Form 604

Corporations Law Section 671B

Notice of change of interests of substantial holder

To: Company Name/Scheme	CHALLENGER LIMITED
ACN/ARSN	106 842 371
1. Details of substantial holder
Name	UBS AG and its related bodies corporate
ACN/ARSN (if applicable):
There was a change in the interests of the substantial holder on		1 March 2012
The previous notice was given to the company on		1 March 2012

2. Previous and present voting power

The total number of votes attached to all the voting shares in the company or voting interests in the scheme that the substantial holder or an associate (2) had a relevant interest (3) in when last required, and when now required, to give a substantial holding notice to the company or scheme, are as follows:

Class of securities	Previous Notice			Present Notice
	Person's Votes	Voting Power	Person's Votes	Voting Power
Ordinary	29.643.856	5.37%	35,484,948	6.43%

3. Changes in relevant interests

Particulars of each change in, or change in the nature of, a relevant interest of the substantial holder or an associate in voting securities of the company or scheme, since the substantial holder was last required to give a substantial holding notice to the company or scheme are as follows:

Date of change	Person whose relevant interest changed	Nature of Change	Consideration given in relation to change of securities	Class and Number	Person's votes affected
	Please see Appendix C.

4. Present relevant interests

Particulars of each relevant interest of the substantial holder in voting securities after the change are as follows:

Holder of relevant interest	Registered holder of securities	Person entitled to be registered holder	Nature of relevant interest	Class and number of securities	Person's votes
UBS Global Asset Management (Australia) Ltd	Various Custodians	UBS Global Asset Management (Australia) Ltd	Fund Manager with power to exercise control over disposal of the securities	14,518,547 Ordinary	14,518,547
UBS Global Asset Management Life Limited	Various Custodians	UBS Global Asset Management Life Limited	Fund Manager with power to exercise control over disposal of the securities	72.843 Ordinary	72.843

UBS AG, London Branch	Citicorp Nominees Pty Ltd	UBS AG, London Branch	Prime Broker that has exercised its borrowing right in respect of shares pursuant to a Prime Broking Agreement (see Appendix A)	8,559,770 Ordinary	8,559,770
UBS AG, London Branch	Various Custodians	UBS AG, London Branch	Beneficial owner	113,629 Ordinary	113,629
UBS AG, Australia Branch	UBS Nominees Pty Ltd	UBS AG. Australia Branch	Prime Broker that has exercised its borrowing right in respect of shares pursuant to a Prime Broking Agreement (see Appendix A)	9,462,261 Ordinary	9,462,261
UBS Securities Australia Ltd	Warbont Nominees Pty Ltd	UBS Securities Australia Ltd	Power to control disposal over shares pursuant to stock borrowing and lending activities (see Appendix A)	177,027 Ordinary	177,027
UBS Securities Australia Ltd	Brispot Nominees Pty Ltd	UBS Securities Australia Ltd	Beneficial owner	2,119,215 Ordinary	2,119,215
UBS AG	Various custodians	UBS AG	Power to control disposal over shares pursuant to stock borrowing and lending activities (see Appendix B)	131,656 Ordinary	131,656
UBS Wealth Management Australia Ltd	UBS Wealth Management Australia Nominees Pty Ltd	UBS Wealth Management Australia Ltd	Broker with power to exercise discretion over account	330,000 Ordinary	330,000

5. Changes in association

The persons who have become associates (2) of, ceased to be associates of, or have changed the nature of their
association (9) with, the substantial holder in relation to voting interests in the company or scheme are as fo

Name and ACN (if applicable)	Nature of association
N/A	N/A

6. Addresses

The addresses of persons named in this form are as follows:

Name	Address
Details of all UBS offices can be found through the ' following link: http://apps.ubs.com/locationfinder

SIGNATURE

	Print Name: So Young Kim	Capacity:	Authorised signatory
Sign Here:	سيما	Date:	5 March 2012
Print Name:	Tiffany Leung	Capacity:	Authorised signatory
Sign Here:	WMM	Date:	5 March 2012

نذيب مسمحه

The Common School (1986) – and the Common School (1986) – and the Common School (1986) – and the Common School (1986) – and the Common School (1986) – and the Common School (1987) – and the Common School (1988) – and the

Contact details for this notice: ÷. ...............

