Rga Capital Limited

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THE PAYMENT OF ALL CLAIMS OF A HOLDER OF , OR THIRD PARTY CLAIMANT UNDER, ANY "PO LICY IN CANADA" TO WHICH THE TRUST DEED APPLIES AND WHICH HAS BEEN UNDERWRITTEN BY THE COMPANY OR ANY OTHER MEMBER OR FO RMER MEMBER OF LLOYD'S AND FOR SECURING THE OTHER AMOUNTS AND OBLIGATIONS REFERR ED TO IN THE TRUST DEED

(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.

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THE PAYMENT OF ALL CLAIMS OF OR SUBMITTE D BY A HOLDER OF ANY AUSTRALIAN POLICY TO WHICH THE TRUST DEED APPLIES (AN "AUS TRALIAN POLICY") AND WHICH HAS BEEN UNDE RWRITTEN BY THE CORPORATE MEMBER OR IN R ESPECT OF WHICH THE CORPORATE MEMBER IS LIABLE AS A MEMBER OF A SYNDICATE TO MEM BERS OF THE SAME SYNDICATE OR ANY OTHER SYNDICATE FOR AN EARLIER YEAR OF ACCOUNT PURSUANT TO ANY REINSURANCE TO CLOSE AN D FOR SECURING THE OTHER AMOUNTS AND OBL IGATIONS 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") 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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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 SCHEDULE 3 TO THE TRUST DEED

ALL LOSSES CLAIMS RETURNS OF PREMIUMS RE -INSURANCE PREMIUMS AND OTHER OUTGOINGS INCURRED OR ARISING OR WHICH MAY AT ANY TIME BE INCURRED OR ARISE IN CONNECTION WITH THE AMERICAN LONG-TERM BUSINESS THE EXPENSES INCURRED OR WHICH MAY AT ANY T IME BE INCURRED IN CONNECTION WITH THE A MERICAN LONG-TERM BUSINESS WHICH EXPENSE S SHALL BE DEEMED TO INCLUDE (I) REMUNER ATION AND PROPER EXPENSES OF THE AMERICA N TRUSTEE (INCLUDING ANY FORMER AMERICAN TRUSTEE) (II) ANY SALARY COMMISSION OR OTHER REMUNERATION PAYABLE TO THE AGENT OR ANY OTHER PERSON, OR ANY PROPER EXPEN SES OF THE AGENT OR ANY OTHER PERSON IN CONNECTION WITH THE CONDUCT OR WINDING U P OF THE AMERICAN LONG-TERM BUSINESS (II I) A PROPER PROPORTION AS CERTIFIED OR R EPORTED BY AUDITORS APPROVED BY THE COUN CIL OF ANY SALARY COMMISSION OR OTHER RE MUNERATION PAYABLE TO THE AGENT OR ANY P ROPER EXPENSES OF THE AGENT IN CONNECTIO N WITH THE CONDUCT OR WINDING UP OF ANY UNDERWRITING BUSINESS OF THE COMPANY WHE THER THE AMERICAN LONG-TERM BUSINESS OR NOT AND ANY EXPENSES WHATSOEVER FROM TIM E TO TIME INCURRED IN CONNECTION WITH AN Y UNDERWRITING BUSINESS OF THE COMPANY W HETHER THE AMERICAN LONG-TERM BUSINESS O R NOT TRANSFERS TO THE PREMIUM TRUST FUN D IF REQUESTED BY THE AGENT AND (WHERE R EQUIRED BY THE AMERICAN TRUST DEED) APPR OVED BY THE COUNCIL PURSUANT TO THE TERM S OF THE AMERICAN TRUST DEED AND ALL LIA BILITIES IN RESPECT OF THE AMERICAN LONG -TERM BUSINESS AT ANY TIME

