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2026 Annual General Meeting 29 October 2026 Life. Well lived.
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Acknowledgement of country Challenger acknowledges the Traditional Owners of Country throughout Australia and we pay our respects to Elders past and present. We recognise the continuing connection that Aboriginal and Torres Strait Islander peoples have to this land and acknowledge their unique and rich contribution to society.
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3 Duncan West Independent Non-Executive Director and Chair
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4 Highly experienced and capable Board Governance Duncan West INDEPENDENT NON- EXECUTIVE DIRECTOR AND CHAIR Appointed: 10 September 2018 Dr Heather Smith PSM FAIIA INDEPENDENT NON- EXECUTIVE DIRECTOR Appointed: 20 January 2021 Nick Hamilton MANAGING DIRECTOR AND CHIEF EXECUTIVE OFFICER Appointed: 1 January 2022 Lisa Gray INDEPENDENT NON- EXECUTIVE DIRECTOR Appointed: 9 November 2023 John M. Green INDEPENDENT NON- EXECUTIVE DIRECTOR Appointed: 6 December 2017 John Somerville INDEPENDENT NON- EXECUTIVE DIRECTOR Appointed: 17 June 2025 David Whittle INDEPENDENT NON- EXECUTIVE DIRECTOR Appointed: 17 June 2025 Melanie Willis AM INDEPENDENT NON- EXECUTIVE DIRECTOR Appointed: 6 December 2017
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5 Experienced leadership driving growth and long-term value for customers and shareholders Executive team Nick Hamilton MANAGING DIRECTOR AND CHIEF EXECUTIVE OFFICER Alex Bell CHIEF FINANCIAL OFFICER Damian Graham GROUP CHIEF INVESTMENT OFFICER Anton Kapel CHIEF EXECUTIVE, INSURANCE Susan Looi CHIEF RISK OFFICER Louise Roche CHIEF PEOPLE OFFICER Years at Challenger: 11 Years at Challenger: 10 Joined Challenger: January 2026 Years at Challenger: 8 Joined Challenger: October 2026 Years at Challenger: 7
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6 Duncan West Independent Non-Executive Director and Chair
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7 Participating in the AGM Asking a question online Written • Select the Q&A icon on your screen • Type your question into the chat box at the bottom of the screen and press ‘Send’ Verbally • Follow the instructions on the virtual meeting platform
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8 Participating in the AGM Casting your vote • In person - scan the QR code on the blue attendance card and accept the terms and conditions • Online - select the vote icon • To vote, tap one of the voting options for each item of business: FOR, AGAINST or ABSTAIN and your vote will be highlighted • To change your vote, tap a different voting option (this will override your initial vote) To access voting
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OUR PURPOSE Retirement Leader Investment Excellence Talented Team and Capability Retirement is different Age of Ageing Providing financial security for a better retirement OUR POSITION Australia’s leader in retirement income 1 in 5 Australians will be in retirement by 2030OUR OPPORTUNITY 9
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68.1cps Normalised EPS FINANCIAL PERFORMANCE SHAREHOLDER OUTCOMES FY26 financial performance 10 CAPITAL FLEXIBILITY $468m Normalised NPAT $450m On-market buy-back1 1.50x Pro-forma CLC PCA Ratio3 Under new capital standards4 All growth rates compare the year ended 30 June 2026 against the year ended 30 June 2025 (the prior corresponding period or pcp), unless otherwise stated. 1. On 2 October 2026 Challenger completed its $150 million on-market share buy-back, which commenced 27 March 2026. This included approximately 16.0 million ordinary shares bought back and cancelled or 2.3% of the ordinary shares on issue at the commencement of the program. On 18 August 2026, Challenger announced its intention to acquire a further $ 300 million of ordinary shares via an on-market buy-back, subject to market conditions. This buy- back commenced on 2 October 2026 and was paused on 19 October 2026 following the receipt of an indicative non-binding offer from TAL Daiichi Life Australia Pty Limited on 16 October 2026. 2. As at 30 June 2026. 3. The PCA ratio represents total Tier 1 and Tier 2 regulatory capital base divided by the Prescribed Capital Amount. 4. The PCA ratio under new capital standards is not audited. Refer to ‘Appendix A– Assumptions’ for assumed application of new capital standards as at 30 June 2026. Delivering returns for shareholders 3% 3% 31.5cps Full-year ordinary dividend 1.5cps special dividend 7% $1.1bn Excess capital over PCA2
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• Underpin Growth • Dividend & buybacks1 • Take advantage of market dislocations Our flywheel a simpler business Distribution Platform Investment Excellence Capital Unlocking demand Accelerate Growth Accelerate longer-duration liabilities Resilience and flexibility Superior risk- adjusted returns Sustainable and scalable returns 11 1. Subject to market conditions and regulatory approval. • Risk-adjusted returns • Broaden asset origination • Product development • Retirement partnerships • Expand income solutions • Materially higher demand • Best in class teams • Customer centric • Removing sales friction
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12 New capital settings for longevity products Providing capital resilience and supporting growth APRA objectives Benefits 1 2 3 Ensuring capital requirements for life insurers are not a disincentive to the development and competitive pricing of annuity products Maintaining the financial resilience of life insurers Improving alignment with comparable peer jurisdictions Improved customer outcomes Capital resilience Excess capital to create strategic optionality Platform for growth
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13 TAL Daiichi Life Australia Indicative non-binding offer • Non-binding and conditional indicative offer received from TAL Daiichi Life Australia Pty Limited (TDA) on 16 October 2026. • Offer to acquire the remaining 79.5% of ordinary shares in Challenger that TDA does not already own by way of a scheme of arrangement at a price of $11.80 per share. • Challenger Board has carefully considered the offer, having regard to Challenger's value and prospects, and concluded it is not at a level that can be recommended to shareholders. • Challenger highly values TDA as its largest shareholder and a commercial partner, and the Board intends to engage with TDA to see whether a proposal can be reached that can be recommended to shareholders. • There is no certainty that the proposal will result in a binding offer or that any transaction will eventuate. • Challenger shareholders do not need to take any action at this time.
