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1 Notice by Challenger Limited (and associates) required pursuant to a Corporations Act Section 259C(2) Exemption To: Company Announcements ASX Limited Shareholder Name of shareholder: Challenger Limited (ACN ) ( Challenger ) (and entities listed in ). Date of this Notice: 15 June Previous Notice The shareholder s previous notice, given pursuant to an exemption under section 259C(2) Corporations Act 2001, was dated 10 March Total number of voting shares The total number of voting shares in Challenger in respect of which Challenger or its controlled entities have the power to control voting or disposal ("Interest") or to which a derivative exposure is held on the date of this notice is: Class of shares Ordinary shares in Challenger Total number of shares Percentage of total shares in Challenger Limited 10,980, % 3. Details of Present Interests and derivatives exposures On the date of this notice, Challenger or its controlled entities had an Interest in or derivatives exposure to the following voting shares in Challenger, and the Interest or derivatives exposure was of the following nature: Holder of Interest or derivatives CPU Share Plans Pty Limited (CPU) as trustee of Challenger Performance Plan Trust (CPP Trust) Nature of Interest or derivatives exposure CPU is not a controlled entity of Challenger. Challenger has an Interest over Challenger shares held by CPU in the CPP Trust because under the trust deed, Challenger may direct CPU to allocate and transfer those shares to participants under the Challenger Performance Plan (Plan). Class and number of shares 6,055,323 Percentage of total shares in Challenger Limited 1.060% Challenger Treasury Limited (CTL) CTL has derivative exposures in respect of Challenger shares for the purpose of hedging its obligations to participants under the Plan. 4,925, % 1

2 4. Changes (if any) in Interest or derivatives exposure since the previous notice Particulars of each change in, or change in the nature of, the Interests of the shareholder in, or derivative exposure to, voting shares since the previous notice given by the shareholder are: Holder of Interest Date of Change Nature of change (if any) since the previous notice Class and number of voting shares CPU as trustee of CPP Trust 8 April June 2016 Vestings under the CPP Trust. -70,984 Challenger Treasury Limited (CTL) Disposal 15 June 2016 Acquisition Acquisition by CTL of derivative exposures in respect of ordinary shares under the CPP Trust. +612, Addresses Name Challenger Treasury Limited, Challenger Limited and each entity listed in Annexure A. Address Level 2 5 Martin Place Sydney NSW Signature Andrew Brown Company Secretary Challenger Limited Date: 15 June 2016 This notice (pursuant to a Corporations Act section 259C(2) exemption dated 7 December 2012) comprises 7 pages in total (including ). comprises 5 pages. 2

3 This is page 1 of 5 of referred to in the section 259C(2) notice. 255 FINANCE PTY LTD AUSTRALIA ACCURIUM HOLDINGS PTY LTD AUSTRALIA ACCURIUM PTY LTD AUSTRALIA ALLFINE HOLDINGS PTY LTD AUSTRALIA ALPHINITY INVESTMENT MANAGEMENT PTY LTD AUSTRALIA APPIA EUROPE LIMITED ENGLAND/WALES APPIA FINANCE 2 LIMITED ENGLAND/WALES APPIA FINANCE LIMITED ENGLAND/WALES APPIA GROUP LIMITED JERSEY APPIA INVESTMENTS LIMITED ENGLAND/WALES ARDEA INVESTMENT MANAGEMENT PTY LTD AUSTRALIA ARETE INVESTMENT PARTNERS PTY LTD AUSTRALIA BENTHAM ASSET MANAGEMENT PTY LTD AUSTRALIA BLUEZEN PTY LTD AUSTRALIA CDPG AUSTRALIA PTY LIMITED AUSTRALIA CDPG LUXEMBOURG HOLDINGS SARL B LUXEMBOURG CDPG LUXEMBOURG II SARL B LUXEMBOURG CDPG LUXEMBOURG SARL B LUXEMBOURG CDPG MALTA LIMITED C MALTA CESCADE PTY LIMITED AUSTRALIA CFSG HOLDINGS NO 2 (VICTORIA) PTY LIMITED AUSTRALIA CHALLENGER DIRECT PTY LTD AUSTRALIA CHALLENGER DIVERSIFIED PROPERTY DEVELOPMENT PTY LIMITED AUSTRALIA CHALLENGER DPG FRANCE II SAS FRANCE CHALLENGER DPG FRANCE SAS FRANCE CHALLENGER EMERGING MARKET INFRASTRUCTURE FUND PTE. LTD D SINGAPORE CHALLENGER EMERGING MARKET INFRASTRUCTURE FUND, L.P. CAYMAN ISLANDS CHALLENGER FINANCIAL SERVICES PTY LIMITED AUSTRALIA CHALLENGER FM 2 HOLDINGS PTY LIMITED AUSTRALIA CHALLENGER FUNDS MANAGEMENT HOLDINGS PTY LIMITED AUSTRALIA CHALLENGER GROUP HOLDINGS LIMITED AUSTRALIA CHALLENGER GROUP PTY LIMITED AUSTRALIA CHALLENGER GROUP SERVICES (UK) LIMITED ENGLAND/WALES CHALLENGER GROUP SERVICES PTY. LTD AUSTRALIA CHALLENGER HOLDING VAGYONKEZELO KFT HUNGARY CHALLENGER HOME LOAN CORPORATION PTY LTD AUSTRALIA CHALLENGER INVENTORY FINANCE SERVICING PTY LIMITED AUSTRALIA CHALLENGER INVESTMENT SOLUTIONS MANAGEMENT PTY LTD AUSTRALIA CHALLENGER JERSEY I3 LIMITED JERSEY CHALLENGER LBC TERMINALS HOLDING COMPANY LIMITED C41149 MALTA CHALLENGER LBC TERMINALS LIMITED C41150 MALTA CHALLENGER LIFE CDI NOMINEES PTY LTD AUSTRALIA CHALLENGER LIFE COMPANY HOLDINGS PTY LTD AUSTRALIA

