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| 1.   | DEFINITIONS |
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| 1.1   | In      this Scheme the following words and expressions shall, where the context      so permits, have the followingmeanings: |
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| 1.2   | In      this Scheme except in so far as the context otherwise      requires: |
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| a.   | words      denoting the singular number shall include the plural number and words      denoting the masculine gender shall include the feminine      gender; |
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| b.   | any      reference herein to any enactment or statutory provision shall be      construed as a reference to that Bermudian enactment or provision as from      time to time amended extended or re-enacted;and |
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| c.   | references      to the exercise of an Option shall include the exercise of an Option in      part. |
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| 2.   | GRANT      OF OPTION |
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| 2.1   | At      any time after the Adoption Date, and not later than the tenth anniversary      thereof, the Board may, in its absolute discretion, resolve to grant an      Option or Options to an Eligible Person or to Eligible Persons on the      terms and conditions set out in the Rules and in its      resolution. |
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| 2.2   | Immediately      following the Date of Grant the Board shall notify the relevant Eligible      Persons that they have been grantedOptions. |
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| 2.3   | The      notice given by the Board pursuant to Clause 2.2 shall be in such form,      not inconsistent with these Rules, as the Board may determine and shall      specify the number of Shares comprised in the Option, any terms applicable      thereto other than as set out herein, the Date of Grant and the      Subscription Price. |
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| 2.4   | Not      later than twelve weeks following the Date of Grant, the Option Holder      may, by a notice given in writing, renounce his rights to any Option      granted pursuant to Clause 2.1 in which event such Option shall be deemed      for all purposes never to have beengranted. |
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| 2.5   | As      soon as possible after the expiry of the twelve week notice period      referred to in Clause 2.4, the Board shall issue an Option Certificate in      respect of each Option in such form, not inconsistent with these Rules, as      the Board may determine. |
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| 3.   | LIMITATIONS |
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| 3.1   | No      Option shall be granted after the tenth anniversary of the Adoption      Date. |
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| 3.2   | No      Option shall be granted to any person unless he is, at the Date of Grant,      an Eligible Person. |
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| 4.   | MAIN      TERMS |
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| 4.1   | No      consideration shall be payable to the Company for the grant of an      Option. |
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| 4.2   | The      Option shall entitle the Option Holder to subscribe for Shares at a price      per Share equal to the Subscription Price at the date the Option is      exercised. |
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| 4.3   | Any      Option which has not lapsed may be exercised in whole or in part at any      time provided the earliest of the following events has      occurred: |
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| a.   | the      Vesting Date; |
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| b.   | the      death of the Option Holder; |
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| c.   | a      Change of Control. |
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| 4.4   | An      Option which has vested, shall lapse on the earliest of the following      events: |
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| a.   | such      date as the Board in its discretion may prescribe at the date the Option      is granted, provided that such date cannot be later than the tenth      anniversary of the Date of Grant; |
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| b.   | the      first anniversary of the Option Holder’sdeath; |
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| c.   | the      first anniversary of the Option Holder’s  retirement; |
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| d.   | three      months following the Option Holder’s ceasing to be an Eligible Person,      other than by reason of his death orretirement; |
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| e.   | six      months after the Option has become exercisable in accordance with Clause      7.1; |
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| 4.5   | An      Option which has not vested, shall lapse on the earliest of the following      events: |
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| a.   | the      date of an Option Holder’s retirement;and |
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| b.   | the      date an Option Holder ceasing to be an Eligible Person other than by      reason of his death or retirement. |
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| 5.   | EXERCISE      OF OPTIONS |
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| 5.1   | Exercise      of an Option shall be effected by the Option Holder giving notice in      writing to the Company specifying the number of Option Shares (not being      less than 500 Shares, and being a multiple of 100 Shares, except in the      case of final exercise of all outstanding rights under the Option) in      respect of which the Option is being exercised on that occasion and      accompanied by the relevant Option Certificate and otherwise in such form      and manner as the Board in its discretion may prescribe from time to time,      provided that such notice shall be deemed to have been exercised and to      take effect on the date on which payment of the Subscription Cost is      received by the Company. |
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| 5.2   | Subject      to any necessary consents under regulations or enactments for the time      being in force, compliance by the Option Holder with the Rules and receipt      by the Company of the Subscription Cost, the Company shall, not later than      thirty days after receipt of the notice referred to in Clause 5.1 above,      allot and issue to the Option Holder the number of Shares specified in the      notice. If the number of Shares over which the Option is exercised is less      than that specified in the relevant Option Certificate then the Company      will issue a balance Option Certificate in respect of the remainder of      such Shares over which the Option is still capable of      exercise. |
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| 5.3   | Notwithstanding      the provisions of Clause 5.1 and Clause 5.2, the Company reserves the      right upon receipt of a notice of exercise of an Option to make a cash      payment in lieu of issuing Shares that would be due on the exercise of the      Option.  The cash payment will be calculated as the positive      difference between the highest market price of the Shares on the New York      Stock Exchange (or any other stock exchange on which the Shares are      traded, chosen by the Board), and the Subscription Price on the date the      Company receives the notice of exercise of an  Option. |
