1. &QBEManagementServices Pty LimitedABll32 0e.13C0 131
Leve C5 2 Pa.k Street SYDNEY NSfi2C0C Arslralla
Gol P:t 3l S; ore. S'",' 2JC'
QBE
PRIVATE & CONFIDENTIAL
19 March 2015
PaulSmallwood
Finance
Dear Paul,
On behalf of QBE I would like to congratulate you for your hard work and dedication throughout 2014. As a result of
your efforts we have achieved a strong financial result in both our Australian and New Zealand businesses.
Aehiening good financial results medns QBE*cah ieward you fOr your contribution-to our suecess via the-ahnual'.--
Remuneration Review and Short Term lncentive and Bonus Plans.
Your TRC Review outcome
Your TRC has been reviewed in line with cunent market practice and your performance achievement for 2014.
I confirm your TRC is $203,5{4, which will be effective from 1 April 2015. Your TRC will next be reviewed effective 1
April 2016 in line with our review cycle.
Your Bonus Plan outcome
lntroduced in 2014 as part of the new Global Remuneration Framework, the Bonus Plan is designed to reward you
for meeting annual targets aimed at delivering the ONE QBE strategy. Reward outcomes are based on the
performance of the Division, Business Unit, and your achievement of your PMP objectives, over the performance
year commencing on 1 January 2014. As part of the design of the Bonus Plan, each of the performance targets
operate independently. This means that that if one performance target is not met to at least a minimum level, you
can still receive a Bonus Plan award based on meeting your other performance targets, subject to achieving a PMP
rating of 3 or higher.
Following our Division and Business Unit performance for 2014, and your annual PMP rating of 4. Excellent, I am
pleased to advise that your Bonus Plan award for lhe 2014 performance year is $35,057.
This award will be paid to you in an off cycle pay period in the week ending 28 March 2015, less Superannuation
Guarantee Contribution and any applicable and PAYE tax. Please see the next page for your Bonus Plan calculation
breakdown.
Thank you
Thank you again for your efforts in 2014 and I look fonruard to delivering excellent results with you again this year.
Yours sincerely,
I
i*-
t.-;
Victor Walter
Chief Financial Officer
A Member of the QBE Insurance Group

2. QBE
PRIVATE & CONFIDENTIAL
13 March 2014
PaulSmallwood
Finance
Level 04, 82 Pitt Street
SYDNEY NSW2OOO
Dear Paul,
Congratulations on a great result for 2013!
On behalf of QBE I would like to congratulate you for your contribution, hard work and dedication throughout 2013.
As a result of your efforts we have achieved a great result in Australian and New Zealand Operations.
Welldone!
Achieving good results means QBE can reward you for your contribution to our success via the annual remuneration
review and Short Term lncentive Plan (STl).
Your Short Term lncentive Plan outcome
Participation in the Short Term lncentive Plan is based on our'pay for performance' phllosophy, with your STI
outcome measured against the pedormance of company Return on Equity (ROE), Profit Drivers and your PMP
rating. The target level of performance for the 2013 STI Plan is the achievement of a ROE of 20.4o/o for Australia,
and [articipation criteria is based on your achievement of a PMP rating of "3 - Fully Met Expectations" or better.
The 2013 ROE result for Australia of 21.8o/o triggers an achievement percentage of 1 16.3% for the ROE component
of your STl.
As your PMP rating (4. Excellent) met the participation criteria, I am very pleased to advise that you will be awarded
an incentive payment of $29,722.00 (gross), which will be paid to you less any applicable superannuation (including
salary sacrifice superannuation) and PAYG tax.
The following table outlines the split between each STI component. The Fixed Remuneration amount is as at 31
December 2013, which is the date used for STI calculation purposes.
Your STI payment will be paid in an off cycle pay period in the week ending 21 March2014.
Thank you
2014 is ayear of opportunity for QBE and I look foruvard to delivering superior results with you again this year
Yours sincerely,
'.:
Victor Walter
Chief Financial Officer
QBE Managemenl Seruices Pty Limiled
AEN 92 004 800 131
Le';el2l
S Chifley' Square
S;Cney NSfi 20t1*
Au-clralia
Postal Address
GFO Box 82
Si,dneyNS'tri 2C01
Telephone 82 9375 1000
Facsin'rle. 02tl333 31.+1
DX 1C171 Sydne'; Stock Exchange
STI Payout amountComponent Weighting Achievemenl Pro rata oh
Fixed Remuneration STI Target %
ROE 30% 116% 100% $175,368 1 5o/o $9,1 78
Profit Driver Group - Atl Finanoe 30% 1A7ek 100Yo ${75,368 15% $8,444
Total $29,722

