# EDGAR Filing Document

**Accession Number:** 0000947484
**File Stem:** 0000947484-26-000111
**Filing Date:** 2026-6
**Character Count:** 185521
**Document Hash:** 8e6a0c50e445937551de860da9fe56b0
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000947484-26-000111.hdr.sgml**: 20260609

**ACCESSION NUMBER**: 0000947484-26-000111

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 15

**CONFORMED PERIOD OF REPORT**: 20260609

**ITEM INFORMATION**: Entry into a Material Definitive Agreement

**ITEM INFORMATION**: Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant

**ITEM INFORMATION**: Other Events

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20260609

**DATE AS OF CHANGE**: 20260609

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** ARCH CAPITAL GROUP LTD.
- **CENTRAL INDEX KEY:** 0000947484
- **STANDARD INDUSTRIAL CLASSIFICATION:** FIRE, MARINE & CASUALTY INSURANCE [6331]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 980374481
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-16209
- **FILM NUMBER:** 261076871

**BUSINESS ADDRESS:**
- **STREET 1:** WATERLOO HOUSE, GROUND FLOOR
- **STREET 2:** 100 PITTS BAY ROAD
- **CITY:** PEMBROKE
- **STATE:** D0
- **ZIP:** HM 08
- **BUSINESS PHONE:** 441-278-9250

**MAIL ADDRESS:**
- **STREET 1:** WATERLOO HOUSE, GROUND FLOOR
- **STREET 2:** 100 PITTS BAY ROAD
- **CITY:** PEMBROKE
- **STATE:** D0
- **ZIP:** HM 08

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** ARCH CAPITAL GROUP LTD
- **DATE OF NAME CHANGE:** 20000508

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** RISK CAPITAL HOLDINGS INC
- **DATE OF NAME CHANGE:** 19950816

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** RISK CAPITAL RE INC
- **DATE OF NAME CHANGE:** 19950703

?xml version='1.0' encoding='ASCII'? acgl-20260609

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 8-K** 

**Current Report Pursuant to Section 13 or 15(d)**

**of the Securities Exchange Act of 1934**

**June 9, 2026** 

Date of Report (Date of earliest event reported)

**Arch Capital Group Ltd.** 

(Exact name of registrant as specified in its charter)

---

| | | |
|:---|:---|:---|
| **Bermuda** | **001-16209** | **98-0374481** |
| (State or other<br>jurisdiction of<br>incorporation or<br>organization) | (Commission File Number) | (I.R.S. Employer<br>Identification No.) |

---

**Waterloo House, Ground Floor, 100 Pitts Bay Road, Pembroke HM 08, Bermuda** 

(Address of principal executive offices) (Zip Code)

Registrant's telephone number, including area code:

**(441) 278-9250** 

**N/A**

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

**☐**&nbsp;&nbsp;&nbsp;&nbsp;Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

**☐**&nbsp;&nbsp;&nbsp;&nbsp;Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

**☐**&nbsp;&nbsp;&nbsp;&nbsp;Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

**☐**&nbsp;&nbsp;&nbsp;&nbsp;Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Exchange Act:

---

| | | | |
|:---|:---|:---|:---|
| **Title of each class** | **Trading Symbol (s)** | **Name of each exchange on which registered** | **Name of each exchange on which registered** |
| Common shares, $0.0011 par value per share | ACGL | NASDAQ | Stock Market |
| Depositary shares, each representing a 1/1,000th interest in a 5.45% Series F preferred share | ACGLO | NASDAQ | Stock Market |
| Depositary shares, each representing a 1/1,000th interest in a 4.55% Series G preferred share | ACGLN | NASDAQ | Stock Market |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

&nbsp;&nbsp;&nbsp;&nbsp;Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. □

------

**ITEM 1.01 <u>Entry into a Material Definitive Agreement.</u>**

On June 9, 2026, Arch Capital Group Ltd. (the "Issuer"), completed the public offering of (i) $600,000,000 aggregate principal amount of 5.250% senior notes due 2036 (the "2036 Notes") and (ii) $1,400,000,000 aggregate principal amount of 5.950% senior notes due 2056 (the "2056 Notes" and, together with the 2036 Notes, the "Notes"). The Notes have been registered under the Securities Act of 1933, as amended (the "Securities Act"), pursuant to the Issuer's universal shelf registration statement on Form S-3 (File No. 333-275570), as supplemented by the prospectus supplement dated June 2, 2026, previously filed with the Securities and Exchange Commission under the Securities Act.

The Notes were issued pursuant to an indenture (the "Base Indenture"), dated as of May 4, 2004, by and between the Issuer and The Bank of New York Mellon (the "Trustee"), as successor trustee to JPMorgan Chase Bank, as supplemented by a Third Supplemental Indenture, dated as of June 9, 2026, by and between the Issuer and the Trustee (the "Third Supplemental Indenture", together with the Base Indenture, the "Indenture"). The Notes (v) are senior unsecured obligations of the Issuer and rank equally with any of the other senior unsecured and unsubordinated indebtedness of the Issuer from time to time outstanding, (w) are senior in right of payment to our future indebtedness that is expressly subordinated in right of payment to the Notes, (x) are effectively subordinated to all secured indebtedness of the Issuer to the extent of the value of the assets securing such indebtedness, (y) are effectively subordinated to all existing and future obligations (including amounts owed to holders of reinsurance and insurance policies) of the Issuer's subsidiaries and (z) are not guaranteed by any of the Issuer's subsidiaries.

The Issuer will pay interest on the Notes semi-annually in arrears on June 15 and December 15 beginning on December 15, 2026, to holders of record on the preceding June 1 or December 1, as the case may be. Interest will be calculated on the basis of a 360-day year of twelve 30-day months.

Unless previously redeemed, the 2036 Notes will mature on June 15, 2036 and the 2056 Notes will mature on June 15, 2056, in each case, subject to deferral if the Issuer is not, at the time of such maturity, in compliance with certain regulatory capital requirements of applicable insurance supervisory laws then in effect. Other than in the case of redemption as a result of certain tax events (which such redemption will be permitted at the Issuer's option at any time during the life of the applicable series of Notes in whole and not in part at redemption price equal to 100% of the principal amount of the applicable series of Notes to be redeemed, plus accrued and unpaid interest thereon to, but excluding, the redemption date), (x) the 2036 Notes may be redeemed at the Issuer's option at any time and from time to time prior to March 15, 2036, in whole or in part, at a redemption price equal to the "make-whole" redemption price, plus accrued and unpaid interest thereon to, but excluding, the redemption date and (y) the 2056 Notes may be redeemed at the Issuer's option at any time and from time to time prior to December 15, 2055, in whole or in part, at a redemption price equal to the "make-whole" redemption price, plus accrued and unpaid interest thereon to, but excluding, the redemption date. In addition, (x) the 2036 Notes may be redeemed at the Issuer's option at any time and from time to time on or after March 15, 2036, in whole or in part, at a redemption price equal to 100% of the principal amount of the 2036 Notes to be redeemed, plus accrued and unpaid interest thereon to, but excluding, the redemption date and (y) the 2056 Notes may be redeemed at the Issuer's option at any time and from time to time on or after December 15, 2055, in whole or in part, at a redemption price equal to 100% of the principal amount of the 2056 Notes to be redeemed, plus accrued and unpaid interest thereon to, but excluding, the redemption date. The Notes are subject to certain covenants, including limitations on the ability of the Issuer and certain designated subsidiaries, with exceptions, to incur liens on the stock of certain designated subsidiaries, or dispose of capital stock of certain designated subsidiaries.

The Indenture contains customary terms that upon certain events of default occurring and continuing, either the Trustee or the holders of not less than 25% in aggregate principal amount of the Notes of such series then outstanding may declare the principal of the Notes and such series and any accrued and unpaid interest through the date of such declaration immediately due and payable. In the case of certain events of bankruptcy or insolvency relating to the Issuer, the principal amount of the Notes of such series, together with any accrued and unpaid interest through the occurrence of such event, shall be immediately due and payable.

Copies of the Base Indenture, the Third Supplemental Indenture, the form of the 2036 Note and the form of the 2056 Note are attached hereto as Exhibits 4.1, 4.2, 4.3 and 4.4 respectively, and are incorporated herein by reference. The description of the Indenture and the Notes in this report are summaries and are qualified in their entirety by the terms of the Indenture and the forms of each Note.

**ITEM 2.03&nbsp;&nbsp;&nbsp;&nbsp;<u>Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement.</u>**

The information provided in Item 1.01 of this report is incorporated by reference into this Item 2.03.

------

**ITEM 8.01&nbsp;&nbsp;&nbsp;&nbsp;<u>Other Events</u>.**

In connection with the offering of the Notes, the Issuer is filing the legal opinions relating to the offering as Exhibit 5.1 and 5.2 to this report.

**ITEM 9.01&nbsp;&nbsp;&nbsp;&nbsp;<u>Financial Statements and Exhibits</u>.**

(d):&nbsp;&nbsp;&nbsp;&nbsp; The following exhibits are being filed herewith.

---

| | |
|:---|:---|
| **EXHIBIT NO.** | **DESCRIPTION** |
| 4.1 | <u>[Indenture, dated as of May 4, 2004, by and between Arch Capital Group Ltd., and The Bank of New York Mellon, as successor trustee to JPMorgan Chase Bank (incorporated by reference to Exhibit 99.2 to Form 8-K filed on May 7, 2004)](https://www.sec.gov/Archives/edgar/data/947484/000104746904016436/a2136126zex-99_2.htm)</u> |
| 4.2 | <u>[Third Supplemental Indenture, dated as of June 9, 2026, by and between Arch Capital Group Ltd. and The Bank of New York Mellon as trustee.](ex42arch2026notes-thirdsup.htm)</u> |
| 4.3 | <u>[Form of 5.250% Senior Note due 2036 (included in Exhibit 4.2)](ex42arch2026notes-thirdsup.htm)</u> |
| 4.4 | <u>[Form of 5.950% Senior Note due 2056 (included in Exhibit 4.2)](ex42arch2026notes-thirdsup.htm)</u> |
| 5.1 | <u>[Opinion of White & Case LLP.](ex51wcopinion.htm)</u> |
| 5.2 | <u>[Opinion of Conyers Dill & Pearman.](ex52conyersopinion.htm)</u> |
| 23.1 | <u>[Consent of White & Case LLP (included as part of Exhibit 5.1)](ex51wcopinion.htm)</u> |
| 23.2 | <u>[Consent of Conyers Dill & Pearman (included as part of Exhibit 5.2)](ex52conyersopinion.htm)</u> |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

---

------

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | | | |
|:---|:---|:---|:---|
| | ARCH CAPITAL GROUP LTD. | ARCH CAPITAL GROUP LTD. | ARCH CAPITAL GROUP LTD. |
| Date: June 9, 2026 | By: | /s/ François Morin | /s/ François Morin |
|  |  | Name: | François Morin |
|  |  | Title: | Executive Vice President, Chief Financial Officer and Treasurer |

---

## Exhibit 4.2

**Exhibit 4.2**

ARCH CAPITAL GROUP LTD.,<br>as Issuer,

and

THE BANK OF NEW YORK MELLON,<br>as Trustee

THIRD SUPPLEMENTAL INDENTURE

Dated June 9, 2026

5.250% Senior Notes due 2036

5.950% Senior Notes due 2056

------

THIRD SUPPLEMENTAL INDENTURE, dated June 9, 2026, between Arch Capital Group Ltd., a Bermuda company limited by shares (herein called the "**Company**"), and The Bank of New York Mellon, a New York banking corporation, as trustee hereunder (herein called the "**Trustee**").

