MARKET RELEASE PRO-FORMA TEMPLATE - BOUTIQUE, ALIGNED AND OTHER MANAGEMENT VIEW

15 December 2011, Sydney - Challenger Limited (ASX:CGF) today released a pro-forma template for the presentation of its financial results for its Funds Management division.

Following the release on 21 October of a template providing historical information for Assets and Funds Under Management (AUM) under a revised format, the attached pro-forma template provides an historical breakdown of net income for Funds Management's two key earnings drivers being Boutique Partnerships and Aligned & Other Investments for financial years 2011 and 2010.

The first period of reporting under the revised format will be for the six months ended 31 December

2011 (1H12) which will be announced on 20 February 2012.

Ends

Further enquiry: Suzanne Evans, Head of Investor Relations, Challenger Limited. 02 9994 7125

Stuart Barton, General Manager Corporate Marketing & Communications, Challenger Limited. 02 9994 7008

Challenger Limited A.B.N 85 106 842 371

Funds Management - Detailed Management Financials

$m 2011 2010 2H 11 1H 11 2H 10 1H 10 Boutique Partnerships

Boutique Income 1 22.0 6.6 11.9 10.1 4.1 2.5
Equity Accounted Profits 2 7.5 0.8 5.2 2.3 0.7 0.1

Total Net Income 29.5 7.4 17.1 12.4 4.8 2.6 Aligned and Other

Net management fees 48.9 73.7 19.3 29.6 37.9 35.8
Transaction and Performance fees 10.0 20.9 7.5 2.5 10.8 10.1

Total Net Income 58.9 94.6 26.8 32.1 48.7 45.9 Total Net Income 88.4 102.0 43.9 44.5 53.5 48.5

Personnel expenses (46.1) (60.2) (22.5) (23.6) (30.9) (29.3) Other expenses (22.2) (24.5) (10.6) (11.6) (13.4) (11.0)

Total Expenses (68.3) (84.7) (33.1) (35.2) (44.3) (40.3) Net profit/(loss) before tax 20.1 17.3 10.8 9.3 9.2 8.2 Performance Analysis

Cost to income ratio 77.3% 83.1% 75.4% 79.2% 82.9% 83.2% Opening Net Assets ($m) 111.0 93.2 111.0 111.0 93.2 93.2
Normalised RONA 18.1% 18.5% 19.6% 16.7% 19.6% 17.5%
Spot FUM - Boutique Partnerships ($m) 14,848.1 6,976.7 14,848.1 12,697.8 6,976.7 4,033.4
Spot FUM - Aligned and Other ($m) 8,759.5 13,244.0 8,759.5 9,166.3 13,244.0 15,190.5

Spot FUM - Total ($m) 23,607.6 20,220.7 23,607.6 21,864.1 20,220.7 19,223.9

Average FUM - Boutique Partnerships ($m) 3 12,271.4 3,863.9 13,795.5 10,808.2 4,889.8 2,827.6
Average FUM - Aligned and Other ($m) 3 9,611.4 14,421.2 8,841.8 10,317.4 14,197.8 14,739.5

Average FUM - Total ($m) 21,882.8 18,285.1 22,637.3 21,125.6 19,087.6 17,567.1 Margins (bps) 4

Boutique Partnerships 24 19 25 23 20 18
Aligned and Other 61 66 61 62 69 62

Net margin - Funds Management 40 56 39 42 57 55 FUM Analysis ($m)

Net flows 2,397.0 3,831.0 1,324.0 1,073.0 2,006.0 1,825.0
Distributions (267.5) (188.3) (164.3) (103.2) (109.0) (79.3) Market linked movement 1,241.0 533.0 372.5 868.5 (900.9) 1,433.9

Total FUM movement 3,370.5 4,175.8 1,532.2 1,838.3 996.1 3,179.7

1 Boutique Income includes distribution, administration and trustee fees.

2 Equity Accounted Profits represents Challenger's share of pre tax earnings.

3 Average Funds Under Management calculated on a monthly basis.

4 Margin (bps) represents Total Net Income/average FUM.

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Pro-forma template - Boutique, Aligned & Other Management View