• Challenger submits revised non-binding, confidential proposal to acquire Pepper Money
• Offer price reduced from $2.60 to $2.25 per share, less final 2025 dividend and any special dividend
• Revised proposal represents Challenger's best and final offer in the absence of a superior proposal

Challenger Limited (ASX:CGF) has submitted a revised confidential, non-binding and conditional proposal to acquire, jointly with Pepper Group ANZ HoldCo Limited, Pepper Money Limited (ASX: PPM). Under the revised proposal, Challenger has reduced the offer price from $2.60 per share to $2.25 per share, less the final fully franked Pepper Money 2025 dividend of 7.8 cents per Pepper Money share and any special dividend. Challenger states that the revised proposal represents its best and final offer, in the absence of a superior proposal. The discussions remain incomplete, and there is no certainty that the revised proposal will eventuate in a transaction. Challenger will continue to keep the market informed in accordance with its continuous disclosure obligations.