Primus Guaranty Comments on Thomson CDS Exposure

Following the announcement on August 12, 2009 by the International Swaps and Derivatives Association, Inc. that its EMEA Credit Derivatives Determinations Committee determined that a Restructuring Credit Event occurred in respect of Thomson S.A. ("Thomson”), Primus Guaranty, Ltd. (NYSE:PRS) provided the following information with regard to the credit default swaps ("CDS”) portfolio of Primus Financial Products, LLC ("Primus Financial”).

Primus Financial had no single-name CDS notional exposure that references Thomson. Primus Financial did have CDS exposure to Thomson in certain of its bespoke tranche transactions, which are not subject to first loss due to existing subordination levels. The company does not anticipate that Primus Financial will have to make cash settlement payments on its bespoke tranche transactions and that its Economic Results for the third quarter of 2009 will not be affected as a result of this restructuring credit event.

About Primus Guaranty

Primus Guaranty, Ltd. is a Bermuda company with operations in New York, Boston and London. Through its subsidiaries, Primus Guaranty has over $25 billion in assets under management in structured credit vehicles. Those vehicles are invested across a range of asset classes – including investment grade, high yield and leveraged loans – using both cash and synthetic instruments.

Safe Harbor Statement

Some of the statements included in this press release and other statements Primus Guaranty may make, particularly those anticipating future financial performance, business prospects, growth and operating strategies, market performance, valuations and similar matters, are forward-looking statements that involve a number of assumptions, risks and uncertainties, which change over time. For those statements, Primus Guaranty claims the protection of the safe harbor for forward-looking statements contained in the U.S. Private Securities Litigation Reform Act of 1995. Any such statements speak only as of the date they are made, and Primus Guaranty assumes no duty to, and does not undertake to, update any forward-looking statements. Actual results could differ materially from those anticipated in forward-looking statements, and future results could differ materially from historical performance. For a discussion of the factors that could affect the company's actual results please refer to the risk factors identified from time to time in the company's SEC reports, including, but not limited to, Primus Guaranty's Annual Report on Form 10-K, as filed with the U.S. Securities and Exchange Commission.