THE LOSSES, CLAIMS, RETURNS OF PREMIUMS, REINSURANCE PREMIUMS, EXPENSES, OBLIGAT IONS AND OTHER "PERMITTED TRUST OUTGOING S" SET OUT IN CLAUSE 3(A) OF AND PARAGRA PH 1 OF SCHEDULE 3 TO 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) 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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ALL LOSSES CLAIMS RETURNS OF PREMIUMS RE -INSURANCE PREMIUMS AND OTHER OUTGOINGS INCURRED OR ARISING OR WHICH MAY AT ANY TIME BE INCURRED OR ARISE IN CONNECTION WITH THE AMERICAN LONG-TERM BUSINESS THE EXPENSES INCURRED OR WHICH MAY AT ANY T IME BE INCURRED IN CONNECTION WITH THE A MERICAN LONG-TERM BUSINESS WHICH EXPENSE S SHALL BE DEEMED TO INCLUDE (I) REMUNER ATION AND PROPER EXPENSES OF THE AMERICA N TRUSTEE (INCLUDING ANY FORMER AMERICAN TRUSTEE) (II) ANY SALARY COMMISSION OR OTHER REMUNERATION PAYABLE TO THE AGENT OR ANY OTHER PERSON, OR ANY PROPER EXPEN SES OF THE AGENT OR ANY OTHER PERSON IN CONNECTION WITH THE CONDUCT OR WINDING U P OF THE AMERICAN LONG-TERM BUSINESS (II I) A PROPER PROPORTION AS CERTIFIED OR R EPORTED BY AUDITORS APPROVED BY THE COUN CIL OF ANY SALARY COMMISSION OR OTHER RE MUNERATION PAYABLE TO THE AGENT OR ANY P ROPER EXPENSES OF THE AGENT IN CONNECTIO N WITH THE CONDUCT OR WINDING UP OF ANY UNDERWRITING BUSINESS OF THE COMPANY WHE THER THE AMERICAN LONG- TERM BUSINESS OR NOT AND ANY EXPENSES WHATSOEVER FROM TI ME TO TIME INCURRED IN CONNECTION WITH A NY UNDERWRITING BUSINESS OF THE COMPANY WHETHER THE AMERICAN LONG-TERM BUSINESS OR NOT TRANSFERS TO THE PREMIUM TRUST FU ND IF REQUESTED BY THE AGENT AND (WHERE REQUIRED BY THE AMERICAN TRUST DEED) APP ROVED BY THE COUNCIL PURSUANT TO THE TER MS OF THE AMERICAN TRUST DEED AND ALL LI ABILITIES IN RESPECT OF THE AMERICAN LON G-TERM BUSINESS AT ANY TIME

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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

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 TRUST FUND OR I TS INCOME); AND ANY OVERSEAS DEPOSIT FUN DING OBLIGATIONS (AS DEFINED IN THE TRUS T DEED) AND THE OTHER AMOUNTS AND OBLIGA TIONS REFERRED TO IN THE TRUST DEED

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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 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 THE OTH ER AMOUNTS AND OBLIGATIONS REFERRED TO I N THE TRUST DEED

(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.

(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.

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 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

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1. ANY LOSSES, CLAIMS, RETURNS OF PREMIU MS, REINSURANCE PREMIUMS AND OTHER OUTGO INGS PAYABLE AS AT THE DATE OF THE TRUST DEED OR AT ANY TIME THEREAFTER TO BECOM E PAYABLE IN CONNECTION WITH THE UNDERWR ITING; AND 2. ANY EXPENSES WHATSOEVER FR OM TIME TO TIME INCURRED IN CONNECTION W ITH OR ARISING OUT OF THE UNDERWRITING ( SUCH EXPENSES EXCLUDING ANY NON-DEDUCTIB LE ITEM BUT INCLUDING ANY ANNUAL FEE, CO MMISSION, OTHER REMUNERATION AND REIMBUR SEMENT OF OUTLAYS PAYABLE BY THE COMPANY TO ANY OF THE COMPANY'S AGENTS OR LLOYD 'S OR TO THE REGULATING TRUSTEE OR EXCEP T WHERE SO EXCLUDED TO ANY OTHER PERSON IN CONNECTION WITH THE CONDUCT OR WINDIN G-UP OF THE UNDERWRITING AND INCLUDING A LSO ANY FISCAL LIABILITIES INCURRED IN O R BY REASON OF THE UNDERWRITING OR IN R ESPECT OF THE PROPERTY MORTGAGED OR CHAR GED OR ITS INCOME)

