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CHALLENGER LIMITED Major Shareholding Notification 2026

Jan 22, 2026

64641_rns_2026-01-22_1cdf9c3c-0c39-4310-a14a-44b858380a62.pdf

Major Shareholding Notification

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==> picture [596 x 97] intentionally omitted <==

Level 2, 5 Martin Place Sydney NSW 2000 Australia GPO Box 3698 Sydney NSW 2001

challenger.com.au

Telephone 02 9994 7000

23 January 2026

The Manager Company Announcements Office ASX Limited Level 27 39 Martin Place Sydney NSW 2000

By electronic lodgement

Dear Sir/Madam

Re: Notice of ceasing to be a substantial holder ~ Telix Pharmaceuticals Ltd (TLX)

We attach a notice of ceasing to be a substantial holder in Telix Pharmaceuticals Ltd. This notice is given by Challenger Limited and each of its associated entities named in Annexure 2 to this notice.

Yours faithfully

==> picture [168 x 71] intentionally omitted <==

Linda Matthews

Company Secretary

Sydney Level 2, 5 Martin Place, Sydney NSW 2000 Australia, GPO Box 3698 Sydney NSW 2001, Telephone 02 9994 7000 Melbourne Level 24, 55 Collins Street, Melbourne VIC 3000 Telephone 02 9994 7000 Brisbane Level 6, 215 Adelaide Street GPO Box 3234, Brisbane QLD 4000 Telephone 07 3136 5400 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

challenger.com.au

Form 605

Corporations Act 2001 Section 671B Notice of ceasing to be a substantial holder

To
Company Name/Scheme
Telix Pharmaceuticals Ltd
ACN/ARSN 616 620 369
1. Details of substantial holder (1)
Name Challenger Limited(and its entities listed in Annexure 2)
ACN/ARSN (if applicable) 106 842 371(Challenger Limited)
The holder ceased to be a
substantial holder on 21/01/2026
The previous notice was given to the company on 25/09/2025
The previous notice was dated 25/09/2025

2. Changes in relevant interests

Particulars of each change in, or change in the nature of, a relevant interest (2) of the substantial holder or an associate (3) 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 (4) Consideration given in
relation to change (5)
Class (6) and
number of
securities
affected
Person's votes
affected
Refer
Annexure 1
Challenger Limited (and its entities
listed in Annexure 2)
Refer
Annexure 1
Refer
Annexure 1
Refer
Annexure 1
Refer Annexure
1

3. Changes in association

The persons who have become associates (3) of, ceased to be associates of, or have changed the nature of their association (7) with, the substantial holder in relation to voting interests in the company or scheme are as follows:

Name and ACN/ARSN (if applicable) Nature of association
N/A N/A
4. Addresses
The addresses of persons named in this form are as follows:
Name Address
Challenger Limited (and its entities listed in Annexure 2) Level 2, 5 Martin Place, Sydney NSW 2000

Signature

print name Linda Matthews Capacity Company Secretary of Challenger Limited
sign here date 23/01/2026

DIRECTIONS

(1) If there area 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 4 of the form.

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

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

  • (4) 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.

  • (5) 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.

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

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

Annexure 1 consists of 6 page/s and is referred to in Form 605 signed by me and dated 23/01/2026

==> picture [110 x 46] intentionally omitted <==

Linda Matthews Company Secretary of Challenger Limited

Transactions:

Company Name/Scheme: Telix Pharmaceuticals Ltd (TLX) As at: 21/01/2026 Class of security: Ordinary Fully Paid

