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QBE subsidiary securities rated by Moody’s

Moody's Investor Services has assigned a provisional (P)Baa2 rating to the preferred securities to be issued by QBE Capital Funding LP (CF), a limited partnership with General Partner, a private limited company and wholly owned subsidiary of QBE Insurance Group. The rating outlook is stable. Both entities - CF and GP - were formed under the laws of the Bailiwick of Jersey, the Channel Islands.

The final rating to the issue will be assigned following receipt and review of the final documentation.

"The securities will be perpetual and redeemable after 10 years. Any redemption will be subject

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