Valais Re Ltd is a Cayman Islands exempted company licensed as a Class B insurer in the Cayman Islands. The purpose of the Principal At-Risk Note Program is to provide the Issuer with funds in order to support its obligations under the respective Risk Transfer Contracts it enters into with the Risk Transfer Contract Counterparty.

The Risk Transfer Contract Counterparty for each Class within a Series of Notes will be one or more subsidiaries or affiliates of Flagstone Reinsurance Holdings Limited as will be specified in the applicable Offering Circular Supplement.

CAPITAL G BSX Services Limited sponsored the listing of both the Program and the initial two Classes of Series 2008-1 Notes.

James Mc Kirdy, Chief Compliance Officer of the BSX stated, “We are delighted to welcome Valais Re Ltd’s Principal At-Risk Variable Note Program and Series 2008-1 Notes to the Official List of the BSX. The BSX Listing Regulations for International Issuers of Insurance Related Securities are specifically designed to facilitate the listing of this type of Program and Notes that are offered to institutional and sophisticated Qualified Investors”.  Mr. Mc Kirdy continued, “This is the first Program and Notes that have taken advantage of the Exchange’s Listing Regulations for Insurance Related Securities and we are extremely pleased to be working with Valais Re Ltd, Flagstone Reinsurance Limited and CAPITAL G BSX Services Limited.”

Kirk Davis of CAPITAL G BSX Services noted, “It has been a pleasure to assist in bringing the first listing of this type to The Exchange. The co-operation and assistance of the BSX Officers made it a very smooth exercise.”

For further information on the Valais Re Ltd Principal At-Risk Variable Note Program please contact Mr. Brenton Slade at 1-441-278-4303.