AUB GROUP LIMITED — Major Shareholding Notification 2017

May 30, 2017

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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

31 May 2017

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 – AUB Group Limited (AUB)

We enclose notice of change of interests of substantial holder in AUB Group 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

attach

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 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 Investment Solutions Management Pty Ltd ABN 63 130 035 353 AFSL 487354 Challenger Mortgage Management Pty Ltd ABN 72 087 271 109 Challenger Securitisation Management Pty Ltd ABN 56 100 346 898 AFSL 244593

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Form 604 Corporations Act 2001 Section 671B

Notice of change of interests of substantial holder

To Company Name/Scheme	AUB Group Limited
ACN/ARSN	000 000 715
1. Details of substantial holder(1)
Name	Challenger Limited	(and its entities listed in Annexure 2)
ACN/ARSN (if applicable)	106 842 371
There was a change in the interests of the substantial	holder on	29/05/2017
The previous notice was given to the company on		13/02/2017
The previous notice was dated		13/02/2017

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:

Classof securities (4)	Previous notice	Previous notice	Present notice	Present notice
	Person's votes	Voting power (5)	Person's votes	Voting power (5)
Ordinary Fully Paid	8,890,958	13.93%	8,244,037	12.91%

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 (6)	Consideration given in relation to change (7)	Class 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

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	Registered holder of	Person entitled to be	Nature of relevant interest (6)	Class and number of	Person's votes
interest	securities	registered as holder		securities
		(8)
Challenger Limited (and	BNP Paribas	BNP Paribas	Ordinary and Fully Paid	1,579,779	1,579,779
its entities listed in Annexure 2)	Nominees Pty Limited	Nominees Pty Limited	securities purchased and sold on market by	(Ordinary Fully Paid)
			Challenger Limited (and
			its entities listed in
			Annexure 2) and obtains
			a relevant interest by
			virtue of Section 608(3)
			of the Corporations Act
			2001 (Cth).
Challenger Limited (and	Citicorp Nominees	Citicorp	As above	1,376,170	1,376,170
its entities listed in Annexure 2)	Pty Limited	Nominees Pty Limited		(Ordinary Fully Paid)

604 page 2 / 3 15 July 2001

Challenger Limited (and its entities listed in Annexure 2)	J P Morgan Nominees Australia Limited	J P Morgan Nominees Australia Limited	As above	1,803,983 (Ordinary Fully Paid)	1,803,983
Challenger Limited (and its entities listed in Annexure 2)	National Nominees Limited	National Nominees Limited	Ordinary and Fully Paid securities purchased and sold on market and acquired and sold ( via off market transfer) by Challenger Limited (and its entities listed in Annexure 2) and obtains a relevant interest by virtue of Section 608(3) of the Corporations Act 2001 (Cth).	859,196 (Ordinary Fully Paid)	859,196
Challenger Limited (and its entities listed in Annexure 2)	HSBC Custody Nominees (Australia) Limited	HSBC Custody Nominees (Australia) Limited	Ordinary and Fully Paid securities purchased and sold on market by Challenger Limited (and its entities listed in Annexure 2) and obtains a relevant interest by virtue of Section 608(3) of the Corporations Act 2001 (Cth).	2,370,570 (Ordinary Fully Paid)	2,370,570
Challenger Limited (and its entities listed in Annexure 2)	UBS Nominees Pty Limited	UBS Nominees Pty Limited	As above	254,339 (Ordinary Fully Paid)	254,339

604 page 3 / 3 15 July 2001

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 Level 2, 5 Martin Place, Sydney NSW 2000
listed in Annexure 2)
Signature
print name Andrew Brown Capacity Company Secretary
sign here date 31/05/2017
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DIRECTIONS

(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 3 pages and is referred to in Form 604 signed by me and dated 31/05/2017

[Insert Signature Here]

Andrew Brown Company Secretary of Challenger Limited

Transactions:

Company Name/Scheme: AUB Group Limited (AUB) As at: 29/05/2017 Class of security: Ordinary Fully Paid