Date of Change Holder of relevant interest Nature of Change Consideration Number of
Securities
Person's Votes
Affected
24/09/2025 Challenger Limited (and its entities listed
in Annexure 2)
Buy 309,354 19,700 19,700
24/09/2025 As above Buy 117,774 7,500 7,500
24/09/2025 As above Buy 793,014 50,500 50,500
24/09/2025 As above Buy 570,028 36,300 36,300
24/09/2025 As above Buy 127,196 8,100 8,100
24/09/2025 As above Buy 62,813 4,000 4,000
24/09/2025 As above Buy 540,192 34,400 34,400
24/09/2025 As above Buy 474,238 30,200 30,200
24/09/2025 As above Buy 1,217,002 77,500 77,500
24/09/2025 As above Buy 717,639 45,700 45,700
24/09/2025 As above Buy 458,535 29,200 29,200
24/09/2025 As above Sell 723,115 -45,991 45,991
24/09/2025 As above Sell 258,894 -16,466 16,466
24/09/2025 As above Sell 493,292 -31,374 31,374
24/09/2025 As above Sell 376,612 -23,953 23,953
24/09/2025 As above Sell 58,615 -3,728 3,728
24/09/2025 As above Sell 118,598 -7,543 7,543
24/09/2025 As above Sell 46,320 -2,946 2,946
24/09/2025 As above Sell 96,681 -6,149 6,149
24/09/2025 As above Sell 649,390 -41,302 41,302
24/09/2025 As above Sell 893,457 -56,825 56,825
24/09/2025 As above Sell 530,996 -33,772 33,772
24/09/2025 As above Sell 77,844 -4,951 4,951
24/09/2025 As above Buy 168,025 10,700 10,700
24/09/2025 As above Buy 532,340 33,900 33,900
25/09/2025 As above Sell 317,443 -20,905 20,905
25/09/2025 As above Sell 113,645 -7,484 7,484
25/09/2025 As above Sell 216,554 -14,261 14,261
25/09/2025 As above Sell 165,320 -10,887 10,887
25/09/2025 As above Sell 25,739 -1,695 1,695
25/09/2025 As above Sell 34,182 -2,251 2,251
25/09/2025 As above Sell 20,333 -1,339 1,339
25/09/2025 As above Sell 42,442 -2,795 2,795
25/09/2025 As above Sell 285,084 -18,774 18,774
25/09/2025 As above Sell 392,214 -25,829 25,829
25/09/2025 As above Sell 233,106 -15,351 15,351
25/09/2025 As above Sell 52,070 -3,429 3,429
29/09/2025 As above Buy 674,997 44,820 44,820
29/09/2025 As above Sell 124,633 -8,282 8,282
29/09/2025 As above Buy 440,118 29,224 29,224

Page 1 of 6

Date of Change Holder of relevant interest Nature of Change Consideration Number of
Securities
Person's Votes
Affected
29/09/2025 As above Buy 166,445 11,052 11,052
29/09/2025 As above Buy 810,809 53,838 53,838
29/09/2025 As above Buy 180,752 12,002 12,002
29/09/2025 As above Buy 1,020,146 67,738 67,738
29/09/2025 As above Buy 1,729,841 114,862 114,862
29/09/2025 As above Buy 756,683 50,244 50,244
29/09/2025 As above Buy 88,840 5,899 5,899
29/09/2025 As above Buy 238,960 15,867 15,867
