At a Glance

Established in 1971, the Bermuda Stock Exchange (BSX) is today the world’s preeminent, fully-electronic, offshore securities exchange, offering domestic and international → COMMERCIALLY SOUND issuers an affordable, well-regulated listing venue. → COMPETITIVELY PRICED • With over 800 listed issuers the BSX is a leading market for the listing of → CONVENIENTLY LOCATED investment funds, debt and insurance linked securities, as well as small to medium BETWEEN MARKETS IN sized enterprise companies. THE AMERICAS AND • Based on the principle of full disclosure, the BSX Listing Regulations have been EUROPE explicitly written with institutional and HNW investors in mind, thus streamling the process and providing issuers with speed to market. • The Exchange’s pragmatic approach ensures listing fees are comparable to and, in certain instances, significantly less than other competitive markets. BSX GLOBAL DESIGNATIONS: • Geographically positioned between two of the world’s deepest capital markets • Recognised Investment Exchange Bermuda’s unrivaled time zone offers a significant commercial advantage, allowing for same day, real-time access to markets in the Americas as well as Europe. Bermuda Monetary Authority • The BSX is a full member of the World Federation of Exchanges (WFE) and • Designated Offshore Securities currrently holds a seat on the WFE’s Board of Directors. The Exchange is also Market - U.S. Securities an affiliate member of the International Organization of Securities Commissions Exchange Commission (I.O.S.C.O.). • Designated Investment Exchange : • Supported by a Nasdaq licensed trading and settlement platform, the BSX’s UK Financial Conduct Authority international profile provides listed issuers with added recognition and visibility, satisfying, and often exceeding, the listing imperative set by most institutional • Recognised Stock Exchange investors. All BSX listings and trading activity can be accessed 24/7 on Bloomberg UK HM Revenue and Customs and the BSX website www.bsx.com. • Designated Stock Exchange : Income Tax Act (Canada) The BSX works with the Bermuda Monetary Authority (BMA) and Bermuda Business Development Agency (BDA) to ensure Bermuda’s stellar reputation as a world-class • Approved Stock Exchange centre for excellence is constantly and consistently enhanced through regulation, Australian Foreign Investment collaboration and innovation. Funds Taxation Rules • Registered Organization London Stock Exchange • Recognised Stock Exchange Revenue Irish Tax and Customs For further information please refer to our website www.bsx.com or contact the BSX at +1 441 292 7212 or via email at [email protected] Listing Guide for Insurance Linked Securities

The Bermuda Stock Exchange (BSX) is uniquely positioned to offer issuers of international Insurance Linked Securities (ILS) an affordable, well-regulated and transparent listing venue.

→ COMMERCIALLY SOUND Known as the World’s Risk Capital and recognised as the third largest insurance market in the world behind only London and New York, Bermuda is the ideal → COMPETITIVELY PRICED location for the creation, listing and trading of sophisticated securitized insurance related instruments. As a consequence, the BSX has significantly outpaced → CONVENIENTLY LOCATED other global markets and now lists more than 200 insurance linked securities, BETWEEN MARKETS IN collectively representing close to 75 percent of all current international issuances, THE AMERICAS AND at a value exceeding $24.5 billion. EUROPE The Exchange’s pragmatic approach ensures ILS listing fees are comparable to and, in certain instances, significantly less than other competitive markets.

Geographically positioned between two of the world’s deepest capital markets Bermuda’s unrivaled time zone offers a significant commercial advantage, allowing for same day, real-time access to markets in the Americas as well as Europe.

The BSX is a full member of the World Federation of Exchanges (WFE), and currently holds a seat on the WFE’s Board of Directors. The BSX is also an affiliate member of IOSCO and is deemed to be a Designated Offshore Securities Market by the U.S. Securities Exchange Commission.

Supported by a Nasdaq licensed trading and settlement platform, the BSX’s international profile provides listed issuers with added recognition and visibility, satisfying, and often exceeding, the listing imperative set by most institutional investors. All BSX listings and trading activity can be accessed 24/7 on Bloomberg and the BSX website www.bsx.com.

LISTING CRITERIA

ELIGIBILITY: CONTINUING OBLIGATIONS: • The BSX Insurance Related Securities Regulations • Prompt notification to the BSX and holders of the pertain to any security, the value of which is related to securities of any material events to allow investors to an insured or insurable event or an act of god, such as evaluate the financial position of the issuer and group (or Cat Bonds, Insurance Loss Warrants and other insurance its ability to meet commitments) and to avoid the creation securitizations; of a false market; • The issuer may be a SPI, SPV, DAC or similar type of entity • If in bearer form, the BSX will publicize the location and and, in the case of a securitization programme, may itself availability of the annual report and accounts; be listed prior to the issuance of any securities under its • If the issue carries conversion rights for the securities of, or programme; is guaranteed by another company, adequate information • The securities must be fully negotiable and freely must be available for that company; transferable amongst investors, who are authorized to • If a secondary listing, the BSX must receive copies of subscribe or purchase the securities; all information and documents filed with the primary • The issuer must restrict investment in to Qualified exchange; Investors in a manner acceptable to the Exchange. This • Audited annual report and accounts; means, inter alia, that the securities may only be marketed • Other disclosures include; changes in the terms of the to Qualified Investors and may only be traded on the securities, decisions to pass interest payments, purchases, Exchange between Qualified Investors; redemptions, or cancellations of the securities, important • The issuer must maintain a paying agent and/or a transfer changes, proposed drawings or closure of books, winding agent or registrar in a location agreed upon by the BSX* up and liquidation of the issuer; for the duration of the listing; • Prompt notification of any insurance event. • New applicants will require the assistance of a BSX Trading Member or Listing Sponsor, a full list of which, including contact information, can be found on the BSX website www.bsx.com; • The insurance related securities must be eligible for deposit in a clearing and settlement system recognised for this purpose by the Exchange.

*Explicit information pertaining to the listing of Insurance Linked Securities can be found in Section V of the BSX Listing Regulations, which together with additional information can be found at www.bsx.com. For further clarification and/or listing information please contact the BSX Head of Listings at +1 441 292 7212 or via [email protected].