----

|   | 1. | Definitions |
|--------|----|-------------|

|   | 2. | Power to Issue Shares |
|--------|----|-----------------------|

|   | 3. | Power of the Company to Purchase its Shares |
|--------|----|---------------------------------------------|

|   | 4. | Rights Attaching to Shares |
|--------|----|----------------------------|

|   | 5. | Calls on Shares |
|--------|----|-----------------|

|   | 6. | Prohibition on Financial Assistance |
|--------|----|-------------------------------------|

|   | 7. | Forfeiture of Shares |
|--------|----|----------------------|

|   | 8. | Share Certificates |
|--------|----|--------------------|

|   | 9. | Fractional Shares |
|--------|----|-------------------|

|   | 10. | Register of Members |
|--------|-----|---------------------|

|   | 11. | Registered Holder Absolute Owner |
|--------|-----|----------------------------------|

|   | 12. | Transfer of Registered Shares and the  Warrant and restrictions on transfer |
|--------|-----|---------------------------------------------------------------------------------------|

|   | 13. | Transmission of Registered Shares |
|--------|-----|-----------------------------------|

|   | 14. | Power to Alter Capital |
|--------|-----|------------------------|

|   | 15. | Variation of Rights Attaching to Shares |
|--------|-----|-----------------------------------------|

|   | 16. | Dividends |
|--------|-----|-----------|

|   | 17. | Power to Set Aside Profits |
|--------|-----|----------------------------|

|   | 18. | Method of Payment |
|--------|-----|-------------------|

|   | 19. | Capitalisation |
|--------|-----|----------------|

|   | 20. | Annual General Meetings |
|--------|-----|-------------------------|

|   | 21. | Special General Meetings |
|--------|-----|--------------------------|

|   | 22. | Requisitioned General Meetings |
|--------|-----|--------------------------------|

|   | 23. | Notice |
|--------|-----|--------|

|   | 24. | Giving Notice |
|--------|-----|---------------|

|   | 25. | Postponement of General Meeting |
|--------|-----|---------------------------------|

|   | 26. | Attendance at  Meetings |
|--------|-----|-----------------------------------|

|   | 27. | Quorum at General Meetings |
|--------|-----|----------------------------|

|   | 28. | Chairman to Preside |
|--------|-----|---------------------|

|   | 29. | Voting on Resolutions |
|--------|-----|-----------------------|

|   | 30. | Limitation on Voting Rights of Controlled Shares |
|--------|-----|--------------------------------------------------|

|   | 31. | Certain Subsidiaries |
|--------|-----|----------------------|

|   | 32. | Power to Demand a Vote on a Poll |
|--------|-----|----------------------------------|

|   | 33. | Voting by Joint Holders of Shares |
|--------|-----|-----------------------------------|

|   | 34. | Instrument of Proxy |
|--------|-----|---------------------|

|   | 35. | Representation of Corporate Member |
|--------|-----|------------------------------------|

|   | 36. | Adjournment of General Meeting |
|--------|-----|--------------------------------|

|   | 37. | Written Resolutions |
|--------|-----|---------------------|

|   | 38. | Directors Attendance at General Meetings |
|--------|-----|------------------------------------------|

|   | 39. | Election of Directors |
|--------|-----|-----------------------|

|   | 40. | Classification of Directors |
|--------|-----|-----------------------------|

|   | 41. | Term of Office of Directors |
|--------|-----|-----------------------------|

|   | 42. | Removal of Directors |
|--------|-----|----------------------|

|   | 43. | Vacancy in the Office of Director and appointment of alternate Directors |
|--------|-----|--------------------------------------------------------------------------|

|   | 44. | Remuneration of Directors |
|--------|-----|---------------------------|

|   | 45. | Defect in Appointment of Director |
|--------|-----|-----------------------------------|

|   | 46. | Directors to Manage Business |
|--------|-----|------------------------------|

|   | 47. | Powers of the Board of Directors |
|--------|-----|----------------------------------|

|   | 48. | Register of Directors and Officers |
|--------|-----|------------------------------------|

|   | 49. | Officers |
|--------|-----|----------|

|   | 50. | Appointment of Officers |
|--------|-----|-------------------------|

|   | 51. | Duties of Officers |
|--------|-----|--------------------|

|   | 52. | Remuneration of Officers |
|--------|-----|--------------------------|

|   | 53. | Conflicts of Interest |
|--------|-----|-----------------------|

|   | 54. | Indemnification and Exculpation of Directors and Officers |
|--------|-----|-----------------------------------------------------------|

|   | 55. | Board Meetings |
|--------|-----|----------------|

|   | 56. | Notice of Board Meetings |
|--------|-----|--------------------------|

|   | 57. | Participation in Meetings by Telephone |
|--------|-----|----------------------------------------|

|   | 58. | Quorum at Board Meetings |
|--------|-----|--------------------------|

|   | 60. | Board to Continue in the Event of Vacancy |
|--------|-----|-------------------------------------------|

|   | 61. | Chairman to Preside |
|--------|-----|---------------------|

|   | 62. | Written Resolutions |
|--------|-----|---------------------|

|   | 63. | Validity of Prior Acts of the Board |
|--------|-----|-------------------------------------|

|   | 64. | Minutes |
|--------|-----|---------|

|   | 65. | Place Where Corporate Records Kept |
|--------|-----|------------------------------------|

|   | 66. | Form and Use of Seal |
|--------|-----|----------------------|

|   | 67. | Books of Account |
|--------|-----|------------------|

|   | 68. | Financial Year End |
|--------|-----|--------------------|

|   | 69. | Annual Audit |
|--------|-----|--------------|

|   | 70. | Appointment of Auditor |
|--------|-----|------------------------|

|   | 71. | Remuneration of Auditor |
|--------|-----|-------------------------|

|   | 72. | Duties of Auditor |
|--------|-----|-------------------|

|   | 73. | Access to Records |
|--------|-----|-------------------|

|   | 74. | Financial Statements |
|--------|-----|----------------------|

|   | 75. | Distribution of Auditor’s Report |
|--------|-----|----------------------------------------|

|   | 76. | Vacancy in the Office of Auditor |
|--------|-----|----------------------------------|

|   | 77. | Winding-Up |
|--------|-----|------------|

|   | 78. | Changes to Bye-laws |
|--------|-----|---------------------|

|   | 79. | Changes to the Memorandum of Association |
|--------|-----|------------------------------------------|

|   | 80. | Discontinuance |
|--------|-----|----------------|

----

| 1.   | Definitions |
|----------------|-------------|

| 1.1   | In these Bye-laws, the following words and expressions shall, where not inconsistent with the context, have the following meanings, respectively: |
|-----------------|---------------------------------------------------------------------------------------------------------------------------------------------------|

|   | Act | the Companies Act 1981 as amended from time to time; |
|--------|-----|------------------------------------------------------|

|   | Affiliate | means, with respect to any Person, any other Person that directly or indirectly, through one or more intermediaries, Controls, is Controlled by, or is under common Control with such Person; |
|--------|-----------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | Auditor | includes an individual or partnership appointed as the independent registered public accounting firm of the Company in accordance with Bye-Law 70; |
|--------|---------|----------------------------------------------------------------------------------------------------------------------------------------------------|

|   | Board | the board of Directors appointed or elected pursuant to these Bye-laws and acting by resolution in accordance with the Act and these Bye-laws or the directors present at a meeting of directors at which there is a quorum; |
|--------|-------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | Book Value | the book value of the shares of the Company determined in accordance with GAAP as set forth in the Company’s most recent audited consolidated balance sheet; |
|--------|------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | Bye-laws | means the bye-laws of the Company as from time to time altered or amended; |
|--------|----------|----------------------------------------------------------------------------|

|   | Business Plan | means the business plan of Flagstone submitted to the Insurers’ Admission Committee on November 7, 2005; |
|--------|---------------|----------------------------------------------------------------------------------------------------------------|

|   | Cause | shall be deemed to exist only if (i) the Director whose removal is proposed has been charged with or convicted of an indictable offence or a felony by a court of competent jurisdiction or has been adjudged by a court of competent jurisdiction to be liable for fraud or dishonesty in the performance of such Director’s duty to the Company or (ii) the Director whose removal is proposed suffers from any physicalor mental disability that substantially impairs the ability of such Director to function in that capacity; |
|--------|-------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | Code | means the United States Internal Revenue Code of 1986, as amended; |
|--------|------|--------------------------------------------------------------------|

|   | Company | means the company named Flagstone Reinsurance Holdings Limited, incorporated in Bermuda on October 4, 2005 for which these Bye-laws are approved and confirmed; |
|--------|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | Confidential Information | has the meaning attributed thereto in Bye-law 30A(2); |
|--------|--------------------------|-------------------------------------------------------|

|   | Common Share | means the common shares of the Company of US$ 0.01 par value per share; |
|--------|--------------|-------------------------------------------------------------------------|

|   | Control | “Control” of a Person means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of such Person, whether through the ownership of voting securities, by contract or otherwise, and “Controlling” and “Controlled” shall have meanings correlative to the foregoing; |
|--------|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | Controlled Shares | in reference to any Person means all shares of the Company directly, indirectly or constructively owned by such Person within the meaning of Section 958 of the Code; |
|--------|-------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | Designated Company | has the meaning attributed thereto in Bye-law 31.1; |
|--------|--------------------|-----------------------------------------------------|

