Sydney

Level 15, 255 Pitt Street Sydney NSW 2000 Australia GPO Box 3698

Sydney NSW 2001 www.challenger.com.au

8 September 2015

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 - Ozforex Group Limited (OFX)

Telephone 02 9994 7000

Facsimile 02 9994 7777

We enclose notice of initial substantial holder in Ozforex Group Limited. This notice is given by Challenger

Limited and each of its subsidiaries named in Annexure 2 to this notice. Yours faithfully

Andrew Brown

Company Secretary attach

Melbourne Level 19, 31 Queen Street PO Box 297, Flinders Lane, Melbourne VIC 3000 Telephone 02 9994 7000 Facsimile 02 9994 7777

Brisbane Level 9, 241 Adelaide Street GPO Box 3234, Brisbane QLD 4001 Telephone 07 3136 5400 Facsimile 07 3136 5407

Perth Level 5, 50 Georges Terrace, Perth WA 6000 Telephone 08 9261 7412 Facsimile 08 9321 5277

Adelaide Level 7, Suite 714, 147 Pirie Street Adelaide SA 5000 Telephone 08 7071 7042 Facsimile 08 8227 0395

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 Howard Commercial Lending Limited ABN 65 000 033 143

Challenger Management Services 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

Form 603

Corporations Act 2001

Section 671B

Notice of initial substantial holder

ToCompanyName/Scheme

ACN/ARSN

1. Details of substantial holder (1)

Name

ACN/ARSN (if applicable)

The holder became a substantial holder on

2. Details of voting power

The total number of votes attached to all the voting shar a relevant interest (3) in on the date the substantial hold

3. Details of relevant interests

The nature of the relevant interest the substantial holde substantial holder are as follows:

4. Details of present registered holders

The persons registered as holders of the securities refe

5. Consideration

The consideration paid for each relevant interest referre became a substantial holder is as follows:

Ozforex Group Limited

ToCompanyName/Scheme

ACN/ARSN

1. Details of substantial holder (1)

Name

ACN/ARSN (if applicable)

The holder became a substantial holder on

2. Details of voting power

The total number of votes attached to all the voting shar a relevant interest (3) in on the date the substantial hold

3. Details of relevant interests

The nature of the relevant interest the substantial holde substantial holder are as follows:

4. Details of present registered holders

The persons registered as holders of the securities refe

5. Consideration

The consideration paid for each relevant interest referre became a substantial holder is as follows:

165 602 273

ToCompanyName/Scheme

ACN/ARSN

1. Details of substantial holder (1)

Name

ACN/ARSN (if applicable)

The holder became a substantial holder on

2. Details of voting power

The total number of votes attached to all the voting shar a relevant interest (3) in on the date the substantial hold

3. Details of relevant interests

The nature of the relevant interest the substantial holde substantial holder are as follows:

4. Details of present registered holders

The persons registered as holders of the securities refe

5. Consideration

The consideration paid for each relevant interest referre became a substantial holder is as follows:

Challenger Limited (and its entities listed in Annexure 2)

ToCompanyName/Scheme

ACN/ARSN

1. Details of substantial holder (1)

Name

ACN/ARSN (if applicable)

The holder became a substantial holder on

2. Details of voting power

The total number of votes attached to all the voting shar a relevant interest (3) in on the date the substantial hold

3. Details of relevant interests

The nature of the relevant interest the substantial holde substantial holder are as follows:

4. Details of present registered holders

The persons registered as holders of the securities refe

5. Consideration

The consideration paid for each relevant interest referre became a substantial holder is as follows:

106 842 371

ToCompanyName/Scheme

ACN/ARSN

1. Details of substantial holder (1)

Name

ACN/ARSN (if applicable)

The holder became a substantial holder on

2. Details of voting power

The total number of votes attached to all the voting shar a relevant interest (3) in on the date the substantial hold

3. Details of relevant interests

The nature of the relevant interest the substantial holde substantial holder are as follows:

4. Details of present registered holders

The persons registered as holders of the securities refe

5. Consideration

The consideration paid for each relevant interest referre became a substantial holder is as follows:

04/09/2015

es in the company or voting interests in the scheme that the substantial holder or an associate (2) had er becamea substantial holder are as follows:

r or an associate had in the following voting securities on the date the substantial holder became a

rred to in paragraph 3 above are as follows:

d to in paragraph 3 above, and acquired in the four months prior to the day that the substantial holder

Holder of relevant interest

Date of acquisition

Consideration (9)

Class and number of

securities

Holder of relevant interest

Date of acquisition

Cash

Non-cash

Refer Annexure 2

Refer

Annexure 1

Refer

Annexure 1

Refer

Annexure 1

603 page 2 / 2 15 July 2001

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 of persons named in this form are as follows:

Name

Address

Challenger Limited (and its entities listed in Annexure 2)

