Canopius Corporate Capital Ltd

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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 1ST JANUARY 1996 UNDE RWRITTEN BY THE COMPANY AS A MEMBER OF S YNDICATE NO.1200 (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.1200 (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. 1200 (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 MATURED CLAIMS (INCLUDING CLAIMS FOR LOSS AND CLAIMS FOR THE RETU RN OF UNEARNED PREMIUM) UNDER CONTRACTS OR POLICIES OF INSURANCE INCEPTING ON OR AFTER 1ST AUGUST 1995 UNDERWRITTEN BY T HE COMPANY AS A MEMBER OF SYNDICATE NO.0 033 (THE "SYNDICATE") (INCLUDING ALL INC IDENTAL SYNDICATES OF SUCH SYNDICATE) AN D ALLOCABLE TO THE RELEVANT YEAR OF ACCO UNT OR IN RESPECT OF WHICH THE COMPANY I S LIABLE AS A MEMBER OF THE SYNDICATE FO R THE RELEVANT YEAR OF ACCOUNT FOR AN EA RLIER YEAR OF ACCOUNT PURSUANT TO ANY CO NTRACT OF REINSURANCE TO CLOSE AND ISSUE D TO A POLICY HOLDER 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 MATURED CLAIMS (INCLUDING CLAIMS FOR LOSS AND CLAIMS FOR THE RETU RN OF UNEARNED PREMIUM) UNDER CONTRACTS OR POLICIES OF INSURANCE INCEPTING ON OR AFTER 1ST AUGUST 1995 UNDERWRITTEN BY T HE COMPANY AS A MEMBER OF SYNDICATE NO.2 020 (THE "SYNDICATE") (INCLUDING ALL INC IDENTAL SYNDICATES OF SUCH SYNDICATE) AN D ALLOCABLE TO THE RELEVANT YEAR OF ACCO UNT OR IN RESPECT OF WHICH THE COMPANY I S LIABLE AS A MEMBER OF THE SYNDICATE FO R THE RELEVANT YEAR OF ACCOUNT FOR AN EA RLIER YEAR OF ACCOUNT PURSUANT TO ANY CO NTRACT OF REINSURANCE TO CLOSE AND ISSUE D TO A POLICY HOLDER 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. 2020 (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 REINSURANCE I NCEPTING ON OR AFTER 1ST AUGUST 1995 UND ERWRITTEN BY THE COMPANY AS A MEMBER OF SYNDICATE NO.2020 (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 INSURANCE INC EPTING ON OR AFTER 1ST JANUARY 1996 UNDE RWRITTEN BY THE COMPANY AS A MEMBER OF S YNDICATE NO.2020 (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 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 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 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

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

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

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

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

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

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

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

THE LOSSES CLAIMS RETURNS OF PREMIUMS RE INSURANCE PREMIUMS EXPENSES OBLIGATIONS AND OTHER "PERMITTED TRUST OUTGOINGS" SE T OUT IN CLAUSE 3(A) OF AND PARAGRAPH 1 OF SCHEDULE 3 TO THE CORPORATE MEMBER'S 1999 GENERAL BUSINESS PREMIUMS TRUST DEE D

THE PAYMENT OF MATURED CLAIMS (INCLUDING CLAIMS FOR LOSS AND CLAIMS FOR THE RETU RN OF UNEARNED PREMIUM) UNDER CONTRACTS OR POLICIES OF INSURANCE INCEPTING ON OR AFTER 1ST AUGUST 1995 UNDERWRITTEN BY T HE COMPANY AS A MEMBER OF SYNDICATE NO.5 45 (THE "SYNDICATE") AND ALLOCABLE TO TH E RELEVANT YEAR OF ACCOUNT OR IN RESP ECT OF WHICH THE COMPANY IS LIABLE AS A MEMBER OF THE SYNDICATE FOR THE RELEVANT YEAR OF ACCOUNT FOR AN EARLIER YEAR OF ACCOUNT PURSUANT TO ANY CONTRACT OF REIN SURANCE TO CLOSE AND ISSUED TO A POLICYH OLDER PURSUANT TO SURPLUS LINES OR EXCES S LINES LAWS OF ANY STATE, DISTRICT, TER RITORY, COMMONWEALTH OR POSSESSION OF TH E UNITED STATES (AN "AMERICAN POLICY"), ALL EXPENDITURE AND FEES OF THE TRUSTEE (AS DEFINED IN THE TRUST DEED AND BEING, AS AT THE DATE THEREOF, CITIBANK N.A. O F 111 WALL STREET, NEW YORK, U.S.A.), RE PAYMENT OF CASH OR SECURITIES ADVANCED B Y THE TRUSTEE TO THE TRUST HELD UNDER TH E PROVISIONS OF THE TRUST DEED, AND CERT AIN TRANSFERS BY THE TRUSTEE TO AN OVERS EAS FUND (AS DEFINED IN THE TRUST DEED) OR TO THE SUPERINTENDENT OF INSURANCE OF THE STATE OF NEW YORK OR OTHER DESIGNAT ED RECEIVER, AND FOR SECURING THE OTHER AMOUNTS AND OBLIGATIONS REFERRED TO IN T HE TRUST DEED

THE PAYMENT OF MATURED CLAIMS (INCLUDING CLAIMS FOR LOSS AND CLAIMS FOR THE RETU RN OF UNEARNED PREMIUM) UNDER CONTRACTS OR POLICIES OF INSURANCE INCEPTING ON OR AFTER 1ST AUGUST 1995 UNDERWRITTEN BY T HE COMPANY AS A MEMBER OF SYNDICATE NO.5 10 (THE "SYNDICATE") AND ALLOCABLE TO TH E RELEVANT YEAR OF ACCOUNT OR IN RESP ECT OF WHICH THE COMPANY IS LIABLE AS A MEMBER OF THE SYNDICATE FOR THE RELEVANT YEAR OF ACCOUNT FOR AN EARLIER YEAR OF ACCOUNT PURSUANT TO ANY CONTRACT OF REIN SURANCE TO CLOSE AND ISSUED TO A POLICYH OLDER PURSUANT TO SURPLUS LINES OR EXCES S LINES LAWS OF ANY STATE, DISTRICT, TER RITORY, COMMONWEALTH OR POSSESSION OF TH E UNITED STATES (AN "AMERICAN POLICY"), ALL EXPENDITURE AND FEES OF THE TRUSTEE (AS DEFINED IN THE TRUST DEED AND BEING, AS AT THE DATE THEREOF, CITIBANK N.A. O F 111 WALL STREET, NEW YORK, U.S.A.), RE PAYMENT OF CASH OR SECURITIES ADVANCED B Y THE TRUSTEE TO THE TRUST HELD UNDER TH E PROVISIONS OF THE TRUST DEED, AND CERT AIN TRANSFERS BY THE TRUSTEE TO AN OVERS EAS FUND (AS DEFINED IN THE TRUST DEED) OR TO THE SUPERINTENDENT OF INSURANCE OF THE STATE OF NEW YORK OR OTHER DESIGNAT ED RECEIVER, AND FOR SECURING THE OTHER AMOUNTS AND OBLIGATIONS REFERRED TO IN T HE TRUST DEED

THE PAYMENT OF MATURED CLAIMS (INCLUDING CLAIMS FOR LOSS AND CLAIMS FOR THE RETU RN OF UNEARNED PREMIUM) UNDER CONTRACTS OR POLICIES OF INSURANCE INCEPTING ON OR AFTER 1ST AUGUST 1995 UNDERWRITTEN BY T HE COMPANY AS A MEMBER OF SYNDICATE NO.4 88 (THE "SYNDICATE") AND ALLOCABLE TO TH E RELEVANT YEAR OF ACCOUNT OR IN RESP ECT OF WHICH THE COMPANY IS LIABLE AS A MEMBER OF THE SYNDICATE FOR THE RELEVANT YEAR OF ACCOUNT FOR AN EARLIER YEAR OF ACCOUNT PURSUANT TO ANY CONTRACT OF REIN SURANCE TO CLOSE AND ISSUED TO A POLICYH OLDER PURSUANT TO SURPLUS LINES OR EXCES S LINES LAWS OF ANY STATE, DISTRICT, TER RITORY, COMMONWEALTH OR POSSESSION OF TH E UNITED STATES (AN "AMERICAN POLICY"), ALL EXPENDITURE AND FEES OF THE TRUSTEE (AS DEFINED IN THE TRUST DEED AND BEING, AS AT THE DATE THEREOF, CITIBANK N.A. O F 111 WALL STREET, NEW YORK, U.S.A.), RE PAYMENT OF CASH OR SECURITIES ADVANCED B Y THE TRUSTEE TO THE TRUST HELD UNDER TH E PROVISIONS OF THE TRUST DEED, AND CERT AIN TRANSFERS BY THE TRUSTEE TO AN OVERS EAS FUND (AS DEFINED IN THE TRUST DEED) OR TO THE SUPERINTENDENT OF INSURANCE OF THE STATE OF NEW YORK OR OTHER DESIGNAT ED RECEIVER, AND FOR SECURING THE OTHER AMOUNTS AND OBLIGATIONS REFERRED TO IN T HE TRUST DEED

THE PAYMENT OF MATURED CLAIMS (INCLUDING CLAIMS FOR LOSS AND CLAIMS FOR THE RETU RN OF UNEARNED PREMIUM) UNDER CONTRACTS OR POLICIES OF INSURANCE INCEPTING ON OR AFTER 1ST AUGUST 1995 UNDERWRITTEN BY T HE COMPANY AS A MEMBER OF SYNDICATE NO.3 82 (THE "SYNDICATE") AND ALLOCABLE TO TH E RELEVANT YEAR OF ACCOUNT OR IN RESP ECT OF WHICH THE COMPANY IS LIABLE AS A MEMBER OF THE SYNDICATE FOR THE RELEVANT YEAR OF ACCOUNT FOR AN EARLIER YEAR OF ACCOUNT PURSUANT TO ANY CONTRACT OF REIN SURANCE TO CLOSE AND ISSUED TO A POLICYH OLDER PURSUANT TO SURPLUS LINES OR EXCES S LINES LAWS OF ANY STATE, DISTRICT, TER RITORY, COMMONWEALTH OR POSSESSION OF TH E UNITED STATES (AN "AMERICAN POLICY"), ALL EXPENDITURE AND FEES OF THE TRUSTEE (AS DEFINED IN THE TRUST DEED AND BEING, AS AT THE DATE THEREOF, CITIBANK N.A. O F 111 WALL STREET, NEW YORK, U.S.A.), RE PAYMENT OF CASH OR SECURITIES ADVANCED B Y THE TRUSTEE TO THE TRUST HELD UNDER TH E PROVISIONS OF THE TRUST DEED, AND CERT AIN TRANSFERS BY THE TRUSTEE TO AN OVERS EAS FUND (AS DEFINED IN THE TRUST DEED) OR TO THE SUPERINTENDENT OF INSURANCE OF THE STATE OF NEW YORK OR OTHER DESIGNAT ED RECEIVER, AND FOR SECURING THE OTHER AMOUNTS AND OBLIGATIONS REFERRED TO IN T HE TRUST DEED

THE PAYMENT OF MATURED CLAIMS (INCLUDING CLAIMS FOR LOSS AND CLAIMS FOR THE RETU RN OF UNEARNED PREMIUM) UNDER CONTRACTS OR POLICIES OF INSURANCE INCEPTING ON OR AFTER 1ST AUGUST 1995 UNDERWRITTEN BY T HE COMPANY AS A MEMBER OF SYNDICATE NO.3 76 (THE "SYNDICATE") AND ALLOCABLE TO TH E RELEVANT YEAR OF ACCOUNT OR IN RESP ECT OF WHICH THE COMPANY IS LIABLE AS A MEMBER OF THE SYNDICATE FOR THE RELEVANT YEAR OF ACCOUNT FOR AN EARLIER YEAR OF ACCOUNT PURSUANT TO ANY CONTRACT OF REIN SURANCE TO CLOSE AND ISSUED TO A POLICYH OLDER PURSUANT TO SURPLUS LINES OR EXCES S LINES LAWS OF ANY STATE, DISTRICT, TER RITORY, COMMONWEALTH OR POSSESSION OF TH E UNITED STATES (AN "AMERICAN POLICY"), ALL EXPENDITURE AND FEES OF THE TRUSTEE (AS DEFINED IN THE TRUST DEED AND BEING, AS AT THE DATE THEREOF, CITIBANK N.A. O F 111 WALL STREET, NEW YORK, U.S.A.), RE PAYMENT OF CASH OR SECURITIES ADVANCED B Y THE TRUSTEE TO THE TRUST HELD UNDER TH E PROVISIONS OF THE TRUST DEED, AND CERT AIN TRANSFERS BY THE TRUSTEE TO AN OVERS EAS FUND (AS DEFINED IN THE TRUST DEED) OR TO THE SUPERINTENDENT OF INSURANCE OF THE STATE OF NEW YORK OR OTHER DESIGNAT ED RECEIVER, AND FOR SECURING THE OTHER AMOUNTS AND OBLIGATIONS REFERRED TO IN T HE TRUST DEED

THE PAYMENT OF MATURED CLAIMS (INCLUDING CLAIMS FOR LOSS AND CLAIMS FOR THE RETU RN OF UNEARNED PREMIUM) UNDER CONTRACTS OR POLICIES OF INSURANCE INCEPTING ON OR AFTER 1ST AUGUST 1995 UNDERWRITTEN BY T HE COMPANY AS A MEMBER OF SYNDICATE NO.3 62 (THE "SYNDICATE") AND ALLOCABLE TO TH E RELEVANT YEAR OF ACCOUNT OR IN RESP ECT OF WHICH THE COMPANY IS LIABLE AS A MEMBER OF THE SYNDICATE FOR THE RELEVANT YEAR OF ACCOUNT FOR AN EARLIER YEAR OF ACCOUNT PURSUANT TO ANY CONTRACT OF REIN SURANCE TO CLOSE AND ISSUED TO A POLICYH OLDER PURSUANT TO SURPLUS LINES OR EXCES S LINES LAWS OF ANY STATE, DISTRICT, TER RITORY, COMMONWEALTH OR POSSESSION OF TH E UNITED STATES (AN "AMERICAN POLICY"), ALL EXPENDITURE AND FEES OF THE TRUSTEE (AS DEFINED IN THE TRUST DEED AND BEING, AS AT THE DATE THEREOF, CITIBANK N.A. O F 111 WALL STREET, NEW YORK, U.S.A.), RE PAYMENT OF CASH OR SECURITIES ADVANCED B Y THE TRUSTEE TO THE TRUST HELD UNDER TH E PROVISIONS OF THE TRUST DEED, AND CERT AIN TRANSFERS BY THE TRUSTEE TO AN OVERS EAS FUND (AS DEFINED IN THE TRUST DEED) OR TO THE SUPERINTENDENT OF INSURANCE OF THE STATE OF NEW YORK OR OTHER DESIGNAT ED RECEIVER, AND FOR SECURING THE OTHER AMOUNTS AND OBLIGATIONS REFERRED TO IN T HE TRUST DEED

THE PAYMENT OF MATURED CLAIMS (INCLUDING CLAIMS FOR LOSS AND CLAIMS FOR THE RETU RN OF UNEARNED PREMIUM) UNDER CONTRACTS OR POLICIES OF INSURANCE INCEPTING ON OR AFTER 1ST AUGUST 1995 UNDERWRITTEN BY T HE COMPANY AS A MEMBER OF SYNDICATE NO.3 29 (THE "SYNDICATE") AND ALLOCABLE TO TH E RELEVANT YEAR OF ACCOUNT OR IN RESP ECT OF WHICH THE COMPANY IS LIABLE AS A MEMBER OF THE SYNDICATE FOR THE RELEVANT YEAR OF ACCOUNT FOR AN EARLIER YEAR OF ACCOUNT PURSUANT TO ANY CONTRACT OF REIN SURANCE TO CLOSE AND ISSUED TO A POLICYH OLDER PURSUANT TO SURPLUS LINES OR EXCES S LINES LAWS OF ANY STATE, DISTRICT, TER RITORY, COMMONWEALTH OR POSSESSION OF TH E UNITED STATES (AN "AMERICAN POLICY"), ALL EXPENDITURE AND FEES OF THE TRUSTEE (AS DEFINED IN THE TRUST DEED AND BEING, AS AT THE DATE THEREOF, CITIBANK N.A. O F 111 WALL STREET, NEW YORK, U.S.A.), RE PAYMENT OF CASH OR SECURITIES ADVANCED B Y THE TRUSTEE TO THE TRUST HELD UNDER TH E PROVISIONS OF THE TRUST DEED, AND CERT AIN TRANSFERS BY THE TRUSTEE TO AN OVERS EAS FUND (AS DEFINED IN THE TRUST DEED) OR TO THE SUPERINTENDENT OF INSURANCE OF THE STATE OF NEW YORK OR OTHER DESIGNAT ED RECEIVER, AND FOR SECURING THE OTHER AMOUNTS AND OBLIGATIONS REFERRED TO IN T HE TRUST DEED

THE PAYMENT OF MATURED CLAIMS (INCLUDING CLAIMS FOR LOSS AND CLAIMS FOR THE RETU RN OF UNEARNED PREMIUM) UNDER CONTRACTS OR POLICIES OF INSURANCE INCEPTING ON OR AFTER 1ST AUGUST 1995 UNDERWRITTEN BY T HE COMPANY AS A MEMBER OF SYNDICATE NO.2 18 (THE "SYNDICATE") AND ALLOCABLE TO TH E RELEVANT YEAR OF ACCOUNT OR IN RESP ECT OF WHICH THE COMPANY IS LIABLE AS A MEMBER OF THE SYNDICATE FOR THE RELEVANT YEAR OF ACCOUNT FOR AN EARLIER YEAR OF ACCOUNT PURSUANT TO ANY CONTRACT OF REIN SURANCE TO CLOSE AND ISSUED TO A POLICYH OLDER PURSUANT TO SURPLUS LINES OR EXCES S LINES LAWS OF ANY STATE, DISTRICT, TER RITORY, COMMONWEALTH OR POSSESSION OF TH E UNITED STATES (AN "AMERICAN POLICY"), ALL EXPENDITURE AND FEES OF THE TRUSTEE (AS DEFINED IN THE TRUST DEED AND BEING, AS AT THE DATE THEREOF, CITIBANK N.A. O F 111 WALL STREET, NEW YORK, U.S.A.), RE PAYMENT OF CASH OR SECURITIES ADVANCED B Y THE TRUSTEE TO THE TRUST HELD UNDER TH E PROVISIONS OF THE TRUST DEED, AND CERT AIN TRANSFERS BY THE TRUSTEE TO AN OVERS EAS FUND (AS DEFINED IN THE TRUST DEED) OR TO THE SUPERINTENDENT OF INSURANCE OF THE STATE OF NEW YORK OR OTHER DESIGNAT ED RECEIVER, AND FOR SECURING THE OTHER AMOUNTS AND OBLIGATIONS REFERRED TO IN T HE TRUST DEED

THE PAYMENT OF MATURED CLAIMS (INCLUDING CLAIMS FOR LOSS AND CLAIMS FOR THE RETU RN OF UNEARNED PREMIUM) UNDER CONTRACTS OR POLICIES OF INSURANCE INCEPTING ON OR AFTER 1ST AUGUST 1995 UNDERWRITTEN BY T HE COMPANY AS A MEMBER OF SYNDICATE NO.2 05 (THE "SYNDICATE") AND ALLOCABLE TO TH E RELEVANT YEAR OF ACCOUNT OR IN RESP ECT OF WHICH THE COMPANY IS LIABLE AS A MEMBER OF THE SYNDICATE FOR THE RELEVANT YEAR OF ACCOUNT FOR AN EARLIER YEAR OF ACCOUNT PURSUANT TO ANY CONTRACT OF REIN SURANCE TO CLOSE AND ISSUED TO A POLICYH OLDER PURSUANT TO SURPLUS LINES OR EXCES S LINES LAWS OF ANY STATE, DISTRICT, TER RITORY, COMMONWEALTH OR POSSESSION OF TH E UNITED STATES (AN "AMERICAN POLICY"), ALL EXPENDITURE AND FEES OF THE TRUSTEE (AS DEFINED IN THE TRUST DEED AND BEING, AS AT THE DATE THEREOF, CITIBANK N.A. O F 111 WALL STREET, NEW YORK, U.S.A.), RE PAYMENT OF CASH OR SECURITIES ADVANCED B Y THE TRUSTEE TO THE TRUST HELD UNDER TH E PROVISIONS OF THE TRUST DEED, AND CERT AIN TRANSFERS BY THE TRUSTEE TO AN OVERS EAS FUND (AS DEFINED IN THE TRUST DEED) OR TO THE SUPERINTENDENT OF INSURANCE OF THE STATE OF NEW YORK OR OTHER DESIGNAT ED RECEIVER, AND FOR SECURING THE OTHER AMOUNTS AND OBLIGATIONS REFERRED TO IN T HE TRUST DEED

THE PAYMENT OF MATURED CLAIMS (INCLUDING CLAIMS FOR LOSS AND CLAIMS FOR THE RETU RN OF UNEARNED PREMIUM) UNDER CONTRACTS OR POLICIES OF INSURANCE INCEPTING ON OR AFTER 1ST AUGUST 1995 UNDERWRITTEN BY T HE COMPANY AS A MEMBER OF SYNDICATE NO.1 38 (THE "SYNDICATE") AND ALLOCABLE TO TH E RELEVANT YEAR OF ACCOUNT OR IN RESP ECT OF WHICH THE COMPANY IS LIABLE AS A MEMBER OF THE SYNDICATE FOR THE RELEVANT YEAR OF ACCOUNT FOR AN EARLIER YEAR OF ACCOUNT PURSUANT TO ANY CONTRACT OF REIN SURANCE TO CLOSE AND ISSUED TO A POLICYH OLDER PURSUANT TO SURPLUS LINES OR EXCES S LINES LAWS OF ANY STATE, DISTRICT, TER RITORY, COMMONWEALTH OR POSSESSION OF TH E UNITED STATES (AN "AMERICAN POLICY"), ALL EXPENDITURE AND FEES OF THE TRUSTEE (AS DEFINED IN THE TRUST DEED AND BEING, AS AT THE DATE THEREOF, CITIBANK N.A. O F 111 WALL STREET, NEW YORK, U.S.A.), RE PAYMENT OF CASH OR SECURITIES ADVANCED B Y THE TRUSTEE TO THE TRUST HELD UNDER TH E PROVISIONS OF THE TRUST DEED, AND CERT AIN TRANSFERS BY THE TRUSTEE TO AN OVERS EAS FUND (AS DEFINED IN THE TRUST DEED) OR TO THE SUPERINTENDENT OF INSURANCE OF THE STATE OF NEW YORK OR OTHER DESIGNAT ED RECEIVER, AND FOR SECURING THE OTHER AMOUNTS AND OBLIGATIONS REFERRED TO IN T HE TRUST DEED

THE PAYMENT OF MATURED CLAIMS (INCLUDING CLAIMS FOR LOSS AND CLAIMS FOR THE RETU RN OF UNEARNED PREMIUM) UNDER CONTRACTS OR POLICIES OF INSURANCE INCEPTING ON OR AFTER 1ST AUGUST 1995 UNDERWRITTEN BY T HE COMPANY AS A MEMBER OF SYNDICATE NO.5 1 (THE "SYNDICATE") AND ALLOCABLE TO THE RELEVANT YEAR OF ACCOUNT OR IN RESP ECT OF WHICH THE COMPANY IS LIABLE AS A MEMBER OF THE SYNDICATE FOR THE RELEVANT YEAR OF ACCOUNT FOR AN EARLIER YEAR OF ACCOUNT PURSUANT TO ANY CONTRACT OF REIN SURANCE TO CLOSE AND ISSUED TO A POLICYH OLDER PURSUANT TO SURPLUS LINES OR EXCES S LINES LAWS OF ANY STATE, DISTRICT, TER RITORY, COMMONWEALTH OR POSSESSION OF TH E UNITED STATES (AN "AMERICAN POLICY"), ALL EXPENDITURE AND FEES OF THE TRUSTEE (AS DEFINED IN THE TRUST DEED AND BEING, AS AT THE DATE THEREOF, CITIBANK N.A. O F 111 WALL STREET, NEW YORK, U.S.A.), RE PAYMENT OF CASH OR SECURITIES ADVANCED B Y THE TRUSTEE TO THE TRUST HELD UNDER TH E PROVISIONS OF THE TRUST DEED, AND CERT AIN TRANSFERS BY THE TRUSTEE TO AN OVERS EAS FUND (AS DEFINED IN THE TRUST DEED) OR TO THE SUPERINTENDENT OF INSURANCE OF THE STATE OF NEW YORK OR OTHER DESIGNAT ED RECEIVER, AND FOR SECURING THE OTHER AMOUNTS AND OBLIGATIONS REFERRED TO IN T HE TRUST DEED

THE PAYMENT OF MATURED CLAIMS (INCLUDING CLAIMS FOR LOSS AND CLAIMS FOR THE RETU RN OF UNEARNED PREMIUM) UNDER CONTRACTS OR POLICIES OF INSURANCE INCEPTING ON OR AFTER 1ST AUGUST 1995 UNDERWRITTEN BY T HE COMPANY AS A MEMBER OF SYNDICATE NO.4 0 (THE "SYNDICATE") AND ALLOCABLE TO THE RELEVANT YEAR OF ACCOUNT OR IN RESP ECT OF WHICH THE COMPANY IS LIABLE AS A MEMBER OF THE SYNDICATE FOR THE RELEVANT YEAR OF ACCOUNT FOR AN EARLIER YEAR OF ACCOUNT PURSUANT TO ANY CONTRACT OF REIN SURANCE TO CLOSE AND ISSUED TO A POLICYH OLDER PURSUANT TO SURPLUS LINES OR EXCES S LINES LAWS OF ANY STATE, DISTRICT, TER RITORY, COMMONWEALTH OR POSSESSION OF TH E UNITED STATES (AN "AMERICAN POLICY"), ALL EXPENDITURE AND FEES OF THE TRUSTEE (AS DEFINED IN THE TRUST DEED AND BEING, AS AT THE DATE THEREOF, CITIBANK N.A. O F 111 WALL STREET, NEW YORK, U.S.A.), RE PAYMENT OF CASH OR SECURITIES ADVANCED B Y THE TRUSTEE TO THE TRUST HELD UNDER TH E PROVISIONS OF THE TRUST DEED, AND CERT AIN TRANSFERS BY THE TRUSTEE TO AN OVERS EAS FUND (AS DEFINED IN THE TRUST DEED) OR TO THE SUPERINTENDENT OF INSURANCE OF THE STATE OF NEW YORK OR OTHER DESIGNAT ED RECEIVER, AND FOR SECURING THE OTHER AMOUNTS AND OBLIGATIONS REFERRED TO IN T HE TRUST DEED

THE PAYMENT OF MATURED CLAIMS (INCLUDING CLAIMS FOR LOSS AND CLAIMS FOR THE RETU RN OF UNEARNED PREMIUM) UNDER CONTRACTS OR POLICIES OF INSURANCE INCEPTING ON OR AFTER 1ST AUGUST 1995 UNDERWRITTEN BY T HE COMPANY AS A MEMBER OF SYNDICATE NO.5 35 (THE "SYNDICATE") AND ALLOCABLE TO TH E RELEVANT YEAR OF ACCOUNT OR IN RESP ECT OF WHICH THE COMPANY IS LIABLE AS A MEMBER OF THE SYNDICATE FOR THE RELEVANT YEAR OF ACCOUNT FOR AN EARLIER YEAR OF ACCOUNT PURSUANT TO ANY CONTRACT OF REIN SURANCE TO CLOSE AND ISSUED TO A POLICYH OLDER PURSUANT TO SURPLUS LINES OR EXCES S LINES LAWS OF ANY STATE, DISTRICT, TER RITORY, COMMONWEALTH OR POSSESSION OF TH E UNITED STATES (AN "AMERICAN POLICY"), ALL EXPENDITURE AND FEES OF THE TRUSTEE (AS DEFINED IN THE TRUST DEED AND BEING, AS AT THE DATE THEREOF, CITIBANK N.A. O F 111 WALL STREET, NEW YORK, U.S.A.), RE PAYMENT OF CASH OR SECURITIES ADVANCED B Y THE TRUSTEE TO THE TRUST HELD UNDER TH E PROVISIONS OF THE TRUST DEED, AND CERT AIN TRANSFERS BY THE TRUSTEE TO AN OVERS EAS FUND (AS DEFINED IN THE TRUST DEED) OR TO THE SUPERINTENDENT OF INSURANCE OF THE STATE OF NEW YORK OR OTHER DESIGNAT ED RECEIVER, AND FOR SECURING THE OTHER AMOUNTS AND OBLIGATIONS REFERRED TO IN T HE TRUST DEED

