Challenger Debt Instruments and Offerings

Challenger Capital Notes Newsletter

Provides an operational and financial performance update from the Chairman.

Challenger Capital Notes (ASX:CGFPA)

Challenger Capital Notes were perpetual, subordinated, unsecured notes issued by Challenger Limited on 9 October 2014 (Challenger Capital Notes or CCN1).

Challenger Capital Notes 1 (ASX Code CGFPA) are no longer trading and were removed from official quotation on the ASX at the close of trade on 25 May 2022.

On 25 May 2022, Challenger announced that it had converted the remaining balance of 277,380 Challenger Capital Notes 1 into Challenger ordinary shares (Ordinary Shares) pursuant to the terms and conditions of the Challenger Capital Notes 1 and issued 3,822,281 fully paid Ordinary Shares at a price of $7.33022554 per fully paid Ordinary Share. The Mandatory Conversion Conditions required to be met under the CCN1 terms and conditions were also satisfied on the same date.

In addition, a final fully franked Distribution of $0.59 per Challenger Capital Note 1 was paid on 25 May 2022 to those persons who were registered holders of Challenger Capital Notes 1 on the record date of 17 May 2022.

For more information on Challenger Capital Notes 1 please refer to:

Distributions

The history of the Distribution payments made on Challenger Capital Notes 1 is provided in the table below.

Ex-date	Record date	Payment date	Distribution
16/05/2022	17/05/2022	25/05/2022	$0.59
16/02/2022	17/02/2022	25/02/2022	$0.61
16/11/2021	17/11/2021	25/11/2021	$0.60
16/08/2021	17/08/2021	25/08/2021	$0.61
14/05/2021	17/05/2021	25/05/2021	$0.58
16/02/2021	17/02/2021	25/02/2021	$0.60
16/11/2020	17/11/2020	25/11/2020	$0.62
14/08/2020	17/08/2020	25/08/2020	$0.62
14/05/2019	15/05/2019	25/05/2020	$0.73
14/02/2020	17/02/2020	25/02/2020	$0.76
14/11/2019	15/11/2019	25/11/2019	$0.76
15/08/2019	16/08/2019	26/08/2019	$0.84
16/05/2019	17/05/2019	27/05/2019	$0.92
14/02/2019	15/02/2019	25/02/2019	$0.93
15/11/2018	16/11/2018	26/11/2018	$0.93
16/08/2018	17/08/2018	27/08/2018	$0.96
16/05/2018	17/05/2018	25/05/2018	$0.87
15/02/2018	16/02/2018	26/02/2018	$0.90
16/11/2017	17/11/2017	27/11/2017	$0.92
16/08/2017	17/08/2017	25/08/2017	$0.91
16/05/2017	17/05/2017	25/05/2017	$0.86
16/02/2017	17/02/2017	27/02/2017	$0.93
16/11/2016	17/11/2016	25/11/2016	$0.90
16/08/2016	17/08/2016	25/08/2016	$0.95
16/05/2016	17/05/2016	25/05/2016	$0.98
16/02/2016	17/02/2016	25/02/2016	$1.00
13/11/2015	17/11/2015	25/11/2015	$0.97
13/08/2015	17/08/2015	25/08/2015	$0.97
13/05/2015	17/05/2015	25/05/2015	$1.07
13/02/2015	17/02/2015	25/02/2015	$1.79

Payment date	Franked amount	Unfranked amount	Franking credits
25/05/2022	$0.59	$0.00	$0.25285714
25/02/2022	$0.61	$0.00	$0.26142857
25/11/2021	$0.60	$0.00	$0.25714285
25/08/2021	$0.61	$0.00	$0.26142857
25/05/2021	$0.58	$0.00	$0.24857142
25/02/2021	$0.60	$0.00	$0.25714285
25/11/2020	$0.62	$0.00	$0.26571428
25/08/2020	$0.62	$0.00	$0.26571428
25/05/2020	$0.73	$0.00	$0.31285714
25/02/2020	$0.76	$0.00	$0.32571428
25/11/2019	$0.76	$0.00	$0.32571428
28/08/2019	$0.84	$0.00	$0.36000000
27/05/2019	$0.92	$0.00	$0.39428571
25/02/2019	$0.93	$0.00	$0.39857142
26/11/2018	$0.93	$0.00	$0.39857142
27/08/2018	$0.96	$0.00	$0.41142857
25/05/2018	$0.87	$0.00	$0.37285714
26/02/2018	$0.90	$0.00	$0.38571428
27/11/2017	$0.92	$0.00	$0.39428571
25/08/2017	$0.91	$0.00	$0.39000000
25/05/2017	$0.86	$0.00	$0.36857142
27/02/2017	$0.93	$0.00	$0.39857142
25/11/2016	$0.90	$0.00	$0.38571428
25/08/2016	$0.95	$0.00	$0.40714285
25/05/2016	$0.98	$0.00	$0.42000000
25/02/2016	$1.00	$0.00	$0.42857142
25/11/2015	$0.97	$0.00	$0.41571428
25/08/2015	$0.97	$0.00	$0.41571428
25/05/2015	$0.75	$0.32	$0.32
25/02/2015	$1.25	$0.54	$0.54

