Merna Re V Ltd., a Bermuda exempted company licensed as a special purpose insurer under the Bermuda Insurance Act 1978, as amended, and owned by a Bermuda purpose trust (the “Issuer”).

The Issuer was incorporated under the laws of Bermuda on February 20, 2014. The Issuer’s business will consist solely of the issuance of the Notes and the entering into and performance of a reinsurance agreement with the Ceding Insurer in respect of the Subject Business (the “Reinsurance Agreement”) and related agreements and activities.

The issuance is of $300,000,000 Principal-at-Risk Variable Rate Notes due April 7, 2017 (the “Notes”) which are exposed to loss events, as specified in the offering circular. For Qualified Investors.