Date of Change	Holder of relevant interest	Nature of Change	Consideration	Number of Securities	Person's Votes Affected
15/02/2017	Challenger Limited (and its entities listed in Annexure 2)	Sell	35,349.85	3,178 -	3,178
15/02/2017	as above	Sell	9,299.08	836 -	836
15/02/2017	as above	Sell	92,234.40	8,292 -	8,292
15/02/2017	as above	Sell	3,726.31	335 -	335
15/02/2017	as above	Sell	39,331.99	3,536 -	3,536
15/02/2017	as above	Sell	150,175.67	13,501 -	13,501
15/02/2017	as above	Sell	3,726.31	335 -	335
15/02/2017	as above	Sell	256,214.09	23,034 -	23,034
15/02/2017	as above	Sell	66,984.51	6,022 -	6,022
17/02/2017	as above	Sell	58,642.00	5,380 -	5,380
17/02/2017	as above	Sell	15,434.40	1,416 -	1,416
17/02/2017	as above	Sell	153,003.30	14,037 -	14,037
17/02/2017	as above	Sell	6,169.40	566 -	566
17/02/2017	as above	Sell	65,258.30	5,987 -	5,987
17/02/2017	as above	Sell	249,130.40	22,856 -	22,856
17/02/2017	as above	Sell	6,169.40	566 -	566
17/02/2017	as above	Sell	425,078.20	38,998 -	38,998
17/02/2017	as above	Sell	111,114.60	10,194 -	10,194
22/02/2017	as above	Buy	34,278.44	3,134	3,134
22/02/2017	as above	Sell	34,278.44	3,134 -	3,134
27/02/2017	as above	Buy	104,118.00	9,380	9,380
27/02/2017	as above	Buy	141,147.60	12,716	12,716
27/02/2017	as above	Buy	34,620.90	3,119	3,119
27/02/2017	as above	Buy	402,819.00	36,290	36,290
27/02/2017	as above	Buy	79,353.90	7,149	7,149
27/02/2017	as above	Buy	271,805.70	24,487	24,487
27/02/2017	as above	Buy	131,634.90	11,859	11,859
27/02/2017	as above	Buy	12,831.60	1,156	1,156
27/02/2017	as above	Buy	17,393.70	1,567	1,567
27/02/2017	as above	Buy	4,262.40	384	384
27/02/2017	as above	Buy	49,639.20	4,472	4,472
27/02/2017	as above	Buy	9,779.10	881	881
27/02/2017	as above	Buy	33,488.70	3,017	3,017
27/02/2017	as above	Buy	16,217.10	1,461	1,461
27/02/2017	as above	Buy	6,980.12	631	631
27/02/2017	as above	Buy	9,458.01	855	855
27/02/2017	as above	Buy	2,323.02	210	210
27/02/2017	as above	Buy	27,002.34	2,441	2,441
27/02/2017	as above	Buy	5,320.82	481	481
27/02/2017	as above	Buy	18,219.11	1,647	1,647
27/02/2017	as above	Buy	8,816.41	797	797
28/02/2017	as above	Buy	238,973.80	22,334	22,334
28/02/2017	as above	Buy	323,953.20	30,276	30,276
28/02/2017	as above	Buy	79,447.50	7,425	7,425
28/02/2017	as above	Buy	924,533.50	86,405	86,405
28/02/2017	as above	Buy	182,135.40	17,022	17,022
28/02/2017	as above	Buy	623,831.40	58,302	58,302
28/02/2017	as above	Buy	302,125.20	28,236	28,236

