Chubb Capital Iii Limited

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(A) A SUM EQUAL TO THE UNDISCHARGED UNDE RWRITING OBLIGATIONS INCURRED AT ANY TIM E BY ANY CONNECTED COMPANY AS AN UNDERWR ITING MEMBER OF THE SOCIETY AND INCLUDIN G ANY OBLIGATION TO THE SOCIETY AND ANY UNDISCHARGED OBLIGATION ARISING AT ANY T IME UNDER: (I) THE BYE LAWS, REGULATIONS , DIRECTIONS OR OTHER REQUIREMENTS OF TH E SOCIETY; (II) ANY DEED, CONTRACT, INST RUMENT OR OTHER ARRANGEMENT OF ANY KIND APPROVED BY THE SOCIETY; BUT NOT INCLUDI NG OBLIGATIONS ARISING IN RESPECT OF ANY LETTER OF CREDIT, GUARANTEE OR OTHER SE CURITY GIVEN TO SECURE THE PERFORMANCE O F ANY SUCH UNDERWRITING OBLIGATION IN FA VOUR OF THE PERSON GIVING SUCH GUARANTEE OR OTHER SECURITY, (B) INTEREST PURSUAN T TO CLAUSE 9.5 OF THE AGREEMENT AND ACC RUING FROM DAY TO DAY AT THE RATE OF TWO PERCENT. PER ANNUM OR SUCH OTHER RATE A S THE COUNCIL MAY FROM TIME TO TIME PRES CRIBE ABOVE THE BASE RATE FROM TIME TO T IME OF SUCH LONDON CLEARING BANK AS THE SOCIETY MAY SELECT

ALL LOSSES, CLAIMS, EXPENSES, RETURNS OF PREMIUMS, RE-INSURANCE PREMIUMS AND OTH ER OUTGOINGS PAYABLE AT THE DATE OF THE TRUST DEED OR AT ANY TIME THEREAFTER TO BECOME PAYABLE IN CONNECTION WITH THE CA NADIAN BUSINESS OF THE COMPANY, INCLUDIN G (1) THE PAYMENT OF ANY AMOUNT INTO AN ESCROW FUND OR ACCOUNT TO BE HELD IN RES PECT OF A PARTICULAR CLAIM OF A POLICYHO LDER OR ANY OTHER PERSON AND (2) ALL EXP ENSES WHATSOEVER FROM TIME TO TIME INCUR RED BY THE COMPANY IN CONNECTION WITH OR ARISING OUT OF THE CANADIAN BUSINESS OF THE COMPANY INCLUDING ANY SALARY, COMMI SSION, OTHER REMUNERATION AND REIMBURSEM ENT OF OUTLAYS PAYABLE BY THE COMPANY TO THE AGENT OR TO ANY OTHER PERSON IN CON NECTION WITH THE CONDUCT OR WINDING UP O F THE CANADIAN BUSINESS, THE REPAYMENT O F ANY OUTSTANDING INDEBTEDNESS INCURRED BY THE COMPANY TO MEET VALID EXPENSES OF THE CANADIAN BUSINESS OF SUCH COMPANY, THE COMPANY'S DUE PROPORTION OF REMUNERA TION AND REIMBURSEMENT OF EXPENSES OF TH E CANADIAN TRUSTEE, THE COMPANY'S DUE PR OPORTION OF ANY SHORTFALL IN THE LLOYD'S CANADIAN BUSINESS FUND (INCLUDING ANY C OSTS OR EXPENSES IN RESPECT THERETO) AND INCLUDING ALSO ANY TAXES INCURRED IN OR BY REASON OF THE CANADIAN BUSINESS

(A) TO THE EXTENT TO WHICH THE TRUST IS ESTABLISHED BY THE CORPORATE MEMBER AS A LICENSED GRANTOR, ANY SUM OF MONEY WHIC H IS OR BECOMES PAYABLE TO A POLICYHOLDE R TO PAY A CLAIM ARISING UNDER AN ILLINO IS POLICY ISSUED BY THE CORPORATE MEMBER AS A LICENSED GRANTOR OR FOR WHICH THE CORPORATE MEMBER AS A LICENSED GRANTOR I S LIABLE UNDER ANY CONTRACT OF REINSURAN CE TO CLOSE, AND (B) TO THE EXTENT TO WH ICH THE TRUST IS ESTABLISHED BY THE CORP ORATE MEMBER AS A REINSURING GRANTOR, BU T ONLY IN THE EVENT OF THE INSOLVENCY OF THE CORPORATE MEMBER, ANY SUM OF MONEY WHICH IS OR BECOMES PAYABLE IN ORDER TO PAY OR REIMBURSE ONE OR MORE LICENSED GR ANTORS FOR THE AMOUNTS FOR WHICH THE COR PORATE MEMBER AS A REINSURING GRANTOR IS LIABLE UNDER THE REINSURANCE AGREEMENT IN RESPECT OF ANY LOSSES AND ALLOCATED L OSS ADJUSTMENT EXPENSES PAID BY SUCH LIC ENSED GRANTOR BUT NOT RECOVERED FROM THE CORPORATE MEMBER AS A REINSURING GRANTO R, OR IN RESPECT OF UNEARNED PREMIUMS DU E TO SUCH LICENSED GRANTOR BUT NOT OTHER WISE PAID BY THE CORPORATE MEMBER AS A R EINSURING GRANTOR (TERMS USED ARE TO BE INTERPRETED AS PROVIDED IN THE TRUST DEE D) AND FOR SECURING THE OTHER AMOUNTS AN D OBLIGATIONS REFERRED TO IN THE TRUST D EED.

