Flagstone proceeds with Alliance Re squeeze out

Flagstone Reassurance Suisse SA Limited announced that it has proceeded with a squeeze out for the acquisition of the total issued shares of Alliance International Reinsurance Public Company Limited (ALL).
On August 13, 2008, Flagstone Reassurance Suisse SA submitted a Public Offer for the
acquisition of up to 100% of the issued share capital of Alliance Re. The consideration offered was EUR0.48/ALL share in cash. With the completion of the Public Offer procedure, the shareholding of Flagstone in the share capital of Alliance stands at 92.81%. Pursuant to the Law, CISCO, as underwriter, submitted the consideration to the shareholders of Alliance on the basis of EUR0.48/share on December 5, 2008 together with an informative letter. The consideration was paid via the dispatch of cheques to the beneficiaries and in certain cases via its transfer to the operators, as instructed by the beneficiaries.