29/09/2025 As above Buy 768,942 51,058 51,058
29/09/2025 As above Sell 1,157,708 -76,931 76,931
29/09/2025 As above Sell 414,485 -27,543 27,543
29/09/2025 As above Sell 789,754 -52,480 52,480
29/09/2025 As above Sell 602,940 -40,066 40,066
29/09/2025 As above Sell 93,858 -6,237 6,237
29/09/2025 As above Sell 189,869 -12,617 12,617
29/09/2025 As above Sell 74,175 -4,929 4,929
29/09/2025 As above Sell 154,775 -10,285 10,285
29/09/2025 As above Sell 1,039,667 -69,087 69,087
29/09/2025 As above Sell 1,430,405 -95,052 95,052
29/09/2025 As above Sell 850,114 -56,491 56,491
29/09/2025 As above Buy 653,551 43,396 43,396
30/09/2025 As above Buy 76,978 5,248 5,248
30/09/2025 As above Buy 83,579 5,698 5,698
30/09/2025 As above Buy 471,756 32,162 32,162
30/09/2025 As above Buy 799,970 54,538 54,538
30/09/2025 As above Buy 349,923 23,856 23,856
30/09/2025 As above Buy 41,085 2,801 2,801
30/09/2025 As above Buy 110,495 7,533 7,533
30/09/2025 As above Buy 355,585 24,242 24,242
30/09/2025 As above Sell 24,157 -1,658 1,658
30/09/2025 As above Buy 318,298 21,700 21,700
30/09/2025 As above Buy 190,686 13,000 13,000
30/09/2025 As above Buy 186,285 12,700 12,700
30/09/2025 As above Buy 126,146 8,600 8,600
30/09/2025 As above Buy 46,938 3,200 3,200
30/09/2025 As above Buy 231,756 15,800 15,800
30/09/2025 As above Buy 51,338 3,500 3,500
30/09/2025 As above Buy 290,429 19,800 19,800
30/09/2025 As above Buy 494,316 33,700 33,700
30/09/2025 As above Buy 215,621 14,700 14,700
30/09/2025 As above Buy 24,936 1,700 1,700
30/09/2025 As above Buy 67,473 4,600 4,600
30/09/2025 As above Buy 220,022 15,000 15,000
30/09/2025 As above Sell 756,004 -51,497 51,497
30/09/2025 As above Sell 270,665 -18,437 18,437
30/09/2025 As above Sell 515,713 -35,129 35,129
30/09/2025 As above Sell 393,732 -26,820 26,820
30/09/2025 As above Sell 61,291 -4,175 4,175
30/09/2025 As above Sell 123,992 -8,446 8,446
30/09/2025 As above Sell 48,431 -3,299 3,299
30/09/2025 As above Sell 101,076 -6,885 6,885
30/09/2025 As above Sell 678,931 -46,247 46,247
30/09/2025 As above Sell 934,109 -63,629 63,629
30/09/2025 As above Sell 555,130 -37,814 37,814
30/09/2025 As above Sell 81,374 -5,543 5,543
30/09/2025 As above Sell 224,363 -15,399 15,399
30/09/2025 As above Sell 80,324 -5,513 5,513
30/09/2025 As above Buy 312,138 21,280 21,280
30/09/2025 As above Buy 302,222 20,604 20,604
30/09/2025 As above Buy 203,535 13,876 13,876
30/09/2025 As above Sell 153,058 -10,505 10,505
30/09/2025 As above Sell 116,851 -8,020 8,020