4 This is page 2 of 5 of referred to in the section 259C(2) notice. CHALLENGER LIFE COMPANY LIMITED AUSTRALIA CHALLENGER LIFE DEBT INVESTMENTS (EUROPE) LIMITED ENGLAND/WALES CHALLENGER LIFE FUND PROPERTY INVESTMENTS PTY LTD AUSTRALIA CHALLENGER LIFE INVESTMENTS UK LIMITED ENGLAND/WALES CHALLENGER LIFE NOMINEES NO.2 PTY LTD AUSTRALIA CHALLENGER LIFE NOMINEES NO.3 PTY LIMITED AUSTRALIA CHALLENGER LIFE NOMINEES PTY LTD AUSTRALIA CHALLENGER LIFE OFFSHORE INVESTMENTS LIMITED JERSEY CHALLENGER LIFE SUBSIDIARY HOLDINGS LTD AUSTRALIA CHALLENGER LIMITED AUSTRALIA CHALLENGER LUXEMBOURG HOLDING NO.1A SARL B LUXEMBOURG CHALLENGER LUXEMBOURG HOLDING NO.1B SARL B LUXEMBOURG CHALLENGER LUXEMBOURG HOLDING NO.2 SARL B LUXEMBOURG CHALLENGER MANAGED INVESTMENTS (INTERNATIONAL) PTY LIMITED AUSTRALIA CHALLENGER MANAGEMENT SERVICES LIMITED AUSTRALIA CHALLENGER MARGIN LENDING PTY LIMITED AUSTRALIA CHALLENGER MBK EMERGING MARKET INFRASTRUCTURE FUND GP LTD WK CAYMAN ISLANDS CHALLENGER MBK FUND MANAGEMENT PTE. LTD M SINGAPORE CHALLENGER MORTGAGE MANAGEMENT PTY LTD AUSTRALIA CHALLENGER NON-CONFORMING FINANCE PTY LTD AUSTRALIA CHALLENGER ORIGINATOR FINANCE PTY LIMITED AUSTRALIA CHALLENGER PROPERTY ASSET MANAGEMENT PTY LTD AUSTRALIA CHALLENGER RETIREMENT AND INVESTMENT SERVICES LIMITED AUSTRALIA CHALLENGER SECURITISATION MANAGEMENT PTY LTD AUSTRALIA CHALLENGER SKYBRIDGE (CAPITAL II) INVESTMENT LLP OC ENGLAND/WALES CHALLENGER SKYBRIDGE (FUND SLP) JERSEY LIMITED JERSEY CHALLENGER SKYBRIDGE (GP HOLDINGS) INVESTMENT LLP OC ENGLAND/WALES CHALLENGER SKYBRIDGE (GROUP) HOLDING COMPANY PTY LTD AUSTRALIA CHALLENGER SKYBRIDGE (HASTINGS) HOLDING COMPANY PTY LTD AUSTRALIA CHALLENGER SKYBRIDGE (HASTINGS) INVESTMENT LLP OC ENGLAND/WALES CHALLENGER SKYBRIDGE FUND (LP) JERSEY LIMITED JERSEY CHALLENGER SPECIAL SERVICING PTY LIMITED AUSTRALIA CHALLENGER SPECIALISED FINANCE NO.2 PTY LTD AUSTRALIA CHALLENGER SPECIALISED FINANCE PTY LTD AUSTRALIA CHALLENGER TREASURY LIMITED AUSTRALIA CHALLENGER UK TERMINALS LIMITED JERSEY CHALLENGER WELCOME BREAK LIMITED JERSEY CHALLENGER WHOLESALE FINANCE HOLDINGS PTY LIMITED AUSTRALIA CHALLENGER WIND HOLDINGS PTY LIMITED AUSTRALIA CLASHFERN INVESTMENTS (UK) LIMITED ENGLAND/WALES CLS US HOLDINGS, LLC UNITED STATES CPHIC INVESTMENTS PTY LTD AUSTRALIA CSPP1 BROADBEACH PTY LTD AUSTRALIA

