Camperdown Corporation

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All monies

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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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

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

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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.328 (THE "SYNDICATE") AND ALLO CABLE TO THE RELEVANT YEAR OF ACCOUNT OR IN RESPECT OF WHICH THE COMPANY IS LIAB LE AS A MEMBER OF THE SYNDICATE FOR THE RELEVANT YEAR OF ACCOUNT FOR AN EARLIER YEAR OF ACCOUNT PURSUANT TO ANY CONTRACT OF REINSURANCE TO CLOSE AND ISSUED TO A POLICYHOLDER PURSUANT TO THE INSURANCE LAWS OF THE COMMONWEALTH OF KENTUCKY PRO VIDING INSURANCE WITH RESPECT TO PROPERT Y OR RISKS SITUATED IN SAID COMMONWEALTH (A "KENTUCKY POLICY"), ALL EXPENDITURES AND FEES OF THE TRUSTEE (AS DEFINED IN THE 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 HE LD UNDER THE PROVISIONS OF THE TRUST DEE , 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.

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 ALLO CABLE TO THE RELEVANT YEAR OF ACCOUNT OR IN RESPECT OF WHICH THE COMPANY IS LIAB LE AS A MEMBER OF THE SYNDICATE FOR THE RELEVANT YEAR OF ACCOUNT FOR AN EARLIER YEAR OF ACCOUNT PURSUANT TO ANY CONTRACT OF REINSURANCE TO CLOSE AND ISSUED TO A POLICYHOLDER PURSUANT TO THE INSURANCE LAWS OF THE COMMONWEALTH OF KENTUCKY PRO VIDING INSURANCE WITH RESPECT TO PROPERT Y OR RISKS SITUATED IN SAID COMMONWEALTH (A "KENTUCKY POLICY"), ALL EXPENDITURES AND FEES OF THE TRUSTEE (AS DEFINED IN THE 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 HE LD UNDER THE PROVISIONS OF THE TRUST DEE D, AND CERTAIN TRANSFERS BY THE TRUSTEE TO AN OVERSEAS FUND (AS DEFINED IN THE T RUST DEED) OR TO THE COMMISSIONER OF INS URANCE OF THE COMMONWEALTH OF KENTUCKY O R OTHER DESIGNATED RECEIVER, AND FOR SEC URING THE OTHER AMOUNTS AND OBLIGATIONS REFERRED TO IN THE TRUST DEED.

All monies

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.51 (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.

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.55(THE "SYNDICATE") AND ALLOCA BLE TO THE RELEVANT YEAR OF ACCOUNT OR I N RESPECT OF WHICH THE COMPANY IS LIABLE AS A MEMBER OF THE SYNDICATE FOR THE RE LEVANT YEAR OF ACCOUNT FOR AN EARLIER YE AR OF ACCOUNT PURSUANT TO ANY CONTRACT O F REINSURANCE TO CLOSE AND ISSUED TO A P OLICYHOLDER PURSUANT TO THE INSURANCE LA WS OF THE COMMONWEALTH OF KENTUCKY PROVI DING INSURANCE WITH RESPECT TO PROPERTY OR RISKS SITUATED IN SAID COMMONWEALTH ( A "KENTUCKY POLICY"), ALL EXPENDITURES A ND FEES OF THE TRUSTEE (AS DEFINED IN TH E TRUST DEED AND BEING, AS AT THE DATE T HEREOF, NATIONAL CITY BANK, KENTUCKY, U. S.A.), REPAYMENT OF CASH OR SECURITIES A DVANCED BY THE TRUSTEE TO THE TRUST HELD 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.

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.55(THE "SYNDICATE") AND ALLOCA BLE TO THE RELEVANT YEAR OF ACCOUNT OR I N RESPECT OF WHICH THE COMPANY IS LIABLE AS A MEMBER OF THE SYNDICATE FOR THE RE LEVANT YEAR OF ACCOUNT FOR AN EARLIER YE AR OF ACCOUNT PURSUANT TO ANY CONTRACT O F REINSURANCE TO CLOSE AND ISSUED TO A P OLICYHOLDER PURSUANT TO THE INSURANCE LA WS OF THE COMMONWEALTH OF KENTUCKY PROVI DING INSURANCE WITH RESPECT TO PROPERTY OR RISKS SITUATED IN SAID COMMONWEALTH ( A "KENTUCKY POLICY"), ALL EXPENDITURES A ND FEES OF THE TRUSTEE (AS DEFINED IN TH E TRUST DEED AND BEING, AS AT THE DATE T HEREOF, NATIONAL CITY BANK, KENTUCKY, U. S.A.), REPAYMENT OF CASH OR SECURITIES A DVANCED BY THE TRUSTEE TO THE TRUST HELD 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.