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14 Strong board that exercises independent judgment Re-election of Directors Duncan West INDEPENDENT NON- EXECUTIVE DIRECTOR AND CHAIR Appointed: 10 September 2018 Melanie Willis AM INDEPENDENT NON- EXECUTIVE DIRECTOR Appointed: 6 December 2017
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15 Duncan West Independent Non-Executive Director and Chair
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16 Nick Hamilton Managing Director and Chief Executive Officer
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Fidante and Channel Capital merger Retirement partnerships RETIREMENT LEADER INVESTMENT EXCELLENCE 17 TALENTED TEAM AND CAPABILITY $6.2bn Total annuity sales $10.4bn Origination volumes $5.5bn public / $4.9bn private Whole loans partnerships FY26 highlights A year of growing momentum $450m On-market buy-back1 Advice integrations Offshore reinsurance platform License granted and credit rating achieved $1.1bn New income solutions CABN program / LiFTS platform 1. On 2 October 2026 Challenger completed its $150 million on-market share buy-back, which commenced 27 March 2026. This included approximately 16.0 million ordinary shares bought back and cancelled or 2.3% of the ordinary shares on issue at the commencement of the program. On 18 August 2026, Challenger announced its intention to acquire a further $300 million of ordinary shares via an on-market buy-back, subject to market conditions. This buy-back commenced on 2 October 2026 and was paused on 19 October 2026 following the receipt of an indicative non-binding offer from TAL Daiichi Life Australia Pty Limited on 16 October 2026. 17
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18 Supporting the retirement journey Partnering to unlock retirement ecosystem Advice technology and guidance Pre- retirement Retirement Accumulating wealth Starting retirement / travelling Downsizing Estate planning Aged care Products • Annuities – Lifetime & term • Aged care planning • Innovative Retirement Income Stream (IRIS) Products • Annuities • Aged care planning • Estate planning Super funds Independent financial advisers Embedding retirement income and solutions into the ecosystem Over half a trillion dollars Platform assets 2 million Super customers 600k Super customers 65+ years
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19 Successful long-term reinsurance partnership MS Primary Offshore annuity sales ($m) 617 741 709 984 1,234 FY22 FY23 FY24 FY25 FY26
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20 FY26 FY30 $31bn3 AUM Institutional Income & Reinsurance Solutions Calix Re reinsurance | CABN | Defined benefit Advised Australian Retail Retirement advice technology | Platform partnerships Third-Party Asset Management Solutions LiFTS | Credit funds and mandates Retirement Partnerships Superannuation funds 1. FY16 includes Life investment assets of $14,112m and third-party assets that includes CIP third party fixed income $2,169m, real estate of $1,251m and CWT of $190m. 2. FY21 includes Life investment assets of $21,563m and third-party assets that includes CIPAM third-party mandates of $3,262m, CIPAM real estate Japan of $787m and CIPAM real estate third-party mandates of $587m. 3. FY26 includes Life investment assets of $26,645m and third-party assets that includes CIM Fixed Income funds of $3,382m, fixed income mandates of $660m and property and alternatives of $488m. $26bn2 AUM FY21 $18bn1 AUM FY16 Balance sheet growth supported by multi-channel strategy Setting our sights on growth Accelerating and scaling our platform by 2030 through diversified distribution channels Insurance Assets Third-party assets $50bn AUM
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Strengthening investment management Investment excellence 21 Strong governance One investment team Value discipline Experienced team delivering consistent, risk-adjusted returns across multiple market cycles. Track record identifying value-driven opportunities across public and private credit markets. Strong governance framework underpinned by independent credit risk and valuation functions.
