Re: Notice of change of interests of substantial holder Link Administration Holdings Limited (LNK)

Sydney Level 2, 5 Martin Place Sydney NSW 2000 Australia GPO Box 3698 Sydney NSW 2001 www.challenger.com.au 26 November 2018 Telephone 02 9994 7000 Facsimile 02 9994 7777 The Manager Company Announcements Office ASX 20 Bridge Street SYDNEY NSW 2000 By electronic lodgement Dear Sir/Madam Re: Notice of change of interests of substantial holder Link Administration Holdings (LNK) We attach a notice of change of interests of substantial holder in Link Administration Holdings. This notice is given by Challenger and each of its associated entities named in Annexure 2 to this notice. Yours faithfully Andrew Brown Company Secretary Melbourne Level 19, 31 Queen Street PO Box 297, Flinders Lane, Melbourne VIC 3000 Telephone 02 9994 7000 Facsimile 02 9994 7777 Brisbane Level 9, 241 Adelaide Street GPO Box 3234, Brisbane QLD 4001 Telephone 07 3136 5400 Facsimile 07 3136 5407 Perth Level 26, 140 St Georges Terrace, Perth WA 6000 Telephone 08 6466 9613 Adelaide Level 7, Suite 714, 147 Pirie Street, Adelaide SA 5000 Telephone 08 8427 9511 Challenger ABN 85 106 842 371 Challenger Group Services Pty ABN 91 085 657 307 Challenger Life Company ABN 44 072 486 938 AFSL 234670 Challenger Investment Partners ABN 29 092 382 842 AFSL 234 678 Challenger Retirement and Investment Services ABN 80 115 534 453 AFSL295642 RSE Licence No. L0001304 Challenger Mortgage Management Pty Ltd ABN 72 087 271 109 Challenger Securitisation Management Pty Ltd ABN 56 100 346 898 AFSL 244593 Challenger Investment Solutions Management Pty Ltd ABN 63 130 035 353 AFSL 487354

Form 604 Corporations Act 2001 Section 671B Notice of change of interests of substantial holder To Company Name/Scheme Link Administration Holdings ACN/ARSN 120 964 098 1. Details of substantial holder(1) Name Challenger ACN/ARSN (if applicable) 106 842 371 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 22/11/2018 27/04/2018 27/04/2018 2. Previous and present voting power 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 ( 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: Classof securities (4) Previous notice Present notice Person's votes Voting power (5) Person's votes Voting power (5) Ordinary Fully Paid 38,602,641 7.31% 30,849,001 5.80% 3. Changes in relevant interests 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: Date of change Person whose relevant interest changed Nature of change (6) Consideration given in relation to change (7) Class and number of securities affected Person's votes affected Refer Annexure 1 Challenger listed in Annexure Refer Annexure 1 Refer Annexure 1 Refer Annexure 1 Refer Annexure 1 4. Present relevant interests Particulars of each relevant interest of the substantial holder in voting securities after the change are as follows: Holder of relevant interest Registered holder of securities Person entitled to be registered as holder (8) Nature of relevant interest (6) Class and number of securities Person's votes Challenger BNP Paribas Nominees Pty BNP Paribas Ordinary Fully Paid Nominees Pty securities purchased and sold on market, acquired and sold via off market transfer and acquired via Dividend Reinvestment Plan by Challenger (and its entities listed in Annexure and obtains a relevant interest by virtue of section 608(3) of the Corporations Act 2001 (Cth). 2,428,795 (Ordinary 2,428,795 Challenger Citicorp Nominees Pty Citicorp Nominees Pty As above 4,802,637 (Ordinary 4,802,637 Challenger J P Morgan Nominees Australia J P Morgan Nominees Australia As above 8,027,711 (Ordinary 8,027,711 Challenger National Nominees National Nominees As above 5,971,932 (Ordinary 5,971,932

Challenger HSBC Custody Nominees (Australia) HSBC Custody Nominees (Australia) As above 8,151,503 (Ordinary 8,151,503 Challenger RBC Investor Services Australia Nominees Pty RBC Investor Services Australia Nominees Pty As above 32,796 (Ordinary 32,796 Challenger UBS Nominees Pty UBS Nominees Pty As above 1,433,627 (Ordinary 1,433,627 5. Changes in association The persons who have become associates ( 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: Name and ACN/ARSN (if applicable) N/A Nature of association N/A 6. Addresses The addresses of persons named in this form are as follows: Name Challenger Address Level 2, 5 Martin Place, Sydney NSW 2000 Signature print name Andrew Brown Capacity Company Secretary sign here date 26/11/2018 DIRECTIONS (1) 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. ( 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) 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 (b) 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). See the definition of "relevant agreement" in section 9 of the Corporations Act 2001. (7) 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. (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.

