CHALLENGER LIMITED — Capital/Financing Update 2012

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MARKET RELEASE

S&P AFFIRM CREDIT RATINGS

AND

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EXPIRY OF OPTIONS

27 November 2012, Sydney – Challenger Limited (ASX: CGF) announces that Standard & Poor’s (S&P) have recently completed their annual ratings review and announced that they have affirmed Challenger Life Company Limited’s ‘A’ (stable outlook) and Challenger Limited’s ‘BBB+’ (stable outlook) ratings.

Challenger also announces that Colony Marlin-Holdings LLC’s options to acquire approximately 57.1 million ordinary Challenger Limited shares have expired.

The options were issued in November 2007 and, in accordance with their terms, expire on 26 November 2012 being the date of Challenger’s 2012 Annual General Meeting. Challenger confirms that the options have not been exercised and have expired.

ENDS

Stuart Kingham, Head of Investor Relations, Challenger Limited, 02 9994 7125 Stuart Barton, General Manager of Marketing and Communications, Challenger Limited, 02 9994 7008

Further enquiry:

Challenger Limited A.B.N 85 106 842 371