Baltic PCC Limited (the "Issuer") (the "PCC") is a protected cell company incorporated under the Risk Transformation Regulations 2017 on 9 January 2019 with company number PC000004. In relation to the offering of the Notes, the PCC is acting through and on behalf of its protected cell 2 and references to the Issuer are to Baltic PCC Limited acting in that capacity.

Baltic PCC Limited GBP100,000,000 Series 2022-1 Principal-at-Risk Variable Rate Notes Due March 7, 2025.