<SEC-DOCUMENT>0001193125-15-254393.txt : 20150716
<SEC-HEADER>0001193125-15-254393.hdr.sgml : 20150716
<ACCEPTANCE-DATETIME>20150716084701
ACCESSION NUMBER:		0001193125-15-254393
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		12
CONFORMED PERIOD OF REPORT:	20150715
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Regulation FD Disclosure
ITEM INFORMATION:		Other Events
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20150716
DATE AS OF CHANGE:		20150716

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			AXIS CAPITAL HOLDINGS LTD
		CENTRAL INDEX KEY:			0001214816
		STANDARD INDUSTRIAL CLASSIFICATION:	FIRE, MARINE & CASUALTY INSURANCE [6331]
		IRS NUMBER:				000000000
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-31721
		FILM NUMBER:		15990581

	BUSINESS ADDRESS:	
		STREET 1:		92 PITTS BAY ROAD
		CITY:			PEMBROKE
		STATE:			D0
		ZIP:			HM 08
		BUSINESS PHONE:		(441) 496-2600

	MAIL ADDRESS:	
		STREET 1:		92 PITTS BAY ROAD
		CITY:			PEMBROKE
		STATE:			D0
		ZIP:			HM 08
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>d39010d8k.htm
<DESCRIPTION>FORM 8-K
<TEXT>
<HTML><HEAD>
<TITLE>Form 8-K</TITLE>
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 <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="margin-top:4pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>UNITED STATES </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>SECURITIES AND EXCHANGE COMMISSION </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Washington, D.C. 20549 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>FORM 8-K
</B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Current Report </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Pursuant
to Section 13 or 15(d) </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>of the Securities Exchange Act of 1934 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Date of Report (Date of earliest event reported): July&nbsp;16, 2015 (July&nbsp;15, 2015) </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:24pt; font-family:Times New Roman" ALIGN="center"><B>AXIS CAPITAL HOLDINGS LIMITED </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(Exact Name Of Registrant As Specified In Charter) </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top" ALIGN="center"><B>Bermuda</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>001-31721</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>98-0395986</B></TD></TR>
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<TD VALIGN="top" ALIGN="center"><B>(State of Incorporation)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Commission</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>File No.)</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(I.R.S. Employer</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Identification No.)</B></P></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>92 Pitts Bay Road </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Pembroke, Bermuda HM 08 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Address of principal executive offices, including zip code) </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(441) 496-2600 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Registrant&#146;s telephone number, including area code) </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Not applicable </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Former
name or address, if changed since last report) </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Check the appropriate box below
if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2 below): </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>

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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#120;</FONT></TD>
<TD ALIGN="left" VALIGN="top">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT></TD>
<TD ALIGN="left" VALIGN="top">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT></TD>
<TD ALIGN="left" VALIGN="top">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e(4)(c)) </TD></TR></TABLE> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>

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<TD WIDTH="12%" VALIGN="top" ALIGN="left"><B>Item&nbsp;1.01.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Entry into a Material Definitive Agreement. </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>Fifth Amendment to the Amalgamation
Agreement </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On July&nbsp;15, 2015, AXIS Capital Holdings Limited, a Bermuda exempted company (&#147;<B>AXIS</B>&#148; or the
&#147;<B>Company</B>&#148;), and PartnerRe Ltd., a Bermuda exempted company (&#147;<B>PartnerRe</B>&#148;), entered into the Fifth Amendment to the Agreement and Plan of Amalgamation (the &#147;<B>Fifth Amendment</B>&#148;), further amending the
Agreement and Plan of Amalgamation originally entered into by and between PartnerRe and AXIS, dated as of January&nbsp;25, 2015 and which was thereafter amended on February&nbsp;17, 2015, March&nbsp;10, 2015, March&nbsp;31, 2015 and May&nbsp;3, 2015
(as amended to date, the &#147;<B>Amalgamation Agreement</B>&#148;). Pursuant to the Amalgamation Agreement, subject to the satisfaction or waiver of certain conditions, PartnerRe will amalgamate with AXIS (the &#147;<B>Amalgamation</B>&#148;) and
the amalgamated company will continue as a Bermuda exempted company (the &#147;<B>Amalgamated Company</B>&#148;). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B></B><B></B>The Fifth
Amendment permits PartnerRe to effect payment of an extraordinary cash dividend in an amount of $17.50 in respect of each common share of PartnerRe that, immediately prior to the consummation of the Amalgamation (the &#147;<B>Effective
Time</B>&#148;), is either issued and outstanding or underlies certain share-based equity awards granted by PartnerRe to certain of its directors and employees. The extraordinary cash dividend will be paid at or immediately following the Effective
Time, although such payment is conditioned upon the consummation of the Amalgamation. PartnerRe will also equitably adjust the exercise price of and, if applicable, the number of PartnerRe common shares covered by, each vested and unvested option
and share appreciation right to account for the extraordinary cash dividend. PartnerRe will be permitted to incur indebtedness of up to $300 million in order to pay the special dividend, provided that AXIS is first offered the opportunity to fund
all or any part of such indebtedness on mutually agreed terms prior to PartnerRe seeking any debt financing from third parties. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Fifth
Amendment removes the condition that PartnerRe&#146;s obligation to close the Amalgamation is conditioned on the absence of a three notch rating downgrade from A.M. Best for AXIS&#146; insurance subsidiaries domiciled in Bermuda, and the reciprocal
condition for AXIS as it applies to the A.M. Best ratings of PartnerRe&#146;s insurance subsidiaries domiciled in Bermuda. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Fifth
Amendment also provides that the Amalgamated Company will launch an exchange offer to exchange newly issued preferred shares of the Amalgamated Company for each series of preferred shares of the Amalgamated Company held by PartnerRe preferred
shareholders at the Effective Time, subject to the Amalgamated Company obtaining a private letter ruling from the Internal Revenue Service to the effect that such issuance of preferred shares pursuant to the proposed exchange offer would not result
in a &#147;listed transaction&#148; or otherwise expose the holders of Amalgamated Company stock to tax shelter reporting obligations. The newly issued preferred shares received in the exchange offer will reflect a 100 basis point increase in the
current dividend rate applicable to the relevant series of PartnerRe preferred shares, and subject to certain exceptions, an extended redemption date of the later of (a) the fifth anniversary of the date of issuance and (b) January 21, 2021. The
terms of the newly issued preferred shares will be otherwise identical in all material respects to the applicable existing PartnerRe preferred shares. PartnerRe and AXIS have undertaken to use commercially reasonable efforts until the earlier of (i)
the receipt of such private letter ruling from the IRS and (ii) December 31, 2016, to obtain such a ruling, and have agreed that the Amalgamated Company will use commercially reasonable efforts to launch the exchange offer for PartnerRe preferred
shares promptly upon the receipt of such a ruling. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The foregoing description of the Fifth Amendment does not purport to be complete and
is qualified in its entirety by reference to the full text of the Fifth Amendment, which is attached hereto as Exhibit 2.1 and incorporated by reference herein. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="12%" VALIGN="top" ALIGN="left"><B>Item&nbsp;7.01.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Regulation FD Disclosure </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On and after July&nbsp;16, 2015, representatives of the
Company will present the information described in the slides attached hereto to various investors. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The presentation will include the
slides attached hereto as Exhibit 99.1 and is incorporated by reference herein. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The preceding information, as well as Exhibit 99.1
referenced therein, shall not be deemed &#147;filed&#148; for purposes of Section&nbsp;18 of the Securities Exchange Act of 1934, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Securities
Exchange Act of 1934 unless the Company expressly so incorporates such information by reference. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="12%" VALIGN="top" ALIGN="left"><B>Item&nbsp;8.01.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Other Events. </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On July&nbsp;16, 2015, the Company and PartnerRe issued a joint press
release announcing that they had entered into the Fifth Amendment. A copy of the press release is attached hereto as Exhibit 99.2 and is incorporated by reference herein. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Item&nbsp;9.01 Financial Statements and Exhibits </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d) Exhibits </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="border-bottom:1.00pt solid #000000; width:25.30pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Exhibit<BR>No</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="border-bottom:1.00pt solid #000000; width:39.50pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Description</B></P></TD></TR>


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<TD VALIGN="top" NOWRAP>&nbsp;&nbsp;2.1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Fifth Amendment to the Agreement and Plan of Amalgamation, dated as of July 15, 2015, by and between PartnerRe Ltd. and AXIS Capital Holdings Limited</TD></TR>
<TR STYLE="font-size:1pt">
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<TD VALIGN="top" NOWRAP>99.1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Investor Presentation</TD></TR>
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<TD HEIGHT="8"></TD>
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<TD VALIGN="top" NOWRAP>99.2</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Press Release dated July 16, 2015</TD></TR>
</TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>Important Information For Investors And Shareholders </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This communication does not constitute an offer to buy or sell or the solicitation of an offer to buy or sell any securities or a solicitation
of any vote or approval. This communication relates to a proposed business combination between PartnerRe Ltd. (&#147;<B>PartnerRe</B>&#148;) and AXIS Capital Holdings Limited (&#147;<B>AXIS</B>&#148;). In connection with this proposed business
combination, PartnerRe and AXIS have filed a registration statement on Form S-4 with the Securities and Exchange Commission (the &#147;<B>SEC</B>&#148;), and a definitive joint proxy statement/prospectus of PartnerRe and AXIS and other documents
related to the proposed transaction. This communication is not a substitute for any such documents. The registration statement was declared effective by the SEC on June&nbsp;1, 2015 and the definitive proxy statement/prospectus
</P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
has been mailed to shareholders of PartnerRe and AXIS. INVESTORS AND SECURITY HOLDERS OF PARTNERRE AND AXIS ARE URGED TO READ THE REGISTRATION STATEMENT, JOINT PROXY STATEMENT/PROSPECTUS AND
OTHER DOCUMENTS THAT HAVE BEEN OR MAY BE FILED WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY BECAUSE THEY CONTAIN OR WILL CONTAIN IMPORTANT INFORMATION. A definitive proxy statement has been mailed to shareholders of PartnerRe and AXIS. Investors and
security holders may obtain free copies of these documents and other documents filed with the SEC by PartnerRe and/or AXIS through the website maintained by the SEC at http://www.sec.gov. Copies of the documents filed with the SEC by PartnerRe are
available free of charge on PartnerRe&#146;s internet website at http://www.partnerre.com or by contacting PartnerRe&#146;s Investor Relations Director by email at robin.sidders@partnerre.com or by phone at 1-441-294-5216. Copies of the documents
filed with the SEC by AXIS are available free of charge on AXIS&#146; internet website at http://www.axiscapital.com or by contacting AXIS&#146; Investor Relations Contact by email at linda.ventresca@axiscapital.com or by phone at 1-441-405-2727.
</P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>Participants in Solicitation </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">PartnerRe, AXIS, their respective directors and certain of their respective executive officers may be considered participants in the
solicitation of proxies in connection with the proposed transaction. Information about the directors and executive officers of PartnerRe is set forth in its Annual Report on Form 10-K for the year ended December&nbsp;31, 2014, which was filed with
the SEC on February&nbsp;26, 2015, its proxy statement for its 2014 annual meeting of stockholders, which was filed with the SEC on April&nbsp;1, 2014, its Quarterly Report on Form 10-Q for the quarter ended March&nbsp;31, 2015, which was filed with
the SEC on May&nbsp;4, 2015 and its Current Reports on Form 8-K, which were filed with the SEC on January&nbsp;29, 2015,&nbsp;May&nbsp;16, 2014 and March&nbsp;27, 2014. Information about the directors and executive officers of AXIS is set forth in
its Annual Report on Form 10-K for the year ended December&nbsp;31, 2014, which was filed with the SEC on February&nbsp;23, 2015, its proxy statement for its 2014 annual meeting of stockholders, which was filed with the SEC on March&nbsp;28, 2014,
its Quarterly Report on Form 10-Q for the quarter ended March&nbsp;31, 2015, which was filed with the SEC on May&nbsp;4, 2015 and its Current Reports on Form 8-K, which were filed with the SEC on March&nbsp;11, 2015,&nbsp;January&nbsp;29,
2015,&nbsp;August&nbsp;7, 2014,&nbsp;June&nbsp;26, 2014,&nbsp;March&nbsp;27, 2014 and February&nbsp;26, 2014. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">These documents can be
obtained free of charge from the sources indicated above. Additional information regarding the participants in the proxy solicitations and a description of their direct and indirect interests, by security holdings or otherwise, is contained in the
joint proxy statement/prospectus and other relevant materials filed with the SEC. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>Forward Looking Statements </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Certain statements in this communication regarding the proposed transaction between PartnerRe and AXIS are &#147;forward-looking&#148;
statements. The words &#147;anticipate,&#148; &#147;believe,&#148; &#147;ensure,&#148; &#147;expect,&#148; &#147;if,&#148; &#147;illustrative,&#148; &#147;intend,&#148; &#147;estimate,&#148; &#147;probable,&#148; &#147;project,&#148;
&#147;forecasts,&#148; &#147;predict,&#148; &#147;outlook,&#148; &#147;aim,&#148; &#147;will,&#148; &#147;could,&#148; &#147;should,&#148; &#147;would,&#148; &#147;potential,&#148; &#147;may,&#148; &#147;might,&#148; &#147;anticipate,&#148;
&#147;likely&#148; &#147;plan,&#148; &#147;positioned,&#148; &#147;strategy,&#148; and similar expressions, and the negative thereof, are intended to identify forward-looking statements. These forward-looking statements, which are subject to risks,
uncertainties and assumptions about PartnerRe and AXIS, may include projections of their respective future financial performance, their respective anticipated growth strategies and anticipated trends in their respective businesses. These statements
are only predictions based on current expectations and projections about future events. There are important factors that could cause actual results, level of activity, performance or achievements to differ materially from the results, level of
activity, performance or achievements expressed or implied by the forward-looking statements, including the risk factors set forth in PartnerRe&#146;s and AXIS&#146; most recent reports on Form 10-K, Form 10-Q and other documents on file with the
SEC and the factors given below: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">the failure to obtain the approval of shareholders of PartnerRe or AXIS in connection with the proposed transaction; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">the failure to consummate or delay in consummating the proposed transaction for other reasons; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">the timing to consummate the proposed transaction; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">the risk that a condition to closing of the proposed transaction may not be satisfied; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">the risk that a regulatory approval that may be required for the proposed transaction is delayed, is not obtained, or is obtained subject to conditions that are not anticipated; </TD></TR></TABLE>

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<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">AXIS&#146; or PartnerRe&#146;s ability to achieve the synergies and value creation contemplated by the proposed transaction; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">the ability of either PartnerRe or AXIS to effectively integrate their businesses; and </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">the diversion of management time on transaction-related issues. </TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">PartnerRe&#146;s forward-looking statements
are based on assumptions that PartnerRe believes to be reasonable but that may not prove to be accurate. AXIS&#146; forward-looking statements are based on assumptions that AXIS believes to be reasonable but that may not prove to be accurate.
Neither PartnerRe nor AXIS can guarantee future results, level of activity, performance or achievements. Moreover, neither PartnerRe nor AXIS assumes responsibility for the accuracy and completeness of any of these forward-looking statements.