Prospectus and further information

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CGFPB Notes price

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Challenger Capital Notes 2 (ASX:CGFPB)

Challenger Capital Notes 2 were perpetual, subordinated, unsecured convertible notes issued by Challenger Limited on 7 April 2017.

Challenger Capital Notes 2 (ASX Code CGFPB) are no longer trading and were removed from official quotation on the ASX at the close of trade on 22 May 2023.

On 7 March 2023, Challenger announced the offer of Challenger Capital Notes 4 (the Offer). The Offer included a reinvestment offer for certain eligible Challenger Capital Notes 2 Holders to reinvest the proceeds of sale of their Challenger Capital Notes 2 into Challenger Capital Notes 4 (Reinvestment CCN2). A copy of the market announcement regarding the Offer can be accessed below.

On 5 April 2023, Challenger announced that it had completed the Offer and issued $350 million of Challenger Capital Notes 4. Challenger further announced that approximately 2.24 million Reinvestment CCN2 were repurchased for $100 each by the Challenger Capital Notes 2 nominated purchaser (CCN2 Nominated Purchaser). Challenger redeemed all Reinvestment CCN2 in the hands of the CCN2 Nominated Purchaser by payment to the CCN2 Nominated Purchaser of an amount equal to the total face value in respect of the Reinvestment CCN2. Following the completion of the reinvestment offer, approximately $236 million of Challenger Capital Notes 2 remained on issue.

On 5 April 2023, Challenger also issued a redemption notice in accordance with the terms of Challenger Capital Notes 2, confirming that on 22 May 2023, all outstanding Challenger Capital Notes 2 will be redeemed by Challenger for their face value of $100 per Challenger Capital Note 2.

On 22 May 2023, all outstanding Challenger Capital Notes 2 were redeemed for $100 per Challenger Capital Note 2, in accordance with the Challenger Capital Notes 2 terms. In addition, a final fully franked Distribution of $0.71 per Challenger Capital Note 2 was paid on 22 May 2023 to those persons who were registered holders of Challenger Capital Notes 2 on the record date of 12 May 2023.

The market announcements regarding the issuance of Challenger Capital Notes 4 and the redemption notice for Challenger Capital Notes 2 can be accessed below.

Distributions

The history of the Distribution payments made on Challenger Capital Notes 2 is provided in the table below.

Ex-date	Record date	Payment date	Distribution
11/05/2023	12/05/2023	22/05/2023	$0.71
27/03/2023	28/03/2023	05/04/2023	$0.64
13/02/2023	14/02/2023	22/02/2023	$1.32
11/11/2022	14/11/2022	22/11/2022	$1.19
11/08/2022	12/08/2022	22/08/2022	$0.95
12/05/2022	13/05/2022	23/05/2022	$0.77
11/02/2022	14/02/2022	22/02/2022	$0.78
11/11/2021	12/11/2021	22/11/2021	$0.77
12/08/2021	13/08/2021	23/08/2021	$0.77
13/05/2021	14/05/2021	24/05/2021	$0.77
11/02/2021	12/02/2021	22/02/2021	$0.77
12/11/2020	13/11/2020	23/11/2020	$0.79
13/08/2020	14/08/2020	24/08/2020	$0.81
13/05/2020	14/05/2020	22/05/2020	$0.89
13/02/2020	14/02/2020	24/02/2020	$0.95
13/11/2019	14/11/2019	22/11/2019	$0.95
13/08/2019	14/08/2019	22/08/2019	$1.04
13/05/2019	14/05/2019	22/05/2019	$1.07
13/02/2019	14/02/2019	22/02/2019	$1.12
13/11/2018	14/11/2018	22/11/2018	$1.12
13/08/2018	14/08/2018	22/08/2018	$1.12
11/05/2018	14/05/2018	22/05/2018	$1.05
13/02/2018	14/02/2018	22/02/2018	$1.08
13/11/2017	14/11/2017	22/11/2017	$1.08
11/08/2017	14/08/2017	22/08/2017	$1.63