Level 15, 255 Pitt Street, Sydney

Signature

print name

Andrew Brown

capacity

Company Secretary sign here date 08/09/2015

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 4 pages and is referred to in Form 603 signed by me and dated 08/09/2015

Andrew Brown

Company Secretary of Challenger Limited

Transactions: Company

Name/Scheme: Ozforex Group Limited (OFX)

As at: 04/09/2015

Class of security: Ordinary Fully Paid

Date of Change

Holder of relevant

interest

Nature of Change

Consideration

Number of

Securities

Person's Votes

Affected

18/06/2015

Challenger Limited (and its entities listed in Annexure

2)

Buy

103,899.04

46,398

46,398

18/06/2015

as above

Buy

279,258.62

124,708

124,708

18/06/2015

as above

Buy

294,960.60

131,720

131,720

18/06/2015

as above

Buy

185,060.23

82,642

82,642

18/06/2015

as above

Buy

195,932.03

87,497

87,497

19/06/2015

as above

Buy

138,968.22

61,915

61,915

19/06/2015

as above

Buy

373,520.71

166,416

166,416

19/06/2015

as above

Buy

394,518.01

175,771

175,771

19/06/2015

as above

Buy

247,523.46

110,280

110,280

19/06/2015

as above

Buy

262,067.82

116,760

116,760

22/06/2015

as above

Buy

50,073.80

22,135

22,135

22/06/2015

as above

Buy

134,591.85

59,496

59,496

22/06/2015

as above

Buy

142,156.65

62,840

62,840

22/06/2015

as above

Buy

89,191.76

39,427

39,427

22/06/2015

as above

Buy

94,431.01

41,743

41,743

23/06/2015

as above

Buy

67,641.91

29,430

29,430

23/06/2015

as above

Buy

181,808.04

79,102

79,102

23/06/2015

as above

Buy

192,029.02

83,549

83,549

23/06/2015

as above

Buy

120,482.13

52,420

52,420

23/06/2015

as above

Buy

127,558.90

55,499

55,499

23/06/2015

as above

Buy

19,330.79

8,423

8,423

23/06/2015

as above

Buy

51,954.21

22,638

22,638

23/06/2015

as above

Buy

54,875.75

23,911

23,911

23/06/2015

as above

Buy

34,429.59

15,002

15,002

23/06/2015

as above

Buy

36,453.78

15,884

15,884

24/06/2015

as above

Buy

37,417.45

16,699

16,699

24/06/2015

as above

Buy

373,390.25

166,640

166,640

24/06/2015

as above

Buy

394,383.37

176,009

176,009

24/06/2015

as above

Buy

247,438.26

110,429

110,429

24/06/2015

as above

Buy

261,975.92

116,917

116,917

03/08/2015

as above

Buy

17,575.47

7,794

7,794

03/08/2015

as above

Buy

109,209.65

48,430

48,430

03/08/2015

as above

Buy

68,243.07

30,263

30,263

03/08/2015

as above

Buy

72,268.24

32,048

32,048

03/08/2015

as above

Buy

102,618.29

45,507

45,507

04/08/2015

as above

Buy

3,528.00

1,563

1,563

04/08/2015

as above

Buy

21,915.15

9,709

9,709

04/08/2015

as above

Buy

13,694.43

6,067

6,067

04/08/2015

as above

Buy

14,502.51

6,425

6,425

04/08/2015

as above

Buy

20,594.69

9,124

9,124

05/08/2015

as above

Buy

15,155.86

6,721

6,721

05/08/2015

as above

Buy

94,182.33

41,766

41,766

05/08/2015

as above

Buy

58,850.99

26,098

26,098

05/08/2015

as above

Buy

62,323.69

27,638

27,638

05/08/2015

as above

Buy

88,497.48

39,245

39,245

06/08/2015

as above

Buy

59,330.65

23,633

23,633

06/08/2015

as above

Buy

368,676.97

146,854

146,854

06/08/2015

as above

Buy

230,378.54

91,766

91,766

06/08/2015

as above

Buy

243,965.37

97,178

97,178

06/08/2015

as above

Buy

346,428.92

137,992

137,992

07/08/2015

as above

Buy

161,749.69

65,059

65,059

07/08/2015

as above

Buy

64,608.88

25,987

25,987

Page 1 of 4

Date of Change

Holder of relevant

interest

Nature of Change

Consideration

Number of

Securities

Person's Votes

Affected

07/08/2015

as above

Buy

468,516.93

188,447

188,447

07/08/2015

as above

Buy

6,359.70

2,558

2,558

07/08/2015

as above

Buy

114,320.45

45,982