Page 2 of 6

Date of Change Holder of relevant interest Nature of Change Consideration Number of
Securities
Person's Votes
Affected
30/09/2025 As above Sell 18,183 -1,248 1,248
30/09/2025 As above Sell 36,789 -2,525 2,525
30/09/2025 As above Sell 14,381 -987 987
30/09/2025 As above Sell 30,000 -2,059 2,059
30/09/2025 As above Sell 201,489 -13,829 13,829
30/09/2025 As above Sell 277,238 -19,028 19,028
30/09/2025 As above Sell 164,758 -11,308 11,308
30/09/2025 As above Buy 374,947 25,562 25,562
01/10/2025 As above Buy 580,156 38,658
01/10/2025 As above Buy 340,413 22,683 22,683
01/10/2025 As above Buy 229,373 15,284 15,284
01/10/2025 As above Buy 87,178 5,809 5,809
01/10/2025 As above Buy 422,413 28,147 28,147
01/10/2025 As above Buy 94,442 6,293 6,293
01/10/2025 As above Buy 531,382 35,408 35,408
01/10/2025 As above Buy 901,899 60,097 60,097
01/10/2025 As above Buy 394,379 26,279 26,279
01/10/2025 As above Buy 46,703 3,112 3,112
01/10/2025 As above Buy 124,546 8,299 8,299
01/10/2025 As above Buy 400,607 26,694 26,694
01/10/2025 As above Buy 348,727 23,237 23,237
02/10/2025 As above Buy 262,557 17,242 17,242
02/10/2025 As above Buy 157,805 10,363 10,363
02/10/2025 As above Buy 154,059 10,117 10,117
02/10/2025 As above Buy 103,792 6,816 6,816
02/10/2025 As above Buy 39,455 2,591 2,591
02/10/2025 As above Buy 191,154 12,553 12,553
02/10/2025 As above Buy 42,744 2,807 2,807
02/10/2025 As above Buy 240,476 15,792 15,792
02/10/2025 As above Buy 408,149 26,803 26,803
02/10/2025 As above Buy 178,484 11,721 11,721
02/10/2025 As above Buy 21,136 1,388 1,388
02/10/2025 As above Buy 56,358 3,701 3,701
02/10/2025 As above Buy 181,301 11,906 11,906
03/10/2025 As above Buy 325,862 21,100 21,100
03/10/2025 As above Buy 123,550 8,000 8,000
03/10/2025 As above Buy 600,760 38,900 38,900
03/10/2025 As above Buy 134,360 8,700 8,700
03/10/2025 As above Buy 1,283,372 83,100 83,100
03/10/2025 As above Buy 66,408 4,300 4,300
03/10/2025 As above Buy 569,873 36,900 36,900
03/10/2025 As above Buy 497,287 32,200 32,200
03/10/2025 As above Buy 484,932 31,400 31,400
10/10/2025 As above Sell 270,901 17,900
-
17,900
10/10/2025 As above Sell 95,345 6,300
-
6,300
15/10/2025 As above Buy 5,158 328 328
15/10/2025 As above Buy 44,126 2,806 2,806
15/10/2025 As above Buy 59,427 3,779 3,779
15/10/2025 As above Buy 37,820 2,405 2,405
15/10/2025 As above Buy 38,622 2,456 2,456
15/10/2025 As above Buy 64,412 4,096 4,096
15/10/2025 As above Buy 13,949 887 887
15/10/2025 As above Buy 44,566 2,834 2,834
15/10/2025 As above Buy 100,157 6,369 6,369
15/10/2025 As above Buy 10,442 664 664
15/10/2025 As above Buy 46,894 2,982 2,982
15/10/2025 As above Buy 9,640 613 613
15/10/2025 As above Buy 25,460 1,619 1,619
17/10/2025 As above Buy 1,946,317 116,615 116,615
17/10/2025 As above Buy 1,902,472 113,988 113,988
17/10/2025 As above Buy 1,008,483 60,424 60,424
20/10/2025 As above Buy 1,842,799 110,373 110,373
20/10/2025 As above Buy 953,581 57,114 57,114
20/10/2025 As above Buy 1,801,225 107,883 107,883
21/10/2025 As above Buy 1,664,159 97,997 97,997
21/10/2025 As above Buy 880,384 51,843 51,843
21/10/2025 As above Buy 1,701,654 100,205 100,205
22/10/2025 As above Buy 999,501 59,606 59,606
22/10/2025 As above Buy 1,925,104 114,805 114,805
22/10/2025 As above Buy 1,877,733 111,980 111,980
27/10/2025 As above Buy 760,452 45,512 45,512
27/10/2025 As above Buy 403,919 24,174 24,174