Page 1 of 3

Date of Change	Holder of relevant interest	Nature of Change	Consideration	Number of Securities	Person's Votes Affected
28/02/2017	as above	Buy	24,897.95	2,233	2,233
28/02/2017	as above	Buy	33,762.20	3,028	3,028
28/02/2017	as above	Buy	8,273.30	742	742
28/02/2017	as above	Buy	96,336.00	8,640	8,640
28/02/2017	as above	Buy	18,977.30	1,702	1,702
28/02/2017	as above	Buy	65,004.50	5,830	5,830
28/02/2017	as above	Buy	31,498.75	2,825	2,825
03/03/2017	as above	Sell	378,041.41	33,278 -	33,278
06/03/2017	as above	Sell	8,872.01	758 -	758
07/03/2017	as above	Sell	42,014.70	3,591 -	3,591
07/03/2017	as above	Sell	36,399.01	3,111 -	3,111
07/03/2017	as above	Sell	19,410.47	1,659 -	1,659
07/03/2017	as above	Sell	192,291.14	16,435 -	16,435
07/03/2017	as above	Sell	7,885.87	674 -	674
07/03/2017	as above	Sell	81,889.00	6,999 -	6,999
07/03/2017	as above	Sell	313,609.48	26,804 -	26,804
07/03/2017	as above	Sell	7,885.87	674 -	674
07/03/2017	as above	Sell	533,817.06	45,625 -	45,625
07/03/2017	as above	Sell	119,563.32	10,219 -	10,219
07/03/2017	as above	Sell	20,861.56	1,793 -	1,793
07/03/2017	as above	Sell	11,123.06	956 -	956
07/03/2017	as above	Sell	110,229.99	9,474 -	9,474
07/03/2017	as above	Sell	4,526.02	389 -	389
07/03/2017	as above	Sell	46,947.23	4,035 -	4,035
07/03/2017	as above	Sell	179,784.02	15,452 -	15,452
07/03/2017	as above	Sell	4,526.02	389 -	389
07/03/2017	as above	Sell	306,000.50	26,300 -	26,300
07/03/2017	as above	Sell	68,530.15	5,890 -	5,890
29/03/2017	as above	Buy	181,303.92	15,876	15,876
29/03/2017	as above	Sell	33,903.45	2,961 -	2,961
29/03/2017	as above	Sell	339,034.50	29,610 -	29,610
29/03/2017	as above	Sell	13,350.70	1,166 -	1,166
29/03/2017	as above	Sell	144,853.95	12,651 -	12,651
29/03/2017	as above	Sell	552,725.85	48,273 -	48,273
29/03/2017	as above	Sell	14,381.20	1,256 -	1,256
29/03/2017	as above	Sell	942,094.55	82,279 -	82,279
