CM421 (17)DTD (IA – IM) (LIFE) (17)

Member Code:..........................
LLOYD'S DEPOSIT TRUST DEED

(INTERAVAILABLE – INDIVIDUAL MEMBER VERSION)
Long-Term Insurance Business (Life)T H I S D E E D is made theday of

20

BETWEEN(1)("the Name")and(2) the Society incorporated by Lloyd's Act 1871 by the name of LLOYD'S ("the Society")
WHEREAS:(A)

The Name is an individual underwriting member of the Society and this Deed is made by theName in consideration of the continuance of his existing membership.

(B)

This Deed is executed in order to comply with the requirements prescribed by the Council of
Lloyd's that underwriting members of the Society should provide security in respect of theirunderwriting business at Lloyd's by way of funds at Lloyd’s (including inter alia a Lloyd's
deposit).

(C)

The Name has given the covenant in favour of the Society referred to in clause 2.2 hereof tobe held by the Society as trustee upon and with and subject to the trusts powers andprovisions set out herein and it is anticipated that further property may hereafter from time totime be added thereto (to be held upon and with and subject to the like trusts powers andprovisions) whether by the Name or some other person or in exercise of a power or powers
conferred by some other trust instrument.

(D)

The Name has executed a deed or deeds (in the form for the time being required by theCouncil) entitled Lloyd's Premiums Trust Deed declaring trusts upon which the premiums andother monies received by or on behalf of the Name in connection with long-term insurance
business are to be held.

(E)

The Name wishes or anticipates that he may hereafter wish to arrange for all or part of his
underwriting business at Lloyd's (including that relating to long-term insurance business) to be
carried on in his place by one or more underwriting members of the Society which are bodies
corporate or Scottish Limited Partnerships (with separate legal personality) and this Deedmakes appropriate provision for such an eventuality.

NOW THIS DEED made for the consideration aforesaid WITNESSES and it is hereby AGREED AND
DECLARED as follows:1

Definitions

1.1

In this Deed unless the context otherwise requires:“Adhering Corporate Member” means a Corporate Member which has (prior to the RelevantDate) executed (either personally or through a duly authorised attorney) a Deed of
Adherence and which at the time of such execution:(i)satisfied all the requirements of the Council then in force relating to Corporate
Members wishing (as the adhering party) to enter into arrangements of the typecontemplated by a Deed of Adherence; and(ii)

where such Corporate Member is a Scottish Limited Partnership (but not otherwise)
was then a partnership firm in respect of which the Name was or had agreed to
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become a limited partner;(iii)

where such Corporate Member is a Limited Liability Partnership (but not otherwise)
was then a Limited Liability Partnership in respect of the which the Name was or
had agreed to become a member“the Adhering Corporate Member's Beneficiaries” means in relation to an Adhering
Corporate Member all persons to whom that Adhering Corporate Member will at the date of
execution of that Adhering Corporate Member's Deed of Adherence be or may thereafter at
any time before the Termination Date become financially liable by reason of any default in
respect of any of that Adhering Corporate Member's Lloyd's obligations“Adhering Corporate Member's Deed of Adherence” means in relation to an Adhering
Corporate Member the Deed of Adherence duly executed by (or by a duly authorised
attorney on behalf of) (1) the Name (2) that Adhering Corporate Member and (3) the
Trustees“appropriate regulator” means the Financial Conduct Authority and/or the Prudential
Regulation Authority“the Beneficiaries” means both the Name's Beneficiaries and the Adhering Corporate
Member's Beneficiaries in relation to each Adhering Corporate Member“Corporate Member” means a body corporate or a Scottish Limited Partnership which is or
which has applied to become an underwriting member of the Society“the Council” means the Council of Lloyd's and (except in clause 3) references to the Council
shall include its delegates and persons by whom it acts
“Deed of Adherence” means a deed made between and executed by (or by a duly
authorised attorney on behalf of) (1) the Name (2) a Corporate Member intending thereby tobecome an Adhering Corporate Member and (3) the Trustees in the relevant prescribed
form (or in such other form as the Council may from time to time require), and for the
avoidance of any doubt any such deed may if thought fit be executed in escrow conditionalon the performance of a specified condition“the Financial Conduct Authority” means the body corporate known as the Financial Conduct
Authority that is referred to in section 1A of the Financial Services and Markets Act 2000 or any
successor regulatory organisation“funds at Lloyd’s” has the meaning given to it in the Lloyd’s Membership Byelaw (No. 5 of2005)
“insurance” includes assurance reinsurance and reassurance“Limited Liability Partnership” means a limited liability partnership incorporated under the
Limited Liability Partnerships Act 2000 and which has a members’ agreement or members’
deed in a form approved by the Council“Lloyd's obligations” in relation to an underwriting member of the Society means allunderwriting obligations incurred by that member as an underwriting member of the Society
at any time before the Termination Date and includes obligations to the Society and theTrustees and obligations arising under or in accordance with:(i)the byelaws regulations rules directions or other requirements of the Society; and(ii)

any deed contract instrument or other arrangement of any kind approved by theSociety

