SPH Notice - Challenger Limited

1
Disclosure of beginning to have substantial holding
Section 276, Financial Markets Conduct Act 2013
To NZX Limited
and
To The A2 Milk Company Limited (ATM)
Date this disclosure made:25 August 2025
Date on which substantial holding began: 21 August 2025
Substantial product holder(s) giving disclosure
Full name(s): Challenger Limited (ACN 106 842 371) and its entities listed in Annexure 3.
Summary of substantial holding
Class of quoted voting products: Ordinary fully paid shares in ATM
Summary for Challenger limited and its entities
For this disclosure,—
(a) total number held in class: 36,476,524
(b) total in class: 724,019,118
(c) total percentage held in class: 5.04%
Details of relevant interests
Details for Challenger Limited and its entities
Nature of relevant interest(s): Ordinary Fully Paid Securities purchased and sold on market
and acquired (via off market transfer) by Challenger Limited (and its entities listed in
Annexure 3).
A relevant agreement need not be attached under regulation 139.
For that relevant interest,—
(a) number held in class:36,476,524
(b) percentage held in class: 5.04%
(c) current registered holder(s): See Annexure 1
(d) registered holder(s) once transfers are registered: not applicable
For a derivative relevant interest, also—
(a) type of derivative: Not applicable
(b) details of derivative: Not applicable

2
(c)if the substantial product holder is not a party to the derivative, the nature of the
relevant interest in the derivative: not applicable
Details of transactions and events giving rise to substantial holding
Details of the transactions or other events requiring disclosure: See Annexure 2.
Additional information
Address(es) of substantial product holder(s): Level 2, 5 Martin Place, Sydney, NSW
Australia 2077
Contact details: Linda Matthews, General Manager, Company Secretariat;
lmatthews@challenger.com.au; +61 2 9994 7000
Certification
I, Linda Matthews, certify that, to the best of my knowledge and belief, the information
contained in this disclosure is correct and that I am duly authorised to make this disclosure
by all persons for whom it is made.

3
Annexure 1

Holder of relevant interest Registered holder of securities Person entitled to be registered
as holder (8)
Class and number of
securities
Challenger Limited (and its
entities listed in Annexure 2)
HSBC Custody Nominees (Australia)
Limited
HSBC Custody Nominees (Australia)
Limited
14,234,416 (Ordinary Fully
Paid)
As above J. P. Morgan Nominees Australia Pty
Limited
J. P. Morgan Nominees Australia Pty
Limited
15,656,901 (Ordinary Fully
Paid)
As above Citicorp Nominees Pty Limited Citicorp Nominees Pty Limited 3,748,476 (Ordinary Fully
Paid)
As above BNP Paribas Nominees Pty Limited BNP Paribas Nominees Pty Limited 2,613,633 (Ordinary Fully
Paid)
As above National Nominees Limited National Nominees Limited 223,098 (Ordinary Fully
Paid)

Transactions:
Company
Name/Scheme:
The A2 Milk Company Limited (A2M)
As at:21/08/2015
Class of security:Ordinary Fully Paid
Date of ChangeHolder of relevant interestNature of Change Consideration
Number of
Securities
Person's Votes
Affected
22/04/2025
Challenger Limited (and its entities listed
in Annexure 2)
Opening Balance
Adjustment
‐7,339,4937,339,493
22/04/2025
As above
Buy107,345
20,50620,506
22/04/2025
As above
Buy113,171
13,88613,886
22/04/2025
As above
Buy71,852
8,8108,810
22/04/2025
As above
Buy57,180