29/03/2017	as above	Sell	249,655.80	21,804 -	21,804
29/03/2017	as above	Sell	102,600.20	8,972 -	8,972
26/04/2017	as above	Buy- transfer	2,258,579.70	187,434	187,434
12/05/2017	as above	Sell	1,045,901.66	83,074 -	83,074
12/05/2017	as above	Sell	327,692.52	26,028 -	26,028
12/05/2017	as above	Sell	212,947.26	16,914 -	16,914
12/05/2017	as above	Sell	301,958.56	23,984 -	23,984
25/05/2017	as above	Sell	514,738.30	39,293 -	39,293
25/05/2017	as above	Sell	89,538.35	6,809 -	6,809
25/05/2017	as above	Sell	302,400.40	23,084 -	23,084
25/05/2017	as above	Sell	1,041,913.95	79,233 -	79,233
25/05/2017	as above	Sell	7,715.90	589 -	589
25/05/2017	as above	Sell	205,258.35	15,609 -	15,609
25/05/2017	as above	Sell	18,038.70	1,377 -	1,377
25/05/2017	as above	Sell	703,038.45	53,463 -	53,463
25/05/2017	as above	Sell	78,495.20	5,992 -	5,992
25/05/2017	as above	Sell	340,479.80	25,892 -	25,892
25/05/2017	as above	Sell	61,766.50	4,715 -	4,715
25/05/2017	as above	Sell	290,628.15	22,101 -	22,101
25/05/2017	as above	Sell	185,299.50	14,145 -	14,145
25/05/2017	as above	Sell	365,083.45	27,763 -	27,763
25/05/2017	as above	Sell	7,715.90	589 -	589
25/05/2017	as above	Sell	251,559.50	19,130 -	19,130
25/05/2017	as above	Sell	133,829.60	10,216 -	10,216
26/05/2017	as above	Sell	62,980.00	4,700 -	4,700
26/05/2017	as above	Sell	18,760.00	1,400 -	1,400
26/05/2017	as above	Sell	190,280.00	14,200 -	14,200
26/05/2017	as above	Sell	8,040.00	600 -	600
26/05/2017	as above	Sell	80,400.00	6,000 -	6,000
26/05/2017	as above	Sell	309,540.00	23,100 -	23,100
26/05/2017	as above	Sell	8,040.00	600 -	600
26/05/2017	as above	Sell	526,620.00	39,300 -	39,300
26/05/2017	as above	Sell	135,340.00	10,100 -	10,100
29/05/2017	as above	Sell	5,601.20	418 -	418
29/05/2017	as above	Sell	364,305.80	27,187 -	27,187
29/05/2017	as above	Sell	94,336.00	7,040 -	7,040
29/05/2017	as above	Sell	21,480.20	1,603 -	1,603
29/05/2017	as above	Sell	13,078.40	976 -	976

