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:27 August 2025
Date on which substantial holding began: 25 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: 36,451,098
(b) total in class: 724,019,118
(c) total percentage held in class: 5.03%
Details of relevant interests
Details for Challenger Limited and its entities
Nature of relevant interest(s): Ordinary Fully Paid Securities purchased on market 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: 36,451,098
(b) percentage held in class: 5.03%
(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
Challenger Limited
(and its entities
listed in Annexure 3)
BNP Paribas Nominees Pty
Limited
BNP Paribas Nominees Pty
Limited
2,656,038 (Ordinary Fully Paid)
As above J. P. Morgan Nominees
Australia Pty Limited
J. P. Morgan Nominees
Australia Pty Limited
15,945,899 (Ordinary Fully
Paid)
As above HSBC Custody Nominees
(Australia) Limited
HSBC Custody Nominees
(Australia) Limited
13,817,283 (Ordinary Fully
Paid)
As above Citicorp Nominees Pty Limited Citicorp Nominees Pty Limited 3,805,279 (Ordinary Fully Paid)
As above National Nominees Limited National Nominees Limited 226,599 (Ordinary Fully Paid)

Transactions:
Company
Name/Scheme:
The A2 Milk Company Limited (A2M)
As at:25/08/2025
Class of security:Ordinary Fully Paid
Date of ChangeHolder of relevant interestNature of Change Consideration
Number of
Securities
Person's Votes
Affected
25/08/2025
Challenger Limited (and its entities
listed in Annexure 3)
Buy91,573
15,74115,741
25/08/2025
As above
Buy114,145
19,67619,676
25/08/2025
As above
Buy48,312
5,3985,398
25/08/2025
As above
Buy60,226
6,7486,748
25/08/2025
As above
Buy24,013
2,6832,683
25/08/2025
As above
Buy29,934
3,3543,354
25/08/2025
As above
Buy344,101
38,44738,447
25/08/2025
As above
Buy428,927
48,05948,059
25/08/2025
As above
Buy88,820
9,9249,924
25/08/2025
As above
Buy110,715
12,40512,405
25/08/2025
As above
Buy11,519
1,2871,287
25/08/2025
As above
Buy14,360
1,6091,609
25/08/2025
As above
Buy87,012
9,7229,722
25/08/2025
As above
Buy108,466
12,15312,153
25/08/2025
As above
Buy64,619
7,2207,220
25/08/2025
As above
Buy80,548
9,0259,025
25/08/2025
As above
Buy31,200
3,4863,486
25/08/2025
As above
Buy38,895
4,3584,358
25/08/2025
As above
Buy33,151
3,7043,704
25/08/2025
As above
Buy41,314
4,6294,629
25/08/2025
As above
Buy62,382
6,9706,970
25/08/2025
As above
Buy77,755
8,7128,712
25/08/2025
As above
Buy20,093
2,2452,245
25/08/2025
As above
Buy25,044
2,8062,806
25/08/2025
As above
Buy10,149
1,1341,134
25/08/2025
As above
Buy12,656
1,4181,418
25/08/2025
As above
Buy4,627
517517
25/08/2025
As above
Buy5,766
646646
25/08/2025
As above
Buy9,890
1,1051,105
25/08/2025
As above
Buy12,325
1,3811,381
25/08/2025
As above
Buy60,117
6,7176,717
25/08/2025
As above
Buy74,934
8,3968,396
25/08/2025
As above
Buy30,341
3,3903,390
25/08/2025
As above
Buy37,824
4,2384,238
25/08/2025
As above
Buy72,012
8,0468,046
25/08/2025
As above
Buy89,759
10,05710,057
25/08/2025
As above
Buy17,175
1,9191,919
25/08/2025
As above
Buy21,402
2,3982,398
25/08/2025
As above
Buy54,640
6,1056,105
25/08/2025
As above
Buy68,116
7,6327,632
25/08/2025
As above
Buy105,243
11,75911,759
25/08/2025
As above
Buy131,189
14,69914,699
25/08/2025
As above
Buy63,044
7,0447,044
25/08/2025
As above
Buy78,594
8,8068,806
25/08/2025
As above
Buy80,246
8,9668,966
25/08/2025
As above
Buy100,022
11,20711,207
25/08/2025
As above
Buy43,470
4,8574,857
25/08/2025
As above
Buy54,184
6,0716,071
25/08/2025
As above
Buy5,468
611611
25/08/2025
As above
Buy6,819
764764
25/08/2025
As above
Buy67,599
7,5537,553
25/08/2025
As above
Buy84,261
9,4419,441
25/08/2025
As above
Buy209,878
23,45023,450
25/08/2025
As above
Buy261,610
29,31229,312
Page 1 of 1
Annexure 2: Transactions giving rise to relevant interest

ACN /
Company Number
Country of
Incorporation
Challenger Limited106842371
Australia
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 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
Challenger Wholesale Finance Holdings Pty Limited087284240Australia
Challenger Wind Holdings Pty Limited151496061Australia
CLS US Holdings, LLC5302598United States
Company Name
Annexure 3: Challenger entities

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