MARKET RELEASE

S&P AFFIRMS CREDIT RATINGS CHALLENGER LIFE COMPANY LIMITED RATED 'A' WITH STABLE OUTLOOK 29 May 2013, Sydney - Challenger Limited (ASX: CGF) announces that Standard & Poor's (S&P) have today affirmed Challenger Life Company Limited's 'A' (stable outlook) and Challenger Limited's 'BBB+' (stable outlook) ratings under S&P's revised global insurance ratings criteria.

Challenger's Managing Director and Chief Executive Officer Brian Benari said "we are pleased with confirmation of our ratings under the new S&P ratings criteria which reflect the financial strength of Challenger Limited and our life company. In particular, we believe they demonstrate our strong business profile, earnings and capital position."

ENDS

Further enquiry: Stuart Kingham, Head of Investor Relations, Challenger Limited, 02 9994 7125

Jana Flanagan, Investor Relations Analyst, Challenger Limited 02 9994 7815

Stuart Barton, General Manager of Marketing and Communications, Challenger Limited, 02 9994 7008

Challenger Limited A.B.N 85 106 842 371

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