but does not include obligations arising in respect of any letter of credit guarantee or othersecurity given to secure the performance of any of the said underwriting obligations in favourof the person giving such guarantee, letter of credit or other security
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“long-term insurance business” means the business of effecting or carrying out “contracts oflong-term insurance” as defined in the Financial Services and Markets Act 2000 (Regulated
Activities) Order 2001
“the managing agent” means (in relation to the Name) the person for the time being acting
as the Name's managing agent in respect of any part of the Name's underwriting businessat Lloyd's or (in relation to the Relevant Corporate Member) the person for the time being
acting as the Relevant Corporate Member's managing agent in respect of any part of theRelevant Corporate Member's underwriting business at Lloyd's (and in each such case any
successor in whole or in part of such agent including any substitute agent)“the Name's Beneficiaries” means all persons to whom the Name is or may at any time
before the Termination Date become financially liable by reason of any default in respect of
any of the Name's Lloyd's obligations“the Name's members' agent” means any members' agent of the Name at Lloyd's appointed
by the Name (and any successor in whole or in part of such agent including any substituteagent)“the Name's Premiums Trust Deed” means the deed or any of the deeds executed by (or by
a duly authorised attorney on behalf of) the Name and referred to in recital (D) hereof andincludes any further such deed which may hereafter be executed by (or on behalf of) the
Name in addition thereto or in substitution therefor“the Name's Premiums Trustees” means the trustees for the time being of the Name'sPremiums Trust Deed“the Name's Premiums Trust Fund” means the fund of premiums and other monies heldfrom time to time upon the trusts of the Name's Premiums Trust Deed“the Prudential Regulation Authority” means the body corporate known as the Prudential
Regulation Authority that is referred to in section 2A of the Financial Services and Markets Act
2000 or any successor regulatory organisation“Related Person” means any person, firm or company which is in any way associated orconnected with any of the Trustees or (in the case of a corporate trustee) with any of theirofficers or employees“the Relevant Corporate Member” has the meaning given to that expression by clause 5.1
hereof for the purposes of clauses 6 and 7 of this Deed“the Relevant Corporate Member’s Premiums Trust Deed” means in relation to the Relevant
Corporate Member the deed or any of the deeds executed by (or by a duly authorised
attorney on behalf of) the Relevant Corporate Member (in the form for the time being
required by the Council) entitled Lloyd's Premiums Trust Deed declaring trusts upon which
the premiums and other monies received by or on behalf of the Relevant Corporate Member
in connection with long-term insurance business are to be held and includes any further
such deed which may hereafter be executed by (or on behalf of) the Relevant Corporate
Member in addition thereto or in substitution therefor“the Relevant Corporate Member's Premiums Trustees” means in relation to the Relevant
Corporate Member the trustees for the time being of the Relevant Corporate Member's
Premiums Trust Deed“the Relevant Corporate Member's Premiums Trust Fund” means in relation to the Relevant
Corporate Member the fund of premiums and other monies held from time to time upon thetrusts of the Relevant Corporate Member's Premiums Trust Deed“the Relevant Date” means the first to occur of the Termination Date and the occurrence ofthe event specified in clause 9.3 hereof (whereby the Unappropriated Trust Fund and its
income will become held upon trust for the Name absolutely)
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“requirements of the Council” means any requirement imposed by any byelaw or regulation
made under Lloyd's Acts 1871 to 1982 or under the authority given by any premiums trust
deed, any code of practice, underwriting guideline, condition or requirement made or imposedor direction given under any such byelaw, regulation or authority and any direction given under
section 6 of Lloyd's Act 1982, any requirement imposed by or under any agreement, deed orother instrument between the Society or the Council and any member, underwriting agent, or
any trustee of any premiums trust deed, or by or under any undertaking in favour of the Societyor the Council given by any member, any underwriting agent or any trustee of any premiums
trust deed and any other direction or requirement given or made by the Council under Lloyd's
Acts 1871 to 1982
“Scottish Limited Partnership” means a partnership firm as constituted from time to time
established under the laws of Scotland and in accordance with the Partnership Act 1890 and
the Limited Partnerships Act 1907 (and having its own separate legal personality) which has
a partnership agreement or partnership deed in a form approved by the Council (and so thatreferences in this Deed to “Scottish Limited Partnership” or to “Corporate Member” in any
case where the Corporate Member in question is a Scottish Limited Partnership shall where
the context admits include references to those persons who after the dissolution of thepartnership will succeed to the benefit of its surplus assets if any and assume the burden of
its obligations if any)“securities” include shares in any body corporate (wherever incorporated) or in any
unincorporated body constituted under the law of a country or territory outside the United
Kingdom, debentures, debenture stock, loan stock, bonds, certificates of deposit, other
instruments creating or acknowledging indebtedness, warrants and other instruments
entitling their holders to subscribe for securities (whether or not in existence or identifiable),certificates and other instruments conferring rights in respect of securities held by persons
other than the persons on whom the rights are conferred and the transfer of which may beeffected without the consent of those persons, units in a collective investment scheme,
options, futures and rights under contracts for differences, swaps or similar contracts,
including those securities to which title is evidenced otherwise than by an instrument inwriting“Special Reserve Funds” means any funds so designated and set up in accordance witharrangements referred to in section 175 of and Schedule 20 to the Finance Act 1993
“the Specified Beneficiaries” has (for the purposes of clauses 6 and 7 of this Deed) the
meaning given to that expression by clause 5.1 hereof“the Specified Date” means the first to occur of the Termination Date and the occurrence (inrespect of the Specified Fund in question) of either of the events specified in clauses 7.3.1
or 7.3.2 hereof (whereby such Specified Fund will cease to exist or will become held upontrust for the Name absolutely)“Specified Fund” means in relation to an Adhering Corporate Member the following assets
comprised in (and constituting a part or the whole of) the Trust Fund namely:(i)the property specified in the Schedule to that Adhering Corporate Member's Deedof Adherence (which property shall be confined to property which at the date of
execution of that Deed of Adherence is then comprised in the Trust Fund but which
is not already comprised in a Specified Fund relating to some other Adhering
Corporate Member); and(ii)

any property added to the Specified Fund relating to that Adhering Corporate
Member in exercise of the power conferred on the Trustees by clause 4.2 below;
and

(iii)

any additions to the Trust Fund made after the execution of that Adhering Corporate
Member's Deed of Adherence which at the time or times of addition to the TrustFund are stated in a contemporaneous instrument in writing executed by the

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Trustees to be accepted as an addition to the Specified Fund in question (and not
any other Specified Fund); and(iv)

all accumulations of income derived from property comprised in the Specified Fundin question (at the time that such income arose); and(v)

the property for the time being representing such property, additions oraccumulations (as the case may be) or accepted by the Trustees in substitution for
all or any of it“the Termination Date” means the earlier of the expiry of one hundred and twenty-four yearsthfrom the date of this Deed and the 20 anniversary of the death of the Name“the Trustees” means the Society and the other trustees for the time being of the trusts
hereby created“the Trust Fund” means the Name’s covenant contained in clause 2.2 below and the full
benefit of it all further property added or accruing by way of further settlement, capitalaccretion, accumulation of income or otherwise and the property from time to time
representing the same and any property (acceptable to the Society) transferred to orotherwise vested in or under the direct or indirect control of the Trustees in substitution forthe same (and for the avoidance of doubt shall include any and every Specified Fund as wellas the Unappropriated Trust Fund)“the Unappropriated Trust Fund” means the Trust Fund other than (and except for) any andevery Specified Fund relating to an Adhering Corporate Member;
1.2

Reference to any Lloyd’s byelaw or to any legislation (whether primary or subordinate) or toany provision of either of them shall include reference to that byelaw or legislation as from time
to time amended consolidated or re-enacted.

