|  EMPLOYMENT      AGREEMENT  |
|---------------------------------------|

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|   | a) | “Affiliate” means in      relation to a company, any other company which is a subsidiary of that      company, which controls that company or which is controlled by any person      who controls that company. For the purposes of this definition, “control”,      when used with respect to any company, means the power to direct the      management and policies of such company, directly or indirectly, whether      through the ownership of voting securities, by contract or otherwise; and      the terms “controlling” and “controlled” have      meanings correlative to theforegoing; |
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|   | b) | “Business Day” means any      day normally treated as a business day in  Bermuda; |
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|   | c) | “Cause”      means: |
|--------|----|---------------------------------|

|   | (i)         | a      material breach by the Employee of any contract between the Employee and      the Company, including this Agreement;                                                                                                                                                                |
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|   | (ii)   | the      wilful and continued failure or refusal by the Employee to perform any      duties reasonably required by the Company, after notification by the      Company of such failure or refusal, and failing to correct such behaviour      within 20 days of such notification;         |
|   | (iii)  | commission      by the Employee of a criminal offence or other offence of moral      turpitude,                                                                                                                                                                                            |
|   | (iv)   | perpetration      by the Employee of a dishonest act or common law fraudagainst      the Company or a client thereof;                                                                                                                                                                      |
|   | (v)    | the      Employee wilfully engaging in misconduct which is materially injurious to      the Company, including without limitation, the disclosure of any trade      secrets, financial models, or computer software to persons outside the      Company without the consent of theCompany; |

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|   | d) | “Commencement Date” has      the meaning set out in paragraph 3 of Schedule 1;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
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|   | e) | “Employment” means the      employment of the Employee pursuant to this Agreement;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
|   | f) | “Intellectual Property Rights”      means rights in inventions, patents, trade marks, service marks,      design rights (whether registrable or otherwise), trade and business      names, copyrights (including rights in computer software), database rights      and semiconductor topography rights (whether or not any of these is      registered and including applications for registrations) and all rights or      terms of protection of a similar nature or having equivalent or similar      effect to any of these which may subsist anywhere in the      world; |
|   | g) | “Staff Policy Manual”      means such document or documents produced by the Company which set      out the policies and procedures of the Company and which may be amended      from time to time;                                                                                                                                                                                                                                                                                                                                                                             |
|   | h) | “Termination Date” means      the date on which the Employee’s employment with the Company ceases in      accordance with the provisions of this  Agreement.                                                                                                                                                                                                                                                                                                                                                                                                             |

| 2)     | Appointment |
|--------|-------------|
|   | a)          | The      Company hereby appoints the Employee and the Employee hereby accepts the      position set out in paragraph 1 of Schedule 1 and shall have such      responsibilities as the Company may from time to time    direct. |
|   | b)          | The      Employee may be required to provide services to Affiliates of the      Company. |
|   | c)          | The      foregoing appointment shall be subject to: |
|   |        | i) | satisfactory      reference/background checks conducted by or on behalf of the Company;      and |
|   |        | ii) | where      applicable, the existence of a work permit entitling the Employee to work      lawfully in the UnitedKingdom. |

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| 4)     | Place      of Employment                                                                     |
|--------|---------------------------------------------------------------------------------------------------|
|   |                                                                                              |
|   | The      Employee’s place of employment is set out in paragraph 2 of Schedule      1.  |
|   |                                                                                              |
| 5)     | Compensation                                                                                      |
|   | a)                                                                                                | Salary,      Benefits and Deductions from Salary |
|   |                                                                                              | i) | The      salary payable to the Employee shall be the sum as set out in paragraph 4      of Schedule 1, and shall be payable by equal monthly instalments in      arrears on the last Business Day of each month. |
|   |                                                                                              | ii) | The      Company shall review the salary annually in January beginning January 2010      and the rate of salary may, at the Company’s sole discretion, be increased      effective from the date ofreview. |

