*deferrable (in limited circumstances) and cumulative

Important Notices  

Unless otherwise specified, any information contained in this material is current as at the date of publication and has been prepared by Challenger IM Capital Limited ACN (687 738 263) (Issuer), a wholly owned subsidiary of Challenger Limited. Challenger Investment Partners Limited (also referred to as "Challenger Investment Management" or "CIM") (ABN 29 092 382 842, AFSL 234 678) provides investment management and other services to the Issuer. 
The Issuer does not hold an Australian Financial Services Licence (AFSL) under the Corporations Act. Accordingly, to make offers to arrange for the issue of the Notes, the Issuer has appointed Fidante Partners Services Limited ABN 44 119 605 373 AFSL 320505 as its authorised intermediary to make offers to arrange for the issue of the Notes, pursuant to section 911A(2)(b) of the Corporations Act 2001 (Cth).  Notes are unsecured, deferrable, redeemable, floating rate notes.

This material is provided for general information purposes only and is intended solely for licensed financial advisers or authorised representatives of licensed financial advisers and wholesale investors. It is not a prospectus, product disclosure statement, disclosure document or other offer document under Australian law or under any other law. This material is not, and does not constitute, financial product advice, an offer to sell or the solicitation, invitation or recommendation to purchase any securities and neither this material nor anything contained within it will form the basis of any contract or commitment. This material does not directly or indirectly contain any offer or intended offer of securities and is not intended to induce anybody to make an investment in any securities. To the extent permitted by law, no liability is accepted for any loss or damage as a result of reliance on this information. 

Past performance is not a reliable indicator of future performance. Investments in the Notes are subject to investment risk, including possible delays in repayment and loss of income or principal invested. Accordingly, the performance, the repayment of capital or any particular rate of return on your investments are not guaranteed by any member of the Challenger Group or any other person.  

This information must not be distributed, delivered or otherwise disclosed to any investor. It has been prepared without taking into account any person’s objectives, financial situation or needs. Investors should consider whether the information is suitable to their circumstances.

The Prospectus for the offer of the Notes and the Target Market Determination, available at www.fidante.com should be obtained and read in their entirety by an investor before making a decision to acquire the Notes. An investor who has received an invitation to participate from their broker and wish to apply for Notes under the broker firm offer must complete the application form that will accompany the Prospectus. No cooling off rights will apply to an investment in Notes issued pursuant to the offer. This means that an investor would be unable to withdraw its application once it has been accepted. No representation or warranty, express or implied, is made as to the fairness, accuracy, adequacy, reasonableness, completeness or reliability of any statements, estimates or opinions or other information contained in this material. Any forward-looking statements, including projections, guidance on future revenues, earnings and estimates, are provided as a general guide only and should not be relied upon as an indication or guarantee of future performance.  

Ratings Disclaimer:

For all important information regarding BondAdviser Security Recommendations please visit www.bondadviser.com.au. 

The Zenith Investment Partners (ABN 27 103 132 672, AFS Licence 226872) (“Zenith”) rating (Challenger IM Credit Income Fund – Class A (HOW8013AU) and Challenger IM Multi-Sector Private Lending Fund (HOW6713AU) assigned June 2025; Challenger IM LiFTS 1 Notes (CIMHA) assigned August 2025) referred to in this piece is limited to “General Advice” (s766B Corporations Act 2001) for Wholesale clients only.  This advice has been prepared without taking into account the objectives, financial situation or needs of any individual, including target markets of financial products, where applicable, and is subject to change at any time without prior notice.  It is not a specific recommendation to purchase, sell or hold the relevant product(s).  Investors should seek independent financial advice before making an investment decision and should consider the appropriateness of this advice in light of their own objectives, financial situation and needs.  Investors should obtain a copy of, and consider the PDS or offer document before making any decision and refer to the full Zenith Product Assessment available on the Zenith website.  Past performance is not an indication of future performance. Zenith usually charges the product issuer, fund manager or related party to conduct Product Assessments.  Full details regarding Zenith’s methodology, ratings definitions and regulatory compliance are available on our Product Assessments and at Fund Research Regulatory Guidelines