BAPCOR LIMITED — Major Shareholding Notification 2022

Feb 13, 2022

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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

14 February 2022

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 – Bapcor Limited (BAP)

We attach a notice of change of interests of substantial holder in Bapcor 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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Linda Matthews 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

1. Details of substantial holder(1) To Company Name/Scheme ACN/ARSN Name The previous notice was given to the company on The previous notice was dated ACN/ARSN (if applicable) There was a change in the interests of the substantial h	10/02/2022 11/03/2021 11/03/2021 Bapcor Limited 153 199 912 Challenger Limited (and its entities listed in Annexure 2) older on 106 842 371

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:

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Classof securities (4) Previous notice Present notice
Person's votes Voting power (5) Person's votes Voting power (5)
Ordinary Fully Paid 25,904,112 7.63% 20,334,654 5.99%
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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	Nature of change (6)	Consideration given in	Class and number of	Person's votes
	interest changed		relation to change (7)	securities affected	affected
Refer	Challenger Limited	Refer	Refer	Refer	Refer
Annexure 1	(and its entities	Annexure 1	Annexure 1	Annexure 1	Annexure 1
	listed in Annexure
	2)

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 interest	Registered holder of	Person entitled to be	Person entitled to be	**Nature of relevant interest (6) **	Class and number of	Person's votes
	securities	registered as holder			securities
		(8)
Challenger Limited (and its	BNP Paribas		BNP Paribas	Ordinary Fully Paid	2,561,925	2,561,925
entities listed in Annexure 2)	Nominees Pty Limited		Nominees Pty Limited	securities purchased and sold on market and	(Ordinary Fully Paid)
				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).
Challenger Limited (and its	J. P. Morgan		J. P. Morgan	As above	6,267,080	6,267,080
entities listed in Annexure 2)	Nominees Australia Pty		Nominees Australia Pty		(Ordinary Fully Paid)
	Limited		Limited
Challenger Limited (and its	National Nominees		National	As above	2,055,792	2,055,792
entities listed in Annexure 2)	Limited	Nominees Limited			(Ordinary Fully Paid)

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Challenger Limited (and its HSBC Custody HSBC Custody As above 2,132,259 2,132,259
entities listed in Annexure Nominees Nominees (Ordinary Fully
2)
(Australia) Limited (Australia) Paid)
Challenger Limited (and its Citicorp Nominees Citicorp As above 5,229,486 5,229,486
entities listed in Annexure Pty Limited Nominees Pty (Ordinary Fully
2)
Limited Paid)
Challenger Limited (and its State Street – State Street – As above 734,817 (Ordinary 734,817
entities listed in Annexure Boston Boston Fully Paid)
2)
Challenger Limited (and its Bank of New York Bank of New York As above 1,353,295 1,353,295
entities listed in Annexure Mellon Mellon (Ordinary Fully
2)
Paid)
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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 Level 2, 5 Martin Place, Sydney NSW 2000
in Annexure 2)
Signature
print name Linda Matthews Capacity Company Secretary
sign here date 14/02/2022
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 6 pages and is referred to in Form 604 signed by me and dated 14/02/2022

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Linda Matthews Company Secretary of Challenger Limited

Transactions:

