300000000 QBE Capital Funding LP - Irish Stock Exchange

SUMMARY CONSOLIDATED HISTORICAL FINANCIAL AND OTHER DATA
Change of Accounting Standards
Until December 31, 2004, we prepared our financial statements in accordance with historical Australian
GAAP. From January 1, 2005, we prepared our financial statements in accordance with A-IFRS.
We prepared our financial statements as at and for the year ended December 31, 2005 in accordance
with A-IFRS. We applied AASB 1: First Time Adoption of Australian Equivalents to International Financial
Reporting Standards in preparing our financial statements as at and for the year ended December 31, 2005. In
preparing the financial statements, management amended certain accounting and valuation methods applied in
the historical Australian GAAP financial statements to comply with A-IFRS and the comparative figures as at
and for the year ended December 31, 2004 have been restated to reflect these adjustments. The information based
on historical Australian GAAP is not comparable to information prepared in accordance with A-IFRS. See Notes
1 and 2 to our A-IFRS financial statements for a summary of our significant accounting policies under A-IFRS
and the impact of the adoption of A-IFRS respectively. This Offering Memorandum includes and refers to
financial statements and other financial information based on both A-IFRS and historical Australian GAAP.
Because of the significant differences between A-IFRS and historical Australian GAAP, we have presented the
information as at and for the years ended December 31, 2005 and 2004 prepared in accordance with A-IFRS
separately from the information as at and for the years ended December 31, 2004, 2003, 2002 and 2001 prepared
in accordance with historical Australian GAAP.
Adjustments as a result of the adoption of A-IFRS reduced shareholders’ funds at December 31, 2004
by A$388 million from A$4,480 million to A$4,092 million and increased net profit after income tax for the year
ended December 31, 2004 by A$37 million from A$820 million to A$857 million. We do not expect any future
material financial impacts from the application of existing A-IFRS although there may be some ongoing
volatility in the income statement and balance sheet due to fair value movements in assets and liabilities. See
Notes 1 and 2 to our A-IFRS financial statements for a discussion of the impact of the adoption of A-IFRS on our
results of operations.
Each of A-IFRS and historical Australian GAAP differ in certain respects from US GAAP. See
“Financial Information Presentation.”
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