2

Name's declaration and covenant
In consideration of the continuance of the Name's membership as an underwriting memberof the Society the Name (so as to bind himself and his personal representatives) hereby:

2.1

with the intention of establishing a binding trust for the benefit of the Beneficiaries
irrevocably declares and directs that the Trust Fund shall henceforth be held by theTrustees upon and with and subject to the trusts powers and provisions set out herein; and2.2

covenants with the Trustees that whenever any sum comprised in a Specified Fund or in the
Unappropriated Trust Fund is paid to the Name's Premiums Trustees or is otherwise
applied under clause 7.2 or clause 9.2 hereof:
2.2.1

in discharging or making good any default in respect of any Lloyd's obligations of
the Name in respect of long-term insurance business; or

2.2.2

because insufficient assets are available in the Name's Premiums Trust Fund; or

2.2.3

because the Name has sustained an ascertained loss on a closed underwriting
account; or

2.2.4

because a person has applied monies not belonging to the Name in or towards thedischarge of any claim upon any contract of insurance underwritten at Lloyd's by oron account of the Name

the Name will (if so required by the Society) forthwith pay or procure to be paid to the Trustees
sums equal in the aggregate to the sum so paid or applied to be held by the Trustees as anaccretion to the Trust Fund and as part of the Specified Fund in question or as part of the
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2.3

by way of security for the performance of the foregoing covenant charges the future profits
of the Name's underwriting business at Lloyd's with payment of all sums from time to time
payable to the Trustees thereunder (subject to any prior charge contained in the Name’s
Premiums Trust Deed or any other Trust Deed or other instrument of the Name at Lloyd's)
and for that purpose and to that extent assigns the said profits to the Trustees to hold upon
the trusts hereof.

3

Power of the Society to Vary
The Society (acting by the Council) may from time to time before the Termination Date (after
providing to the appropriate regulator full details of the proposed amendments in accordancewith its requirements) vary or amend all or any of the provisions hereof in such manner as theSociety thinks fit and on so acting the Society shall notify the Name (either directly or by noticeto the Name’s members’ agent) the members’ agent and the managing agent accordingly.

4

Deeds of adherence and directions to add to a Specified Fund

4.1

The Trustees shall have power forthwith upon the execution of this Deed (even where thesame has been executed in escrow) or at any later time or times before the Relevant Dateto enter into and execute a Deed of Adherence in respect of any Corporate Member
intending thereby to become an Adhering Corporate Member but such power shall only becapable of exercise if the following conditions are satisfied:
4.1.1

no Deed of Adherence has already been executed in respect of the Corporate
Member in question; and4.1.2

the Trustees are satisfied at the time of execution of such Deed of Adherence thatsuch execution will be for the benefit of the Name and will not materially be to thedisadvantage of the persons who are then the Name's Beneficiaries;

4.2

Where a Deed of Adherence has been duly executed in respect of an Adhering Corporate
Member the Trustees shall have power at the request of the Name (or the Name’s
members’ agent) at any time or times before the Relevant Date by instrument in writing todirect that any or all of the property which at the date of such request is then comprised in
the Unappropriated Trust Fund shall from the date of such direction be added to theSpecified Fund relating to that Adhering Corporate Member but such power shall only becapable of exercise if the Trustees are satisfied at the time of such direction that it will be forthe benefit of the Name and will not materially be to the disadvantage of the persons who
are then the Name's Beneficiaries;

4.3

The Trustees shall also have power at any time or times before the Termination Date toenter into and execute any such instrument in writing as is referred to in paragraph (iii) of
the definition in clause 1.1 of this Deed of “Specified Fund”.

5
5.1

The principal trusts
Subject to sub-clauses 5.2 and 5.3 (and clause 4) of this Deed:
5.1.1

where a Deed of Adherence has been duly entered into and executed in relation toan Adhering Corporate Member the Specified Fund relating to that Adhering
Corporate Member and the income thereof shall thenceforth be held upon and withand subject to the trusts powers and provisions declared and contained in respect
thereof in clauses 6 and 7 of this Deed and in such clauses:
5.1.1.1 “the Relevant Corporate Member” means the Adhering Corporate Member
relating to the Specified Fund in question; and5.1.1.2 “the Specified Beneficiaries” means both the Adhering Corporate Member's
Beneficiaries of that Adhering Corporate Member and the Name's
Beneficiaries provided that:(1) a Name's Beneficiary shall not be a Specified Beneficiary in relation to
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any asset transferred to the Specified Fund (or any accumulations ofincome thereafter derived therefrom or the assets from time to time
representing that asset or those accumulations) except as regards anyof the Name's Lloyd's obligations incurred in any year of account prior
to the transfer (or where the transfer occurs during the middle of a yearof account, incurred in that current year of account or any prior year ofaccount); and(2) where the Adhering Corporate Member is a Scottish Limited Partnershipin which the Name was or had agreed to become a limited partner at thetime of execution of that Adhering Corporate Member's Deed of
Adherence an Adhering Corporate Member's Beneficiary shall not (unlessthe Council otherwise directs) be a Specified Beneficiary as regards anyof that Adhering Corporate Member's Lloyd's obligations incurred in any
year of account subsequent to that in which the Name dies or if earlier theyear in which the Name gives valid notice of resignation from thepartnership or assigns away all his interest in the partnership; and(3) where the Adhering Corporate Member is a Limited Liability Partnershipin which the Name was or had agreed to become a member at the timeof execution of that Adhering Corporate Member's Deed of Adherence an
Adhering Corporate Member's Beneficiary shall not (unless the Council
otherwise directs) be a Specified Beneficiary as regards any of that
Adhering Corporate Member's Lloyd's obligations incurred in any year ofaccount subsequent to that in which the Name dies or if earlier the year inwhich the Name gives valid notice of his resignation as a member of theLimited Liability Partnership or transfers all his interest therein;
5.1.2

the Unappropriated Trust Fund and the income thereof shall be held upon and withand subject to the trusts powers and provisions declared and contained in clauses 8
and 9 of this Deed;

5.2

provided always that if and whenever at any time or times before the Relevant Date it shallbe established to the satisfaction of the Trustees that the Unappropriated Trust Fund is of
an insufficient size to satisfy the applicable requirements of the Council the Trustees may(and shall if so directed by the Council) remove from each Specified Fund or from any one
or more of the Specified Funds such assets as may be required to ensure that theapplicable requirements of the Council are satisfied and thenceforth the removed assets(and the assets for the time being representing the same) and the income thereof shall beheld as part of the Unappropriated Trust Fund upon and with and subject to the trusts
powers and provisions declared and contained in clauses 8 and 9 of this Deed discharged
from the trusts powers and provisions previously applying to the same under clauses 6 and7 hereof (but without prejudice to the future exercise so as to affect any of such assets ofeither of the powers conferred by clauses 4.1 or 4.2 of this Deed);