|   | Designated Company Director | means the person elected to the office of Designated Company Director in accordance with Bye-law 31; |
|--------|-----------------------------|------------------------------------------------------------------------------------------------------|

|   | Director | a director of the Company; |
|--------|----------|----------------------------|

|   | Equity Securities | means any shares of the share capital of the Company, any securities convertible into or exchangeable for shares of the share capital of the Company, and any options, warrants, and other rights to purchase or otherwise acquire from the Company shares of such share capital, or securities convertible into or exchangeable for shares of such share capital; |
|--------|-------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | Exchange Act | means the US Securities Exchange Act of 1934, as amended; |
|--------|--------------|-----------------------------------------------------------|

|   | Fair Market Value | means, with respect to a repurchase of any shares of the Company in accordance with these Bye-laws (a) if such shares are listed on a securities exchange (or quoted in a securities quotation system), the average closing sale price of such shares on such exchange (or in such quotation system), or, if such shares are listed on (or quoted in) more than one exchange (or quotation system),  the averageclosing sale price of the shares on the principal securities exchange (or quotation system) on which such shares are then traded, or, if such shares are not then listed on a securities exchange (or quotation system) but are traded in the over-the-counter market, the average of the latest bid and asked quotation for such shares in such market, in each case for the last five trading days immediately preceding the day on which notice of the repurchase of such shares is sent pursuant to these Bye-laws, or (b) (i)with respect to a repurchase, if no such closing sales or prices are available because such shares are not publicly traded, the value per Common Share as determined by an independent valuation and approved by the Board; |
|--------|-------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | Flagstone | means Flagstone Reinsurance Limited, a Bermuda exempted company licensed as a Class 4 reinsurer under the Insurance Act 1978 as amended from time to time and its related regulations; |
|--------|-----------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | GAAP | means United States generally accepted accounting principles, as in effect from time to time, applied on a consistent basis; |
|--------|------|------------------------------------------------------------------------------------------------------------------------------|

|   | Haverford | means Haverford (Bermuda) Ltd., a Bermuda exempted company; |
|--------|-----------|-------------------------------------------------------------|

|   | Initial Public Offering | means the initial public offering of the shares pursuant to a registration statement filed pursuant to the Securities Act (Registration No. 333-138182); |
|--------|-------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | Member | the person registered in the Register of Members as the holder of shares in the Company and, when two or more persons are so registered as joint holders of shares, means the person whose name stands first in the Register of Members as one of such joint holders or all of such persons, as the context so requires; |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | Memorandum of Association | means the memorandum of association of the Company as from time to time altered or amended; |
|--------|---------------------------|---------------------------------------------------------------------------------------------|

|   | 9.9% U.S. Shareholder | of the Company means a U.S. Person that owns shares (within the meaning of Section 958(a) of the Code) and is considered a “United States shareholder” of the Company (as defined in Section 951(b) of the Code); provided, that for these purposes, “more than 9.9 percent” shall be substituted for “10 percent” wherever such term appears in Section 951(b) of the Code; |
|--------|-----------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | Notice | written notice as further provided in these Bye-laws unless otherwise specifically stated; |
|--------|--------|--------------------------------------------------------------------------------------------|

|   | Officer | any person appointed by the Board to hold an office in the Company; |
|--------|---------|---------------------------------------------------------------------|

|   | Person | means an individual, company, corporation, limited liability company, firm, partnership, trust, estate, unincorporated association, other entity or body of Persons; |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | PSU Plan | means the Company’s performance share unit plan as from time to time altered or amended; |
|--------|----------|------------------------------------------------------------------------------------------------|

|   | PSU Shares | means the common shares of the Company issuable pursuant to the PSU Plan; |
|--------|------------|---------------------------------------------------------------------------|

|   | RSU Plan | means the Company’s employee restricted share unit plan as from time to time altered or amended; |
|--------|----------|--------------------------------------------------------------------------------------------------------|

|   | Register of Directors and Officers | the register of directors and officers referred to in these Bye-laws; |
|--------|------------------------------------|-----------------------------------------------------------------------|

|   | Register of Members | the register of Members referred to in these Bye-laws; |
|--------|---------------------|--------------------------------------------------------|

|   | Removed Company Director | has the meaning attributed thereto at Bye-law 31.1; |
|--------|--------------------------|-----------------------------------------------------|

|   | Resident Representative | any person appointed to act as resident representative and includes any deputy or assistant resident representative; |
|--------|-------------------------|----------------------------------------------------------------------------------------------------------------------|

|   | Rule 144 | means Rule 144 under the Securities Act, or any successor rule thereto; |
|--------|----------|-------------------------------------------------------------------------|

|   | Secretary | the person appointed to perform any or all of the duties of secretary of the Company and includes any deputy or assistant secretary and any person appointed by the Board to perform any of the duties of the Secretary; |
|--------|-----------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | Securities Act | means the U.S. Securities Act of 1933, as amended, or any U.S. federal statute then in effect which has replaced such statute, and a reference to a particular section thereof shall be deemed to include a reference to the comparable section, if any, of any such replacement U.S. federal statute; |
|--------|----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | Shareholders Agreement  | means the agreement dated as of December 19, 2005 as amended from time to time by and among the Company and the Members listed therein; |
|--------|------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------|

|   | Share | means a share in the share capital of the Company and includes the Common Shares; |
|--------|-------|-----------------------------------------------------------------------------------|

|   | Subsidiary | means any entity of which a majority of the Voting Power (under ordinary circumstances) in electing the board of directors or equivalent body are, at the time as of which any determination is being made, owned by the Company, either directly or indirectly through Subsidiaries; |
|--------|------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | Treasury Share | means a share of the Company that was or is treated as having been acquired and held by the Company and has been held continuously by the Company since it was so acquired and has not been cancelled; |
|--------|----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | U.S. Person | means (i) an individual who is a citizen or resident of the United States, (ii) a corporation, partnership or other entity treated as a corporation or partnership for U.S. federal tax purposes that is created in, or organised under the laws of, the United States or any state thereof or the District of Columbia, (iii) an estate that is subject to U.S. federal income tax on its income regardless of its source, (iv)any trust if (A)(1) a court within the United States is able to exercise primary supervision over the administration of the trust and (2) one or more US Persons have the authority to control all substantial decisions of the trust or (B) such trust validly elects to be treated as a U.S. Person or (v) any entity treated as one of the foregoing under any provision of the Code (e.g., a Bermuda insurance company that elects under Section 953(d) of the Code to be treated as a domestic corporation); |
|--------|-------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | United States or U.S. | means the United States of America including the states thereof, its territories and possessions and the District of Columbia; |
|--------|-----------------------|--------------------------------------------------------------------------------------------------------------------------------|

|   | Voting Power | of any Person means the total number of votes which may be cast by the Members or shareholders of the total number of issued and outstanding shares of such Person carrying the right to vote; and |
|--------|--------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | Warrant | means the warrant dated as of December 19, 2005 to purchase Common Shares issued to Haverford, as amended from time to time. |
|--------|---------|------------------------------------------------------------------------------------------------------------------------------|

| 1.2   | In these Bye-laws, where not inconsistent with the context: |
|-----------------|-------------------------------------------------------------|

| (a)   | words denoting the plural number include the singular number and vice versa; |
|-----------------|------------------------------------------------------------------------------|

| (b)   | words denoting the masculine gender include the feminine and neuter genders; |
|-----------------|------------------------------------------------------------------------------|

| (c)   | words importing persons include companies, associations or bodies of persons whether corporate or not; |
|-----------------|--------------------------------------------------------------------------------------------------------|

| (d)   | the words: |
|-----------------|------------|

| (i)   | "may" shall be construed as permissive; and |
|-----------------|---------------------------------------------|

| (ii)   | "shall" shall be construed as imperative; and |
|------------------|-----------------------------------------------|

| (e)   | unless otherwise provided herein, words or expressions defined in the Act shall bear the same meaning in these Bye-laws. |
|-----------------|--------------------------------------------------------------------------------------------------------------------------|

| 1.3   | In these Bye-laws expressions referring to writing or written shall, unless the contrary intention appears, include facsimile, printing, lithography, photography, electronic mail and other modes of representing words in visible form. |
|-----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 1.4   | Headings used in these Bye-laws are for convenience only and are not to be used or relied upon in the construction hereof. |
|-----------------|----------------------------------------------------------------------------------------------------------------------------|

| 1.5   | The incorporation or application of provisions of the Shareholders Agreement in or to these Bye-laws shall terminate upon the termination of the Shareholders Agreement in accordance with its terms.  For this purpose, a certificate from the secretary and any director of the Company stating that the Shareholders Agreement has terminated shall beconclusive evidence of such termination.  Upon delivery of such certificate to the Company, a copy of such certificate shall be appended to these Bye-laws by the Secretary and included in every copy of these Bye-laws published by the Company and these Bye-laws shall thenceforth not include any provision of the Shareholders Agreement. |
|-----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2.   | Power to Issue Shares |
|----------------|-----------------------|

