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	HIH Insurance
	HIH Insurance Limited was a publicly listed company in Australia. Prior to its collapse in 2001, the HIH Group was the second largest general insurer in Australia and had operations in many other countries. On 15 March 2001, HIH Insurance Limited and a number of its subsidiaries were placed into provisional liquidation. Subsequently, on 27 August 2001, the companies that were in provisional liquidation were placed into liquidation. Schemes of Arrangement are now in place for eight of those companies. The Scheme Administrators have made initial payments to certain creditors and will make further payments over the coming years.

Scheme Administrators' estimate of ultimate Scheme Payments

Scheme Company	Estimated Final %	To Date
HIH	15% to 25%	9% and 12.64%*
FAIG	40% to 50%	30%
CIC	40% to 50%	30%
FAIT	Less than 5%	nil
FAIR	More than 50%	nil
FAII	Less than 5%	nil
WMG	10%	5%
HIHU	5% to 10%	nil

The above figures are preliminary estimates only. Final outcomes may vary considerably from these estimates, depending on reinsurance collected, development of future claims patterns, bad debt levels, other asset recoveries, the success of litigation, nature of claims and costs incurred.

* 9 cents in the dollar has been paid to most HIH Casualty and General Insurance Ltd creditors worldwide except for creditors with insurance liabilities in Australia who have been paid 12.64%. Payment of 9 cents in the dollar to US creditors, to bring them in line with all other creditors who are not creditors with insurance liabilities in Australia, is expected to be made in the final quarter of the year. Agreement has been reached with the New York Superintendent of Insurance to release the Trust Funds held, to allow payment to US creditors who are the beneficiaries of these funds. The Australian Liquidators presently anticipate that this will be ratified by the New York Bankruptcy Court at the next HIH Casualty and General Insurance Ltd hearing scheduled for mid September 2008.