<u>RECITALS OF THE COMPANY</u>

The Company and the Trustee entered into an Indenture dated as of May 4, 2004 (the "**Original Indenture**"), pursuant to which senior unsecured debentures, notes or other evidences of indebtedness of the Company (the "**Securities**"), which may be convertible into or exchangeable for any securities of any Person (including the Company), may be issued in one or more series from time to time.

Section 301 of the Original Indenture permits the terms of any series of Securities to be established in an indenture supplemental to the Original Indenture.

Section 901 of the Original Indenture provides that a supplemental indenture may be entered into by the Company and the Trustee without the consent of any Holders of the Securities for certain purposes stated therein.

The Company has requested the Trustee to join with it in the execution and delivery of this Third Supplemental Indenture in order to supplement the Original Indenture by, among other things, establishing certain terms of two series of Securities to be known as the Company's 5.250% Senior Notes due 2036 (the "**2036 Notes**") and 5.950% Senior Notes due 2056 (the "**2056 Notes**" and, together with the 2036 Notes, the "**Notes**") and adding certain provisions thereof for the benefit of the Holders of the Notes.

The Company has furnished the Trustee with a duly authorized and executed Company Order dated the date hereof authorizing the execution of this Third Supplemental Indenture and the issuance of the Notes.

All things necessary to make this Third Supplemental Indenture a valid agreement of the Company and the Trustee and a valid supplement to the Original Indenture have been done.

NOW, THEREFORE, THIS THIRD SUPPLEMENTAL INDENTURE WITNESSETH:

For and in consideration of the premises and the purchase of the Notes to be issued hereunder by Holders thereof, the Company and the Trustee mutually covenant and agree, for the equal and proportionate benefit of the respective Holders from time to time of the Notes, as follows:

------

**ARTICLE ONE**

**DEFINITIONS AND OTHER PROVISIONS**

**OF GENERAL APPLICATION**

SECTION 1.1.&nbsp;&nbsp;&nbsp;&nbsp;<u>Definitions</u>.

The Original Indenture together with this Third Supplemental Indenture are hereinafter sometimes collectively referred to as the "**Indenture**." For the avoidance of doubt, references to any "Section" of the "Indenture" refer to such Section of the Original Indenture as supplemented and amended by this Third Supplemental Indenture. All capitalized terms which are used herein and not otherwise defined herein are defined in the Original Indenture and are used herein with the same meanings as in the Original Indenture. If a capitalized term is defined in the Original Indenture and this Third Supplemental Indenture, the definition in this Third Supplemental Indenture shall apply to the Notes.

In addition, the following defined terms used in this Third Supplemental Indenture shall have the meanings specified below.

"**Applicable Supervisory Regulations**" means such insurance supervisory laws, rules and regulations relating to group supervision or the supervision of single insurance entities, as applicable, which are applicable to the Company or the Insurance Group, and which shall initially mean the Group Rules until such time when the BMA no longer has jurisdiction or responsibility to regulate the Company or the Insurance Group.

"**Authorized Officers**" has the meaning provided in Section 7.9(a) hereof.

"**Business Day**" means any day other than (i) a Saturday or Sunday, (ii) a day on which banking institutions in The City of New York are authorized or required by law or executive order to remain closed or (iii) a day on which the Corporate Trust Office of the Trustee is closed for business.

"**BMA**" means the Bermuda Monetary Authority, or, should the Bermuda Monetary Authority no longer have jurisdiction or responsibility to regulate the Company or the Insurance Group, as the context requires, a regulator which is otherwise subject to Applicable Supervisory Regulations.

"**Commercially Reasonable Efforts**" means commercially reasonable efforts consistent with the efforts of a comparable third party in the Company's industry operating under similar circumstances in carrying out of obligations to complete the offer and sale of Qualifying Securities, subject to the existence of a Market Disruption Event, in an amount necessary to satisfy the Replacement Capital Obligation, to third parties that are not Subsidiaries of the Company in either public offerings or private placements.

------

"**Company Request**" or "**Company Order**" means a written request or order signed in the name of the Company by any of the chairman of the Board of Directors, a vice chairman, a president, a vice president, the treasurer, an assistant treasurer, the secretary or an assistant secretary, and delivered to the Trustee.

"**Conditions to Redemption**" are satisfied in relation to any redemption on any day, including with respect to a scheduled redemption of or planned purchase of any series of the Notes, the following conditions are required to be satisfied:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)the Solvency Capital Requirement is complied with immediately before and after the repayment or purchase of the Notes of such series of the Notes unless the capital represented by the Notes to be redeemed or repaid is replaced without delay with the issuance of capital having equal or better treatment as the Notes under the Group Rules, approved by the BMA; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;with regard to redemptions occurring prior to June 9, 2029, the BMA has given, and not withdrawn by such date, its prior consent to the redemption of such series of Notes and the payment of accrued and unpaid interest or to the purchase of such series of Notes; *provided*, that if under the Applicable Supervisory Regulations no such consent is required at the time in order for such series of Notes to qualify or continue to qualify, as applicable, as Tier 3 Capital of the Company or the Insurance Group, this clause (ii) shall not apply.

"**ECR**" means the enhanced capital requirement applicable to the Insurance Group and as defined in the Insurance Act or, should the Insurance Act or the Group Rules no longer apply to the Insurance Group, any and all other solvency capital requirements defined in the Applicable Supervisory Regulations.

"**Electronic Means**" means the following communications methods: e-mail, secure electronic transmission containing applicable authorization codes, passwords and/or authentication keys issued by the Trustee, or another method or system specified by the Trustee as available for use in connection with its services hereunder.

"**Final Maturity Date**" means with respect to a series of Notes, a date after the Scheduled Maturity Date of such series of Notes that is the earlier of (i) 10 Business Days after the Conditions to Redemption for a series of Notes become satisfied and would continue to be satisfied if the final redemption payment were made on such date (so long as such requirements continue to be so satisfied on such 10th Business Day), and (ii) the date on which a Winding-Up occurs with respect to the Company.

"**Group Rules**" means the Group Solvency Standards, together with the Group Supervision Rules, as those rules and regulations may be amended or replaced from time to time.

"**Group Solvency Standards**" means the Bermuda Insurance (Prudential Standards) (Insurance Group Solvency Requirement) Rules 2011, as those rules and regulations may be amended or replaced from time to time.

------

"**Group Supervision Rules**" means the Bermuda Insurance (Group Supervision) Rules 2011, as those rules and regulations may be amended or replaced from time to time.

"**Instructions**" has the meaning provided in Section 7.9(a) hereof.

"**Insurance Act**" means the Bermuda Insurance Act 1978 and related regulations, as amended or replaced from time to time.

"**Insurance Group**" means all Subsidiaries of the Company that are regulated insurance or reinsurance companies (or part of such regulatory group) pursuant to the Applicable Supervisory Regulations.

A "**Market Disruption Event**" means the occurrence or existence of any of the following events or sets of circumstances:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)trading in securities generally (or in the Company's common shares, preference shares or other securities specifically) on the New York Stock Exchange, any other U.S. national or international securities exchange or over-the-counter market on which the Company's common shares and/or preference shares and/or other securities are then listed or traded shall have been suspended or settlement on any such exchange generally shall have been materially disrupted or minimum prices shall have been established on any such exchange or market by the relevant exchange or by any other regulatory body or governmental agency having jurisdiction, and the establishment of such minimum prices materially disrupts or otherwise has a material adverse effect on trading in, or the issuance and sale of, Qualifying Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)the Company would be required to obtain the consent or approval of its common or preference shareholders (to the extent required) or of a regulatory body (including, without limitation, any securities exchange) or governmental authority to issue or sell Qualifying Securities in order to satisfy the Replacement Capital Obligation, and that consent or approval has not yet been obtained notwithstanding the Company's Commercially Reasonable Efforts to obtain that consent or approval;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)a banking moratorium shall have been declared by the federal or state authorities of Bermuda, the United Kingdom, the United States, and/or any member state of the European Economic Area (the "**EEA**") and such moratorium materially disrupts or otherwise has a material adverse effect on trading in, or the issuance and sale of, Qualifying Securities for the purposes of satisfying the Replacement Capital Obligation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)a material disruption shall have occurred in commercial banking or securities settlement or clearance services in Bermuda, the United Kingdom, the United States, and/or any member state of the EEA and such disruption materially disrupts or otherwise has a material adverse effect on trading in, or the issuance and sale of, Qualifying Securities for the purposes of satisfying the Replacement Capital Obligation;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5)Bermuda, the United Kingdom, the United States, and/or any member state of the EEA shall have become engaged in hostilities, there shall have been an escalation in hostilities involving Bermuda, the United Kingdom, the United States, and/or any member state of the EEA, there shall have been a declaration of a national emergency or war by Bermuda, the United Kingdom, the United States, and/or any member state of the EEA or there shall have occurred any other national or international calamity or crisis (including any pandemic or epidemic) and such event materially disrupts or otherwise has a material adverse effect on trading in, or the issuance and sale of, Qualifying Securities for the purposes of satisfying the Replacement Capital Obligation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6)there shall have occurred a material adverse change in general domestic or international economic, political or financial conditions, currency exchange rates or exchange controls, and such change materially disrupts or otherwise has a material adverse effect on trading in, or the issuance and sale of, Qualifying Securities for the purposes of satisfying the Replacement Capital Obligation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7)an event occurs and is continuing as a result of which the offering document for the offer and sale of Qualifying Securities would, in the Company's reasonable judgment, contain an untrue statement of a material fact or omit to state a material fact required to be stated in that offering document or necessary to make the statements in that offering document not misleading and either (a) the disclosure of that event at such time, in the Company's reasonable judgment, is not otherwise required by law and would have an adverse effect on its business in any material respect, (b) the disclosure relates to a previously undisclosed proposed or pending material business transaction, the disclosure of which would impede, delay or otherwise negatively effect the Company's ability to consummate that transaction or (c) the event relates to a previously undisclosed material (re)insurance loss and the disclosure of that event at such time, in the Company's reasonable judgment, is impeded by the current nature of such event and the extent of losses remain under consideration by the Company's management pending further information from brokers, cedants or insureds, provided that no single suspension period described in this item 7 shall exceed 90 consecutive days and multiple suspension periods described in this item 7 shall not exceed an aggregate of 90 days in any 180-day period; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8)the Company reasonably believes that the offering document for the offer and the sale of Qualifying Securities would not be in compliance with a rule or regulation of the Commission or any other securities regulatory authority or exchange to which the Company is subject (for reasons other than those described in item 7 above) and it is unable to comply with such rule or regulation or such compliance is unduly burdensome, provided that no single suspension period described in this item 8 shall exceed 90 consecutive days and multiple suspension periods described in this item 8 shall not exceed an aggregate of 90 days in any 180-day period.