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| 5.4   | Shares      allotted under the Scheme in pursuance of the exercise of an Option shall      rank pari passu in all respects with the Shares for the time being in      issue save as regards any rights attaching by reference to a record date      prior to the date on which the Option is  exercised. |
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| 6.   | ADJUSTMENTS      TO OPTION RIGHTS |
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| 6.1   | In      the event of any capitalisation or rights issue, any sub-division,      consolidation or a reduction of the capital of the Company, the Board      shall make appropriate adjustments with regard  to: |
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| a.   | the      aggregate number of Shares subject to any  Option; |
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| b.   | the      Subscription Price subject to any Option;or |
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| c.   | the      terms of any Option. |
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|   | PROVIDED      THAT: |
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| d.   | any      such adjustment has been confirmed in writing by an Independent Expert to      be in their opinion fair and reasonable;and |
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| e.   | the      aggregate Subscription Cost payable by an Option Holder on the exercise of      all his Options is not increased;and |
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| f.   | the      amount payable to subscribe for any Share subject to any Option shall not      be reduced below its nominal value. |
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| 6.2   | The      Board shall give notice in writing to each Option Holder affected by any      adjustment made pursuant to Clause 6.1 and may, at its discretion, deliver      to him a revised Option Certificate in respect of his    Option. |
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| 7.   | WINDING-UP |
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| 7.1   | If      notice is given by the Board to the shareholders in the Company of a      members’ resolution for the voluntary winding-up of the Company, notice of      the same shall forthwith be given by the Board to the Option      Holders. |
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| 7.2   | Option      rights shall lapse immediately in the event of the Company being wound-up      otherwise than in the event of a voluntary  winding-up. |
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| 8.   | VARIATION      OF THE SCHEME |
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| 8.1   | Subject      to Clause 9.2 the Board may at any time alter or add to the Rules in any      respect, provided that: |
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| a.   | the      Board may not cancel an Option except where (i) the Option Holder has      breached the provisions of Clause 9.5 or (ii) the Option Holder has      previously agreed; and |
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| b.   | (subject      as herein provided) the Board may not modify the terms of an Option      already granted otherwise than with the consent of the Option      Holder. |
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| 8.2   | Notwithstanding      the provisions of Clause 8.1, no amendment may be made which would make      the terms on which Options may be or have been granted materially more      generous without the prior approval of the Company in a general      meeting. |
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| 8.3   | The      Board shall give notice in writing to each Option Holder of any alteration      or addition made pursuant to this Clause 8 and may, at its discretion,      deliver to each Option Holder a revised Option Certificate in respect of      his Option. |
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| 9.   | GENERAL      PROVISIONS |
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| 9.1   | The      Company shall at all times keep available sufficient authorised but      unissued Shares to satisfy the exercise in full of all Options for the      time being capable of beingexercised. |
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| 9.2   | The      Board may from time to time make and vary such regulations and establish      such procedures for the administration and implementation of the Scheme as      it thinks fit.  In the event of any dispute or disagreement as      to the interpretation of the Rules or as to the question of rights arising      from or related to the Scheme, the decision of the Board shall (except as      regards any matter required to be determined by the Auditors hereunder) be      final and binding upon all persons. |
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| 9.3   | The      cost of the administration and implementation of the Scheme shall be borne      by the Company. |
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| 9.4   | The      rights and obligations of an Eligible Person under the terms on which the      Eligible Person holds his office or employment with a Participating      Company shall not be affected by his participation in the Scheme or by any      right he may have to participate therein, and the Scheme shall afford an      Eligible Person no rights to compensation or damages in connection with      the termination of such office or employment for any reason      whatsoever. |
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| 9.5   | The      rights and obligations of an Option Holder shall be personal to the Option      Holder and no Option nor the benefit thereof may be transferred, assigned,      charged or otherwise alienated save that nothing in this sub-clause shall      prohibit the transmission of an Option or the benefit thereof by operation      of law. |
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| 9.6   | For      so long as the Shares are listed on the New York Stock Exchange or any      other stock exchange, the Company shall apply to the appropriate      authorities of such stock exchange(s) for all Shares subscribed for under      the Scheme to be admitted for trading thereon on par with the other      Shares. |
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| 9.7   | Any      notice or other document to be served by the Company under the Scheme on      an Eligible Person or Option Holder may be served personally or by e-mail      or by sending it through the post in a prepaid letter addressed to him at      his address as last known to theCompany. |
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| 9.8   | The      Insider Trading Regulations of the Company are applicable to the Shares      received as a consequence of the exercise of  Options. |
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| 10.   | TERMINATION      OF THE SCHEME |
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| 10.1   | The      Scheme shall terminate on the earlier of the following    dates: |
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| a.   | the      date (if any) determined by the Board to be the date of termination of the      Scheme; and |
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| b.   | the      tenth anniversary of the AdoptionDate. |
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| 10.2   | Following      termination of the Scheme pursuant to Clause 10.1 above, no further      Options shall be granted but the subsisting rights and obligations of      existing Option Holders will continue in force as if the Scheme had not      terminated. |
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