7,0117,011
22/04/2025
As above
Buy43,854
5,3775,377
22/04/2025
As above
Buy9,273
1,1371,137
22/04/2025
As above
Buy13,196
1,6181,618
22/04/2025
As above
Buy48,837
5,9885,988
22/04/2025
As above
Buy4,486
550550
22/04/2025
As above
Sell86,924
‐10,56010,560
22/04/2025
As above
Buy61,356
7,5237,523
22/04/2025
As above
Buy91,932
11,27211,272
22/04/2025
As above
Buy149,332
18,31018,310
22/04/2025
As above
Buy3,744
459459
22/04/2025
As above
Buy17,519
2,1482,148
22/04/2025
As above
Buy45,338
5,5595,559
22/04/2025
As above
Buy9,232
1,1321,132
22/04/2025
As above
Buy14,778
1,8121,812
22/04/2025
As above
Buy24,630
3,0203,020
22/04/2025
As above
Buy115,258
14,13214,132
22/04/2025
As above
Buy11,916
1,4611,461
22/04/2025
As above
Buy179,305
21,98521,985
22/04/2025
As above
Buy135,949
16,66916,669
22/04/2025
As above
Buy196,840
24,13524,135
22/04/2025
As above
Buy106,841
13,10013,100
22/04/2025
As above
Buy111,457
13,66613,666
22/04/2025
As above
Buy123,707
15,16815,168
22/04/2025
As above
Buy122,035
14,96314,963
22/04/2025
As above
Buy82,316
10,09310,093
22/04/2025
As above
Buy19,541
2,3962,396
23/04/2025
As above
Buy5,087
616616
23/04/2025
As above
Buy2,890,559
349,115349,115
23/04/2025
As above
Buy465,937
56,17656,176
23/04/2025
As above
Buy370,769
44,70244,702
23/04/2025
As above
Buy284,393
34,28834,288
23/04/2025
As above
Buy60,158
7,2537,253
23/04/2025
As above
Buy85,572
10,31710,317
23/04/2025
As above
Buy316,674
38,18038,180
23/04/2025
As above
Buy29,096
3,5083,508
23/04/2025
As above
Buy397,875
47,97047,970
23/04/2025
As above
Buy596,157
71,87671,876
23/04/2025
As above
Buy874,893
105,536105,536
23/04/2025
As above
Buy968,385
116,754116,754
23/04/2025
As above
Buy24,286
2,9282,928
23/04/2025
As above
Buy113,598
13,69613,696
23/04/2025
As above
Buy294,006
35,44735,447
23/04/2025
As above
Buy59,884
7,2207,220
23/04/2025
As above
Buy95,807
11,55111,551
23/04/2025
As above
Buy159,689
19,25319,253
23/04/2025
As above
Buy747,394
90,11090,110
Page 1 of 6
Annexure 2:
Transactions Giving Rise to Relevant Interest

Date of ChangeHolder of relevant interestNature of Change Consideration
Number of
Securities
Person's Votes
Affected
23/04/2025
As above
Buy77,294 9,3199,319
23/04/2025
As above
Buy9,745
1,1801,180
23/04/2025
As above
Buy1,162,686
140,180140,180
23/04/2025
As above
Buy881,594
106,290106,290
23/04/2025
As above
Buy1,276,392
153,889153,889
23/04/2025
As above
Buy13,865
1,6791,679
23/04/2025
As above
Buy51,300
6,2126,212
23/04/2025
As above
Buy4,715
571571
23/04/2025
As above
Buy64,455
7,8057,805
23/04/2025
As above
Buy96,579
11,69511,695
23/04/2025
As above
Buy156,888
18,99818,998
23/04/2025
As above
Buy3,939
477477
23/04/2025
As above
Buy18,399
2,2282,228
23/04/2025
As above
Buy47,633
5,7685,768
23/04/2025
As above
Buy692,834
83,53283,532
23/04/2025
As above
Buy722,776
87,14287,142
23/04/2025
As above
Buy802,202
96,71896,718
23/04/2025
As above
Buy791,353
95,41095,410
23/04/2025
As above
Buy533,809
64,35964,359
23/04/2025
As above
Buy126,719
15,27815,278
23/04/2025
As above
Buy692,965
130,758130,758
23/04/2025
As above
Buy31,402
3,7863,786
23/04/2025
As above
Buy9,703
1,1751,175
23/04/2025
As above
Buy15,525
1,8801,880
23/04/2025
As above
Buy25,873
3,1333,133
23/04/2025
As above
Buy121,081
14,66214,662
23/04/2025
As above
Buy12,519
1,5161,516
23/04/2025
As above
Buy188,360
22,80922,809
23/04/2025
As above
Buy142,824
17,29517,295
23/04/2025
As above
Buy206,784
25,04025,040
23/04/2025