Annexure 1 consists of 5 Pages and is referred to in Form 604 signed by me and dated 26/11/2018 [Insert Signature Here] Andrew Brown Company Secretary of Challenger Transactions: Company Name/Scheme: Link Administration Holdings (LNK) As at: 22/11/2018 Class of security: Ordinary Fully Paid Date of Change Holder of relevant interest Nature of Change Consideration Number of Securities Person's Votes Affected Challenger (and its entities 24/04/2018 Buy 21,144 2,600 2,600 26/04/2018 as above Sell 51,009-6,280 6,280 26/04/2018 as above Buy 373,831 46,036 46,036 27/04/2018 as above Sell 382,261-46,365 46,365 30/04/2018 as above Buy - DRP 12,503 1,501 1,501 30/04/2018 as above Buy - DRP 60,951 7,317 7,317 30/04/2018 as above Buy - DRP 165,886 19,914 19,914 30/04/2018 as above Buy - DRP 106,386 12,771 12,771 30/04/2018 as above Buy - DRP 54,314 6,520 6,520 30/04/2018 as above Buy - DRP 71,301 8,559 8,559 30/04/2018 as above Buy - DRP 51,034 6,126 6,126 30/04/2018 as above Buy - DRP 35,631 4,277 4,277 30/04/2018 as above Buy - DRP 58,405 7,011 7,011 30/04/2018 as above Buy 272,240 32,800 32,800 30/04/2018 as above Sell 272,240-32,800 32,800 01/05/2018 as above Buy 223,409 26,676 26,676 01/05/2018 as above Buy 1,032,826 123,324 123,324 02/05/2018 as above Buy 42,343 5,100 5,100 08/05/2018 as above Buy - Transfer 906,377 109,202 109,202 08/05/2018 as above Buy 71,832 8,662 8,662 09/05/2018 as above Sell 2,819,115-356,850 356,850 09/05/2018 as above Sell 333,522-42,218 42,218 09/05/2018 as above Sell 177,150-22,424 22,424 09/05/2018 as above Sell 4,410,183-558,251 558,251 09/05/2018 as above Sell 452,409-57,267 57,267 09/05/2018 as above Sell 3,120,571-395,009 395,009 09/05/2018 as above Sell 58,808-7,444 7,444 09/05/2018 as above Sell 11,632,537-1,472,473 1,472,473 09/05/2018 as above Sell 403,366-51,059 51,059 09/05/2018 as above Sell 905,672-114,642 114,642 09/05/2018 as above Sell 101,073-12,794 12,794 09/05/2018 as above Sell 292,632-37,042 37,042 09/05/2018 as above Sell 1,681,586-212,859 212,859 09/05/2018 as above Sell 4,865,855-615,931 615,931 09/05/2018 as above Sell 345,522-43,737 43,737 09/05/2018 as above Sell 439,692-56,295 56,295 09/05/2018 as above Sell 52,018-6,660 6,660 09/05/2018 as above Sell 27,626-3,537 3,537 09/05/2018 as above Sell 687,839-88,066 88,066 09/05/2018 as above Sell 70,560-9,034 9,034 09/05/2018 as above Sell 486,704-62,314 62,314 09/05/2018 as above Sell 9,170-1,174 1,174 09/05/2018 as above Sell 1,814,293-232,289 232,289 09/05/2018 as above Sell 62,914-8,055 8,055 09/05/2018 as above Sell 141,253-18,085 18,085 09/05/2018 as above Sell 15,762-2,018 2,018 09/05/2018 as above Sell 45,637-5,843 5,843 09/05/2018 as above Sell 262,269-33,579 33,579 09/05/2018 as above Sell 758,915-97,166 97,166 09/05/2018 as above Sell 53,892-6,900 6,900 09/05/2018 as above Sell 245,386-31,036 31,036 Page 1 of 5

Date of Change Holder of relevant interest Nature of Change Consideration Number of Securities Person's Votes Affected 09/05/2018 as above Sell 1,100,656-139,209 139,209 09/05/2018 as above Sell 819,730-103,678 103,678 09/05/2018 as above Sell 419,717-53,085 53,085 09/05/2018 as above Sell 269,683-34,109 34,109 09/05/2018 as above Sell 97,930-12,386 12,386 09/05/2018 as above Sell 386,399-48,871 48,871 09/05/2018 as above Sell 986,881-124,819 124,819 09/05/2018 as above Sell 22,462-2,841 2,841 09/05/2018 as above Sell 459,660-58,137 58,137 09/05/2018 as above Sell 862,447-111,469 111,469 10/05/2018 as above Buy 20,335 2,800 2,800 10/05/2018 as above Buy 164,856 22,700 22,700 10/05/2018 as above Buy 762,552 105,000 105,000 11/05/2018 as above Buy 86,700 12,400 12,400 11/05/2018 as above Buy 401,335 57,400 