Turtlecove Limited

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THE PAYMENT OF LOSSES (INCLUDING CLAIMS FOR THE RETURN OF UNEARNED PREMIUM) UNDE R CONTRACTS OR POLICIES OF REINSURANCE I NCEPTING ON OR AFTER 1ST AUGUST 1995 UND ERWRITTEN BY THE COMPANY AS A MEMBER OF SYNDICATE NO.0727 (THE "SYNDICATE") (INC LUDING ALL INCIDENTAL SYNDICATES OF SUCH SYNDICATE) AND ALLOCABLE TO THE RELEVAN T YEAR OF ACCOUNT OR IN RESPECT OF WHICH THE COMPANY IS LIABLE AS A MEMBER OF TH E SYNDICATE FOR THE RELEVANT YEAR OF ACC OUNT FOR AN EARLIER YEAR OF ACCOUNT PURS UANT TO ANY CONTRACT OF REINSURANCE TO C LOSE AND ISSUED TO A CEDING INSURER DOMI CILED IN A STATE, DISTRICT, TERRITORY, C OMMONWEALTH OR POSSESSION OF THE UNITED STATES (AN "AMERICAN REINSURANCE POLICY" ), ALL EXPENDITURES AND FEES OF THE TRUS TEE (AS DEFINED IN THE TRUST DEED AND BE ING, AS AT THE DATE THEREOF, CITIBANK N. A. OF 111 WALL STREET, NEW YORK, U.S.A.) , REPAYMENT OF CASH OR SECURITIES ADVANC ED BY THE TRUSTEE TO THE TRUST HELD UNDE R THE PROVISIONS OF THE TRUST DEED, AND CERTAIN TRANSFERS BY THE TRUSTEE TO AN O VERSEAS FUND (AS DEFINED IN THE TRUST DE ED) OR TO THE SUPERINTENDENT OF INSURANC E OF THE STATE OF NEW YORK OR OTHER DESI GNATED RECEIVER, AND FOR SECURING THE OT HER 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 REINSURANCE I NCEPTING ON OR AFTER 1ST AUGUST 1995 UND ERWRITTEN BY THE COMPANY AS A MEMBER OF SYNDICATE NO.0807 (THE "SYNDICATE") (INC LUDING ALL INCIDENTAL SYNDICATES OF SUCH SYNDICATE) AND ALLOCABLE TO THE RELEVAN T YEAR OF ACCOUNT OR IN RESPECT OF WHICH THE COMPANY IS LIABLE AS A MEMBER OF TH E SYNDICATE FOR THE RELEVANT YEAR OF ACC OUNT FOR AN EARLIER YEAR OF ACCOUNT PURS UANT TO ANY CONTRACT OF REINSURANCE TO C LOSE AND ISSUED TO A CEDING INSURER DOMI CILED IN A STATE, DISTRICT, TERRITORY, C OMMONWEALTH OR POSSESSION OF THE UNITED STATES (AN "AMERICAN REINSURANCE POLICY" ), ALL EXPENDITURES AND FEES OF THE TRUS TEE (AS DEFINED IN THE TRUST DEED AND BE ING, AS AT THE DATE THEREOF, CITIBANK N. A. OF 111 WALL STREET, NEW YORK, U.S.A.) , REPAYMENT OF CASH OR SECURITIES ADVANC ED BY THE TRUSTEE TO THE TRUST HELD UNDE R THE PROVISIONS OF THE TRUST DEED, AND CERTAIN TRANSFERS BY THE TRUSTEE TO AN O VERSEAS FUND (AS DEFINED IN THE TRUST DE ED) OR TO THE SUPERINTENDENT OF INSURANC E OF THE STATE OF NEW YORK OR OTHER DESI GNATED RECEIVER, AND FOR SECURING THE OT HER 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 REINSURANCE I NCEPTING ON OR AFTER 1ST AUGUST 1995 UND ERWRITTEN BY THE COMPANY AS A MEMBER OF SYNDICATE NO.0958 (THE "SYNDICATE") (INC LUDING ALL INCIDENTAL SYNDICATES OF SUCH SYNDICATE) AND ALLOCABLE TO THE RELEVAN T YEAR OF ACCOUNT OR IN RESPECT OF WHICH THE COMPANY IS LIABLE AS A MEMBER OF TH E SYNDICATE FOR THE RELEVANT YEAR OF ACC OUNT FOR AN EARLIER YEAR OF ACCOUNT PURS UANT TO ANY CONTRACT OF REINSURANCE TO C LOSE AND ISSUED TO A CEDING INSURER DOMI CILED IN A STATE, DISTRICT, TERRITORY, C OMMONWEALTH OR POSSESSION OF THE UNITED STATES (AN "AMERICAN REINSURANCE POLICY" ), ALL EXPENDITURES AND FEES OF THE TRUS TEE (AS DEFINED IN THE TRUST DEED AND BE ING, AS AT THE DATE THEREOF, CITIBANK N. A. OF 111 WALL STREET, NEW YORK, U.S.A.) , REPAYMENT OF CASH OR SECURITIES ADVANC ED BY THE TRUSTEE TO THE TRUST HELD UNDE R THE PROVISIONS OF THE TRUST DEED, AND CERTAIN TRANSFERS BY THE TRUSTEE TO AN O VERSEAS FUND (AS DEFINED IN THE TRUST DE ED) OR TO THE SUPERINTENDENT OF INSURANC E OF THE STATE OF NEW YORK OR OTHER DESI GNATED RECEIVER, AND FOR SECURING THE OT HER 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 REINSURANCE I NCEPTING ON OR AFTER 1ST AUGUST 1995 UND ERWRITTEN BY THE COMPANY AS A MEMBER OF SYNDICATE NO.2791 (THE "SYNDICATE") (INC LUDING ALL INCIDENTAL SYNDICATES OF SUCH SYNDICATE) AND ALLOCABLE TO THE RELEVAN T YEAR OF ACCOUNT OR IN RESPECT OF WHICH THE COMPANY IS LIABLE AS A MEMBER OF TH E SYNDICATE FOR THE RELEVANT YEAR OF ACC OUNT FOR AN EARLIER YEAR OF ACCOUNT PURS UANT TO ANY CONTRACT OF REINSURANCE TO C LOSE AND ISSUED TO A CEDING INSURER DOMI CILED IN A STATE, DISTRICT, TERRITORY, C OMMONWEALTH OR POSSESSION OF THE UNITED STATES (AN "AMERICAN REINSURANCE POLICY" ), ALL EXPENDITURES AND FEES OF THE TRUS TEE (AS DEFINED IN THE TRUST DEED AND BE ING, AS AT THE DATE THEREOF, CITIBANK N. A. OF 111 WALL STREET, NEW YORK, U.S.A.) , REPAYMENT OF CASH OR SECURITIES ADVANC ED BY THE TRUSTEE TO THE TRUST HELD UNDE R THE PROVISIONS OF THE TRUST DEED, AND CERTAIN TRANSFERS BY THE TRUSTEE TO AN O VERSEAS FUND (AS DEFINED IN THE TRUST DE ED) OR TO THE SUPERINTENDENT OF INSURANC E OF THE STATE OF NEW YORK OR OTHER DESI GNATED RECEIVER, AND FOR SECURING THE OT HER AMOUNTS AND OBLIGATIONS REFERRED TO IN THE TRUST DEED

