QBE Nears 90 Percent of LIMIT Shares

August 15, 2000

Shareholders of Limit Plc have tendered a total of 89.6 percent of their shares to Australia’s QBE Insurance Group, the successful bidder for the Lloyd’s underwriter and syndicate manager with its 140 pence ($2.24) bid last June.

Shareholders of Limit Plc have tendered a total of 89.6 percent of their shares to Australia’s QBE Insurance Group, the successful bidder for the Lloyd’s underwriter and syndicate manager with its 140 pence ($2.24) bid last June.

Pending only regulatory approvals, the offer has become unconditional, and assures QBE’s acquisition of all LIMIT shares.

QBE plans to integrate LIMIT operations into its group structure; when this is accomplished it will effectively conduct a majority of its business outside of Australia.

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