CHALLENGER LIMITED — Major Shareholding Notification 2021

Sep 9, 2021

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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

10 September 2021

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 – Santos Limited (STO)

We attach a notice of initial substantial holder in Santos 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 603

Corporations Act 2001 Section 671B

Notice of initial substantial holder

To CompanyName/Scheme	Santos Limited
ACN/ARSN	007 550 923
1. Details of substantial holder (1)
Name	Challenger Limited(and its entities listed in Annexure 2)
ACN/ARSN (if applicable)	106 842 371
The holder became a substantial holder on	08/09/2021

2. Details of 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 on the date the substantial holder became a substantial holder are as follows:

Class of securities (4)	Number of securities	Number of securities	Person's votes (5)	Person's votes (5)	Voting power (6)
Ordinary Fully Paid	Same as persons votes		107,217,997		5.15%
3. Details of relevant interests The nature of the relevant interest the substantial holder or an associate had in the following voting securities on t substantial holder are as follows:					he date the substantial holder b
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

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:

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	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)	Citicorp Nominees Pty Limited	Citicorp Nominees Pty Limited	25,157,608 (Ordinary Fully Paid)
Challenger Limited (and its entities listed in Annexure 2)	National Nominees Limited	National Nominees Limited	11,016,132 (Ordinary Fully Paid)
Challenger Limited (and its entities listed in Annexure 2)	HSBC Custody Nominees (Australia) Limited	HSBC Custody Nominees (Australia) Limited	37,129,515 (Ordinary Fully Paid)
Challenger Limited (and its entities listed in Annexure 2)	BNP Paribas Nominees Pty Limited	BNP Paribas Nominees Pty Limited	5,148,737 (Ordinary Fully Paid)
Challenger Limited (and its entities listed in Annexure 2)	J. P. Morgan Nominees Australia Pty Limited	J. P. Morgan Nominees Australia Pty Limited	24,827,072 (Ordinary Fully Paid)
Challenger Limited (and its entities listed in Annexure 2)	UBS Nominees Pty Limited	UBS Nominees Pty Limited	958,065 (Ordinary Fully Paid)
Challenger Limited (and its entities listed in Annexure 2)	Bank of New York Mellon	Bank of New York Mellon	1,257,457 (Ordinary Fully Paid)
as above	State Street - Melbourne	State Street - Melbourne	1,723,411 (Ordinary Fully Paid)

5. Consideration

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:

Holder of relevant interest	Date of acquisition	Consideration (9)	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 ofpersons named in this form are as follows:
Name	Address
Challenger Limited (and its	Level 2, 5 Martin Place, Sydney NSW 2000
entities listed in Annexure 2)
Signature
print name	Linda Matthews	capacity	Company Secretary
sign here		date	10/09/2021
	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 thescheme (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 9 page/s and is referred to in Form 603 signed by me and dated 10/09/2021

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[Insert Signature Here]
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Linda Matthews Company Secretary of Challenger Limited

Transactions:

Company Name/Scheme: Santos Limited (STO) As at: 08/09/2021 Class of security: Ordinary Fully Paid

Date of Change	Holder of relevant interest	Nature of Change	Consideration	Number of Securities	Person's Votes Affected
07/05/2021	Challenger Limited (and its entities listed in Annexure 2)	OpeningBalance		68,315,555	68,315,555
11/05/2021	as above	Sell	115,553.90	-16,555	16,555
11/05/2021	as above	Sell	673,874.17	-96,066	96,066
11/05/2021	as above	Sell	86,035.30	-12,265	12,265
12/05/2021	as above	Sell	60,800.88	-8,895	8,895
12/05/2021	as above	Sell	43,520.99	-6,367	6,367
13/05/2021	as above	Sell	1,047,851.49	-153,300	153,300
13/05/2021	as above	Sell	1,112,786.84	-162,800	162,800
13/05/2021	as above	Sell	49,214.16	-7,200	7,200
13/05/2021	as above	Sell	712,921.79	-104,300	104,300
13/05/2021	as above	Sell	682,162.94	-99,800	99,800
13/05/2021	as above	Sell	581,000.50	-85,000	85,000
13/05/2021	as above	Sell	245,387.27	-35,900	35,900
13/05/2021	as above	Sell	220,096.66	-32,200	32,200
13/05/2021	as above	Sell	364,321.49	-53,300	53,300
13/05/2021	as above	Sell	434,725.08	-63,600	63,600
13/05/2021	as above	Sell	248,121.39	-36,300	36,300
13/05/2021	as above	Sell	507,862.79	-74,300	74,300
14/05/2021	as above	Sell	134,977.55	-19,255	19,255
17/05/2021	as above	Sell-transfer	2,211,430.92	-312,349	312,349
18/05/2021	as above	Sell	183,118.03	-25,478	25,478
18/05/2021	as above	Sell	336,185.96	-46,775	46,775
19/05/2021	as above	Buy	167,687.32	23,883	23,883
19/05/2021	as above	Buy	149,748.15	21,328	21,328
19/05/2021	as above	Buy	13,052.41	1,859	1,859
19/05/2021	as above	Buy	107,522.66	15,314	15,314
19/05/2021	as above	Buy	103,857.59	14,792	14,792
19/05/2021	as above	Buy	249,589.62	35,548	35,548
19/05/2021	as above	Buy	718,760.24	102,370	102,370
19/05/2021	as above	Buy	70,661.36	10,064	10,064
19/05/2021	as above	Buy	187,957.52	26,770	26,770
19/05/2021	as above	Buy	168,473.69	23,995	23,995
19/05/2021	as above	Buy	107,922.87	15,371	15,371
19/05/2021	as above	Buy	66,996.29	9,542	9,542
19/05/2021	as above	Buy	57,264.91	8,156	8,156
19/05/2021	as above	Buy	229,010.48	32,617	32,617
19/05/2021	as above	Buy	524,048.33	74,638	74,638
19/05/2021	as above	Buy	144,187.36	20,536	20,536
19/05/2021	as above	Buy	114,438.54	16,299	16,299
19/05/2021	as above	Buy	128,473.92	18,298	18,298