THE PAYMENT FOR MATURED CLAIMS (INCLUDIN G CLAIMS FOR LOSS AND CLAIMS FOR THE RET URN OF UNEARNED PREMIUM) UNDER CONTRACTS OR POLICIES OF INSURANCE INCEPTING ON O R AFTER 1ST AUGUST 1995 UNDERWRITTEN BY THE COMPANY AS A MEMBER OF SYNDICATE NO. 0033 (THE "SYNDICATE") (INCLUDING ALL IN CIDENTAL SYNDICATES OF SUCH SYNDICATE) A ND ALLOCABLE TO THE RELEVANT YEAR OF ACC OUNT OR IN RESPECT OF WHICH THE COMPANY IS LIABLE AS A MEMBER OF THE SYNDICATE F OR THE RELEVANT YEAR OF ACCOUNT FOR AN E ARLIER YEAR OF ACCOUNT PURSUANT TO ANY C ONTRACT OF REINSURANCE TO CLOSE AND ISSU ED TO A POLICYHOLDER PURSUANT TO SURPLUS LINES OR EXCESS LINES LAWS OF ANY STATE , DISTRICT, TERRITORY, COMMONWEALTH OR P OSSESSION OF THE UNITED STATES (AN "AMER ICAN POLICY"), ALL EXPENDITURES AND FEES OF THE TRUSTEE (AS DEFINED IN THE TRUST DEED AND BEING, AS AT THE DATE THEREOF, CITIBANK N.A. OF 111 WALL STREET, NEW Y ORK, USA), REPAYMENT OF CASH OR SECURITI ES ADVANCED BY THE TRUSTEE TO THE TRUST HELD UNDER THE PROVISIONS OF THE TRUST D EED, AND CERTAIN TRANSFERS BY THE TRUSTE E TO AN OVERSEAS FUND (AS DEFINED IN THE TRUST DEED) OR TO THE SUPERINTENDENT OF INSURANCE OF THE STATE OF NEW YORK OR O THER DESIGNATED RECEIVER, AND FOR SECURI NG THE OTHER AMOUNTS AND OBLIGATIONS REF ERRED TO IN THE TRUST DEED

THE PAYMENT FOR MATURED CLAIMS (INCLUDIN G CLAIMS FOR LOSS AND CLAIMS FOR THE RET URN OF UNEARNED PREMIUM) UNDER CONTRACTS OR POLICIES OF INSURANCE INCEPTING ON O R AFTER 1ST AUGUST 1995 UNDERWRITTEN BY THE COMPANY AS A MEMBER OF SYNDICATE NO. 0510 (THE "SYNDICATE") (INCLUDING ALL IN CIDENTAL SYNDICATES OF SUCH SYNDICATE) A ND ALLOCABLE TO THE RELEVANT YEAR OF ACC OUNT OR IN RESPECT OF WHICH THE COMPANY IS LIABLE AS A MEMBER OF THE SYNDICATE F OR THE RELEVANT YEAR OF ACCOUNT FOR AN E ARLIER YEAR OF ACCOUNT PURSUANT TO ANY C ONTRACT OF REINSURANCE TO CLOSE AND ISSU ED TO A POLICYHOLDER PURSUANT TO SURPLUS LINES OR EXCESS LINES LAWS OF ANY STATE , DISTRICT, TERRITORY, COMMONWEALTH OR P OSSESSION OF THE UNITED STATES (AN "AMER ICAN POLICY"), ALL EXPENDITURES AND FEES OF THE TRUSTEE (AS DEFINED IN THE TRUST DEED AND BEING, AS AT THE DATE THEREOF, CITIBANK N.A. OF 111 WALL STREET, NEW Y ORK, USA), REPAYMENT OF CASH OR SECURITI ES ADVANCED BY THE TRUSTEE TO THE TRUST HELD UNDER THE PROVISIONS OF THE TRUST D EED, AND CERTAIN TRANSFERS BY THE TRUSTE E TO AN OVERSEAS FUND (AS DEFINED IN THE TRUST DEED) OR TO THE SUPERINTENDENT OF INSURANCE OF THE STATE OF NEW YORK OR O THER DESIGNATED RECEIVER, AND FOR SECURI NG THE OTHER AMOUNTS AND OBLIGATIONS REF ERRED TO IN THE TRUST DEED

THE PAYMENT FOR MATURED CLAIMS (INCLUDIN G CLAIMS FOR LOSS AND CLAIMS FOR THE RET URN OF UNEARNED PREMIUM) UNDER CONTRACTS OR POLICIES OF INSURANCE INCEPTING ON O R AFTER 1ST AUGUST 1995 UNDERWRITTEN BY THE COMPANY AS A MEMBER OF SYNDICATE NO. 0557 (THE "SYNDICATE") (INCLUDING ALL IN CIDENTAL SYNDICATES OF SUCH SYNDICATE) A ND ALLOCABLE TO THE RELEVANT YEAR OF ACC OUNT OR IN RESPECT OF WHICH THE COMPANY IS LIABLE AS A MEMBER OF THE SYNDICATE F OR THE RELEVANT YEAR OF ACCOUNT FOR AN E ARLIER YEAR OF ACCOUNT PURSUANT TO ANY C ONTRACT OF REINSURANCE TO CLOSE AND ISSU ED TO A POLICYHOLDER PURSUANT TO SURPLUS LINES OR EXCESS LINES LAWS OF ANY STATE , DISTRICT, TERRITORY, COMMONWEALTH OR P OSSESSION OF THE UNITED STATES (AN "AMER ICAN POLICY"), ALL EXPENDITURES AND FEES OF THE TRUSTEE (AS DEFINED IN THE TRUST DEED AND BEING, AS AT THE DATE THEREOF, CITIBANK N.A. OF 111 WALL STREET, NEW Y ORK, USA), REPAYMENT OF CASH OR SECURITI ES ADVANCED BY THE TRUSTEE TO THE TRUST HELD UNDER THE PROVISIONS OF THE TRUST D EED, AND CERTAIN TRANSFERS BY THE TRUSTE E TO AN OVERSEAS FUND (AS DEFINED IN THE TRUST DEED) OR TO THE SUPERINTENDENT OF INSURANCE OF THE STATE OF NEW YORK OR O THER DESIGNATED RECEIVER, AND FOR SECURI NG THE OTHER AMOUNTS AND OBLIGATIONS REF ERRED TO IN THE TRUST DEED