THE PAYMENT OF MATURED CLAIMS (INCLUDING CLAIMS FOR LOSS AND CLAIMS FOR THE RETU RN OF UNEARNED PREMIUM) UNDER CONTRACTS OR POLICIES OF INSURANCE INCEPTING ON OR AFTER 1ST AUGUST 1995 UNDERWRITTEN BY T HE COMPANY AS A MEMBER OF SYNDICATE NO.8 24 (THE "SYNDICATE") AND ALLOCABLE TO TH E RELEVANT YEAR OF ACCOUNT OR IN RESP ECT OF WHICH THE COMPANY IS LIABLE AS A MEMBER OF THE SYNDICATE FOR THE RELEVANT YEAR OF ACCOUNT FOR AN EARLIER YEAR OF ACCOUNT PURSUANT TO ANY CONTRACT OF REIN SURANCE TO CLOSE AND ISSUED TO A POLICYH OLDER PURSUANT TO SURPLUS LINES OR EXCES S LINES LAWS OF ANY STATE, DISTRICT, TER RITORY, COMMONWEALTH OR POSSESSION OF TH E UNITED STATES (AN "AMERICAN POLICY"), ALL EXPENDITURE AND FEES OF THE TRUSTEE (AS DEFINED IN THE TRUST DEED AND BEING, AS AT THE DATE THEREOF, CITIBANK N.A. O F 111 WALL STREET, NEW YORK, U.S.A.), RE PAYMENT OF CASH OR SECURITIES ADVANCED B Y THE TRUSTEE TO THE TRUST HELD UNDER TH E PROVISIONS OF THE TRUST DEED, AND CERT AIN TRANSFERS BY THE TRUSTEE TO AN OVERS EAS FUND (AS DEFINED IN THE TRUST DEED) OR TO THE SUPERINTENDENT OF INSURANCE OF THE STATE OF NEW YORK OR OTHER DESIGNAT ED RECEIVER, AND FOR SECURING THE OTHER AMOUNTS AND OBLIGATIONS REFERRED TO IN T HE TRUST DEED

All monies

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

All monies

THE PAYMENT OF MATURED CLAIMS (INCLUDING CLAIMS FOR LOSS AND CLAIMS FOR THE RETU RN OF UNEARNED PREMIUM) UNDER CONTRACTS OR POLICIES OF INSURANCE INCEPTING ON OR AFTER 1ST AUGUST 1995 UNDERWRITTEN BY T HE COMPANY AS A MEMBER OF SYNDICATE NO.3 60 (THE "SYNDICATE") AND ALLOCABLE TO T HE RELEVANT YEAR OF ACCOUNT OR IN RESPEC T OF WHICH THE COMPANY IS LIABLE AS A ME MBER OF THE SYNDICATE FOR THE RELEVANT Y EAR OF ACCOUNT FOR AN EARLIER YEAR OF AC COUNT PURSUANT TO ANY CONTRACT OF REINSU RANCE TO CLOSE AND ISSUED TO A POLICYHOL DER PURSUANT TO SURPLUS LINES OR EXCESS LINES LAWS OF ANY STATE, DISTRICT, TERRI TORY, COMMONWEALTH OR POSSESSION OF THE UNITED STATES (AN "AMERICAN POLICY"), AL L 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 YORK, USA), REPAY MENT OF CASH OR SECURITIES ADVANCED BY T HE TRUSTEE TO THE TRUST HELD UNDER THE P ROVISIONS OF THE TRUST DEED, AND CERTAIN TRANSFERS BY THE TRUSTEE TO AN OVERSEAS FUND (AS DEFINED IN THE TRUST DEED) OR TO THE SUPERINTENDENT OF INSURANCE OF TH E STATE OF NEW YORK OR OTHER DESIGNATED RECEIVER, AND FOR SECURING THE OTHER AMO UNTS AND OBLIGATIONS REFERRED TO IN THE TRUST DEED

THE PAYMENT OF MATURED CLAIMS (INCLUDING CLAIMS FOR LOSS AND CLAIMS FOR THE RETU RN OF UNEARNED PREMIUM) UNDER CONTRACTS OR POLICIES OF INSURANCE INCEPTING ON OR AFTER 1ST AUGUST 1995 UNDERWRITTEN BY T HE COMPANY AS A MEMBER OF SYNDICATE NO.8 61 (THE "SYNDICATE") AND ALLOCABLE TO TH E RELEVANT YEAR OF ACCOUNT OR IN RESP ECT OF WHICH THE COMPANY IS LIABLE AS A MEMBER OF THE SYNDICATE FOR THE RELEVANT YEAR OF ACCOUNT FOR AN EARLIER YEAR OF ACCOUNT PURSUANT TO ANY CONTRACT OF REIN SURANCE TO CLOSE AND ISSUED TO A POLICYH OLDER PURSUANT TO SURPLUS LINES OR EXCES S LINES LAWS OF ANY STATE, DISTRICT, TER RITORY, COMMONWEALTH OR POSSESSION OF TH E UNITED STATES (AN "AMERICAN POLICY"), ALL EXPENDITURE AND FEES OF THE TRUSTEE (AS DEFINED IN THE TRUST DEED AND BEING, AS AT THE DATE THEREOF, CITIBANK N.A. O F 111 WALL STREET, NEW YORK, U.S.A.), RE PAYMENT OF CASH OR SECURITIES ADVANCED B Y THE TRUSTEE TO THE TRUST HELD UNDER TH E PROVISIONS OF THE TRUST DEED, AND CERT AIN TRANSFERS BY THE TRUSTEE TO AN OVERS EAS FUND (AS DEFINED IN THE TRUST DEED) OR TO THE SUPERINTENDENT OF INSURANCE OF THE STATE OF NEW YORK OR OTHER DESIGNAT ED RECEIVER, AND FOR SECURING THE OTHER AMOUNTS AND OBLIGATIONS REFERRED TO IN T HE TRUST DEED

THE PAYMENT OF MATURED CLAIMS (INCLUDING CLAIMS FOR LOSS AND CLAIMS FOR THE RETU RN OF UNEARNED PREMIUM) UNDER CONTRACTS OR POLICIES OF INSURANCE INCEPTING ON OR AFTER 1ST AUGUST 1995 UNDERWRITTEN BY T HE COMPANY AS A MEMBER OF SYNDICATE NO.1 069(THE "SYNDICATE") AND ALLOCABLE TO TH E RELEVANT YEAR OF ACCOUNT OR IN RESP ECT OF WHICH THE COMPANY IS LIABLE AS A MEMBER OF THE SYNDICATE FOR THE RELEVANT YEAR OF ACCOUNT FOR AN EARLIER YEAR OF ACCOUNT PURSUANT TO ANY CONTRACT OF REIN SURANCE TO CLOSE AND ISSUED TO A POLICYH OLDER PURSUANT TO SURPLUS LINES OR EXCES S LINES LAWS OF ANY STATE, DISTRICT, TER RITORY, COMMONWEALTH OR POSSESSION OF TH E UNITED STATES (AN "AMERICAN POLICY"), ALL EXPENDITURE AND FEES OF THE TRUSTEE (AS DEFINED IN THE TRUST DEED AND BEING, AS AT THE DATE THEREOF, CITIBANK N.A. O F 111 WALL STREET, NEW YORK, U.S.A.), RE PAYMENT OF CASH OR SECURITIES ADVANCED B Y THE TRUSTEE TO THE TRUST HELD UNDER TH E PROVISIONS OF THE TRUST DEED, AND CERT AIN TRANSFERS BY THE TRUSTEE TO AN OVERS EAS FUND (AS DEFINED IN THE TRUST DEED) OR TO THE SUPERINTENDENT OF INSURANCE OF THE STATE OF NEW YORK OR OTHER DESIGNAT ED RECEIVER, AND FOR SECURING THE OTHER AMOUNTS AND OBLIGATIONS REFERRED TO IN T HE TRUST DEED

THE PAYMENT OF MATURED CLAIMS (INCLUDING CLAIMS FOR LOSS AND CLAIMS FOR THE RETU RN OF UNEARNED PREMIUM) UNDER CONTRACTS OR POLICIES OF INSURANCE INCEPTING ON OR AFTER 1ST AUGUST 1995 UNDERWRITTEN BY T HE COMPANY AS A MEMBER OF SYNDICATE NO.1 051 (THE "SYNDICATE") AND ALLOCABLE TO T HE RELEVANT YEAR OF ACCOUNT OR IN RESP ECT OF WHICH THE COMPANY IS LIABLE AS A MEMBER OF THE SYNDICATE FOR THE RELEVANT YEAR OF ACCOUNT FOR AN EARLIER YEAR OF ACCOUNT PURSUANT TO ANY CONTRACT OF REIN SURANCE TO CLOSE AND ISSUED TO A POLICYH OLDER PURSUANT TO SURPLUS LINES OR EXCES S LINES LAWS OF ANY STATE, DISTRICT, TER RITORY, COMMONWEALTH OR POSSESSION OF TH E UNITED STATES (AN "AMERICAN POLICY"), ALL EXPENDITURE AND FEES OF THE TRUSTEE (AS DEFINED IN THE TRUST DEED AND BEING, AS AT THE DATE THEREOF, CITIBANK N.A. O F 111 WALL STREET, NEW YORK, U.S.A.), RE PAYMENT OF CASH OR SECURITIES ADVANCED B Y THE TRUSTEE TO THE TRUST HELD UNDER TH E PROVISIONS OF THE TRUST DEED, AND CERT AIN TRANSFERS BY THE TRUSTEE TO AN OVERS EAS FUND (AS DEFINED IN THE TRUST DEED) OR TO THE SUPERINTENDENT OF INSURANCE OF THE STATE OF NEW YORK OR OTHER DESIGNAT ED RECEIVER, AND FOR SECURING THE OTHER AMOUNTS AND OBLIGATIONS REFERRED TO IN T HE TRUST DEED

THE PAYMENT OF MATURED CLAIMS (INCLUDING CLAIMS FOR LOSS AND CLAIMS FOR THE RETU RN OF UNEARNED PREMIUM) UNDER CONTRACTS OR POLICIES OF INSURANCE INCEPTING ON OR AFTER 1ST AUGUST 1995 UNDERWRITTEN BY T HE COMPANY AS A MEMBER OF SYNDICATE NO.1 028(THE "SYNDICATE") AND ALLOCABLE TO TH E RELEVANT YEAR OF ACCOUNT OR IN RESP ECT OF WHICH THE COMPANY IS LIABLE AS A MEMBER OF THE SYNDICATE FOR THE RELEVANT YEAR OF ACCOUNT FOR AN EARLIER YEAR OF ACCOUNT PURSUANT TO ANY CONTRACT OF REIN SURANCE TO CLOSE AND ISSUED TO A POLICYH OLDER PURSUANT TO SURPLUS LINES OR EXCES S LINES LAWS OF ANY STATE, DISTRICT, TER RITORY, COMMONWEALTH OR POSSESSION OF TH E UNITED STATES (AN "AMERICAN POLICY"), ALL EXPENDITURE AND FEES OF THE TRUSTEE (AS DEFINED IN THE TRUST DEED AND BEING, AS AT THE DATE THEREOF, CITIBANK N.A. O F 111 WALL STREET, NEW YORK, U.S.A.), RE PAYMENT OF CASH OR SECURITIES ADVANCED B Y THE TRUSTEE TO THE TRUST HELD UNDER TH E PROVISIONS OF THE TRUST DEED, AND CERT AIN TRANSFERS BY THE TRUSTEE TO AN OVERS EAS FUND (AS DEFINED IN THE TRUST DEED) OR TO THE SUPERINTENDENT OF INSURANCE OF THE STATE OF NEW YORK OR OTHER DESIGNAT ED RECEIVER, AND FOR SECURING THE OTHER AMOUNTS AND OBLIGATIONS REFERRED TO IN T HE TRUST DEED

THE PAYMENT OF MATURED CLAIMS (INCLUDING CLAIMS FOR LOSS AND CLAIMS FOR THE RETU RN OF UNEARNED PREMIUM) UNDER CONTRACTS OR POLICIES OF INSURANCE INCEPTING ON OR AFTER 1ST AUGUST 1995 UNDERWRITTEN BY T HE COMPANY AS A MEMBER OF SYNDICATE NO.1 027 (THE "SYNDICATE") AND ALLOCABLE TO T HE RELEVANT YEAR OF ACCOUNT OR IN RESP ECT OF WHICH THE COMPANY IS LIABLE AS A MEMBER OF THE SYNDICATE FOR THE RELEVANT YEAR OF ACCOUNT FOR AN EARLIER YEAR OF ACCOUNT PURSUANT TO ANY CONTRACT OF REIN SURANCE TO CLOSE AND ISSUED TO A POLICYH OLDER PURSUANT TO SURPLUS LINES OR EXCES S LINES LAWS OF ANY STATE, DISTRICT, TER RITORY, COMMONWEALTH OR POSSESSION OF TH E UNITED STATES (AN "AMERICAN POLICY"), ALL EXPENDITURE AND FEES OF THE TRUSTEE (AS DEFINED IN THE TRUST DEED AND BEING, AS AT THE DATE THEREOF, CITIBANK N.A. O F 111 WALL STREET, NEW YORK, U.S.A.), RE PAYMENT OF CASH OR SECURITIES ADVANCED B Y THE TRUSTEE TO THE TRUST HELD UNDER TH E PROVISIONS OF THE TRUST DEED, AND CERT AIN TRANSFERS BY THE TRUSTEE TO AN OVERS EAS FUND (AS DEFINED IN THE TRUST DEED) OR TO THE SUPERINTENDENT OF INSURANCE OF THE STATE OF NEW YORK OR OTHER DESIGNAT ED RECEIVER, AND FOR SECURING THE OTHER AMOUNTS AND OBLIGATIONS REFERRED TO IN T HE TRUST DEED

THE PAYMENT OF MATURED CLAIMS (INCLUDING CLAIMS FOR LOSS AND CLAIMS FOR THE RETU RN OF UNEARNED PREMIUM) UNDER CONTRACTS OR POLICIES OF INSURANCE INCEPTING ON OR AFTER 1ST AUGUST 1995 UNDERWRITTEN BY T HE COMPANY AS A MEMBER OF SYNDICATE NO.9 90 (THE "SYNDICATE") AND ALLOCABLE TO TH E RELEVANT YEAR OF ACCOUNT OR IN RESP ECT OF WHICH THE COMPANY IS LIABLE AS A MEMBER OF THE SYNDICATE FOR THE RELEVANT YEAR OF ACCOUNT FOR AN EARLIER YEAR OF ACCOUNT PURSUANT TO ANY CONTRACT OF REIN SURANCE TO CLOSE AND ISSUED TO A POLICYH OLDER PURSUANT TO SURPLUS LINES OR EXCES S LINES LAWS OF ANY STATE, DISTRICT, TER RITORY, COMMONWEALTH OR POSSESSION OF TH E UNITED STATES (AN "AMERICAN POLICY"), ALL EXPENDITURE AND FEES OF THE TRUSTEE (AS DEFINED IN THE TRUST DEED AND BEING, AS AT THE DATE THEREOF, CITIBANK N.A. O F 111 WALL STREET, NEW YORK, U.S.A.), RE PAYMENT OF CASH OR SECURITIES ADVANCED B Y THE TRUSTEE TO THE TRUST HELD UNDER TH E PROVISIONS OF THE TRUST DEED, AND CERT AIN TRANSFERS BY THE TRUSTEE TO AN OVERS EAS FUND (AS DEFINED IN THE TRUST DEED) OR TO THE SUPERINTENDENT OF INSURANCE OF THE STATE OF NEW YORK OR OTHER DESIGNAT ED RECEIVER, AND FOR SECURING THE OTHER AMOUNTS AND OBLIGATIONS REFERRED TO IN T HE TRUST DEED

THE PAYMENT OF MATURED CLAIMS (INCLUDING CLAIMS FOR LOSS AND CLAIMS FOR THE RETU RN OF UNEARNED PREMIUM) UNDER CONTRACTS OR POLICIES OF INSURANCE INCEPTING ON OR AFTER 1ST AUGUST 1995 UNDERWRITTEN BY T HE COMPANY AS A MEMBER OF SYNDICATE NO.9 63 (THE "SYNDICATE") AND ALLOCABLE TO TH E RELEVANT YEAR OF ACCOUNT OR IN RESP ECT OF WHICH THE COMPANY IS LIABLE AS A MEMBER OF THE SYNDICATE FOR THE RELEVANT YEAR OF ACCOUNT FOR AN EARLIER YEAR OF ACCOUNT PURSUANT TO ANY CONTRACT OF REIN SURANCE TO CLOSE AND ISSUED TO A POLICYH OLDER PURSUANT TO SURPLUS LINES OR EXCES S LINES LAWS OF ANY STATE, DISTRICT, TER RITORY, COMMONWEALTH OR POSSESSION OF TH E UNITED STATES (AN "AMERICAN POLICY"), ALL EXPENDITURE AND FEES OF THE TRUSTEE (AS DEFINED IN THE TRUST DEED AND BEING, AS AT THE DATE THEREOF, CITIBANK N.A. O F 111 WALL STREET, NEW YORK, U.S.A.), RE PAYMENT OF CASH OR SECURITIES ADVANCED B Y THE TRUSTEE TO THE TRUST HELD UNDER TH E PROVISIONS OF THE TRUST DEED, AND CERT AIN TRANSFERS BY THE TRUSTEE TO AN OVERS EAS FUND (AS DEFINED IN THE TRUST DEED) OR TO THE SUPERINTENDENT OF INSURANCE OF THE STATE OF NEW YORK OR OTHER DESIGNAT ED RECEIVER, AND FOR SECURING THE OTHER AMOUNTS AND OBLIGATIONS REFERRED TO IN T HE TRUST DEED

THE PAYMENT OF MATURED CLAIMS (INCLUDING CLAIMS FOR LOSS AND CLAIMS FOR THE RETU RN OF UNEARNED PREMIUM) UNDER CONTRACTS OR POLICIES OF INSURANCE INCEPTING ON OR AFTER 1ST AUGUST 1995 UNDERWRITTEN BY T HE COMPANY AS A MEMBER OF SYNDICATE NO.9 60 (THE "SYNDICATE") AND ALLOCABLE TO TH E RELEVANT YEAR OF ACCOUNT OR IN RESP ECT OF WHICH THE COMPANY IS LIABLE AS A MEMBER OF THE SYNDICATE FOR THE RELEVANT YEAR OF ACCOUNT FOR AN EARLIER YEAR OF ACCOUNT PURSUANT TO ANY CONTRACT OF REIN SURANCE TO CLOSE AND ISSUED TO A POLICYH OLDER PURSUANT TO SURPLUS LINES OR EXCES S LINES LAWS OF ANY STATE, DISTRICT, TER RITORY, COMMONWEALTH OR POSSESSION OF TH E UNITED STATES (AN "AMERICAN POLICY"), ALL EXPENDITURE AND FEES OF THE TRUSTEE (AS DEFINED IN THE TRUST DEED AND BEING, AS AT THE DATE THEREOF, CITIBANK N.A. O F 111 WALL STREET, NEW YORK, U.S.A.), RE PAYMENT OF CASH OR SECURITIES ADVANCED B Y THE TRUSTEE TO THE TRUST HELD UNDER TH E PROVISIONS OF THE TRUST DEED, AND CERT AIN TRANSFERS BY THE TRUSTEE TO AN OVERS EAS FUND (AS DEFINED IN THE TRUST DEED) OR TO THE SUPERINTENDENT OF INSURANCE OF THE STATE OF NEW YORK OR OTHER DESIGNAT ED RECEIVER, AND FOR SECURING THE OTHER AMOUNTS AND OBLIGATIONS REFERRED TO IN T HE TRUST DEED

THE PAYMENT OF MATURED CLAIMS (INCLUDING CLAIMS FOR LOSS AND CLAIMS FOR THE RETU RN OF UNEARNED PREMIUM) UNDER CONTRACTS OR POLICIES OF INSURANCE INCEPTING ON OR AFTER 1ST AUGUST 1995 UNDERWRITTEN BY T HE COMPANY AS A MEMBER OF SYNDICATE NO.9 58 (THE "SYNDICATE") AND ALLOCABLE TO TH E RELEVANT YEAR OF ACCOUNT OR IN RESP ECT OF WHICH THE COMPANY IS LIABLE AS A MEMBER OF THE SYNDICATE FOR THE RELEVANT YEAR OF ACCOUNT FOR AN EARLIER YEAR OF ACCOUNT PURSUANT TO ANY CONTRACT OF REIN SURANCE TO CLOSE AND ISSUED TO A POLICYH OLDER PURSUANT TO SURPLUS LINES OR EXCES S LINES LAWS OF ANY STATE, DISTRICT, TER RITORY, COMMONWEALTH OR POSSESSION OF TH E UNITED STATES (AN "AMERICAN POLICY"), ALL EXPENDITURE AND FEES OF THE TRUSTEE (AS DEFINED IN THE TRUST DEED AND BEING, AS AT THE DATE THEREOF, CITIBANK N.A. O F 111 WALL STREET, NEW YORK, U.S.A.), RE PAYMENT OF CASH OR SECURITIES ADVANCED B Y THE TRUSTEE TO THE TRUST HELD UNDER TH E PROVISIONS OF THE TRUST DEED, AND CERT AIN TRANSFERS BY THE TRUSTEE TO AN OVERS EAS FUND (AS DEFINED IN THE TRUST DEED) OR TO THE SUPERINTENDENT OF INSURANCE OF THE STATE OF NEW YORK OR OTHER DESIGNAT ED RECEIVER, AND FOR SECURING THE OTHER AMOUNTS AND OBLIGATIONS REFERRED TO IN T HE TRUST DEED

THE PAYMENT OF MATURED CLAIMS (INCLUDING CLAIMS FOR LOSS AND CLAIMS FOR THE RETU RN OF UNEARNED PREMIUM) UNDER CONTRACTS OR POLICIES OF INSURANCE INCEPTING ON OR AFTER 1ST AUGUST 1995 UNDERWRITTEN BY T HE COMPANY AS A MEMBER OF SYNDICATE NO.1 141 (THE "SYNDICATE") AND ALLOCABLE TO T HE RELEVANT YEAR OF ACCOUNT OR IN RESP ECT OF WHICH THE COMPANY IS LIABLE AS A MEMBER OF THE SYNDICATE FOR THE RELEVANT YEAR OF ACCOUNT FOR AN EARLIER YEAR OF ACCOUNT PURSUANT TO ANY CONTRACT OF REIN SURANCE TO CLOSE AND ISSUED TO A POLICYH OLDER PURSUANT TO SURPLUS LINES OR EXCES S LINES LAWS OF ANY STATE, DISTRICT, TER RITORY, COMMONWEALTH OR POSSESSION OF TH E UNITED STATES (AN "AMERICAN POLICY"), ALL EXPENDITURE AND FEES OF THE TRUSTEE (AS DEFINED IN THE TRUST DEED AND BEING, AS AT THE DATE THEREOF, CITIBANK N.A. O F 111 WALL STREET, NEW YORK, U.S.A.), RE PAYMENT OF CASH OR SECURITIES ADVANCED B Y THE TRUSTEE TO THE TRUST HELD UNDER TH E PROVISIONS OF THE TRUST DEED, AND CERT AIN TRANSFERS BY THE TRUSTEE TO AN OVERS EAS FUND (AS DEFINED IN THE TRUST DEED) OR TO THE SUPERINTENDENT OF INSURANCE OF THE STATE OF NEW YORK OR OTHER DESIGNAT ED RECEIVER, AND FOR SECURING THE OTHER AMOUNTS AND OBLIGATIONS REFERRED TO IN T HE TRUST DEED

THE PAYMENT OF MATURED CLAIMS (INCLUDING CLAIMS FOR LOSS AND CLAIMS FOR THE RETU RN OF UNEARNED PREMIUM) UNDER CONTRACTS OR POLICIES OF INSURANCE INCEPTING ON OR AFTER 1ST AUGUST 1995 UNDERWRITTEN BY T HE COMPANY AS A MEMBER OF SYNDICATE NO.1 173 (THE "SYNDICATE") AND ALLOCABLE TO T HE RELEVANT YEAR OF ACCOUNT OR IN RESP ECT OF WHICH THE COMPANY IS LIABLE AS A MEMBER OF THE SYNDICATE FOR THE RELEVANT YEAR OF ACCOUNT FOR AN EARLIER YEAR OF ACCOUNT PURSUANT TO ANY CONTRACT OF REIN SURANCE TO CLOSE AND ISSUED TO A POLICYH OLDER PURSUANT TO SURPLUS LINES OR EXCES S LINES LAWS OF ANY STATE, DISTRICT, TER RITORY, COMMONWEALTH OR POSSESSION OF TH E UNITED STATES (AN "AMERICAN POLICY"), ALL EXPENDITURE AND FEES OF THE TRUSTEE (AS DEFINED IN THE TRUST DEED AND BEING, AS AT THE DATE THEREOF, CITIBANK N.A. O F 111 WALL STREET, NEW YORK, U.S.A.), RE PAYMENT OF CASH OR SECURITIES ADVANCED B Y THE TRUSTEE TO THE TRUST HELD UNDER TH E PROVISIONS OF THE TRUST DEED, AND CERT AIN TRANSFERS BY THE TRUSTEE TO AN OVERS EAS FUND (AS DEFINED IN THE TRUST DEED) OR TO THE SUPERINTENDENT OF INSURANCE OF THE STATE OF NEW YORK OR OTHER DESIGNAT ED RECEIVER, AND FOR SECURING THE OTHER AMOUNTS AND OBLIGATIONS REFERRED TO IN T HE TRUST DEED

THE PAYMENT OF MATURED CLAIMS (INCLUDING CLAIMS FOR LOSS AND CLAIMS FOR THE RETU RN OF UNEARNED PREMIUM) UNDER CONTRACTS OR POLICIES OF INSURANCE INCEPTING ON OR AFTER 1ST AUGUST 1995 UNDERWRITTEN BY T HE COMPANY AS A MEMBER OF SYNDICATE NO.1 176 (THE "SYNDICATE") AND ALLOCABLE TO T HE RELEVANT YEAR OF ACCOUNT OR IN RESP ECT OF WHICH THE COMPANY IS LIABLE AS A MEMBER OF THE SYNDICATE FOR THE RELEVANT YEAR OF ACCOUNT FOR AN EARLIER YEAR OF ACCOUNT PURSUANT TO ANY CONTRACT OF REIN SURANCE TO CLOSE AND ISSUED TO A POLICYH OLDER PURSUANT TO SURPLUS LINES OR EXCES S LINES LAWS OF ANY STATE, DISTRICT, TER RITORY, COMMONWEALTH OR POSSESSION OF TH E UNITED STATES (AN "AMERICAN POLICY"), ALL EXPENDITURE AND FEES OF THE TRUSTEE (AS DEFINED IN THE TRUST DEED AND BEING, AS AT THE DATE THEREOF, CITIBANK N.A. O F 111 WALL STREET, NEW YORK, U.S.A.), RE PAYMENT OF CASH OR SECURITIES ADVANCED B Y THE TRUSTEE TO THE TRUST HELD UNDER TH E PROVISIONS OF THE TRUST DEED, AND CERT AIN TRANSFERS BY THE TRUSTEE TO AN OVERS EAS FUND (AS DEFINED IN THE TRUST DEED) OR TO THE SUPERINTENDENT OF INSURANCE OF THE STATE OF NEW YORK OR OTHER DESIGNAT ED RECEIVER, AND FOR SECURING THE OTHER AMOUNTS AND OBLIGATIONS REFERRED TO IN T HE TRUST DEED

THE PAYMENT OF MATURED CLAIMS (INCLUDING CLAIMS FOR LOSS AND CLAIMS FOR THE RETU RN OF UNEARNED PREMIUM) UNDER CONTRACTS OR POLICIES OF INSURANCE INCEPTING ON OR AFTER 1ST AUGUST 1995 UNDERWRITTEN BY T HE COMPANY AS A MEMBER OF SYNDICATE NO.1 185 (THE "SYNDICATE") AND ALLOCABLE TO T HE RELEVANT YEAR OF ACCOUNT OR IN RESP ECT OF WHICH THE COMPANY IS LIABLE AS A MEMBER OF THE SYNDICATE FOR THE RELEVANT YEAR OF ACCOUNT FOR AN EARLIER YEAR OF ACCOUNT PURSUANT TO ANY CONTRACT OF REIN SURANCE TO CLOSE AND ISSUED TO A POLICYH OLDER PURSUANT TO SURPLUS LINES OR EXCES S LINES LAWS OF ANY STATE, DISTRICT, TER RITORY, COMMONWEALTH OR POSSESSION OF TH E UNITED STATES (AN "AMERICAN POLICY"), ALL EXPENDITURE AND FEES OF THE TRUSTEE (AS DEFINED IN THE TRUST DEED AND BEING, AS AT THE DATE THEREOF, CITIBANK N.A. O F 111 WALL STREET, NEW YORK, U.S.A.), RE PAYMENT OF CASH OR SECURITIES ADVANCED B Y THE TRUSTEE TO THE TRUST HELD UNDER TH E PROVISIONS OF THE TRUST DEED, AND CERT AIN TRANSFERS BY THE TRUSTEE TO AN OVERS EAS FUND (AS DEFINED IN THE TRUST DEED) OR TO THE SUPERINTENDENT OF INSURANCE OF THE STATE OF NEW YORK OR OTHER DESIGNAT ED RECEIVER, AND FOR SECURING THE OTHER AMOUNTS AND OBLIGATIONS REFERRED TO IN T HE TRUST DEED

