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29 March 2007 SUNCORP CONFIRMS TOP LEVEL ORGANISATIONAL STRUCTURE, ANNOUNCES NEW EXECUTIVE TEAM Suncorp Chief Executive John

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29 March 2007 SUNCORP CONFIRMS TOP LEVEL ORGANISATIONAL STRUCTURE, ANNOUNCES NEW EXECUTIVE TEAM Suncorp Chief Executive John 29 March 2007 SUNCORP CONFIRMS TOP LEVEL ORGANISATIONAL STRUCTURE, ANNOUNCES NEW EXECUTIVE TEAM Suncorp chief executive John Mulcahy today unveiled the merged group’s top level organisational structure and new executive team following his company’s recent merger with Promina. The merged group will implement the top level organisational structure agreed between Suncorp and Promina in October as part of the merger implementation agreement. The executive team, which includes a mix of experienced executives from Suncorp and Promina as well as an external candidate, will be immediately tasked with confirming the merged group’s business model and the strategic direction of their individual business lines, as well as meeting integration targets. Mr Mulcahy said it had been important to confirm the management team quickly to enable them to immediately focus on integration activities, clarify the merged group’s business model and specific responsibilities associated with it, and ensure continued delivery of core business performance. “Over the past three years, Suncorp and Promina executives have consistently delivered strong results across their various businesses despite the competitive pressures that have impacted the Australian financial services industry,” Mr Mulcahy said. “My challenge was to identify the strongest possible executive team from the combined talent pool from both organisations. The executive team appointment process involved myself, the Chairman and external benchmarking before the final decision was made unanimously by the merged Board.” “The Board is confident this team will deliver the growth opportunities available to shareholders, customers and employees of the merged group.” Suncorp’s new executive team is: Roger Bell, Group Executive, Vero New Zealand Since 2003, Roger Bell has been responsible for the strategy and operational delivery of all Promina’s intermediated general insurance operations in New Zealand. Roger has been with the Promina Group for 34 years, during which time he has held numerous senior executive roles. Mr Mulcahy said: “This merger means Suncorp will have a significant presence in New Zealand for the first time. Roger has demonstrated strong strategic and operational leadership of Promina’s New Zealand-based businesses over a number of years and is the logical executive to continue in this important role.” Page 1 of 5 Robert Belleville, Group Executive, Personal Insurance Robert Belleville was appointed chief executive, direct general insurance at Promina in July 2005, where he was responsible for brands such as AAMI, Australian Pensioners Insurance Agency, Just Car Insurance, Shannons and Automobile Insurance of New Zealand. Robert began his career with AAMI in 1970 and was appointed chief executive officer in May 2002. Mr Mulcahy said: “Robert has an outstanding track record in running Promina’s direct insurance business and, in many ways, has been the architect of Promina’s success in this area. I am delighted Robert has accepted the role in our merged group and am sure he is the best person to combine the strengths of both personal insurance businesses to create the leading personal lines insurance business in Australia.” Mark Blucher, Group Executive, Integration Mark Blucher was most recently Suncorp’s group executive for personal lines and has played a key role in integration planning since the merger was announced. Since joining Suncorp from ANZ in New Zealand in 1997, Mark has held a number of senior executive positions including group executive, retail banking; group general manager, retail distribution; and general manager, human resources. "I am delighted that we have an executive of the calibre of Mark Blucher to lead the integration of our companies,” Mr Mulcahy said. “Mark has been instrumental in the outstanding results achieved by Suncorp's banking and insurance operations and I am very confident that he will replicate this success in integration. He is uniquely suited to driving the integration process given his leadership skills, his understanding of Suncorp’s banking and insurance businesses, and his critical role in the joint integration committee work since the merger announcement." David Foster, Group Executive, Retail Banking In his three years with Suncorp, David Foster has led Suncorp’s strategy functions and held senior executive roles within the retail bank. He joined Suncorp after 14 years in a number of senior roles at Westpac in Queensland and New South Wales. "David is a very experienced retail banking executive with a track record of success at Suncorp and at Westpac. He played a lead strategic