THE PAYMENT FOR MATURED CLAIMS (INCLUDIN G CLAIMS FOR LOSS AND CLAIMS FOR THE RET URN OF UNEARNED PREMIUM) UNDER CONTRACTS OR POLICIES OF INSURANCE INCEPTING ON O R AFTER 1ST AUGUST 1995 UNDERWRITTEN BY THE COMPANY AS A MEMBER OF SYNDICATE NO. 0609 (THE "SYNDICATE") (INCLUDING ALL IN CIDENTAL SYNDICATES OF SUCH SYNDICATE) A ND ALLOCABLE TO THE RELEVANT YEAR OF ACC OUNT OR IN RESPECT OF WHICH THE COMPANY IS LIABLE AS A MEMBER OF THE SYNDICATE F OR THE RELEVANT YEAR OF ACCOUNT FOR AN E ARLIER YEAR OF ACCOUNT PURSUANT TO ANY C ONTRACT OF REINSURANCE TO CLOSE AND ISSU ED TO A POLICYHOLDER PURSUANT TO SURPLUS LINES OR EXCESS LINES LAWS OF ANY STATE , DISTRICT, TERRITORY, COMMONWEALTH OR P OSSESSION OF THE UNITED STATES (AN "AMER ICAN POLICY"), ALL EXPENDITURES AND FEES OF THE TRUSTEE (AS DEFINED IN THE TRUST DEED AND BEING, AS AT THE DATE THEREOF, CITIBANK N.A. OF 111 WALL STREET, NEW Y ORK, USA), REPAYMENT OF CASH OR SECURITI ES ADVANCED BY THE TRUSTEE TO THE TRUST HELD UNDER THE PROVISIONS OF THE TRUST D EED, AND CERTAIN TRANSFERS BY THE TRUSTE E TO AN OVERSEAS FUND (AS DEFINED IN THE TRUST DEED) OR TO THE SUPERINTENDENT OF INSURANCE OF THE STATE OF NEW YORK OR O THER DESIGNATED RECEIVER, AND FOR SECURI NG THE OTHER AMOUNTS AND OBLIGATIONS REF ERRED TO IN THE TRUST DEED

THE PAYMENT FOR MATURED CLAIMS (INCLUDIN G CLAIMS FOR LOSS AND CLAIMS FOR THE RET URN OF UNEARNED PREMIUM) UNDER CONTRACTS OR POLICIES OF INSURANCE INCEPTING ON O R AFTER 1ST AUGUST 1995 UNDERWRITTEN BY THE COMPANY AS A MEMBER OF SYNDICATE NO. 0623 (THE "SYNDICATE") (INCLUDING ALL IN CIDENTAL SYNDICATES OF SUCH SYNDICATE) A ND ALLOCABLE TO THE RELEVANT YEAR OF ACC OUNT OR IN RESPECT OF WHICH THE COMPANY IS LIABLE AS A MEMBER OF THE SYNDICATE F OR THE RELEVANT YEAR OF ACCOUNT FOR AN E ARLIER YEAR OF ACCOUNT PURSUANT TO ANY C ONTRACT OF REINSURANCE TO CLOSE AND ISSU ED TO A POLICYHOLDER PURSUANT TO SURPLUS LINES OR EXCESS LINES LAWS OF ANY STATE , DISTRICT, TERRITORY, COMMONWEALTH OR P OSSESSION OF THE UNITED STATES (AN "AMER ICAN POLICY"), ALL EXPENDITURES AND FEES OF THE TRUSTEE (AS DEFINED IN THE TRUST DEED AND BEING, AS AT THE DATE THEREOF, CITIBANK N.A. OF 111 WALL STREET, NEW Y ORK, USA), REPAYMENT OF CASH OR SECURITI ES ADVANCED BY THE TRUSTEE TO THE TRUST HELD UNDER THE PROVISIONS OF THE TRUST D EED, AND CERTAIN TRANSFERS BY THE TRUSTE E TO AN OVERSEAS FUND (AS DEFINED IN THE TRUST DEED) OR TO THE SUPERINTENDENT OF INSURANCE OF THE STATE OF NEW YORK OR O THER DESIGNATED RECEIVER, AND FOR SECURI NG THE OTHER AMOUNTS AND OBLIGATIONS REF ERRED TO IN THE TRUST DEED

THE PAYMENT FOR MATURED CLAIMS (INCLUDIN G CLAIMS FOR LOSS AND CLAIMS FOR THE RET URN OF UNEARNED PREMIUM) UNDER CONTRACTS OR POLICIES OF INSURANCE INCEPTING ON O R AFTER 1ST AUGUST 1995 UNDERWRITTEN BY THE COMPANY AS A MEMBER OF SYNDICATE NO. 0727 (THE "SYNDICATE") (INCLUDING ALL IN CIDENTAL SYNDICATES OF SUCH SYNDICATE) A ND ALLOCABLE TO THE RELEVANT YEAR OF ACC OUNT OR IN RESPECT OF WHICH THE COMPANY IS LIABLE AS A MEMBER OF THE SYNDICATE F OR THE RELEVANT YEAR OF ACCOUNT FOR AN E ARLIER YEAR OF ACCOUNT PURSUANT TO ANY C ONTRACT OF REINSURANCE TO CLOSE AND ISSU ED TO A POLICYHOLDER PURSUANT TO SURPLUS LINES OR EXCESS LINES LAWS OF ANY STATE , DISTRICT, TERRITORY, COMMONWEALTH OR P OSSESSION OF THE UNITED STATES (AN "AMER ICAN POLICY"), ALL EXPENDITURES AND FEES OF THE TRUSTEE (AS DEFINED IN THE TRUST DEED AND BEING, AS AT THE DATE THEREOF, CITIBANK N.A. OF 111 WALL STREET, NEW Y ORK, USA), REPAYMENT OF CASH OR SECURITI ES ADVANCED BY THE TRUSTEE TO THE TRUST HELD UNDER THE PROVISIONS OF THE TRUST D EED, AND CERTAIN TRANSFERS BY THE TRUSTE E TO AN OVERSEAS FUND (AS DEFINED IN THE TRUST DEED) OR TO THE SUPERINTENDENT OF INSURANCE OF THE STATE OF NEW YORK OR O THER DESIGNATED RECEIVER, AND FOR SECURI NG THE OTHER AMOUNTS AND OBLIGATIONS REF ERRED TO IN THE TRUST DEED

THE PAYMENT FOR MATURED CLAIMS (INCLUDIN G CLAIMS FOR LOSS AND CLAIMS FOR THE RET URN OF UNEARNED PREMIUM) UNDER CONTRACTS OR POLICIES OF INSURANCE INCEPTING ON O R AFTER 1ST AUGUST 1995 UNDERWRITTEN BY THE COMPANY AS A MEMBER OF SYNDICATE NO. 0807 (THE "SYNDICATE") (INCLUDING ALL IN CIDENTAL SYNDICATES OF SUCH SYNDICATE) A ND ALLOCABLE TO THE RELEVANT YEAR OF ACC OUNT OR IN RESPECT OF WHICH THE COMPANY IS LIABLE AS A MEMBER OF THE SYNDICATE F OR THE RELEVANT YEAR OF ACCOUNT FOR AN E ARLIER YEAR OF ACCOUNT PURSUANT TO ANY C ONTRACT OF REINSURANCE TO CLOSE AND ISSU ED TO A POLICYHOLDER PURSUANT TO SURPLUS LINES OR EXCESS LINES LAWS OF ANY STATE , DISTRICT, TERRITORY, COMMONWEALTH OR P OSSESSION OF THE UNITED STATES (AN "AMER ICAN POLICY"), ALL EXPENDITURES AND FEES OF THE TRUSTEE (AS DEFINED IN THE TRUST DEED AND BEING, AS AT THE DATE THEREOF, CITIBANK N.A. OF 111 WALL STREET, NEW Y ORK, USA), REPAYMENT OF CASH OR SECURITI ES ADVANCED BY THE TRUSTEE TO THE TRUST HELD UNDER THE PROVISIONS OF THE TRUST D EED, AND CERTAIN TRANSFERS BY THE TRUSTE E TO AN OVERSEAS FUND (AS DEFINED IN THE TRUST DEED) OR TO THE SUPERINTENDENT OF INSURANCE OF THE STATE OF NEW YORK OR O THER DESIGNATED RECEIVER, AND FOR SECURI NG THE OTHER AMOUNTS AND OBLIGATIONS REF ERRED TO IN THE TRUST DEED