THE PAYMENT OF MATURED CLAIMS (INCLUDING CLAIMS FOR LOSS AND CLAIMS FOR THE RETU RN OF UNEARNED PREMIUM) UNDER CONTRACTS OR POLICIES OF INSURANCE INCEPTING ON OR AFTER 1ST AUGUST 1995 UNDERWRITTEN BY T HE COMPANY AS A MEMBER OF SYNDICATE NO.1 212 (THE "SYNDICATE") AND ALLOCABLE TO T HE RELEVANT YEAR OF ACCOUNT OR IN RESP ECT OF WHICH THE COMPANY IS LIABLE AS A MEMBER OF THE SYNDICATE FOR THE RELEVANT YEAR OF ACCOUNT FOR AN EARLIER YEAR OF ACCOUNT PURSUANT TO ANY CONTRACT OF REIN SURANCE TO CLOSE AND ISSUED TO A POLICYH OLDER PURSUANT TO SURPLUS LINES OR EXCES S LINES LAWS OF ANY STATE, DISTRICT, TER RITORY, COMMONWEALTH OR POSSESSION OF TH E UNITED STATES (AN "AMERICAN POLICY"), ALL EXPENDITURE AND FEES OF THE TRUSTEE (AS DEFINED IN THE TRUST DEED AND BEING, AS AT THE DATE THEREOF, CITIBANK N.A. O F 111 WALL STREET, NEW YORK, U.S.A.), RE PAYMENT OF CASH OR SECURITIES ADVANCED B Y THE TRUSTEE TO THE TRUST HELD UNDER TH E PROVISIONS OF THE TRUST DEED, AND CERT AIN TRANSFERS BY THE TRUSTEE TO AN OVERS EAS FUND (AS DEFINED IN THE TRUST DEED) OR TO THE SUPERINTENDENT OF INSURANCE OF THE STATE OF NEW YORK OR OTHER DESIGNAT ED RECEIVER, AND FOR SECURING THE OTHER AMOUNTS AND OBLIGATIONS REFERRED TO IN T HE TRUST DEED

THE PAYMENT OF MATURED CLAIMS (INCLUDING CLAIMS FOR LOSS AND CLAIMS FOR THE RETU RN OF UNEARNED PREMIUM) UNDER CONTRACTS OR POLICIES OF INSURANCE INCEPTING ON OR AFTER 1ST AUGUST 1995 UNDERWRITTEN BY T HE COMPANY AS A MEMBER OF SYNDICATE NO.1 234 (THE "SYNDICATE") AND ALLOCABLE TO T HE RELEVANT YEAR OF ACCOUNT OR IN RESP ECT OF WHICH THE COMPANY IS LIABLE AS A MEMBER OF THE SYNDICATE FOR THE RELEVANT YEAR OF ACCOUNT FOR AN EARLIER YEAR OF ACCOUNT PURSUANT TO ANY CONTRACT OF REIN SURANCE TO CLOSE AND ISSUED TO A POLICYH OLDER PURSUANT TO SURPLUS LINES OR EXCES S LINES LAWS OF ANY STATE, DISTRICT, TER RITORY, COMMONWEALTH OR POSSESSION OF TH E UNITED STATES (AN "AMERICAN POLICY"), ALL EXPENDITURE AND FEES OF THE TRUSTEE (AS DEFINED IN THE TRUST DEED AND BEING, AS AT THE DATE THEREOF, CITIBANK N.A. O F 111 WALL STREET, NEW YORK, U.S.A.), RE PAYMENT OF CASH OR SECURITIES ADVANCED B Y THE TRUSTEE TO THE TRUST HELD UNDER TH E PROVISIONS OF THE TRUST DEED, AND CERT AIN TRANSFERS BY THE TRUSTEE TO AN OVERS EAS FUND (AS DEFINED IN THE TRUST DEED) OR TO THE SUPERINTENDENT OF INSURANCE OF THE STATE OF NEW YORK OR OTHER DESIGNAT ED RECEIVER, AND FOR SECURING THE OTHER AMOUNTS AND OBLIGATIONS REFERRED TO IN T HE TRUST DEED

THE PAYMENT 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.360 (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. 360(THE"SYNDICATE") AND AL LOCABLE TO THE RELEVANT YEAR OF ACCOUNT OR IN RESPECT OF WHICH THE COMPANY IS LI ABLE AS A MEMBER OF THE SYNDICATE FOR TH E RELEVANT YEAR OF ACCOUNT FOR AN EARLIE R YEAR OF ACCOUNT PURSUANT TO ANY CONTRA CT OF REINSURANCE TO CLOSE AND ISSUED TO A CEDING INSURER DOMICILED IN A STATE, DISTRICT, TERRITORY, COMMONWEALTH OR POS SESSION OF THE UNITED STATES (AN "AMERIC AN REINSURANCE POLICY"), ALL EXPENDITURE S AND FEES OF THE TRUSTEE (AS DEFINED IN THE TRUST DEED AND BEING, AS AT THE DAT E THEREOF, CITIBANK N.A. OF 111 WALL STR EET, NEW YORK, U.S.A.), REPAYMENT OF CAS H OR SECURITIES ADVANCED BY THE TRUSTEE TO THE TRUST HELD UNDER THE PROVISIONS O F THE TRUST DEED, AND CERTAIN TRANSFERS BY THE TRUSTEE TO AN OVERSEAS FUND (AS D EFINED IN THE TRUST DEED) OR TO THE SUPE RINTENDENT OF INSURANCE OF THE STATE OF NEW YORK OR OTHER DESIGNATED RECEIVER, A ND FOR SECURING THE OTHER AMOUNTS AND OB LIGATIONS REFERRED TO IN THE TRUST DEED

THE LOSSES, CLAIMS, RETURNS OF PREMIUMS, REINSURANCE PREMIUMS, EXPENSES, OBLIGAT IONS AND OTHER "PERMITTED TRUST OUTGOING S" SET OUT IN CLAUSE 3(A) OF AND PARAGRA PH 1 OF SCHEDULE 3 TO THE TRUST DEED

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

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

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

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 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

THE PAYMENT OF MATURED CLAIMS (INCLUDING CLAIMS FOR LOSS AND CLAIMS FOR THE RETU RN OF UNEARNED PREMIUM) UNDER CONTRACTS OR POLICIES OF INSURANCE INCEPTING ON OR AFTER 1ST AUGUST 1995 UNDERWRITTEN BY T HE COMPANY AS A MEMBER OF SYNDICATE NO.3 18 (THE "SYNDICATE") AND ALLOCABLE TO T HE RELEVANT YEAR OF ACCOUNT OR IN RESPEC T OF WHICH THE COMPANY IS LIABLE AS A ME MBER OF THE SYNDICATE FOR THE RELEVANT Y EAR OF ACCOUNT FOR AN EARLIER YEAR OF AC COUNT PURSUANT TO ANY CONTRACT OF REINSU RANCE TO CLOSE AND ISSUED TO A POLICYHOL DER PURSUANT TO SURPLUS LINES OR EXCESS LINES LAWS OF ANY STATE, DISTRICT, TERRI TORY, COMMONWEALTH OR POSSESSION OF THE UNITED STATES (AN "AMERICAN POLICY"), AL L 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 YORK, USA), REPAY MENT OF CASH OR SECURITIES ADVANCED BY T HE TRUSTEE TO THE TRUST HELD UNDER THE P ROVISIONS OF THE TRUST DEED, AND CERTAIN TRANSFERS BY THE TRUSTEE TO AN OVERSEAS FUND (AS DEFINED IN THE TRUST DEED) OR TO THE SUPERINTENDENT OF INSURANCE OF TH E STATE OF NEW YORK OR OTHER DESIGNATED RECEIVER, AND FOR SECURING THE OTHER AMO UNTS 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 1ST JANUARY 1996 UNDE RWRITTEN BY THE COMPANY AS A MEMBER OF S YNDICATE NO. 318 (THE "SYNDICATE") AND ALLOCABLE TO THE RELEVANT YEAR OF ACCOU NT OR IN RESPECT OF WHICH THE COMPANY IS LIABLE AS A MEMBER OF THE SYNDICATE FOR THE RELEVANT YEAR OF ACCOUNT FOR AN EAR LIER YEAR OF ACCOUNT PURSUANT TO ANY CON TRACT OF REINSURANCE TO CLOSE AND ISSUED TO A POLICYHOLDER PURSUANT TO THE INSUR ANCE LAWS OF THE COMMONWEALTH OF KENTUCK Y PROVIDING INSURANCE WITH RESPECT TO PR OPERTY OR RISKS SITUATED IN SAID COMMONW EALTH (A "KENTUCKY POLICY"), ALL EXPENDI TURES AND FEES OF THE TRUSTEE (AS DEFINE D IN THE TRUST DEED AND BEING, AS AT THE DATE THEREOF, NATIONAL CITY BANK, KENTU CKY, U.S.A.), REPAYMENT OF CASH OR SECUR ITIES ADVANCED BY THE TRUSTEE TO THE TRU ST HELD UNDER THE PROVISIONS OF THE TRUS T DEED, AND CERTAIN TRANSFERS BY THE TRU STEE TO AN OVERSEAS FUND (AS DEFINED IN THE TRUST DEED) OR TO THE COMMISSIONER O F INSURANCE OF THE COMMONWEALTH OF KENTU CKY OR OTHER DESIGNATED RECEIVER, AND FO R SECURING THE OTHER AMOUNTS AND OBLIGAT IONS 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. 318 (THE "SYNDICATE") AND ALLOCABLE TO THE RELEVANT YEAR OF ACCOUN T OR IN RESPECT OF WHICH THE COMPANY IS LIABLE AS A MEMBER OF THE SYNDICATE FOR THE RELEVANT YEAR OF ACCOUNT FOR AN EARL IER YEAR OF ACCOUNT PURSUANT TO ANY CONT RACT OF REINSURANCE TO CLOSE AND ISSUED TO A CEDING INSURER DOMICILED IN A STATE , DISTRICT, TERRITORY, COMMONWEALTH OR P OSSESSION OF THE UNITED STATES (AN "AMER ICAN REINSURANCE POLICY"), 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 111 WALL S TREET, NEW YORK, U.S.A.), REPAYMENT OF C ASH OR SECURITIES ADVANCED BY THE TRUSTE E TO THE TRUST HELD UNDER THE PROVISIONS 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 FOR SECURING THE OTHER AMOUNTS AND OBLIGATIONS REFERRED TO IN THE TRUST DEE D

THE PAYMENT OF MATURED CLAIMS (INCLUDING CLAIMS FOR LOSS AND CLAIMS FOR THE RETU RN OF UNEARNED PREMIUM) UNDER CONTRACTS OR POLICIES OF INSURANCE INCEPTING ON OR AFTER 1ST AUGUST 1995 UNDERWRITTEN BY T HE COMPANY AS A MEMBER OF SYNDICATE NO. 1007 (THE "SYNDICATE") AND ALLOCABLE TO THE RELEVANT YEAR OF ACCOUNT OR IN RESP ECT OF WHICH THE COMPANY IS LIABLE AS A MEMBER OF THE SYNDICATE FOR THE RELEVANT YEAR OF ACCOUNT FOR AN EARLIER YEAR OF ACCOUNT PURSUANT TO ANY CONTRACT OF REIN SURANCE TO CLOSE AND ISSUED TO A POLICYH OLDER PURSUANT TO SURPLUS LINES OR EXCES S LINES LAWS OF ANY STATE, DISTRICT, TER RITORY, COMMONWEALTH OR POSSESSION OF TH E UNITED STATES (AN "AMERICAN POLICY"), ALL EXPENDITURE AND FEES OF THE TRUSTEE (AS DEFINED IN THE TRUST DEED AND BEING, AS AT THE DATE THEREOF, CITIBANK N.A. O F 111 WALL STREET, NEW YORK, U.S.A.), RE PAYMENT OF CASH OR SECURITIES ADVANCED B Y THE TRUSTEE TO THE TRUST HELD UNDER TH E PROVISIONS OF THE TRUST DEED, AND CERT AIN TRANSFERS BY THE TRUSTEE TO AN OVERS EAS FUND (AS DEFINED IN THE TRUST DEED) OR TO THE SUPERINTENDENT OF INSURANCE OF THE STATE OF NEW YORK OR OTHER DESIGNAT ED RECEIVER, AND FOR SECURING THE OTHER AMOUNTS AND OBLIGATIONS REFERRED TO IN T HE TRUST DEED

THE PAYMENT OF MATURED CLAIMS (INCLUDING CLAIMS FOR LOSS AND CLAIMS FOR THE RETU RN OF UNEARNED PREMIUM) UNDER CONTRACTS OR POLICIES OF INSURANCE INCEPTING ON OR AFTER 1ST AUGUST 1995 UNDERWRITTEN BY T HE COMPANY AS A MEMBER OF SYNDICATE NO. 1221 (THE "SYNDICATE") AND ALLOCABLE TO THE RELEVANT YEAR OF ACCOUNT OR IN RESP ECT OF WHICH THE COMPANY IS LIABLE AS A MEMBER OF THE SYNDICATE FOR THE RELEVANT YEAR OF ACCOUNT FOR AN EARLIER YEAR OF ACCOUNT PURSUANT TO ANY CONTRACT OF REIN SURANCE TO CLOSE AND ISSUED TO A POLICYH OLDER PURSUANT TO SURPLUS LINES OR EXCES S LINES LAWS OF ANY STATE, DISTRICT, TER RITORY, COMMONWEALTH OR POSSESSION OF TH E UNITED STATES (AN "AMERICAN POLICY"), ALL EXPENDITURE AND FEES OF THE TRUSTEE (AS DEFINED IN THE TRUST DEED AND BEING, AS AT THE DATE THEREOF, CITIBANK N.A. O F 111 WALL STREET, NEW YORK, U.S.A.), RE PAYMENT OF CASH OR SECURITIES ADVANCED B Y THE TRUSTEE TO THE TRUST HELD UNDER TH E PROVISIONS OF THE TRUST DEED, AND CERT AIN TRANSFERS BY THE TRUSTEE TO AN OVERS EAS FUND (AS DEFINED IN THE TRUST DEED) OR TO THE SUPERINTENDENT OF INSURANCE OF THE STATE OF NEW YORK OR OTHER DESIGNAT ED RECEIVER, AND FOR SECURING THE OTHER AMOUNTS AND OBLIGATIONS REFERRED TO IN T HE TRUST DEED

THE PAYMENT OF MATURED CLAIMS (INCLUDING CLAIMS FOR LOSS AND CLAIMS FOR THE RETU RN OF UNEARNED PREMIUM) UNDER CONTRACTS OR POLICIES OF INSURANCE INCEPTING ON OR AFTER 1ST AUGUST 1995 UNDERWRITTEN BY T HE COMPANY AS A MEMBER OF SYNDICATE NO.8 23 (THE "SYNDICATE") AND ALLOCABLE TO TH E RELEVANT YEAR OF ACCOUNT IN RESP ECT OF WHICH THE COMPANY IS LIABLE AS A MEMBER OF THE SYNDICATE FOR THE RELEVANT YEAR OF ACCOUNT FOR AN EARLIER YEAR OF ACCOUNT PURSUANT TO ANY CONTRACT OF REIN SURANCE TO CLOSE AND ISSUED TO A POLICYH OLDER PURSUANT TO SURPLUS LINES OR EXCES S LINES LAWS OF ANY STATE, DISTRICT, TER RITORY, COMMONWEALTH OR POSSESSION OF TH E UNITED STATES (AN "AMERICAN POLICY"), ALL EXPENDITURE AND FEES OF THE TRUSTEE (AS DEFINED IN THE TRUST DEED AND BEING, AS AT THE DATE THEREOF, CITIBANK N.A. O F 111 WALL STREET, NEW YORK, U.S.A.), RE PAYMENT OF CASH OR SECURITIES ADVANCED B Y THE TRUSTEE TO THE TRUST HELD UNDER TH E PROVISIONS OF THE TRUST DEED, AND CERT AIN TRANSFERS BY THE TRUSTEE TO AN OVERS EAS FUND (AS DEFINED IN THE TRUST DEED) OR TO THE SUPERINTENDENT OF INSURANCE OF THE STATE OF NEW YORK OR OTHER DESIGNAT ED RECEIVER, AND FOR SECURING THE OTHER AMOUNTS AND OBLIGATIONS REFERRED TO IN T HE TRUST DEED

THE PAYMENT OF MATURED CLAIMS (INCLUDING CLAIMS FOR LOSS AND CLAIMS FOR THE RETU RN OF UNEARNED PREMIUM) UNDER CONTRACTS OR POLICIES OF INSURANCE INCEPTING ON OR AFTER 1ST AUGUST 1995 UNDERWRITTEN BY T HE COMPANY AS A MEMBER OF SYNDICATE NO.8 22 (THE "SYNDICATE") AND ALLOCABLE TO TH E RELEVANT YEAR OF ACCOUNT OR IN RESP ECT OF WHICH THE COMPANY IS LIABLE AS A MEMBER OF THE SYNDICATE FOR THE RELEVANT YEAR OF ACCOUNT FOR AN EARLIER YEAR OF ACCOUNT PURSUANT TO ANY CONTRACT OF REIN SURANCE TO CLOSE AND ISSUED TO A POLICYH OLDER PURSUANT TO SURPLUS LINES OR EXCES S LINES LAWS OF ANY STATE, DISTRICT, TER RITORY, COMMONWEALTH OR POSSESSION OF TH E UNITED STATES (AN "AMERICAN POLICY"), ALL EXPENDITURE AND FEES OF THE TRUSTEE (AS DEFINED IN THE TRUST DEED AND BEING, AS AT THE DATE THEREOF, CITIBANK N.A. O F 111 WALL STREET, NEW YORK, U.S.A.), RE PAYMENT OF CASH OR SECURITIES ADVANCED B Y THE TRUSTEE TO THE TRUST HELD UNDER TH E PROVISIONS OF THE TRUST DEED, AND CERT AIN TRANSFERS BY THE TRUSTEE TO AN OVERS EAS FUND (AS DEFINED IN THE TRUST DEED) OR TO THE SUPERINTENDENT OF INSURANCE OF THE STATE OF NEW YORK OR OTHER DESIGNAT ED RECEIVER, AND FOR SECURING THE OTHER AMOUNTS AND OBLIGATIONS REFERRED TO IN T HE TRUST DEED

THE PAYMENT OF MATURED CLAIMS (INCLUDING CLAIMS FOR LOSS AND CLAIMS FOR THE RETU RN OF UNEARNED PREMIUM) UNDER CONTRACTS OR POLICIES OF INSURANCE INCEPTING ON OR AFTER 1ST AUGUST 1995 UNDERWRITTEN BY T HE COMPANY AS A MEMBER OF SYNDICATE NO.8 00 (THE "SYNDICATE") AND ALLOCABLE TO TH E RELEVANT YEAR OF ACCOUNT OR IN RESP ECT OF WHICH THE COMPANY IS LIABLE AS A MEMBER OF THE SYNDICATE FOR THE RELEVANT YEAR OF ACCOUNT FOR AN EARLIER YEAR OF ACCOUNT PURSUANT TO ANY CONTRACT OF REIN SURANCE TO CLOSE AND ISSUED TO A POLICYH OLDER PURSUANT TO SURPLUS LINES OR EXCES S LINES LAWS OF ANY STATE, DISTRICT, TER RITORY, COMMONWEALTH OR POSSESSION OF TH E UNITED STATES (AN "AMERICAN POLICY"), ALL EXPENDITURE AND FEES OF THE TRUSTEE (AS DEFINED IN THE TRUST DEED AND BEING, AS AT THE DATE THEREOF, CITIBANK N.A. O F 111 WALL STREET, NEW YORK, U.S.A.), RE PAYMENT OF CASH OR SECURITIES ADVANCED B Y THE TRUSTEE TO THE TRUST HELD UNDER TH E PROVISIONS OF THE TRUST DEED, AND CERT AIN TRANSFERS BY THE TRUSTEE TO AN OVERS EAS FUND (AS DEFINED IN THE TRUST DEED) OR TO THE SUPERINTENDENT OF INSURANCE OF THE STATE OF NEW YORK OR OTHER DESIGNAT ED RECEIVER, AND FOR SECURING THE OTHER AMOUNTS AND OBLIGATIONS REFERRED TO IN T HE TRUST DEED

THE PAYMENT OF MATURED CLAIMS (INCLUDING CLAIMS FOR LOSS AND CLAIMS FOR THE RETU RN OF UNEARNED PREMIUM) UNDER CONTRACTS OR POLICIES OF INSURANCE INCEPTING ON OR AFTER 1ST AUGUST 1995 UNDERWRITTEN BY T HE COMPANY AS A MEMBER OF SYNDICATE NO.7 66 (THE "SYNDICATE") AND ALLOCABLE TO TH E RELEVANT YEAR OF ACCOUNT OR IN RESP ECT OF WHICH THE COMPANY IS LIABLE AS A MEMBER OF THE SYNDICATE FOR THE RELEVANT YEAR OF ACCOUNT FOR AN EARLIER YEAR OF ACCOUNT PURSUANT TO ANY CONTRACT OF REIN SURANCE TO CLOSE AND ISSUED TO A POLICYH OLDER PURSUANT TO SURPLUS LINES OR EXCES S LINES LAWS OF ANY STATE, DISTRICT, TER RITORY, COMMONWEALTH OR POSSESSION OF TH E UNITED STATES (AN "AMERICAN POLICY"), ALL EXPENDITURE AND FEES OF THE TRUSTEE (AS DEFINED IN THE TRUST DEED AND BEING, AS AT THE DATE THEREOF, CITIBANK N.A. O F 111 WALL STREET, NEW YORK, U.S.A.), RE PAYMENT OF CASH OR SECURITIES ADVANCED B Y THE TRUSTEE TO THE TRUST HELD UNDER TH E PROVISIONS OF THE TRUST DEED, AND CERT AIN TRANSFERS BY THE TRUSTEE TO AN OVERS EAS FUND (AS DEFINED IN THE TRUST DEED) OR TO THE SUPERINTENDENT OF INSURANCE OF THE STATE OF NEW YORK OR OTHER DESIGNAT ED RECEIVER, AND FOR SECURING THE OTHER AMOUNTS AND OBLIGATIONS REFERRED TO IN T HE TRUST DEED

THE PAYMENT OF MATURED CLAIMS (INCLUDING CLAIMS FOR LOSS AND CLAIMS FOR THE RETU RN OF UNEARNED PREMIUM) UNDER CONTRACTS OR POLICIES OF INSURANCE INCEPTING ON OR AFTER 1ST AUGUST 1995 UNDERWRITTEN BY T HE COMPANY AS A MEMBER OF SYNDICATE NO.7 24 (THE "SYNDICATE") AND ALLOCABLE TO TH E RELEVANT YEAR OF ACCOUNT OR IN RESP ECT OF WHICH THE COMPANY IS LIABLE AS A MEMBER OF THE SYNDICATE FOR THE RELEVANT YEAR OF ACCOUNT FOR AN EARLIER YEAR OF ACCOUNT PURSUANT TO ANY CONTRACT OF REIN SURANCE TO CLOSE AND ISSUED TO A POLICYH OLDER PURSUANT TO SURPLUS LINES OR EXCES S LINES LAWS OF ANY STATE, DISTRICT, TER RITORY, COMMONWEALTH OR POSSESSION OF TH E UNITED STATES (AN "AMERICAN POLICY"), ALL EXPENDITURE AND FEES OF THE TRUSTEE (AS DEFINED IN THE TRUST DEED AND BEING, AS AT THE DATE THEREOF, CITIBANK N.A. O F 111 WALL STREET, NEW YORK, U.S.A.), RE PAYMENT OF CASH OR SECURITIES ADVANCED B Y THE TRUSTEE TO THE TRUST HELD UNDER TH E PROVISIONS OF THE TRUST DEED, AND CERT AIN TRANSFERS BY THE TRUSTEE TO AN OVERS EAS FUND (AS DEFINED IN THE TRUST DEED) OR TO THE SUPERINTENDENT OF INSURANCE OF THE STATE OF NEW YORK OR OTHER DESIGNAT ED RECEIVER, AND FOR SECURING THE OTHER AMOUNTS AND OBLIGATIONS REFERRED TO IN T HE TRUST DEED

THE PAYMENT OF MATURED CLAIMS (INCLUDING CLAIMS FOR LOSS AND CLAIMS FOR THE RETU RN OF UNEARNED PREMIUM) UNDER CONTRACTS OR POLICIES OF INSURANCE INCEPTING ON OR AFTER 1ST AUGUST 1995 UNDERWRITTEN BY T HE COMPANY AS A MEMBER OF SYNDICATE NO.6 09 (THE "SYNDICATE") AND ALLOCABLE TO TH E RELEVANT YEAR OF ACCOUNT OR IN RESP ECT OF WHICH THE COMPANY IS LIABLE AS A MEMBER OF THE SYNDICATE FOR THE RELEVANT YEAR OF ACCOUNT FOR AN EARLIER YEAR OF ACCOUNT PURSUANT TO ANY CONTRACT OF REIN SURANCE TO CLOSE AND ISSUED TO A POLICYH OLDER PURSUANT TO SURPLUS LINES OR EXCES S LINES LAWS OF ANY STATE, DISTRICT, TER RITORY, COMMONWEALTH OR POSSESSION OF TH E UNITED STATES (AN "AMERICAN POLICY"), ALL EXPENDITURE AND FEES OF THE TRUSTEE (AS DEFINED IN THE TRUST DEED AND BEING, AS AT THE DATE THEREOF, CITIBANK N.A. O F 111 WALL STREET, NEW YORK, U.S.A.), RE PAYMENT OF CASH OR SECURITIES ADVANCED B Y THE TRUSTEE TO THE TRUST HELD UNDER TH E PROVISIONS OF THE TRUST DEED, AND CERT AIN TRANSFERS BY THE TRUSTEE TO AN OVERS EAS FUND (AS DEFINED IN THE TRUST DEED) OR TO THE SUPERINTENDENT OF INSURANCE OF THE STATE OF NEW YORK OR OTHER DESIGNAT ED RECEIVER, AND FOR SECURING THE OTHER AMOUNTS AND OBLIGATIONS REFERRED TO IN T HE TRUST DEED

THE PAYMENT OF MATURED CLAIMS (INCLUDING CLAIMS FOR LOSS AND CLAIMS FOR THE RETU RN OF UNEARNED PREMIUM) UNDER CONTRACTS OR POLICIES OF INSURANCE INCEPTING ON OR AFTER 1ST AUGUST 1995 UNDERWRITTEN BY T HE COMPANY AS A MEMBER OF SYNDICATE NO.5 90 (THE "SYNDICATE") AND ALLOCABLE TO TH E RELEVANT YEAR OF ACCOUNT OR IN RESP ECT OF WHICH THE COMPANY IS LIABLE AS A MEMBER OF THE SYNDICATE FOR THE RELEVANT YEAR OF ACCOUNT FOR AN EARLIER YEAR OF ACCOUNT PURSUANT TO ANY CONTRACT OF REIN SURANCE TO CLOSE AND ISSUED TO A POLICYH OLDER PURSUANT TO SURPLUS LINES OR EXCES S LINES LAWS OF ANY STATE, DISTRICT, TER RITORY, COMMONWEALTH OR POSSESSION OF TH E UNITED STATES (AN "AMERICAN POLICY"), ALL EXPENDITURE AND FEES OF THE TRUSTEE (AS DEFINED IN THE TRUST DEED AND BEING, AS AT THE DATE THEREOF, CITIBANK N.A. O F 111 WALL STREET, NEW YORK, U.S.A.), RE PAYMENT OF CASH OR SECURITIES ADVANCED B Y THE TRUSTEE TO THE TRUST HELD UNDER TH E PROVISIONS OF THE TRUST DEED, AND CERT AIN TRANSFERS BY THE TRUSTEE TO AN OVERS EAS FUND (AS DEFINED IN THE TRUST DEED) OR TO THE SUPERINTENDENT OF INSURANCE OF THE STATE OF NEW YORK OR OTHER DESIGNAT ED RECEIVER, AND FOR SECURING THE OTHER AMOUNTS AND OBLIGATIONS REFERRED TO IN T HE TRUST DEED