$\sim 10$

Liberatura de la p

Tiffany Leung
Legal & Compliance
(T) +852 2971 8042
(F) +852 2971 7895 --------------------------------------

Appendix A

Holder of relevant interest	UBS AG, London Branch	UBS AG, Australia Branch	UBS Securities Australia Ltd
Type of agreement	Prime Brokerage Agreement	Prime Brokerage Agreement	Securities Lending Agreement
Parties to agreement	(i) UBS AG, London Branch ("UBS AG") (ii) Client (Please refer to Appendix $A-1.$	(i) UBS AG, Australia Branch ("UBS AG") (ii) Client (Please refer to Appendix $A-1.$ )	(i) UBS AG, Australia Branch ("UBS AG")/ UBS Securities Australia Limited (ii) Client (Please refer to Appendix $A-1.$
Transfer date	Please refer to Appendix A-1.	Please refer to Appendix A-1.	Please refer to Appendix A-1.
Holder of voting rights	UBS AG	UBS AG	UBS AG/ UBS Securities Australia Limited
Are there any restrictions on voting rights?	No.	Please refer to the details below.	Please refer to the details below.
If yes, detail	N/A	Since all right and title in the securities passes to the transferee (i.e. UBS AG), the transferee has the right to vote. However, in certain circumstances, the transferee may seek to arrange for instructions to be exercised in accordance with the instructions of the transferor (i.e. Client).	Since all right and title in the securities passes to the transferee (i.e. UBS AG/ UBS Securities Australia Limited), the transferee has the right to vote. However, in certain circumstances, the transferee may seek to arrange for instructions to be exercised in accordance with the instructions of the transferor (i.e. Client).
Scheduled return date (if any)	None.	None, subject to the terms of the relevant loan.	None, subject to the terms of the relevant Ioan.
Does the borrower have the right to return early?	Yes.	Yes.	Yes.
If yes, detail	The borrower (i.e. UBS AG) has the right to return at its discretion.	The borrower (i.e. UBS AG) has the right to return at its discretion.	The borrower (i.e. UBS AG/ UBS Securities Australia Limited) has the right to return at its discretion.
Does the lender have the right to recall early?	Yes.	Yes.	Yes.
If yes, detail	The lender (i.e. Client) can recall at its request subject to compliance with margin requirements and the terms of the relevant loan.	The lender (i.e. Client) can recall at its request subject to compliance with margin requirements and the terms of the relevant loan.	The lender (i.e. Client) can recall at its request subject to compliance with margin requirements and the terms of the relevant loan.
Will the securities be returned on settlement?	Yes.	Yes.	Yes.
If yes, detail any exceptions	None.	None.	None.

The information in this appendix is based on the relevant standard UBS agreement.
A copy of the agreement is available to the company, or responsible entity to whom the prescribed form must be given, or to ASIC, upon reque

Appendix A-1

Prime Brokerage Agreement - UBS AG, London Branch

Parties to agreement A. a shekara J. S. Co	Transfer date
Amazon Market Neutral Fund	$\left( i\right)$ 28 February 2012
	(ii) 29 February 2012
Zambezi Absolute Return Fund	27 February 2012 (i)
Loire Limited	$\sf (i)$ 29 February 2012
Stichting Depositary APG Developed Markets Equity Pool	$\left( i\right)$ 27 February 2012
	(ii) 29 February 2012
Single Select Hedge Platform - Regal Market Neutral Fund	(ï) 29 February 2012

