Montana Re’s Ltd’s Principal At-Risk Variable Note Program & Series 2010-1, Classes C, D, & E Notes that constitute a $210 million dollar issuance 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.

Montana Re Ltd is a Cayman Islands exempted company licensed as a Class B insurer in the Cayman Islands. 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 Risk Transfer Contract Counterparty for each Class within a Series of Notes will be Flagstone Reassurance Suisse S.A. as specified in the applicable Offering Circular Supplement.