THE PAYMENT OF MATURED CLAIMS (INCLUDING CLAIMS FOR LOSS AND CLAIMS FOR THE RETU RN OF UNEARNED PREMIUM) UNDER CONTRACTS OR POLICIES OF INSURANCE INCEPTING ON OR AFTER 1ST AUGUST 1995 UNDERWRITTEN BY T HE COMPANY AS A MEMBER OF SYNDICATE NO.5 82 (THE "SYNDICATE") AND ALLOCABLE TO TH E RELEVANT YEAR OF ACCOUNT OR IN RESP ECT OF WHICH THE COMPANY IS LIABLE AS A MEMBER OF THE SYNDICATE FOR THE RELEVANT YEAR OF ACCOUNT FOR AN EARLIER YEAR OF ACCOUNT PURSUANT TO ANY CONTRACT OF REIN SURANCE TO CLOSE AND ISSUED TO A POLICYH OLDER PURSUANT TO SURPLUS LINES OR EXCES S LINES LAWS OF ANY STATE, DISTRICT, TER RITORY, COMMONWEALTH OR POSSESSION OF TH E UNITED STATES (AN "AMERICAN POLICY"), ALL EXPENDITURE AND FEES OF THE TRUSTEE (AS DEFINED IN THE TRUST DEED AND BEING, AS AT THE DATE THEREOF, CITIBANK N.A. O F 111 WALL STREET, NEW YORK, U.S.A.), RE PAYMENT OF CASH OR SECURITIES ADVANCED B Y THE TRUSTEE TO THE TRUST HELD UNDER TH E PROVISIONS OF THE TRUST DEED, AND CERT AIN TRANSFERS BY THE TRUSTEE TO AN OVERS EAS FUND (AS DEFINED IN THE TRUST DEED) OR TO THE SUPERINTENDENT OF INSURANCE OF THE STATE OF NEW YORK OR OTHER DESIGNAT ED RECEIVER, AND FOR SECURING THE OTHER AMOUNTS AND OBLIGATIONS REFERRED TO IN T HE TRUST DEED

THE PAYMENT OF MATURED CLAIMS (INCLUDING CLAIMS FOR LOSS AND CLAIMS FOR THE RETU RN OF UNEARNED PREMIUM) UNDER CONTRACTS OR POLICIES OF INSURANCE INCEPTING ON OR AFTER 1ST AUGUST 1995 UNDERWRITTEN BY T HE COMPANY AS A MEMBER OF SYNDICATE NO.5 70 (THE "SYNDICATE") AND ALLOCABLE TO TH E RELEVANT YEAR OF ACCOUNT OR IN RESP ECT OF WHICH THE COMPANY IS LIABLE AS A MEMBER OF THE SYNDICATE FOR THE RELEVANT YEAR OF ACCOUNT FOR AN EARLIER YEAR OF ACCOUNT PURSUANT TO ANY CONTRACT OF REIN SURANCE TO CLOSE AND ISSUED TO A POLICYH OLDER PURSUANT TO SURPLUS LINES OR EXCES S LINES LAWS OF ANY STATE, DISTRICT, TER RITORY, COMMONWEALTH OR POSSESSION OF TH E UNITED STATES (AN "AMERICAN POLICY"), ALL EXPENDITURE AND FEES OF THE TRUSTEE (AS DEFINED IN THE TRUST DEED AND BEING, AS AT THE DATE THEREOF, CITIBANK N.A. O F 111 WALL STREET, NEW YORK, U.S.A.), RE PAYMENT OF CASH OR SECURITIES ADVANCED B Y THE TRUSTEE TO THE TRUST HELD UNDER TH E PROVISIONS OF THE TRUST DEED, AND CERT AIN TRANSFERS BY THE TRUSTEE TO AN OVERS EAS FUND (AS DEFINED IN THE TRUST DEED) OR TO THE SUPERINTENDENT OF INSURANCE OF THE STATE OF NEW YORK OR OTHER DESIGNAT ED RECEIVER, AND FOR SECURING THE OTHER AMOUNTS AND OBLIGATIONS REFERRED TO IN T HE TRUST DEED

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

All monies

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.1185 (THE "SYNDICATE") AND ALLOCABLE TO THE RELEVANT YEAR OF ACCOUN T OR IN RESPECT OF WHICH THE COMPANY IS LIABLE AS A MEMBER OF THE SYNDICATE FOR THE RELEVANT YEAR OF ACCOUNT FOR AN EARL IER YEAR OF ACCOUNT PURSUANT TO ANY CONT RACT OF REINSURANCE TO CLOSE AND ISSUED TO A CEDING INSURER DOMICILED IN A STATE , DISTRICT, TERRITORY, COMMONWEALTH OR P OSSESSION OF THE UNITED STATES (AN "AMER ICAN REINSURANCE POLICY"), 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 111 WALL S TREET, NEW YORK, U.S.A.), REPAYMENT OF C ASH OR SECURITIES ADVANCED BY THE TRUSTE E TO THE TRUST HELD UNDER THE PROVISIONS 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 FOR SECURING THE OTHER AMOUNTS AND OBLIGATIONS REFERRED TO IN THE TRUST DEE D

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.1051 (THE "SYNDICATE") AND ALLOCABLE TO THE RELEVANT YEAR OF ACCOUN T OR IN RESPECT OF WHICH THE COMPANY IS LIABLE AS A MEMBER OF THE SYNDICATE FOR THE RELEVANT YEAR OF ACCOUNT FOR AN EARL IER YEAR OF ACCOUNT PURSUANT TO ANY CONT RACT OF REINSURANCE TO CLOSE AND ISSUED TO A CEDING INSURER DOMICILED IN A STATE , DISTRICT, TERRITORY, COMMONWEALTH OR P OSSESSION OF THE UNITED STATES (AN "AMER ICAN REINSURANCE POLICY"), 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 111 WALL S TREET, NEW YORK, U.S.A.), REPAYMENT OF C ASH OR SECURITIES ADVANCED BY THE TRUSTE E TO THE TRUST HELD UNDER THE PROVISIONS 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 FOR SECURING THE OTHER AMOUNTS AND OBLIGATIONS REFERRED TO IN THE TRUST DEE D

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.1027 (THE "SYNDICATE") AND ALLOCABLE TO THE RELEVANT YEAR OF ACCOUN T OR IN RESPECT OF WHICH THE COMPANY IS LIABLE AS A MEMBER OF THE SYNDICATE FOR THE RELEVANT YEAR OF ACCOUNT FOR AN EARL IER YEAR OF ACCOUNT PURSUANT TO ANY CONT RACT OF REINSURANCE TO CLOSE AND ISSUED TO A CEDING INSURER DOMICILED IN A STATE , DISTRICT, TERRITORY, COMMONWEALTH OR P OSSESSION OF THE UNITED STATES (AN "AMER ICAN REINSURANCE POLICY"), 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 111 WALL S TREET, NEW YORK, U.S.A.), REPAYMENT OF C ASH OR SECURITIES ADVANCED BY THE TRUSTE E TO THE TRUST HELD UNDER THE PROVISIONS 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 FOR SECURING THE OTHER AMOUNTS AND OBLIGATIONS REFERRED TO IN THE TRUST DEE D

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.823 (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 CEDING INSURER DOMICILED IN A STATE, DISTRICT, TERRITORY, COMMONWEALTH OR PO SSESSION OF THE UNITED STATES (AN "AMERI CAN REINSURANCE POLICY"), ALL EXPENDITUR ES AND FEES OF THE TRUSTEE (AS DEFINED I N THE TRUST DEED AND BEING, AS AT THE DA TE THEREOF, CITIBANK N.A. OF 111 WALL ST REET, NEW YORK, U.S.A.), REPAYMENT OF CA SH OR SECURITIES ADVANCED BY THE TRUSTEE TO THE TRUST HELD UNDER THE PROVISIONS OF THE TRUST DEED, AND CERTAIN TRANSFERS BY THE TRUSTEE TO AN OVERSEAS FUND (AS DEFINED IN THE TRUST DEED) OR TO THE SUP ERINTENDENT OF INSURANCE OF THE STATE OF NEW YORK OR OTHER DESIGNATED RECEIVER, AND FOR SECURING THE OTHER AMOUNTS AND O BLIGATIONS 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.766 (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 CEDING INSURER DOMICILED IN A STATE, DISTRICT, TERRITORY, COMMONWEALTH OR PO SSESSION OF THE UNITED STATES (AN "AMERI CAN REINSURANCE POLICY"), ALL EXPENDITUR ES AND FEES OF THE TRUSTEE (AS DEFINED I N THE TRUST DEED AND BEING, AS AT THE DA TE THEREOF, CITIBANK N.A. OF 111 WALL ST REET, NEW YORK, U.S.A.), REPAYMENT OF CA SH OR SECURITIES ADVANCED BY THE TRUSTEE TO THE TRUST HELD UNDER THE PROVISIONS OF THE TRUST DEED, AND CERTAIN TRANSFERS BY THE TRUSTEE TO AN OVERSEAS FUND (AS DEFINED IN THE TRUST DEED) OR TO THE SUP ERINTENDENT OF INSURANCE OF THE STATE OF NEW YORK OR OTHER DESIGNATED RECEIVER, AND FOR SECURING THE OTHER AMOUNTS AND O BLIGATIONS 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 AUGUST 1995 UNDER WRITTEN BY THE COMPANY AS A MEMBER OF SY NDICATE NO.1185 (THE "SYNDICATE") AND AL LOCABLE TO THE RELEVANT YEAR OF ACCOUNT OR IN RESPECT OF WHICH THE COMPANY IS LI ABLE AS A MEMBER OF THE SYNDICATE FOR TH E RELEVANT YEAR OF ACCOUNT FOR AN EARLIE R YEAR OF ACCOUNT PURSUANT TO ANY CONTRA CT OF REINSURANCE TO CLOSE AND 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, COMMONW EALTH OR POSSESSION OF THE UNITED STATES (AN "AMERICAN POLICY"), ALL EXPENDITURE S AND FEES OF THE TRUSTEE (AS DEFINED IN THE TRUST DEED AND BEING, AS AT THE DAT E THEREOF,CITIBANK N.A.OF 111 WALL STREE T, NEW YORK, U.S.A.), REPAYMENT OF CASH OR SECURITIES ADVANCED BY THE TRUSTEE T O THE TRUST HELD UNDER THE PROVISIONS OF THE TRUST DEED, AND CERTAIN TRANSFERS B Y THE TRUSTEE TO AN OVERSEAS FUND (AS DE FINED IN THE TRUST DEED) OR TO THE SUPER INTENDENT OF INSURANCE OF THE STATE OF N EW YORK OR OTHER DESIGNATED RECEIVER, AN D FOR SECURING THE OTHER AMOUNTS AND OBL IGATIONS 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 AUGUST 1995 UNDER WRITTEN BY THE COMPANY AS A MEMBER OF SY NDICATE NO.1051 (THE "SYNDICATE") AND AL LOCABLE TO THE RELEVANT YEAR OF ACCOUNT OR IN RESPECT OF WHICH THE COMPANY IS LI ABLE AS A MEMBER OF THE SYNDICATE FOR TH E RELEVANT YEAR OF ACCOUNT FOR AN EARLIE R YEAR OF ACCOUNT PURSUANT TO ANY CONTRA CT OF REINSURANCE TO CLOSE AND 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, COMMONW EALTH OR POSSESSION OF THE UNITED STATES (AN "AMERICAN POLICY"), ALL EXPENDITURE S AND FEES OF THE TRUSTEE (AS DEFINED IN THE TRUST DEED AND BEING, AS AT THE DAT E THEREOF,CITIBANK N.A.OF 111 WALL STREE T, NEW YORK, U.S.A.), REPAYMENT OF CASH OR SECURITIES ADVANCED BY THE TRUSTEE TO THE TRUST HELD UNDER THE PROVISIONS OF THE TRUST DEED, AND CERTAIN TRANSFERS BY THE TRUSTEE TO AN OVERSEAS FUND (AS DEF INED IN THE TRUST DEED) OR TO THE SUPERI NTENDENT OF INSURANCE OF THE STATE OF NE W YORK OR OTHER DESIGNATED RECEIVER, AND FOR SECURING THE OTHER AMOUNTS AND OBLI GATIONS 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 AUGUST 1995 UNDER WRITTEN BY THE COMPANY AS A MEMBER OF SY NDICATE NO.1027 (THE "SYNDICATE") AND AL LOCABLE TO THE RELEVANT YEAR OF ACCOUNT OR IN RESPECT OF WHICH THE COMPANY IS LI ABLE AS A MEMBER OF THE SYNDICATE FOR TH E RELEVANT YEAR OF ACCOUNT FOR AN EARLIE R YEAR OF ACCOUNT PURSUANT TO ANY CONTRA CT OF REINSURANCE TO CLOSE AND 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, COMMONW EALTH OR POSSESSION OF THE UNITED STATES (AN "AMERICAN POLICY"), ALL EXPENDITURE S AND FEES OF THE TRUSTEE (AS DEFINED IN THE TRUST DEED AND BEING, AS AT THE DAT E THEREOF,CITIBANK N.A.OF 111 WALL STREE T, NEW YORK, U.S.A.), REPAYMENT OF CASH OR SECURITIES ADVANCED BY THE TRUSTEE T O THE TRUST HELD UNDER THE PROVISIONS OF THE TRUST DEED, AND CERTAIN TRANSFERS B Y THE TRUSTEE TO AN OVERSEAS FUND (AS DE FINED IN THE TRUST DEED) OR TO THE SUPER INTENDENT OF INSURANCE OF THE STATE OF N EW YORK OR OTHER DESIGNATED RECEIVER, AN D FOR SECURING THE OTHER AMOUNTS AND OBL IGATIONS 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 AUGUST 1995 UNDER WRITTEN BY THE COMPANY AS A MEMBER OF SY NDICATE NO.823 (THE "SYNDICATE") AND ALL OCABLE TO THE RELEVANT YEAR OF ACCOUNT O R IN RESPECT OF WHICH THE COMPANY IS LIA BLE AS A MEMBER OF THE SYNDICATE FOR THE RELEVANT YEAR OF ACCOUNT FOR AN EARLIER YEAR OF ACCOUNT PURSUANT TO ANY CONTRAC T OF REINSURANCE TO CLOSE AND ISSUED TO A POLICYHOLDER PURSUANT TO SURPLUS LINES OR EXCESS LINES LAWS OF ANY UNITED STAT ES JURISDICTION PROVIDING INSURANCE WITH RESPECT TO PROPERTY OR RISKS SITUATED I N A STATE, DISTRICT, TERRITORY, COMMONWE ALTH OR POSSESSION OF THE UNITED STATES (AN "AMERICAN 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 YORK, U.S.A.), REPAYMENT OF CASH O R SECURITIES ADVANCED BY THE TRUSTEE TO THE TRUST HELD UNDER THE PROVISIONS OF T HE TRUST DEED, AND CERTAIN TRANSFERS BY THE TRUSTEE TO AN OVERSEAS FUND (AS DEFI NED IN THE TRUST DEED) OR TO THE SUPERIN TENDENT OF INSURANCE OF THE STATE OF NEW YORK OR OTHER DESIGNATED RECEIVER, AND FOR SECURING THE OTHER AMOUNTS AND OBLIG ATIONS REFERRED TO IN THE TRUST DEED

THE PAYMENT OF LOSSES (INCLUDING CLAIMS FOR THE RETURN OF UNEARNED PREMIUM) UNDE R CONTRACTS OR POLICIES OF INSURANCE INC EPTING ON OR AFTER 1ST AUGUST 1995 UNDER WRITTEN BY THE COMPANY AS A MEMBER OF SY NDICATE NO.766 (THE "SYNDICATE") AND ALL OCABLE TO THE RELEVANT YEAR OF ACCOUNT O R IN RESPECT OF WHICH THE COMPANY IS LIA BLE AS A MEMBER OF THE SYNDICATE FOR THE RELEVANT YEAR OF ACCOUNT FOR AN EARLIER YEAR OF ACCOUNT PURSUANT TO ANY CONTRAC T OF REINSURANCE TO CLOSE AND ISSUED TO A POLICYHOLDER PURSUANT TO SURPLUS LINES OR EXCESS LINES LAWS OF ANY UNITED STAT ES JURISDICTION PROVIDING INSURANCE WITH RESPECT TO PROPERTY OR RISKS SITUATED I N A STATE, DISTRICT, TERRITORY, COMMONWE ALTH OR POSSESSION OF THE UNITED STATES (AN "AMERICAN 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 YORK, U.S.A.), REPAYMENT OF CASH O R SECURITIES ADVANCED BY THE TRUSTEE TO THE TRUST HELD UNDER THE PROVISIONS OF T HE TRUST DEED, AND CERTAIN TRANSFERS BY THE TRUSTEE TO AN OVERSEAS FUND (AS DEFI NED IN THE TRUST DEED) OR TO THE SUPERIN TENDENT OF INSURANCE OF THE STATE OF NEW YORK OR OTHER DESIGNATED RECEIVER, AND FOR SECURING THE OTHER AMOUNTS AND OBLIG ATIONS REFERRED TO IN THE TRUST DEED

THE PAYMENT 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.1185 (THE "SYNDICATE") AND ALLOCABLE TO THE RELEVANT YEAR OF ACCOUN T OR IN RESPECT OF WHICH THE COMPANY IS LIABLE AS A MEMBER OF THE SYNDICATE FOR THE RELEVANT YEAR OF ACCOUNT FOR AN EARL IER YEAR OF ACCOUNT PURSUANT TO ANY CONT RACT OF REINSURANCE TO CLOSE AND ISSUED TO A POLICYHOLDER PURSUANT TO THE INSURA NCE LAWS OF THE COMMONWEALTH OF KENTUCKY PROVIDING INSURANCE WITH RESPECT TO PRO PERTY OR RISKS SITUATED IN SAID COMMONWE ALTH (A "KENTUCKY POLICY"), ALL EXPENDIT URES AND FEES OF THE TRUSTEE (AS DEFINED IN THE TRUST DEED AND BEING, AS AT THE DATE THEREOF, NATIONAL CITY BANK, KENTUC KY, U.S.A.), REPAYMENT OF CASH OR SECURI TIES ADVANCED BY THE TRUSTEE TO THE TRUS T 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.1051 (THE "SYNDICATE") AND ALLOCABLE TO THE RELEVANT YEAR OF ACCOUN T OR IN RESPECT OF WHICH THE COMPANY IS LIABLE AS A MEMBER OF THE SYNDICATE FOR THE RELEVANT YEAR OF ACCOUNT FOR AN EARL IER YEAR OF ACCOUNT PURSUANT TO ANY CONT RACT OF REINSURANCE TO CLOSE AND ISSUED TO A POLICYHOLDER PURSUANT TO THE INSURA NCE LAWS OF THE COMMONWEALTH OF KENTUCKY PROVIDING INSURANCE WITH RESPECT TO PRO PERTY OR RISKS SITUATED IN SAID COMMONWE ALTH (A "KENTUCKY POLICY"), ALL EXPENDIT URES AND FEES OF THE TRUSTEE (AS DEFINED IN THE TRUST DEED AND BEING, AS AT THE DATE THEREOF, NATIONAL CITY BANK, KENTUC KY, U.S.A.), REPAYMENT OF CASH OR SECURI TIES ADVANCED BY THE TRUSTEE TO THE TRUS T 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.1027 (THE "SYNDICATE") AND ALLOCABLE TO THE RELEVANT YEAR OF ACCOUN T OR IN RESPECT OF WHICH THE COMPANY IS LIABLE AS A MEMBER OF THE SYNDICATE FOR THE RELEVANT YEAR OF ACCOUNT FOR AN EARL IER YEAR OF ACCOUNT PURSUANT TO ANY CONT RACT OF REINSURANCE TO CLOSE AND ISSUED TO A POLICYHOLDER PURSUANT TO THE INSURA NCE LAWS OF THE COMMONWEALTH OF KENTUCKY PROVIDING INSURANCE WITH RESPECT TO PRO PERTY OR RISKS SITUATED IN SAID COMMONWE ALTH (A "KENTUCKY POLICY"), ALL EXPENDIT URES AND FEES OF THE TRUSTEE (AS DEFINED IN THE TRUST DEED AND BEING, AS AT THE DATE THEREOF, NATIONAL CITY BANK, KENTUC KY, U.S.A.), REPAYMENT OF CASH OR SECURI TIES ADVANCED BY THE TRUSTEE TO THE TRUS T 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. 823 (THE "SYNDICATE") AND ALLOCABLE TO THE RELEVANT YEAR OF ACCOUN T OR IN RESPECT OF WHICH THE COMPANY IS LIABLE AS A MEMBER OF THE SYNDICATE FOR THE RELEVANT YEAR OF ACCOUNT FOR AN EARL IER YEAR OF ACCOUNT PURSUANT TO ANY CONT RACT OF REINSURANCE TO CLOSE AND ISSUED TO A POLICYHOLDER PURSUANT TO THE INSURA NCE LAWS OF THE COMMONWEALTH OF KENTUCKY PROVIDING INSURANCE WITH RESPECT TO PRO PERTY OR RISKS SITUATED IN SAID COMMONWE ALTH (A "KENTUCKY POLICY"), ALL EXPENDIT URES AND FEES OF THE TRUSTEE (AS DEFINED IN THE TRUST DEED AND BEING, AS AT THE DATE THEREOF, NATIONAL CITY BANK, KENTUC KY, U.S.A.), REPAYMENT OF CASH OR SECURI TIES ADVANCED BY THE TRUSTEE TO THE TRUS T 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. 766 (THE "SYNDICATE") AND ALLOCABLE TO THE RELEVANT YEAR OF ACCOUN T OR IN RESPECT OF WHICH THE COMPANY IS LIABLE AS A MEMBER OF THE SYNDICATE FOR THE RELEVANT YEAR OF ACCOUNT FOR AN EARL IER YEAR OF ACCOUNT PURSUANT TO ANY CONT RACT OF REINSURANCE TO CLOSE AND ISSUED TO A POLICYHOLDER PURSUANT TO THE INSURA NCE LAWS OF THE COMMONWEALTH OF KENTUCKY PROVIDING INSURANCE WITH RESPECT TO PRO PERTY OR RISKS SITUATED IN SAID COMMONWE ALTH (A "KENTUCKY POLICY"), ALL EXPENDIT URES AND FEES OF THE TRUSTEE (AS DEFINED IN THE TRUST DEED AND BEING, AS AT THE DATE THEREOF, NATIONAL CITY BANK, KENTUC KY, U.S.A.), REPAYMENT OF CASH OR SECURI TIES ADVANCED BY THE TRUSTEE TO THE TRUS T 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 AUGUST 1995 UNDER WRITTEN BY THE COMPANY AS A MEMBER OF SY NDICATE NO. 800 (THE "SYNDICATE") AND AL LOCABLE TO THE RELEVANT YEAR OF ACCOUNT OR IN RESPECT OF WHICH THE COMPANY IS LI ABLE AS A MEMBER OF THE SYNDICATE FOR TH E RELEVANT YEAR OF ACCOUNT FOR AN EARLIE R YEAR OF ACCOUNT PURSUANT TO ANY CONTRA CT OF REINSURANCE TO CLOSE AND 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, COMMONW EALTH OR POSSESSION OF THE UNITED STATES (AN "AMERICAN POLICY"), ALL EXPENDITURE S AND FEES OF THE TRUSTEE (AS DEFINED IN THE TRUST DEED AND BEING, AS AT THE DAT E THEREOF, CITIBANK N.A. OF 111 WALL STR EET, NEW YORK, U.S.A.), REPAYMENT OF CAS H OR SECURITIES ADVANCED BY THE TRUSTEE TO THE TRUST HELD UNDER THE PROVISIONS O F THE TRUST DEED, AND CERTAIN TRANSFERS BY THE TRUSTEE TO AN OVERSEAS FUND (AS D EFINED IN THE TRUST DEED) OR TO THE SUPE RINTENDENT OF INSURANCE OF THE STATE OF NEW YORK OR OTHER DESIGNATED RECEIVER, A ND FOR SECURING THE OTHER AMOUNTS AND OB LIGATIONS 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. 1221 (THE "SYNDICATE") AND ALLOCABLE TO THE RELEVANT YEAR OF ACCOU NT OR IN RESPECT OF WHICH THE COMPANY IS LIABLE AS A MEMBER OF THE SYNDICATE FOR THE RELEVANT YEAR OF ACCOUNT FOR AN EAR LIER YEAR OF ACCOUNT PURSUANT TO ANY CON TRACT OF REINSURANCE TO CLOSE AND ISSUED TO A CEDING INSURER DOMICILED IN A STAT E, DISTRICT, TERRITORY, COMMONWEALTH OR POSSESSION OF THE UNITED STATES (AN "AME RICAN REINSURANCE POLICY"), ALL EXPENDIT URES 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 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 TRANSFE RS BY THE TRUSTEE TO AN OVERSEAS FUND (A S DEFINED IN THE TRUST DEED) OR TO THE S UPERINTENDENT OF INSURANCE OF THE STATE OF NEW YORK OR OTHER DESIGNATED RECEIVER , AND FOR SECURING THE OTHER AMOUNTS AND OBLIGATIONS REFERRED TO IN THE TRUST DE ED

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. 1212 (THE "SYNDICATE") AND ALLOCABLE TO THE RELEVANT YEAR OF ACCOU NT OR IN RESPECT OF WHICH THE COMPANY IS LIABLE AS A MEMBER OF THE SYNDICATE FOR THE RELEVANT YEAR OF ACCOUNT FOR AN EAR LIER YEAR OF ACCOUNT PURSUANT TO ANY CON TRACT OF REINSURANCE TO CLOSE AND ISSUED TO A CEDING INSURER DOMICILED IN A STAT E, DISTRICT, TERRITORY, COMMONWEALTH OR POSSESSION OF THE UNITED STATES (AN "AME RICAN REINSURANCE POLICY"), ALL EXPENDIT URES 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 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 TRANSFE RS BY THE TRUSTEE TO AN OVERSEAS FUND (A S DEFINED IN THE TRUST DEED) OR TO THE S UPERINTENDENT OF INSURANCE OF THE STATE OF NEW YORK OR OTHER DESIGNATED RECEIVER , AND FOR SECURING THE OTHER AMOUNTS AND OBLIGATIONS REFERRED TO IN THE TRUST DE ED

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. 1176 (THE "SYNDICATE") AND ALLOCABLE TO THE RELEVANT YEAR OF ACCOU NT OR IN RESPECT OF WHICH THE COMPANY IS LIABLE AS A MEMBER OF THE SYNDICATE FOR THE RELEVANT YEAR OF ACCOUNT FOR AN EAR LIER YEAR OF ACCOUNT PURSUANT TO ANY CON TRACT OF REINSURANCE TO CLOSE AND ISSUED TO A CEDING INSURER DOMICILED IN A STAT E, DISTRICT, TERRITORY, COMMONWEALTH OR POSSESSION OF THE UNITED STATES (AN "AME RICAN REINSURANCE POLICY"), ALL EXPENDIT URES 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 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 TRANSFE RS BY THE TRUSTEE TO AN OVERSEAS FUND (A S DEFINED IN THE TRUST DEED) OR TO THE S UPERINTENDENT OF INSURANCE OF THE STATE OF NEW YORK OR OTHER DESIGNATED RECEIVER , AND FOR SECURING THE OTHER AMOUNTS AND OBLIGATIONS REFERRED TO IN THE TRUST DE ED

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. 1173 (THE "SYNDICATE") AND ALLOCABLE TO THE RELEVANT YEAR OF ACCOU NT OR IN RESPECT OF WHICH THE COMPANY IS LIABLE AS A MEMBER OF THE SYNDICATE FOR THE RELEVANT YEAR OF ACCOUNT FOR AN EAR LIER YEAR OF ACCOUNT PURSUANT TO ANY CON TRACT OF REINSURANCE TO CLOSE AND ISSUED TO A CEDING INSURER DOMICILED IN A STAT E, DISTRICT, TERRITORY, COMMONWEALTH OR POSSESSION OF THE UNITED STATES (AN "AME RICAN REINSURANCE POLICY"), ALL EXPENDIT URES 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 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 TRANSFE RS BY THE TRUSTEE TO AN OVERSEAS FUND (A S DEFINED IN THE TRUST DEED) OR TO THE S UPERINTENDENT OF INSURANCE OF THE STATE OF NEW YORK OR OTHER DESIGNATED RECEIVER , AND FOR SECURING THE OTHER AMOUNTS AND OBLIGATIONS REFERRED TO IN THE TRUST DE ED

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. 963 (THE "SYNDICATE") AND ALLOCABLE TO THE RELEVANT YEAR OF ACCOUN T OR IN RESPECT OF WHICH THE COMPANY IS LIABLE AS A MEMBER OF THE SYNDICATE FOR THE RELEVANT YEAR OF ACCOUNT FOR AN EARL IER YEAR OF ACCOUNT PURSUANT TO ANY CONT RACT OF REINSURANCE TO CLOSE AND ISSUED TO A CEDING INSURER DOMICILED IN A STATE , DISTRICT, TERRITORY, COMMONWEALTH OR P OSSESSION OF THE UNITED STATES (AN "AMER ICAN REINSURANCE POLICY"), 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 111 WALL S TREET, NEW YORK, U.S.A.), REPAYMENT OF C ASH OR SECURITIES ADVANCED BY THE TRUSTE E TO THE TRUST HELD UNDER THE PROVISIONS 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 FOR SECURING THE OTHER AMOUNTS AND OBLIGATIONS REFERRED TO IN THE TRUST DEE D

