CHALLENGER LIMITED — Major Shareholding Notification 2025

Aug 24, 2025

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

challenger.com.au

Telephone 02 9994 7000

25 August 2025

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

By electronic lodgement

Dear Sir/Madam

Re: Notice of initial substantial holder – Telix Pharmaceuticals Ltd (TLX)

We attach a notice of initial 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

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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 19, 31 Queen Street PO Box 297, Flinders Lane, 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 603

Corporations Act 2001 Section 671B Notice of initial substantial holder

Notice of initial substantial holder Form 603 Section 671B Corporations Act 2001	Notice of initial substantial holder Form 603 Section 671B Corporations Act 2001	Notice of initial substantial holder Form 603 Section 671B Corporations Act 2001	Notice of initial substantial holder Form 603 Section 671B Corporations Act 2001	Notice of initial substantial holder Form 603 Section 671B Corporations Act 2001	Notice of initial substantial holder Form 603 Section 671B Corporations Act 2001	Notice of initial substantial holder Form 603 Section 671B Corporations Act 2001	Notice of initial substantial holder Form 603 Section 671B Corporations Act 2001
2. Details of voting power Class of securities (4) Ordinary Fully Paid 3. Details of relevant interests 4. Details of present registered holders The persons registered as holders of the securities referred to in paragraph 3 above are as follows: Holder of relevant interest Challenger Limited (and its entities listed in Annexure 2) As above As above As above As above 5. Consideration Holder of relevant interest Cash Non-cash Refer Annexure 2 Refer Annexure 1 Refer Annexure 1 Refer Annexure 1 Date of acquisition J. P. Morgan Nominees Australia Pty Limited The consideration paid for each relevant interest referred to in paragraph 3 above, and acquired in the four months prior to the day that the substantial holder became a substantial holder is as follows: BNP Paribas Nominees Pty Limited BNP Paribas Nominees Pty Limited 101,974 (Ordinary Fully Paid) Consideration (9) Class and number of securities 3,624,245 (Ordinary Fully Paid) 106 842 371(Challenger Limited) HSBC Custody Nominees (Australia) Limited HSBC Custody Nominees (Australia) Limited 9,700,091 (Ordinary Fully Paid) Citicorp Nominees Pty Limited Citicorp Nominees Pty Limited 3,847,986 (Ordinary Fully Paid) UBS Nominees Pty Limited ACN/ARSN (if applicable) UBS Nominees Pty Limited 37,354 (Ordinary Fully Paid) J. P. Morgan Nominees Australia Pty Limited 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 on the date the substantial holder became a substantial holder are as follows: The nature of the relevant interest the substantial holder or an associate had in the following voting securities on the date the substantial holder became a substantial holder are as follows: The holder became a substantial holder on Number of securities Person's votes (5) Telix Pharmaceuticals Ltd Voting power (6) 21/08/2025 616 620 369 Challenger Limited(and its entities listed in Annexure 2) To CompanyName/Scheme ACN/ARSN 1. Details of substantial holder (1) Name Challenger Limited (and its entities listed in Annexure 2) Ordinary 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). Refer Annexure 1 5.12% Person entitled to be registered as holder (8) Class and number of securities Same as persons votes 17,311,650 Holder of relevant interest Nature of relevant interest (7) Class and number of securities Registered holder of securities			Telix Pharmaceuticals Ltd
			616 620 369
			Challenger Limited(and its entities listed in Annexure 2)
			106 842 371(Challenger Limited)
				erests in the scheme that the substantial holder or an as 21/08/2025
Class of securities (4)	Number of securities				Person's votes (5)		Voting power (6)
Ordinary Fully Paid	Same as persons votes				17,311,650		5.12%
3. Details of relevant interests The nature of the relevant interest the substantial holder or an associate had in the following voting securities on the date the substantial holder
Holder of relevant interest		Nature of relevant interest (7)				Class and number	of securities
Challenger Limited (and its entities listed in Annexure 2)		Ordinary 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).				Refer Annexure 1
4. Details of present registered holders The persons registered as holders of the securities referred to in paragraph 3 above are as follow
Holder of relevant interest	Registered holder of securities				Person entitled to be registered as holder (8)		Class and number of securities
Challenger Limited (and its entities listed in Annexure 2)	HSBC Custody Nominees (Australia) Limited				HSBC Custody Nominees (Australia) Limited		9,700,091 (Ordinary Fully Paid)
As above	Citicorp Nominees Pty Limited				Citicorp Nominees Pty Limited		3,847,986 (Ordinary Fully Paid)
As above	BNP Paribas Nominees Pty Limited				BNP Paribas Nominees Pty Limited		101,974 (Ordinary Fully Paid)
As above	UBS Nominees Pty Limited				UBS Nominees Pty Limited		37,354 (Ordinary Fully Paid)
As above	J. P. Morgan Nominees Australia Pty Limited				J. P. Morgan Nominees Australia Pty Limited		3,624,245 (Ordinary Fully Paid)
5. Consideration The consideration paid for each relevant interest referred to in paragraph 3 above, and acquired i
Holder of relevant interest	Date of acquisition				Consideration (9)		Class and number of securities
					Cash	Non-cash
Refer Annexure 2	Refer Annexure 1				Refer Annexure 1		Refer Annexure 1