ALL LOSSES, CLAIMS, EXPENSES, RETURNS OF PREMIUMS, RE-INSURANCE PREMIUMS AND OTH ER OUTGOINGS PAYABLE AT THE DATE OF THE TRUST DEED OR AT ANY TIME THEREAFTER TO BECOME PAYABLE IN CONNECTION WITH THE CA NADIAN BUSINESS OF THE COMPANY, INCLUDIN G (1) THE PAYMENT OF ANY AMOUNT INTO AN ESCROW FUND OR ACCOUNT TO BE HELD IN RES PECT OF A PARTICULAR CLAIM OF A POLICYHO LDER OR ANY OTHER PERSON AND (2) ALL EXP ENSES WHATSOEVER FROM TIME TO TIME INCUR RED BY THE COMPANY IN CONNECTION WITH OR ARISING OUT OF THE CANADIAN BUSINESS OF THE COMPANY INCLUDING ANY SALARY, COMMI SSION, OTHER REMUNERATION AND REIMBURSEM ENT OF OUTLAYS PAYABLE BY THE COMPANY TO THE AGENT OR TO ANY OTHER PERSON IN CON NECTION WITH THE CONDUCT OR WINDING UP O F THE CANADIAN BUSINESS, THE REPAYMENT O F ANY OUTSTANDING INDEBTEDNESS INCURRED BY THE COMPANY TO MEET VALID EXPENSES OF THE CANADIAN BUSINESS OF SUCH COMPANY, THE COMPANY'S DUE PROPORTION OF REMUNERA TION AND REIMBURSEMENT OF EXPENSES OF TH E CANADIAN TRUSTEE, THE COMPANY'S DUE PR OPORTION OF ANY SHORTFALL IN THE LLOYD'S CANADIAN BUSINESS FUND (INCLUDING ANY C OSTS OR EXPENSES IN RESPECT THERETO) AND INCLUDING ALSO ANY TAXES INCURRED IN OR BY REASON OF THE CANADIAN BUSINESS

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THE PAYMENT OF ALL CLAIMS OF OR SUBMITTE D BY A HOLDER OF ANY AUSTRALIAN POLICY T O WHICH THE TRUST DEED APPLIES (AN "AUST RALIAN POLICY") AND WHICH HAS BEEN UNDER WRITTEN BY THE CORPORATE MEMBER OR IN RE SPECT OF WHICH THE CORPORATE MEMBER IS L IABLE AS A MEMBER OF A SYNDICATE TO MEMB ERS OF THE SAME SYNDICATE OR ANY OTHER S YNDICATE FOR AN EARLIER YEAR OF ACCOUNT PURSUANT TO ANY REINSURANCE TO CLOSE AND FOR SECURING THE OTHER AMOUNTS AND OBLI GATIONS REFERRED TO IN THE TRUST

THE PAYMENT OF ALL CLAIMS OF OR SUBMITTE D BY A HOLDER OF ANY AUSTRALIAN POLICY T O WHICH THE TRUST DEED APPLIES (AN "AUST RALIAN POLICY") OR ANY TRANSITIONAL POLI CY AND WHICH HAS BEEN UNDERWRITTEN BY TH E CORPORATE MEMBER OR IN RESPECT OF WHIC H THE CORPORATE MEMBER IS LIABLE AS A ME MBER OF A SYNDICATE TO MEMBERS OF THE SA ME SYNDICATE OR ANY OTHER SYNDICATE FOR AN EARLIER YEAR OF ACCOUNT PURSUANT TO A NY REINSURANCE TO CLOSE AND FOR SECURING THE OTHER AMOUNTS AND OBLIGATIONS REFER RED TO IN THE TRUST DEED

THE PAYMENT OF ALL CLAIMS OF OR SUBMITTE D BY A HOLDER OF ANY AUSTRALIAN POLICY T O WHICH THE TRUST DEED APPLIES (AN "AUST RALIAN POLICY") AND WHICH HAS BEEN UNDER WRITTEN BY THE CORPORATE MEMBER OR IN RE SPECT OF WHICH THE CORPORATE MEMBER IS L IABLE AS A MEMBER OF A SYNDICATE TO MEMB ERS OF THE SAME SYNDICATE OR ANY OTHER S YNDICATE FOR AN EARLIER YEAR OF ACCOUNT PURSUANT TO ANY REINSURANCE TO CLOSE AND FOR SECURING THE OTHER AMOUNTS AND OBLI GATIONS REFERRED TO IN THE TRUST DEED

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(A) THE PAYMENT OF MATURED CLAIMS (INCLU DING CLAIMS FOR LOSS AND CLAIMS FOR THE RETURN OF UNEARNED PREMIUM) UNDER (I) AN Y CONTRACT OR POLICY OF INSURANCE ISSUED BY ONE OR MORE UNDERWRITERS OR FORMER U NDERWRITERS AT LLOYD'S PURSUANT TO SURPL US LINES OR EXCESS LINES LAWS OF ANY STA TE DISTRICT TERRITORY COMMONWEALTH OR PO SSESSION OF THE UNITED STATES IN WHICH U NDERWRITERS ARE NOT LICENSED PROVIDED TH AT WITH THE EXCEPTION OF SUCH CONTRACTS OR POLICIES ATTACHING ON OR PRIOR TO 15 NOVEMBER 1995 UNDERWRITTEN UNDER ANY BIN DING AUTHORITY INCEPTING PRIOR TO 1ST AU GUST 1995 AND SUBJECT TO (II) BELOW SUCH CONTRACTS OF POLICIES SHALL NOT INCLUDE ANY CONTRACT OR POLICY OF INSURANCE INC EPTING ON OR AFTER 1ST AUGUST 1995 WHICH IS UNDERWRITTEN BY UNDERWRITERS ON OR A FTER THAT DATE OR (II) ANY CONTRACT OR P OLICY OF INSURANCE WHICH SATISFIES THE D EFINITION OF AN AMERICAN POLICY IN LLOYD 'S UNITED STATES SITUS SURPLUS LINES TRU ST DEED (AS PRESCRIBED BY COUNCIL FROM T IME TO TIME) (B) ALL EXPENDITURE AND FEE S OF THE TRUSTEE (AS DEFINED IN THE TRUS T DEED AND BEING AS AT THE DATE THEREOF CITIBANK N.A. OF 111 WALL STREET NEW YOR K U.S.A.); (C) REPAYMENT OF CASH OR SECU RITIES ADVANCED BY THE TRUSTEE TO THE TR UST HELD UNDER THE PROVISIONS OF THE TRU ST DEED; (D) CERTAIN TRANSFERS BY THE TR USTEE TO OTHER TRUST FUNDS OR TO THE CHI EF REGULATORY OFFICER FOR INSURANCE OF T HE STATE OF NEW YORK OR OTHER DESIGNATED RECEIVER AND FOR SECURING THE OTHER AMO UNTS AND OBLIGATIONS REFERRED TO IN THE TRUST DEED

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THE LOSSES CLAIMS RETURNS OF PREMIUMS RE INSURANCE PREMIUMS EXPENSES OBLIGATIONS AND OTHER "PERMITTED TRUST OUTGOINGS" SE T OUT IN CLAUSE 3(A) OF AND PARAGRAPH 1 OF ADDITIONAL SCHEDULE 3 TO THE TRUST DE ED

