Valais Re: At-Risk Variable Note Programme

June 21, 2011

The Bermuda Stock Exchange today [June 21] announced 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.

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