57,400 11/05/2018 as above Buy 58,114 8,289 8,289 11/05/2018 as above Buy 873,823 124,636 124,636 11/05/2018 as above Buy 480,927 68,596 68,596 11/05/2018 as above Buy 1,335,336 190,463 190,463 11/05/2018 as above Buy 436,869 62,312 62,312 11/05/2018 as above Buy 316,799 45,186 45,186 11/05/2018 as above Buy 411,027 58,626 58,626 11/05/2018 as above Buy 996,873 142,187 142,187 11/05/2018 as above Buy 572,399 81,643 81,643 11/05/2018 as above Buy 21,000 3,000 3,000 14/05/2018 as above Buy 174,529 25,700 25,700 14/05/2018 as above Buy 809,487 119,200 119,200 17/05/2018 as above Buy 965,452 135,683 135,683 17/05/2018 as above Buy 457,648 64,317 64,317 17/05/2018 as above Buy 142,449 20,046 20,046 17/05/2018 as above Buy 1,256,785 176,860 176,860 17/05/2018 as above Buy 690,024 97,103 97,103 17/05/2018 as above Buy 1,956,295 275,298 275,298 17/05/2018 as above Buy 640,494 90,133 90,133 17/05/2018 as above Buy 423,119 59,543 59,543 17/05/2018 as above Buy 601,872 84,698 84,698 17/05/2018 as above Buy 767,551 108,013 108,013 17/05/2018 as above Buy 840,694 118,306 118,306 25/05/2018 as above Buy 5,282 755 755 25/05/2018 as above Buy 49,292 7,046 7,046 25/05/2018 as above Buy 47,285 6,759 6,759 25/05/2018 as above Buy 132,738 18,974 18,974 25/05/2018 as above Buy 43,465 6,213 6,213 25/05/2018 as above Buy 30,817 4,405 4,405 25/05/2018 as above Buy 40,800 5,832 5,832 25/05/2018 as above Buy 34,070 4,870 4,870 25/05/2018 as above Buy 56,953 8,141 8,141 29/05/2018 as above Sell 2,355,975-341,238 341,238 29/05/2018 as above Sell 251,175-36,380 36,380 29/05/2018 as above Sell 94,657-13,710 13,710 29/05/2018 as above Sell 524,616-75,985 75,985 29/05/2018 as above Sell 1,021,394-147,938 147,938 29/05/2018 as above Sell 942,202-136,468 136,468 29/05/2018 as above Sell 459,040-66,487 66,487 29/05/2018 as above Sell 1,632,001-236,378 236,378 29/05/2018 as above Sell 533,895-77,329 77,329 29/05/2018 as above Sell 1,378,872-199,715 199,715 29/05/2018 as above Sell 551,114-79,823 79,823 29/05/2018 as above Sell 896,421-129,837 129,837 29/05/2018 as above Sell 123,109-17,831 17,831 29/05/2018 as above Sell 819,708-118,726 118,726 14/06/2018 as above Buy - Transfer 2,110,154 296,370 296,370 19/06/2018 as above Sell 154,071-21,575 21,575 22/06/2018 as above Sell 42,772-5,982 5,982 27/06/2018 as above Sell 261,770-35,857 35,857 27/06/2018 as above Sell 819,105-112,200 112,200 29/06/2018 as above Sell 190,785-25,996 25,996 05/07/2018 as above Buy 3,426,120 456,536 456,536 05/07/2018 as above Buy 1,427,550 190,467 190,467 13/07/2018 as above Sell - Transfer 956,480-125,030 125,030 19/07/2018 as above Sell 9,156-1,200 1,200 26/07/2018 as above Sell 135,936-17,685 17,685 27/07/2018 as above Sell 235,658-30,500 30,500 27/07/2018 as above Sell 1,093,300-141,500 141,500 Page 2 of 5

Date of Change Holder of relevant interest Nature of Change Consideration Number of Securities Person's Votes Affected 30/07/2018 as above Buy 30,461 3,947 3,947 30/07/2018 as above Buy 75,447 9,776 9,776 30/07/2018 as above Sell 939,949-122,000 122,000 01/08/2018 as above Buy - Transfer 5,397,462 707,400 707,400 01/08/2018 as above Buy - Transfer 244,610 32,059 32,059 01/08/2018 as above Buy - Transfer 1,931,710 253,173 253,173 06/08/2018 as above Buy 10,346 1,323 1,323 08/08/2018 as above Buy 34,436 4,600 4,600 14/08/2018 as above Sell 113,195-14,960 14,960 17/08/2018 as above Buy 130,306 16,149 16,149 17/08/2018 as above Buy 2,271,085 281,458 281,458 17/08/2018 as above Buy 2,740,031 339,575 339,575 17/08/2018 as above Buy 72,879 9,032 9,032 17/08/2018 as above Buy 72,145 8,941 8,941 17/08/2018 as above Buy 1,071,127 132,746 132,746 17/08/2018 as above Buy 594,822 