SPH Notice - Challenger Limited and its entities listed

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:24 November 2025
Date on which substantial holding began: 20 November 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: 36,801,634
(b) total in class: 725,426,194
(c) total percentage held in class: 5.07%
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: 36,801,634
(b) percentage held in class: 5.07%
(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
15,161,676 (Ordinary Fully Paid)
As above J. P. Morgan Nominees Australia
Pty Limited
J. P. Morgan Nominees
Australia Pty Limited
14,182,685 (Ordinary Fully Paid)
As above Citicorp Nominees Pty Limited Citicorp Nominees Pty Limited 4,204,344 (Ordinary Fully Paid)
As above BNP Paribas Nominees Pty
Limited
BNP Paribas Nominees Pty
Limited
3,252,929 (Ordinary Fully Paid)

Annexure 2: Transactions giving rise to relevant interest
Tr
ansactions:
Company
Name/Scheme:
The A2 Milk Company Limited (A2M)
As at:20/11/2025
Class of security:Ordinary Fully Paid
Date of ChangeHolder of relevant interestNature of Change Consideration
Number of
Securities
Person's Votes
Affected
29/07/2025
Challenger Limited (and its entities listed
in Annexure 2)
Opening Balance
Adjustment
129,
531,890
-
-1,706,991
29/07/2025
As aboveBuy134,747 16,65616,656
04/08/2025
As aboveSell690,921 -88,73188,731-
04/08/2025
As aboveSell2,035,261 -261,377261,377-
05/08/2025
As aboveSell1,216,681 -154,923154,923-
05/08/2025
As aboveSell3,583,970 -456,356456,356-
14/08/2025
As aboveBuy - Transfer4,642,705 592,938592,938
15/08/2025
As aboveBuy306,576 38,41838,418
18/08/2025
As aboveBuy2,845,095 349,674349,674
20/08/2025
As aboveBuy11,232 1,3231,323
20/
08/2025
As aboveBuy9,854 1,1611,161
20/
08/2025
As aboveBuy25,599 3,0163,016
20/
08/2025
As aboveBuy141,218 16,63816,638
20/08/2025
As aboveBuy12,808 1,5091,509
20/
08/2025
As aboveBuy25,879 3,0493,049
20/
08/2025
As aboveBuy4,057 478478
20/
08/2025
As aboveBuy32,932 3,8803,880
20/
08/2025
As aboveBuy29,554 3,4823,482
20/
08/2025
As aboveBuy43,194 5,0895,089
20/
08/2025
As aboveBuy20,648 2,4322,432
20/
08/2025
As aboveBuy21,174 3,8583,858
20/
08/2025
As aboveBuy188,887 22,25922,259
20/08/2025
As aboveBuy31,890 3,7583,758
20/
08/2025
As aboveBuy203,033 23,92623,926
20/08/2025
As aboveBuy136,572 16,09416,094
20/08/2025
As aboveBuy104,139 12,27212,272
20/08/2025
As aboveBuy17,192 2,0262,026
20/
08/2025
As aboveBuy53,953 6,3586,358
20/
08/2025
As aboveBuy19,827 2,3362,336
20/
08/2025
As aboveBuy36,455 4,2954,295
20/
08/2025
As aboveBuy58,128 6,8386,838
20/
08/2025
As aboveBuy16,602 1,9531,953
20/
08/2025
As aboveBuy11,136 1,3101,310
20/
08/2025
As aboveBuy4,471 526526
20/
08/2025
As aboveBuy19,433 2,2862,286
20/
08/2025
As aboveBuy23,224 2,7322,732