5.3

where any objective of the Trustees can be achieved by the exercise of a power conferredby clauses 6 or 7 hereof in respect of any one or more of the Specified Funds or therespective income thereof or by the exercise of a power conferred by clauses 8 or 9 hereofin respect of the Unappropriated Trust Fund or the income thereof the Trustees shall have acomplete discretion as to which one or more (if any) of those powers is exercised by themand (where more than one such power is exercised) to what extent each one is so
exercised;

5.4

in exercising their discretions under clauses 6 or 7 hereof the Trustees shall have regard to
the fact that each Specified Fund is intended primarily (although not exclusively) to benefit
the Specified Beneficiaries relating to that Specified Fund.

6

Powers of appointment and determination in respect of each Specified Fund
Subject as aforesaid the Trustees shall hold each Specified Fund and its income:

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6.1

upon such trusts for the benefit of the Name (or after the death of the Name any person who ismentioned in clause 10.3.2 below) or the Specified Beneficiaries or any one or more of themexclusive of the others in such shares and subject to such terms and limitations and with suchdiscretionary trusts and powers exercisable by such persons as the Society shall from time totime (for the purpose of promoting the effective securing of the Lloyd's obligations of the Nameor of the Relevant Corporate Member in either case relating to the Specified Beneficiaries or
any of them or the beneficial and convenient execution and administration of the trusts hereof
applicable to such Specified Fund) by instrument or instruments in writing revocable orirrevocable executed before the Specified Date but without infringing the rule against
perpetuities appoint (and so that without prejudice to the generality of the foregoing the Society
may if it thinks fit exercise this power either revocably or irrevocably so as to ensure that theSpecified Fund or any part of it is for the time being held upon trusts exclusively or primarily forthe benefit of such of the Name’s Beneficiaries as are included in the class of the Specified
Beneficiaries or some of them in order that the same may count as eligible assets for the
purposes of the solvency of the Name at Lloyd’s);

6.2

upon trust if the Society shall at any time or times before the Specified Date by instrument inwriting (with the consent of the Name or the Name’s members’ agent) so direct to pay ortransfer or otherwise vest the whole or any part or parts of such Specified Fund to or in or
under the direct or indirect control of the trustees of any other Lloyd's Deposit Trust Deed
relating to long-term insurance business or Lloyd's Security and Trust Deed relating to longterm insurance business (whether made in respect of the underwriting business at Lloyd’s of
the Name the Relevant Corporate Member or any other underwriting member of theSociety) upon and with and subject to the trusts powers and provisions declared andcontained in that other Trust Deed and as an addition to the trust property subject thereto(freed and discharged from all the trusts powers and provisions of this Deed) provided
always that no such direction shall be made by the Society:6.2.1

so as to infringe the rules against perpetuities (and it is hereby declared that indirecting any such addition the Society may if it thinks fit modify as regards such
addition and its income the trusts powers and provisions declared and contained inthat other Trust Deed so as to ensure beyond any doubt that such rules are notinfringed); and6.2.2

unless the Society is satisfied at the time of making such direction (and expresses
itself to be so satisfied in the instrument in writing containing the same) that thepayment or transfer in question will not materially be to the disadvantage of any of
the Specified Beneficiaries;

6.3

upon trust if the Society shall at any time or times before the Specified Date by instrument inwriting declare that the trusts and powers hereby created are determined in respect of suchSpecified Fund or any part of it to pay and transfer the same to the Name absolutely.

7

Trusts and powers in respect of each Specified Fund
In default of and subject to any such appointment direction or declaration the Trustees shall(subject as aforesaid) hold each Specified Fund and its income upon the following trusts:

7.1

until the Specified Date the income of such Specified Fund shall be held upon and subject tothe following trusts and powers:
7.1.1

subject as hereinafter provided upon trust for the Name absolutely;

7.1.2

if and whenever the Trustees determine that an event has occurred during the
lifetime of the Name which brings into operation in respect of such Specified Fund
any of the trusts or powers contained in clause 7.2 below then (subject to thosetrusts and powers) upon trust to accumulate the subsequent income of suchSpecified Fund during the remainder of the Name's lifetime (prior to the SpecifiedDate) and add it to the capital of such Specified Fund (but so that for the avoidanceof any doubt this provision shall not prevent income being held subject to thosetrusts and powers in accordance with sub-clause 7.1.1 following the death of theName);
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7.1.3

7.2

whenever income is subject to accumulation as aforesaid the Trustees may at theirdiscretion (exercisable in accordance with the requirements of the Council) by
instrument in writing declare in respect of such Specified Fund that theaccumulation shall cease whereupon the subsequent income of such Specified
Fund shall be subject to all the provisions of this clause 7.1;

until the Specified Date each Specified Fund and its income shall be held upon and subject
to the following trusts or powers:
7.2.1

If and whenever the Name shall make default in respect of any of the Name's
Lloyd's obligations in respect of long-term insurance business relating to any of theSpecified Beneficiaries or the Relevant Corporate Member shall make default in
respect of any of the Relevant Corporate Member's Lloyd's obligations in respect oflong-term insurance business relating to any of the Specified Beneficiaries theTrustees may pay or apply such Specified Fund or its income or any part thereof indischarging or making good such default in such manner and to such extent as theTrustees think fit (whether by payment direct to the Specified Beneficiary affected
reinsurance purchase of claims or returns of premiums or otherwise);

7.2.2

if and whenever it shall be established to the satisfaction of the Trustees that either:
7.2.2.1

insufficient assets are available in the Name's Premiums Trust Fund tomeet the Name's Lloyd's obligations in respect of long-term insurance
business; or

