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	24/2/04

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

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	1 September 2004
No. of securities held prior to change	110,000
Class	Ordinary
Number acquired	100,000
Number disposed	$\theta$
Value/Consideration Note: If consideration is non-cash, provide details and estimated valuation	\$45,000.00
No. of securities held after change	210,000

⁺ See chapter 19 for defined terms.

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

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.

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	Michael Tilley
Date of last notice	16/11/03

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

Direct or indirect interest	Indirect interest
Nature of indirect interest (including registered holder) Note: Provide details of the circumstances giving rise to the relevant interest.	Related party
Date of change	1 September 2004
No. of securities held prior to change	Nil
Class	Ordinary
Number acquired	5,000,000
Number disposed	Nil
Value/Consideration Note: If consideration is non-cash, provide details and estimated valuation	\$2,275,000
No. of securities held after change	5,000,000

⁺ See chapter 19 for defined terms.

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

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.

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	James Douglas Packer
Date of last notice	6/11/03

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

Direct or indirect interest	Indirect holding
Nature of indirect interest (including registered holder) Note: Provide details of the circumstances giving rise to the relevant interest.	Related party
Date of change	1 September 2004
No. of securities held prior to change	Nil
Class	Ordinary
Number acquired	4,000,000
Number disposed	Nil
Value/Consideration Note: If consideration is non-cash, provide details and estimated valuation	\$1,820,000
No. of securities held after change	4,000,000

Appendix 3Y

⁺ See chapter 19 for defined terms.

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

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.

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	James Glen Service
Date of last notice	6/11/03

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

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	1 September 2004
No. of securities held prior to change	182,714
Class	Ordinary
Number acquired	67,286
Number disposed	$\theta$
Value/Consideration Note: If consideration is non-cash, provide details and estimated valuation	\$30,615.13
No. of securities held after change	250,000

⁺ 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
--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

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.

AI assistant

CHALLENGER LIMITED Director's Dealing 2004

64641_rns_2004-09-01_1b577fd3-8db5-4e86-b22c-711bcaa928a4.pdf

Appendix 3Y

Change of Director's Interest Notice

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

Appendix 3Y

Change of Director's Interest Notice

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

Change of Director's Interest Notice

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

Appendix 3Y

Change of Director's Interest Notice

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

AI assistant

CHALLENGER LIMITED — Director's Dealing 2004

64641_rns_2004-09-01_1b577fd3-8db5-4e86-b22c-711bcaa928a4.pdf

Appendix 3Y

Change of Director's Interest Notice

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

Appendix 3Y

Change of Director's Interest Notice

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

Change of Director's Interest Notice

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

Appendix 3Y

Change of Director's Interest Notice

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

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CHALLENGER LIMITED Director's Dealing 2004