THE PAYMENT FOR MATURED CLAIMS (INCLUDIN G CLAIMS FOR LOSS AND CLAIMS FOR THE RET URN OF UNEARNED PREMIUM) UNDER CONTRACTS OR POLICIES OF INSURANCE INCEPTING ON O R AFTER 1ST AUGUST 1995 UNDERWRITTEN BY THE COMPANY AS A MEMBER OF SYNDICATE NO. 0958 (THE "SYNDICATE") (INCLUDING ALL IN CIDENTAL SYNDICATES OF SUCH SYNDICATE) A ND ALLOCABLE TO THE RELEVANT YEAR OF ACC OUNT OR IN RESPECT OF WHICH THE COMPANY IS LIABLE AS A MEMBER OF THE SYNDICATE F OR THE RELEVANT YEAR OF ACCOUNT FOR AN E ARLIER YEAR OF ACCOUNT PURSUANT TO ANY C ONTRACT OF REINSURANCE TO CLOSE AND ISSU ED TO A POLICYHOLDER PURSUANT TO SURPLUS LINES OR EXCESS LINES LAWS OF ANY STATE , DISTRICT, TERRITORY, COMMONWEALTH OR P OSSESSION OF THE UNITED STATES (AN "AMER ICAN POLICY"), ALL EXPENDITURES AND FEES OF THE TRUSTEE (AS DEFINED IN THE TRUST DEED AND BEING, AS AT THE DATE THEREOF, CITIBANK N.A. OF 111 WALL STREET, NEW Y ORK, USA), REPAYMENT OF CASH OR SECURITI ES ADVANCED BY THE TRUSTEE TO THE TRUST HELD UNDER THE PROVISIONS OF THE TRUST D EED, AND CERTAIN TRANSFERS BY THE TRUSTE E TO AN OVERSEAS FUND (AS DEFINED IN THE TRUST DEED) OR TO THE SUPERINTENDENT OF INSURANCE OF THE STATE OF NEW YORK OR O THER DESIGNATED RECEIVER, AND FOR SECURI NG THE OTHER AMOUNTS AND OBLIGATIONS REF ERRED TO IN THE TRUST DEED

THE PAYMENT FOR MATURED CLAIMS (INCLUDIN G CLAIMS FOR LOSS AND CLAIMS FOR THE RET URN OF UNEARNED PREMIUM) UNDER CONTRACTS OR POLICIES OF INSURANCE INCEPTING ON O R AFTER 1ST AUGUST 1995 UNDERWRITTEN BY THE COMPANY AS A MEMBER OF SYNDICATE NO. 2791 (THE "SYNDICATE") (INCLUDING ALL IN CIDENTAL SYNDICATES OF SUCH SYNDICATE) A ND ALLOCABLE TO THE RELEVANT YEAR OF ACC OUNT OR IN RESPECT OF WHICH THE COMPANY IS LIABLE AS A MEMBER OF THE SYNDICATE F OR THE RELEVANT YEAR OF ACCOUNT FOR AN E ARLIER YEAR OF ACCOUNT PURSUANT TO ANY C ONTRACT OF REINSURANCE TO CLOSE AND ISSU ED TO A POLICYHOLDER PURSUANT TO SURPLUS LINES OR EXCESS LINES LAWS OF ANY STATE , DISTRICT, TERRITORY, COMMONWEALTH OR P OSSESSION OF THE UNITED STATES (AN "AMER ICAN POLICY"), ALL EXPENDITURES AND FEES OF THE TRUSTEE (AS DEFINED IN THE TRUST DEED AND BEING, AS AT THE DATE THEREOF, CITIBANK N.A. OF 111 WALL STREET, NEW Y ORK, USA), REPAYMENT OF CASH OR SECURITI ES ADVANCED BY THE TRUSTEE TO THE TRUST HELD UNDER THE PROVISIONS OF THE TRUST D EED, AND CERTAIN TRANSFERS BY THE TRUSTE E TO AN OVERSEAS FUND (AS DEFINED IN THE TRUST DEED) OR TO THE SUPERINTENDENT OF INSURANCE OF THE STATE OF NEW YORK OR O THER DESIGNATED RECEIVER, AND FOR SECURI NG THE OTHER AMOUNTS AND OBLIGATIONS REF ERRED TO IN THE TRUST DEED

THE PAYMENT FOR MATURED CLAIMS (INCLUDIN G CLAIMS FOR LOSS AND CLAIMS FOR THE RET URN OF UNEARNED PREMIUM) UNDER CONTRACTS OR POLICIES OF INSURANCE INCEPTING ON O R AFTER 1ST AUGUST 1995 UNDERWRITTEN BY THE COMPANY AS A MEMBER OF SYNDICATE NO. 0570 (THE "SYNDICATE") (INCLUDING ALL IN CIDENTAL SYNDICATES OF SUCH SYNDICATE) A ND ALLOCABLE TO THE RELEVANT YEAR OF ACC OUNT OR IN RESPECT OF WHICH THE COMPANY IS LIABLE AS A MEMBER OF THE SYNDICATE F OR THE RELEVANT YEAR OF ACCOUNT FOR AN E ARLIER YEAR OF ACCOUNT PURSUANT TO ANY C ONTRACT OF REINSURANCE TO CLOSE AND ISSU ED TO A POLICYHOLDER PURSUANT TO SURPLUS LINES OR EXCESS LINES LAWS OF ANY STATE , DISTRICT, TERRITORY, COMMONWEALTH OR P OSSESSION OF THE UNITED STATES (AN "AMER ICAN POLICY"), ALL EXPENDITURES AND FEES OF THE TRUSTEE (AS DEFINED IN THE TRUST DEED AND BEING, AS AT THE DATE THEREOF, CITIBANK N.A. OF 111 WALL STREET, NEW Y ORK, USA), REPAYMENT OF CASH OR SECURITI ES ADVANCED BY THE TRUSTEE TO THE TRUST HELD UNDER THE PROVISIONS OF THE TRUST D EED, AND CERTAIN TRANSFERS BY THE TRUSTE E TO AN OVERSEAS FUND (AS DEFINED IN THE TRUST DEED) OR TO THE SUPERINTENDENT OF INSURANCE OF THE STATE OF NEW YORK OR O THER DESIGNATED RECEIVER, AND FOR SECURI NG THE OTHER AMOUNTS AND OBLIGATIONS REF ERRED 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 1ST JANUARY 1996 UNDE RWRITTEN BY THE COMPANY AS A MEMBER OF S YNDICATE NO.0033 (THE "SYNDICATE") AND A LLOCABLE TO THE RELEVANT YEAR OF ACCOUNT OR IN RESPECT OF WHICH THE COMPANY IS L IABLE AS A MEMBER OF THE SYNDICATE FOR T HE RELEVANT YEAR OF ACCOUNT FOR AN EARLI ER YEAR OF ACCOUNT PURSUANT TO ANY CONTR ACT OF REINSURANCE TO CLOSE AND ISSUED T O A POLICYHOLDER PURSUANT TO THE INSURAN CE LAWS OF THE COMMONWEALTH OF KENTUCKY PROVIDING INSURANCE WITH RESPECT TO PROP ERTY OR RISKS SITUATED IN SAID COMMONWEA LTH (A "KENTUCKY POLICY"), ALL EXPENDITU RES AND FEES OF THE TRUSTEE (AS DEFINED IN THE TRUST DEED AND BEING, AS AT THE D ATE