De-Listing Announcement: - Operational Re III Ltd Notes

27 January 2023

Hamilton, Bermuda: January 27, 2023 - - In a filing with the Bermuda Stock Exchange, Operational Re III Ltd has advised the Bermuda Stock Exchange (the Exchange) of the maturity and redemption of the Company’s below listed Principal At-Risk Variable Rate Notes:

· Operational Re III Ltd 144A Class A Principal-at-Risk Variable Rate Notes due January 10, 2024

· Operational Re III Ltd 144A Class B Principal-at-Risk Variable Rate Notes due January 10, 2024

· Operational Re III Ltd 144A Class C Principal-at-Risk Variable Rate Notes due January 10, 2024

· Operational Re III Ltd RegS Class A Principal-at-Risk Variable Rate Notes due January 10, 2024

· Operational Re III Ltd RegS Class B Principal-at-Risk Variable Rate Notes due January 10, 2024

· Operational Re III Ltd RegS Class C Principal-at-Risk Variable Rate Notes due January 10, 2024

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