THE PAYMENT OF MATURED CLAIMS (INCLUDING CLAIMS FOR LOSS AND CLAIMS FOR THE RETU RN OF UNEARNED PREMIUM) UNDER CONTRACTS OR POLICIES OF INSURANCE INCEPTING ON OR AFTER 1ST AUGUST 1995 UNDERWRITTEN BY T HE COMPANY AS A MEMBER OF SYNDICATE NO.2 19 (THE "SYNDICATE") AND ALLOCABLE TO THE RELEVANT YEAR OF ACCOUNT OR IN RESP ECT OF WHICH THE COMPANY IS LIABLE AS A MEMBER OF THE SYNDICATE FOR THE RELEVANT YEAR OF ACCOUNT FOR AN EARLIER YEAR OF ACCOUNT PURSUANT TO ANY CONTRACT OF REIN SURANCE TO CLOSE AND ISSUED TO A POLICYH OLDER PURSUANT TO SURPLUS LINES OR EXCES S LINES LAWS OF ANY STATE, DISTRICT, TER RITORY, COMMONWEALTH OR POSSESSION OF TH E UNITED STATES (AN "AMERICAN POLICY"), ALL EXPENDITURE AND FEES OF THE TRUSTEE (AS DEFINED IN THE TRUST DEED AND BEING, AS AT THE DATE THEREOF, CITIBANK N.A. O F 111 WALL STREET, NEW YORK, U.S.A.), RE PAYMENT OF CASH OR SECURITIES ADVANCED B Y THE TRUSTEE TO THE TRUST HELD UNDER TH E PROVISIONS OF THE TRUST DEED, AND CERT AIN TRANSFERS BY THE TRUSTEE TO AN OVERS EAS FUND (AS DEFINED IN THE TRUST DEED) OR TO THE SUPERINTENDENT OF INSURANCE OF THE STATE OF NEW YORK OR OTHER DESIGNAT ED RECEIVER, AND FOR SECURING THE OTHER AMOUNTS AND OBLIGATIONS REFERRED TO IN T HE TRUST DEED

THE PAYMENT OR DISCHARGE OF THE COMPANY' S OBLIGATIONS (AND SUBJECT AS MENTIONED IN THE AMERICAN INSTRUMENT THOSE OF ANY SYNDICATE OR GROUP OF WHICH THE COMPANY IS OR HAS BEEN OR IS ABOUT TO BECOME A M EMBER) TO KEEP FULLY FUNDED OR PROVIDE A NY AND EVERY CONTINENTAL BUSINESS REGULA TORY DEPOSIT AND OFFSHORE DOLLAR BUSINES S REGULATORY DEPOSIT AND ALL LOSSES, CLA IMS, RETURNS OF PREMIUMS, REINSURANCE PR EMIUMS, EXPENSES AND OTHER OUTGOINGS PAY ABLE AS AT THE DATE OF OR AT ANY TIME AF TER THE DATE OF THE AMERICAN INSTRUMENT TO BECOME PAYABLE IN CONNECTION WITH ANY NEW AMERICAN BUSINESS, BEING THE UNDERW RITING BUSINESS OF THE COMPANY AT LLOYD' S OTHER THAN LONG TERM BUSINESS (AS DEFI NED IN THE INSURANCE COMPANIES ACT 1982) , WHERE (I) THE LIABILITY OF THE COMPANY IS EXPRESSED IN U.S.DOLLARS AND (II) TH E PREMIUM PAYABLE TO OR FOR THE ACCOUNT OF THE COMPANY HAS BEEN PAID OR IS PAYAB LE IN U.S.DOLLARS, THAT RELATES TO ANY C ONTRACT OR POLICY OF INSURANCE OR REINSU RANCE UNDERWRITTEN OR INCEPTING ON OR AF TER 1ST AUGUST 1995 OTHER THAN (AND EXCE PT ONLY FOR) (1) CONTRACTS OR POLICIES U NDERWRITTEN UNDER A BINDING AUTHORITY IN CEPTING PRIOR TO THAT DATE (2) CONTRACTS OR POLICIES OF INSURANCE WRITTEN PURSUA NT TO LLOYD'S LICENCE IN KENTUCKY PRIOR TO 1ST JANUARY 1996 AND (3) ANY CONTRACT OF REINSURANCE TO CLOSE FOR ANY YEAR OF ACCOUNT UNDERWRITTEN BY THE COMPANY TO THE EXTENT ONLY THAT (I) THE PREMIUM PAY ABLE TO OR FOR THE ACCOUNT OF THE COMPAN Y HAS BEEN PAID OR IS PAYABLE IN U.S.DOL LARS OR THE LIABILITY OF THE COMPANY IN RESPECT OF SUCH CONTRACT IS EXPRESSED IN U.S.DOLLARS; AND (II) THE COMPANY IS LI ABLE UNDER SUCH CONTRACT IN RESPECT OF C ONTRACTS OR POLICIES OF INSURANCE OR REI NSURANCE UNDERWRITTEN BY UNDERWRITING ME MBERS OF LLOYD'S WHICH EITHER (1) INCEPT ED PRIOR TO 1ST AUGUST 1995 (2) WERE UND ERWRITTEN UNDER A BINDING AUTHORITY INCE PTING PRIOR TO THAT DATE OR (3) WERE UND ERWRITTEN PURSUANT TO LLOYD'S LICENCE IN KENTUCKY PRIOR TO 1ST JANUARY 1996 AND FOR SECURING CERTAIN OTHER EXPENSES, CHA RGES AND REMUNERATION, AND PAYMENTS TO T HE TRUST FUND SUBJECT TO THE COMPANY'S L LOYD'S PREMIUMS TRUST DEED, THE TRUSTEE OF THE EXISTING LLOYD'S AMERICAN TRUST D EED AND THE TRUSTEES OF ANY FUND CONSTIT UTED OR REGULATED BY AN OVERSEAS DIRECTI ON OF THE COUNCIL OF LLOYD'S, AND FOR SE CURING THE OTHER AMOUNTS AND OBLIGATIONS REFERRED TO IN THE AMERICAN INSTRUMENT

