CHALLENGER LIMITED — Major Shareholding Notification 2017

Notice by Challenger Limited (and associates) required pursuant to a Corporations Act Section 259C(2) Exemption

To: Company Announcements ASX Limited

Shareholder

Name of shareholder: Challenger Limited (ACN 106 842 371) (“Challenger”) (and entities listed in Annexure 1).

Date of this Notice: 23 March 2017 .

1. Previous Notice

The shareholder’s previous notice, given pursuant to an exemption under section 259C(2) Corporations Act 2001 , was dated 21 December 2016.

2. Total number of voting shares

The total number of voting shares in Challenger in respect of which Challenger or its controlled entities have the power to control voting or disposal ("Interest") or to which a derivative exposure is held on the date of this notice is:

3. Details of Present Interests and derivatives exposures

On the date of this notice, Challenger or its controlled entities had an Interest in or derivatives exposure to the following voting shares in Challenger, and the Interest or derivatives exposure was of the following nature:

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4. Changes (if any) in Interest or derivatives exposure since the previous notice

Particulars of each change in, or change in the nature of, the Interests of the shareholder in, or derivative exposure to, voting shares since the previous notice given by the shareholder are:

5. Addresses

6. Signature

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Andrew Brown Company Secretary Challenger Limited Date: 23 March 2017

This notice (pursuant to a Corporations Act section 259C(2) exemption dated 7 December 2012) comprises 7 pages in total (including Annexure 1 ). Annexure 1 comprises 5 pages.

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Annexure 1

This is page 1 of 5 of Annexure 1 referred to in the section 259C(2) notice.

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Andrew Brown - Company Secretary of Challenger Limited 23/03/2017

Annexure 1

This is page 2 of 5 of Annexure 1 referred to in the section 259C(2) notice.

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Andrew Brown - Company Secretary of Challenger Limited

23/03/2017

Annexure 1

This is page 3 of 5 of Annexure 1 referred to in the section 259C(2) notice.

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Andrew Brown - Company Secretary of Challenger Limited 23/03/2017

Annexure 1

This is page 4 of 5 of Annexure 1 referred to in the section 259C(2) notice.

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Andrew Brown - Company Secretary of Challenger Limited 23/03/2017 Company Name

Annexure 1

This is page 5 of 5 of Annexure 1 referred to in the section 259C(2) notice.

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Andrew Brown - Company Secretary of Challenger Limited

23/03/2017