20/
08/2025
As aboveBuy60,322 7,0967,096
20/
08/2025
As aboveSell1,340,325 -157,871157,871-
20/08/2025
As aboveBuy1,340,325 157,871157,871
20/08/2025
As aboveBuy273,398 32,21832,218
20/08/2025
As aboveBuy171,686 20,23220,232
20/08/2025
As aboveBuy659,396 77,70577,705
20/08/2025
As aboveBuy36,201 4,2664,266
20/
08/2025
As aboveBuy14,536 1,7131,713
20/
08/2025
As aboveBuy63,126 7,4397,439
20/
08/2025
As aboveBuy75,448 8,8918,891
20/
08/2025
As aboveBuy95,339 11,23511,235
20/08/2025
As aboveBuy195,990 23,09623,096
20/08/2025
As aboveBuy332,695 39,13739,137
20/08/2025
As aboveBuy30,169 3,5493,549
20/
08/2025
As aboveBuy60,968 7,1727,172
20/
08/2025
As aboveBuy9,563 1,1251,125
20/
08/2025
As aboveBuy77,595 9,1289,128
20/
08/2025
As aboveBuy69,630 8,1918,191
20/
08/2025
As aboveBuy101,771 11,97211,972
20/08/2025
As aboveBuy46,720 5,4965,496
20/
08/2025
As aboveBuy85,883 10,10310,103
20/08/2025
As aboveBuy1,081,085 127,398127,398
20/08/2025
As aboveBuy98,037 11,55311,553
20/08/2025
As aboveBuy212,376 25,02725,027
20/08/2025
As aboveBuy198,094 23,34423,344
20/08/2025
As aboveBuy31,075 3,6623,662
20/
08/2025
As aboveBuy252,116 29,71029,710
Page 1 of 7

Date of ChangeHolder of relevant interestNature of Change Consideration
Number of
Securities
Person's Votes
Affected
20/08/2025As aboveBuy226,251 26,66226,662
20/08/2025
As aboveBuy223,781 26,37126,371
20/08/2025
As aboveBuy330,669 38,96738,967
20/08/2025
As aboveBuy151,795 17,88817,888
20/08/2025
As aboveBuy279,050 32,88432,884
20/08/2025
As aboveBuy286,140 52,16152,161
20/08/2025
As aboveBuy4,167 491491
20/08/2025
As aboveBuy26,524 3,1253,125
20/08/2025
As aboveBuy17,841 2,1022,102
20/08/2025
As aboveBuy13,975 1,6461,646
20/08/2025
As aboveBuy2,360 278278
20/08/2025
As aboveBuy15,019 1,7691,769
20/08/2025
As aboveBuy10,103 1,1901,190
20/08/2025
As aboveBuy7,709 908908
20/08/2025
As aboveBuy1,274 150150
20/08/2025
As aboveBuy3,990 470470
20/08/2025
As aboveBuy13,606 1,6031,603
20/08/2025
As aboveBuy2,249 265265
20/08/2025
As aboveBuy35,716 4,2084,208
20/08/2025
As aboveBuy22,424 2,6422,642
20/08/2025
As aboveBuy86,141 10,14910,149
20/08/2025
As aboveBuy12,451 1,4671,467
20/08/2025
As aboveBuy27,746 3,2693,269
20/08/2025
As aboveBuy29,232 3,4443,444
20/08/2025
As aboveBuy37,376 6,8126,812
20/08/2025
As aboveBuy20,232 2,3832,383
20/08/2025
As aboveBuy9,818 1,1551,155
20/08/2025
As aboveBuy62,489 7,3517,351
20/08/2025
As aboveBuy42,028 4,9444,944
20/08/2025
As aboveBuy32,048 3,7703,770
20/08/2025
As aboveBuy5,287 622622
20/08/2025
As aboveBuy84,141 9,8989,898
20/08/2025
As aboveBuy52,841 6,2166,216
20/08/2025
As aboveBuy202,939 23,87323,873
20/08/2025
As aboveBuy29,336 3,4513,451
20/08/2025
As aboveBuy12,701 1,4961,496
20/08/2025
As aboveBuy48,792 5,7475,747
20/08/2025
