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CHALLENGER LIMITED Capital/Financing Update 2017

Nov 23, 2017

64641_rns_2017-11-23_3618af13-cb94-4b6f-84c5-249260aaad55.pdf

Capital/Financing Update

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Challenger Limited 24 November 2017

CHALLENGER LIFE COMPANY LIMITED ISSUES $400 MILLION OF SUBORDINATED NOTES

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Challenger Limited (ASX:CGF) announced that Challenger Life Company Limited (CLC) has today successfully issued $400 million of CLC Subordinated Notes.

The CLC Subordinated Notes qualify as Tier 2 Capital under APRA’s prudential standards and are floating rate, paying interest quarterly in arrears at a margin of 210 bps above the 3 month bank bill swap rate.

Proceeds from the CLC Subordinated Notes will be used to repay CLC’s existing $400 million Tier 2 subordinated debt instrument on 30 November 2017.

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Stuart Kingham Michelle Taylor Head of Investor Relations Head of Corporate Affairs & Advocacy Tel (02) 9994 7125 Tel (02) 9994 7181 Mob 0401 139 067 Mob 0400 356 692