(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 OBLIGATIONS TO THE SOCIETY AND ANY UNDISCHARGED OBLIGATION ARISING AT ANY TIME UNDER: (I) THE BYE LAWS, REGULATION S, RULES, DIRECTIONS OR OTHER REQUIREMEN TS OF THE SOCIETY; (II) ANY DEED, CONTRA CT, INSTRUMENT OR OTHER ARRANGEMENT OF A NY KIND APPROVED BY THE SOCIETY; BUT NOT INCLUDING OBLIGATIONS ARISING IN RESPEC T OF ANY LETTER OF CREDIT, GUARANTEE OR OTHER SECURITY GIVEN TO SECURE THE PERFO RMANCE OF ANY SUCH UNDERWRITING OBLIGATI ON IN FAVOUR OF THE PERSON GIVING SUCH G UARANTEE OR OTHER SECURITY (B) INTEREST PURSUANT TO CLAUSE 9.5 OF THE AGREEMENT AND ACCRUING FROM DAY TO DAY AT THE RATE OF TWO% PER ANNUM OR SUCH OTHER RATE AS THE COUNCIL MAY FROM TIME TO TIME PRESC RIBE ABOVE THE BASE RATE FROM TIME TO TI ME OF SUCH LONDON CLEARING BANK AS OF TH E SOCIETY MAY SELECT

ALL THE UNDERWRITING OBLIGATIONS OF THE COMPANY AS AN UNDERWRITING MEMBER OF THE SOCIETY (LLOYD'S) AT ANY TIME BEFORE TH E TERMINATION DATE (BEING THE 80TH ANNIV ERSARY OF THE DATE OF THE TRUST DEED) IN CLUDING OBLIGATIONS TO LLOYD'S AND THE T RUSTEES (AS DEFINED) AND OBLIGATIONS ARI SING UNDER THE BYE LAWS REGULATIONS RULE S DIRECTIONS OR OTHER REQUIREMENTS OF TH E SOCIETY,ANY DEED CONTRACT INSTRUMENT O R OTHER ARRANGEMENT APPROVED BY THE SOCI ETY BUT NOT INCLUDING OBLIGATIONS ARISIN G IN RESPECT OF ANY LETTER OF CREDIT,GUA RANTEE OR OTHER SECURITY GIVEN TO SECURE THE PERFORMANCE OF ANY OF THE SAID UNDE RWRITING OBLIGATIONS IN FAVOUR OF THE PE RSON GIVING SUCH GUARANTEE OR OTHER SECU RITY

ALL THE UNDERWRITING OBLIGATIONS OF THE COMPANY AS AN UNDERWRITING MEMBER OF THE SOCIETY (LLOYD'S) AT ANY TIME BEFORE TH E TERMINATION DATE (BEING THE 80TH ANNIV ERSARY OF THE DATE OF THE TRUST DEED) IN CLUDING OBLIGATIONS TO LLOYD'S AND THE T RUSTEES (AS DEFINED) AND OBLIGATIONS ARI SING UNDER THE BYE LAWS REGULATIONS,RULE S DIRECTIONS OR OTHER REQUIREMENTS OF TH E SOCIETY,ANY DEED CONTRACT INSTRUMENT O R OTHER ARRANGEMENT APPROVED BY THE SOCI ETY BUT NOT INCLUDING OBLIGATIONS ARISIN G IN RESPECT OF ANY LETTER OF CREDIT,GUA RANTEE OR OTHER SECURITY GIVEN TO SECURE THE PERFORMANCE OF ANY OF THE SAID UNDE RWRITING OBLIGATIONS IN FAVOUR OF THE PE RSON GIVING SUCH GUARANTEE OR OTHER SECU RITY