Rating Disclosure

Western Pacific Insurance Limited received a Standard and Poor’s (Australia) Pty Ltd rating of B- (Stable) on 31 March 2006.:-

AAA
AA
BBB
BB
B
CCC
CC
R
NR
(extremely strong)
(very strong)
(good)
(marginal)
(weak)
(very weak)
(extremely weak)
(regulatory action regarding solvency)
(not rated)

The ratings from “AA” to “CCC” may also be varied by the addition of a plus or minus sign showing a relative variation within the major rating category.

Further information is available in a useful pamphlet put together by the NZ Ministry of Economic Development (Insurance and Superannuation Unit); a copy of the pamphlet and also details of rating descriptions are available at www.isu.govt.nz or from the Head Office of Western Pacific Insurance Ltd at Chester Building, Corner of Shotover and Camp Streets, Queenstown”