GROUP AND REGIONAL STRUCTURE - QBE GROUP LIMITED & ITS SUBSIDIARIES AND ASSOCIATES 30 June 2007

QBE INSURANCE GROUP LIMITED Group Holding Company listed on the Australian Stock Exchange

AUSTRALIA ASIA PACIFIC () Page 2 (NB: Some companies appear on pages 3 & 4)

AUSTRALIA ASIA PACIFIC (NB: Some companies appear Page 3 on page 4)

EUROPEAN OPERATIONS (COMPANY MARKET) Page 4 (NB: Includes Central Europe)

EUROPEAN OPERATIONS (LLOYD'S DIVISION) Page 5

THE AMERICAS Page 6

EQUATOR REINSURANCES Page 7 LIMITED

Page 1 of 9 30June2007 10/04/2007 GROUP STRUCTURE - QBE INSURANCE GROUP LIMITED 30 June 2007 & ITS SUBSIDIARIES AND ASSOCIATES

- AUSTRALIA ASIA PACIFIC (AUSTRALIA) - Note some minor companies are included in other divisions

QBE INSURANCE GROUP LIMITED

Group Holding Company listed on the Australian Stock Exchange

MIINSTER EQUATOR QBE MANAGEMENT QBE IT SERVICES QBE INSURANCE QBE COURT ASSET PITT EQUATOR QBE AIS GREEN SLIP TRAVELON QBEMM PTY REINSURANCES COMPANY PTY LIMITED (AUSTRALIA) MANAGEMENT NOMINEES INVESTMENTS REINSURANCE GROUP PTY PTY LIMITED LIMITED LIMITED (BERMUDA) Information LIMITED ADMINISTRATION PTY LIMITED PTY LIMITED PTY LIMITED (BERMUDA) LIMITED Investment Services Company Bermuda Captive LIMITED Technology Underwriting General PTY LIMITED Investment FX Dormant LIMITED CTP Insurance Trading Captive Manager Services Insurance Risks in Reinsurance Management transactions Captive Agency (xxvii) (xii) (xi) Australia Management (xi) (xvii) (xv) (xlii) to page 7

40%

QBE MANAGEMENT SERVICES PTY LIMITED MMIA PTY LIMITED MMWC PTY Group Corporate (in run off) LIMITED Services, Investment Holding Company Manager and Trustee of QBE Employee 60% 50% (xxv) (xxvi) Share Trust

QBE WORKERS INVIVO MEDICAL AUSTRALIAN CHU CORPORATE AUSTRAL COMPENSATION PTY LIMITED QBE EQUITIES PTY MMNSW PTY QBE WORKERS QBE WORKERS (NSW) LIMITED Medical AVIATION QBE UNDERWRITING UNDERWRITING MERCANTILE LIMITED QBE MANAGEMENT LIMITED COMPENSATION (VIC) COMPENSATION (SA) Management of NSW Indemnity UNDERWRITING INVESTMENTS AGENCIES PTY AGENCIES PTY COLLECTIONS Investment Holding SERVICES Holding Company LIMITED LIMITED Workers' Underwriting POOL PTY PTY LIMITED LIMITED LIMITED PTY LIMITED Company (PHILIPPINES) PTY Management of VIC Management of SA Compensation Agent LIMITED Dormant Underwriting Insurance broker Debt Collection LIMITED Workers’ Workers’ Business Agent agent Agent (xviii) IT Development (xxiv) Compensation Compensation Facility Business Business (xxxvii) (xxi) (xxii)

CONCORD CONCORD CONCORD CONCORD U/W CONCORD U/W CONCORD U/W ACCIDENT AND ACCIDENT AND SPORTS AGENCIES (SA) AGENCIES (NSW) AGENCIES PTY HEALTH U/W HEALTH U/W INSURANCE PTY LIMITED PTY LIMITED LIMITED AGENCIES PTY AGENCIES (SA) AGENCIES PTY Underwriting Underwriting Underwriting LIMITED PTY LIMITED LIMITED agent agent agent Underwriting Underwriting Dormant agent agent

Page 2 of 9 30June2007 10/04/2007 GROUP STRUCTURE - QBE INSURANCE GROUP LIMITED & ITS SUBSIDIARIES AND ASSOCIATES 30 June 2007 - AUSTRALIA ASIA PACIFIC

