PennUnion Re Ltd. is a Bermuda exempted company incorporated on September 1, 2015 under the laws of Bermuda.  Its registered office is Clarendon House, 2 Church Street, Hamilton, HM 11, Bermuda and its principal office is c/o Kane (Bermuda) Ltd., 6th Floor Cumberland House, 1 Victoria Street, Hamilton Hm11, Bermuda.

The  US$275,000,000 Series 2015-1 Class A Principal-At-Risk Variable Rate Notes due 7 December, 2018 (the “Series 2015-1 Notes”) pursuant to the approved Principal at Risk Note Variable Rate Note Program are exposed to the peril of windstorms and earthquakes on a per occurrence basis, as specified in the Circular.