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ANY LOSSES CLAIMS RETURNS OR PREMIUMS RE INSURANCE PREMIUMS AND OTHER OUTGOINGS P AYABLE AS AT THE DATE OF THE TRUST DEED OR AT ANY TIME THEREAFTER TO BECOME PAYA BLE IN CONNECTION WITH THE UNDERWRITING (AS DEFINED IN THE TRUST DEED) AND ANY E XPENSES WHATSOEVER FROM TIME TO TIME INC URRED IN CONNECTION WITH OR ARISING OUT OF THE UNDERWRITING (SUCH EXPENSES EXCLU DING ANY NON- DEDUCTIBLE ITEM (AS DEFINE D IN THE TRUST DEED) BUT INCLUDING ANY A NNUAL FEE COMMISSION OTHER REMUNERATION AND REIMBURSEMENT OF OUTLAYS PAYABLE BY THE COMPANY (FORMERLY K/A ZIC LLOYD'S UN DERWRITING LIMITED) TO ANY OF THE COMPAN Y'S AGENTS OR LLOYD'S OR TO THE REGULATI NG TRUSTEE OR EXCEPT WHERE SO EXCLUDED TO ANY OTHER PERSON IN CONNECTION WITH T HE CONDUCT OR WINDING-UP OF THE UNDERWRI TING AND INCLUDING ALSO ANY FISCAL LIABI LITIES INCURRED IN OR BY REASON OF THE U NDERWRITING OR IN RESPECT OF THE PROPERT Y MORTGAGED OR CHARGED OR ITS INCOME)

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THE PAYMENT OR DISCHARGE OF THE COMPANY' S OBLIGATIONS (AND SUBJECT AS MENTIONED IN THE AMERICAN INSTRUMENT THOSE OF ANY SYNDICATE OR GROUP OF WHICH THE COMPANY IS OR HAS BEEN OR IS ABOUT TO BECOME A M EMBER) AND ALL LOSSES, CLAIMS, RETURNS O F PREMIUMS, REINSURANCE PREMIUMS, AND OT HER OUTGOINGS PAYABLE AS AT THE DATE OF OR AT ANY TIME AFTER THE DATE OF THE AME RICAN INSTRUMENT TO BECOME PAYABLE IN CO NNECTION WITH ANY NEW AMERICAN BUSINESS (AS DEFINED IN THE AMERICAN INSTRUMENT) AND FOR SECURING CERTAIN OTHER EXPENSES, CHARGES AND REMUNERATION, AND PAYMENTS TO THE TRUST FUND SUBJECT TO THE COMPANY 'S LLOYD'S PREMIUMS TRUST DEED, THE TRUS TEE OF THE COMPANY'S EXISTING LLOYD'S AM ERICAN TRUST DEED AND THE TRUSTEES OF AN Y FUND CONSTITUTED OR REGULATED BY AN OV ERSEAS DIRECTION OF THE COUNCIL OF LLOYD 'S, AND THE OTHER AMOUNTS AND OBLIGATION S REFERRED TO IN THE AMERICAN INSTRUMENT

(A) THE PAYMENT OF LOSSES UNDER: (I) ANY CONTRACT OR POLICY OF REINSURANCE ISSUE D BY ONE OR MORE MEMBERS OF LLOYD'S TO A CEDING INSURER DOMICILED IN A STATE, DI STRICT, TERRITORY, COMMONWEALTH OR POSSE SSION OF THE UNITED STATES PROVIDING REI NSURANCE WITH RESPECT TO PROPERTY OR RIS KS SITUATED IN A STATE, DISTRICT, TERRIT ORY, COMMONWEALTH OR POSSESSION OF THE U NITED STATES PROVIDED THAT, WITH THE EXC EPTION OF SUCH CONTRACTS OR POLICIES ATT ACHING ON OR PRIOR TO 15 NOVEMBER 1995 U NDERWRITTEN UNDER ANY BINDING AUTHORITY INCEPTING PRIOR TO 1 AUGUST 1995 AND SUB JECT TO (II) BELOW, SUCH CONTRACTS OR PO LICIES SHALL NOT INCLUDE ANY CONTRACT OR POLICY OF INSURANCE INCEPTING ON OR AFT ER 1 AUGUST 1995 WHICH IS UNDERWRITTEN B Y MEMBERS ON OR AFTER THAT DATE, OR (II) ANY CONTRACT OR POLICY WHICH SATISFIES THE DEFINITION OF AN AMERICAN REINSURANC E POLICY IN LLOYD'S UNITED STATES CREDIT FOR REINSURANCE TRUST DEED (AS AMENDED FROM TIME TO TIME), (AN "AMERICAN REINSU RANCE POLICY"); (B) RETURNS OF UNEARNED PREMIUM UNDER AN AMERICAN REINSURANCE PO LICY; (C) ALL EXPENDITURES AND FEES OF T HE TRUSTEE (AS DEFINED IN THE TRUST DEED AND BEING, AS AT THE DATE THEREOF, CITI BANK N.A. OF 111 WALL STREET, NEW YORK, USA); (D) REPAYMENT OF CASH OR SECURITIE S ADVANCED BY THE TRUSTEE TO THE TRUST H ELD UNDER THE PROVISIONS OF THE TRUST D EED; (E) CERTAIN TRANSFERS BY THE TRUSTE E TO OTHER TRUST FUNDS OR TO THE CHIEF R EGULATORY OFFICER FOR INSURANCE OF THE S TATE OF NEW YORK OR OTHER DESIGNATED REC EIVER; AND FOR SECURING THE OTHER AMOUNT S AND OBLIGATIONS REFERRED TO IN THE TRU ST DEED.