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. 824 (THE "SYNDICATE") AND ALLOCABLE TO THE RELEVANT YEAR OF ACCOUN T OR IN RESPECT OF WHICH THE COMPANY IS LIABLE AS A MEMBER OF THE SYNDICATE FOR THE RELEVANT YEAR OF ACCOUNT FOR AN EARL IER YEAR OF ACCOUNT PURSUANT TO ANY CONT RACT OF REINSURANCE TO CLOSE AND ISSUED TO A CEDING INSURER DOMICILED IN A STATE , DISTRICT, TERRITORY, COMMONWEALTH OR P OSSESSION OF THE UNITED STATES (AN "AMER ICAN REINSURANCE POLICY"), 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 111 WALL S TREET, NEW YORK, U.S.A.), REPAYMENT OF C ASH OR SECURITIES ADVANCED BY THE TRUSTE E TO THE TRUST HELD UNDER THE PROVISIONS 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 FOR SECURING THE OTHER AMOUNTS AND OBLIGATIONS REFERRED TO IN THE TRUST DEE D

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. 800 (THE "SYNDICATE") AND ALLOCABLE TO THE RELEVANT YEAR OF ACCOUN T OR IN RESPECT OF WHICH THE COMPANY IS LIABLE AS A MEMBER OF THE SYNDICATE FOR THE RELEVANT YEAR OF ACCOUNT FOR AN EARL IER YEAR OF ACCOUNT PURSUANT TO ANY CONT RACT OF REINSURANCE TO CLOSE AND ISSUED TO A CEDING INSURER DOMICILED IN A STATE , DISTRICT, TERRITORY, COMMONWEALTH OR P OSSESSION OF THE UNITED STATES (AN "AMER ICAN REINSURANCE POLICY"), 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 111 WALL S TREET, NEW YORK, U.S.A.), REPAYMENT OF C ASH OR SECURITIES ADVANCED BY THE TRUSTE E TO THE TRUST HELD UNDER THE PROVISIONS 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 FOR SECURING THE OTHER AMOUNTS AND OBLIGATIONS REFERRED TO IN THE TRUST DEE D

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. 582 (THE "SYNDICATE") AND ALLOCABLE TO THE RELEVANT YEAR OF ACCOUN T OR IN RESPECT OF WHICH THE COMPANY IS LIABLE AS A MEMBER OF THE SYNDICATE FOR THE RELEVANT YEAR OF ACCOUNT FOR AN EARL IER YEAR OF ACCOUNT PURSUANT TO ANY CONT RACT OF REINSURANCE TO CLOSE AND ISSUED TO A CEDING INSURER DOMICILED IN A STATE , DISTRICT, TERRITORY, COMMONWEALTH OR P OSSESSION OF THE UNITED STATES (AN "AMER ICAN REINSURANCE POLICY"), 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 111 WALL S TREET, NEW YORK, U.S.A.), REPAYMENT OF C ASH OR SECURITIES ADVANCED BY THE TRUSTE E TO THE TRUST HELD UNDER THE PROVISIONS 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 FOR SECURING THE OTHER AMOUNTS AND OBLIGATIONS REFERRED TO IN THE TRUST DEE D

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. 539 (THE "SYNDICATE") AND ALLOCABLE TO THE RELEVANT YEAR OF ACCOUN T OR IN RESPECT OF WHICH THE COMPANY IS LIABLE AS A MEMBER OF THE SYNDICATE FOR THE RELEVANT YEAR OF ACCOUNT FOR AN EARL IER YEAR OF ACCOUNT PURSUANT TO ANY CONT RACT OF REINSURANCE TO CLOSE AND ISSUED TO A CEDING INSURER DOMICILED IN A STATE , DISTRICT, TERRITORY, COMMONWEALTH OR P OSSESSION OF THE UNITED STATES (AN "AMER ICAN REINSURANCE POLICY"), 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 111 WALL S TREET, NEW YORK, U.S.A.), REPAYMENT OF C ASH OR SECURITIES ADVANCED BY THE TRUSTE E TO THE TRUST HELD UNDER THE PROVISIONS 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 FOR SECURING THE OTHER AMOUNTS AND OBLIGATIONS REFERRED TO IN THE TRUST DEE D

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. 536 (THE "SYNDICATE") AND ALLOCABLE TO THE RELEVANT YEAR OF ACCOUN T OR IN RESPECT OF WHICH THE COMPANY IS LIABLE AS A MEMBER OF THE SYNDICATE FOR THE RELEVANT YEAR OF ACCOUNT FOR AN EARL IER YEAR OF ACCOUNT PURSUANT TO ANY CONT RACT OF REINSURANCE TO CLOSE AND ISSUED TO A CEDING INSURER DOMICILED IN A STATE , DISTRICT, TERRITORY, COMMONWEALTH OR P OSSESSION OF THE UNITED STATES (AN "AMER ICAN REINSURANCE POLICY"), 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 111 WALL S TREET, NEW YORK, U.S.A.), REPAYMENT OF C ASH OR SECURITIES ADVANCED BY THE TRUSTE E TO THE TRUST HELD UNDER THE PROVISIONS 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 FOR SECURING THE OTHER AMOUNTS AND OBLIGATIONS REFERRED TO IN THE TRUST DEE D

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. 535 (THE "SYNDICATE") AND ALLOCABLE TO THE RELEVANT YEAR OF ACCOUN T OR IN RESPECT OF WHICH THE COMPANY IS LIABLE AS A MEMBER OF THE SYNDICATE FOR THE RELEVANT YEAR OF ACCOUNT FOR AN EARL IER YEAR OF ACCOUNT PURSUANT TO ANY CONT RACT OF REINSURANCE TO CLOSE AND ISSUED TO A CEDING INSURER DOMICILED IN A STATE , DISTRICT, TERRITORY, COMMONWEALTH OR P OSSESSION OF THE UNITED STATES (AN "AMER ICAN REINSURANCE POLICY"), 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 111 WALL S TREET, NEW YORK, U.S.A.), REPAYMENT OF C ASH OR SECURITIES ADVANCED BY THE TRUSTE E TO THE TRUST HELD UNDER THE PROVISIONS 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 FOR SECURING THE OTHER AMOUNTS AND OBLIGATIONS REFERRED TO IN THE TRUST DEE D

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. 510 (THE "SYNDICATE") AND ALLOCABLE TO THE RELEVANT YEAR OF ACCOUN T OR IN RESPECT OF WHICH THE COMPANY IS LIABLE AS A MEMBER OF THE SYNDICATE FOR THE RELEVANT YEAR OF ACCOUNT FOR AN EARL IER YEAR OF ACCOUNT PURSUANT TO ANY CONT RACT OF REINSURANCE TO CLOSE AND ISSUED TO A CEDING INSURER DOMICILED IN A STATE , DISTRICT, TERRITORY, COMMONWEALTH OR P OSSESSION OF THE UNITED STATES (AN "AMER ICAN REINSURANCE POLICY"), 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 111 WALL S TREET, NEW YORK, U.S.A.), REPAYMENT OF C ASH OR SECURITIES ADVANCED BY THE TRUSTE E TO THE TRUST HELD UNDER THE PROVISIONS 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 FOR SECURING THE OTHER AMOUNTS AND OBLIGATIONS REFERRED TO IN THE TRUST DEE D

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. 488 (THE "SYNDICATE") AND ALLOCABLE TO THE RELEVANT YEAR OF ACCOUN T OR IN RESPECT OF WHICH THE COMPANY IS LIABLE AS A MEMBER OF THE SYNDICATE FOR THE RELEVANT YEAR OF ACCOUNT FOR AN EARL IER YEAR OF ACCOUNT PURSUANT TO ANY CONT RACT OF REINSURANCE TO CLOSE AND ISSUED TO A CEDING INSURER DOMICILED IN A STATE , DISTRICT, TERRITORY, COMMONWEALTH OR P OSSESSION OF THE UNITED STATES (AN "AMER ICAN REINSURANCE POLICY"), 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 111 WALL S TREET, NEW YORK, U.S.A.), REPAYMENT OF C ASH OR SECURITIES ADVANCED BY THE TRUSTE E TO THE TRUST HELD UNDER THE PROVISIONS 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 FOR SECURING THE OTHER AMOUNTS AND OBLIGATIONS REFERRED TO IN THE TRUST DEE D

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. 376 (THE "SYNDICATE") AND ALLOCABLE TO THE RELEVANT YEAR OF ACCOUN T OR IN RESPECT OF WHICH THE COMPANY IS LIABLE AS A MEMBER OF THE SYNDICATE FOR THE RELEVANT YEAR OF ACCOUNT FOR AN EARL IER YEAR OF ACCOUNT PURSUANT TO ANY CONT RACT OF REINSURANCE TO CLOSE AND ISSUED TO A CEDING INSURER DOMICILED IN A STATE , DISTRICT, TERRITORY, COMMONWEALTH OR P OSSESSION OF THE UNITED STATES (AN "AMER ICAN REINSURANCE POLICY"), 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 111 WALL S TREET, NEW YORK, U.S.A.), REPAYMENT OF C ASH OR SECURITIES ADVANCED BY THE TRUSTE E TO THE TRUST HELD UNDER THE PROVISIONS 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 FOR SECURING THE OTHER AMOUNTS AND OBLIGATIONS REFERRED TO IN THE TRUST DEE D

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. 362 (THE "SYNDICATE") AND ALLOCABLE TO THE RELEVANT YEAR OF ACCOUN T OR IN RESPECT OF WHICH THE COMPANY IS LIABLE AS A MEMBER OF THE SYNDICATE FOR THE RELEVANT YEAR OF ACCOUNT FOR AN EARL IER YEAR OF ACCOUNT PURSUANT TO ANY CONT RACT OF REINSURANCE TO CLOSE AND ISSUED TO A CEDING INSURER DOMICILED IN A STATE , DISTRICT, TERRITORY, COMMONWEALTH OR P OSSESSION OF THE UNITED STATES (AN "AMER ICAN REINSURANCE POLICY"), 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 111 WALL S TREET, NEW YORK, U.S.A.), REPAYMENT OF C ASH OR SECURITIES ADVANCED BY THE TRUSTE E TO THE TRUST HELD UNDER THE PROVISIONS 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 FOR SECURING THE OTHER AMOUNTS AND OBLIGATIONS REFERRED TO IN THE TRUST DEE D

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. 218 (THE "SYNDICATE") AND ALLOCABLE TO THE RELEVANT YEAR OF ACCOUN T OR IN RESPECT OF WHICH THE COMPANY IS LIABLE AS A MEMBER OF THE SYNDICATE FOR THE RELEVANT YEAR OF ACCOUNT FOR AN EARL IER YEAR OF ACCOUNT PURSUANT TO ANY CONT RACT OF REINSURANCE TO CLOSE AND ISSUED TO A CEDING INSURER DOMICILED IN A STATE , DISTRICT, TERRITORY, COMMONWEALTH OR P OSSESSION OF THE UNITED STATES (AN "AMER ICAN REINSURANCE POLICY"), 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 111 WALL S TREET, NEW YORK, U.S.A.), REPAYMENT OF C ASH OR SECURITIES ADVANCED BY THE TRUSTE E TO THE TRUST HELD UNDER THE PROVISIONS 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 FOR SECURING THE OTHER AMOUNTS AND OBLIGATIONS REFERRED TO IN THE TRUST DEE D

