CHALLENGER LIMITED — Capital/Financing Update 2021

Challenger Limited

06 December 2021

ATHENE AND APOLLO RECEIVE

REGULATORY APPROVAL FROM APRA

Challenger Limited (ASX:CGF) refers to an announcement made by Athene Holding Limited (Athene) (NYSE:ATH), a leading retirement services company, on 6 July 2021. In July, Athene announced that it, along with its strategic partner, Apollo Global Management Inc. (Apollo) (NYSE:APO), had agreed to acquire a 15% minority interest in Challenger Limited from an existing shareholder, 3% of which was subject to customary Australian Prudential Regulation Authority (APRA) approval.

Athene and Apollo have now received regulatory approval from APRA and today they will acquire the remaining 3%.

As described in Athene’s press release in July, when combined with other Challenger shares previously acquired by Athene and Apollo, the completion of this trade will result in Athene and Apollo’s economic ownership in Challenger being 18%.

ENDS

This release has been authorised by Challenger’s Continuous Disclosure Committee.

About Challenger

Challenger Limited (Challenger) is an investment management firm focused on providing customers with financial security for a better retirement.

Challenger operates three core investment businesses – a fiduciary Funds Management division, an APRA-regulated Life division and an APRA regulated authorised deposit-taking institution. Challenger Life Company Limited (Challenger Life) is Australia's largest provider of annuities.

For more information contact:

Stuart Kingham Jane Keeley Head of Investor Relations Head of External Communication Mob +61 401 139 067 Mob +61 402 663 522 [email protected] [email protected]

Mark Chen

Senior Investor Relations Manager Mob +61 423 823 209 [email protected]

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Challenger Limited A.B.N 85 106 842 371. Disclaimer: The forward-looking statements, estimates and projections contained in this release are not representations as to future performance and nothing in this release should be relied upon as guarantees or representations of future performance.