Page 1 of 9

Date of Change	Holder of relevant interest	Nature of Change	Consideration	Number of Securities	Person's Votes Affected
19/05/2021	as above	Buy	45,483.33	6,478	6,478
19/05/2021	as above	Buy	404,673.88	57,636	57,636
19/05/2021	as above	Buy	117,569.99	16,745	16,745
19/05/2021	as above	Buy	33,336.66	4,748	4,748
19/05/2021	as above	Buy	35,225.36	5,017	5,017
19/05/2021	as above	Buy	138,445.65	25,296	25,296
20/05/2021	as above	Sell	60,071.68	-8,680	8,680
20/05/2021	as above	Sell	23,253.55	-3,360	3,360
20/05/2021	as above	Sell	410,494.40	-59,314	59,314
20/05/2021	as above	Sell	60,127.04	-8,688	8,688
20/05/2021	as above	Buy	383,734.32	55,604	55,604
20/05/2021	as above	Buy	342,679.09	49,655	49,655
20/05/2021	as above	Buy	29,861.49	4,327	4,327
20/05/2021	as above	Buy	246,048.48	35,653	35,653
20/05/2021	as above	Buy	237,663.53	34,438	34,438
20/05/2021	as above	Buy	571,177.82	82,765	82,765
20/05/2021	as above	Buy	1,644,866.51	238,345	238,345
20/05/2021	as above	Buy	161,708.92	23,432	23,432
20/05/2021	as above	Buy	430,131.09	62,327	62,327
20/05/2021	as above	Buy	385,528.64	55,864	55,864
20/05/2021	as above	Buy	246,973.24	35,787	35,787
20/05/2021	as above	Buy	153,323.96	22,217	22,217
20/05/2021	as above	Buy	131,053.79	18,990	18,990
20/05/2021	as above	Buy	524,063.33	75,938	75,938
20/05/2021	as above	Buy	1,199,256.03	173,775	173,775
20/05/2021	as above	Buy	329,960.17	47,812	47,812
20/05/2021	as above	Buy	261,872.94	37,946	37,946
20/05/2021	as above	Buy	293,998.02	42,601	42,601
20/05/2021	as above	Buy	104,090.80	15,083	15,083
20/05/2021	as above	Buy	926,072.03	134,190	134,190
20/05/2021	as above	Buy	269,043.28	38,985	38,985
20/05/2021	as above	Buy	76,292.77	11,055	11,055
20/05/2021	as above	Buy	80,606.02	11,680	11,680
20/05/2021	as above	Buy	314,868.50	58,894	58,894
21/05/2021	as above	Sell	30,696.84	-4,644	4,644
25/05/2021	as above	Buy	420,688.79	62,464	62,464
26/05/2021	as above	Buy	1,472,807.70	220,200	220,200
28/05/2021	as above	Buy	814,481.92	118,384	118,384
28/05/2021	as above	Buy	537,130.98	78,026	78,026
28/05/2021	as above	Buy	87,502.52	12,711	12,711
03/06/2021	as above	Buy	151,144.83	19,975	19,975
03/06/2021	as above	Buy	326,631.74	43,167	43,167
03/06/2021	as above	Buy	266,332.71	35,198	35,198
03/06/2021	as above	Buy	381,755.15	50,452	50,452
03/06/2021	as above	Buy	326,215.57	43,112	43,112
03/06/2021	as above	Buy	915,207.50	120,952	120,952
03/06/2021	as above	Buy	110,178.72	14,561	14,561
03/06/2021	as above	Buy	245,395.65	32,431	32,431
03/06/2021	as above	Buy	130,994.71	17,312	17,312
03/06/2021	as above	Buy	836,998.09	110,616	110,616
03/06/2021	as above	Buy	263,994.60	34,889	34,889
03/06/2021	as above	Buy	98,669.77	13,040	13,040
03/06/2021	as above	Buy	75,833.47	10,022	10,022
03/06/2021	as above	Buy	309,838.32	52,822	52,822
03/06/2021	as above	Buy	1,183,817.78	156,451	156,451
04/06/2021	as above	Buy	122,326.03	15,973	15,973
04/06/2021	as above	Buy	264,356.86	34,519	34,519
04/06/2021	as above	Buy	215,558.17	28,147	28,147
04/06/2021	as above	Buy	308,966.46	40,344	40,344
04/06/2021	as above	Buy	264,019.89	34,475	34,475
04/06/2021	as above	Buy	740,710.78	96,720	96,720
04/06/2021	as above	Buy	89,165.59	11,643	11,643
04/06/2021	as above	Buy	198,602.69	25,933	25,933
04/06/2021	as above	Buy	106,021.51	13,844	13,844
04/06/2021	as above	Buy	677,414.93	88,455	88,455
04/06/2021	as above	Buy	213,666.57	27,900	27,900