73,717 73,717 17/08/2018 as above Buy 1,425,962 176,721 176,721 17/08/2018 as above Buy 1,266,212 156,923 156,923 17/08/2018 as above Buy 741,323 91,873 91,873 17/08/2018 as above Buy 3,867,125 479,257 479,257 17/08/2018 as above Buy 3,041,852 376,980 376,980 17/08/2018 as above Buy 1,253,697 155,372 155,372 17/08/2018 as above Buy 2,430,835 301,256 301,256 17/08/2018 as above Buy 10,042 1,242 1,242 17/08/2018 as above Buy 175,048 21,651 21,651 17/08/2018 as above Buy 211,188 26,121 26,121 17/08/2018 as above Buy 5,619 695 695 17/08/2018 as above Buy 5,562 688 688 17/08/2018 as above Buy 82,556 10,211 10,211 17/08/2018 as above Buy 45,850 5,671 5,671 17/08/2018 as above Buy 109,907 13,594 13,594 17/08/2018 as above Buy 97,594 12,071 12,071 17/08/2018 as above Buy 57,137 7,067 7,067 17/08/2018 as above Buy 298,045 36,864 36,864 17/08/2018 as above Buy 234,457 28,999 28,999 17/08/2018 as above Buy 96,632 11,952 11,952 17/08/2018 as above Buy 187,362 23,174 23,174 20/08/2018 as above Buy 1,063,696 135,724 135,724 20/08/2018 as above Buy 229,442 29,276 29,276 20/08/2018 as above Buy 22,591 2,900 2,900 23/08/2018 as above Buy 650,316 81,774 81,774 23/08/2018 as above Buy 746,519 93,871 93,871 23/08/2018 as above Buy 27,826 3,499 3,499 23/08/2018 as above Buy 2,003,427 251,921 251,921 23/08/2018 as above Buy 1,261,680 158,650 158,650 23/08/2018 as above Buy 20,669 2,599 2,599 23/08/2018 as above Buy 308,465 38,788 38,788 23/08/2018 as above Buy 54,857 6,898 6,898 28/08/2018 as above Sell 34,453-4,356 4,356 28/08/2018 as above Buy 4,765 600 600 29/08/2018 as above Buy 705,144 89,500 89,500 31/08/2018 as above Sell 19,443,201-2,495,918 2,495,918 05/09/2018 as above Buy 162,161 20,900 20,900 10/09/2018 as above Buy 5,320 700 700 26/09/2018 as above Buy 3,136 400 400 27/09/2018 as above Sell - Transfer 4,245,959-539,512 539,512 27/09/2018 as above Sell 8,657-1,100 1,100 27/09/2018 as above Buy 8,657 1,100 1,100 02/10/2018 as above Sell 177,475-23,169 23,169 02/10/2018 as above Sell 294,060-38,389 38,389 02/10/2018 as above Sell 83,954-10,960 10,960 10/10/2018 as above Buy - DRP 89,612 11,698 11,698 10/10/2018 as above Buy - DRP 135,587 17,700 17,700 10/10/2018 as above Buy - DRP 177,965 23,233 23,233 10/10/2018 as above Buy - DRP 127,410 16,633 16,633 10/10/2018 as above Buy - DRP 414,132 54,064 54,064 10/10/2018 as above Buy - DRP 146,082 19,070 19,070 10/10/2018 as above Buy - DRP 265,357 34,641 34,641 10/10/2018 as above Buy - DRP 28,052 3,662 3,662 10/10/2018 as above Buy - DRP 162,137 21,167 21,167 11/10/2018 as above Sell 92,233-12,797 12,797 11/10/2018 as above Buy 690,058 95,658 95,658 12/10/2018 as above Sell 33,720-4,468 4,468 12/10/2018 as above Sell 163,515-21,666 21,666 Page 3 of 5

Date of Change Holder of relevant interest Nature of Change Consideration Number of Securities Person's Votes Affected 12/10/2018 as above Sell 102,200-14,044 14,044 15/10/2018 as above Buy 46,005 6,200 6,200 15/10/2018 as above Buy 11,872 1,600 1,600 17/10/2018 as above Sell 75,291-9,727 9,727 18/10/2018 as above Buy 760,141 97,160 97,160 22/10/2018 as above Sell 259,023-33,341 33,341 22/10/2018 as above Sell 1,057,169-136,077 136,077 22/10/2018 as above Sell 785,568-101,117 101,117 22/10/2018 as above Sell 370,522-47,693 47,693 22/10/2018 as above Sell 45,549-5,863 5,863 22/10/2018 as above Sell 951,108-122,425 122,425 22/10/2018 as above Sell 447,683-57,625 57,625 23/10/2018 as above Sell 62,515-8,090 8,090 23/10/2018 as above Sell 657,178-85,044 85,044 23/10/2018 as above Sell 124,057-16,054 16,054 23/10/2018 as above Sell 108,680-14,064 14,064 23/10/2018 as above Sell 94,979-12,291 12,291 23/10/2018 as above Sell 1,019,466-131,927 