QBE INSURANCE GROUP LIMITED

Group Holding Company listed on the Australian Stock Exchange

QBE INSURANCE QBE INSURANCE (FIJI) QBE (PNG) (INTERNATIONAL) LIMITED LIMITED QBE MARINE LIMITED Underwriting General Underwriting General 70% UNDERWRITING Investments Insurance and Reinsurance AGENCY PTE LIMITED Insurance Risks in Fiji (xiii) NATIONAL CREDIT Risks in the Asia and Pacific QBE INTERNATIONAL Regions INSURANCE (BROKERS) (INVESTMENTS) PTY PTY LIMITED LIMITED Australian Trade Credit Investment Holding Broker Company QBE INSURANCE 51% 60% (PNG) LIMITED Underwriting General Insurance Risks in PNG NATIONAL CREDIT INSURANCE INSURANCE (BROKERS) QBE INSURANCE (INVESTMENTS) LIMITED NZ LIMITED QBE INSURANCE QBE NOMINEES PTY PT ASURANSI QBE QBE (VIETNAM) COMPANY Fiji Property NZ Trade Credit Broker (MALAYSIA) BERHAD LIMITED POOL INDONESIA (SINGAPORE) Underwriting General Trustee of QBE Underwriting LIMITED PTE LIMITED Risks in Malaysia Group Staff Underwriting General Investment (xx) Superannuation Plan RIsks in Indonesia insurance Risks in Holding Company (vii) Vietnam (xxxii) (xvi) FAI (FIJI) QBE NOMINEES 40.43% 49% 49% LIMITED (PNG) ) LIMITED (in runoff) PNG Property

QBE DEL ISTMO QBE HYFIELD REINSURANCE INC INTERNATIONAL COMPANY LIMITED SINKAONAMAHASARN Underwriting HOLDINGS LIMITED Thai Holding COMPANY LIMITED Reinsurance in Latin Hong Kong Holding Company Thai Holding Company 10.86% America Company (ii) (ii) (x) 9.01%

QBE PACIFIC INSURANCE LIMITED QBE INSURANCE (HONG 24.36% KONG) LIMITED 23.95% (in runoff) (in voluntary liquidation) 5% QBE INSURANCE (THAILAND) CO LIMITED Underwriting General Insurance Risks in QBE INSURANCE (VANUATU) Thailand LIMITED (xxxv) Underwriting General Insurance Risks in Vanuatu

QBE INSURANCE (PHILIPPINES) INC Underwriting General 59% Insurance Risks in Philippines (vi)

QBE HONGKONG & SHANGHAI INSURANCE LIMITED 74.47% Underwriting General Insurance Risks in Hong Kong

Page 3 of 9 30June2007 10/04/2007 GROUP STRUCTURE - QBE INSURANCE GROUP LIMITED & ITS SUBSIDIARIES AND ASSOCIATES 30 June 2007 QBE RE SERVICES PTY LIMITED - EUROPEAN OPERATIONS (COMPANY MARKET) - Australian Holding Company 100%

QBE MANAGEMENT SUKHOTHAI RE QBE INSURANCE GROUP LIMITED (IRELAND) LIMITED Ireland Holding & Service CONSULTANTS LIMITED Thai Broker Group Holding Company listed on the Company (ix) Australian Stock Exchange (xxxviii) QBE HOLDINGS (UK) LIMITED Holding Company QBE ATLASZ QBE NORDIC BIZTOSITO ZRT AVIATION Underwriting General INSURANCE A/S and Life Insurance QBE UK FINANCE I LIMITED Danish Insurer Risks in Hungary (ix) (xxxiv) Finance Company QBE UK FINANCE II LIMITED (viii) (xxxi) Finance Company

QBE KINDLUSTUSE 100% ATLASZ UEU Kft Single Insurance EESTI AS Agency Company in Underwriting General Insurance Risks in QBE JERSEY (GP) Hungary Estonia LIMITED (ix) QBE REINSURANCE (EUROPE) (xix) Issuer of Preferred Securities Underwriting Reinsurance Risks in (xxxvi) Ireland

65.23% QBE POISTOVNA AS Underwriting General QBE INTERNATIONAL Risks in Slovakia HOLDINGS (UK) PLC QBE MAKEDONJIA (ix) QBE CORPORATE Holding company Underwriting General HOLDINGS LIMITED and Life Insurance UK Holding Company Risks in Macedonia QBE - UGPB (iii) (xli) (v) (ix) (xxxiii) INSURANCE 49% Underwriting General Insurance Risks in to page 5 Ukraine (iv) (ix) 1%

