Update regarding indicative non-binding offer

• Challenger received a non-binding offer from TAL Daiichi Life to acquire remaining shares at $11.80 each
• The Board of Challenger deemed the offer inadequate and not recommendable to shareholders
• Challenger intends to engage with TAL Daiichi Life to explore potential improved proposals

Challenger Limited (ASX: CGF) announced that it has received a non-binding and conditional indicative offer from TAL Daiichi Life Australia Pty Limited (TDA) to acquire the remaining ordinary shares in Challenger it does not already own at a price of $11.80 per share. The Board of Challenger has carefully considered the offer but concluded it is not at a level it could recommend to shareholders. Challenger values TDA as its largest shareholder and a commercial partner and intends to engage with TDA to explore whether a proposal can be reached that the Board could recommend. There is no certainty that the proposal will result in a binding offer or that any transaction will eventuate.