Page 2 of 9

Date of Change	Holder of relevant interest	Nature of Change	Consideration	Number of Securities	Person's Votes Affected
04/06/2021	as above	Buy	79,853.09	10,427	10,427
04/06/2021	as above	Buy	61,373.62	8,014	8,014
04/06/2021	as above	Buy	250,243.30	42,239	42,239
04/06/2021	as above	Buy	958,099.28	125,106	125,106
08/06/2021	as above	Sell	398,566.09	-51,491	51,491
10/06/2021	as above	Buy	1,512,846.44	199,300	199,300
10/06/2021	as above	Sell	3,407,985.00	-450,000	450,000
11/06/2021	as above	Sell	383,000.00	-50,000	50,000
16/06/2021	as above	Buy	274,440.58	35,336	35,336
16/06/2021	as above	Buy-transfer	3,012,594.96	388,221	388,221
16/06/2021	as above	Sell	776,020.00	-100,000	100,000
17/06/2021	as above	Sell	107,080.31	-14,071	14,071
18/06/2021	as above	Sell-transfer	1,201,961.70	-163,755	163,755
21/06/2021	as above	Sell	714,816.67	-98,381	98,381
22/06/2021	as above	Sell	373,475.00	-50,000	50,000
25/06/2021	as above	Sell	1,798,900.00	-250,000	250,000
30/06/2021	as above	Sell	76,151.64	-10,728	10,728
30/06/2021	as above	Sell	669,553.95	-93,900	93,900
02/07/2021	as above	Sell	88,151.44	-12,373	12,373
06/07/2021	as above	Sell	112,726.60	-15,442	15,442
07/07/2021	as above	Buy	76,451.87	10,662	10,662
07/07/2021	as above	Buy	357,105.24	49,802	49,802
07/07/2021	as above	Buy	38,720.70	5,400	5,400
07/07/2021	as above	Buy	92,045.36	17,111	17,111
07/07/2021	as above	Buy	279,663.84	39,002	39,002
07/07/2021	as above	Buy	23,655.48	3,299	3,299
07/07/2021	as above	Buy	99,655.61	13,898	13,898
07/07/2021	as above	Buy	30,094.59	4,197	4,197
07/07/2021	as above	Buy	111,443.91	15,542	15,542
07/07/2021	as above	Buy	82,288.66	11,476	11,476
07/07/2021	as above	Buy	81,406.69	11,353	11,353
07/07/2021	as above	Buy	259,034.31	36,125	36,125
07/07/2021	as above	Buy	72,034.84	10,046	10,046
07/07/2021	as above	Buy	40,061.58	5,587	5,587
08/07/2021	as above	Buy	678,623.81	95,188	95,188
08/07/2021	as above	Buy	200,290.55	28,094	28,094
08/07/2021	as above	Buy	104,950.43	14,721	14,721
08/07/2021	as above	Buy	188,712.57	26,470	26,470
08/07/2021	as above	Buy	213,280.14	29,916	29,916
08/07/2021	as above	Buy	215,575.77	30,238	30,238
08/07/2021	as above	Buy	291,959.09	40,952	40,952
08/07/2021	as above	Buy	78,850.06	11,060	11,060
08/07/2021	as above	Buy	261,074.97	36,620	36,620
08/07/2021	as above	Buy	61,982.13	8,694	8,694
08/07/2021	as above	Buy	732,663.90	102,768	102,768
08/07/2021	as above	Buy	240,371.90	45,087	45,087
08/07/2021	as above	Buy	101,449.94	14,230	14,230
08/07/2021	as above	Buy	935,513.88	131,221	131,221
09/07/2021	as above	Sell-transfer	540,002.16	-75,843	75,843
09/07/2021	as above	Sell-transfer	1,439,998.64	-202,247	202,247
14/07/2021	as above	Buy	119,441.10	16,942	16,942
20/07/2021	as above	Buy	35,934.66	5,540	5,540
20/07/2021	as above	Buy	150,737.45	23,239	23,239
20/07/2021	as above	Buy	44,088.06	6,797	6,797
20/07/2021	as above	Buy	92,165.26	14,209	14,209
20/07/2021	as above	Buy	26,912.07	4,149	4,149
20/07/2021	as above	Buy	50,100.95	7,724	7,724
20/07/2021	as above	Buy	32,930.51	4,990	4,990
20/07/2021	as above	Buy	53,713.88	8,281	8,281
20/07/2021	as above	Buy	21,385.66	3,297	3,297
20/07/2021	as above	Buy	24,719.67	3,811	3,811
20/07/2021	as above	Buy	5,305.88	818	818
20/07/2021	as above	Buy	54,206.84	8,357	8,357
20/07/2021	as above	Buy	14,497.10	2,235	2,235
20/07/2021	as above	Buy	57,210.05	8,820	8,820
20/07/2021	as above	Buy	104,249.42	16,072	16,072

