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QBE Insurance issues £873 million of LYONs in Rule 144A offering

May 2007

Client(s) QBE Insurance Group Limited

Jones Day advised QBE Insurance Group Limited with the issuance of £873 million of Liquid Yield OptioN Securities ("LYONs") in a Rule 144A offering, initial purchaser Merrill Lynch. The principal amount of the LYONs accrete at a rate of 6.1925%. The conversion price was set at an 80% premium to the current market price for QBE ordinary shares.

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