• Challenger to redeem all outstanding Challenger Capital Notes 3 on 25 May 2026
• Redemption price of A$100 per note
• Final distribution of A$1.47 per note expected on 25 May 2026
• Last day of trading on ASX expected to be 13 May 2026

Challenger Limited has issued a Redemption Notice to holders of Challenger Capital Notes 3 (CCN3), notifying them that all outstanding CCN3 will be redeemed on 25 May 2026 (the Optional Exchange Date) at their face value of A$100 per note. The redemption has been approved by the Australian Prudential Regulation Authority (APRA). Challenger's redemption of the CCN3 does not imply or indicate that Challenger or any of its related regulated entities will exercise any right to redeem other outstanding capital instruments in the future, which would be subject to APRA's prior written approval. A final fully franked distribution of A$1.47 per CCN3 is expected to be paid on 25 May 2026 to registered holders as at the record date of 15 May 2026. The last day of trading for CCN3 on the ASX is expected to be 13 May 2026.