PartnerRe and AXIS assume no obligation to update or revise any forward-looking statements as a result of new information, future events or otherwise, except as may be required by law. Readers are cautioned not to place undue reliance on these
forward-looking statements that speak only as of the date hereof. </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">SIGNATURES </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Dated: July&nbsp;16, 2015 </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
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<TD WIDTH="92%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><B>AXIS CAPITAL HOLDINGS LIMITED</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Richard T. Gieryn, Jr.</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top">Richard T. Gieryn, Jr.</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top">General Counsel</TD></TR>
</TABLE></DIV>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">EXHIBIT INDEX </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="92%"></TD></TR>
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<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="border-bottom:1.00pt solid #000000; width:25.30pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Exhibit<BR>No</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="border-bottom:1.00pt solid #000000; width:39.50pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Description</B></P></TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
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<TD VALIGN="top" NOWRAP>&nbsp;&nbsp;2.1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Fifth Amendment to the Agreement and Plan of Amalgamation, dated as of July 15, 2015, by and between PartnerRe Ltd. and AXIS Capital Holdings Limited</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>99.1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Investor Presentation</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>99.2</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Press Release dated July 16, 2015</TD></TR>
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<FILENAME>d39010dex21.htm
<DESCRIPTION>EX-2.1
<TEXT>
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<TITLE>EX-2.1</TITLE>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 2.1 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">EXECUTION VERSION </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><U>FIFTH
AMENDMENT TO AGREEMENT AND PLAN OF AMALGAMATION </U></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">This Fifth Amendment to the Agreement and Plan of Amalgamation, is made and entered
into as of July&nbsp;15, 2015 (this &#147;<U>Amendment</U>&#148;), by and between AXIS Capital Holdings Limited, a Bermuda exempted company (&#147;<U>Axis</U>&#148;) and PartnerRe Ltd., a Bermuda exempted company (&#147;<U>PRE</U>&#148; and,
together with Axis, the &#147;<U>parties</U>&#148;). </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">W I T N E S S E T H: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">WHEREAS, the parties to this Amendment are parties to that certain Agreement and Plan of Amalgamation, dated as of January&nbsp;25, 2015, as
subsequently amended on February&nbsp;17, 2015,&nbsp;March&nbsp;10, 2015,&nbsp;March&nbsp;31, 2015 and May&nbsp;3, 2015 (as amended, the &#147;<U>Amalgamation Agreement</U>&#148;); </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">WHEREAS, the parties to this Amendment may amend the Amalgamation Agreement in accordance with <U>Section&nbsp;7.3</U> of the Amalgamation
Agreement; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">WHEREAS, the parties desire to amend certain other provisions of the Amalgamation Agreement; and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">WHEREAS, the board of directors of each of PRE and Axis has unanimously (i)&nbsp;determined that the Amalgamation is advisable and fair to,
and in the best interests of, PRE and Axis, respectively; and (ii)&nbsp;approved and adopted this Amendment, the Amalgamation Agreement (as amended by this Agreement), the statutory amalgamation agreement and the Transactions; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">NOW, THEREFORE, in consideration of the foregoing and the mutual covenants and agreements herein contained taken as a whole, the parties
hereto agree as follows: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Section&nbsp;1. <U>Defined Terms</U>. Capitalized terms used, but not defined herein, shall have the meanings
specified in the Amalgamation Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Section&nbsp;2. <U>Amendments to the Amalgamation Agreement</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) <U>Section&nbsp;5.1(b)</U> of the Amalgamation Agreement is hereby amended by being replaced in its entirety by the following: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;(b) Declare or pay, or propose to declare or pay, any dividends on or make other distributions in respect of any of its share capital,
whether in cash, shares or property or any combination thereof, except for: (i)&nbsp;dividends paid by a direct or indirect wholly owned Subsidiary to it or its other wholly owned Subsidiaries and (ii)&nbsp;ordinary course quarterly cash dividends
on PRE Common Shares and PRE Preferred Shares or Axis Common Shares and Axis Preferred Shares, as applicable, with record and payment dates consistent with past practice, provided, that, in the case of this clause (ii), (A)&nbsp;the quarterly cash
dividends payable in respect of PRE Common Shares shall be permitted to increase to an amount not to exceed $0.70 per share per quarter, (B)&nbsp;the quarterly cash dividends payable with respect of the Axis Common </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Shares shall not be increased above $0.29 per share and (C)&nbsp;each of PRE and Axis shall be entitled to pay
immediately prior to the Effective Time on PRE Common Shares and Axis Common Shares, respectively, for the quarter in which the Closing Date occurs a pro rata dividend for the period from the first day of such quarter until the day immediately
preceding the Closing Date. Notwithstanding the foregoing or any other provisions of this Agreement to the contrary, PRE may declare and pay, and PRE agrees to declare and pay, a one-time extraordinary cash dividend to holders of record
(collectively, the &#147;<U>Relevant Record Holders</U>&#148;) of PRE Common Shares immediately prior to the Effective Time (the &#147;<U>Conditional Dividend Record Date</U>&#148;) in the amount of $17.50 per PRE Common Share held by each such
holder on the Conditional Dividend Record Date, which dividend (the &#147;<U>Conditional Extraordinary Dividend</U>&#148;) shall be declared prior to the PRE Shareholder Meeting, but shall only become payable, and such payment shall be conditioned,
upon the occurrence of the Effective Time. PRE shall be permitted to incur indebtedness in an amount not to exceed $300 million for the purposes of paying a portion of the Conditional Extraordinary Dividend; <U>provided</U>, <U>that</U>, PRE shall
first offer Axis the opportunity to fund all or any part of such indebtedness on mutually agreed terms prior to PRE seeking any debt financing from third parties to fund any part of such indebtedness that Axis has elected not to provide. The parties
hereto agree that on and after the Effective Time (i)&nbsp;each Relevant Record Holder shall be entitled to receive the Conditional Extraordinary Dividend in respect of each PRE Common Share held by each such holder on the Conditional Dividend
Record Date, in addition to any PRE Consideration that such Relevant Record Holder shall be entitled to receive in respect of each such PRE Common Share under the Agreement pursuant to the Amalgamation, (ii)&nbsp;each PRE Other Share-Based Award
that is outstanding on the Conditional Dividend Record Date shall become entitled to receive the Conditional Extraordinary Dividend in respect of each PRE Common Share subject to such PRE Other Share-Based Award, subject to and in accordance with
the terms of the applicable grant or award agreement (including, for the avoidance of doubt, that the number of Common Shares underlying each performance share unit award shall be determined as if the maximum performance were achieved), in addition
to any PRE Consideration that such Relevant Record Holder shall be entitled to receive in respect of each such PRE Common Share under the Agreement pursuant to the Amalgamation, and (iii)&nbsp;the applicable exercise price or strike price of, and,
if applicable, the number of shares underlying, each PRE Option and each PRE SAR shall be equitably adjusted, in accordance with the terms and conditions of the PRE Share Plans, to reflect the payment of the Conditional Extraordinary Dividend. For
the sake of clarity, nothing in this paragraph and no action taken pursuant to this paragraph, shall give rise to any adjustment to the PRE Exchange Ratio or the Axis Exchange Ratio pursuant to <U>Section&nbsp;2.1(b)</U> or <U>(c)</U>, as the case
may be;&#148; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) A new <U>Section&nbsp;5.10</U> is added to the Agreement as follows: </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;5.10 <I>Exchange Offer</I>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) As soon as reasonably practicable following the Closing until the earlier of (i)&nbsp;the receipt by the Amalgamated Company of a Ruling
(as defined below) and (ii)&nbsp;December&nbsp;31, 2016 (the &#147;<U>Expiration Date</U>&#148;), the Amalgamated Company shall use its commercially reasonable efforts to take or cause to be taken all actions and prepare all documentation reasonably
required to obtain a private letter ruling from the U.S. Internal Revenue Service (&#147;<U>IRS</U>&#148;) satisfactory to the Amalgamated Company to the effect that (i)&nbsp;the issuance of the Exchange Securities (as defined below) would not
result in the Exchange Securities being treated as &#147;fast-pay stock&#148; within the </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">2 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
meaning of U.S. Treasury Regulations Section&nbsp;1.7701(l)-3(b); (ii)&nbsp;the issuance or ownership of the Exchange Securities would not be treated as a &#147;listed transaction&#148; (within
the meaning of U.S. Treasury Regulations Section&nbsp;1.6011-4(b)(2)) (a &#147;Listed Transaction&#148;); (iii)&nbsp;none of the Amalgamated Company or its shareholders will be treated as having &#147;participated&#148; (within the meaning of U.S.
Treasury Regulations Section&nbsp;1.6011-4(c)(3)) in a Listed Transaction as a result of the issuance or ownership of the Exchange Securities or (iv)&nbsp;the Amalgamated Company and its shareholders are otherwise deemed to have satisfied, or are
not subject to, the U.S. federal income tax requirements applicable to disclosure of Listed Transactions to the extent related to the issuance or ownership of the Exchange Securities (any of (i)-(iv), a &#147;<U>Ruling</U>&#148;). In the event that
the Amalgamated Company obtains a closing agreement from the IRS confirming any of the conclusions set forth in clauses (i)-(iv), such closing agreement shall be deemed to be a Ruling for this purposes of this <U>Section&nbsp;5.10</U>. Nothing in
this <U>Section&nbsp;5.10(a)</U> shall be construed to prohibit the Amalgamated Company from withdrawing any request for a Ruling prior to the Expiration Date if the Amalgamated Company reasonably believes that the IRS will not grant the requested
Ruling. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) If, and only if, the parties receive a Ruling prior to the Expiration Date the Amalgamated Company shall use its commercially
reasonable efforts to commence an exchange offer to exchange newly issued preferred shares of the Amalgamated Company (&#147;<U>Exchange Securities</U>&#148;) for each series of preferred shares of the Amalgamated Company received by holders of PRE
Preferred Shares at the Effective Time, with the Exchange Securities having identical terms in all material respects to the applicable series of Amalgamated Company preferred shares, except with respect to the terms described on <U>Exhibit A</U>
hereto, and subject to the conditions therein (the &#147;<U>Exchange Offer</U>&#148;). The Amalgamated Company shall use its commercially reasonable efforts to complete the Exchange Offer promptly following the receipt by the Amalgamated Company of
the Ruling. The Amalgamated Company shall keep the Exchange Offer open for a period of not less than the minimum period required under applicable federal and state securities laws to consummate the Exchange Offer; <U>provided</U>, that in no event
shall such period be less than 20 Business Days after the date of notice of the Exchange Offer is mailed to holders of the applicable Amalgamated Company Preferred Shares. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) <U>Section&nbsp;6.2(g)</U> of the Agreement is hereby deleted in its entirety and replaced by the clause &#147;[Intentionally
Omitted].&#148; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d) <U>Section&nbsp;6.3(g)</U> of the Agreement is hereby deleted in its entirety and replaced by the clause
&#147;[Intentionally Omitted]&#148;. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Section&nbsp;3. <U>Representations and Warranties</U>. Each of PRE and Axis hereby represents and
warrants to the other party as follows: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) Such party has all requisite corporate power and authority to enter into this Amendment and,
subject to the adoption of the Amalgamation Agreement by the Requisite PRE Vote (in the case of PRE) or the Requisite Axis Vote (in the case of Axis), to carry out its obligations under the Amalgamation Agreement (as amended by this Amendment) and
to consummate the transactions contemplated by the Amalgamation Agreement (as amended by this Amendment). </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">3 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) The execution and delivery of this Amendment by such party and the consummation by such party
of the transactions contemplated by the Amalgamation Agreement (as amended by this Amendment) have been duly authorized by all requisite corporate action on the part of the Company (other than obtaining the Requisite PRE Vote (in the case of PRE) or
the Requisite Axis Vote (in the case of Axis)). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) This Amendment has been duly executed and delivered by such party and, assuming the
due authorization, execution and delivery of this Amendment by the other party, constitutes the valid and binding obligation of such party, enforceable against such party in accordance with its terms, except that (i)&nbsp;such enforcement may be
subject to applicable bankruptcy, insolvency, reorganization or moratorium laws or other similar Laws, now or hereafter in effect, affecting creditors&#146; rights generally, and (ii)&nbsp;the remedy of specific performance and injunctive and other
forms of equitable relief may be subject to equitable defenses and to the discretion of the court before which any proceeding therefor may be brought. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Section&nbsp;4. <U>General Provisions</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) <U>Effectiveness</U>. This Amendment shall be effective as of the date set forth in the preamble to this Amendment. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) <U>Counterparts</U>. This Amendment may be executed in one or more counterparts, and by the different parties in separate counterparts,
each of which when executed shall be deemed to be an original but all of which taken together shall constitute one and the same agreement. Delivery of an executed counterpart of a signature page to this Amendment by facsimile or electronic-mail
shall be as effective as delivery of a manually executed counterpart of any such Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) <U>Governing Law; Disputes</U>.
<U>Sections 8.8</U> and <U>8.9</U> of the Amalgamation Agreement shall apply to this Amendment <I>mutatis mutandis</I>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d) Except as
specifically amended by this Amendment, all provisions of the Amalgamation Agreement shall remain in full force and effect. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">4 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman"><B>IN WITNESS WHEREOF</B>, each of the parties has caused this Amendment to be executed on the
date first written above. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
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<TD VALIGN="top" COLSPAN="3" ALIGN="center">AXIS CAPITAL HOLDINGS LIMITED</TD></TR>
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<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Albert A. Benchimol</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Albert A. Benchimol</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Chief Executive Officer and President</TD></TR>
</TABLE></DIV> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
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<TD VALIGN="top" COLSPAN="3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PARTNERRE LTD.</TD></TR>
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<TD HEIGHT="16" COLSPAN="2"></TD></TR>
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<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ David Zwiener</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">David Zwiener</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Interim CEO</TD></TR>
</TABLE></DIV> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><I></I>[<I>Signature Page to Fifth Amendment to Agreement and Plan of Amalgamation</I>]<I> </I></P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>EXHIBIT A </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>Preferred Shares </U></B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>Exchange Offer Term Sheet </U></B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The
following is a summary of the principal terms of the proposed Exchange Offer. Capitalized terms used and not defined herein have the meanings ascribed to such terms in the Amalgamation Agreement. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top"><B>Exchange Offer:</B></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4.00em; text-indent:-2.00em; font-size:10pt; font-family:Times New Roman">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each share of the Amalgamated Company&#146;s 6.50% Series D
Cumulative Preferred Shares, $1.00 par value (&#147;<U>Series D Preferred</U>&#148;), shall be exchangeable for one share of the Amalgamated Company&#146;s 7.50% Series D-1 Cumulative Preferred Shares, $1.00 par value (&#147;<U>Series D-1
Preferred</U>&#148;);</P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4.00em; text-indent:-2.00em; font-size:10pt; font-family:Times New Roman">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each share of the Amalgamated Company&#146;s 7.25% Series E Cumulative Preferred
Shares, $1.00 par value (&#147;<U>Series E Preferred</U>&#148;), shall be exchangeable for one share of the Amalgamated Company&#146;s 8.25% Series E-1 Cumulative Preferred Shares, $1.00 par value (&#147;<U>Series E-1 Preferred</U>&#148;); and</P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:4.00em; text-indent:-2.00em; font-size:10pt; font-family:Times New Roman">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each share
of the Amalgamated Company&#146;s 5.875% Series F Non-Cumulative Preferred Shares, $1.00 par value (&#147;Series F Preferred&#148;), shall be exchangeable for one share of the Amalgamated Company&#146;s 6.875% Series F-1 Non-Cumulative Preferred
Shares, $1.00 par value (&#147;<U>Series F-1 Preferred</U>&#148; and, together with the Series D-1 Preferred and Series E-1 Preferred, the &#147;<U>New Amalgamated Company Preferred Shares</U>&#148;), (Series D Preferred, Series E Preferred and
Series F Preferred the &#147;<U>Amalgamated Company Preferred Shares</U>&#148;).</P></TD></TR>
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<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Summary of the Material Terms of the Amalgamated Company&#146;s Preferred Shares:</B></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The terms of each respective series of the New Amalgamated Company Preferred Shares will be provided in certificates of designation
reasonably satisfactory to the Amalgamated Company, and which will be substantially identical to the existing certificates of designation for each applicable series of Amalgamated Company Preferred Shares, but for the following changes:</P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4.00em; text-indent:-2.00em; font-size:10pt; font-family:Times New Roman">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Dividend
Rate</U>: 100 basis points greater than current per annum dividend rate of the applicable series of Amalgamated Company Preferred Shares. As a result, each series of the New Amalgamated Company Preferred Shares shall have the following dividend
rates:</P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8.00em; text-indent:-2.00em; font-size:10pt; font-family:Times New Roman">a.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.50% of the liquidation preference per annum with respect to the Series D-1
Preferred</P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8.00em; text-indent:-2.00em; font-size:10pt; font-family:Times New Roman">b.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.25% of the liquidation preference per annum with respect to the Series E-1
Preferred</P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:8.00em; text-indent:-2.00em; font-size:10pt; font-family:Times New Roman">c.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.875% of the liquidation preference per annum with respect to the Series F-1
Preferred</P></TD></TR></TABLE>

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<TD VALIGN="bottom"> <P STYLE="margin-left:4.00em; text-indent:-2.00em; font-size:10pt; font-family:Times New Roman">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Redemption</U>: Not redeemable by the Amalgamated Company prior to the later of (a) the
fifth anniversary of the date of issuance and (b) January&nbsp;1, 2021, except (i) with respect to the Series E-1 Preferred or Series F-1 Preferred (as applicable), if a &#147;Change in Tax Law&#148; (as defined in the certificates of designation
for the Series E Preferred and Series F Preferred, as applicable) occurs, subject to the terms set forth in such certificates of designation; or (ii) with respect to the Series F-1 Preferred, if a &#147;Capital Disqualification Event&#148; occurs
(as defined in the certificate of designation for the Series F Preferred), subject to the terms set forth in such certificate of designation.</P></TD></TR>
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<TD HEIGHT="8" COLSPAN="2"></TD></TR>
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<TD VALIGN="top"><B>Listing and Registration:</B></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">Each series of the New Amalgamated Company Preferred Shares to be registered with the SEC, listed for public trading, and otherwise issued in accordance with all applicable laws.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
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<TD VALIGN="top"><B>Conditions to the Exchange Offer:</B></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">The making, and acceptance, of the Exchange Offer shall be subject to compliance by the Amalgamated Company and exchanging holders with applicable laws.</TD></TR>
</TABLE>
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<TYPE>EX-99.1
<SEQUENCE>3
<FILENAME>d39010dex991.htm
<DESCRIPTION>EX-99.1
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<TITLE>EX-99.1</TITLE>
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<div style='position:absolute;left:59px;top:314px;'><font style='font-style:normal;font-weight:normal;font-size:43px;font-family:arial,sans-serif;color:#0082B3;'>Enhancement to Merger Terms</font></div>
