Embarcadero Re is a Bermuda Exempted Company licensed as a Special Purpose Insurer under the Bermuda Insurance Act 1978.

The purpose of the Principal At-Risk Variable Notes program is to provide the Issuer with funds in order to support its obligations under the respective reinsurance contracts it enters into with the ceding Insurer, the California Earthquake Authority, as specified in the Offering Circular.

Embarcadero Reinsurance Ltd. (“Embarcadero Re”) Principal At-Risk Variable Notes constitutes an issuance under the Exchange’s Restricted Marketing provisions for Qualified Investors and Section V of the BSX Listing Regulations pertaining to International Issuers of Insurance Related Securities.