The following specialist debt programme has been approved for securities issued there under within five years of the publication of the programme memorandum to be admitted to the official list of the Cayman Islands Stock Exchange:

Name of Issuer:

Espada Reinsurance Limited

Description of Programme:

Principal At-Risk Variable Rate Note Program

Date of Programme Memorandum:

12 February 2016

Date of Approval:

1 March 2016

Expiry of Approval:

28 February 2021