131,927 23/10/2018 as above Sell 593,851-76,849 76,849 23/10/2018 as above Sell 24,056-3,113 3,113 23/10/2018 as above Sell 18,123-2,328 2,328 23/10/2018 as above Sell 190,491-24,469 24,469 23/10/2018 as above Sell 35,959-4,619 4,619 23/10/2018 as above Sell 31,506-4,047 4,047 23/10/2018 as above Sell 27,528-3,536 3,536 23/10/2018 as above Sell 295,511-37,959 37,959 23/10/2018 as above Sell 172,134-22,111 22,111 23/10/2018 as above Sell 6,975-896 896 23/10/2018 as above Sell 18,155-2,329 2,329 23/10/2018 as above Sell 190,806-24,478 24,478 23/10/2018 as above Sell 36,021-4,621 4,621 23/10/2018 as above Sell 31,554-4,048 4,048 23/10/2018 as above Sell 27,571-3,537 3,537 23/10/2018 as above Sell 295,992-37,972 37,972 23/10/2018 as above Sell 172,418-22,119 22,119 23/10/2018 as above Sell 6,984-896 896 23/10/2018 as above Sell 304,423-39,407 39,407 23/10/2018 as above Sell 1,242,451-160,833 160,833 23/10/2018 as above Sell 923,250-119,513 119,513 23/10/2018 as above Sell 435,456-56,369 56,369 23/10/2018 as above Sell 53,535-6,930 6,930 23/10/2018 as above Sell 1,117,814-144,699 144,699 23/10/2018 as above Sell 526,141-68,108 68,108 23/10/2018 as above Sell 34,695-4,500 4,500 24/10/2018 as above Sell 375,981-48,405 48,405 24/10/2018 as above Sell 447,322-57,792 57,792 24/10/2018 as above Sell 534,414-69,044 69,044 24/10/2018 as above Sell 1,048,379-135,446 135,446 24/10/2018 as above Sell 339,779-43,898 43,898 24/10/2018 as above Sell 657,135-84,899 84,899 24/10/2018 as above Sell 458,545-59,242 59,242 24/10/2018 as above Sell 1,138,104-147,038 147,038 24/10/2018 as above Sell 160,981-20,798 20,798 24/10/2018 as above Sell 59,383-7,672 7,672 24/10/2018 as above Sell 1,583,459-204,576 204,576 24/10/2018 as above Sell 553,548-71,516 71,516 01/11/2018 as above Buy 61,148 8,164 8,164 05/11/2018 as above Sell - Transfer 2,454,776-326,433 326,433 07/11/2018 as above Sell 364,274-48,350 48,350 08/11/2018 as above Sell 22,993-2,994 2,994 12/11/2018 as above Sell 34,327-4,405 4,405 12/11/2018 as above Sell 131,706-16,901 16,901 14/11/2018 as above Sell 23,131-3,000 3,000 16/11/2018 as above Buy - Transfer 525,546 67,725 67,725 16/11/2018 as above Sell - Transfer 525,546-67,725 67,725 22/11/2018 as above Sell 3,588,780-533,600 533,600 22/11/2018 as above Sell 26,485-3,938 3,938 22/11/2018 as above Sell 34,079-5,067 5,067 22/11/2018 as above Sell 629,207-93,554 93,554 22/11/2018 as above Sell 162,625-24,180 24,180 22/11/2018 as above Sell 1,931,613-287,203 287,203 22/11/2018 as above Sell 51,236-7,618 7,618 22/11/2018 as above Sell 137,169-20,395 20,395 22/11/2018 as above Sell 195,890-29,126 29,126 Page 4 of 5

Date of Change Holder of relevant interest Nature of Change Consideration Number of Securities Person's Votes Affected 22/11/2018 as above Sell 382,330-56,847 56,847 22/11/2018 as above Sell 769,099-114,354 114,354 22/11/2018 as above Sell 57,948-8,616 8,616 22/11/2018 as above Sell 151,373-22,507 22,507 22/11/2018 as above Sell 99,546-14,801 14,801 22/11/2018 as above Sell 947,980-140,951 140,951 22/11/2018 as above Sell 224,675-33,406 33,406 22/11/2018 as above Sell 1,047,936-155,813 155,813 22/11/2018 as above Sell 186,871-27,785 27,785 22/11/2018 as above Sell 1,122,281-166,867 166,867 22/11/2018 as above Sell 2,054,959-305,502 305,502 22/11/2018 as above Sell 15,168-2,255 2,255 22/11/2018 as above Sell 19,514-2,901 2,901 22/11/2018 as above Sell 360,285-53,562 53,562 22/11/2018 as above Sell 93,122-13,844 13,844 22/11/2018 as above Sell 1,106,059-164,433 164,433 22/11/2018 as above Sell 29,341-4,362 4,362 22/11/2018 as above Sell 78,545-11,677 11,677 22/11/2018 as above Sell 112,171-16,676 16,676 22/11/2018 as above Sell 218,921-32,546 32,546 22/11/2018 as above Sell 440,391-65,471 65,471 22/11/2018 as above Sell 33,182-4,933 4,933 22/11/2018 as above Sell 86,678-12,886 12,886 22/11/2018 as above Sell 57,000-8,474 8,474 22/11/2018 as above Sell 542,822-80,699 80,699 22/11/2018 as above Sell 128,651-19,126 19,126 22/11/2018 as above Sell 600,058-89,208 89,208 22/11/2018 as above Sell 107,005-15,908 15,908 22/11/2018 as above Sell 642,630-95,537 95,537 22/11/2018 as above Buy 32,985 4,900 4,900 Total Number of Securities -7,753,640 Page 5 of 5

