SUNCORP GROUP LIMITED — Capital/Financing Update 2008

May 20, 2008

21 May 2008

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SUNCORP PRICES A$850 MILLION SENIOR DEBT ISSUE

Suncorp-Metway Limited today announced it has priced an A$850 million senior domestic bond transaction.

The offering consisted of A$600 million three year fixed bonds and A$250 million three year floating bonds. The fixed and floating bonds have been issued at 130 basis points over the three year mid-swap and three month BBSW respectively.

Suncorp’s finance director Chris Skilton said strong investor demand meant the initial offering was oversubscribed, enabling the volume to be increased to A$850 million.

“As we saw with the recent convertible preference share offer, there is strong investor demand for Suncorp’s secure credit, transparent balance sheet and robust brand,” he said.

“This debt issue further lengthens Suncorp’s balance sheet and means we are very well positioned in relation to our funding requirements moving into the next financial year.”

The transaction was Suncorp’s first benchmark domestic bond offering since March 2004. JPMorgan and UBS were Joint Lead Managers for the transaction.

Suncorp-Metway Limited is rated ‘A+/Positive’ by Standard & Poor’s, and ‘Aa3’ by Moody’s Investor Services.

ENDS

For more information contact:

Analyst / Investor enquiries:

Mark Ley, 07 3835 5639

Media enquiries:

Jamin Smith, 07 3835 5183

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