6. Associates

The reasons the persons named in paragraph 3 above are associates of the substantial holder are as follows: Name and ACN/ARSN (if applicable) Nature of association N/A N/A 7. Addresses The addresses of persons named in this form are as follows: Name Address Challenger Limited (and its entities listed in Level 2, 5 Martin Place, Sydney NSW 2000 Annexure 2)

Signature

print name	Linda Matthews	capacity	Company Secretary of Challenger Limited
sign here		date	25/08/2025

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 7 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 section s608 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 total number of votes attached to all the voting shares in the company or voting interests in the scheme (if any) that the person or an associate has a relevant interest in.

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

(7) Include details of:

(a) any relevant agreement or other circumstances by which the relevant interest was acquired. 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.

(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) 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.

Annexure 1 consists of 5 pages and is referred to in Form 603 signed by me and dated 25/08/2025

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Linda Matthews Company Secretary of Challenger Limited

Transactions:

Company Name/Scheme: Telix Pharmaceuticals Ltd (TLX) As at: 21/08/2025 Class of security: Ordinary Fully Paid

Date of Change	Holder of relevant interest	Nature of Change	Consideration	Number of Securities	Person's Votes Affected
	Challenger Limited (and its entities listed in Annexure 2)	Opening Balance Adjustment		14,034,975	14,034,975
23/04/2025	As above	Buy	92,089	3,341	3,341
23/04/2025	As above	Buy	136,108	4,938	4,938
23/04/2025	As above	Buy	148,566	5,390	5,390
23/04/2025	As above	Buy	127,866	4,639	4,639
23/04/2025	As above	Buy	215,738	7,827	7,827
23/04/2025	As above	Buy	88,671	3,217	3,217
23/04/2025	As above	Buy	161,245	5,850	5,850
23/04/2025	As above	Buy	48,043	1,743	1,743
23/04/2025	As above	Buy	362,099	13,137	13,137
23/04/2025	As above	Buy	52,866	1,918	1,918
24/04/2025	As above	Buy	39,701	1,418	1,418
24/04/2025	As above	Buy	178,234	6,366	6,366
24/04/2025	As above	Buy	123,107	4,397	4,397
24/04/2025	As above	Buy	133,214	4,758	4,758
24/04/2025	As above	Buy	76,266	2,724	2,724
24/04/2025	As above	Buy	73,130	2,612	2,612
24/04/2025	As above	Buy	299,465	10,696	10,696
24/04/2025	As above	Buy	43,733	1,562	1,562
24/04/2025	As above	Buy	112,831	4,030	4,030
28/04/2025	As above	Buy	1,652,158	61,692	61,692
28/04/2025	As above	Buy	3,714,489	138,700	138,700
28/04/2025	As above	Buy	492,203	18,379	18,379
28/04/2025	As above	Buy	2,210,456	82,539	82,539
28/04/2025	As above	Buy	906,983	33,867	33,867
28/04/2025	As above	Buy	945,708	35,313	35,313
28/04/2025	As above	Buy	1,399,187	52,246	52,246
28/04/2025	As above	Buy	1,526,824	57,012	57,012
28/04/2025	As above	Buy	542,364	20,252	20,252
12/05/2025	As above	Sell	698,089	-28,176	28,176
12/05/2025	As above	Sell	1,607,542	-64,883	64,883
12/05/2025	As above	Sell	1,252,948	-50,571	50,571
13/05/2025	As above	Sell	1,214,735	-47,900	47,900
13/05/2025	As above	Buy- Transfer	2,178,196	85,891	85,891
22/05/2025	As above	Buy	529,697	20,972	20,972
22/05/2025	As above	Buy	447,585	17,721	17,721
22/05/2025	As above	Buy	239,616	9,487	9,487
22/05/2025	As above	Buy	161,546	6,396	6,396
22/05/2025	As above	Buy	147,402	5,836	5,836
22/05/2025	As above	Buy	377,597	14,950	14,950
22/05/2025	As above	Buy	84,132	3,331	3,331
22/05/2025	As above	Buy	374,238	14,817	14,817
22/05/2025	As above	Buy	635,373	25,156	25,156
22/05/2025	As above	Buy	277,982	11,006	11,006
22/05/2025	As above	Buy	92,871	3,677	3,677
22/05/2025	As above	Buy	165,587	6,556	6,556
22/05/2025	As above	Buy	282,680	11,192	11,192
23/05/2025	As above	Buy	208,152	8,189	8,189
23/05/2025	As above	Buy	188,326	7,409	7,409
23/05/2025	As above	Buy	127,296	5,008	5,008
23/05/2025	As above	Buy	116,340	4,577	4,577
23/05/2025	As above	Buy	297,371	11,699	11,699
23/05/2025	As above	Buy	66,266	2,607	2,607
23/05/2025	As above	Buy	294,753	11,596	11,596
23/05/2025	As above	Buy	499,804	19,663	19,663

