Topiary Capital Ltd.

This deal provides Platinum Underwriters Ltd. with second and subsequent event coverage against losses resulting from any combination of U.S. hurricanes and earthquakes, European windstorms, and Japanese earthquakes, on a per occurrence basis. Once an annual risk period begins, two covered events must occur within the risk period for note holders to incur a loss.

These are the initial offering from Topiary Capital (a Cayman Islands exempted special purpose company), further notes may be issued in the future.

Under the counterparty contract, the issuer (Topiary Capital) will provide Platinum with up to $200m second and subsequent events coverage within any activation period for qualifying events over a three-year period beginning August 2, 2008.

The first event which activates the notes will be based on an Event Index Value Activation Amount for each of the four risk categories. Then, the notes become “at risk of loss” to a second event within the same 12 month activation period. For the second and subsequent events, loss payments will be triggered based on the following indices: U.S. hurricane and U.S. earthquake events on modified PCS index; European windstorm events on Paradex data from Risk Management Solutions, Inc.; and Japan earthquake events on reports from the Japanese National Research Institute for Earth Science and Disaster Prevention.

The Series 2008-1 Class A principal-at-risk variable rate notes have been rated ‘BB+’ by both AM Best and Standard & Poor’s. This deal will run for three years to 5th August 2011.