<div style='position:absolute;left:59px;top:373px;'><font style='font-style:normal;font-weight:bold;font-size:21px;font-family:arial,sans-serif;color:#404040;'>July 2015</font></div> <div style='position:absolute;left:61px;top:229px;'><font
style='font-style:normal;font-weight:bold;font-size:59px;font-family:arial,sans-serif;color:#000000;'>AXIS and PartnerRe:</font></div> <div style='position:absolute;left:819px;top:8px;'><font
style='font-style:normal;font-weight:bold;font-size:13px;font-family:arial,sans-serif;color:#000000;'>Exhibit 99.1</font></div> </td></tr></table></div>
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<img src="g39010ex99_1s2gbgd.jpg" width="962" height="707" border="0" alt=""></div> <div style='position:absolute;left:43px;top:692px;'><font style='font-style:normal;font-weight:normal;font-size:9px;font-family:arial,sans-serif;color:#000000;'>&#169;
2015. PartnerRe and Axis Capital. All rights reserved. Proprietary. </font></div>
<div style='position:absolute;left:927px;top:686px;'><font style='font-style:normal;font-weight:bold;font-size:12px;font-family:arial,sans-serif;color:#000000;'>1</font></div> <div style='position:absolute;left:43px;top:52px;'><font
style='font-style:normal;font-weight:bold;font-size:32px;font-family:arial,sans-serif;color:#000000;'>Disclaimer</font></div> <div style='position:absolute;left:43px;top:106px;'><font
style='font-style:normal;font-weight:bold;font-size:19px;font-family:arial,sans-serif;color:#000000;'>Participants</font></div> <div style='position:absolute;left:157px;top:106px;'><font
style='font-style:normal;font-weight:bold;font-size:19px;font-family:arial,sans-serif;color:#000000;'>in</font></div> <div style='position:absolute;left:177px;top:106px;'><font
style='font-style:normal;font-weight:bold;font-size:19px;font-family:arial,sans-serif;color:#000000;'>Solicitation</font></div> <div style='position:absolute;left:43px;top:157px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>PartnerRe, AXIS, their respective directors and certain of their respective executive officers may be </font></div>
<div style='position:absolute;left:43px;top:179px;'><font style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>considered participants in the solicitation of proxies in connection with the proposed
transaction. Information </font></div> <div style='position:absolute;left:43px;top:201px;'><font style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>about</font></div>
<div style='position:absolute;left:95px;top:201px;'><font style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>the</font></div> <div style='position:absolute;left:126px;top:201px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>directors</font></div> <div style='position:absolute;left:203px;top:201px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>and</font></div> <div style='position:absolute;left:238px;top:201px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>executive</font></div> <div style='position:absolute;left:322px;top:201px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>officers</font></div> <div style='position:absolute;left:388px;top:201px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>of</font></div> <div style='position:absolute;left:408px;top:201px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>PartnerRe</font></div> <div style='position:absolute;left:498px;top:201px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>is</font></div> <div style='position:absolute;left:516px;top:201px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>set</font></div> <div style='position:absolute;left:546px;top:201px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>forth</font></div> <div style='position:absolute;left:589px;top:201px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>in</font></div> <div style='position:absolute;left:608px;top:201px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>its</font></div> <div style='position:absolute;left:631px;top:201px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>Annual</font></div> <div style='position:absolute;left:694px;top:201px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>Report</font></div> <div style='position:absolute;left:755px;top:201px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>on</font></div> <div style='position:absolute;left:781px;top:201px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>Form</font></div> <div style='position:absolute;left:830px;top:201px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>10&#45;K</font></div> <div style='position:absolute;left:874px;top:201px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>for</font></div> <div style='position:absolute;left:901px;top:201px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>the </font></div> <div style='position:absolute;left:43px;top:224px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>year</font></div> <div style='position:absolute;left:84px;top:224px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>ended</font></div> <div style='position:absolute;left:141px;top:224px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>December</font></div> <div style='position:absolute;left:233px;top:224px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>31,</font></div> <div style='position:absolute;left:263px;top:224px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>2014,</font></div> <div style='position:absolute;left:315px;top:224px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>which</font></div> <div style='position:absolute;left:368px;top:224px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>was</font></div> <div style='position:absolute;left:406px;top:224px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>filed</font></div> <div style='position:absolute;left:445px;top:224px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>with</font></div> <div style='position:absolute;left:484px;top:224px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>the</font></div> <div style='position:absolute;left:515px;top:224px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>SEC</font></div> <div style='position:absolute;left:558px;top:224px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>on</font></div> <div style='position:absolute;left:584px;top:224px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>February</font></div> <div style='position:absolute;left:664px;top:224px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>26,</font></div> <div style='position:absolute;left:695px;top:224px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>2015,</font></div> <div style='position:absolute;left:747px;top:224px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>its</font></div> <div style='position:absolute;left:770px;top:224px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>proxy</font></div> <div style='position:absolute;left:821px;top:224px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>statement</font></div> <div style='position:absolute;left:908px;top:224px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>for </font></div> <div style='position:absolute;left:43px;top:246px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>its</font></div> <div style='position:absolute;left:67px;top:246px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>2014</font></div> <div style='position:absolute;left:114px;top:246px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>annual</font></div> <div style='position:absolute;left:174px;top:246px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>meeting</font></div> <div style='position:absolute;left:246px;top:246px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>of</font></div> <div style='position:absolute;left:266px;top:246px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>stockholders,</font></div> <div style='position:absolute;left:382px;top:246px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>which</font></div> <div style='position:absolute;left:434px;top:246px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>was</font></div> <div style='position:absolute;left:472px;top:246px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>filed</font></div> <div style='position:absolute;left:512px;top:246px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>with</font></div> <div style='position:absolute;left:550px;top:246px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>the</font></div> <div style='position:absolute;left:581px;top:246px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>SEC</font></div> <div style='position:absolute;left:625px;top:246px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>on</font></div> <div style='position:absolute;left:649px;top:246px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>April</font></div> <div style='position:absolute;left:692px;top:246px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>1,</font></div> <div style='position:absolute;left:713px;top:246px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>2014,</font></div> <div style='position:absolute;left:765px;top:246px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>its</font></div> <div style='position:absolute;left:788px;top:246px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>Quarterly</font></div> <div style='position:absolute;left:870px;top:246px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>Report </font></div> <div style='position:absolute;left:43px;top:269px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>on</font></div> <div style='position:absolute;left:69px;top:269px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>Form</font></div> <div style='position:absolute;left:117px;top:269px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>10&#45;Q</font></div> <div style='position:absolute;left:164px;top:269px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>for</font></div> <div style='position:absolute;left:191px;top:269px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>the</font></div> <div style='position:absolute;left:222px;top:269px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>quarter</font></div> <div style='position:absolute;left:286px;top:269px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>ended</font></div> <div style='position:absolute;left:343px;top:269px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>March</font></div> <div style='position:absolute;left:399px;top:269px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>31,</font></div> <div style='position:absolute;left:430px;top:269px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>2015,</font></div> <div style='position:absolute;left:482px;top:269px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>which</font></div> <div style='position:absolute;left:535px;top:269px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>was</font></div> <div style='position:absolute;left:573px;top:269px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>filed</font></div> <div style='position:absolute;left:612px;top:269px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>with</font></div> <div style='position:absolute;left:651px;top:269px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>the</font></div> <div style='position:absolute;left:682px;top:269px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>SEC</font></div> <div style='position:absolute;left:725px;top:269px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>on</font></div> <div style='position:absolute;left:751px;top:269px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>May</font></div> <div style='position:absolute;left:792px;top:269px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>4,</font></div> <div style='position:absolute;left:812px;top:269px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>2015</font></div> <div style='position:absolute;left:859px;top:269px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>and</font></div> <div style='position:absolute;left:895px;top:269px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>its </font></div> <div style='position:absolute;left:43px;top:291px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>Current</font></div> <div style='position:absolute;left:110px;top:291px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>Reports</font></div> <div style='position:absolute;left:181px;top:291px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>on</font></div> <div style='position:absolute;left:206px;top:291px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>Form</font></div> <div style='position:absolute;left:255px;top:291px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>8&#45;K,</font></div> <div style='position:absolute;left:294px;top:291px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>which</font></div> <div style='position:absolute;left:347px;top:291px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>were</font></div> <div style='position:absolute;left:392px;top:291px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>filed</font></div> <div style='position:absolute;left:432px;top:291px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>with</font></div> <div style='position:absolute;left:470px;top:291px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>the</font></div> <div style='position:absolute;left:501px;top:291px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>SEC</font></div> <div style='position:absolute;left:545px;top:291px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>on</font></div> <div style='position:absolute;left:571px;top:291px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>January</font></div> <div style='position:absolute;left:642px;top:291px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>29,</font></div> <div style='position:absolute;left:673px;top:291px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>2015,</font></div> <div style='position:absolute;left:725px;top:291px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>May</font></div> <div style='position:absolute;left:765px;top:291px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>16,</font></div> <div style='position:absolute;left:796px;top:291px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>2014</font></div> <div style='position:absolute;left:843px;top:291px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>and </font></div> <div style='position:absolute;left:43px;top:313px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>March</font></div> <div style='position:absolute;left:100px;top:313px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>27,</font></div> <div style='position:absolute;left:131px;top:313px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>2014.</font></div> <div style='position:absolute;left:183px;top:313px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>Information</font></div> <div style='position:absolute;left:281px;top:313px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>about</font></div> <div style='position:absolute;left:332px;top:313px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>the</font></div> <div style='position:absolute;left:363px;top:313px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>directors</font></div> <div style='position:absolute;left:440px;top:313px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>and</font></div> <div style='position:absolute;left:476px;top:313px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>executive</font></div> <div style='position:absolute;left:560px;top:313px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>officers</font></div> <div style='position:absolute;left:627px;top:313px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>of</font></div> <div style='position:absolute;left:646px;top:313px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>AXIS</font></div> <div style='position:absolute;left:693px;top:313px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>is</font></div> <div style='position:absolute;left:711px;top:313px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>set</font></div> <div style='position:absolute;left:741px;top:313px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>forth</font></div> <div style='position:absolute;left:783px;top:313px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>in</font></div> <div style='position:absolute;left:803px;top:313px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>its</font></div> <div style='position:absolute;left:826px;top:313px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>Annual </font></div> <div style='position:absolute;left:43px;top:336px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>Report</font></div> <div style='position:absolute;left:104px;top:336px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>on</font></div> <div style='position:absolute;left:130px;top:336px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>Form</font></div> <div style='position:absolute;left:178px;top:336px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>10&#45;K</font></div> <div style='position:absolute;left:223px;top:336px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>for</font></div> <div style='position:absolute;left:250px;top:336px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>the</font></div> <div style='position:absolute;left:281px;top:336px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>year</font></div> <div style='position:absolute;left:322px;top:336px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>ended</font></div> <div style='position:absolute;left:379px;top:336px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>December</font></div> <div style='position:absolute;left:470px;top:336px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>31,</font></div> <div style='position:absolute;left:501px;top:336px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>2014,</font></div> <div style='position:absolute;left:553px;top:336px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>which</font></div> <div style='position:absolute;left:605px;top:336px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>was</font></div> <div style='position:absolute;left:644px;top:336px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>filed</font></div> <div style='position:absolute;left:683px;top:336px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>with</font></div> <div style='position:absolute;left:721px;top:336px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>the</font></div> <div style='position:absolute;left:752px;top:336px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>SEC</font></div> <div style='position:absolute;left:796px;top:336px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>on</font></div> <div style='position:absolute;left:822px;top:336px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>February</font></div> <div style='position:absolute;left:901px;top:336px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>23, </font></div> <div style='position:absolute;left:43px;top:358px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>2015,</font></div> <div style='position:absolute;left:95px;top:358px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>its</font></div> <div style='position:absolute;left:118px;top:358px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>proxy</font></div> <div style='position:absolute;left:169px;top:358px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>statement</font></div> <div style='position:absolute;left:256px;top:358px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>for</font></div> <div style='position:absolute;left:283px;top:358px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>its</font></div> <div style='position:absolute;left:307px;top:358px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>2014</font></div> <div style='position:absolute;left:354px;top:358px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>annual</font></div> <div style='position:absolute;left:414px;top:358px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>meeting</font></div> <div style='position:absolute;left:485px;top:358px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>of</font></div> <div style='position:absolute;left:506px;top:358px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>stockholders,</font></div> <div style='position:absolute;left:622px;top:358px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>which</font></div> <div style='position:absolute;left:674px;top:358px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>was</font></div> <div style='position:absolute;left:712px;top:358px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>filed</font></div> <div style='position:absolute;left:751px;top:358px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>with</font></div> <div style='position:absolute;left:790px;top:358px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>the</font></div> <div style='position:absolute;left:821px;top:358px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>SEC</font></div> <div style='position:absolute;left:864px;top:358px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>on </font></div> <div style='position:absolute;left:43px;top:381px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>March</font></div> <div style='position:absolute;left:100px;top:381px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>28,</font></div> <div style='position:absolute;left:131px;top:381px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>2014,</font></div> <div style='position:absolute;left:183px;top:381px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>its</font></div> <div style='position:absolute;left:206px;top:381px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>Quarterly</font></div> <div style='position:absolute;left:288px;top:381px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>Report</font></div> <div style='position:absolute;left:349px;top:381px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>on</font></div> <div style='position:absolute;left:375px;top:381px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>Form</font></div> <div style='position:absolute;left:423px;top:381px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>10&#45;Q</font></div> <div style='position:absolute;left:470px;top:381px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>for</font></div> <div style='position:absolute;left:497px;top:381px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>the</font></div> <div style='position:absolute;left:528px;top:381px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>quarter</font></div> <div style='position:absolute;left:592px;top:381px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>ended</font></div> <div style='position:absolute;left:649px;top:381px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>March</font></div> <div style='position:absolute;left:705px;top:381px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>31,</font></div> <div style='position:absolute;left:736px;top:381px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>2015,</font></div> <div style='position:absolute;left:788px;top:381px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>which</font></div> <div style='position:absolute;left:841px;top:381px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>was</font></div> <div style='position:absolute;left:879px;top:381px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>filed </font></div> <div style='position:absolute;left:43px;top:403px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>with</font></div> <div style='position:absolute;left:81px;top:403px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>the</font></div> <div style='position:absolute;left:112px;top:403px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>SEC</font></div> <div style='position:absolute;left:156px;top:403px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>on</font></div> <div style='position:absolute;left:182px;top:403px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>May</font></div> <div style='position:absolute;left:222px;top:403px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>4,</font></div> <div style='position:absolute;left:243px;top:403px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>2015</font></div> <div style='position:absolute;left:290px;top:403px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>and</font></div> <div style='position:absolute;left:325px;top:403px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>its</font></div> <div