Wentworth Underwriting Limited

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

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A LETTER OF CREDIT FACILITY GRANTED BY T HE CHARGEE TO THE MEMBERS AS MEMBERS OF THE SYNDICATE 33 2001 DOLLAR OBLIGOR GRO UP TOGETHER WITH CERTAIN OTHER PARTIES I N THE AGGREGATE AMOUNT OF £100,000,000 O R ITS EQUIVALENT FROM TIME TO TIME IN DO LLARS

A LETTER OF CREDIT FACILITY GRANTED BY T HE CHARGEE (THE BANK) TO THE NAMES AND T HE DOLLAR TRUSTEES (EACH AS DEFINED THER EIN) AS MEMBERS OF THE SYNDICATE 33 2000 DOLLAR OBLIGOR GROUP TOGETHER WITH CERT AIN OTHER PARTIES IN THE AGGREGATE AMOUN T OF £100,000,000 OR ITS EQUIVALENT FROM TIME TO TIME IN DOLLARS

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 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

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

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

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

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

THE PAYMENT 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

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

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

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THE PAYMENT OF LOSSES (INCLUDING CLAIMS FOR THE RETURN OF UNEARNED PREMIUM) UNDE R CONTRACTS OR POLICIES OF INSURANCE INC EPTING ON OR AFTER 1 JANUARY 1996 UNDERW RITTEN BY THE COMPANY AS A MEMBER OF SYN DICATE NO.136 (THE "SYNDICATE") AND ALLO CABLE TO THE RELEVANT YEAR OF ACCOUNT OR IN RESPECT OF WHICH THE COMPANY IS LIAB LE AS A MEMBER OF THE SYNDICATE FOR THE RELEVANT YEAR OF ACCOUNT FOR AN EARLIER YEAR OF ACCOUNT PURSUANT TO ANY CONTRACT OF REINSURANCE TO CLOSE AND ISSUED TO A POLICYHOLDER PURSUANT TO THE INSURANCE LAWS OF THE COMMONWEALTH OF KENTUCKY PRO VIDING INSURANCE WITH RESPECT TO PROPERT Y OR RISKS SITUATED IN SAID COMMONWEALTH (A "KENTUCKY POLICY"), ALL EXPENDITURES AND FEES OF THE TRUSTEE (AS DEFINED IN THE TRUST DEED AND BEING, AS AT THE DATE THEREOF, NATIONAL CITY BANK, KENTUCKY, U.S.A.), REPAYMENT OF CASH OR SECURITIES ADVANCED BY THE TRUSTEE TO THE TRUST HE LD UNDER THE PROVISIONS OF THE TRUST DEE , AND CERTAIN TRANSFERS BY THE TRUSTEE T O AN OVERSEAS FUND (AS DEFINED IN THE TR UST DEED) OR TO THE COMMISSIONER OF INSU RANCE OF THE COMMONWEALTH OF KENTUCKY OR OTHER DESIGNATED RECEIVER, AND FOR SECU RING THE OTHER AMOUNTS AND OBLIGATIONS R EFERRED TO IN THE TRUST DEED.