Page 2 of 3

Date of Change	Holder of relevant interest	Nature of Change	Consideration	Number of Securities	Person's Votes Affected
29/05/2017	as above	Sell	131,708.60	9,829 -	9,829
29/05/2017	as above	Sell	5,601.20	418 -	418
29/05/2017	as above	Sell	56,038.80	4,182 -	4,182
29/05/2017	as above	Sell	214,828.80	16,032 -	16,032
		Total Number of Securities		-646,921

Page 3 of 3

Annexure 2

This is page 1 of 5 of Annexure 2 referred to in ASIC Form 604 - Notice of change of interests of Substantial Holder

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Andrew Brown - Company Secretary of Challenger Limited 31/05/2017 Company Name

31/05/2017
Company Name	ACN / Company No.	Country of Incorporation
255 FINANCE INVESTMENTS PTY LTD	164 516 401	AUSTRALIA
255 FINANCE PTY LTD	168 112 507	AUSTRALIA
ACCURIUM HOLDINGS PTY LTD	158 242 936	AUSTRALIA
ACCURIUM PTY LTD	009 492 219	AUSTRALIA
AGRICULTURAL ASSET MANAGEMENT LIMITED	08953424	ENGLAND/WALES
ALLFINE HOLDINGS PTY LTD	100 231 918	AUSTRALIA
ALPHINITY INVESTMENT MANAGEMENT PTY LTD	140 833 709	AUSTRALIA
APPIA EUROPE LIMITED	6490323	ENGLAND/WALES
APPIA FINANCE 2 LIMITED	6538054	ENGLAND/WALES
APPIA FINANCE LIMITED	6490331	ENGLAND/WALES
APPIA GROUP LIMITED	99865	JERSEY
APPIA INVESTMENTS LIMITED	6490313	ENGLAND/WALES
ARDEA INVESTMENT MANAGEMENT PTY LTD	132 902 722	AUSTRALIA
ARETE INVESTMENT PARTNERS PTY LTD	167 156 961	AUSTRALIA
AVENIR CAPITAL PTY LTD	150 790 355	AUSTRALIA
BENTHAM ASSET MANAGEMENT PTY LTD	140 833 674	AUSTRALIA
CDPG AUSTRALIA PTY LIMITED	124 498 095	AUSTRALIA
CDPG LUXEMBOURG HOLDINGS SARL	B 127717	LUXEMBOURG
CDPG LUXEMBOURG II SARL	B 127580	LUXEMBOURG
CDPG LUXEMBOURG SARL	B 127515	LUXEMBOURG
CDPG MALTA LIMITED	C 41110	MALTA
CESCADE PTY LIMITED	096 097 399	AUSTRALIA
CFSG HOLDINGS NO 2 (VICTORIA) PTY LIMITED	107 601 605	AUSTRALIA
CHALLENGER DIRECT PTY LTD	006 475 501	AUSTRALIA
CHALLENGER DIVERSIFIED PROPERTY DEVELOPMENT PTY LIMITED	121 624 833	AUSTRALIA
CHALLENGER DPG FRANCE II SAS	495 391 062	FRANCE
CHALLENGER DPG FRANCE SAS	495 390 392	FRANCE
CHALLENGER EMERGING MARKET INFRASTRUCTURE FUND PTE. LTD	200804361D	SINGAPORE
CHALLENGER EMERGING MARKET INFRASTRUCTURE FUND, L.P.		CAYMAN ISLANDS
CHALLENGER FINANCIAL SERVICES PTY LIMITED	087 464 131	AUSTRALIA
CHALLENGER FM 2 HOLDINGS PTY LIMITED	080 036 657	AUSTRALIA
CHALLENGER FUNDS MANAGEMENT HOLDINGS PTY LIMITED	107 728 030	AUSTRALIA
CHALLENGER GROUP HOLDINGS LIMITED	002 993 302	AUSTRALIA
CHALLENGER GROUP PTY LIMITED	003 374 196	AUSTRALIA
CHALLENGER GROUP SERVICES (UK) LIMITED	04244127	ENGLAND/WALES
CHALLENGER GROUP SERVICES PTY. LTD.	085 657 307	AUSTRALIA
CHALLENGER HOLDING VAGYONKEZELO KFT	01-09-879644	HUNGARY
CHALLENGER INVENTORY FINANCE SERVICING PTY LIMITED	107 706 810	AUSTRALIA
CHALLENGER INVESTMENT SOLUTIONS MANAGEMENT PTY LTD	130 035 353	AUSTRALIA
CHALLENGER JAPAN HOLDINGS KABUSHIKI KAISHA	0100-01-182399	JAPAN
CHALLENGER JAPAN HOLDINGS PTY LIMITED	617 208 205	AUSTRALIA
CHALLENGER JAPAN KABUSHIKI KAISHA	0100-01-182920
CHALLENGER JERSEY I3 LIMITED	95120	JERSEY