| 2.1   | Subject to these Bye-laws and to any resolution of the Members to the contrary, and without prejudice to any special rights previously conferred on the holders of any existing shares or class of shares, the Board shall have the power to issue any unissued shares of the Company on such terms and conditions as it may determine and any shares or class ofshares may be issued with such preferred, deferred or other special rights or such restrictions, whether in regard to dividend, voting, return of capital, or otherwise. |
|-----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2.2   | Subject to the provisions of the Act, any preference shares may be issued or converted into shares that (at a determinable date or at the option of the Company or the holder) are liable to be redeemed on such terms and in such manner as may be determined by the Board (before the issue or conversion). |
|-----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3.   | Power of the Company to Purchase its Shares |
|----------------|---------------------------------------------|

|   | 3.1 | Subject to these Bye-laws, the Company may purchase its own shares for cancellation or to acquire them as Treasury Shares in accordance with the provisions of the Act on such terms as the Board shall think fit.  Subject to these Bye-laws, the Board may exercise all the powers of the Company to purchase or acquire all or any part of its ownshares in accordance with the Act. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 3.2 | Without limiting Bye-law 3.1, subject to Section 42A of the Act and the approval of the Bermuda Monetary Authority or other applicable governmental or regulatory body (such approval restriction being applicable to all this Bye-law 3.2), if the Board reasonably determines in good faith based on an opinion of counsel that share ownership, directly, indirectly or constructively, by any Member is likely to result inadverse tax consequences or materially adverse legal or regulatory treatment to the Company, any of its subsidiaries or any of its Members, the Company will have the option, but not the obligation, to purchase the minimum number of shares which is necessary to avoid or cure such adverse consequences or treatment (but only to the extent the Board reasonably determines in good faith that such action would avoid or cure such adverse consequences or treatment) with immediately available funds in an amount equal tothe Fair Market Value of such shares on the date the Company repurchases such shares (the “Purchase Price”), subject to the provisions of this Bye-law 3.2. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | The Board shall notify such Member promptly that it has determined that the provisions of this Bye-law 3.2 may apply to such Member, and shall provide such Member with seventy-five (75) days (subject to any extension reasonably necessary to obtain regulatory approvals necessary in connection with any proposed sale by the Member, if being diligently pursued, but in any event not more than an additional ninety (90)days), prior to and in lieu of such repurchase, to remedy the circumstances pursuant to which the ownership of shares by such Member may result in adverse tax consequences or materially adverse legal or regulatory treatment to the Company, any of its subsidiaries or any of its Members (including by such Member selling such shares to a third party, subject to Bye-law 12 and any other relevant provisions of these Bye-laws); provided, that, for the avoidance of doubt, this Bye-law 3.2 does not release such Memberfrom any contractual restriction on transfer to which such Member is subject and, if applicable, to select an investment bank to determine the Fair Market Value of such shares. |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | If a Member subject to application of this Bye-law 3 does not remedy the consequences or treatment described in the preceding two paragraphs within the period referred to above, the Company shall have the right, but not the obligation, to purchase such shares at the Fair Market Value thereof. If the Company shall determine not to purchase such shares at the Fair Market Value pursuant to this Bye-law 3, the Companyshall notify each other Member thereof, and shall permit the other Members to purchase such shares at the Fair Market Value in its stead, pro rata, to the number of shares then held by each such Member, and then, to the extent that any Members shall fail to accept such offer, to the other Members who have elected to purchase their portion of such shares. After offering the shares to be repurchased to the other Members in accordance with the preceding sentence, the Company will also be entitled to assign its purchaseright to a third party which may purchase such shares at the Fair Market Value. Each Member shall be bound by the determination by the Company to purchase or assign its right to purchase such Member’s shares and, if so required by the Company, shall sell the number of shares that the Company requires it to sell. |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | The Board will use all reasonable efforts to exercise this option equitably and, to the extent possible, equally among similarly situated Members (to the extent possible under the circumstances). |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | In the event that the Member(s) or the Company or its assignee(s) determine to purchase any such shares, the Company shall provide each Member concerned with written notice of such determination (a “Purchase Notice”) at least five (5) calendar days prior to such purchase or such shorter period as each such Member may authorise, specifying the date on which any such shares are to be purchased and the PurchasePrice. The Company may revoke the Purchase Notice at any time before the Member(s), the Company or its assignee(s) pay for the shares. The Board may authorise any person to sign, on behalf of any Member who is the subject of a Purchase Notice, an instrument of transfer relating to any of such Member’s shares which the Company has an option to purchase. Payment of the Purchase Price by the Member(s), the Company or its assignee(s) shall be by wire transfer or certified check and made at a closing to be heldno less than five (5) calendar days after receipt of the Purchase Notice by the selling Member. |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4.   | Rights Attaching to Shares |
|----------------|----------------------------|

| 4.1   | Subject to any resolution of the Members to the contrary (and without prejudice to any special rights conferred thereby on the holders of any other shares or class of shares), the share capital of the Company shall be divided into Common Shares the holders of which shall, subject to the provisions of these Bye-laws: |
|-----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (a)   | be generally entitled to one vote per share, (but the exercise of any voting right shall be subject to the provisions of Bye-law 30 hereof); |
|-----------------|----------------------------------------------------------------------------------------------------------------------------------------------|

| (b)   | be entitled to such dividends as the Board may from time to time declare; |
|-----------------|---------------------------------------------------------------------------|

| (c)   | in the event of a winding-up or dissolution of the Company, whether voluntary or involuntary or for the purpose of a reorganisation or otherwise or upon any distribution of capital, be entitled to the surplus assets of the Company; and |
|-----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (d)   | generally be entitled to enjoy all of the rights attaching to shares. |
|-----------------|-----------------------------------------------------------------------|

| 4.2   | All the rights attaching to a Treasury Share shall be suspended and shall not be exercised by the Company while it holds such Treasury Shares and, except where required by the Act, all Treasury Shares shall be excluded from the calculation of any percentage or fraction of the share capital or shares of the Company. |
|-----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5.   | Calls on Shares |
|----------------|-----------------|

| 5.1   | The Board may make such calls as it thinks fit upon the Members in respect of any monies (whether in respect of nominal value or premium) unpaid on the shares allotted to or held by such Members and, if a call is not paid on or before the day appointed for payment thereof, the Member may at the discretion of the Board be liable to pay the Company intereston the amount of such call at such rate as the Board may determine, from the date when such call was payable up to the actual date of payment.  The Board may differentiate between the holders as to the amount of calls to be paid and the times of payment of such calls. |
|-----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5.2   | The joint holders of a share shall be jointly and severally liable to pay all calls in respect thereof. |
|-----------------|---------------------------------------------------------------------------------------------------------|

| 5.3   | The Company may accept from any Member the whole or a part of the amount remaining unpaid on any shares held by him, although no part of that amount has been called up. |
|-----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 6.   | Prohibition on Financial Assistance |
|----------------|-------------------------------------|

| 7.   | Forfeiture of Shares |
|----------------|----------------------|

| 7.1   | If any Member fails to pay, on the day appointed for payment thereof, any call in respect of any share allotted to or held by such Member, the Board may, at any time thereafter during such time as the call remains unpaid, direct the Secretary to forward such Member a notice in writing in the form, or as near thereto as circumstances admit, of the following: |
|-----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 7.2   | If the requirements of such notice are not complied with, any such share may at any time thereafter before the payment of such call and the interest due in respect thereof be forfeited by a resolution of the Board to that effect, and such share shall thereupon become the property of the Company and may be disposed of as the Board shall determine.  Withoutlimiting the generality of the foregoing, the disposal may take place by sale, repurchase, redemption or any other method of disposal permitted by and consistent with these Bye-laws and the Act. |
|-----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 7.3   | A Member whose share or shares have been forfeited as aforesaid shall, notwithstanding such forfeiture, be liable to pay to the Company all calls owing on such share or shares at the time of the forfeiture and all interest due thereon. |
|-----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 7.4   | The Board may accept the surrender of any shares which it is in a position to forfeit on such terms and conditions as may be agreed.  Subject to those terms and conditions, a surrendered share shall be treated as if it had been forfeited. |
|-----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 8.   | Share Certificates |
|----------------|--------------------|

| 8.1   | Every Member shall be entitled to a certificate under the seal of the Company or bearing the signature (or a facsimile thereof) of a Director or the Secretary or a person expressly authorised to sign specifying the number and, where appropriate, the class of shares held by such Member and whether the same are fully paid up and, if not, specifying the amountpaid on such shares.  The Board may by resolution determine, either generally or in a particular case, that any or all signatures on certificates may be printed thereon or affixed by mechanical means. |
|-----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 8.2   | The Company shall be under no obligation to complete and deliver a share certificate unless specifically called upon to do so by the person to whom the shares have been allotted. |
|-----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 8.3   | If any share certificate shall be proved to the satisfaction of the Board to have been worn out, lost, mislaid, or destroyed the Board may cause a new certificate to be issued and request an indemnity for the lost certificate if it sees fit. |
|-----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 9.   | Fractional Shares |
|----------------|-------------------|

