CHALLENGER LIMITED — Board/Management Information 2007

MARKET RELEASE

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CHALLENGER ANNOUNCES THE APPOINTMENT OF NEW DIRECTORS

22 November 2007, Sydney – The Directors of Challenger Financial Services Group Limited (ASX:CGF) today announced the appointment of two non executive directors to the Board.

The appointments follow the announcement to the market on 27[th] August 2007 that Challenger had entered into long term strategic relationships with The Bank of Tokyo-Mitsubishi UFJ, Limited / Mitsubishi UFJ Securities Co. Limited and Colony Capital LLC and had invited both parties to nominate a individual to join the Board of Challenger. These appointments further enhance the depth of experience across the growth markets in which Challenger operates.

The new directors are Mr Tatsuo Tanaka, Chief Executive Officer Asia and Oceania, of The Bank of Tokyo-Mitsubishi UFJ, Limited and Mr Thomas Barrack Jnr. Chairman and Chief Executive Officer of Colony Capital LLC.

Mr James Service and Ms Brenda Shanahan did not stand for re-election at the company’s Annual General Meeting held today, and have consequently retired from the Board of Challenger Financial Services Group Limited.

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Further enquiry: Suzanne Evans, Head of Investor Relations, Challenger Financial Services Group. 02 9994 7125 Eugenie Perks, Senior Manager, Media Relations, Challenger Financial Services Group. 02 9994 7509

Challenger Financial Services Group Limited A.B.N 85 106 842 371