Manatee Re Ltd. is a Bermuda exempted company incorporated on 19 February 2015 under the laws of Bermuda and registered as a Special Purpose Insurer in accordance with the Insurance Act, 1978, as amended. The Series 2015-1 Class A Principal-At-Risk Variable Rate Notes due 22 December 2017 are pursuant to its Note Program (the “Notes”) and are exposed to loss events, as specified in the offering circular. For Qualified Investors.