Company Name/Scheme: Bapcor Limited (BAP) As at: 10/02/2022 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
12/03/2021 entities listed in Annexure 2) Buy 342,041 46,974 46,974
12/03/2021 as above Buy 178,120 24,462 24,462
12/03/2021 as above Buy 192,676 26,461 26,461
12/03/2021 as above Buy 384,776 52,843 52,843
15/03/2021 as above Buy 233,218 32,249 32,249
15/03/2021 as above Buy 121,451 16,794 16,794
15/03/2021 as above Buy 131,373 18,166 18,166
15/03/2021 as above Buy 262,355 36,278 36,278
19/03/2021 as above Buy 176,150 23,804 23,804
23/03/2021 as above Buy 151,072 20,554 20,554
25/03/2021 as above Buy - Transfer 6,080,430 815,071 815,071
06/04/2021 as above Sell 137,780 -18,129 18,129
06/04/2021 as above Buy 393,277 51,777 51,777
06/04/2021 as above Buy 717,784 94,500 94,500
06/04/2021 as above Buy 594,538 78,274 78,274
06/04/2021 as above Buy 350,613 46,160 46,160
07/04/2021 as above Buy 206,570 27,115 27,115
07/04/2021 as above Buy 90,940 11,937 11,937
07/04/2021 as above Buy 153,341 20,128 20,128
07/04/2021 as above Buy 101,369 13,306 13,306
08/04/2021 as above Buy 278,511 36,183 36,183
13/04/2021 as above Buy 184,639 23,418 23,418
15/04/2021 as above Buy - Transfer 198,732 24,626 24,626
15/04/2021 as above Sell 116,184 -14,397 14,397
15/04/2021 as above Buy 281,853 34,926 34,926
15/04/2021 as above Sell 16,987 -2,105 2,105
15/04/2021 as above Sell 104,103 -12,900 12,900
19/04/2021 as above Buy 15,160 1,833 1,833
20/04/2021 as above Buy 315,751 38,350 38,350
21/04/2021 as above Sell 484,405 -58,503 58,503
21/04/2021 as above Buy 220,088 26,617 26,617
22/04/2021 as above Buy 200,696 24,268 24,268
23/04/2021 as above Sell 209,454 -25,450 25,450
29/04/2021 as above Buy 387,532 49,485 49,485
30/04/2021 as above Buy 23,106 2,993 2,993
30/04/2021 as above Buy 8,955 1,160 1,160
30/04/2021 as above Buy 281,757 36,497 36,497
10/05/2021 as above Buy 116,286 15,672 15,672
11/05/2021 as above Sell 82,540 -11,154 11,154
12/05/2021 as above Buy 151,462 20,627 20,627
14/05/2021 as above Sell 100,498 -13,526 13,526
17/05/2021 as above Sell - Transfer 1,628,348 -217,113 217,113
18/05/2021 as above Sell 127,116 -17,166 17,166
18/05/2021 as above Sell 278,691 -37,635 37,635
20/05/2021 as above Sell 40,318 -5,385 5,385
20/05/2021 as above Sell 15,708 -2,098 2,098
20/05/2021 as above Sell 266,511 -35,596 35,596
20/05/2021 as above Sell 40,842 -5,455 5,455
21/05/2021 as above Sell 22,658 -3,017 3,017
25/05/2021 as above Buy 311,268 40,000 40,000
25/05/2021 as above Buy 311,079 40,004 40,004
26/05/2021 as above Buy 122,182 15,525 15,525
26/05/2021 as above Buy 615,574 78,072 78,072
28/05/2021 as above Buy 611,692 75,817 75,817
01/06/2021 as above Buy 229,190 28,217 28,217
02/06/2021 as above Buy 102,072 12,423 12,423
03/06/2021 as above Sell 175,567 -21,463 21,463
08/06/2021 as above Sell 261,217 -31,941 31,941
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Page 1 of 6

