Notice of change of interests of substantial holder

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 440,713,720 shares*Based on issued capital of 437,445,703 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
8.34%
Person's votesVoting power (5)Person's votes
31,485,633 7.14%36,463,390
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)
31/05/2023
24/03/2023
24/03/2023
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
2/06/2023
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
2/06/2023
Changes in relevant interests
27/03/2023
On-Market Purchase
312,525.75$ 150,268
FPO
150,268
28/03/2023
On-Market Purchase 2,090,584.30$
33,295
FPO
33,295
29/03/2023
On-Market Purchase 2,324,273.86$
83,588
FPO
83,588
31/03/2023
On-Market Purchase 502,318.78$
64,341
FPO
64,341
31/03/2023
On-Market Purchase 592,116.42$
75,843
FPO
75,843
1/05/2023
On-Market Purchase 190,440.51$
23,639
FPO
23,639
2/05/2023
On-Market Purchase 242,294.85$
30,191
FPO
30,191
16/05/2023
In-Specie Transfer In N/A
2,503,129
FPO
2,503,129
19/05/2023
On-Market Purchase 3,411,822.98$
437,531
FPO
437,531
25/05/2023
In-Specie Transfer In N/A
686,558
FPO
686,558
31/05/2023
On-Market Purchase 1,065,784.69$
140,785
FPO
140,785
31/05/2023
On-Market Purchase 5,667,043.31$
748,589
FPO
748,589
L1 Capital 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 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
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 Strategic Equity Management 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
2/06/2023
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 above578,316 FPO
Morgan Stanley & Co. International PLCMorgan Stanley & Co. International PLCas above
8,956,164
FPO
Goldman Sachs InternationalGoldman Sachs Internationalas above
7,875,726 FPO
Citicorp Nominees Pty LtdCiticorp Nominees Pty Ltdas above
10,255,735 FPO
JPMorgan Chase Bank, N.A.JPMorgan Chase Bank, N.A.as above
6,016,691
FPO
State Street Australia Limited (SSAL)State Street Australia Limited (SSAL)as above
1,870,670
FPO
36,463,390
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