CHALLENGER LIMITED - Director's Dealing 2025

Appendix 3Y Change of Director’s Interest Notice

Rule 3.19A.2

Appendix 3Y

Change of 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 30/09/01 Amended 01/01/11

Name of entity Challenger Limited ABN 85 106 842 371

We (the entity) give ASX the following information under listing rule 3.19A.2 and as agent for the director for the purposes of section 205G of the Corporations Act.

Name of Director	Nicolas Hamilton
Date of last notice	15 September 2025

Part 1 - Change of director’s relevant interests in securities

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.

Direct or indirect interest	N/A
Nature of indirect interest(including registered holder)Note: Provide details of the circumstances giving rise to the relevantinterest.	N/A
Date of change	N/A
No. of securities held prior to change	N/A
Class	N/A
Number acquired	N/A
Number disposed	N/A
Value/ConsiderationNote: If consideration is non-cash, provide details and estimated valuation	N/A
No. of securities held after change	N/A
Nature of changeExample: on-market trade, off-market trade, exercise of options, issue ofsecurities under dividend reinvestment plan, participation in buy-back	N/A

See chapter 19 for defined terms.

01/01/2011 Appendix 3Y Page 1

Appendix 3Y Change of Director’s Interest Notice

Part 2 – Change of director’s interests in contracts

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.

Detail of contract	Mr Hamilton holds 1,375,477 Performance Rights andRestricted Shares under the Challenger PerformancePlan comprising:• 218,069 Restricted Shares; and•1,157,408 Hurdled Performance Rights
Nature of interest	N/A
Name of registered holder(if issued securities)	N/A
Date of change	7 November 2025
No. and class of securities to whichinterest related prior to changeNote: Details are only required for a contract in relationto which the interest has changed	N/A
Interest acquired	305,381 Hurdled Performance Share Rights resultingfrom annual remuneration review.
Interest disposed	N/A
Value/ConsiderationNote: If consideration is non-cash, provide details and anestimated valuation	Grant of Hurdled Performance Share Rights based onapprox. value of $8.2888 per share
Interest after change	Mr Hamilton holds 1,680,858 Performance Rights andRestricted Shares under the Challenger PerformancePlan comprising:• 218,069 Restricted Shares; and• 1,462,789HurdledPerformanceRights

Part 3 –[+] Closed period

art 3 –+Closed period
Were the interests in the securities or contracts detailed abovetraded during a+closed period where prior written clearancewas required?	N/A
If so, was prior written clearance provided to allow the trade toproceed during this period?	N/A
If prior written clearance was provided, on what date was thisprovided?	N/A

See chapter 19 for defined terms.

Appendix 3Y Page 2

01/01/2011

AI assistant

CHALLENGER LIMITED Director's Dealing 2025

64641_rns_2025-11-13_68296dac-d3c4-4f44-87f2-18598e72bccd.pdf

Appendix 3Y

Change of Director’s Interest Notice

Part 1 - Change of director’s relevant interests in securities

Part 2 – Change of director’s interests in contracts

Part 3 –[+] Closed period

AI assistant

CHALLENGER LIMITED — Director's Dealing 2025

64641_rns_2025-11-13_68296dac-d3c4-4f44-87f2-18598e72bccd.pdf

Appendix 3Y

Change of Director’s Interest Notice

Part 1 - Change of director’s relevant interests in securities

Part 2 – Change of director’s interests in contracts

Part 3 –[+] Closed period

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