Content

Debt Ratings

Hannover Finance (Lux.) S.A.

Maturity: Undated

Debt Structure: Guaranteed Subordinated Fix-to-Floating Rate Callable Bonds of 2005, EUR 500 m.

Rating Agency Rating Review Date
Standard & Poor's A 2006-01-20
A.M. Best a- 2008-07-16

Hannover Finance (Lux.) S.A.

Maturity: 2024

Debt Structure: Guaranteed Subordinated Fix-to-Floating Rate Debt EUR 750 m.

Rating Agency Rating Review Date
Standard & Poor's A 2006-01-20
A.M. Best a 2008-07-16

Hannover Finance (Lux.) S.A.

Maturity: 2031

Debt Structure: Guaranteed Subordinated Fix-to-Floating Rate Bond EUR 350 m. (exchange of EUR 211 m. in May 2005)

Rating Agency Rating Review Date
Standard & Poor's A 2006-01-20
A.M. Best a 2008-07-16

Hannover Finance Inc.

Maturity: 2029

Debt Structure: Step-up Guaranteed Subordinated Floating Rate Note USD 400 m. (USD 380 m. retired since 2004)

Rating Agency Rating Review Date
Standard & Poor's A 2006-01-20
A.M. Best a 2008-07-16

Eurus Ltd.

Maturity: 2009

Debt Structure: European Windstorm Principal At-Risk Variable Rate Notes USD 150 m.

Rating Agency Rating Review Date
Standard & Poor's BB 2006-07-28

Merlin CDO I B.V.

Maturity: 2012

Debt Structure: EUR 95 m. Credit-Linked Floating-Rate Notes (4 tranches 'AAA' - 'BBB')

Rating Agency Rating Review Date
Standard & Poor's AAA to BBB 2007-02-05

Kepler Holdings Ltd.

Maturity: 2008

Debt Structure: USD 200 m. Senior Secured Credit Facility

Rating Agency Rating Review Date
Standard & Poor's BB 2007-02-27
A.M. Best bb- 2007-03-05
Moody's Ba2 2007-02-26