45,982

07/08/2015

as above

Buy

62,535.39

25,153

25,153

07/08/2015

as above

Buy

5,419.92

2,180

2,180

07/08/2015

as above

Buy

14,009.74

5,635

5,635

07/08/2015

as above

Buy

266,848.82

107,332

107,332

10/08/2015

as above

Buy

17,712.30

6,946

6,946

10/08/2015

as above

Buy

7,073.70

2,774

2,774

10/08/2015

as above

Buy

51,303.45

20,119

20,119

10/08/2015

as above

Buy

696.15

273

273

10/08/2015

as above

Buy

12,517.95

4,909

4,909

10/08/2015

as above

Buy

6,846.75

2,685

2,685

10/08/2015

as above

Buy

594.15

233

233

10/08/2015

as above

Buy

1,535.10

602

602

10/08/2015

as above

Buy

29,220.45

11,459

11,459

11/08/2015

as above

Buy

617,270.17

238,494

238,494

11/08/2015

as above

Buy

246,562.28

95,264

95,264

11/08/2015

as above

Buy

1,787,980.32

690,820

690,820

11/08/2015

as above

Buy

24,269.55

9,377

9,377

11/08/2015

as above

Buy

436,272.17

168,562

168,562

11/08/2015

as above

Buy

238,650.16

92,207

92,207

11/08/2015

as above

Buy

20,679.72

7,990

7,990

11/08/2015

as above

Buy

53,461.86

20,656

20,656

11/08/2015

as above

Buy

1,018,368.70

393,466

393,466

12/08/2015

as above

Buy

222,919.43

86,675

86,675

12/08/2015

as above

Buy

89,044.32

34,622

34,622

12/08/2015

as above

Buy

645,708.93

251,063

251,063

12/08/2015

as above

Buy

8,765.04

3,408

3,408

12/08/2015

as above

Buy

157,554.59

61,260

61,260

12/08/2015

as above

Buy

86,186.94

33,511

33,511

12/08/2015

as above

Buy

7,468.80

2,904

2,904

12/08/2015

as above

Buy

19,307.25

7,507

7,507

12/08/2015

as above

Buy

367,771.41

142,996

142,996

13/08/2015

as above

Buy

164,705.09

64,135

64,135

13/08/2015

as above

Buy

65,789.59

25,618

25,618

13/08/2015

as above

Buy

477,078.51

185,771

185,771

13/08/2015

as above

Buy

6,476.75

2,522

2,522

13/08/2015

as above

Buy

116,409.40

45,329

45,329

13/08/2015

as above

Buy

63,678.61

24,796

24,796

13/08/2015

as above

Buy

5,518.85

2,149

2,149

13/08/2015

as above

Buy

14,265.80

5,555

5,555

13/08/2015

as above

Buy

271,728.09

105,809

105,809

14/08/2015

as above

Buy

72,791.46

27,783

27,783

14/08/2015

as above

Buy

29,076.76

11,098

11,098

14/08/2015

as above

Buy

210,849.74

80,477

80,477

14/08/2015

as above

Buy

2,861.04

1,092

1,092

14/08/2015

as above

Buy

51,446.32

19,636

19,636

14/08/2015

as above

Buy

28,141.42

10,741

10,741

14/08/2015

as above

Buy

2,439.22

931

931

14/08/2015

as above

Buy

6,303.72

2,406

2,406

14/08/2015

as above

Buy

120,090.32

45,836

45,836

17/08/2015

as above

Buy

107,742.94

40,869

40,869

17/08/2015

as above

Buy

43,037.60

16,325

16,325

17/08/2015

as above

Buy

312,085.19

118,380

118,380

17/08/2015

as above

Buy

4,236.53

1,607

1,607

17/08/2015

as above

Buy

76,149.53

28,885

28,885

17/08/2015

as above

Buy

41,656.18

15,801

15,801

17/08/2015

as above

Buy

3,609.09

1,369

1,369

17/08/2015

as above

Buy

9,332.50

3,540

3,540

17/08/2015

as above

Buy

177,752.53

67,425

67,425

18/08/2015

as above

Buy

89,774.47

34,729

34,729

18/08/2015

as above

Buy

35,859.12

13,872

13,872

18/08/2015

as above

Buy

260,035.49

100,594

100,594

18/08/2015

as above

Buy

3,531.11

1,366

1,366

18/08/2015

as above

Buy

63,451.41

24,546

24,546

18/08/2015

as above

Buy

34,708.80

13,427

13,427

18/08/2015

as above

Buy

3,006.36

1,163

1,163

18/08/2015

as above

Buy

7,775.68

3,008

3,008

18/08/2015

as above

Buy

148,107.58

57,295

57,295

18/08/2015

as above

Buy

215,323.81

83,349

83,349

18/08/2015

as above

Buy

86,009.14

33,293

33,293

18/08/2015

as above

Buy

623,705.10

241,428

241,428

