Primus Guaranty, Ltd. is a Bermudan holding company. The Company's principal subsidiaries are Primus Financial Products, LLC and Primus Asset Management, Inc. Primus Financial is a seller of credit swaps. Primus Asset Management manages Primus Financial's credit swap business and the credit swap portfolios of third parties. For such services, Primus Asset Management receives a management fee. Primus's insurer, Primus Re offers financial guaranty insurance protection to companies that prefer insurance products to credit swaps. In July 2005, Primus formed PRS Trading Strategies, LLC, to engage in the buying and selling of credit protection on single names, indices and tranches. In November 2005, Primus Guaranty (UK), Ltd. was formed to provide a base of operations to support the expansion of the Company's business in Europe and elsewhere.

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