As above
Buy112,245
13,59213,592
23/04/2025
As above
Buy117,092
14,17914,179
23/04/2025
As above
Buy75,488
9,1419,141
23/04/2025
As above
Buy60,070
7,2747,274
23/04/2025
As above
Buy46,072
5,5795,579
23/04/2025
As above
Buy129,958
15,73715,737
23/04/2025
As above
Buy128,207
15,52515,525
23/04/2025
As above
Buy86,479
10,47210,472
23/04/2025
As above
Buy20,530
2,4862,486
23/04/2025
As above
Buy112,264
21,27621,276
24/04/2025
As above
Buy99,477
11,94211,942
24/04/2025
As above
Buy67,098
8,0558,055
24/04/2025
As above
Buy15,927
1,9121,912
24/04/2025
As above
Buy87,380
16,36616,366
24/04/2025
As above
Buy3,948
474474
24/04/2025
As above
Buy300,084
36,39236,392
24/04/2025
As above
Buy238,784
28,95828,958
24/04/2025
As above
Buy183,157
22,21222,212
24/04/2025
As above
Buy38,747
4,6994,699
24/04/2025
As above
Buy55,115
6,6846,684
24/04/2025
As above
Buy203,953
24,73424,734
24/04/2025
As above
Buy18,735
2,2722,272
24/04/2025
As above
Buy256,249
31,07631,076
24/04/2025
As above
Buy383,952
46,56346,563
24/04/2025
As above
Buy623,676
75,63575,635
24/04/2025
As above
Buy15,642
1,8971,897
24/04/2025
As above
Buy73,157
8,8728,872
24/04/2025
As above
Buy189,350
22,96322,963
24/04/2025
As above
Buy38,566
4,6774,677
24/04/2025
As above
Buy61,704
7,4837,483
24/04/2025
As aboveBuy102,851 12,473 12,473
24/04/2025
As aboveBuy481,353 58,375 58,375
24/04/2025
As aboveBuy49,780 6,037 6,037
24/04/2025
As aboveBuy748,807 90,810 90,810
24/04/2025
As aboveBuy567,786 68,857 68,857
24/04/2025
As aboveBuy1,166 142 142
24/04/2025
As aboveBuy1,871 228 228
24/04/2025
As aboveBuy3,111 379 379
Page 2 of 6

Date of ChangeHolder of relevant interestNature of Change Consideration
Number of
Securities
Person's Votes
Affected
24/04/2025As aboveBuy43,537 5,257 5,257
24/04/2025
As aboveBuy4,000 483 483
24/04/2025
As aboveBuy54,701 6,605 6,605
24/04/2025
As aboveBuy81,957 9,896 9,896
24/04/2025
As aboveBuy133,130 16,075 16,075
24/04/2025
As aboveBuy3,338 403 403
24/04/2025
As aboveBuy15,619 1,886 1,886
24/04/2025
As aboveBuy40,415 4,880 4,880
24/04/2025
As aboveBuy8,232 994 994
24/04/2025
As aboveBuy14,569 1,775 1,775
24/04/2025
As aboveBuy1,510 184 184
24/04/2025
As aboveBuy22,670 2,762 2,762
24/04/2025
As aboveBuy17,187 2,094 2,094
24/04/2025
As aboveBuy24,878 3,031 3,031
24/04/2025
As aboveBuy13,510 1,646 1,646
24/04/2025
As aboveBuy14,093 1,717 1,717
24/04/2025
As aboveBuy15,636 1,905 1,905
24/04/2025
As aboveBuy15,431 1,880 1,880
24/04/2025
As aboveBuy13,168 1,590 1,590
24/04/2025
As aboveBuy21,955 2,651 2,651
24/04/2025
As aboveBuy102,752 12,407 12,407
24/04/2025
As aboveBuy10,626 1,283 1,283
24/04/2025
As aboveBuy159,838 19,300 19,300
24/04/2025
As aboveBuy121,196 14,634 14,634
24/04/2025
As aboveBuy175,474 21,188 21,188
24/04/2025
As aboveBuy95,249 11,501 11,501
24/04/2025
As aboveBuy99,365 11,998 11,998
24/04/2025
As aboveBuy10,408 1,268 1,268
24/04/2025
As aboveBuy2,471 301 301
24/04/2025
As aboveBuy822,047 99,692 99,692
24/04/2025
As aboveBuy446,217 54,114 54,114
24/04/2025
As aboveBuy465,496 56,452 56,452
24/04/2025
As aboveBuy516,653 62,656 62,656
24/04/2025
As aboveBuy509,661 61,808 61,808
24/04/2025
As aboveBuy343,795 41,693 41,693
24/04/2025
As aboveBuy81,609 9,897 9,897
24/04/2025
As aboveBuy447,693 84,707 84,707
24/04/2025
As aboveBuy20,219 2,452 2,452
24/04/2025
As aboveBuy665,269 80,541 80,541
24/04/2025
As aboveBuy9,086 1,107 1,107
24/04/2025
As aboveBuy7,231 881 881
24/04/2025
As aboveBuy5,548 676 676