Page 1 of 5

Date of Change	Holder of relevant interest	Nature of Change	Consideration	Number of Securities	Person's Votes Affected
23/05/2025	As above	Buy	219,107	8,620	8,620
23/05/2025	As above	Buy	73,027	2,873	2,873
23/05/2025	As above	Buy	130,422	5,131	5,131
23/05/2025	As above	Buy	222,768	8,764	8,764
23/05/2025	As above	Buy	103,809	4,084	4,084
23/05/2025	As above	Buy	57,903	2,278	2,278
23/05/2025	As above	Sell	513,938	-20,232	20,232
23/05/2025	As above	Buy	352,682	13,875	13,875
26/05/2025	As above	Buy	44,047	1,711	1,711
26/05/2025	As above	Buy	158,349	6,151	6,151
26/05/2025	As above	Buy	143,263	5,565	5,565
26/05/2025	As above	Buy	96,848	3,762	3,762
26/05/2025	As above	Buy	88,507	3,438	3,438
26/05/2025	As above	Buy	226,210	8,787	8,787
26/05/2025	As above	Buy	50,406	1,958	1,958
26/05/2025	As above	Buy	224,227	8,710	8,710
26/05/2025	As above	Buy	380,234	14,770	14,770
26/05/2025	As above	Buy	166,690	6,475	6,475
26/05/2025	As above	Buy	55,555	2,158	2,158
26/05/2025	As above	Buy	99,216	3,854	3,854
26/05/2025	As above	Buy	169,471	6,583	6,583
26/05/2025	As above	Buy	78,982	3,068	3,068
26/05/2025	As above	Buy	268,275	10,421	10,421
27/05/2025	As above	Buy	97,512	3,727	3,727
27/05/2025	As above	Buy	350,513	13,397	13,397
27/05/2025	As above	Buy	317,128	12,121	12,121
27/05/2025	As above	Buy	214,332	8,192	8,192
27/05/2025	As above	Buy	195,887	7,487	7,487
27/05/2025	As above	Buy	500,744	19,139	19,139
27/05/2025	As above	Buy	111,561	4,264	4,264
27/05/2025	As above	Buy	496,349	18,971	18,971
27/05/2025	As above	Buy	841,577	32,166	32,166
27/05/2025	As above	Buy	368,958	14,102	14,102
27/05/2025	As above	Buy	122,995	4,701	4,701
27/05/2025	As above	Buy	219,617	8,394	8,394
27/05/2025	As above	Buy	375,107	14,337	14,337
27/05/2025	As above	Buy	174,825	6,682	6,682
27/05/2025	As above	Buy	593,834	22,697	22,697
28/05/2025	As above	Buy	319,298	12,163	12,163
28/05/2025	As above	Buy	288,899	11,005	11,005
28/05/2025	As above	Buy	195,259	7,438	7,438
28/05/2025	As above	Buy	178,458	6,798	6,798
28/05/2025	As above	Buy	456,121	17,375	17,375
28/05/2025	As above	Buy	101,620	3,871	3,871
28/05/2025	As above	Buy	452,131	17,223	17,223
28/05/2025	As above	Buy	766,573	29,201	29,201
28/05/2025	As above	Buy	336,099	12,803	12,803
28/05/2025	As above	Buy	112,042	4,268	4,268
28/05/2025	As above	Buy	200,063	7,621	7,621
28/05/2025	As above	Buy	341,691	13,016	13,016
28/05/2025	As above	Buy	159,242	6,066	6,066
28/05/2025	As above	Buy	88,835	3,384	3,384
28/05/2025	As above	Buy	540,966	20,607	20,607
02/06/2025	As above	Buy- Transfer	3,266,149	125,380	125,380
11/06/2025	As above	Sell - Transfer	1,409,190	-55,068	55,068
11/06/2025	As above	Sell - Transfer	6,287,130	-245,687	245,687
12/06/2025	As above	Buy	299,781	11,682	11,682
12/06/2025	As above	Buy	273,863	10,672	10,672
12/06/2025	As above	Buy	557,606	21,729	21,729
12/06/2025	As above	Buy	124,588	4,855	4,855
12/06/2025	As above	Buy	307,172	11,970	11,970
12/06/2025	As above	Buy	525,528	20,479	20,479
12/06/2025	As above	Buy	445,335	17,354	17,354
12/06/2025	As above	Buy	493,451	19,229	19,229
12/06/2025	As above	Buy	831,494	32,402	32,402
12/06/2025	As above	Buy	697,000	27,161	27,161
12/06/2025	As above	Buy	1,180,623	46,007	46,007
12/06/2025	As above	Buy	172,704	6,730	6,730
12/06/2025	As above	Buy	516,906	20,143	20,143
13/06/2025	As above	Buy	319,714	12,930	12,930
13/06/2025	As above	Buy	179,762	7,270	7,270
13/06/2025	As above	Buy	537,974	21,757	21,757