3. --.]',..=''.
QBE
05 March 2013
Paul Smallwood
Finance
Level 05, 115 Pitt Street
SYDNEY NSW 2OOO
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Dear Paul,
On behalf of QBE I would like to congratulate you for your contribution, hard work and dedication throughout
2012. QBE faced an extremely challenging ye-ar in 2011, and as a result of disciplined planning across QBE
Australian Operations in2012, emerged with a pleasing financial result.
participation in the Short Term lncentive (STl) Plan is based on o11'qaV*fol Ogrformance'philosophy, with
performance measured against the three STI components being ROE, Profit Drivers and PMP rat'49. T|" -
ihreshold level of performince for the 2O12 STI Plan is the achievement of a Return on Equity (ROE) of 15% lor
Australia, and participation criteria is based on achievement of a PMP rating of "3, Fully Met Expectations" or_
better. Tie 2012 RO'E result for QIA of 20.45o/o which triggers an achievement percentage of 82.25o/o for the QIA
ROE component of the STl.
The overall pool available for the STl, which is based on the above three components, has been adjusted to
atign to the approved budget, with the adjustment applying to all participants consistently.
As your PMP rating (4. Excellent) has met the participation criteria, I am pleased to advise that you will be
awirded an inceniive payment of $24,306.83 (gross), which will be paid to you less any applicable
superannuation (including salary sacrifice superannuation) and PAYG tax.
See the following table for the split between each STI component. Note Fixed Remuneration is as at 31
December 2012.
Although we had to make some difficult decisions, I commend you and your team.for working with your
custoniers to deliver results, working with your teams in times of change, and working within our communities to
provide a valued service. 2013 will be no lbss challenging than previous years and I look forward to delivering
superior results with you again in 2013.
'j
Yours sincerely,
r-
l.q4*-tt
t_)
Victor Walter
Chief Financial Officer
STI Target %
Total - Adjusted to align with approved overall budget
This STI payment will be paid together with your usual salary in the pay period ending 15 March 20'13
Component Weighting Achievement Pro rata % Fixed Remuneration STI Payout amount
ROE 30o/o 82.25Yo 100% $170,226 15% $6,300.00
ffi re ffi#ffi =i.=ggl%:i
ffi :=S-g&::: *iffi
Total $27,007.s9
10.00% $24,306.83