18/08/2015

as above

Buy

8,465.80

3,277

3,277

Page 2 of 4

Date of Change

Holder of relevant

interest

Nature of Change

Consideration

Number of

Securities

Person's Votes

Affected

18/08/2015

as above

Buy

152,185.51

58,909

58,909

18/08/2015

as above

Buy

83,247.48

32,224

32,224

18/08/2015

as above

Buy

7,212.85

2,792

2,792

18/08/2015

as above

Buy

18,649.56

7,219

7,219

18/08/2015

as above

Buy

355,240.75

137,509

137,509

19/08/2015

as above

Buy

106,910.48

41,674

41,674

19/08/2015

as above

Buy

42,703.65

16,646

16,646

19/08/2015

as above

Buy

309,682.26

120,715

120,715

19/08/2015

as above

Buy

4,204.69

1,639

1,639

19/08/2015

as above

Buy

75,563.86

29,455

29,455

19/08/2015

as above

Buy

41,333.72

16,112

16,112

19/08/2015

as above

Buy

3,581.30

1,396

1,396

19/08/2015

as above

Buy

9,258.53

3,609

3,609

19/08/2015

as above

Buy

176,381.51

68,754

68,754

20/08/2015

as above

Buy

33,782.89

13,029

13,029

20/08/2015

as above

Buy

13,493.45

5,204

5,204

20/08/2015

as above

Buy

97,861.23

37,742

37,742

20/08/2015

as above

Buy

1,327.56

512

512

20/08/2015

as above

Buy

23,878.02

9,209

9,209

20/08/2015

as above

Buy

13,060.44

5,037

5,037

20/08/2015

as above

Buy

1,133.10

437

437

20/08/2015

as above

Buy

2,924.79

1,128

1,128

20/08/2015

as above

Buy

55,736.98

21,496

21,496

21/08/2015

as above

Sell

584,248.60

- 224,711

224,711

21/08/2015

as above

Buy

17,920.68

6,946

6,946

21/08/2015

as above

Buy

7,156.92

2,774

2,774

21/08/2015

as above

Buy

51,907.02

20,119

20,119

21/08/2015

as above

Buy

704.34

273

273

21/08/2015

as above

Buy

12,665.22

4,909

4,909

21/08/2015

as above

Buy

6,927.30

2,685

2,685

21/08/2015

as above

Buy

601.14

233

233

21/08/2015

as above

Buy

1,553.16

602

602

21/08/2015

as above

Buy

29,564.22

11,459

11,459

24/08/2015

as above

Buy

23,991.99

9,483

9,483

24/08/2015

as above

Buy

9,583.64

3,788

3,788

24/08/2015

as above

Buy

69,496.57

27,469

27,469

24/08/2015

as above

Buy

943.69

373

373

24/08/2015

as above

Buy

16,958.59

6,703

6,703

24/08/2015

as above

Buy

9,277.51

3,667

3,667

24/08/2015

as above

Buy

804.54

318

318

24/08/2015

as above

Buy

2,077.13

821

821

24/08/2015

as above

Buy

39,584.38

15,646

15,646

26/08/2015

as above

Buy

18,999.30

7,408

7,408

26/08/2015

as above

Buy

7,588.95

2,959

2,959

26/08/2015

as above

Buy

55,038.46

21,460

21,460

26/08/2015

as above

Buy

746.33

291

291

26/08/2015

as above

Buy

13,428.77

5,236

5,236

26/08/2015

as above

Buy

7,345.30

2,864

2,864

26/08/2015

as above

Buy

636.05

248

248

26/08/2015

as above

Buy

1,646.54

642

642

26/08/2015

as above

Buy

31,345.76

12,222

12,222

27/08/2015

as above

Buy

1,046,293.05

410,311

410,311

27/08/2015

as above

Buy

747,119.40

292,988

292,988

27/08/2015

as above

Buy

3,031,085.55

1,188,661

1,188,661

27/08/2015

as above

Buy

91,032.45

35,699

35,699

27/08/2015

as above

Buy

1,724,962.80

676,456

676,456

27/08/2015

as above

Buy

41,208.00

16,160

16,160

27/08/2015

as above

Buy

34,922.25

13,695

13,695

27/08/2015

as above

Buy

528,734.85

207,347

207,347

27/08/2015

as above

Buy

404,641.65

158,683

158,683

28/08/2015

as above

Buy

37,516.97

14,947

14,947

31/08/2015

as above

Buy

19,053.00

7,300

7,300

01/09/2015

as above

Buy

131,403.51

51,438

51,438

01/09/2015

as above

Buy

26,925.48

10,540

10,540

01/09/2015

as above

Buy

380,865.31

149,090

149,090

01/09/2015

as above

Buy

47,635.63

18,647

18,647

01/09/2015

as above

Buy

94,121.68

36,844

36,844

01/09/2015

as above

Buy

50,859.53