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. 40 (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 CEDING INSURER DOMICILED IN A STATE, DISTRICT, TERRITORY, COMMONWEALTH OR PO SSESSION OF THE UNITED STATES (AN "AMERI CAN REINSURANCE POLICY"), ALL EXPENDITUR ES AND FEES OF THE TRUSTEE (AS DEFINED I N THE TRUST DEED AND BEING, AS AT THE DA TE THEREOF, CITIBANK N.A. OF 111 WALL ST REET, NEW YORK, U.S.A.), REPAYMENT OF CA SH OR SECURITIES ADVANCED BY THE TRUSTEE TO THE TRUST HELD UNDER THE PROVISIONS OF THE TRUST DEED, AND CERTAIN TRANSFERS BY THE TRUSTEE TO AN OVERSEAS FUND (AS DEFINED IN THE TRUST DEED) OR TO THE SUP ERINTENDENT OF INSURANCE OF THE STATE OF NEW YORK OR OTHER DESIGNATED RECEIVER, AND FOR SECURING THE OTHER AMOUNTS AND O BLIGATIONS 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. 535 (THE "SYNDICATE") AND ALLOCABLE TO THE RELEVANT YEAR OF ACCOUN T OR IN RESPECT OF WHICH THE COMPANY IS LIABLE AS A MEMBER OF THE SYNDICATE FOR THE RELEVANT YEAR OF ACCOUNT FOR AN EARL IER YEAR OF ACCOUNT PURSUANT TO ANY CONT RACT OF REINSURANCE TO CLOSE AND ISSUED TO A POLICYHOLDER PURSUANT TO THE INSURA NCE LAWS OF THE COMMONWEALTH OF KENTUCKY PROVIDING INSURANCE WITH RESPECT TO PRO PERTY OR RISKS SITUATED IN SAID COMMONWE ALTH (A "KENTUCKY POLICY"), ALL EXPENDIT URES AND FEES OF THE TRUSTEE (AS DEFINED IN THE TRUST DEED AND BEING, AS AT THE DATE THEREOF, NATIONAL CITY BANK, KENTUC KY, U.S.A.), REPAYMENT OF CASH OR SECURI TIES ADVANCED BY THE TRUSTEE TO THE TRUS T 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. 1221 (THE "SYNDICATE") AND ALLOCABLE TO THE RELEVANT YEAR OF ACCOU NT OR IN RESPECT OF WHICH THE COMPANY IS LIABLE AS A MEMBER OF THE SYNDICATE FOR THE RELEVANT YEAR OF ACCOUNT FOR AN EAR LIER YEAR OF ACCOUNT PURSUANT TO ANY CON TRACT OF REINSURANCE TO CLOSE AND ISSUED TO A POLICYHOLDER PURSUANT TO THE INSUR ANCE LAWS OF THE COMMONWEALTH OF KENTUCK Y PROVIDING INSURANCE WITH RESPECT TO PR OPERTY OR RISKS SITUATED IN SAID COMMONW EALTH (A "KENTUCKY POLICY"), ALL EXPENDI TURES AND FEES OF THE TRUSTEE (AS DEFINE D IN THE TRUST DEED AND BEING, AS AT THE DATE THEREOF, NATIONAL CITY BANK, KENTU CKY, U.S.A.), REPAYMENT OF CASH OR SECUR ITIES ADVANCED BY THE TRUSTEE TO THE TRU ST HELD UNDER THE PROVISIONS OF THE TRUS T DEED, AND CERTAIN TRANSFERS BY THE TRU STEE TO AN OVERSEAS FUND (AS DEFINED IN THE TRUST DEED) OR TO THE COMMISSIONER O F INSURANCE OF THE COMMONWEALTH OF KENTU CKY OR OTHER DESIGNATED RECEIVER, AND FO R SECURING THE OTHER AMOUNTS AND OBLIGAT IONS 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. 1212 (THE "SYNDICATE") AND ALLOCABLE TO THE RELEVANT YEAR OF ACCOU NT OR IN RESPECT OF WHICH THE COMPANY IS LIABLE AS A MEMBER OF THE SYNDICATE FOR THE RELEVANT YEAR OF ACCOUNT FOR AN EAR LIER YEAR OF ACCOUNT PURSUANT TO ANY CON TRACT OF REINSURANCE TO CLOSE AND ISSUED TO A POLICYHOLDER PURSUANT TO THE INSUR ANCE LAWS OF THE COMMONWEALTH OF KENTUCK Y PROVIDING INSURANCE WITH RESPECT TO PR OPERTY OR RISKS SITUATED IN SAID COMMONW EALTH (A "KENTUCKY POLICY"), ALL EXPENDI TURES AND FEES OF THE TRUSTEE (AS DEFINE D IN THE TRUST DEED AND BEING, AS AT THE DATE THEREOF, NATIONAL CITY BANK, KENTU CKY, U.S.A.), REPAYMENT OF CASH OR SECUR ITIES ADVANCED BY THE TRUSTEE TO THE TRU ST HELD UNDER THE PROVISIONS OF THE TRUS T DEED, AND CERTAIN TRANSFERS BY THE TRU STEE TO AN OVERSEAS FUND (AS DEFINED IN THE TRUST DEED) OR TO THE COMMISSIONER O F INSURANCE OF THE COMMONWEALTH OF KENTU CKY OR OTHER DESIGNATED RECEIVER, AND FO R SECURING THE OTHER AMOUNTS AND OBLIGAT IONS 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. 1176 (THE "SYNDICATE") AND ALLOCABLE TO THE RELEVANT YEAR OF ACCOU NT OR IN RESPECT OF WHICH THE COMPANY IS LIABLE AS A MEMBER OF THE SYNDICATE FOR THE RELEVANT YEAR OF ACCOUNT FOR AN EAR LIER YEAR OF ACCOUNT PURSUANT TO ANY CON TRACT OF REINSURANCE TO CLOSE AND ISSUED TO A POLICYHOLDER PURSUANT TO THE INSUR ANCE LAWS OF THE COMMONWEALTH OF KENTUCK Y PROVIDING INSURANCE WITH RESPECT TO PR OPERTY OR RISKS SITUATED IN SAID COMMONW EALTH (A "KENTUCKY POLICY"), ALL EXPENDI TURES AND FEES OF THE TRUSTEE (AS DEFINE D IN THE TRUST DEED AND BEING, AS AT THE DATE THEREOF, NATIONAL CITY BANK, KENTU CKY, U.S.A.), REPAYMENT OF CASH OR SECUR ITIES ADVANCED BY THE TRUSTEE TO THE TRU ST HELD UNDER THE PROVISIONS OF THE TRUS T DEED, AND CERTAIN TRANSFERS BY THE TRU STEE TO AN OVERSEAS FUND (AS DEFINED IN THE TRUST DEED) OR TO THE COMMISSIONER O F INSURANCE OF THE COMMONWEALTH OF KENTU CKY OR OTHER DESIGNATED RECEIVER, AND FO R SECURING THE OTHER AMOUNTS AND OBLIGAT IONS 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. 1173 (THE "SYNDICATE") AND ALLOCABLE TO THE RELEVANT YEAR OF ACCOU NT OR IN RESPECT OF WHICH THE COMPANY IS LIABLE AS A MEMBER OF THE SYNDICATE FOR THE RELEVANT YEAR OF ACCOUNT FOR AN EAR LIER YEAR OF ACCOUNT PURSUANT TO ANY CON TRACT OF REINSURANCE TO CLOSE AND ISSUED TO A POLICYHOLDER PURSUANT TO THE INSUR ANCE LAWS OF THE COMMONWEALTH OF KENTUCK Y PROVIDING INSURANCE WITH RESPECT TO PR OPERTY OR RISKS SITUATED IN SAID COMMONW EALTH (A "KENTUCKY POLICY"), ALL EXPENDI TURES AND FEES OF THE TRUSTEE (AS DEFINE D IN THE TRUST DEED AND BEING, AS AT THE DATE THEREOF, NATIONAL CITY BANK, KENTU CKY, U.S.A.), REPAYMENT OF CASH OR SECUR ITIES ADVANCED BY THE TRUSTEE TO THE TRU ST HELD UNDER THE PROVISIONS OF THE TRUS T DEED, AND CERTAIN TRANSFERS BY THE TRU STEE TO AN OVERSEAS FUND (AS DEFINED IN THE TRUST DEED) OR TO THE COMMISSIONER O F INSURANCE OF THE COMMONWEALTH OF KENTU CKY OR OTHER DESIGNATED RECEIVER, AND FO R SECURING THE OTHER AMOUNTS AND OBLIGAT IONS 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. 963 (THE "SYNDICATE") AND ALLOCABLE TO THE RELEVANT YEAR OF ACCOUN T OR IN RESPECT OF WHICH THE COMPANY IS LIABLE AS A MEMBER OF THE SYNDICATE FOR THE RELEVANT YEAR OF ACCOUNT FOR AN EARL IER YEAR OF ACCOUNT PURSUANT TO ANY CONT RACT OF REINSURANCE TO CLOSE AND ISSUED TO A POLICYHOLDER PURSUANT TO THE INSURA NCE LAWS OF THE COMMONWEALTH OF KENTUCKY PROVIDING INSURANCE WITH RESPECT TO PRO PERTY OR RISKS SITUATED IN SAID COMMONWE ALTH (A "KENTUCKY POLICY"), ALL EXPENDIT URES AND FEES OF THE TRUSTEE (AS DEFINED IN THE TRUST DEED AND BEING, AS AT THE DATE THEREOF, NATIONAL CITY BANK, KENTUC KY, U.S.A.), REPAYMENT OF CASH OR SECURI TIES ADVANCED BY THE TRUSTEE TO THE TRUS T HELD UNDER THE PROVISIONS OF THE TRUST DEED, AND CERTAIN TRANSFERS BY THE TRUS TEE TO AN OVERSEAS FUND (AS DEFINED IN T HE TRUST DEED) OR TO THE COMMISSIONER OF INSURANCE OF THE COMMONWEALTH OF KENTUC KY OR OTHER DESIGNATED RECEIVER, AND FOR SECURING THE OTHER AMOUNTS AND OBLIGATI ONS 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. 824 (THE "SYNDICATE") AND ALLOCABLE TO THE RELEVANT YEAR OF ACCOUN T OR IN RESPECT OF WHICH THE COMPANY IS LIABLE AS A MEMBER OF THE SYNDICATE FOR THE RELEVANT YEAR OF ACCOUNT FOR AN EARL IER YEAR OF ACCOUNT PURSUANT TO ANY CONT RACT OF REINSURANCE TO CLOSE AND ISSUED TO A POLICYHOLDER PURSUANT TO THE INSURA NCE LAWS OF THE COMMONWEALTH OF KENTUCKY PROVIDING INSURANCE WITH RESPECT TO PRO PERTY OR RISKS SITUATED IN SAID COMMONWE ALTH (A "KENTUCKY POLICY"), ALL EXPENDIT URES AND FEES OF THE TRUSTEE (AS DEFINED IN THE TRUST DEED AND BEING, AS AT THE DATE THEREOF, NATIONAL CITY BANK, KENTUC KY, U.S.A.), REPAYMENT OF CASH OR SECURI TIES ADVANCED BY THE TRUSTEE TO THE TRUS T HELD UNDER THE PROVISIONS OF THE TRUST DEED, AND CERTAIN TRANSFERS BY THE TRUS TEE TO AN OVERSEAS FUND (AS DEFINED IN T HE TRUST DEED) OR TO THE COMMISSIONER OF INSURANCE OF THE COMMONWEALTH OF KENTUC KY OR OTHER DESIGNATED RECEIVER, AND FOR SECURING THE OTHER AMOUNTS AND OBLIGATI ONS 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. 800 (THE "SYNDICATE") AND ALLOCABLE TO THE RELEVANT YEAR OF ACCOUN T OR IN RESPECT OF WHICH THE COMPANY IS LIABLE AS A MEMBER OF THE SYNDICATE FOR THE RELEVANT YEAR OF ACCOUNT FOR AN EARL IER YEAR OF ACCOUNT PURSUANT TO ANY CONT RACT OF REINSURANCE TO CLOSE AND ISSUED TO A POLICYHOLDER PURSUANT TO THE INSURA NCE LAWS OF THE COMMONWEALTH OF KENTUCKY PROVIDING INSURANCE WITH RESPECT TO PRO PERTY OR RISKS SITUATED IN SAID COMMONWE ALTH (A "KENTUCKY POLICY"), ALL EXPENDIT URES AND FEES OF THE TRUSTEE (AS DEFINED IN THE TRUST DEED AND BEING, AS AT THE DATE THEREOF, NATIONAL CITY BANK, KENTUC KY, U.S.A.), REPAYMENT OF CASH OR SECURI TIES ADVANCED BY THE TRUSTEE TO THE TRUS T HELD UNDER THE PROVISIONS OF THE TRUST DEED, AND CERTAIN TRANSFERS BY THE TRUS TEE TO AN OVERSEAS FUND (AS DEFINED IN T HE TRUST DEED) OR TO THE COMMISSIONER OF INSURANCE OF THE COMMONWEALTH OF KENTUC KY OR OTHER DESIGNATED RECEIVER, AND FOR SECURING THE OTHER AMOUNTS AND OBLIGATI ONS 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. 582 (THE "SYNDICATE") AND ALLOCABLE TO THE RELEVANT YEAR OF ACCOUN T OR IN RESPECT OF WHICH THE COMPANY IS LIABLE AS A MEMBER OF THE SYNDICATE FOR THE RELEVANT YEAR OF ACCOUNT FOR AN EARL IER YEAR OF ACCOUNT PURSUANT TO ANY CONT RACT OF REINSURANCE TO CLOSE AND ISSUED TO A POLICYHOLDER PURSUANT TO THE INSURA NCE LAWS OF THE COMMONWEALTH OF KENTUCKY PROVIDING INSURANCE WITH RESPECT TO PRO PERTY OR RISKS SITUATED IN SAID COMMONWE ALTH (A "KENTUCKY POLICY"), ALL EXPENDIT URES AND FEES OF THE TRUSTEE (AS DEFINED IN THE TRUST DEED AND BEING, AS AT THE DATE THEREOF, NATIONAL CITY BANK, KENTUC KY, U.S.A.), REPAYMENT OF CASH OR SECURI TIES ADVANCED BY THE TRUSTEE TO THE TRUS T HELD UNDER THE PROVISIONS OF THE TRUST DEED, AND CERTAIN TRANSFERS BY THE TRUS TEE TO AN OVERSEAS FUND (AS DEFINED IN T HE TRUST DEED) OR TO THE COMMISSIONER OF INSURANCE OF THE COMMONWEALTH OF KENTUC KY OR OTHER DESIGNATED RECEIVER, AND FOR SECURING THE OTHER AMOUNTS AND OBLIGATI ONS 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. 539 (THE "SYNDICATE") AND ALLOCABLE TO THE RELEVANT YEAR OF ACCOUN T OR IN RESPECT OF WHICH THE COMPANY IS LIABLE AS A MEMBER OF THE SYNDICATE FOR THE RELEVANT YEAR OF ACCOUNT FOR AN EARL IER YEAR OF ACCOUNT PURSUANT TO ANY CONT RACT OF REINSURANCE TO CLOSE AND ISSUED TO A POLICYHOLDER PURSUANT TO THE INSURA NCE LAWS OF THE COMMONWEALTH OF KENTUCKY PROVIDING INSURANCE WITH RESPECT TO PRO PERTY OR RISKS SITUATED IN SAID COMMONWE ALTH (A "KENTUCKY POLICY"), ALL EXPENDIT URES AND FEES OF THE TRUSTEE (AS DEFINED IN THE TRUST DEED AND BEING, AS AT THE DATE THEREOF, NATIONAL CITY BANK, KENTUC KY, U.S.A.), REPAYMENT OF CASH OR SECURI TIES ADVANCED BY THE TRUSTEE TO THE TRUS T HELD UNDER THE PROVISIONS OF THE TRUST DEED, AND CERTAIN TRANSFERS BY THE TRUS TEE TO AN OVERSEAS FUND (AS DEFINED IN T HE TRUST DEED) OR TO THE COMMISSIONER OF INSURANCE OF THE COMMONWEALTH OF KENTUC KY OR OTHER DESIGNATED RECEIVER, AND FOR SECURING THE OTHER AMOUNTS AND OBLIGATI ONS 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. 536 (THE "SYNDICATE") AND ALLOCABLE TO THE RELEVANT YEAR OF ACCOUN T OR IN RESPECT OF WHICH THE COMPANY IS LIABLE AS A MEMBER OF THE SYNDICATE FOR THE RELEVANT YEAR OF ACCOUNT FOR AN EARL IER YEAR OF ACCOUNT PURSUANT TO ANY CONT RACT OF REINSURANCE TO CLOSE AND ISSUED TO A POLICYHOLDER PURSUANT TO THE INSURA NCE LAWS OF THE COMMONWEALTH OF KENTUCKY PROVIDING INSURANCE WITH RESPECT TO PRO PERTY OR RISKS SITUATED IN SAID COMMONWE ALTH (A "KENTUCKY POLICY"), ALL EXPENDIT URES AND FEES OF THE TRUSTEE (AS DEFINED IN THE TRUST DEED AND BEING, AS AT THE DATE THEREOF, NATIONAL CITY BANK, KENTUC KY, U.S.A.), REPAYMENT OF CASH OR SECURI TIES ADVANCED BY THE TRUSTEE TO THE TRUS T HELD UNDER THE PROVISIONS OF THE TRUST DEED, AND CERTAIN TRANSFERS BY THE TRUS TEE TO AN OVERSEAS FUND (AS DEFINED IN T HE TRUST DEED) OR TO THE COMMISSIONER OF INSURANCE OF THE COMMONWEALTH OF KENTUC KY OR OTHER DESIGNATED RECEIVER, AND FOR SECURING THE OTHER AMOUNTS AND OBLIGATI ONS 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. 510 (THE "SYNDICATE") AND ALLOCABLE TO THE RELEVANT YEAR OF ACCOUN T OR IN RESPECT OF WHICH THE COMPANY IS LIABLE AS A MEMBER OF THE SYNDICATE FOR THE RELEVANT YEAR OF ACCOUNT FOR AN EARL IER YEAR OF ACCOUNT PURSUANT TO ANY CONT RACT OF REINSURANCE TO CLOSE AND ISSUED TO A POLICYHOLDER PURSUANT TO THE INSURA NCE LAWS OF THE COMMONWEALTH OF KENTUCKY PROVIDING INSURANCE WITH RESPECT TO PRO PERTY OR RISKS SITUATED IN SAID COMMONWE ALTH (A "KENTUCKY POLICY"), ALL EXPENDIT URES AND FEES OF THE TRUSTEE (AS DEFINED IN THE TRUST DEED AND BEING, AS AT THE DATE THEREOF, NATIONAL CITY BANK, KENTUC KY, U.S.A.), REPAYMENT OF CASH OR SECURI TIES ADVANCED BY THE TRUSTEE TO THE TRUS T HELD UNDER THE PROVISIONS OF THE TRUST DEED, AND CERTAIN TRANSFERS BY THE TRUS TEE TO AN OVERSEAS FUND (AS DEFINED IN T HE TRUST DEED) OR TO THE COMMISSIONER OF INSURANCE OF THE COMMONWEALTH OF KENTUC KY OR OTHER DESIGNATED RECEIVER, AND FOR SECURING THE OTHER AMOUNTS AND OBLIGATI ONS 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. 488 (THE "SYNDICATE") AND ALLOCABLE TO THE RELEVANT YEAR OF ACCOUN T OR IN RESPECT OF WHICH THE COMPANY IS LIABLE AS A MEMBER OF THE SYNDICATE FOR THE RELEVANT YEAR OF ACCOUNT FOR AN EARL IER YEAR OF ACCOUNT PURSUANT TO ANY CONT RACT OF REINSURANCE TO CLOSE AND ISSUED TO A POLICYHOLDER PURSUANT TO THE INSURA NCE LAWS OF THE COMMONWEALTH OF KENTUCKY PROVIDING INSURANCE WITH RESPECT TO PRO PERTY OR RISKS SITUATED IN SAID COMMONWE ALTH (A "KENTUCKY POLICY"), ALL EXPENDIT URES AND FEES OF THE TRUSTEE (AS DEFINED IN THE TRUST DEED AND BEING, AS AT THE DATE THEREOF, NATIONAL CITY BANK, KENTUC KY, U.S.A.), REPAYMENT OF CASH OR SECURI TIES ADVANCED BY THE TRUSTEE TO THE TRUS T HELD UNDER THE PROVISIONS OF THE TRUST DEED, AND CERTAIN TRANSFERS BY THE TRUS TEE TO AN OVERSEAS FUND (AS DEFINED IN T HE TRUST DEED) OR TO THE COMMISSIONER OF INSURANCE OF THE COMMONWEALTH OF KENTUC KY OR OTHER DESIGNATED RECEIVER, AND FOR SECURING THE OTHER AMOUNTS AND OBLIGATI ONS 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. 376 (THE "SYNDICATE") AND ALLOCABLE TO THE RELEVANT YEAR OF ACCOUN T OR IN RESPECT OF WHICH THE COMPANY IS LIABLE AS A MEMBER OF THE SYNDICATE FOR THE RELEVANT YEAR OF ACCOUNT FOR AN EARL IER YEAR OF ACCOUNT PURSUANT TO ANY CONT RACT OF REINSURANCE TO CLOSE AND ISSUED TO A POLICYHOLDER PURSUANT TO THE INSURA NCE LAWS OF THE COMMONWEALTH OF KENTUCKY PROVIDING INSURANCE WITH RESPECT TO PRO PERTY OR RISKS SITUATED IN SAID COMMONWE ALTH (A "KENTUCKY POLICY"), ALL EXPENDIT URES AND FEES OF THE TRUSTEE (AS DEFINED IN THE TRUST DEED AND BEING, AS AT THE DATE THEREOF, NATIONAL CITY BANK, KENTUC KY, U.S.A.), REPAYMENT OF CASH OR SECURI TIES ADVANCED BY THE TRUSTEE TO THE TRUS T HELD UNDER THE PROVISIONS OF THE TRUST DEED, AND CERTAIN TRANSFERS BY THE TRUS TEE TO AN OVERSEAS FUND (AS DEFINED IN T HE TRUST DEED) OR TO THE COMMISSIONER OF INSURANCE OF THE COMMONWEALTH OF KENTUC KY OR OTHER DESIGNATED RECEIVER, AND FOR SECURING THE OTHER AMOUNTS AND OBLIGATI ONS 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. 362 (THE "SYNDICATE") AND ALLOCABLE TO THE RELEVANT YEAR OF ACCOUN T OR IN RESPECT OF WHICH THE COMPANY IS LIABLE AS A MEMBER OF THE SYNDICATE FOR THE RELEVANT YEAR OF ACCOUNT FOR AN EARL IER YEAR OF ACCOUNT PURSUANT TO ANY CONT RACT OF REINSURANCE TO CLOSE AND ISSUED TO A POLICYHOLDER PURSUANT TO THE INSURA NCE LAWS OF THE COMMONWEALTH OF KENTUCKY PROVIDING INSURANCE WITH RESPECT TO PRO PERTY OR RISKS SITUATED IN SAID COMMONWE ALTH (A "KENTUCKY POLICY"), ALL EXPENDIT URES AND FEES OF THE TRUSTEE (AS DEFINED IN THE TRUST DEED AND BEING, AS AT THE DATE THEREOF, NATIONAL CITY BANK, KENTUC KY, U.S.A.), REPAYMENT OF CASH OR SECURI TIES ADVANCED BY THE TRUSTEE TO THE TRUS T HELD UNDER THE PROVISIONS OF THE TRUST DEED, AND CERTAIN TRANSFERS BY THE TRUS TEE TO AN OVERSEAS FUND (AS DEFINED IN T HE TRUST DEED) OR TO THE COMMISSIONER OF INSURANCE OF THE COMMONWEALTH OF KENTUC KY OR OTHER DESIGNATED RECEIVER, AND FOR SECURING THE OTHER AMOUNTS AND OBLIGATI ONS 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. 40 (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 AUGUST 1995 UNDER WRITTEN BY THE COMPANY AS A MEMBER OF SY NDICATE NO. 510 (THE "SYNDICATE") AND AL LOCABLE TO THE RELEVANT YEAR OF ACCOUNT OR IN RESPECT OF WHICH THE COMPANY IS LI ABLE AS A MEMBER OF THE SYNDICATE FOR TH E RELEVANT YEAR OF ACCOUNT FOR AN EARLIE R YEAR OF ACCOUNT PURSUANT TO ANY CONTRA CT OF REINSURANCE TO CLOSE AND 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, COMMONW EALTH OR POSSESSION OF THE UNITED STATES (AN "AMERICAN POLICY"), ALL EXPENDITURE S AND FEES OF THE TRUSTEE (AS DEFINED IN THE TRUST DEED AND BEING, AS AT THE DAT E THEREOF, CITIBANK N.A. OF 111 WALL STR EET, NEW YORK, U.S.A.), REPAYMENT OF CAS H OR SECURITIES ADVANCED BY THE TRUSTEE TO THE TRUST HELD UNDER THE PROVISIONS O F THE TRUST DEED, AND CERTAIN TRANSFERS BY THE TRUSTEE TO AN OVERSEAS FUND (AS D EFINED IN THE TRUST DEED) OR TO THE SUPE RINTENDENT OF INSURANCE OF THE STATE OF NEW YORK OR OTHER DESIGNATED RECEIVER, A ND FOR SECURING THE OTHER AMOUNTS AND OB LIGATIONS 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 AUGUST 1995 UNDER WRITTEN BY THE COMPANY AS A MEMBER OF SY NDICATE NO. 1221 (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 SURPLUS LIN ES OR EXCESS LINES LAWS OF ANY UNITED ST ATES JURISDICTION PROVIDING INSURANCE WI TH RESPECT TO PROPERTY OR RISKS SITUATED IN A STATE, DISTRICT, TERRITORY, COMMON WEALTH OR POSSESSION OF THE UNITED STATE S (AN "AMERICAN POLICY"), ALL EXPENDITUR ES AND FEES OF THE TRUSTEE (AS DEFINED I N THE TRUST DEED AND BEING, AS AT THE DA TE THEREOF, CITIBANK N.A. OF 111 WALL ST REET, NEW YORK, U.S.A.), REPAYMENT OF CA SH OR SECURITIES ADVANCED BY THE TRUSTEE TO THE TRUST HELD UNDER THE PROVISIONS OF THE TRUST DEED, AND CERTAIN TRANSFERS BY THE TRUSTEE TO AN OVERSEAS FUND (AS DEFINED IN THE TRUST DEED) OR TO THE SUP ERINTENDENT OF INSURANCE OF THE STATE OF NEW YORK OR OTHER DESIGNATED RECEIVER, AND FOR SECURING THE OTHER AMOUNTS AND O BLIGATIONS 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 AUGUST 1995 UNDER WRITTEN BY THE COMPANY AS A MEMBER OF SY NDICATE NO. 1212 (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 SURPLUS LIN ES OR EXCESS LINES LAWS OF ANY UNITED ST ATES JURISDICTION PROVIDING INSURANCE WI TH RESPECT TO PROPERTY OR RISKS SITUATED IN A STATE, DISTRICT, TERRITORY, COMMON WEALTH OR POSSESSION OF THE UNITED STATE S (AN "AMERICAN POLICY"), ALL EXPENDITUR ES AND FEES OF THE TRUSTEE (AS DEFINED I N THE TRUST DEED AND BEING, AS AT THE DA TE THEREOF, CITIBANK N.A. OF 111 WALL ST REET, NEW YORK, U.S.A.), REPAYMENT OF CA SH OR SECURITIES ADVANCED BY THE TRUSTEE TO THE TRUST HELD UNDER THE PROVISIONS OF THE TRUST DEED, AND CERTAIN TRANSFERS BY THE TRUSTEE TO AN OVERSEAS FUND (AS DEFINED IN THE TRUST DEED) OR TO THE SUP ERINTENDENT OF INSURANCE OF THE STATE OF NEW YORK OR OTHER DESIGNATED RECEIVER, AND FOR SECURING THE OTHER AMOUNTS AND O BLIGATIONS 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 AUGUST 1995 UNDER WRITTEN BY THE COMPANY AS A MEMBER OF SY NDICATE NO. 1176 (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 SURPLUS LIN ES OR EXCESS LINES LAWS OF ANY UNITED ST ATES JURISDICTION PROVIDING INSURANCE WI TH RESPECT TO PROPERTY OR RISKS SITUATED IN A STATE, DISTRICT, TERRITORY, COMMON WEALTH OR POSSESSION OF THE UNITED STATE S (AN "AMERICAN POLICY"), ALL EXPENDITUR ES AND FEES OF THE TRUSTEE (AS DEFINED I N THE TRUST DEED AND BEING, AS AT THE DA TE THEREOF, CITIBANK N.A. OF 111 WALL ST REET, NEW YORK, U.S.A.), REPAYMENT OF CA SH OR SECURITIES ADVANCED BY THE TRUSTEE TO THE TRUST HELD UNDER THE PROVISIONS OF THE TRUST DEED, AND CERTAIN TRANSFERS BY THE TRUSTEE TO AN OVERSEAS FUND (AS DEFINED IN THE TRUST DEED) OR TO THE SUP ERINTENDENT OF INSURANCE OF THE STATE OF NEW YORK OR OTHER DESIGNATED RECEIVER, AND FOR SECURING THE OTHER AMOUNTS AND O BLIGATIONS 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 AUGUST 1995 UNDER WRITTEN BY THE COMPANY AS A MEMBER OF SY NDICATE NO. 1173 (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 SURPLUS LIN ES OR EXCESS LINES LAWS OF ANY UNITED ST ATES JURISDICTION PROVIDING INSURANCE WI TH RESPECT TO PROPERTY OR RISKS SITUATED IN A STATE, DISTRICT, TERRITORY, COMMON WEALTH OR POSSESSION OF THE UNITED STATE S (AN "AMERICAN POLICY"), ALL EXPENDITUR ES AND FEES OF THE TRUSTEE (AS DEFINED I N THE TRUST DEED AND BEING, AS AT THE DA TE THEREOF, CITIBANK N.A. OF 111 WALL ST REET, NEW YORK, U.S.A.), REPAYMENT OF CA SH OR SECURITIES ADVANCED BY THE TRUSTEE TO THE TRUST HELD UNDER THE PROVISIONS OF THE TRUST DEED, AND CERTAIN TRANSFERS BY THE TRUSTEE TO AN OVERSEAS FUND (AS DEFINED IN THE TRUST DEED) OR TO THE SUP ERINTENDENT OF INSURANCE OF THE STATE OF NEW YORK OR OTHER DESIGNATED RECEIVER, AND FOR SECURING THE OTHER AMOUNTS AND O BLIGATIONS 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 AUGUST 1995 UNDER WRITTEN BY THE COMPANY AS A MEMBER OF SY NDICATE NO. 963 (THE "SYNDICATE") AND AL LOCABLE TO THE RELEVANT YEAR OF ACCOUNT OR IN RESPECT OF WHICH THE COMPANY IS LI ABLE AS A MEMBER OF THE SYNDICATE FOR TH E RELEVANT YEAR OF ACCOUNT FOR AN EARLIE R YEAR OF ACCOUNT PURSUANT TO ANY CONTRA CT OF REINSURANCE TO CLOSE AND 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, COMMONW EALTH OR POSSESSION OF THE UNITED STATES (AN "AMERICAN POLICY"), ALL EXPENDITURE S AND FEES OF THE TRUSTEE (AS DEFINED IN THE TRUST DEED AND BEING, AS AT THE DAT E THEREOF, CITIBANK N.A. OF 111 WALL STR EET, NEW YORK, U.S.A.), REPAYMENT OF CAS H OR SECURITIES ADVANCED BY THE TRUSTEE TO THE TRUST HELD UNDER THE PROVISIONS O F THE TRUST DEED, AND CERTAIN TRANSFERS BY THE TRUSTEE TO AN OVERSEAS FUND (AS D EFINED IN THE TRUST DEED) OR TO THE SUPE RINTENDENT OF INSURANCE OF THE STATE OF NEW YORK OR OTHER DESIGNATED RECEIVER, A ND FOR SECURING THE OTHER AMOUNTS AND OB LIGATIONS 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 AUGUST 1995 UNDER WRITTEN BY THE COMPANY AS A MEMBER OF SY NDICATE NO. 824 (THE "SYNDICATE") AND AL LOCABLE TO THE RELEVANT YEAR OF ACCOUNT OR IN RESPECT OF WHICH THE COMPANY IS LI ABLE AS A MEMBER OF THE SYNDICATE FOR TH E RELEVANT YEAR OF ACCOUNT FOR AN EARLIE R YEAR OF ACCOUNT PURSUANT TO ANY CONTRA CT OF REINSURANCE TO CLOSE AND 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, COMMONW EALTH OR POSSESSION OF THE UNITED STATES (AN "AMERICAN POLICY"), ALL EXPENDITURE S AND FEES OF THE TRUSTEE (AS DEFINED IN THE TRUST DEED AND BEING, AS AT THE DAT E THEREOF, CITIBANK N.A. OF 111 WALL STR EET, NEW YORK, U.S.A.), REPAYMENT OF CAS H OR SECURITIES ADVANCED BY THE TRUSTEE TO THE TRUST HELD UNDER THE PROVISIONS O F THE TRUST DEED, AND CERTAIN TRANSFERS BY THE TRUSTEE TO AN OVERSEAS FUND (AS D EFINED IN THE TRUST DEED) OR TO THE SUPE RINTENDENT OF INSURANCE OF THE STATE OF NEW YORK OR OTHER DESIGNATED RECEIVER, A ND FOR SECURING THE OTHER AMOUNTS AND OB LIGATIONS 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 AUGUST 1995 UNDER WRITTEN BY THE COMPANY AS A MEMBER OF SY NDICATE NO. 582 (THE "SYNDICATE") AND AL LOCABLE TO THE RELEVANT YEAR OF ACCOUNT OR IN RESPECT OF WHICH THE COMPANY IS LI ABLE AS A MEMBER OF THE SYNDICATE FOR TH E RELEVANT YEAR OF ACCOUNT FOR AN EARLIE R YEAR OF ACCOUNT PURSUANT TO ANY CONTRA CT OF REINSURANCE TO CLOSE AND 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, COMMONW EALTH OR POSSESSION OF THE UNITED STATES (AN "AMERICAN POLICY"), ALL EXPENDITURE S AND FEES OF THE TRUSTEE (AS DEFINED IN THE TRUST DEED AND BEING, AS AT THE DAT E THEREOF, CITIBANK N.A. OF 111 WALL STR EET, NEW YORK, U.S.A.), REPAYMENT OF CAS H OR SECURITIES ADVANCED BY THE TRUSTEE TO THE TRUST HELD UNDER THE PROVISIONS O F THE TRUST DEED, AND CERTAIN TRANSFERS BY THE TRUSTEE TO AN OVERSEAS FUND (AS D EFINED IN THE TRUST DEED) OR TO THE SUPE RINTENDENT OF INSURANCE OF THE STATE OF NEW YORK OR OTHER DESIGNATED RECEIVER, A ND FOR SECURING THE OTHER AMOUNTS AND OB LIGATIONS 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 AUGUST 1995 UNDER WRITTEN BY THE COMPANY AS A MEMBER OF SY NDICATE NO. 535 (THE "SYNDICATE") AND AL LOCABLE TO THE RELEVANT YEAR OF ACCOUNT OR IN RESPECT OF WHICH THE COMPANY IS LI ABLE AS A MEMBER OF THE SYNDICATE FOR TH E RELEVANT YEAR OF ACCOUNT FOR AN EARLIE R YEAR OF ACCOUNT PURSUANT TO ANY CONTRA CT OF REINSURANCE TO CLOSE AND 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, COMMONW EALTH OR POSSESSION OF THE UNITED STATES (AN "AMERICAN POLICY"), ALL EXPENDITURE S AND FEES OF THE TRUSTEE (AS DEFINED IN THE TRUST DEED AND BEING, AS AT THE DAT E THEREOF, CITIBANK N.A. OF 111 WALL STR EET, NEW YORK, U.S.A.), REPAYMENT OF CAS H OR SECURITIES ADVANCED BY THE TRUSTEE TO THE TRUST HELD UNDER THE PROVISIONS O F THE TRUST DEED, AND CERTAIN TRANSFERS BY THE TRUSTEE TO AN OVERSEAS FUND (AS D EFINED IN THE TRUST DEED) OR TO THE SUPE RINTENDENT OF INSURANCE OF THE STATE OF NEW YORK OR OTHER DESIGNATED RECEIVER, A ND FOR SECURING THE OTHER AMOUNTS AND OB LIGATIONS 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 AUGUST 1995 UNDER WRITTEN BY THE COMPANY AS A MEMBER OF SY NDICATE NO. 488 (THE "SYNDICATE") AND AL LOCABLE TO THE RELEVANT YEAR OF ACCOUNT OR IN RESPECT OF WHICH THE COMPANY IS LI ABLE AS A MEMBER OF THE SYNDICATE FOR TH E RELEVANT YEAR OF ACCOUNT FOR AN EARLIE R YEAR OF ACCOUNT PURSUANT TO ANY CONTRA CT OF REINSURANCE TO CLOSE AND 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, COMMONW EALTH OR POSSESSION OF THE UNITED STATES (AN "AMERICAN POLICY"), ALL EXPENDITURE S AND FEES OF THE TRUSTEE (AS DEFINED IN THE TRUST DEED AND BEING, AS AT THE DAT E THEREOF, CITIBANK N.A. OF 111 WALL STR EET, NEW YORK, U.S.A.), REPAYMENT OF CAS H OR SECURITIES ADVANCED BY THE TRUSTEE TO THE TRUST HELD UNDER THE PROVISIONS O F THE TRUST DEED, AND CERTAIN TRANSFERS BY THE TRUSTEE TO AN OVERSEAS FUND (AS D EFINED IN THE TRUST DEED) OR TO THE SUPE RINTENDENT OF INSURANCE OF THE STATE OF NEW YORK OR OTHER DESIGNATED RECEIVER, A ND FOR SECURING THE OTHER AMOUNTS AND OB LIGATIONS 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 AUGUST 1995 UNDER WRITTEN BY THE COMPANY AS A MEMBER OF SY NDICATE NO. 376 (THE "SYNDICATE") AND AL LOCABLE TO THE RELEVANT YEAR OF ACCOUNT OR IN RESPECT OF WHICH THE COMPANY IS LI ABLE AS A MEMBER OF THE SYNDICATE FOR TH E RELEVANT YEAR OF ACCOUNT FOR AN EARLIE R YEAR OF ACCOUNT PURSUANT TO ANY CONTRA CT OF REINSURANCE TO CLOSE AND 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, COMMONW EALTH OR POSSESSION OF THE UNITED STATES (AN "AMERICAN POLICY"), ALL EXPENDITURE S AND FEES OF THE TRUSTEE (AS DEFINED IN THE TRUST DEED AND BEING, AS AT THE DAT E THEREOF, CITIBANK N.A. OF 111 WALL STR EET, NEW YORK, U.S.A.), REPAYMENT OF CAS H OR SECURITIES ADVANCED BY THE TRUSTEE TO THE TRUST HELD UNDER THE PROVISIONS O F THE TRUST DEED, AND CERTAIN TRANSFERS BY THE TRUSTEE TO AN OVERSEAS FUND (AS D EFINED IN THE TRUST DEED) OR TO THE SUPE RINTENDENT OF INSURANCE OF THE STATE OF NEW YORK OR OTHER DESIGNATED RECEIVER, A ND FOR SECURING THE OTHER AMOUNTS AND OB LIGATIONS 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 AUGUST 1995 UNDER WRITTEN BY THE COMPANY AS A MEMBER OF SY NDICATE NO. 362 (THE "SYNDICATE") AND AL LOCABLE TO THE RELEVANT YEAR OF ACCOUNT OR IN RESPECT OF WHICH THE COMPANY IS LI ABLE AS A MEMBER OF THE SYNDICATE FOR TH E RELEVANT YEAR OF ACCOUNT FOR AN EARLIE R YEAR OF ACCOUNT PURSUANT TO ANY CONTRA CT OF REINSURANCE TO CLOSE AND 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, COMMONW EALTH OR POSSESSION OF THE UNITED STATES (AN "AMERICAN POLICY"), ALL EXPENDITURE S AND FEES OF THE TRUSTEE (AS DEFINED IN THE TRUST DEED AND BEING, AS AT THE DAT E THEREOF, CITIBANK N.A. OF 111 WALL STR EET, NEW YORK, U.S.A.), REPAYMENT OF CAS H OR SECURITIES ADVANCED BY THE TRUSTEE TO THE TRUST HELD UNDER THE PROVISIONS O F THE TRUST DEED, AND CERTAIN TRANSFERS BY THE TRUSTEE TO AN OVERSEAS FUND (AS D EFINED IN THE TRUST DEED) OR TO THE SUPE RINTENDENT OF INSURANCE OF THE STATE OF NEW YORK OR OTHER DESIGNATED RECEIVER, A ND FOR SECURING THE OTHER AMOUNTS AND OB LIGATIONS 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 AUGUST 1995 UNDER WRITTEN BY THE COMPANY AS A MEMBER OF SY NDICATE NO. 218 (THE "SYNDICATE") AND AL LOCABLE TO THE RELEVANT YEAR OF ACCOUNT OR IN RESPECT OF WHICH THE COMPANY IS LI ABLE AS A MEMBER OF THE SYNDICATE FOR TH E RELEVANT YEAR OF ACCOUNT FOR AN EARLIE R YEAR OF ACCOUNT PURSUANT TO ANY CONTRA CT OF REINSURANCE TO CLOSE AND 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, COMMONW EALTH OR POSSESSION OF THE UNITED STATES (AN "AMERICAN POLICY"), ALL EXPENDITURE S AND FEES OF THE TRUSTEE (AS DEFINED IN THE TRUST DEED AND BEING, AS AT THE DAT E THEREOF, CITIBANK N.A. OF 111 WALL STR EET, NEW YORK, U.S.A.), REPAYMENT OF CAS H OR SECURITIES ADVANCED BY THE TRUSTEE TO THE TRUST HELD UNDER THE PROVISIONS O F THE TRUST DEED, AND CERTAIN TRANSFERS BY THE TRUSTEE TO AN OVERSEAS FUND (AS D EFINED IN THE TRUST DEED) OR TO THE SUPE RINTENDENT OF INSURANCE OF THE STATE OF NEW YORK OR OTHER DESIGNATED RECEIVER, A ND FOR SECURING THE OTHER AMOUNTS AND OB LIGATIONS 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 AUGUST 1995 UNDER WRITTEN BY THE COMPANY AS A MEMBER OF SY NDICATE NO. 40 (THE "SYNDICATE") AND ALL OCABLE TO THE RELEVANT YEAR OF ACCOUNT O R IN RESPECT OF WHICH THE COMPANY IS LIA BLE AS A MEMBER OF THE SYNDICATE FOR THE RELEVANT YEAR OF ACCOUNT FOR AN EARLIER YEAR OF ACCOUNT PURSUANT TO ANY CONTRAC T OF REINSURANCE TO CLOSE AND ISSUED TO A POLICYHOLDER PURSUANT TO SURPLUS LINES OR EXCESS LINES LAWS OF ANY UNITED STAT ES JURISDICTION PROVIDING INSURANCE WITH RESPECT TO PROPERTY OR RISKS SITUATED I N A STATE, DISTRICT, TERRITORY, COMMONWE ALTH OR POSSESSION OF THE UNITED STATES (AN "AMERICAN 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 STRE ET, NEW YORK, U.S.A.), REPAYMENT OF CASH OR SECURITIES ADVANCED BY THE TRUSTEE T O THE TRUST HELD UNDER THE PROVISIONS OF THE TRUST DEED, AND CERTAIN TRANSFERS B Y THE TRUSTEE TO AN OVERSEAS FUND (AS DE FINED IN THE TRUST DEED) OR TO THE SUPER INTENDENT OF INSURANCE OF THE STATE OF N EW YORK OR OTHER DESIGNATED RECEIVER, AN D FOR SECURING THE OTHER AMOUNTS AND OBL IGATIONS REFERRED TO IN THE TRUST DEED

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 O THER PERSON IN CONNECTION WITH THE CONDU CT OR WINDING-UP OF THE UNDERWRITING AND INCLUDING ALSO ANY FISCAL LIABILITIES I NCURRED IN OR BY REASON OF THE UNDERWRIT ING OR IN RESPECT OF THE PROPERTY MORTGA GED OR CHARGED OR ITS INCOME)

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 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