THE PAYMENT OF LOSSES (INCLUDING CLAIMS FOR THE RETURN OF UNEARNED PREMIUM) UNDE R CONTRACTS OR POLICIES OF INSURANCE INC EPTING ON OR AFTER 1 JANUARY 1996 UNDERW RITTEN BY THE COMPANY AS A MEMBER OF SYN DICATE NO.187 (THE "SYNDICATE") AND ALLO CABLE TO THE RELEVANT YEAR OF ACCOUNT OR IN RESPECT OF WHICH THE COMPANY IS LIAB LE AS A MEMBER OF THE SYNDICATE FOR THE RELEVANT YEAR OF ACCOUNT FOR AN EARLIER YEAR OF ACCOUNT PURSUANT TO ANY CONTRACT OF REINSURANCE TO CLOSE AND ISSUED TO A POLICYHOLDER PURSUANT TO THE INSURANCE LAWS OF THE COMMONWEALTH OF KENTUCKY PRO VIDING INSURANCE WITH RESPECT TO PROPERT Y OR RISKS SITUATED IN SAID COMMONWEALTH (A "KENTUCKY POLICY"), ALL EXPENDITURES AND FEES OF THE TRUSTEE (AS DEFINED IN THE TRUST DEED AND BEING, AS AT THE DATE THEREOF, NATIONAL CITY BANK, KENTUCKY, U.S.A.), REPAYMENT OF CASH OR SECURITIES ADVANCED BY THE TRUSTEE TO THE TRUST HE LD UNDER THE PROVISIONS OF THE TRUST DEE , AND CERTAIN TRANSFERS BY THE TRUSTEE T O AN OVERSEAS FUND (AS DEFINED IN THE TR UST DEED) OR TO THE COMMISSIONER OF INSU RANCE OF THE COMMONWEALTH OF KENTUCKY OR OTHER DESIGNATED RECEIVER, AND FOR SECU RING THE OTHER AMOUNTS AND OBLIGATIONS R EFERRED TO IN THE TRUST DEED.

THE PAYMENT OF LOSSES (INCLUDING CLAIMS FOR THE RETURN OF UNEARNED PREMIUM) UNDE R CONTRACTS OR POLICIES OF INSURANCE INC EPTING ON OR AFTER 1 JANUARY 1996 UNDERW RITTEN BY THE COMPANY AS A MEMBER OF SYN DICATE NO.227 (THE "SYNDICATE") AND ALLO CABLE TO THE RELEVANT YEAR OF ACCOUNT OR IN RESPECT OF WHICH THE COMPANY IS LIAB LE AS A MEMBER OF THE SYNDICATE FOR THE RELEVANT YEAR OF ACCOUNT FOR AN EARLIER YEAR OF ACCOUNT PURSUANT TO ANY CONTRACT OF REINSURANCE TO CLOSE AND ISSUED TO A POLICYHOLDER PURSUANT TO THE INSURANCE LAWS OF THE COMMONWEALTH OF KENTUCKY PRO VIDING INSURANCE WITH RESPECT TO PROPERT Y OR RISKS SITUATED IN SAID COMMONWEALTH (A "KENTUCKY POLICY"), ALL EXPENDITURES AND FEES OF THE TRUSTEE (AS DEFINED IN THE TRUST DEED AND BEING, AS AT THE DATE THEREOF, NATIONAL CITY BANK, KENTUCKY, U.S.A.), REPAYMENT OF CASH OR SECURITIES ADVANCED BY THE TRUSTEE TO THE TRUST HE LD UNDER THE PROVISIONS OF THE TRUST DEE , AND CERTAIN TRANSFERS BY THE TRUSTEE T O AN OVERSEAS FUND (AS DEFINED IN THE TR UST DEED) OR TO THE COMMISSIONER OF INSU RANCE OF THE COMMONWEALTH OF KENTUCKY OR OTHER DESIGNATED RECEIVER, AND FOR SECU RING THE OTHER AMOUNTS AND OBLIGATIONS R EFERRED TO IN THE TRUST DEED.