Page 3 of 9

Date of Change	Holder of relevant interest	Nature of Change	Consideration	Number of Securities	Person's Votes Affected
20/07/2021	as above	Buy	118,201.67	18,223	18,223
20/07/2021	as above	Buy	46,987.48	7,244	7,244
20/07/2021	as above	Buy	124,486.99	19,192	19,192
22/07/2021	as above	Sell-transfer	4,052,121.70	-601,205	601,205
23/07/2021	as above	Sell	95,034.39	-14,421	14,421
27/07/2021	as above	Sell	71,958.30	-10,986	10,986
27/07/2021	as above	Sell	361,758.86	-55,281	55,281
28/07/2021	as above	Buy-transfer	16,205,381.58	2,508,573	2,508,573
28/07/2021	as above	Buy	688,526.46	106,200	106,200
30/07/2021	as above	Buy	1,950,155.57	487,617	487,617
30/07/2021	as above	Sell	145,028.25	-22,485	22,485
30/07/2021	as above	Buy	41,486.40	6,432	6,432
02/08/2021	as above	Buy	1,210,468.00	186,418	186,418
02/08/2021	as above	Buy	1,296,452.28	199,660	199,660
02/08/2021	as above	Buy	1,383,040.43	212,995	212,995
02/08/2021	as above	Buy	2,087,459.59	321,479	321,479
02/08/2021	as above	Buy	515,879.70	79,448	79,448
03/08/2021	as above	Sell-transfer	5,593,945.02	-871,331	871,331
03/08/2021	as above	Buy	458,879.67	71,300	71,300
03/08/2021	as above	Buy	1,917,254.61	297,900	297,900
03/08/2021	as above	Buy	560,566.89	87,100	87,100
03/08/2021	as above	Buy	1,172,620.98	182,200	182,200
03/08/2021	as above	Buy	343,033.47	53,300	53,300
03/08/2021	as above	Buy	1,599,321.15	248,500	248,500
03/08/2021	as above	Buy	637,797.69	99,100	99,100
03/08/2021	as above	Buy	683,492.58	106,200	106,200
03/08/2021	as above	Buy	271,594.98	42,200	42,200
03/08/2021	as above	Buy	316,002.69	49,100	49,100
03/08/2021	as above	Buy	67,576.95	10,500	10,500
03/08/2021	as above	Buy	1,099,895.31	170,900	170,900
03/08/2021	as above	Buy	184,710.33	28,700	28,700
03/08/2021	as above	Buy	727,900.29	113,100	113,100
03/08/2021	as above	Buy	1,331,587.71	206,900	206,900
03/08/2021	as above	Buy	1,509,862.14	234,600	234,600
03/08/2021	as above	Buy	599,825.88	93,200	93,200
03/08/2021	as above	Buy	699,582.33	108,700	108,700
05/08/2021	as above	Sell-transfer	3,616,949.60	-566,920	566,920
05/08/2021	as above	Buy	503,662.45	79,130	79,130
05/08/2021	as above	Buy	1,053,292.93	165,482	165,482
05/08/2021	as above	Buy	308,002.35	48,390	48,390
05/08/2021	as above	Buy	165,782.79	26,046	26,046
05/08/2021	as above	Buy	986,059.44	154,919	154,919
05/08/2021	as above	Buy	612,548.51	96,237	96,237
05/08/2021	as above	Buy	243,639.47	38,278	38,278
05/08/2021	as above	Buy	283,579.85	44,553	44,553
05/08/2021	as above	Buy	60,620.26	9,524	9,524
05/08/2021	as above	Buy	411,433.60	64,640	64,640
05/08/2021	as above	Buy	1,722,165.32	270,568	270,568
05/08/2021	as above	Buy	628,352.80	98,720	98,720
05/08/2021	as above	Buy	652,775.31	102,557	102,557
05/08/2021	as above	Buy	1,194,646.85	187,690	187,690
05/08/2021	as above	Buy	1,354,109.20	212,743	212,743
05/08/2021	as above	Buy	537,848.87	84,501	84,501
05/08/2021	as above	Buy	571,755.22	89,828	89,828
05/08/2021	as above	Buy	1,439,724.81	226,194	226,194
05/08/2021	as above	Buy	87,865.56	13,848	13,848
05/08/2021	as above	Buy	183,744.86	28,959	28,959
05/08/2021	as above	Buy	53,729.46	8,468	8,468
05/08/2021	as above	Buy	28,920.51	4,558	4,558
05/08/2021	as above	Buy	172,019.30	27,111	27,111
05/08/2021	as above	Buy	106,862.49	16,842	16,842
05/08/2021	as above	Buy	42,505.16	6,699	6,699
05/08/2021	as above	Buy	49,471.97	7,797	7,797
05/08/2021	as above	Buy	10,577.12	1,667	1,667
05/08/2021	as above	Buy	71,774.64	11,312	11,312
05/08/2021	as above	Buy	300,416.72	47,347	47,347