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

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 AUGUST 1995 UNDERWR ITTEN BY THE COMPANY AS A MEMBER OF SYND ICATE NO.545(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 SURPLUS LINES OR EXCESS LINES LAWS OF ANY UNITED STATES JURISDICTION PROVIDING INSURANCE WITH RE SPECT TO PROPERTY OR RISKS SITUATED IN A STATE, DISTRICT, TERRITORY, COMMONWEALT H OR POSSESSION OF THE UNITED STATES (AN "AMERICAN POLICY"), ALL EXPENDITURES AN D FEES OF THE TRUSTEE (AS DEFINED IN THE TRUST DEED AND BEING, AS AT THE DATE TH EREOF, CITIBANK N.A. OF 111 WALL STREET, NEW YORK, U.S.A.), REPAYMENT OF CASH OR SECURITIES ADVANCED BY THE TRUSTEE TO T HE TRUST HELD UNDER THE PROVISIONS OF TH E TRUST DEED, AND CERTAIN TRANSFERS BY T HE TRUSTEE TO AN OVERSEAS FUND (AS DEFIN ED IN THE TRUST DEED) OR TO THE SUPERINT ENDENT OF INSURANCE OF THE STATE OF NEW YORK OR OTHER DESIGNATED RECEIVER, AND F OR SECURING THE OTHER AMOUNTS AND OBLIGA TIONS 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 THE COMPANY AS A MEMBER OF SYND ICATE NO.590(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 SURPLUS LINES OR EXCESS LINES LAWS OF ANY UNITED STATES JURISDICTION PROVIDING INSURANCE WITH RE SPECT TO PROPERTY OR RISKS SITUATED IN A STATE, DISTRICT, TERRITORY, COMMONWEALT H OR POSSESSION OF THE UNITED STATES (AN "AMERICAN POLICY"), ALL EXPENDITURES AN D FEES OF THE TRUSTEE (AS DEFINED IN THE TRUST DEED AND BEING, AS AT THE DATE TH EREOF, CITIBANK N.A. OF 111 WALL STREET, NEW YORK, U.S.A.), REPAYMENT OF CASH OR SECURITIES ADVANCED BY THE TRUSTEE TO T HE TRUST HELD UNDER THE PROVISIONS OF TH E TRUST DEED, AND CERTAIN TRANSFERS BY T HE TRUSTEE TO AN OVERSEAS FUND (AS DEFIN ED IN THE TRUST DEED) OR TO THE SUPERINT ENDENT OF INSURANCE OF THE STATE OF NEW YORK OR OTHER DESIGNATED RECEIVER, AND F OR SECURING THE OTHER AMOUNTS AND OBLIGA TIONS 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 THE COMPANY AS A MEMBER OF SYND ICATE NO.609(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 SURPLUS LINES OR EXCESS LINES LAWS OF ANY UNITED STATES JURISDICTION PROVIDING INSURANCE WITH RE SPECT TO PROPERTY OR RISKS SITUATED IN A STATE, DISTRICT, TERRITORY, COMMONWEALT H OR POSSESSION OF THE UNITED STATES (AN "AMERICAN POLICY"), ALL EXPENDITURES AN D FEES OF THE TRUSTEE (AS DEFINED IN THE TRUST DEED AND BEING, AS AT THE DATE TH EREOF, CITIBANK N.A. OF 111 WALL STREET, NEW YORK, U.S.A.), REPAYMENT OF CASH OR SECURITIES ADVANCED BY THE TRUSTEE TO T HE TRUST HELD UNDER THE PROVISIONS OF TH E TRUST DEED, AND CERTAIN TRANSFERS BY T HE TRUSTEE TO AN OVERSEAS FUND (AS DEFIN ED IN THE TRUST DEED) OR TO THE SUPERINT ENDENT OF INSURANCE OF THE STATE OF NEW YORK OR OTHER DESIGNATED RECEIVER, AND F OR SECURING THE OTHER AMOUNTS AND OBLIGA TIONS 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 THE COMPANY AS A MEMBER OF SYND ICATE NO.724(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 SURPLUS LINES OR EXCESS LINES LAWS OF ANY UNITED STATES JURISDICTION PROVIDING INSURANCE WITH RE SPECT TO PROPERTY OR RISKS SITUATED IN A STATE, DISTRICT, TERRITORY, COMMONWEALT H OR POSSESSION OF THE UNITED STATES (AN "AMERICAN POLICY"), ALL EXPENDITURES AN D FEES OF THE TRUSTEE (AS DEFINED IN THE TRUST DEED AND BEING, AS AT THE DATE TH EREOF, CITIBANK N.A. OF 111 WALL STREET, NEW YORK, U.S.A.), REPAYMENT OF CASH OR SECURITIES ADVANCED BY THE TRUSTEE TO T HE TRUST HELD UNDER THE PROVISIONS OF TH E TRUST DEED, AND CERTAIN TRANSFERS BY T HE TRUSTEE TO AN OVERSEAS FUND (AS DEFIN ED IN THE TRUST DEED) OR TO THE SUPERINT ENDENT OF INSURANCE OF THE STATE OF NEW YORK OR OTHER DESIGNATED RECEIVER, AND F OR SECURING THE OTHER AMOUNTS AND OBLIGA TIONS 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 THE COMPANY AS A MEMBER OF SYND ICATE NO.822(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 SURPLUS LINES OR EXCESS LINES LAWS OF ANY UNITED STATES JURISDICTION PROVIDING INSURANCE WITH RE SPECT TO PROPERTY OR RISKS SITUATED IN A STATE, DISTRICT, TERRITORY, COMMONWEALT H OR POSSESSION OF THE UNITED STATES (AN "AMERICAN POLICY"), ALL EXPENDITURES AN D FEES OF THE TRUSTEE (AS DEFINED IN THE TRUST DEED AND BEING, AS AT THE DATE TH EREOF, CITIBANK N.A. OF 111 WALL STREET, NEW YORK, U.S.A.), REPAYMENT OF CASH OR SECURITIES ADVANCED BY THE TRUSTEE TO T HE TRUST HELD UNDER THE PROVISIONS OF TH E TRUST DEED, AND CERTAIN TRANSFERS BY T HE TRUSTEE TO AN OVERSEAS FUND (AS DEFIN ED IN THE TRUST DEED) OR TO THE SUPERINT ENDENT OF INSURANCE OF THE STATE OF NEW YORK OR OTHER DESIGNATED RECEIVER, AND F OR SECURING THE OTHER AMOUNTS AND OBLIGA TIONS 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 THE COMPANY AS A MEMBER OF SYND ICATE NO.861(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 SURPLUS LINES OR EXCESS LINES LAWS OF ANY UNITED STATES JURISDICTION PROVIDING INSURANCE WITH RE SPECT TO PROPERTY OR RISKS SITUATED IN A STATE, DISTRICT, TERRITORY, COMMONWEALT H OR POSSESSION OF THE UNITED STATES (AN "AMERICAN POLICY"), ALL EXPENDITURES AN D FEES OF THE TRUSTEE (AS DEFINED IN THE TRUST DEED AND BEING, AS AT THE DATE TH EREOF, CITIBANK N.A. OF 111 WALL STREET, NEW YORK, U.S.A.), REPAYMENT OF CASH OR SECURITIES ADVANCED BY THE TRUSTEE TO T HE TRUST HELD UNDER THE PROVISIONS OF TH E TRUST DEED, AND CERTAIN TRANSFERS BY T HE TRUSTEE TO AN OVERSEAS FUND (AS DEFIN ED IN THE TRUST DEED) OR TO THE SUPERINT ENDENT OF INSURANCE OF THE STATE OF NEW YORK OR OTHER DESIGNATED RECEIVER, AND F OR SECURING THE OTHER AMOUNTS AND OBLIGA TIONS 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 THE COMPANY AS A MEMBER OF SYND ICATE NO.958(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 SURPLUS LINES OR EXCESS LINES LAWS OF ANY UNITED STATES JURISDICTION PROVIDING INSURANCE WITH RE SPECT TO PROPERTY OR RISKS SITUATED IN A STATE, DISTRICT, TERRITORY, COMMONWEALT H OR POSSESSION OF THE UNITED STATES (AN "AMERICAN POLICY"), ALL EXPENDITURES AN D FEES OF THE TRUSTEE (AS DEFINED IN THE TRUST DEED AND BEING, AS AT THE DATE TH EREOF, CITIBANK N.A. OF 111 WALL STREET, NEW YORK, U.S.A.), REPAYMENT OF CASH OR SECURITIES ADVANCED BY THE TRUSTEE TO T HE TRUST HELD UNDER THE PROVISIONS OF TH E TRUST DEED, AND CERTAIN TRANSFERS BY T HE TRUSTEE TO AN OVERSEAS FUND (AS DEFIN ED IN THE TRUST DEED) OR TO THE SUPERINT ENDENT OF INSURANCE OF THE STATE OF NEW YORK OR OTHER DESIGNATED RECEIVER, AND F OR SECURING THE OTHER AMOUNTS AND OBLIGA TIONS 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 THE COMPANY AS A MEMBER OF SYND ICATE NO.960(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 SURPLUS LINES OR EXCESS LINES LAWS OF ANY UNITED STATES JURISDICTION PROVIDING INSURANCE WITH RE SPECT TO PROPERTY OR RISKS SITUATED IN A STATE, DISTRICT, TERRITORY, COMMONWEALT H OR POSSESSION OF THE UNITED STATES (AN "AMERICAN POLICY"), ALL EXPENDITURES AN D FEES OF THE TRUSTEE (AS DEFINED IN THE TRUST DEED AND BEING, AS AT THE DATE TH EREOF, CITIBANK N.A. OF 111 WALL STREET, NEW YORK, U.S.A.), REPAYMENT OF CASH OR SECURITIES ADVANCED BY THE TRUSTEE TO T HE TRUST HELD UNDER THE PROVISIONS OF TH E TRUST DEED, AND CERTAIN TRANSFERS BY T HE TRUSTEE TO AN OVERSEAS FUND (AS DEFIN ED IN THE TRUST DEED) OR TO THE SUPERINT ENDENT OF INSURANCE OF THE STATE OF NEW YORK OR OTHER DESIGNATED RECEIVER, AND F OR SECURING THE OTHER AMOUNTS AND OBLIGA TIONS 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 THE COMPANY AS A MEMBER OF SYND ICATE NO.990(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 SURPLUS LINES OR EXCESS LINES LAWS OF ANY UNITED STATES JURISDICTION PROVIDING INSURANCE WITH RE SPECT TO PROPERTY OR RISKS SITUATED IN A STATE, DISTRICT, TERRITORY, COMMONWEALT H OR POSSESSION OF THE UNITED STATES (AN "AMERICAN POLICY"), ALL EXPENDITURES AN D FEES OF THE TRUSTEE (AS DEFINED IN THE TRUST DEED AND BEING, AS AT THE DATE TH EREOF, CITIBANK N.A. OF 111 WALL STREET, NEW YORK, U.S.A.), REPAYMENT OF CASH OR SECURITIES ADVANCED BY THE TRUSTEE TO T HE TRUST HELD UNDER THE PROVISIONS OF TH E TRUST DEED, AND CERTAIN TRANSFERS BY T HE TRUSTEE TO AN OVERSEAS FUND (AS DEFIN ED IN THE TRUST DEED) OR TO THE SUPERINT ENDENT OF INSURANCE OF THE STATE OF NEW YORK OR OTHER DESIGNATED RECEIVER, AND F OR SECURING THE OTHER AMOUNTS AND OBLIGA TIONS 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 THE COMPANY AS A MEMBER OF SYND ICATE NO.570(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 SURPLUS LINES OR EXCESS LINES LAWS OF ANY UNITED STATES JURISDICTION PROVIDING INSURANCE WITH RE SPECT TO PROPERTY OR RISKS SITUATED IN A STATE, DISTRICT, TERRITORY, COMMONWEALT H OR POSSESSION OF THE UNITED STATES (AN "AMERICAN POLICY"), ALL EXPENDITURES AN D FEES OF THE TRUSTEE (AS DEFINED IN THE TRUST DEED AND BEING, AS AT THE DATE TH EREOF, CITIBANK N.A. OF 111 WALL STREET, NEW YORK, U.S.A.), REPAYMENT OF CASH OR SECURITIES ADVANCED BY THE TRUSTEE TO T HE TRUST HELD UNDER THE PROVISIONS OF TH E TRUST DEED, AND CERTAIN TRANSFERS BY T HE TRUSTEE TO AN OVERSEAS FUND (AS DEFIN ED IN THE TRUST DEED) OR TO THE SUPERINT ENDENT OF INSURANCE OF THE STATE OF NEW YORK OR OTHER DESIGNATED RECEIVER, AND F OR SECURING THE OTHER AMOUNTS AND OBLIGA TIONS 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 THE COMPANY AS A MEMBER OF SYND ICATE NO.1007(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 SURPLUS LINES O R EXCESS LINES LAWS OF ANY UNITED STATES JURISDICTION PROVIDING INSURANCE WITH R ESPECT TO PROPERTY OR RISKS SITUATED IN A STATE, DISTRICT, TERRITORY, COMMONWEAL TH OR POSSESSION OF THE UNITED STATES (A N "AMERICAN POLICY"), ALL EXPENDITURES A ND FEES OF THE TRUSTEE (AS DEFINED IN TH E TRUST DEED AND BEING, AS AT THE DATE T HEREOF, CITIBANK N.A. OF 111 WALL STREET , NEW YORK, U.S.A.), REPAYMENT OF CASH O R SECURITIES ADVANCED BY THE TRUSTEE TO THE TRUST HELD UNDER THE PROVISIONS OF T HE TRUST DEED, AND CERTAIN TRANSFERS BY THE TRUSTEE TO AN OVERSEAS FUND (AS DEFI NED IN THE TRUST DEED) OR TO THE SUPERIN TENDENT OF INSURANCE OF THE STATE OF NEW YORK OR OTHER DESIGNATED RECEIVER, AND FOR SECURING THE OTHER AMOUNTS AND OBLIG ATIONS REFERRED TO IN THE TRUST DEED.

THE PAYMENT 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 THE COMPANY AS A MEMBER OF SYND ICATE NO.1028(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 SURPLUS LINES O R EXCESS LINES LAWS OF ANY UNITED STATES JURISDICTION PROVIDING INSURANCE WITH R ESPECT TO PROPERTY OR RISKS SITUATED IN A STATE, DISTRICT, TERRITORY, COMMONWEAL TH OR POSSESSION OF THE UNITED STATES (A N "AMERICAN POLICY"), ALL EXPENDITURES A ND FEES OF THE TRUSTEE (AS DEFINED IN TH E TRUST DEED AND BEING, AS AT THE DATE T HEREOF, CITIBANK N.A. OF 111 WALL STREET , NEW YORK, U.S.A.), REPAYMENT OF CASH O R SECURITIES ADVANCED BY THE TRUSTEE TO THE TRUST HELD UNDER THE PROVISIONS OF T HE TRUST DEED, AND CERTAIN TRANSFERS BY THE TRUSTEE TO AN OVERSEAS FUND (AS DEFI NED IN THE TRUST DEED) OR TO THE SUPERIN TENDENT OF INSURANCE OF THE STATE OF NEW YORK OR OTHER DESIGNATED RECEIVER, AND FOR SECURING THE OTHER AMOUNTS AND OBLIG ATIONS REFERRED TO IN THE TRUST DEED.

THE PAYMENT 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 THE COMPANY AS A MEMBER OF SYND ICATE NO.1069(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 SURPLUS LINES O R EXCESS LINES LAWS OF ANY UNITED STATES JURISDICTION PROVIDING INSURANCE WITH R ESPECT TO PROPERTY OR RISKS SITUATED IN A STATE, DISTRICT, TERRITORY, COMMONWEAL TH OR POSSESSION OF THE UNITED STATES (A N "AMERICAN POLICY"), ALL EXPENDITURES A ND FEES OF THE TRUSTEE (AS DEFINED IN TH E TRUST DEED AND BEING, AS AT THE DATE T HEREOF, CITIBANK N.A. OF 111 WALL STREET , NEW YORK, U.S.A.), REPAYMENT OF CASH O R SECURITIES ADVANCED BY THE TRUSTEE TO THE TRUST HELD UNDER THE PROVISIONS OF T HE TRUST DEED, AND CERTAIN TRANSFERS BY THE TRUSTEE TO AN OVERSEAS FUND (AS DEFI NED IN THE TRUST DEED) OR TO THE SUPERIN TENDENT OF INSURANCE OF THE STATE OF NEW YORK OR OTHER DESIGNATED RECEIVER, AND FOR SECURING THE OTHER AMOUNTS AND OBLIG ATIONS REFERRED TO IN THE TRUST DEED.

THE PAYMENT 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 THE COMPANY AS A MEMBER OF SYND ICATE NO.1141(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 SURPLUS LINES O R EXCESS LINES LAWS OF ANY UNITED STATES JURISDICTION PROVIDING INSURANCE WITH R ESPECT TO PROPERTY OR RISKS SITUATED IN A STATE, DISTRICT, TERRITORY, COMMONWEAL TH OR POSSESSION OF THE UNITED STATES (A N "AMERICAN POLICY"), ALL EXPENDITURES A ND FEES OF THE TRUSTEE (AS DEFINED IN TH E TRUST DEED AND BEING, AS AT THE DATE T HEREOF, CITIBANK N.A. OF 111 WALL STREET , NEW YORK, U.S.A.), REPAYMENT OF CASH O R SECURITIES ADVANCED BY THE TRUSTEE TO THE TRUST HELD UNDER THE PROVISIONS OF T HE TRUST DEED, AND CERTAIN TRANSFERS BY THE TRUSTEE TO AN OVERSEAS FUND (AS DEFI NED IN THE TRUST DEED) OR TO THE SUPERIN TENDENT OF INSURANCE OF THE STATE OF NEW YORK OR OTHER DESIGNATED RECEIVER, AND FOR SECURING THE OTHER AMOUNTS AND OBLIG ATIONS REFERRED TO IN THE TRUST DEED.

THE PAYMENT 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 THE COMPANY AS A MEMBER OF SYND ICATE NO.1234(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 SURPLUS LINES O R EXCESS LINES LAWS OF ANY UNITED STATES JURISDICTION PROVIDING INSURANCE WITH R ESPECT TO PROPERTY OR RISKS SITUATED IN A STATE, DISTRICT, TERRITORY, COMMONWEAL TH OR POSSESSION OF THE UNITED STATES (A N "AMERICAN POLICY"), ALL EXPENDITURES A ND FEES OF THE TRUSTEE (AS DEFINED IN TH E TRUST DEED AND BEING, AS AT THE DATE T HEREOF, CITIBANK N.A. OF 111 WALL STREET , NEW YORK, U.S.A.), REPAYMENT OF CASH O R SECURITIES ADVANCED BY THE TRUSTEE TO THE TRUST HELD UNDER THE PROVISIONS OF T HE TRUST DEED, AND CERTAIN TRANSFERS BY THE TRUSTEE TO AN OVERSEAS FUND (AS DEFI NED IN THE TRUST DEED) OR TO THE SUPERIN TENDENT OF INSURANCE OF THE STATE OF NEW YORK OR OTHER DESIGNATED RECEIVER, AND FOR SECURING THE OTHER AMOUNTS AND OBLIG ATIONS REFERRED TO IN THE TRUST DEED.

