SPH Notice - Challenger Limited

1
Disclosure of ceasing to have substantial holding
Section 279, Financial Markets Conduct Act 2013
To NZX Limited
and
To The A2 Milk Company Limited (A2M)
Date this disclosure made:1 October 2025
Date last disclosure made:26 August 2025
Date on which substantial holding ceased: 29 September 2025
Substantial product holder(s) giving disclosure
Full name(s): Challenger Limited (ACN 106 842 371) and the entities listed in Annexure 2.
Summary of previous substantial holding
Class of quoted voting products: Ordinary fully paid shares in A2M
Summary for Challenger Limited and its entities.
For last 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%
For current holding after ceasing to have substantial holding,—
(a) total number held in class: 34,741,094
(b) total in class: 725,426,194
(c) total percentage held in class: 4.79%
Details of transactions and events giving rise to ceasing of substantial holding
Details of the transactions or other events requiring disclosure: purchased and sold on-
market and off-market as set out more fully in Annexure 1 by Challenger Limited (and its
entities listed in 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.

Transactions:
Company
Name/Scheme:
The A2 Milk Company Limited (A2M)
As at:29/09/2025
Class of security:Ordinary Fully Paid
Date of ChangeHolder of relevant interestNature of Change Consideration
Number of
Securities
Person's Votes
Affected
26/08/2025
Challenger Limited (and its entities listed
in Annexure 2)
BUY23,455
3,9353,935
26/08/2025
As above
BUY22,751
2,4812,481
26/08/2025
As above
BUY12,380
1,3501,350
26/08/2025
As above
BUY26,960
2,9402,940
26/08/2025
As above
BUY18,441
2,0112,011
26/08/2025
As above
BUY20,550
2,2412,241
26/08/2025
As above
BUY2,531
276276
26/08/2025
As above
BUY16,148
1,7611,761
26/08/2025
As above
BUY17,313
1,8881,888
26/08/2025
As above
BUY7,996
872872
26/08/2025
As above
BUY88,133
9,6119,611
26/08/2025
As above
BUY15,983
1,7431,743
26/08/2025
As above
BUY7,776
848848
26/08/2025
As above
BUY6,153
671671
26/08/2025
As above
BUY5,144
561561
26/08/2025
As above
BUY1,183
129129
26/08/2025
As above
BUY2,953
322322
26/08/2025
As above
BUY53,755
5,8625,862
26/08/2025
As above
BUY13,993
1,5261,526
26/08/2025
As above
BUY22,292
2,4312,431
26/08/2025
As above
BUY4,402
480480
26/08/2025
As above
BUY1,403
153153
26/08/2025
As above
BUY8,491
926926
26/08/2025
As above
BUY11,132
1,2141,214
26/08/2025
As above
BUY16,552
1,8051,805
26/08/2025
As above
BUY2,604
284284
26/08/2025
As above
BUY15,396
1,6791,679
26/08/2025
As above
BUY110,992
18,73218,732
26/08/2025
As above
BUY107,649
11,80911,809
26/08/2025
As above
BUY58,560
6,4246,424
26/08/2025
As above
BUY127,567
13,99413,994
26/08/2025
As above
BUY87,284
9,5759,575
26/08/2025
As above
BUY97,257
10,66910,669
26/08/2025
As above
BUY11,987
1,3151,315
26/08/2025
As above
BUY76,418
8,3838,383
26/08/2025
As above
BUY81,933
8,9888,988
26/08/2025
As above
BUY37,821
4,1494,149
26/08/2025
As above
BUY417,030
45,74845,748
26/08/2025
As above
BUY75,607
8,2948,294
26/08/2025
As above
BUY36,782
4,0354,035
26/08/2025
As above
BUY29,107
3,1933,193
26/08/2025
As above
BUY24,357
2,6722,672
26/08/2025
As above
BUY5,606
615615
26/08/2025
As above
BUY13,965
1,5321,532
Annexure 1: Transactions Giving Rise to Relevant Interest
Page 1 of 2

Date of ChangeHolder of relevant interestNature of Change Consideration
Number of
Securities
Person's Votes
Affected
26/08/2025
As above
BUY254,377 27,90527,905
26/08/2025
As above
BUY66,226
7,2657,265
26/08/2025
As above
BUY105,470
11,57011,570
26/08/2025
As above
BUY20,811
2,2832,283
26/08/2025
As above
BUY6,636
728728
26/08/2025
As above
BUY40,173
4,4074,407
26/08/2025
As above
BUY52,689
5,7805,780
26/08/2025
As above
BUY78,323
8,5928,592
26/08/2025
As above
BUY12,306
1,3501,350
26/08/2025
As above
BUY72,863
7,9937,993
26/08/2025
As above
BUY121,970
20,46320,463
26/08/2025
As above
BUY118,302
12,90112,901
26/08/2025
As above
BUY64,355
7,0187,018
26/08/2025
As above
BUY140,182
15,28715,287
26/08/2025
As above
BUY95,909
10,45910,459
26/08/2025
As above
BUY106,886
11,65611,656
26/08/2025
As above
BUY13,168
1,4361,436
26/08/2025
As above
BUY83,979
9,1589,158
26/08/2025
As above
BUY90,031
9,8189,818
26/08/2025
As above
BUY41,558
4,5324,532
26/08/2025
As above
BUY458,317
49,98049,980
26/08/2025
As above
BUY83,089
9,0619,061
26/08/2025
As above
BUY40,412
4,4074,407
26/08/2025
As above
BUY31,985
3,4883,488
26/08/2025
As above
BUY26,767
2,9192,919
26/08/2025
As above
BUY6,162
672672
26/08/2025
As above
BUY15,351
1,6741,674
26/08/2025
As above
BUY279,538
30,48430,484
26/08/2025
As above
BUY72,782
7,9377,937
26/08/2025
As above
BUY115,900
12,63912,639
26/08/2025
As above
BUY22,870
2,4942,494
26/08/2025
As above
BUY7,290
795795
26/08/2025
As above
BUY44,154
4,8154,815
26/08/2025
As above
BUY57,899
6,3146,314
26/08/2025
As above
BUY86,079
9,3879,387
26/08/2025
As above
BUY13,517
1,4741,474
26/08/2025
As above
BUY80,072
8,7328,732
29/08/2025
As above
BUY4,548,038
472,556472,556
01/09/2025
As above
SELL3,062,093
‐320,000320,000
02/09/2025
As above
SELL17,708
‐1,8821,882
12/09/2025
As above
SELL634,964
‐69,39569,395
15/09/2025
As above
SELL320,775
‐35,25035,250
18/09/2025
As above
BUY116,830
13,35213,352
18/09/2025
As above
BUY - Transfer16,620,144
1,899,4451,899,445
18/09/2025
As above
BUY1,009,315
115,650115,650
22/09/2025
As above
SELL132,030
‐15,58815,588
23/09/2025
As above
BUY1,731,033
204,190204,190
29/09/2025
As above
SELL - Transfer22,826,520
‐2,688,6362,688,636
29/09/2025
As above
SELL - Transfer15,557,467
‐1,832,4461,832,446
Total Number of Securities
-1,710,004
Page 2 of 2

Annexure 2: Challenger Entities
Company NameACN /
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
Calix Re Services Limited 202505098Bermuda
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 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

Annexure 2: Challenger Entities
Company NameACN /
Company Number
Country of
Incorporation
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. Limited76656681Hong 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