Gemstone CDO III Ltd and Gemstone CDO III Corp

15^th May 2012

Re: CRM Report as at 3^rd May 2012 and Note Valuation Report as at 15^th May 2012

Enquiries to: 

Jonathan Armstrong
Deutsche Bank Trust Co Americas
Structured Credit Services
1761 East St Andrews Place
Santa Ana, CA 92705-4934

Ph: (714) 247-6286
Fax:  (714) 656-2590

This announcement has been issued through the Companies Announcement Service of

the Irish Stock Exchange.