(A) THE PAYMENT OF LOSSES UNDER: (I) ANY CONTRACT OR POLICY OF INSURANCE ISSUED BY ONE OR MORE MEMBERS OR PAST MEMBERS O F LLOYD'S PURSUANT TO SURPLUS LINES OR E XCESS LINES LAWS OF ANY UNITED STATES JU RISDICTION WHICH IS ISSUED TO A POLICYHO LDER RESIDENT OR DOING BUSINESS IN THE U NITED STATES AND PROVIDING INSURANCE WIT H RESPECT TO PROPERTY OR RISKS SITUATED IN A STATE, DISTRICT, TERRITORY, COMMONW EALTH OR POSSESSION OF THE UNITED STATES PROVIDED THAT, WITH THE EXCEPTION OF SU CH CONTRACTS OR POLICIES ATTACHING ON OR PRIOR TO 15 NOVEMBER 1995 UNDERWRITTEN UNDER ANY BINDING AUTHORITY INCEPTING PR IOR TO 1 AUGUST 1995 AND SUBJECT TO (II) BELOW, SUCH CONTRACTS OR POLICIES SHALL NOT INCLUDE ANY CONTRACT OR POLICY OF I NSURANCE INCEPTING ON OR AFTER 1 AUGUST 1995 WHICH IS UNDERWRITTEN BY MEMBERS ON OR AFTER THAT DATE, OR (II) ANY CONTRAC T OR POLICY WHICH SATISFIES THE DEFINITI ON OF AN AMERICAN POLICY IN LLOYD'S UNIT ED STATES SITUS SURPLUS LINES TRUST DEED (AS AMENDED FROM TIME TO TIME), (AN "AM ERICAN POLICY"); (B) RETURNS OF UNEARNED PREMIUM UNDER AN AMERICAN POLICY; (C) A LL EXPENDITURES AND FEES OF THE TRUSTEE (AS DEFINED IN THE TRUST DEED AND BEING, AS AT THE DATE THEREOF, CITIBANK N.A. O F 111 WALL STREET, NEW YORK, USA); (D) R EPAYMENT OF CASH OR SECURITIES ADVANCED BY THE TRUSTEE TO THE TRUST HELD UNDER THE PROVISIONS OF THE TRUST DEED; (E) CE RTAIN TRANSFERS BY THE TRUSTEE TO OTHER TRUST FUNDS OR TO THE CHIEF REGULATORY O FFICER FOR INSURANCE OF THE STATE OF NEW YORK OR OTHER DESIGNATED RECEIVER; AND FOR SECURING THE OTHER AMOUNTS AND OBLIG ATIONS REFERRED TO IN THE TRUST DEED.

THE PAYMENT OR DISCHARGE OF THE COMPANY' S OBLIGATIONS (AND SUBJECT AS MENTIONED IN THE AMERICAN INSTRUMENT THOSE OF ANY SYNDICATE OR GROUP OF WHICH THE COMPANY IS OR HAS BEEN OR IS ABOUT TO BECOME A M EMBER) AND ALL LOSSES, CLAIMS, RETURNS O F PREMIUMS, REINSURANCE PREMIUMS, AND OT HER OUTGOINGS PAYABLE AS AT THE DATE OF OR AT ANY TIME AFTER THE DATE OF THE AME RICAN INSTRUMENT TO BECOME PAYABLE IN CO NNECTION WITH ANY NEW AMERICAN BUSINESS (AS DEFINED IN THE AMERICAN INSTRUMENT) AND FOR SECURING CERTAIN OTHER EXPENSES, CHARGES AND REMUNERATION, AND PAYMENTS TO THE TRUST FUND SUBJECT TO THE COMPANY 'S LLOYD'S PREMIUMS TRUST DEED, THE TRUS TEE OF THE COMPANY'S EXISTING LLOYD'S AM ERICAN TRUST DEED AND THE TRUSTEES OF AN Y FUND CONSTITUTED OR REGULATED BY AN OV ERSEAS DIRECTION OF THE COUNCIL OF LLOYD 'S, AND THE OTHER AMOUNTS AND OBLIGATION S REFERRED TO IN THE AMERICAN INSTRUMENT

ANY LOSSES CLAIMS RETURNS OR PREMIUMS RE INSURANCE PREMIUMS AND OTHER OUTGOINGS P AYABLE AS AT THE DATE OF THE TRUST DEED OR AT ANY TIME THEREAFTER TO BECOME PAYA BLE IN CONNECTION WITH THE UNDERWRITING (AS DEFINED IN THE TRUST DEED) AND ANY E XPENSES WHATSOEVER FROM TIME TO TIME INC URRED IN CONNECTION WITH OR ARISING OUT OF THE UNDERWRITING (SUCH EXPENSES EXCLU DING ANY NON- DEDUCTIBLE ITEM (AS DEFINE D IN THE TRUST DEED) BUT INCLUDING ANY A NNUAL FEE COMMISSION OTHER REMUNERATION AND REIMBURSEMENT OF OUTLAYS PAYABLE BY THE COMPANY TO ANY OF THE COMPANY'S AGEN TS OR LLOYD'S OR TO THE REGULATING TRUST EE OR EXCEPT WHERE SO EXCLUDED TO ANY OT HER PERSON IN CONNECTION WITH THE CONDUC T OR WINDING-UP OF THE UNDERWRITING AND INCLUDING ALSO ANY FISCAL LIABILITIES IN CURRED IN OR BY REASON OF THE UNDERWRITI NG OR IN RESPECT OF THE PROPERTY MORTGAG ED OR CHARGED OR ITS INCOME) AND ANY OVE RSEAS DEPOSIT FUNDING OBLIGATIONS (AS DE FINED IN THE TRUST DEED) AND THE OTHER A MOUNTS AND OBLIGATIONS REFERRED TO IN TH E TRUST DEED

(A) THE PAYMENT OF LOSSES UNDER ANY CONT RACT OR POLICY WHICH SATISFIES THE DEFIN ITION OF A KENTUCKY POLICY IN LLOYD'S KE NTUCKY TRUST DEED (AS AMENDED FROM TIME TO TIME), (A "KENTUCKY POLICY"); (B) RET URNS OF UNEARNED PREMIUM UNDER A KENTUCK Y POLICY; (C) ALL EXPENDITURES AND FEES OF THE TRUSTEE (AS DEFINED IN THE TRUST DEED AND BEING, AS AT THE DATE THEREOF, NATIONAL CITY BANK, KENTUCKY, OF LOUISVI LLE, KENTUCKY, USA); (D) REPAYMENT OF CA SH OR SECURITIES ADVANCED BY THE TRUSTEE TO THE TRUST HELD UNDER THE PROVISIONS OF THE TRUST DEED; (E) CERTAIN TRANSFER S BY THE TRUSTEE TO OTHER TRUST FUNDS OR TO THE KENTUCKY COMMISSIONER OR OTHER D ESIGNATED RECEIVER; AND FOR SECURING THE OTHER AMOUNTS AND OBLIGATIONS REFERRED TO IN THE TRUST DEED.