5 This is page 3 of 5 of referred to in the section 259C(2) notice. CSPP1 INVESTMENT COMPANY 1 PTY LIMITED AUSTRALIA CSPP1 MAITLAND PTY LTD AUSTRALIA CSPP1 MAVIS COURT PTY LTD AUSTRALIA FIDANTE PARTNERS HOLDINGS EUROPE LIMITED ENGLAND/WALES FIDANTE PARTNERS (GUERNSEY) LIMITED GUERNSEY FIDANTE PARTNERS ALPHINITY HOLDINGS PTY LTD AUSTRALIA FIDANTE PARTNERS ARDEA HOLDINGS PTY LTD AUSTRALIA FIDANTE PARTNERS ARETE HOLDINGS PTY LTD AUSTRALIA FIDANTE PARTNERS ASSET MANAGEMENT (EUROPE) LIMITED ENGLAND/WALES FIDANTE PARTNERS BENTHAM HOLDINGS PTY LTD AUSTRALIA FIDANTE PARTNERS EUROPE LIMITED ENGLAND/WALES FIDANTE PARTNERS GP US LLC UNITED STATES FIDANTE PARTNERS HOLDINGS (GUERNSEY) LIMITED GUERNSEY FIDANTE PARTNERS HOLDINGS PTY LIMITED AUSTRALIA FIDANTE PARTNERS INVESTMENT FUNDS PUBLIC LIMITED COMPANY IRELAND FIDANTE PARTNERS KAPSTREAM HOLDINGS PTY LIMITED AUSTRALIA FIDANTE PARTNERS LIMITED AUSTRALIA FIDANTE PARTNERS MERLON HOLDINGS PTY LTD AUSTRALIA FIDANTE PARTNERS METISQ HOLDINGS PTY LTD AUSTRALIA FIDANTE PARTNERS NOVAPORT HOLDINGS PTY LTD AUSTRALIA FIDANTE PARTNERS R&M HOLDINGS PTY LIMITED AUSTRALIA FIDANTE PARTNERS SERVICES LIMITED AUSTRALIA FIDANTE PARTNERS TEMPO HOLDINGS PTY LTD AUSTRALIA FIDANTE PARTNERS US LLC UNITED STATES FIDANTE PARTNERS WAVESTONE HOLDINGS PTY LIMITED AUSTRALIA FIDANTE PARTNERS WHITEHELM HOLDINGS PTY LTD AUSTRALIA FIDANTE PARTNERS WYETREE LIMITED ENGLAND/WALES GASVALPO FINANCE PTY LIMITED AUSTRALIA GASVALPO S.A CHILE GREENCAPE CAPITAL PTY LTD AUSTRALIA GV CAYMAN COMPANY LIMITED OG CAYMAN ISLANDS GV CHILE HOLDING LIMITADA CHILE GV CHILE LIMITADA CHILE GV JERSEY HOLDING COMPANY LIMITED JERSEY GV JERSEY TRUSTEE COMPANY LIMITED JERSEY GV JERSEY TRUSTEE COMPANY NO. 2 LIMITED JERSEY HOWARD COMMERCIAL LENDING PTY LTD AUSTRALIA KUDU INVESTMENT MANAGEMENT LLC UNITED STATES KUDU INVESTMENT PARTNERS I, LP UNITED STATES KUDU INVESTMENTS GP LLC UNITED STATES LANV PTY LTD AUSTRALIA LBC TANK TERMINALS (JERSEY) LIMITED JERSEY LEASE COLLATERAL NO.2 PTY LTD AUSTRALIA

