CHALLENGER LIMITED — Major Shareholding Notification 2020

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Sydney

Level 2, 5 Martin Place Sydney NSW 2000 Australia GPO Box 3698 Sydney NSW 2001 www.challenger.com.au

Telephone 02 9994 7000 Facsimile 02 9994 7777

6 July 2020

The Manager Company Announcements Office ASX Limited 20 Bridge Street SYDNEY NSW 2000

By electronic lodgement

Dear Sir/Madam

Re: Notice of change of interests of substantial holder – Lovisa Holdings Limited (LOV)

We attach a notice of change of interests of substantial holder in Lovisa Holdings Limited. This notice is given by Challenger Limited and each of its associated entities named in Annexure 2 to this notice.

Yours faithfully

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Andrew Brown Company Secretary

Melbourne Level 19, 31 Queen Street PO Box 297, Flinders Lane, Melbourne VIC 3000 Telephone 02 9994 7000 Facsimile 02 9994 7777 Brisbane Level 6, 215 Adelaide Street, Brisbane QLD 4000 Telephone 07 3136 5400 Facsimile 07 3136 5407 Perth Level 26, 140 St Georges Terrace, Perth WA 6000 Telephone 08 6466 9613 Adelaide Level 7, Suite 714, 147 Pirie Street, Adelaide SA 5000 Telephone 08 8427 9511

Challenger Limited ABN 85 106 842 371 Challenger Group Services Pty Limited ABN 91 085 657 307 Challenger Life Company Limited ABN 44 072 486 938 AFSL 234670 Challenger Investment Partners Limited ABN 29 092 382 842 AFSL 234 678 Challenger Retirement and Investment Services Limited ABN 80 115 534 453 AFSL295642 RSE Licence No. L0001304 Challenger Mortgage Management Pty Ltd ABN 72 087 271 109 Challenger Securitisation Management Pty Ltd ABN 56 100 346 898 AFSL 244593 Challenger Investment Solutions Management Pty Ltd ABN 63 130 035 353 AFSL 487354

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Form 604 Corporations Act 2001 Section 671B Notice of change of interests of substantial holder

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:

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:

4. Present relevant interests

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

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 follows:

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Name and ACN/ARSN (if applicable) Nature of association
N/A N/A
6. Addresses
The addresses of persons named in this form are as follows:
Name Address
Challenger Limited (and its entities listed in Level 2, 5 Martin Place, Sydney NSW 2000
Annexure 2)
Signature
print name Andrew Brown Capacity Company Secretary
sign here date 06/07/2020
DIRECTIONS
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(1) If there are a number of substantial holders with similar or related relevant interests (eg. a corporation and its related corporations, or the manager and trustee of an equity trust), the names could be included in an annexure to the form. If the relevant interests of a group of persons are essentially similar, they may be referred to throughout the form as a specifically named group if the membership of each group, with the names and addresses of members is clearly set out in paragraph 6 of the form.

• (2) See the definition of "associate" in section 9 of the Corporations Act 2001.

(3) See the definition of "relevant interest" in sections 608 and 671B(7) of the Corporations Act 2001.

• (4) The voting shares of a company constitute one class unless divided into separate classes.

• (5) The person's votes divided by the total votes in the body corporate or scheme multiplied by 100.

(6) Include details of:

(a) any relevant agreement or other circumstances because of which the change in relevant interest occurred. If subsection 671B(4) applies, a copy of any document setting out the terms of any relevant agreement, and a statement by the person giving full and accurate details of any contract, scheme or arrangement, must accompany this form, together with a written statement certifying this contract, scheme or arrangement; and

• (b) any qualification of the power of a person to exercise, control the exercise of, or influence the exercise of, the voting powers or disposal of the securities to which the relevant interest relates (indicating clearly the particular securities to which the qualification applies).

See the definition of "relevant agreement" in section 9 of the Corporations Act 2001.

• (7) Details of the consideration must include any and all benefits, money and other, that any person from whom a relevant interest was acquired has, or may, become entitled to receive in relation to that acquisition. Details must be included even if the benefit is conditional on the happening or not of a contingency. Details must be included of any benefit paid on behalf of the substantial holder or its associate in relation to the acquisitions, even if they are not paid directly to the person from whom the relevant interest was acquired.