As aboveBuy2,674 315315
20/08/2025
As aboveBuy1,078 127127
20/08/2025
As aboveBuy4,670 550550
20/08/2025
As aboveBuy5,586 658658
20/08/2025
As aboveBuy7,055 831831
20/08/2025
As aboveBuy14,501 1,7081,708
20/08/2025
As aboveBuy79,984 9,4219,421
20/08/2025
As aboveBuy65,363 7,6897,689
20/08/2025
As aboveBuy68,873 8,1028,102
20/08/2025
As aboveBuy88,063 16,02516,025
20/08/2025
As aboveBuy24,674 2,9072,907
20/08/2025
As aboveBuy7,045 830 830
20/08/2025
As aboveBuy4,728 557 557
20/08/2025
As aboveBuy1,901 224 224
20/08/2025
As aboveBuy8,250 972 972
20/08/2025
As aboveBuy7,250 854 854
20/08/2025
As aboveBuy15,715 1,851 1,851
20/08/2025
As aboveBuy14,654 1,726 1,726
20/08/2025
As aboveBuy2,301 271 271
20/08/2025
As aboveBuy18,653 2,197 2,197
20/08/2025
As aboveBuy16,742 1,972 1,972
20/08/2025
As aboveBuy16,556 1,950 1,950
20/08/2025
As aboveBuy24,468 2,882 2,882
21/08/2025
As aboveBuy4,966 572 572
21/08/2025
As aboveBuy21,555 2,483 2,483
21/08/2025
As aboveBuy25,765 2,968 2,968
21/08/2025
As aboveBuy32,554 3,750 3,750
21/08/2025
As aboveBuy66,922 7,709 7,709
21/08/2025
As aboveBuy369,107 42,519 42,519
21/08/2025
As aboveBuy33,474 3,856 3,856
21/08/2025
As aboveBuy72,512 8,353 8,353
21/08/2025
As aboveBuy67,634 7,791 7,791
21/08/2025
As aboveBuy10,608 1,222 1,222
21/08/2025
As aboveBuy86,081 9,916 9,916
21/08/2025
As aboveBuy77,252 8,899 8,899
21/08/2025
As aboveBuy76,410 8,802 8,802
21/08/2025
As aboveBuy112,905 13,006 13,006
21/08/2025
As aboveBuy51,825 5,970 5,970
21/08/2025
As aboveBuy95,282 10,976 10,976
21/08/2025
As aboveBuy97,182 17,409 17,409
21/08/2025
As aboveBuy2,593 294 294
21/08/2025
As aboveBuy441 50 50
Page 2 of 7

Date of ChangeHolder of relevant interestNature of Change Consideration
Number of
Securities
Person's Votes
Affected
21/08/2025As aboveBuy2,787 316 316
21/08/2025
As aboveBuy1,870 212 212
21/08/2025
As aboveBuy1,429 162 162
21/08/2025
As aboveBuy238 27 27
21/08/2025
As aboveBuy741 84 84
21/08/2025
As aboveBuy3,749 425 425
21/08/2025
As aboveBuy2,355 267 267
21/08/2025
As aboveBuy9,049 1,026 1,026
21/08/2025
As aboveBuy494 56 56
21/08/2025
As aboveBuy203 23 23
21/08/2025
As aboveBuy864 98 98
21/08/2025
As aboveBuy1,032 117 117
21/08/2025
As aboveBuy1,305 148 148
21/08/2025
As aboveBuy2,690 305 305
21/08/2025
As aboveBuy14,835 1,682 1,682
21/08/2025
As aboveBuy1,341 152 152
21/08/2025
As aboveBuy2,911 330 330
21/08/2025
As aboveBuy2,717 308 308
21/08/2025
As aboveBuy423 48 48
21/08/2025
As aboveBuy3,457 392 392
21/08/2025
As aboveBuy3,105 352 352
21/08/2025
As aboveBuy3,069 348 348
21/08/2025
As aboveBuy4,533 514 514
21/08/2025
As aboveBuy2,082 236 236
21/08/2025
As aboveBuy3,828 434 434
21/08/2025
As aboveBuy3,902 688 688
21/08/2025
As aboveBuy5,698 646 646
21/08/2025
As aboveBuy961 109 109
21/08/2025
