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CHALLENGER LIMITED Director's Dealing 2004

Feb 25, 2004

64641_rns_2004-02-25_d4f1146d-19e8-42a8-8ea3-01ea80eb4fff.pdf

Director's Dealing

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Challenger Financial Services Group Limited ABN 86 106 842 371

Sydney

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

telephone: 02 9994 7000 facsimile: 02 9994 7777

The Manager Company Announcement Platform Australian Stock Exchange Limited 20 Bridge Street Sydney NSW 2000

Dear Sir

26 February 2004

Re: Appendix 3Y - Change of Director's Interest Notice

Please find attached Appendix 3Y (Change of Director's Interest Notice) for Mr Peter Polson.

Yours faithfully

Stuart J Nelson Acting Company Secretary

Melbourne

Brisbane

Level 41, 101 Collins Street Melbourne VIC 3000 iweisconse v.it. 3000
telephone 03 8616 1000
facsimile - 03 8616 1111

Level 9, 175 Eagle Street Brisbane QLD 4000 felephone 07 3218 8000
facsimile 07 3220 3132

Perth

Level 2, 141 St Georges Terrace. Perth WA 6000 telephone 08 9480 2800 facsimile 08 9322 9289

Adelaíde

Level 9, T & G Building 82 King Street Adelaide SA 5000 lelephone 08 8211 7777
facsimile 08 8212 1661

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 Limited
IABN 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 09/01/2004

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 As shown
Nature of indirect interest
(including registered holder)
Note: Provide details of the circumstances giving rise to the
relevant interest.
As shown
Date of change 24/02/2004
No. of securities held prior to change Indirect: 10,000 ordinary shares
Polson Family Superannuation Fund
Class Ordinary shares
Number acquired 100,000 ordinary shares
Number disposed nil
Value/Consideration
Note: If consideration is non-cash, provide details and estimated
valuation
\$53,238.45
No. of securities held after change Indirect:
110,000 ordinary shares
Polson Family Superannuation Fund
Nature of change
Example: on-market trade, off-market trade, exercise of options,
issue of securities under dividend reinvestment plan,
participation in buy-back
On-market trade

+ See chapter 19 for defined terms.

Part 2 - Change of director's interests in contracts

Detail of contract
Nature of interest
Name of registered holder
(if issued securities)
Date of change
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
Interest acquired
Interest disposed
Value/Consideration
Note: If consideration is non-cash, provide details
and an estimated valuation
Interest after change

+ See chapter 19 for defined terms.