The following indicative ratings have been affirmed under the shelf registration:Everest Re Group, Ltd.— -- “a-” on senior unsecured debt -- “bbb+” on subordinated debt -- “bbb” on preferred stock Everest Reinsurance Holdings, Inc.— -- “a-” on senior unsecured debt -- “bbb+” on subordinated debt Everest Re Capital Trust III —(guaranteed by Everest Reinsurance Holdings, Inc.) -- “bbb+” on trust preferred securities The methodology used in determining these ratings is Best’s Credit Rating Methodology , which provides a comprehensive explanation of A.M. Best’s rating process and contains the different rating criteria employed in the rating process. Key criteria utilized include: “Risk Management and the Rating Process for Insurance Companies”; “Rating Members of Insurance Groups”; “Insurance Holding Company and Debt Ratings”; “Understanding BCAR for Canadian Property/Casualty Insurers”; “Understanding BCAR for Property/Casualty Insurers”; “Understanding Universal BCAR”; and “Catastrophe Analysis in A.M. Best Ratings.” Best’s Credit Rating Methodology can be found at www.ambest.com/ratings/methodology. Founded in 1899, A.M. Best Company is the world’s oldest and most authoritative insurance rating and information source. For more information, visit www.ambest.com. Copyright © 2012 by A.M. Best Company, Inc. ALL RIGHTS RESERVED.