19,909

19,909

01/09/2015

as above

Buy

4,373.48

1,712

1,712

01/09/2015

as above

Buy

11,505.92

4,504

4,504

01/09/2015

as above

Buy

216,780.80

84,859

84,859

02/09/2015

as above

Buy

97,771.16

39,168

39,168

02/09/2015

as above

Buy

27,797.68

11,136

11,136

02/09/2015

as above

Buy

396,116.99

158,688

158,688

Page 3 of 4

Date of Change

Holder of relevant

interest

Nature of Change

Consideration

Number of

Securities

Person's Votes

Affected

02/09/2015

as above

Buy

11,981.76

4,800

4,800

02/09/2015

as above

Buy

225,257.09

90,240

90,240

02/09/2015

as above

Buy

4,553.07

1,824

1,824

02/09/2015

as above

Buy

5,271.97

2,112

2,112

02/09/2015

as above

Buy

52,959.38

21,216

21,216

02/09/2015

as above

Buy

136,831.70

54,816

54,816

04/09/2015

as above

Buy

4,763.60

2,000

2,000

04/09/2015

as above

Buy

420,864.06

176,700

176,700

04/09/2015

as above

Buy

56,210.48

23,600

23,600

04/09/2015

as above

Buy

12,623.54

5,300

5,300

04/09/2015

as above

Buy

239,609.08

100,600

100,600

04/09/2015

as above

Buy

5,716.32

2,400

2,400

04/09/2015

as above

Buy

103,608.30

43,500

43,500

04/09/2015

as above

Buy

145,051.62

60,900

60,900

Total Number of Securities 12,342,592

Page 4 of 4

Annexure 2

This is page 1 of 5 of Annexure 2 referred to in ASIC Form 603 - Notice of initial substantial holder

Andrew Brown - Company Secretary of Challenger Limited

08/09/2015

Company Name ACN / Company No. Country of Incorporation


255 FINANCE PTY LTD 168 112 507 AUSTRALIA ACCURIUM HOLDINGS PTY LTD 158 242 936 AUSTRALIA ACCURIUM PTY LTD 009 492 219 AUSTRALIA ACRUX LIMITED 082 001 152 AUSTRALIA ALLFINE HOLDINGS PTY LTD 100 231 918 AUSTRALIA ALPHACAT 2013, LTD 47159 BERMUDA ALPHINITY INVESTMENT MANAGEMENT PTY LTD 140 833 709 AUSTRALIA
APPIA EUROPE LIMITED 6490323 ENGLAND/WALES APPIA FINANCE 2 LIMITED 6538054 ENGLAND/WALES APPIA FINANCE LIMITED 6490331 ENGLAND/WALES APPIA GROUP LIMITED 99865 JERSEY
APPIA INVESTMENTS LIMITED 6490313 ENGLAND/WALES ARDEA INVESTMENT MANAGEMENT PTY LTD 132 902 722 AUSTRALIA ARETE INVESTMENT PARTNERS PTY LTD 167 156 961 AUSTRALIA ASSETSECURE PTY. LIMITED 110 953 618 AUSTRALIA BELVINO INVESTMENTS PTY LIMITED 147 114 387 AUSTRALIA BENTHAM ASSET MANAGEMENT PTY LTD 140 833 674 AUSTRALIA BLUEZEN PTY LTD 100 220 175 AUSTRALIA
CDPG AUSTRALIA PTY LIMITED 124 498 095 AUSTRALIA CDPG LUXEMBOURG HOLDINGS SARL B 127717 LUXEMBOURG CDPG LUXEMBOURG II SARL B 127580 LUXEMBOURG CDPG LUXEMBOURG SARL B 127515 LUXEMBOURG CDPG MALTA LIMITED C 41110 MALTA CESCADE PTY LIMITED 096 097 399 AUSTRALIA CFSG HOLDINGS NO 2 (VICTORIA) PTY LIMITED 107 601 605 AUSTRALIA CHALLENGER DIRECT PTY LTD 006 475 501 AUSTRALIA CHALLENGER DIVERSIFIED PROPERTY DEVELOPMENT PTY LIMITED 121 624 833 AUSTRALIA CHALLENGER DPG FRANCE II SAS 495 391 062 FRANCE CHALLENGER DPG FRANCE SAS 495 390 392 R.C.S. FRANCE CHALLENGER EMERGING MARKET INFRASTRUCTURE FUND PTE. LTD 200804361D SINGAPORE CHALLENGER FINANCIAL SERVICES PTY LIMITED 087 464 131 AUSTRALIA CHALLENGER FM 2 HOLDINGS PTY LIMITED 080 036 657 AUSTRALIA CHALLENGER FM NOMINEES PTY LIMITED 130 035 353 AUSTRALIA CHALLENGER FUNDS MANAGEMENT HOLDINGS PTY LIMITED 107 728 030 AUSTRALIA CHALLENGER GROUP HOLDINGS LIMITED 002 993 302 AUSTRALIA CHALLENGER GROUP PTY LIMITED 003 374 196 AUSTRALIA
CHALLENGER GROUP SERVICES (UK) LIMITED 04244127 ENGLAND/WALES CHALLENGER GROUP SERVICES PTY. LTD. 085 657 307 AUSTRALIA CHALLENGER HOLDING VAGYONKEZELO KFT 01-09-879644 HUNGARY CHALLENGER HOME LOAN CORPORATION PTY LTD 058 891 302 AUSTRALIA CHALLENGER INVENTORY FINANCE SERVICING PTY LIMITED 107 706 810 AUSTRALIA CHALLENGER JERSEY I3 LIMITED 95120 JERSEY CHALLENGER LBC TERMINALS HOLDING COMPANY LIMITED C41149 MALTA