role in the Promina acquisition and has proven his understanding of the opportunities available in the financial services sector. Under David’s leadership, the retail bank will strengthen its market position and play a vital part in the distribution strategy of the merged group," Mr Mulcahy said. Dennis Fox, Group Executive, Wealth Management Dennis Fox was most recently responsible for the profitable management and growth of Promina’s financial services division, including Tyndall and Asteron in Australia and New Zealand, as well as Guardian, Guardian Trust and Cameron Walshe. Dennis has over 35 years experience in financial services and, since joining Tyndall Australia in 1991, has held a wide range of senior management positions including chief executive officer of Royal & Sun Alliance Financial Services in Australia. Mr Mulcahy said: “With his extensive experience in the financial services industry and the success he has had to date with these businesses, Dennis was the strongest candidate for this role.” Page 2 of 5 “I am delighted Dennis has accepted the role in our merged group and am sure he will successfully combine the strengths of both businesses to create a strong wealth management business operating across the Australian and New Zealand markets.” Bernadette Inglis, Group Executive, Strategy, People and Corporate Services Bernadette Inglis has over 20 years experience in the financial services sector and will lead the merged group’s strategy, people and corporate services portfolio, which will include human resources, marketing and procurement functions. Bernadette was most recently responsible for Suncorp’s combined retail bank and wealth management business. She has held senior executive roles in strategy, retail banking and marketing at Suncorp, as well as the Commonwealth Bank. Mr Mulcahy said: “This role is critical to the development of our business model and the strategic aspects of the integration process. As an outstanding performer leading Suncorp’s group strategy, corporate development and marketing areas, as well as the retail bank and wealth management businesses, Bernadette is uniquely qualified for her new role. Bernadette also chaired the joint integration committee throughout the scheme process and has a detailed understanding of the integration challenges that lie ahead.” Stuart McDonald, Group Executive, Business Banking Stuart McDonald remains Suncorp’s group executive, business banking, having held that role since 2005. Stuart was recruited to QIDC in 1995 and played a major role in the integration of Suncorp, Metway Bank and QIDC in 1996. He has held senior executive roles in strategy and the business banking whilst at Suncorp. Mr Mulcahy said: “Since being appointed to the role of group executive, business banking, Stuart has revitalised the business achieving above system growth in a very competitive market place. He will focus on delivery of his strategic plan for continued expansion of the business over the medium term.” Mark Milliner, Group Executive, Commercial Insurance Mark Milliner has been the group executive responsible for Suncorp’s commercial insurance business since July 2006. Mark has held numerous senior executive positions within Suncorp’s commercial business including responsibility for property claims and workers compensation. In his ten years with Suncorp, Mark has worked on several major strategic change management projects including the merger of Suncorp, Metway Bank and QIDC in 1996 and the integration of Suncorp and GIO in 2001. Mr Mulcahy said: “Mark has consistently demonstrated his ability to generate performance improvements and was directly responsible for turning around the performance of Suncorp’s workers compensation portfolio. He has also led Suncorp’s claims cost reduction project which is delivering real benefits to the business’ bottom line and he was instrumental in securing the AMP insurance contract recently in the face of extensive competitor challenge.” Page 3 of 5 Chris Skilton, Chief Financial Officer Chris Skilton has been Suncorp’s chief financial officer since 2001 and has over 20 years experience in various senior roles in the finance sector. He was previously deputy CFO at Westpac, managing director of AIDC Ltd, and acting CEO of the Australian Submarine Corporation. Mr Mulcahy said: “Chris will continue to be an integral part of Suncorp’s management and executive teams in his roles as CFO and executive director. He is well respected by the market and is directly responsible for Suncorp’s strong capital position and sound financial management.” Jeff Smith, Group Executive, Information Technology Jeff Smith has been appointed to the role of Group Executive, Information Technology. Mr Smith has 22 years experience in the IT industry, with the last 12 years spent as chief information officer (CIO) or equivalent for a range of companies in the USA and Australia. His previous roles
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