7.2.2.2

the Name has sustained on a closed underwriting account an ascertained
loss in respect of long-term insurance business which has not been
fundedthe Trustees may pay or apply such Specified Fund or its income or any part thereof inany manner directed by the Name's Premiums Trust Deed for the payment orapplication of the Name's Premiums Trust Fund or may pay the same to the Name'sPremiums Trustees as an accretion to the Name's Premiums Trust Fund;7.2.3

if and whenever it shall be established to the satisfaction of the Trustees that either:
7.2.3.1 insufficient assets are available in the Relevant Corporate Member's
Premiums Trust Fund to meet the Relevant Corporate Member's Lloyd's
obligations in respect of long-term insurance business; or
7.2.3.2 the Relevant Corporate Member has sustained on a closed underwriting
account an ascertained loss in respect of long-term insurance business
which has not been funded
the Trustees may pay or apply such Specified Fund or its income or any part thereof inany manner (not offending the rules against perpetuities) directed by the Relevant
Corporate Member's Premiums Trust Deed for the payment or application of theRelevant Corporate Member's Premiums Trust Fund or may pay the same to theRelevant Corporate Member's Premiums Trustees as an accretion to the Relevant
Corporate Member's Premiums Trust Fund (subject nevertheless to the proviso thatsuch accretion may thereafter only be paid or applied in a manner which does notoffend the rules against perpetuities and that if the whole or any part of such accretionor its income shall still be held subject to the Relevant Corporate Member's Premiums
Trust Deed immediately prior to the Termination Date then such whole or part shall at
the Termination Date be held upon trust for the Relevant Corporate Member
absolutely discharged from all the trusts powers and provisions of the Relevant
Corporate Member's Premiums Trust Deed);

7.2.4

If and whenever it shall be established to the satisfaction of the Trustees that any
person (including the Society) has at any time (with or without the knowledge and

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consent of the Name or the Relevant Corporate Member as the case may be) ingood faith applied monies:
7.2.4.1 in or towards the discharge of any claim accepted by the managing agent
upon any contract of insurance in respect of long-term insurance businessunderwritten at Lloyd's by or on account of the Name in relation to any
person who is or would in the event of a default be a Specified Beneficiaryand such monies did not belong to the Name; or
7.2.4.2 in or towards the discharge of any claim accepted by the managing agent
upon any contract of insurance in respect of long-term insurance businessunderwritten at Lloyd's by or on account of the Relevant Corporate Member
in relation to any person who is or would in the event of a default be aSpecified Beneficiary and such monies did not belong to the Relevant
Corporate Member
the Trustees may act under clause 7.2.1 above as if the Name or the Relevant
Corporate Member as the case may be was in default in respect of such claim and as if
the person applying such monies was the Specified Beneficiary affected;
7.3

if before the Termination Date whilst the Name shall continue to be a person obliged under
the requirements of the Council to maintain funds at Lloyd's in respect of long-term
insurance business or (even though the Name has ceased to be such a person) whilst theTrustees are not satisfied that all the Name's Lloyd's obligations in respect of long-term
insurance business have been discharged or otherwise provided for:
7.3.1

the Relevant Corporate Member shall cease (for whatever reason) to be a person
obliged under the requirements of the Council to maintain funds at Lloyd's in respectof long-term insurance business relating to the Specified Beneficiaries and it isestablished to the satisfaction of the Trustees that all the Relevant Corporate
Member's Lloyd's obligations in respect of long-term insurance business relating to
the Specified Beneficiaries have been discharged or are otherwise finally provided
for; or

7.3.2

alternative security in respect of the Relevant Corporate Member's underwriting
business at Lloyd's relating to the Specified Beneficiaries shall have been provided
which the Council shall have resolved:(1) to be satisfactory to it; and(2) to make it unnecessary to continue with the Specified Fund relating to theRelevant Corporate Member
such Specified Fund relating to the Relevant Corporate Member shall cease to exist
and the property then comprised in it (and the property for the time being representing
the same) and the income thereof shall thenceforth be held by the Trustees as part of
the Unappropriated Trust Fund upon and with and subject to the trusts powers andprovisions declared and contained in clauses 8 and 9 of this Deed discharged from thetrusts powers and provisions previously applying to the same under clauses 6 and 7
hereof (but without prejudice to the future exercise so as to affect any of such propertyof either of the powers conferred by clauses 4.1 or 4.2 of this Deed);

7.4

if at any time before the Termination Date the Name shall have ceased (for whateverreason) to be a person obliged under the requirements of the Council to maintain funds at
Lloyd's in respect of long-term insurance business and it shall be established to thesatisfaction of the Trustees that all the Name's Lloyd's obligations in respect of long-term
insurance business have been discharged or otherwise provided for and:
7.4.1

the Relevant Corporate Member has also ceased (for any reason whatsoever) to bea person obliged under the requirements of the Council to maintain funds at Lloyd's
in respect of long-term insurance business relating to the Specified Beneficiaries
and it has been established to the satisfaction of the Trustees that all the Relevant
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Corporate Member's Lloyd's obligations in respect of long-term insurance business
relating to the Specified Beneficiaries have been discharged or otherwise provided
for; or
7.4.2

alternative security in respect of the Relevant Corporate Member's underwriting
business at Lloyd's relating to the Specified Beneficiaries shall have been provided
which the Council shall have resolved:(1) to be satisfactory to it; and(2) to make it unnecessary to continue with the Specified Fund relating to theRelevant Corporate Member
the Trustees shall thenceforth hold such Specified Fund relating to the Relevant
Corporate Member and its income upon trust for the Name absolutely;

7.5

subject as aforesaid if immediately prior to the Termination Date the event specified in subclause 7.3 shall not have occurred in respect of the Specified Fund in question and it shallnot have been established to the satisfaction of the Trustees that all the Name's Lloyd's
obligations in respect of long-term insurance business have been discharged or otherwise
provided for the Trustees shall at the Termination Date pay and transfer the Specified Fundin question and its income to the Name's Premiums Trustees as an accretion to the Name'sPremiums Trust Fund and to be held by them upon the trusts of the Name's Premiums
Trust Deed;

7.6

subject as aforesaid if immediately prior to the Termination Date it shall be established tothe satisfaction of the Trustees that all the Name’s Lloyd’s obligations in respect of longterm insurance business have been discharged or otherwise provided for but neither the
event specified in sub-clause 7.4.1 nor the event specified in sub-clause 7.4.2 shall haveoccurred in respect of the Specified Fund in question the Trustees shall at the Termination
Date pay and transfer the Specified Fund in question and its income to the Relevant
Corporate Member’s Premiums Trustees as an accretion to the Relevant Corporate
Member’s Premiums Trust Fund and to be held by them upon the trusts of the Relevant
Corporate Member’s Premiums Trust Deed (subject nevertheless to the proviso that suchaccretion may thereafter only be paid or applied in a manner which does not offend the rules
against perpetuities and that if the whole or any part of such accretion or its income shall stillbe held subject to the Relevant Corporate Member’s Premiums Trust Deed immediately
prior to the expiry of the perpetuity period then such whole or part shall thenceforth be held
upon trust for the Relevant Corporate Member absolutely discharged from all the trusts
powers and provisions of the Relevant Member’s Premiums Trust Deed);

7.7

subject as aforesaid the Specified Fund in question and its income shall be held upon trust
for the Name absolutely.