MINSTER COURT QBE FUNDING QBE FUNDING II QBE FUNDING III QBE ENSIGN ENERGY ASSET MBP HOLDINGS LIMITED LIMITED LIMITED MANAGEMENT HOLDINGS INSURANCE MANAGEMENT LIMITED Jersey Jersey Jersey (UK) LIMITED LIMITED SERVICES LIMITED UK Holding Issuer of Zero Issuer of Zero Issuer of Zero Service Company UK Holding LIMITED Investment Company Coupon Bonds Coupon Bonds Coupon Bonds Company Not Operating (xxix) (xxix) (xxix) Managment

QBE INSURANCE ATLASZ REAL (EUROPE) LIMITED QBE INSURANCE ESTATE & VISIONEX Underwriting General COMPANY (UK) MANAGEMENT 2000 LIMITED Insurance and LIMITED COMPANY LIMITED UK Holding/ STRAKH-CONSULT Reinsurance Risks in the Not Operating Property Company Service Ukraine Holding Company UK and through branch in Hungary Company (ix) offices in the EU (ix) (xxviii)

IRON TRADES THE MINIBUS & MINIBUS MANAGEMENT COACH CLUB PLUS LIMITED QBE INVESTMENTS SERVICES LIMITED LIMITED UK Insurance (AUSTRALIA) PTY UK Claims Handling UK Insurance Intermediary LIMITED Company Intermediary Investments (i) (ix) (xl) GREENHILL INSURANCE INTERNATIONAL CONSULT SRL INSURANCE QBE REINSURANCE Moldovan Holding HOLDINGS (UK) LIMITED Company LIMITED (UK in run off) QBE INVESTMENTS (UK) (ix) LIMITED Investments (xxxix) 24.27% GREENHILL GREENHILL RIDGWELL FOX & GREENHILL STURGE UNDERWRITING PARTNERS BAIA QBE ASITO SA UNDERWRITING ESPANA (UNDERWRITING UNDERWRITING Underwriting General LIMITED LIMITED MANAGEMENT) GmbH 48.33% and Life Insurance UK Insurance UK Insurance LIMITED German Insurance Risks in Moldova Intermediary Intermediary (ix) (UK in run off) Intermediary

Page 4 of 9 30June2007 10/04/2007 GROUP STRUCTURE - QBE INSURANCE GROUP LIMITED & ITS SUBSIDIARIES AND ASSOCIATES 30 June 2007 QBE CORPORATE HOLDINGS LTD - EUROPEAN OPERATIONS (LLOYD'S DIVISION) - UK Holding Company from page 4

QBE CORPORATE CAPITAL HOLDINGS PLC UK Holding Company

STANDFAST HOLDINGS LIMITED LIMIT PLC 23.34% UK Holding Company UK Holding Company (in voluntary liquidation)

ICON (SCHEMES) LIMITED Insurance broker (xiv) LIMIT HOLDINGS AE GRANT STANDFAST CORPORATE LIMITED UNDERWRITING AGENCY UNDERWRITERS LIMITED UK Holding Company LIMITED Lloyd's Corporate Member Underwriting Agency (in run off)

LIMIT PROPERTIES LIMIT CORPORATE LIMIT UNDERWRITING LIMITED MEMBERS LIMITED LIMIT (No. 10) LIMITED Active Property UK Holding Lloyd's Corporate Lloyd's managingManaging Company Company Members Agentagent (in run off)

LIMIT (No. 1) and (No. 6) LIMIT (Nos. 2, 3, 4, 5, and and 7) and ENSIGN QBE CORPORATE TORCH DEDICATED DEDICATED 1 LIMITED CORPORATE MEMBER LIMITED Lloyd's Corporate LIMITED Lloyd's Corporate Members Lloyd's Corporate Members Members (in run off) (ceased underwriting)

SRL UNDERWRITING DA CONSTABLE LIMIT TECHNOLOGY LIMITED SYNDICATE PTY AND COMMERCIAL Lloyd's Corporate LIMITED UNDERWRITING Member Australian Service LIMITED (in run off) Company for UK Service Company syndicate 386 for syndicate 2000

DA CONSTABLE DA CONSTABLE SYNDICATE SYNDICATE LIMITED (IRELAND) LIMITED UK Service Irish Service Company Company for syndicate 386 for syndicate 386

Page 5 of 9 30June2007 10/04/2007 GROUP STRUCTURE - QBE INSURANCE GROUP LIMITED & ITS SUBSIDIARIES AND ASSOCIATES QBE RE SERVICES PTY 30 June 2007 LIMITED - THE AMERICAS - Australian Holding Company

QBE AUSTRALIA PTY LIMITED Holding Company

QBE INVESTMENTS (NORTH AMERICA) INC Holding Company 18.52% FEIN: 22-2331286 (Delaware)

81.48%

QBE HOLDINGS INC Holding Company FEIN: 52-1147383 (Delaware)

