QBE INSURANCE GROUP LIMITED — M&A Activity 2012

May 2, 2012

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QBE Insurance Group Limited ABN 28 008 485 014 Head Office 82 Pitt Street SYDNEY NSW 2000 Australia

3 May 2012

Postal Address Box 82 GPO SYDNEY 2001 Telephone: +61 (2) 9375 4444 Facsimile: +61 (2) 9231 6104 DX 10171, Sydney Stock Exchange

The Manager Company Announcements ASX Limited Level 6 Exchange Centre 20 Bridge Street SYDNEY NSW 2000

Dear Sir/Madam

QBE finalises acquisition in Argentina

QBE today advised that it completed overnight in Argentina the acquisition of HSBC Argentina Holdings S.A. and associated bancassurance agreement.

This follows receipt of regulatory approvals.

This acquisition was announced on 7 March 2012.

Yours faithfully

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Duncan Ramsay Company Secretary