Company Announcements – January 2007

Middlesea Insurance plc

Middlesea Insurance plc has subscribed for its 89.98% of the issued share capital equivalent to EUR3,599,200 consisting of shares of a nominal value of EUR0.01 each fully paid up from an issue of EUR4,000,000 of nominal value in Progress Assicurazioni SpA. These shares were allotted on 29th December 2006 to existing shareholders on a pro-rata basis. The Company has thus retained its shareholding in this unlisted Italian Company at the 89.98% level previously held. The Company also announced that as from 1st January 2007 Mr Frank Xerri de Caro ceased to be a director of Middlesea Insurance plc.