SSAL)as above595,562 FPO
Morgan Stanley & Co. International PLCMorgan Stanley & Co. International PLCas above
9,106,020
FPO
Goldman Sachs InternationalGoldman Sachs Internationalas above
7,875,726 FPO
Citicorp Nominees Pty LtdCiticorp Nominees Pty Ltdas above
7,787,762 FPO
JPMorgan Chase Bank, N.A.JPMorgan Chase Bank, N.A.as above
4,238,921
FPO
State Street Australia Limited (SSAL)State Street Australia Limited (SSAL)as above
971,554
FPO
31,485,633
L1 Capital Strategic Equity Management Pty Ltd
L1 Capital Strategic Equity Management Pty Ltd
L1 Capital Pty Ltd
Class and number of securities
L1 Capital Pty Ltd
L1 Capital Pty Ltd
L1 Capital Pty Ltd
L1 Capital Strategic Equity Management Pty Ltd