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Number of Person's Votes
Date of Change Holder of relevant interest Nature of Change Consideration Securities Affected
16/06/2021 as above Buy 175,052 21,101 21,101
16/06/2021 as above Buy 9,854 1,183 1,183
16/06/2021 as above Buy 29,354 3,524 3,524
16/06/2021 as above Buy 382,833 45,960 45,960
18/06/2021 as above Sell - Transfer 780,010 -93,864 93,864
18/06/2021 as above Sell 265,336 -31,979 31,979
18/06/2021 as above Sell 295,696 -35,638 35,638
18/06/2021 as above Sell 531,154 -64,016 64,016
18/06/2021 as above Sell 567,255 -68,367 68,367
29/06/2021 as above Buy 209,723 24,967 24,967
29/06/2021 as above Buy 612,259 72,888 72,888
30/06/2021 as above Buy 164,587 19,337 19,337
30/06/2021 as above Sell 54,550 -6,413 6,413
01/07/2021 as above Buy 164,083 19,338 19,338
02/07/2021 as above Sell 63,479 -7,615 7,615
05/07/2021 as above Sell 137,094 -16,479 16,479
06/07/2021 as above Sell 77,743 -9,504 9,504
07/07/2021 as above Buy 69,390 8,416 8,416
07/07/2021 as above Buy 171,707 27,760 27,760
07/07/2021 as above Buy 540,303 65,531 65,531
07/07/2021 as above Buy 45,009 5,459 5,459
07/07/2021 as above Buy 192,545 23,353 23,353
07/07/2021 as above Buy 59,438 7,209 7,209
07/07/2021 as above Buy 191,680 23,248 23,248
07/07/2021 as above Buy 152,335 18,476 18,476
07/07/2021 as above Buy 157,018 19,044 19,044
07/07/2021 as above Buy 275,375 33,399 33,399
07/07/2021 as above Buy 262,488 31,836 31,836
07/07/2021 as above Buy 78,022 9,463 9,463
07/07/2021 as above Buy 55,044 6,676 6,676
07/07/2021 as above Buy 145,879 17,693 17,693
07/07/2021 as above Buy 686,578 83,272 83,272
08/07/2021 as above Buy 231,262 27,967 27,967
08/07/2021 as above Buy 122,507 14,815 14,815
08/07/2021 as above Buy 65,524 7,924 7,924
08/07/2021 as above Buy 220,438 26,658 26,658
08/07/2021 as above Buy 131,867 15,947 15,947
08/07/2021 as above Buy 127,931 15,471 15,471
08/07/2021 as above Buy 160,966 19,466 19,466
08/07/2021 as above Buy 49,921 6,037 6,037
08/07/2021 as above Buy 161,694 19,554 19,554
08/07/2021 as above Buy 37,806 4,572 4,572
08/07/2021 as above Buy 453,750 54,873 54,873
08/07/2021 as above Buy 143,732 23,244 23,244
08/07/2021 as above Buy 58,281 7,048 7,048
08/07/2021 as above Buy 46,233 5,591 5,591
08/07/2021 as above Buy 576,571 69,726 69,726
12/07/2021 as above Sell 757,720 -93,578 93,578
14/07/2021 as above Buy 67,550 8,319 8,319
22/07/2021 as above Sell - Transfer 3,005,180 -366,039 366,039
23/07/2021 as above Buy 84,735 10,274 10,274
23/07/2021 as above Sell 72,330 -8,810 8,810
27/07/2021 as above Sell 54,783 -6,689 6,689
27/07/2021 as above Buy 198,540 24,242 24,242
29/07/2021 as above Buy 134,870 16,508 16,508
30/07/2021 as above Buy 20,237 2,471 2,471
30/07/2021 as above Sell 112,086 - 13,736 13,736
30/07/2021 as above Buy 382,451 75,200 75,200
30/07/2021 as above Buy 230,680 45,200 45,200
02/08/2021 as above Buy 497,718 96,300 96,300
03/08/2021 as above Sell - Transfer 4,485,894 - 534,035 534,035
03/08/2021 as above Buy 414,728 79,271 79,271
05/08/2021 as above Sell - Transfer 2,854,515 - 345,165 345,165
13/08/2021 as above Buy 49,244 6,097 6,097
13/08/2021 as above Buy 353,444 43,761 43,761
16/08/2021 as above Buy 189,088 23,431 23,431
16/08/2021 as above Sell 403,710 - 50,026 50,026
17/08/2021 as above Sell 209,553 - 25,922 25,922
17/08/2021 as above Buy 387,222 47,814 47,814
19/08/2021 as above Buy - Transfer 3,227,607 417,543 417,543
25/08/2021 as above Sell 84,210 - 11,258 11,258
25/08/2021 as above Buy 174,650 23,319 23,319
31/08/2021 as above Buy 206,329 28,467 28,467
31/08/2021 as above Buy 385,454 52,915 52,915
31/08/2021 as above Buy 10,082 1,384 1,384
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Page 2 of 6

