Resilience Re is a recently formed Bermuda exempted company licensed as a special purpose insurer under the Bermuda Insurance Act, whose sole business purpose will be to issue each Series of Notes and, acting in respect of the applicable Segregated Account, to enter into and perform the applicable Reinsurance Agreement with the relevant Ceding Company, and related agreements and activities. The Issuer has no operating history.

Certain of the business activities of the Issuer are to be carried out on behalf of the Issuer by third-party service providers appointed by the Issuer for such purpose. Consequently, the Issuer (and thus the Noteholders) will be relying on such third-party service providers to perform their duties diligently and in good faith. The Issuer is not expected to independently review any business activities carried out on its behalf by such third-party service providers.