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No: 542/01 Participant Circular QBE INSURANCE GROUP LIMITED – PRIORITY ENTITLEMENT ISSUE Date: 18 October, 2001 Participating Organisations are advised that QBE Insurance Group Limited (“QBE”) has Key topics announced the completion of the institutional component associated with the proposed capital 1. QBE Insurance Group Limited - raising announced on 16 October 2001. Entitlement issue 2. ASX Code: QBE The institutional component (entitlement and placement), which closed last night, raised approximately $542 million. The priority entitlement ratio is 1 new share for every 5 shares held at the record date at an issue price of $5.50 per share. The institutional placement price was also $5.50 per share. The balance of the offer will comprise a retail entitlement component expected to raise up to $121 million on the same 1:5 basis and the same price. The prospectus for the retail entitlement component is expected to be lodged with the Australian Securities and Investments Commission for registration on Friday, 19 October 2001. The retail component is Reading List expected to close on 20 November 2001. Banks The retail priority entitlement component will be made at the same price ($5.50) and same pro- Client Advisers (Brokers) rata ratio (1:5) as the institutional priority entitlement component. Compliance Managers Corporate Advisory The anticipated timetable in relation to the priority entitlement offer is as follows. DTR Operators Issuers Event Date Institutions Trading halt Non Broker Participants Office Managers Announcement of proposed capital raising from existing Operations Managers (back qualifying shareholders (indicative price announced) Tuesday, 16 October 2001 office) Trading Halt Wednesday, 17 October Research Analysts 2001 Share Registries Announcement of result of Institutional component and final capital raising structure (final price and ratio). ASX contact Trading halt lifted prior to commencement of trade – securities commence trading on an ex-entitlement basis (XE) on David Barnett SEATS. Record date to determine qualifying shareholders participation Telephone in the ‘pro-rata’ non renounceable priority entitlement (5.00pm Sydney time). Thursday, 18 October 2001 (02) 9227 0520 Lodge prospectus at ASIC and copy to ASX Friday, 19 October 2001 ASX Limited Expected dispatch of prospectus to qualifying shareholders Wednesday, 24 October ABN 98 008 624 691 2001 Exchange Centre Retail component closes Tuesday, 20 November 2001 20 Bridge Street Sydney NSW 2000 PO Box H224 Australia Square NSW 2000 Settlement issues Telephone 61 3 9617 7834 Facsimile 61 3 9614 7124 Despite the fact that the shares are trading “ex entitlement” on SEATS, CHESS will not Internet: http://www.asx.com.au recognise for settlement purposes the “ex entitlement” or the “cum entitlement” tag on CHESS DX 10427 Stock Exchange Sydney messages. As a result, CHESS will not maintain cum balances in these shares within the system. No responsibility is accepted for any In addition, CHESS will not perform any automatic diary adjustments to “cum entitlement” inaccuracies contained in the matter settlement obligations outstanding as at the record date. published. asx005547.doc Page 1 of 2 No: 542/01 To assist brokers, system novation to TNSC will be removed from the ex date until 5 business days after record date inclusive. Trading issues ASX will not provide a "cum" market with respect to trading in QBE securities. Persons who trade QBE’s securities from Tuesday, 16 October 2001 will not be entitled to participate in the priority entitlement issue. Evidence of entitlements Persons who have traded QBE’s securities prior to the record date (18 October 2001) but are not registered holders on the record date should contact QBE's registry, ASX Perpetual Registrars Limited on 02 – 8280 7111 or QBE to establish if there is any entitlement. Further information For further details please refer to QBE's announcements dated 16 and 18 October 2001 and QBE’s prospectus which is expected to be lodged on 19 October 2001. asx005547.doc Page 2 of 2
"QBE INSURANCE GROUP LIMITED – PRIORITY ENTITLEMENT ISSUE"