Hypatia Ltd. is a Bermuda exempted company to be registered as a special purpose insurer under the Bermuda Insurance Act, 1978 and related regulations, each as amended (the “Insurance Act”). The Issuer is not, and does not intend to become, a licensed insurance or reinsurance company in any State of the United States or in any jurisdiction other than Bermuda. The Issuer was incorporated under the laws of Bermuda on June 25, 2020 with registration number 55670. All of its issued share capital (one share of par value US$1.00) is held in trust for charitable or similar purposes by the Share Trustee as trustee of the Hypatia Ltd. Purpose Trust (the “Purpose Trust”), pursuant to the terms of a declaration of trust dated June 24, 2020 (the “Bermuda Trust Deed”).

Hypatia Ltd., Principal At-Risk Variable Rate Note Program;