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1. Remuneration overview – unaudited (continued)

1.2 Remuneration earned by the SLT in 2011 (continued)

It is important to note that the cash and other benefts earned by the SLT during the year as shown in the table below differ from the amounts shown in the full remuneration table in section 2.5, which is prepared in accordance with the Corporations Act 2001 and Accounting Standards .

Further details of the terms and conditions of STI and LTI are set out in ‘Remuneration components’ in section 2.3.

Past, present and future remuneration of members of the SLT in offce at 30 June 2011

PAST ‘AT‑RISK’ REMUNERATION

RECEIVED IN 2011  1

SLT MEMBERS IN OFFICE AT 30 JUNE 2011

REMUNERATION EARNED AND RECEIVED IN 2011

FUTURE ‘AT‑RISK’ REMUNERATION AWARDED IN 2011  7

DEFERRED STI (CASH) VESTED IN 2011  2

$000

% VESTING  3

LTI (EQUITY) VESTED IN 2011  4

$000

% VESTING  3

FIXED SALARY  5

$000

2011 STI (PAID IN 2011)  6

$000

TOTAL $000

2011 STI (DEFERRED AS CASH)  8

$000

LTI (EQUITY) GRANTED IN 2011  9

$000

Executive director and Group CEO  

– – – – Patrick Snowball 2,192 990 3,182 990 – Senior Executives

– – – – Anthony Day 672 455 1,127 245 650 – – – – Gary Dransfeld 10 62 39 101 21 – – – – – David Foster 741 504 1,245 271 700 – – – – Mark Milliner 776 556 1,332 299 750 – – – – John Nesbitt 831 611 1,442 329 800 – – – – Amanda Revis 11 473 387 860 208 535 – – – – Jeff Smith 776 614 1,390 331 750 – – – – Robert Stribling 602 436 1,038 235 600 – – – – Geoff Summerhayes 675 455 1,130 245 625

1 Past ‘at‑risk’ remuneration represents LTI and deferred STI awarded in prior years that vested during 2011.

2 2010 was the frst year of deferral of STI for the Group CEO, therefore no deferred STI was due to vest in 2011. 2011 is the frst year of deferral for all other SLT members, therefore no deferred STI was due to vest in 2011. For further details of the STI program, refer to section 2.3.

3 This represents the percentage of the original award that vested during 2011. Awards that vest at 0% are forfeited.

4 LTI vested in 2011 represents the 2007 LTI grant which had an initial performance end date of 30 September 2010. The performance hurdle was not met at this time, and therefore participants elected to extend the performance period for a further two years. Therefore, the amounts shown above are nil given no LTI vested in 2011. For LTI grants made during 2011 onwards, the performance period ceases after three years and no re‑testing is available. For further details of the LTI program, refer to section 2.3.

5 Fixed salary represents actual fxed remuneration received, including salary sacrifced benefts and employer superannuation. 6 For the Group CEO, this represents 50% of the total STI for 2011. For all other SLT members, this represents 65% of the total STI for 2011. 7 Future ‘at‑risk’ remuneration represents awards made in 2011, which may conditionally vest in future years, and are not guaranteed. 8 2011 STI (deferred as cash) represents the deferred portion of total STI awarded for 2011. For the Group CEO, this represents 50% of the total STI for 2011. For all other SLT members, this represents 35% of the total STI for 2011. These awards are subject to potential ex‑post adjustment.

9 LTI (equity) represents the value of performance rights granted under the LTI Executive Performance Share Plan (EPSP) during the year. For further details of the LTI program, refer to section 2.3.

10 Mr Dransfeld was appointed (from within the Suncorp Group) to the position of CEO Vero New Zealand on 23 May 2011. Remuneration details reported within this table refect Mr Dransfeld’s remuneration as a KMP since 23 May 2011. Mr Dransfeld was not granted any LTI while he held the position of CEO Vero New Zealand.

11 Ms Revis was appointed to the position of Group Executive, Human Resources on 16 August 2010. Remuneration details reported within this table refect Ms Revis’ remuneration as a KMP since 16 August 2010.

1.3 Changes in 2012

No major changes to remuneration structures are anticipated in the coming year. The Board will however continue to ensure remuneration structures are effective in supporting the business strategy and remain aligned to the interests of our stakeholders.

Directors’ Report (continued)