------

"**material indebtedness**" means any bond, debenture, note or other evidence of indebtedness of the Company, in each case for borrowed money, in an aggregate amount exceeding $200,000,000.

"**Officers' Certificate**" means a certificate signed by any of the chairman of the Board of Directors, a vice chairman, a president, a vice president, the principal financial officer, the treasurer, an assisted treasurer, the secretary or an assistant secretary, of the Company, and delivered to the Trustee.

"**Outstanding**," when used with respect to Securities, means, as of the date of determination, all Securities theretofore authenticated and delivered under the Indenture, except:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)Securities theretofore cancelled by the Trustee or delivered to the Trustee for cancellation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)Securities for whose payment or redemption money or evidences of indebtedness in the necessary amount has been theretofore deposited with the Trustee or any Paying Agent (other than the Company) in trust or set aside and segregated in trust by the Company (if the Company shall act as its own Paying Agent) for the Holders of such Securities; *provided that*, if such Securities are to be redeemed, notice of such redemption has been duly given pursuant to the Indenture or provision therefor satisfactory to the Trustee has been made; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)Securities which have been paid pursuant to Section 307 of the Original Indenture or in exchange for or in lieu of which other Securities have been authenticated and delivered pursuant to the Indenture, other than any such Securities in respect of which there shall have been presented to the Trustee proof satisfactory to it that such Securities are held by a bona fide purchaser in whose hands such Securities are valid obligations of the Company;

*provided*, *however*, that in determining whether the Holders of the requisite principal amount of the Outstanding Securities have given any request, demand, authorization, direction, notice, consent or waiver hereunder, Securities owned by the Company or any other obligor upon the Securities or any Affiliate of the Company or of such other obligor shall be disregarded and deemed not to be Outstanding, except that, in determining whether the Trustee shall be protected in relying upon any such request, demand, authorization, direction, notice, consent or waiver, only Securities which the Responsible Officer of the Trustee actually knows to be so owned shall be so disregarded. Securities so owned which have been pledged in good faith may be regarded as Outstanding if the pledgee establishes to the satisfaction of the Trustee the pledgee's right so to act with respect to such Securities and that the pledgee is not the Company or any other obligor upon the Securities or any Affiliate of the Company or of such other obligor. In case of a dispute as to such right, any decision by the Trustee shall be full protection to the Trustee. Upon request of the Trustee, the Company shall furnish to the Trustee promptly an Officers' Certificate listing and identifying all Securities, if any, known by the Company to be owned or held by or for the account of any of the above-described Persons; and, subject to Section 601 of the Original Indenture, the Trustee shall be entitled to accept such Officers' Certificate as conclusive

------

evidence of the facts therein set forth and of the fact that all Securities not listed therein are Outstanding for the purposes of any such determination.

"**Par Call Date**" means (1) with respect to the 2036 Notes, March 15, 2036 (the "**2036 Notes Par Call Date**"), and (2) with respect to the 2056 Notes, December 15, 2055 (the "**2056 Notes Par Call Date**").

"**Qualifying Securities**" means any securities (other than the Company's common shares, rights to purchase the Company's common shares and securities convertible into or exchangeable for the Company's common shares, such as preference shares that are convertible into the Company's common shares) having equal or better capital treatment as the capital represented by the Notes under the Group Supervision Rules.

"**Relevant Taxing Jurisdiction**" means Bermuda or any political subdivision or taxing authority thereof or therein.

"**Responsible Officer**," when used with respect to the Trustee, means any officer within the corporate trust department of the Trustee, including any vice president, assistant vice president, senior associate, assistant secretary, assistant treasurer, trust officer or any other officer of the Trustee who customarily performs functions similar to those performed by the Persons who at the time shall be such officers, respectively, or to whom any corporate trust matter is referred because of such person's knowledge of and familiarity with the particular subject and who shall have direct responsibility for the administration of the Indenture.

"**Scheduled Maturity Date**" means (i) June 15, 2036 for the 2036 Notes and (ii) June 15, 2056 for the 2056 Notes.

"**Solvency Capital Requirement**" means the ECR or any other requirement to maintain assets applicable to the Company or in respect of the Insurance Group, as applicable, pursuant to the Applicable Supervisory Regulations.

"**Solvency Test Date**" means (i) December 15, 2035 for the 2036 Notes and (ii) December 15, 2055 for the 2056 Notes.

"**Tax Event**" means, with respect to a series of Notes, if at any time the Company receives an opinion of counsel that as a result of (i) any change in or amendment to the laws or treaties (or any regulations or rulings promulgated under these laws or treaties) of any Relevant Taxing Jurisdiction or any change in or amendment to the application or official interpretation of such laws, treaties, regulations or rulings, (ii) any action taken by a taxing authority of any Relevant Taxing Jurisdiction, or (iii) a decision rendered by a court of competent jurisdiction in any Relevant Taxing Jurisdiction whether or not such decision was rendered with respect to the Company, in each case, which change is formally announced after the Issue Date (or, in the case of a jurisdiction that first becomes a Relevant Taxing Jurisdiction at a later date, after such date), there is a substantial probability that the Company will be required at any time thereafter to pay Additional Amounts with respect to any Notes of such series as provided in Section 5.2 of the

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Indenture and such requirement cannot be avoided by the use of reasonable measures then available.

"**Tier 3 Capital**" means "Tier 3 Ancillary Capital" as set out in the Group Supervision Rules (or, if the Group Supervision Rules are amended so as to no longer refer to Tier 3 Ancillary Capital in this respect, the nearest corresponding concept (if any) under the Group Supervision Rules, as amended).

"**Treasury Rate**" means, for any Redemption Date, yield determined by the Company in accordance with the following two paragraphs.

The Treasury Rate shall be determined by the Company after 4:15 p.m., New York City time (or after such time as yields on U.S. government securities are posted daily by the Board of Governors of the Federal Reserve System), on the third business day preceding the redemption date based upon the yield or yields for the most recent day that appear after such time on such day in the most recent statistical release published by the Board of Governors of the Federal Reserve System designated as "Selected Interest Rates (Daily) - H.15" (or any successor designation or publication) ("H.15") under the caption "U.S. government securities-Treasury constant maturities-Nominal" (or any successor caption or heading) ("H.15 TCM"). In determining the Treasury Rate, the Company shall select, as applicable: (1) the yield for the Treasury constant maturity on H.15 exactly equal to the period from the redemption date to the applicable Par Call Date (the "Remaining Life"); or (2) if there is no such Treasury constant maturity on H.15 exactly equal to the Remaining Life, the two yields - one yield corresponding to the Treasury constant maturity on H.15 immediately shorter than and one yield corresponding to the Treasury constant maturity on H.15 immediately longer than the Remaining Life - and shall interpolate to the applicable Par Call Date on a straight-line basis (using the actual number of days) using such yields and rounding the result to three decimal places; or (3) if there is no such Treasury constant maturity on H.15 shorter than or longer than the Remaining Life, the yield for the single Treasury constant maturity on H.15 closest to the Remaining Life. For purposes of this paragraph, the applicable Treasury constant maturity or maturities on H.15 shall be deemed to have a maturity date equal to the relevant number of months or years, as applicable, of such Treasury constant maturity from the redemption date.

If on the third Business Day preceding the redemption date H.15 TCM or any successor designation or publication is no longer published, the Company shall calculate the Treasury Rate based on the rate per annum equal to the semi-annual equivalent yield to maturity at 11:00 a.m., New York City time, on the second business day preceding such redemption date of the United States Treasury security maturing on, or with a maturity that is closest to, the applicable Par Call Date, as applicable. If there is no United States Treasury security maturing on the applicable Par Call Date but there are two or more United States Treasury securities with a maturity date equally distant from the applicable Par Call Date, one with a maturity date preceding the applicable Par Call Date and one with a maturity date following the Par Call Date, the Company shall select the United States Treasury security with a maturity date preceding the applicable Par Call Date. If there are two or more United States Treasury securities maturing on the applicable Par Call Date or two or more United States Treasury securities meeting the criteria

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of the preceding sentence, the Company shall select from among these two or more United States Treasury securities the United States Treasury security that is trading closest to par based upon the average of the bid and asked prices for such United States Treasury securities at 11:00 a.m., New York City time. In determining the Treasury Rate in accordance with the terms of this paragraph, the semi-annual yield to maturity of the applicable United States Treasury security shall be based upon the average of the bid and asked prices (expressed as a percentage of principal amount) at 11:00 a.m., New York City time, of such United States Treasury security, and rounded to three decimal places.

"**Winding-Up**" will occur, with respect to any Person, if: (i) at any time an order is made, or an effective resolution is passed, for the winding-up of such Person (except, in any such case, a solvent winding-up solely for the purpose of a reorganization, merger or amalgamation or the substitution in place of such Person of a successor in business of such Person, the terms of which reorganization, merger, amalgamation or substitution (x) (A) have previously been approved in writing by the Trustee or by Holders of a majority in aggregate principal amount of the Outstanding Notes and (B) do not provide that the Notes or any amount in respect thereof shall thereby become payable) or (y) is permitted by the Indenture); or (ii) an administrator of such Person is appointed and such administrator gives notice that it intends to declare and distribute a dividend.