8

Powers of appointment and determination in respect of the Unappropriated Trust
Fund
Subject as aforesaid the Trustees shall hold the Unappropriated Trust Fund and its income:

8.1

upon such trusts for the benefit of the Name (or after the death of the Name any person who
is mentioned in clause 10.3.2 below) or the Name's Beneficiaries or any one or more ofthem exclusive of the others in such shares and subject to such terms and limitations andwith such discretionary trusts and powers exercisable by such persons as the Society shallfrom time to time (for the purpose of promoting the effective securing of the Lloyd's
obligations of the Name or the beneficial and convenient execution and administration of thetrusts hereof applicable to the Unappropriated Trust Fund) by instrument or instruments inwriting revocable or irrevocable executed before the Relevant Date but without infringing therule against perpetuities appoint;

8.2

upon trust if the Society shall at any time or times before the Relevant Date by instrument inwriting (with the consent in writing of the Name or the Name’s members’ agent) so direct to
pay or transfer or otherwise vest the whole or any part or parts of the Unappropriated Trust
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Fund to or in or under the direct or indirect control of the trustees of any other Lloyd's
Deposit Trust Deed relating to long-term insurance business or Lloyd's Security and Trust
Deed relating to long-term insurance business (whether made in respect of the underwriting
business at Lloyd’s of the Name or any other underwriting member of the Society) upon andwith and subject to the trusts powers and provisions declared and contained in that other
Trust Deed and as an addition to the trust property subject thereto (freed and discharged
from all the trusts powers and provisions of this Deed) provided always that no suchdirection shall be made by the Society:8.2.1

so as to infringe the rules against perpetuities (and it is hereby declared that indirecting any such addition the Society may if it thinks fit modify as regards such
addition and its income the trusts powers and provisions declared and contained inthat other Trust Deed so as to ensure beyond any doubt that such rules are notinfringed); and8.2.2

unless the Society is satisfied at the time of making such direction (and expresses
itself to be so satisfied in the instrument in writing containing the same) that thepayment or transfer in question will not materially be to the disadvantage of any of
the Name's Beneficiaries;

8.3

upon trust if the Society shall at any time or times before the Relevant Date by instrument inwriting declare that the trusts and powers hereby created are determined in respect of the
Unappropriated Trust Fund or any part of it to pay and transfer the same to the Nameabsolutely.

9

Trusts and powers in respect of the Unappropriated Trust Fund
In default of and subject to any such appointment direction or declaration the Trustees shall(subject as aforesaid) hold the Unappropriated Trust Fund and its income upon the following
trusts:9.1

9.2

until the Relevant Date the income of the Unappropriated Trust Fund shall be held upon andsubject to the following trusts and powers:
9.1.1

subject as hereinafter provided upon trust for the Name absolutely;

9.1.2

if and whenever the Trustees determine that an event has occurred during the
lifetime of the Name which brings into operation in respect of the UnappropriatedTrust Fund any of the trusts or powers contained in clause 9.2 below then (subject
to those trusts and powers) upon trust to accumulate the subsequent income of the
Unappropriated Trust Fund during the remainder of the Name's lifetime (prior to theRelevant Date) and add it to the capital of the Unappropriated Trust Fund (but sothat for the avoidance of any doubt this provision shall not prevent income being
held subject to those trusts and powers in accordance with sub-clause 9.1.1
following the death of the Name);

9.1.3

whenever income is subject to accumulation as aforesaid the Trustees may at theirdiscretion (exercisable in accordance with the requirements of the Council) by
instrument in writing declare in respect of the Unappropriated Trust Fund that theaccumulation shall cease whereupon the subsequent income of the UnappropriatedTrust Fund shall be subject to all the provisions of this clause 9.1;

until the Relevant Date the Unappropriated Trust Fund and its income shall be held uponand subject to the following trusts or powers:
9.2.1

if and whenever the Name shall make default in respect of any of the Name's
Lloyd's obligations in respect of long-term insurance business the Trustees may pay
or apply the Unappropriated Trust Fund or its income or any part thereof indischarging or making good such default in such manner and to such extent as theTrustees think fit (whether by payment direct to the Name's Beneficiary affected
reinsurance purchase of claims or returns of premiums or otherwise);

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9.2.2

if and whenever it shall be established to the satisfaction of the Trustees that either:
9.2.2.1

insufficient assets are available in the Name's Premiums Trust Fund tomeet the Name's Lloyd's obligations in respect of long-term insurance
business; or

9.2.2.2

the Name has sustained on a closed underwriting account an ascertained
loss in respect of long-term insurance business which has not been
fundedthe Trustees may pay or apply the Unappropriated Trust Fund or its income or any
part thereof in any manner directed by the Name's Premiums Trust Deed for thepayment or application of the Name's Premiums Trust Fund or may pay the same to
the Name's Premiums Trustees as an accretion to the Name's Premiums Trust Fund;9.2.3

if and whenever it shall be established to the satisfaction of the Trustees that any
person (including the Society) has at any time (with or without the knowledge andconsent of the Name) in good faith applied monies in or towards the discharge ofany claim accepted by the managing agent upon any contract of insurance inrespect of long-term insurance business underwritten at Lloyd's by or on account of
the Name and such monies did not belong to the Name the Trustees may act underclause 9.2.1 above as if the Name was in default in respect of such claim and as if theperson applying such monies was the Name's Beneficiary affected;

9.3

if before the Termination Date the Name shall cease (for any reason whatsoever) to be a
person obliged under the requirements of the Council to maintain funds at Lloyd's in respectof long-term insurance business and it shall be established to the satisfaction of theTrustees that all the Name's Lloyd's obligations in respect of long-term insurance businesshave been discharged or otherwise provided for the Trustees shall thenceforth hold theUnappropriated Trust Fund and its income upon trust for the Name absolutely;

9.4

if immediately prior to the Termination Date it shall not have been established to thesatisfaction of the Trustees that all the Name's Lloyd's obligations in respect of long-term
insurance business have been discharged or otherwise provided for the Trustees shall at
the Termination Date pay and transfer the Unappropriated Trust Fund and its income to the
Name's Premiums Trustees as an accretion to the Name's Premiums Trust Fund and to beheld by them upon the trusts of the Name's Premiums Trust Deed;

9.5

subject as aforesaid the Unappropriated Trust Fund and its income shall be held upon trust
for the Name absolutely.

