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 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)
23/02/2026
23/09/2025
23/09/2025
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:
Present noticePrevious notice
6.55%
Person's votesVoting power (5)Person's votes
34,111,525 7.86%28,407,350
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)

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.
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
25/02/2026
Jane StewartHead of Legal & Compliance
L1 Capital Strategic Equity Management Pty LtdLevel 45, 101 Collins Street, Melbourne, VIC, 3001

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 NameJane StewartCapacityHead of Legal & Compliance
Sign HereDate
25/02/2026
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
30/09/2025L1 Capital Pty Ltd On-Market Sale 410,091.44$ 49,054 FPO 49,054
29/09/2025L1 Capital Strategic Equity Management Pty Ltd On-Market Sale 356,580.00$ 42,450 FPO 42,450
30/09/2025L1 Capital Strategic Equity Management Pty Ltd On-Market Sale 301,411.44$ 36,054 FPO 36,054
1/10/2025L1 Capital Strategic Equity Management Pty Ltd On-Market Sale 6,748,669.48$ 809,588 FPO 809,588
2/10/2025L1 Capital Strategic Equity Management Pty Ltd On-Market Sale 6,225,012.52$ 747,554 FPO 747,554
7/10/2025L1 Capital Strategic Equity Management Pty Ltd On-Market Sale 768,764.52$ 92,178 FPO 92,178
10/10/2025L1 Capital Strategic Equity Management Pty Ltd On-Market Sale 65,345.28$ 8,008 FPO 8,008
22/10/2025L1 Capital Strategic Equity Management Pty Ltd On-Market Purchase 9,546.20$ 1,180 FPO 1,180
23/10/2025L1 Capital Strategic Equity Management Pty Ltd On-Market Sale 411,653.61$ 50,609 FPO 50,609
24/10/2025L1 Capital Strategic Equity Management Pty Ltd On-Market Sale 31,048.47$ 3,819 FPO 3,819
29/10/2025L1 Capital Strategic Equity Management Pty Ltd On-Market Purchase 3,768.69$ 467 FPO 467
4/11/2025L1 Capital Strategic Equity Management Pty Ltd On-Market Sale 256,525.30$ 30,740 FPO 30,740
11/11/2025L1 Capital Strategic Equity Management Pty Ltd On-Market Purchase 6,913.72$ 836 FPO 836
27/11/2025L1 Capital Strategic Equity Management Pty Ltd On-Market Sale 684,818.75$ 84,410 FPO 84,410

28/11/2025L1 Capital Strategic Equity Management Pty Ltd On-Market Sale 402,405.00$ 50,000 FPO 50,000
1/12/2025L1 Capital Strategic Equity Management Pty Ltd On-Market Sale 1,503,894.53$ 187,635 FPO 187,635
3/12/2025L1 Capital Strategic Equity Management Pty Ltd On-Market Sale 265,664.52$ 33,084 FPO 33,084
4/12/2025L1 Capital Strategic Equity Management Pty Ltd On-Market Sale 1,634,835.58$ 203,972 FPO 203,972
8/12/2025L1 Capital Strategic Equity Management Pty Ltd On-Market Sale 3,982,766.90$ 497,528 FPO 497,528
9/12/2025L1 Capital Strategic Equity Management Pty Ltd On-Market Sale 2,218,238.00$ 276,500 FPO 276,500
10/12/2025L1 Capital Strategic Equity Management Pty Ltd On-Market Sale 126,740.06$ 15,803 FPO 15,803
12/12/2025L1 Capital Strategic Equity Management Pty Ltd On-Market Sale 530,075.00$ 65,000 FPO 65,000
17/12/2025L1 Capital Strategic Equity Management Pty Ltd On-Market Sale 1,144,424.32$ 139,932 FPO 139,932
18/12/2025L1 Capital Strategic Equity Management Pty Ltd On-Market Sale 808,757.84$ 99,597 FPO 99,597
19/12/2025L1 Capital Strategic Equity Management Pty Ltd On-Market Sale 5,691,609.58$ 703,668 FPO 703,668
3/02/2026L1 Capital Strategic Equity Management Pty Ltd On-Market Sale 281,860.00$ 34,000 FPO 34,000
16/02/2026L1 Capital Strategic Equity Management Pty Ltd On-Market Purchase 30,709.26$ 3,922 FPO 3,922
23/02/2026L1 Capital Strategic Equity Management Pty Ltd On-Market Sale 2,546,650.00$ 310,000 FPO 310,000
24/02/2026L1 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 NameJane StewartCapacityHead of Legal & Compliance
Sign HereDate
25/02/2026
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.
1,680,661
FPO
Morgan Stanley & Co. International PLCMorgan Stanley & Co. International PLCas above
5,884,919
FPO
Goldman Sachs InternationalGoldman Sachs Internationalas above
7,285,758 FPO
JPMorgan Chase Bank, N.A.JPMorgan Chase Bank, N.A.as above
8,635,487 FPO
Citicorp Nominees Pty LtdCiticorp Nominees Pty Ltdas above
2,987,080 FPO
State Street Australia Limited (SSAL)State Street Australia Limited (SSAL)as above
44,198 FPO
JPMorgan Chase Bank, N.A.JPMorgan Chase Bank, N.A.as above
1,889,247 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