SECTION 1.2.&nbsp;&nbsp;&nbsp;&nbsp;<u>Interpretation.</u>

For all purposes of this Third Supplemental Indenture, except as otherwise expressly provided or unless the context otherwise requires:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)the terms defined in this article have the meanings assigned to them in this article and include the plural as well as the singular;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)all other terms used herein which are defined in the Trust Indenture Act, either directly or by reference therein, have the meanings assigned to them therein;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)all accounting terms not otherwise defined herein have the meanings assigned to them in accordance with generally accepted accounting principles in the United States, and, except as otherwise herein expressly provided, the term "generally accepted accounting principles" with respect to any computation required or permitted hereunder shall mean such accounting principles as are generally accepted at the date of such computation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)the words "herein," "hereof" and "hereunder" and other words of similar import refer to this Indenture as a whole and not to any particular article, section or other subdivision; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5)all references used herein to the male gender shall include the female gender.

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**ARTICLE TWO**

**SECURITIES FORMS**

SECTION 2.1.&nbsp;&nbsp;&nbsp;&nbsp;<u>Creation of the Notes; Designations.</u>

In accordance with Section 301 of the Original Indenture, the Company hereby creates the Notes as two series of its Securities issued pursuant to the Indenture. The Notes shall be known and designated as the Company's "5.250% Senior Notes due 2036" and "5.950% Senior Notes due 2056."

SECTION 2.2. &nbsp;&nbsp;&nbsp;&nbsp;<u>Forms Generally.</u>

The Notes and the Trustee's certificate of authentication shall be in the forms set forth in <u>Exhibit I</u> (in the case of the 2036 Notes) and <u>Exhibit II</u> (in the case of the 2056 Notes) attached hereto, with such appropriate insertions, omissions, substitutions and other variations as are required or permitted by the Indenture and may have such letters, numbers or other marks of identification and such legends or endorsements placed thereon as may be required to comply with the rules of any securities exchange or as may, consistently herewith, be determined by the officers executing the Notes, as evidenced by their execution of the Notes. Any portion of the text of any Note may be set forth on the reverse thereof, with an appropriate reference thereto on the face of the Note.

The Notes shall be printed, lithographed or engraved or produced by any combination of these methods or may be produced in any other manner, all as determined by the officers of the Company executing the Notes, as evidenced by their manual or electronic execution of such Notes.

SECTION 2.3.&nbsp;&nbsp;&nbsp;&nbsp; <u>Ranking.</u>

The Notes will represent the Company's direct, unsecured obligations and will rank equally with all the Company's current and future unsecured and unsubordinated indebtedness.

SECTION 2.4.&nbsp;&nbsp;&nbsp;&nbsp; <u>No Rights of Set-Off.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)The Notes will not in any way give rise to any rights of set-off, recoupments or counterclaims against any claims and obligations of the Company or any of the Insurance Group to any Person in whose name the Notes are registered or any creditor of the Insurance Group.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)By acceptance of the Notes, each Holder of Notes will be deemed, to the extent permitted by law, to have waived any right of set-off or counter-claim in respect of any amount owed to it by the Company or the Insurance Group arising under or in connection with the Notes and each Holder of the Notes shall, by virtue of being the Holder of any Notes, be deemed, to the extent permitted by law, to have waived all such rights of set-off or counter-claim.

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SECTION 2.5.&nbsp;&nbsp;&nbsp;&nbsp;<u>No Encumbrances.</u> By acquiring the Notes, each Holder is deemed to agree and acknowledge that no security or encumbrance of any kind is, or will at any time be, provided by the Company or any of its affiliates to secure the rights of the Holders.

**ARTICLE THREE**<br>**GENERAL TERMS AND CONDITIONS OF THE NOTES**

SECTION 3.1.&nbsp;&nbsp;&nbsp;&nbsp; <u>Title and Terms of Notes.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)The aggregate principal amount of the Notes which shall be authenticated and delivered on June 9, 2026 (the "**Issue Date**") under the Indenture shall be $600,000,000 for the 2036 Notes and $1,400,000,000 for the 2056 Notes (and which shall initially be in the form of Global Notes); *provided*, *however*, that the Company from time to time, without giving notice to or seeking the consent of the Holders of the Notes, may issue additional senior notes in any amount having the same ranking and the same interest rate, interest payment dates, maturity and other terms as the Notes, except for the issue price, the issue date and, in some cases, the first interest payment date; any additional senior notes having such similar terms shall be authenticated by the Trustee upon receipt of a Company Order to that effect, and when so authenticated, will constitute "Notes" for all purposes of the Indenture and will (together with all other Notes of such series issued under the Indenture) constitute a single series of Securities under the Indenture. The Notes will be issued only in fully registered form without coupons in denominations of $2,000 and any whole multiple of $1,000 in excess of $2,000.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)The principal amount of the Notes of either series of Notes is due and payable in full on the Scheduled Maturity Date for such series of Notes, unless earlier redeemed, provided that the Conditions to Redemption for such series of Notes are met on such date, or, if the Conditions to Redemption of such series of Notes are not met on such date, on the Final Maturity Date for such series of Notes, subject to <u>Section 4.1</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)The 2036 Notes shall bear interest at the rate of 5.250% per annum and the 2056 Notes shall bear interest at the rate of 5.950% per annum (each computed on the basis of a 360-day year comprised of twelve 30-day months) from the Issue Date or from the most recent Interest Payment Date to which interest has been paid or duly provided for to maturity or early redemption; and interest will be payable in each case, semi-annually on June 15 and December 15 of each year, commencing on December 15, 2026, to the Persons in whose name such Notes were registered at the close of business on the preceding June 1 or December 1, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Principal of and interest on the Notes shall be payable in accordance with Sections 113, 307 and 1001 of the Original Indenture.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)Other than as provided in Article Four of this Third Supplemental Indenture, the Notes shall not be redeemable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)The Notes shall not be entitled to the benefits of a sinking fund.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)The Notes shall not be convertible into any other securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)Section 404 of the Original Indenture shall apply to the Notes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)The Company initially appoints the Trustee as Registrar and Paying Agent with respect to the Notes until such time as the Trustee has resigned or a successor has been appointed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)The Company shall pay principal of, premium, if any, and interest on the Notes in money of the United States of America that at the time of payment is legal tender for payment of public and private debts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)A Holder may transfer or exchange Notes only in accordance with the Indenture. Upon any transfer or exchange, the Registrar and the Trustee may require a Holder, among other things, to furnish appropriate endorsements or transfer documents. No service charge shall be made for any registration of transfer or exchange, but the Company or the Trustee may require the payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection therewith.

**ARTICLE FOUR<br>OPTIONAL REDEMPTION; MATURITY**

SECTION 4.1.&nbsp;&nbsp;&nbsp;&nbsp; <u>Repayment at Final Maturity.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Unless previously redeemed or purchased and cancelled, the Notes of either series of Notes will become finally due and payable, and will be repaid, on the Final Maturity Date for such series of Notes at a price equal to the principal amount thereof, together with accrued and unpaid interest on such series of Notes to, but excluding, the Final Maturity Date for such series of Notes.

For the avoidance of doubt, interest shall continue to accrue and be payable for so long as the principal amount of the Notes of such series remain Outstanding. In the event the Scheduled Maturity Date for such series of Notes and the Final Maturity Date for such series of Notes are not the same, the failure to repay such series of Notes on the Scheduled Maturity Date for such series of Notes will constitute neither an Event of Default under the Indenture nor a default of any kind and will not give Holders of such series of Notes or the Trustee any right to accelerate repayment of the Notes of such series or any other remedies (whether contractual, legal, equitable or otherwise).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)The Company will only be permitted to repay the principal amount of a series of Notes on the Scheduled Maturity Date for such series of Notes if the Conditions to Redemption for such series of Notes are satisfied on the Scheduled Maturity Date for such series of Notes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)In the event that, with respect to a series of Notes:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)as of the Solvency Test Date for such series of Notes or any date thereafter and including on the Scheduled Maturity Date for such series of Notes or the Final Maturity Date for such series of Notes, as may be applicable, the Company (A) does not have sufficient capital to satisfy the Solvency Capital Requirement (the "**First ECR Condition**") or (B) would not have sufficient capital to satisfy the Solvency Capital Requirement after giving effect to the repayment of the Notes of such series (the "**Second ECR Condition**" and, together with the First ECR Condition, each an "**ECR Condition**"), the Company will promptly begin using Commercially Reasonable Efforts, subject to the existence of a Market Disruption Event, to raise proceeds from the issuance of Qualifying Securities in an amount at least equal to the principal amount of the Notes of such series due to be repaid (the "**Replacement Capital Obligation**");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)on or after the Solvency Test Date for such series of Notes and prior to the Scheduled Maturity Date for such series of Notes, the Company is unable to satisfy any ECR Condition, the Company will, within 10 Business Days of the principal executive officer or the principal financial officer of the Company becoming aware of the Company's inability to so satisfy such ECR Condition, notify the Trustee in writing of such inability (which the Trustee will promptly disseminate to the Holders of the Notes); *provided*, *however*, that the Company will provide any such notice no later than the Business Day immediately preceding the Scheduled Maturity Date for such series of Notes; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)the Scheduled Maturity Date for such series of Notes and Final Maturity Date for such series of Notes are not the same, after a Final Maturity Date for such series of Notes has been established:

then:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A)the Company will promptly notify the Trustee in writing of such Final Maturity Date for such series of Notes (which the Trustee will promptly disseminate to the Holders of the Notes); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B)if the Company is then unable to satisfy any ECR Condition as of such Final Maturity Date for such series of Notes, the Company will, promptly after the principal executive officer or the principal financial officer of the Company becomes aware of the Company's inability to so satisfy such ECR Condition, notify the Trustee in writing of such inability (which the Trustee will promptly disseminate to the Holders of the Notes for such series of Notes); *provided*, *however*, that the Company will provide any such notice no later than the Business Day immediately preceding such Final Maturity Date for such series of Notes.

