SUNCORP GROUP LIMITED — Capital/Financing Update 2008

Sep 30, 2008

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Suncorp-Metway Ltd ABN 66 010 831 722

Corporate Secretary’s Office Suncorp Centre 36 Wickham Terrace BRISBANE QLD 4000 GPO Box 1453, Brisbane QLD 4001

1 October 2008

Company Announcements Office Australian Securities Exchange Level 4 Exchange Centre 20 Bridge Street Sydney NSW 2000

SUNCORP COMPLETES DERISKING OF INVESTMENT PORTFOLIOS

Suncorp has completed the disposal of the Australian and overseas equity assets contained within its General Insurance Shareholder Fund portfolios.

Suncorp previously announced its intention to derisk these portfolios prior to the end of September 2008 in response to recent regulatory changes requiring additional capital to be held against equity investments.

The portfolios were valued at approximately $1.2 billion on 30 June 2008.

The sell down was completed prior to this week’s equity market volatility at an average ASX 200 index level of around 4945.

The proceeds of the equity disposal are primarily invested in cash.

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C R Chuter Corporate Secretary