Bosphorus Ltd. (“Issuer”) is a Bermuda exempted company. The Issuer is not, and does not intend to become, a licensed insurance or reinsurance company in any state of the United States, in Bermuda or elsewhere. The Issuer was incorporated under the laws of Bermuda on May 20, 2015, with registration number 50285 under the name Bosphorus Ltd.

The $100,000,000  Series 2015-1 Class A Principal At-Risk Variable Rate Notes due 17 August 2018  are exposed to the perils of Earthquake and covered events as described in the Prospectus on an aggregate basis over the risk period.