As aboveBuy6,121 694 694
21/08/2025
As aboveBuy4,119 467 467
21/08/2025
As aboveBuy3,140 356 356
21/08/2025
As aboveBuy520 59 59
21/08/2025
As aboveBuy2,290,320 261,134 261,134
21/08/2025
As aboveSell51,985 5,894- 5,894-
21/08/2025
As aboveBuy524,027 59,756 59,756
21/08/2025
As aboveBuy88,475 10,089 10,089
21/08/2025
As aboveBuy563,279 64,232 64,232
21/08/2025
As aboveBuy378,884 43,205 43,205
21/08/2025
As aboveBuy1,632 185 185
21/08/2025
As aboveBuy8,247 935 935
21/08/2025
As aboveBuy5,177 587 587
21/08/2025
As aboveBuy19,898 2,256 2,256
21/08/2025
As aboveBuy1,094 124 124
21/08/2025
As aboveBuy441 50 50
21/08/2025
As aboveBuy1,905 216 216
21/08/2025
As aboveBuy2,276 258 258
21/08/2025
As aboveBuy2,875 326 326
21/08/2025
As aboveBuy288,927 32,947 32,947
21/08/2025
As aboveBuy47,697 5,439 5,439
21/08/2025
As aboveBuy149,668 17,067 17,067
21/08/2025
As aboveBuy758,478 86,491 86,491
21/08/2025
As aboveBuy476,303 54,314 54,314
21/08/2025
As aboveBuy1,829,376 208,608 208,608
21/08/2025
As aboveBuy100,428 11,452 11,452
21/08/2025
As aboveBuy40,313 4,597 4,597
21/08/2025
As aboveBuy175,135 19,971 19,971
21/08/2025
As aboveBuy5,909 670 670
21/08/2025
As aboveBuy32,625 3,699 3,699
21/08/2025
As aboveBuy2,955 335 335
21/08/2025
As aboveBuy6,403 726 726
21/08/2025
As aboveBuy5,971 677 677
21/08/2025
As aboveBuy935 106 106
21/08/2025
As aboveBuy7,603 862 862
21/08/2025
As aboveBuy6,827 774 774
21/08/2025
As aboveBuy6,747 765 765
21/08/2025
As aboveBuy209,318 23,869 23,869
21/08/2025
As aboveBuy264,486 30,160 30,160
21/08/2025
As aboveBuy543,749 62,005 62,005
21/08/2025
As aboveBuy2,999,315 342,019 342,019
21/08/2025
As aboveBuy271,975 31,014 31,014
21/08/2025
As aboveBuy589,210 67,189 67,189
21/08/2025
As aboveBuy549,563 62,668 62,668
21/08/2025
As aboveBuy86,204 9,830 9,830
21/08/2025
As aboveBuy699,451 79,760 79,760
21/08/2025
As aboveBuy9,975 1,131 1,131
21/08/2025
As aboveBuy4,578 519 519
21/08/2025
As aboveBuy8,414 954 954
21/08/2025
As aboveBuy8,587 1,514 1,514
21/08/2025
As aboveBuy64,491 7,429 7,429
Page 3 of 7

Date of ChangeHolder of relevant interestNature of Change Consideration
Number of
Securities
Person's Votes
Affected
21/08/2025As aboveBuy10,886 1,254 1,254
21/08/2025
As aboveBuy627,673 71,575 71,575
21/08/2025
As aboveBuy620,833 70,795 70,795
21/08/2025
As aboveBuy917,389 104,612 104,612
21/08/2025
As aboveBuy421,144 48,024 48,024
21/08/2025
As aboveBuy774,175 88,281 88,281
21/08/2025
As aboveBuy789,661 140,031 140,031
21/08/2025
As aboveBuy69,326 7,986 7,986
21/08/2025
As aboveBuy46,634 5,372 5,372
21/08/2025
As aboveBuy35,557 4,096 4,096
21/08/2025
As aboveBuy5,868 676 676
21/08/2025
As aboveBuy18,421 2,122 2,122
21/08/2025
As aboveBuy93,347 10,753 10,753
21/08/2025
As aboveBuy58,614 6,752 6,752
21/08/2025