Annexure 2

This is page 2 of 5 of Annexure 2 referred to in ASIC Form 603 - Notice of initial substantial holder

Andrew Brown - Company Secretary of Challenger Limited

08/09/2015

Company Name ACN / Company No. Country of Incorporation


CHALLENGER LBC TERMINALS LIMITED C41150 MALTA CHALLENGER LIFE CDI NOMINEES PTY LTD 055 293 644 AUSTRALIA CHALLENGER LIFE COMPANY HOLDINGS PTY LTD 006 381 193 AUSTRALIA CHALLENGER LIFE COMPANY LIMITED 072 486 938 AUSTRALIA CHALLENGER LIFE DEBT INVESTMENTS (EUROPE) LIMITED 07626067 ENGLAND/WALES CHALLENGER LIFE FUND PROPERTY INVESTMENTS PTY LTD 161 212 693 AUSTRALIA CHALLENGER LIFE NOMINEES NO.2 PTY LTD 078 627 013 AUSTRALIA CHALLENGER LIFE NOMINEES NO.3 PTY LIMITED 151 482 147 AUSTRALIA CHALLENGER LIFE NOMINEES PTY LTD 091 336 793 AUSTRALIA CHALLENGER LIFE OFFSHORE INVESTMENTS LIMITED 105145 JERSEY CHALLENGER LIFE SUBSIDIARY HOLDINGS LTD 099 742 122 AUSTRALIA CHALLENGER LIMITED 106 842 371 AUSTRALIA CHALLENGER LUXEMBOURG HOLDING NO.1A SARL B124890 LUXEMBOURG CHALLENGER LUXEMBOURG HOLDING NO.1B SARL B124891 LUXEMBOURG CHALLENGER LUXEMBOURG HOLDING NO.2 SARL B124889 LUXEMBOURG CHALLENGER MANAGED INVESTMENTS (INTERNATIONAL) PTY LIMITED 120 871 212 AUSTRALIA CHALLENGER MANAGEMENT SERVICES LIMITED 092 382 842 AUSTRALIA CHALLENGER MARGIN LENDING PTY LIMITED 091 338 822 AUSTRALIA CHALLENGER MBK EMERGING MARKET INFRASTRUCTURE FUND GP LTD WK-209744 CAYMAN ISLANDS CHALLENGER MBK FUND MANAGEMENT PTE. LTD 200804360M SINGAPORE CHALLENGER MORTGAGE MANAGEMENT PTY LTD 087 271 109 AUSTRALIA CHALLENGER NON-CONFORMING FINANCE PTY LTD 107 725 486 AUSTRALIA CHALLENGER ORIGINATOR FINANCE PTY LIMITED 095 085 466 AUSTRALIA CHALLENGER PROPERTY ASSET MANAGEMENT PTY LTD 077 569 021 AUSTRALIA CHALLENGER RETIREMENT AND INVESTMENT SERVICES LIMITED 115 534 453 AUSTRALIA CHALLENGER SECURITISATION MANAGEMENT PTY LTD 100 346 898 AUSTRALIA CHALLENGER SKYBRIDGE (CAPITAL II) INVESTMENT LLP OC338355 ENGLAND/WALES CHALLENGER SKYBRIDGE (FUND SLP) JERSEY LIMITED 100742 JERSEY CHALLENGER SKYBRIDGE (GP HOLDINGS) INVESTMENT LLP OC338388 ENGLAND/WALES CHALLENGER SKYBRIDGE (GROUP) HOLDING COMPANY PTY LTD 130 888 327 AUSTRALIA CHALLENGER SKYBRIDGE (HASTINGS) HOLDING COMPANY PTY LTD 130 888 274 AUSTRALIA CHALLENGER SKYBRIDGE (HASTINGS) INVESTMENT LLP OC338387 ENGLAND/WALES CHALLENGER SKYBRIDGE FUND (LP) JERSEY LIMITED 100741 JERSEY CHALLENGER SPECIAL SERVICING PTY LIMITED 107 707 415 AUSTRALIA CHALLENGER SPECIALISED FINANCE NO.2 PTY LTD 168 107 355 AUSTRALIA CHALLENGER SPECIALISED FINANCE PTY LTD 164 516 401 AUSTRALIA CHALLENGER TREASURY LIMITED 093 307 996 AUSTRALIA CHALLENGER UK TANK STORAGE LIMITED 6067787 ENGLAND/WALES CHALLENGER UK TERMINALS LIMITED 95751 JERSEY CHALLENGER WELCOME BREAK LIMITED 99827 JERSEY CHALLENGER WHOLESALE FINANCE HOLDINGS PTY LIMITED 087 284 240 AUSTRALIA CHALLENGER WIND HOLDINGS PTY LIMITED 151 496 061 AUSTRALIA CLASHFERN INVESTMENTS (UK) LIMITED 4558112 ENGLAND/WALES

