HANOVER INS GROUP INC

Ticker: THG CUSIP: 410867105 Class: COM

Pine River Capital Management L.P.'s Holding History (CIK: 0001288136)

Note: Option positions (PUT/CALL) are excluded.

Q4 2016

Shares 5,731 Value ($000) $522 Avg Close $63.85 Range $56.77 - $70.73

Q3 2016

Shares 9,932 Value ($000) $749 Avg Close $60.45 Range $56.64 - $64.77

Q2 2016

Shares 14,262 Value ($000) $1,207 Avg Close $65.15 Range $58.79 - $69.02

Q1 2016

Shares 14,262 Value ($000) $1,287 Avg Close $62.18 Range $56.69 - $68.91

Q4 2015

Shares 20,163 Value ($000) $1,640 Avg Close $61.90 Range $56.82 - $65.36

Q3 2015

Shares 20,163 Value ($000) $1,567 Avg Close $59.00 Range $55.61 - $61.95

Q2 2015

Shares 22,347 Value ($000) $1,654 Avg Close $53.20 Range $50.70 - $55.72

Q1 2015

Shares 19,455 Value ($000) $1,412 Avg Close $52.13 Range $49.88 - $54.01

Q4 2014

Shares 16,390 Value ($000) $1,169 Avg Close $49.49 Range $43.66 - $53.79

Q3 2014

Shares 4,158 Value ($000) $255 Avg Close $45.18 Range $41.99 - $46.80

Q1 2014

Shares 4,200 Value ($000) $258 Avg Close $42.06 Range $37.93 - $44.42

Period	Shares	Value ($000)	Average Close	Price Range
Q4 2016	5,731	$522	$63.85	$56.77 - $70.73
Q3 2016	9,932	$749	$60.45	$56.64 - $64.77
Q2 2016	14,262	$1,207	$65.15	$58.79 - $69.02
Q1 2016	14,262	$1,287	$62.18	$56.69 - $68.91
Q4 2015	20,163	$1,640	$61.90	$56.82 - $65.36
Q3 2015	20,163	$1,567	$59.00	$55.61 - $61.95
Q2 2015	22,347	$1,654	$53.20	$50.70 - $55.72
Q1 2015	19,455	$1,412	$52.13	$49.88 - $54.01
Q4 2014	16,390	$1,169	$49.49	$43.66 - $53.79
Q3 2014	4,158	$255	$45.18	$41.99 - $46.80
Q1 2014	4,200	$258	$42.06	$37.93 - $44.42