As aboveBuy225,141 25,935 25,935
21/08/2025
As aboveBuy12,362 1,424 1,424
21/08/2025
As aboveSell - Transfer5,669,725 642,826- 642,826-
22/08/2025
As aboveBuy3,254 367 367
22/08/2025
As aboveBuy19,699 2,222 2,222
22/08/2025
As aboveBuy51,711 5,833 5,833
22/08/2025
As aboveBuy32,474 3,663 3,663
22/08/2025
As aboveBuy124,744 14,071 14,071
22/08/2025
As aboveBuy6,844 772 772
22/08/2025
As aboveBuy2,748 310 310
22/08/2025
As aboveBuy11,942 1,347 1,347
22/08/2025
As aboveBuy14,273 1,610 1,610
22/08/2025
As aboveBuy18,032 2,034 2,034
22/08/2025
As aboveBuy37,075 4,182 4,182
22/08/2025
As aboveBuy204,514 23,069 23,069
22/08/2025
As aboveBuy18,546 2,092 2,092
22/08/2025
As aboveBuy40,178 4,532 4,532
22/08/2025
As aboveBuy37,474 4,227 4,227
22/08/2025
As aboveBuy5,878 663 663
22/08/2025
As aboveBuy47,686 5,379 5,379
22/08/2025
As aboveBuy42,793 4,827 4,827
22/08/2025
As aboveBuy62,554 7,056 7,056
22/08/2025
As aboveBuy28,715 3,239 3,239
22/08/2025
As aboveBuy52,784 5,954 5,954
22/08/2025
As aboveBuy53,805 9,444 9,444
22/08/2025
As aboveBuy13,924 1,592 1,592
22/08/2025
As aboveBuy2,353 269 269
22/08/2025
As aboveBuy14,965 1,711 1,711
22/08/2025
As aboveBuy10,067 1,151 1,151
22/08/2025
As aboveBuy7,679 878 878
22/08/2025
As aboveBuy1,268 145 145
22/08/2025
As aboveBuy3,980 455 455
22/08/2025
As aboveBuy20,152 2,304 2,304
22/08/2025
As aboveBuy12,656 1,447 1,447
22/08/2025
As aboveBuy48,612 5,558 5,558
22/08/2025
As aboveBuy2,668 305 305
22/08/2025
As aboveBuy1,067 122 122
22/08/2025
As aboveBuy4,653 532 532
22/08/2025
As aboveBuy5,563 636 636
22/08/2025
As aboveBuy7,032 804 804
22/08/2025
As aboveBuy14,449 1,652 1,652
22/08/2025
As aboveBuy79,680 9,110 9,110
22/08/2025
As aboveBuy7,225 826 826
22/08/2025
As aboveBuy15,656 1,790 1,790
22/08/2025
As aboveBuy14,606 1,670 1,670
22/08/2025
As aboveBuy2,292 262 262
22/08/2025
As aboveBuy18,586 2,125 2,125
22/08/2025
As aboveBuy16,679 1,907 1,907
22/08/2025
As aboveBuy24,376 2,787 2,787
22/08/2025
As aboveBuy11,187 1,279 1,279
22/08/2025
As aboveBuy20,572 2,352 2,352
22/08/2025
As aboveBuy20,971 3,731 3,731
22/08/2025
As aboveBuy35,727 4,030 4,030
22/08/2025
As aboveBuy6,028 680 680
22/08/2025
As aboveBuy38,404 4,332 4,332
22/08/2025
As aboveBuy25,833 2,914 2,914
22/08/2025
As aboveBuy10,204 1,151 1,151
25/08/2025
As aboveBuy31,200 3,486 3,486
25/08/2025
As aboveBuy67,599 7,553 7,553
25/08/2025
As aboveBuy63,044 7,044 7,044
25/08/2025
As aboveBuy9,890 1,105 1,105
25/08/2025
As aboveBuy80,246 8,966 8,966
25/08/2025
As aboveBuy72,012 8,046 8,046
25/08/2025
As aboveBuy105,243 11,759 11,759
25/08/2025
As aboveBuy48,312 5,398 5,398
Page 4 of 7

Date of ChangeHolder of relevant interestNature of Change Consideration
Number of
Securities
Person's Votes
Affected
25/08/2025As aboveBuy88,820 9,924 9,924