Page 3 of 6

Date of Change Holder of relevant interest Nature of Change Consideration Number of
Securities
Person's Votes
Affected
27/10/2025 As above Buy 777,211 46,515 46,515
28/10/2025 As above Buy 882,984 54,178 54,178
28/10/2025 As above Buy 1,696,132 104,071 104,071
28/10/2025 As above Buy 1,439,740 87,630 87,630
28/10/2025 As above Buy 1,660,521 101,886 101,886
29/10/2025 As above Sell 61,680 3,800
-
3,800
29/10/2025 As above Sell 279,184 17,200
-
17,200
29/10/2025 As above Sell 136,346 8,400
-
8,400
29/10/2025 As above Buy 1,591,344 97,740 97,740
29/10/2025 As above Buy 1,627,652 99,970 99,970
29/10/2025 As above Buy 851,355 52,290 52,290
29/10/2025 As above Sell 172,162 10,600
-
10,600
30/10/2025 As above Buy 849,313 52,539 52,539
30/10/2025 As above Buy 1,613,112 99,788 99,788
30/10/2025 As above Buy 1,578,922 97,673 97,673
31/10/2025 As above Buy 1,288,396 79,651 79,651
31/10/2025 As above Buy 690,727 42,702 42,702
31/10/2025 As above Buy 1,318,434 81,508 81,508
03/11/2025 As above Buy 1,239,533 78,194 78,194
03/11/2025 As above Buy 655,307 41,339 41,339
03/11/2025 As above Buy 1,211,871 76,449 76,449
03/11/2025 As above Sell 312,344 19,700
-
19,700
03/11/2025 As above Sell 38,052 2,400
-
2,400
03/11/2025 As above Sell 794,336 50,100
-
50,100
03/11/2025 As above Sell 57,078 3,600
-
3,600
03/11/2025 As above Sell 255,266 16,100
-
16,100
03/11/2025 As above Sell 69,762 4,400
-
4,400
03/11/2025 As above Sell 179,162 11,300
-
11,300
03/11/2025 As above Sell 296,489 18,700
-
18,700
03/11/2025 As above Sell 263,193 16,600
-
16,600
12/11/2025 As above Sell 290,866 18,680
-
18,680
12/11/2025 As above Sell 926,053 59,473
-
59,473
12/11/2025 As above Sell 798,231 51,264
-
51,264
12/11/2025 As above Sell 918,221 58,970
-
58,970
12/11/2025 As above Sell 1,319,952 84,770
-
84,770
12/11/2025 As above Sell 106,957 6,869
-
6,869
12/11/2025 As above Sell 786,490 50,510
-
50,510
12/11/2025 As above Sell 528,246 33,925
-
33,925
12/11/2025 As above Sell 199,558 12,816
-
12,816
12/11/2025 As above Sell 976,924 62,740
-
62,740
12/11/2025 As above Sell 217,823 13,989
-
13,989
12/11/2025 As above Sell 1,239,092 79,577
-
79,577
12/11/2025 As above Sell 2,081,654 133,688
-
133,688
13/11/2025 As above Sell 338,612 22,600
-
22,600
14/11/2025 As above Sell 341,206 23,891
-
23,891
14/11/2025 As above Sell 107,385 7,519
-
7,519
14/11/2025 As above Sell 39,518 2,767
-
2,767
14/11/2025 As above Sell 338,878 23,728
-
23,728
14/11/2025 As above Sell 457,416 32,028
-
32,028
14/11/2025 As above Sell 767,474 53,738
-
53,738
14/11/2025 As above Sell 480,653 33,655
-
33,655
14/11/2025 As above Sell 294,247 20,603
-
20,603
14/11/2025 As above Sell 80,421 5,631
-
5,631
14/11/2025 As above Sell 360,729 25,258
-
25,258
14/11/2025 As above Sell 73,908 5,175
-
5,175
14/11/2025 As above Sell 195,232 13,670
-
13,670
14/11/2025 As above Sell 290,063 20,310
-
20,310
27/11/2025 As above Sell 139,230 9,100
-
9,100
05/12/2025 As above Sell 159,963 10,800
-
10,800
08/12/2025 As above Sell 33,557 2,300
-
2,300
08/12/2025 As above Sell 170,382 11,612
-
11,612
08/12/2025 As above Sell 105,264 7,174
-
7,174
08/12/2025 As above Sell 104,926 7,151
-
7,151
08/12/2025 As above Sell 70,621 4,813
-
4,813
08/12/2025 As above Sell 26,646 1,816
-
1,816
08/12/2025 As above Sell 130,398 8,887
-
8,887
08/12/2025 As above Sell 28,979 1,975
-
1,975
08/12/2025 As above Sell 165,041 11,248
-
11,248
08/12/2025 As above Sell 277,788 18,932
-
18,932
08/12/2025 As above Sell 122,240 8,331
-
8,331
08/12/2025 As above Sell 13,661 931
-
931
08/12/2025 As above Sell 38,634 2,633
-
2,633
08/12/2025 As above Sell 123,414 8,411
-
8,411