THEREOF, NATIONAL CITY BANK, KENTUCK Y, U.S.A.), REPAYMENT OF CASH OR SECURIT IES ADVANCED BY THE TRUSTEE TO THE TRUST HELD UNDER THE PROVISIONS OF THE TRUST DEED, AND CERTAIN TRANSFERS BY THE TRUST EE TO AN OVERSEAS FUND (AS DEFINED IN TH E TRUST DEED) OR TO THE COMMISSIONER OF INSURANCE OF THE COMMONWEALTH OF KENTUCK Y OR OTHER DESIGNATED RECEIVER, AND FOR SECURING THE OTHER AMOUNTS AND OBLIGATIO NS 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 1ST JANUARY 1996 UNDE RWRITTEN BY THE COMPANY AS A MEMBER OF S YNDICATE NO.0510 (THE "SYNDICATE") AND A LLOCABLE TO THE RELEVANT YEAR OF ACCOUNT OR IN RESPECT OF WHICH THE COMPANY IS L IABLE AS A MEMBER OF THE SYNDICATE FOR T HE RELEVANT YEAR OF ACCOUNT FOR AN EARLI ER YEAR OF ACCOUNT PURSUANT TO ANY CONTR ACT OF REINSURANCE TO CLOSE AND ISSUED T O A POLICYHOLDER PURSUANT TO THE INSURAN CE LAWS OF THE COMMONWEALTH OF KENTUCKY PROVIDING INSURANCE WITH RESPECT TO PROP ERTY OR RISKS SITUATED IN SAID COMMONWEA LTH (A "KENTUCKY POLICY"), ALL EXPENDITU RES AND FEES OF THE TRUSTEE (AS DEFINED IN THE TRUST DEED AND BEING, AS AT THE D ATE THEREOF, NATIONAL CITY BANK, KENTUCK Y, U.S.A.), REPAYMENT OF CASH OR SECURIT IES ADVANCED BY THE TRUSTEE TO THE TRUST HELD UNDER THE PROVISIONS OF THE TRUST DEED, AND CERTAIN TRANSFERS BY THE TRUST EE TO AN OVERSEAS FUND (AS DEFINED IN TH E TRUST DEED) OR TO THE COMMISSIONER OF INSURANCE OF THE COMMONWEALTH OF KENTUCK Y OR OTHER DESIGNATED RECEIVER, AND FOR SECURING THE OTHER AMOUNTS AND OBLIGATIO NS 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 1ST JANUARY 1996 UNDE RWRITTEN BY THE COMPANY AS A MEMBER OF S YNDICATE NO.0557 (THE "SYNDICATE") AND A LLOCABLE TO THE RELEVANT YEAR OF ACCOUNT OR IN RESPECT OF WHICH THE COMPANY IS L IABLE AS A MEMBER OF THE SYNDICATE FOR T HE RELEVANT YEAR OF ACCOUNT FOR AN EARLI ER YEAR OF ACCOUNT PURSUANT TO ANY CONTR ACT OF REINSURANCE TO CLOSE AND ISSUED T O A POLICYHOLDER PURSUANT TO THE INSURAN CE LAWS OF THE COMMONWEALTH OF KENTUCKY PROVIDING INSURANCE WITH RESPECT TO PROP ERTY OR RISKS SITUATED IN SAID COMMONWEA LTH (A "KENTUCKY POLICY"), ALL EXPENDITU RES AND FEES OF THE TRUSTEE (AS DEFINED IN THE TRUST DEED AND BEING, AS AT THE D ATE THEREOF, NATIONAL CITY BANK, KENTUCK Y, U.S.A.), REPAYMENT OF CASH OR SECURIT IES ADVANCED BY THE TRUSTEE TO THE TRUST HELD UNDER THE PROVISIONS OF THE TRUST DEED, AND CERTAIN TRANSFERS BY THE TRUST EE TO AN OVERSEAS FUND (AS DEFINED IN TH E TRUST DEED) OR TO THE COMMISSIONER OF INSURANCE OF THE COMMONWEALTH OF KENTUCK Y OR OTHER DESIGNATED RECEIVER, AND FOR SECURING THE OTHER AMOUNTS AND OBLIGATIO NS 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 1ST JANUARY 1996 UNDE RWRITTEN BY THE COMPANY AS A MEMBER OF S YNDICATE NO.0570 (THE "SYNDICATE") AND A LLOCABLE TO THE RELEVANT YEAR OF ACCOUNT OR IN RESPECT OF WHICH THE COMPANY IS L IABLE AS A MEMBER OF THE SYNDICATE FOR T HE RELEVANT YEAR OF ACCOUNT FOR AN EARLI ER YEAR OF ACCOUNT PURSUANT TO ANY CONTR ACT OF REINSURANCE TO CLOSE AND ISSUED T O A POLICYHOLDER PURSUANT TO THE INSURAN CE LAWS OF THE COMMONWEALTH OF KENTUCKY PROVIDING INSURANCE WITH RESPECT TO PROP ERTY OR RISKS SITUATED IN SAID COMMONWEA LTH (A "KENTUCKY POLICY"), ALL EXPENDITU RES AND FEES OF THE TRUSTEE (AS DEFINED IN THE TRUST DEED AND BEING, AS AT THE D ATE THEREOF, NATIONAL CITY BANK, KENTUCK Y, U.S.A.), REPAYMENT OF CASH OR SECURIT IES ADVANCED BY THE TRUSTEE TO THE TRUST HELD UNDER THE PROVISIONS OF THE TRUST DEED, AND CERTAIN TRANSFERS BY THE TRUST EE TO AN OVERSEAS FUND (AS DEFINED IN TH E TRUST DEED) OR TO THE COMMISSIONER OF INSURANCE OF THE COMMONWEALTH OF KENTUCK Y OR OTHER DESIGNATED RECEIVER, AND FOR SECURING THE OTHER AMOUNTS AND OBLIGATIO NS 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 1ST JANUARY 1996 UNDE RWRITTEN BY THE COMPANY AS A MEMBER OF S YNDICATE NO.0609 (THE "SYNDICATE") AND A LLOCABLE TO THE RELEVANT YEAR OF ACCOUNT OR IN RESPECT OF WHICH THE COMPANY IS L IABLE AS A MEMBER OF THE SYNDICATE FOR T HE RELEVANT YEAR OF ACCOUNT FOR AN EARLI ER YEAR OF ACCOUNT PURSUANT TO ANY CONTR ACT OF REINSURANCE TO CLOSE AND ISSUED T O A POLICYHOLDER PURSUANT TO THE INSURAN CE LAWS OF THE COMMONWEALTH OF KENTUCKY PROVIDING INSURANCE WITH RESPECT TO PROP ERTY OR RISKS SITUATED IN SAID COMMONWEA LTH (A "KENTUCKY POLICY"), ALL EXPENDITU RES AND FEES OF THE TRUSTEE (AS DEFINED IN THE TRUST DEED AND BEING, AS AT THE D ATE THEREOF, NATIONAL CITY BANK, KENTUCK Y, U.S.A.), REPAYMENT OF CASH OR SECURIT IES ADVANCED BY THE TRUSTEE TO THE TRUST HELD UNDER THE PROVISIONS OF THE TRUST DEED, AND CERTAIN TRANSFERS BY THE