CHALLENGER LIMITED — M&A Activity 2024

Market Release

30 April 2024

Final regulatory approvals received for Challenger Bank sale

Challenger Limited (ASX:CGF) refers to an announcement made today by Heartland Group Holdings Limited (NZX/ASX:HGH) (Heartland) that it has received the necessary regulatory approvals from the Australian Prudential Regulation Authority (APRA) and the Reserve Bank of New Zealand (RBNZ) for Heartland Bank Limited to acquire Challenger Bank Limited (Bank).

The sale of the Bank is expected to complete today, 30 April 2024.

ENDS

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

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.

About Challenger

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

Challenger operates a fiduciary Funds Management division and an APRA-regulated Life division. Challenger Life Company Limited is Australia's largest provider of annuities.

About Heartland

Heartland Group Holdings Limited (Heartland) is a financial services group with operations in Australia and New Zealand. Heartland has a long history with roots stretching back to 1875, and is listed on the New Zealand and Australian stock exchanges (NZX/ASX:HGH).

Heartland’s New Zealand business, Heartland Bank , provides customers with savings and deposit products, online home loans, reverse mortgages, business loans, car loans and rural loans. In Australia, Heartland’s main business is currently in reverse mortgages through Heartland Finance which is a market leader. Heartland also operates StockCo Australia , a specialist livestock financier, which was acquired by Heartland in May 2022. In October 2022, Heartland announced its intention to purchase Challenger Bank, a digital bank based in Melbourne, Australia, subject to obtaining the requisite regulatory approvals.

Heartland’s point of differentiation is its ‘best or only’ strategy – where it focuses on providing products which are the best or only of their kind through scalable digital platforms. Heartland is committed to delivering financial solutions through speed and simplicity, particularly via digital platforms which reduce the cost of onboarding and make it easier for customers to open accounts or apply for funds when they need it.

More about Heartland: heartlandgroup.info

For more information contact:

Mark Chen

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

Felicity Goodwin

Head of External Communications Mob +61 461 579 782 [email protected]

Irene Xu

Investor Relations Manager Mob +61 451 822 326 [email protected]

Rhiannon Hornsey Chief of Staff Mob +61 428 404 345 [email protected]

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.