10

Release advancement and substitution of property
Notwithstanding anything hereinbefore contained:

10.1

each of the Society and the Trustees may at any time or times before the Termination Dateby instrument in writing release wholly or in part all or any of the discretionary trusts or
powers hereby conferred on that person in respect of the whole or any part of the income orcapital of the Trust Fund;

10.2

the Trustees may at any time or times before the Termination Date:
10.2.1 by instrument in writing release wholly or in part all or any of the Name's outstanding
obligations under clause 2 hereof; or10.2.2 by instrument in writing release wholly or in part all or any of an Adhering Corporate
Member's outstanding obligations under that Adhering Corporate Member's Deed of
Adherence;

10.3

the Society shall have power at any time or times before the Termination Date by instrument inwriting:

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10.3.1 to pay transfer or apply to or for the benefit of the Name the whole or any part of thecapital of the Trust Fund then remaining held upon the trusts of this Deed; and10.3.2 (at any time after the death of the Name) to pay transfer or apply to or for the benefitof any person entitled to the whole or any part of the capital of the Trust Fund thenremaining held upon the trusts of this Deed the whole or any part of that person’s
presumptive or vested share or interest in the Trust Fund;
provided that no such exercise of this power shall materially prejudice any of the Beneficiaries;
10.4

the Trustees shall have power at any time or times before the Termination Date by
instrument in writing to agree with the Name to accept as an asset of the Trust Fund any
guarantee, letter of credit, security or other property acceptable to the Society (“the New
Property”) in substitution for (and in place of) all or any part of the property then comprisedin the Trust Fund (“the Old Property”) which at the time of the substitution has (in the
Trustees’ opinion) a value equal to or lower than the value of the New Property and upon
any such substitution taking place the Old Property shall thenceforth be held upon trust for
the Name absolutely freed and discharged from all the other trusts powers and provisions of
this Deed and the New Property shall thenceforth be held as an asset of the Trust Fund.

11

Powers of investment

11.1

Subject to the requirements of the Council:
11.1.1 monies to be invested hereunder may be applied or invested in the purchase of any
form of property (whether legal or equitable and anywhere in the world) for the time
being authorised by the Council for the investment of Lloyd's deposits (whether
producing income or not and whether properly described as investments or not andwhether or not within the range of investments authorised by law for the investmentof trust funds);
11.1.2 the Trustees shall have the power to dispose of property and retain money uninvested,
but the Trustees shall not be under any obligation to diversify property comprised in
the Trust Fund;11.1.3 securities comprised in the Trust Fund or any part thereof may be deposited with orlent (with or without security) to any body corporate (not being a corporate member of
the Society) or building society or bank or discount house or local or governmental
authority other than any of the following:
11.1.3.1 the Name or any Adhering Corporate Member;
11.1.3.2 any person which is an associate of an Adhering Corporate Member forthe purposes of section 435 of the Insolvency Act 1986;
11.1.4 any part of the Trust Fund may be pooled with any other part thereof held on
different trusts or with other property held in the names or under the control of theTrustees or of the Trustees jointly with other trustees upon the trusts of any other
Lloyd's deposits or of Special Reserve Funds or Premiums Trust Funds (including
without limitation the Name's Premiums Trust Fund and any Premiums Trust Fundof any Adhering Corporate Member) in each case relating to long-term insurance
business and may accordingly be deposited or otherwise applied together with suchother sums and without any obligation to keep them separate;

11.2

For the avoidance of doubt neither the general power of investment conferred by Part II of theTrustee Act 2000 nor the statutory power to acquire freehold and leasehold land conferred byPart III of that Act is to apply to the trusts of this Deed (such statutory powers being hereby
excluded for all purposes whatsoever).

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12

Other powers

12.1

In the administration of the trusts hereof the Trustees shall have the following powers (inaddition to those conferred on them by law so far as not expressly excluded by this Deed):
12.1.1 power to cause or permit the Trust Fund or any part of it to be held in the name orunder the direct or indirect control of any nominee or custodian approved for the
purpose by the Council (whether or not one of the Trustees and whether resident
within or outside the United Kingdom) and to pay the remuneration and expenses ofsuch nominee or custodian out of the capital or income of the Trust Fund or any
part or parts thereof;
12.1.2 power to participate (whether directly or indirectly through one or more nominees orcustodians) in any system for the recording holding or transferring of securities orany choses in action otherwise than by instrument in writing and which isestablished or regulated in any part of the world and including power (whenparticipating indirectly) to allow a nominee or custodian for the purpose of suchparticipation to mix property comprised in the Trust Fund or any part thereof withother property held by that nominee or custodian for that purpose;
12.1.3 power to exercise the voting powers conferred on them as the holders of any
securities from time to time comprised in the Trust Fund or any part thereof and to
concur in and make any arrangements in connection with any reconstruction
amalgamation or winding up of any company whose securities are so comprised asif the Trustees were absolute owners beneficially entitled;
12.1.4 power to appropriate any property from time to time forming part of the Trust Fundin its actual state of investment to or towards any share or interest in the Trust Fundor any part thereof upon making such valuations as the Trustees think fit andwithout obtaining the consent of any person;
12.1.5 power at any time or times by revocable instrument in writing to delegate to any
person (including the Name) for any period and in any manner and upon any terms(including power for the delegate to sub-delegate) the exercise of any of theadministrative powers or discretions hereby conferred on them (including powers ofinvestment) without being liable for the acts or defaults of any such delegate or subdelegate or for any loss to the Trust Fund or any part thereof resulting therefrom
and power at any time by instrument in writing to revoke any such delegation;
12.1.6 power to contract in writing to employ and remunerate on such terms as the Trustees
shall see fit any nominee, agent or adviser anywhere in the world;
12.1.7 power to raise and pay out of the Trust Fund or any part thereof (without prejudice
to their lien thereon) any taxes charges expenses or other outgoings for which they
may be accountable or liable as Trustees hereof or otherwise incurred by theSociety or the Trustees (in whatever capacity) in connection with these presents or
the Name's or any Adhering Corporate Member's membership of the Society or
anything done in connection therewith (and in this clause 12.1.7 “taxes” includes
any liability of the Trustees or the Society to pay to any person whether by way of
indemnity or otherwise any amount for or on account of taxes however the rights ofthat person against the Trustees or the Society may arise);

12.2

For the avoidance of doubt it is hereby declared that none of the powers or duties conferred or
imposed by Part IV of the Trustee Act 2000 shall apply to the trusts of this Deed (suchstatutory powers and duties being hereby excluded for all purposes whatsoever).