Prime Brokerage Agreement - UBS AG, Australia Branch

Parties to agreement		Transfer date:
Regal Funds Management Pty Ltd as trustee and manager of Atlantic Absolute Return Fund	(i)	28 February 2012
Regal Funds Management Pty Limited as trustee and manager of Tasman Market Neutral Fund	(i)	28 February 2012
Regal Funds Management Pty Limited as manager and trustee for Regal Australian Long Short Equity Fund	(i)	29 February 2012
	(ii)	01 March 2012
Regal Funds Management Pty Limited as trustee for Regal Australian Long Short Geared Equity Fund	(i)	28 February 2012
BT Investment Management (RE) Limited as responsible entity for BT Total Return Fund	(Ö)	28 February 2012
Bennelong Funds Management Pty Ltd as trustee of Bennelong Long Short Equity Fund	(i)	14 November 2011
	(i)	15 December 2011
	(iii)	23 December 2011
	(iv)	04 January 2012
	(v)	09 January 2012
	(vi)	12 January 2012
	(vii)	25 January 2012
	(viii)	28 February 2012
WHTM Capital Management Ltd as responsible entity of Plato Australian Shares 130/30 Fund	$\langle i \rangle$	28 February 2012
BCS Capital Pty Limited as responsible entity for BCS Australian Pure Alpha Fund	(i)	28 February 2012
Herschel Asset Management Limited as Trustee for the Herschel Absolute Return Fund	(i)	28 February 2012

Securities Lending Agreement - UBS AG, Australia Branch/ UBS Securities Australia Limited

ÏЭ. hara 1 图象 ---------------------------------------		.
INational. Australia Bank Limited	.	2010 ،

Holder of relevant interest	UBS AG *
Type of agreement	Securities Lending Agreement
Parties to agreement	(i) UBS AG
	(ii) Information not available
Transfer date	Information not available
Holder of voting rights	UBS AG
Are there any restrictions on voting rights?	Please refer to the details below.
If yes, detail	None, subject to deviating agreements between the parties.
Scheduled return date (if any)	None (subject to the terms of the relevant loan)
Does the borrower have the right to return early?	Yes.
lf yes, detail	The borrower has the right to return
	at any time (subject to the terms of the relevant loan).
Does the lender have the right to recall early?	Yes.
If yes, detail	The lender can recall at any time
	(subject to the terms of the relevant loan).
Will the securities be returned on settlement?	Yes.
If yes, detail any exceptions	Restitution will take place within a
	period which is customary at the primary exchange.

^# The information in this appendix is based on a standard UBS securities lending agreement

29-Feb-1	Australia Ltd	١è٢
			$\frac{2,075}{24,015}$		Dreifian Dreifian
၂၆)	es Australia Ltd es Australia Ltd es Australia Ltd es Australia Ltd '圓	晶詞	68,337 28,494 - N/A		Ordinar
	ecuri			(6,900)	Ordinar
$9 - Feb - 1$		collateral returned		$\frac{(169,860)}{(62,581)}$ $\frac{(62,581)}{(231,757)}$	Creinary Creinary
		Collateral returned C ollat eral returned naine Tailtean