25/08/2025
As aboveBuy131,189 14,699 14,699
25/08/2025
As aboveBuy60,226 6,748 6,748
25/08/2025
As aboveBuy110,715 12,405 12,405
25/08/2025
As aboveBuy114,145 19,676 19,676
25/08/2025
As aboveBuy60,117 6,717 6,717
25/08/2025
As aboveBuy10,149 1,134 1,134
25/08/2025
As aboveBuy64,619 7,220 7,220
25/08/2025
As aboveBuy43,470 4,857 4,857
25/08/2025
As aboveBuy33,151 3,704 3,704
25/08/2025
As aboveBuy5,468 611 611
25/08/2025
As aboveBuy17,175 1,919 1,919
25/08/2025
As aboveBuy87,012 9,722 9,722
25/08/2025
As aboveBuy54,640 6,105 6,105
25/08/2025
As aboveBuy209,878 23,450 23,450
25/08/2025
As aboveBuy11,519 1,287 1,287
25/08/2025
As aboveBuy4,627 517 517
25/08/2025
As aboveBuy20,093 2,245 2,245
25/08/2025
As aboveBuy24,013 2,683 2,683
25/08/2025
As aboveBuy30,341 3,390 3,390
25/08/2025
As aboveBuy62,382 6,970 6,970
25/08/2025
As aboveBuy344,101 38,447 38,447
25/08/2025
As aboveBuy91,573 15,741 15,741
25/08/2025
As aboveBuy74,934 8,396 8,396
25/08/2025
As aboveBuy12,656 1,418 1,418
25/08/2025
As aboveBuy80,548 9,025 9,025
25/08/2025
As aboveBuy54,184 6,071 6,071
25/08/2025
As aboveBuy41,314 4,629 4,629
25/08/2025
As aboveBuy6,819 764 764
25/08/2025
As aboveBuy21,402 2,398 2,398
25/08/2025
As aboveBuy108,466 12,153 12,153
25/08/2025
As aboveBuy68,116 7,632 7,632
25/08/2025
As aboveBuy261,610 29,312 29,312
25/08/2025
As aboveBuy14,360 1,609 1,609
25/08/2025
As aboveBuy5,766 646 646
25/08/2025
As aboveBuy25,044 2,806 2,806
25/08/2025
As aboveBuy29,934 3,354 3,354
25/08/2025
As aboveBuy37,824 4,238 4,238
25/08/2025
As aboveBuy77,755 8,712 8,712
25/08/2025
As aboveBuy428,927 48,059 48,059
25/08/2025
As aboveBuy38,895 4,358 4,358
25/08/2025
As aboveBuy84,261 9,441 9,441
25/08/2025
As aboveBuy78,594 8,806 8,806
25/08/2025
As aboveBuy12,325 1,381 1,381
25/08/2025
As aboveBuy100,022 11,207 11,207
25/08/2025
As aboveBuy89,759 10,057 10,057
26/08/2025
As aboveBuy66,226 7,265 7,265
26/08/2025
As aboveBuy254,377 27,905 27,905
26/08/2025
As aboveBuy13,965 1,532 1,532
26/08/2025
As aboveBuy5,606 615 615
26/08/2025
As aboveBuy24,357 2,672 2,672
26/08/2025
As aboveBuy29,107 3,193 3,193
26/08/2025
As aboveBuy36,782 4,035 4,035
26/08/2025
As aboveBuy75,607 8,294 8,294
26/08/2025
As aboveBuy417,030 45,748 45,748
26/08/2025
As aboveBuy37,821 4,149 4,149
26/08/2025
As aboveBuy81,933 8,988 8,988
26/08/2025
As aboveBuy76,418 8,383 8,383
26/08/2025
As aboveBuy11,987 1,315 1,315
26/08/2025
As aboveBuy97,257 10,669 10,669
26/08/2025
As aboveBuy87,284 9,575 9,575
26/08/2025
As aboveBuy127,567 13,994 13,994
26/08/2025
As aboveBuy58,560 6,424 6,424
26/08/2025
As aboveBuy107,649 11,809 11,809
26/08/2025
As aboveBuy110,992 18,732 18,732
26/08/2025
As aboveBuy18,441 2,011 2,011
26/08/2025
As aboveBuy26,960 2,940 2,940
26/08/2025
As aboveBuy12,380 1,350 1,350