If a successful issuance of Qualifying Securities satisfying the Replacement Capital Obligation occurs after the Solvency Test Date for such series of Notes, but prior to the Scheduled Maturity Date for such series of Notes or the Final Maturity Date for such series of Notes, as may be applicable (an "**RCO Satisfying Issuance**"), then (i) such RCO Satisfying Issuance will constitute an issuance of replacement capital in satisfaction of the Conditions to Redemption for a series of Notes for redemptions or repayments occurring prior to or on the Scheduled Maturity

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Date for such series of Notes or the Final Maturity Date for such series of Notes, as may be applicable, and (ii) the Company will promptly notify the Trustee of such RCO Satisfying Issuance in writing (which the Trustee will promptly disseminate to the Holders of the Notes for such series of Notes). Subject to the prior sentence, the Replacement Capital Obligation will continue to apply until the earliest of (a) an RCO Satisfying Issuance, (b) the Conditions to Redemption for such series of Notes are satisfied by means other than an RCO Satisfying Issuance; *provided* that, if the Conditions to Redemption for such series of Notes cease to be satisfied prior to the Final Maturity Date for such series of Notes, the Replacement Capital Obligation will be reinstated or (c) an Event of Default occurs. Accordingly, the Replacement Capital Obligation will cease to apply if the Company is able to restore its compliance with the Solvency Capital Requirement, after giving effect to repayment of such series of Notes, by a means other than the issuance of Qualifying Securities or with an issuance of Qualifying Securities that is less than the principal amount of the Notes of such series, subject to the reinstatement of the Replacement Capital Obligation as described in the preceding sentence.

The Company's failure to use Commercially Reasonable Efforts to raise sufficient proceeds from the issuance of Qualifying Securities to satisfy the Replacement Capital Obligation, where required hereunder and subject to the existence of a Market Disruption Event, will potentially constitute a breach hereunder (a "**Replacement Capital Obligation Default**"), but it will not in any case constitute a default or an Event of Default hereunder or give rise to a right of acceleration of payment of the Notes or any other remedy under the terms hereunder or the Notes. The sole remedy for a Replacement Capital Obligation Default is for the Trustee or the Holders of at least 25% in aggregate principal amount of the Notes (provided that no Holder of the Notes may pursue any such remedy hereunder unless the Trustee will have failed to act after, among other things, notice of a breach of such covenant and request by Holders of at least 25% in principal amount of the Notes has occurred and the offer to the Trustee of indemnity satisfactory to it) to bring suit for specific performance of the Company's obligations with respect to such covenant to use such Commercially Reasonable Efforts with respect to the Replacement Capital Obligation.

For the avoidance of doubt, the Replacement Capital Obligation will not apply at any time while the Solvency Capital Requirement is satisfied, and if the Company continues to satisfy the Solvency Capital Requirement after giving effect to a redemption or repayment of the Notes on the Scheduled Maturity Date for such series of Notes or the Final Maturity Date for such series of Notes, as may be applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)If the Company is subject to a Replacement Capital Obligation, it may provide written certification to the Trustee (which the Trustee will promptly disseminate to the Holders of the Notes) within ten (10) Business Days of the later of (i) the occurrence of a Market Disruption Event and (ii) the beginning of the period of the Replacement Capital Obligation (if such Market Disruption Event occurred prior to the Replacement Capital Obligation period beginning and is continuing) certifying that a Market Disruption Event has occurred and is continuing, if such notice is provided the Company will be excused from its obligation to use Commercially Reasonable Efforts to issue Qualifying Securities pursuant to the Replacement Capital Obligation for an initial suspension period of 90 consecutive days following such

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certification. The Company may extend a suspension period by providing written certification to the Trustee (which the Trustee will promptly disseminate to the Holders of the Notes) on or prior to the expiration of such suspension period, certifying that the applicable Market Disruption Event is continuing, in which case, the Company's obligation to use Commercially Reasonable Efforts to issue Qualifying Securities pursuant to the Replacement Capital Obligation will be excused for an additional 60 consecutive days following such further certification. Following the expiration of the applicable suspension period, the Company's obligation to use Commercially Reasonable Efforts to issue Qualifying Securities pursuant to the Replacement Capital Obligation will be reinstated. The Company's ability to initiate or extend a suspension period in connection with a Market Disruption Event will also be subject to the limits on suspension periods provided for in the definition of Market Disruption Event (if applicable). Notwithstanding the foregoing time limitations as to suspension in connection with a particular Market Disruption Event, the suspension of the Company's obligations pursuant to the foregoing will not prohibit the further suspension of obligations in connection with, and the Company will be entitled to provide separate notices with respect to, any separate and distinct Market Disruption Event(s). In addition, for the avoidance of doubt, the Company will not be prohibited during any suspension of the requirements to use Commercially Reasonable Efforts during a Market Disruption Event from issuing any Qualifying Securities.

For the avoidance of doubt, the Trustee shall have no responsibility to make any determinations or calculations with respect to (i) the Replacement Capital Obligation or any terms thereof, which collectively will be the responsibility of the Company, (ii) the occurrence or continuation of any Market Disruption Event, which will be determined by the Company, or (iii) the occurrence or continuation of any Replacement Capital Obligation Default, which will be made by the Holders of the Notes.

SECTION 4.2.&nbsp;&nbsp;&nbsp;&nbsp; <u>Optional Redemption.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Subject to the Conditions to Redemption for a series of Notes, the Notes of such series will be redeemable, in whole at any time or in part from time to time before the applicable Par Call Date, at the Company's option, at a Redemption Price equal to accrued and unpaid interest on the principal amount being redeemed to, but not including, the Redemption Date plus the greater of: (1) (A) the sum of the present values of the remaining scheduled payments of principal and interest on the Notes to be redeemed thereon discounted to the date of redemption (assuming, in the case of the 2036 Notes, the 2036 Notes matured on the 2036 Par Call Date, and in the case of the 2056 Notes, the 2056 Notes matured on the 2056 Notes Par Call Date) on a semiannual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate, plus (i) in the case of the 2036 Notes, 15 basis points, and (ii) in the case of the 2056 Notes, 15 basis points, in each case, less (B) interest accrued to the date of the redemption and (2) 100% of the principal amount of the Notes of such series to be redeemed, plus, in either case, accrued and unpaid interest thereon to, but excluding, the Redemption Date. Subject to the Conditions to Redemption for a series of Notes, the Notes of such series will be redeemable, in whole at any time or in part from time to time on or after the applicable Par Call Date, at the Company's option, at a Redemption Price equal to accrued and unpaid interest on the principal amount being redeemed to, but not including, the Redemption Date plus 100% of the

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principal amount of the Notes of such series to be redeemed. Interest on the Notes of such series for which the Redemption Date is after a Regular Record Date and before the following Interest Payment Date, shall be payable to the holder of such series of Notes at the close of business on the Regular Record Date. Unless the Company defaults in payment of the Redemption Price, on and after the Redemption Date, interest will cease to accrue on the Notes of such series or portions of the Notes of a series called for redemption.

Notwithstanding the foregoing, the Company may, at its sole option, subject to the Conditions to Redemption for a series of Notes, redeem such series of Notes, at any time, in whole but not in part, following the occurrence of a Tax Event, at a Redemption Price equal to 100% of the principal amount of such series of Notes, plus accrued and unpaid interest on such series of Notes to, but excluding, the Redemption Date, subject to the right of a holder on the relevant Regular Record Date to receive accrued and unpaid interest on such series of Notes due on the relevant Interest Payment Date.

The Company's actions and determinations in determining the Redemption Price shall be conclusive and binding for all purposes, absent manifest error. For the avoidance of doubt, the Trustee shall have no responsibility to determine (or to verify or review the Company's determination of) the Redemption Price or the Treasury Rate.

SECTION 4.3.&nbsp;&nbsp;&nbsp;&nbsp; <u>Redemption Procedures.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)The provisions of Article Eleven of the Original Indenture shall apply in the case of a redemption pursuant to a notice of redemption pursuant to Section 4.2; *provided*, that notice of redemption shall be given by first-class mail, postage prepaid, mailed, electronically delivered (or, in the case of Global Notes, delivered in accordance with the Depositary's applicable procedures) not less than 10 nor more than 60 days prior to the Redemption Date, to each Holder of Notes to be redeemed, at his address appearing in the Security Register. Any redemption of Global Notes shall be done in accordance with the procedures of the Depositary. In the event that fewer than all the Notes of a particular series will be redeemed, the Notes of such series will be selected for redemption, if the Notes of such series are Global Notes, in accordance with the applicable procedures of the depository or, if the Notes of such series are in certificated form, by lot.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Notices of redemption may, in the Company's sole discretion, be subject to one or more conditions precedent, including, but not limited to, the consummation of a financing transaction, equity offering, asset disposition or other corporate transaction (or a series of such transactions) or the satisfaction of the Conditions to Redemption for a series of Notes. In addition, if such redemption is subject to satisfaction of any such condition, the notice of redemption may state that, in the Company's discretion, the Redemption Date may be delayed until such time as such condition shall be satisfied, or such redemption may not occur and such notice may be rescinded in the event that such condition shall not have been satisfied by the Redemption Date, or the Redemption Date so delayed.

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**ARTICLE FIVE<br>COVENANTS**

SECTION 5.1.&nbsp;&nbsp;&nbsp;&nbsp;<u>Covenants.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Each series of Notes shall be entitled to the benefit of each of the covenants in Article Ten of the Original Indenture and the following additional covenants (which shall be deemed to be provisions of the Original Indenture and made subject to the provisions of Section 1006 of the Original Indenture and, when referred to as a provision of the Original Indenture, shall be identified by reference to the Section number that is set forth immediately preceding the covenant):

SECTION 1007. <u>Limitation on Liens on Stock of Designated Subsidiaries</u>.

The Company shall not, and shall not permit any Designated Subsidiary to, create, assume, incur or guarantee any indebtedness for borrowed money if that indebtedness is evidenced by notes, debentures, bonds or similar negotiable instruments, which is secured by any mortgage, pledge, lien, security interest or other encumbrance (each, a "**Lien**") upon any shares of Capital Stock of any Designated Subsidiary owned by the Company or such Designated Subsidiary (whether such shares of stock are now owned or hereafter acquired) without effectively providing concurrently that the Notes (and, if the Company so elects, any other indebtedness of the Company that is not subordinated to the Notes and with respect to which the governing instruments require, or pursuant to which we are otherwise obligated, to provide such security) will be secured equally and ratably with such indebtedness for at least the time period such other indebtedness is so secured. This restriction will not apply to indebtedness secured by (i) Liens on any shares of stock or indebtedness of or acquired from a Person that is merged or consolidated with or into, or is otherwise acquired by, the Company or any Designated Subsidiary, (ii) Liens to secure indebtedness of a Designated Subsidiary to the Company or another Designated Subsidiary (but only for so long as such indebtedness is owned or held by the Company or another Designated Subsidiary), (iii) Liens existing at the time a Subsidiary becomes a Designated Subsidiary; and (iv) any extension, renewal or replacement (or successive extensions, renewals or replacements), in whole or in part, of any Lien referred to in clauses (i) through (iii) above.

SECTION 1008. <u>Limitation on the Disposition of Stock of Designated Subsidiaries</u>.

