CHALLENGER LIMITED — Share Issue/Capital Change 2014

Sydney

Level 15, 255 Pitt Street Sydney NSW 2000 Australia GPO Box 3698 Sydney NSW 2001 www.challengercom.au

Telephone 02 9994 7000 Facsimile 02 9994 7777

29 August 2014

The Manager Company Announcements Office ASX Limited Level 4, Exchange Centre 20 Bridge Street SYDNEY NSW 2000

Dear Sir/Madam

Challenger Limited (ASX Code: CGF)

Notice under section 708A(5)(e) of the Corporations Act 2001 (Cth)

This notice is given by Challenger Limited (ABN 85 106 842 371) (CGF) under paragraph 708A(5)(e) of the Corporations Act 2001 (Cth) (Corporations Act). CGF advises that:

• (a) CGF issued 33,200,532 fully paid ordinary shares (Shares) on 29 August 2014;
• (b) CGF issued the Shares without disclosure to investors under Part 60.2 of the Corporations Act;
• (c) as at the date of this notice, CGF has complied with:
• (i) the provisions of Chapter 2M of the Corporations Act as they apply to CGF; and
• (ii) section 674 of the Corporations Act; and
• (d) as at the date of this notice, there is no information that is "excluded information" (within the meaning of that term in section 708A(6), 708A(7) and 708A(8) of the Corporations Act.

Yours sincerely

Michael Vardanega General Counsel and 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 9, 241 Adelaide Street GPO Box 3234, Brisbane QLD 4001 Telephone 07 3136 5400 Facsimile 07 3136 5407 Perth Level 5. 50 Georges Terrace. Perth WA 6000 Telephone 08 9261 7412 Facsimile 08 9321 5277 Adelaide Level 7. Suite 714. 147 Pirie Street Adelaide SA 5000 Telephone 08 7071 7042 Facsimile 08 8227 0395

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 Howard Commercial Lending Limited ABN 65 000 033 143 Challenger Listed Investments Limited ABN 94 055 293 644 AFSL 236 887 Challenger Diversified Property Trust 1 ARSN 121 484 606 Challenger Diversified Property Trust 2 ARSN 121 484 713 Challenger Management Services 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