| 6)     | Vacation                                                                                                                                                                                                             |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   | The      Employee shall be entitled to paid vacation in accordance with paragraph 7      of Schedule 1, such vacation to be taken in accordance with the Staff      Policy Manual.                                        |
|   |                                                                                                                                                                                                                           |   |
| 7)     | Amendments and      Waivers                                                                                                                                                                                               |
|   | (a)                                                                                                                                                                                                                            | No      amendments to the provisions of this Agreement shall be effective unless      in writing and signed by the parties hereto or their duly authorized      representatives.  |
|   | (b)                                                                                                                                                                                                                            | All      rights, remedies and powers conferred upon the parties hereto are      cumulative and shall not be deemed or construed to be exclusive of any      other rights, remedies or powers now or hereafter conferred upon the      parties hereto or either of them by law or otherwise.  |
|   | (c)                                                                                                                                                                                                                            | Any      failure at any time to insist upon or enforce any such right, remedy or      power shall not be construed as a waiver thereof.  |
| 8)     | Warranty                                                                                                                                                                                                                  |
|   | The      Employee represents and warrants that he is not a party to any agreement,      contract (whether of employment or otherwise) or understanding, which      would in any way restrict or prohibit him from:   |
|   | (a)                                                                                                                                                                                                                            | undertaking      or performing any of the duties of the Employment in accordance with the      terms and conditions of this Agreement;or  |

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|   | (b)       | utilizing      any materials which the Employee proposes to use in the course of his      employment with the Company whether in hard copy or stored in an      electronic storage device.                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
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| 9)     | Covenants |
|   |      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
|   | (a)       | The      Employee expressly covenants that all Intellectual Property Rights      relating in anyway to the business activities (or incidental to the use of      company time and or property) of the Company or its Affiliates which may      be discovered, invented, improved or developed by the Employee during his      Employment with the Company, whether during regular office hours or      otherwise and whosesoever discovered, invented, improved or developed will      be the exclusive and sole property of the Company and its      Affiliates.                                                                                      |
|   | (b)       | The      Employee undertakes to disclose promptly to the Company and hereby assigns      to the Company without further compensation, all rights, title and      interest in the said discoveries, inventions, improvements and      developments whether conceived and developed solely by the Employee or      jointly with others and will on the request of the Company execute all      documents and do all such things as may be requested by the Company or its      Affiliates to confirm or perfect the rights title and interest in such      property provided that the Company will bear all costs and expenses      associatedtherewith. |

| 10)    | Notice   |
|--------|--------------------|
|   | a)                 | Any      notice required or authorized hereunder shall be in writing and may be      served:- |
|   |               | i) | by      personal delivery; or |
|   |               | ii) | by      facsimile; or |
|   |               | iii) | by      email with a receipt evidencing that the recipient has read the      email. |
|   | b)                 | In      proving service of any notice hereunder it shall be sufficient to      prove:- |
|   |               | i) | in      the case of a notice delivered personally, that it was left at the address      for notices herein or any substituted address; |
|   |               | ii) | in      the case of a notice sent by facsimile, that it was properly transmitted      to the last known facsimile number;and |

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|   |   | iii)                                                                                                           | in      the case of a notice sent by email that the computer of the person sending      the email message has generated a receipt evidencing that the recipient      has read the email message. |
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|   | c)     | The      address for service of notices on the Company is at its principal place of      business.             |
|   | d)     | The      address for service of notices on the Employee is at his residence on the      records of theCompany. |

