SUNCORP GROUP LIMITED — Capital/Financing Update 2010

Dec 16, 2010

17 December 2010

SUNCORP TO SELL NEW ZEALAND GUARDIAN TRUST

Suncorp today advised it had entered into an agreement to sell its New Zealand Guardian Trust business to The Trust Company (ASX: TRU) for NZ$42 million.

Suncorp Life CEO Geoff Summerhayes said the transaction was consistent with the Suncorp Group’s broader strategy of simplifying its business model as well as the business’ focus on being a Life insurance specialist.

“The sale of Guardian Trust underlines Suncorp Life’s clear intent to focus on being a Life insurance specialist and we will continue to pursue growth in this area,” he said.

“It is also good news for Guardian Trust employees, clients and investors – they will benefit from the support of a parent that is a major trust company with a strong Australasian presence and an aligned business capability and focus.

“The Trust Company knows the market and is committed to maintaining the standards and practices that have made Guardian Trust one of New Zealand’s most long-standing and established trustee companies.”

The transaction, which is still subject to certain conditions including New Zealand Overseas Investment Office approval, is expected to be finalised in the first quarter of the 2011 calendar year.

The disposal proceeds are above the net tangible assets associated with the business however, due principally to the write-off of allocated goodwill, the reported loss on the sale after tax is expected to be around AUD$40 million.

Ends

For more information contact:

Media – Jamin Smith, 07 3135 4321 Analysts / shareholders – Mark Ley, 07 3135 3991

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