QBE Insurance : Results of tender offer for senior notes

MARKET RELEASE

20 June 2018

QBE ANNOUNCES RESULTS OF TENDER OFFER FOR SENIOR NOTES

As previously announced on 13 June 2018, QBE launched an invitation to holders of its Fixed Rate Senior Notes due 2022 ("Notes") to tender for purchase by QBE for cash (the "Tender Offer") of up to U.S.$100 million.

QBE is pleased to announce that it has:

• 1 determined a Purchase Price (in accordance with the procedure outlined under the Tender Offer) of U.S.$977.50 per U.S.$1,000 principal amount of Notes; and

• 2 accepted for purchase an aggregate principal amount of Notes equal to approximately U.S.$100 million.

The aggregate principal amount of Notes, the subject of Offers made at or below the Purchase Price, exceeded U.S$100 million, and in accordance with the terms of the Tender Offer, QBE has accepted Offers made at the Purchase Price on a pro-rata basis subject to a Scaling Factor of 18.035%.

All Notes (ISIN XS1589873097) validly tendered and accepted for purchase will be cancelled.

The Notes comply with QBE's Green Bond Framework, which is available on QBE's website:https://www.group.qbe.com/corporate-governance/background-documents. Compliance with QBE's Green Bond Framework is neither a recommendation to buy, sell or hold securities, nor is it a credit rating. QBE remains committed to sustainability and the finance or refinance of its green bond investment portfolio.

Settlement is scheduled for 22 June 2018.

The Tender Offer Memorandum and related documents are available on the Tender Offer Website:https://sites.dfkingltd.com/qbe/.

Dealer Managers:

HSBC Bank plc 8 Canada Square London E14 5HQ United Kingdom

Telephone: +44 (0)20 7992 6237 Attention: Liability Management Group Email:liability.management@hsbcib.com

National Australia Bank Limited

255 George Street

Sydney NSW 2000 AustraliaTelephone: +61 2 8274 4803

Attention: Asia Syndicate Team Email:AsiaSyndicate@nabasia.com

Information and Tender Agent:

D.F. King Limited

This market release does not constitute an offer to sell or a solicitation of an offer to buy, any securities in the United States. The securities referenced herein have not been and will not be registered under the U.S. Securities Act of 1933 (the "Securities Act") or the securities laws of any state or other jurisdiction of the United States absent registration except in a transaction

exempt from, or not subject to, the registration requirements of the Securities Act and any other applicable U.S. state securities laws.

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