THE PAYMENT OF LOSSES (INCLUDING CLAIMS FOR THE RETURN OF UNEARNED PREMIUM) UNDE R CONTRACTS OR POLICIES OF INSURANCE INC EPTING ON OR AFTER 1 JANUARY 1996 UNDERW RITTEN BY THE COMPANY AS A MEMBER OF SYN DICATE NO.228 (THE "SYNDICATE") AND ALLO CABLE TO THE RELEVANT YEAR OF ACCOUNT OR IN RESPECT OF WHICH THE COMPANY IS LIAB LE AS A MEMBER OF THE SYNDICATE FOR THE RELEVANT YEAR OF ACCOUNT FOR AN EARLIER YEAR OF ACCOUNT PURSUANT TO ANY CONTRACT OF REINSURANCE TO CLOSE AND ISSUED TO A POLICYHOLDER PURSUANT TO THE INSURANCE LAWS OF THE COMMONWEALTH OF KENTUCKY PRO VIDING INSURANCE WITH RESPECT TO PROPERT Y OR RISKS SITUATED IN SAID COMMONWEALTH (A "KENTUCKY POLICY"), ALL EXPENDITURES AND FEES OF THE TRUSTEE (AS DEFINED IN THE TRUST DEED AND BEING, AS AT THE DATE THEREOF, NATIONAL CITY BANK, KENTUCKY, U.S.A.), REPAYMENT OF CASH OR SECURITIES ADVANCED BY THE TRUSTEE TO THE TRUST HE LD UNDER THE PROVISIONS OF THE TRUST DEE , AND CERTAIN TRANSFERS BY THE TRUSTEE T O AN OVERSEAS FUND (AS DEFINED IN THE TR UST DEED) OR TO THE COMMISSIONER OF INSU RANCE OF THE COMMONWEALTH OF KENTUCKY OR OTHER DESIGNATED RECEIVER, AND FOR SECU RING THE OTHER AMOUNTS AND OBLIGATIONS R EFERRED TO IN THE TRUST DEED.

THE PAYMENT OF LOSSES (INCLUDING CLAIMS FOR THE RETURN OF UNEARNED PREMIUM) UNDE R CONTRACTS OR POLICIES OF INSURANCE INC EPTING ON OR AFTER 1 JANUARY 1996 UNDERW RITTEN BY THE COMPANY AS A MEMBER OF SYN DICATE NO.328 (THE "SYNDICATE") AND ALLO CABLE TO THE RELEVANT YEAR OF ACCOUNT OR IN RESPECT OF WHICH THE COMPANY IS LIAB LE AS A MEMBER OF THE SYNDICATE FOR THE RELEVANT YEAR OF ACCOUNT FOR AN EARLIER YEAR OF ACCOUNT PURSUANT TO ANY CONTRACT OF REINSURANCE TO CLOSE AND ISSUED TO A POLICYHOLDER PURSUANT TO THE INSURANCE LAWS OF THE COMMONWEALTH OF KENTUCKY PRO VIDING INSURANCE WITH RESPECT TO PROPERT Y OR RISKS SITUATED IN SAID COMMONWEALTH (A "KENTUCKY POLICY"), ALL EXPENDITURES AND FEES OF THE TRUSTEE (AS DEFINED IN THE TRUST DEED AND BEING, AS AT THE DATE THEREOF, NATIONAL CITY BANK, KENTUCKY, U.S.A.), REPAYMENT OF CASH OR SECURITIES ADVANCED BY THE TRUSTEE TO THE TRUST HE LD UNDER THE PROVISIONS OF THE TRUST DEE 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.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 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.340 (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.362 (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.375 (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.457 (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.483 (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.484 (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.488 (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.535 (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.536 (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.538 (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.539 (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.588 (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.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 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.672 (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.702 (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.766 (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.780 (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.823 (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.824 (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.858 (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 REINSURANCE I NCEPTING ON OR AFTER 1 AUGUST 1995 UNDER WRITTEN BY THE COMPANY AS A MEMBER OF SY NDICATE NO.963 (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.

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

THE PAYMENT 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.40 (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.823 (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 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 1 AUGUST 1995 UNDERWR ITTEN BY THE COMPANY AS A MEMBER OF SYND ICATE NO.227 (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 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 1 AUGUST 1995 UNDERWR ITTEN BY THE COMPANY AS A MEMBER OF SYND ICATE NO. 362 (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 SURPLUS LINES OR EXCESS LINES LAWS OF ANY UNITED STATE S JURISDICTION PROVIDING INSURANCE WITH RESPECT TO PROPERTY OR RISKS SITUATED IN A STATE, DISTRICT, TERRITORY, COMMONWEA LTH OR POSSESSION OF THE UNITED STATES ( AN "AMERICAN 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 INSURANCE INC EPTING ON OR AFTER 1 AUGUST 1995 UNDERWR ITTEN BY THE COMPANY AS A MEMBER OF SYND ICATE NO. 1215 (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.

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. 823 (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 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. 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 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. 227 (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 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. 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 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 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. 1215 (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 .