Page 4 of 9

Date of Change	Holder of relevant interest	Nature of Change	Consideration	Number of Securities	Person's Votes Affected
05/08/2021	as above	Buy	109,616.22	17,276	17,276
05/08/2021	as above	Buy	113,880.06	17,948	17,948
05/08/2021	as above	Buy	208,407.87	32,846	32,846
05/08/2021	as above	Buy	236,224.35	37,230	37,230
05/08/2021	as above	Buy	93,829.86	14,788	14,788
05/08/2021	as above	Buy	99,743.40	15,720	15,720
05/08/2021	as above	Buy	251,160.48	39,584	39,584
05/08/2021	as above	Buy	100,495.10	15,826	15,826
05/08/2021	as above	Buy	210,159.60	33,096	33,096
05/08/2021	as above	Buy	61,455.30	9,678	9,678
05/08/2021	as above	Buy	33,077.15	5,209	5,209
05/08/2021	as above	Buy	196,748.40	30,984	30,984
05/08/2021	as above	Buy	122,224.80	19,248	19,248
05/08/2021	as above	Buy	48,615.60	7,656	7,656
05/08/2021	as above	Buy	56,584.85	8,911	8,911
05/08/2021	as above	Buy	12,096.75	1,905	1,905
05/08/2021	as above	Buy	82,092.80	12,928	12,928
05/08/2021	as above	Buy	343,611.20	54,112	54,112
05/08/2021	as above	Buy	125,374.40	19,744	19,744
05/08/2021	as above	Buy	130,244.85	20,511	20,511
05/08/2021	as above	Buy	238,366.30	37,538	37,538
05/08/2021	as above	Buy	270,186.15	42,549	42,549
05/08/2021	as above	Buy	107,315.00	16,900	16,900
05/08/2021	as above	Buy	114,084.10	17,966	17,966
05/08/2021	as above	Buy	287,267.65	45,239	45,239
06/08/2021	as above	Buy	466,943.72	73,017	73,017
06/08/2021	as above	Buy	917,957.49	143,543	143,543
06/08/2021	as above	Buy	299,100.55	46,771	46,771
06/08/2021	as above	Buy	109,003.03	27,210	27,210
06/08/2021	as above	Buy	372,559.91	58,258	58,258
06/08/2021	as above	Buy	110,825.35	17,330	17,330
06/08/2021	as above	Buy	366,235.26	57,269	57,269
06/08/2021	as above	Buy	85,047.11	13,299	13,299
06/08/2021	as above	Buy	825,134.06	129,028	129,028
06/08/2021	as above	Buy	334,886.68	70,623	70,623
06/08/2021	as above	Buy	129,031.92	20,177	20,177
06/08/2021	as above	Buy	1,329,418.18	207,884	207,884
06/08/2021	as above	Buy	275,579.74	43,093	43,093
06/08/2021	as above	Buy	171,980.74	26,893	26,893
06/08/2021	as above	Buy	146,726.88	22,944	22,944
06/08/2021	as above	Buy	171,258.10	26,780	26,780
06/08/2021	as above	Buy	422,575.21	66,079	66,079
06/08/2021	as above	Buy	413,775.69	64,703	64,703
06/08/2021	as above	Buy	407,777.18	63,765	63,765
06/08/2021	as above	Buy	1,639,754.74	256,412	256,412
06/08/2021	as above	Buy	466,131.55	72,890	72,890
06/08/2021	as above	Buy	44,899.30	7,021	7,021
06/08/2021	as above	Buy	281,872.42	44,077	44,077
06/08/2021	as above	Buy	261,772.93	40,934	40,934
06/08/2021	as above	Buy	583,678.05	91,271	91,271
06/08/2021	as above	Buy	1,147,442.06	179,428	179,428
06/08/2021	as above	Buy	373,877.28	58,464	58,464
06/08/2021	as above	Buy	136,255.80	34,013	34,013
06/08/2021	as above	Buy	465,696.69	72,822	72,822
06/08/2021	as above	Buy	138,528.49	21,662	21,662
06/08/2021	as above	Buy	457,792.47	71,586	71,586
06/08/2021	as above	Buy	106,310.48	16,624	16,624
06/08/2021	as above	Buy	1,031,411.18	161,284	161,284
06/08/2021	as above	Buy	418,604.79	88,278	88,278
06/08/2021	as above	Buy	161,288.30	25,221	25,221
06/08/2021	as above	Buy	1,661,772.73	259,855	259,855
06/08/2021	as above	Buy	344,479.47	53,867	53,867
06/08/2021	as above	Buy	214,974.32	33,616	33,616
06/08/2021	as above	Buy	183,415.00	28,681	28,681
06/08/2021	as above	Buy	214,072.63	33,475	33,475
06/08/2021	as above	Buy	528,220.61	82,599	82,599

Page 5 of 9

Date of Change	Holder of relevant interest	Nature of Change	Consideration	Number of Securities	Person's Votes Affected
06/08/2021	as above	Buy	517,214.81	80,878	80,878
06/08/2021	as above	Buy	509,719.87	79,706	79,706
06/08/2021	as above	Buy	2,049,706.22	320,517	320,517
06/08/2021	as above	Buy	582,661.24	91,112	91,112
06/08/2021	as above	Buy	56,128.92	8,777	8,777
06/08/2021	as above	Buy	352,345.32	55,097	55,097
06/08/2021	as above	Buy	327,212.97	51,167	51,167
06/08/2021	as above	Buy	19,974.84	3,131	3,131
06/08/2021	as above	Buy	39,260.67	6,154	6,154
06/08/2021	as above	Buy	12,791.30	2,005	2,005
06/08/2021	as above	Buy	4,663.81	1,167	1,167
06/08/2021	as above	Buy	15,936.49	2,498	2,498
06/08/2021	as above	Buy	4,740.12	743	743
06/08/2021	as above	Buy	15,662.16	2,455	2,455
06/08/2021	as above	Buy	3,636.43	570	570
06/08/2021	as above	Buy	35,292.50	5,532	5,532
06/08/2021	as above	Buy	14,324.10	3,028	3,028
06/08/2021	as above	Buy	5,518.44	865	865
06/08/2021	as above	Buy	56,862.27	8,913	8,913
06/08/2021	as above	Buy	11,789.69	1,848	1,848
06/08/2021	as above	Buy	7,355.79	1,153	1,153
06/08/2021	as above	Buy	6,277.62	984	984
06/08/2021	as above	Buy	7,323.90	1,148	1,148
06/08/2021	as above	Buy	18,073.69	2,833	2,833
06/08/2021	as above	Buy	17,697.29	2,774	2,774
06/08/2021	as above	Buy	17,442.10	2,734	2,734
06/08/2021	as above	Buy	70,138.42	10,994	10,994
06/08/2021	as above	Buy	19,936.56	3,125	3,125
06/08/2021	as above	Buy	1,920.29	301	301
06/08/2021	as above	Buy	12,057.63	1,890	1,890
06/08/2021	as above	Buy	11,196.37	1,755	1,755
06/08/2021	as above	Buy	427,535.47	66,468	66,468
06/08/2021	as above	Buy	894,107.96	139,005	139,005
06/08/2021	as above	Buy	261,449.63	40,647	40,647
06/08/2021	as above	Buy	140,723.67	21,878	21,878
06/08/2021	as above	Buy	837,035.05	130,132	130,132
06/08/2021	as above	Buy	519,972.62	80,839	80,839
06/08/2021	as above	Buy	206,820.96	32,154	32,154
06/08/2021	as above	Buy	240,712.22	37,423	37,423
06/08/2021	as above	Buy	51,464.03	8,001	8,001
06/08/2021	as above	Buy	349,249.16	54,297	54,297
06/08/2021	as above	Buy	1,461,903.98	227,279	227,279
06/08/2021	as above	Buy	533,390.19	82,925	82,925
06/08/2021	as above	Buy	554,121.17	86,148	86,148
06/08/2021	as above	Buy	1,014,100.65	157,660	157,660
06/08/2021	as above	Buy	1,149,459.87	178,704	178,704
06/08/2021	as above	Buy	456,563.99	70,981	70,981
06/08/2021	as above	Buy	485,341.65	75,455	75,455
06/08/2021	as above	Buy	1,222,143.73	190,004	190,004
10/08/2021	as above	Buy	243,344.48	38,357	38,357
10/08/2021	as above	Buy	478,397.09	75,407	75,407
10/08/2021	as above	Buy	155,876.99	24,570	24,570
10/08/2021	as above	Buy	56,643.70	14,294	14,294
10/08/2021	as above	Buy	194,157.90	30,604	30,604
10/08/2021	as above	Buy	57,757.60	9,104	9,104
10/08/2021	as above	Buy	190,865.26	30,085	30,085
10/08/2021	as above	Buy	44,320.58	6,986	6,986
10/08/2021	as above	Buy	430,016.22	67,781	67,781
10/08/2021	as above	Buy	172,643.76	37,100	37,100
10/08/2021	as above	Buy	67,242.18	10,599	10,599
10/08/2021	as above	Buy	143,620.00	22,638	22,638
10/08/2021	as above	Buy	89,624.51	14,127	14,127
10/08/2021	as above	Buy	76,466.64	12,053	12,053
10/08/2021	as above	Buy	89,256.55	14,069	14,069
10/08/2021	as above	Buy	220,226.21	34,713	34,713
10/08/2021	as above	Buy	215,639.36	33,990	33,990