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.529(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.

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.544(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.

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.544(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.

A) THE PAYMENT OF LOSSES UNDER ANY CONTR ACT OR POLICY WHICH SATISFIES THE DEFINI TION OF A KENTUCKY POLICY IN LLOYD'S KEN TUCKY TRUST DEED (AS AMENDED FROM TIME T O TIME), (A "KENTUCKY POLICY"); (B) RETU RNS OF UNEARNED PREMIUM UNDER A KENTUCKY POLICY; (C) ALL EXPENDITURES AND FEES O F THE TRUSTEE (AS DEFINED IN THE TRUST D EED AND BEING, AS AT THE DATE THEREOF, N ATIONAL CITY BANK, KENTUCKY, OF LOUISVIL LE, KENTUCKY, USA); (D) REPAYMENT OF CAS H OR SECURITIES ADVANCED BY THE TRUSTEE TO THE TRUST HELD UNDER THE PROVISIONS OF THE TRUST DEED; (E) CERTAIN TRANSFERS BY THE TRUSTEE TO OTHER TRUST FUNDS OR TO THE KENTUCKY COMMISSIONER OR OTHER DE SIGNATED RECEIVER; AND FOR SECURING THE OTHER AMOUNTS AND OBLIGATIONS REFERRED T O 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

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 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 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 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 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 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 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 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 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 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