So long as any Notes are Outstanding, the Company will not, nor will the Company permit any Designated Subsidiary to issue, sell, assign, transfer or otherwise dispose of any shares of Capital Stock of any Designated Subsidiary; provided, however, that the foregoing shall not apply to any issuance, sale, assignment, transfer or disposition of Capital Stock (i) required by any law, regulation or order of any court, or governmental or insurance regulatory authority, unless any such order was requested by the Company or any of the Designated Subsidiaries, (ii) for fair market value, as determined in good faith by the Company's Board of Directors or (iii) to the Company or any of its Subsidiaries."

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)For purposes only of the Notes and Sections 1007 and 1008 of the Indenture, the following terms shall have the following meanings:

"**Capital Stock**" of any Person means any and all shares, interests, rights to purchase, warrants, options, participations or other equivalents of or interests in (however designated) equity of such person, including preferred stock, in each case, which are entitled to vote in the election of directors, member or general partners or other similar managing body, as applicable, but excluding any debt securities convertible into or other securities convertible into such equity; *provided*, *however,* that preferred shares or other similar securities issued in the ordinary course of business by any of the Company's Subsidiaries in connection with their "rent-a-captive" business shall not be deemed capital stock for purposes of the covenants described herein.

"**Designated Subsidiary**" means any present or future consolidated Subsidiary of the Company, (a) the assets of which constitute at least 20% of the Company's consolidated assets and (b) in which the Company holds, directly or indirectly, equity interests entitled to more than 50% of the profits thereof; *provided*, *however*, that (i) in the event Liens of the type described in Section 1007 are placed on the Capital Stock of more than one of the Company's Subsidiaries in one transaction or in a series of related transactions and such Subsidiaries, when taken together as a whole, constitute at least 20% of the Company's consolidated assets, each such Subsidiary shall be deemed to be a "Designated Subsidiary" for purposes of such transaction or transactions, as the case may be, and (ii) in the event of a sale, transfer or other disposition of the type described in Section 1008 of any shares of Capital Stock of more than one of the Company's Subsidiaries in one transaction or in a series of related transactions and such Subsidiaries, when taken together as a whole, constitute at least 20% of the Company's consolidated assets, each such Subsidiary shall be deemed to be a "Designated Subsidiary" for purposes of such transaction or transactions, as the case may be.

"**Lien**" shall have the meaning set forth in Section 1007 hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)For purposes of the Indenture and the Notes, the first paragraph of Section 1003 of the Original Indenture is hereby amended in its entirety and replaced with the following:

If the Company shall at any time act as its own Paying Agent with respect to any series of Securities, it will, immediately prior to such due date of the principal of (and premium, if any) or interest on any of the Securities of that series, segregate and hold in trust for the benefit of the Persons entitled thereto a sum (in the currency in which the Securities of such series are payable) sufficient to pay the principal (and premium, if any) or interest so becoming due until such sums shall be paid to such Persons or otherwise disposed of as herein provided and will promptly notify the Trustee of its action or failure so to act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)For purposes of the Indenture and the Notes, Section 1004 of the Original Indenture is hereby amended in its entirety and replaced with the following:

"SECTION 1004. <u>Corporate Existence</u>.

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Except as otherwise permitted under Article Eight and Section 1008, the Company will do or cause to be done all things necessary to preserve and keep in full force and effect its corporate existence and material rights (charter and statutory) and franchises; *provided*, *however*, that the Company will not be required to preserve any such right or franchise if the Board of Directors or senior management of the Company determines that the preservation thereof is no longer desirable in the conduct of the business of the Company and that the loss thereof is not disadvantageous in any material respect to the Holders."

SECTION 5.2.&nbsp;&nbsp;&nbsp;&nbsp;<u>Payment of Additional Amounts</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)The Company will make all payments under the Notes without withholding or deduction at source for, or on account of, any present or future taxes, duties, assessments or similar governmental charges ("**Taxes**") unless such Taxes are required to be withheld or deducted by (i) the laws (or any regulations or rulings promulgated thereunder) of any taxing jurisdiction or (ii) any official position regarding the application, administration, interpretation or enforcement of any such laws, regulations or rulings (including, without limitation, a holding by a court of competent jurisdiction or by a taxing authority in a taxing jurisdiction). If any such withholding or deduction at source is required with respect to any Tax imposed or levied by any Relevant Taxing Jurisdiction, the Company will, subject to certain limitations and exceptions described below, pay to each holder of any Notes such additional amounts as may be necessary, if any, so that every net payment of principal, premium, if any, interest or any other amount made to such holder under the Notes, after such withholding or deduction, will equal the amount provided for in the Indenture to be then due and payable (any such additional amounts, "**Additional Amounts**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Notwithstanding the foregoing, the Company will not be required to pay any Additional Amounts for or on account of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)any Tax which would not have been imposed but for the fact that the applicable holder or beneficial owner of a Note (1) is or was a resident, domiciliary or national of, engages or engaged in business in, maintains or maintained a permanent establishment in, or is or was physically present in, the Relevant Taxing Jurisdiction or had some other present or former connection with the Relevant Taxing Jurisdiction other than by reason of the mere ownership of, or receipt of payment under, such Note, (2) presented such Note for payment in the Relevant Taxing Jurisdiction, unless such Note could not have been presented for payment elsewhere, or (3) presented such Note for payment more than 30 days after the date on which the payment in respect of such Note became due and payable or provided for, whichever is later, except to the extent that the holder would have been entitled to such Additional Amounts if it had presented such Note for payment on any day within that 30-day period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)any estate, inheritance, gift, net worth, wealth, sale, use, gains, excise, value added transfer, personal property or similar Tax;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)any Tax that is imposed or withheld by reason of the failure by the holder or beneficial owner of such Note to comply with any reasonable request by the Company addressed to the holder or beneficial owner within 90 days of such request (1) to provide

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information concerning the nationality, residence or identity of such holder or such beneficial owner or (2) to make any declaration or other similar claim or satisfy any information or reporting requirement, which is required or imposed by statute, treaty, regulation or administrative practice of the Relevant Taxing Jurisdiction as a precondition to an exemption from, or reduction in, such Tax;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)any Tax that is imposed other than by means of withholding in respect of payments made under a Note;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)any Taxes imposed on or measured by overall net income (however denominated) or any branch profits tax;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)any withholding or deduction imposed pursuant to current Sections 1471 through 1474 of the Internal Revenue Code of 1986, as amended (or any amended or successor version thereof), any current or future regulations promulgated thereunder or official interpretations thereof, any intergovernmental agreements, treaties or conventions in connection therewith (or any laws, regulations or official administrative guidance implementing such agreements, treaties or conventions), and any agreements entered into pursuant to Section 1471(b)(1) of the Internal Revenue Code of 1986, as amended (or any amended or successor version thereof); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii)any combination of items (i), (ii), (iii), (iv), (v) and (vi) above.

In addition, the Company will not pay Additional Amounts with respect to any holder who is a fiduciary or partnership or otherwise not the sole beneficial owner of such Note to the extent that a beneficiary, partner or settlor with respect to such fiduciary or a member of such partnership or a beneficial owner would not have been entitled to such Additional Amounts had it been the holder of such Note.

In order to comply with applicable tax laws (inclusive of rules, regulations and interpretations promulgated by competent authorities) related to the Indenture in effect from time to time ("**Applicable Law**") that a foreign financial institution, issuer, trustee, paying agent or other party is or has agreed to be subject to, the Company agrees to provide to the Trustee and the Paying Agent information about the parties and/or transactions (including any modification to the terms of such transactions) reasonably requested by the Trustee to allow the Trustee or the Paying Agent to determine whether it has Tax-related obligations under Applicable Law.

The obligations described in this Section 5.2 will survive any termination, defeasance or discharge of the Indenture.

Prior to the date on which the payment of any Additional Amounts are due, the Company will deliver to the Trustee an Officer's Certificate stating that such Additional Amounts will be payable on the applicable Payment Date and setting forth the amounts so payable and any other information necessary to enable the Trustee (or applicable Paying Agent) to pay such Additional Amounts to holders on the Payment Date. Any such Officer's Certificate will be delivered at least two Business Days in advance of when the payments in question are

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required to be made (unless a shorter period of time is acceptable to the Trustee in its reasonable discretion).

**ARTICLE SIX<br>EVENTS OF DEFAULT**

SECTION 6.1.&nbsp;&nbsp;&nbsp;&nbsp;<u>Events of Default.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Clause (1) of Section 501 of the Original Indenture is, for purposes of the Indenture and the Notes, hereby amended and restated as follows:

"(1) default in the payment of any interest upon any notes of a series when it becomes due and payable, and continuance of such default for a period of 30 days; or"

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Clause (2) of Section 501 of the Original Indenture is, for purposes of the Indenture and the Notes, hereby amended and restated as follows:

"(2) default in the payment of the principal of (or premium, if any, on) any Notes of a series when due, including upon redemption, other than if deferral of such payment is required due to a failure to satisfy the Conditions to Redemption for a series of Notes; or"

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Clause (3) of Section 501 of the Original Indenture is, for purposes of the Indenture and the Notes, hereby removed and replaced with "RESERVED":

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Clause (4) of Section 501 of the Original Indenture is, for purposes of the Indenture and the Notes, hereby amended and restated as follows:

"(4) default in the performance, or breach, of any covenant of the Company in this Indenture (other than a covenant a default in whose performance or whose breach is elsewhere in this section specifically dealt with or which has expressly been included in this Indenture solely for the benefit of another series of Securities other than that series) and continuance of such default or breach for a period of 60 days after there has been given by registered or certified mail, to the Company by the Trustee or to the Company and the Trustee by the Holders of at least 25% in principal amount of the Outstanding Notes of a series a written notice specifying such default or breach and requiring it to be remedied and stating that such notice is a "Notice of Default" hereunder; *provided*, *however*, notwithstanding the foregoing, a Replacement Capital Obligation Default, including, without limitation, the failure by the Company to use Commercially Reasonable Efforts or to otherwise satisfy the Replacement Capital Obligation or any covenant contained in such section shall in no case be a default or an "Event of Default" and shall not allow any acceleration or any other remedy with respect to the Notes; *provided further* that the only remedy for a breach of such covenant shall be an action for specific performance with respect to such covenant to use Commercially Reasonable Efforts as described above; or"

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)Clause (6) of Section 501 of the Original Indenture is, for purposes of the Indenture and the Notes, hereby amended and restated as follows:

"(6) the commencement by the Company of a voluntary case or proceeding under any applicable bankruptcy, insolvency, reorganization or other similar law or of any other case or proceeding to be adjudicated a bankrupt or insolvent, or the consent by it to the entry of a decree or order for relief in respect of the Company in an involuntary case or proceeding under any applicable bankruptcy, insolvency, reorganization or other similar law or to the commencement of any bankruptcy or insolvency case or proceeding against it, or the consent by the Company to the appointment of or taking possession by a custodian, receiver, liquidator, assignee, trustee, sequestrator or similar official of the Company or of all or substantially all of the Company's assets, or the making by the Company of a general assignment for the benefit of creditors; or"

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)Section 501 of the Original Indenture is, for purposes of the Indenture and the Notes, hereby amended to add the following clauses (8) through (10):

"(8) default by the Company in the payment when due of the principal at its stated final maturity of any material indebtedness (other than the Notes), which default shall continue unremedied or unwaived for more than 60 days after the expiration of any grace period or extension of the time for payment applicable thereto; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) default by the Company under any instrument or instruments governing any material indebtedness (other than under the Indenture) that has caused the holders thereof or their representative to declare such indebtedness to be due and payable prior to its stated final maturity, unless such declaration has been rescinded, or has been cured, within 60 days; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10) failure within 60 days to pay, bond or otherwise discharge any uninsured final judgment against the Company or court order for the payment of money by the Company, in each case, in excess of $200,000,000, which is not stayed on appeal or is not otherwise being appropriately contested in good faith."