| 10.   | Register of Members |
|-----------------|---------------------|

| 10.1   | The Board shall cause to be kept in one or more books a Register of Members and shall enter therein the particulars required by the Act. |
|------------------|------------------------------------------------------------------------------------------------------------------------------------------|

| 10.2   | The Register of Members shall be open to inspection without charge at the registered office of the Company on every business day, subject to such reasonable restrictions as the Board may impose, so that not less than two hours in each business day be allowed for inspection.  TheRegister of Members may, after notice has been given in accordance with the Act, be closed for any time or times not exceeding in the whole thirty days in each year. |
|------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 11.   | Registered Holder Absolute Owner |
|-----------------|----------------------------------|

| 12.   | Transfer of Registered Shares and Warrants and Restrictions on Transfer |
|-----------------|-------------------------------------------------------------------------|

| 12.1   | Subject to the Act and to such of the restrictions contained in these Bye-laws as may be applicable, any Member may transfer all or any part of his shares or warrants by an instrument of transfer as specified herein. |
|------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 12.2   | An instrument of transfer shall be in writing in the form of the following, or as near thereto as  circumstances admit, or in such other form as the Board may accept: |
|------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 12.3   | Such instrument of transfer shall be signed by or on behalf of the transferor and transferee, provided that, in the case of a fully paid share, the Board may accept the instrument signed by or on behalf of the transferor alone.  The transferor shall be deemed to remain the holder of such share until the same has been transferred to the transfereein the Register of Members. |
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| 12.4   | The Board may refuse to recognise any instrument of transfer unless it is accompanied by the certificate in respect of the shares to which it relates and by such other evidence as the Board may reasonably require to show the right of the transferor to make the transfer. |
|------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 12.5   | The restrictions on transfer authorised or imposed by these Bye-laws shall not be imposed in any circumstances in any way that would interfere with the settlement of trades or transactions entered into through the facilities of a stock exchange or automatic quotation system on which the shares are listed or traded from time to time; provided, that theCompany may decline to register transfers in accordance with these Bye-laws and resolutions of the Board after a settlement has taken place. |
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| 12.6   | The joint holders of any share may transfer such share to one or more of such joint holders, and the surviving holder or holders of any share previously held by them jointly with a deceased Member may transfer any such share to the executors or administrators of such deceased Member. |
|------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 12.7   | The Board may in its absolute discretion and without assigning any reason therefor refuse to register the transfer of a share.  The Board shall refuse to register a transfer unless all applicable consents, authorisations and permissions of any governmental or regulatory body or agency in Bermuda, the United States or any other applicable jurisdictionrequired to be obtained shall have been obtained.  For the avoidance of doubt, the Directors may decline to register the transfer of a share if the Board has determined in good faith that such transfer would result in adverse tax or regulatory treatment to the Company and its subsidiaries or any of its shareholders. |
|------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 12.8   | The Board may decline to register the transfer of any shares or warrants if the Board reasonably determines in good faith that, based on an opinion of counsel, (i) in the case of a transfer other than (a) pursuant to an effective registration statement under the Securities Act, (b) after an Initial Public Offering of shares pursuant to such a registrationstatement, in a sale by a Member in accordance with Rule 144 or (c) in connection with the settlement of trades or transactions entered into through the facilities of a stock exchange or automated quotation system on which the shares are listed or traded from time to time, such transfer is likely to expose the Company, any subsidiary thereof, any Member or any subsidiary of the Company, any Member or Person ceding insurance to the Company or any subsidiary of the Company to adverse tax consequences or materiallyadverse legal or regulatory treatment in any jurisdiction or (ii) registration of such transfer under the Securities Act or under any blue sky or other U.S.  state securities laws or under the laws of any jurisdiction is required and such registration has not been duly effected; provided, however, that in this case (ii) the Board shall be entitled to request and rely on an opinion of counsel (such counsel to be reasonably satisfactory to the Board) to the transferor or the transferee (and the Companyshall not be obliged to pay any expenses of such counsel), in form and substance reasonably satisfactory to the Board, that no such registration is required, and the Board shall be obliged to register such transfer upon the receipt of such an opinion.  A proposed transferee will be permitted to dispose of any shares or warrants purchased that violate these restrictions and as to which registration of the transfer is refused.  The transferor of such shares or warrants shall be deemed to ownsuch shares or warrants for dividend, voting and reporting purposes until a transfer of such shares has been registered on the Register of Members or such warrants have been registered in the applicable register of warrants. |
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| 12.9   | Except in connection  with an effective registration statement, a sale in accordance with Rule 144 of the shares of the Company after an Initial Public Offering or in connection with the settlement of trades or transactions entered into through the facilities of a stock exchange or automated quotation system on which the shares are listed ortraded from time to time, the Board may require any Member, or any Person proposing to acquire shares or warrants of the Company, to provide the information required by Bye-law 30A.  If any such Member or proposed acquiror does not provide such information, or if the Company has reason to believe that any certification or other information provided pursuant to any such request is inaccurate or incomplete, the Board may decline to register any transfer or to effect any issue or purchase of shares orwarrants to which such request related |
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| 12.10   | If the Board refuses to register a transfer of any share the Secretary shall, within three months after the date on which the transfer was lodged with the Company, send to the transferor and transferee notice of the refusal. |
|-------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 12.11   | Any purported transfer (except by operation of law) of any shares in contravention of any of the restrictions on transfer contained in the Shareholders Agreement or these Bye-laws shall be void and of no effect. |
|-------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 13.   | Transmission of Registered Shares |
|-----------------|-----------------------------------|

| 13.1   | In the case of the death of a Member, the survivor or survivors where the deceased Member was a joint holder, and the legal personal representatives of the deceased Member where the deceased Member was a sole holder, shall be the only persons recognised by the Company as having any title to the deceased Member's interest in the shares.  Nothingherein contained shall release the estate of a deceased joint holder from any liability in respect of any share which had been jointly held by such deceased Member with other persons.  Subject to the provisions of the Act, for the purpose of this Bye-law, legal personal representative means the executor or administrator of a deceased Member or such other person as the Board may, in its absolute discretion, decide as being properly authorised to deal with the shares of a deceased Member. |
|------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 13.2   | Any person becoming entitled to a share in consequence of the death or bankruptcy of any Member may be registered as a Member upon such evidence as the Board may deem sufficient or may elect to nominate some person to be registered as a transferee of such share, and in such case the person becoming entitled shall execute in favour of such nominee an instrumentof transfer in writing in the form, or as near thereto as circumstances admit, of the following: |
|------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 13.3   | On the presentation of the foregoing materials to the Board, accompanied by such evidence as the Board may require to prove the title of the transferor, the transferee shall be registered as a Member.  Notwithstanding the foregoing, the Board shall, in any case, have the same right to decline or suspend registration as it would have had in thecase of a transfer of the share by that Member before such Member's death or bankruptcy, as the case may be. |
|------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 13.4   | Where two or more persons are registered as joint holders of a share or shares, then in the event of the death of any joint holder or holders the remaining joint holder or holders shall be absolutely entitled to the said share or shares and the Company shall recognise no claim in respect of the estate of any joint holder except in the case of the lastsurvivor of such joint holders. |
|------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 14.   | Power to Alter Capital |
|-----------------|------------------------|

| 14.1   | The Company may, subject to these Bye-laws, increase, divide, consolidate, subdivide, change the currency denomination of, diminish or otherwise alter or reduce its share capital in any manner permitted by the Act. |
|------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 14.2   | Where, on any alteration or reduction of share capital, fractions of shares or some other difficulty would arise, the Board may deal with or resolve the same in such manner as it thinks fit. |
|------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 15.   | Variation of Rights Attaching to Shares |
|-----------------|-----------------------------------------|

| 16.   | Dividends |
|-----------------|-----------|

| 16.1   | The Board may, subject to these Bye-laws and in accordance with the Act, declare a dividend to be paid to the Members, in proportion to the number of shares held by them, and such dividend may be paid in cash or wholly or partly in specie in which case the Board may fix the value for distribution in specie of any assets.  No unpaid dividend shallbear interest as against the Company. |
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| 16.2   | The Board may fix any date as the record date for determining the Members entitled to receive any dividend. |
|------------------|-------------------------------------------------------------------------------------------------------------|

| 16.3   | The Company may pay dividends in proportion to the amount paid up on each share where a larger amount is paid up on some shares than on others. |
|------------------|-------------------------------------------------------------------------------------------------------------------------------------------------|

| 16.4   | The Board may declare and make such other distributions (in cash or in specie) to the Members as may be lawfully made out of the assets of the Company.  No unpaid distribution shall bear interest as against the Company. |
|------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 17.   | Power to Set Aside Profits |
|-----------------|----------------------------|

| 18.   | Method of Payment |
|-----------------|-------------------|

| 18.1   | Any dividend, interest, or other monies payable in cash in respect of the shares may be paid by cheque or draft sent through the post directed to the Member at such Member's address in the Register of Members, or to such person and to such address as the holder may in writing direct. |
|------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 18.2   | In the case of joint holders of shares, any dividend, interest or other monies payable in cash in respect of shares may be paid by cheque or draft sent through the post directed to the address of the holder first named in the Register of Members, or to such person and to such address as the joint holders may in writing direct.  If two or morepersons are registered as joint holders of any shares any one can give an effectual receipt for any dividend paid in respect of such shares. |
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| 18.3   | The Board may deduct from the dividends or distributions payable to any Member all monies due from such Member to the Company on account of calls or otherwise. |
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| 19.   | Capitalisation |
|-----------------|----------------|

