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BSX Approves Listing of Golden State Re Ltd. Principal At-Risk Variable Rate Notes

03 January 2012

Hamilton, Bermuda: 03 January, 2012 – The Listing Committee of the Bermuda Stock Exchange (BSX) today announced the approval of the listing of Golden State Re Ltd. Principal At-Risk Variable Rate Note Program consisting of the $200,000,000 Series 2011-1 Class A Principal-At-Risk Variable Rate Notes (“the Notes”) due January 8, 2015, an 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. The approval is effective as of 9 December 2011.

Golden State Re Ltd. was incorporated with limited liability in Bermuda on 24 October 2011 as a Special Purpose Insurer (“SPI”).

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 Notes are exposed to losses from a notional portfolio of workers compensation risks arising out of and directly occasioned by Earthquake events on an occurrence basis over the Risk Period.

The Risk Transfer Contract Counterparty (Ceding Insurer) for the Notes will be State Compensation Insurance Fund of California, as specified in the applicable Offering Circular Supplement.

Appleby Securities (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 Golden State Re Ltd. 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 Golden State Re Ltd. and the Appleby Group.

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 Golden State Re Ltd Principal At-Risk Variable Notes please contact Mr. Sherman Taylor, Appleby Securities (Bermuda) Ltd 1 441 298 3582 or staylor@applebyglobal.com or Ms. Emma Atherton at 441 292 7505 or emma.atherton@kane-group.com