24/04/2025
As aboveBuy1,174 143 143
24/04/2025
As aboveBuy1,666 203 203
24/04/2025
As aboveBuy6,172 752 752
24/04/2025
As aboveBuy566 69 69
24/04/2025
As aboveBuy64,051 7,734 7,734
24/04/2025
As aboveBuy50,974 6,155 6,155
24/04/2025
As aboveBuy39,098 4,721 4,721
24/04/2025
As aboveBuy8,274 999 999
24/04/2025
As aboveBuy11,760 1,420 1,420
24/04/2025
As aboveBuy7,756 945 945
24/04/2025
As aboveBuy11,622 1,416 1,416
24/04/2025
As aboveBuy18,878 2,300 2,300
24/04/2025
As aboveBuy476 58 58
24/04/2025
As aboveBuy2,216 270 270
24/04/2025
As aboveBuy5,729 698 698
24/04/2025
As aboveBuy13,552 2,576 2,576
24/04/2025
As aboveBuy616 75 75
24/04/2025
As aboveBuy110,280 13,316 13,316
24/04/2025
As aboveBuy108,790 13,136 13,136
24/04/2025
As aboveBuy73,385 8,861 8,861
24/04/2025
As aboveBuy17,417 2,103 2,103
24/04/2025
As aboveBuy95,564 18,003 18,003
24/04/2025
As aboveBuy4,315 521 521
24/04/2025
As aboveBuy58,568 7,031 7,031
24/04/2025
As aboveBuy46,606 5,595 5,595
24/04/2025
As aboveBuy35,752 4,292 4,292
24/04/2025
As aboveBuy7,564 908 908
24/04/2025
As aboveBuy10,754 1,291 1,291
24/04/2025
As aboveBuy39,809 4,779 4,779
24/04/2025
As aboveBuy3,657 439 439
24/04/2025
As aboveBuy50,013 6,004 6,004
24/04/2025
As aboveBuy74,937 8,996 8,996
24/04/2025
As aboveBuy121,726 14,613 14,613
24/04/2025
As aboveBuy3,057 367 367
24/04/2025
As aboveBuy14,278 1,714 1,714
24/04/2025
As aboveBuy36,960 4,437 4,437
24/04/2025
As aboveBuy7,530 904 904
Page 3 of 6

Date of ChangeHolder of relevant interestNature of Change Consideration
Number of
Securities
Person's Votes
Affected
24/04/2025As aboveBuy12,045 1,446 1,446
24/04/2025
As aboveBuy20,075 2,410 2,410
24/04/2025
As aboveBuy93,954 11,279 11,279
24/04/2025
As aboveBuy9,713 1,166 1,166
24/04/2025
As aboveBuy146,158 17,546 17,546
24/04/2025
As aboveBuy110,822 13,304 13,304
24/04/2025
As aboveBuy160,452 19,262 19,262
24/04/2025
As aboveBuy87,090 10,455 10,455
24/04/2025
As aboveBuy90,855 10,907 10,907
24/04/2025
As aboveBuy100,843 12,106 12,106
28/04/2025
As aboveBuy62,238 7,505 7,505
28/04/2025
As aboveBuy4,553 549 549
28/04/2025
As aboveBuy116,912 14,098 14,098
28/04/2025
As aboveBuy329,870 39,475 39,475
28/04/2025
As aboveBuy205,652 24,610 24,610
28/04/2025
As aboveBuy125,487 15,132 15,132
28/04/2025
As aboveBuy354,062 42,370 42,370
28/04/2025
As aboveBuy83,500 10,069 10,069
28/04/2025
As aboveBuy93,253 11,245 11,245
28/04/2025
As aboveBuy263,127 31,488 31,488
28/04/2025
As aboveBuy12,091 1,458 1,458
28/04/2025
As aboveBuy34,111 4,082 4,082
28/04/2025
As aboveBuy235,601 28,194 28,194
28/04/2025
As aboveBuy58,000 6,994 6,994
28/04/2025
As aboveBuy45,992 5,546 5,546
28/04/2025
As aboveBuy129,767 15,529 15,529
28/04/2025
As aboveBuy305,795 36,594 36,594
28/04/2025
As aboveBuy12,844 1,537 1,537
28/04/2025
As aboveBuy9,363 1,129 1,129
28/04/2025
As aboveBuy26,431 3,163 3,163
28/04/2025
As aboveBuy113,064 13,634 13,634
28/04/2025
As aboveBuy4,909 592 592
28/04/2025
As aboveBuy13,385 1,614 1,614
28/04/2025
As aboveBuy37,779 4,521 4,521
28/04/2025
As aboveBuy14,985 1,807 1,807
28/04/2025
As aboveBuy42,284 5,060 5,060
28/04/2025
As aboveBuy319,007 38,175 38,175
28/04/2025
As aboveBuy13,855 1,658 1,658
28/04/2025
As aboveBuy462,690 55,545 55,545
28/04/2025
As aboveBuy72,886 8,789 8,789
28/04/2025
As aboveBuy163,644 19,583 19,583
28/04/2025
As aboveBuy123,787 14,927 14,927
28/04/2025
As aboveBuy349,274 41,797 41,797
28/04/2025
As aboveBuy24,978 3,012 3,012