| 11)    | Confidentiality                                                                                                 |
|--------|----------------------------------------------------------------------------------------------------------------------|
|   | a)                                                                                                                   | The      Employee shall not at any lime during his employment (except as is      necessary and proper in the course of his employment) or at any time after      the Termination Date disclose to any person any information as to the      practice, business dealings or affairs of the Employer, its affiliates or      any of the Employers customers or clients or as to any other matters which      may come to his knowledge by reason of his employment with the      Company. |
|   | b)                                                                                                                   | The      Employee shall at the time of executing this Agreement execute the      undertaking of Secrecy attached in Schedule 2.  |
| 12)    | Notice of      Termination                                                                                      |
|   | Subject      to Clause 13, this Agreement may be terminated in accordance with      paragraph 8 of Schedule 1.  |
| 13)    | Summary Dismissal for      Cause                                                                                |
|   | The      Company reserves the right to summarily dismiss the Employee for      Cause.                      |
| 14)    | Misuse of Company      Property                                                                                 |
|   | a)                                                                                                                   | The      Employee shall not use any of the Company’s property including, but not      limited to computer equipment and software, for personal use except      moderate use of the Internet and email by the Employee, which does not      interfere with the performance of their duties, and which does not include      the reading or viewing of offensive or illegalmaterial. |
|   | b)                                                                                                                   | The      Company reserves the right to read all paper and computer files of the      Employee on premises and any information stored on any electronic device      which is the property of theCompany. |

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|   | i)   | The      interpretation, construction and effect of this Agreement shall be      governed and construed in all respects in accordance with the laws of      England and the parties hereby submit to the non-exclusive jurisdiction of      the English      Courts.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
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|   | ii)  | This      Agreement may be entered into in any number of counterparts and by the      parties to it on separate counterparts, each of which when so executed and      delivered shall be an original.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
|   | iii) | All      disputes, controversies or claims arising out of, relating to, or in      connection with, this contract, or breach, termination or validity      thereof, shall be finally settled by arbitration. The arbitration shall be      conducted in accordance with the Arbitration Act 1996, except as same may      be modified herein or by mutual agreement of the parties. The seat of the      arbitration shall be England, and it shall be conducted in the English      language. The arbitration shall be conducted by one arbitrator who shall      be selected jointly by the parties. The arbitral award shall be in      writing, shall state reasons for the award, and be final and binding on      the parties. The award may include an award of costs, including reasonable      attorneys’ fees and disbursements. Judgment on the award may be entered by      any court having jurisdiction thereof or having jurisdiction over the      parties or their assets |

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|   | i)   | The      interpretation, construction and effect of this Agreement shall be      governed and construed in all respects in accordance with the laws of      England and the parties hereby submit to the non-exclusive jurisdiction of      the English Courts.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
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|   | ii)  | This      Agreement may be entered into in any number of counterparts and by the      parties to it on separate counterparts, each of which when so executed and      delivered shall be an original.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
|   | iii) | All      disputes, controversies or claims arising out of, relating to, or in      connection with, this contract, or breach, termination or validity      thereof, shall be finally settled by arbitration. The arbitration shall be      conducted in accordance with the Arbitration Act 1996, except as same may      be modified herein or by mutual agreement of the parties. The seat of the      arbitration shall be England, and it shall be conducted in the English      language. The arbitration shall be conducted by one arbitrator who shall      be selected jointly by the parties. The arbitral award shall be in      writing, shall state reasons for the award, and be final and binding on      the parties. The award may include an award of costs, including reasonable      attorneys’ fees and disbursements. Judgment on the award may be entered by      any court having jurisdiction thereof or having jurisdiction over the      parties or their assets. |

|   | IN WITNESS WHEREOF the      parties hereto have set their hands the date first above      written. |
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| Marlborough      Underwriting Agency Limited   |   |                       |   |
|----------------------------------------------------------|--------|----------------------------|--------|
|                                                     |   |  /s/ Thomas      Bolt |   |
| Mark      ByrneDirector                                  |   | Thomas      BoltEmployee   |   |