(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

(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

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, TERRITORY, COMMONWEALTH OR POSSESSION OF THE UNITED STATES (AN AMERICAN REINSURA NCE POLICY), THE AGGREGATE GROSS LIABILI TIES OF THE MEMBER OR MEMBERS UNDER AMER ICAN REINSURANCE POLICIES, ALL EXPENDITU RES AND FEES OF THE TRUSTEE (AS DEFINED IN THE TRUST DEED AND BEING, AS AT THE D ATE THEREOF, CITIBANK N.A. OF 10011 WALL STREET, NEW YORK, U.S.A.), REPAYMENT OF CASH OR SECURITIES ADVANCED BY THE TRUS TEE TO THE TRUST HELD UNDER THE PROVISIO NS OF THE TRUST DEED, AND CERTAIN TRANSF ERS BY THE TRUSTEE TO AN OVERSEAS FUND ( AS DEFINED IN THE TRUST DEED) OR TO THE SUPERINTENDENT OF INSURANCE OF THE STATE OF NEW YORK OR OTHER DESIGNATED RECEIVE R, 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 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, TERRITORY, COMMONWEALTH OR POSSESSION OF THE UNITED STATES (AN AMERICAN REINSURA NCE POLICY), THE AGGREGATE GROSS LIABILI TIES OF THE MEMBER OR MEMBERS UNDER AMER ICAN REINSURANCE POLICIES, ALL EXPENDITU RES AND FEES OF THE TRUSTEE (AS DEFINED IN THE TRUST DEED AND BEING, AS AT THE D ATE THEREOF, CITIBANK N.A. OF 10011 WALL STREET, NEW YORK, U.S.A.), REPAYMENT OF CASH OR SECURITIES ADVANCED BY THE TRUS TEE TO THE TRUST HELD UNDER THE PROVISIO NS OF THE TRUST DEED, AND CERTAIN TRANSF ERS BY THE TRUSTEE TO AN OVERSEAS FUND ( AS DEFINED IN THE TRUST DEED) OR TO THE SUPERINTENDENT OF INSURANCE OF THE STATE OF NEW YORK OR OTHER DESIGNATED RECEIVE R, 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 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, TERRITORY, COMMONWEALTH OR POSSESSION OF THE UNITED STATES (AN AMERICAN REINSURA NCE POLICY), THE AGGREGATE GROSS LIABILI TIES OF THE MEMBER OR MEMBERS UNDER AMER ICAN REINSURANCE POLICIES, ALL EXPENDITU RES AND FEES OF THE TRUSTEE (AS DEFINED IN THE TRUST DEED AND BEING, AS AT THE D ATE THEREOF, CITIBANK N.A. OF 10011 WALL STREET, NEW YORK, U.S.A.), REPAYMENT OF CASH OR SECURITIES ADVANCED BY THE TRUS TEE TO THE TRUST HELD UNDER THE PROVISIO NS OF THE TRUST DEED, AND CERTAIN TRANSF ERS BY THE TRUSTEE TO AN OVERSEAS FUND ( AS DEFINED IN THE TRUST DEED) OR TO THE SUPERINTENDENT OF INSURANCE OF THE STATE OF NEW YORK OR OTHER DESIGNATED RECEIVE R, 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 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, TERRITORY, COMMONWEALTH OR POSSESSION OF THE UNITED STATES (AN AMERICAN REINSURA NCE POLICY), THE AGGREGATE GROSS LIABILI TIES OF THE MEMBER OR MEMBERS UNDER AMER ICAN REINSURANCE POLICIES, ALL EXPENDITU RES AND FEES OF THE TRUSTEE (AS DEFINED IN THE TRUST DEED AND BEING, AS AT THE D ATE THEREOF, CITIBANK N.A. OF 10011 WALL STREET, NEW YORK, U.S.A.), REPAYMENT OF CASH OR SECURITIES ADVANCED BY THE TRUS TEE TO THE TRUST HELD UNDER THE PROVISIO NS OF THE TRUST DEED, AND CERTAIN TRANSF ERS BY THE TRUSTEE TO AN OVERSEAS FUND ( AS DEFINED IN THE TRUST DEED) OR TO THE SUPERINTENDENT OF INSURANCE OF THE STATE OF NEW YORK OR OTHER DESIGNATED RECEIVE R, 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 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, TERRITORY, COMMONWEALTH OR POSSESSION OF THE UNITED STATES (AN AMERICAN REINSURA NCE POLICY), THE AGGREGATE GROSS LIABILI TIES OF THE MEMBER OR MEMBERS UNDER AMER ICAN REINSURANCE POLICIES, ALL EXPENDITU RES AND FEES OF THE TRUSTEE (AS DEFINED IN THE TRUST DEED AND BEING, AS AT THE D ATE THEREOF, CITIBANK N.A. OF 10011 WALL STREET, NEW YORK, U.S.A.), REPAYMENT OF CASH OR SECURITIES ADVANCED BY THE TRUS TEE TO THE TRUST HELD UNDER THE PROVISIO NS OF THE TRUST DEED, AND CERTAIN TRANSF ERS BY THE TRUSTEE TO AN OVERSEAS FUND ( AS DEFINED IN THE TRUST DEED) OR TO THE SUPERINTENDENT OF INSURANCE OF THE STATE OF NEW YORK OR OTHER DESIGNATED RECEIVE R, 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 