28/04/2025
As aboveBuy70,486 8,435 8,435
28/04/2025
As aboveBuy181,886 21,933 21,933
28/04/2025
As aboveBuy513,160 61,409 61,409
28/04/2025
As aboveBuy19,820 2,390 2,390
28/04/2025
As aboveBuy108,432 20,459 20,459
28/04/2025
As aboveBuy44,491 5,365 5,365
28/04/2025
As aboveBuy125,514 15,020 15,020
28/04/2025
As aboveBuy55,938 6,694 6,694
28/04/2025
As aboveBuy305,915 57,281 57,281
28/04/2025
As aboveBuy151,485 18,267 18,267
28/04/2025
As aboveBuy427,406 51,147 51,147
28/04/2025
As aboveBuy137,910 16,630 16,630
28/04/2025
As aboveBuy389,109 46,564 46,564
28/04/2025
As aboveBuy9,412 1,135 1,135
28/04/2025
As aboveBuy26,548 3,177 3,177
28/04/2025
As aboveBuy3,798 458 458
28/04/2025
As aboveBuy10,721 1,283 1,283
28/04/2025
As aboveBuy199,675 24,078 24,078
28/04/2025
As aboveBuy563,332 67,413 67,413
28/04/2025
As aboveBuy49,533 5,973 5,973
28/04/2025
As aboveBuy139,770 16,726 16,726
28/04/2025
As aboveBuy17,772 2,143 2,143
28/04/2025
As aboveBuy50,139 6,000 6,000
28/04/2025
As aboveBuy108,379 13,069 13,069
28/04/2025
As aboveBuy175,610 21,015 21,015
29/04/2025
As aboveBuy3,970 482 482
29/04/2025
As aboveBuy22,874 2,777 2,777
29/04/2025
As aboveBuy30,955 3,758 3,758
29/04/2025
As aboveBuy3,204 389 389
29/04/2025
As aboveBuy48,146 5,845 5,845
29/04/2025
As aboveBuy36,507 4,432 4,432
29/04/2025
As aboveBuy52,866 6,418 6,418
29/04/2025
As aboveBuy28,690 3,483 3,483
29/04/2025
As aboveBuy29,934 3,634 3,634
29/04/2025
As aboveBuy33,221 4,033 4,033
Page 4 of 6

Date of ChangeHolder of relevant interestNature of Change Consideration
Number of
Securities
Person's Votes
Affected
29/04/2025As aboveBuy32,776 3,979 3,979
29/04/2025
As aboveBuy22,109 2,684 2,684
29/04/2025
As aboveBuy5,247 637 637
29/04/2025
As aboveBuy28,848 5,453 5,453
29/04/2025
As aboveBuy1,301 158 158
29/04/2025
As aboveBuy19,300 2,343 2,343
29/04/2025
As aboveBuy15,354 1,864 1,864
29/04/2025
As aboveBuy11,779 1,430 1,430
29/04/2025
As aboveBuy2,488 302 302
29/04/2025
As aboveBuy3,542 430 430
29/04/2025
As aboveBuy13,114 1,592 1,592
29/04/2025
As aboveBuy1,203 146 146
29/04/2025
As aboveBuy16,474 2,000 2,000
29/04/2025
As aboveBuy24,687 2,997 2,997
29/04/2025
As aboveBuy40,107 4,869 4,869
29/04/2025
As aboveBuy1,005 122 122
29/04/2025
As aboveBuy4,703 571 571
29/04/2025
As aboveBuy12,175 1,478 1,478
29/04/2025
As aboveBuy2,479 301 301
29/04/2025
As aboveBuy6,614 803 803
02/05/2025
As aboveBuy9,138 1,092 1,092
02/05/2025
As aboveBuy85,180 10,179 10,179
02/05/2025
As aboveBuy39,105 4,673 4,673
02/05/2025
As aboveBuy58,000 6,931 6,931
02/05/2025
As aboveBuy58,787 7,025 7,025
02/05/2025
As aboveBuy14,360 1,716 1,716
02/05/2025
As aboveBuy50,770 6,067 6,067
02/05/2025
As aboveBuy56,502 6,752 6,752
02/05/2025
As aboveBuy81,021 9,682 9,682
02/05/2025
As aboveBuy53,038 6,338 6,338
02/05/2025
As aboveBuy42,963 5,134 5,134
02/05/2025
As aboveBuy14,134 1,689 1,689
02/05/2025
As aboveBuy38,695 4,624 4,624
02/05/2025
As aboveBuy80,703 9,644 9,644
02/05/2025
As aboveBuy50,184 5,997 5,997
02/05/2025
As aboveBuy13,657 1,632 1,632
02/05/2025
As aboveBuy4,192 501 501
02/05/2025
As aboveBuy63,055 7,535 7,535
02/05/2025
As aboveBuy64,603 7,720 7,720
05/05/2025
As aboveBuy369,220 44,053 44,053
05/05/2025
As aboveBuy57,537 6,865 6,865
05/05/2025
As aboveBuy195,787 23,360 23,360
05/05/2025
As aboveBuy64,402 7,684 7,684
05/05/2025
As aboveBuy367,770 43,880 43,880
05/05/2025
As aboveBuy228,717 27,289 27,289
05/05/2025
As aboveBuy62,256 7,428 7,428
