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CHALLENGER LIMITED Director's Dealing 2004

Sep 9, 2004

64641_rns_2004-09-09_694768cf-50c8-4819-80db-255fe876a5b4.pdf

Director's Dealing

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Appendix 3Y

Rule 3.19A.2

Change of Director's Interest Notice

Information or documents not available now must be given to ASX as soon as available. Information and documents given to ASX become ASX's property and may be made public.

Introduced 30/9/2001.

Name of entity: Challenger Financial Services Group Limited
IA BN 85 106 842 371

We (the entity) give ASX the following information under listing rule 3.19A.2 and as agent for the director for the purposes of section 205G of the Corporations Act.

Name of Director Peter Leith Polson
Date of last notice 2/9/04

Part 1 - Change of director's relevant interests in securities

In the case of a trust, this includes interests in the trust made available by the responsible entity of the trust

Note: In the case of a company, interests which come within paragraph (i) of the definition of "notifiable interest of a director" should be disclosed in this part.

Direct or indirect interest Indirect interest
Nature of indirect interest
(including registered holder)
Note: Provide details of the circumstances giving rise to the relevant
inferest.
Related party
Date of change 6 September 2004
No. of securities held prior to change 210,000
Class Ordinary
Number acquired 100,000
Number disposed $\theta$
Value/Consideration
Note: If consideration is non-cash, provide details and estimated
valuation
\$45,500.00
No. of securities held after change 310,000

+ See chapter 19 for defined terms.

On-market trade
Nature of change
Example: on-market trade, off-market trade, exercise of options, issue of
securities under dividend reinvestment plan, participation in buy-back
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- --

Part 2 – Change of director's interests in contracts

Note: In the case of a company, interests which come within paragraph (ii) of the definition of "notifiable interest of a director" should be disclosed in this part.

Detail of contract N/a
Nature of interest N/a
Name of registered holder
(if issued securities)
N/a
Date of change N/a
No. and class of securities to
which interest related prior to
change
Note: Details are only required for a contract in relation
to which the interest has changed
N/a
Interest acquired N/a
Interest disposed N/a
Value/Consideration
Note: If consideration is non-cash, provide details and
an estimated valuation
N/a
Interest after change N/a

$+$ See chapter 19 for defined terms.