SUNCORP GROUP LIMITED — Capital/Financing Update 2026

Apr 28, 2026

SUNCORP

ASX announcement

29 April 2026

Suncorp Group Prices $200 million Wholesale Additional Tier 1 Capital Notes

Suncorp Group Limited (Suncorp) (ASX: SUN | ADR: SNMCY) today announced it has successfully priced a $200 million issue of perpetual, non-cumulative, convertible, unsecured, subordinated debt obligations (Wholesale Capital Notes) in an offering to institutional investors and other wholesale investors.

The Margin has been determined under a bookbuild process and has been set at +235 basis points over the 3-month bank bill swap rate.

Neil Wesley, Suncorp Acting Chief Financial Officer said, "It was pleasing to see the strong demand for our inaugural Wholesale Capital Note issuance, which was more than 4 times oversubscribed. The ability to diversify our investor base and capital instruments into this market is a reflection of the confidence our investors continue to place in Suncorp, and we thank them for their support."

The Wholesale Capital Notes support the rebalancing of capital as part of Suncorp Group's ongoing funding and capital management strategy. Suncorp expects to use the proceeds from the issue of the Wholesale Capital Notes to fund Additional Tier 1 Capital (as described in the Prudential Standards issued by the Australian Prudential Regulation Authority (APRA)) of one or more Regulated Entities within the Suncorp Group and for general funding and capital management purposes.

Although the Wholesale Capital Notes are perpetual, Suncorp may, with APRA's prior written approval, elect to Exchange the Wholesale Capital Notes on 17 June 2032, 17 September 2032 or 17 December 2032, or on the occurrence of certain tax or regulatory events. The Wholesale Capital Notes, unless Exchanged prior, will be mandatorily Converted into Ordinary Shares on 17 December 2034, subject to certain conditions. Dates for payments or Exchanges made under the Wholesale Capital Notes may be adjusted in accordance with the Business Day Convention.

The Wholesale Capital Notes are expected to be issued on or around 6 May 2026. No shareholder approval is needed for the issue.

Unless otherwise defined, capitalised words used in this announcement have the meaning given to them in the Information Memorandum relating to Suncorp's Wholesale Note Issuance Programme dated 24 April 2026.

National Australia Bank Limited is acting as Arranger and Joint Lead Manager. Barrenjoey Markets Pty Limited, UBS AG and Westpac Banking Corporation are acting as Joint Lead Managers.

Authorised for lodgement with the ASX by the Suncorp Acting Chief Financial Officer.

ENDS

For more information contact:

| Media | James Spence | +61 436 457 886
james.spence@suncorp.com.au |
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| Analysts / Investors | Kyran McGushin | +61 438 087 980
kyran.mcgushin@suncorp.com.au |

Suncorp Group Limited | ABN 66 145 290 124 | Level 23, 80 Ann Street, Brisbane Qld 4000

suncorpgroup.com.au

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Disclaimer

This announcement does not constitute an offer to sell, or the solicitation of an offer to buy, any securities (including Wholesale Capital Notes) in the United States or to, or for the account or benefit of, any U.S. person (as defined in Regulation S under the U.S. Securities Act of 1933, as amended (the U.S. Securities Act)), or any other jurisdiction in which such an offer would be illegal.

The securities referred to in this announcement have not been, and will not be, registered under the U.S. Securities Act, or the securities laws of any state or other jurisdiction of the United States. Accordingly, the securities referred to in this announcement may not be offered or sold, directly or indirectly, in the United States or to, or for the account or benefit of, any U.S. person, unless the securities have been registered under the U.S. Securities Act (which Suncorp is under no obligation to do) or are offered or sold pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the U.S. Securities Act and applicable securities laws of any state or other jurisdiction of the United States.

Pursuant to Section 309B of the Securities and Futures Act 2001 of Singapore (SFA) and the Securities and Futures (Capital Markets Products) Regulations 2018 of Singapore (CMP Regulations 2018), the Issuer has determined, and hereby notifies all relevant persons (as defined in Section 309A(1) of the SFA), that the Wholesale Capital Notes are "prescribed capital markets products" (as defined in the CMP Regulations 2018) and Excluded Investment Products (as defined in the Monetary Authority of Singapore (MAS) Notice SFA 04-N12: Notice on Sale of Investment Products and MAS Notice FAA-N16: Notice on Recommendations on Investment Products).

If you are a person in Australia, this announcement is directed and available only to a person who is not a "retail client" as defined for the purposes of section 761G of the Corporations Act 2001 of Australia (Corporations Act) and in respect of whom disclosure is not required under Parts 6D.2 or 7.9 of the Corporations Act. This announcement should not be distributed to, and is not intended for, any other person in Australia.

Suncorp Group Limited | ABN 66 145 290 124 | Level 23, 80 Ann Street, Brisbane Qld 4000
suncorpgroup.com.au

SUNCORP