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THE PAYMENT OF LOSSES (INCLUDING CLAIMS FOR THE RETURN OF UNEARNED PREMIUM) UNDE R CONTRACTS OR POLICIES OF INSURANCE INC EPTING ON OR AFTER 1 JANUARY 1996 UNDERW RITTEN BY THE COMPANY AS A MEMBER OF SYN DICATE NO.219(THE "SYNDICATE") AND ALLOC ABLE TO THE RELEVANT YEAR OF ACCOUNT OR IN RESPECT OF WHICH THE COMPANY IS LIABL E AS A MEMBER OF THE SYNDICATE FOR THE R ELEVANT YEAR OF ACCOUNT FOR AN EARLIER Y EAR OF ACCOUNT PURSUANT TO ANY CONTRACT OF REINSURANCE TO CLOSE AND ISSUED TO A POLICYHOLDER PURSUANT TO THE INSURANCE L AWS OF THE COMMONWEALTH OF KENTUCKY PROV IDING INSURANCE WITH RESPECT TO PROPERTY OR RISKS SITUATED IN SAID COMMONWEALTH (A "KENTUCKY POLICY"), ALL EXPENDITURES AND FEES OF THE TRUSTEE (AS DEFINED IN T HE TRUST DEED AND BEING, AS AT THE DATE THEREOF, NATIONAL CITY BANK, KENTUCKY, U .S.A.), REPAYMENT OF CASH OR SECURITIES ADVANCED BY THE TRUSTEE TO THE TRUST HEL D UNDER THE PROVISIONS OF THE TRUST DEED , AND CERTAIN TRANSFERS BY THE TRUSTEE T O AN OVERSEAS FUND (AS DEFINED IN THE TR UST DEED) OR TO THE COMMISSIONER OF INSU RANCE OF THE COMMONWEALTH OF KENTUCKY OR OTHER DESIGNATED RECEIVER, AND FOR SECU RING THE OTHER AMOUNTS AND OBLIGATIONS R EFERRED TO IN THE TRUST DEED.

ALL LOSSES CLAIMS RETURNS OF PREMIUMS RE INSURANCE PREMIUMS EXPENSES AND OTHER OU TGOINGS PAYABLE AS AT THE DATE OF THE TR UST DEED OR AT ANY TIME THEREAFTER TO BE COME PAYABLE BY THE COMPANY IN CONNECTIO N WITH THE CANADIAN BUSINESS OF THE COMP ANY BEING THE UNDERWRITING BUSINESS OF T HE COMPANY AT LLOYD'S WHICH IS EITHER (1 ) BUSINESS WRITTEN IN CANADIAN DOLLARS ( THAT IS BUSINESS IN RESPECT OF WHICH THE PREMIUM PAYABLE TO THE COMPANY HAS BEEN PAID OR IS PAYABLE IN CANADIAN DOLLARS AND THE LIABILITY OF THE COMPANY IN RESP ECT THEREOF IS EXPRESSED IN CANADIAN DOL LARS); OR (2) BUSINESS (OTHER THAN MARIN E AND REINSURANCE BUSINESS) NOT WRITTEN IN CANADIAN DOLLARS IN RESPECT OF WHICH THE RISKS COVERED BY THE POLICY OR CONTR ACT OF INSURANCE ARE OR WILL BE ORDINARI LY SITUATED IN A PROVINCE OR TERRITORY O F CANADA; AND FOR SECURING TRANSFERS TO THE FUND HELD SUBJECT TO THE PROVISIONS OF THE COMPANY'S PREMIUMS TRUST OR THE C OMPANY'S PERSONAL RESERVE FUND OR THE LL OYD'S CANADIAN BUSINESS FUND AND THE PAY MENT OF ANY LEVIES OR ASSESSMENTS ASSESS ED AT ANY TIME AGAINST THE COMPANY AND O F ANY DEPOSIT OR ASSET REQUIREMENT AS MA Y BE IMPOSED ON MEMBERS OF LLOYD'S (INCL UDING THE COMPANY) AND OF ALL AND ANY LI ABILITIES OR OBLIGATIONS IN CONNECTION W ITH WHICH THE INSURANCE COMPANIES ACT OF CANADA REQUIRES THAT ASSETS BE VESTED I N TRUST AND OTHER AMOUNTS AND OBLIGATION S REFERRED TO IN THE TRUST DEED

(A) THE PAYMENT OF LOSSES UNDER: (I) CON TRACTS OR POLICIES OF INSURANCE ISSUED B Y ONE OR MORE MEMBERS OR PAST MEMBERS OF LLOYD'S PURSUANT TO SURPLUS LINES OR EX CESS LINES LAWS OF ANY UNITED STATES JUR ISDICTION WHICH IS ISSUED TO A POLICYHOL DER RESIDENT OR DOING BUSINESS IN THE UN ITED STATES AND PROVIDING INSURANCE WITH RESPECT TO PROPERTY OR RISKS SITUATED I N A STATE DISTRICT TERRITORY COMMONWEALT H OR POSSESSION OF THE UNITED STATES PRO VIDED THAT WITH THE EXCEPTION OF SUCH CO NTRACTS OR POLICIES ATTACHING ON OR PRIO R TO 15 NOVEMBER 1995 UNDERWRITTEN UNDER ANY BINDING AUTHORITY INCEPTING PRIOR T O 1 AUGUST 1995 AND SUBJECT TO (II) BELO W SUCH CONTRACTS OR POLICIES SHALL NOT I NCLUDE ANY CONTRACT OR POLICY OF INSURAN CE INCEPTING ON OR AFTER 1 AUGUST 1995 W HICH IS UNDERWRITTEN BY MEMBERS ON OR AF TER THAT DATE; OR (II) ANY CONTRACT OR P OLICY WHICH SATISFIES THE DEFINITION OF AN AMERICAN POLICY IN LLOYD'S UNITED STA TES SITUS SURPLUS LINES TRUST DEED DATED 7 SEPTEMBER 1995; (AN AMERICAN POLICY); (B) RETURNS OF UNEARNED PREMIUM UNDER A N AMERICAN POLICY; (C) ALL EXPENDITURES AND FEES OF THE TRUSTEE (AS DEFINED IN T HE TRUST DEED AND BEING AS AT THE DATE T HEREOF CITIBANK N.A. OF 10011 WALL STREE T NEW YORK USA); (D) REPAYMENT OF CASH O R SECURITIES ADVANCED BY THE TRUSTEE TO THE TRUST HELD UNDER THE PROVISIONS OF T HE TRUST DEED; (E) CERTAIN TRANSFERS BY THE TRUSTEE TO OTHER TRUST FUNDS OR TO T HE CHIEF REGULATORY OFFICER FOR INSURANC E OF THE STATE OF NEW YORK OR OTHER DES IGNATED RECEIVER; AND THE OTHER AMOUNTS AND OBLIGATIONS REFERRED TO IN THE TRUST DEED