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Number of Person's Votes
Date of Change Holder of relevant interest Nature of Change Consideration Securities Affected
31/08/2021 as above Buy 64,023 8,789 8,789
01/09/2021 as above Buy 1,353,286 297,195 297,195
07/09/2021 as above Buy 91,817 12,112 12,112
07/09/2021 as above Buy 116,986 15,425 15,425
14/09/2021 as above Buy 239,566 32,955 32,955
17/09/2021 as above Buy 28,407 3,886 3,886
17/09/2021 as above Buy 61,272 8,382 8,382
17/09/2021 as above Buy 43,246 5,916 5,916
17/09/2021 as above Buy 17,332 2,371 2,371
17/09/2021 as above Buy 368,885 50,463 50,463
17/09/2021 as above Sell 52,890 - 7,172 7,172
28/09/2021 as above Sell 127,886 - 17,189 17,189
28/09/2021 as above Sell 139,849 - 18,732 18,732
30/09/2021 as above Buy 1,162,992 249,000 249,000
30/09/2021 as above Buy 318,922 42,271 42,271
30/09/2021 as above Buy 1,119,770 147,922 147,922
01/10/2021 as above Buy 286,373 61,957 61,957
01/10/2021 as above Buy 436,611 58,894 58,894
07/10/2021 as above Sell - Transfer 1,493,133 - 202,596 202,596
08/10/2021 as above Buy 30,338 4,000 4,000
08/10/2021 as above Buy 242,382 31,958 31,958
14/10/2021 as above Sell 45,874 - 6,045 6,045
21/10/2021 as above Sell 445,463 - 55,828 55,828
21/10/2021 as above Sell 800,785 - 100,359 100,359
21/10/2021 as above Sell 1,048,251 - 131,373 131,373
21/10/2021 as above Sell 498,221 - 62,440 62,440
22/10/2021 as above Sell 903,330 - 113,222 113,222
22/10/2021 as above Sell 540,999 - 67,808 67,808
22/10/2021 as above Sell 1,369,221 - 171,616 171,616
22/10/2021 as above Sell 487,369 - 61,086 61,086
26/10/2021 as above Sell 95,130 - 11,759 11,759
27/10/2021 as above Sell 105,147 - 13,126 13,126
27/10/2021 as above Sell 46,966 - 5,863 5,863
27/10/2021 as above Sell 181,600 - 22,670 22,670
27/10/2021 as above Sell 924,864 - 115,455 115,455
27/10/2021 as above Sell 83,190 - 10,385 10,385
27/10/2021 as above Sell 161,165 - 20,119 20,119
27/10/2021 as above Sell 145,897 - 18,213 18,213
27/10/2021 as above Sell 251,220 - 31,361 31,361
27/10/2021 as above Sell 77,398 - 9,662 9,662
27/10/2021 as above Sell 426,540 - 53,247 53,247
27/10/2021 as above Sell 360,757 - 45,035 45,035
27/10/2021 as above Sell 1,012,900 - 126,445 126,445
27/10/2021 as above Sell 24,865 - 3,104 3,104
27/10/2021 as above Sell 265,071 - 33,090 33,090
27/10/2021 as above Sell 453,945 - 56,668 56,668
27/10/2021 as above Sell 16,308 - 2,036 2,036
27/10/2021 as above Sell 7,281 - 909 909
27/10/2021 as above Sell 28,155 - 3,515 3,515
27/10/2021 as above Sell 143,401 - 17,903 17,903
27/10/2021 as above Sell 12,896 - 1,610 1,610
27/10/2021 as above Sell 24,991 - 3,120 3,120
27/10/2021 as above Sell 22,620 - 2,824 2,824
27/10/2021 as above Sell 38,952 - 4,863 4,863
27/10/2021 as above Sell 11,999 - 1,498 1,498
27/10/2021 as above Sell 66,138 - 8,257 8,257
27/10/2021 as above Sell 55,941 - 6,984 6,984
27/10/2021 as above Sell 157,066 - 19,609 19,609
27/10/2021 as above Sell 3,853 - 481 481
27/10/2021 as above Sell 41,099 - 5,131 5,131
27/10/2021 as above Sell 70,383 - 8,787 8,787
28/10/2021 as above Sell 54,934 - 6,871 6,871
28/10/2021 as above Sell 24,529 - 3,068 3,068
28/10/2021 as above Sell 94,869 - 11,866 11,866
28/10/2021 as above Sell 483,154 - 60,432 60,432
28/10/2021 as above Sell 43,461 - 5,436 5,436
28/10/2021 as above Sell 84,187 - 10,530 10,530
28/10/2021 as above Sell 76,216 - 9,533 9,533
28/10/2021 as above Sell 131,238 - 16,415 16,415
28/10/2021 as above Sell 40,439 - 5,058 5,058
28/10/2021 as above Sell 222,821 - 27,870 27,870
28/10/2021 as above Sell 188,458 - 23,572 23,572
28/10/2021 as above Sell 529,133 - 66,183 66,183
28/10/2021 as above Sell 12,992 - 1,625 1,625
28/10/2021 as above Sell 138,473 - 17,320 17,320
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Page 3 of 6