| 19.1   | The Board may resolve to capitalise any sum for the time being standing to the credit of any of the Company's share premium or other reserve accounts or to the credit of the profit and loss account or otherwise available for distribution by applying such sum in paying up unissued shares to be allotted as fully paid bonus shares pro rata to the Members. |
|------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 19.2   | The Board may resolve to capitalise any sum for the time being standing to the credit of a reserve account or sums otherwise available for dividend or distribution by applying such amounts in paying up in full partly paid or nil paid shares of those Members who would have been entitled to such sums if they were distributed by way of dividend or distribution. |
|------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 20.   | Annual General Meetings |
|-----------------|-------------------------|

| 21.   | Special General Meetings |
|-----------------|--------------------------|

| 22.   | Requisitioned General Meetings |
|-----------------|--------------------------------|

| 23.   | Notice |
|-----------------|--------|

| 23.1   | At least ten days' notice of an annual general meeting shall be given to each Member entitled to attend and vote thereat, stating the date, place and time at which the meeting is to be held, that the election of Directors will take place thereat, and as far as practicable, the other business to be conducted at the meeting. |
|------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 23.2   | At least ten days' notice of a special general meeting shall be given to each Member entitled to attend and vote thereat, stating the date, time, place and the general nature of the business to be considered at the meeting. |
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| 23.3   | The Board may fix any date as the record date for determining the Members entitled to receive notice of and to vote at any general meeting of the Company. |
|------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 23.4   | A general meeting of the Company shall, notwithstanding that it is called on shorter notice than that specified in these Bye-laws, be deemed to have been properly called if it is so agreed by (i) all the Members entitled to attend and vote thereat in the case of an annual general meeting; and (ii) by a majority in number of the Members having the rightto attend and vote at the meeting, being a majority together holding not less than 95% in nominal value of the shares giving a right to attend and vote thereat in the case of a special general meeting. |
|------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 23.5   | The accidental omission to give notice of a general meeting to, or the non-receipt of a notice of a general meeting by, any person entitled to receive notice shall not invalidate the proceedings at that meeting. |
|------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 24.   | Giving Notice |
|-----------------|---------------|

| 24.1   | A notice may be given by the Company to any Member: |
|------------------|-----------------------------------------------------|

| (a)   | by delivering it to such Member in person; |
|-----------------|--------------------------------------------|

| (b)   | or by sending it by letter mail or courier to such Member's address in the Register of Members; or |
|-----------------|----------------------------------------------------------------------------------------------------|

| (c)   | by transmitting it by electronic means (including facsimile and electronic mail, but not telephone) in accordance with such directions as may be given by such Member to the Company for such purpose; or |
|-----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (d)   | in accordance with bye-law 24.4. |
|-----------------|----------------------------------|

| 24.2   | Any notice required to be given to a Member shall, with respect to any shares held jointly by two or more persons, be given to whichever of such persons is named first in the Register of Members and notice so given shall be sufficient notice to all the holders of such shares. |
|------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 24.3   | Any notice (save for one delivered in accordance with bye-law 24.4) shall be deemed to have been served at the time when the same would be delivered in the ordinary course of transmission and, in proving such service, it shall be sufficient to prove that the notice was properly addressed and prepaid, if posted, and the time when it was posted, deliveredto the courier company or transmitted by electronic means. |
|------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 24.4   | Where a member indicates his consent (in a form and manner satisfactory to the Board) to receive information or documents by accessing them on a website rather than by other means, the Board may deliver such information or documents by notifying the Member of their availability and including therein the address of the website, the place on the websitewhere the information or document may be found and instructions as to how the information or document may be accessed on the website. |
|------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 24.5   | In the case of information or documents delivered in accordance with bye-law 24.4, service shall be deemed to have occurred when (i) the Member is notified in accordance with the bye-law; and (ii) the information or document is published on the website. |
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| 25.   | Postponement of General Meeting |
|-----------------|---------------------------------|

| 26.   | Attendance at Meetings |
|-----------------|------------------------|

| 27.   | Quorum at General Meetings |
|-----------------|----------------------------|

| 27.1   | At any general meeting of the Company two or more persons present in person and representing in person or by proxy in excess of 50% of the total issued voting shares in the Company throughout the meeting shall form a quorum for the transaction of business. |
|------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 27.2   | If within half an hour from the time appointed for the meeting a quorum is not present, then, in the case of a meeting convened on a requisition, the meeting shall be deemed cancelled and, in any other case, the meeting shall stand adjourned to the same day one week later, at the same time and place or to such other day, time or place as the Secretarymay determine. If the meeting shall be adjourned to the same day one week later or the Secretary shall determine that the meeting is adjourned to a specific date, time and place, it is not necessary to give notice of the adjourned meeting other than by announcement at the meeting being adjourned.  If the Secretary shall determine that the meeting be adjourned to an unspecified date, time or place, fresh notice of the resumption of the meeting shall be given to each Member entitled to attend and votethereat in accordance with the provisions of these Bye-laws. |
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| 28.   | Chairman to Preside |
|-----------------|---------------------|

| 29.   | Voting on Resolutions |
|-----------------|-----------------------|

|   | 29.1 | Subject to the provisions of the Act and these Bye-laws, any question proposed for the consideration of the Members at any general meeting shall be decided by the affirmative votes of a majority of the votes cast in accordance with the provisions of these Bye-laws and in the case of an equality of votes the resolution shall fail. |
|--------|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 29.2 | No Member shall be entitled to vote at a general meeting unless such Member has paid all the calls on all shares held by such Member. |
|--------|------|---------------------------------------------------------------------------------------------------------------------------------------|

|   | 29.3 | At any general meeting a resolution put to the vote of the meeting shall, in the first instance, be voted upon by a show of hands and, subject to any rights or restrictions for the time being lawfully attached to any class of shares and subject to the provisions of these Bye-laws, every Member present in person and every person holding a valid proxy at such meeting shall be entitled to one vote and shall cast suchvote by raising his or her hand. |
|--------|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 29.4 | At any general meeting if an amendment shall be proposed to any resolution under consideration and the chairman of the meeting shall rule on whether the proposed amendment is out of order, the proceedings on the substantive resolution shall not be invalidated by any error in such ruling. |
|--------|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 29.5 | At any general meeting a declaration by the chairman of the meeting that a question proposed for consideration has, on a show of hands, been carried, or carried unanimously, or by a particular majority, or lost, and an entry to that effect in a book containing the minutes of the proceedings of the Company shall, subject to the provisions of these Bye-laws, be conclusive evidence of that fact. |
|--------|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 30.   | Limitation on Voting Rights of Controlled Shares |
|-----------------|--------------------------------------------------|

| 30.1   | Each share shall entitle or limit the holder thereof to such voting rights attributable to that class (or series) of share, but the exercise of any voting right shall be subject to the provisions of Bye-laws 30.2 through 30.7 below. |
|------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 30.2   | If, as a result of giving effect to the provisions of Bye-law 30.1 or otherwise, the votes conferred by the Controlled Shares of any Person would otherwise cause such Person or any other Person to be treated as a 9.9% U.S. Shareholder (as defined in Section 951(b) of the Code), the votes conferred by the Controlled Shares of such U.S. Person are herebyreduced (and shall be automatically reduced in the future) by whatever amount is necessary so that after any such reduction the votes conferred by the Controlled Shares of such Person shall not result in such Person or any other Person being treated as a 9.9% Shareholder with respect to the vote on the matter in question. |
|------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 30.3   | In determining the reduction in votes conferred by Controlled Shares pursuant to Bye-law 30.2, the reduction in the vote conferred by the Controlled Shares of any Person shall be effected proportionately among all the Controlled Shares of such Person; provided, however, that if a Member owns, or is treated as owning by the application of Section 958 ofthe Code, interests in another Member, the reduction in votes conferred by Controlled Shares of such Member (determined solely on the basis of shares held directly by such Member and shares attributed from such other Member) shall first be effected by reducing the votes conferred on the shares held directly by the Member. The reduction in the votes of the shares held by such Member effected by the foregoing proviso shall be conferred on the shares held by such Member (and not otherwise reduced by the operationof this Bye-law 30) to the extent that so doing does not cause any Person to be treated as a 9.9% U.S. Shareholder and any remaining reduction in votes shall then be conferred proportionately among the shares held by the other Members; provided, however, that no shares shall be conferred votes to the extent that so doing shall cause any Person to be treated as a 9.9% U.S. Shareholder. |
|------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 30.4   |  In the event that the aggregate reductions required by Bye-laws 30.2 and 30.3 result in less than 100 percent of the voting power of the shares being entitled to be cast, the excess of 100 percent of the voting power over the votes entitled to be cast shall be conferred on the shares held by the Members, proportionately, based on the number of sharesheld by each Member; provided, however, that the shares of a Member shall not be conferred votes to the extent that any U.S. Person would be considered a 9.9% U.S. Shareholder. The maximum votes that shall be conferred pursuant to this paragraph of Bye-law 30 on a corporation organised under the laws of the United Kingdom shall be 24.9%. |
|------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 30.5   | Upon written notification by a Member to the Board, the number of votes conferred by the total number of shares held by such Member shall be reduced to that percentage of the total voting power of the Company, as so designated by such Member (subject to acceptance of such reduction by the Board in its sole discretion) so that (and to the extent that) suchMember may meet any applicable insurance or other regulatory requirement (other than tax regulatory) or voting threshold or limitation that may be applicable to such Member or to evidence that such Person’s voting power is no greater than such threshold. |
|------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 30.6   | Notwithstanding anything to the contrary in this Bye-law 30, the votes conferred by the Controlled Shares of any Person shall not exceed such amount as would result in any U.S. Person that owns shares of the Company (within the meaning of Section 958(a) of the Code) being treated as owning (withinthe meaning of Section 958 of the Code) more than 9.9% (or the lower percentage designated by a Member pursuant to Bye-law 30.5 hereof) of the aggregate voting power of the votes conferred by all the shares of the Company entitled to vote generally at any election of Directors. |
|------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 30.7   | The Board shall implement the foregoing in the manner set forth in this Bye-law. In addition to any other provision of this Bye-law 30, any shares shall not carry rights to vote or shall have reduced voting rights to the extent that the Board reasonably determines in good faith that it is necessarythat such shares should not carry the right to vote or should have reduced voting rights in order to avoid adverse tax consequences or materially adverse legal or regulatory treatment to the Company, any subsidiary of the Company or any Member or its affiliates; provided, however, that the Board will use reasonable efforts to exercise such discretion equally among similarly situated Members (to the extent possible under the circumstances). |
|------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 31.   | Certain Subsidiaries |
|-----------------|----------------------|