style='position:absolute;left:349px;top:403px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>Current</font></div> <div style='position:absolute;left:416px;top:403px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>Reports</font></div> <div style='position:absolute;left:487px;top:403px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>on</font></div> <div style='position:absolute;left:513px;top:403px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>Form</font></div> <div style='position:absolute;left:561px;top:403px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>8&#45;K,</font></div> <div style='position:absolute;left:600px;top:403px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>which</font></div> <div style='position:absolute;left:653px;top:403px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>were</font></div> <div style='position:absolute;left:699px;top:403px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>filed</font></div> <div style='position:absolute;left:738px;top:403px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>with</font></div> <div style='position:absolute;left:776px;top:403px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>the</font></div> <div style='position:absolute;left:807px;top:403px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>SEC</font></div> <div style='position:absolute;left:851px;top:403px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>on </font></div> <div style='position:absolute;left:43px;top:425px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>March</font></div> <div style='position:absolute;left:100px;top:425px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>11,</font></div> <div style='position:absolute;left:129px;top:425px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>2015,</font></div> <div style='position:absolute;left:181px;top:425px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>January</font></div> <div style='position:absolute;left:252px;top:425px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>29,</font></div> <div style='position:absolute;left:283px;top:425px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>2015,</font></div> <div style='position:absolute;left:335px;top:425px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>August</font></div> <div style='position:absolute;left:397px;top:425px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>7,</font></div> <div style='position:absolute;left:418px;top:425px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>2014,</font></div> <div style='position:absolute;left:470px;top:425px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>June</font></div> <div style='position:absolute;left:515px;top:425px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>26,</font></div> <div style='position:absolute;left:546px;top:425px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>2014,</font></div> <div style='position:absolute;left:598px;top:425px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>March</font></div> <div style='position:absolute;left:655px;top:425px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>27,</font></div> <div style='position:absolute;left:686px;top:425px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>2014</font></div> <div style='position:absolute;left:733px;top:425px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>and</font></div> <div style='position:absolute;left:768px;top:425px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>February</font></div> <div style='position:absolute;left:848px;top:425px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>26,</font></div> <div style='position:absolute;left:879px;top:425px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>2014.</font></div> <div style='position:absolute;left:43px;top:476px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>These documents can be obtained free of charge from the sources indicated above. Additional information </font></div>
<div style='position:absolute;left:43px;top:498px;'><font style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>regarding the participants in the proxy solicitations and a description of their direct
and indirect interests, by </font></div> <div style='position:absolute;left:43px;top:521px;'><font style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>security holdings or otherwise, is contained
in the joint proxy statement/prospectus and other relevant </font></div> <div style='position:absolute;left:43px;top:543px;'><font style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>materials
filed with the SEC.</font></div> </td></tr></table></div>
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<td nowrap> <div style="position:absolute;top:-37px;"></div> <div style='position:absolute;left:10px;top:10px'>
<img src="g39010ex99_1s3gbgd.jpg" width="962" height="722" border="0" alt=""></div> <div style='position:absolute;left:43px;top:707px;'><font style='font-style:normal;font-weight:normal;font-size:9px;font-family:arial,sans-serif;color:#000000;'>&#169;
2015. PartnerRe and Axis Capital. All rights reserved. Proprietary. </font></div>
<div style='position:absolute;left:927px;top:701px;'><font style='font-style:normal;font-weight:bold;font-size:12px;font-family:arial,sans-serif;color:#000000;'>2</font></div> <div style='position:absolute;left:43px;top:71px;'><font
style='font-style:normal;font-weight:bold;font-size:27px;font-family:arial,sans-serif;color:#000000;'>Enhanced Merger Terms</font></div> <div style='position:absolute;left:73px;top:136px;'><font
style='font-style:normal;font-weight:bold;font-size:16px;font-family:arial,sans-serif;color:#FFFFFF;'>$17.50 </font></div> <div style='position:absolute;left:73px;top:155px;'><font
style='font-style:normal;font-weight:bold;font-size:16px;font-family:arial,sans-serif;color:#FFFFFF;'>Pre&#45;Closing </font></div> <div style='position:absolute;left:73px;top:174px;'><font
style='font-style:normal;font-weight:bold;font-size:16px;font-family:arial,sans-serif;color:#FFFFFF;'>Dividend</font></div> <div style='position:absolute;left:74px;top:262px;'><font
style='font-style:normal;font-weight:bold;font-size:16px;font-family:arial,sans-serif;color:#FFFFFF;'>Enhanced </font></div> <div style='position:absolute;left:74px;top:281px;'><font
style='font-style:normal;font-weight:bold;font-size:16px;font-family:arial,sans-serif;color:#FFFFFF;'>Preferred</font></div> <div style='position:absolute;left:74px;top:300px;'><font
style='font-style:normal;font-weight:bold;font-size:16px;font-family:arial,sans-serif;color:#FFFFFF;'>Offer</font></div> <div style='position:absolute;left:73px;top:406px;'><font
style='font-style:normal;font-weight:bold;font-size:17px;font-family:arial,sans-serif;color:#FFFFFF;'>Enhanced</font></div> <div style='position:absolute;left:73px;top:427px;'><font
style='font-style:normal;font-weight:bold;font-size:17px;font-family:arial,sans-serif;color:#FFFFFF;'>Closing </font></div> <div style='position:absolute;left:73px;top:447px;'><font
style='font-style:normal;font-weight:bold;font-size:17px;font-family:arial,sans-serif;color:#FFFFFF;'>Certainty</font></div> <div style='position:absolute;left:74px;top:545px;'><font
style='font-style:normal;font-weight:bold;font-size:17px;font-family:arial,sans-serif;color:#FFFFFF;'>Other</font></div> <div style='position:absolute;left:266px;top:127px;'><font
style='font-style:normal;font-weight:normal;font-size:16px;font-family:arial,sans-serif;color:#000000;'>Increased</font></div> <div style='position:absolute;left:340px;top:127px;'><font
style='font-style:normal;font-weight:normal;font-size:16px;font-family:arial,sans-serif;color:#000000;'>one&#45;time</font></div> <div style='position:absolute;left:407px;top:127px;'><font
style='font-style:normal;font-weight:normal;font-size:16px;font-family:arial,sans-serif;color:#000000;'>extraordinary</font></div> <div style='position:absolute;left:504px;top:127px;'><font
style='font-style:normal;font-weight:normal;font-size:16px;font-family:arial,sans-serif;color:#000000;'>cash</font></div> <div style='position:absolute;left:543px;top:127px;'><font
style='font-style:normal;font-weight:normal;font-size:16px;font-family:arial,sans-serif;color:#000000;'>dividend</font></div> <div style='position:absolute;left:606px;top:127px;'><font
style='font-style:normal;font-weight:normal;font-size:16px;font-family:arial,sans-serif;color:#000000;'>to</font></div> <div style='position:absolute;left:624px;top:127px;'><font
style='font-style:normal;font-weight:normal;font-size:16px;font-family:arial,sans-serif;color:#000000;'>$17.50</font></div> <div style='position:absolute;left:673px;top:121px;'><font
style='font-style:normal;font-weight:normal;font-size:12px;font-family:arial,sans-serif;color:#000000;'>1</font></div> <div style='position:absolute;left:684px;top:127px;'><font
style='font-style:normal;font-weight:normal;font-size:16px;font-family:arial,sans-serif;color:#000000;'>per</font></div> <div style='position:absolute;left:711px;top:127px;'><font
style='font-style:normal;font-weight:normal;font-size:16px;font-family:arial,sans-serif;color:#000000;'>common</font></div> <div style='position:absolute;left:777px;top:127px;'><font
style='font-style:normal;font-weight:normal;font-size:16px;font-family:arial,sans-serif;color:#000000;'>share</font></div> <div style='position:absolute;left:821px;top:127px;'><font
style='font-style:normal;font-weight:normal;font-size:16px;font-family:arial,sans-serif;color:#000000;'>payable</font></div> <div style='position:absolute;left:881px;top:127px;'><font
style='font-style:normal;font-weight:normal;font-size:16px;font-family:arial,sans-serif;color:#000000;'>to </font></div> <div style='position:absolute;left:266px;top:150px;'><font
style='font-style:normal;font-weight:normal;font-size:16px;font-family:arial,sans-serif;color:#000000;'>PartnerRe common shareholders immediately prior to closing</font></div> <div style='position:absolute;left:272px;top:178px;'><font
style='font-style:normal;font-weight:normal;font-size:16px;font-family:arial,sans-serif;color:#000000;'>&#151;</font></div> <div style='position:absolute;left:296px;top:178px;'><font
style='font-style:normal;font-weight:normal;font-size:16px;font-family:arial,sans-serif;color:#000000;'>$6.00 increase from prior $11.50 dividend</font></div> <div style='position:absolute;left:265px;top:228px;'><font
style='font-style:normal;font-weight:normal;font-size:16px;font-family:arial,sans-serif;color:#000000;'>Exchange offer to PartnerRe preferred stockholders, contingent on obtaining favorable </font></div>
<div style='position:absolute;left:265px;top:251px;'><font style='font-style:normal;font-weight:normal;font-size:16px;font-family:arial,sans-serif;color:#000000;'>IRS ruling</font></div> <div style='position:absolute;left:265px;top:281px;'><font
style='font-style:normal;font-weight:normal;font-size:16px;font-family:arial,sans-serif;color:#000000;'>Enhanced terms:</font></div> <div style='position:absolute;left:271px;top:309px;'><font
style='font-style:normal;font-weight:normal;font-size:16px;font-family:arial,sans-serif;color:#000000;'>&#151;</font></div> <div style='position:absolute;left:295px;top:309px;'><font
style='font-style:normal;font-weight:normal;font-size:16px;font-family:arial,sans-serif;color:#000000;'>100bps dividend increase</font></div> <div style='position:absolute;left:271px;top:343px;'><font
style='font-style:normal;font-weight:normal;font-size:16px;font-family:arial,sans-serif;color:#000000;'>&#151;</font></div> <div style='position:absolute;left:295px;top:343px;'><font
style='font-style:normal;font-weight:normal;font-size:16px;font-family:arial,sans-serif;color:#000000;'>Call protection to the later of January 1, 2021 or five years after issuance</font></div> <div style='position:absolute;left:266px;top:391px;'><font
style='font-style:normal;font-weight:normal;font-size:16px;font-family:arial,sans-serif;color:#000000;'>Merger no longer conditioned on the absence of a three notch rating downgrade from </font></div>
<div style='position:absolute;left:266px;top:414px;'><font style='font-style:normal;font-weight:normal;font-size:16px;font-family:arial,sans-serif;color:#000000;'>A.M. Best to A&#45;</font></div> <div style='position:absolute;left:266px;top:444px;'><font
style='font-style:normal;font-weight:normal;font-size:16px;font-family:arial,sans-serif;color:#000000;'>Transaction remains on track to close in 3Q15</font></div> <div style='position:absolute;left:266px;top:524px;'><font
style='font-style:normal;font-weight:normal;font-size:16px;font-family:arial,sans-serif;color:#000000;'>Exchange ratio, pro forma ownership and corporate governance to remain unchanged</font></div>
<div style='position:absolute;left:266px;top:555px;'><font style='font-style:normal;font-weight:normal;font-size:16px;font-family:arial,sans-serif;color:#000000;'>Shareholder meetings to be held on August 7, 2015</font></div>
<div style='position:absolute;left:79px;top:658px;'><font style='font-style:normal;font-weight:normal;font-size:9px;font-family:arial,sans-serif;color:#000000;'>(1)</font></div> <div style='position:absolute;left:115px;top:658px;'><font
style='font-style:normal;font-weight:normal;font-size:9px;font-family:arial,sans-serif;color:#000000;'>A portion of the funds allocated to previously announced share repurchases will be used to fund the increase in the special dividend.</font></div>
<div style='position:absolute;left:244px;top:619px;'><font style='font-style:normal;font-weight:bold;font-size:16px;font-family:arial,sans-serif;color:#000000;'>Commitment to delivering superior value to our shareholders</font></div>
</td></tr></table></div>
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<img src="g39010ex99_1s4gbgd.jpg" width="962" height="707" border="0" alt=""></div> <div style='position:absolute;left:43px;top:692px;'><font style='font-style:normal;font-weight:normal;font-size:9px;font-family:arial,sans-serif;color:#000000;'>&#169;
2015. PartnerRe and Axis Capital. All rights reserved. Proprietary. </font></div>
<div style='position:absolute;left:927px;top:686px;'><font style='font-style:normal;font-weight:bold;font-size:12px;font-family:arial,sans-serif;color:#000000;'>3</font></div> <div style='position:absolute;left:43px;top:25px;'><font
style='font-style:normal;font-weight:bold;font-size:27px;font-family:arial,sans-serif;color:#000000;'>Reaffirming the Strategic and Financial Rationale of </font></div> <div style='position:absolute;left:43px;top:57px;'><font
style='font-style:normal;font-weight:bold;font-size:27px;font-family:arial,sans-serif;color:#000000;'>the Merger</font></div> <div style='position:absolute;left:89px;top:113px;'><font
style='font-style:normal;font-weight:normal;font-size:16px;font-family:arial,sans-serif;color:#000000;'>Global insurance/reinsurance powerhouse built to perform through secular and cyclical change </font></div>
<div style='position:absolute;left:89px;top:144px;'><font style='font-style:normal;font-weight:normal;font-size:15px;font-family:arial,sans-serif;color:#000000;'>&#151;</font></div> <div style='position:absolute;left:119px;top:144px;'><font
style='font-style:normal;font-weight:normal;font-size:15px;font-family:arial,sans-serif;color:#000000;'>Strengthened positioning expands business opportunities</font></div> <div style='position:absolute;left:89px;top:174px;'><font
style='font-style:normal;font-weight:normal;font-size:15px;font-family:arial,sans-serif;color:#000000;'>&#151;</font></div> <div style='position:absolute;left:119px;top:174px;'><font
style='font-style:normal;font-weight:normal;font-size:15px;font-family:arial,sans-serif;color:#000000;'>&#147;Go&#45;to&#148; market for profitable business opportunities</font></div> <div style='position:absolute;left:89px;top:204px;'><font
style='font-style:normal;font-weight:normal;font-size:15px;font-family:arial,sans-serif;color:#000000;'>&#151;</font></div> <div style='position:absolute;left:119px;top:204px;'><font
style='font-style:normal;font-weight:normal;font-size:15px;font-family:arial,sans-serif;color:#000000;'>Diversified, less volatile, capital efficient business</font></div> <div style='position:absolute;left:89px;top:242px;'><font
style='font-style:normal;font-weight:normal;font-size:16px;font-family:arial,sans-serif;color:#000000;'>Combination drives superior and stable value creation</font></div> <div style='position:absolute;left:89px;top:274px;'><font
style='font-style:normal;font-weight:normal;font-size:15px;font-family:arial,sans-serif;color:#000000;'>&#151;</font></div> <div style='position:absolute;left:119px;top:274px;'><font
style='font-style:normal;font-weight:normal;font-size:15px;font-family:arial,sans-serif;color:#000000;'>Active portfolio management and high degree of diversification support superior returns and lower volatility</font></div>
<div style='position:absolute;left:89px;top:304px;'><font style='font-style:normal;font-weight:normal;font-size:15px;font-family:arial,sans-serif;color:#000000;'>&#151;</font></div> <div style='position:absolute;left:119px;top:304px;'><font
style='font-style:normal;font-weight:normal;font-size:15px;font-family:arial,sans-serif;color:#000000;'>Improved</font></div> <div style='position:absolute;left:184px;top:304px;'><font
style='font-style:normal;font-weight:normal;font-size:15px;font-family:arial,sans-serif;color:#000000;'>capital</font></div> <div style='position:absolute;left:230px;top:304px;'><font
style='font-style:normal;font-weight:normal;font-size:15px;font-family:arial,sans-serif;color:#000000;'>efficiency;</font></div> <div style='position:absolute;left:300px;top:304px;'><font
style='font-style:normal;font-weight:normal;font-size:15px;font-family:arial,sans-serif;color:#000000;'>meaningful</font></div> <div style='position:absolute;left:375px;top:304px;'><font
style='font-style:normal;font-weight:normal;font-size:15px;font-family:arial,sans-serif;color:#000000;'>third</font></div> <div style='position:absolute;left:408px;top:304px;'><font
style='font-style:normal;font-weight:normal;font-size:15px;font-family:arial,sans-serif;color:#000000;'>party</font></div> <div style='position:absolute;left:444px;top:304px;'><font
style='font-style:normal;font-weight:normal;font-size:15px;font-family:arial,sans-serif;color:#000000;'>capital</font></div> <div style='position:absolute;left:495px;top:304px;'><font
style='font-style:normal;font-weight:normal;font-size:15px;font-family:arial,sans-serif;color:#000000;'>management</font></div> <div style='position:absolute;left:588px;top:304px;'><font
style='font-style:normal;font-weight:normal;font-size:15px;font-family:arial,sans-serif;color:#000000;'>pre&#45;tax</font></div> <div style='position:absolute;left:638px;top:304px;'><font
style='font-style:normal;font-weight:normal;font-size:15px;font-family:arial,sans-serif;color:#000000;'>income</font></div> <div style='position:absolute;left:689px;top:304px;'><font
style='font-style:normal;font-weight:normal;font-size:15px;font-family:arial,sans-serif;color:#000000;'>of</font></div> <div style='position:absolute;left:705px;top:304px;'><font
style='font-style:normal;font-weight:normal;font-size:15px;font-family:arial,sans-serif;color:#000000;'>~$60mm</font></div> <div style='position:absolute;left:767px;top:304px;'><font
style='font-style:normal;font-weight:normal;font-size:15px;font-family:arial,sans-serif;color:#000000;'>by</font></div> <div style='position:absolute;left:786px;top:304px;'><font
style='font-style:normal;font-weight:normal;font-size:15px;font-family:arial,sans-serif;color:#000000;'>2017</font></div> <div style='position:absolute;left:89px;top:334px;'><font
style='font-style:normal;font-weight:normal;font-size:15px;font-family:arial,sans-serif;color:#000000;'>&#151;</font></div> <div style='position:absolute;left:119px;top:334px;'><font
style='font-style:normal;font-weight:normal;font-size:15px;font-family:arial,sans-serif;color:#000000;'>Superior and sustainable approach to capital management </font></div> <div style='position:absolute;left:89px;top:364px;'><font
style='font-style:normal;font-weight:normal;font-size:15px;font-family:arial,sans-serif;color:#000000;'>&#151;</font></div> <div style='position:absolute;left:119px;top:364px;'><font
style='font-style:normal;font-weight:normal;font-size:15px;font-family:arial,sans-serif;color:#000000;'>At least $200 million in identifiable and actionable expense savings</font></div> <div style='position:absolute;left:89px;top:394px;'><font
style='font-style:normal;font-weight:normal;font-size:15px;font-family:arial,sans-serif;color:#000000;'>&#151;</font></div> <div style='position:absolute;left:119px;top:394px;'><font
style='font-style:normal;font-weight:normal;font-size:15px;font-family:arial,sans-serif;color:#000000;'>Incremental growth opportunities with pre&#45;tax income by 2017 of ~$65mm</font></div> <div style='position:absolute;left:89px;top:436px;'><font
style='font-style:normal;font-weight:normal;font-size:16px;font-family:arial,sans-serif;color:#000000;'>Transaction is accretive to operating earnings and ROE in year one, achieving double&#45;digit EPS accretion and </font></div>
<div style='position:absolute;left:89px;top:455px;'><font style='font-style:normal;font-weight:normal;font-size:16px;font-family:arial,sans-serif;color:#000000;'>a double&#45;digit ROE by 2017</font></div>
<div style='position:absolute;left:89px;top:494px;'><font style='font-style:normal;font-weight:normal;font-size:16px;font-family:arial,sans-serif;color:#000000;'>Ability to accelerate franchise productivity to solidify leadership in key
markets</font></div> <div style='position:absolute;left:89px;top:526px;'><font style='font-style:normal;font-weight:normal;font-size:15px;font-family:arial,sans-serif;color:#000000;'>&#151;</font></div>
<div style='position:absolute;left:119px;top:526px;'><font style='font-style:normal;font-weight:normal;font-size:15px;font-family:arial,sans-serif;color:#000000;'>Specialty expertise across the organization</font></div>
<div style='position:absolute;left:89px;top:556px;'><font style='font-style:normal;font-weight:normal;font-size:15px;font-family:arial,sans-serif;color:#000000;'>&#151;</font></div> <div style='position:absolute;left:119px;top:556px;'><font
style='font-style:normal;font-weight:normal;font-size:15px;font-family:arial,sans-serif;color:#000000;'>Untapped growth in all segments</font></div> <div style='position:absolute;left:89px;top:586px;'><font
style='font-style:normal;font-weight:normal;font-size:15px;font-family:arial,sans-serif;color:#000000;'>&#151;</font></div> <div style='position:absolute;left:119px;top:586px;'><font
style='font-style:normal;font-weight:normal;font-size:15px;font-family:arial,sans-serif;color:#000000;'>Significant management experience with third party capital </font></div> <div style='position:absolute;left:89px;top:624px;'><font
style='font-style:normal;font-weight:normal;font-size:16px;font-family:arial,sans-serif;color:#000000;'>Attractive entry point for investors seeking superior value creation</font></div> </td></tr></table></div>
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<img src="g39010ex99_1s5gbgd.jpg" width="962" height="707" border="0" alt=""></div> <div style='position:absolute;left:43px;top:692px;'><font style='font-style:normal;font-weight:normal;font-size:9px;font-family:arial,sans-serif;color:#000000;'>&#169;
2015. PartnerRe and Axis Capital. All rights reserved. Proprietary. </font></div>
<div style='position:absolute;left:927px;top:686px;'><font style='font-style:normal;font-weight:bold;font-size:12px;font-family:arial,sans-serif;color:#000000;'>4</font></div> <div style='position:absolute;left:43px;top:59px;'><font
style='font-style:normal;font-weight:bold;font-size:27px;font-family:arial,sans-serif;color:#000000;'>Attractive Financial Profile</font></div> <div style='position:absolute;left:73px;top:554px;'><font
style='font-style:normal;font-weight:bold;font-size:16px;font-family:arial,sans-serif;color:#FFFFFF;'>Rating </font></div> <div style='position:absolute;left:73px;top:573px;'><font
style='font-style:normal;font-weight:bold;font-size:16px;font-family:arial,sans-serif;color:#FFFFFF;'>Agencies</font></div> <div style='position:absolute;left:74px;top:189px;'><font
style='font-style:normal;font-weight:bold;font-size:16px;font-family:arial,sans-serif;color:#FFFFFF;'>Capital </font></div> <div style='position:absolute;left:74px;top:208px;'><font
style='font-style:normal;font-weight:bold;font-size:16px;font-family:arial,sans-serif;color:#FFFFFF;'>Management</font></div> <div style='position:absolute;left:73px;top:469px;'><font
