Changing pull light switch
Your old pull-switch appears to switch both hot/live and neutral wires to your light and extractor fan.
Unless specifically required in your location (judging by the wire colors probably UK/Europe?) it isn't really necessary to switch neutral, so your new switch can be used here.
You'll need to connect all the neutral (black) wires together using whatever method is standard in your location (screw-terminal blocks, push-in connectors, wire-nuts, etc).
Then on to the hot/live (red) wires. The pair which are together in one hole on your old switch must stay together on your new switch.
You'll be using the Common terminal and either the L1 or L2 terminal. The paired red wires together on Common and the lone red wire on L1 or L2.