13

Delegation of investment power

13.1

In pursuance of the Trustees’ power of delegation the Trustees’ powers to make arrangements
for the investment and sale of any part of the Trust Fund (other than the power at clause
11.1.3 above) are hereby delegated to the Name subject to the following provisions of this
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clause;13.2

The Name is authorised to exercise such powers and arrange such dealings only in the nameand on behalf of the Trustees and only in accordance with the power of investment hereincontained and subject to any requirements of the Council for the time being affecting theamount or composition of the funds at Lloyd’s or Lloyd’s deposit required of the Name or any
Adhering Corporate Member in connection with that person’s underwriting business at Lloyd’s;

13.3This delegation is without prejudice to the powers of the Trustees to sell any part of the TrustFund and to invest any moneys requiring investment and to vary investments from time to
time;

13.4

The Name may, at any time or times, by instrument in writing in the form from time to timeprescribed for this purpose by the Society request the Trustees:
13.4.1 to delegate all or any of the powers delegated to the Name as aforesaid to; and/or
13.4.2 to exercise the Trustees’ power under clause 11.1.6 above to appoint as aninvestment adviser
any person who is an authorised or exempt person within the meaning of the Financial
Services and Markets Act 2000 for any period and in any manner and upon any written terms
consistent with the terms of the aforesaid delegation to the Name;

13.5

The Trustees may at any time by instrument in writing revoke any delegation or appointment
effected under clause 13.1 above or under clause 13.4 above.

14

Accounts and apportionment

14.1

Nothing herein contained shall entitle any Beneficiary to receive any account of the TrustFund or any part thereof or its income unless the Trustees have decided to pay or apply
some part thereof for his benefit and have notified him of such decision in writing;

14.2

All income of the Trust Fund shall be deemed to accrue wholly on the date of receipt andshall not be apportionable in respect of time.

15

Appointment and removal of Trustees

15.1

The statutory power of appointing new or additional Trustees shall apply to the trusts hereby
created and shall at all times be vested in the Society;

15.2

The Society may at any time by instrument in writing remove any Trustee (but shall not
remove a sole Trustee without appointing at least one other in his place);

15.3

A corporation may be appointed as Trustee (including as sole Trustee) or custodian trustee
whether or not it is within the statutory definition of trust corporation.

16

Trustee remuneration

16.1

The Society shall be entitled to remuneration for acting as a trustee in accordance with terms
and conditions prescribed by the requirements of the Council;

16.2

Any other Trustee shall be entitled to remuneration for its services in accordance with its
normal published terms from time to time (if a trust corporation) or in accordance with all usual
professional or proper charges for business transacted time expended and acts done by him
or any partner or employee of his in connection with the trusts hereof (if an individual or
corporate trustee engaged in any profession or business) including acts which a trustee notbeing in any profession or business could have done personally;

16.3

Any Trustee may retain for its own benefit any fee commission or share of commission towhich it may become entitled by reason of any deposit loan or other investment or applicationof the Trust Fund or any part of it made in the Trustee’s name;
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16.4

Any individual Trustee may act as an officer or employee of any company whose securities arecomprised in the Trust Fund or of any subsidiary of any such company and may retain for
himself any remuneration which he may receive as such officer or employee notwithstandingthat any votes or other rights attached to any such securities may have been instrumental
either alone or in conjunction with other matters or by reason of their non-exercise in procuring
or continuing for him his position as such officer or employee or that his qualification for any
such position may be constituted wholly or partly by the holding of such securities.

17

Protection of Trustees/Society

17.1

In the professed execution of the trusts and powers hereof neither the Trustees nor the Society
nor the Council nor any committee sub-committee or body of persons nor any other agent
employee or person through or by which or whom any Trustee or the Society or the Council
may act shall be liable for any loss to the Trust Fund or its income arising by reason of any
improper investment made in good faith or the negligence or fraud of any delegate or agent or
sub-delegate appointed or employed by a Trustee (although such appointment or employment
was not strictly necessary or expedient) or by reason of any mistakes or omissions made ingood faith by any person or by reason of any other matter or thing except willful and individual
wrongdoing on the part of the person who is sought to be made so liable;

17.2

The Trustees shall have the power:
17.2.1 to effect a transaction with the Society or with the trustees of another trust eventhough one or more persons are common to the sets of persons involved in thetransaction or are Related Persons and even if all the same persons constitute theset of persons;17.2.2 to sell an asset to one of their number or to the Society or to a Related Person solong as they act on the positive advice of a competent professional adviser;
17.2.3 in circumstances not envisaged by the preceding sub-clauses, to exercise or join in
exercising any power vested in them (whether the power is characterised as
dispositive or administrative or otherwise) notwithstanding that all or any of them or
any Related Person has a direct or other personal interest in the mode or result of
exercising the power.

18

Death of the Name
After the death of the Name:

18.1

any exercise of the power to vary under clause 3 hereof shall be notified to the Name’s
personal representatives in addition to the members’ agent and each managing agent;

18.2

the power of transfer in respect of the Specified Fund under clause 6.2 hereof and thepower of transfer in respect of the Unappropriated Trust Fund under clause 8.2 hereof may
each be exercised with the consent in writing of the Name’s personal representatives or themembers’ agent;

18.3

the power of substitution under clause 10.4 hereof may be exercised by agreement with theName’s personal representatives; and18.4

all references to the Name in clause 13 hereof shall be read as references to the Name’s
personal representatives.

19

English law

19.1

This Deed shall be read and construed and take effect in all respects in accordance withEnglish law;

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19.2

The parties hereto irrevocably and unconditionally submit for all purposes of and inconnection with this Deed to the exclusive jurisdiction of the English Courts.

20

Headings
The headings herein contained are for reference only and shall not control the meaning or
effect of this Deed.

Executed as a Deed by the parties on the date set out at the head of this Deposit Trust Deed
(Interavailable – Individual Member version)

The Name

EXECUTED as a DEED by the NAME
in the presence of:))

Signature of witness:

Name:

Address:

Occupation:

The COMMON SEAL of LLOYD’S
was hereunto affixed in the presence of))Authorised Signatory

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