8 /31/05 11 OF TRADING ACTIVITY FOR THE MONTH QUANTITY DESCRIPTION -24, 200 600,000 -600,000 600, 000 -600, 000 2, 64 0 -24, 200 24, 200 HCC INSURANCE HOLDINGS INC CORRECT ION DONE AT DEUTSCHE BN K/A LE X BROWN S/D FINANCING RETURN FROM 74 6FY 0 TO 2 F8E EC S/D FINANCING FROM 2F8EE 0 TO 746FY0 MARK TO MAR

10 FROM 746FY0 3,000, 000 FRANKLIN RES INC SR LYON CVT DUE 2 05/11/2031 CORRECTION DONE AT MERRILL LYNCH, PIERCE, FENNER AND SMITH, INC. -160 HCC INSURANCE HOLDINGS INC DONE AT EDGETFtADE.COM INC. -26,100 FRANKLIN RESOURCES INC DONE AT MERRILL LYNCH, PIERCE, FENNER AND SMITH, INC. - 42, 200 HCC INSURANCE HOLDING

NCING 165,446.34 FROM 2FSEE0 TO 746FY0 FUNDS RECEIVED BY WIRE 5,113.00 ALLERGAN INC 172,672.82 OFFSHORE ARRANGING FLIP TO 736FY0 FROM 746FY0 HCC INSURANCE HOLDINGS INC 113,336.98 OFFSHORE ARRANGING FLIP TO 736FY0 FROM 746FY0 CREDIT SUISSE FIRST BOSTON LLC ELEVEN MADISON AVENUE NEW YORK, NY 10010-3629 TEL: FA

TRADING ACTIVITY FOR THE MONTH DESCRIPTION TAXPAYER ID. STATEMENT PERIOD PAGE UNDISCLOSED 02/01/07 TO 02/28/07 11 OF 12 PRICE DEBIT CREDIT HCC INSURANCE HOLDINGS INC DONE AT EDGETRADE.COM INC. 32.48680 3,248.03 S/D FINANCING RETURN 65,295.20 FROM 746FY0 TO 2F8EE0 S/D FINANCING 65,295.20 FROM 2F8EE0 TO 746F

MONTH 13 DESCRIPTION PRICE DEBIT CREDIT MARK TO MARKET 1,700.50 RPM INCORPORATED 1,825,927.95 TOFFtP O CMS ENERGY CORP 1,057,293.60 TO HCC INSURANCE HOLDINGS INC 2,246,595.00 OFFSHORE ARRANGING FLIP TO AMERICAN FINL GROUP INC 1,136,274.07 OFFSHORE ARRANGING FLIP TO AMERICAN FINL GROUP INC CVT 58.20970

/06 TO 05/31/06 26 OF 26 TRADING ACTIVITY FOR THE MONTH DESCRIPTION VALASSIS COMMUNICATIONS INC OFFSHORE ARRANGING FLIP TO 736FY0 FROM 746FY0 HCC INSURANCE HOLDINGS INC PRICE DEBIT CREDIT 19,872.51 17,433.57 OFFSHORE ARRANGING FLIP TO 736FY0 FROM 746FY0 VALASSIS COMMUNICATIONS INC 28.38380 19,872.51 DONE A

AL S/D FINANCING RETURN 8,079.67 FROM 746FY0 TO 2F8EE0 01 11/08 JOURNAL S/D FINANCING 8,079.67 FROM 2F8EE0 TO 746FY0 03 11/08 JOURNAL -500 HCC INSURANCE HOLDINGS INC 16,159.35 OFFSHORE ARRANGING FLIP TO 736FY0 FROM 746FY0 03 11/08 BOUGHT 500 HCC INSURANCE HOLDINGS INC 32.31320 16,159.35 DONE AT EDGETRADE.

8EE0 TO 746FY0 S/D FINANCING RETURN 34,678.06 FROM 746FY0 TO 2F8EE0 RPM INCORPORATED 26,110.85 OFFSHORE ARRANGING FLIP TO 736FY0 FROM 746FY0 HCC INSURANCE HOLDINGS INC 9,186.27 OFFSHORE ARRANGING FLIP TO 736FY0 FROM 746FY0 CS% CORPORATION 34,059.02 OFFSHORE ARRANGING FLIP TO 736FY0 FROM 746FY0 RPM INCORPORAT

E ARRANGING FLIP TO 01 03/27 BOUGHT 6,500 CENTERPOINT ENERGY INC 12.10520 78,748.80 DONE AT EXBKR/CUTTONE 6 CO, INC. 03 03/27 SOLD -2,680 HCC INSURANCE HOLDINGS INC 33.40630 89,511.39 DONE AT EDGETRADE.COM INC. 03 03/27 BOUGHT 2,600 CENTERPOINT ENERGY INC 12.13000 31,552.30 DONE AT EDGETRADE.COM INC. 01

K TO MARKET 48,712.48 03 11/07 JOURNAL -1,730 ALLERGAN INC 172,672.82 OFFSHORE ARRANGING FLIP TO 736FY0 FROM 746FY0 03 11/07 JOURNAL -3,520 HCC INSURANCE HOLDINGS INC 113,336.98 OFFSHORE ARRANGING FLIP TO 736FY0 FROM 746FY0 03 11/07 JOURNAL -970 CSX CORPORATION 44,882.88 OFFSHORE ARRANGING FLIP TO 736FY0 F