26/08/2025
As aboveBuy22,751 2,481 2,481
26/08/2025
As aboveBuy23,455 3,935 3,935
26/08/2025
As aboveBuy106,886 11,656 11,656
26/08/2025
As aboveBuy95,909 10,459 10,459
26/08/2025
As aboveBuy140,182 15,287 15,287
26/08/2025
As aboveBuy64,355 7,018 7,018
26/08/2025
As aboveBuy118,302 12,901 12,901
26/08/2025
As aboveBuy121,970 20,463 20,463
26/08/2025
As aboveBuy72,863 7,993 7,993
26/08/2025
As aboveBuy12,306 1,350 1,350
26/08/2025
As aboveBuy78,323 8,592 8,592
Page 5 of 7

Date of ChangeHolder of relevant interestNature of Change Consideration
Number of
Securities
Person's Votes
Affected
26/08/2025As aboveBuy80,072 8,732 8,732
26/08/2025
As aboveBuy13,517 1,474 1,474
26/08/2025
As aboveBuy86,079 9,387 9,387
26/08/2025
As aboveBuy57,899 6,314 6,314
26/08/2025
As aboveBuy15,396 1,679 1,679
26/08/2025
As aboveBuy2,604 284 284
26/08/2025
As aboveBuy16,552 1,805 1,805
26/08/2025
As aboveBuy11,132 1,214 1,214
26/08/2025
As aboveBuy8,491 926 926
26/08/2025
As aboveBuy1,403 153 153
26/08/2025
As aboveBuy4,402 480 480
26/08/2025
As aboveBuy22,292 2,431 2,431
26/08/2025
As aboveBuy13,993 1,526 1,526
26/08/2025
As aboveBuy44,154 4,815 4,815
26/08/2025
As aboveBuy7,290 795 795
26/08/2025
As aboveBuy22,870 2,494 2,494
26/08/2025
As aboveBuy115,900 12,639 12,639
26/08/2025
As aboveBuy72,782 7,937 7,937
26/08/2025
As aboveBuy279,538 30,484 30,484
26/08/2025
As aboveBuy15,351 1,674 1,674
26/08/2025
As aboveBuy6,162 672 672
26/08/2025
As aboveBuy53,755 5,862 5,862
26/08/2025
As aboveBuy2,953 322 322
26/08/2025
As aboveBuy1,183 129 129
26/08/2025
As aboveBuy5,144 561 561
26/08/2025
As aboveBuy6,153 671 671
26/08/2025
As aboveBuy7,776 848 848
26/08/2025
As aboveBuy15,983 1,743 1,743
26/08/2025
As aboveBuy88,133 9,611 9,611
26/08/2025
As aboveBuy7,996 872 872
26/08/2025
As aboveBuy26,767 2,919 2,919
26/08/2025
As aboveBuy31,985 3,488 3,488
26/08/2025
As aboveBuy40,412 4,407 4,407
26/08/2025
As aboveBuy83,089 9,061 9,061
26/08/2025
As aboveBuy458,317 49,980 49,980
26/08/2025
As aboveBuy41,558 4,532 4,532
26/08/2025
As aboveBuy90,031 9,818 9,818
26/08/2025
As aboveBuy83,979 9,158 9,158
26/08/2025
As aboveBuy13,168 1,436 1,436
26/08/2025
As aboveBuy17,313 1,888 1,888
26/08/2025
As aboveBuy16,148 1,761 1,761
26/08/2025
As aboveBuy2,531 276 276
26/08/2025
As aboveBuy20,550 2,241 2,241
26/08/2025
As aboveBuy52,689 5,780 5,780
26/08/2025
As aboveBuy40,173 4,407 4,407
26/08/2025
As aboveBuy6,636 728 728
26/08/2025
As aboveBuy20,811 2,283 2,283
26/08/2025
As aboveBuy105,470 11,570 11,570
29/08/2025
As aboveBuy4,548,038 472,556 472,556
01/09/2025
As aboveSell3,062,093 320,000- 320,000-
02/09/2025
As aboveSell17,708 1,882- 1,882-
12/09/2025
As aboveSell634,964 69,395- 69,395-
15/09/2025
As aboveSell320,775 35,250- 35,250-
18/09/2025