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, TERRITORY, COMMONWEALTH OR POSSESSION OF THE UNITED STATES (AN AMERICAN REINSURA NCE POLICY), THE AGGREGATE GROSS LIABILI TIES OF THE MEMBER OR MEMBERS UNDER AMER ICAN REINSURANCE POLICIES, ALL EXPENDITU RES AND FEES OF THE TRUSTEE (AS DEFINED IN THE TRUST DEED AND BEING, AS AT THE D ATE THEREOF, CITIBANK N.A. OF 10011 WALL STREET, NEW YORK, U.S.A.), REPAYMENT OF CASH OR SECURITIES ADVANCED BY THE TRUS TEE TO THE TRUST HELD UNDER THE PROVISIO NS OF THE TRUST DEED, AND CERTAIN TRANSF ERS BY THE TRUSTEE TO AN OVERSEAS FUND ( AS DEFINED IN THE TRUST DEED) OR TO THE SUPERINTENDENT OF INSURANCE OF THE STATE OF NEW YORK OR OTHER DESIGNATED RECEIVE R, 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 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, TERRITORY, COMMONWEALTH OR POSSESSION OF THE UNITED STATES (AN AMERICAN REINSURA NCE POLICY), THE AGGREGATE GROSS LIABILI TIES OF THE MEMBER OR MEMBERS UNDER AMER ICAN REINSURANCE POLICIES, ALL EXPENDITU RES AND FEES OF THE TRUSTEE (AS DEFINED IN THE TRUST DEED AND BEING, AS AT THE D ATE THEREOF, CITIBANK N.A. OF 10011 WALL STREET, NEW YORK, U.S.A.), REPAYMENT OF CASH OR SECURITIES ADVANCED BY THE TRUS TEE TO THE TRUST HELD UNDER THE PROVISIO NS OF THE TRUST DEED, AND CERTAIN TRANSF ERS BY THE TRUSTEE TO AN OVERSEAS FUND ( AS DEFINED IN THE TRUST DEED) OR TO THE SUPERINTENDENT OF INSURANCE OF THE STATE OF NEW YORK OR OTHER DESIGNATED RECEIVE R, 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 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, TERRITORY, COMMONWEALTH OR POSSESSION OF THE UNITED STATES (AN AMERICAN REINSURA NCE POLICY), THE AGGREGATE GROSS LIABILI TIES OF THE MEMBER OR MEMBERS UNDER AMER ICAN REINSURANCE POLICIES, ALL EXPENDITU RES AND FEES OF THE TRUSTEE (AS DEFINED IN THE TRUST DEED AND BEING, AS AT THE D ATE THEREOF, CITIBANK N.A. OF 10011 WALL STREET, NEW YORK, U.S.A.), REPAYMENT OF CASH OR SECURITIES ADVANCED BY THE TRUS TEE TO THE TRUST HELD UNDER THE PROVISIO NS OF THE TRUST DEED, AND CERTAIN TRANSF ERS BY THE TRUSTEE TO AN OVERSEAS FUND ( AS DEFINED IN THE TRUST DEED) OR TO THE SUPERINTENDENT OF INSURANCE OF THE STATE OF NEW YORK OR OTHER DESIGNATED RECEIVE R, 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 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, TERRITORY, COMMONWEALTH OR POSSESSION OF THE UNITED STATES (AN AMERICAN REINSURA NCE POLICY), THE AGGREGATE GROSS LIABILI TIES OF THE MEMBER OR MEMBERS UNDER AMER ICAN REINSURANCE POLICIES, ALL EXPENDITU RES AND FEES OF THE TRUSTEE (AS DEFINED IN THE TRUST DEED AND BEING, AS AT THE D ATE THEREOF, CITIBANK N.A. OF 10011 WALL STREET, NEW YORK, U.S.A.), REPAYMENT OF CASH OR SECURITIES ADVANCED BY THE TRUS TEE TO THE TRUST HELD UNDER THE PROVISIO NS OF THE TRUST DEED, AND CERTAIN TRANSF ERS BY THE TRUSTEE TO AN OVERSEAS FUND ( AS DEFINED IN THE TRUST DEED) OR TO THE SUPERINTENDENT OF INSURANCE OF THE STATE OF NEW YORK OR OTHER DESIGNATED RECEIVE R, 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 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, TERRITORY, COMMONWEALTH OR POSSESSION OF THE UNITED STATES (AN AMERICAN REINSURA NCE POLICY), THE AGGREGATE GROSS LIABILI TIES OF THE MEMBER OR MEMBERS UNDER AMER ICAN REINSURANCE POLICIES, ALL EXPENDITU RES AND FEES OF THE TRUSTEE (AS DEFINED IN THE TRUST DEED AND BEING, AS AT THE D ATE THEREOF, CITIBANK N.A. OF 10011 WALL STREET, NEW YORK, U.S.A.), REPAYMENT OF CASH OR SECURITIES ADVANCED BY THE TRUS TEE TO THE TRUST HELD UNDER THE PROVISIO NS OF THE TRUST DEED, AND CERTAIN TRANSF ERS BY THE TRUSTEE TO AN OVERSEAS FUND ( AS DEFINED IN THE TRUST DEED) OR TO THE SUPERINTENDENT OF INSURANCE OF THE STATE OF NEW YORK OR OTHER DESIGNATED RECEIVE R, 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 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, TERRITORY, COMMONWEALTH OR POSSESSION