Re:                                                                                               Hardy Underwriting
Group plc
                                                                                                   USD 30000000
                                                                                                   MATURING: 15-Sep-2036
                                                                                                   ISIN: GB00B1DZGX30
                                                                                                                               
 PLEASE BE ADVISED THAT THE INTEREST RATE FOR THE PERIOD
 15-Dec-2008 TO 16-Mar-2009 HAS BEEN FIXED AT 5.296250 PCT
  
 DAY BASIS: ACTUAL/360
  
 INTEREST PAYABLE VALUE 16-Mar-2009 WILL AMOUNT TO:
 USD 1338.77 PER USD 100000 DENOMINATION
    
    


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