	ondon Branch	läß		Ξ	Ordinary Ordinary
ြို 12 12 12 12 12 12 12 12 12 12 12 12 12	晨릴	returned 휇			Ordinan
					Ordinary
					Ordinary
$\frac{29-Feb-12}{29-Feb-12}$		-51	1980 1980 1980 1980 1980 1980 1980 1980 1980 1980	$\frac{(100,000)}{(11,055)}$	Ordinary
		51		1,149	Ordinary
29-Feb-12 21-da-12	1985 Securities Australia Ltd 1985 Securities Australia Ltd 1985 Securities Australia Ltd 1985 Securities Australia Ltd 1985 Securities Australia Ltd 1985 AG, London Branch 1985 AG, London Branch 1985 AG, London Branch 198	귀피		12,314	Ordinary
Mar12 5		शि	∞ ∞ ∞ ∞ ∞ ∞ ∞ ∞ ∞ ∞ ∞ ∞ ∞ ∞ ∞ ∞ ∞ ∞ ∞	ଟ୍ରାର	Ordinan
$\frac{1}{\sqrt{4a-12}}$ 5					Ordinan Ordinary
$-$ Mar-12 ే		피피			Ordinan
01-Mar-12					Ordinary
01-Mar-12
$21 - M$ ar-12					Ordinary Ordinary
					Drdinar
					Ordina
	BS AG, London Branc	ৰিববিবিবি			Drdina O
	BS AG, London Branc
	185 AG, London Branch 185 AG, London Branch	회
		સ
	35 AG, London Branch 35 AG, London Branch 35 AG, London Branch	굕
-Ma		굕
		ā			Ordina
		圆圆
				ଗ୍ରାମାନା	Ordina Ordina
		ब्रैंब्र	ıм
	$\begin{tabular}{ c c c c c c c c c c c c c c c c c c c$			m	Ordin Ördin
		阿瓦瓦	œ	Ñ	Ordina
Μ Π			4		Ordinar
Б					Ordina
Ιā					Ordinary
ь				m	Ordinal
5 δ				កា	Ordinar
řeM-					Ordinar
$1 -$ Mar-1		圆			Grdina
	5. London Branch 5. London Branch 5. London Branch 5. London Branch 5. London Branch 5. London Branch 18849 18849 19849 1985	श्लि			Ordina
					ι ΘΕ
$-Mar-1$	London Branc ers External External	ब्रिशि
-Mar-1	AG, London Branc Sar
	AG, London Branc GBS.	폐지
	AG, London Branc AG, London Branc	PS ₃	일절 일 일 일 일 일 일 일 일 일 일 일		central Fordinando de Transporta Fordinando de Transporta Fordinando de Transporta Fordinando de Transportal Fordinando de Transportal
0	AG, London Branc Ιš
	UBS AG, London Brand UBS AG, London Brand	ᅘ
		١ÞS
	on Branc UBS AG.	쪠	회학학회회회
Viar-12 OT-Mar-	AG, London Brancl on Branc ' san	ब्रिब			DENETO DENETO
쥐	UBS AG, Long
하	UBS AG, London Branch UBS AG, London Branch UBS AG, London Branch UBS AG, London Branch UBS AG, London Branch	ᆒ			l
$-Mar-1$ o		회	의
01-Mar-		Jel	İΩ
-Mar- $01-Mar$ ۵			임의		$\frac{1}{2}$
		의회의원		m	Ordina
- лем-то - 1971-то			∣∞∣ലഘ		Ordin

01-Mar- 01-Mar-	UBS AG, Lordon Branch UBS AG, Lordon Branch UBS AG, Lordon Branch UBS AG, Lordon Branch UBS AG, Lordon Branch UBS AG, Lordon Branch	혜희	N	ಷಣ
$-Max - 1$ Б Б		회	4	Α	Ordin
		٦ell ĪeZ	4
İ			Þ	1.32
			5,469 25,617
ò	ΡŠ	ब्रिबल्		6.1971 6.889 6.88.391 6.88.
			241,253 158,055
		Stock received		¦l≘

. . . . . . . . . . . . . . . . . . .

$\overline{\phantom{a}}$ . $\overline{\phantom{a}}$ . $\overline{\phantom{a}}$ . $\overline{\phantom{a}}$ . $\overline{\phantom{a}}$

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a sa kacamatan sa babang ang pangangang pang

$\sim 100$ and $\sim 100$

Person whose relevant interest changed	Nature of Change	in relation to change Consideration given	Number of securities	dass