Annexure 2

This is page 3 of 5 of Annexure 2 referred to in ASIC Form 603 - Notice of initial substantial holder

Andrew Brown - Company Secretary of Challenger Limited

08/09/2015

Company Name ACN / Company No. Country of Incorporation


CLS US HOLDINGS, LLC 5302598 UNITED STATES CPHIC INVESTMENTS PTY LTD 093 340 526 AUSTRALIA CSPP1 BROADBEACH PTY LTD 122 460 977 AUSTRALIA CSPP1 INVESTMENT COMPANY 1 PTY LIMITED 120 463 023 AUSTRALIA CSPP1 MAITLAND PTY LTD 122 460 968 AUSTRALIA CSPP1 MAVIS COURT PTY LTD 122 461 983 AUSTRALIA DEXION CAPITAL (GUERNSEY) LIMITED 40288 GUERNSEY DEXION CAPITAL HOLDINGS LIMITED 43315 GUERNSEY DEXION CAPITAL PLC 04040660 ENGLAND/WALES EMIF HOLDINGS PTY LTD 130 565 169 AUSTRALIA FIDANTE LIMITED 06172534 ENGLAND/WALES FIDANTE PARTNERS (UK & EUROPE) LIMITED 06393787 ENGLAND/WALES FIDANTE PARTNERS ALPHINITY HOLDINGS PTY LTD 140 716 016 AUSTRALIA FIDANTE PARTNERS ARDEA HOLDINGS PTY LTD 133 865 853 AUSTRALIA FIDANTE PARTNERS ARETE HOLDINGS PTY LTD 143 836 373 AUSTRALIA FIDANTE PARTNERS BENTHAM HOLDINGS PTY LTD 140 715 573 AUSTRALIA FIDANTE PARTNERS GP US LLC 5651702 UNITED STATES FIDANTE PARTNERS HOLDINGS PTY LIMITED 123 318 650 AUSTRALIA FIDANTE PARTNERS INVESTMENT FUNDS PUBLIC LIMITED COMPANY 533320 IRELAND
FIDANTE PARTNERS KAPSTREAM HOLDINGS PTY LIMITED 123 319 460 AUSTRALIA FIDANTE PARTNERS LIMITED 002 835 592 AUSTRALIA FIDANTE PARTNERS MERLON HOLDINGS PTY LTD 140 715 662 AUSTRALIA FIDANTE PARTNERS METISQ HOLDINGS PTY LTD 143 376 961 AUSTRALIA FIDANTE PARTNERS NOVAPORT HOLDINGS PTY LTD 140 715 797 AUSTRALIA FIDANTE PARTNERS R&M HOLDINGS PTY LIMITED 152 375 436 AUSTRALIA FIDANTE PARTNERS SERVICES LIMITED 119 605 373 AUSTRALIA FIDANTE PARTNERS TEMPO HOLDINGS PTY LTD 167 321 262 AUSTRALIA FIDANTE PARTNERS US LLC 5651705 UNITED STATES FIDANTE PARTNERS WAVESTONE HOLDINGS PTY LIMITED 133 626 276 AUSTRALIA FIDANTE PARTNERS WHITEHELM HOLDINGS PTY LTD 169 043 903 AUSTRALIA FIDANTE PARTNERS WYETREE LIMITED 09387239 ENGLAND/WALES GASVALPO FINANCE PTY LIMITED 003 376 529 AUSTRALIA GASVALPO S.A. 96.960.800-6 CHILE GREENCAPE CAPITAL PTY LTD 120 328 529 AUSTRALIA
GV CAYMAN COMPANY LIMITED OG-206918 CAYMAN ISLANDS GV CHILE HOLDING LIMITADA 12431 17236 11675 CHILE
GV CHILE LIMITADA 12430 17253 11696 CHILE GV JERSEY HOLDING COMPANY LIMITED 100293 JERSEY GV JERSEY TRUSTEE COMPANY LIMITED 100294 JERSEY GV JERSEY TRUSTEE COMPANY NO. 2 LIMITED 100367 JERSEY
HOMELOANS LIMITED 095 034 003 AUSTRALIA HOWARD COMMERCIAL LENDING LIMITED 000 033 143 AUSTRALIA KAPSTREAM CAPITAL PTY LIMITED 122 076 117 AUSTRALIA

Annexure 2

This is page 4 of 5 of Annexure 2 referred to in ASIC Form 603 - Notice of initial substantial holder

