SUNCORP GROUP LIMITED — Capital/Financing Update 2008

Sep 18, 2008

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19 September 2008

SUNCORP COMPLETES DIVIDEND REINVESTMENT PLAN UNDERWRITING VIA PLACEMENT

Suncorp today advised it had placed the balance of the underwriting of the current Dividend Reinvestment Plan (DRP).

Suncorp chief executive John Mulcahy said the placement was in the best interests of all shareholders in view of some of the trading patterns in Suncorp stock over the fortnight the DRP underwriting process has been underway.

“Clearly the increased supply of Suncorp shares into already volatile investment markets was creating significant downwards pressure on our share price. Given the underwriting process was scheduled to continue until October 6, it was prudent to remove this factor from share price considerations,” Mr Mulcahy said.

23,117,956 shares at $8.35 per share have been placed with existing shareholders to complete the remainder of the DRP underwriting.

Pursuant to the eight previous days of DRP underwriting, 13,539,048 shares have been placed at approximately $9.55 per share.

ENDS

For more information contact:

Analysts / Investors:

Karen Cush – 07 3836 1960 Mark Ley – 07 3835 5639

Media:

Jamin Smith – 07 3835 5183 Ron Burke – 03 9245 8263

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