Annexure 2

This is page 2 of 5 of Annexure 2 referred to in ASIC Form 604 - Notice of change of interests of Substantial Holder

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Andrew Brown - Company Secretary of Challenger Limited 31/05/2017

31/05/2017
Company Name	ACN / Company No.	Country of Incorporation
CHALLENGER KABUSHIKI KAISHA	0100-01-182872
CHALLENGER LBC TERMINALS HOLDING COMPANY LIMITED	C41149	MALTA
CHALLENGER LBC TERMINALS LIMITED	C41150	MALTA
CHALLENGER LIFE CDI NOMINEES PTY LTD	055 293 644	AUSTRALIA
CHALLENGER LIFE COMPANY HOLDINGS PTY LTD	006 381 193	AUSTRALIA
CHALLENGER LIFE COMPANY LIMITED	072 486 938	AUSTRALIA
CHALLENGER LIFE DEBT INVESTMENTS (EUROPE) LIMITED	07626067	ENGLAND/WALES
CHALLENGER LIFE FUND PROPERTY INVESTMENTS PTY LTD	161 212 693	AUSTRALIA
CHALLENGER LIFE INVESTMENTS UK LIMITED	6067787	ENGLAND/WALES
CHALLENGER LIFE NOMINEES NO.2 PTY LTD	078 627 013	AUSTRALIA
CHALLENGER LIFE NOMINEES NO.3 PTY LIMITED	151 482 147	AUSTRALIA
CHALLENGER LIFE NOMINEES PTY LTD	091 336 793	AUSTRALIA
CHALLENGER LIFE OFFSHORE INVESTMENTS LIMITED	105145	JERSEY
CHALLENGER LIFE SUBSIDIARY HOLDINGS LTD	099 742 122	AUSTRALIA
CHALLENGER LIMITED	106 842 371	AUSTRALIA
CHALLENGER LUXEMBOURG HOLDING NO.1A SARL	B124890	LUXEMBOURG
CHALLENGER LUXEMBOURG HOLDING NO.1B SARL	B124891	LUXEMBOURG
CHALLENGER LUXEMBOURG HOLDING NO.2 SARL	B124889	LUXEMBOURG
CHALLENGER MANAGED INVESTMENTS (INTERNATIONAL) PTY LIMITED	120 871 212	AUSTRALIA
CHALLENGER MANAGEMENT SERVICES (UK) LIMITED	06393787	ENGLAND/WALES
CHALLENGER MANAGEMENT SERVICES LIMITED	092 382 842	AUSTRALIA
CHALLENGER MARGIN LENDING PTY LIMITED	091 338 822	AUSTRALIA
CHALLENGER MBK EMERGING MARKET INFRASTRUCTURE FUND GP LTD	WK-209744	CAYMAN ISLANDS
CHALLENGER MBK FUND MANAGEMENT PTE. LTD	200804360M	SINGAPORE
CHALLENGER MORTGAGE MANAGEMENT PTY LTD	087 271 109	AUSTRALIA
CHALLENGER NON-CONFORMING FINANCE PTY LTD	107 725 486	AUSTRALIA
CHALLENGER ORIGINATOR FINANCE PTY LIMITED	095 085 466	AUSTRALIA
CHALLENGER PROPERTY ASSET MANAGEMENT PTY LTD	077 569 021	AUSTRALIA
CHALLENGER RETIREMENT AND INVESTMENT SERVICES LIMITED	115 534 453	AUSTRALIA
CHALLENGER SECURITISATION MANAGEMENT PTY LTD	100 346 898	AUSTRALIA
CHALLENGER SKYBRIDGE (CAPITAL II) INVESTMENT LLP	OC338355	ENGLAND/WALES
CHALLENGER SKYBRIDGE (FUND SLP) JERSEY LIMITED	100742	JERSEY
CHALLENGER SKYBRIDGE (GP HOLDINGS) INVESTMENT LLP	OC338388	ENGLAND/WALES
CHALLENGER SKYBRIDGE (GROUP) HOLDING COMPANY PTY LTD	130 888 327	AUSTRALIA
CHALLENGER SKYBRIDGE (HASTINGS) HOLDING COMPANY PTY LTD	130 888 274	AUSTRALIA
CHALLENGER SKYBRIDGE (HASTINGS) INVESTMENT LLP	OC338387	ENGLAND/WALES
CHALLENGER SKYBRIDGE FUND (LP) JERSEY LIMITED	100741	JERSEY
CHALLENGER SPECIAL SERVICING PTY LIMITED	107 707 415	AUSTRALIA
CHALLENGER SPECIALISED FINANCE NO.2 PTY LTD	168 107 355	AUSTRALIA
CHALLENGER TREASURY LIMITED	093 307 996	AUSTRALIA
CHALLENGER UK TERMINALS LIMITED	95751	JERSEY
CHALLENGER WELCOME BREAK LIMITED	99827	JERSEY
CHALLENGER WHOLESALE FINANCE HOLDINGS PTY LIMITED	087 284 240	AUSTRALIA

Annexure 2

This is page 3 of 5 of Annexure 2 referred to in ASIC Form 604 - Notice of change of interests of Substantial Holder

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Andrew Brown - Company Secretary of Challenger Limited 31/05/2017

