CHALLENGER LIMITED — Transaction in Own Shares 2008

Dec 9, 2008

Appendix 3E Daily share buy-back notice

Rule 3.8A

Appendix 3E

Daily share buy-back notice ( except minimum holding buy-back and selective buy-back)

Information and documents given to ASX become ASX’s property and may be made public.

Introduced 1/9/99. Origin: rule 3.6, Appendix 7C. Amended 30/9/2001.

Name of entity Challenger Financial Services GroupLimited	ABN
Challenger Financial Services GroupLimited	85 106 842 371

We (the entity) give ASX the following information.

Information about buy-back

1Type of buy-back2Date Appendix 3C was given toASX	On-market 7 July 2008

Total of all shares bought back, or in relation to which acceptances have been received, before, and on, previous day

3Number of shares bought back orif buy-back is an equal accessscheme, in relation to whichacceptances have been received4Totalconsiderationpaidorpayable for the shares	Before previous day	Previous day
	17,581,701	449,110
	$26,527,328.06	$574,770.98

• See chapter 19 for defined terms.

Appendix 3E Page 1

30/9/2001

Appendix 3E Daily share buy-back notice

5If buy-back is an on-market buy-back	Before previous day	Previous day
	highestpricepaid:$2.250lowest price paid: $1.125highestpriceallowedunder rule 7.33: $2.5200	highestpricepaid:$1.280lowestpricepaid:$1.275highest price allowedunderrule7.33:$1.2957

Participation by directors

• 6 Deleted 30/9/2001.

How many shares may still be bought back?

• 7 If the company has disclosed an intention to buy back a maximum 34,206,543 number of shares - the remaining number of shares to be bought back

Compliance statement

1. The company is in compliance with all Corporations Act requirements relevant to this buy-back.

2. There is no information that the listing rules require to be disclosed that has not already been disclosed, or is not contained in, or attached to, this form.

Sign here:

==> picture [172 x 39] intentionally omitted <==

............................................................ Date: 10 December 2008 Company Secretary

Print name: Suzie Koeppenkastrop == == == == ==

• See chapter 19 for defined terms.

Appendix 3E Page 2

30/9/2001