CHALLENGER LIMITED — Regulatory Filings 2021

May 26, 2021

Notification of dividend / distribution

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Announcement Summary

Entity name

CHALLENGER LIMITED

Security on which the Distribution will be paid

CGFPB - CAP NOTE 3-BBSW+4.40% PERP NON-CUM RED T-05-23

Announcement Type

New announcement

Date of this announcement

Thursday May 27, 2021

Distribution Amount

AUD 0.77000000

Ex Date

Thursday August 12, 2021

Record Date

Friday August 13, 2021

Payment Date

Monday August 23, 2021

Additional Information

Distributions are discretionary and are subject to there being no Payment Conditions existing in respect of the relevant Distribution Payment Date. Capitalised terms used in this announcement but not defined have the meaning they are given in the Challenger Capital Notes 2 Prospectus dated 8 March 2017.

The Prospectus and other information about Challenger Capital Notes 2 may be found at www.challenger.com.au/shareholder/debtinstruments/challenger-capital-notes-2-cgfpb. The forward-looking statements, estimates and projections contained in this release are not representations as to future performance and nothing in this release should be relied upon as guarantees or representations of future performance.

Refer to below for full details of the announcement

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Notification of dividend / distribution

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Announcement Details

Part 1 - Entity and announcement details

1.1 Name of +Entity

CHALLENGER LIMITED

1.2 Registered Number Type Registration Number ABN 85106842371

1.3 ASX issuer code

CGF

1.4 The announcement is

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New announcement

1.5 Date of this announcement

Thursday May 27, 2021

1.6 ASX +Security Code

CGFPB

ASX +Security Description

CAP NOTE 3-BBSW+4.40% PERP NON-CUM RED T-05-23

Part 2A - All dividends/distributions basic details

2A.1 Type of dividend/distribution Ordinary

2A.2 The Dividend/distribution:

relates to a period of one quarter

2A.3 The dividend/distribution relates to the financial reporting or payment period ending ended/ending (date) Sunday August 22, 2021

2A.4 +Record Date

Friday August 13, 2021

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2A.5 Ex Date

Thursday August 12, 2021

2A.6 Payment Date

Monday August 23, 2021

• 2A.7 Are any of the below approvals required for the dividend/distribution before business day 0 of the timetable? Security holder approval Court approval Lodgement of court order with +ASIC ACCC approval

FIRB approval

Another approval/condition external to the entity required before business day 0 of the timetable for the dividend/distribution.

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No

2A.8 Currency in which the dividend/distribution is made ("primary currency")

AUD - Australian Dollar

2A.9 Total dividend/distribution payment amount per Estimated or Actual? +security (in primary currency) for all Actual dividends/distributions notified in this form AUD 0.77000000

2A.10 Does the entity have arrangements relating to the currency in which the dividend/distribution is paid to securityholders that it wishes to disclose to the market? No

2A.11 Does the entity have a securities plan for dividends/distributions on this +security? We do not have a securities plan for dividends/distributions on this security

2A.12 Does the +entity have tax component information apart from franking? No

Part 3A - Ordinary dividend/distribution

3A.1 Is the ordinary dividend/distribution estimated at 3A.1a Ordinary dividend/distribution estimated amount this time? per +security No AUD 3A.1b Ordinary Dividend/distribution amount per security AUD 0.77000000 3A.2 Is the ordinary dividend/distribution franked? 3A.2a Is the ordinary dividend/distribution fully franked? Yes Yes

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	Notification of dividend / distribution
	3A.3 Percentage of ordinary dividend/distribution that is	3A.3a Applicable corporate tax rate for franking credit
	franked	(%)
	100.0000 %	30.0000 %
	3A.4 Ordinary dividend/distribution franked amount per	3A.5 Percentage amount of dividend which is unfranked
	+security	0.0000 %
	AUD 0.77000000
	3A.6 Ordinary dividend/distribution unfranked amount
	per +security excluding conduit foreign income amount
	AUD 0.00000000
	3A.7 Ordinary dividend/distribution conduit foreign
	income amount per security
	AUD 0.00000000
Part	3D - Preference +security distribution rate details
	3D.1 Start date of payment period	3D.2 End date of payment period
	Monday May 24, 2021	Sunday August 22, 2021
	3D.3 Date dividend/distribution rate is set (optional)
	Monday May 24, 2021
	3D.4 Describe how the date that dividend/distribution rate is set is determined First Business Day of the Distribution Period. For more information, please refer to the Prospectus dated 8 March 2017.

3D.5 Number of days in the dividend/distribution period 91 3D.6 Dividend/distribution base rate (pa) 0.0406 % 3D.7 Comments on how dividend/distribution base rate is set 90 day Bank Bill rate on first Business Day of the Distribution Period. For more information, please refer to the Prospectus dated 8 March 2017. 3D.8 Dividend/distribution margin 4.4000 % 3D.9 Comments on how dividend/distribution margin is set Margin is defined in the Prospectus dated 8 March 2017. 3D.10 Any other rate / multiplier used in calculating dividend/distribution rate -1.3322 %

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3D.11 Comments on how other rate used in calculating dividend/distribution rate is set

Above rate represents franking credits and is calculated as (Bank Bill Rate + Margin) x Tax Rate x -1. The calculation is based on an expected Franking Rate of 100% and a Tax Rate of 30%. For more information, please refer to the Prospectus dated 8 March 2017.

3D.12 Total dividend/distribution rate for the period (pa)

3.1084 %

3D.13 Comment on how total distribution rate is set

Distribution Rate = (Bank Bill Rate + Margin) x (1 - Tax Rate). For more information, please refer to the Prospectus dated 8 March 2017.

Part 5 - Further information

5.1 Please provide any further information applicable to this dividend/distribution

5.2 Additional information for inclusion in the Announcement Summary

Distributions are discretionary and are subject to there being no Payment Conditions existing in respect of the relevant Distribution Payment Date. Capitalised terms used in this announcement but not defined have the meaning they are given in the Challenger Capital Notes 2 Prospectus dated 8 March 2017.

The Prospectus and other information about Challenger Capital Notes 2 may be found at www.challenger.com.au/shareholder/debtinstruments/challenger-capital-notes-2-cgfpb. The forward-looking statements, estimates and projections contained in this release are not representations as to future performance and nothing in this release should be relied upon as guarantees or representations of future performance.

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