CHALLENGER LIMITED — Director's Dealing 2017

Appendix 3Z Final Director’s Interest Notice

Rule 3.19A.3

Appendix 3Z

Final Director’s Interest Notice

Information or documents not available now must be given to ASX as soon as available. Information and documents given to ASX become ASX’s property and may be made public.

Introduced 30/9/2001.

Name of entity Challenger Limited ABN 85 106 842 371

We (the entity) give ASX the following information under listing rule 3.19A.3 and as agent for the director for the purposes of section 205G of the Corporations Act.

Name of director Brenda Mary Shanahan Date of last notice 14 October 2014 Date that director ceased to be director 26 October 2017

Part 1 – Director’s relevant interests in securities of which the director is the registered holder In the case of a trust, this includes interests in the trust made available by the responsible entity of the trust

Note: In the case of a company, interests which come within paragraph (i) of the definition of “notifiable interest of a director” should be disclosed in this part.

Number & class of securities

Nil

• See chapter 19 for defined terms.

Appendix 3Z Page 1

11/3/2002

Appendix 3Z Final Director’s Interest Notice

Part 2 – Director’s relevant interests in securities of which the director is not the registered holder

Note: In the case of a company, interests which come within paragraph (ii) of the definition of “notifiable interest of a director” should be disclosed in this part.

In the case of a trust, this includes interests in the trust made available by the responsible entity of the trust

Name of holder & nature of interest Number & class of securities Note: Provide details of the circumstances giving rise to the relevant interest Citicorp Nominees Pty Limited 252,112 Ordinary Shares (custodian) for Brenda Shanahan Citicorp Nominees Pty Limited 1,500 Challenger Capital Notes (custodian) for San Luis Nominees Pty Ltd ATF BM Shanahan Super Fund Citicorp Nominees Pty Limited 1,500 Challenger Capital Notes (custodian) for Shanahan Superannuation Fund Pty Ltd ATF Shanahan Superannuation Fund

Part 3 – Director’s interests in contracts

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Detail of contract
N/A
Nature of interest
N/A
Name of registered holder
(if issued securities) N/A
No. and class of securities to which
interest relates N/A
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• See chapter 19 for defined terms.

Appendix 3Z Page 2

11/3/2002