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CHALLENGER LIMITED Capital/Financing Update 2004

Dec 8, 2004

64641_rns_2004-12-08_e9e2bb59-ecbf-49b3-9936-a9127dccf61b.pdf

Capital/Financing Update

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Sydney

Level 41, Autora Place 88 Phillip Street Sydney NSW 2000 Australia www.challenger.com.au

telephone 02.9994.7000 facsimile 02 9994 7777

9 December 2004

Company Announcements Office Australian Stock Exchange Limited 20 Bridge Street Sydney NSW 2000

Dear Sirs

Challenger Financial Services Group Limited Clarification of Option on Issue

Further to the announcement lodged this morning with the ASX, we confirm the number of options outstanding post the 1 for 5 consolidation is 60,000,000.

Yours faithfully

Sfardino

Anne B Gardiner Company Secretary

Melhourne
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Brisbane

Level 10, 104 Collins Street PO Box 96, Fluiders Lane Melbourne VIC 3000 (eleganone 03.8616.1800) facsuaite 03 8616 1899

Level 9, CUA Bailding 175 Eagle Street
GPO Box 3234 Brishane QLD 4001 Telephone 07.3218.8000 facsimile 07 3220 3132

Level 3, 55 St Georges Terrace PO Box Z5065, St Georges Terrace Perth WA 6831 relephone 08 9223 7800 facsimile 08 9221 2499

Perth

3.evel 9, T & G Building 82 King William Street Adelaide SA 5000 felephone 08 8211 7777 Bacsimile 08 8212 1661

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Challenger Financial Services Group Limited ABN 85 106 842 371 Challenger Managed Investments Limited ABN 94 002 835 592 AFSI, 234668 Vanlenger Securities Einrites ABN 28.009-568-496 AFSL 234674 Challenger Margin Lending Londer ABN 47.091-338-822
Challenger Securities Einrites ABN 28.009-568-496 AFSL 234674 Challenger Margin Lending Londed ABN 47.091-338