All monies

THE PAYMENT OF LOSSES (INCLUDING CLAIMS FOR THE RETURN OF UNEARNED PREMIUM) UNDE R CONTRACTS OR POLICIES OF INSURANCE INC EPTING ON OR AFTER 1 JANUARY 1996 UNDERW RITTEN BY THE COMPANY AS A MEMBER OF SYN DICATE NO.566 (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.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 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.963 (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.994 (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.1003 (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 THE INSURANCE LAWS OF THE COMMONWEALTH OF KENTUCKY PR OVIDING INSURANCE WITH RESPECT TO PROPER TY OR RISKS SITUATED IN SAID COMMONWEALT H (A "KENTUCKY POLICY"), ALL EXPENDITURE S AND FEES OF THE TRUSTEE (AS DEFINED IN THE TRUST DEED AND BEING, AS AT THE DAT E THEREOF, NATIONAL CITY BANK, KENTUCKY, U.S.A.), REPAYMENT OF CASH OR SECURITIE S ADVANCED BY THE TRUSTEE TO THE TRUST H ELD UNDER THE PROVISIONS OF THE TRUST DE ED, AND CERTAIN TRANSFERS BY THE TRUSTEE TO AN OVERSEAS FUND (AS DEFINED IN THE TRUST DEED) OR TO THE COMMISSIONER OF IN SURANCE OF THE COMMONWEALTH OF KENTUCKY OR OTHER DESIGNATED RECEIVER, AND FOR SE CURING 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.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 POLICYHOLDER PURSUANT TO THE INSURANCE LAWS OF THE COMMONWEALTH OF KENTUCKY PR OVIDING INSURANCE WITH RESPECT TO PROPER TY OR RISKS SITUATED IN SAID COMMONWEALT H (A "KENTUCKY POLICY"), ALL EXPENDITURE S AND FEES OF THE TRUSTEE (AS DEFINED IN THE TRUST DEED AND BEING, AS AT THE DAT E THEREOF, NATIONAL CITY BANK, KENTUCKY, U.S.A.), REPAYMENT OF CASH OR SECURITIE S ADVANCED BY THE TRUSTEE TO THE TRUST H ELD UNDER THE PROVISIONS OF THE TRUST DE ED, AND CERTAIN TRANSFERS BY THE TRUSTEE TO AN OVERSEAS FUND (AS DEFINED IN THE TRUST DEED) OR TO THE COMMISSIONER OF IN SURANCE OF THE COMMONWEALTH OF KENTUCKY OR OTHER DESIGNATED RECEIVER, AND FOR SE CURING 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.1009 (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 THE INSURANCE LAWS OF THE COMMONWEALTH OF KENTUCKY PR OVIDING INSURANCE WITH RESPECT TO PROPER TY OR RISKS SITUATED IN SAID COMMONWEALT H (A "KENTUCKY POLICY"), ALL EXPENDITURE S AND FEES OF THE TRUSTEE (AS DEFINED IN THE TRUST DEED AND BEING, AS AT THE DAT E THEREOF, NATIONAL CITY BANK, KENTUCKY, U.S.A.), REPAYMENT OF CASH OR SECURITIE S ADVANCED BY THE TRUSTEE TO THE TRUST H ELD UNDER THE PROVISIONS OF THE TRUST DE ED, AND CERTAIN TRANSFERS BY THE TRUSTEE TO AN OVERSEAS FUND (AS DEFINED IN THE TRUST DEED) OR TO THE COMMISSIONER OF IN SURANCE OF THE COMMONWEALTH OF KENTUCKY OR OTHER DESIGNATED RECEIVER, AND FOR SE CURING 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.1036 (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 THE INSURANCE LAWS OF THE COMMONWEALTH OF KENTUCKY PR OVIDING INSURANCE WITH RESPECT TO PROPER TY OR RISKS SITUATED IN SAID COMMONWEALT H (A "KENTUCKY POLICY"), ALL EXPENDITURE S AND FEES OF THE TRUSTEE (AS DEFINED IN THE TRUST DEED AND BEING, AS AT THE DAT E THEREOF, NATIONAL CITY BANK, KENTUCKY, U.S.A.), REPAYMENT OF CASH OR SECURITIE S ADVANCED BY THE TRUSTEE TO THE TRUST H ELD UNDER THE PROVISIONS OF THE TRUST DE ED, AND CERTAIN TRANSFERS BY THE TRUSTEE TO AN OVERSEAS FUND (AS DEFINED IN THE TRUST DEED) OR TO THE COMMISSIONER OF IN SURANCE OF THE COMMONWEALTH OF KENTUCKY OR OTHER DESIGNATED RECEIVER, AND FOR SE CURING 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 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 THE INSURANCE LAWS OF THE COMMONWEALTH OF KENTUCKY PR OVIDING INSURANCE WITH RESPECT TO PROPER TY OR RISKS SITUATED IN SAID COMMONWEALT H (A "KENTUCKY POLICY"), ALL EXPENDITURE