CHALLENGER LIMITED — Capital/Financing Update 2008

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Milena Ickeringill Company Secretary

Phone: 61 3 8688 3852 Fax: 61 3 9614 5298

25 November 2008

Australian Securities Exchange Company Announcements Office 20 Bridge Street SYDNEY NSW 2000

Dear Sir/Madam

AXA Asia Pacific Holdings Limited Sale of AXA Australia’s annuities business to Challenger

Please find attached a Media Release issued today by AXA Asia Pacific Holdings Limited.

Yours sincerely

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Milena Ickeringill

Company Secretary

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AXA Asia Pacific Holdings Limited ABN 78 069 123 011

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25 November 2008

AXA Asia Pacific Holdings Limited Sale of AXA Australia’s annuities business to Challenger

AXA Asia Pacific Holdings Limited (AXA APH) announced on 4 June 2008 of its intention to transfer AXA Australia’s closed annuity portfolio to Challenger by way of a transfer under Part 9 of the Life Insurance Act 1995 (“the Scheme”).

AXA APH announced today that the Federal Court in Sydney confirmed the Scheme, granting approval for the sale of AXA Australia’s annuities business to Challenger.

AXA Australia Chief Executive Warren Lee said

“I am pleased that the transaction has been approved. This simplifies our business significantly and will enable us to focus on our core wealth management and financial protection business.”

The transfer is planned to take effect at the end of November 2008.

Contact

Media: +61-(0)3 8688 4985, +61-(0)412 223 485 Francine McMullen, Group Manager, Strategic Communications

Investors: +61-(0)3 8688 3744, +61-(0)421 333 582 Melissa Heyhoe, Group Manager Investor Relations & Performance Reporting

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