THE PAYMENT 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 THE COMPANY AS A MEMBER OF SY NDICATE NO.590(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 CEDING INSURER DOMICILED IN A STATE, DI STRICT, TERRITORY, COMMONWEALTH OR POSSE SSION OF THE UNITED STATES (AN "AMERICAN REINSURANCE POLICY"), ALL EXPENDITURES AND FEES OF THE TRUSTEE (AS DEFINED IN T HE TRUST DEED AND BEING, AS AT THE DATE THEREOF, CITIBANK N.A. OF 111 WALL STREE T, NEW YORK, U.S.A.), REPAYMENT OF CASH OR SECURITIES ADVANCED BY THE TRUSTEE TO THE TRUST HELD UNDER THE PROVISIONS OF THE TRUST DEED, AND CERTAIN TRANSFERS BY THE TRUSTEE TO AN OVERSEAS FUND (AS DEF INED IN THE TRUST DEED) OR TO THE SUPERI NTENDENT OF INSURANCE OF THE STATE OF NE W YORK OR OTHER DESIGNATED RECEIVER, AND FOR SECURING THE OTHER AMOUNTS AND OBLI GATIONS 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 THE COMPANY AS A MEMBER OF SY NDICATE NO.609(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 CEDING INSURER DOMICILED IN A STATE, DI STRICT, TERRITORY, COMMONWEALTH OR POSSE SSION OF THE UNITED STATES (AN "AMERICAN REINSURANCE POLICY"), ALL EXPENDITURES AND FEES OF THE TRUSTEE (AS DEFINED IN T HE TRUST DEED AND BEING, AS AT THE DATE THEREOF, CITIBANK N.A. OF 111 WALL STREE T, NEW YORK, U.S.A.), REPAYMENT OF CASH OR SECURITIES ADVANCED BY THE TRUSTEE TO THE TRUST HELD UNDER THE PROVISIONS OF THE TRUST DEED, AND CERTAIN TRANSFERS BY THE TRUSTEE TO AN OVERSEAS FUND (AS DEF INED IN THE TRUST DEED) OR TO THE SUPERI NTENDENT OF INSURANCE OF THE STATE OF NE W YORK OR OTHER DESIGNATED RECEIVER, AND FOR SECURING THE OTHER AMOUNTS AND OBLI GATIONS 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 THE COMPANY AS A MEMBER OF SY NDICATE NO.724(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 CEDING INSURER DOMICILED IN A STATE, DI STRICT, TERRITORY, COMMONWEALTH OR POSSE SSION OF THE UNITED STATES (AN "AMERICAN REINSURANCE POLICY"), ALL EXPENDITURES AND FEES OF THE TRUSTEE (AS DEFINED IN T HE TRUST DEED AND BEING, AS AT THE DATE THEREOF, CITIBANK N.A. OF 111 WALL STREE T, NEW YORK, U.S.A.), REPAYMENT OF CASH OR SECURITIES ADVANCED BY THE TRUSTEE TO THE TRUST HELD UNDER THE PROVISIONS OF THE TRUST DEED, AND CERTAIN TRANSFERS BY THE TRUSTEE TO AN OVERSEAS FUND (AS DEF INED IN THE TRUST DEED) OR TO THE SUPERI NTENDENT OF INSURANCE OF THE STATE OF NE W YORK OR OTHER DESIGNATED RECEIVER, AND FOR SECURING THE OTHER AMOUNTS AND OBLI GATIONS 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 THE COMPANY AS A MEMBER OF SY NDICATE NO.822(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 CEDING INSURER DOMICILED IN A STATE, DI STRICT, TERRITORY, COMMONWEALTH OR POSSE SSION OF THE UNITED STATES (AN "AMERICAN REINSURANCE POLICY"), ALL EXPENDITURES AND FEES OF THE TRUSTEE (AS DEFINED IN T HE TRUST DEED AND BEING, AS AT THE DATE THEREOF, CITIBANK N.A. OF 111 WALL STREE T, NEW YORK, U.S.A.), REPAYMENT OF CASH OR SECURITIES ADVANCED BY THE TRUSTEE TO THE TRUST HELD UNDER THE PROVISIONS OF THE TRUST DEED, AND CERTAIN TRANSFERS BY THE TRUSTEE TO AN OVERSEAS FUND (AS DEF INED IN THE TRUST DEED) OR TO THE SUPERI NTENDENT OF INSURANCE OF THE STATE OF NE W YORK OR OTHER DESIGNATED RECEIVER, AND FOR SECURING THE OTHER AMOUNTS AND OBLI GATIONS 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 THE COMPANY AS A MEMBER OF SY NDICATE NO.861(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 CEDING INSURER DOMICILED IN A STATE, DI STRICT, TERRITORY, COMMONWEALTH OR POSSE SSION OF THE UNITED STATES (AN "AMERICAN REINSURANCE POLICY"), ALL EXPENDITURES AND FEES OF THE TRUSTEE (AS DEFINED IN T HE TRUST DEED AND BEING, AS AT THE DATE THEREOF, CITIBANK N.A. OF 111 WALL STREE T, NEW YORK, U.S.A.), REPAYMENT OF CASH OR SECURITIES ADVANCED BY THE TRUSTEE TO THE TRUST HELD UNDER THE PROVISIONS OF THE TRUST DEED, AND CERTAIN TRANSFERS BY THE TRUSTEE TO AN OVERSEAS FUND (AS DEF INED IN THE TRUST DEED) OR TO THE SUPERI NTENDENT OF INSURANCE OF THE STATE OF NE W YORK OR OTHER DESIGNATED RECEIVER, AND FOR SECURING THE OTHER AMOUNTS AND OBLI GATIONS 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 THE COMPANY AS A MEMBER OF SY NDICATE NO.960(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 CEDING INSURER DOMICILED IN A STATE, DI STRICT, TERRITORY, COMMONWEALTH OR POSSE SSION OF THE UNITED STATES (AN "AMERICAN REINSURANCE POLICY"), ALL EXPENDITURES AND FEES OF THE TRUSTEE (AS DEFINED IN T HE TRUST DEED AND BEING, AS AT THE DATE THEREOF, CITIBANK N.A. OF 111 WALL STREE T, NEW YORK, U.S.A.), REPAYMENT OF CASH OR SECURITIES ADVANCED BY THE TRUSTEE TO THE TRUST HELD UNDER THE PROVISIONS OF THE TRUST DEED, AND CERTAIN TRANSFERS BY THE TRUSTEE TO AN OVERSEAS FUND (AS DEF INED IN THE TRUST DEED) OR TO THE SUPERI NTENDENT OF INSURANCE OF THE STATE OF NE W YORK OR OTHER DESIGNATED RECEIVER, AND FOR SECURING THE OTHER AMOUNTS AND OBLI GATIONS 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 THE COMPANY AS A MEMBER OF SY NDICATE NO.990(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 CEDING INSURER DOMICILED IN A STATE, DI STRICT, TERRITORY, COMMONWEALTH OR POSSE SSION OF THE UNITED STATES (AN "AMERICAN REINSURANCE POLICY"), ALL EXPENDITURES AND FEES OF THE TRUSTEE (AS DEFINED IN T HE TRUST DEED AND BEING, AS AT THE DATE THEREOF, CITIBANK N.A. OF 111 WALL STREE T, NEW YORK, U.S.A.), REPAYMENT OF CASH OR SECURITIES ADVANCED BY THE TRUSTEE TO THE TRUST HELD UNDER THE PROVISIONS OF THE TRUST DEED, AND CERTAIN TRANSFERS BY THE TRUSTEE TO AN OVERSEAS FUND (AS DEF INED IN THE TRUST DEED) OR TO THE SUPERI NTENDENT OF INSURANCE OF THE STATE OF NE W YORK OR OTHER DESIGNATED RECEIVER, AND FOR SECURING THE OTHER AMOUNTS AND OBLI GATIONS 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 THE COMPANY AS A MEMBER OF SY NDICATE NO.1007(THE "SYNDICATE") AND ALL OCABLE TO THE RELEVANT YEAR OF ACCOUNT O R IN RESPECT OF WHICH THE COMPANY IS LIA BLE AS A MEMBER OF THE SYNDICATE FOR THE RELEVANT YEAR OF ACCOUNT FOR AN EARLIER YEAR OF ACCOUNT PURSUANT TO ANY CONTRAC T OF REINSURANCE TO CLOSE AND ISSUED TO A CEDING INSURER DOMICILED IN A STATE, D ISTRICT, TERRITORY, COMMONWEALTH OR POSS ESSION OF THE UNITED STATES (AN "AMERICA N REINSURANCE 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 STRE ET, NEW YORK, U.S.A.), REPAYMENT OF CASH OR SECURITIES ADVANCED BY THE TRUSTEE T O THE TRUST HELD UNDER THE PROVISIONS OF THE TRUST DEED, AND CERTAIN TRANSFERS B Y THE TRUSTEE TO AN OVERSEAS FUND (AS DE FINED IN THE TRUST DEED) OR TO THE SUPER INTENDENT OF INSURANCE OF THE STATE OF N EW YORK OR OTHER DESIGNATED RECEIVER, AN D FOR SECURING THE OTHER AMOUNTS AND OBL IGATIONS 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 THE COMPANY AS A MEMBER OF SY NDICATE NO.1028(THE "SYNDICATE") AND ALL OCABLE TO THE RELEVANT YEAR OF ACCOUNT O R IN RESPECT OF WHICH THE COMPANY IS LIA BLE AS A MEMBER OF THE SYNDICATE FOR THE RELEVANT YEAR OF ACCOUNT FOR AN EARLIER YEAR OF ACCOUNT PURSUANT TO ANY CONTRAC T OF REINSURANCE TO CLOSE AND ISSUED TO A CEDING INSURER DOMICILED IN A STATE, D ISTRICT, TERRITORY, COMMONWEALTH OR POSS ESSION OF THE UNITED STATES (AN "AMERICA N REINSURANCE 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 STRE ET, NEW YORK, U.S.A.), REPAYMENT OF CASH OR SECURITIES ADVANCED BY THE TRUSTEE T O THE TRUST HELD UNDER THE PROVISIONS OF THE TRUST DEED, AND CERTAIN TRANSFERS B Y THE TRUSTEE TO AN OVERSEAS FUND (AS DE FINED IN THE TRUST DEED) OR TO THE SUPER INTENDENT OF INSURANCE OF THE STATE OF N EW YORK OR OTHER DESIGNATED RECEIVER, AN D FOR SECURING THE OTHER AMOUNTS AND OBL IGATIONS 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 THE COMPANY AS A MEMBER OF SY NDICATE NO.1069(THE "SYNDICATE") AND ALL OCABLE TO THE RELEVANT YEAR OF ACCOUNT O R IN RESPECT OF WHICH THE COMPANY IS LIA BLE AS A MEMBER OF THE SYNDICATE FOR THE RELEVANT YEAR OF ACCOUNT FOR AN EARLIER YEAR OF ACCOUNT PURSUANT TO ANY CONTRAC T OF REINSURANCE TO CLOSE AND ISSUED TO A CEDING INSURER DOMICILED IN A STATE, D ISTRICT, TERRITORY, COMMONWEALTH OR POSS ESSION OF THE UNITED STATES (AN "AMERICA N REINSURANCE 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 STRE ET, NEW YORK, U.S.A.), REPAYMENT OF CASH OR SECURITIES ADVANCED BY THE TRUSTEE T O THE TRUST HELD UNDER THE PROVISIONS OF THE TRUST DEED, AND CERTAIN TRANSFERS B Y THE TRUSTEE TO AN OVERSEAS FUND (AS DE FINED IN THE TRUST DEED) OR TO THE SUPER INTENDENT OF INSURANCE OF THE STATE OF N EW YORK OR OTHER DESIGNATED RECEIVER, AN D FOR SECURING THE OTHER AMOUNTS AND OBL IGATIONS 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 THE COMPANY AS A MEMBER OF SY NDICATE NO.1119(THE "SYNDICATE") AND ALL OCABLE TO THE RELEVANT YEAR OF ACCOUNT O R IN RESPECT OF WHICH THE COMPANY IS LIA BLE AS A MEMBER OF THE SYNDICATE FOR THE RELEVANT YEAR OF ACCOUNT FOR AN EARLIER YEAR OF ACCOUNT PURSUANT TO ANY CONTRAC T OF REINSURANCE TO CLOSE AND ISSUED TO A CEDING INSURER DOMICILED IN A STATE, D ISTRICT, TERRITORY, COMMONWEALTH OR POSS ESSION OF THE UNITED STATES (AN "AMERICA N REINSURANCE 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 STRE ET, NEW YORK, U.S.A.), REPAYMENT OF CASH OR SECURITIES ADVANCED BY THE TRUSTEE T O THE TRUST HELD UNDER THE PROVISIONS OF THE TRUST DEED, AND CERTAIN TRANSFERS B Y THE TRUSTEE TO AN OVERSEAS FUND (AS DE FINED IN THE TRUST DEED) OR TO THE SUPER INTENDENT OF INSURANCE OF THE STATE OF N EW YORK OR OTHER DESIGNATED RECEIVER, AN D FOR SECURING THE OTHER AMOUNTS AND OBL IGATIONS 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 THE COMPANY AS A MEMBER OF SY NDICATE NO.1141(THE "SYNDICATE") AND ALL OCABLE TO THE RELEVANT YEAR OF ACCOUNT O R IN RESPECT OF WHICH THE COMPANY IS LIA BLE AS A MEMBER OF THE SYNDICATE FOR THE RELEVANT YEAR OF ACCOUNT FOR AN EARLIER YEAR OF ACCOUNT PURSUANT TO ANY CONTRAC T OF REINSURANCE TO CLOSE AND ISSUED TO A CEDING INSURER DOMICILED IN A STATE, D ISTRICT, TERRITORY, COMMONWEALTH OR POSS ESSION OF THE UNITED STATES (AN "AMERICA N REINSURANCE 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 STRE ET, NEW YORK, U.S.A.), REPAYMENT OF CASH OR SECURITIES ADVANCED BY THE TRUSTEE T O THE TRUST HELD UNDER THE PROVISIONS OF THE TRUST DEED, AND CERTAIN TRANSFERS B Y THE TRUSTEE TO AN OVERSEAS FUND (AS DE FINED IN THE TRUST DEED) OR TO THE SUPER INTENDENT OF INSURANCE OF THE STATE OF N EW YORK OR OTHER DESIGNATED RECEIVER, AN D FOR SECURING THE OTHER AMOUNTS AND OBL IGATIONS 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 THE COMPANY AS A MEMBER OF SY NDICATE NO.1234(THE "SYNDICATE") AND ALL OCABLE TO THE RELEVANT YEAR OF ACCOUNT O R IN RESPECT OF WHICH THE COMPANY IS LIA BLE AS A MEMBER OF THE SYNDICATE FOR THE RELEVANT YEAR OF ACCOUNT FOR AN EARLIER YEAR OF ACCOUNT PURSUANT TO ANY CONTRAC T OF REINSURANCE TO CLOSE AND ISSUED TO A CEDING INSURER DOMICILED IN A STATE, D ISTRICT, TERRITORY, COMMONWEALTH OR POSS ESSION OF THE UNITED STATES (AN "AMERICA N REINSURANCE 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 STRE ET, NEW YORK, U.S.A.), REPAYMENT OF CASH OR SECURITIES ADVANCED BY THE TRUSTEE T O THE TRUST HELD UNDER THE PROVISIONS OF THE TRUST DEED, AND CERTAIN TRANSFERS B Y THE TRUSTEE TO AN OVERSEAS FUND (AS DE FINED IN THE TRUST DEED) OR TO THE SUPER INTENDENT OF INSURANCE OF THE STATE OF N EW YORK OR OTHER DESIGNATED RECEIVER, AN D FOR SECURING THE OTHER AMOUNTS AND OBL IGATIONS 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 THE COMPANY AS A MEMBER OF SY NDICATE NO.958(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 CEDING INSURER DOMICILED IN A STATE, DI STRICT, TERRITORY, COMMONWEALTH OR POSSE SSION OF THE UNITED STATES (AN "AMERICAN REINSURANCE POLICY"), ALL EXPENDITURES AND FEES OF THE TRUSTEE (AS DEFINED IN T HE TRUST DEED AND BEING, AS AT THE DATE THEREOF, CITIBANK N.A. OF 111 WALL STREE T, NEW YORK, U.S.A.), REPAYMENT OF CASH OR SECURITIES ADVANCED BY THE TRUSTEE TO THE TRUST HELD UNDER THE PROVISIONS OF THE TRUST DEED, AND CERTAIN TRANSFERS BY THE TRUSTEE TO AN OVERSEAS FUND (AS DEF INED IN THE TRUST DEED) OR TO THE SUPERI NTENDENT OF INSURANCE OF THE STATE OF NE W YORK OR OTHER DESIGNATED RECEIVER, AND FOR SECURING THE OTHER AMOUNTS AND OBLI GATIONS 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 THE COMPANY AS A MEMBER OF SY NDICATE NO.51 (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 CEDING INSURER DOMICILED IN A STATE, DI STRICT, TERRITORY, COMMONWEALTH OR POSSE SSION OF THE UNITED STATES (AN "AMERICAN REINSURANCE POLICY"), ALL EXPENDITURES AND FEES OF THE TRUSTEE (AS DEFINED IN T HE TRUST DEED AND BEING, AS AT THE DATE THEREOF, CITIBANK N.A. OF 111 WALL STREE T, NEW YORK, U.S.A.), REPAYMENT OF CASH OR SECURITIES ADVANCED BY THE TRUSTEE TO THE TRUST HELD UNDER THE PROVISIONS OF THE TRUST DEED, AND CERTAIN TRANSFERS BY THE TRUSTEE TO AN OVERSEAS FUND (AS DEF INED IN THE TRUST DEED) OR TO THE SUPERI NTENDENT OF INSURANCE OF THE STATE OF NE W YORK OR OTHER DESIGNATED RECEIVER, AND FOR SECURING THE OTHER AMOUNTS AND OBLI GATIONS 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 THE COMPANY AS A MEMBER OF SY NDICATE NO.138(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 CEDING INSURER DOMICILED IN A STATE, DI STRICT, TERRITORY, COMMONWEALTH OR POSSE SSION OF THE UNITED STATES (AN "AMERICAN REINSURANCE POLICY"), ALL EXPENDITURES AND FEES OF THE TRUSTEE (AS DEFINED IN T HE TRUST DEED AND BEING, AS AT THE DATE THEREOF, CITIBANK N.A. OF 111 WALL STREE T, NEW YORK, U.S.A.), REPAYMENT OF CASH OR SECURITIES ADVANCED BY THE TRUSTEE TO THE TRUST HELD UNDER THE PROVISIONS OF THE TRUST DEED, AND CERTAIN TRANSFERS BY THE TRUSTEE TO AN OVERSEAS FUND (AS DEF INED IN THE TRUST DEED) OR TO THE SUPERI NTENDENT OF INSURANCE OF THE STATE OF NE W YORK OR OTHER DESIGNATED RECEIVER, AND FOR SECURING THE OTHER AMOUNTS AND OBLI GATIONS 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 THE COMPANY AS A MEMBER OF SY NDICATE NO.205(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 CEDING INSURER DOMICILED IN A STATE, DI STRICT, TERRITORY, COMMONWEALTH OR POSSE SSION OF THE UNITED STATES (AN "AMERICAN REINSURANCE POLICY"), ALL EXPENDITURES AND FEES OF THE TRUSTEE (AS DEFINED IN T HE TRUST DEED AND BEING, AS AT THE DATE THEREOF, CITIBANK N.A. OF 111 WALL STREE T, NEW YORK, U.S.A.), REPAYMENT OF CASH OR SECURITIES ADVANCED BY THE TRUSTEE TO THE TRUST HELD UNDER THE PROVISIONS OF THE TRUST DEED, AND CERTAIN TRANSFERS BY THE TRUSTEE TO AN OVERSEAS FUND (AS DEF INED IN THE TRUST DEED) OR TO THE SUPERI NTENDENT OF INSURANCE OF THE STATE OF NE W YORK OR OTHER DESIGNATED RECEIVER, AND FOR SECURING THE OTHER AMOUNTS AND OBLI GATIONS 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 THE COMPANY AS A MEMBER OF SY NDICATE 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 CEDING INSURER DOMICILED IN A STATE, DI STRICT, TERRITORY, COMMONWEALTH OR POSSE SSION OF THE UNITED STATES (AN "AMERICAN REINSURANCE POLICY"), ALL EXPENDITURES AND FEES OF THE TRUSTEE (AS DEFINED IN T HE TRUST DEED AND BEING, AS AT THE DATE THEREOF, CITIBANK N.A. OF 111 WALL STREE T, NEW YORK, U.S.A.), REPAYMENT OF CASH OR SECURITIES ADVANCED BY THE TRUSTEE TO THE TRUST HELD UNDER THE PROVISIONS OF THE TRUST DEED, AND CERTAIN TRANSFERS BY THE TRUSTEE TO AN OVERSEAS FUND (AS DEF INED IN THE TRUST DEED) OR TO THE SUPERI NTENDENT OF INSURANCE OF THE STATE OF NE W YORK OR OTHER DESIGNATED RECEIVER, AND FOR SECURING THE OTHER AMOUNTS AND OBLI GATIONS 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 THE COMPANY AS A MEMBER OF SY NDICATE NO.329(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 CEDING INSURER DOMICILED IN A STATE, DI STRICT, TERRITORY, COMMONWEALTH OR POSSE SSION OF THE UNITED STATES (AN "AMERICAN REINSURANCE POLICY"), ALL EXPENDITURES AND FEES OF THE TRUSTEE (AS DEFINED IN T HE TRUST DEED AND BEING, AS AT THE DATE THEREOF, CITIBANK N.A. OF 111 WALL STREE T, NEW YORK, U.S.A.), REPAYMENT OF CASH OR SECURITIES ADVANCED BY THE TRUSTEE TO THE TRUST HELD UNDER THE PROVISIONS OF THE TRUST DEED, AND CERTAIN TRANSFERS BY THE TRUSTEE TO AN OVERSEAS FUND (AS DEF INED IN THE TRUST DEED) OR TO THE SUPERI NTENDENT OF INSURANCE OF THE STATE OF NE W YORK OR OTHER DESIGNATED RECEIVER, AND FOR SECURING THE OTHER AMOUNTS AND OBLI GATIONS 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 THE COMPANY AS A MEMBER OF SY NDICATE NO.382(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 CEDING INSURER DOMICILED IN A STATE, DI STRICT, TERRITORY, COMMONWEALTH OR POSSE SSION OF THE UNITED STATES (AN "AMERICAN REINSURANCE POLICY"), ALL EXPENDITURES AND FEES OF THE TRUSTEE (AS DEFINED IN T HE TRUST DEED AND BEING, AS AT THE DATE THEREOF, CITIBANK N.A. OF 111 WALL STREE T, NEW YORK, U.S.A.), REPAYMENT OF CASH OR SECURITIES ADVANCED BY THE TRUSTEE TO THE TRUST HELD UNDER THE PROVISIONS OF THE TRUST DEED, AND CERTAIN TRANSFERS BY THE TRUSTEE TO AN OVERSEAS FUND (AS DEF INED IN THE TRUST DEED) OR TO THE SUPERI NTENDENT OF INSURANCE OF THE STATE OF NE W YORK OR OTHER DESIGNATED RECEIVER, AND FOR SECURING THE OTHER AMOUNTS AND OBLI GATIONS 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 THE COMPANY AS A MEMBER OF SY NDICATE NO.545(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 CEDING INSURER DOMICILED IN A STATE, DI STRICT, TERRITORY, COMMONWEALTH OR POSSE SSION OF THE UNITED STATES (AN "AMERICAN REINSURANCE POLICY"), ALL EXPENDITURES AND FEES OF THE TRUSTEE (AS DEFINED IN T HE TRUST DEED AND BEING, AS AT THE DATE THEREOF, CITIBANK N.A. OF 111 WALL STREE T, NEW YORK, U.S.A.), REPAYMENT OF CASH OR SECURITIES ADVANCED BY THE TRUSTEE TO THE TRUST HELD UNDER THE PROVISIONS OF THE TRUST DEED, AND CERTAIN TRANSFERS BY THE TRUSTEE TO AN OVERSEAS FUND (AS DEF INED IN THE TRUST DEED) OR TO THE SUPERI NTENDENT OF INSURANCE OF THE STATE OF NE W YORK OR OTHER DESIGNATED RECEIVER, AND FOR SECURING THE OTHER AMOUNTS AND OBLI GATIONS 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 THE COMPANY AS A MEMBER OF SY NDICATE NO.570(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 CEDING INSURER DOMICILED IN A STATE, DI STRICT, TERRITORY, COMMONWEALTH OR POSSE SSION OF THE UNITED STATES (AN "AMERICAN REINSURANCE POLICY"), ALL EXPENDITURES AND FEES OF THE TRUSTEE (AS DEFINED IN T HE TRUST DEED AND BEING, AS AT THE DATE THEREOF, CITIBANK N.A. OF 111 WALL STREE T, NEW YORK, U.S.A.), REPAYMENT OF CASH OR SECURITIES ADVANCED BY THE TRUSTEE TO THE TRUST HELD UNDER THE PROVISIONS OF THE TRUST DEED, AND CERTAIN TRANSFERS BY THE TRUSTEE TO AN OVERSEAS FUND (AS DEF INED IN THE TRUST DEED) OR TO THE SUPERI NTENDENT OF INSURANCE OF THE STATE OF NE W YORK OR OTHER DESIGNATED RECEIVER, AND FOR SECURING THE OTHER AMOUNTS AND OBLI GATIONS REFERRED TO IN THE TRUST DEED.

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

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

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

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 ALL LOSSES, CLAIMS, RET URNS OF PREMIUMS, REINSURANCE PREMIUMS, EXPENSES AND OTHER OUTGOINGS PAYABLE AS AT THE DATE OF OR AT ANY TIME AFTER THE DATE OF THE AMERICAN INSTRUMENT TO BECOM E PAYABLE IN CONNECTION WITH ANY CONTINE NTAL NEW AMERICAN BUSINESS (BEING THE UN DERWRITING BUSINESS OF THE COMPANY AT LL OYD'S (OTHER THAN LONG TERM BUSINESS (AS DEFINED IN THE INSURANCE COMPANIES ACT 1982) AND BUSINESS CONDUCTED FOR ANY YEA R OF ACCOUNT COMMENCING AFTER THE SIXTIE TH ANNIVERSARY OF THE DATE OF THE COMPAN Y'S LLOYD'S PREMIUMS TRUST DEED FOR GENE RAL BUSINESS) WHERE (1) SUCH BUSINESS (A ) INVOLVES THE PROVISION OF INSURANCE OR REINSURANCE WITH RESPECT TO PROPERTY OR RISKS WHICH IS OR ARE OR WILL BE ORDINA RILY SITUATED IN (OR THE PROVISION OF RE INSURANCE TO AN INSURER WHICH IS RESIDEN T OR DOMICILED IN) THE UNITED STATES OR CANADA; AND (B) IS (SUBJECT TO EXCEPTION S) EXCLUDED FROM THE 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 L IABILITY IN RESPECT OF SUCH BUSINESS IS EXPRESSED IN UNITED STATES DOLLARS AND T HE PREMIUM PAYABLE IN HAS BEEN PAID OR I S PAYABLE IN UNITED STATES DOLLARS; 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

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.205(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.590(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.570(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.545(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.382(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.329(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.1234(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.

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.138(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.609(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.724(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.822(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.861(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.958(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.960(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.990(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.1007(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.

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.1119(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.

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.1028(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.

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.1069(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.

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.1141(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.

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 ALLOC ABLE TO THE RELEVANT YEAR OF ACCOUNT OR IN RESPECT OF WHICH THE COMPANY IS LIABL E AS A MEMBER OF THE SYNDICATE FOR THE R ELEVANT YEAR OF ACCOUNT FOR AN EARLIER Y EAR OF ACCOUNT PURSUANT TO ANY CONTRACT OF REINSURANCE TO CLOSE AND ISSUED TO A POLICYHOLDER PURSUANT TO THE INSURANCE L AWS OF THE COMMONWEALTH OF KENTUCKY PROV IDING INSURANCE WITH RESPECT TO PROPERTY OR RISKS SITUATED IN SAID COMMONWEALTH (A "KENTUCKY POLICY"), ALL EXPENDITURES AND FEES OF THE TRUSTEE (AS DEFINED IN T HE TRUST DEED AND BEING, AS AT THE DATE THEREOF, NATIONAL CITY BANK, KENTUCKY, U .S.A.), REPAYMENT OF CASH OR SECURITIES ADVANCED BY THE TRUSTEE TO THE TRUST HEL D UNDER THE PROVISIONS OF THE TRUST DEED , AND CERTAIN TRANSFERS BY THE TRUSTEE T O AN OVERSEAS FUND (AS DEFINED IN THE TR UST DEED) OR TO THE COMMISSIONER OF INSU RANCE OF THE COMMONWEALTH OF KENTUCKY OR OTHER DESIGNATED RECEIVER, AND FOR SECU RING THE OTHER AMOUNTS AND OBLIGATIONS R EFERRED TO IN THE TRUST DEED.

All 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 AUGUST 1995 UNDERWR ITTEN BY THE COMPANY AS A MEMBER OF SYND ICATE NO.51 (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 SURPLUS LINES OR EXCESS LINES LAWS OF ANY UNITED STATES JURISDICTION PROVIDING INSURANCE WITH RE SPECT TO PROPERTY OR RISKS SITUATED IN A STATE, DISTRICT, TERRITORY, COMMONWEALT H OR POSSESSION OF THE UNITED STATES (AN "AMERICAN POLICY"), ALL EXPENDITURES AN D FEES OF THE TRUSTEE (AS DEFINED IN THE TRUST DEED AND BEING, AS AT THE DATE TH EREOF, CITIBANK N.A. OF 111 WALL STREET, NEW YORK, U.S.A.), REPAYMENT OF CASH OR SECURITIES ADVANCED BY THE TRUSTEE TO T HE TRUST HELD UNDER THE PROVISIONS OF TH E TRUST DEED, AND CERTAIN TRANSFERS BY T HE TRUSTEE TO AN OVERSEAS FUND (AS DEFIN ED IN THE TRUST DEED) OR TO THE SUPERINT ENDENT OF INSURANCE OF THE STATE OF NEW YORK OR OTHER DESIGNATED RECEIVER, AND F OR SECURING THE OTHER AMOUNTS AND OBLIGA TIONS 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 THE COMPANY AS A MEMBER OF SYND ICATE NO.138(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 SURPLUS LINES OR EXCESS LINES LAWS OF ANY UNITED STATES JURISDICTION PROVIDING INSURANCE WITH RE SPECT TO PROPERTY OR RISKS SITUATED IN A STATE, DISTRICT, TERRITORY, COMMONWEALT H OR POSSESSION OF THE UNITED STATES (AN "AMERICAN POLICY"), ALL EXPENDITURES AN D FEES OF THE TRUSTEE (AS DEFINED IN THE TRUST DEED AND BEING, AS AT THE DATE TH EREOF, CITIBANK N.A. OF 111 WALL STREET, NEW YORK, U.S.A.), REPAYMENT OF CASH OR SECURITIES ADVANCED BY THE TRUSTEE TO T HE TRUST HELD UNDER THE PROVISIONS OF TH E TRUST DEED, AND CERTAIN TRANSFERS BY T HE TRUSTEE TO AN OVERSEAS FUND (AS DEFIN ED IN THE TRUST DEED) OR TO THE SUPERINT ENDENT OF INSURANCE OF THE STATE OF NEW YORK OR OTHER DESIGNATED RECEIVER, AND F OR SECURING THE OTHER AMOUNTS AND OBLIGA TIONS 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 THE COMPANY AS A MEMBER OF SYND ICATE NO.205(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 SURPLUS LINES OR EXCESS LINES LAWS OF ANY UNITED STATES JURISDICTION PROVIDING INSURANCE WITH RE SPECT TO PROPERTY OR RISKS SITUATED IN A STATE, DISTRICT, TERRITORY, COMMONWEALT H OR POSSESSION OF THE UNITED STATES (AN "AMERICAN POLICY"), ALL EXPENDITURES AN D FEES OF THE TRUSTEE (AS DEFINED IN THE TRUST DEED AND BEING, AS AT THE DATE TH EREOF, CITIBANK N.A. OF 111 WALL STREET, NEW YORK, U.S.A.), REPAYMENT OF CASH OR SECURITIES ADVANCED BY THE TRUSTEE TO T HE TRUST HELD UNDER THE PROVISIONS OF TH E TRUST DEED, AND CERTAIN TRANSFERS BY T HE TRUSTEE TO AN OVERSEAS FUND (AS DEFIN ED IN THE TRUST DEED) OR TO THE SUPERINT ENDENT OF INSURANCE OF THE STATE OF NEW YORK OR OTHER DESIGNATED RECEIVER, AND F OR SECURING THE OTHER AMOUNTS AND OBLIGA TIONS 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 THE COMPANY AS A MEMBER OF SYND ICATE NO.329(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 SURPLUS LINES OR EXCESS LINES LAWS OF ANY UNITED STATES JURISDICTION PROVIDING INSURANCE WITH RE SPECT TO PROPERTY OR RISKS SITUATED IN A STATE, DISTRICT, TERRITORY, COMMONWEALT H OR POSSESSION OF THE UNITED STATES (AN "AMERICAN POLICY"), ALL EXPENDITURES AN D FEES OF THE TRUSTEE (AS DEFINED IN THE TRUST DEED AND BEING, AS AT THE DATE TH EREOF, CITIBANK N.A. OF 111 WALL STREET, NEW YORK, U.S.A.), REPAYMENT OF CASH OR SECURITIES ADVANCED BY THE TRUSTEE TO T HE TRUST HELD UNDER THE PROVISIONS OF TH E TRUST DEED, AND CERTAIN TRANSFERS BY T HE TRUSTEE TO AN OVERSEAS FUND (AS DEFIN ED IN THE TRUST DEED) OR TO THE SUPERINT ENDENT OF INSURANCE OF THE STATE OF NEW YORK OR OTHER DESIGNATED RECEIVER, AND F OR SECURING THE OTHER AMOUNTS AND OBLIGA TIONS 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 THE COMPANY AS A MEMBER OF SYND ICATE NO.382(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 SURPLUS LINES OR EXCESS LINES LAWS OF ANY UNITED STATES JURISDICTION PROVIDING INSURANCE WITH RE SPECT TO PROPERTY OR RISKS SITUATED IN A STATE, DISTRICT, TERRITORY, COMMONWEALT H OR POSSESSION OF THE UNITED STATES (AN "AMERICAN POLICY"), ALL EXPENDITURES AN D FEES OF THE TRUSTEE (AS DEFINED IN THE TRUST DEED AND BEING, AS AT THE DATE TH EREOF, CITIBANK N.A. OF 111 WALL STREET, NEW YORK, U.S.A.), REPAYMENT OF CASH OR SECURITIES ADVANCED BY THE TRUSTEE TO T HE TRUST HELD UNDER THE PROVISIONS OF TH E TRUST DEED, AND CERTAIN TRANSFERS BY T HE TRUSTEE TO AN OVERSEAS FUND (AS DEFIN ED IN THE TRUST DEED) OR TO THE SUPERINT ENDENT OF INSURANCE OF THE STATE OF NEW YORK OR OTHER DESIGNATED RECEIVER, AND F OR SECURING THE OTHER AMOUNTS AND OBLIGA TIONS REFERRED TO IN THE TRUST DEED.

ANY LOSSES,CLAIMS,RETURNS OF 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; AND ANY EXPENSES WHATSOEVER FROM TIME TO TIME INCURRED IN CONNECTION WITH OR ARI SING OUT OF THE UNDERWRITING (SUCH EXPEN SES EXCLUDING ANY NON-DEDUCTIBLE ITEM BU T INCLUDING ANY ANNUAL FEE,COMMISSION,OT HER REMUNERATION AND REIMBURSEMENT OF OU TLAYS PAYABLE BY THE CORPORATE MEMBER TO ANY OF THE CORPORATE MEMBER'S AGENTS OR LLOYD'S OR TO THE REGULATING TRUSTEE OR EXCEPT WHERE SO EXCLUDED TO ANY OTHER P ERSON IN CONNECTION WITH THE CONDUCT OR WINDING-UP OF THE UNDERWRITING AND INCLU DING ALSO ANY FISCAL LIABILITIES INCURRE D IN OR BY REASON OF THE UNDERWRITING OR IN RESPECT OF THE PROPERTY MORTGAGED OR CHARGED OR ITS INCOME)

A SUM EQUAL TO THE UNDISCHARGED UNDERWRI TING OBLIGATIONS INCURRED AT ANY TIME BY ANY CONNECTED COMPANY AS AN UNDERWRITIN G MEMBER OF THE SOCIETY AND INCLUDING AN Y OBLIGATION TO THE SOCIETY AND ANY UNDI SCHARGED OBLIGATION ARISING AT ANY TIME UNDER:THE BYE LAWS,REGULATIONS,RULES,DIR ECTIONS OR OTHER REQUIREMENTS OF THE SOC IETY;ANY DEED,CONTRACT,INSTRUMENT OR OTH ER ARRANGEMENT OF ANY KIND APPROVED BY T HE SOCIETY;BUT NOT INCLUDING OBLIGATIONS ARISING IN RESPECT OF ANY LETTER OF CRE DIT,GUARANTEE OR OTHER SECURITY GIVEN TO SECURE THE PERFORMANCE OF ANY SUCH UNDE RWRITING OBLIGATION IN FAVOUR OF THE PER SON GIVING SUCH GUARANTEE OR OTHER SECUR ITY INTEREST PURSUANT TO CLAUSE 9.5 OF T HE AGREEMENT AND ACCRUING FROM DAY TO DA Y AT THE RATE OF TWO PER CENT.PER ANNUM OR SUCH OTHER RATE AS THE COUNCIL MAY FR OM TIME TO TIME PRESCRIBE ABOVE THE BASE RATE FROM TIME TO TIME OF SUCH LONDON C LEARING BANK AS THE SOCIETY MAY SELECT

ANY LOSSES,CLAIMS,RETURNS OF 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; AND ANY EXPENSES WHATSOEVER FROM TIME TO TIME INCURRED IN CONNECTION WITH OR ARI SING OUT OF THE UNDERWRITING ( SUCH EXPE NSES EXCLUDING ANY NON-DEDUCTIBLE ITEM B UT INCLUDING ANY ANNUAL FEE,COMMISSION,O THER REMUNERATION AND REIMBURSEMENT OF O UTLAYS PAYABLE BY THE COMPANY TO ANY OF THE COMPANY'S AGENTS OR LLOYD'S OR TO TH E REGULATING TRUSTEE OR EXCEPT WHERE SO EXCLUDED TO ANY OTHER PERSON IN CONNECTI ON WITH THE CONDUCT OR WINDING-UP OF THE UNDERWRITING AND INCLUDING ALSO ANY FIS CAL LIABILITIES INCURRED IN OR BY REASON OF THE UNDERWRITING OR IN RESPECT OF TH E PROPERTY MORTGAGED OR CHARGED OR ITS I NCOME).

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

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

All monies

ALL THE UNDERWRITING OBLIGATIONS OF THE COMPANY AS AN UNDERWRITING MEMBER OF THE SOCIETY (LLOYD'S) AT ANY TIME BEFORE TH E TERMINATION DATE (BEING THE 80TH ANNIV ERSARY OF THE DATE OF THE TRUST DEED) IN CLUDING OBLIGATIONS TO LLOYD'S AND THE T RUSTEES (AS DEFINED) AND OBLIGATIONS ARI SING UNDER THE BYE LAWS REGULATIONS, RUL ES DIRECTIONS OR OTHER REQUIREMENTS OF T HE SOCIETY, ANY DEED CONTRACT INSTRUMENT OR ARISING IN RESPECT OF ANY LETTER OF CREDIT, GUARANTEE OR OTHER SECURITY GIVE N TO SECURE THE PERFORMANCE OF ANY OF TH E SAID UNDERWRITING OBLIGATIONS IN FAVOU R OF THE PERSON GIVING SUCH GUARANTEE OR OTHER SECURITY

ALL THE UNDERWRITING OBLIGATIONS OF THE COMPANY AS AN UNDERWRITING MEMBER OF THE SOCIETY (LLOYD'S) AT ANY TIME BEFORE TH E TERMINATION DATE (BEING THE 80TH ANNIV ERSARY OF THE DATE OF THE TRUST DEED) IN CLUDING OBLIGATIONS TO LLOYD'S AND THE T RUSTEES (AS DEFINED) AND OBLIGATIONS ARI SING UNDER THE BYE LAWS REGULATIONS, RUL ES DIRECTIONS OR OTHER REQUIREMENTS OF T HE SOCIETY, ANY DEED CONTRACT INSTRUMENT OR ARISING IN RESPECT OF ANY LETTER OF CREDIT, GUARANTEE OR OTHER SECURITY GIVE N TO SECURE THE PERFORMANCE OF ANY OF TH E SAID UNDERWRITING OBLIGATIONS IN FAVOU R OF THE PERSON GIVING SUCH GUARANTEE OR OTHER SECURITY