05/05/2025
As aboveBuy287,377 34,288 34,288
05/05/2025
As aboveBuy388,195 46,317 46,317
05/05/2025
As aboveBuy294,417 35,128 35,128
05/05/2025
As aboveBuy178,203 21,262 21,262
05/05/2025
As aboveBuy264,312 31,536 31,536
05/05/2025
As aboveBuy267,924 31,967 31,967
05/05/2025
As aboveBuy231,365 27,605 27,605
06/05/2025
As aboveBuy1,071,498 127,940 127,940
06/05/2025
As aboveBuy812,626 97,030 97,030
06/05/2025
As aboveBuy491,872 58,731 58,731
06/05/2025
As aboveBuy729,530 87,108 87,108
06/05/2025
As aboveBuy739,487 88,297 88,297
06/05/2025
As aboveBuy638,594 76,250 76,250
06/05/2025
As aboveBuy930,329 111,084 111,084
06/05/2025
As aboveBuy1,019,104 121,684 121,684
06/05/2025
As aboveBuy91,063 11,052 11,052
06/05/2025
As aboveBuy29,951 3,635 3,635
06/05/2025
As aboveBuy107,378 13,032 13,032
06/05/2025
As aboveBuy540,397 64,525 64,525
06/05/2025
As aboveBuy177,751 21,224 21,224
06/05/2025
As aboveBuy637,220 76,086 76,086
06/05/2025
As aboveBuy1,015,084 121,204 121,204
06/05/2025
As aboveBuy631,274 75,376 75,376
06/05/2025
As aboveBuy171,830 20,517 20,517
06/05/2025
As aboveBuy68,977 8,236 8,236
06/05/2025
As aboveBuy793,180 94,708 94,708
06/05/2025
As aboveBuy171,053 20,760 20,760
06/05/2025
As aboveBuy106,372 12,910 12,910
06/05/2025
As aboveBuy28,954 3,514 3,514
06/05/2025
As aboveBuy11,626 1,411 1,411
06/05/2025
As aboveBuy133,662 16,222 16,222
06/05/2025
As aboveBuy180,561 21,914 21,914
06/05/2025
As aboveBuy136,941 16,620 16,620
Page 5 of 6

Date of ChangeHolder of relevant interestNature of Change Consideration
Number of
Securities
Person's Votes
Affected
06/05/2025As aboveBuy82,881 10,059 10,059
06/05/2025
As aboveBuy122,934 14,920 14,920
06/05/2025
As aboveBuy124,615 15,124 15,124
06/05/2025
As aboveBuy107,608 13,060 13,060
06/05/2025
As aboveBuy156,774 19,027 19,027
06/05/2025
As aboveBuy171,728 20,842 20,842
06/05/2025
As aboveSell1,569 190- 190
06/05/2025
As aboveBuy215,096 25,744 25,744
07/05/2025
As aboveSell473,886 57,020- 57,020
07/05/2025
As aboveSell163,059 19,620- 19,620
08/05/2025
As aboveSell471,919 56,492- 56,492
08/05/2025
As aboveSell841,522 100,736- 100,736
08/05/2025
As aboveSell288,396 34,523- 34,523
09/05/2025
As aboveSell1,792,786 213,676- 213,676
09/05/2025
As aboveSell614,390 73,227- 73,227
09/05/2025
As aboveSell1,005,365 119,826- 119,826
12/05/2025
As aboveSell100,400 12,111- 12,111
12/05/2025
As aboveSell20,803 2,476- 2,476
12/05/2025
As aboveSell34,044 4,052- 4,052
12/05/2025
As aboveSell60,711 7,226- 7,226
13/05/2025
As aboveBuy165,483 20,081 20,081
13/05/2025
As aboveBuy976,153 118,454 118,454
14/05/2025
As aboveBuy2,327,849 279,646 279,646
14/05/2025
As aboveBuy233,512 28,052 28,052
14/05/2025
As aboveBuy50,736 6,095 6,095
14/05/2025
As aboveBuy699,372 84,016 84,016
14/05/2025
As aboveBuy373,560 44,876 44,876
14/05/2025
As aboveBuy276,174 33,177 33,177
14/05/2025
As aboveBuy68,018 8,171 8,171
14/05/2025
As aboveBuy133,488 16,036 16,036
15/05/2025
As aboveSell4,852 578- 578
15/05/2025
As aboveSell2,963 353- 353
15/05/2025
As aboveSell8,664 1,032- 1,032
16/05/2025
As aboveSell361,870 43,332- 43,332
16/05/2025
As aboveSell645,289 77,270- 77,270
16/05/2025
As aboveSell221,145 26,481- 26,481
16/05/2025
As aboveSell107,876 12,918- 12,918
20/05/2025
As aboveBuy282,508 34,285 34,285
22/05/2025
As aboveBuy525,464 64,081 64,081
22/05/2025
As aboveBuy594,451 72,494 72,494
22/05/2025
As aboveBuy662,314 80,770 80,770
22/05/2025
As aboveBuy97,539 11,895 11,895