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Number of Person's Votes
Date of Change Holder of relevant interest Nature of Change Consideration Securities Affected
28/10/2021 as above Sell 237,140 - 29,661 29,661
28/10/2021 as above Sell 59,867 - 7,488 7,488
28/10/2021 as above Sell 26,735 - 3,344 3,344
28/10/2021 as above Sell 103,391 - 12,932 12,932
28/10/2021 as above Sell 526,583 - 65,864 65,864
28/10/2021 as above Sell 47,362 - 5,924 5,924
28/10/2021 as above Sell 91,759 - 11,477 11,477
28/10/2021 as above Sell 83,068 - 10,390 10,390
28/10/2021 as above Sell 143,031 - 17,890 17,890
28/10/2021 as above Sell 44,068 - 5,512 5,512
28/10/2021 as above Sell 242,856 - 30,376 30,376
28/10/2021 as above Sell 205,408 - 25,692 25,692
28/10/2021 as above Sell 576,719 - 72,135 72,135
28/10/2021 as above Sell 14,159 - 1,771 1,771
28/10/2021 as above Sell 150,922 - 18,877 18,877
28/10/2021 as above Sell 258,462 - 32,328 32,328
28/10/2021 as above Sell 43,352 - 5,419 5,419
28/10/2021 as above Sell 19,360 - 2,420 2,420
28/10/2021 as above Sell 74,864 - 9,358 9,358
28/10/2021 as above Sell 381,280 - 47,660 47,660
28/10/2021 as above Sell 34,296 - 4,287 4,287
28/10/2021 as above Sell 66,440 - 8,305 8,305
28/10/2021 as above Sell 60,152 - 7,519 7,519
28/10/2021 as above Sell 103,560 - 12,945 12,945
28/10/2021 as above Sell 31,912 - 3,989 3,989
28/10/2021 as above Sell 175,840 - 21,980 21,980
28/10/2021 as above Sell 148,720 - 18,590 18,590
28/10/2021 as above Sell 417,560 - 52,195 52,195
28/10/2021 as above Sell 10,248 - 1,281 1,281
28/10/2021 as above Sell 109,280 - 13,660 13,660
28/10/2021 as above Sell 187,136 - 23,392 23,392
29/10/2021 as above Sell 54,147 - 6,811 6,811
29/10/2021 as above Sell 24,192 - 3,043 3,043
29/10/2021 as above Sell 93,516 - 11,763 11,763
29/10/2021 as above Sell 476,277 - 59,909 59,909
29/10/2021 as above Sell 42,835 - 5,388 5,388
29/10/2021 as above Sell 82,998 - 10,440 10,440
29/10/2021 as above Sell 75,135 - 9,451 9,451
29/10/2021 as above Sell 129,370 - 16,273 16,273
29/10/2021 as above Sell 39,853 - 5,013 5,013
29/10/2021 as above Sell 219,659 - 27,630 27,630
29/10/2021 as above Sell 185,784 - 23,369 23,369
29/10/2021 as above Sell 521,615 - 65,612 65,612
29/10/2021 as above Sell 12,807 - 1,611 1,611
29/10/2021 as above Sell 136,502 - 17,170 17,170
29/10/2021 as above Sell 233,770 - 29,405 29,405
29/10/2021 as above Buy 1,505,970 292,888 292,888
01/11/2021 as above Sell 13,415 - 1,667 1,667
01/11/2021 as above Sell 5,987 - 744 744
01/11/2021 as above Sell 23,160 - 2,878 2,878
01/11/2021 as above Sell 117,970 - 14,660 14,660
01/11/2021 as above Sell 10,614 - 1,319 1,319
01/11/2021 as above Sell 20,552 - 2,554 2,554
01/11/2021 as above Sell 18,613 - 2,313 2,313
01/11/2021 as above Sell 32,044 - 3,982 3,982
01/11/2021 as above Sell 9,874 - 1,227 1,227
01/11/2021 as above Sell 54,406 - 6,761 6,761
01/11/2021 as above Sell 46,013 - 5,718 5,718
01/11/2021 as above Sell 129,188 - 16,054 16,054
01/11/2021 as above Sell 3,171 - 394 394
01/11/2021 as above Sell 33,814 - 4,202 4,202
01/11/2021 as above Sell 57,899 - 7,195 7,195
05/11/2021 as above Sell 25,476 - 3,062 3,062
05/11/2021 as above Sell 42,865 - 5,152 5,152
08/11/2021 as above Sell 33,527 - 4,090 4,090
10/11/2021 as above Sell 1,073,472 - 129,334 129,334
10/11/2021 as above Sell 318,836 - 38,414 38,414
10/11/2021 as above Sell 991,427 - 119,449 119,449
10/11/2021 as above Sell 50,580 - 6,094 6,094
10/11/2021 as above Sell 113,992 - 13,734 13,734
10/11/2021 as above Sell 146,055 - 17,597 17,597
10/11/2021 as above Sell 407,522 - 49,099 49,099
10/11/2021 as above Sell 177,902 - 21,434 21,434
10/11/2021 as above Sell 239,928 - 28,907 28,907
10/11/2021 as above Sell 461,405 - 55,591 55,591
----- End of picture text -----

Page 4 of 6

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----- Start of picture text -----