TRUST EE TO AN OVERSEAS FUND (AS DEFINED IN TH E TRUST DEED) OR TO THE COMMISSIONER OF INSURANCE OF THE COMMONWEALTH OF KENTUCK Y OR OTHER DESIGNATED RECEIVER, AND FOR SECURING THE OTHER AMOUNTS AND OBLIGATIO NS 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 1ST JANUARY 1996 UNDE RWRITTEN BY THE COMPANY AS A MEMBER OF S YNDICATE NO.0623 (THE "SYNDICATE") AND A LLOCABLE TO THE RELEVANT YEAR OF ACCOUNT OR IN RESPECT OF WHICH THE COMPANY IS L IABLE AS A MEMBER OF THE SYNDICATE FOR T HE RELEVANT YEAR OF ACCOUNT FOR AN EARLI ER YEAR OF ACCOUNT PURSUANT TO ANY CONTR ACT OF REINSURANCE TO CLOSE AND ISSUED T O A POLICYHOLDER PURSUANT TO THE INSURAN CE LAWS OF THE COMMONWEALTH OF KENTUCKY PROVIDING INSURANCE WITH RESPECT TO PROP ERTY OR RISKS SITUATED IN SAID COMMONWEA LTH (A "KENTUCKY POLICY"), ALL EXPENDITU RES AND FEES OF THE TRUSTEE (AS DEFINED IN THE TRUST DEED AND BEING, AS AT THE D ATE THEREOF, NATIONAL CITY BANK, KENTUCK Y, U.S.A.), REPAYMENT OF CASH OR SECURIT IES ADVANCED BY THE TRUSTEE TO THE TRUST HELD UNDER THE PROVISIONS OF THE TRUST DEED, AND CERTAIN TRANSFERS BY THE TRUST EE TO AN OVERSEAS FUND (AS DEFINED IN TH E TRUST DEED) OR TO THE COMMISSIONER OF INSURANCE OF THE COMMONWEALTH OF KENTUCK Y OR OTHER DESIGNATED RECEIVER, AND FOR SECURING THE OTHER AMOUNTS AND OBLIGATIO NS 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 1ST JANUARY 1996 UNDE RWRITTEN BY THE COMPANY AS A MEMBER OF S YNDICATE NO.0727 (THE "SYNDICATE") AND A LLOCABLE TO THE RELEVANT YEAR OF ACCOUNT OR IN RESPECT OF WHICH THE COMPANY IS L IABLE AS A MEMBER OF THE SYNDICATE FOR T HE RELEVANT YEAR OF ACCOUNT FOR AN EARLI ER YEAR OF ACCOUNT PURSUANT TO ANY CONTR ACT OF REINSURANCE TO CLOSE AND ISSUED T O A POLICYHOLDER PURSUANT TO THE INSURAN CE LAWS OF THE COMMONWEALTH OF KENTUCKY PROVIDING INSURANCE WITH RESPECT TO PROP ERTY OR RISKS SITUATED IN SAID COMMONWEA LTH (A "KENTUCKY POLICY"), ALL EXPENDITU RES AND FEES OF THE TRUSTEE (AS DEFINED IN THE TRUST DEED AND BEING, AS AT THE D ATE THEREOF, NATIONAL CITY BANK, KENTUCK Y, U.S.A.), REPAYMENT OF CASH OR SECURIT IES ADVANCED BY THE TRUSTEE TO THE TRUST HELD UNDER THE PROVISIONS OF THE TRUST DEED, AND CERTAIN TRANSFERS BY THE TRUST EE TO AN OVERSEAS FUND (AS DEFINED IN TH E TRUST DEED) OR TO THE COMMISSIONER OF INSURANCE OF THE COMMONWEALTH OF KENTUCK Y OR OTHER DESIGNATED RECEIVER, AND FOR SECURING THE OTHER AMOUNTS AND OBLIGATIO NS 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 1ST JANUARY 1996 UNDE RWRITTEN BY THE COMPANY AS A MEMBER OF S YNDICATE NO.0807 (THE "SYNDICATE") AND A LLOCABLE TO THE RELEVANT YEAR OF ACCOUNT OR IN RESPECT OF WHICH THE COMPANY IS L IABLE AS A MEMBER OF THE SYNDICATE FOR T HE RELEVANT YEAR OF ACCOUNT FOR AN EARLI ER YEAR OF ACCOUNT PURSUANT TO ANY CONTR ACT OF REINSURANCE TO CLOSE AND ISSUED T O A POLICYHOLDER PURSUANT TO THE INSURAN CE LAWS OF THE COMMONWEALTH OF KENTUCKY PROVIDING INSURANCE WITH RESPECT TO PROP ERTY OR RISKS SITUATED IN SAID COMMONWEA LTH (A "KENTUCKY POLICY"), ALL EXPENDITU RES AND FEES OF THE TRUSTEE (AS DEFINED IN THE TRUST DEED AND BEING, AS AT THE D ATE THEREOF, NATIONAL CITY BANK, KENTUCK Y, U.S.A.), REPAYMENT OF CASH OR SECURIT IES ADVANCED BY THE TRUSTEE TO THE TRUST HELD UNDER THE PROVISIONS OF THE TRUST DEED, AND CERTAIN TRANSFERS BY THE TRUST EE TO AN OVERSEAS FUND (AS DEFINED IN TH E TRUST DEED) OR TO THE COMMISSIONER OF INSURANCE OF THE COMMONWEALTH OF KENTUCK Y OR OTHER DESIGNATED RECEIVER, AND FOR SECURING THE OTHER AMOUNTS AND OBLIGATIO NS 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 1ST JANUARY 1996 UNDE RWRITTEN BY THE COMPANY AS A MEMBER OF S YNDICATE NO.0958 (THE "SYNDICATE") AND A LLOCABLE TO THE RELEVANT YEAR OF ACCOUNT OR IN RESPECT OF WHICH THE COMPANY IS L IABLE AS A MEMBER OF THE SYNDICATE FOR T HE RELEVANT YEAR OF ACCOUNT FOR AN EARLI ER YEAR OF ACCOUNT PURSUANT TO ANY CONTR ACT OF REINSURANCE TO CLOSE AND ISSUED T O A POLICYHOLDER PURSUANT TO THE INSURAN CE LAWS OF THE COMMONWEALTH OF KENTUCKY PROVIDING INSURANCE WITH RESPECT TO PROP ERTY OR RISKS SITUATED IN SAID COMMONWEA LTH (A "KENTUCKY POLICY"), ALL EXPENDITU RES AND FEES OF THE TRUSTEE (AS DEFINED IN THE TRUST DEED AND BEING, AS AT THE D ATE THEREOF, NATIONAL CITY BANK, KENTUCK Y, U.S.A.), REPAYMENT OF CASH OR SECURIT IES ADVANCED BY THE TRUSTEE TO THE TRUST HELD UNDER THE PROVISIONS OF THE TRUST DEED, AND CERTAIN TRANSFERS BY THE TRUST EE TO AN OVERSEAS FUND (AS DEFINED IN TH E TRUST DEED) OR TO THE COMMISSIONER OF INSURANCE OF THE COMMONWEALTH OF KENTUCK Y OR OTHER DESIGNATED RECEIVER, AND FOR SECURING THE