Annexure 2 This is page 1 of 4 of Annexure 2 referred to in ASIC Form 604 - Notice of change of interests of Substantial Holder Andrew Brown - Company Secretary of Challenger 26/11/2018 Company Name ACN / Company No. Country of Incorporation 255 FINANCE GROUP PTY LTD 628 853 056 AUSTRALIA 255 FINANCE INVESTMENTS PTY LTD 164 516 401 AUSTRALIA 255 FINANCE PTY LTD 168 112 507 AUSTRALIA ACCURIUM HOLDINGS PTY LTD 158 242 936 AUSTRALIA ACCURIUM PTY LTD 009 492 219 AUSTRALIA AGRICULTURAL ASSET MANAGEMENT LIMITED 08953424 ENGLAND/WALES ALPHINITY INVESTMENT MANAGEMENT PTY LTD 140 833 709 AUSTRALIA APPIA EUROPE LIMITED 6490323 ENGLAND/WALES APPIA FINANCE 2 LIMITED 6538054 ENGLAND/WALES APPIA FINANCE LIMITED 6490331 ENGLAND/WALES APPIA GROUP LIMITED 99865 JERSEY APPIA INVESTMENTS LIMITED 6490313 ENGLAND/WALES ARDEA INVESTMENT MANAGEMENT PTY LTD 132 902 722 AUSTRALIA AVENIR CAPITAL PTY LTD 150 790 355 AUSTRALIA BENTHAM ASSET MANAGEMENT PTY LTD 140 833 674 AUSTRALIA CDPG AUSTRALIA PTY LIMITED 124 498 095 AUSTRALIA CDPG LUXEMBOURG HOLDINGS SARL B 127717 LUXEMBOURG CDPG LUXEMBOURG II SARL B 127580 LUXEMBOURG CDPG LUXEMBOURG SARL B 127515 LUXEMBOURG CDPG MALTA LIMITED C 41110 MALTA CESCADE PTY LIMITED 096 097 399 AUSTRALIA CHALLENGER DIRECT PTY LTD 006 475 501 AUSTRALIA CHALLENGER DIVERSIFIED PROPERTY DEVELOPMENT PTY LIMITED 121 624 833 AUSTRALIA CHALLENGER DPG FRANCE II SAS 495 391 062 FRANCE CHALLENGER DPG FRANCE SAS 495 390 392 FRANCE CHALLENGER EMERGING MARKET INFRASTRUCTURE FUND PTE. LTD 200804361D SINGAPORE CHALLENGER EMERGING MARKET INFRASTRUCTURE FUND, L.P. CAYMAN ISLANDS CHALLENGER FINANCIAL SERVICES PTY LIMITED 087 464 131 AUSTRALIA CHALLENGER FM 2 HOLDINGS PTY LIMITED 080 036 657 AUSTRALIA CHALLENGER FUNDS MANAGEMENT HOLDINGS PTY LIMITED 107 728 030 AUSTRALIA CHALLENGER GROUP HOLDINGS LIMITED 002 993 302 AUSTRALIA CHALLENGER GROUP PTY LIMITED 003 374 196 AUSTRALIA CHALLENGER GROUP SERVICES (UK) LIMITED 04244127 ENGLAND/WALES CHALLENGER GROUP SERVICES PTY. LTD. 085 657 307 AUSTRALIA CHALLENGER HOLDING VAGYONKEZELO KFT 01-09-879644 HUNGARY CHALLENGER HOME LOAN CORPORATION PTY LTD 058 891 302 AUSTRALIA CHALLENGER INVENTORY FINANCE SERVICING PTY LIMITED 107 706 810 AUSTRALIA CHALLENGER INVESTMENT PARTNERS LIMITED 092 382 842 AUSTRALIA CHALLENGER INVESTMENT SOLUTIONS MANAGEMENT PTY LTD 130 035 353 AUSTRALIA CHALLENGER JAPAN HOLDINGS KABUSHIKI KAISHA 0100-01-182399 JAPAN CHALLENGER JAPAN HOLDINGS PTY LIMITED 617 208 205 AUSTRALIA CHALLENGER JAPAN KABUSHIKI KAISHA 0100-01-182920 CHALLENGER KABUSHIKI KAISHA 0100-01-182872

Annexure 2 This is page 2 of 4 of Annexure 2 referred to in ASIC Form 604 - Notice of change of interests of Substantial Holder Andrew Brown - Company Secretary of Challenger 26/11/2018 Company Name ACN / Company No. Country of Incorporation CHALLENGER LBC TERMINALS HOLDING COMPANY LIMITED C41149 MALTA CHALLENGER LBC TERMINALS LIMITED C41150 MALTA CHALLENGER LIFE CDI NOMINEES PTY LTD 055 293 644 AUSTRALIA CHALLENGER LIFE COMPANY HOLDINGS PTY LTD 006 381 193 AUSTRALIA CHALLENGER LIFE COMPANY LIMITED 072 486 938 AUSTRALIA CHALLENGER LIFE DEBT INVESTMENTS (EUROPE) LIMITED 07626067 