S AND FEES OF THE TRUSTEE (AS DEFINED IN THE TRUST DEED AND BEING, AS AT THE DAT E THEREOF, NATIONAL CITY BANK, KENTUCKY, U.S.A.), REPAYMENT OF CASH OR SECURITIE S ADVANCED BY THE TRUSTEE TO THE TRUST H ELD UNDER THE PROVISIONS OF THE TRUST DE ED, AND CERTAIN TRANSFERS BY THE TRUSTEE TO AN OVERSEAS FUND (AS DEFINED IN THE TRUST DEED) OR TO THE COMMISSIONER OF IN SURANCE OF THE COMMONWEALTH OF KENTUCKY OR OTHER DESIGNATED RECEIVER, AND FOR SE CURING 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.1176 (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 THE INSURANCE LAWS OF THE COMMONWEALTH OF KENTUCKY PR OVIDING INSURANCE WITH RESPECT TO PROPER TY OR RISKS SITUATED IN SAID COMMONWEALT H (A "KENTUCKY POLICY"), ALL EXPENDITURE S AND FEES OF THE TRUSTEE (AS DEFINED IN THE TRUST DEED AND BEING, AS AT THE DAT E THEREOF, NATIONAL CITY BANK, KENTUCKY, U.S.A.), REPAYMENT OF CASH OR SECURITIE S ADVANCED BY THE TRUSTEE TO THE TRUST H ELD UNDER THE PROVISIONS OF THE TRUST DE ED, AND CERTAIN TRANSFERS BY THE TRUSTEE TO AN OVERSEAS FUND (AS DEFINED IN THE TRUST DEED) OR TO THE COMMISSIONER OF IN SURANCE OF THE COMMONWEALTH OF KENTUCKY OR OTHER DESIGNATED RECEIVER, AND FOR SE CURING 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.1212 (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 THE INSURANCE LAWS OF THE COMMONWEALTH OF KENTUCKY PR OVIDING INSURANCE WITH RESPECT TO PROPER TY OR RISKS SITUATED IN SAID COMMONWEALT H (A "KENTUCKY POLICY"), ALL EXPENDITURE S AND FEES OF THE TRUSTEE (AS DEFINED IN THE TRUST DEED AND BEING, AS AT THE DAT E THEREOF, NATIONAL CITY BANK, KENTUCKY, U.S.A.), REPAYMENT OF CASH OR SECURITIE S ADVANCED BY THE TRUSTEE TO THE TRUST H ELD UNDER THE PROVISIONS OF THE TRUST DE ED, AND CERTAIN TRANSFERS BY THE TRUSTEE TO AN OVERSEAS FUND (AS DEFINED IN THE TRUST DEED) OR TO THE COMMISSIONER OF IN SURANCE OF THE COMMONWEALTH OF KENTUCKY OR OTHER DESIGNATED RECEIVER, AND FOR SE CURING 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.1215 (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 THE INSURANCE LAWS OF THE COMMONWEALTH OF KENTUCKY PR OVIDING INSURANCE WITH RESPECT TO PROPER TY OR RISKS SITUATED IN SAID COMMONWEALT H (A "KENTUCKY POLICY"), ALL EXPENDITURE S AND FEES OF THE TRUSTEE (AS DEFINED IN THE TRUST DEED AND BEING, AS AT THE DAT E THEREOF, NATIONAL CITY BANK, KENTUCKY, U.S.A.), REPAYMENT OF CASH OR SECURITIE S ADVANCED BY THE TRUSTEE TO THE TRUST H ELD UNDER THE PROVISIONS OF THE TRUST DE ED, AND CERTAIN TRANSFERS BY THE TRUSTEE TO AN OVERSEAS FUND (AS DEFINED IN THE TRUST DEED) OR TO THE COMMISSIONER OF IN SURANCE OF THE COMMONWEALTH OF KENTUCKY OR OTHER DESIGNATED RECEIVER, AND FOR SE CURING 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.2 (THE "SYNDICATE") AND ALLOCA BLE TO THE RELEVANT YEAR OF ACCOUNT OR I N RESPECT OF WHICH THE COMPANY IS LIABLE AS A MEMBER OF THE SYNDICATE FOR THE RE LEVANT YEAR OF ACCOUNT FOR AN EARLIER YE AR OF ACCOUNT PURSUANT TO ANY CONTRACT O F REINSURANCE TO CLOSE AND ISSUED TO A P OLICYHOLDER PURSUANT TO THE INSURANCE LA WS OF THE COMMONWEALTH OF KENTUCKY PROVI DING INSURANCE WITH RESPECT TO PROPERTY OR RISKS SITUATED IN SAID COMMONWEALTH ( A "KENTUCKY POLICY"), ALL EXPENDITURES A ND FEES OF THE TRUSTEE (AS DEFINED IN TH E TRUST DEED AND BEING, AS AT THE DATE T HEREOF, NATIONAL CITY BANK, KENTUCKY, U. S.A.), REPAYMENT OF CASH OR SECURITIES A DVANCED BY THE TRUSTEE TO THE TRUST HELD UNDER THE PROVISIONS OF THE TRUST DEED, AND CERTAIN TRANSFERS BY THE TRUSTEE TO AN OVERSEAS FUND (AS DEFINED IN THE TRU ST DEED) OR TO THE COMMISSIONER OF INSUR ANCE OF THE COMMONWEALTH OF KENTUCKY OR OTHER DESIGNATED RECEIVER, AND FOR SECUR ING THE OTHER AMOUNTS AND OBLIGATIONS RE FERRED TO IN THE TRUST DEED.