**ARTICLE SEVEN<br>MISCELLANEOUS**

SECTION 7.1.&nbsp;&nbsp;&nbsp;&nbsp;<u>Effect of Third Supplemental Indenture.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)This Third Supplemental Indenture is a supplemental indenture within the meaning of Section 901 of the Original Indenture, and the Original Indenture shall be read together with this Third Supplemental Indenture and shall have the same effect over the Notes, in the same manner as if the provisions of the Original Indenture and this Third Supplemental Indenture were contained in the same instrument.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)In all other respects, the Original Indenture is confirmed by the parties hereto as supplemented by the terms of this Third Supplemental Indenture.

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SECTION 7.2.&nbsp;&nbsp;&nbsp;&nbsp;<u>Effect of Headings.</u>

The Article and Section headings herein are for convenience only and shall not affect the construction hereof.

SECTION 7.3.&nbsp;&nbsp;&nbsp;&nbsp;<u>Successors and Assigns.</u>

All covenants and agreements in this Third Supplemental Indenture by the Company, the Trustee and the Holders shall bind their successors and assigns, whether so expressed or not.

SECTION 7.4.&nbsp;&nbsp;&nbsp;&nbsp;<u>Severability Clause.</u>

In case any provision in this Third Supplemental Indenture or in the Notes shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby.

SECTION 7.5.&nbsp;&nbsp;&nbsp;&nbsp;<u>Benefits of Third Supplemental Indenture.</u>

Nothing in this Third Supplemental Indenture or in the Notes, express or implied, shall give to any Person, other than the parties hereto, any benefit or any legal or equitable right, remedy or claim under this Third Supplemental Indenture.

SECTION 7.6.&nbsp;&nbsp;&nbsp;&nbsp;<u>Conflict.</u>

In the event that there is a conflict or inconsistency between the Original Indenture and this Third Supplemental Indenture, the provisions of this Third Supplemental Indenture shall control; *provided*, *however*, if any provision hereof limits, qualifies or conflicts with another provision herein or in the Original Indenture, in either case, which is required or deemed to be included in this Indenture by any of the provisions of the Trust Indenture Act, such required or deemed provision shall control.

SECTION 7.7.&nbsp;&nbsp;&nbsp;&nbsp;<u>Governing Law.</u>

THIS THIRD SUPPLEMENTAL INDENTURE AND THE NOTES SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.

SECTION 7.8.&nbsp;&nbsp;&nbsp;&nbsp;<u>Trustee.</u>

The Trustee shall not be responsible in any manner whatsoever for or in respect of the validity or sufficiency of this Third Supplemental Indenture or for or in respect of the recitals contained herein, all of which are made solely by the Company.

This instrument may be executed in any number of counterparts, each of which so executed shall be deemed to be an original, but all such counterparts shall together constitute but one and the same instrument. Signatures to this Third Supplemental Indenture transmitted by electronic mail (including any electronic signature complying with the U.S. federal ESIGN Act

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of 2000, Uniform Electronic Transactions Act or other applicable law, e.g., www. Docusign.com) in "portable document format" (".pdf") form, or by any other electronic means intended to preserve the original graphic and pictorial appearance of a document, will have the same effect as physical delivery of the paper document bearing the original signature.

In no event shall the Trustee be responsible or liable for special, indirect, punitive or consequential loss or damage of any kind whatsoever (including, but not limited to, loss of profit) irrespective of whether the Trustee has been advised of the likelihood of such loss or damage and regardless of the form of action.

The Trustee shall not be deemed to have notice of any default or Event of Default (other than with respect to an Event of Default arising out of the failure to pay interest or principal on the Notes) unless written notice of any event which is in fact such a default is received by a Responsible Officer of the Trustee at the Corporate Trust Office of the Trustee, and such notice references the Securities and this Indenture.

SECTION 7.9.&nbsp;&nbsp;&nbsp;&nbsp;<u>Amendments.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)The following new paragraphs are hereby added to Section 105 of the Indenture:

The Trustee shall have the right to accept and act upon instructions, including funds transfer instructions ("**Instructions**") given pursuant to this Indenture and delivered using Electronic Means; provided, however, that the Company shall provide to the Trustee an incumbency certificate listing officers with the authority to provide such Instructions ("**Authorized Officers**") and containing specimen signatures of such Authorized Officers, which incumbency certificate shall be amended by the Company whenever a person is to be added or deleted from the listing. If the Company elects to give the Trustee Instructions using Electronic Means and the Trustee in its discretion elects to act upon such Instructions, the Trustee's understanding of such Instructions shall be deemed controlling. The Company understands and agrees that the Trustee cannot determine the identity of the actual sender of such Instructions and that the Trustee shall conclusively presume that directions that purport to have been sent by an Authorized Officer listed on the incumbency certificate provided to the Trustee have been sent by such Authorized Officer. The Company shall be responsible for ensuring that only Authorized Officers transmit such Instructions to the Trustee and that the Company and all Authorized Officers are solely responsible to safeguard the use and confidentiality of applicable user and authorization codes, passwords and/or authentication keys upon receipt by the Company. The Trustee shall not be liable for any losses, costs or expenses arising directly or indirectly from the Trustee's reliance upon and compliance with such Instructions notwithstanding such directions conflict or are inconsistent with a subsequent written instruction. The Company agrees: (i) to assume all risks arising out of the use of Electronic Means to submit Instructions to the Trustee, including without limitation the risk of the Trustee acting on unauthorized Instructions, and the risk of interception and misuse by third parties; (ii) that it is fully informed of the protections and risks associated with the various methods of transmitting Instructions to the Trustee and that there may be more secure methods of transmitting Instructions than the method(s) selected by the Company; (iii) that the security procedures (if

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any) to be followed in connection with its transmission of Instructions provide to it a commercially reasonable degree of protection in light of its particular needs and circumstances; and (iv) to notify the Trustee immediately upon learning of any compromise or unauthorized use of the security procedures.

Notwithstanding any other provision of this Indenture or any Security, where this Indenture or any Security provides for notice of any event or any other communication (including any notice of redemption or repurchase) to a Holder of a Global Security (whether by mail or otherwise), such notice shall be sufficiently given if given to the Depositary (or its designee) pursuant to the standing instructions from the Depositary or its designee, including by electronic mail in accordance with accepted practices at the Depositary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)The first sentence of Section 202 of the Indenture is hereby deleted in its entirety and replaced with following:

The Trustee's certificate of authentication required by this article shall be in substantially the form set forth below and executed by the Trustee by manual or electronic signature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)The last sentence of Section 303 of the Indenture is hereby deleted in its entirety and replaced with following:

No Security shall be entitled to any benefit under this Indenture or be valid or obligatory for any purpose unless there appears on such Security a certificate of authentication substantially in the form provided for herein executed by the Trustee by manual or electronic signature, and such certificate upon any Security shall be conclusive evidence, and the only evidence, that such Security has been duly authenticated and delivered hereunder and is entitled to the benefits of this Indenture.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)The first sentence of Section 901 of the Indenture is hereby deleted in its entirety and replaced with the following:

The Company and the Trustee, at any time and from time to time, may amend or supplement this Indenture or the Securities without the consent of any Holder, so long as such changes (other than those in clauses (1), (2) or (7)) do not materially and adversely affect the interests of the Holder:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)The first sentence of Section 902 of the Indenture is hereby deleted in its entirety and replaced with the following:

With the written consent of the Holders of not less than a majority in aggregate principal amount of the Securities of such series affected by such amendment or supplement at the time Outstanding, the Company and the Trustee, at any time and from time to time, may amend or supplement this Indenture or such series of Securities.

SECTION 7.10.&nbsp;&nbsp;&nbsp;&nbsp;<u>Force Majeure.</u>

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In no event shall the Trustee be responsible or liable for any failure or delay in the performance of its obligations hereunder arising out of or caused by, directly or indirectly, forces beyond its control, including, without limitation, strikes, work stoppages, accidents, acts of war or terrorism, civil or military disturbances, epidemics or pandemics, nuclear or natural catastrophes or acts of God, and interruptions, loss or malfunctions of utilities, communications or computer (software and hardware) services; it being understood that the Trustee shall use reasonable efforts which are consistent with accepted practices in the banking industry to resume performance as soon as practicable under the circumstances.

SECTION 7.11.&nbsp;&nbsp;&nbsp;&nbsp;<u>Waiver of Jury Trial.</u>

EACH OF THE COMPANY, THE HOLDERS BY THEIR ACCEPTANCE OF THE NOTES, AND THE TRUSTEE HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS THIRD SUPPLEMENTAL INDENTURE, THE ORIGINAL INDENTURE, THE NOTES OR THE TRANSACTION CONTEMPLATED HEREBY.

[Signature page to follow]

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IN WITNESS WHEREOF, the parties hereto have caused this Third Supplemental Indenture to be duly executed on the date and year first written above.