OTHER AMOUNTS AND OBLIGATIO NS 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 1ST JANUARY 1996 UNDE RWRITTEN BY THE COMPANY AS A MEMBER OF S YNDICATE NO.2791 (THE "SYNDICATE") AND A LLOCABLE TO THE RELEVANT YEAR OF ACCOUNT OR IN RESPECT OF WHICH THE COMPANY IS L IABLE AS A MEMBER OF THE SYNDICATE FOR T HE RELEVANT YEAR OF ACCOUNT FOR AN EARLI ER YEAR OF ACCOUNT PURSUANT TO ANY CONTR ACT OF REINSURANCE TO CLOSE AND ISSUED T O A POLICYHOLDER PURSUANT TO THE INSURAN CE LAWS OF THE COMMONWEALTH OF KENTUCKY PROVIDING INSURANCE WITH RESPECT TO PROP ERTY OR RISKS SITUATED IN SAID COMMONWEA LTH (A "KENTUCKY POLICY"), ALL EXPENDITU RES AND FEES OF THE TRUSTEE (AS DEFINED IN THE TRUST DEED AND BEING, AS AT THE D ATE THEREOF, NATIONAL CITY BANK, KENTUCK Y, U.S.A.), REPAYMENT OF CASH OR SECURIT IES ADVANCED BY THE TRUSTEE TO THE TRUST HELD UNDER THE PROVISIONS OF THE TRUST DEED, AND CERTAIN TRANSFERS BY THE TRUST EE TO AN OVERSEAS FUND (AS DEFINED IN TH E TRUST DEED) OR TO THE COMMISSIONER OF INSURANCE OF THE COMMONWEALTH OF KENTUCK Y OR OTHER DESIGNATED RECEIVER, AND FOR SECURING THE OTHER AMOUNTS AND OBLIGATIO NS REFERRED 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 1ST AUGUST 1995 UND ERWRITTEN BY THE COMPANY AS A MEMBER OF SYNDICATE NO.0033 (THE "SYNDICATE") (INC LUDING ALL INCIDENTAL SYNDICATES OF SUCH SYNDICATE) AND ALLOCABLE TO THE RELEVAN T YEAR OF ACCOUNT OR IN RESPECT OF WHICH THE COMPANY IS LIABLE AS A MEMBER OF TH E SYNDICATE FOR THE RELEVANT YEAR OF ACC OUNT FOR AN EARLIER YEAR OF ACCOUNT PURS UANT TO ANY CONTRACT OF REINSURANCE TO C LOSE AND ISSUED TO A CEDING INSURER DOMI CILED IN A STATE, DISTRICT, TERRITORY, C OMMONWEALTH OR POSSESSION OF THE UNITED STATES (AN "AMERICAN REINSURANCE POLICY" ), ALL EXPENDITURES AND FEES OF THE TRUS TEE (AS DEFINED IN THE TRUST DEED AND BE ING, AS AT THE DATE THEREOF, CITIBANK N. A. OF 111 WALL STREET, NEW YORK, U.S.A.) , REPAYMENT OF CASH OR SECURITIES ADVANC ED BY THE TRUSTEE TO THE TRUST HELD UNDE R THE PROVISIONS OF THE TRUST DEED, AND CERTAIN TRANSFERS BY THE TRUSTEE TO AN O VERSEAS FUND (AS DEFINED IN THE TRUST DE ED) OR TO THE SUPERINTENDENT OF INSURANC E OF THE STATE OF NEW YORK OR OTHER DESI GNATED RECEIVER, AND FOR SECURING THE OT HER 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 REINSURANCE I NCEPTING ON OR AFTER 1ST AUGUST 1995 UND ERWRITTEN BY THE COMPANY AS A MEMBER OF SYNDICATE NO.0510 (THE "SYNDICATE") (INC LUDING ALL INCIDENTAL SYNDICATES OF SUCH SYNDICATE) AND ALLOCABLE TO THE RELEVAN T YEAR OF ACCOUNT OR IN RESPECT OF WHICH THE COMPANY IS LIABLE AS A MEMBER OF TH E SYNDICATE FOR THE RELEVANT YEAR OF ACC OUNT FOR AN EARLIER YEAR OF ACCOUNT PURS UANT TO ANY CONTRACT OF REINSURANCE TO C LOSE AND ISSUED TO A CEDING INSURER DOMI CILED IN A STATE, DISTRICT, TERRITORY, C OMMONWEALTH OR POSSESSION OF THE UNITED STATES (AN "AMERICAN REINSURANCE POLICY" ), ALL EXPENDITURES AND FEES OF THE TRUS TEE (AS DEFINED IN THE TRUST DEED AND BE ING, AS AT THE DATE THEREOF, CITIBANK N. A. OF 111 WALL STREET, NEW YORK, U.S.A.) , REPAYMENT OF CASH OR SECURITIES ADVANC ED BY THE TRUSTEE TO THE TRUST HELD UNDE R THE PROVISIONS OF THE TRUST DEED, AND CERTAIN TRANSFERS BY THE TRUSTEE TO AN O VERSEAS FUND (AS DEFINED IN THE TRUST DE ED) OR TO THE SUPERINTENDENT OF INSURANC E OF THE STATE OF NEW YORK OR OTHER DESI GNATED RECEIVER, AND FOR SECURING THE OT HER 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 REINSURANCE I NCEPTING ON OR AFTER 1ST AUGUST 1995 UND ERWRITTEN BY THE COMPANY AS A MEMBER OF SYNDICATE NO.0557 (THE "SYNDICATE") (INC LUDING ALL INCIDENTAL SYNDICATES OF SUCH SYNDICATE) AND ALLOCABLE TO THE RELEVAN T YEAR OF ACCOUNT OR IN RESPECT OF WHICH THE COMPANY IS LIABLE AS A MEMBER OF TH E SYNDICATE FOR THE RELEVANT YEAR OF ACC OUNT FOR AN EARLIER YEAR OF ACCOUNT PURS UANT TO ANY CONTRACT OF REINSURANCE TO C LOSE AND ISSUED TO A CEDING INSURER DOMI CILED IN A STATE, DISTRICT, TERRITORY, C OMMONWEALTH OR POSSESSION OF THE UNITED STATES (AN "AMERICAN REINSURANCE POLICY" ), ALL EXPENDITURES AND FEES OF THE TRUS TEE (AS DEFINED IN THE TRUST DEED AND BE ING, AS AT THE DATE THEREOF, CITIBANK N. A. OF 111 WALL STREET, NEW YORK, U.S.A.) , REPAYMENT OF CASH OR SECURITIES ADVANC ED BY THE TRUSTEE TO THE TRUST HELD UNDE R THE PROVISIONS OF THE TRUST DEED, AND CERTAIN TRANSFERS BY THE TRUSTEE TO AN O VERSEAS FUND (AS DEFINED IN THE TRUST DE ED) OR TO THE SUPERINTENDENT OF INSURANC E OF THE STATE OF NEW YORK OR OTHER DESI GNATED RECEIVER, AND FOR SECURING THE OT HER 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 REINSURANCE I