Company: AHL
Filing Date: 2025-06-09
Form Type: 424B5
Source: 0001628280-25-030114
Chunk: 60

Company: ASPEN INSURANCE HOLDINGS LTD
Filing Date: 2025-06-09
Form: 424B5
Chunk 60
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 the partner and the activities of the partnership. If you are a partner of a partnership holding the notes, you should consult your tax advisor.

For purposes of this discussion, the term “ U.S. Noteholder ” means a Noteholder that is, for U.S. federal income tax purposes:

(1) an individual citizen or resident of the United States;

(2) a corporation or entity treated as a corporation created or organized in or under the laws of the United States, any state thereof or the District of Columbia;

(3) an estate the income of which is subject to U.S. federal income taxation regardless of its source; or

(4) a trust if either (x) a court within the United States is able to exercise primary supervision over the administration of such trust and one or more U. S. persons have the authority to control all substantial decisions of such trust or (y) the trust has a valid election in effect to be treated as a U. S. person for U.S. federal income tax purposes.

U.S. Tax Treatment of the Notes

The determination of whether a security should be classified as indebtedness or equity for U.S. federal income tax purposes requires a judgment based on all relevant facts and circumstances, and there is no statutory, judicial or administrative authority that directly addresses the U.S. federal income tax treatment of securities substantially similar to the notes. We believe that the notes should be classified as indebtedness for U.S. federal income tax purposes and intend to so treat the notes. There can be no assurance, however, that the Internal Revenue Service (“IRS”) will not treat the notes as equity for U.S. federal income tax purposes, and such treatment, if successfully asserted by the IRS, may have adverse U.S. federal income tax consequences to a holder of the notes. If we are a passive foreign investment company (a “PFIC”) and the notes are treated as equity for U.S. federal income tax purposes, this may result in an increased tax liability at the time of sale at a gain of, or receipt of an “excess distribution” with respect to, the notes. Further, a distribution by us to U.S. Noteholders that is characterized as a dividend and is not characterized as an excess distribution will not be eligible for reduced rates of tax as qualified dividend income if we are a PFIC in the taxable year in which such dividend was paid or were a PFIC in the preceding taxable year. There may also be additional information reporting required for U.S. Noteholders of