L1 Capital trims stake in Chorus Limited

L1 Capital Pty Ltd and its associated entities, including L1 Capital Strategic Equity Management Pty Ltd, reported a change in their substantial holding in Chorus Limited. The change occurred on September 2, 2025, with the previous notice given on August 26, 2024.

As a result of these transactions, L1 Capital's voting power in Chorus Limited decreased from 11.54% to 10.25%. This updated voting power is based on an issued capital of 433,887,294 shares. The total number of votes held by L1 Capital Pty Ltd and its associated entities decreased from 50,076,801 to 44,484,641.

The changes in relevant interests included numerous on-market purchases and sales between August 28, 2024, and September 2, 2025. Significant on-market sales contributed to the reduction in voting power, with one instance on September 2, 2025, involving the sale of 2,315,523 FPO shares for $20,266,005.80 by L1 Capital Strategic Equity Management Pty Ltd.

Post-change, L1 Capital Pty Ltd's relevant interests are held through Merrill Lynch (Australia) Nominees Pty Limited, Morgan Stanley & Co. International PLC, Goldman Sachs International, and JPMorgan Chase Bank, N.A. L1 Capital Strategic Equity Management Pty Ltd holds relevant interests through State Street Australia Limited (SSAL), Citicorp Nominees Pty Ltd, and JPMorgan Chase Bank, N.A. These holdings represent power to exercise or control voting and/or disposal of securities as discretionary investment managers or advisers.