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| 1.     | Position                                    | Chief      Executive Officer                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
|--------|---------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 2.     | Place      of employment and hours of work: | The      Employee shall perform his duties in the United Kingdom and may be      required to travel to such places in the United Kingdom and abroad as is      necessary in order to perform his duties as Chief Executive Officer During      any period of travel, the terms and conditions set out in this Agreement      will continue to be applicable.  The Employee shall be required      to work such hours as may reasonably be required for the proper      performance of duties. |
| 3.     | Commencement      Date:                     | 1      December 2008                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
| 4.     | Salary:                                     | £560,000      per annum payable monthly on the 23rd of each month.                                                                                                                                                                                                                                                                                                                                                                                                                                 |
| 5.     | Deductions      from Salary                 | All      taxes and other contributions required to be paid by the Employee in the      United Kingdom will be deducted from the Employee’s  salary.                                                                                                                                                                                                                                                                                                                                               |
|   |                                        | a)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | Medical Insurance. The      Company and the Employee will each contribute 50% towards the cost of      medical insurance; |
|   |                                        | b)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | Group Pension. The Company will match any      voluntary employee pension contribution deducted from their salary of up      to 3% of the employee Base Salary. This is in addition to the Company      Contribution offered in paragraph 9 section F of this      Schedule. |

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| 7.     | Vacation:                   | The      Employee will be entitled to 25 days vacation per annum (exclusive of      customary public holidays in the United Kingdom). |
|--------|-----------------------------|---------------------------------------------------------------------------------------------------------------------------------------|
| 8.     | Notice      of Termination: | (A)                                                                                                                                   | This      Agreement may be terminated by either party 180 notice in writing to the      other or, in the case of the Company giving notice to the Employee, such      other period of notice as may be required by law in the United Kingdom, if      greater. The Company may, in its sole discretion, pay salary in lieu of      notice of termination. |
|   |                        |  (B)                                                                                                                             | If      the Employee leaves the Company during a calendar year, the Company may at      its discretion: |
|   |                        |                                                                                                                                  | i) | require      the Employee to take during the Employee’s notice period any entitlement      to vacation which will have accrued by the Termination Date but which has      not been taken; or |
|   |                        |                                                                                                                                  | ii) | pay      the Employee in lieu of vacation accrued but not taken by the Termination      Date; or |
|   |                        |                                                                                                                                  | iii) | deduct      from the Employee’s final salary payment or (in the event that this is      insufficient) require the Employee to pay to the Company, an amount      representing salary paid during vacation taken but not accrued by the      Termination Date. |
| 9.     | Miscellaneous               | (A)                                                                                                                                   | Continuous EmploymentThe      Employee’s continuous  period of employment commences on the      Commencement Date. |
|   |                        | (B)                                                                                                                                   | Collective AgreementsThere      are no collective agreements which directly affect the terms and      conditions set out in thisAgreement. |

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|   |   | (C) | Sickness ProcedureThe      Company Sickness Procedure is set out in the Company Staff Policy      Manual.                                                                                                                                                                                              |
|--------|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |   | (D) | Disciplinary ProcedureThe      disciplinary procedure is set out in Schedule 3 of this      Agreement.                                                                                                                                                                                                 |
|   |   | (E) | Grievance ProcedureThe      grievance procedure is set out in Schedule 3 of this      Agreement.                                                                                                                                                                                                       |
|   |   | (F) | PensionsNo      contracting-out certificate is in force in respect of your employment      under this Agreement. The Company will contribute 3% of      Employee base salary to a group pension plan In addition to matched      contributions as outlined in Paragraph 5 (b) of this    schedule |

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| 1. | That      during the course of my employment with Marlborough Underwriting Agency      Limited, I will keep secret the affairs and concerns of Marlborough Underwriting      AgencyLimited and its      affiliates (the “Company”), and the nature and particulars of the Company      including, but not limited to its investors, clients, transactions,      trading models and trading strategies, or the financial results or      performance figures of the Company or any client or strategy that may come      to my attention during the course of my employment with the Company      (“Confidential Information”).  |
|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 2. | That      after my departure from the Company, I will not disclose to any person the      affairs of the Company, including, but not limited to its investors,      clients, transactions, trading models and trading strategies or the      financial results or performance figures of the Company or any client or      strategy that may come to my attention during the course of my employment      with the Company.                                                                                                                                                                                                                             |
| 3. | That      upon my departure from the Company, I will not take with me any      Confidential Information belonging to or concerning the Company, or its      clients, whether in printed form or on any electronic storage      device.                                                                                                                                                                                                                                                                                                                                                                                                                  |
| 4. | In      the event that I do have in my possession any Confidential Information      following my departure from the Company, I undertake to deliver such      information to the Company within 3 days of my departure. If personal      delivery of such information is either not possible or inconvenient, I      undertake to contact the President of the Company and arrange a suitable      method of disposal of such confidential information within three days of      my departure.                                                                                                                                                               |

| Signature  |  /s/ Thomas A. Bolt  |   |
|-----------------|--------------------------------|--------|
| Name       |   Thomas Bolt        |   |
| Witness    |                           |   |
| Date            |   1 December 2008    |   |

