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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- 2009-07-20

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 2009-07-20

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 2009-07-20

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