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Suncorp Group Limited Annual Report 2010/11 11

Remuneration Report

Dear Shareholder

The directors of Suncorp Group Limited are pleased to present the Suncorp Group Remuneration Report for the year to 30 June 2011.

The Board is committed to clear and transparent disclosure of executive remuneration. To that end we’ve provided an overview, in addition to statutory reporting requirements, to outline the Suncorp Group’s remuneration arrangements and their link to both short and long-term performance.

We also highlight the changes made to the Suncorp Group’s remuneration framework to improve governance and ensure consistency with the Australian Prudential Regulatory Authority’s remuneration standards.

The year to 30 June 2011 was eventful but it was also one from which the Suncorp Group emerged a far stronger organisation. Despite the effects on our businesses of the extraordinary sequence of natural disasters, and on our profts of the volume of insurance claims, the strength of our response to the challenges, combined with the successful delivery of a range of key strategic projects, provided the platform for the creation of sustained long-term value for shareholders, customers and employees.

We start the new operating year with good momentum with management focused upon unlocking the value within our businesses.

The Board will work to ensure that the Suncorp Group’s remuneration framework reinforces progress towards this goal as well as achieving industry best practice.

John Story Ziggy Switkowski

Chairman of the Board Chairman, Remuneration Committee

24 August 2011