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Record annuity sales driving strong AUM growth 1Q27 AUM and sales 22 Sales $4.4bn +52% PCP1 $0.8bn $1.1bn $2.2bn$0.3bn $0.3bn $0.3bn $0.2bn $0.2bn $0.3bn $1.1bn $1.2bn $1.6bn $2.4bn $2.9bn $4.4bn 1Q25 1Q26 1Q27 Fixed term Lifetime Offshore reinsurance Index Plus and LiFTS +7.7% Total book growth +6.3% Annuity book growth $26.3bn $26.6bn $27.7bn $3.8bn $3.9bn $4.2bn $30.1bn $30.5bn $31.9bn 3Q26 4Q26 1Q27 Insurance Assets Third-party Assets Challenger Assets Under Management (AUM) $31.9bn +5% QOQ2 1. Prior corresponding period (pcp) comparison of the September 2026 (1Q27) quarter against the September 2025 (1Q26) quarter. 2. Quarter on quarter (qoq) comparison of the September 2026 (1Q27) quarter against the June 2026 (4Q26) quarter.
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Looking ahead Building on our growth momentum Investment excellence Maintain financial strength Invest in asset origination capabilities Talented team and capability Deliver technology uplift Invest in our people Retirement leader Deliver retirement partnerships Broaden retirement and income solutions 23
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2026 Annual General Meeting 29 October 2026 Life. Well lived.
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Assumed application of new capital standards as at 30 June 2026 Appendix A - Assumptions 25 Item Comment Standard Illiquidity Premium Illiquidity Premium: 0.26% (Yrs 0-10); 0.20% (Yr 10+) Advanced Illiquidity Premium Reference Index Bloomberg US Corporate Statistics Index (LUACSTAT) Credit spread = 0.74% Risk Allowance Long-term LUACSTAT spread = 1.29% (based on year 1990 onwards) Risk allowance = 45% x 1.29% = 0.58% Illiquidity Premium 0.74% - 0.58% = 0.16% (subject to a floor of the Standard Illiquidity Premium) Standard Illiquidity Premium dominates across the entire curve Long-term illiquidity premium implementation period Maximum cashflow matching term = 30 years Advanced Illiquidity Premium cap of 0.50% after 30 years does not apply at 30 June 2026 Asset Risk Charge (LPS 114) Calculation based on the credit ratings of index constituents Average credit spread increase of index = 1.35% Credit spread increase with LPS 114 Adjustment Factors = 0.84% Products included Advanced Illiquidity Premium will apply to fixed term annuities with a tenor greater than 1-year and all lifetime annuities
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Important note 26 The material in this presentation is general background information about Challenger Limited group’s activities and is current at the date of this presentation. It is information given in summary form and does not purport to be complete. It is not intended to be relied upon as advice to investors or potential investors and does not take into account the investment objectives, financial situation or needs of any particular investor. These should be considered with professional advice when deciding if an investment is appropriate. Challenger also provides statutory reporting as prescribed under the Corporations Act 2001. The 2026 Annual Report is available from Challenger’s website at www.challenger.com.au/about-us/shareholder-centre. This presentation is not audited. The statutory net profit after tax has been prepared in accordance with Australian Accounting Standards and the Corporations Act 2001. Challenger’s external auditors, Ernst & Young, have reviewed the statutory net profit after tax. Normalised net profit after tax has been prepared in accordance with a normalised profit framework. The normalised profit framework is disclosed in Note 5 Segment Information of Challenger Limited 2026 Annual Report. The normalised profit after tax has been subject to a review performed by Ernst & Young. Any additional financial information in this presentation which is not included in Challenger Limited 2026 Annual Report was not subject to independent review by Ernst & Young. This document may contain certain ‘forward-looking statements’. The words ‘forecast’, ‘expect’, ‘guidance’, ‘intend’, ‘will’ and other similar expressions are intended to identify forward-looking statements. Forecasts or indications of, and guidance on, future earnings and financial position and performance are also forward- looking statements. You are cautioned not to place undue reliance on forward looking statements. While due care and attention has been used in the preparation of forward-looking statements, forward-looking statements, opinions and estimates provided in this announcement are based on assumptions and contingencies which are subject to change without notice, as are statements about market and industry trends, which are based on interpretations of current market conditions. Forward-looking statements including projections, guidance on future earnings and estimates are provided as a general guide only and should not be relied upon as an indication or guarantee of future performance and may involve known and unknown risks, uncertainties and other factors, many of which are outside the control of Challenger. Actual results, performance or achievements may vary materially from any forward-looking statements and the assumptions on which statements are based. Challenger disclaims any intent or obligation to update publicly any forward-looking statements, whether as a result of new information, future events or results or otherwise. Past performance is not an indication of future performance. While Challenger has sought to ensure that information is accurate by undertaking a review process, it makes no representation or warranty and (to the maximum extent permitted by law) accepts no liability as to the accuracy or completeness of any information or statement in this document. Unless otherwise indicated, all numerical comparisons are to the prior corresponding period. This presentation has been authorised by Challenger’s Continuous Disclosure Committee.