Page 2 of 5

Date of Change	Holder of relevant interest	Nature of Change	Consideration	Number of Securities	Person's Votes Affected
13/06/2025	As above	Buy	1,228,734	49,693	49,693
13/06/2025	As above	Buy	725,451	29,339	29,339
13/06/2025	As above	Buy	129,690	5,245	5,245
13/06/2025	As above	Buy	580,356	23,471	23,471
13/06/2025	As above	Buy	285,047	11,528	11,528
13/06/2025	As above	Buy	311,999	12,618	12,618
13/06/2025	As above	Buy	463,523	18,746	18,746
13/06/2025	As above	Buy	513,594	20,771	20,771
13/06/2025	As above	Buy	865,378	34,998	34,998
13/06/2025	As above	Buy	546,975	22,121	22,121
16/06/2025	As above	Buy	179,355	7,028	7,028
16/06/2025	As above	Buy	1,001,941	39,261	39,261
16/06/2025	As above	Buy	83,706	3,280	3,280
16/06/2025	As above	Buy	370,653	14,524	14,524
16/06/2025	As above	Buy	266,633	10,448	10,448
16/06/2025	As above	Buy	209,239	8,199	8,199
16/06/2025	As above	Buy	320,429	12,556	12,556
16/06/2025	As above	Buy	937,375	36,731	36,731
16/06/2025	As above	Buy	462,703	18,131	18,131
17/06/2025	As above	Buy	421,726	16,476	16,476
17/06/2025	As above	Buy	95,218	3,720	3,720
17/06/2025	As above	Buy	1,140,037	44,539	44,539
17/06/2025	As above	Buy	204,054	7,972	7,972
17/06/2025	As above	Buy	526,492	20,569	20,569
17/06/2025	As above	Sell	214,335	8,400 -	8,400
17/06/2025	As above	Buy	1,066,575	41,669	41,669
17/06/2025	As above	Buy	364,595	14,244	14,244
17/06/2025	As above	Buy	238,072	9,301	9,301
17/06/2025	As above	Buy	303,368	11,852	11,852
18/06/2025	As above	Sell	227,567	8,800 -	8,800
19/06/2025	As above	Sell	940,000	37,600 -	37,600
20/06/2025	As above	Sell	2,815,637	113,117 -	113,117
20/06/2025	As above	Sell	211,845	8,500 -	8,500
23/06/2025	As above	Buy	549,857	22,600	22,600
23/06/2025	As above	Sell	214,239	8,800 -	8,800
24/06/2025	As above	Sell	236,351	9,700 -	9,700
25/06/2025	As above	Sell	256,584	10,600 -	10,600
02/07/2025	As above	Buy	94,539	3,834	3,834
02/07/2025	As above	Buy	187,205	7,592	7,592
02/07/2025	As above	Buy	321,173	13,025	13,025