31/05/2017
Company Name	ACN / Company No.	Country of Incorporation
CHALLENGER WIND HOLDINGS PTY LIMITED	151 496 061	AUSTRALIA
CLASHFERN INVESTMENTS (UK) LIMITED	4558112	ENGLAND/WALES
CLS US HOLDINGS, LLC	5302598	UNITED STATES
CPHIC INVESTMENTS PTY LTD	093 340 526	AUSTRALIA
CSPP1 MAITLAND PTY LTD	122 460 968	AUSTRALIA
CSPP1 MAVIS COURT PTY LTD	122 461 983	AUSTRALIA
FIDANTE PARTNERS HOLDINGS EUROPE LIMITED	06172534	ENGLAND/WALES
FIDANTE PARTNERS (GUERNSEY) LIMITED	40288	GUERNSEY
FIDANTE PARTNERS ALPHINITY HOLDINGS PTY LTD	140 716 016	AUSTRALIA
FIDANTE PARTNERS ARDEA HOLDINGS PTY LTD	133 865 853	AUSTRALIA
FIDANTE PARTNERS ARETE HOLDINGS PTY LTD	143 836 373	AUSTRALIA
FIDANTE PARTNERS AVENIR CAPITAL HOLDINGS PTY LTD	616 504 502	AUSTRALIA
FIDANTE PARTNERS BENTHAM HOLDINGS PTY LTD	140 715 573	AUSTRALIA
FIDANTE PARTNERS EUROPE LIMITED	04040660	ENGLAND/WALES
FIDANTE PARTNERS GP US LLC	5651702	UNITED STATES
FIDANTE PARTNERS HOLDINGS (GUERNSEY) LIMITED	43315	GUERNSEY
FIDANTE PARTNERS HOLDINGS PTY LIMITED	123 318 650	AUSTRALIA
FIDANTE PARTNERS INVESTMENT FUNDS PUBLIC LIMITED COMPANY	533320	IRELAND
FIDANTE PARTNERS KAPSTREAM HOLDINGS PTY LIMITED	123 319 460	AUSTRALIA
FIDANTE PARTNERS LENNOX HOLDINGS PTY LIMITED	616 975 565	AUSTRALIA
FIDANTE PARTNERS LIMITED	002 835 592	AUSTRALIA
FIDANTE PARTNERS MERLON HOLDINGS PTY LTD	140 715 662	AUSTRALIA
FIDANTE PARTNERS METISQ HOLDINGS PTY LTD	143 376 961	AUSTRALIA
FIDANTE PARTNERS NOVAPORT HOLDINGS PTY LTD	140 715 797	AUSTRALIA
FIDANTE PARTNERS R&M HOLDINGS PTY LIMITED	152 375 436	AUSTRALIA
FIDANTE PARTNERS SERVICES LIMITED	119 605 373	AUSTRALIA
FIDANTE PARTNERS TEMPO HOLDINGS PTY LTD	167 321 262	AUSTRALIA
FIDANTE PARTNERS US LLC	5651705	UNITED STATES
FIDANTE PARTNERS WAVESTONE HOLDINGS PTY LIMITED	133 626 276	AUSTRALIA
FIDANTE PARTNERS WHITEHELM HOLDINGS PTY LTD	169 043 903	AUSTRALIA
FIDANTE PARTNERS WYETREE LIMITED	09387239	ENGLAND/WALES
GASVALPO S.A.	96.960.800-6	CHILE
GREENCAPE CAPITAL PTY LTD	120 328 529	AUSTRALIA
GV CAYMAN COMPANY LIMITED	OG-206918	CAYMAN ISLANDS
GV CHILE HOLDING LIMITADA	124311723611675	CHILE
GV CHILE LIMITADA	124301725311696	CHILE
GV JERSEY HOLDING COMPANY LIMITED	100293	JERSEY
GV JERSEY TRUSTEE COMPANY LIMITED	100294	JERSEY
GV JERSEY TRUSTEE COMPANY NO. 2 LIMITED	100367	JERSEY
HOWARD COMMERCIAL LENDING PTY LTD	000 033 143	AUSTRALIA
KUDU INVESTMENT MANAGEMENT LLC	1231609	UNITED STATES
KUDU INVESTMENT PARTNERS I, LP	47-2497501	UNITED STATES
KUDU INVESTMENTS GP LLC	1244682	UNITED STATES

Annexure 2

This is page 4 of 5 of Annexure 2 referred to in ASIC Form 604 - Notice of change of interests of Substantial Holder

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Andrew Brown - Company Secretary of Challenger Limited 31/05/2017

