Hardy Underwriting Group plc


RE: Hardy Underwriting Group Plc
    USD 30,000,000.00
    MATURING: 15-Sep-2036
    ISSUE DATE: 19-Sep-2006
    ISIN: GB00B1DZGX30

PLEASE BE ADVISED THAT THE INTEREST RATE FOR THE PERIOD
15-Dec-2006 TO 15-Mar-2007 HAS BEEN FIXED AT 8.660000 PCT

DAY BASIS 90/360

INTEREST PAYABLE VALUE 15-Mar-2007 WILL AMOUNT TO:
USD 2,165.00 PER USD 100,000.00 DENOMINATION

IF YOU HAVE ANY QUERIES PLEASE CONTACT THE RATE FIX DESK ON
TEL: 44 20 7508 3858/3855 OR FAX: 44 20 7508 3881



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