challenger

Sydney

18 November 2010

The Manager Companies Announcement Platform ASX Limited 20 Bridge Street SYDNEY NSW 2000

Level 15, 255 Pltt Street Sydney NSW 2000 Aus`ralla GPO Box 3698 Sydney NSW 2001 4^1'dvv`.-chailenger - mm,au Telephone 02 99 .94 7000 7. Facsimile 02. 9094 777

Dear Sir/Madam Results of the Annual General Meeting held on 18 November 2010 In accordance with Listing Rule 3.13.2 Challenger Financial Services Group Limited wishes to advise the results of voting at the Annual General Meeting held today.

Resolution 2

That Mr Graham Cubbin who retires by rotation in accordance with clause 6.1 of the Constitution of the Company, be re-elected as a Director of Challenger. The instructions given to validly appointed proxies in respect of the resolution were as follows: For 280,357,691 Against 29,145,151 Abstain 728,558 Open 22,189,487

The motion was carried as an ordinary resolution on a show of hands. Resolution 3 That Mr Russell Hooper who retires by rotation in accordance with clause 6.1 of the Constitution of the Company, be re-elected as a Director of Challenger. The instructions given to validly appointed proxies in respect of the resolution were as follows: For 304,118,463 Against 5,398,032 Abstain 727,895 Open 22,176,497

The motion was carried as an ordinary resolution on a show of hands.

Melbourne 13risba e Perth AdelEude

Level 1001 (9. l Box 297, i= -ir?elerc Lane. Melbourne 1. I: 3000 TeIeo o re r:3 C=rib 1600 Facsimile 0 Level g. t lJA'3:r1 a r., 1 E Box 3234, n %as..ane OLD 4001 Telephone 07 3212 Facsimile i Level 3. 5 3C2-m21 ' -raOt 9(3 8:. i Georges Terrace. Pero. WA 6831 Telephone 118 9 223 800 Fec , r L.c)'iti 1. 212 Pliie Sr :e.E Adelaide 5A 50oprr ne 08 8228 3270 F a, 1mil 08 212 1E;E, i

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Challenger I _ ane al : re. es Group -_I -ittel ABN "- 'oil 042 371 Ctlalleu e C_-..:a Se: ioe.. 95 Limited ABN 91 085 , ? 307 Challenger . No 2 lm-led ABN 44 072 451 33B AFS. 22407 Chall.t qe, Commercial ,, c . jing L i nriec, ABN 85 000 033 143 Challenger -4a <Iort i. r er,t Llmited ABN 94 002 sr.3i3 l^ r.F.. 234668 O$ Licence, t. No. I..0002:.437 Challenger Listed nvw _r.; ABN _ 085 293 84.1 A FSI . 6 851 0 0 li nsAtmerrt Tr r5t AIISM 114 13; 703 CIF Investment i ru:M 2 ARSN 114 139 632 Challenger WFrre Trust AEON 092 1)60 510 Challenger avere f_-O Properly T. r`. 1 ARSN 12'1 .484 909 Challenger D1 versified Property Trust 2 YT2^i"a 121 .434 713 C. r..''ssnger KenedlxJa, Japan Trust. PAS, 2(iS O- 971 Challenger Management Services Limited ABN 29 1192 382 842 AFSL 23: 678 5.. }._',',c r.,1 _r ^Ze+, :,mart Services Ply EnzEie; r fs :; r^.s<] :53 AFSi,.19562 r2Slu t e,.. , No. L000104

10343/CG04510408

Resolution 4

That Mr Jonathan Grunzweig, who retires in accordance with clause 6.1 of the Constitution of the Company, be elected as a Director of Challenger. The instructions given to validly appointed proxies in respect of the resolution were as follows:

For 299,003,805

Against 10,485,330

Abstain 737,719

Open 22,194,033

The motion was carried as an ordinary resolution on a show of hands. Resolution 5 That the Remuneration Report for the year ended 30 June 2010 be adopted. The instructions given to validly appointed proxies in respect of the resolution were as follows: For 74,690,235 Against 234,503,984 Abstain 1,013,718 Open 22,215,297

The motion was not carried as an ordinary resolution on a poll the details of which are: For 100,680,908 % 30.03 Against 234,577,477 % 69.97

Resolution 6

That for the purposes of section 157(1) of the Corporations Act 2001 ('Corporations Act') and for all other purposes, Challenger's name be changed to Challenger Limited

The instructions given to validly appointed proxies in respect of the resolution were as follows: For 309,379,654 Against 172,365 Abstain 695,433 Open 22,173,435

The motion was carried as a special resolution on a show of hands.

Resolution 7

That the terms and conditions of the buy back agreement relating to the onmarket buy back of up to 50,265,323 ordinary shares as described in the Explanatory Notes which accompany the Notice of Meeting convening the 2010 Annual General Meeting be approved. The instructions given to validly appointed proxies in respect of the resolution were as follows: For 308,544,294 Against 180,599 Abstain 1,536,677 Open 22,162,684

The motion was carried as an ordinary resolution on a show of hands. Resolution 8 That for the purposes of Listing Rule 7.2 (exception 9), approval be given to the equity based reward plan called the Challenger Performance Plan for the provision of long term incentives to Executive Directors, executives and employees of Challenger and its subsidiaries and the granting of options and rights in accordance with the terms of the Challenger Performance Plan. The instructions given to validly appointed proxies in respect of the resolution were as follows:

For 91,821,445

Against 217,322,404

Abstain 964,649

Open 22,194,189

The motion was not carried as an ordinary resolution on a poll the details of which are:

For 117,812,910

% 35.15

Against 217,355,305

% 64.85

Yours faithfully

Chris Robson Company Secretary