TowerBrook

TowerBrook Capital Partners, L.P.

Ironshore Inc.

IronShore

Ironshore underwrites specialty commercial lines of insurance on a global basis through its Bermuda-based insurance subsidiary. This newly formed insurance company was created in response to the crisis conditions in the U.S. property catastrophe (CAT) insurance markets, a result of unprecedented hurricane activity in recent years and subsequent changes in the insurance industry that have made CAT coverage difficult to obtain and costly.

Due to marketplace demands, the company's initial focus will be on commercial risks with wind exposures in the CAT-prone coastal states in the southeastern U.S. as well as the Caribbean and Yucatan Peninsula, Mexico. Ironshore will also provide commercial earthquake coverage in California. In addition to CAT insurance, management plans to concentrate in areas where there is less market capacity or existing imbalances. They plan to be flexible in their approach and identify and respond to opportunities in geographic areas and lines of business as they arise while maintaining underwriting discipline through geographic diversification.

Date of Initial Investment: December 2006

Visit the company's web site at www.ironshore.com

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