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BSX Approves Listing of Queen Street III Capital Limited Principal At Risk Notes

28 July 2011

Hamilton, Bermuda: 28^th July, 2011 – The Listing Committee of the Bermuda Stock Exchange (BSX) today announced the approval of the listing of the Queen Street III Capital Limited Principal At-Risk Variable Notes due July 28^th,, 2014 that constitutes a $150 million dollar issuance under the Exchange’s Restricted Marketing provisions for Qualified Investors and Section V of the BSX Listing Regulations pertaining to International Issuers of Insurance Related Securities.

Queen Street III Capital Limited is an Irish Private Limited Company incorporated under the laws of Ireland. 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 the Notes will be Münchener Rückversicherungs-Gesellschaft Aktiengesellschaft in München (“Munich Re”) specified in the applicable Offering Circular Supplement.

Appleby Securites (Bermuda) Ltd sponsored the listing of the Notes and has also been appointed ongoing listing sponsor.

James McKirdy, Chief Compliance Officer of the BSX stated, “We are delighted to welcome Queen Street III Limited’s Principal At-Risk Variable 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 Notes that are offered to institutional and sophisticated Qualified Investors”.

Mr. McKirdy continued, “This is yet another issuance of Notes that have taken advantage of the Exchange’s Listing Regulations for Insurance Related Securities and we are extremely pleased to be working with Queen Street III Capital Limited, Munich Re and Appleby Securities (Bermuda) Ltd.

Carol Feathers, on behalf of Appleby Securities (Bermuda) Ltd. noted, “Once again, it has been a distinct pleasure to assist in bringing another high quality Insurance Linked Securities (“ILS”) listing to The BSX. The usual co-operation and assistance of BSX personnel made it a very smooth exercise indeed. Appleby Securities (Bermuda) Ltd. looks forward with optimism to working with the BSX on many more ILS listings as Bermuda continues to grow as a choice destination for such listings."

For further information on the Queen Street III Limited Principal At-Risk Variable Note please contact Sherman Taylor, Appleby Securities (Bermuda) Ltd 1 441 298 3582 or staylor@applebyglobal.com