| 31.1   | With respect to any Subsidiary of the Company that is not a U.S. corporation and  that is not treated as a pass-through or disregarded entity for U.S. federal income tax purposes (together the “Designated Companies”), (i) the board of directors of each such Designated Company shall consist of the persons who have been elected by theMembers of the Company by resolution in a general meeting as Designated Company Directors and (ii) the Members of the Company by resolution in a general meeting may designate the persons to be removed as directors of such Designated Company (the “Removed Company Directors”). |
|------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 31.2   | Notwithstanding the general authority set out in Bye-law 47, the Board shall vote all shares owned by the Company in each Designated Company (i) to elect the Designated Company Directors as the directors of such Designated Company and to remove the Removed Company Directors as directors of such Designated Company, and (ii) to ensure that the constitutionaldocuments of such Designated Company require such Designated Company Directors to be elected and such Removed Company Directors to be removed as provided in this Bye-law. The Board and the Company shall ensure that the constitutional documents of each such Designated Company shall effectuate or implement this Bye-law. The Company shall also enter into agreements with each such Designated Company and take such other actions as are necessary to effectuate or implement this Bye-law. |
|------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 32.   | Power to Demand a Vote on a Poll |
|-----------------|----------------------------------|

| 32.1   | At any general or special meeting of the Members, a poll may be demanded by any of the following persons: |
|------------------|-----------------------------------------------------------------------------------------------------------|

| (a)   | the chairman of such meeting; or |
|-----------------|----------------------------------|

| (b)   | at least three Members present in person or represented by proxy; or |
|-----------------|----------------------------------------------------------------------|

| (c)   | any Member or Members present in person or represented by proxy and holding between them not less than one-tenth of the total voting rights of all the Members having the right to vote at such meeting; or |
|-----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (d)   | any Member or Members present in person or represented by proxy holding shares in the Company conferring the right to vote at such meeting, being shares on which an aggregate sum has been paid up equal to not less than one-tenth of the total sum paid up on all such shares conferring such right. |
|-----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 32.2   | Where a poll is demanded, subject to any rights or restrictions for the time being lawfully attached to any class of shares, every person present at such meeting shall have one vote for each share of which such person is the holder or for which such person holds a proxy and such vote shall be counted by ballot as described herein, or in the case of a generalmeeting at which one or more Members are present by telephone, in such manner as the chairman of the meeting may direct and the result of such poll shall be deemed to be the resolution of the meeting at which the poll was demanded and shall replace any previous resolution upon the same matter which has been the subject of a show of hands.  A person entitled to more than one vote need not use all his votes or cast all the votes he uses in the same way. |
|------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 32.3   | A poll demanded for the purpose of electing a chairman of the meeting or on a question of adjournment shall be taken forthwith and a poll demanded on any other question shall be taken in such manner and at such time and place at such meeting as the chairman (or acting chairman) of the meeting may direct and any business other than that upon which a pollhas been demanded may be proceeded with pending the taking of the poll. |
|------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 32.4   | Where a vote is taken by poll, each person present and entitled to vote shall be furnished with a ballot paper on which such person shall record his vote in such manner as shall be determined at the meeting having regard to the nature of the question on which the vote is taken, and each ballot paper shall be signed or initialed or otherwise marked so asto identify the voter and the registered holder in the case of a proxy.  At the conclusion of the poll, the ballot papers shall be examined and counted by a committee of not less than two Members or proxy holders appointed by the chairman for the purpose and the result of the poll shall be declared by the chairman. |
|------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 33.   | Voting by Joint Holders of Shares |
|-----------------|-----------------------------------|

| 34.   | Instrument of Proxy |
|-----------------|---------------------|

| 34.1   | An instrument appointing a proxy shall be in writing or transmitted by electronic mail in substantially the following form or such other form as the chairman of the meeting shall accept: |
|------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 34.2   | The instrument of proxy shall be signed or, in the case of a transmission by electronic mail, electronically signed in a manner acceptable to the chairman, by the appointor or by the appointor's attorney duly authorised in writing, or if the appointor is a corporation, either under its seal or signed or, in the case of a transmission by electronic mail,electronically signed in a manner acceptable to the chairman, by a duly authorised officer or attorney. |
|------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 34.3   | A Member who is the holder of two or more shares may appoint more than one proxy to represent him and vote on his behalf. |
|------------------|---------------------------------------------------------------------------------------------------------------------------|

| 34.4   | The decision of the chairman of any general meeting as to the validity of any appointment of a proxy shall be final. |
|------------------|----------------------------------------------------------------------------------------------------------------------|

| 35.   | Representation of Corporate Member |
|-----------------|------------------------------------|

| 35.1   | A corporation which is a Member may, by written instrument, authorise such person or persons as it thinks fit to act as its representative at any meeting of the Members and any person so authorised shall be entitled to exercise the same powers on behalf of the corporation which such person represents as that corporation could exercise if it were an individualMember, and that Member shall be deemed to be present in person at any such meeting attended by its authorised representative or representatives. |
|------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 35.2   | Notwithstanding the foregoing, the chairman of the meeting may accept such assurances as he thinks fit as to the right of any person to attend and vote at general meetings on behalf of a corporation which is a Member. |
|------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 36.   | Adjournment of General Meeting |
|-----------------|--------------------------------|

| 37.   | Written Resolutions |
|-----------------|---------------------|

| 37.1   | Subject to the following, anything which may be done by resolution of the Company in general meeting or by resolution of a meeting of any class of the Members may, without a meeting and without any previous notice being required, be done by resolution in writing signed by, or in the case of a Member that is a corporation whether or not a company withinthe meaning of the Act, on behalf of, all the Members who at the date of the resolution would be entitled to attend the meeting and vote on the resolution. |
|------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 37.2   | A resolution in writing may be signed by, or in the case of a Member that is a corporation whether or not a company within the meaning of the Act, on behalf of, all the Members, or all the Members of the relevant class thereof, in as many counterparts as may be necessary. |
|------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 37.3   | A resolution in writing made in accordance with this Bye-law is as valid as if it had been passed by the Company in general meeting or by a meeting of the relevant class of Members, as the case may be, and any reference in any Bye-law to a meeting at which a resolution is passed or to Members voting in favour of a resolution shall be construed accordingly. |
|------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 37.4   | A resolution in writing made in accordance with this Bye-law shall constitute minutes for the purposes of the Act. |
|------------------|--------------------------------------------------------------------------------------------------------------------|

| 37.5   | This Bye-law shall not apply to: |
|------------------|----------------------------------|

| (a)   | a resolution passed to remove an auditor from office before the expiration of his term of office; or |
|-----------------|------------------------------------------------------------------------------------------------------|

| (b)   | a resolution passed for the purpose of removing a Director before the expiration of his term of office. |
|-----------------|---------------------------------------------------------------------------------------------------------|

| 37.6   | For the purposes of this Bye-law, the date of the resolution is the date when the resolution is signed by, or in the case of a Member that is a corporation whether or not a company within the meaning of the Act, on behalf of, the last Member to sign and any reference in any Bye-law to the date of passing of a resolution is, in relation to a resolutionmade in accordance with this Bye-law, a reference to such date. |
|------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 38.   | Directors Attendance at General Meetings |
|-----------------|------------------------------------------|