02/07/2025	As above	Buy	489,366	19,846	19,846
02/07/2025	As above	Buy	291,731	11,831	11,831
02/07/2025	As above	Buy	316,438	12,833	12,833
02/07/2025	As above	Buy	183,408	7,438	7,438
02/07/2025	As above	Buy	166,763	6,763	6,763
02/07/2025	As above	Buy	341,146	13,835	13,835
02/07/2025	As above	Buy	76,021	3,083	3,083
02/07/2025	As above	Buy	426,192	17,284	17,284
02/07/2025	As above	Buy	721,671	29,267	29,267
02/07/2025	As above	Buy	272,251	11,041	11,041
03/07/2025	As above	Buy	1,051,305	44,100	44,100
03/07/2025	As above	Buy	1,601,989	67,200	67,200
03/07/2025	As above	Buy	958,332	40,200	40,200
03/07/2025	As above	Buy	891,583	37,400	37,400
03/07/2025	As above	Buy	600,746	25,200	25,200
03/07/2025	As above	Buy	545,916	22,900	22,900
03/07/2025	As above	Buy	1,118,055	46,900	46,900
03/07/2025	As above	Buy	247,927	10,400	10,400
03/07/2025	As above	Buy	1,394,588	58,500	58,500
03/07/2025	As above	Buy	2,364,840	99,200	99,200
03/07/2025	As above	Buy	1,034,618	43,400	43,400
03/07/2025	As above	Buy	309,909	13,000	13,000
03/07/2025	As above	Buy	612,665	25,700	25,700
09/07/2025	As above	Buy	1,747,917	69,094	69,094
09/07/2025	As above	Buy	763,231	30,170	30,170
09/07/2025	As above	Buy	221,481	8,755	8,755
09/07/2025	As above	Buy	451,462	17,846	17,846
09/07/2025	As above	Buy	778,561	30,776	30,776
09/07/2025	As above	Buy	1,405,602	55,456	55,456
09/07/2025	As above	Buy	1,177,227	46,535	46,535
09/07/2025	As above	Buy	703,604	27,813	27,813
09/07/2025	As above	Buy	659,308	26,062	26,062
09/07/2025	As above	Buy	444,657	17,577	17,577
09/07/2025	As above	Buy	403,776	15,961	15,961
09/07/2025	As above	Buy	826,272	32,662	32,662
09/07/2025	As above	Buy	183,990	7,273	7,273
09/07/2025	As above	Buy	1,029,008	40,676	40,676
10/07/2025	As above	Buy	424,096	17,200	17,200
10/07/2025	As above	Buy	246,567	10,000	10,000
10/07/2025	As above	Buy	120,818	4,900	4,900
10/07/2025	As above	Buy	416,699	16,900	16,900
10/07/2025	As above	Buy	951,750	38,600	38,600
10/07/2025	As above	Buy	559,708	22,700	22,700

