Armor Re Ltd. is a company incorporated as an exempted company under the laws

of Bermuda on 3 April 2013 under company number 47569 with registered office

address at Canon’s Court, 22 Victoria Street, Hamilton HM12, Bermuda. On 13 May,

2013, the company was registered as a Special Purpose Insurer under the

Bermuda Insurance Act 1978, as amended.

The $183 Million Series 2013-1 Class A Principal At-Risk Variable Rate Notes due

May 14, 2014 (“2013-1 Notes Series”) and further series of Principal At-Risk

Variable Rate Notes (“Further Notes Series”) (together the “Notes”) issued from

time to time pursuant to the Program. The Notes are exposed to loss events,

as specified in the Circular. The Notes are subject to extension at the election of

the Ceding Insurer, as described in the Circular.

The Notes will be issued in United States currency, and in minimum denominations of $250,000 and integral multiples of $1,000 in excess thereof.