Number of Person's Votes
Date of Change Holder of relevant interest Nature of Change Consideration Securities Affected
10/11/2021 as above Sell 451,827 - 54,437 54,437
10/11/2021 as above Sell 37,981 - 4,576 4,576
10/11/2021 as above Sell 257,657 - 31,043 31,043
10/11/2021 as above Sell 126,218 - 15,207 15,207
10/11/2021 as above Sell 354,559 - 42,718 42,718
10/11/2021 as above Sell 1,452,060 - 174,947 174,947
10/11/2021 as above Sell 639,396 - 121,071 121,071
10/11/2021 as above Sell 491,226 - 80,282 80,282
10/11/2021 as above Sell 441,120 - 53,147 53,147
10/11/2021 as above Sell 222,573 - 26,816 26,816
10/11/2021 as above Sell 1,252,910 - 150,953 150,953
10/11/2021 as above Sell 547,119 - 65,918 65,918
10/11/2021 as above Sell 120,342 - 14,499 14,499
10/11/2021 as above Sell 364,146 - 43,873 43,873
10/11/2021 as above Sell 1,664,026 - 200,485 200,485
10/11/2021 as above Sell 420,287 - 50,637 50,637
10/11/2021 as above Sell 182,683 - 22,010 22,010
10/11/2021 as above Sell 919,466 - 110,779 110,779
10/11/2021 as above Sell 438,697 - 52,855 52,855
10/11/2021 as above Sell 180,650 - 21,765 21,765
10/11/2021 as above Sell 1,513,331 - 182,329 182,329
15/11/2021 as above Buy 679,835 83,079 83,079
15/11/2021 as above Buy 16,194 1,979 1,979
15/11/2021 as above Buy 44,998 5,499 5,499
22/11/2021 as above Buy 69,259 8,395 8,395
22/11/2021 as above Buy 58,682 7,113 7,113
22/11/2021 as above Buy 59,582 7,222 7,222
23/11/2021 as above Buy 5,867,811 779,703 779,703
23/11/2021 as above Buy 1,857,982 246,885 246,885
23/11/2021 as above Sell 689,640 - 91,941 91,941
23/11/2021 as above Sell 1,188,878 - 158,498 158,498
23/11/2021 as above Sell 1,249,897 - 166,633 166,633
23/11/2021 as above Sell 622,035 - 82,928 82,928
24/11/2021 as above Sell 54,097 - 7,566 7,566
24/11/2021 as above Buy 29,244 4,090 4,090
24/11/2021 as above Buy 1,532,381 214,283 214,283
24/11/2021 as above Buy 484,229 67,713 67,713
24/11/2021 as above Sell 512,484 - 71,616 71,616
24/11/2021 as above Sell 932,005 - 130,241 130,241
24/11/2021 as above Sell 947,182 - 132,362 132,362
24/11/2021 as above Sell 470,729 - 65,781 65,781
25/11/2021 as above Sell 261,824 - 37,134 37,134
25/11/2021 as above Sell 516,210 - 73,213 73,213
25/11/2021 as above Sell 504,019 - 71,484 71,484
25/11/2021 as above Sell 246,165 - 34,913 34,913
30/11/2021 as above Buy 1,256,333 277,355 277,355
30/11/2021 as above Buy 111,578 15,533 15,533
06/12/2021 as above Buy 757,062 119,616 119,616
07/12/2021 as above Sell 129,137 - 19,303 19,303
07/12/2021 as above Buy 202,437 30,319 30,319
09/12/2021 as above Sell 71,000 - 10,597 10,597
15/12/2021 as above Sell 56,597 - 8,468 8,468
17/12/2021 as above Buy 28,289 4,193 4,193
20/12/2021 as above Sell 60,323 - 8,871 8,871
20/12/2021 as above Buy 3,402,142 500,779 500,779
20/12/2021 as above Buy 993,735 146,273 146,273
20/12/2021 as above Buy 542,810 79,899 79,899
13/01/2022 as above Buy 60,015 8,692 8,692
20/01/2022 as above Sell 224,473 - 31,795 31,795
25/01/2022 as above Sell 407,645 - 59,772 59,772
03/02/2022 as above Sell 85,755 - 12,519 12,519
03/02/2022 as above Sell 54,718 - 8,058 8,058
03/02/2022 as above Sell 107,494 - 15,830 15,830
03/02/2022 as above Sell 48,701 - 7,172 7,172
03/02/2022 as above Sell 83,903 - 12,356 12,356
04/02/2022 as above Sell 3,751,658 - 546,881 546,881
04/02/2022 as above Sell 1,909,941 - 278,413 278,413
04/02/2022 as above Sell 1,699,947 - 247,802 247,802
04/02/2022 as above Sell 2,928,604 - 426,904 426,904
07/02/2022 as above Sell 268,159 - 37,729 37,729
07/02/2022 as above Sell 343,520 - 48,332 48,332
07/02/2022 as above Sell 155,654 - 21,900 21,900
07/02/2022 as above Sell 174,887 - 24,606 24,606
08/02/2022 as above Sell 1,380,110 - 195,927 195,927
08/02/2022 as above Sell 625,359 - 88,779 88,779
----- End of picture text -----

