Qbe Holdings (Australia) Pty Ltd
General Insurance in Latrobe

Core underwriting entities Standard Poor's Rating A. internationally recognized as a highly prosperous general insurance and reinsurance group a builder of shareholders' wealth a developer of can do people and an organization that excels in the consecutive delivery of fresh and proven quality products and services. As a group, QB works together to improve our customer service, our technology and our products. A highly triumphant provider of specialist insurance solutions. An organization that thrives on innovation and excels in the delivery of quality products and services. For Asia Pacific companies to thrive in today's difficult business environment, they must be smarter, quicker and more entrepreneurial. They need specialist insurance solutions, backed by technical expertise. QB Asia Pacific Operations has developed numerous strengths to superior serve clients. Our history of commitment to the Asia Pacific markets means that we've developed a assets of knowledge and experience. We now have over 18 QB operations in various markets throughout the Asia Pacific region. Emerging markets such as Indonesia and the Philippines. Small markets characterized by tightly knit communities, such as Vanuatu and Micronesia. Markets that are rapidly moving toward more originate economies, such as Vietnam and China. Markets that have seen fresh opportunities emerge from the return to their motherland, such as Macao and Cong Kong. And with the internationalization of trade and business practice, businesses also need an underwriter with specialist insurance expertise, great global experience and firm financial strength. The combination of local knowledge and specialist expertise provides urgent benefits to clients and intermediaries. Its history dates back over 116 years when the Company was founded in Australia. Since then the Company has grown to have operations in 47 countries with over 2 billion dollars of capital writing in extra of 3 billion dollars in premium. Our exposure to poor performing US liability business was significantly reduced. These upgrades have been substantially mitigated by reinsurance protections and provisions established on acquisition to permit for deterioration. Consequently, the result for the year largely reflects the performance of the 2001 underwriting year. We are now seeing substantial increases in premium rates across all classes of business underwritten within the Lloyd's division. These rate increases, together with a high slick of business retention, new business opportunities and the reallocation of QB's capital, should ensure profitability for the 2002 underwriting year. We are a Standard and Coors A rated company. Established in 1962, we have in the final four decades risen to become the largest Australian Insurer offering both Domestic and Export trade credit insurance and have expanded offshore to service our clients locally around the world.