QBE Insurance : announces proposed issue of Senior Notes

QBE Insurance Group Limited ABN 28 008 485 014 Level 27, 8 Chifley Square, SYDNEY NSW 2000 Australia GPO Box 82, Sydney NSW 2001

telephone + 612 9375 4444 • facsimile + 612 9231 6104 www.qbe.com

19 April 2017

The Manager

Market Announcements Office ASX Limited

Level 4

Exchange Centre 20 Bridge Street

SYDNEY NSW 2000

Dear Sir/Madam

s

Please find attached an announcement for release to the market. Yours faithfully,

Peter Smiles

Encl.

19 April 2017

QBE is pleased to announce that it has mandated HSBC Bank plc, Crédit Agricole Corporate and Investment Bank, Lloyds Bank plc and Morgan Stanley & Co. International plc in connection with a proposed issue of Senior Notes to be issued by QBE under its recently established U.S.$4,000,000,000 Medium Term Note Programme.

Notes are intended to be issued in accordance with QBE's Green Bond Framework. QBE has developed a green bond framework to guide the issuance of notes to further its commitment to sustainability and to finance or refinance investments of the Group in its green bonds portfolio ("Green Bond Framework"). The Green Bond Framework is available on QBE's website at www.group.qbe.com/corporate-governance/background-documents. Compliance with the QBE's Green Bond Framework is neither a recommendation to buy, sell or hold securities nor a credit rating.

If a transaction eventuates, pricing and further details in relation to the Notes will be the subject of a further announcement.

For further information, please contact:

Debt Relations QBE Insurance Group Limited

Paul Byrne ABN 28 008 485 014

Group Treasurer Level 27, 8 Chifley Square

Tel: +61 2 9375 4226 SYDNEY NSW 2000

Cell: +61 (0) 481 440 005 Australia

paul.byrne@qbe.com www.qbe.com

Media Enquiries

David Symons

Cell: +61 (0) 410 559 184

Email: david.symons@qbe.com

QBE Insurance Group Limited is listed on the Australian Securities Exchange and is recognised as one of the top 20 global insurance and reinsurance companies as measured by net earned premium and has operations in 37 countries.

DISCLAIMER

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.