Page 5 of 6

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----- Start of picture text -----

Number of Person's Votes
Date of Change Holder of relevant interest Nature of Change Consideration Securities Affected
08/02/2022 as above Sell 702,604 - 99,745 99,745
08/02/2022 as above Sell 1,077,338 - 152,944 152,944
09/02/2022 as above Buy 215,516 32,798 32,798
09/02/2022 as above Sell 873,903 - 132,534 132,534
09/02/2022 as above Sell 395,984 - 60,054 60,054
09/02/2022 as above Sell 444,897 - 67,472 67,472
09/02/2022 as above Sell 682,181 - 103,458 103,458
10/02/2022 as above Sell 12,570 - 1,758 1,758
10/02/2022 as above Sell 6,122,782 - 892,664 892,664
10/02/2022 as above Sell 2,774,342 - 404,482 404,482
10/02/2022 as above Sell 3,117,045 - 454,446 454,446
10/02/2022 as above Sell 4,779,530 - 696,826 696,826
Total Number of Securities -5,569,458
----- End of picture text -----

Page 6 of 6

Annexure 2

This is page 1 of 4 of Annexure 2 referred to in ASIC Form 604 - change of interest holder

==> picture [119 x 46] intentionally omitted <==

Linda Matthews - Company Secretary of Challenger Limited 14/02/2022

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
Appia Europe Limited	6490323	United Kingdom
Appia Group Limited	99865	Jersey
Ardea Investment Management Pty Ltd	132902722	Australia
Ares Australia Management Pty Limited	636490732	Australia
Assetsecure Pty. Limited	110953618	Australia
Bentham Asset Management Pty Ltd	140833674	Australia
CDPG Australia Pty Limited	124498095	Australia
CDPG Luxembourg Holdings Sarl	B127717	Luxembourg
CDPG Luxembourg II S.a.r.l	B127580	Luxembourg
CDPG Luxembourg Sarl	B127515	Luxembourg
CDPG Malta Limited	C41110	Malta
Cescade Pty Limited	096097399	Australia
Challenger Direct Pty Ltd	006475501	Australia
Challenger Diversified Property Development Pty Limited	121624833	Australia
Challenger Emerging Market Infrastructure Fund Pte. Ltd	200804361D	Singapore
Challenger Emerging Market Infrastructure Fund, L.P.		Cayman Islands
Challenger Financial Services Pty Limited	087464131	Australia
Challenger FM 2 Holdings Pty Limited	080036657	Australia
Challenger Funds Management (Asia) Pte Ltd	202113533D	Singapore
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 Home Loan Corporation Pty Ltd	058891302	Australia
Challenger Inventory Finance Servicing Pty Limited	107706810	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 Japan Kabushiki Kaisha	0100-01-182920	Unknown

Annexure 2

This is page 2 of 4 of Annexure 2 referred to in ASIC Form 604 - change of interest holder

==> picture [119 x 47] intentionally omitted <==

Linda Matthews - Company Secretary of Challenger Limited 14/02/2022

Company Name	ACN /	Country of
	Company Number	Incorporation
Challenger Kabushiki Kaisha	0100-01-182872	Unknown
Challenger LBC Terminals Holding Company Limited	C41149	Malta
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 Investments UK Limited	6067787	United Kingdom
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 Managed Investments (International) Pty Limited	120871212	Australia
Challenger Management Services (UK) Limited	6393787	United Kingdom
Challenger Margin Lending Pty Ltd	091338822	Australia
Challenger MBK Emerging Market Infrastructure Fund GP Ltd	WK-209744	Cayman Islands
Challenger Mortgage Management Pty Ltd	087271109	Australia
Challenger Non-conforming Finance Pty Ltd	107725486	Australia
Challenger Originator Finance Pty Ltd	095085466	Australia
Challenger Property Asset Management Pty Ltd	077569021	Australia
Challenger Retirement and Investment Services Limited	115534453	Australia
Challenger Securitisation Management Pty Ltd	100346898	Australia
Challenger Skybridge (Group) Holding Company Pty Ltd	130888327	Australia
Challenger Skybridge (Hastings) Holding Company Pty Ltd	130888274	Australia
Challenger Special Servicing Pty Ltd	107707415	Australia
Challenger Treasury Limited	093307996	Australia
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
CSPP1 Maitland Pty Ltd	122460968	Australia
CSPP1 Mavis Court Pty Ltd	122461983	Australia
Eiger Capital Pty Limited	631838607	Australia
Fidante Partners (Guernsey) Limited	40288	Guernsey
Fidante Partners AAM Holdings Pty Limited	636490189	Australia
Fidante Partners Alphinity Holdings Pty Ltd	140716016	Australia
Fidante Partners Ardea Holdings Pty Ltd	133865853	Australia
Fidante Partners Avenir Capital Holdings Pty Ltd	616504502	Australia
Fidante Partners Bentham Holdings Pty Ltd	140715573	Australia
Fidante Partners Eiger Holdings Pty Limited	631837360	Australia
Fidante Partners Europe Limited	4040660	United Kingdom
Fidante Partners FME Holdings Limited	11410594	United Kingdom