| 39.   | Election of Directors |
|-----------------|-----------------------|

| 39.1   | The Board shall consist of no less than ten (10) Directors or such number in excess thereof up to a maximum of twelve (12) Directors as the Board may from time to time determine, who shall be elected, except in a case of a vacancy, by the Members holding a plurality of the votes cast in person or by proxy for a resolution approving such Director, in accordancewith and subject to the limitations in these Bye-Laws including but not limited to Bye-Law 30.  Except in the case of a casual vacancy, Directors shall be elected at the annual general meeting of the Members or at any special general meeting of the Members called for that purpose. |
|------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 39.2   | At any general meeting, the Members may authorise the Board to fill any vacancy in their number left unfilled at a general meeting. |
|------------------|-------------------------------------------------------------------------------------------------------------------------------------|

| 39.3   | The only persons who shall be eligible for appointment or election as a Director in accordance with Bye-law 39.1 at any meeting of the Company shall be persons for whom a written notice of nomination signed by Members holding in the aggregate not less than fifteen percent (15%) of the issued and outstanding paid up share capital of the Company eligibleto vote at the meeting at that time has been delivered to the registered office of the Company for the attention of the Secretary not later than five days after notice or public disclosure of the date of such meeting is given or made available to Members. |
|------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 40.   | Classification of Directors |
|-----------------|-----------------------------|

|   | The Directors shall be divided into three (3) classes as nearly equal as possible (Class A, Class B and Class C).  The initial Class A Directors shall serve for a term expiring at the annual general meeting of Members to be held in 2009; the initial Class B directors shall serve for a term expiring at the annual general meeting of Members to be held in 2008 and the initial Class C Directors shall servefor a term expiring at the annual general meeting of Members to be held in 2007. |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 41.   | Term of Office of Directors |
|-----------------|-----------------------------|

|   |             At each annual general meeting of Members held after the classification and election referred to at Bye-law 40 above, Directors shall be elected or appointed for a full three-year term, as the case may be, to succeed those whose terms expire at such meeting. Each Director shall hold office for the term for which he is elected or until his successoris elected or appointed or until his office is otherwise vacated. |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 42.   | Removal of Directors |
|-----------------|----------------------|

| 42.1   | Subject to any provision to the contrary in these Bye-laws, the Members entitled to vote for the election of Directors may, at any special general meeting convened and held in accordance with these Bye-laws, remove any Director, but only for Cause, provided that the notice of any such meeting convened for the purpose of removing a Director shall containa statement of the intention so to do and be served on such Director not less than 14 days before the meeting and at such meeting the Director shall be entitled to be heard on the motion for such Director's removal. |
|------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 42.2   | If a Director is removed from the Board under the provisions of this Bye-law the Members may fill the vacancy at the meeting at which such Director is removed. |
|------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 43.   | Vacancy in the Office of Director and appointment of alternate Directors |
|-----------------|--------------------------------------------------------------------------|

| 43.1   | The office of Director shall be vacated if the Director: |
|------------------|----------------------------------------------------------|

| (a)   | is removed from office pursuant to these Bye-laws or is prohibited from being a Director by law; |
|-----------------|--------------------------------------------------------------------------------------------------|

| (b)   | is or becomes bankrupt, or makes any arrangement or composition with his creditors generally; |
|-----------------|-----------------------------------------------------------------------------------------------|

| (c)   | is or becomes of unsound mind or dies; or |
|-----------------|-------------------------------------------|

| (d)   | resigns his office by notice in writing to the Company. |
|-----------------|---------------------------------------------------------|

| 43.2   | The Board shall have the power to appoint any person as a Director to fill a vacancy on the Board occurring as a result of the death, disability, disqualification or resignation of any Director. |
|------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 43.3   |  No Director shall appoint an alternate Director, and notwithstanding any provisions of the Companies Act, no director may appoint another Director to represent him or vote on his behalf at any meeting of the Board of Directors or at any Committee meeting. |
|------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 44.   | Remuneration of Directors |
|-----------------|---------------------------|

| 45.   | Defect in Appointment of Director |
|-----------------|-----------------------------------|

| 46.   | Directors to Manage Business |
|-----------------|------------------------------|

| 47.   | Powers of the Board of Directors |
|-----------------|----------------------------------|

| (a)   | appoint, suspend, or remove any manager, secretary, clerk, agent or employee of the Company and may fix their remuneration and determine their duties; |
|-----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b)   | exercise all the powers of the Company to borrow money and to mortgage or charge its undertaking, property and uncalled capital, or any part thereof, and may issue debentures, debenture stock and other securities whether outright or as security for any debt, liability or obligation of the Company or any third party; |
|-----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (c)   | appoint one or more Directors to the office of managing director or chief executive officer of the Company, who shall, subject to the control of the Board, supervise and administer all of the general business and affairs of the Company; |
|-----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (d)   | appoint a person to act as manager of the Company's day-to-day business and may entrust to and confer upon such manager such powers and duties as it deems appropriate for the transaction or conduct of such business; |
|-----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (e)   | by power of attorney, appoint any company, firm, person or body of persons, whether nominated directly or indirectly by the Board, to be an attorney of the Company for such purposes and with such powers, authorities and discretions (not exceeding those vested in or exercisable by the Board) and for such period and subject to such conditions as it may thinkfit and any such power of attorney may contain such provisions for the protection and convenience of persons dealing with any such attorney as the Board may think fit and may also authorise any such attorney to sub-delegate all or any of the powers, authorities and discretions so vested in the attorney.  Such attorney may, if so authorised under the seal of the Company, execute any deed or instrument under such attorney's personal seal with the same effect as the affixation of the seal of the Company; |
|-----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (f)   | procure that the Company pays all expenses incurred in promoting and incorporating the Company; |
|-----------------|-------------------------------------------------------------------------------------------------|

| (g)   | delegate any of its powers (including the power to sub-delegate) to a committee of one or more persons appointed by the Board which may consist partly or entirely of non-Directors, provided that every such committee shall conform to such directions as the Board shall impose on them and provided further that the meetings and proceedings of any such committeeshall be governed by the provisions of these Bye-laws regulating the meetings and proceedings of the Board, so far as the same are applicable and are not superceded by directions imposed by the Board; |
|-----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (h)   | delegate any of its powers (including the power to sub-delegate) to any person on such terms and in such manner as the Board may see fit; |
|-----------------|-------------------------------------------------------------------------------------------------------------------------------------------|

| (i)   | present any petition and make any application in connection with the liquidation or reorganisation of the Company; |
|-----------------|--------------------------------------------------------------------------------------------------------------------|

| (j)   | in connection with the issue of any share, pay such commission and brokerage as may be permitted by law; and |
|-----------------|--------------------------------------------------------------------------------------------------------------|

| (k)   | authorise any company, firm, person or body of persons to act on behalf of the Company for any specific purpose and in connection therewith to execute any agreement, document or instrument on behalf of the Company. |
|-----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 47.2   | The Board shall constitute, appoint and maintain: |
|------------------|---------------------------------------------------|

| (a)   | an Audit Committee; |
|-----------------|---------------------|

| (b)   | a Compensation Committee; |
|-----------------|---------------------------|

| (c)   | a Governance Committee; and |
|-----------------|-----------------------------|

| (d)   | such other committee(s) as may be required from time to time by law or regulation. |
|-----------------|------------------------------------------------------------------------------------|

| 47.3   | The Board may in its absolute discretion constitute, appoint and maintain and disband such other committees as it deems to be in the best interests of the Company. |
|------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 48.   | Register of Directors and Officers |
|-----------------|------------------------------------|

| 49.   | Officers |
|-----------------|----------|

| 50.   | Appointment of Officers |
|-----------------|-------------------------|

| 51.   | Duties of Officers |
|-----------------|--------------------|

| 52.   | Remuneration of Officers |
|-----------------|--------------------------|

| 53.   | Conflicts of Interest |
|-----------------|-----------------------|

| 53.1   | Any Director, or any Director's firm, partner or any company with whom any Director is associated, may act in any capacity for, be employed by or render services to the Company and such Director or such Director's firm, partner or company shall be entitled to remuneration as if such Director were not a Director.  Nothing herein contained shallauthorise a Director or Director's firm, partner or company to act as Auditor to the Company. |
|------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 53.2   | A Director who is directly or indirectly interested in a contract or proposed contract or arrangement with the Company shall declare the nature of such interest as required by the Act. |
|------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 53.3   | Following a declaration being made pursuant to this Bye-law, and unless disqualified by the chairman of the relevant Board meeting, a Director may vote in respect of any contract or proposed contract or arrangement in which such Director is interested and may be counted in the quorum for such meeting. |
|------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 54.   | Indemnification and Exculpation of Directors and Officers |
|-----------------|-----------------------------------------------------------|

