Content

Ad hoc announcement pursuant to Section 15 of the Securities Trading Act (WpHG)
Exposure 9/11

Our ad hoc announcement of 13 September 2001 relating to Hannover Re's exposure in respect of the terrorist acts in the USA has obviously led to some misinterpretation in the financial markets.

The published exposure of approximately EUR 400 million is a pre-tax effect. As our previous result's forecast assumed a pre-tax profit of EUR 400 million, this additional exposure is not expected to cause a net loss for the year. Furthermore, this loss will have no effect on the stockholders' equity of the Hannover Re Group so that we will be able to benefit fully from the increase in rates, which are already apparent as a result of this catastrophe and can expect an exceptional result for 2002