Sanders Re Ltd. is a Bermuda exempted company incorporated under the laws of Bermuda on April 2, 2013 and registered as a Special Purpose Insurer in Bermuda. Its issued shares will be held pursuant to the terms of the Sanders Re Purpose Trust by Codan Trust Company Limited as share trustee.  The business of the Issuer will consist solely of the issuance of the Notes under the Program, and the entering into and performance of a reinsurance agreement and related agreements and activities as applicable.

Issuance of US$200,000,000 Series 2014-2 Class A Principal-at-Risk Variable Rate Notes due June 7, 2017 which are exposed to loss events, as specified in the Circular.  The Class B Notes are subject to extension at the election of the Ceding Insurer, as described in the Circular.