(A) THE PAYMENT OF LOSSES UNDER: (I) CON TRACTS OR POLICIES OF REINSURANCE ISSUED BY ONE OR MORE MEMBERS OR PAST MEMBERS OF LLOYD'S TO A CEDING INSURER DOMICILED IN A STATE DISTRICT TERRITORY COMMONWEA LTH OR POSSESSION OF THE UNITED STATES P ROVIDING REINSURANCE WITH RESPECT TO PRO PERTY OR RISKS SITUATED IN A STATE DISTR ICT TERRITORY COMMONWEALTH OR POSSESSION OF THE UNITED STATES PROVIDED THAT WITH THE EXCEPTION OF SUCH CONTRACTS OR POLI CIES ATTACHING ON OR PRIOR TO 15 NOVEMBE R 1995 UNDERWRITTEN UNDER ANY BINDING AU THORITY INCEPTING PRIOR TO 1 AUGUST 1995 AND SUBJECT TO (II) BELOW SUCH CONTRACT S OR POLICIES SHALL NOT INCLUDE ANY CONT RACT OR POLICY OF REINSURANCE INCEPTING ON OR AFTER 1 AUGUST 1995 WHICH IS OR IS TO BE UNDERWRITTEN BY A MEMBER OR MEMBE RS ON OR AFTER THAT DATE; OR (II) ANY CO NTRACT OR POLICY WHICH SATISFIES THE DEF INITION OF AN AMERICAN REINSURANCE POLIC Y IN LLOYD'S UNITED STATES SITUS CREDIT FOR REINSURANCE TRUST DEED DATED 7 SEPTE MBER 1995; (AN AMERICAN REINSURANCE POLI CY); (B) RETURNS OF UNEARNED PREMIUM UND ER AN AMERICAN REINSURANCE POLICY; (C) A LL EXPENDITURES AND FEES OF THE TRUSTEE (AS DEFINED IN THE TRUST DEED AND BEING AS AT THE DATE THEREOF CITIBANK N.A. OF 10011 WALL STREET NEW YORK USA); (D) REP AYMENT OF CASH OR SECURITIES ADVANCED BY THE TRUSTEE TO THE TRUST HELD UNDER THE PROVISIONS OF THE TRUST DEED; (E) CERTA IN TRANSFERS BY THE TRUSTEE TO OTHER TRU ST FUNDS OR TO THE CHIEF REGULATORY OFFI CER FOR INSURANCE OF THE STATE OF NEW YO RK OR OTHER DESIGNATED RECEIVER; AND THE OTHER AMOUNTS AND OBLIGATIONS REFERRED TO IN THE TRUST DEED

THE PAYMENT OF LOSSES (INCLUDING CLAIMS FOR THE RETURN OF UNEARNED PREMIUM) UNDE R CONTRACTS OR POLICIES OF INSURANCE INC EPTING ON OR AFTER 1 AUGUST 1995 UNDERWR ITTEN BY A MEMBER OR MEMBERS OF LLOYD'S OR IN RESPECT OF WHICH A MEMBER OR MEMBE RS OF LLOYD'S IS OR ARE LIABLE ISSUED TO A POLICYHOLDER PURSUANT TO SURPLUS LINE S OR EXCESS LINES LAWS OF ANY UNITED STA TES JURISDICTION PROVIDING INSURANCE WIT H RESPECT TO PROPERTY OR RISKS SITUATED IN A STATE DISTRICT TERRITORY COMMONWEAL TH OR POSSESSION OF THE UNITED STATES (A N AMERICAN POLICY) THE AGGREGATE GROSS L IABILITIES OF THE MEMBER OR MEMBERS OF L LOYD'S UNDER AMERICAN POLICIES ALL EXPEN DITURES AND FEES OF THE TRUSTEE (AS DEFI NED IN THE TRUST DEED AND BEING AS AT TH E DATE THEREOF CITIBANK N.A. OF 10011 WA LL STREET NEW YORK U.S.A.) REPAYMENT OF CASH OR SECURITIES ADVANCED BY THE TRUST EE TO THE TRUST HELD UNDER THE PROVISION S OF THE TRUST DEED AND CERTAIN TRANSFER S BY THE TRUSTEE TO AN OVERSEAS FUND (AS DEFINED IN THE TRUST DEED) OR TO THE SU PERINTENDENT OF INSURANCE OF THE STATE O F NEW YORK OR OTHER DESIGNATED RECEIVER AND THE OTHER AMOUNTS AND OBLIGATIONS RE FERRED TO IN THE TRUST DEED

THE PAYMENT OF LOSSES (INCLUDING CLAIMS FOR THE RETURN OF UNEARNED PREMIUM) UNDE R CONTRACTS OR POLICIES OF REINSURANCE I NCEPTING ON OR AFTER 1 AUGUST 1995 UNDER WRITTEN BY A MEMBER OR MEMBERS OF LLOYD' S OR IN RESPECT OF WHICH A MEMBER OR MEM BERS IS OR ARE LIABLE ISSUED TO A CEDING INSURER DOMICILED IN A STATE DISTRICT T ERRITORY COMMONWEALTH OR POSSESSION OF T HE UNITED STATES (AN AMERICAN REINSURANC E POLICY) THE AGGREGATE GROSS LIABILITIE S OF THE MEMBER OR MEMBERS UNDER AMERICA N REINSURANCE POLICIES ALL EXPENDITURES AND FEES OF THE TRUSTEE (AS DEFINED IN T HE TRUST DEED AND BEING AS AT THE DATE T HEREOF CITIBANK N.A. OF 10011 WALL STREE T NEW YORK U.S.A.) REPAYMENTS OF CASH OR SECURITIES ADVANCED BY THE TRUSTEE TO T HE TRUST HELD UNDER THE PROVISIONS OF TH E TRUST DEED AND CERTAIN TRANSFERS BY TH E TRUSTEE TO AN OVERSEAS FUND (AS DEFINE D IN THE TRUST DEED) OR TO THE SUPERINTE NDENT OF INSURANCE OF THE STATE OF NEW Y ORK OR OTHER DESIGNATED RECEIVER AND THE OTHER AMOUNTS AND OBLIGATIONS REFERRED TO IN THE TRUST DEED