style='font-style:normal;font-weight:bold;font-size:16px;font-family:arial,sans-serif;color:#FFFFFF;'>EPS</font></div> <div style='position:absolute;left:74px;top:352px;'><font
style='font-style:normal;font-weight:bold;font-size:16px;font-family:arial,sans-serif;color:#FFFFFF;'>ROE</font></div> <div style='position:absolute;left:266px;top:533px;'><font
style='font-style:normal;font-weight:normal;font-size:16px;font-family:arial,sans-serif;color:#000000;'>Capital return plans for combined company previously reviewed and approved by rating </font></div>
<div style='position:absolute;left:266px;top:556px;'><font style='font-style:normal;font-weight:normal;font-size:16px;font-family:arial,sans-serif;color:#000000;'>agencies</font></div> <div style='position:absolute;left:266px;top:586px;'><font
style='font-style:normal;font-weight:normal;font-size:16px;font-family:arial,sans-serif;color:#000000;'>Funding of incremental special dividend from previously approved capital return plans</font></div>
<div style='position:absolute;left:265px;top:146px;'><font style='font-style:normal;font-weight:normal;font-size:17px;font-family:arial,sans-serif;color:#000000;'>Continued commitment to return of capital </font></div>
<div style='position:absolute;left:271px;top:174px;'><font style='font-style:normal;font-weight:normal;font-size:16px;font-family:arial,sans-serif;color:#000000;'>&#151;</font></div> <div style='position:absolute;left:295px;top:174px;'><font
style='font-style:normal;font-weight:normal;font-size:16px;font-family:arial,sans-serif;color:#000000;'>Over $450mm expected to be returned to combined company shareholders </font></div> <div style='position:absolute;left:295px;top:197px;'><font
style='font-style:normal;font-weight:normal;font-size:16px;font-family:arial,sans-serif;color:#000000;'>immediately after closing</font></div> <div style='position:absolute;left:271px;top:230px;'><font
style='font-style:normal;font-weight:normal;font-size:16px;font-family:arial,sans-serif;color:#000000;'>&#151;</font></div> <div style='position:absolute;left:295px;top:230px;'><font
style='font-style:normal;font-weight:normal;font-size:16px;font-family:arial,sans-serif;color:#000000;'>In addition, ~$2.4bn of buybacks and dividends expected through year&#45;end 2017 &#150;</font></div>
<div style='position:absolute;left:295px;top:253px;'><font style='font-style:normal;font-weight:normal;font-size:16px;font-family:arial,sans-serif;color:#000000;'>equivalent to 100% of operating earnings</font></div>
<div style='position:absolute;left:266px;top:458px;'><font style='font-style:normal;font-weight:normal;font-size:16px;font-family:arial,sans-serif;color:#000000;'>Transaction is accretive to operating earnings and ROE in year one, achieving
double&#45;</font></div> <div style='position:absolute;left:266px;top:481px;'><font style='font-style:normal;font-weight:normal;font-size:16px;font-family:arial,sans-serif;color:#000000;'>digit EPS accretion and a double&#45;digit ROE by
2017</font></div> <div style='position:absolute;left:266px;top:302px;'><font style='font-style:normal;font-weight:normal;font-size:16px;font-family:arial,sans-serif;color:#000000;'>Significant enhancement to operating ROE</font></div>
<div style='position:absolute;left:266px;top:333px;'><font style='font-style:normal;font-weight:normal;font-size:16px;font-family:arial,sans-serif;color:#000000;'>~12%</font></div> <div style='position:absolute;left:312px;top:333px;'><font
style='font-style:normal;font-weight:normal;font-size:16px;font-family:arial,sans-serif;color:#000000;'>ROE</font></div> <div style='position:absolute;left:351px;top:333px;'><font
style='font-style:normal;font-weight:normal;font-size:16px;font-family:arial,sans-serif;color:#000000;'>by</font></div> <div style='position:absolute;left:372px;top:333px;'><font
style='font-style:normal;font-weight:normal;font-size:16px;font-family:arial,sans-serif;color:#000000;'>2017</font></div> <div style='position:absolute;left:408px;top:327px;'><font
style='font-style:normal;font-weight:normal;font-size:12px;font-family:arial,sans-serif;color:#000000;'>1</font></div> <div style='position:absolute;left:266px;top:363px;'><font
style='font-style:normal;font-weight:normal;font-size:16px;font-family:arial,sans-serif;color:#000000;'>High quality ROE</font></div> <div style='position:absolute;left:272px;top:391px;'><font
style='font-style:normal;font-weight:normal;font-size:16px;font-family:arial,sans-serif;color:#000000;'>&#151;</font></div> <div style='position:absolute;left:296px;top:391px;'><font
style='font-style:normal;font-weight:normal;font-size:16px;font-family:arial,sans-serif;color:#000000;'>Additional risk&#45;free income along with 3 substantial platforms expected to result in </font></div>
<div style='position:absolute;left:296px;top:414px;'><font style='font-style:normal;font-weight:normal;font-size:16px;font-family:arial,sans-serif;color:#000000;'>lower earnings and balance sheet volatility</font></div>
<div style='position:absolute;left:79px;top:631px;'><font style='font-style:normal;font-weight:normal;font-size:9px;font-family:arial,sans-serif;color:#000000;'>(1)</font></div> <div style='position:absolute;left:115px;top:631px;'><font
style='font-style:normal;font-weight:normal;font-size:9px;font-family:arial,sans-serif;color:#000000;'>Represents post&#45;merger effects on operating ROE including, among other transaction assumptions,&nbsp; i) $200mm of synergies, phased in 50% in
2016 and 100% in 2017 as per S&#45;4 filed on 6/1/2015 </font></div> <div style='position:absolute;left:115px;top:642px;'><font style='font-style:normal;font-weight:normal;font-size:9px;font-family:arial,sans-serif;color:#000000;'>assuming a pro
forma tax rate of 16.0%; 2) return of 100% of operating earnings, plus return of ~$457mm immediately post&#45;closing; iii) over $60mm of pre&#45;tax income from third&#45;party capital vehicles in </font></div>
<div style='position:absolute;left:115px;top:653px;'><font style='font-style:normal;font-weight:normal;font-size:9px;font-family:arial,sans-serif;color:#000000;'>2017; iv) incremental ~$46mm of insurance pre&#45;tax underwriting income in 2017; and
v) $20mm of Life and A&#38;H pre&#45;tax underwriting income in 2017.</font></div> </td></tr></table></div>
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<img src="g39010ex99_1s6gbgd.jpg" width="962" height="707" border="0" alt=""></div> <div style='position:absolute;left:43px;top:692px;'><font style='font-style:normal;font-weight:normal;font-size:9px;font-family:arial,sans-serif;color:#000000;'>&#169;
2015. PartnerRe and Axis Capital. All rights reserved. Proprietary. </font></div>
<div style='position:absolute;left:927px;top:686px;'><font style='font-style:normal;font-weight:bold;font-size:12px;font-family:arial,sans-serif;color:#000000;'>5</font></div> <div style='position:absolute;left:43px;top:25px;'><font
style='font-style:normal;font-weight:bold;font-size:32px;font-family:arial,sans-serif;color:#000000;'>Disclaimer</font></div> <div style='position:absolute;left:43px;top:106px;'><font
style='font-style:normal;font-weight:bold;font-size:19px;font-family:arial,sans-serif;color:#000000;'>Important</font></div> <div style='position:absolute;left:140px;top:106px;'><font
style='font-style:normal;font-weight:bold;font-size:19px;font-family:arial,sans-serif;color:#000000;'>Information</font></div> <div style='position:absolute;left:252px;top:106px;'><font
style='font-style:normal;font-weight:bold;font-size:19px;font-family:arial,sans-serif;color:#000000;'>For</font></div> <div style='position:absolute;left:287px;top:106px;'><font
style='font-style:normal;font-weight:bold;font-size:19px;font-family:arial,sans-serif;color:#000000;'>Investors</font></div> <div style='position:absolute;left:380px;top:106px;'><font
style='font-style:normal;font-weight:bold;font-size:19px;font-family:arial,sans-serif;color:#000000;'>And</font></div> <div style='position:absolute;left:421px;top:106px;'><font
style='font-style:normal;font-weight:bold;font-size:19px;font-family:arial,sans-serif;color:#000000;'>Shareholders</font></div> <div style='position:absolute;left:43px;top:159px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>This</font></div> <div style='position:absolute;left:84px;top:159px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>communication</font></div> <div style='position:absolute;left:214px;top:159px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>does</font></div> <div style='position:absolute;left:260px;top:159px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>not</font></div> <div style='position:absolute;left:291px;top:159px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>constitute</font></div> <div style='position:absolute;left:376px;top:159px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>an</font></div> <div style='position:absolute;left:401px;top:159px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>offer</font></div> <div style='position:absolute;left:444px;top:159px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>to</font></div> <div style='position:absolute;left:465px;top:159px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>buy</font></div> <div style='position:absolute;left:500px;top:159px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>or</font></div> <div style='position:absolute;left:522px;top:159px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>sell</font></div> <div style='position:absolute;left:556px;top:159px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>or</font></div> <div style='position:absolute;left:578px;top:159px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>the</font></div> <div style='position:absolute;left:609px;top:159px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>solicitation</font></div> <div style='position:absolute;left:701px;top:159px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>of</font></div> <div style='position:absolute;left:722px;top:159px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>an</font></div> <div style='position:absolute;left:747px;top:159px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>offer</font></div> <div style='position:absolute;left:790px;top:159px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>to</font></div> <div style='position:absolute;left:811px;top:159px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>buy</font></div> <div style='position:absolute;left:846px;top:159px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>or</font></div> <div style='position:absolute;left:868px;top:159px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>sell</font></div> <div style='position:absolute;left:901px;top:159px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>any</font></div> <div style='position:absolute;left:43px;top:182px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>securities</font></div> <div style='position:absolute;left:130px;top:182px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>or</font></div> <div style='position:absolute;left:155px;top:182px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>a</font></div> <div style='position:absolute;left:173px;top:182px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>solicitation</font></div> <div style='position:absolute;left:268px;top:182px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>of</font></div> <div style='position:absolute;left:292px;top:182px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>any</font></div> <div style='position:absolute;left:329px;top:182px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>vote</font></div> <div style='position:absolute;left:373px;top:182px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>or</font></div> <div style='position:absolute;left:398px;top:182px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>approval.</font></div> <div style='position:absolute;left:489px;top:182px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>This</font></div> <div style='position:absolute;left:533px;top:182px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>communication</font></div> <div style='position:absolute;left:666px;top:182px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>relates</font></div> <div style='position:absolute;left:731px;top:182px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>to</font></div> <div style='position:absolute;left:754px;top:182px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>a</font></div> <div style='position:absolute;left:772px;top:182px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>proposed</font></div> <div style='position:absolute;left:858px;top:182px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>business</font></div> <div style='position:absolute;left:43px;top:204px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>combination</font></div> <div style='position:absolute;left:154px;top:204px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>between</font></div> <div style='position:absolute;left:237px;top:204px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>PartnerRe</font></div> <div style='position:absolute;left:334px;top:204px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>Ltd.</font></div> <div style='position:absolute;left:376px;top:204px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>(&#147;PartnerRe&#148;)</font></div> <div style='position:absolute;left:497px;top:204px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>and</font></div> <div style='position:absolute;left:539px;top:204px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>AXIS</font></div> <div style='position:absolute;left:595px;top:204px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>Capital</font></div> <div style='position:absolute;left:663px;top:204px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>Holdings</font></div> <div style='position:absolute;left:748px;top:204px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>Limited</font></div> <div style='position:absolute;left:820px;top:204px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>(&#147;AXIS&#148;).</font></div> <div style='position:absolute;left:915px;top:204px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>In</font></div> <div style='position:absolute;left:43px;top:226px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>connection</font></div> <div style='position:absolute;left:146px;top:226px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>with</font></div> <div style='position:absolute;left:190px;top:226px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>this</font></div> <div style='position:absolute;left:231px;top:226px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>proposed</font></div> <div style='position:absolute;left:321px;top:226px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>business</font></div> <div style='position:absolute;left:406px;top:226px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>combination,</font></div> <div style='position:absolute;left:524px;top:226px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>PartnerRe</font></div> <div style='position:absolute;left:621px;top:226px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>and</font></div> <div style='position:absolute;left:664px;top:226px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>AXIS</font></div> <div style='position:absolute;left:719px;top:226px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>have</font></div> <div style='position:absolute;left:771px;top:226px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>filed</font></div> <div style='position:absolute;left:818px;top:226px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>a</font></div> <div style='position:absolute;left:840px;top:226px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>registration</font></div> <div style='position:absolute;left:43px;top:249px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>statement</font></div> <div style='position:absolute;left:132px;top:249px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>on</font></div> <div style='position:absolute;left:160px;top:249px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>Form</font></div> <div style='position:absolute;left:212px;top:249px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>S&#45;4</font></div> <div style='position:absolute;left:248px;top:249px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>with</font></div> <div style='position:absolute;left:288px;top:249px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>the</font></div> <div style='position:absolute;left:321px;top:249px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>Securities</font></div> <div style='position:absolute;left:412px;top:249px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>and</font></div> <div style='position:absolute;left:450px;top:249px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>Exchange</font></div> <div style='position:absolute;left:541px;top:249px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>Commission</font></div> <div style='position:absolute;left:650px;top:249px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>(the</font></div> <div style='position:absolute;left:689px;top:249px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>&#147;SEC&#148;),</font></div> <div style='position:absolute;left:759px;top:249px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>and</font></div> <div style='position:absolute;left:797px;top:249px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>a</font></div> <div style='position:absolute;left:815px;top:249px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>definitive</font></div> <div style='position:absolute;left:897px;top:249px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>joint</font></div> <div style='position:absolute;left:43px;top:271px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>proxy</font></div> <div style='position:absolute;left:100px;top:271px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>statement/prospectus</font></div> <div style='position:absolute;left:290px;top:271px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>of</font></div> <div style='position:absolute;left:317px;top:271px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>PartnerRe</font></div> <div style='position:absolute;left:413px;top:271px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>and</font></div> <div style='position:absolute;left:455px;top:271px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>AXIS</font></div> <div style='position:absolute;left:510px;top:271px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>and</font></div> <div style='position:absolute;left:552px;top:271px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>other</font></div> <div style='position:absolute;left:606px;top:271px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>documents</font></div> <div style='position:absolute;left:709px;top:271px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>related</font></div> <div style='position:absolute;left:789px;top:271px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>to</font></div> <div style='position:absolute;left:816px;top:271px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>the</font></div> <div style='position:absolute;left:853px;top:271px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>proposed</font></div> <div style='position:absolute;left:43px;top:294px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>transaction.</font></div> <div style='position:absolute;left:155px;top:294px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>This</font></div> <div style='position:absolute;left:198px;top:294px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>communication</font></div> <div style='position:absolute;left:331px;top:294px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>is</font></div> <div style='position:absolute;left:353px;top:294px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>not</font></div> <div style='position:absolute;left:387px;top:294px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>a</font></div> <div style='position:absolute;left:404px;top:294px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>substitute</font></div> <div style='position:absolute;left:491px;top:294px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>for</font></div> <div style='position:absolute;left:522px;top:294px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>any</font></div> <div style='position:absolute;left:559px;top:294px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>such</font></div> <div style='position:absolute;left:606px;top:294px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>documents.</font></div> <div style='position:absolute;left:710px;top:294px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>The</font></div> <div style='position:absolute;left:750px;top:294px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>registration</font></div> <div style='position:absolute;left:850px;top:294px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>statement</font></div> <div style='position:absolute;left:43px;top:316px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>was</font></div> <div style='position:absolute;left:81px;top:316px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>declared</font></div> <div style='position:absolute;left:159px;top:316px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>effective</font></div> <div style='position:absolute;left:233px;top:316px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>by</font></div> <div style='position:absolute;left:258px;top:316px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>the</font></div> <div style='position:absolute;left:289px;top:316px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>SEC</font></div> <div style='position:absolute;left:334px;top:316px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>on</font></div> <div style='position:absolute;left:360px;top:316px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>June</font></div> <div style='position:absolute;left:406px;top:316px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>1,</font></div> <div style='position:absolute;left:427px;top:316px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>2015</font></div> <div style='position:absolute;left:474px;top:316px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>and</font></div> <div style='position:absolute;left:510px;top:316px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>the</font></div> <div style='position:absolute;left:541px;top:316px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>definitive</font></div> <div style='position:absolute;left:620px;top:316px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>proxy</font></div> <div style='position:absolute;left:671px;top:316px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>statement/prospectus</font></div> <div style='position:absolute;left:855px;top:316px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>has</font></div> <div style='position:absolute;left:890px;top:316px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>been</font></div> <div style='position:absolute;left:43px;top:338px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>mailed</font></div> <div style='position:absolute;left:115px;top:338px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>to</font></div> <div style='position:absolute;left:145px;top:338px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>shareholders</font></div> <div style='position:absolute;left:268px;top:338px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>of</font></div> <div style='position:absolute;left:300px;top:338px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>PartnerRe</font></div> <div style='position:absolute;left:401px;top:338px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>and</font></div> <div style='position:absolute;left:447px;top:338px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>AXIS.