Shima Reinsurance Ltd. (“Shima Re”) acting on behalf of its segregated account designated as “Segregated Account Omamori” (such segregated account, the “Issuer”).  Shima Re is a Bermuda exempted company registered as a Class 3 insurer under the Insurance Act 1978, as amended, and registered as a segregated accounts company under the Bermuda Segregated Accounts Companies Act 2000, as amended.

$25,000,000 Principal-At-Risk Variable Rate Notes due January 24, 2017.

The Issuer is issuing the Notes in order to obtain capital to support and fund
its obligations under the Retrocession Agreement pursuant to which it will
provide the Ceding Reinsurer with a source of certain multi-year catastrophe
retrocession capacity.