22/05/2025
As aboveBuy874,054 106,592 106,592
22/05/2025
As aboveBuy591,600 111,699 111,699
22/05/2025
As aboveBuy417,847 50,957 50,957
22/05/2025
As aboveBuy401,029 48,906 48,906
22/05/2025
As aboveBuy520,503 63,476 63,476
22/05/2025
As aboveBuy612,015 74,636 74,636
23/05/2025
As aboveBuy133,878 16,390 16,390
26/05/2025
As aboveSell48,427 5,870- 5,870
27/05/2025
As aboveSell375,257 45,763- 45,763
28/05/2025
As aboveBuy108,491 13,367 13,367
28/05/2025
As aboveBuy106,495 13,121 13,121
28/05/2025
As aboveBuy139,204 17,151 17,151
28/05/2025
As aboveSell13,323 1,642- 1,642
28/05/2025
As aboveBuy37,952 4,676 4,676
28/05/2025
As aboveBuy111,438 13,730 13,730
28/05/2025
As aboveBuy4,626 570 570
28/05/2025
As aboveBuy107,623 13,260 13,260
29/05/2025
As aboveSell80,044 9,940- 9,940
29/05/2025
As aboveSell3,804 472- 472
02/06/2025
As aboveBuy - transfer5,610,372 707,487 707,487
05/06/2025
As aboveBuy241,003 29,862 29,862
05/06/2025
As aboveBuy557,764 69,111 69,111
05/06/2025
As aboveBuy525,175 65,073 65,073
05/06/2025
As aboveBuy317,373 60,495 60,495
05/06/2025
As aboveBuy358,510 44,422 44,422
05/06/2025
As aboveBuy315,309 39,069 39,069
05/06/2025
As aboveBuy333,451 41,317 41,317
05/06/2025
As aboveBuy360,221 44,634 44,634
-
Total number of securities1,477,234
Page 6 of 6

ACN /
Company Number
Country of
Incorporation
Challenger Limited106842371Australia
255 Finance Group Pty Ltd628853056Australia
255 Finance Investments Pty Ltd164516401Australia
255 Finance Pty Ltd168112507Australia
255 Finance Services Pty Ltd168107355Australia
Alphinity Investment Management Pty Ltd140833709Australia
Ardea Investment Management Pty Ltd132902722Australia
Ardea Investment Management (UK) Limited 13043903United Kingdom
Artega Investment Administration Pty Limited661042093Australia
Bentham Asset Management Pty Ltd140833674Australia
Calix Re Holdings Limited202504686Bermuda
Calix Re Limited202504726Bermuda
Calix Re MidCo Limited202504725Bermuda
CDPG Australia Pty Limited124498095Australia
Challenger DPG France II SAS495391062France
Challenger Financial Services Pty Limited087464131Australia
Challenger Funds Management (Asia) Pte Ltd202113533DSingapore
Challenger Funds Management Holdings Pty Limited107728030Australia
Challenger Group Holdings Limited002993302Australia
Challenger Group Pty Limited003374196Australia
Challenger Group Services Pty. Ltd.085657307Australia
Challenger Holdco2 Holdings Pty Ltd646761275Australia
Challenger Holdco3 Holdings Pty Ltd657425744Australia
Challenger Home Loan Corporation Pty Ltd058891302Australia
Challenger IM Capital Limited687738263Australia
Challenger Investment Partners Limited092382842Australia
Challenger Investment Solutions Management Pty Ltd130035353Australia
Challenger Japan Holdings Kabushiki Kaisha0100-01-182399Japan
Challenger Japan Holdings Pty Limited617208205Australia
Challenger Kabushiki Kaisha0100-01-182872Unknown
Challenger Life CDI Nominees Pty Ltd055293644Australia
Challenger Life Company Holdings Pty Ltd006381193Australia
Challenger Life Company Limited072486938Australia
Challenger Life Debt Investments (Europe) Limited7626067United Kingdom
Challenger Life Fund Property Investments Pty Ltd161212693Australia
Challenger Life Investments UK Limited6067787United Kingdom
Challenger Life Nominees No.2 Pty Ltd078627013Australia
Challenger Life Nominees No.3 Pty Limited151482147Australia
Challenger Life Nominees Pty Ltd091336793Australia