Andrew Brown - Company Secretary of Challenger Limited

08/09/2015

Company Name ACN / Company No. Country of Incorporation


KINETIC INVESTMENT PARTNERS PTY LTD 009 568 496 AUSTRALIA KUDU INVESTMENT MANAGEMENT LLC 1231609 UNITED STATES KUDU INVESTMENT PARTNERS I, LP 47-2497501 UNITED STATES KUDU INVESTMENTS GP LLC 1244682 UNITED STATES LANV PTY LTD 147 224 502 AUSTRALIA
LBC TANK TERMINALS (JERSEY) LIMITED 97371 JERSEY LEASE COLLATERAL NO.2 PTY LTD 168 112 481 AUSTRALIA LEASE COLLATERAL PTY LTD 168 112 472 AUSTRALIA LEASE FUNDING MANAGEMENT PTY LTD 168 112 490 AUSTRALIA MAITLAND NOMINEE HOLDINGS PTY LIMITED 122 853 114 AUSTRALIA MAVIS COURT DEVELOPMENT CO PTY LTD 124 112 956 AUSTRALIA MAWBURY PTY LIMITED 096 097 479 AUSTRALIA MERLON CAPITAL PARTNERS PTY LTD 140 833 683 AUSTRALIA METISQ CAPITAL HOLDINGS PTY LTD 158 011 351 AUSTRALIA METISQ CAPITAL PTY LTD 104 642 613 AUSTRALIA METISQ CAPITAL SINGAPORE PTE. LTD. 49G SINGAPORE
MIR ASIA PACIFIC EQUITY FEEDER FUND LTD 184062 CAYMAN ISLANDS MIR ASIA PACIFIC EQUITY MASTER FUND LTD 184007 CAYMAN ISLANDS MIR GREATER CHINA PTE LTD 200715836D SINGAPORE
MIR LIBRA CAPITAL MANAGEMENT LTD 236748 CAYMAN ISLANDS MIR LIBRA GREATER CHINA EQUITY FUND LTD WK-237319 CAYMAN ISLANDS NOVAPORT CAPITAL PTY LTD 140 833 656 AUSTRALIA OAKLANDS HILL PTY LTD 149 814 559 AUSTRALIA OAKLANDS HILL WIND FARM PTY LTD 126 595 935 AUSTRALIA
OIKOS LIMITED 2705354 ENGLAND/WALES OIKOS STORAGE LIMITED 315280 ENGLAND/WALES RESIDENTIAL REAL ESTATE TOTAL RETURN OPPORTUNITIES FUND LTD. 212456 CAYMAN ISLANDS RESIDENTIAL REAL ESTATE TOTAL RETURN OPPORTUNITIES MASTER 27263 CAYMAN ISLANDS SABRAND LIMITED 126677 CYPRUS STRUCTURED CREDIT RESEARCH LLP OC328062 ENGLAND/WALES TALAVERA HERRING PTY LIMITED 086 068 984 AUSTRALIA TEMPO ASSET MANAGEMENT PTY LTD 167 321 637 AUSTRALIA
THE LIBERTY GROUP CONSORTIUM PTY LTD 082 564 289 AUSTRALIA TLG SERVICES PTY LIMITED 092 500 608 AUSTRALIA TLGH PTY LIMITED 092 927 467 AUSTRALIA TRE DATA CENTRES CANBERRA PTY LTD 141 881 227 AUSTRALIA US LLC HOLDINGS PTY LTD 130 888 292 AUSTRALIA
US LLC INVESTMENTS LLC 36-4811214 UNITED STATES WATERFORD COUNTY PTY LIMITED 122 853 089 AUSTRALIA WAVESTONE CAPITAL PTY LTD 120 179 419 AUSTRALIA WELCOME BREAK CAYMAN LIMITED FC027450 CAYMAN ISLANDS WELCOME BREAK GROUP HOLDINGS LIMITED FC027451 CAYMAN ISLANDS WELCOME BREAK GROUP LIMITED 03147949 ENGLAND/WALES

Annexure 2

This is page 5 of 5 of Annexure 2 referred to in ASIC Form 603 - Notice of initial substantial holder

Andrew Brown - Company Secretary of Challenger Limited

08/09/2015

Company Name ACN / Company No. Country of Incorporation


WELCOME BREAK HOLDINGS (1) LIMITED 04099287 ENGLAND/WALES WELCOME BREAK HOLDINGS (2) LIMITED 04379574 ENGLAND/WALES WELCOME BREAK HOLDINGS LIMITED 03290817 CAYMAN ISLANDS WELCOME BREAK LIMITED 01735476 ENGLAND/WALES WELCOME BREAK NO.1 LIMITED 08331837 ENGLAND/WALES WELCOME BREAK NO.2 LIMITED 08331870 ENGLAND/WALES WELCOME BREAK NO.3 LIMITED 08331918 ENGLAND/WALES WELCOME BREAK SERVICES LIMITED 04099292 ENGLAND/WALES WHITEHELM CAPITAL PTY LTD 008 636 717 AUSTRALIA WYETREE ASSET MANAGEMENT LTD. 06041569 ENGLAND/WALES WYETREE FUNDS PLC 520464 IRELAND

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