As aboveBuy1,009,315 115,650 115,650
18/09/2025
As aboveBuy116,830 13,352 13,352
18/09/2025
As aboveBuy - Transfer16,620,144 1,899,445 1,899,445
22/09/2025
As aboveSell132,030 15,588- 15,588-
23/09/2025
As aboveBuy1,731,033 204,190 204,190
25/09/2025
As aboveSell15,557,467 1,832,446- 1,832,446-
25/09/2025
As aboveSell22,826,520 2,688,636- 2,688,636-
20/10/2025
As aboveBuy287,160 31,353 31,353
20/10/2025
As aboveBuy228,112 24,906 24,906
20/10/2025
As aboveBuy90,911 9,926 9,926
20/10/2025
As aboveBuy174,074 19,006 19,006
20/10/2025
As aboveBuy171,400 18,714 18,714
20/10/2025
As aboveBuy20,772 2,268 2,268
20/10/2025
As aboveBuy278,058 46,811 46,811
20/10/2025
As aboveBuy388,897 42,461 42,461
22/10/2025
As aboveBuy70,810 7,800 7,800
22/10/2025
As aboveBuy71,908 7,921 7,921
22/10/2025
As aboveBuy37,556 4,137 4,137
22/10/2025
As aboveBuy114,974 19,510 19,510
22/10/2025
As aboveBuy118,624 13,067 13,067
22/10/2025
As aboveBuy8,579 945 945
22/10/2025
As aboveBuy160,656 17,697 17,697
22/10/2025
As aboveBuy94,240 10,381 10,381
23/10/2025
As aboveBuy203,339 33,870 33,870
23/10/2025
As aboveBuy283,014 30,722 30,722
23/10/2025
As aboveBuy15,117 1,641 1,641
Page 6 of 7

Date of ChangeHolder of relevant interestNature of Change Consideration
Number of
Securities
Person's Votes
Affected
23/10/2025As aboveBuy126,685 13,752 13,752
23/10/2025
As aboveBuy66,170 7,183 7,183
23/10/2025
As aboveBuy208,976 22,685 22,685
23/10/2025
As aboveBuy166,011 18,021 18,021
23/10/2025
As aboveBuy124,741 13,541 13,541
03/11/2025
As aboveBuy588,918 93,802 93,802
04/11/2025
As aboveBuy84,518 8,804 8,804
06/11/2025
As aboveSell194,664 20,665- 20,665-
06/11/2025
As aboveBuy308,298 32,728 32,728
18/11/2025
As aboveBuy1,362,975 144,694 144,694
19/11/2025
As aboveBuy1,101,652 119,485 119,485
20/11/2025
As aboveBuy33,891 3,663 3,663
20/11/2025
As aboveBuy159,648 17,255 17,255
20/11/2025
As aboveBuy283,083 30,596 30,596
20/11/2025
As aboveBuy607,865 65,699 65,699
20/11/2025
As aboveBuy61,259 6,621 6,621
20/11/2025
As aboveBuy785,587 131,334 131,334
20/11/2025
As aboveBuy981,916 106,127 106,127
20/11/2025
As aboveBuy1,290,710 139,502 139,502
20/11/2025
As aboveBuy1,503,975 162,552 162,552
20/11/2025
As aboveBuy1,097,430 118,612 118,612
20/11/2025
As aboveBuy167,235 18,075 18,075
20/11/2025
As aboveBuy1,950,953 210,862 210,862
20/11/2025
As aboveBuy1,797,735 194,302 194,302
20/11/2025
As aboveBuy212,886 23,009 23,009
20/11/2025
As aboveBuy189,940 20,529 20,529
20/11/2025
As aboveBuy135,416 14,636 14,636
Page 7 of 7

Company NameACN /
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
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 3: Challenger entitie
s

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. 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