| 54.1   | The Directors, Secretary and other Officers (such term to include any person appointed to any committee by the Board) for the time being acting in relation to any of the affairs of the Company, any subsidiary thereof, and the liquidator or trustees (if any) for the time being acting in relation to any of the affairs of the Company or any subsidiary thereofand every one of them, and their heirs, executors and administrators, shall be indemnified and secured harmless out of the assets of the Company from and against all actions, costs, charges, losses, damages and expenses which they or any of them, their heirs, executors or administrators, shall or may incur or sustain by or by reason of any act done, concurred in or omitted in or about the execution of their duty, or supposed duty, or in their respective offices or trusts, and none of them shall be answerablefor the acts, receipts, neglects or defaults of the others of them or for joining in any receipts for the sake of conformity, or for any bankers or other persons with whom any moneys or effects belonging to the Company shall or may be lodged or deposited for safe custody, or for insufficiency or deficiency of any security upon which any moneys of or belonging to the Company shall be placed out on or invested, or for any other loss, misfortune or damage which may happen in the execution of their respective officesor trusts, or in relation thereto, PROVIDED THAT this indemnity shall not extend to any matter in respect of any fraud or dishonesty which may attach to any of the said persons.  Each Member agrees to waive any claim or right of action such Member might have, whether individually or by or in the right of the Company, against any Director or Officer on account of any action taken by such Director or Officer, or the failure of such Director or Officer to take any action in the performance of his dutieswith or for the Company or any subsidiary thereof, PROVIDED THAT such waiver shall not extend to any matter in respect of any fraud or dishonesty which may attach to such Director or Officer. |
|------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 54.2   | The Company may purchase and maintain insurance for the benefit of any Director or Officer of the Company against any liability incurred by him under the Act in his capacity as a Director or Officer of the Company or indemnifying such Director or Officer in respect of any loss arising or liability attaching to him by virtue of any rule of law in respectof any negligence, default, breach of duty or breach of trust of which the Director or Officer may be guilty in relation to the Company or any subsidiary thereof. |
|------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 54.3   | The Company may advance moneys to a Director or Officer for the costs, charges, and expenses incurred by the Director or Officer in defending any civil or criminal proceedings against him, on condition that the Director or Officer shall repay the advance if any allegations of fraud or dishonesty is proved against him. |
|------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 55.   | Board Meetings |
|-----------------|----------------|

| 56.   | Notice of Board Meetings |
|-----------------|--------------------------|

| (1)   | The Chairman, Deputy Chairman or any two (2) Directors may, and the Secretary on the requisition of the Chairman, Deputy Chairman or any two (2) Directors shall at any time summon a meeting of the Board by at least three (3) days notice to each Director, unless such director consents to shorter notice.  Attendance at a meeting of the Board shallconstitute consent to short notice. |
|-----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2)   | Notice of a meeting of the Board shall be deemed to be duly given to a Director if it is given to such Director verbally in person or by telephone or otherwise communicated or sent to such Director by registered mail, electronic mail, courier service, facsimile or other mode of representing words in a legible and non-transitory form at such Director’slast known address or any other address given by such Director to the Company for this purpose. If such notice is sent by electronic mail, next-day courier or facsimile, it shall be deemed to have been given the day following the sending thereof and, if by registered mail, five (5) days following the sending thereof. |
|-----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 57.   | Participation in Meetings by Telephone |
|-----------------|----------------------------------------|

| 58.   | Quorum at Board Meetings |
|-----------------|--------------------------|

| 59.   | Special Business |
|-----------------|------------------|

| 59.1   | In addition to any vote of the Members required by the Act or these Bye-laws, none of the actions listed below shall be taken by the Company without approval by the Board and the holders of a majority in interest of the affected classes of shares of the Company then in issue: |
|------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (a)   | amending the voting rights of the Common Shares or of any other class of shares with such rights; or |
|-----------------|------------------------------------------------------------------------------------------------------|

| (b)   | amending the dividend rights of the Common Shares or of any other class of shares with such rights. |
|-----------------|-----------------------------------------------------------------------------------------------------|

| 59.2   | In addition to any vote of the Members required by the Act or these Bye-laws, none of the actions listed below shall be taken by the Company without the prior approval by at least seventy five percent (75%) of the Directors in office; |
|------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (a)   | any amendment to the Bye-laws or alteration to the Memorandum of Association; |
|-----------------|-------------------------------------------------------------------------------|

| (b)   | the consolidation, sub-division, conversion, reduction or cancellation of any share capital of the Company; |
|-----------------|-------------------------------------------------------------------------------------------------------------|

| (c)   | any merger, consolidation, amalgamation, continuation or similar transaction involving the Company, or any acquisition or disposition of a subsidiary greater then 10 percent (10%) of the Company’s Book Value; |
|-----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (d)   | except for the rights created under the PSU Plan or the RSU Plan, the creation of any option or right to subscribe or acquire, or convert any security into, any share capital of the Company; |
|-----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (e)   | any increase in the maximum number of PSU Shares which can be issued under the PSU Plan or any material amendment or modification of the PSU Plan, the RSU Plan or the Warrant; |
|-----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (f)   | any transaction or series of transactions with Haverford or its Affiliates in excess of US$10 Million in the aggregate, or any material modification or amendment of the terms thereof |
|-----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (g)   | any resolution to voluntarily wind up or liquidate the Company, |
|-----------------|-----------------------------------------------------------------|

| 60.   | Board to Continue in the Event of Vacancy |
|-----------------|-------------------------------------------|

| 61.   | Chairman to Preside |
|-----------------|---------------------|

| 62.   | Written Resolutions |
|-----------------|---------------------|

| 63.   | Validity of Prior Acts of the Board |
|-----------------|-------------------------------------|

| 64.   | Minutes |
|-----------------|---------|

| (a)   | of all elections and appointments of Officers; |
|-----------------|------------------------------------------------|

| (b)   | of the names of the Directors present at each meeting of the Board and of any committee appointed by the Board; and |
|-----------------|---------------------------------------------------------------------------------------------------------------------|

| (c)   | of all resolutions and proceedings of general meetings of the Members, meetings of the Board, meetings of managers and meetings of committees appointed by the Board. |
|-----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 65.   | Place Where Corporate Records Kept |
|-----------------|------------------------------------|

| 66.   | Form and Use of Seal |
|-----------------|----------------------|

| 66.1   | The Company may adopt a seal in such form as the Board may determine.  The Board may adopt one or more duplicate seals for use in or outside Bermuda. |
|------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 66.2   | A seal may, but need not, be affixed to any deed, instrument, share certificate or document, and if the seal is to be affixed thereto it shall be except attested by the signature of (i) any Director; or (ii) any Directors Officer; or (iii) the Secretary, or (iv) any person authorised bythe Board for that purpose. A Resident Representative may, but need not, affix the seal of the Company to certify the authenticity of any copies of documents. |
|------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 67.   | Books of Account |
|-----------------|------------------|

| 67.1   | The Board shall cause to be kept proper records of account with respect to all transactions of the Company and in particular with respect to: |
|------------------|-----------------------------------------------------------------------------------------------------------------------------------------------|

| (a)   | all sums of money received and expended by the Company and the matters in respect of which the receipt and expenditure relates; |
|-----------------|---------------------------------------------------------------------------------------------------------------------------------|

| (b)   | all sales and purchases of goods by the Company; and |
|-----------------|------------------------------------------------------|

| (c)   | all assets and liabilities of the Company. |
|-----------------|--------------------------------------------|

| 67.2   | Such records of account shall be kept at the registered office of the Company, or subject to the provisions of the Act, at such other place as the Board thinks fit and shall be available for inspection by the Directors during normal business hours. |
|------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 68.   | Financial Year End |
|-----------------|--------------------|

| 69.   | Annual Audit |
|-----------------|--------------|

| 70.   | Appointment of Auditor |
|-----------------|------------------------|

| 70.1   | Subject to the provisions of the Act, at the annual general meeting or at a subsequent special general meeting in each year, an independent representative of the Members shall be appointed by them as Auditor of the accounts of the Company. |
|------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 70.2   | Any Auditor appointed by the Members shall, prior to such appointment, have been nominated by the Audit Committee. |
|------------------|--------------------------------------------------------------------------------------------------------------------|

| 70.3   | The Auditor may be a Member but no Director, Officer or employee of the Company shall, during his continuance in office, be eligible to act as an Auditor of the Company. |
|------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 71.   | Remuneration of Auditor |
|-----------------|-------------------------|

| 72.   | Duties of Auditor |
|-----------------|-------------------|

| 72.1   | The financial statements provided for by these Bye-laws shall be audited by the Auditor in accordance with generally accepted auditing standards.  The Auditor shall make a written report thereon in accordance with generally accepted auditing standards. |
|------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 72.2   | The generally accepted auditing standards referred to in this Bye-law may be those of a country or jurisdiction other than Bermuda or such other generally accepted auditing standards as may be provided for in the Act.  If so, the financial statements and the report of the Auditor shall identify the generally accepted auditing standards used. |
|------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 73.   | Access to Records |
|-----------------|-------------------|

|   | The Auditor shall at all reasonable times have access to all books kept by the Company and to all accounts and vouchers relating thereto, and the Auditor may call on the Directors or Officers of the Company for any information in their possession relating to the books or affairs of the Company. |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 74.   | Financial Statements |
|-----------------|----------------------|

| 75.   | Distribution of Auditor’s Report |
|-----------------|----------------------------------------|

| 76.   | Vacancy in the Office of Auditor |
|-----------------|----------------------------------|

| 77.   | Winding-Up |
|-----------------|------------|

| 78.   | Changes to Bye-laws |
|-----------------|---------------------|

| 79.   | Changes to the Memorandum of Association |
|-----------------|------------------------------------------|

| 80.   | Discontinuance |
|-----------------|----------------|

----