5. What is and who handles the Hannover Re ADR program in the USA?

Hannover Re was the first German reinsurer to trade its shares in the USA in the form of American Depositary Receipts (ADR). Trading commenced on 1 October 1997 under the symbol "HVRRY", with two ADRs corresponding to one HNR share. ADRs are American depositary receipts for non-US shares; they are issued by US banks and traded in place of the original shares. This provides US investors with an opportunity to acquire non-US shares in the form of USD-denominated securities directly through the "over-the-counter" (OTC) market.

The purpose of the ADR programme is to increase awareness of the share in the USA. In this way, the company was also seeking to expand its shareholder base and generate additional demand.

As of the beginning of 2004 The Bank of New York is acting as the depositary bank handling the ADR (Level 1) dealing through the "over-the-counter" (OTC) market.