Business: Enstar Group, Ltd. 7.00% Depositary Shares, each representing a 1/1,000th interest in a share of the Issuer’s Non_Cumulative Fixed-to-Floating Rate Series D Perpetual Preferred Shares, liquidation preference $25 per depositary share, redeemable at the issuer's option on or after 9/20/2028 at $25 per depositary share plus declared and unpaid dividends, and with no stated maturity. Non-Cumulative distributions of 7.00% per annum ($1.75 per annum or $0.4375 per quarter) will be paid quarterly on 3/1, 6/1, 9/1 & 12/1 to holders of record on the record date that will be on the immediately preceding 15th day of February, May, August and November (NOTE: the ex-dividend date is one business day prior to the record date). Beginning on 9/1/2028 dividends will be payable on a non-cumulative basis at a floating annual rate, which is reset quarterly, equal to three-month LIBOR plus 4.015% of the liquidation preference per annum. The dividends are non-cumulative and if the board of directors does not declare a dividend or the company fails to pay a dividend declared by the board for any quarterly dividend period, the holder will not be entitled to receive any dividend for that quarterly period and the undeclared or unpaid dividend will not accumulate. The Preferred Shares represented by the Depositary Shares are not redeemable prior to 9/1/2028, except in specified circumstances relating to certain tax events or corporate events or within 90 days following the occurrence of a capital disqualification event or the occurrence of a rating agency event (see prospectus for further information). Dividends paid by these preferred shares are eligible for the preferential income tax rate of 15% to a maximum of 20% depending on the holder's tax bracket (and under IRS specified holding restrictions) but, since they are issued by a foreign company, are NOT eligible for the dividends received deduction for corporate holders (see page S-41 of the prospectus for further information). This security was rated BB+ by S&P at the date of its IPO. In regard to the payment of dividends and upon liquidation, the preferred shares rank junior to the company's senior debt, equally with other preferreds of the company, and senior to the common shares of the company. See the IPO prospectus for further information on the preferred stock by clicking on the ‘Link to IPO Prospectus’ provided below.