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2. Remuneration – audited (continued)

2.5 SLT remuneration disclosures in detail (continued)

Remuneration of SLT members for the year ended 30 June 2011

SHARE-BASED PAYMENTS  9

$'000

PERFORMANCE RELATED %

2011

Executive director

Patrick Snowball 1,531 56.7

Senior Executives

Anthony Day 179 56.2

Gary Dransfeld 6 (from 23 May 2011) 8 48.9

David Foster 464 61.2

Mark Milliner 485 63.1

John Nesbitt 737 66.3

Amanda Revis (from 16 August 2010) 78 57.6

Jeff Smith 512 63.9

Robert Stribling 65 54.7

Geoff Summerhayes 335 60.5

Former Senior Executives

Roger Bell 7 (to 22 May 2011) 393 23.4

Dharma Chandran 8 (to 15 August 2010) – –

1 Non‑monetary benefts costs met by the Suncorp Group for airfares and insurances. 2 Other short‑term benefts represent annual leave accrued during the year.

3 The amount of deferred STI awarded to Mr Snowball is discounted and amortised over the vesting period. The amount of deferred STI awarded to members of the SLT is recognised in full as there are no performance or service conditions required. 4 Other long‑term benefts represent long service leave accrued during the year.

5 Termination benefts are paid in accordance with contractual commitments. Refer to section 2.6.

6 Mr Dransfeld became a member of the SLT on 23 May 2011. Remuneration disclosed relates only to his period in offce.

7 Mr Bell is remunerated in New Zealand dollars, amounts are disclosed in Australian dollars. Mr Bell’s employment ceases on 30 September 2011. Termination benefts to Mr Bell are restricted to the terms required in his contract and are stated under ‘Post-employment benefts Superannuation benefts’ and ‘Termination benefts’. The terms of Mr Bell’s contract were disclosed in last year’s remuneration report and are included here for convenience. The contract required 116 weeks’ notice upon termination and additional pension benefts of 20% of earned pensionable service and funding to allow pension payments to commence at age 55 years with no early retirement reduction factor. The latter term (i.e. funding to allow pension payments to commence at 55) had no impact as Mr Bell is over 55. 8 Mr Chandran was seconded from Ernst & Young. Remuneration disclosed refects the fees paid to Ernst & Young.

9 Equity‑settled performance rights issued as LTI to SLT members are expensed to the income statement based on their fair value at grant date over the period from grant date to vesting date. For cash‑settled performance rights, the fair value is remeasured at year end with changes in fair value recognised as an expense. The fair value was assessed using a Monte Carlo model and refects the fact that an individual’s entitlement to the shares is dependent on relative TSR performance. The assumptions underpinning these valuations are set out in note 12 to the fnancial statements.

Directors’ Report (continued)