ELDERS LIMITED — M&A Activity 2009

==> picture [73 x 114] intentionally omitted <==

30 September 2009

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

QBE INSURANCE GROUP LIMITED ABN 28 008 485 014

Head Office 82 Pitt Street Sydney NSW 2000 AUSTRALIA

Postal Address GPO Box 82 Sydney NSW 2001 AUSTRALIA

Telephone: +61 (2) 9375 4444 Facsimile: +61 (2) 9231 6104 DX 10171 Sydney Stock Exchange

Dear Sir/Madam

QBE COMPLETES THE ACQUISITION OF THE ELDERS INSURANCE BUSINESSES

I refer to our market announcement of 31 July 2009.

QBE completed today the acquisition of the Elders Insurance underwriting and distribution operations following receipt of regulatory approvals.

In particular, QBE owns 75% of the new joint venture company, Elders Insurance (Underwriting Agency) Pty Limited and 100% of Elders Insurance Limited.

Yours faithfully

==> picture [120 x 41] intentionally omitted <==

Duncan Ramsay Company Secretary