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 433,887,294 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
7.86%
Person's votesVoting power (5)Person's votes
44,484,641 10.25%34,111,525
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)
19/09/2025
4/09/2025
4/09/2025
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
23/09/2025
Jane StewartHead of Legal & Compliance

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 1 page referred to in the Form 604 (Notice of change of interests of substantial holder)
Print NameJane StewartCapacityHead of Legal & Compliance
Sign HereDate
23/09/2025
Changes in relevant interests
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
5/09/2025L1 Capital Pty Ltd On-Market Sale 2,865,419.26$ 321,911 FPO 321,911
8/09/2025L1 Capital Pty Ltd On-Market Sale 891,000.00$ 100,000 FPO 100,000
10/09/2025L1 Capital Pty Ltd On-Market Sale 2,726,865.19$ 308,719 FPO 308,719
11/09/2025L1 Capital Pty Ltd On-Market Sale 1,056,104.41$ 119,614 FPO 119,614
12/09/2025L1 Capital Pty Ltd On-Market Sale 1,089,433.27$ 122,644 FPO 122,644
15/09/2025L1 Capital Pty Ltd On-Market Sale 3,469,964.60$ 404,780 FPO 404,780
18/09/2025L1 Capital Pty Ltd On-Market Sale 3,031,316.18$ 357,841 FPO 357,841
18/09/2025L1 Strategic Equity Management Pty Ltd On-Market Sale 1,193,021.71$ 140,971 FPO 140,971
19/09/2025L1 Capital Pty Ltd On-Market Sale 26,352,284.57$ 3,171,179 FPO 3,171,179
19/09/2025L1 Strategic Equity Management Pty Ltd On-Market Sale 44,254,220.07$ 5,325,457 FPO 5,325,457

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 NameJane StewartCapacityHead of Legal & Compliance
Sign HereDate
23/09/2025
Details of present relevant interests
Holder of relevant interestRegistered holder of securities
Persons entitled to be a registered holder
Nature of relevant
interest
Merrill Lynch (Australia) Nominees Pty LimitedMerrill 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.
1,493,662
FPO
Morgan Stanley & Co. International PLCMorgan Stanley & Co. International PLCas above
5,894,508
FPO
Goldman Sachs InternationalGoldman Sachs Internationalas above
7,285,758 FPO
JPMorgan Chase Bank, N.A.JPMorgan Chase Bank, N.A.as above
8,861,951 FPO
Citicorp Nominees Pty LtdCiticorp Nominees Pty Ltdas above
6,396,677 FPO
State Street Australia Limited (SSAL)State Street Australia Limited (SSAL)as above
155,867 FPO
JPMorgan Chase Bank, N.A.JPMorgan Chase Bank, N.A.as above
4,023,102 FPO
L1 Capital Strategic Equity Management Pty Ltd
L1 Capital Strategic Equity Management 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
L1 Capital Pty Ltd