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	g) $\frac{1}{108}$ $\frac{1}{200}$ $\frac{1}{200}$ $\frac{1}{200}$ $\frac{1}{200}$ $\frac{1}{200}$ $\frac{1}{200}$ $\frac{1}{200}$ $\frac{1}{200}$ $\frac{1}{200}$ $\frac{1}{200}$ $\frac{1}{200}$ $\frac{1}{200}$ $\frac{1}{200}$ $\frac{1}{200}$ $\frac{1}{200}$ $\frac{1}{200}$ $\frac{1}{200}$ $\frac{1$ ageuey Periew UBS AG, London Branc UBS AG, London Branch , London Branch London Branch London Branch on Branc S AG, London Branc S AG, London Branc 1962 AG, London Brainch (Brainch Brainch Brainch Branch Branch Branch Branch Branch Branch Branch Branch Branch 1963 AG, London Branch Branch Branch 1963 AG, London Branch Branch Branch 1963 AG, London Branch Branch 1963 1 lon Branc G, London Bran Ē B on Bran London Bran ara Bizia ondon B i AG, Australia E Securities Aust ondon ndong D (JBS AG, Lor JBS Global / JBS Global / JBS Global / UBS Global UBS Global g 1992-1993 1993-1994 1993-1994	retumed received ansis 1988 1988 হাহাহাহাহাহাহাহাহাহাহাহাহাহাহাহাহাহাহা Je? lle2 贾贾 Ā 耍 핒 외 ्रष्ट ভ ز ہے۔ 핯 웨 區 াহাহাহাহাহাহাহা झ	붜흲뉣욉뉣칰흲읨词믱믱믱밁إ 12 l2 먾 ု့ is. 없는 ဇ္တ ဣ œ l%l 이러지 이 이 지지 않아 아이 이 이 이 이 아이 아이 아이 아이 아이 아이 아이 아이 아이 ؞ $\frac{1.482.313}{713.933}$ $\frac{713.8821}{538.865}$ ₹ 195,443	ालि Þ J ਚੇ ਭ ίo ō, न। $\overline{18}$ Ξ G Σj قا 84,279 46,816 $\frac{1}{130345}$ (358.5) $\frac{156.8}{156.6}$

and complete the construction of the contract of the construction of the construction of the complete of the c

Ordinary	vrdinary	Jrdinary	rdinary	vienipić	hdinary	Vrdinary	hdinary	Vidinary	henipity	Vidinary	Jidinary	Ordinary	Ordinary	Ordinary
6.586.799	20,605	25.859	2.000	9.218)	2450	(850, 11)		Ē	$\frac{372}{2}$	2.273	2.661	107.177	69.850
₹	Ž	06,159	8,24	7862	10.021	57,627	4.147	8.745	30.316	935	51.995	≸	⋚
vlock receiver	Stock received		ā	T		굻	5e		Ē	灵	à	tock borrowed	Stack borrowed	ā
UBS AG. London Branch	UBS AG, Australia Branch	UBS Securities Australia Ltd	UBS Securities Australia Ltr	UBS Securities Australia Ltd	UBS Securities Australia Ltd	UBS Securities Australia Ltd	UBS Securities Australia Ltd	JBS Securities Australia Ltd	UBS Securities Australia Ltd	UBS Securities Australia Ltd	UBS AG, London Branch	UBS Securities Australia Ltd	JBS Securities Australia Ltd	UBS Securities Australia Ltd
1-Mar 12	-Mar-12	$1$ Mar $12$	1-Mar-12	1-Mar-12	$-42$	1-Mar 12	$-$ Mar - 12	-Mar-12	$-Mar-12$	-Mar-12	$1 -$ Mar-12	l-Mar-12	-Mar-12	$01 - 1$ Mar-12

$\sim 10^7$

AI assistant

CHALLENGER LIMITED Major Shareholding Notification 2012

64641_rns_2012-03-05_5893772b-cfbe-48bb-8522-b33214007f3e.pdf

Form 604

Notice of change of interests of substantial holder

2. Previous and present voting power

3. Changes in relevant interests

4. Present relevant interests

5. Changes in association

6. Addresses

SIGNATURE

Appendix A

Appendix A-1

Prime Brokerage Agreement - UBS AG, London Branch

Prime Brokerage Agreement - UBS AG, Australia Branch

Securities Lending Agreement - UBS AG, Australia Branch/ UBS Securities Australia Limited

AI assistant

CHALLENGER LIMITED — Major Shareholding Notification 2012

64641_rns_2012-03-05_5893772b-cfbe-48bb-8522-b33214007f3e.pdf

Form 604

Notice of change of interests of substantial holder

2. Previous and present voting power

3. Changes in relevant interests

4. Present relevant interests

5. Changes in association

6. Addresses

SIGNATURE

Appendix A

Appendix A-1

Prime Brokerage Agreement - UBS AG, London Branch

Prime Brokerage Agreement - UBS AG, Australia Branch

Securities Lending Agreement - UBS AG, Australia Branch/ UBS Securities Australia Limited

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CHALLENGER LIMITED Major Shareholding Notification 2012