Mapfre Middlesea plc - Interim Directors’ Statement

Middlesea Insurance plc issued its Interim Directors’ Statement on 14 May. The Directors stated that during the first quarter of 2008 there was a marked increase in the turbulence in the international financial markets which presented various challenges due to the inherent uncertain nature of insurance business. This was reflected by cyclical movements in both capital and insurance markets.

However the Directors noted that positive trends in the capital markets emerged during the month of April.

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