Horse Capital I DAC is an Irish designated activity company limited by shares.  The Issuer was incorporated under the laws of Ireland on July 11, 2016 under company number 585853. The purpose of the issuance of each Class of Notes and the entering into of the related Risk Transfer Agreements is to provide Assicurazioni Generali S.p.A., the Counterparty, with protection in respect of the Loss Ratio for an Annual Risk Period relating to a reference portfolio of policies, contracts and agreements of insurance expressly covering the peril of motor third party liability issued or contracted by certain subsidiaries of the Counterparty, exceeding the Attachment Loss Ratio for such Class for such Annual Risk Period, as further described in the Confidential Offering Circular.

€85,000,000 Class C Principal At-Risk Variable Rate Notes due June 15, 2020;