THE PAYMENT OF LOSSES (INCLUDING CLAIMS FOR THE RETURN OF UNEARNED PREMIUM) UNDE R CONTRACTS OR POLICIES OF INSURANCE INC EPTING ON OR AFTER 1 JANUARY 1996 UNDERW RITTEN BY THE COMPANY AS A MEMBER OF SYN DICATE NO.34 (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.40 (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.47 (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.48 (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.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.62 (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.79 (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 REINSURANCE I NCEPTING ON OR AFTER 1 AUGUST 1995 UNDER WRITTEN BY A MEMBER OR MEMBERS OF LLOYD' S OR IN RESPECT OF WHICH A MEMBER OR MEM BERS IS OR ARE LIABLE ISSUED TO A CEDING INSURER DOMICILED IN A STATE DISTRICT T ERRITORY COMMONWEALTH OR POSSESSION OF T HE UNITED STATES (AN AMERICAN REINSURANC E POLICY) THE AGGREGATE GROSS LIABILITIE S OF THE MEMBER OR MEMBERS UNDER AMERICA N REINSURANCE POLICIES ALL EXPENDITURES AND FEES OF THE TRUSTEE (AS DEFINED IN T HE TRUST DEED AND BEING AS AT THE DATE T HEREOF CITIBANK N.A. OF 10011 WALL STREE T NEW YORK U.S.A.) REPAYMENTS OF CASH OR SECURITIES ADVANCED BY THE TRUSTEE TO T HE TRUST HELD UNDER THE PROVISIONS OF TH E TRUST DEED AND CERTAIN TRANSFERS BY TH E TRUSTEE TO AN OVERSEAS FUND (AS DEFINE D IN THE TRUST DEED) OR TO THE SUPERINTE NDENT OF INSURANCE OF THE STATE OF NEW Y ORK OR OTHER DESIGNATED RECEIVER AND THE OTHER AMOUNTS AND OBLIGATIONS REFERRED TO IN THE TRUST DEED

