Merna Re Enterprise Ltd. (the “Issuer”), a Bermuda exempted company limited by shares registered as a special purpose insurer under the
Insurance Act 1978 of Bermuda and related rules and regulations, each as amended (the “Insurance Act”), and owned by a Bermuda purpose
trust. The Issuer was incorporated under the laws of Bermuda on March 24, 2025.

Merna Re Enterprise Ltd - US$550,000,000 Series 2025-4 Class A Principal At-Risk Variable Rate Notes due July 7, 2028