Consolidated Press Holdings Limited

(A.C.N 008 394 509) Postal Address GPO Box 4088 Sydney NSW 1028
AUSTRALIA Telephone: (612) 9282 8000
Facsimile: (612) 9267 2150

Level 3, 54-58 Park Street Sydney NSW 1028

FACSIMILE

TO: THE MANAGER ASX ANNOUNCEMENTS

FROM: BOB DAVIS

1900 999 279 FAX NO.:

23^RD JANUARY, 2004 DATE:

SUBJECT:

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CHALLENGER FINANCIAL SERVICES GROUP LTD

No. of pages including this one:

Please telephone (612) 9282 8033 if transmission is incomplete

Dear Manager,

Following is an updated Substantial Shareholder Notice from the Consolidated Press Holdings Ltd Group relating to its investment in Challenger Financial Services Group Ltd (previously Challenger Financial Services Trust).

Yours sincerely,

WV

R.B. Davis Group Company Secretary

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P.01 BSTZ 4926 Z I9 53-1U/-500d TV:24

Form 603 Corporations Law Section 671B Notice of initial substantial holder

The holder became a substantial holder on 22 December 2003

2. Details of voting power

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The total number of votes attached to all the voting shares in the company or voting interests in the scheme that the substantial holder or an associate
(2) had a relevant interest (3) in on the date the substantial holder

* Based on issued capital of 2,479,035,734 fully paid ordinary shares.

Details of relevant interests $\mathbf{3}$

The nature of the relevant interest the substantial holder or an associate had in the following voting securities on the date the substantial holder became
a substantial holder are as follows:

Details of present registered holders $\blacktriangle$

The persons registered as holders of the securities referred to in paragraph 3 above are as follows:

5. Consideration

The consideration paid for each relevant interest referred to in paragraph 3 above, and acquired in the four months prior to the day that the substantial
holder became a substantial holder is as follows:

Form 603 CGF.doc S0.9 PISTZ 2926 2 I9 $\mathsf{l}$

Associates 6.

The reasons that persons named in paragraph 3 above are associates of the substantial holder are as follows:

Addresses 7.

The addresses of persons named in this form are as follows:

• If there are a number of substantial holders with similar or related relevant interests (eg a corporation and its related corporations, or the
  manager and trustee of an equity trust), the names could be included in an anne $(1)$
• See the definition of "associate" in section 9 of the Corporations Law. $(2)$
• See the definition of "relevant interest" in sections 608 and 671B(7) of the Corporations Law. $(3)$
• The voting shares of a company constitute one class unless divided into separate classes. $(4)$
• The total number of votes attached to all the voting shares in the company or voting interests in the scheme (if any) that the person or an $(5)$ associate has a relevant interest in.
• The person's votes divided by the total votes in the body corporate or scheme multiplied by 100. $(6)$
• Include details of: $(7)$
• any relevant agreement or other circumstances by which the relevant interest was acquired. If subsection 671B(4) applies, a copy $(a)$ of any document setting out the terms of any relevant agreement, and a statement by the person giving full and accurate details of any contract, scheme or arrangement, must accompany this form, together with a written statement certifying this contract, scheme or arrangement; and
• any qualification of the power of a person to exercise, control the exercise of, or influence the exercise of, the voting powers or $(b)$ disposal of the securities to which the relevant interest relates (indicating clearly the particular securities to which the qualification applies).

See the definition of "relevant agreement" in section 9 of the Corporations Law.

• If the substantial holder is unable to determine the identity of the person (eg if the relevant interest arises because of any option) write $(8)$ "unknown".
• Details of the consideration must include any and all benefits, money and other, that any person from whom a relevant interest was acquired
  has, or may, become entitled to receive in relation to that acquisition. Details m $(9)$ the acquisitions, even if they are not paid directly to the person from whom the relevant interest was acquired.

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CPH CORPORATE

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