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Valais Re Ltd Principal At-Risk Variable Note Programme De-Lists From The BSX

21 June 2011

Hamilton, Bermuda – 21 June, 2011 – The Bermuda Stock Exchange (BSX) announces the de-listing of the Valais Re Ltd Principal At-Risk Variable Note Program & Series 2008-1 Classes A, B & C Notes effective 21 June, 2011.

Following the maturity of all of the out-standing Notes in the Programme on 06 June, 2011, the Issuer has elected to voluntarily close and de-list the programme.

For further information please contact:-

Mr. Brenton Slade

Flagstone Re Ltd (441) 278-4303