Challenger Limited · ASX:CGF

Challenger — Challenger Financial Services Group — UBS Australian Financial Services Conference 2006

25 slides from Challenger's conference presentation, Jun 21, 2006

1. Slide 1: Slide 1

2. Slide 2: Challenger Financial Services Group - UBS Australian Financial Services Conference

   € challenger Financial Services Group Challenger Financial Services Group Limited UBS Australian Financial Services Conference Michael Tilley Chief Executive Officer 21 June 2006

3. Slide 3: ( ) * , - . - - "- ./ , - . 1,"

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4. Slide 4: Agenda

   € challenger Financial Services Group Agenda Overview 3 Challenger Life 9 Challenger Wholesale Finance 14 Challenger Wealth Management 17 Update since 31 Dec 2005 22 Outlook 23

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   2; • ( * *2 7 8 < #0 • 2 • =0 • < 40 • ( > 2 4

6. Slide 6: Key success

   € challenger Financial Services Group Key success ¢ Above system growth in each market ¢ Performance of our funds ¢ Cost and efficiency of our back-office processes and systems ¢ Maintain top decile service capability ¢ Attracting and employing the best quality people _ eee \

7. Slide 7: :#0 B . +%@ %0 '&@ :0 '4@ %0 '%@ %0 #=@ &0 #4@

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9. Slide 9: Challenger Life

   € challenger Financial Services Group Challenger Life Asset Management & Annuities F

10. Slide 10: C) &% %%0 = : #' = = = 4% =%0 % # &%0

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14. Slide 14: Challenger Wholesale Finance

    € challenger Financial Services Group F Challenger Wholesale Finance

15. Slide 15: Residential Commercial

    1 1 7 M J H2 K J 0 K #4 #% =% #@ 4 #@ 4 :4 #@ + : : #@ 4 4 #@ + &% & % +% '& '9 & :@ # :@ & '@ = 4@ '% #% #+ 4 % % Jun-04 Dec-04 Jun-05 Dec-05 . $ %+ 3 %+ $ %4 3 %4 %& Residential Commercial 4% 1 .J H K % $ %+ 3 %+ $ %4 3 %4 Residential Commercial 4

16. Slide 16: ) ( N -3 .1 A ( N

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17. Slide 17: Challenger Wealth Management

    € challenger Financial Services Group r Challenger Wealth Management Funds Management

18. Slide 18: & & + + @ # # %@ & H2 H2 % % =

    & & + + @ 9 # # %@ & H2 H2 % % = = " >%'8>%& &@ & & >%'8>%& . '@ 9 + + . 4&0 # # '90 % % A%' A%+ A%4 ,A%& A%' A%+ A%4 ,A%& . / , " , 6 ) / . = &%0 & +%0 + #%0 %%0 # =%0 % &%0 8# +%0 8+ #%0 8& %0 A%+ A%4 ,A%& ! " =

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22. Slide 22: Update since 31 December 2005

    ' 3 #%%4 • ( • - ( G O ! 2 '% $ F $ C &@ '0 C !#%8'% 2 O 8 ! :40 +%0 7 • 2 / J K * 2 6 J K • * * • 1 $ ##

23. Slide 23: Outlook

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24. Slide 24: Strong Income Growth

    ( 6 2 2 Strong Income Growth - Driven by Repeatable Low Capital Intensity Earnings - "Fee Based" earnings now 56% of total - from 38% in December 2003 Realised gains now 16% of earnings - from 45% in June 2004 140 120 &'0 100 ( 3 %' 80 C 3 %4 60 '+0 40 ( 3 %' C 3 %4 20 0 Dec-03 Jun-04 Dec-04 Jun-05

25. Slide 25: Disclaimer

    ll seater The material in this presentation is general background information about Challenger group activities and is current at the date of the presentation. It is information given in summary form and does not purport to be complete. It is not intended to be relied upon as advice to investors or

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