Challenger Life Subsidiary Holdings Pty Limited099742122Australia
Challenger Management Services (UK) Limited6393787United Kingdom
Challenger Mortgage Management Pty Ltd087271109Australia
Challenger NZ Holdco1 Limited 9279773New Zealand
Challenger Non-conforming Finance Pty Ltd107725486Australia
Challenger Retirement and Investment Services Limited115534453Australia
Challenger Securitisation Management Pty Ltd100346898Australia
Challenger Special Servicing Pty Ltd107707415Australia
Challenger Treasury Limited093307996Australia
Company Name
Annexure 3: Challenger Entities

ACN /
Company Number
Country of
Incorporation
Company Name
Challenger Wholesale Finance Holdings Pty Limited087284240Australia
Challenger Wind Holdings Pty Limited151496061Australia
CLS US Holdings, LLC5302598United States
CPHIC Investments Pty Ltd093340526Australia
Cultiv8 Carry Services Pty Ltd661978356Australia
Cultiv8 Funds Management Pty Ltd659433593Australia
Cultiv8 GPCo Pty Ltd655 779 105Australia
Eiger Capital Pty Limited631838607Australia
Fidante Partners AAM Holdings Pty Limited636490189Australia
Fidante Partners AB559327-5497Sweden
Fidante Partners Alphinity Holdings Pty Ltd140716016Australia
Fidante Partners Ardea Holdings Pty Ltd133865853Australia
Fidante Partners Bentham Holdings Pty Ltd140715573Australia
Fidante Partners Cultiv8 Holdings Pty Ltd659373109Australia
Fidante Partners Eiger Holdings Pty Limited631837360Australia
Fidante Partners Europe Limited4040660United Kingdom
Fidante Partners FME Holdings Limited11410594United Kingdom
Fidante Partners Holdco1 Pty Limited666942196Australia
Fidante Partners Holdings (Guernsey) Limited43315Guernsey
Fidante Partners Holdings Europe Limited6172534United Kingdom
Fidante Partners Holdings Pty Limited123318650Australia
Fidante Partners Lennox Holdings Pty Limited616975565Australia
Fidante Partners Limited002835592Australia
Fidante Partners Liquid Strategies ICAV

C139635 Ireland
Fidante Partners Merlon Holdings Pty Ltd140715662Australia
Fidante Partners Novaport Holdings Pty Ltd140715797Australia
Fidante Partners Ox Holdings Pty Ltd649174087Australia
Fidante Partners Services Limited119605373Australia
Fidante Partners System Holdings Pty Ltd678592928Australia
Fidante Partners Wavestone Holdings Pty Limited133626276Australia
Fidante Partners Whitehelm Holdings Pty Ltd169043903Australia
FME Asset Management Limited11064883United Kingdom
Greencape Capital Pty Ltd120328529Australia
Kabushiki Kaisha C & K0104-01-067168 Japan
Kudu Investment Partners I, Lp47-2497501Unknown
Lease Collateral No.2 Pty Ltd168112481Australia
Lease Collateral Pty Ltd168112472Australia
Lease Funding Management Pty Ltd168112490Australia
Lending JV Holdco Pty Ltd661671683Australia
Lennox Capital Partners Pty Limited617001966Australia
Novaport Capital Pty Ltd140833656Australia
Oaklands Hill Pty Ltd149814559Australia
Oaklands Hill Wind Farm Pty Ltd126595935Australia
Offshore Reinsurer (Bermuda) Company Limited51746Bermuda
Ox Capital Management Pty Ltd648887914Australia
Ox Capital Management HK Pty. Limited 76656681Hong Kong
Resonance Asset Management Limited9028327United Kingdom
System Capital Pty Ltd657739323Australia

ACN /
Company Number
Country of
Incorporation
Company Name
System Holdings Pty Ltd657737276Australia
US LLC Holdings Pty Ltd130888292Australia
US LLC Investments LLC36-4811214United States
Water Ventures Limited9592184United Kingdom
Wavestone Capital Pty Limited120179419Australia