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| Step      one   |
|-----------------|
| ●         | The      employer sets out in writing to the employee, their alleged conduct,      characteristics or other circumstances which have led the employer to      contemplate disciplinary action or dismissal and the employee must be      invited to a meeting to discuss the matter.  |
| Step      two   |
| ●         | The      meeting must take place before any action is taken      (other than suspension).  |
| ●         | The      meeting must not take place unless (i) the employer has informed the      employee of the basis for the grounds given in the original notice of      disciplinary action or dismissal and (ii)the employee has had a      reasonable opportunity to consider their response to such      information.  |
| ●         | The      employee must take all reasonable steps to attend themeeting.  |
| ●         | After      the meeting the employee must be informed of the employer’s decision and      their right of appeal against such decision if they are not satisfied with      it.  |
| Step      three |
| ●    | If      the employee wishes to appeal they must inform theiremployer.  |
| ●         | If      an employee has informed the employer of their wish to appeal the employer      must invite the employee to attend a further meeting.  |
| ●         | The      employee must take all reasonable steps to attend themeeting.  |
| ●         | The      appeal meeting need not take place before the dismissal or disciplinary      action takes effect.  |
| ●         | After      the appeal meeting  the employer must inform the employee of its      final decision. |

| Step      one |
|---------------|
| ●       | The      employee must set out their grievance and the basis for it in writing and      send it to the employer. |
| Step      two |
| ●       | The      employer must invite the employee to attend a meeting to discuss the      grievance. |
| ●       | The      meeting must not take place unless (i) the employee has informed the      employer what the basis for the grievance was when they made their written      statement and (ii) the employer has had a reasonable opportunity to      consider its response to suchinformation. |

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| ● | The      employee must take all reasonable steps to attend the    meeting.                                                                                                                             |
|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| ● | After      the meeting the employer must inform the employee of his response to the      grievance and notify the employee of their right to appeal if they are not      satisfied with that decision. |

| Step    three  |
|---------------------|
| ●             | The      employee must inform their employer of their wish to    appeal. |   |
| ●             | If      an employee has informed the employer of their wish to appeal the employer      must invite the employee to attend a further meeting. |   |
| ●             | The      employee must take all reasonable steps to attend. |   |
|                |   | ● | After      the appeal meeting the employer must inform the employee of its final      decision. |

| ● | Each      action under the procedures must be taken without unreasonable      delay.                                                                                                                                                                                                         |
|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| ● | The      timing and location of meetings must be reasonable and meetings must be      conducted in a manner which allows both the employer and employee to      explain their case.                                                                                                          |
| ● | In      the case of appeal meetings the employer should, as far as reasonably      practicable, be represented by a more senior manager than attended the      first meeting (unless the most senior manager attended that      meeting).                                                    |
| ● | Employees      will have the right to be accompanied at any meetings held under these      statutory procedures by a trade union representative or fellow worker. The      representative will be allowed to address the meeting but may not answer      questions on behalf of theemployee. |

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| 1) | Participation      on Boards as a Director, committee member, or Chairman of any UK-based      Berkshire Hathaway entity.                                   |
|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 2) | Attendance      at meetings and general management of Berkshire Hathaway entities in the      UK.                                                           |
| 3) | Such      duties outside the UK as Berkshire may request and the Company may permit      in its reasonable discretion.                                      |
| 4) | The      Employee agrees to take all reasonable measures to preserve the      confidentiality of Berkshire information as well as Company      information. |

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