$175m Series 2010-1, Class A Principal-at- risk Variable Rate Notes due 17 May, 2013, issued pursuant to the Program 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, effective 12 May 2010.

The Notes are exposed to loss events, as specified in the offering circular and the offering circular supplement.  The Notes are also subject to extension at the election of the Ceding Insurer, as described in the offering circular supplement.

The Ceding Insurer is National Union Fire Insurance Company of Pittsburgh, Pa., a Chartis company.

First Bermuda Securities Limited sponsored the listing of the Lodestone Re Ltd. Principal-at-Risk Variable Rate Program and the Notes.