Payment date	Franked amount	Unfranked amount	Franking credits
22/05/2023	$0.71	$0.00	$0.30428571
05/04/2023	$0.64	$0.00	$0.27428571
22/02/2023	$1.32	$0.00	$0.56571428
22/11/2022	$1.19	$0.00	$0.51000000
22/08/2022	$0.95	$0.00	$0.40714285
23/05/2022	$0.77	$0.00	$0.33000000
22/02/2022	$0.78	$0.00	$0.33428571
22/11/2021	$0.77	$0.00	$0.33000000
23/08/2021	$0.77	$0.00	$0.33000000
24/05/2021	$0.77	$0.00	$0.33000000
22/02/2021	$0.77	$0.00	$0.33000000
23/11/2020	$0.79	$0.00	$0.33857142
24/08/2020	$0.81	$0.00	$0.34714285
22/05/2020	$0.89	$0.00	$0.38142857
24/02/2020	$0.95	$0.00	$0.40714285
22/11/2019	$0.95	$0.00	$0.40714285
22/08/2019	$1.04	$0.00	$0.44571428
22/05/2019	$1.07	$0.00	$0.45857142
22/02/2019	$1.12	$0.00	$0.48000000
22/11/2018	$1.12	$0.00	$0.48000000
22/08/2018	$1.12	$0.00	$0.48000000
22/05/2018	$1.05	$0.00	$0.45000000
22/02/2018	$1.08	$0.00	$0.46285714
22/11/2017	$1.08	$0.00	$0.46285714
22/08/2017	$1.63	$0.00	$0.69857142

Prospectus and further information

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CGFPC Notes price

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Challenger Capital Notes 3 (ASX:CGFPC)

Challenger Capital Notes 3 are perpetual, subordinated, unsecured convertible notes issued by Challenger Limited on 25 November 2020.

Challenger Capital Notes 3, to the value of $385 million, are issued in Australian dollars and can be traded on the ASX under the ASX code CGFPC. Challenger Capital Notes 3 pay a Margin of 4.60% above the 3 month Bank Bill Rate. Distributions can be paid by a combination of either cash or franking credits.

Distributions

Distributions are discretionary, non-cumulative, floating rate payments and are scheduled to be paid quarterly in arrears on the Distribution Payment Dates. Distributions are expected to be initially partially franked, and accordingly Holders are expected to receive a combination of cash distributions and franking credits. However, Holders should be aware that franking is not guaranteed.

Quarterly Distribution Payment Dates will be 25 February, 25 May, 25 August and 25 November in each year.

Details of the next Distribution are provided in the table below, which is expected to be paid on 25 February 2025 (subject to certain Payment Conditions).

Ex-date	Record date	Payment date	Distribution
14/02/2025	17/02/2025	25/02/2025	$1.59
14/11/2024	15/11/2024	25/11/2024	$1.56
15/08/2024	16/08/2024	26/08/2024	$1.56
16/05/2024	17/05/2024	27/05/2024	$1.56
15/02/2024	16/02/2024	26/02/2024	$1.57
16/11/2023	17/11/2023	27/11/2023	$1.58
16/08/2023	17/08/2023	25/08/2023	$1.50
16/05/2023	17/05/2023	25/05/2023	$1.36
16/02/2023	17/02/2023	27/02/2023	$1.39
16/11/2022	17/11/2022	25/11/2022	$1.24
16/08/2022	17/08/2022	25/08/2022	$1.00
16/05/2022	17/05/2022	25/05/2022	$0.80
16/02/2022	17/02/2022	25/02/2022	$0.82
16/11/2021	17/11/2021	25/11/2021	$0.81
16/08/2021	17/08/2021	25/08/2021	$0.82
14/05/2021	17/05/2021	25/05/2021	$0.79
16/02/2021	17/02/2021	25/02/2021	$0.81

