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Aon Benfield Securities

Catastrophe Bonds Exposed to Japan Earthquake Risk as of March 31, 2011 ($Millions)

Sponsor Zenkyoren Flagstone Flagstone Swiss Re Swiss Re Swiss Re Swiss Re Platinum Underwriters Ltd. Japan Railway East Swiss Re Scor Swiss Re Swiss Re Flagstone SCOR Global P&C SE

Issue Muteki Ltd. Series 2008-1 Class A Valais Re Ltd. Series 2008-1 Class A Valais Re Ltd. Series 2008-1 Class C Vega Capital Ltd. Series 2008-1 Class A Vega Capital Ltd. Series 2008-1 Class B Vega Capital Ltd. Series 2008-1 Class C Vega Capital Ltd. Series 2008-1 Class D Topiary Capital Limited Series 2008-1 Class A MIDORI Ltd. Successor X Ltd. Series 2010-1 Class II-BY3 Atlas VI Capital Limited Series 2009-1 Class A* Vega Capital Ltd. Series 2010-1 Class C Vega Capital Ltd. Series 2010-1 Class D Montana Re Ltd. Series 2010-1 Class E Atlas VI Capital Limited Series 2010-1 Class A *

Perils JP EQ US/EU/JP Wind, US/JP EQ US/EU/JP Wind, US/JP EQ US/EU/JP Wind, US/JP EQ US/EU/JP Wind, US/JP EQ US/EU/JP Wind, US/JP EQ US/EU/JP Wind, US/JP EQ US/EU W, US/JP EQ JP EQ US HU, EQ EU Wind, JP EQ EU Wind, JP EQ US/EU/JP Wind, US/JP EQ US/EU/JP Wind, US/JP EQ US HU, EQ/EU Wind, JP HU, JP EQ EU Wind, JP EQ

Maturity May-11 Jun-11 Jun-11 Jun-11 Jun-11 Jun-11 Jun-11 Aug-11 Oct-12 Apr-13 Apr-13 Dec-13 Dec-13 Jan-14 Apr-14

Source: Aon Benfield Securities *Issued at €75 MM

Australia Flooding and New Zealand Earthquake

The Events

Beginning in December 2010, persistent heavy rains brought major flooding across eastern Australia which continued throughout the month of January. At least 36 people died and dozens more were injured in what became, in economic terms, “the costliest natural disaster in Australian history.” The most aected areas were Queensland, Victoria and New South Wales, though Queensland bore the brunt of the damage. More than 2.1 million people were aected by flash flooding from dozens of major rivers and tributaries overflowing their banks. Hundreds of cities, towns and villages were aected, including the Queensland capital, Brisbane. There was extensive damage to property, the transportation infrastructure, the coal mining industry and agriculture. Preliminary economic damages were listed at AUD5.6 billion (USD5.6 billion) by the government, though economists estimate that total economic losses could reach AUD20.0 billion (USD20.2 billion). The Insurance Council of Australia (“ICA”) declared four separate catastrophes during the floods, with more than 38,460 claims being filed in Queensland (including Brisbane, Lockyer Valley and Toowoomba) with an estimated value of AUD1.5 billion (USD1.5 billion). For Victoria, the ICA reported 4,780 claims with payouts totaling AUD69.0 million (USD69.5 million).

roads, parked cars were buried under rubble, water, sewer and gas lines ruptured, streets and sidewalks split, bridges collapsed and fires burned in the city. Churches, government buildings, historic buildings, businesses in the central business district, homes and schools all sustained severe damage or were destroyed. According to the New Zealand government, total economic impact from the event is estimated between NZD10 to 15 billion (USD7.5 to 11.3 billion).

Insurance Industry Eects

Determining insured losses from this event will be extremely dicult and complex given the intermingled damage with the Darfield earthquake of September 2010, which also impacted Christchurch. Despite the significant human impact of this event, as well as the impact to traditional insurers and reinsurers, it did not cause a principal loss to any outstanding catastrophe bonds.

A magnitude 6.3 earthquake struck New Zealand’s South Island on February 22, causing widespread damage, fatalities and injuries. At least 161 people were killed, more than 2,000 were injured and dozens more remain missing. The epicenter was near the suburb of Lyttleton in Christchurch, at a shallow depth of 5.0 kilometers (3.1 miles). Extensive damage occurred throughout Christchurch as buildings collapsed into

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