Annexure 2

This is page 3 of 4 of Annexure 2 referred to in ASIC Form 604 - change of interest holder

==> picture [119 x 47] intentionally omitted <==

Linda Matthews - Company Secretary of Challenger Limited 14/02/2022

Company Name	ACN /	Country of
	Company Number	Incorporation
Fidante Partners Holdings (Guernsey) Limited	43315	Guernsey
Fidante Partners Holdings Europe Limited	6172534	United Kingdom
Fidante Partners Holdings Pty Limited	123318650	Australia
Fidante Partners Latigo Holdings LLC	5651705	Unknown
Fidante Partners Lennox Holdings Pty Limited	616975565	Australia
Fidante Partners Limited	002835592	Australia
Fidante Partners Merlon Holdings Pty Ltd	140715662	Australia
Fidante Partners Metisq Holdings Pty Ltd	143376961	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 USA LLC	81-4925448	United States
Fidante Partners Wavestone Holdings Pty Limited	133626276	Australia
Fidante Partners Whitehelm Holdings Pty Ltd	169043903	Australia
Fidante Partners Wyetree Limited	9387239	United Kingdom
Gasvalpo S.A.	96.960.800-6	Chile
Greencape Capital Pty Ltd	120328529	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	000033143	Australia
Kudu Investment Partners I, Lp	47-2497501	Unknown
Lanv Pty Ltd	147224502	Australia
Lease Collateral No.2 Pty Ltd	168112481	Australia
Lease Collateral Pty Ltd	168112472	Australia
Lease Funding Management Pty Ltd	168112490	Australia
Lennox Capital Partners Pty Limited	617001966	Australia
Maitland Nominee Holdings Pty Limited	122853114	Australia
Mawbury Pty Limited	096097479	Australia
Merlon Capital Partners Pty Ltd	140833683	Australia
MIR Libra Capital Management Ltd	236748	Cayman Islands
MyLifeMyFinance Limited	087651750	Australia

Annexure 2

This is page 4 of 4 of Annexure 2 referred to in ASIC Form 604 - change of interest holder

==> picture [119 x 47] intentionally omitted <==

Linda Matthews - Company Secretary of Challenger Limited

14/02/2022

Company Name	ACN /	Country of
	Company Number	Incorporation
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
Residential Real Estate Total Return Opportunities Fund Ltd.	212456	Cayman Islands
Residential Real Estate Total Return Opportunities Master Fund L.	27263	Cayman Islands
Sabrand Limited	126677	Cyprus
The Liberty Group Consortium Pty Ltd	082564289	Australia
TLG Services Pty Limited	092500608	Australia
TLGH Pty Limited	092927467	Australia
TRE Data Centres Canberra Pty Ltd	141881227	Australia
US LLC Holdings Pty Ltd	130888292	Australia
US LLC Investments LLC	36-4811214	Unknown
Waterford County Pty Limited	122853089	Australia
Wavestone Capital Pty Limited	120179419	Australia
Welcome Break Group Limited	3147949	United Kingdom
Welcome Break Holdings (1) Limited	4099287	United Kingdom
Welcome Break Holdings (2) Limited	4379574	United Kingdom
Welcome Break Holdings Limited	3290817	Cayman Islands
Welcome Break Limited	1735476	United Kingdom
Welcome Break No.1 Limited	8331837	United Kingdom
Welcome Break No.2 Limited	8331870	United Kingdom
Welcome Break Services Limited	4099292	United Kingdom
Whitehelm Capital Pty Ltd	008636717	Australia