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THE PAYMENT OR DISCHARGE OF THE COMPANY' S OBLIGATIONS AND (SUBJECT AS MENTIONED IN THE AMERICAN INSTRUMENT THOSE OF ANY SYNDICATE OR GROUP OF WHICH THE COMPANY IS OR HAS BEEN OR IS ABOUT TO BECOME A M EMBER) AND ALL LOSSES CLAIMS RETURNS OF PREMIUMS REINSURANCE PREMIUMS EXPENSES A ND OTHER OUTGOINGS PAYABLE AS AT THE DAT E OF OR AT ANY TIME AFTER THE DATE OF TH E AMERICAN INSTRUMENT TO BECOME PAYABLE IN CONNECTION WITH ANY CONTINENTAL NEW A MERICAN BUSINESS (BEING THE UNDERWRITING BUSINESS OF THE COMPANY AT LLOYD'S (OTH ER THAN LONG TERM BUSINESS (AS DEFINED I N THE INSURANCE COMPANIES ACT 1982) AND BUSINESS CONDUCTED FOR ANY YEAR OF ACCOU NT COMMENCING AFTER THE SIXTIETH ANNIVER SARY OF THE DATE OF THE COMPANY'S LLOYD' S PREMIUMS TRUST DEED FOR GENERAL BUSINE SS) WHERE (1) SUCH BUSINESS (A) INVOLVES THE PROVISION OF INSURANCE OR REINSURAN CE WITH RESPECT TO PROPERTY OR RISKS WHI CH IS OR ARE OR WILL BE ORDINARILY SITUA TED IN (OR THE PROVISION OF REINSURANCE TO AN INSURER WHICH IS RESIDENT OR DOMIC ILED IN) THE UNITED STATES OR CANADA; AN D (B) IS (SUBJECT TO EXCEPTIONS) EXCLUDE D FROM THE COMPANY'S EXISTING LLOYD'S AM ERICAN TRUST DEED BY VIRTUE OF THE AMEND MENT THERETO MENTIONED IN RECITAL (D) OF THE AMERICAN INSTRUMENT; AND (2) THE LI ABILITY IN RESPECT OF SUCH BUSINESS IS E XPRESSED IN UNITED STATES DOLLARS AND TH E PREMIUM PAYABLE HAS BEEN PAID OR IS PA YABLE IN UNITED STATES DOLLARS; AND FOR SECURING CERTAIN OTHER EXPENSES CHARGES AND REMUNERATION AND PAYMENTS TO THE TRU ST FUND SUBJECT TO THE COMPANY'S LLOYD'S PREMIUMS TRUST DEED THE TRUSTEE OF THE COMPANY'S EXISTING LLOYD'S AMERICAN TRUS T DEED AND THE TRUSTEES OF ANY FUND CONS TITUTED OR REGULATED BY AN OVERSEAS DIRE CTION OF THE COUNCIL OF LLOYD'S AND THE OTHER AMOUNTS AND OBLIGATIONS REFERRED T O IN THE AMERICAN INSTRUMENT

ALL LOSSES,CLAIMS,EXPENSES,RETURNS OF PR EMIUMS,RE-INSURANCE PREMIUMS AND OTHER O UTGOINGS PAYABLE AT THE DATE OF THE TRUS T DEED OR AT ANY TIME THEREAFTER TO BECO ME PAYABLE IN CONNECTION WITH THE BUSINE SS,OTHER THAN LONG TERM BUSINESS (AS DEF INED IN THE INSURANCE COMPANIES ACT 1982 ),OF THE COMPANY AT LLOYD'S WHERE (1) TH E LIABILITY OF THE COMPANY IN RESPECT OF SUCH BUSINESS IS EXPRESSED IN CANADIAN DOLLARS AND THE PREMIUM PAYABLE TO OR FO R THE ACCOUNT OF THE COMPANY HAS BEEN PA ID OR IS PAYABLE IN CANADIAN DOLLARS;OR (2) THE BUSINESS (OTHER THAN MARINE AND RE-INSURANCE BUSINESS) IS NOT WRITTEN IN CANADIAN DOLLARS BUT THE RISKS COVERED BY THE POLICY OR CONTRACT OF INSURANCE A RE OR WILL ORDINARILY BE SITUATED IN A P ROVINCE OR TERRITORY OF CANADA

ALL LOSSES,CLAIMS,EXPENSES,RETURNS OF PR EMIUMS,RE-INSURANCE PREMIUMS AND OTHER O UTGOINGS INCURRED OR ARISING OR WHICH MA Y AT ANY TIME BE INCURRED OR ARISE IN CO NNECTION WITH THE LONG TERM BUSINESS (AS DEFINED IN THE INSURANCE COMPANIES ACT 1982) OF THE COMPANY AT LLOYD'S WHERE (1 ) THE LIABILITY OF THE COMPANY IN RESPEC T OF SUCH BUSINESS IS EXPRESSED IN UNITE D STATES DOLLARS; AND (2) THE PREMIUM PA YABLE TO OR FOR THE ACCOUNT OF THE COMPA NY HAS BEEN PAID OR IS PAYABLE IN UNITED STATES DOLLARS

ALL LOSSES,CLAIMS,EXPENSES,RETURNS OF PR EMIUMS,RE-INSURANCE PREMIUMS AND OTHER O UTGOINGS INCURRED OR ARISING OR WHICH MA Y AT ANY TIME BE INCURRED OR ARISE IN CO NNECTION WITH THE UNDERWRITING BUSINESS OF THE COMPANY AT LLOYD'S,OTHER THAN LON G TERM BUSINESS (AS DEFINED IN THE INSUR ANCE COMPANIES ACT 1982),WHERE (1) THE L IABILITY OF THE COMPANY IN RESPECT OF SU CH BUSINESS IS EXPRESSED IN UNITED STATE S DOLLARS;AND (2) THE PREMIUM PAYABLE TO OR FOR THE ACCOUNT OF THE COMPANY HAS B EEN PAID OR IS PAYABLE IN UNITED STATES DOLLARS

ALL LOSSES,CLAIMS,EXPENSES,RETURNS OF PR EMIUMS,RE-INSURANCE PREMIUMS AND OTHER O UTGOINGS PAYABLE AS AT THE DATE OF THE T RUST DEED OR AT ANY TIME THEREAFTER TO B ECOME PAYABLE IN CONNECTION WITH OR ARIS ING OUT OF THE BUSINESS OF THE COMPANY A T LLOYD'S (WHETHER CURRENT OR PAST OR FU TURE) WXCLUDING ANY LONG TERM BUSINESS A ND ALSO EXCLUDING ANY BUSINESS CONDUCTED FOR ANY UNDERWRITING YEAR OF ACCOUNT CO MMENCING AFTER THE SIXTIETH ANNIVERSARY OF THE DATE OF THE TRUST DEED

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