PRAETORIAN FINANCIAL GROUP INC QBE REINSURANCE WINTERTHUR US (Delaware) CORPORATION HOLDINGS INC QBE MANAGEMENT INC COMBINED NAIC CODE FOR Underwriting (Delaware) FEIN: 13-2953419 YELLOW BOOK REPORTING Reinsurance For subsidiaries - (New York) FOR ALL SUBSIDIARY FEIN: 23-1641984 Please see page 7 COMPANIES IS 05177 NAIC: 10219 For subsidiaries - (Pennsylvania) Please see page 7

NATIONAL FARMERS UNION QBE INSURANCE PROPERTY AND CORPORATION CASUALTY COMPANY Underwriting Insurance Underwriting Insurance FEIN: 22-2311816 2.49% FEIN: 84-0982643 NAIC: 39217 NAIC: 16217 (Pennsylvania) (Colorado)

UNITED SECURITY INSURANCE COMPANY Underwriting Insurance FEIN: 42-0712923 NAIC: 21776 83% 94.99% (Colorado)

QBE SPECIALTY QBE ASEGURADORA DE QBE BRASIL SEGUROS COMPANIA CENTRAL DE INSURANCE COMPANY RIESGOS DEL TRABAJO SA SEGUROS SA Underwriting Insurance SA Underwriting General Underwriting General FEIN: 55-0789681 Workers Compensation in Insurance Risks in Brazil Insurance Risks in NAIC: 11515 Argentina Colombia (North Dakota) (xxx)

Page 6 of 9 30June2007 10/04/2007 GROUP STRUCTURE - QBE INSURANCE GROUP LIMITED & ITS SUBSIDIARIES AND ASSOCIATES 30 June 2007

- THE AMERICAS (contd. from previous page) - Subsidiaries of Winterthur and Praetorian QBE HOLDINGS INC Holding Company FEIN: 52-1147383 (Delaware)

PRAETORIAN FINANCIAL WINTERTHUR US GROUP INC HOLDINGS INC (Delaware) (Delaware) COMBINED NAIC CODE FOR YELLOW BOOK REPORTING FOR ALL SUBSIDIARY COMPANIES IS 05177

WINTERTHUR WINTERTHUR NORTH INVESTMENT REPUBLIC FINANCIAL WINTERTHUR US HOLDINGS UNIGARD INC AMERICA INC MANAGEMENT SERVICES INC INC (Washington) (Wisconsin) CORPORATION (Texas) PRAETORIAN (Delaware) REDLAND INSURANCE (Delaware) INSURANCE COMPANY COMPANY (formerly named NAIC: 37303 Insurance Corporation of (New Jersey) Hannover) GENERAL CASUALTY COMPANY NAIC: 37257 UNIGARD INSURANCE COMPANY OF WISCONSIN REPUBLIC FINANCIAL SERVICES (Washington) (Illinois) (Wisconsin) INC (Nevada)

REGENT INSURANCE COMPANY INC PRAETORIAN WISCONSIN UNIGARD INDENMITY COMPANY SPECIALITY INSURANCE (Wisconsin) (Washington) COMPANY (formerly named Alea North America Specialty GENERAL CASUALTY COMPANY OF Insurance Company) ILLINOIS NAIC: 44776 (Illinois) UNIGARD PACIFIC INSURANCE COMPANY (Delaware) (Washington)

HOOSIER INSURANCE COMPANY (Indiana)

BLUE RIDGE INSURANCE COMPANY (Wisconsin)

BLUE RIDGE INDEMNIFICATION COMPANY (Wisconsin)

MASSWEST INSURANCE COMPANY (Wisconsin)

SOUTHERN GUARANTY INSURANCE COMPANY (Wisconsin)

SOUTHERN PILOT INSURANCE COMPANY (Wisconsin)

SOUTHERN FIRE & CASUALTY COMPANY (Wisconsin)

SOUTHERN GUARANTY INSURANCE COMPANY OF GEORGIA (Georgia)

Page 7 of 9 30June2007 10/04/2007 GROUP STRUCTURE - QBE INSURANCE GROUP LIMITED & ITS SUBSIDIARIES AND ASSOCIATES 30 June 2007

- EQUATOR REINSURANCES -

QBE INSURANCE GROUP LIMITED

Group Holding Company listed on the Australian Stock Exchange

EQUATOR REINSURANCES LIMITED Bermuda Captive

from page 2

BRITISH MARINE HOLDINGS LIMITED Bermudan Insurance and Holding Company

BRITISH MARINE BRITISH MARINE BRITISH MARINE HOLDINGS SA HOLDINGS II SA MANAGERS LIMITED Luxembourg Holding Luxembourg Holding UK Service Company Company Company