Page 4 of 6

Date of Change Holder of relevant interest Nature of Change Consideration Number of
Securities
Person's Votes
Affected
09/12/2025 As above Sell 70,625 4,827
-
4,827
09/12/2025 As above Sell 12,393 847
-
847
09/12/2025 As above Sell 52,307 3,575
-
3,575
09/12/2025 As above Sell 5,838 399
-
399
09/12/2025 As above Sell 16,533 1,130
-
1,130
09/12/2025 As above Sell 52,804 3,609
-
3,609
09/12/2025 As above Sell 118,879 8,125
-
8,125
09/12/2025 As above Sell 55,789 3,813
-
3,813
09/12/2025 As above Sell 11,398 779
-
779
09/12/2025 As above Sell 30,214 2,065
-
2,065
09/12/2025 As above Sell 44,889 3,068
-
3,068
09/12/2025 As above Sell 45,035 3,078
-
3,078
09/12/2025 As above Sell 72,893 4,982
-
4,982
10/12/2025 As above Sell 124,387 8,815
-
8,815
10/12/2025 As above Sell 329,162 23,327
-
23,327
10/12/2025 As above Sell 62,186 4,407
-
4,407
10/12/2025 As above Sell 570,344 40,419
-
40,419
10/12/2025 As above Sell 1,296,937 91,911
-
91,911
10/12/2025 As above Sell 769,814 54,555
-
54,555
10/12/2025 As above Sell 490,703 34,775
-
34,775
10/12/2025 As above Sell 135,760 9,621
-
9,621
10/12/2025 As above Sell 576,412 40,849
-
40,849
10/12/2025 As above Sell 608,260 43,106
-
43,106
10/12/2025 As above Sell 179,743 12,738
-
12,738
10/12/2025 As above Sell 793,337 56,222
-
56,222
10/12/2025 As above Sell 489,193 34,668
-
34,668
11/12/2025 As above Sell 666,135 48,378
-
48,378
11/12/2025 As above Sell 104,441 7,585
-
7,585
11/12/2025 As above Sell 484,007 35,151
-
35,151
11/12/2025 As above Sell 150,940 10,962
-
10,962
11/12/2025 As above Sell 52,227 3,793
-
3,793
11/12/2025 As above Sell 478,912 34,781
-
34,781
11/12/2025 As above Sell 1,089,006 79,089
-
79,089
11/12/2025 As above Sell 646,403 46,945
-
46,945
11/12/2025 As above Sell 113,997 8,279
-
8,279
11/12/2025 As above Sell 510,761 37,094
-
37,094
11/12/2025 As above Sell 276,393 20,073
-
20,073
11/12/2025 As above Sell 412,048 29,925
-
29,925
11/12/2025 As above Sell 410,768 29,832
-
29,832
12/12/2025 As above Sell 925,263 67,300
-
67,300
15/12/2025 As above Sell 447,869 33,900
-
33,900
16/12/2025 As above Sell 206,450 16,277
-
16,277
16/12/2025 As above Sell 1,165,653 91,903
-
91,903
16/12/2025 As above Sell 2,486,856 196,070
-
196,070
17/12/2025 As above Sell 131,843 11,182
-
11,182
17/12/2025 As above Sell 983,165 83,385
-
83,385
17/12/2025 As above Sell 2,711,004 229,928
-
229,928
18/12/2025 As above Sell 683,148 58,397
-
58,397
18/12/2025 As above Sell 92,440 7,902
-
7,902
18/12/2025 As above Sell 1,569,135 134,133
-
134,133
08/01/2026 As above Sell 48,314 4,245
-
4,245
16/01/2026 As above Sell 1,100,817 95,990
-
95,990
16/01/2026 As above Sell 1,060,817 92,502
-
92,502
16/01/2026 As above Sell 520,878 45,420
-
45,420
19/01/2026 As above Sell 954,774 84,059
-
84,059
19/01/2026 As above Sell 1,820,521 160,280
-
160,280
19/01/2026 As above Sell 1,768,056 155,661
-
155,661
20/01/2026 As above Sell 1,806,033 155,661
-
155,661
20/01/2026 As above Sell 1,859,625 160,280
-
160,280
20/01/2026 As above Sell 975,282 84,059
-
84,059
21/01/2026 As above Buy 452,165 41,600 41,600
21/01/2026 As above Buy 439,122 40,400 40,400
21/01/2026 As above Buy 115,215 10,600 10,600
21/01/2026 As above Buy 560,859 51,600 51,600
21/01/2026 As above Buy 124,998 11,500 11,500
21/01/2026 As above Buy 716,290 65,900 65,900
21/01/2026 As above Buy 1,196,716 110,100 110,100
21/01/2026 As above Buy 531,511 48,900 48,900
21/01/2026 As above Buy 55,434 5,100 5,100
21/01/2026 As above Buy 168,475 15,500 15,500
21/01/2026 As above Buy 531,511 48,900 48,900
21/01/2026 As above Buy 439,122 40,400 40,400
21/01/2026 As above Buy 452,165 41,600 41,600