4. OBE
26 April2012
Paul Smallwood
Level 5
115 Pitt Street
Sydney NSW 2000
Dear Paul,
Throughout2Oll, QBE faced a number of difficulties that negatively impacted its bottom
line including a record level of catastrophes that affected the worldwide insurance
industry, substantially lower risk free rates for discounting outstanding claims and
unrealised losses on investments due to widening credit spreads.
As a result of these challenges, overall QBE lnsurance Australia ROE and your business
unit's ROE fell below the 15% required to activate the STI scheme for the 2011 year.
Despite the difficult year we faced, QBE has maEe a discretionary pool available to enable
an STI payment to be made to recognise people that performed at a high level throughout
2011.
You have been identified as a high performing employee via the PMP process, and as a
result, I am pleased to advise that you will be awarded a cash incentive of $5000 (gross),
subject to superannuation and PAYG tax.
This STI payment will be paid together with your usual salary in the pay period ending 1 1
May 2012. Please note that this payment may have been pro-rated based on start date, or
any leave without pay you have taken during the 2011 calendar year.
On behalf of QBE, I would like to say thank you again for your contribution and efforts
throughout last year. lam sure that 2012 will be a busy, interesting, productive and
profitable year.
Yours sincerely,
,i).--
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I frArF--r'
l'.:---
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tit///
VictorWalter
Chief Financial Officer
QBE MANAGEMENT SERVICES
PTY LIMITED
ABN 92 004 800 '131
82 Pitt Street
Sydney NSW 2000
AUSTMTIA
Postal Address
Box 82 GPO
Sydney NSW 2001
Telephone. (02) 9375 4444
lnternationalr +81 29375 4444
Facsimile. (02) 9235 3166
DX: 10171 Sydney

5. 8BE
09 March 2011
Paul Smallwood
Finance
Sydney NSW
QBE Management Services Pty Limited
ABN 92 004 800 131
82 Pitt Street
Sydney NSW 2000
Australia
Postal Address
GPO Box 82
Sydney NSW 2001
Telephone: 02 9375 4444
Facsimile: 029375 4126
DX 10171, Sydney Stock Exchange
Dear Paul,
On behalf of QBE I would like to convey our appreciation for your contribution and efforts during 2010.
The yqqr reinfolce{_that we aqq actryqartd- rcSpo-rcrble-meflbe!'sg[ our ,communltf Olf products provide
security and assistance through the most unexpected events and we can be proud of how we responded
to major catastrophes and other activities.
201 0 was a year in which the insurance industry responded to some of the most extreme weather
conditions experienced in Australia's history - the Melbourne and Perth hailstorms are examples. The
overall Australian result was satisfactory but unfortunately was below budget, thereby reducing the overall
STIpool.
ln light of your contribution you will be awarded a cash incentive of $21,850 (gross), subject to
superannuation and PAYG tax.
This STI payment will be paid together with your usual salary in the pay period ending 18 March 201 1.
ln order to achieve our 2015 aspirations, your continued efforls and commitment to maintaining our
market leading position, as well as your dedication to servicing our customers and supporting colleagues,
is an absolute necessity and I would appreciate your support for these initiatives.
Whilst 2010 has been a challenging year we can proceed in 201 1 with confidence. We will continue to
stay focused on what matters most to our customers, investors and ourselves.
I look forward to working with you in this year to ensure that we can deliver on our 2011 objectives.
Yours sincerely,
Victor Walter
Chief Financial Officer

6. 'jlr'''i:''*'
&sH
0B March 2010
Paul Smallwood
Finance
Finance Executive
Dear Paul,
QBE Management Seruices Pty Limited
82 Piii Sr
SyCney NSW 2000
Australia
Postal Address
GPO Box 82
Sydney NSW 200'1
Te ephone: +612 9375 4444
Facsimile: +612 9375 3144
Thank you for your contribution to QBE Australia's result for 2009'
It was a difficult year due to the impact of the global economic downturn, turbulent financial conditions and significant
market challenges.
These conditions have impacted a number of business units to the extent that they have been unable to deliver their
desired results. Whilst the overall Australian result was satisfactory it was below budget which has reduced the amount
of the STI pool.
Notwithstanding the reduced STI pool your contribution has been recognised and you will be awarded a cash incentive
of $17,885 (gross), subject to superannuation and PAYG tax'
your STI payment will be paid together with your usual salary in the pay period ending 19 March 2010'
your efforts and commitment to maintaining our market leading position and your ongoing dedication to servicing
customers and supporting colleagues is greatly appreciated'
I look forward to working with you in these challenging times to ensure that we deliver our 2C10 objectives'
Yours sincerely
i--
l*/-i-_ j
Victor Walter
Chief Financial Officer,
Finance