6 This is page 4 of 5 of referred to in the section 259C(2) notice. LEASE COLLATERAL PTY LTD AUSTRALIA LEASE FUNDING MANAGEMENT PTY LTD AUSTRALIA MAITLAND NOMINEE HOLDINGS PTY LIMITED AUSTRALIA MAVIS COURT DEVELOPMENT CO PTY LTD AUSTRALIA MAWBURY PTY LIMITED AUSTRALIA MERLON CAPITAL PARTNERS PTY LTD AUSTRALIA METISQ ASIA PACIFIC (EX-JAPAN) EQUITY FEEDER FUND LTD WK CAYMAN ISLANDS METISQ ASIA PACIFIC (EX-JAPAN) EQUITY MASTER FUND LTD WK CAYMAN ISLANDS METISQ CAPITAL HOLDINGS PTY LTD AUSTRALIA METISQ CAPITAL PTY LTD AUSTRALIA METISQ CAPITAL SINGAPORE PTE. LTD. 49G SINGAPORE METISQ LIBRA GREATER CHINA EQUITY FUND LTD. WK CAYMAN ISLANDS MIR GREATER CHINA PTE LTD D SINGAPORE MIR LIBRA CAPITAL MANAGEMENT LTD CAYMAN ISLANDS NOVAPORT CAPITAL PTY LTD AUSTRALIA OAKLANDS HILL PTY LTD AUSTRALIA OAKLANDS HILL WIND FARM PTY LTD AUSTRALIA OIKOS LIMITED ENGLAND/WALES OIKOS STORAGE LIMITED ENGLAND/WALES RESIDENTIAL REAL ESTATE TOTAL RETURN OPPORTUNITIES FUND LTD CAYMAN ISLANDS RESIDENTIAL REAL ESTATE TOTAL RETURN OPPORTUNITIES MASTER FUND L.P CAYMAN ISLANDS SABRAND LIMITED CYPRUS STRUCTURED CREDIT RESEARCH LLP OC ENGLAND/WALES TALAVERA HERRING PTY LIMITED AUSTRALIA TEMPO ASSET MANAGEMENT PTY LTD AUSTRALIA THE LIBERTY GROUP CONSORTIUM PTY LTD AUSTRALIA TLG SERVICES PTY LIMITED AUSTRALIA TLGH PTY LIMITED AUSTRALIA TRE DATA CENTRES CANBERRA PTY LTD AUSTRALIA US LLC HOLDINGS PTY LTD AUSTRALIA US LLC INVESTMENTS LLC UNITED STATES WATERFORD COUNTY PTY LIMITED AUSTRALIA WAVESTONE CAPITAL PTY LTD AUSTRALIA WELCOME BREAK CAYMAN LIMITED FC CAYMAN ISLANDS WELCOME BREAK GROUP HOLDINGS LIMITED FC CAYMAN ISLANDS WELCOME BREAK GROUP LIMITED ENGLAND/WALES WELCOME BREAK HOLDINGS (1) LIMITED ENGLAND/WALES WELCOME BREAK HOLDINGS (2) LIMITED ENGLAND/WALES WELCOME BREAK HOLDINGS LIMITED CAYMAN ISLANDS WELCOME BREAK LIMITED ENGLAND/WALES WELCOME BREAK NO.1 LIMITED ENGLAND/WALES WELCOME BREAK NO.2 LIMITED ENGLAND/WALES WELCOME BREAK NO.3 LIMITED ENGLAND/WALES

7 This is page 5 of 5 of referred to in the section 259C(2) notice. WELCOME BREAK SERVICES LIMITED ENGLAND/WALES WHITEHELM CAPITAL PTY LTD AUSTRALIA WYETREE FUNDS PLC IRELAND

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