31/05/2017
Company Name	ACN / Company No.	Country of Incorporation
LANV PTY LTD	147 224 502	AUSTRALIA
LBC TANK TERMINALS (JERSEY) LIMITED	97371	JERSEY
LEASE COLLATERAL NO.2 PTY LTD	168 112 481	AUSTRALIA
LEASE COLLATERAL PTY LTD	168 112 472	AUSTRALIA
LEASE FUNDING MANAGEMENT PTY LTD	168 112 490	AUSTRALIA
LENNOX CAPITAL PARTNERS PTY LIMITED	617 001 966	AUSTRALIA
MAITLAND NOMINEE HOLDINGS PTY LIMITED	122 853 114	AUSTRALIA
MAVIS COURT DEVELOPMENT CO PTY LTD	124 112 956	AUSTRALIA
MAWBURY PTY LIMITED	096 097 479	AUSTRALIA
MERLON CAPITAL PARTNERS PTY LTD	140 833 683	AUSTRALIA
METISQ CAPITAL HOLDINGS PTY LTD	158 011 351	AUSTRALIA
METISQ CAPITAL PTY LTD	104 642 613	AUSTRALIA
METISQ CAPITAL SINGAPORE PTE. LTD.	200604549G	SINGAPORE
METISQ LIBRA GREATER CHINA EQUITY FUND LTD.	WK-237319	CAYMAN ISLANDS
MIR GREATER CHINA PTE LTD	200715836D	SINGAPORE
MIR LIBRA CAPITAL MANAGEMENT LTD	236748	CAYMAN ISLANDS
NOVAPORT CAPITAL PTY LTD	140 833 656	AUSTRALIA
OAKLANDS HILL PTY LTD	149 814 559	AUSTRALIA
OAKLANDS HILL WIND FARM PTY LTD	126 595 935	AUSTRALIA
OFFSHORE REINSURER (BERMUDA) COMPANY LIMITED	51746	BERMUDA
OIKOS LIMITED	2705354	ENGLAND/WALES
OIKOS STORAGE LIMITED	315280	ENGLAND/WALES
RESIDENTIAL REAL ESTATE TOTAL RETURN OPPORTUNITIES FUND LTD.	212456	CAYMAN ISLANDS
RESIDENTIAL REAL ESTATE TOTAL RETURN OPPORTUNITIES MASTER FUND L.P. 27263		CAYMAN ISLANDS
RESONANCE ASSET MANAGEMENT LIMITED	09028327	ENGLAND/WALES
SABRAND LIMITED	126677	CYPRUS
STRUCTURED CREDIT RESEARCH LLP	OC328062	ENGLAND/WALES
TALAVERA HERRING PTY LIMITED	086 068 984	AUSTRALIA
TEMPO ASSET MANAGEMENT PTY LTD	167 321 637	AUSTRALIA
THE LIBERTY GROUP CONSORTIUM PTY LTD	082 564 289	AUSTRALIA
TLG SERVICES PTY LIMITED	092 500 608	AUSTRALIA
TLGH PTY LIMITED	092 927 467	AUSTRALIA
TRE DATA CENTRES CANBERRA PTY LTD	141 881 227	AUSTRALIA
US LLC HOLDINGS PTY LTD	130 888 292	AUSTRALIA
US LLC INVESTMENTS LLC	36-4811214	UNITED STATES
WATER VENTURES LIMITED	09592184	ENGLAND/WALES
WATERFORD COUNTY PTY LIMITED	122 853 089	AUSTRALIA
WAVESTONE CAPITAL PTY LTD	120 179 419	AUSTRALIA
WELCOME BREAK CAYMAN LIMITED	FC027450	CAYMAN ISLANDS
WELCOME BREAK GROUP HOLDINGS LIMITED	FC027451	CAYMAN ISLANDS
WELCOME BREAK GROUP LIMITED	03147949	ENGLAND/WALES
WELCOME BREAK HOLDINGS (1) LIMITED	04099287	ENGLAND/WALES
WELCOME BREAK HOLDINGS (2) LIMITED	04379574	ENGLAND/WALES

Annexure 2

This is page 5 of 5 of Annexure 2 referred to in ASIC Form 604 - Notice of change of interests of Substantial Holder

==> picture [174 x 50] intentionally omitted <==

Andrew Brown - Company Secretary of Challenger Limited

31/05/2017

Company	Name	ACN / Company No.	Country of Incorporation
WELCOME	BREAK HOLDINGS LIMITED	03290817	CAYMAN ISLANDS
WELCOME	BREAK LIMITED	01735476	ENGLAND/WALES
WELCOME	BREAK NO.1 LIMITED	08331837	ENGLAND/WALES
WELCOME	BREAK NO.2 LIMITED	08331870	ENGLAND/WALES
WELCOME	BREAK NO.3 LIMITED	08331918	ENGLAND/WALES
WELCOME	BREAK SERVICES LIMITED	04099292	ENGLAND/WALES
WYETREE	FUNDS PLC	520464	IRELAND