MERNA RENISURANCE IV LTD.

Incorporated in Bermuda as an exempted company.

Listing sponsored by:  Capital G BSX Services Ltd.

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Merna Reinsurance IV Ltd. Principal-at-Risk Variable Rate Notes – due April 8, 2016.

Issuance of $300,000,000 Principal-at-Risk Variable Rate Notes due April 8, 2016 (the “Notes”) which are exposed to loss events, as specified in the offering circular. The Notes are subject to extension at the election of the Ceding Insurer, as described in the Circular.