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

All monies

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

ALL LOSSES, CLAIMS, EXPENSES, RETURNS OF PREMIUMS AND OTHER OUTGOINGS INCURRED O R ARISING OR WHICH MAY AT ANY TIME BE IN CURRED OR ARISE IN CONNECTION WITH THE L ONG TERM BUSINESS (AS DEFINED IN THE INS URANCE COMPANIES ACT 1982) OFTHE COMPANY AT LLOYD'S WHERE (1) THE LIABILITY OF T HE COMPANY IN RESPECT OF SUCH BUSINESS I S EXPRESSED IN UNITED STATES DOLLARS; AN D (2) THE PREMIUM PAYABLE TO OR FOR THE ACCOUNT OF THE COMPANY HAS BEEN PAID OR IS PAYABLE IN UNITED STATES DOLLARS

ALL LOSSES, CLAIMS, EXPENSES, RETURNS OF PREMIUMS, RE-INSURANCE PREMIUMS AND OTH ER OUTGOINGS INCURRED OR ARISING OR WHIC H MAY AT ANY TIME BE INCURRED OR ARISE I N CONNECTION WITH THE UNDERWRITING BUSIN ESS OF THE COMPANY AT LLOYD'S, OTHER THA N LONG TERM BUSINESS (AS DEFINED IN THE INSURANCE COMPANIES ACT 1982), WHERE (1) THE LIABILITY OF THE COMPANY IN RESPECT OF THE COMPANY IN RESPECT OF SUCH BUSIN ESS IS EXPRESSED IN UNITED STATES DOLLAR S; AND (2) THE PREMIUM PAYABLE TO OR FOR THE ACCOUNT OF THE COMPANY HAS BEEN PAI D OR IS PAYABLE IN UNITED STATES DOLLARS

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 BU SINESS, OTHER THAN LONG TERM BUSINESS (A S DEFINED IN THE INSURANCE COMPANIES ACT 1982), OF THE COMPANY AT LLOYD'S WHERE (1) THE LIABILITY OF THE COMPANY IN RESP ECT OF SUCH BUSINESS IS EXPRESSED IN CAN ADIAN DOLLARS AND THE PREMIUM PAYABLE TO OR FOR THE ACCOUNT OF THE COMPANY HAS B EEN PAID OR IS PAYABLE IN CANADIAN DOLLA RS; OR (2) THE BUSINESS (OTHER THAN MARI NE AND RE-INSURANCE BUSINESS) IS NOT WRI TTEN IN CANADIAN DOLLARS BUT THE RISKS C OVERED BY THE POLICY OR CONTRACT OF INSU RANCE ARE OR WILL ORDINARILY BE SITUATED IN A PROVINCE OR TERRITORY OF CANADA

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

ALL THE UNDERWRITING OBLIGATIONS OF THE COMPANY INCURRED BY THE COMPANY AS AN UN DERWRITING MEMBER OF THE SOCIETY AT ANY TIME BEFORE THE TERMINATION DATE (BEING THE 80TH ANNIVERSARY OF THE DATE OF THE TRUST DEED) INCLUDING OBLIGATIONS TO THE SOCIETY AND THE TRUSTEES (BEING THE SOC IETY AND THE OTHER TRUSTEES FOR THE TIME BEING OF THE TRUSTS CREATED BY THE TRUS T DEED) AND OBLIGATIONS ARISING UNDER TH E BYE LAWS,REGULATIONS,RULES AND ANY DEE D CONTRACT,INSTRUMENT OR OTHER ARRANGEME NT OF ANY KIND APPROVED BY THE SOCIETY