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- 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