</font></div> <div style='position:absolute;left:511px;top:338px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>INVESTORS</font></div> <div style='position:absolute;left:634px;top:338px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>AND</font></div> <div style='position:absolute;left:690px;top:338px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>SECURITY</font></div> <div style='position:absolute;left:800px;top:338px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>HOLDERS</font></div> <div style='position:absolute;left:906px;top:338px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>OF</font></div> <div style='position:absolute;left:43px;top:361px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>PARTNERRE</font></div> <div style='position:absolute;left:166px;top:361px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>AND</font></div> <div style='position:absolute;left:215px;top:361px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>AXIS</font></div> <div style='position:absolute;left:267px;top:361px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>ARE</font></div> <div style='position:absolute;left:315px;top:361px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>URGED</font></div> <div style='position:absolute;left:391px;top:361px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>TO</font></div> <div style='position:absolute;left:426px;top:361px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>READ</font></div> <div style='position:absolute;left:487px;top:361px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>THE</font></div> <div style='position:absolute;left:533px;top:361px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>REGISTRATION</font></div> <div style='position:absolute;left:681px;top:361px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>STATEMENT,</font></div> <div style='position:absolute;left:803px;top:361px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>JOINT</font></div> <div style='position:absolute;left:866px;top:361px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>PROXY</font></div> <div style='position:absolute;left:43px;top:383px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>STATEMENT/PROSPECTUS</font></div> <div style='position:absolute;left:300px;top:383px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>AND</font></div> <div style='position:absolute;left:346px;top:383px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>OTHER</font></div> <div style='position:absolute;left:419px;top:383px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>DOCUMENTS</font></div> <div style='position:absolute;left:545px;top:383px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>THAT</font></div> <div style='position:absolute;left:599px;top:383px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>HAVE</font></div> <div style='position:absolute;left:655px;top:383px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>BEEN</font></div> <div style='position:absolute;left:712px;top:383px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>OR</font></div> <div style='position:absolute;left:747px;top:383px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>MAY</font></div> <div style='position:absolute;left:792px;top:383px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>BE</font></div> <div style='position:absolute;left:824px;top:383px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>FILED</font></div> <div style='position:absolute;left:883px;top:383px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>WITH</font></div> <div style='position:absolute;left:43px;top:406px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>THE</font></div> <div style='position:absolute;left:91px;top:406px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>SEC</font></div> <div style='position:absolute;left:140px;top:406px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>CAREFULLY</font></div> <div style='position:absolute;left:258px;top:406px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>AND</font></div> <div style='position:absolute;left:308px;top:406px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>IN</font></div> <div style='position:absolute;left:337px;top:406px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>THEIR</font></div> <div style='position:absolute;left:403px;top:406px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>ENTIRETY</font></div> <div style='position:absolute;left:505px;top:406px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>BECAUSE</font></div> <div style='position:absolute;left:605px;top:406px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>THEY</font></div> <div style='position:absolute;left:665px;top:406px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>CONTAIN</font></div> <div style='position:absolute;left:757px;top:406px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>OR</font></div> <div style='position:absolute;left:795px;top:406px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>WILL</font></div> <div style='position:absolute;left:849px;top:406px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>CONTAIN</font></div> <div style='position:absolute;left:43px;top:428px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>IMPORTANT</font></div> <div style='position:absolute;left:163px;top:428px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>INFORMATION.</font></div> <div style='position:absolute;left:309px;top:428px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>A</font></div> <div style='position:absolute;left:327px;top:428px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>definitive</font></div> <div style='position:absolute;left:406px;top:428px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>proxy</font></div> <div style='position:absolute;left:458px;top:428px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>statement</font></div> <div style='position:absolute;left:546px;top:428px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>has</font></div> <div style='position:absolute;left:582px;top:428px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>been</font></div> <div style='position:absolute;left:629px;top:428px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>mailed</font></div> <div style='position:absolute;left:690px;top:428px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>to</font></div> <div style='position:absolute;left:711px;top:428px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>shareholders</font></div> <div style='position:absolute;left:825px;top:428px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>of</font></div> <div style='position:absolute;left:847px;top:428px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>PartnerRe</font></div> <div style='position:absolute;left:43px;top:450px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>and</font></div> <div style='position:absolute;left:79px;top:450px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>AXIS.</font></div> <div style='position:absolute;left:138px;top:450px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>Investors</font></div> <div style='position:absolute;left:220px;top:450px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>and</font></div> <div style='position:absolute;left:256px;top:450px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>security</font></div> <div style='position:absolute;left:325px;top:450px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>holders</font></div> <div style='position:absolute;left:393px;top:450px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>may</font></div> <div style='position:absolute;left:433px;top:450px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>obtain</font></div> <div style='position:absolute;left:489px;top:450px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>free</font></div> <div style='position:absolute;left:528px;top:450px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>copies</font></div> <div style='position:absolute;left:587px;top:450px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>of</font></div> <div style='position:absolute;left:608px;top:450px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>these</font></div> <div style='position:absolute;left:659px;top:450px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>documents</font></div> <div style='position:absolute;left:756px;top:450px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>and</font></div> <div style='position:absolute;left:792px;top:450px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>other</font></div> <div style='position:absolute;left:840px;top:450px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>documents</font></div> <div style='position:absolute;left:43px;top:473px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>filed</font></div> <div style='position:absolute;left:92px;top:473px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>with</font></div> <div style='position:absolute;left:138px;top:473px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>the</font></div> <div style='position:absolute;left:178px;top:473px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>SEC</font></div> <div style='position:absolute;left:232px;top:473px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>by</font></div> <div style='position:absolute;left:266px;top:473px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>PartnerRe</font></div> <div style='position:absolute;left:365px;top:473px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>and/or</font></div> <div style='position:absolute;left:432px;top:473px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>AXIS</font></div> <div style='position:absolute;left:489px;top:473px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>through</font></div> <div style='position:absolute;left:566px;top:473px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>the</font></div> <div style='position:absolute;left:606px;top:473px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>website</font></div> <div style='position:absolute;left:684px;top:473px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>maintained</font></div> <div style='position:absolute;left:789px;top:473px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>by</font></div> <div style='position:absolute;left:823px;top:473px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>the</font></div> <div style='position:absolute;left:863px;top:473px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>SEC</font></div> <div style='position:absolute;left:916px;top:473px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>at</font></div> <div style='position:absolute;left:43px;top:495px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>http://www.sec.gov.</font></div> <div style='position:absolute;left:215px;top:495px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>Copies</font></div> <div style='position:absolute;left:279px;top:495px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>of</font></div> <div style='position:absolute;left:301px;top:495px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>the</font></div> <div style='position:absolute;left:332px;top:495px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>documents</font></div> <div style='position:absolute;left:429px;top:495px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>filed</font></div> <div style='position:absolute;left:470px;top:495px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>with</font></div> <div style='position:absolute;left:508px;top:495px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>the</font></div> <div style='position:absolute;left:540px;top:495px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>SEC</font></div> <div style='position:absolute;left:585px;top:495px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>by</font></div> <div style='position:absolute;left:611px;top:495px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>PartnerRe</font></div> <div style='position:absolute;left:703px;top:495px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>are</font></div> <div style='position:absolute;left:736px;top:495px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>available</font></div> <div style='position:absolute;left:814px;top:495px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>free</font></div> <div style='position:absolute;left:853px;top:495px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>of</font></div> <div style='position:absolute;left:874px;top:495px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>charge</font></div> <div style='position:absolute;left:43px;top:518px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>on</font></div> <div style='position:absolute;left:69px;top:518px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>PartnerRe&#146;s</font></div> <div style='position:absolute;left:173px;top:518px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>internet</font></div> <div style='position:absolute;left:240px;top:518px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>website</font></div> <div style='position:absolute;left:309px;top:518px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>at</font></div> <div style='position:absolute;left:329px;top:518px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>http://www.partnerre.com</font></div> <div style='position:absolute;left:542px;top:518px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>or</font></div> <div style='position:absolute;left:563px;top:518px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>by</font></div> <div style='position:absolute;left:588px;top:518px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>contacting</font></div> <div style='position:absolute;left:679px;top:518px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>PartnerRe&#146;s</font></div> <div style='position:absolute;left:782px;top:518px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>Investor</font></div> <div style='position:absolute;left:854px;top:518px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>Relations</font></div> <div style='position:absolute;left:43px;top:540px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>Director</font></div> <div style='position:absolute;left:121px;top:540px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>by</font></div> <div style='position:absolute;left:153px;top:540px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>email</font></div> <div style='position:absolute;left:210px;top:540px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>at</font></div> <div style='position:absolute;left:237px;top:540px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>robin.sidders&#64;partnerre.com</font></div> <div style='position:absolute;left:492px;top:540px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>or</font></div> <div style='position:absolute;left:521px;top:540px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>by</font></div> <div style='position:absolute;left:553px;top:540px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>phone</font></div> <div style='position:absolute;left:617px;top:540px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>at</font></div> <div style='position:absolute;left:644px;top:540px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>1&#45;441&#45;294&#45;5216.</font></div> <div style='position:absolute;left:807px;top:540px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>Copies</font></div> <div style='position:absolute;left:877px;top:540px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>of</font></div> <div style='position:absolute;left:906px;top:540px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>the</font></div> <div style='position:absolute;left:43px;top:562px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>documents</font></div> <div style='position:absolute;left:146px;top:562px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>filed</font></div> <div style='position:absolute;left:193px;top:562px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>with</font></div> <div style='position:absolute;left:237px;top:562px;'><font
style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>the</font></div> <div style='position:absolute;left:275px;top:562px;'><font
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style='font-style:normal;font-weight:normal;font-size:19px;font-family:arial,sans-serif;color:#000000;'>1&#45;441&#45;405&#45;2727.</font></div> </td></tr></table></div>
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2015. PartnerRe and Axis Capital. All rights reserved. Proprietary. </font></div>
<div style='position:absolute;left:927px;top:686px;'><font style='font-style:normal;font-weight:bold;font-size:12px;font-family:arial,sans-serif;color:#000000;'>6</font></div> <div style='position:absolute;left:43px;top:25px;'><font
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style='font-style:normal;font-weight:normal;font-size:14px;font-family:arial,sans-serif;color:#000000;'>performance,</font></div> <div style='position:absolute;left:904px;top:193px;'><font
style='font-style:normal;font-weight:normal;font-size:14px;font-family:arial,sans-serif;color:#000000;'>their</font></div> <div style='position:absolute;left:43px;top:210px;'><font
style='font-style:normal;font-weight:normal;font-size:14px;font-family:arial,sans-serif;color:#000000;'>respective</font></div> <div style='position:absolute;left:112px;top:210px;'><font
style='font-style:normal;font-weight:normal;font-size:14px;font-family:arial,sans-serif;color:#000000;'>anticipated</font></div> <div style='position:absolute;left:184px;top:210px;'><font
style='font-style:normal;font-weight:normal;font-size:14px;font-family:arial,sans-serif;color:#000000;'>growth</font></div> <div style='position:absolute;left:229px;top:210px;'><font
style='font-style:normal;font-weight:normal;font-size:14px;font-family:arial,sans-serif;color:#000000;'>strategies</font></div> <div style='position:absolute;left:294px;top:210px;'><font
style='font-style:normal;font-weight:normal;font-size:14px;font-family:arial,sans-serif;color:#000000;'>and</font></div> <div style='position:absolute;left:322px;top:210px;'><font
style='font-style:normal;font-weight:normal;font-size:14px;font-family:arial,sans-serif;color:#000000;'>anticipated</font></div> <div style='position:absolute;left:394px;top:210px;'><font
style='font-style:normal;font-weight:normal;font-size:14px;font-family:arial,sans-serif;color:#000000;'>trends</font></div> <div style='position:absolute;left:437px;top:210px;'><font
style='font-style:normal;font-weight:normal;font-size:14px;font-family:arial,sans-serif;color:#000000;'>in</font></div> <div style='position:absolute;left:452px;top:210px;'><font
style='font-style:normal;font-weight:normal;font-size:14px;font-family:arial,sans-serif;color:#000000;'>their</font></div> <div style='position:absolute;left:483px;top:210px;'><font
style='font-style:normal;font-weight:normal;font-size:14px;font-family:arial,sans-serif;color:#000000;'>respective</font></div> <div style='position:absolute;left:551px;top:210px;'><font
style='font-style:normal;font-weight:normal;font-size:14px;font-family:arial,sans-serif;color:#000000;'>businesses.</font></div> <div style='position:absolute;left:632px;top:210px;'><font
style='font-style:normal;font-weight:normal;font-size:14px;font-family:arial,sans-serif;color:#000000;'>These</font></div> <div style='position:absolute;left:676px;top:210px;'><font
style='font-style:normal;font-weight:normal;font-size:14px;font-family:arial,sans-serif;color:#000000;'>statements</font></div> <div style='position:absolute;left:748px;top:210px;'><font
style='font-style:normal;font-weight:normal;font-size:14px;font-family:arial,sans-serif;color:#000000;'>are</font></div> <div style='position:absolute;left:772px;top:210px;'><font
style='font-style:normal;font-weight:normal;font-size:14px;font-family:arial,sans-serif;color:#000000;'>only</font></div> <div style='position:absolute;left:802px;top:210px;'><font
style='font-style:normal;font-weight:normal;font-size:14px;font-family:arial,sans-serif;color:#000000;'>predictions</font></div> <div style='position:absolute;left:874px;top:210px;'><font
style='font-style:normal;font-weight:normal;font-size:14px;font-family:arial,sans-serif;color:#000000;'>based</font></div> <div style='position:absolute;left:916px;top:210px;'><font
style='font-style:normal;font-weight:normal;font-size:14px;font-family:arial,sans-serif;color:#000000;'>on</font></div> <div style='position:absolute;left:43px;top:226px;'><font
style='font-style:normal;font-weight:normal;font-size:14px;font-family:arial,sans-serif;color:#000000;'>current</font></div> <div style='position:absolute;left:95px;top:226px;'><font
style='font-style:normal;font-weight:normal;font-size:14px;font-family:arial,sans-serif;color:#000000;'>expectations</font></div> <div style='position:absolute;left:181px;top:226px;'><font
style='font-style:normal;font-weight:normal;font-size:14px;font-family:arial,sans-serif;color:#000000;'>and</font></div> <div style='position:absolute;left:211px;top:226px;'><font
style='font-style:normal;font-weight:normal;font-size:14px;font-family:arial,sans-serif;color:#000000;'>projections</font></div> <div style='position:absolute;left:286px;top:226px;'><font
style='font-style:normal;font-weight:normal;font-size:14px;font-family:arial,sans-serif;color:#000000;'>about</font></div> <div style='position:absolute;left:329px;top:226px;'><font
style='font-style:normal;font-weight:normal;font-size:14px;font-family:arial,sans-serif;color:#000000;'>future</font></div> <div style='position:absolute;left:372px;top:226px;'><font
style='font-style:normal;font-weight:normal;font-size:14px;font-family:arial,sans-serif;color:#000000;'>events.</font></div> <div style='position:absolute;left:431px;top:226px;'><font
style='font-style:normal;font-weight:normal;font-size:14px;font-family:arial,sans-serif;color:#000000;'>There</font></div> <div style='position:absolute;left:475px;top:226px;'><font
style='font-style:normal;font-weight:normal;font-size:14px;font-family:arial,sans-serif;color:#000000;'>are</font></div> <div style='position:absolute;left:502px;top:226px;'><font
style='font-style:normal;font-weight:normal;font-size:14px;font-family:arial,sans-serif;color:#000000;'>important</font></div> <div style='position:absolute;left:568px;top:226px;'><font
style='font-style:normal;font-weight:normal;font-size:14px;font-family:arial,sans-serif;color:#000000;'>factors</font></div> <div style='position:absolute;left:617px;top:226px;'><font
style='font-style:normal;font-weight:normal;font-size:14px;font-family:arial,sans-serif;color:#000000;'>that</font></div> <div style='position:absolute;left:648px;top:226px;'><font
style='font-style:normal;font-weight:normal;font-size:14px;font-family:arial,sans-serif;color:#000000;'>could</font></div> <div style='position:absolute;left:689px;top:226px;'><font
style='font-style:normal;font-weight:normal;font-size:14px;font-family:arial,sans-serif;color:#000000;'>cause</font></div> <div style='position:absolute;left:733px;top:226px;'><font
style='font-style:normal;font-weight:normal;font-size:14px;font-family:arial,sans-serif;color:#000000;'>actual</font></div> <div style='position:absolute;left:778px;top:226px;'><font
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style='font-style:normal;font-weight:normal;font-size:14px;font-family:arial,sans-serif;color:#000000;'>level</font></div> <div style='position:absolute;left:866px;top:226px;'><font
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style='font-style:normal;font-weight:normal;font-size:14px;font-family:arial,sans-serif;color:#000000;'>performance</font></div> <div style='position:absolute;left:647px;top:243px;'><font
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style='font-style:normal;font-weight:normal;font-size:14px;font-family:arial,sans-serif;color:#000000;'>expressed</font></div> <div style='position:absolute;left:826px;top:243px;'><font
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style='font-style:normal;font-weight:normal;font-size:14px;font-family:arial,sans-serif;color:#000000;'>risk</font></div> <div style='position:absolute;left:336px;top:260px;'><font
style='font-style:normal;font-weight:normal;font-size:14px;font-family:arial,sans-serif;color:#000000;'>factors</font></div> <div style='position:absolute;left:384px;top:260px;'><font
style='font-style:normal;font-weight:normal;font-size:14px;font-family:arial,sans-serif;color:#000000;'>set</font></div> <div style='position:absolute;left:408px;top:260px;'><font
style='font-style:normal;font-weight:normal;font-size:14px;font-family:arial,sans-serif;color:#000000;'>forth</font></div> <div style='position:absolute;left:441px;top:260px;'><font
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style='font-style:normal;font-weight:normal;font-size:14px;font-family:arial,sans-serif;color:#000000;'>PartnerRe&#146;s</font></div> <div style='position:absolute;left:537px;top:260px;'><font