Page 3 of 5

Date of Change	Holder of relevant interest	Nature of Change	Consideration	Number of Securities	Person's Votes Affected
10/07/2025	As above	Buy	451,218	18,300	18,300
10/07/2025	As above	Buy	219,445	8,900	8,900
10/07/2025	As above	Buy	241,636	9,800	9,800
10/07/2025	As above	Buy	359,988	14,600	14,600
10/07/2025	As above	Buy	384,645	15,600	15,600
10/07/2025	As above	Buy	641,075	26,000	26,000
10/07/2025	As above	Buy	101,093	4,100	4,100
11/07/2025	As above	Buy	69,587	2,902	2,902
11/07/2025	As above	Buy	40,284	1,680	1,680
11/07/2025	As above	Buy	19,831	827	827
11/07/2025	As above	Buy	68,052	2,838	2,838
11/07/2025	As above	Buy	156,294	6,518	6,518
11/07/2025	As above	Buy	91,863	3,831	3,831
11/07/2025	As above	Buy	16,473	687	687
11/07/2025	As above	Buy	73,855	3,080	3,080
11/07/2025	As above	Buy	36,016	1,502	1,502
11/07/2025	As above	Buy	39,685	1,655	1,655
11/07/2025	As above	Buy	58,916	2,457	2,457
11/07/2025	As above	Buy	62,873	2,622	2,622
11/07/2025	As above	Buy	105,003	4,379	4,379
23/07/2025	As above	Sell	123,590	5,295 -	5,295
23/07/2025	As above	Sell	152,347	6,527 -	6,527
23/07/2025	As above	Sell	80,246	3,438 -	3,438
24/07/2025	As above	Buy	197,860	9,342	9,342
29/07/2025	As above	Sell	87,400	4,247 -	4,247
29/07/2025	As above	Sell	50,419	2,450 -	2,450
29/07/2025	As above	Sell	85,774	4,168 -	4,168
29/07/2025	As above	Sell	196,058	9,527 -	9,527
29/07/2025	As above	Sell	115,552	5,615 -	5,615
29/07/2025	As above	Sell	132,901	6,458 -	6,458
29/07/2025	As above	Sell	79,209	3,849 -	3,849
29/07/2025	As above	Sell	73,982	3,595 -	3,595
29/07/2025	As above	Sell	49,761	2,418 -	2,418
29/07/2025	As above	Sell	44,842	2,179 -	2,179
29/07/2025	As above	Sell	24,880	1,209 -	1,209
29/07/2025	As above	Sell	20,620	1,002 -	1,002
29/07/2025	As above	Sell	92,648	4,502 -	4,502
30/07/2025	As above	Sell	396,671	19,186 -	19,186
30/07/2025	As above	Sell	819,660	39,645 -	39,645
30/07/2025	As above	Sell	182,147	8,810 -	8,810
30/07/2025	As above	Sell	1,018,016	49,239 -	49,239
30/07/2025	As above	Sell	1,730,435	83,697 -	83,697
30/07/2025	As above	Sell	754,906	36,513 -	36,513
30/07/2025	As above	Sell	218,576	10,572 -	10,572
30/07/2025	As above	Sell	445,257	21,536 -	21,536
30/07/2025	As above	Sell	771,095	37,296 -	37,296
30/07/2025	As above	Sell	1,171,818	56,678 -	56,678
30/07/2025	As above	Sell	700,262	33,870 -	33,870
30/07/2025	As above	Sell	653,702	31,618 -	31,618
30/07/2025	As above	Sell	441,205	21,340 -	21,340
30/07/2025	As above	Buy	21	1	1
30/07/2025	As above	Buy	9,139	442	442
30/07/2025	As above	Buy	13,936	674	674
30/07/2025	As above	Buy	62,359	3,016	3,016
30/07/2025	As above	Buy	18,629	901	901
30/07/2025	As above	Buy	11,248	544	544
30/07/2025	As above	Buy	83,655	4,046	4,046
30/07/2025	As above	Buy	104,930	5,075	5,075
30/07/2025	As above	Buy	30,394	1,470	1,470
30/07/2025	As above	Buy	76,253	3,688	3,688
30/07/2025	As above	Buy	58,265	2,818	2,818
30/07/2025	As above	Buy	57,934	2,802	2,802
30/07/2025	As above	Buy	5,438	263	263
30/07/2025	As above	Buy	44,226	2,139	2,139
30/07/2025	As above	Buy	163,953	7,930	7,930
30/07/2025	As above	Buy	249,775	12,081	12,081
30/07/2025	As above	Buy	1,118,290	54,089	54,089
30/07/2025	As above	Buy	334,170	16,163	16,163
30/07/2025	As above	Buy	201,850	9,763	9,763
30/07/2025	As above	Buy	1,500,281	72,565	72,565
30/07/2025	As above	Buy	1,881,673	91,012	91,012
30/07/2025	As above	Buy	545,241	26,372	26,372
30/07/2025	As above	Buy	1,367,651	66,150	66,150
30/07/2025	As above	Buy	1,044,997	50,544	50,544
30/07/2025	As above	Buy	1,038,898	50,249	50,249
30/07/2025	As above	Buy	97,565	4,719	4,719
30/07/2025	As above	Buy	793,155	38,363	38,363
31/07/2025	As above	Buy	144,644	6,917	6,917
31/07/2025	As above	Buy	13,592	650	650
31/07/2025	As above	Buy	110,433	5,281	5,281
31/07/2025	As above	Buy	22,835	1,092	1,092
31/07/2025	As above	Buy	34,776	1,663	1,663
31/07/2025	As above	Buy	155,706	7,446	7,446