.90000 2,152,770.00- 196,600.00- 9.132 'CSFB RATING :OUTPERFORM INDEPENDENT RATING:2 STAR - Avoid PROVIDER:Standard 6 POOr'S 03 70,080 IS) HCC INSURANCE HOLDINGS INC 30.55000 2,140,944.00- 21,024.00- .982 03 16,130 IS) INTERNATIONAL GAME TECHNOLOGIES 29.35000 473,415.50- 8,065.00- 1.704 01 1 INVITRO

) GENERAL MOTORS 19.42000 1,908,986.00- *CSFR RATING :OUTPERFORM INDEPENDENT RATING:3 STAR - Hold PROVIDER:Standard & Poor's )3 70,080 (S) HCC INSURANCE HOLDINGS INC 29.68000 2,079,974.40- )1 2,646 INTERNATIONAL GAME TECHNOLOGIES 30.78000 81,443.88 3 2,646 (S) INTERNATIONAL GAME TECHNOLOGIES 30.78000

NDS 01 10/17/05 INTEREST VORNADO RLTY L P SR 42,194.44 03.8750 04/15/2025 INTEREST CREDIT 10/15/05 ON 2000000 BONDS 03 10/17/05 SUBST CHGD HCC INSURANCE HOLDINGS INC 4,992.00 SUBSTITUTE DIVIDEND CHARGE 10/17/05 ON -66560 SHARES 03 10/25/05 SUBST CHGD INTERNATIONAL GAME TECHNOLOGIES 4,475.00 SUBSTITUTE DIVI

ATION 23.22000 301,418.82- 1,557.72- .517 *CSSU RATING :NEUTRAL INDEPENDENT RATING:3 STAR - Hold PROVIDER:Standard & Poor's 03 72,960 (S) HCC INSURANCE HOLDINGS INC 31.23000 2,278,540.80- 29,184.00- 1.281 03 77,197 (S) RPM INCORPORATED 23.23000 1,793,286.31- 54,037.90- 3.013 01 2,000,000 AMERICAN F

LIP TO 736FY0 FROM 746FY0 01 02/21 MRKD/MARKET MARK TO MARKET 52,297.65 03 02/21 MRKD/MARKET MARK TO MARKET 52,297.65 03 02/21 JOURNAL -100 HCC INSURANCE HOLDINGS INC 3,248.03 OFFSHORE ARRANGING FLIP TO 736FY0 FROM 746FY0 01 02/22 MRKD/MARKET MARK TO MARKET 22,065.31 03 02/22 MRKD/MARKET MARK TO MARKET 22,

PORATED 1,825,927.95 OFFSHORE ARRANGING FLIP TO 736F10 FROM 746FY0 CMS ENERGY CORP 1,057,293.60 OFFSHORE ARRANGING FLIP TO 736FY0 FROM 746FY0 HCC INSURANCE HOLDINGS INC 2,246,595.00 OFFSHORE ARRANGING FLIP TO 736FY0 FROM 746FY0 CREDIT SUISSE SECURITIES (USA) LLC ELEVEN MADISON AVENUE NEW YORK NY 10010-3629 TEL

50 (S) GENERAL MOTORS 29.18000 859,351.00- *CSSU RATING :NEUTRAL INDEPENDENT RATING:3 STAR - Hold PROVIDER:Standard & Poor's 03 72,460 (S) HCC INSURANCE HOLDINGS INC 32.49000 2,354,225.40- 01 3,277 MASCO CORP 27.41000 89,822.57 •CSSU RATING :NEUTRAL INDEPENDENT RATING:4 STAR - Accumulate PROVIDER:Standard

ATION 23.74000 308,168.94- 1,557.72- .505 *CSSU RATING :NEUTRAL INDEPENDENT RATING:3 STAR - Hold PROVIDER:Standard & Poor's 03 72,960 (S) HCC INSURANCE HOLDINGS INC 32.09000 2,341,286.40- 29,184.00- 1.246 03 1,103 (S) MASCO CORP 29.87000 32,946.61- 970.64- 2.946 01 37,214 *CSSU RATING :UNDERPERFOR

IS) GENERAL MOTORS 20.31000 1,996,473.00- •CSSU RATING :NEUTRAL INDEPENDENT RATING:2 STAR - Avoid PROVIDER:Standard 6 Poor's 03 70,080 IS) HCC INSURANCE HOLDINGS INC 32.19000 2,255,875.20- 03 24,073 IS) MASCO CORP 31.19000 750,836.87- •CSSU RATING :OUTPERFORM INDEPENDENT RATING:4 STAR - Accumulate PROVIDE

ATION 23.91000 438,628.95- 2,201.40- .502 'CSSU RATING :NEUTRAL INDEPENDENT RATING:3 STAR - Hold PROVIDER:Standard & Poor's 03 73,460 (S) HCC INSURANCE HOLDINGS INC 33.66000 2,4/2,663.60- 29,384.00- 1.188 03 1,103 (S) MASCO CORP 27.65000 30,497.95- 970.64- 3.183 *CSSU RATING :UNDERPERFORM INDEPENDE