ENGLAND/WALES CHALLENGER LIFE FUND PROPERTY INVESTMENTS PTY LTD 161 212 693 AUSTRALIA CHALLENGER LIFE INVESTMENTS UK LIMITED 6067787 ENGLAND/WALES CHALLENGER LIFE NOMINEES NO.2 PTY LTD 078 627 013 AUSTRALIA CHALLENGER LIFE NOMINEES NO.3 PTY LIMITED 151 482 147 AUSTRALIA CHALLENGER LIFE NOMINEES PTY LTD 091 336 793 AUSTRALIA CHALLENGER LIFE OFFSHORE INVESTMENTS LIMITED 105145 JERSEY CHALLENGER LIFE SUBSIDIARY HOLDINGS PTY LIMITED 099 742 122 AUSTRALIA CHALLENGER LIMITED 106 842 371 AUSTRALIA CHALLENGER MANAGED INVESTMENTS (INTERNATIONAL) PTY LIMITED 120 871 212 AUSTRALIA CHALLENGER MANAGEMENT SERVICES (UK) LIMITED 06393787 ENGLAND/WALES CHALLENGER MARGIN LENDING PTY LTD 091 338 822 AUSTRALIA CHALLENGER MBK EMERGING MARKET INFRASTRUCTURE FUND GP LTD WK-209744 CAYMAN ISLANDS CHALLENGER MBK FUND MANAGEMENT PTE. LTD 200804360M SINGAPORE CHALLENGER MORTGAGE MANAGEMENT PTY LTD 087 271 109 AUSTRALIA CHALLENGER NON-CONFORMING FINANCE PTY LTD 107 725 486 AUSTRALIA CHALLENGER ORIGINATOR FINANCE PTY LTD 095 085 466 AUSTRALIA CHALLENGER PROPERTY ASSET MANAGEMENT PTY LTD 077 569 021 AUSTRALIA CHALLENGER RETIREMENT AND INVESTMENT SERVICES LIMITED 115 534 453 AUSTRALIA CHALLENGER SECURITISATION MANAGEMENT PTY LTD 100 346 898 AUSTRALIA CHALLENGER SKYBRIDGE (CAPITAL II) INVESTMENT LLP OC338355 ENGLAND/WALES CHALLENGER SKYBRIDGE (GP HOLDINGS) INVESTMENT LLP OC338388 ENGLAND/WALES CHALLENGER SKYBRIDGE (GROUP) HOLDING COMPANY PTY LTD 130 888 327 AUSTRALIA CHALLENGER SKYBRIDGE (HASTINGS) HOLDING COMPANY PTY LTD 130 888 274 AUSTRALIA CHALLENGER SKYBRIDGE (HASTINGS) INVESTMENT LLP OC338387 ENGLAND/WALES CHALLENGER SPECIAL SERVICING PTY LTD 107 707 415 AUSTRALIA CHALLENGER SPECIALISED FINANCE NO.2 PTY LTD 168 107 355 AUSTRALIA CHALLENGER TREASURY LIMITED 093 307 996 AUSTRALIA CHALLENGER UK TERMINALS LIMITED 95751 JERSEY CHALLENGER WHOLESALE FINANCE HOLDINGS PTY LIMITED 087 284 240 AUSTRALIA CHALLENGER WIND HOLDINGS PTY LIMITED 151 496 061 AUSTRALIA CLS US HOLDINGS, LLC 5302598 UNITED STATES CPHIC INVESTMENTS PTY LTD 093 340 526 AUSTRALIA CSPP1 MAITLAND PTY LTD 122 460 968 AUSTRALIA CSPP1 MAVIS COURT PTY LTD 122 461 983 AUSTRALIA FIDANTE PARTNERS (GUERNSEY) LIMITED 40288 GUERNSEY FIDANTE PARTNERS ALPHINITY HOLDINGS PTY LTD 140 716 016 AUSTRALIA FIDANTE PARTNERS ARDEA HOLDINGS PTY LTD 133 865 853 AUSTRALIA

Annexure 2 This is page 3 of 4 of Annexure 2 referred to in ASIC Form 604 - Notice of change of interests of Substantial Holder Andrew Brown - Company Secretary of Challenger 26/11/2018 Company Name ACN / Company No. Country of Incorporation FIDANTE PARTNERS ARETE HOLDINGS PTY LTD 143 836 373 AUSTRALIA FIDANTE PARTNERS AVENIR CAPITAL HOLDINGS PTY LTD 616 504 502 AUSTRALIA FIDANTE PARTNERS BENTHAM HOLDINGS PTY LTD 140 715 573 AUSTRALIA FIDANTE PARTNERS EUROPE LIMITED 04040660 ENGLAND/WALES FIDANTE PARTNERS FME HOLDINGS LIMITED 11410594 UNITED KINGDOM FIDANTE PARTNERS GP US LLC 5651702 UNITED STATES FIDANTE PARTNERS HOLDINGS (GUERNSEY) LIMITED 43315 GUERNSEY FIDANTE PARTNERS HOLDINGS EUROPE LIMITED 06172534 ENGLAND/WALES FIDANTE PARTNERS HOLDINGS PTY LIMITED 123 318 650 AUSTRALIA FIDANTE PARTNERS INVESTMENT FUNDS PUBLIC LIMITED COMPANY 533320 IRELAND FIDANTE PARTNERS KAPSTREAM HOLDINGS PTY LIMITED 123 319 460 AUSTRALIA FIDANTE PARTNERS LATIGO HOLDINGS LLC 5651705 UNITED STATES FIDANTE PARTNERS LENNOX HOLDINGS PTY LIMITED 616 975 565 AUSTRALIA FIDANTE PARTNERS LIMITED 002 835 592 AUSTRALIA FIDANTE PARTNERS MERLON HOLDINGS PTY LTD 140 715 662 AUSTRALIA FIDANTE PARTNERS METISQ HOLDINGS PTY LTD 143 376 961 AUSTRALIA FIDANTE PARTNERS NOVAPORT HOLDINGS PTY LTD 140 715 797 AUSTRALIA FIDANTE PARTNERS R&M HOLDINGS PTY LIMITED 152 375 436 AUSTRALIA FIDANTE