Page 4 of 5

Date of Change	Holder of relevant interest	Nature of Change	Consideration	Number of Securities	Person's Votes Affected
31/07/2025	As above	Buy	28,105	1,344	1,344
31/07/2025	As above	Buy	208,884	9,989	9,989
31/07/2025	As above	Buy	261,999	12,529	12,529
31/07/2025	As above	Buy	75,908	3,630	3,630
31/07/2025	As above	Buy	190,419	9,106	9,106
31/07/2025	As above	Buy	145,502	6,958	6,958
01/08/2025	As above	Buy	7,353	359	359
01/08/2025	As above	Buy	79,897	3,851	3,851
01/08/2025	As above	Buy	121,723	5,867	5,867
01/08/2025	As above	Buy	545,005	26,269	26,269
01/08/2025	As above	Buy	98,362	4,741	4,741
01/08/2025	As above	Buy	731,147	35,241	35,241
01/08/2025	As above	Buy	917,020	44,200	44,200
01/08/2025	As above	Buy	265,728	12,808	12,808
01/08/2025	As above	Buy	666,520	32,126	32,126
01/08/2025	As above	Buy	509,278	24,547	24,547
01/08/2025	As above	Buy	506,311	24,404	24,404
01/08/2025	As above	Buy	47,552	2,292	2,292
01/08/2025	As above	Buy	386,539	18,631	18,631
01/08/2025	As above	Sell	2,908,690	140,813 -	140,813
01/08/2025	As above	Sell	1,744,412	84,449 -	84,449
01/08/2025	As above	Sell	1,626,382	78,735 -	78,735
01/08/2025	As above	Sell	1,098,260	53,168 -	53,168
01/08/2025	As above	Sell	990,247	47,939 -	47,939
01/08/2025	As above	Sell	2,038,498	98,686 -	98,686
01/08/2025	As above	Sell	454,110	21,984 -	21,984
01/08/2025	As above	Sell	2,534,602	122,703 -	122,703
01/08/2025	As above	Sell	4,313,036	208,799 -	208,799
01/08/2025	As above	Sell	1,880,455	91,035 -	91,035
01/08/2025	As above	Sell	546,135	26,439 -	26,439
01/08/2025	As above	Sell	1,106,274	53,556 -	53,556
01/08/2025	As above	Sell	1,920,467	92,972 -	92,972
01/08/2025	As above	Buy	3,100	155	155
01/08/2025	As above	Buy	4,720	236	236
01/08/2025	As above	Buy	21,100	1,055	1,055
01/08/2025	As above	Buy	3,800	190	190
01/08/2025	As above	Buy	28,320	1,416	1,416
01/08/2025	As above	Buy	35,520	1,776	1,776
01/08/2025	As above	Buy	10,280	514	514
01/08/2025	As above	Buy	25,800	1,290	1,290
01/08/2025	As above	Buy	19,720	986	986
01/08/2025	As above	Buy	19,600	980	980
01/08/2025	As above	Buy	1,840	92	92
01/08/2025	As above	Buy	14,960	748	748
01/08/2025	As above	Buy	36,498	1,772	1,772
01/08/2025	As above	Buy	55,612	2,700	2,700
01/08/2025	As above	Buy	248,958	12,087	12,087
01/08/2025	As above	Buy	44,943	2,182	2,182
01/08/2025	As above	Buy	334,004	16,216	16,216
01/08/2025	As above	Buy	418,946	20,340	20,340
01/08/2025	As above	Buy	121,379	5,893	5,893
01/08/2025	As above	Buy	304,488	14,783	14,783