style='font-style:normal;font-weight:normal;font-size:14px;font-family:arial,sans-serif;color:#000000;'>and</font></div> <div style='position:absolute;left:566px;top:260px;'><font
style='font-style:normal;font-weight:normal;font-size:14px;font-family:arial,sans-serif;color:#000000;'>AXIS&#146;</font></div> <div style='position:absolute;left:605px;top:260px;'><font
style='font-style:normal;font-weight:normal;font-size:14px;font-family:arial,sans-serif;color:#000000;'>most</font></div> <div style='position:absolute;left:641px;top:260px;'><font
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style='font-style:normal;font-weight:normal;font-size:14px;font-family:arial,sans-serif;color:#000000;'>reports</font></div> <div style='position:absolute;left:736px;top:260px;'><font
style='font-style:normal;font-weight:normal;font-size:14px;font-family:arial,sans-serif;color:#000000;'>on</font></div> <div style='position:absolute;left:756px;top:260px;'><font
style='font-style:normal;font-weight:normal;font-size:14px;font-family:arial,sans-serif;color:#000000;'>Form</font></div> <div style='position:absolute;left:795px;top:260px;'><font
style='font-style:normal;font-weight:normal;font-size:14px;font-family:arial,sans-serif;color:#000000;'>10&#45;K,</font></div> <div style='position:absolute;left:833px;top:260px;'><font
style='font-style:normal;font-weight:normal;font-size:14px;font-family:arial,sans-serif;color:#000000;'>Form</font></div> <div style='position:absolute;left:872px;top:260px;'><font
style='font-style:normal;font-weight:normal;font-size:14px;font-family:arial,sans-serif;color:#000000;'>10&#45;Q</font></div> <div style='position:absolute;left:908px;top:260px;'><font
style='font-style:normal;font-weight:normal;font-size:14px;font-family:arial,sans-serif;color:#000000;'>and</font></div> <div style='position:absolute;left:43px;top:277px;'><font
style='font-style:normal;font-weight:normal;font-size:14px;font-family:arial,sans-serif;color:#000000;'>other</font></div> <div style='position:absolute;left:79px;top:277px;'><font
style='font-style:normal;font-weight:normal;font-size:14px;font-family:arial,sans-serif;color:#000000;'>documents</font></div> <div style='position:absolute;left:151px;top:277px;'><font
style='font-style:normal;font-weight:normal;font-size:14px;font-family:arial,sans-serif;color:#000000;'>on</font></div> <div style='position:absolute;left:171px;top:277px;'><font
style='font-style:normal;font-weight:normal;font-size:14px;font-family:arial,sans-serif;color:#000000;'>file</font></div> <div style='position:absolute;left:193px;top:277px;'><font
style='font-style:normal;font-weight:normal;font-size:14px;font-family:arial,sans-serif;color:#000000;'>with</font></div> <div style='position:absolute;left:221px;top:277px;'><font
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style='font-style:normal;font-weight:normal;font-size:14px;font-family:arial,sans-serif;color:#000000;'>SEC</font></div> <div style='position:absolute;left:277px;top:277px;'><font
style='font-style:normal;font-weight:normal;font-size:14px;font-family:arial,sans-serif;color:#000000;'>and</font></div> <div style='position:absolute;left:305px;top:277px;'><font
style='font-style:normal;font-weight:normal;font-size:14px;font-family:arial,sans-serif;color:#000000;'>the</font></div> <div style='position:absolute;left:328px;top:277px;'><font
style='font-style:normal;font-weight:normal;font-size:14px;font-family:arial,sans-serif;color:#000000;'>factors</font></div> <div style='position:absolute;left:374px;top:277px;'><font
style='font-style:normal;font-weight:normal;font-size:14px;font-family:arial,sans-serif;color:#000000;'>given</font></div> <div style='position:absolute;left:411px;top:277px;'><font
style='font-style:normal;font-weight:normal;font-size:14px;font-family:arial,sans-serif;color:#000000;'>below:</font></div> <div style='position:absolute;left:43px;top:303px;'><font
style='font-style:normal;font-weight:normal;font-size:14px;font-family:arial,sans-serif;color:#000000;'>&#149;</font></div> <div style='position:absolute;left:71px;top:303px;'><font
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style='font-style:normal;font-weight:normal;font-size:14px;font-family:arial,sans-serif;color:#000000;'>failure</font></div> <div style='position:absolute;left:136px;top:303px;'><font
style='font-style:normal;font-weight:normal;font-size:14px;font-family:arial,sans-serif;color:#000000;'>to</font></div> <div style='position:absolute;left:152px;top:303px;'><font
style='font-style:normal;font-weight:normal;font-size:14px;font-family:arial,sans-serif;color:#000000;'>obtain</font></div> <div style='position:absolute;left:194px;top:303px;'><font
style='font-style:normal;font-weight:normal;font-size:14px;font-family:arial,sans-serif;color:#000000;'>the</font></div> <div style='position:absolute;left:217px;top:303px;'><font
style='font-style:normal;font-weight:normal;font-size:14px;font-family:arial,sans-serif;color:#000000;'>approval</font></div> <div style='position:absolute;left:275px;top:303px;'><font
style='font-style:normal;font-weight:normal;font-size:14px;font-family:arial,sans-serif;color:#000000;'>of</font></div> <div style='position:absolute;left:291px;top:303px;'><font
style='font-style:normal;font-weight:normal;font-size:14px;font-family:arial,sans-serif;color:#000000;'>shareholders</font></div> <div style='position:absolute;left:377px;top:303px;'><font
style='font-style:normal;font-weight:normal;font-size:14px;font-family:arial,sans-serif;color:#000000;'>of</font></div> <div style='position:absolute;left:392px;top:303px;'><font
style='font-style:normal;font-weight:normal;font-size:14px;font-family:arial,sans-serif;color:#000000;'>PartnerRe</font></div> <div style='position:absolute;left:460px;top:303px;'><font
style='font-style:normal;font-weight:normal;font-size:14px;font-family:arial,sans-serif;color:#000000;'>or</font></div> <div style='position:absolute;left:476px;top:303px;'><font
style='font-style:normal;font-weight:normal;font-size:14px;font-family:arial,sans-serif;color:#000000;'>AXIS</font></div> <div style='position:absolute;left:511px;top:303px;'><font
style='font-style:normal;font-weight:normal;font-size:14px;font-family:arial,sans-serif;color:#000000;'>in</font></div> <div style='position:absolute;left:526px;top:303px;'><font
style='font-style:normal;font-weight:normal;font-size:14px;font-family:arial,sans-serif;color:#000000;'>connection</font></div> <div style='position:absolute;left:598px;top:303px;'><font
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style='font-style:normal;font-weight:normal;font-size:14px;font-family:arial,sans-serif;color:#000000;'>proposed</font></div> <div style='position:absolute;left:713px;top:303px;'><font
style='font-style:normal;font-weight:normal;font-size:14px;font-family:arial,sans-serif;color:#000000;'>transaction;</font></div> <div style='position:absolute;left:43px;top:329px;'><font
style='font-style:normal;font-weight:normal;font-size:14px;font-family:arial,sans-serif;color:#000000;'>&#149;</font></div> <div style='position:absolute;left:71px;top:329px;'><font
style='font-style:normal;font-weight:normal;font-size:14px;font-family:arial,sans-serif;color:#000000;'>the</font></div> <div style='position:absolute;left:94px;top:329px;'><font
style='font-style:normal;font-weight:normal;font-size:14px;font-family:arial,sans-serif;color:#000000;'>failure</font></div> <div style='position:absolute;left:136px;top:329px;'><font
style='font-style:normal;font-weight:normal;font-size:14px;font-family:arial,sans-serif;color:#000000;'>to</font></div> <div style='position:absolute;left:152px;top:329px;'><font
style='font-style:normal;font-weight:normal;font-size:14px;font-family:arial,sans-serif;color:#000000;'>consummate</font></div> <div style='position:absolute;left:236px;top:329px;'><font
style='font-style:normal;font-weight:normal;font-size:14px;font-family:arial,sans-serif;color:#000000;'>or</font></div> <div style='position:absolute;left:252px;top:329px;'><font
style='font-style:normal;font-weight:normal;font-size:14px;font-family:arial,sans-serif;color:#000000;'>delay</font></div> <div style='position:absolute;left:290px;top:329px;'><font
style='font-style:normal;font-weight:normal;font-size:14px;font-family:arial,sans-serif;color:#000000;'>in</font></div> <div style='position:absolute;left:305px;top:329px;'><font
style='font-style:normal;font-weight:normal;font-size:14px;font-family:arial,sans-serif;color:#000000;'>consummating</font></div> <div style='position:absolute;left:400px;top:329px;'><font
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style='font-style:normal;font-weight:normal;font-size:14px;font-family:arial,sans-serif;color:#000000;'>achieve</font></div> <div style='position:absolute;left:312px;top:450px;'><font
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style='font-style:normal;font-weight:normal;font-size:14px;font-family:arial,sans-serif;color:#000000;'>be</font></div> <div style='position:absolute;left:43px;top:546px;'><font
style='font-style:normal;font-weight:normal;font-size:14px;font-family:arial,sans-serif;color:#000000;'>accurate.</font></div> <div style='position:absolute;left:108px;top:546px;'><font
style='font-style:normal;font-weight:normal;font-size:14px;font-family:arial,sans-serif;color:#000000;'>AXIS&#146;</font></div> <div style='position:absolute;left:147px;top:546px;'><font
style='font-style:normal;font-weight:normal;font-size:14px;font-family:arial,sans-serif;color:#000000;'>forward&#45;looking</font></div> <div style='position:absolute;left:250px;top:546px;'><font
style='font-style:normal;font-weight:normal;font-size:14px;font-family:arial,sans-serif;color:#000000;'>statements</font></div> <div style='position:absolute;left:325px;top:546px;'><font
style='font-style:normal;font-weight:normal;font-size:14px;font-family:arial,sans-serif;color:#000000;'>are</font></div> <div style='position:absolute;left:352px;top:546px;'><font
style='font-style:normal;font-weight:normal;font-size:14px;font-family:arial,sans-serif;color:#000000;'>based</font></div> <div style='position:absolute;left:396px;top:546px;'><font
style='font-style:normal;font-weight:normal;font-size:14px;font-family:arial,sans-serif;color:#000000;'>on</font></div> <div style='position:absolute;left:418px;top:546px;'><font
style='font-style:normal;font-weight:normal;font-size:14px;font-family:arial,sans-serif;color:#000000;'>assumptions</font></div> <div style='position:absolute;left:503px;top:546px;'><font
style='font-style:normal;font-weight:normal;font-size:14px;font-family:arial,sans-serif;color:#000000;'>that</font></div> <div style='position:absolute;left:533px;top:546px;'><font
style='font-style:normal;font-weight:normal;font-size:14px;font-family:arial,sans-serif;color:#000000;'>AXIS</font></div> <div style='position:absolute;left:569px;top:546px;'><font
style='font-style:normal;font-weight:normal;font-size:14px;font-family:arial,sans-serif;color:#000000;'>believes</font></div> <div style='position:absolute;left:627px;top:546px;'><font
style='font-style:normal;font-weight:normal;font-size:14px;font-family:arial,sans-serif;color:#000000;'>to</font></div> <div style='position:absolute;left:645px;top:546px;'><font
style='font-style:normal;font-weight:normal;font-size:14px;font-family:arial,sans-serif;color:#000000;'>be</font></div> <div style='position:absolute;left:667px;top:546px;'><font
style='font-style:normal;font-weight:normal;font-size:14px;font-family:arial,sans-serif;color:#000000;'>reasonable</font></div> <div style='position:absolute;left:744px;top:546px;'><font
style='font-style:normal;font-weight:normal;font-size:14px;font-family:arial,sans-serif;color:#000000;'>but</font></div> <div style='position:absolute;left:769px;top:546px;'><font
style='font-style:normal;font-weight:normal;font-size:14px;font-family:arial,sans-serif;color:#000000;'>that</font></div> <div style='position:absolute;left:799px;top:546px;'><font
style='font-style:normal;font-weight:normal;font-size:14px;font-family:arial,sans-serif;color:#000000;'>may</font></div> <div style='position:absolute;left:831px;top:546px;'><font
style='font-style:normal;font-weight:normal;font-size:14px;font-family:arial,sans-serif;color:#000000;'>not</font></div> <div style='position:absolute;left:857px;top:546px;'><font
style='font-style:normal;font-weight:normal;font-size:14px;font-family:arial,sans-serif;color:#000000;'>prove</font></div> <div style='position:absolute;left:898px;top:546px;'><font
style='font-style:normal;font-weight:normal;font-size:14px;font-family:arial,sans-serif;color:#000000;'>to</font></div> <div style='position:absolute;left:916px;top:546px;'><font
style='font-style:normal;font-weight:normal;font-size:14px;font-family:arial,sans-serif;color:#000000;'>be</font></div> <div style='position:absolute;left:43px;top:562px;'><font
style='font-style:normal;font-weight:normal;font-size:14px;font-family:arial,sans-serif;color:#000000;'>accurate.</font></div> <div style='position:absolute;left:116px;top:562px;'><font
style='font-style:normal;font-weight:normal;font-size:14px;font-family:arial,sans-serif;color:#000000;'>Neither</font></div> <div style='position:absolute;left:168px;top:562px;'><font
style='font-style:normal;font-weight:normal;font-size:14px;font-family:arial,sans-serif;color:#000000;'>PartnerRe</font></div> <div style='position:absolute;left:239px;top:562px;'><font
style='font-style:normal;font-weight:normal;font-size:14px;font-family:arial,sans-serif;color:#000000;'>nor</font></div> <div style='position:absolute;left:266px;top:562px;'><font
style='font-style:normal;font-weight:normal;font-size:14px;font-family:arial,sans-serif;color:#000000;'>AXIS</font></div> <div style='position:absolute;left:303px;top:562px;'><font
style='font-style:normal;font-weight:normal;font-size:14px;font-family:arial,sans-serif;color:#000000;'>can</font></div> <div style='position:absolute;left:333px;top:562px;'><font
style='font-style:normal;font-weight:normal;font-size:14px;font-family:arial,sans-serif;color:#000000;'>guarantee</font></div> <div style='position:absolute;left:405px;top:562px;'><font
style='font-style:normal;font-weight:normal;font-size:14px;font-family:arial,sans-serif;color:#000000;'>future</font></div> <div style='position:absolute;left:448px;top:562px;'><font
style='font-style:normal;font-weight:normal;font-size:14px;font-family:arial,sans-serif;color:#000000;'>results,</font></div> <div style='position:absolute;left:500px;top:562px;'><font
style='font-style:normal;font-weight:normal;font-size:14px;font-family:arial,sans-serif;color:#000000;'>level</font></div> <div style='position:absolute;left:536px;top:562px;'><font
style='font-style:normal;font-weight:normal;font-size:14px;font-family:arial,sans-serif;color:#000000;'>of</font></div> <div style='position:absolute;left:555px;top:562px;'><font
style='font-style:normal;font-weight:normal;font-size:14px;font-family:arial,sans-serif;color:#000000;'>activity,</font></div> <div style='position:absolute;left:609px;top:562px;'><font
style='font-style:normal;font-weight:normal;font-size:14px;font-family:arial,sans-serif;color:#000000;'>performance</font></div> <div style='position:absolute;left:694px;top:562px;'><font
style='font-style:normal;font-weight:normal;font-size:14px;font-family:arial,sans-serif;color:#000000;'>or</font></div> <div style='position:absolute;left:714px;top:562px;'><font
style='font-style:normal;font-weight:normal;font-size:14px;font-family:arial,sans-serif;color:#000000;'>achievements.</font></div> <div style='position:absolute;left:819px;top:562px;'><font
style='font-style:normal;font-weight:normal;font-size:14px;font-family:arial,sans-serif;color:#000000;'>Moreover,</font></div> <div style='position:absolute;left:889px;top:562px;'><font
style='font-style:normal;font-weight:normal;font-size:14px;font-family:arial,sans-serif;color:#000000;'>neither</font></div> <div style='position:absolute;left:43px;top:579px;'><font
style='font-style:normal;font-weight:normal;font-size:14px;font-family:arial,sans-serif;color:#000000;'>PartnerRe</font></div> <div style='position:absolute;left:113px;top:579px;'><font
style='font-style:normal;font-weight:normal;font-size:14px;font-family:arial,sans-serif;color:#000000;'>nor</font></div> <div style='position:absolute;left:139px;top:579px;'><font
style='font-style:normal;font-weight:normal;font-size:14px;font-family:arial,sans-serif;color:#000000;'>AXIS</font></div> <div style='position:absolute;left:174px;top:579px;'><font
style='font-style:normal;font-weight:normal;font-size:14px;font-family:arial,sans-serif;color:#000000;'>assumes</font></div> <div style='position:absolute;left:236px;top:579px;'><font
style='font-style:normal;font-weight:normal;font-size:14px;font-family:arial,sans-serif;color:#000000;'>responsibility</font></div> <div style='position:absolute;left:323px;top:579px;'><font
style='font-style:normal;font-weight:normal;font-size:14px;font-family:arial,sans-serif;color:#000000;'>for</font></div> <div style='position:absolute;left:345px;top:579px;'><font
style='font-style:normal;font-weight:normal;font-size:14px;font-family:arial,sans-serif;color:#000000;'>the</font></div> <div style='position:absolute;left:370px;top:579px;'><font
style='font-style:normal;font-weight:normal;font-size:14px;font-family:arial,sans-serif;color:#000000;'>accuracy</font></div> <div style='position:absolute;left:432px;top:579px;'><font
style='font-style:normal;font-weight:normal;font-size:14px;font-family:arial,sans-serif;color:#000000;'>and</font></div> <div style='position:absolute;left:461px;top:579px;'><font
style='font-style:normal;font-weight:normal;font-size:14px;font-family:arial,sans-serif;color:#000000;'>completeness</font></div> <div style='position:absolute;left:553px;top:579px;'><font
style='font-style:normal;font-weight:normal;font-size:14px;font-family:arial,sans-serif;color:#000000;'>of</font></div> <div style='position:absolute;left:570px;top:579px;'><font
style='font-style:normal;font-weight:normal;font-size:14px;font-family:arial,sans-serif;color:#000000;'>any</font></div> <div style='position:absolute;left:598px;top:579px;'><font
style='font-style:normal;font-weight:normal;font-size:14px;font-family:arial,sans-serif;color:#000000;'>of</font></div> <div style='position:absolute;left:615px;top:579px;'><font
style='font-style:normal;font-weight:normal;font-size:14px;font-family:arial,sans-serif;color:#000000;'>these</font></div> <div style='position:absolute;left:654px;top:579px;'><font
style='font-style:normal;font-weight:normal;font-size:14px;font-family:arial,sans-serif;color:#000000;'>forward&#45;looking</font></div> <div style='position:absolute;left:756px;top:579px;'><font
style='font-style:normal;font-weight:normal;font-size:14px;font-family:arial,sans-serif;color:#000000;'>statements.</font></div> <div style='position:absolute;left:838px;top:579px;'><font
style='font-style:normal;font-weight:normal;font-size:14px;font-family:arial,sans-serif;color:#000000;'>PartnerRe</font></div> <div style='position:absolute;left:908px;top:579px;'><font
style='font-style:normal;font-weight:normal;font-size:14px;font-family:arial,sans-serif;color:#000000;'>and</font></div> <div style='position:absolute;left:43px;top:596px;'><font
style='font-style:normal;font-weight:normal;font-size:14px;font-family:arial,sans-serif;color:#000000;'>AXIS</font></div> <div style='position:absolute;left:80px;top:596px;'><font
style='font-style:normal;font-weight:normal;font-size:14px;font-family:arial,sans-serif;color:#000000;'>assume</font></div> <div style='position:absolute;left:135px;top:596px;'><font
style='font-style:normal;font-weight:normal;font-size:14px;font-family:arial,sans-serif;color:#000000;'>no</font></div> <div style='position:absolute;left:157px;top:596px;'><font
style='font-style:normal;font-weight:normal;font-size:14px;font-family:arial,sans-serif;color:#000000;'>obligation</font></div> <div style='position:absolute;left:224px;top:596px;'><font
style='font-style:normal;font-weight:normal;font-size:14px;font-family:arial,sans-serif;color:#000000;'>to</font></div> <div style='position:absolute;left:242px;top:596px;'><font
style='font-style:normal;font-weight:normal;font-size:14px;font-family:arial,sans-serif;color:#000000;'>update</font></div> <div style='position:absolute;left:291px;top:596px;'><font
style='font-style:normal;font-weight:normal;font-size:14px;font-family:arial,sans-serif;color:#000000;'>or</font></div> <div style='position:absolute;left:309px;top:596px;'><font
style='font-style:normal;font-weight:normal;font-size:14px;font-family:arial,sans-serif;color:#000000;'>revise</font></div> <div style='position:absolute;left:352px;top:596px;'><font
style='font-style:normal;font-weight:normal;font-size:14px;font-family:arial,sans-serif;color:#000000;'>any</font></div> <div style='position:absolute;left:381px;top:596px;'><font
style='font-style:normal;font-weight:normal;font-size:14px;font-family:arial,sans-serif;color:#000000;'>forward&#45;looking</font></div> <div style='position:absolute;left:483px;top:596px;'><font
style='font-style:normal;font-weight:normal;font-size:14px;font-family:arial,sans-serif;color:#000000;'>statements</font></div> <div style='position:absolute;left:557px;top:596px;'><font
style='font-style:normal;font-weight:normal;font-size:14px;font-family:arial,sans-serif;color:#000000;'>as</font></div> <div style='position:absolute;left:578px;top:596px;'><font
style='font-style:normal;font-weight:normal;font-size:14px;font-family:arial,sans-serif;color:#000000;'>a</font></div> <div style='position:absolute;left:592px;top:596px;'><font
style='font-style:normal;font-weight:normal;font-size:14px;font-family:arial,sans-serif;color:#000000;'>result</font></div> <div style='position:absolute;left:632px;top:596px;'><font
style='font-style:normal;font-weight:normal;font-size:14px;font-family:arial,sans-serif;color:#000000;'>of</font></div> <div style='position:absolute;left:649px;top:596px;'><font
style='font-style:normal;font-weight:normal;font-size:14px;font-family:arial,sans-serif;color:#000000;'>new</font></div> <div style='position:absolute;left:680px;top:596px;'><font
style='font-style:normal;font-weight:normal;font-size:14px;font-family:arial,sans-serif;color:#000000;'>information,</font></div> <div style='position:absolute;left:760px;top:596px;'><font
style='font-style:normal;font-weight:normal;font-size:14px;font-family:arial,sans-serif;color:#000000;'>future</font></div> <div style='position:absolute;left:802px;top:596px;'><font
style='font-style:normal;font-weight:normal;font-size:14px;font-family:arial,sans-serif;color:#000000;'>events</font></div> <div style='position:absolute;left:849px;top:596px;'><font
style='font-style:normal;font-weight:normal;font-size:14px;font-family:arial,sans-serif;color:#000000;'>or</font></div> <div style='position:absolute;left:868px;top:596px;'><font
style='font-style:normal;font-weight:normal;font-size:14px;font-family:arial,sans-serif;color:#000000;'>otherwise,</font></div> <div style='position:absolute;left:43px;top:613px;'><font
style='font-style:normal;font-weight:normal;font-size:14px;font-family:arial,sans-serif;color:#000000;'>except</font></div> <div style='position:absolute;left:88px;top:613px;'><font
style='font-style:normal;font-weight:normal;font-size:14px;font-family:arial,sans-serif;color:#000000;'>as</font></div> <div style='position:absolute;left:107px;top:613px;'><font
style='font-style:normal;font-weight:normal;font-size:14px;font-family:arial,sans-serif;color:#000000;'>may</font></div> <div style='position:absolute;left:137px;top:613px;'><font
style='font-style:normal;font-weight:normal;font-size:14px;font-family:arial,sans-serif;color:#000000;'>be</font></div> <div style='position:absolute;left:157px;top:613px;'><font
style='font-style:normal;font-weight:normal;font-size:14px;font-family:arial,sans-serif;color:#000000;'>required</font></div> <div style='position:absolute;left:214px;top:613px;'><font
style='font-style:normal;font-weight:normal;font-size:14px;font-family:arial,sans-serif;color:#000000;'>by</font></div> <div style='position:absolute;left:233px;top:613px;'><font
style='font-style:normal;font-weight:normal;font-size:14px;font-family:arial,sans-serif;color:#000000;'>law.</font></div> <div style='position:absolute;left:265px;top:613px;'><font
style='font-style:normal;font-weight:normal;font-size:14px;font-family:arial,sans-serif;color:#000000;'>Readers</font></div> <div style='position:absolute;left:323px;top:613px;'><font