• (8) If the substantial holder is unable to determine the identity of the person (eg. if the relevant interest arises because of an option) write "unknown".

• (9) Give details, if appropriate, of the present association and any change in that association since the last substantial holding notice.

Annexure 1 consists of 1 page and is referred to in Form 604 signed by me and dated 06/07/2020

[Insert Signature Here]

Andrew Brown Company Secretary of Challenger Limited

Transactions:

Company Name/Scheme: Lovisa Holdings Limited (LOV) As at: 02/07/2020 Class of security: Ordinary Fully Paid

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Number of Person's Votes
Date of Change Holder of relevant interest Nature of Change Consideration Securities Affected
Challenger Limited (and its
entities listed in Annexure
08/04/2020 2) Buy 125,290.45 23,569 23,569
16/04/2020 [as above] Buy 92,965.46 15,157 15,157
02/06/2020 [as above] Sell 421,309.18 -54,406 54,406
02/06/2020 [as above] Sell 214,069.61 -27,644 27,644
02/06/2020 [as above] Sell 295,751.21 -38,192 38,192
02/06/2020 [as above] Sell 230,440.00 -29,758 29,758
03/06/2020 [as above] Sell 141,438.72 -18,693 18,693
03/06/2020 [as above] Sell 71,797.57 -9,489 9,489
03/06/2020 [as above] Sell 98,552.36 -13,025 13,025
03/06/2020 [as above] Sell 77,222.68 -10,206 10,206
04/06/2020 [as above] Sell 111,301.23 -14,577 14,577
04/06/2020 [as above] Sell 56,143.10 -7,353 7,353
04/06/2020 [as above] Sell 75,735.53 -9,919 9,919
04/06/2020 [as above] Sell 60,250.94 -7,891 7,891
05/06/2020 [as above] Sell 58,239.35 -8,048 8,048
05/06/2020 [as above] Sell 29,286.12 -4,047 4,047
05/06/2020 [as above] Sell 39,395.51 -5,444 5,444
05/06/2020 [as above] Sell 31,435.36 -4,344 4,344
09/06/2020 [as above] Sell 112,050.48 -15,176 15,176
09/06/2020 [as above] Sell 55,951.41 -7,578 7,578
09/06/2020 [as above] Sell 72,578.82 -9,830 9,830
09/06/2020 [as above] Sell 59,776.01 -8,096 8,096
15/06/2020 [as above] Buy 150,308.39 22,673 22,673
17/06/2020 [as above] Buy 148,394.51 20,785 20,785
29/06/2020 [as above] Sell 63,013.01 -10,372 10,372
29/06/2020 [as above] Sell 31,858.87 -5,244 5,244
29/06/2020 [as above] Sell 48,614.55 -8,002 8,002
29/06/2020 [as above] Sell 34,562.38 -5,689 5,689
30/06/2020 [as above] Sell - transfer 2,885,767.85 -485,003 485,003
30/06/2020 [as above] Buy 57,454.35 9,610 9,610
30/06/2020 [as above] Buy 120,684.02 20,186 20,186
30/06/2020 [as above] Sell 382,435.69 -63,611 63,611
30/06/2020 [as above] Sell 193,794.03 -32,234 32,234
30/06/2020 [as above] Sell 295,951.63 -49,226 49,226
30/06/2020 [as above] Sell 209,996.64 -34,929 34,929
01/07/2020 [as above] Sell 366,985.43 -63,057 63,057
01/07/2020 [as above] Sell 185,584.97 -31,888 31,888
01/07/2020 [as above] Sell 201,054.27 -34,546 34,546
01/07/2020 [as above] Sell 293,957.33 -50,509 50,509
02/07/2020 [as above] Sell 430,143.29 -71,450 71,450
02/07/2020 [as above] Sell 218,220.21 -36,248 36,248
02/07/2020 [as above] Sell 236,052.04 -39,210 39,210
02/07/2020 [as above] Sell 348,539.48 -57,895 57,895
Total Number of Securities -1,270,849
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Page 1 of 1

Annexure 2

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