Page 6 of 9

Date of Change	Holder of relevant interest	Nature of Change	Consideration	Number of Securities	Person's Votes Affected
10/08/2021	as above	Buy	212,511.67	33,497	33,497
10/08/2021	as above	Buy	854,563.74	134,700	134,700
10/08/2021	as above	Buy	242,925.76	38,291	38,291
10/08/2021	as above	Buy	23,403.75	3,689	3,689
10/08/2021	as above	Buy	146,899.95	23,155	23,155
10/08/2021	as above	Buy	136,419.33	21,503	21,503
16/08/2021	as above	Buy	282,008.52	45,412	45,412
16/08/2021	as above	Sell	612,206.64	-98,584	98,584
16/08/2021	as above	Buy	531,347.38	84,483	84,483
16/08/2021	as above	Buy	2,098,558.94	333,666	333,666
16/08/2021	as above	Buy	3,835,735.25	609,873	609,873
16/08/2021	as above	Buy	4,346,208.11	691,037	691,037
16/08/2021	as above	Buy	1,727,031.50	274,594	274,594
16/08/2021	as above	Buy	2,039,520.34	324,279	324,279
16/08/2021	as above	Buy	1,321,516.15	210,118	210,118
16/08/2021	as above	Buy	5,509,105.59	875,935	875,935
16/08/2021	as above	Buy	1,613,727.96	256,579	256,579
16/08/2021	as above	Buy	3,372,967.48	536,294	536,294
16/08/2021	as above	Buy	988,750.28	157,209	157,209
16/08/2021	as above	Buy	4,634,250.05	736,835	736,835
16/08/2021	as above	Buy	1,836,762.67	292,041	292,041
16/08/2021	as above	Buy	1,968,557.04	312,996	312,996
16/08/2021	as above	Buy	782,413.94	124,402	124,402
16/08/2021	as above	Buy	910,032.15	144,693	144,693
16/08/2021	as above	Buy	194,411.64	30,911	30,911
16/08/2021	as above	Buy	3,170,203.52	504,055	504,055
16/08/2021	as above	Buy	86,472.47	13,821	13,821
16/08/2021	as above	Buy	92,660.25	14,810	14,810
16/08/2021	as above	Buy	36,851.37	5,890	5,890
16/08/2021	as above	Buy	42,832.68	6,846	6,846
16/08/2021	as above	Buy	9,140.89	1,461	1,461
16/08/2021	as above	Buy	149,269.96	23,858	23,858
16/08/2021	as above	Buy	25,020.14	3,999	3,999
16/08/2021	as above	Buy	98,810.48	15,793	15,793
16/08/2021	as above	Buy	180,609.27	28,867	28,867
16/08/2021	as above	Buy	204,659.64	32,711	32,711
16/08/2021	as above	Buy	81,329.54	12,999	12,999
16/08/2021	as above	Buy	96,032.55	15,349	15,349
16/08/2021	as above	Buy	62,209.37	9,943	9,943
16/08/2021	as above	Buy	259,417.41	41,463	41,463
16/08/2021	as above	Buy	75,986.41	12,145	12,145
16/08/2021	as above	Buy	158,830.05	25,386	25,386
16/08/2021	as above	Buy	46,542.85	7,439	7,439
16/08/2021	as above	Buy	218,180.16	34,872	34,872
17/08/2021	as above	Sell	297,465.12	-48,607	48,607
19/08/2021	as above	Buy-transfer	4,734,413.56	787,756	787,756
19/08/2021	as above	Buy	1,539,574.10	254,555	254,555
19/08/2021	as above	Buy	176,084.38	29,114	29,114
19/08/2021	as above	Buy	1,116,158.71	184,547	184,547
19/08/2021	as above	Buy	301,776.00	49,896	49,896
19/08/2021	as above	Buy	64,291.30	10,630	10,630
19/08/2021	as above	Buy	1,824,554.52	301,674	301,674
19/08/2021	as above	Buy	437,894.54	72,402	72,402
19/08/2021	as above	Buy	1,439,943.74	238,082	238,082
19/08/2021	as above	Buy	572,271.22	94,620	94,620
19/08/2021	as above	Buy	534,041.18	88,299	88,299
19/08/2021	as above	Buy	1,270,814.68	210,118	210,118
19/08/2021	as above	Buy	327,837.26	54,205	54,205
19/08/2021	as above	Buy	676,528.37	111,858	111,858
24/08/2021	as above	Buy	4,391,929.21	718,422	718,422
24/08/2021	as above	Buy	3,338,008.52	546,024	546,024
24/08/2021	as above	Buy	33,469.14	5,451	5,451
25/08/2021	as above	Sell	130,086.88	-21,118	21,118
25/08/2021	as above	Buy	5,441,050.25	883,646	883,646
25/08/2021	as above	Buy	4,135,377.00	671,600	671,600
25/08/2021	as above	Buy	827,691.09	134,700	134,700