7.50%

BRITISH MARINE LUXEMBOURG SA 92.50% Luxembourg Insurance Company

Page 8 of 9 30June2007 10/04/2007 Notes to be read in conjunction with the QBE Group and Regional Structures

(i) - Access shares held by QBE Insurance Group Limited (ii) - Unrelated Thai company (Born to Win Company Ltd) and its associates own 51% of shares. (iii) - Preference shares held by QBE UK Finance II Limited (iv) - Total Group holdings = 50% (v) - QBE has 73.5% of the voting rights with its shareholding (vi) - 59% held directly; 16% held by a Filipino law firm (vii) - Part of Australian operations. Plan closed Feb 06. Custodian trustee of the QBE NZ Staff Superannuation Plan. (viii) - Part of European Operations. Company changed name to QBE Atlasz Biztosito zartkor en m kod reszvenytarsasag (30 September 05) (ix) - Part of European Operations (x) - Part of the Americas - sub-group includes QBE Del Istmo Mexico (95%), QBE Rio Peru (80%), QBE Del Istmo Colombia (100%) and Seguros Carabobo SA Venezuela (15%). (xi) - Part of the Americas (xii) - Managed in Dublin as a separate division (xiii) - Formerly Queensland Insurance (Fiji) Limited (29 April 04) (xiv) - Formerly Tolson Messenger Limited (04) (xv) - Formerly Australian Aviation Insurance Group (Agency) Pty Ltd (1 July 04) (xvi) - Formerly Zurich Insurance (Singapore) Pte Ltd (14 April 05) (xvii) - Formerly Insure IT Services Pty Ltd (05 Nov 04) (xviii) - Acquired the balance of Concord Agency Companies in July 2006 other than UMS. QBE has management control (xix) - Changed its name to QBE Kindlustuse Eesti AS on 20 April 05 – acquired by UML 7 April 06 (xx) - Formerly QBE-MBF Insurans Berhad (31 December 04) (xxi) - Formerly Mercantile Mutual WorkSure Limited (14 February 05) (xxii) - Formerly Mercantile Mutual Insurance (SA Workers Compensation) Limited (14 February 05) (xxiii) - Formerly Mercantile Equities Pty Limited (8 March 05) (xxiv) - Formerly Mercantile Mutual Insurance (NSW Workers Compensation) Pty Limited (8 March 05) (xxv) - Formerly Mercantile Mutual Insurance (Australia) Limited (15 April 05) (xxvi) - Formerly Mercantile Mutual Insurance (Workers Compensation) Limited (15 April 05) (xxvii) - Formerly QBE Mercantile Mutual Limited (5 May 05) (xxviii) - Formerly QBE International Insurance Limited (30 September 05) (xxix) - SPVs utilised in LYONs and SCS issues through, respectively, QBE Funding Trust (LYONs I), QBE Funding Trust II (LYONs II), and QBE Funding Trust III (SCS) (xxx) - Compania Central de Seguros de Vida SA, former subsidiary, was merged into Compania Central de Seguros SA effective 30 November 2005 (xxxi) - Formerly Sandsale Limited (30 November 05) (xxxii) - Sale of 50% interest in separate legal entity, BIDV-QBE Insurance Company occurred simultaneously with this acquisition. Previously General Insurance (Vietnam) Co. Ltd. Completed 1 Jan 06 (xxxiii) - Formerly owned by QBE Insurance (Europe) Limited (xxxiv) - Formerly Nordic Aviation Insurance A/S – completion occurred 30 March 06 (xxxv) - Born to Win Company Ltd holds 19.25% directly (xxxvi) - SPV utilised in Perpetual Preferred Securities issue through QBE Capital Funding LP (xxxvii) - QBE Management Services (Philippines) Pty Ltd incorporated in NSW (25 September 06) (xxxviii) - Universal Management Limited changed its name to QBE Management (Ireland) Limited effective 3 October 06 (xxxix) - QBE Workable Limited changed its name to QBE Investments (UK) Limited effective 20 December 06 (xl) - Queensland Insurance (Australia) Pty Limited changed its name to QBE Investments (Australia) Pty Limited effective 5 January 07 (xli) - QBE Re Services Pty Ltd owns one ordinary share (xlii) - QBE Finance Pty Limited changed its name to Minster Court Asset Management Pty Ltd effective 2 February 07

Note: all shareholdings are 100% unless specified

Page 9 of 9 30June2007 10/04/2007