Qbe European Operations PLC

ALL PRESENT AND FUTURE OBLIGATIONS AND L IABILITIES OF EACH OBLIGOR TO THE CHARGE E UNDER EACH FINANCE DOCUMENT (ALL TERMS AS DEFINED)

ALL THE UNDERWRITING OBLIGATIONS OF QBE CORPORATE LIMITED AS AN UNDERWRITING MEM EBER OF THE SOCIETY (LLOYD'S) AT ANY TIM E BEFORE THE TERMINATION DATE (BEING THE 80TH ANNIVERSARY OF THE DATE OF THE TRU ST DEED) INCLUDING OBLIGATIONS TO LLOYD' S AND THE TRUSTEES (AS DEFINED) AND OBLI GATIONS ARISING UNDER THE BYE LAWS REGUL ATIONS,RULES DIRECTIONS OR OTHER REQUIRE MENTS OF THE SOCIETY ,ANY DEED CONTRACT INSTRUMENT OR OTHER ARRANGEMENT APPROVED BY THE SOCIETY BUT NOT INCLUDING OBLIGA TIONS ARISING IN RESPECT OF ANY LETTER O F CREDIT,GUARANTEE OR OTHER SECU RITY GI VEN TO SECURE THE PERFORMANCE OF ANY OF THE SAID UNDERWRITING OBLIGATIONS IN FAV OUR OF THE PERSON GIVING SUCH GUARANTEE OR OTHER SECURITY