Baltic PCC Limited (the "Issuer") is a protected cell company insurance special purpose vehicle incorporated under the Risk Transformation Regulations 2017 on January 9, 2019 with company number PC000004 and is licensed as a transformer vehicle under the laws of England and Wales. In relation to the offering of the Series 2019 Notes, the Issuer is acting through and on behalf of its protected cell 1 and references to the Issuer are to Baltic PCC Limited acting in that capacity. As of the date of this Term Sheet, the Issuer has not conducted any business and its business in future will be limited to the entry into the Retrocession Agreement with the Ceding Reinsurer in respect of risks identified in the Term Sheet and entering into the other Transaction Documents. It will fund its obligations under the Retrocession Agreement through the issuance of the Series 2019 Notes.

Baltic PCC Limited GBP 75,000,000 Principal At-Risk Variable Rate Notes Due March 7, 2022