Payment date	Franked amount	Unfranked amount	Franking credits
25/02/2025	$1.59	$0.00	$0.68142857
25/11/2024	$1.56	$0.00	$0.66857142
26/08/2024	$1.56	$0.00	$0.66857142
27/05/2024	$1.56	$0.00	$0.66857142
26/02/2024	$1.57	$0.00	$0.67285714
27/11/2023	$1.58	$0.00	$0.67714285
25/08/2023	$1.50	$0.00	$0.64285714
25/05/2023	$1.36	$0.00	$0.58285714
27/02/2023	$1.39	$0.00	$0.59571428
25/11/2022	$1.24	$0.00	$0.53142857
25/08/2022	$1.00	$0.00	$0.42857142
25/05/2022	$0.80	$0.00	$0.34285714
25/02/2022	$0.82	$0.00	$0.35142857
25/11/2021	$0.81	$0.00	$0.34714285
25/08/2021	$0.82	$0.00	$0.35142857
25/05/2021	$0.79	$0.00	$0.33857142
25/02/2021	$0.81	$0.00	$0.34714285

Prospectus and further information

How to update your details

Investor communications

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CGFPD Notes price

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Challenger Capital Notes 4 (ASX:CGFPD)

Challenger Capital Notes 4 are perpetual, subordinated, unsecured convertible notes issued by Challenger Limited on 5 April 2023.

Challenger Capital Notes 4, to the value of $350 million, are issued in Australian dollars and can be traded on the ASX under the ASX code CGFPD. Challenger Capital Notes 4 pay a Margin of 3.60% above the 3 month BBSW Rate. Distributions can be paid by a combination of either cash or franking credits.

Distributions

Quarterly Distribution Payment Dates will be 25 February, 25 May, 25 August and 25 November in each year.

Details of the next Distribution are provided in the table below, which is expected to be paid on 25 February 2025 (subject to certain Payment Conditions).

Ex-date	Record date	Payment date	Distribution
14/02/2025	17/02/2025	25/02/2025	$1.41
14/11/2024	15/11/2024	25/11/2024	$1.39
15/08/2024	16/08/2024	26/08/2024	$1.38
16/05/2024	17/05/2024	27/05/2024	$1.38
15/02/2024	16/02/2024	26/02/2024	$1.39
16/11/2023	17/11/2023	27/11/2023	$1.39
16/08/2023	17/08/2023	25/08/2023	$1.97

Payment date	Franked amount	Unfranked amount	Franking credits
25/02/2025	$1.41	$0.00	$0.60428571
25/11/2024	$1.39	$0.00	$0.59571428
26/08/2024	$1.38	$0.00	$0.59142857
27/05/2024	$1.38	$0.00	$0.59142857
26/02/2024	$1.39	$0.00	$0.59571428
27/11/2023	$1.39	$0.00	$0.59571428
25/08/2023	$1.97	$0.00	$0.84428571

Prospectus and further information

How to update your details

Investor communications

Contact details for share registry

CLC Subordinated Notes

Challenger Life Company Limited (CLC) issued $400 million of CLC Subordinated Notes in September 2022.

CLC Subordinated Notes are fully paid, unsecured, subordinated debt obligations of CLC. CLC is rated A by S&P Global Ratings (S&P) with a rating outlook of stable. CLC Subordinated Notes qualify as Tier 2 Capital under the Australian Prudential Regulation Authority's Prudential Standards.

Additional information on CLC Subordinated Notes issued in September 2022:

CLC had previously issued $400 million of CLC Subordinated Notes in November 2017. These Subordinated Notes were subsequently redeemed on 24 November 2022.

Additional information on CLC Subordinated Notes issued in November 2017:

Additional information on Challenger Life Company:

Table of Contents

Challenger Capital Notes Newsletter

Challenger Capital Notes (ASX:CGFPA)

Ex-date

Record date

Payment date

Distribution

Payment date

Franked amount

Unfranked amount

Franking credits

CGFPB Notes price

Challenger Capital Notes 2 (ASX:CGFPB)

Ex-date

Record date

Payment date

Distribution

Payment date

Franked amount

Unfranked amount

Franking credits

CGFPC Notes price

Challenger Capital Notes 3 (ASX:CGFPC)

Ex-date

Record date

Payment date

Distribution

Payment date

Franked amount

Unfranked amount

Franking credits

CGFPD Notes price

Challenger Capital Notes 4 (ASX:CGFPD)

Ex-date

Record date

Payment date

Distribution

Payment date

Franked amount

Unfranked amount

Franking credits

CLC Subordinated Notes