Page 7 of 9

Date of Change	Holder of relevant interest	Nature of Change	Consideration	Number of Securities	Person's Votes Affected
25/08/2021	as above	Buy	188,027.82	30,600	30,600
30/08/2021	as above	Buy	29,859.57	4,887	4,887
30/08/2021	as above	Buy	91,912.73	15,043	15,043
30/08/2021	as above	Buy	27,837.16	4,556	4,556
30/08/2021	as above	Buy	56,694.69	9,279	9,279
30/08/2021	as above	Buy	140,181.73	22,943	22,943
30/08/2021	as above	Buy	70,601.05	11,555	11,555
30/08/2021	as above	Buy	19,460.63	5,144	5,144
30/08/2021	as above	Buy	109,136.82	17,862	17,862
30/08/2021	as above	Buy	21,000.07	3,437	3,437
30/08/2021	as above	Buy	156,092.17	25,547	25,547
30/08/2021	as above	Buy	13,900.25	2,275	2,275
30/08/2021	as above	Buy	18,262.79	2,989	2,989
30/08/2021	as above	Buy	61,794.35	13,860	13,860
30/08/2021	as above	Buy	52,429.91	8,581	8,581
30/08/2021	as above	Buy	240,929.52	39,432	39,432
30/08/2021	as above	Sell	357,015.16	-58,253	58,253
31/08/2021	as above	Buy	37,762.44	10,075	10,075
31/08/2021	as above	Buy	418,404.49	69,071	69,071
31/08/2021	as above	Buy	47,031.21	7,764	7,764
31/08/2021	as above	Buy	121,212.76	27,411	27,411
31/08/2021	as above	Buy	76,658.93	12,655	12,655
31/08/2021	as above	Buy	153,202.76	25,291	25,291
31/08/2021	as above	Buy	110,024.19	18,163	18,163
31/08/2021	as above	Buy	137,022.91	22,620	22,620
31/08/2021	as above	Buy	219,491.08	36,234	36,234
31/08/2021	as above	Buy	303,407.01	50,087	50,087
31/08/2021	as above	Buy	41,125.05	6,789	6,789
31/08/2021	as above	Buy	101,373.94	16,735	16,735
31/08/2021	as above	Buy	53,979.27	8,911	8,911
31/08/2021	as above	Buy	537,284.89	88,696	88,696
31/08/2021	as above	Buy	40,773.71	6,731	6,731
31/08/2021	as above	Buy	34,304.19	5,663	5,663
31/08/2021	as above	Buy	105,596.08	17,432	17,432
31/08/2021	as above	Buy	31,978.07	5,279	5,279
31/08/2021	as above	Buy	65,131.32	10,752	10,752
31/08/2021	as above	Buy	161,053.41	26,587	26,587
31/08/2021	as above	Buy	81,111.26	13,390	13,390
31/08/2021	as above	Buy	22,342.62	5,961	5,961
31/08/2021	as above	Buy	125,386.26	20,699	20,699
31/08/2021	as above	Buy	24,127.42	3,983	3,983
31/08/2021	as above	Buy	179,329.19	29,604	29,604
31/08/2021	as above	Buy	15,967.83	2,636	2,636
31/08/2021	as above	Buy	20,983.53	3,464	3,464
31/08/2021	as above	Buy	71,022.51	16,061	16,061
31/08/2021	as above	Buy	60,230.72	9,943	9,943
31/08/2021	as above	Buy	276,808.09	45,696	45,696
31/08/2021	as above	Buy	2,341,290.23	624,655	624,655
01/09/2021	as above	Sell	74,398.04	-12,200	12,200
01/09/2021	as above	Sell	337,840.28	-55,400	55,400
01/09/2021	as above	Sell	379,917.86	-62,300	62,300
01/09/2021	as above	Sell	503,711.32	-82,600	82,600
01/09/2021	as above	Sell	648,848.48	-106,400	106,400
03/09/2021	as above	Buy	48,024.61	12,103	12,103
03/09/2021	as above	Buy	527,261.64	82,968	82,968
03/09/2021	as above	Buy	59,266.73	9,326	9,326
03/09/2021	as above	Buy	155,029.42	32,926	32,926
03/09/2021	as above	Buy	96,596.00	15,200	15,200
03/09/2021	as above	Buy	193,058.55	30,379	30,379
03/09/2021	as above	Buy	138,653.39	21,818	21,818
03/09/2021	as above	Buy	172,671.71	27,171	27,171
03/09/2021	as above	Buy	276,595.02	43,524	43,524
03/09/2021	as above	Buy	382,335.87	60,163	60,163
03/09/2021	as above	Buy	51,825.03	8,155	8,155
03/09/2021	as above	Buy	127,748.21	20,102	20,102
03/09/2021	as above	Buy	68,017.57	10,703	10,703