NCEPTING ON OR AFTER 1ST AUGUST 1995 UND ERWRITTEN BY THE COMPANY AS A MEMBER OF SYNDICATE NO.0570 (THE "SYNDICATE") (INC LUDING ALL INCIDENTAL SYNDICATES OF SUCH SYNDICATE) AND ALLOCABLE TO THE RELEVAN T YEAR OF ACCOUNT OR IN RESPECT OF WHICH THE COMPANY IS LIABLE AS A MEMBER OF TH E SYNDICATE FOR THE RELEVANT YEAR OF ACC OUNT FOR AN EARLIER YEAR OF ACCOUNT PURS UANT TO ANY CONTRACT OF REINSURANCE TO C LOSE AND ISSUED TO A CEDING INSURER DOMI CILED IN A STATE, DISTRICT, TERRITORY, C OMMONWEALTH OR POSSESSION OF THE UNITED STATES (AN "AMERICAN REINSURANCE POLICY" ), ALL EXPENDITURES AND FEES OF THE TRUS TEE (AS DEFINED IN THE TRUST DEED AND BE ING, AS AT THE DATE THEREOF, CITIBANK N. A. OF 111 WALL STREET, NEW YORK, U.S.A.) , REPAYMENT OF CASH OR SECURITIES ADVANC ED BY THE TRUSTEE TO THE TRUST HELD UNDE R THE PROVISIONS OF THE TRUST DEED, AND CERTAIN TRANSFERS BY THE TRUSTEE TO AN O VERSEAS FUND (AS DEFINED IN THE TRUST DE ED) OR TO THE SUPERINTENDENT OF INSURANC E OF THE STATE OF NEW YORK OR OTHER DESI GNATED RECEIVER, AND FOR SECURING THE OT HER 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 REINSURANCE I NCEPTING ON OR AFTER 1ST AUGUST 1995 UND ERWRITTEN BY THE COMPANY AS A MEMBER OF SYNDICATE NO.0609 (THE "SYNDICATE") (INC LUDING ALL INCIDENTAL SYNDICATES OF SUCH SYNDICATE) AND ALLOCABLE TO THE RELEVAN T YEAR OF ACCOUNT OR IN RESPECT OF WHICH THE COMPANY IS LIABLE AS A MEMBER OF TH E SYNDICATE FOR THE RELEVANT YEAR OF ACC OUNT FOR AN EARLIER YEAR OF ACCOUNT PURS UANT TO ANY CONTRACT OF REINSURANCE TO C LOSE AND ISSUED TO A CEDING INSURER DOMI CILED IN A STATE, DISTRICT, TERRITORY, C OMMONWEALTH OR POSSESSION OF THE UNITED STATES (AN "AMERICAN REINSURANCE POLICY" ), ALL EXPENDITURES AND FEES OF THE TRUS TEE (AS DEFINED IN THE TRUST DEED AND BE ING, AS AT THE DATE THEREOF, CITIBANK N. A. OF 111 WALL STREET, NEW YORK, U.S.A.) , REPAYMENT OF CASH OR SECURITIES ADVANC ED BY THE TRUSTEE TO THE TRUST HELD UNDE R THE PROVISIONS OF THE TRUST DEED, AND CERTAIN TRANSFERS BY THE TRUSTEE TO AN O VERSEAS FUND (AS DEFINED IN THE TRUST DE ED) OR TO THE SUPERINTENDENT OF INSURANC E OF THE STATE OF NEW YORK OR OTHER DESI GNATED RECEIVER, AND FOR SECURING THE OT HER 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 REINSURANCE I NCEPTING ON OR AFTER 1ST AUGUST 1995 UND ERWRITTEN BY THE COMPANY AS A MEMBER OF SYNDICATE NO.0623 (THE "SYNDICATE") (INC LUDING ALL INCIDENTAL SYNDICATES OF SUCH SYNDICATE) AND ALLOCABLE TO THE RELEVAN T YEAR OF ACCOUNT OR IN RESPECT OF WHICH THE COMPANY IS LIABLE AS A MEMBER OF TH E SYNDICATE FOR THE RELEVANT YEAR OF ACC OUNT FOR AN EARLIER YEAR OF ACCOUNT PURS UANT TO ANY CONTRACT OF REINSURANCE TO C LOSE AND ISSUED TO A CEDING INSURER DOMI CILED IN A STATE, DISTRICT, TERRITORY, C OMMONWEALTH OR POSSESSION OF THE UNITED STATES (AN "AMERICAN REINSURANCE POLICY" ), ALL EXPENDITURES AND FEES OF THE TRUS TEE (AS DEFINED IN THE TRUST DEED AND BE ING, AS AT THE DATE THEREOF, CITIBANK N. A. OF 111 WALL STREET, NEW YORK, U.S.A.) , REPAYMENT OF CASH OR SECURITIES ADVANC ED BY THE TRUSTEE TO THE TRUST HELD UNDE R THE PROVISIONS OF THE TRUST DEED, AND CERTAIN TRANSFERS BY THE TRUSTEE TO AN O VERSEAS FUND (AS DEFINED IN THE TRUST DE ED) OR TO THE SUPERINTENDENT OF INSURANC E OF THE STATE OF NEW YORK OR OTHER DESI GNATED RECEIVER, AND FOR SECURING THE OT HER 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 REINSURANCE I NCEPTING ON OR AFTER 1ST AUGUST 1995 UND ERWRITTEN BY THE COMPANY AS A MEMBER OF SYNDICATE NO.0626 (THE "SYNDICATE") (INC LUDING ALL INCIDENTAL SYNDICATES OF SUCH SYNDICATE) AND ALLOCABLE TO THE RELEVAN T YEAR OF ACCOUNT OR IN RESPECT OF WHICH THE COMPANY IS LIABLE AS A MEMBER OF TH E SYNDICATE FOR THE RELEVANT YEAR OF ACC OUNT FOR AN EARLIER YEAR OF ACCOUNT PURS UANT TO ANY CONTRACT OF REINSURANCE TO C LOSE AND ISSUED TO A CEDING INSURER DOMI CILED IN A STATE, DISTRICT, TERRITORY, C OMMONWEALTH OR POSSESSION OF THE UNITED STATES (AN "AMERICAN REINSURANCE POLICY" ), ALL EXPENDITURES AND FEES OF THE TRUS TEE (AS DEFINED IN THE TRUST DEED AND BE ING, AS AT THE DATE THEREOF, CITIBANK N. A. OF 111 WALL STREET, NEW YORK, U.S.A.) , REPAYMENT OF CASH OR SECURITIES ADVANC ED BY THE TRUSTEE TO THE TRUST HELD UNDE R THE PROVISIONS OF THE TRUST DEED, AND CERTAIN TRANSFERS BY THE TRUSTEE TO AN O VERSEAS FUND (AS DEFINED IN THE TRUST DE ED) OR TO THE SUPERINTENDENT OF INSURANC E OF THE STATE OF NEW YORK OR OTHER DESI GNATED RECEIVER, AND FOR SECURING THE OT HER AMOUNTS AND OBLIGATIONS REFERRED TO IN THE TRUST DEED

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