Page 5 of 6

Date of Change Holder of relevant interest Nature of Change Consideration Number of
Securities
Person's Votes
Affected
21/01/2026 As above Buy 304,342 28,000 28,000
21/01/2026 As above Buy 115,215 10,600 10,600
21/01/2026 As above Buy 560,859 51,600 51,600
21/01/2026 As above Buy 124,998 11,500 11,500
21/01/2026 As above Buy 716,290 65,900 65,900
21/01/2026 As above Buy 1,196,716 110,100 110,100
21/01/2026 As above Buy 531,511 48,900 48,900
21/01/2026 As above Buy 55,434 5,100 5,100
21/01/2026 As above Buy 168,475 15,500 15,500
21/01/2026 As above Buy 531,511 48,900 48,900
21/01/2026 As above Sell 3,070,098 282,671
-
282,671
21/01/2026 As above Sell 5,853,900 538,982
-
538,982
21/01/2026 As above Sell 5,685,174 523,447
-
523,447
21/01/2026 As above Sell 1,969,387 184,158
-
184,158
21/01/2026 As above Sell 246,508 23,051
-
23,051
21/01/2026 As above Sell 4,238,879 396,379
-
396,379
21/01/2026 As above Buy 722,812 66,500 66,500
21/01/2026 As above Buy 304,342 28,000 28,000
-
Total Number of Securities -1,833,197
-
-

Page 6 of 6

Annexure 2

This is page 1 of 3 of Annexure 2 referred to in ASIC Form 605 - ceasing to be a substantial holder

==> picture [98 x 40] intentionally omitted <==

Linda Matthews - Company Secretary of Challenger Limited

23/01/2026

Company Name ACN / Country of
Company Number Incorporation
Challenger Limited 106842371 Australia
255 Finance Group Pty Ltd 628853056 Australia
255 Finance Investments Pty Ltd 164516401 Australia
255 Finance Pty Ltd 168112507 Australia
255 Finance Services Pty Ltd 168107355 Australia
Alphinity Investment Management Pty Ltd 140833709 Australia
Ardea Investment Management Pty Ltd 132902722 Australia
Ardea Investment Management (UK) Limited 13043903 United Kingdom
Artega Investment Administration Pty Limited 661042093 Australia
Bentham Asset Management Pty Ltd 140833674 Australia
Calix Re Holdings Limited 202504686 Bermuda
Calix Re Limited 202504726 Bermuda
Calix Re MidCo Limited 202504725 Bermuda
Calix Re Services Limited 202505098 Bermuda
CDPG Australia Pty Limited 124498095 Australia
Challenger DPG France II SAS 495391062 France
Challenger Financial Services Pty Limited 087464131 Australia
Challenger Funds Management Holdings Pty Limited 107728030 Australia
Challenger Group Holdings Limited 002993302 Australia
Challenger Group Pty Limited 003374196 Australia
Challenger Group Services Pty. Ltd. 085657307 Australia
Challenger Holdco2 Holdings Pty Ltd 646761275 Australia
Challenger Holdco3 Holdings Pty Ltd 657425744 Australia
Challenger Home Loan Corporation Pty Ltd 058891302 Australia
Challenger IM Capital Limited 687738263 Australia
Challenger Investment Partners Limited 092382842 Australia
Challenger Investment Solutions Management Pty Ltd 130035353 Australia
Challenger Japan Holdings Kabushiki Kaisha 0100-01-182399 Japan
Challenger Japan Holdings Pty Limited 617208205 Australia
Challenger Kabushiki Kaisha 0100-01-182872 Unknown
Challenger Life CDI Nominees Pty Ltd 055293644 Australia
Challenger Life Company Holdings Pty Ltd 006381193 Australia
Challenger Life Company Limited 072486938 Australia
Challenger Life Debt Investments (Europe) Limited 7626067 United Kingdom
Challenger Life Fund Property Investments Pty Ltd 161212693 Australia
Challenger Life Nominees No.2 Pty Ltd 078627013 Australia
Challenger Life Nominees No.3 Pty Limited 151482147 Australia
Challenger Life Nominees Pty Ltd 091336793 Australia
Challenger Life Subsidiary Holdings Pty Limited 099742122 Australia
Challenger Management Services (UK) Limited 6393787 United Kingdom
Challenger Mortgage Management Pty Ltd 087271109 Australia
Challenger NZ Holdco1 Limited 9279773 New Zealand
Challenger Non-conforming Finance Pty Ltd 107725486 Australia
Challenger Retirement and Investment Services Limited 115534453 Australia
Challenger Securitisation Management Pty Ltd 100346898 Australia
Challenger Special Servicing Pty Ltd 107707415 Australia
Challenger Treasury Limited 093307996 Australia

Annexure 2

This is page 2 of 3 of Annexure 2 referred to in ASIC Form 605 - ceasing to be a substantial holder

