AUD Subordinated Notes Offer

• Proposed issue of AUD Floating Rate and/or Fixed to Floating Rate Subordinated Notes
• Part of QBE's ongoing funding and capital management strategy
• Proceeds expected to fund Tier 2 capital

QBE Insurance Group Limited (QBE) has announced a proposed issue of AUD Floating Rate and/or Fixed to Floating Rate Subordinated Notes (Subordinated Notes) to be issued by QBE under its Note Issuance Programme, subject to market conditions and terms. The proposed issue of Subordinated Notes is part of QBE's ongoing funding and capital management strategy, and the company expects the proceeds to fund Tier 2 capital. If QBE proceeds with the issue of the Subordinated Notes, pricing and further details will be the subject of a further announcement. The announcement also includes important disclaimers and information related to the offer, including that the Subordinated Notes are only available for sale to persons in Australia in circumstances where disclosure is not required under the Corporations Act 2001 (Cth), and that the securities have not been and will not be registered under the U.S. Securities Act of 1933.