Panda Re Ltd. is a Bermuda exempted company incorporated on May 29, 2015 under the laws of Bermuda. Its registered office is Clarendon House, 2 Church Street, Hamilton, HM 11, Bermuda.

 The Panda Re Ltd. US$50,000,000 Series 2015-1 Class A Principal-At-Risk Variable Rate Notes due July 9, 2018 (the “Series 2015-1 Notes”) are exposed to the peril of Earthquake affecting the Covered Area on a per occurrence basis during the Risk Period.

For Qualified Investors.