==> picture [98 x 40] intentionally omitted <==

Linda Matthews - Company Secretary of Challenger Limited

23/01/2026

Company Name ACN / Country of
Company Number Incorporation
Challenger Wholesale Finance Holdings Pty Limited 087284240 Australia
Challenger Wind Holdings Pty Limited 151496061 Australia
CLS US Holdings, LLC 5302598 United States
CPHIC Investments Pty Ltd 093340526 Australia
Cultiv8 Carry Services Pty Ltd 661978356 Australia
Cultiv8 Funds Management Pty Ltd 659433593 Australia
Cultiv8 GPCo Pty Ltd 655 779 105 Australia
Eiger Capital Pty Limited 631838607 Australia
Fidante Partners AAM Holdings Pty Limited 636490189 Australia
Fidante Partners AB 559327-5497 Sweden
Fidante Partners Alphinity Holdings Pty Ltd 140716016 Australia
Fidante Partners Ardea Holdings Pty Ltd 133865853 Australia
Fidante Partners Bentham Holdings Pty Ltd 140715573 Australia
Fidante Partners Cultiv8 Holdings Pty Ltd 659373109 Australia
Fidante Partners Eiger Holdings Pty Limited 631837360 Australia
Fidante Partners Europe Limited 4040660 United Kingdom
Fidante Partners FME Holdings Limited 11410594 United Kingdom
Fidante Partners Holdco1 Pty Limited 666942196 Australia
Fidante Partners Holdings (Guernsey) Limited 43315 Guernsey
Fidante Partners Holdings Europe Limited 6172534 United Kingdom
Fidante Partners Holdings Pty Limited 123318650 Australia
Fidante Partners Lennox Holdings Pty Limited 616975565 Australia
Fidante Partners Limited 002835592 Australia
Fidante Partners Liquid Strategies ICAV C139635 Ireland
Fidante Partners Merlon Holdings Pty Ltd 140715662 Australia
Fidante Partners Novaport Holdings Pty Ltd 140715797 Australia
Fidante Partners Ox Holdings Pty Ltd 649174087 Australia
Fidante Partners Services Limited 119605373 Australia
Fidante Partners System Holdings Pty Ltd 678592928 Australia
Fidante Partners Wavestone Holdings Pty Limited 133626276 Australia
Fidante Partners Whitehelm Holdings Pty Ltd 169043903 Australia
FME Asset Management Limited 11064883 United Kingdom
Fulcrum Asset Management LLP OC306401 United Kingdom
Fulcrum Asset Management Holdings Limited 16777662 United Kingdom
FAM Services Limited 05000601 United Kingdom
Greencape Capital Pty Ltd 120328529 Australia
Kabushiki Kaisha C & K 0104-01-067168 Japan
Kudu Investment Partners I, Lp 47-2497501 Unknown
Lease Collateral No.2 Pty Ltd 168112481 Australia
Lease Collateral Pty Ltd 168112472 Australia
Lease Funding Management Pty Ltd 168112490 Australia
Lending JV Holdco Pty Ltd 661671683 Australia
Lennox Capital Partners Pty Limited 617001966 Australia
Novaport Capital Pty Ltd 140833656 Australia
Oaklands Hill Pty Ltd 149814559 Australia
Oaklands Hill Wind Farm Pty Ltd 126595935 Australia
Offshore Reinsurer (Bermuda) Company Limited 51746 Bermuda
Ox Capital Management Pty Ltd 648887914 Australia
Ox Capital Manegement HK Pty. Limited 76656681 Hong Kong
Resonance Asset Management Limited 9028327 United Kingdom
System Capital Pty Ltd 657739323 Australia
System Holdings Pty Ltd 657737276 Australia
US LLC Holdings Pty Ltd 130888292 Australia
US LLC Investments LLC 36-4811214 United States

Annexure 2

This is page 3 of 3 of Annexure 2 referred to in ASIC Form 605 - ceasing to be a substantial

holder

==> picture [98 x 40] intentionally omitted <==

Linda Matthews - Company Secretary of Challenger Limited 23/01/2026

Company Name ACN / Country of
Company Number Incorporation
Water Ventures Limited 9592184 United Kingdom
Wavestone Capital Pty Limited 120179419 Australia