Page 8 of 9

Date of Change	Holder of relevant interest	Nature of Change	Consideration	Number of Securities	Person's Votes Affected
03/09/2021	as above	Buy	677,074.41	106,542	106,542
03/09/2021	as above	Buy	51,380.18	8,085	8,085
03/09/2021	as above	Buy	43,226.71	6,802	6,802
03/09/2021	as above	Buy	133,067.35	20,939	20,939
03/09/2021	as above	Buy	40,297.06	6,341	6,341
03/09/2021	as above	Buy	82,074.83	12,915	12,915
03/09/2021	as above	Buy	202,953.28	31,936	31,936
03/09/2021	as above	Buy	102,213.82	16,084	16,084
03/09/2021	as above	Buy	28,410.82	7,160	7,160
03/09/2021	as above	Buy	158,004.37	24,863	24,863
03/09/2021	as above	Buy	30,402.32	4,784	4,784
03/09/2021	as above	Buy	225,983.80	35,560	35,560
03/09/2021	as above	Buy	20,119.93	3,166	3,166
03/09/2021	as above	Buy	26,443.16	4,161	4,161
03/09/2021	as above	Buy	90,834.83	19,292	19,292
03/09/2021	as above	Buy	75,897.77	11,943	11,943
03/09/2021	as above	Buy	348,819.60	54,889	54,889
03/09/2021	as above	Buy	69,332.02	17,629	17,629
03/09/2021	as above	Buy	761,235.69	120,856	120,856
03/09/2021	as above	Buy	85,567.84	13,585	13,585
03/09/2021	as above	Buy	223,824.59	47,962	47,962
03/09/2021	as above	Buy	139,465.82	22,142	22,142
03/09/2021	as above	Buy	278,723.77	44,251	44,251
03/09/2021	as above	Buy	200,178.98	31,781	31,781
03/09/2021	as above	Buy	249,302.55	39,580	39,580
03/09/2021	as above	Buy	399,343.88	63,401	63,401
03/09/2021	as above	Buy	552,005.47	87,638	87,638
03/09/2021	as above	Buy	74,815.96	11,878	11,878
03/09/2021	as above	Buy	184,438.53	29,282	29,282
03/09/2021	as above	Buy	98,203.03	15,591	15,591
03/09/2021	as above	Buy	977,551.94	155,199	155,199
03/09/2021	as above	Buy	74,179.79	11,777	11,777
03/09/2021	as above	Buy	62,413.82	9,909	9,909
03/09/2021	as above	Buy	192,110.35	30,500	30,500
03/09/2021	as above	Buy	58,181.09	9,237	9,237
03/09/2021	as above	Buy	118,497.44	18,813	18,813
03/09/2021	as above	Buy	293,015.52	46,520	46,520
03/09/2021	as above	Buy	147,565.94	23,428	23,428
03/09/2021	as above	Buy	41,015.58	10,429	10,429
03/09/2021	as above	Buy	228,113.72	36,216	36,216
03/09/2021	as above	Buy	43,895.64	6,969	6,969
03/09/2021	as above	Buy	326,266.36	51,799	51,799
03/09/2021	as above	Buy	29,055.90	4,613	4,613
03/09/2021	as above	Buy	38,176.42	6,061	6,061
03/09/2021	as above	Buy	131,139.13	28,101	28,101
03/09/2021	as above	Buy	109,584.78	17,398	17,398
03/09/2021	as above	Buy	503,606.26	79,954	79,954
07/09/2021	as above	Buy	163,917.60	26,610	26,610
07/09/2021	as above	Buy	157,422.59	25,623	25,623
07/09/2021	as above	Buy	155,095.12	25,222	25,222
08/09/2021	as above	Buy	182,202.18	29,561	29,561
08/09/2021	as above	Buy	144,536.42	23,450	23,450
08/09/2021	as above	Buy	317,715.09	51,547	51,547
08/09/2021	as above	Buy	4,323,276.38	701,250	701,250
08/09/2021	as above	Buy	16,071,028.55	2,606,775	2,606,775
08/09/2021	as above	Buy	3,810,956.57	618,150	618,150
08/09/2021	as above	Buy	18,085,166.72	2,933,475	2,933,475
08/09/2021	as above	Buy	870,203.87	141,150	141,150
08/09/2021	as above	Buy	8,467,610.72	1,373,475	1,373,475
					-
			Total Number of Securities	107,217,997	107,217,997
					-

Page 9 of 9

Annexure 2

This is page 1 of 4 of Annexure 2 referred to in ASIC Form 603 - becoming a substantial holder

==> picture [108 x 42] intentionally omitted <==

Linda Matthews - Company Secretary of Challenger Limited

10/09/2021

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
Accurium Holdings Pty Ltd	158242936	Australia
Accurium Pty Ltd	009492219	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
Avenir Capital Pty Ltd	150790355	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 Holdco1 Holdings Pty Ltd	645868659	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 603 - becoming a substantial holder

==> picture [108 x 42] intentionally omitted <==

Linda Matthews - Company Secretary of Challenger Limited

10/09/2021

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 UK Terminals Limited	95751	Jersey
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 Arete Holdings Pty Ltd	143836373	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 603 - becoming a substantial holder

==> picture [108 x 42] intentionally omitted <==

Linda Matthews - Company Secretary of Challenger Limited

10/09/2021

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 Kapstream Holdings Pty Limited	123319460	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 R&M Holdings Pty Limited	152375436	Australia
Fidante Partners Services Limited	119605373	Australia
Fidante Partners Tempo Holdings Pty Ltd	167321262	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
Metisq Capital Holdings Pty Ltd	158011351	Australia
Metisq Capital Pty Ltd	104642613	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 603 - becoming a substantial holder

==> picture [108 x 42] intentionally omitted <==

Linda Matthews - Company Secretary of Challenger Limited

10/09/2021

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.P27263	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