PARTNERS SERVICES LIMITED 119 605 373 AUSTRALIA FIDANTE PARTNERS TEMPO HOLDINGS PTY LTD 167 321 262 AUSTRALIA FIDANTE PARTNERS USA LLC 81-4925448 UNITED STATES FIDANTE PARTNERS WAVESTONE HOLDINGS PTY LIMITED 133 626 276 AUSTRALIA FIDANTE PARTNERS WHITEHELM HOLDINGS PTY LTD 169 043 903 AUSTRALIA FIDANTE PARTNERS WYETREE LIMITED 09387239 ENGLAND/WALES GASVALPO S.A. 96.960.800-6 CHILE GREENCAPE CAPITAL PTY LTD 120 328 529 AUSTRALIA GV CAYMAN COMPANY LIMITED OG-206918 CAYMAN ISLANDS GV CHILE HOLDING LIMITADA 124311723611675 CHILE GV CHILE LIMITADA 124301725311696 CHILE GV JERSEY HOLDING COMPANY LIMITED 100293 JERSEY GV JERSEY TRUSTEE COMPANY LIMITED 100294 JERSEY GV JERSEY TRUSTEE COMPANY NO. 2 LIMITED 100367 JERSEY HOWARD COMMERCIAL LENDING PTY LTD 000 033 143 AUSTRALIA KUDU INVESTMENT MANAGEMENT LLC 1231609 UNITED STATES KUDU INVESTMENT PARTNERS I, LP 47-2497501 UNITED STATES KUDU INVESTMENTS GP LLC 1244682 UNITED STATES LANV PTY LTD 147 224 502 AUSTRALIA LBC TANK TERMINALS (JERSEY) LIMITED 97371 JERSEY LEASE COLLATERAL NO.2 PTY LTD 168 112 481 AUSTRALIA LEASE COLLATERAL PTY LTD 168 112 472 AUSTRALIA LEASE FUNDING MANAGEMENT PTY LTD 168 112 490 AUSTRALIA LENNOX CAPITAL PARTNERS PTY LIMITED 617 001 966 AUSTRALIA MAITLAND NOMINEE HOLDINGS PTY LIMITED 122 853 114 AUSTRALIA

Annexure 2 This is page 4 of 4 of Annexure 2 referred to in ASIC Form 604 - Notice of change of interests of Substantial Holder Andrew Brown - Company Secretary of Challenger 26/11/2018 Company Name ACN / Company No. Country of Incorporation MAVIS COURT DEVELOPMENT CO PTY LTD 124 112 956 AUSTRALIA MAWBURY PTY LIMITED 096 097 479 AUSTRALIA MERLON CAPITAL PARTNERS PTY LTD 140 833 683 AUSTRALIA METISQ CAPITAL HOLDINGS PTY LTD 158 011 351 AUSTRALIA METISQ CAPITAL PTY LTD 104 642 613 AUSTRALIA METISQ CAPITAL SINGAPORE PTE. LTD. 200604549G SINGAPORE METISQ LIBRA GREATER CHINA EQUITY FUND LTD. WK-237319 CAYMAN ISLANDS MIR GREATER CHINA PTE LTD 200715836D SINGAPORE MIR LIBRA CAPITAL MANAGEMENT LTD 236748 CAYMAN ISLANDS NOVAPORT CAPITAL PTY LTD 140 833 656 AUSTRALIA OAKLANDS HILL PTY LTD 149 814 559 AUSTRALIA OAKLANDS HILL WIND FARM PTY LTD 126 595 935 AUSTRALIA OFFSHORE REINSURER (BERMUDA) COMPANY LIMITED 51746 BERMUDA OIKOS STORAGE LIMITED 315280 ENGLAND/WALES RESIDENTIAL REAL ESTATE TOTAL RETURN OPPORTUNITIES FUND LTD. 212456 CAYMAN ISLANDS RESIDENTIAL REAL ESTATE TOTAL RETURN OPPORTUNITIES MASTER FUND L.P. 27263 CAYMAN ISLANDS RESONANCE ASSET MANAGEMENT LIMITED 09028327 ENGLAND/WALES SABRAND LIMITED 126677 CYPRUS STRUCTURED CREDIT RESEARCH LLP OC328062 ENGLAND/WALES TEMPO ASSET MANAGEMENT PTY LTD 167 321 637 AUSTRALIA THE LIBERTY GROUP CONSORTIUM PTY LTD 082 564 289 AUSTRALIA TLG SERVICES PTY LIMITED 092 500 608 AUSTRALIA TLGH PTY LIMITED 092 927 467 AUSTRALIA TRE DATA CENTRES CANBERRA PTY LTD 141 881 227 AUSTRALIA US LLC HOLDINGS PTY LTD 130 888 292 AUSTRALIA US LLC INVESTMENTS LLC 36-4811214 UNITED STATES WATER VENTURES LIMITED 09592184 ENGLAND/WALES WATERFORD COUNTY PTY LIMITED 122 853 089 AUSTRALIA WAVESTONE CAPITAL PTY LIMITED 120 179 419 AUSTRALIA WELCOME BREAK CAYMAN LIMITED FC027450 CAYMAN ISLANDS WELCOME BREAK GROUP HOLDINGS LIMITED FC027451 CAYMAN ISLANDS WELCOME BREAK GROUP LIMITED 03147949 ENGLAND/WALES WELCOME BREAK HOLDINGS (1) LIMITED 04099287 ENGLAND/WALES WELCOME BREAK HOLDINGS ( LIMITED 04379574 ENGLAND/WALES WELCOME BREAK HOLDINGS LIMITED 03290817 CAYMAN ISLANDS WELCOME BREAK LIMITED 01735476 ENGLAND/WALES WELCOME BREAK NO.1 LIMITED 08331837 ENGLAND/WALES WELCOME BREAK NO.2 LIMITED 08331870 ENGLAND/WALES WELCOME BREAK NO.3 LIMITED 08331918 ENGLAND/WALES WELCOME BREAK SERVICES LIMITED 04099292 ENGLAND/WALES WYETREE FUNDS PLC 520464 IRELAND