OF THE UNITED STATES (AN AMERICAN REINSURA NCE POLICY), THE AGGREGATE GROSS LIABILI TIES OF THE MEMBER OR MEMBERS UNDER AMER ICAN REINSURANCE POLICIES, ALL EXPENDITU RES AND FEES OF THE TRUSTEE (AS DEFINED IN THE TRUST DEED AND BEING, AS AT THE D ATE THEREOF, CITIBANK N.A. OF 10011 WALL STREET, NEW YORK, U.S.A.), REPAYMENT OF CASH OR SECURITIES ADVANCED BY THE TRUS TEE TO THE TRUST HELD UNDER THE PROVISIO NS OF THE TRUST DEED, AND CERTAIN TRANSF ERS BY THE TRUSTEE TO AN OVERSEAS FUND ( AS DEFINED IN THE TRUST DEED) OR TO THE SUPERINTENDENT OF INSURANCE OF THE STATE OF NEW YORK OR OTHER DESIGNATED RECEIVE R, 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 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, TERRITORY, COMMONWEALTH OR POSSESSION OF THE UNITED STATES (AN AMERICAN REINSURA NCE POLICY), THE AGGREGATE GROSS LIABILI TIES OF THE MEMBER OR MEMBERS UNDER AMER ICAN REINSURANCE POLICIES, ALL EXPENDITU RES AND FEES OF THE TRUSTEE (AS DEFINED IN THE TRUST DEED AND BEING, AS AT THE D ATE THEREOF, CITIBANK N.A. OF 10011 WALL STREET, NEW YORK, U.S.A.), REPAYMENT OF CASH OR SECURITIES ADVANCED BY THE TRUS TEE TO THE TRUST HELD UNDER THE PROVISIO NS OF THE TRUST DEED, AND CERTAIN TRANSF ERS BY THE TRUSTEE TO AN OVERSEAS FUND ( AS DEFINED IN THE TRUST DEED) OR TO THE SUPERINTENDENT OF INSURANCE OF THE STATE OF NEW YORK OR OTHER DESIGNATED RECEIVE R, 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 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, TERRITORY, COMMONWEALTH OR POSSESSION OF THE UNITED STATES (AN AMERICAN REINSURA NCE POLICY), THE AGGREGATE GROSS LIABILI TIES OF THE MEMBER OR MEMBERS UNDER AMER ICAN REINSURANCE POLICIES, ALL EXPENDITU RES AND FEES OF THE TRUSTEE (AS DEFINED IN THE TRUST DEED AND BEING, AS AT THE D ATE THEREOF, CITIBANK N.A. OF 10011 WALL STREET, NEW YORK, U.S.A.), REPAYMENT OF CASH OR SECURITIES ADVANCED BY THE TRUS TEE TO THE TRUST HELD UNDER THE PROVISIO NS OF THE TRUST DEED, AND CERTAIN TRANSF ERS BY THE TRUSTEE TO AN OVERSEAS FUND ( AS DEFINED IN THE TRUST DEED) OR TO THE SUPERINTENDENT OF INSURANCE OF THE STATE OF NEW YORK OR OTHER DESIGNATED RECEIVE R, 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 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, TERRITORY, COMMONWEALTH OR POSSESSION OF THE UNITED STATES (AN AMERICAN REINSURA NCE POLICY), THE AGGREGATE GROSS LIABILI TIES OF THE MEMBER OR MEMBERS UNDER AMER ICAN REINSURANCE POLICIES, ALL EXPENDITU RES AND FEES OF THE TRUSTEE (AS DEFINED IN THE TRUST DEED AND BEING, AS AT THE D ATE THEREOF, CITIBANK N.A. OF 10011 WALL STREET, NEW YORK, U.S.A.), REPAYMENT OF CASH OR SECURITIES ADVANCED BY THE TRUS TEE TO THE TRUST HELD UNDER THE PROVISIO NS OF THE TRUST DEED, AND CERTAIN TRANSF ERS BY THE TRUSTEE TO AN OVERSEAS FUND ( AS DEFINED IN THE TRUST DEED) OR TO THE SUPERINTENDENT OF INSURANCE OF THE STATE OF NEW YORK OR OTHER DESIGNATED RECEIVE R, 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 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 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 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

All monies

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 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 LIABILITY OF THE COMPANY IN RESPECT OF S UCH BUSINESS IS EXPRESSED IN UNITED STAT ES DOLLARS; AND (2) THE PREMIUM PAYABLE TO OR FOR THE ACCOUNT OF THE COMPANY HAS BEEN PAID OR IS PAYABLE IN UNITED STATE S DOLLARS

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) THE LIABILITY OF THE COMPANY IN RESPECT OF SUCH BUSINESS IS EXPRESSED IN CANADIAN D OLLARS AND THE PREMIUM PAYABLE TO OR FOR THE ACCOUNT OF THE COMPANY HAS BEEN PAI D 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 monies

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 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) EXCLUDING 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