01/08/2025	As above	Buy	232,645	11,295	11,295
01/08/2025	As above	Buy	231,285	11,229	11,229
01/08/2025	As above	Buy	21,730	1,055	1,055
01/08/2025	As above	Buy	176,579	8,573	8,573
01/08/2025	As above	Buy	372,385	18,028	18,028
01/08/2025	As above	Buy	567,315	27,465	27,465
01/08/2025	As above	Buy	2,540,078	122,971	122,971
01/08/2025	As above	Buy	458,458	22,195	22,195
01/08/2025	As above	Buy	3,407,729	164,976	164,976
01/08/2025	As above	Buy	4,274,038	206,916	206,916
01/08/2025	As above	Buy	1,238,466	59,957	59,957
01/08/2025	As above	Buy	3,106,504	150,393	150,393
01/08/2025	As above	Buy	2,373,612	114,912	114,912
01/08/2025	As above	Buy	2,359,752	114,241	114,241
01/08/2025	As above	Buy	221,597	10,728	10,728
01/08/2025	As above	Buy	1,801,567	87,218	87,218
04/08/2025	As above	Sell - Transfer	3,424,527	169,196 -	169,196
			Total Number of Securities	17,311,650

Page 5 of 5

Annexure 2

This is page 1 of 3 of Annexure 2 referred to in ASIC Form 603 - becoming a substantial holder

==> picture [118 x 46] intentionally omitted <==

Linda Matthews - Company Secretary of Challenger Limited

25/08/2025

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
CDPG Australia Pty Limited	124498095	Australia
Challenger DPG France II SAS	495391062	France
Challenger Financial Services Pty Limited	087464131	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 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 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 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 603 - becoming a substantial holder

==> picture [118 x 46] intentionally omitted <==

Linda Matthews - Company Secretary of Challenger Limited

25/08/2025

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
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 Management HK Pty. Limited	76656681	Hong Kong
Resonance Asset Management Limited	9028327	United Kingdom
System Capital Pty Ltd	657739323	Australia

Annexure 2

This is page 3 of 3 of Annexure 2 referred to in ASIC Form 603 - becoming a substantial holder

==> picture [118 x 46] intentionally omitted <==

Linda Matthews - Company Secretary of Challenger Limited

25/08/2025

Company Name	ACN /	Country of
	Company Number	Incorporation
System Holdings Pty Ltd	657737276	Australia
US LLC Holdings Pty Ltd	130888292	Australia
US LLC Investments LLC	36-4811214	United States
Water Ventures Limited	9592184	United Kingdom
Wavestone Capital Pty Limited	120179419	Australia