Challenger Limited · ASX:CGF

Challenger — Challenger Financial Services Group — ABN AMRO Diversified Financials Conference 2006

27 slides from Challenger's conference presentation, May 30, 2006

1. Slide 1: Slide 1

2. Slide 2: Challenger Financial Services Group - ABN AMRO Diversified Financials Conference

   € challenger Financial Services Group F Challenger Financial Services Group Limited ABN AMRO Diversified Financials Conference Michael Tilley Chief Executive Officer 30 May 2006

3. Slide 3: ) *! " + ,+ + - # # #! # #! ! .

   ) *! " + ,+ + - # # #! # #! ! . +!# 0 - # # 1- # # . # ! . +!# %/0 - # # +. !.# ! . +!# // 0 . 4 * . " 5 4 5 " 6 7 - # # 1# !- # #! ! . +!# 0 2 2 $ % '&&3 %

4. Slide 4: Agenda

   € challenger Financial Services Group Agenda Overview 3 Challenger Life 9 Challenger Wholesale Finance 16 Challenger Wealth Management 19 Update since 31 Dec 2005 24 Outlook 25

5. Slide 5: • ) , ,2 : '0 • " " • . • ;0 •

   29 • ) , ,2 6 7 : '0 • " 2 " • . 2 • ;0 • ! : 30 • ) < " 2 3

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: ! 3'0 ! 3" 3&0 / /&0 %&0 ';0 ' '&0 &0 &0 '&&

   ! 3'0 ! 3" 3&0 / 0 /&0 %&0 ';0 ' 0 '&0 &0 &0 '&& '&&' '&&% '&&/ '&&3 730 7 &0 7'&0 7%&0 7%'0 7/&0 * >

8. Slide 8: *# " ) '/ '% '' '& ; >? % ( ( ( /?

   *# " ) 6 '/ '% '' '& ; >? % ( ( ( /? 3 /? % / ' & ; ( / ' & @&/ @&3 "7&( ; *A # 6 1 *#

9. Slide 9: Challenger Life

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

10. Slide 10: B*! (& &&0 ; > '% ; ; ; 3& ;&0 & ' (&0

    B*! (& &&0 ; > '% ; ; ; 3& ;&0 & ' (&0 '3 '8 %& /& > /( %( 3 /&0 %& C '&0 /3 /( // % '& % &0 '/ & 8 '&&/ '&&3 7&3 7&( & * " $ -&3 '-&3 -&( . 4 * !4 . &

11. Slide 11: + ;&& %& >&& '3 (&& 3&& %>; %>( '& /&> /&& C C

    2 + ;&& %& 3 >&& '3 (&& 3&& %>; %>( '& /&> /&& C C %&& 3 '3 '&& ';; '8; & '3% && & 3 D &/ D &3 &3 ; * " " ' . & 1 ! @&/ @&3 7&3

12. Slide 12: . * * #$ ) * . "6 " ) + $ E .

    . 7 * * #$ ) * . "6 " ) + $ E . "6 ) . " F#$ " F 2 4 F " F#$ ! " 6 "B ) ) 5 6" ) " 6 '

13. Slide 13: . B ) 7# + " = # • •! • • •* A

    . B ) 2 7# + " = # • •! • 2 • •* A " • •! • 2 • • •* A! •! 4 2 • %

14. Slide 14: . B ) + G D = • •! • • •* A "

    . B ) 2 7 + 4 G D = • •! • 2 • •* A " • •! • 2 • • •* A! •! 4 2 • /

15. Slide 15: J * . H I

    J * 2 . H I – #.,+ * 5 – ! * . .. – 2 * "* "D * " % '&&(A '&&> @ 3

16. Slide 16: Challenger Wholesale Finance

    € challenger Financial Services Group F Challenger Wholesale Finance

17. Slide 17: Residential Commercial

    1 1 6 K H C2 I H 0 I '3 '& ;& '? 3 '? 3 >3 '? / > > '? 3 3 '? / (& ( & /& %( %8 ( >? ' >? ( %? ; 3? %& '& '/ 3 & & Jun-04 Dec-04 Jun-05 Dec-05 D &/ &/ D &3 &3 &( Residential Commercial 3& 1 H C I & D &/ &/ D &3 &3 Residential Commercial >

18. Slide 18: L ' ! "L ) L * #!.

    1 . * . ) 2 " * ) L + #1 @ 1 ) L * L ' ! "L ) L * #!. D 2 2 " ) $ L " L . .# "L* ;

19. Slide 19: Challenger Wealth Management

    € challenger Financial Services Group r Challenger Wealth Management Funds Management

20. Slide 20: ( + ( + / / ? ' ' !" &? ( C2 C2

    ( + ( + / / ? 8 ' ' !" &? ( C2 C2 & & ; ; " <&%7<&( (? ( ( <&%7<&( %? 8 / / 3(0 ' ' %80 & & @&% @&/ @&3 -@&( @&% @&/ @&3 -@&( . - ! - 5 *! . $ # ; (&0 ( /&0 / '&0 &&0 ' ;&0 & (&0 7' /&0 7/ '&0 7( &0 @&/ @&3 -@&( %&' ( ) * '&

21. Slide 21: + H 0I &( %%' - .-& %+. ) -0- ' / (&- .

    + 6 H 0I &( %%' - .-& %+. ) -0- ' / (&- . ). -+% & ( +&, 7&? 3&0 7&? /&0 7&? %&0 7&? '&0 7&?&0 &? &&0 &?&0 &? '&0 &? %&0 &? /&0 E* , '&&3 '

22. Slide 22: ( (4 + + * * ) ) ++ ) )22 * * &

    ( (4 4 + + * * ) ) ++ 11 ) )22 * * & & 3 3 * * * * * * 4 4 ''

23. Slide 23: ) H 3 7 30I H

    6 ( ( + + * * 5 5 4 4 - )7 * )H 3 7 30I - H '&0MI &7'0 '730 30M 2 "J J 6 ) 7- ) ) )A 5 3 #$ ! = - -@ * 3&0 %30 30 * %30 %30 %&0 '%

24. Slide 24: Update since 31 Dec 2005

    + % '&&3 • ) • ) E N #$ 2"%& D B (? %0 B $'&7%& 2 N " 7 $ >30 + /&0 + 6 • 2 . H I , 2 5 H I • , , • 1 " "D '/

25. Slide 25: Outlook

    6 • 6 '&&( • ! $ "%& "A%& A%& $ A & 2" 2 '&&( • #$ 6 ) : '0 H+ I H+ I H+ I • ) 2" ) , • 2 6 2 ? 1 6 • ) O '&&>? 2 '3

26. Slide 26: Strong Income Growth

    ) 5 " 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 ) &% 80 B &3 60 %/0 40 ) &% B &3 20 0 Dec-03 Jun-04 Dec-04 Jun-05 Dec-05

27. Slide 27: ! ?. " ?. , " ?! ) ) ) ? '>

    ! 2 6 2 ?. " 2 ?. 2 6 29 , " ?! 2 ) ) ) ? '>

Challenger Financial Services Group — ABN AMRO Diversified Financials Conference 2006 on 6ix