style='font-style:normal;font-weight:normal;font-size:14px;font-family:arial,sans-serif;color:#000000;'>are</font></div> <div style='position:absolute;left:348px;top:613px;'><font
style='font-style:normal;font-weight:normal;font-size:14px;font-family:arial,sans-serif;color:#000000;'>cautioned</font></div> <div style='position:absolute;left:413px;top:613px;'><font
style='font-style:normal;font-weight:normal;font-size:14px;font-family:arial,sans-serif;color:#000000;'>not</font></div> <div style='position:absolute;left:437px;top:613px;'><font
style='font-style:normal;font-weight:normal;font-size:14px;font-family:arial,sans-serif;color:#000000;'>to</font></div> <div style='position:absolute;left:452px;top:613px;'><font
style='font-style:normal;font-weight:normal;font-size:14px;font-family:arial,sans-serif;color:#000000;'>place</font></div> <div style='position:absolute;left:490px;top:613px;'><font
style='font-style:normal;font-weight:normal;font-size:14px;font-family:arial,sans-serif;color:#000000;'>undue</font></div> <div style='position:absolute;left:533px;top:613px;'><font
style='font-style:normal;font-weight:normal;font-size:14px;font-family:arial,sans-serif;color:#000000;'>reliance</font></div> <div style='position:absolute;left:587px;top:613px;'><font
style='font-style:normal;font-weight:normal;font-size:14px;font-family:arial,sans-serif;color:#000000;'>on</font></div> <div style='position:absolute;left:607px;top:613px;'><font
style='font-style:normal;font-weight:normal;font-size:14px;font-family:arial,sans-serif;color:#000000;'>these</font></div> <div style='position:absolute;left:645px;top:613px;'><font
style='font-style:normal;font-weight:normal;font-size:14px;font-family:arial,sans-serif;color:#000000;'>forward&#45;looking</font></div> <div style='position:absolute;left:745px;top:613px;'><font
style='font-style:normal;font-weight:normal;font-size:14px;font-family:arial,sans-serif;color:#000000;'>statements</font></div> <div style='position:absolute;left:818px;top:613px;'><font
style='font-style:normal;font-weight:normal;font-size:14px;font-family:arial,sans-serif;color:#000000;'>that</font></div> <div style='position:absolute;left:845px;top:613px;'><font
style='font-style:normal;font-weight:normal;font-size:14px;font-family:arial,sans-serif;color:#000000;'>speak</font></div> <div style='position:absolute;left:887px;top:613px;'><font
style='font-style:normal;font-weight:normal;font-size:14px;font-family:arial,sans-serif;color:#000000;'>only</font></div> <div style='position:absolute;left:917px;top:613px;'><font
style='font-style:normal;font-weight:normal;font-size:14px;font-family:arial,sans-serif;color:#000000;'>as</font></div> <div style='position:absolute;left:43px;top:630px;'><font
style='font-style:normal;font-weight:normal;font-size:14px;font-family:arial,sans-serif;color:#000000;'>of</font></div> <div style='position:absolute;left:58px;top:630px;'><font
style='font-style:normal;font-weight:normal;font-size:14px;font-family:arial,sans-serif;color:#000000;'>the</font></div> <div style='position:absolute;left:82px;top:630px;'><font
style='font-style:normal;font-weight:normal;font-size:14px;font-family:arial,sans-serif;color:#000000;'>date</font></div> <div style='position:absolute;left:113px;top:630px;'><font
style='font-style:normal;font-weight:normal;font-size:14px;font-family:arial,sans-serif;color:#000000;'>hereof.</font></div> </td></tr></table></div> </BODY></HTML>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 99.2 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="font-size:1pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt;margin-bottom:0pt" ALIGN="center">


<IMG SRC="g39010img.jpg" ALT="LOGO">
 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>PartnerRe and AXIS Capital Announce Enhanced Merger Terms </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><I>&#151;PartnerRe Common Shareholders to Receive an Increased Special Dividend of $17.50 Per Share in Connection with the Transaction
Closing&#151; </I></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><I>&#151;PartnerRe and AXIS Capital to Match EXOR Exchange Offer on Preferred Stock Upon Ruling from IRS that Exchange
Offer Does Not Result in Prohibited Tax Shelter Transaction&#151; </I></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>PEMBROKE, Bermuda</B> &#150; July&nbsp;16, 2015 &#150; AXIS Capital Holdings Limited (&#147;AXIS Capital&#148;) (NYSE:AXS) and PartnerRe Ltd. (NYSE:PRE)
(together, &#147;the Companies&#148;) today announced enhanced merger terms that increase to $17.50 per common share the one-time, special cash dividend payable to each holder of record of PartnerRe common shares immediately prior to the closing of
the amalgamation between PartnerRe and AXIS Capital. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In addition, PartnerRe and AXIS Capital have agreed to match the terms contemplated by EXOR&#146;s
proposed exchange offer for PartnerRe preferred shares. However, after consultations with their advisors, PartnerRe and AXIS Capital believe that there is a material risk that EXOR&#146;s proposed exchange offer for PartnerRe preferred shares could
be viewed as a &#147;listed transaction&#148; under applicable IRS rules, which would subject preferred shareholders (and possibly common shareholders) to an onerous annual reporting and penalty regime applicable to prohibited tax shelter
transactions under U.S. income tax laws, as described in further detail below. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">If PartnerRe and AXIS Capital are successful in obtaining a private letter
ruling from the IRS that an exchange offer would not result in this reporting requirement, pursuant to the exchange offer PartnerRe preferred shareholders would receive newly issued preferred shares reflecting a 100 basis point increase in the
current dividend rate and, subject to certain exceptions, an extended redemption date of the later of (a)&nbsp;the fifth anniversary of the date of issuance and (b)&nbsp;January&nbsp;1, 2021. The terms of the newly issued preferred shares would be
otherwise identical in all material respects to the applicable existing PartnerRe preferred shares. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Further highlighting their commitment to the
transaction, PartnerRe and AXIS Capital have also agreed that each party&#146;s obligation to close the amalgamation is no longer conditioned on the absence of a three notch rating downgrade from A.M. Best. By removing this rating downgrade closing
condition, PartnerRe and AXIS Capital have provided even more certainty to the successful consummation of the transaction. Having received all of the competition-related approvals and substantially all of the non-U.S. regulatory approvals, the
amalgamation remains on track to close in the third quarter of 2015, subject to approvals by the shareholders of both companies, remaining regulatory clearances and customary closing conditions. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">PartnerRe Chairman Jean-Paul Montupet stated, &#147;We are very pleased to agree to enhanced terms with AXIS Capital so that shareholders can realize the
value of the combination. This amalgamation will immediately enhance our strategic positioning and financial strength and we will have tremendous resources to build upon our proven track record of stability and success. As we approach the
August&nbsp;7th meeting date for shareholders to approve the amalgamation, we are confident that they will recognize the </P>

<p Style='page-break-before:always'>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
unique potential of this transformative combination. In addition to the cash special dividend, shareholders will benefit from owning a significant interest in a world-class specialty insurance
and reinsurance franchise.&#148; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">AXIS Capital CEO Albert A. Benchimol stated, &#147;The strategic and financial benefits of the merger agreement between
AXIS Capital and PartnerRe are compelling, and we are confident that it will deliver superior value both to our shareholders and to our clients and distribution partners.&nbsp;The combination represents a unique opportunity to create a financial
powerhouse in the industry with a strong franchise, robust earnings power, and double-digit ROE that is well-positioned to achieve superior and stable value creation across both secular and cyclical market changes.&nbsp;The combined company will
have the scale, the product reach and the service capabilities to add substantial value and deepen our relationships with clients and distribution partners.&nbsp;At the end of the day, the merger creates opportunities that neither company could
really achieve on its own in the near-term &#150; including expense synergies in excess of $200 million, significant capital efficiencies, and incremental growth opportunities.&#148; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Boards of Directors of both companies unanimously, after consultation with their outside legal counsel and financial advisors, approved the amendment
giving effect to the enhanced amalgamation terms and determined that the terms of the amalgamation agreement, as amended, are advisable and fair to, and in the best interests of, PartnerRe and AXIS Capital, respectively. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The amalgamation is accretive to operating earnings and ROE in year one, achieving double-digit EPS accretion and a double-digit ROE by 2017. A portion of the
funds allocated to previously announced share repurchases will be used to fund the increase in the special dividend. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The PartnerRe and AXIS Capital
Boards of Directors continue to urge their holders of both common and preferred shares to promptly use their white proxy card to vote FOR the Amalgamation Agreement at the Shareholder Meetings on August&nbsp;7, 2015. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Additional Information Related to PartnerRe Preferred Shares</U></B> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">After careful analysis, PartnerRe and AXIS Capital believe the preferred shares proposed to be issued in the EXOR exchange offer could be characterized as
&#147;fast-pay stock&#148; under U.S. tax law. If the preferred shares are characterized as &#147;fast-pay stock,&#148; such a characterization would have serious negative consequences for preferred shareholders: </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"><I>Reporting Burdens</I>. All holders of PartnerRe preferred shares, including holders that do not participate in the exchange offer, would be required under applicable IRS rules to file a disclosure statement (IRS Form
8886 or a successor form) with their U.S. federal income tax returns identifying their participation in a prohibited tax shelter transaction. A copy of any such form is also required to be mailed to the IRS&#146;s Office of Tax Shelter Analysis.
These reporting obligations may also apply to holders of the amalgamated company common shares. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"><I>Prohibited Investment</I>. Many institutional investors, fund managers and brokerage firms have internal policies or investment mandates that prohibit such institutions from investing in instruments that qualify as
&#147;listed transactions&#148;, whether specifically stated or due to additional tax reporting requirements at a client level that would be required, which may prevent them from holding any preferred shares. </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"><I>Onerous Penalty Regime.</I> Failure to comply with the disclosure requirements above may result in onerous penalties. </TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Thus, PartnerRe and AXIS Capital believe that the more responsible path forward is to ensure that such exchange would not trigger this onerous disclosure and
penalty regime prior to initiating the exchange offer. Accordingly, PartnerRe and AXIS Capital have agreed in the amended amalgamation agreement to use commercially reasonable efforts to obtain a private letter ruling from the IRS to the effect that
the </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
issuance of preferred shares with terms contemplated by EXOR&#146;s proposed exchange offer would not result in a &#147;listed transaction&#148; or otherwise expose holders of the amalgamated
company shares to tax shelter reporting obligations. The amended amalgamation agreement requires the amalgamated company to commence an exchange offer for the applicable preferred shares promptly upon the receipt of such a private letter ruling.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">PartnerRe and Axis expect to mail supplemental proxy materials to shareholders in the near future. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>About AXIS Capital </U></B> </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">AXIS Capital is a
Bermuda-based global provider of specialty lines insurance and treaty reinsurance with shareholders&#146; equity attributable to AXIS Capital at March&nbsp;31, 2015 of $6.0 billion and locations in Bermuda, the United States, Europe, Singapore,
Canada, Australia, and Latin America. Its operating subsidiaries have been assigned a rating of &#147;A+&#148; (&#147;Strong&#148;) by Standard&nbsp;&amp; Poor&#146;s and &#147;A+&#148; (&#147;Superior&#148;) by A.M. Best. For more information about
AXIS Capital, visit our website at www.axiscapital.com. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>About PartnerRe Ltd.</U></B> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">PartnerRe Ltd. is a leading global reinsurer, providing multi-line reinsurance to insurance companies. The Company, through its wholly owned subsidiaries, also
offers capital markets products that include weather and credit protection to financial, industrial and service companies. Risks reinsured include property, casualty, motor, agriculture, aviation/space, catastrophe, credit/surety, engineering,
energy, marine, specialty property, specialty casualty, multi-line and other lines in its Non-life operations, mortality, longevity and accident and health in its Life and Health operations, and alternative risk products. For the year ended
December&nbsp;31, 2014, total revenues were $6.5 billion. At March&nbsp;31, 2015, total assets were $22.5 billion, total capital was $8.0 billion and total shareholders` equity attributable to PartnerRe was $7.2 billion. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Important Information For Investors And Shareholders </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">This communication does not constitute an offer to buy or sell or the solicitation of an offer to buy or sell any securities or a solicitation of any vote or
approval. This communication relates to a proposed business combination between PartnerRe Ltd. (&#147;<B>PartnerRe</B>&#148;) and AXIS Capital Holdings Limited (&#147;<B>AXIS</B>&#148;). In connection with this proposed business combination,
PartnerRe and AXIS have filed a registration statement on Form S-4 with the Securities and Exchange Commission (the &#147;<B>SEC</B>&#148;), and a definitive joint proxy statement/prospectus of PartnerRe and AXIS and other documents related to the
proposed transaction. This communication is not a substitute for any such documents. The registration statement was declared effective by the SEC on June&nbsp;1, 2015 and the definitive proxy statement/prospectus has been mailed to shareholders of
PartnerRe and AXIS. INVESTORS AND SECURITY HOLDERS OF PARTNERRE AND AXIS ARE URGED TO READ THE REGISTRATION STATEMENT, JOINT PROXY STATEMENT/PROSPECTUS AND OTHER DOCUMENTS THAT HAVE BEEN OR MAY BE FILED WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY
BECAUSE THEY CONTAIN OR WILL CONTAIN IMPORTANT INFORMATION. A definitive proxy statement has been mailed to shareholders of PartnerRe and AXIS. Investors and security holders may obtain free copies of these documents and other documents filed with
the SEC by PartnerRe and/or AXIS through the website maintained by the SEC at http://www.sec.gov. Copies of the documents filed with the SEC by PartnerRe are available free of charge on PartnerRe&#146;s internet website at http://www.partnerre.com
or by contacting PartnerRe&#146;s Investor Relations Director by email at robin.sidders@partnerre.com or by phone at 1-441-294-5216. Copies of the documents filed with the SEC by AXIS are available free of charge on AXIS&#146; internet website at
http://www.axiscapital.com or by contacting AXIS&#146; Investor Relations Contact by email at linda.ventresca@axiscapital.com or by phone at 1-441-405-2727. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Participants in Solicitation </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">PartnerRe, AXIS, their
respective directors and certain of their respective executive officers may be considered participants in the solicitation of proxies in connection with the proposed transaction. </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
Information about the directors and executive officers of PartnerRe is set forth in its Annual Report on Form 10-K for the year ended December&nbsp;31, 2014, which was filed with the SEC on
February&nbsp;26, 2015, its proxy statement for its 2014 annual meeting of stockholders, which was filed with the SEC on April&nbsp;1, 2014, its Quarterly Report on Form 10-Q for the quarter ended March&nbsp;31, 2015, which was filed with the SEC on
May&nbsp;4, 2015 and its Current Reports on Form 8-K, which were filed with the SEC on January&nbsp;29, 2015,&nbsp;May&nbsp;16, 2014 and March&nbsp;27, 2014. Information about the directors and executive officers of AXIS is set forth in its Annual
Report on Form 10-K for the year ended December&nbsp;31, 2014, which was filed with the SEC on February&nbsp;23, 2015, its proxy statement for its 2014 annual meeting of stockholders, which was filed with the SEC on March&nbsp;28, 2014, its
Quarterly Report on&nbsp;Form&nbsp;10-Q for the quarter ended March&nbsp;31, 2015, which was filed with the SEC on May&nbsp;4, 2015 and its Current Reports on Form&nbsp;8-K, which were filed with the SEC on March&nbsp;11, 2015,&nbsp;January&nbsp;29,
2015,&nbsp;August&nbsp;7, 2014,&nbsp;June&nbsp;26, 2014,&nbsp;March&nbsp;27, 2014 and February&nbsp;26, 2014. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">These documents can be obtained free of
charge from the sources indicated above. Additional information regarding the participants in the proxy solicitations and a description of their direct and indirect interests, by security holdings or otherwise, is contained in the joint proxy
statement/prospectus and other relevant materials filed with the SEC. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Forward Looking Statements </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Certain statements in this communication regarding the proposed transaction between PartnerRe and AXIS are &#147;forward-looking&#148; statements. The words
&#147;anticipate,&#148; &#147;believe,&#148; &#147;ensure,&#148; &#147;expect,&#148; &#147;if,&#148; &#147;illustrative,&#148; &#147;intend,&#148; &#147;estimate,&#148; &#147;probable,&#148; &#147;project,&#148; &#147;forecasts,&#148;
&#147;predict,&#148; &#147;outlook,&#148; &#147;aim,&#148; &#147;will,&#148; &#147;could,&#148; &#147;should,&#148; &#147;would,&#148; &#147;potential,&#148; &#147;may,&#148; &#147;might,&#148; &#147;anticipate,&#148; &#147;likely&#148;
&#147;plan,&#148; &#147;positioned,&#148; &#147;strategy,&#148; and similar expressions, and the negative thereof, are intended to identify forward-looking statements. These forward-looking statements, which are subject to risks, uncertainties and
assumptions about PartnerRe and AXIS, may include projections of their respective future financial performance, their respective anticipated growth strategies and anticipated trends in their respective businesses. These statements are only
predictions based on current expectations and projections about future events. There are important factors that could cause actual results, level of activity, performance or achievements to differ materially from the results, level of activity,
performance or achievements expressed or implied by the forward-looking statements, including the risk factors set forth in PartnerRe&#146;s and AXIS&#146; most recent reports on Form 10-K, Form 10-Q and other documents on file with the SEC and the
factors given below: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">the failure to obtain the approval of shareholders of PartnerRe or AXIS in connection with the proposed transaction; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">the failure to consummate or delay in consummating the proposed transaction for other reasons; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">the timing to consummate the proposed transaction; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">the risk that a condition to closing of the proposed transaction may not be satisfied; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">the risk that a regulatory approval that may be required for the proposed transaction is delayed, is not obtained, or is obtained subject to conditions that are not anticipated; </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">AXIS&#146; or PartnerRe&#146;s ability to achieve the synergies and value creation contemplated by the proposed transaction; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">the ability of either PartnerRe or AXIS to effectively integrate their businesses; and </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">the diversion of management time on transaction-related issues. </TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">PartnerRe&#146;s forward-looking statements
are based on assumptions that PartnerRe believes to be reasonable but that may not prove to be accurate. AXIS&#146; forward-looking statements are based on assumptions that AXIS believes to be reasonable but that may not prove to be accurate.
Neither PartnerRe nor AXIS can guarantee future results, level of activity, performance or achievements. </P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
Moreover, neither PartnerRe nor AXIS assumes responsibility for the accuracy and completeness of any of these forward-looking statements. PartnerRe and AXIS assume no obligation to update or
revise any forward-looking statements as a result of new information, future events or otherwise, except as may be required by law. Readers are cautioned not to place undue reliance on these forward-looking statements that speak only as of the date
hereof. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>AXIS Capital Holdings Limited: </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Investors: </B> </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Linda Ventresca, (441)&nbsp;405-2727 <U>
</U></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>info@axiscapital.com </U></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">or </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Media: </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Kekst and Company </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Michael Herley, (212)&nbsp;521-4897 <U> </U></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>michael-herley@kekst.com </U></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>PartnerRe Ltd.: </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Investor: </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Robin Sidders, (441)&nbsp;294-5216 <U> </U></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>robin.sidders@partnerre.com </U></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">or <B> </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Media: </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Celia Powell, (441)&nbsp;294-5210 <U> </U></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>celia.powell@partnerre.com </U></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">or <B> </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Sard Verbinnen&nbsp;&amp; Co </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Drew Brown/Robin Weinberg,
(212)&nbsp;687-8080 </P>
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<DOCUMENT>
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<SEQUENCE>11
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
