CHALLENGER LIMITED — Transaction in Own Shares 2009

Nov 29, 2009

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

1 Type of buy-back 2 Date Appendix 3C was given to ASX	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

3 Number of shares bought back or if buy-back is an equal access scheme, in relation to which acceptances have been received 4 Total consideration paid or payable for the shares	Before previous day	Previous day
	60,027,857	2,000,000
	$143,128,690.65	$8,005,400.00

• See chapter 19 for defined terms.

Appendix 3E Page 1

30/9/2001

Appendix 3E Daily share buy-back notice

5 If buy-back is an on-market buy- back Participation by directors 6 Deleted 30/9/2001.	Before previous day	Previous day
	highest price paid: $4.25 date: 19/11/09 lowest price paid: $0.87 date: 10/3/09	highest price paid: $4.05 lowest price paid: $3.95 highest price allowed under rule 7.33: $4.3134

How many shares may still be bought back?

• 7 If the company has disclosed an intention to buy back a maximum 51,587,324 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.

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Sign here:
……………………………………….
Date: 30 November 2009
Company Secretary
Print name: Suzie Koeppenkastrop
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• See chapter 19 for defined terms.

Appendix 3E Page 2

30/9/2001