Change in substantial shareholding

To Company Name/ SchemeDowner EDI Limited
ACN/ ARSN003 872 848
1. Details of substantial holder (1)
NameL1 Capital Pty Ltd and L1 Capital Strategic Equity Management Pty Ltd
ACN/ ARSN (if applicable)L1 Capital Pty Ltd (125 378 145) and L1 Capital Strategic Equity Management Pty Ltd (648 751 928)
The holder ceased to be a substantial holder on
The previous notice was given to the company on
The previous notice was dated
2. Changes in relevant interests
3. Changes in association
4. Addresses
The addresses of persons named in this form are as follows:
Signature
Print nameCapacity
Sign hereDate

20/08/2025
Form 605
Corporations Act 2001
Section 671B
Notice of ceasing to be a substantial holder
12/09/2025
20/08/2025
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
changePerson whose relevant interest changed
NameAddress
The persons who have become associates (3) of, ceased to be associates of, or have changed the nature of their association (7) with, the substantial holder in relation to voting
interests in the company or scheme are as follows:
Name and ACN/ ARSN (if applicable)Nature of association
N/A
Nature of change (6)
Consideration given in
relation to change (7)
Class and number of
securities affectedPerson's votes affected
L1 Capital Pty LtdLevel 45, 101 Collins Street, Melbourne, VIC, 3000
Jane StewartHead of Legal and Compliance
16/09/2025
L1 Capital Strategic Equity Management Pty LtdLevel 45, 101 Collins Street, Melbourne, VIC, 3000
See Annexure A

(1)
(2)See the definition of "relevant interest" in sections 608 and 671B(7) of the Corporations Act 2001.
(3)See the definition of "associate" in section 9 of the Corporations Act 2001.
(4)Include details of:
(a)
(b)
See the definition of "relevant agreement" in section 9 of the Corporations Act 2001.
(5)
(8)The voting shares of a company constitute one class unless divided into separate classes.
(7)Give details, if appropriate, of the present association and any change in that association since the last substantial holding notice.
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).
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.
DIRECTIONS
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 4 of the form.
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

Annexure A
L1 Capital Pty Ltd (ACN 125 378 145) and L1 Capital Strategic Equity Management Pty Ltd (ACN 648 751 928) ceasing in substantial holding in Downer EDI Limited.
This is Annexure "A" of 1 page referred to in the Form 605 (Notice of ceasing to be a Substantial Holder)
Print NameJane StewartCapacityHead of Legal and Compliance
Sign HereDate
16/09/2025
Changes in relevant interests
Date of changePerson whose relevant interest changedNature of change (6)Consideration given in relation to change (7)
Person's votes
affected
22/08/2025
L1 Strategic Equity Management Pty Ltd On-Market Purchase
8,712.58$ 1,187
FPO
1,187
27/08/2025
L1 Capital Pty Ltd On-Market Sale
2,252,226.05$ 309,552
FPO
309,552
27/08/2025
L1 Strategic Equity Management Pty Ltd On-Market Purchase
7,738.90$ 1,062
FPO
1,062
29/08/2025
L1 Capital Pty Ltd On-Market Sale
1,733,288.27$ 240,448
FPO
240,448
29/08/2025
L1 Strategic Equity Management Pty Ltd On-Market Sale
94,792.53$ 13,111
FPO
13,111
11/09/2025
L1 Capital Pty Ltd On-Market Sale
2,021,944.10$ 283,261
FPO
283,261
11/09/2025
L1 Strategic Equity Management Pty Ltd On-Market Sale
643,949.02$ 90,213
FPO
90,213
12/09/2025
L1 Capital Pty Ltd On-Market Sale
37,977,817.30$ 5,249,180
FPO
5,249,180
12/09/2025
L1 Strategic Equity Management Pty Ltd On-Market Sale
1,923,157.06$ 265,813
FPO
265,813
Class and number of securities affected