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| ARCH CAPITAL GROUP LTD. | ARCH CAPITAL GROUP LTD. | ARCH CAPITAL GROUP LTD. |
| By: | /s/ François Morin | /s/ François Morin |
|  | Name: | François Morin |
|  | Title: | Executive Vice President, Chief Financial Officer and Treasurer |

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| | | |
|:---|:---|:---|
| THE BANK OF NEW YORK MELLON, | THE BANK OF NEW YORK MELLON, | THE BANK OF NEW YORK MELLON, |
| as Trustee | as Trustee | as Trustee |
| By: | /s/ April Bradley | /s/ April Bradley |
|  | Name: | April Bradley |
|  | Title: | Agent |

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*Third Supplemental Indenture Signature Page*

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<u>EXHIBIT I</u>

[<u>INSERT GLOBAL SECURITY LEGEND, IF APPROPRIATE</u> **-** UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION ("**DTC**"), TO ARCH CAPITAL GROUP LTD. OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND SUCH PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER, CEDE & CO., HAS AN INTEREST HEREIN.

UNLESS AND UNTIL THIS CERTIFICATE IS EXCHANGED IN WHOLE OR IN PART FOR NOTES IN CERTIFICATED FORM, THIS CERTIFICATE MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY DTC TO A NOMINEE THEREOF OR BY A NOMINEE THEREOF TO DTC OR ANOTHER NOMINEE OF DTC OR BY DTC OR ANY SUCH NOMINEE TO A SUCCESSOR OF DTC OR A NOMINEE OF SUCH SUCCESSOR.]

<u>ARCH CAPITAL GROUP LTD.</u>

<u>5.250% SENIOR NOTE DUE 2036</u>

No. [1]

Principal Amount $

CUSIP No. 03939AAB3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ARCH CAPITAL GROUP LTD., a Bermuda company limited by shares, for value received, promises to pay to __________, or registered assigns, the principal sum of ________________ United States Dollars (US$___________) on June 15, 2036, provided, that the Conditions to Redemption are met on such date or, if the Conditions to Redemption are not met on such date, on the Final Maturity Date.

Interest Payment Dates: June 15 and December 15.

Regular Record Dates: June 1 and December 1.

Additional provisions of this Note are set forth on the other side of this Note.

Exhibit I - 1

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IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed.

ARCH CAPITAL GROUP LTD.

By:<u>&nbsp;&nbsp;&nbsp;&nbsp;</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Title:

***Signature Page to 2036 Note***

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<u>TRUSTEE'S CERTIFICATE OF AUTHENTICATION</u>

This is one of the Notes of the series designated therein referred to in the within-mentioned Indenture.

Dated:

THE BANK OF NEW YORK MELLON,

&nbsp;&nbsp;&nbsp;&nbsp;as Trustee

By:<u>&nbsp;&nbsp;&nbsp;&nbsp;</u>

Authorized Officer

***Signature Page to 2036 Note***

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(Reverse of Note)

5.250% Senior Note due 2036

1.<u>Interest</u>

Arch Capital Group Ltd., a Bermuda company limited by shares (such company, and its successors and assigns under the Indenture hereinafter referred to, being herein called the "**Company**"), for value received, promises to pay interest on the principal amount of this Note (the "**Note**") at the rate of 5.250% per annum. The Company shall pay interest semiannually, in arrears, on June 15th and December 15th of each year, commencing December 15, 2026. Interest on the Note shall accrue from the most recent date to which interest has been paid or duly provided for or, if no interest has been paid or duly provided for, from June 9, 2026 until the principal hereof is due. Interest shall be computed on the basis of a 360-day year comprised of twelve 30-day months. The Company shall pay interest on overdue principal at the rate borne by the Note, and it shall pay interest on overdue installments of interest at the same rate to the extent lawful.

2.<u>Method of Payment</u>

The Company shall pay interest on the Note (except defaulted interest, which shall be paid pursuant to Section 307 of the Original Indenture) to the Persons who are registered Holders at the close of business on the June 1 or December 1 next preceding the Interest Payment Date even if Notes are canceled after the record date and on or before the Interest Payment Date. The Company shall pay principal, premium, if any, and interest in money of the United States of America that at the time of payment is legal tender for payment of public and private debts. Payment of principal (and premium, if any) and interest in respect of Notes represented by a Global Security will be made by wire transfer of immediately available funds to the accounts specified by the Depository. Payments of principal (and premium, if any) and interest in respect of a certificated Note may be made, at the option of the Company, either by wire transfer in immediately available funds to the accounts specified by registered Holders as of the relevant record dates or (subject to collection) by check mailed to the address of the registered Holders as of the relevant record dates or at the specified offices of any Paying Agent. Payment of principal in respect of a certificated Note will only be made against presentation and, provided that payment is made in full, surrender of the appropriate certificate at the specified offices of any Paying Agent.

3.<u>Repayment at Final Maturity</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) &nbsp;&nbsp;&nbsp;&nbsp;Unless previously redeemed or purchased and cancelled, the Notes will become finally due and payable, and will be repaid, on the Final Maturity Date at a price equal to the principal amount thereof, together with accrued and unpaid interest on the Notes to, but excluding, the Final Maturity Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For the avoidance of doubt, interest shall continue to accrue and be payable for so long as the principal amount of the Notes remain Outstanding. In the event the Scheduled Maturity Date and the Final Maturity Date are not the same, the failure to repay the Notes on the

Exhibit I - 4

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Scheduled Maturity Date will constitute neither an Event of Default under the Indenture nor a default of any kind and will not give Holders of the Notes or the Trustee any right to accelerate repayment of the Notes or any other remedies (whether contractual, legal, equitable or otherwise).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) &nbsp;&nbsp;&nbsp;&nbsp;The Company will only be permitted to repay the principal amount of the Notes on the Scheduled Maturity Date if the Conditions to Redemption are satisfied on the Scheduled Maturity Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"**Final Maturity Date**" means with respect to the Notes, a date after the Scheduled Maturity Date that is the earlier of (i) 10 Business Days after the applicable Conditions to Redemption become satisfied and would continue to be satisfied if the final redemption payment were made on such date (so long as such requirements continue to be so satisfied on such 10th Business Day), and (ii) the date on which a Winding-Up occurs with respect to the Company.

4.<u>Paying Agent and Registrar</u>

Initially, THE BANK OF NEW YORK MELLON, a New York banking corporation (the "**Trustee**"), will act as Paying Agent and Registrar with respect to the Notes. The Company may appoint and change any Paying Agent or Registrar without notice. The Company may act as Paying Agent or Registrar.

5.<u>Indenture</u>

The Company issued the Notes under an Indenture dated as of May 4, 2004, by and between the Company and the Trustee (the "**Original Indenture**"), as supplemented by a Third Supplemental Indenture dated June 9, 2026, by and between the Company and the Trustee (the "**Third Supplemental Indenture**"), which collectively constitutes the indenture governing the Securities (the "**Indenture**"). The terms of the Notes include those stated in the Indenture and those made part of the Indenture by reference to the Trust Indenture Act of 1939, as amended as in effect on the date of the Indenture (the "**TIA**"). The Notes include all terms and provisions of the Indenture, and Holders are referred to the Indenture and the TIA for a statement of such terms and provisions. This Security is one of a series of Securities designated as the 5.250% Senior Notes due 2036 of the Company (the "**Notes**"). Capitalized terms used herein have the same meanings given in the Indenture unless otherwise indicated.

The aggregate principal amount at maturity of the Notes which may be authenticated and delivered under the Indenture shall be unlimited. In addition, the aggregate principal amount of Securities of any class or series which may be authenticated and delivered under the Indenture shall be unlimited, provided that such Securities shall rank equally with the Notes.

6.<u>Certain Covenants</u>

The Indenture imposes certain limitations on the ability of each of the Company and the Designated Subsidiaries to, among other things, create or incur Liens and to sell or

Exhibit I - 5

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otherwise dispose of Designated Subsidiaries. The Indenture also imposes limitations on the ability of the Company to consolidate or amalgamate with or merge into any other Person or convey, transfer, sell or lease its property or assets substantially as an entirety to any Person.

7. <u>Optional Redemption</u>

Subject to the Conditions to Redemption, the Notes will be redeemable, in whole at any time or in part from time to time before the Par Call Date, at the Company's option, at a Redemption Price equal to accrued and unpaid interest on the principal amount being redeemed to, but not including, the Redemption Date plus the greater of: (1) (A) the sum of the present values of the remaining scheduled payments of principal and interest on the Notes to be redeemed (not including any portion of such payments of interest accrued to the date of redemption) thereon discounted to the date of redemption on a semiannual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate, plus 15 basis points, less (B) interest accrued to the date of redemption and (2) 100% of the principal amount of the Notes of such series to be redeemed, plus accrued and unpaid interest thereon to the Redemption Date. Subject to the Conditions to Redemption, the Notes will be redeemable, in whole at any time or in part from time to time on or after the Par Call Date, at the Company's option, at a Redemption Price equal to accrued and unpaid interest on the principal amount being redeemed to, but not including, the Redemption Date plus 100% of the principal amount of the Notes to be redeemed Interest on the Notes for which the Redemption Date is after a Regular Record Date and before the following Interest Payment Date, shall be payable to the Holder of such Notes at the close of business on the Regular Record Date. Unless the Company defaults in payment of the Redemption Price, on and after the Redemption Date, interest will cease to accrue on the Notes or portions of the Notes called for redemption.

Notwithstanding the foregoing, the Company may, at its sole option, subject to the Conditions to Redemption, redeem the Notes, at any time, in whole but not in part, following the occurrence of a Tax Event at a Redemption Price equal to 100% of the principal amount of the Notes, plus accrued and unpaid interest on the Notes to, but excluding, the Redemption Date, subject to the right of a Holder on the relevant Regular Record Date to receive accrued and unpaid interest on the Notes due on the relevant Interest Payment Date.

As used in this Section 7, the following terms shall have the respective meanings set forth below:

"**Applicable Supervisory Regulations**" means such insurance supervisory laws, rules and regulations relating to group supervision or the supervision of single insurance entities, as applicable, which are applicable to the Company or the Insurance Group, and which shall initially mean the Group Rules until such time when the BMA no longer has jurisdiction or responsibility to regulate the Company or the Insurance Group.

"**BMA**" means the Bermuda Monetary Authority, or, should the Bermuda Monetary Authority no longer have jurisdiction or responsibility to regulate the Company or the Insurance Group, as the context requires, a regulator which is otherwise subject to Applicable Supervisory Regulations.

Exhibit I - 6

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"**Conditions to Redemption**" are satisfied in relation to any redemption on any day, including with respect to a scheduled redemption of or planned purchase of the Notes, if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)the Solvency Capital Requirement is complied with immediately before and after the repayment or purchase of the Notes unless the capital represented by the Notes to be redeemed or repaid is replaced without delay with the issuance of capital having equal or better treatment as the Notes under the Group Rules, approved by the BMA; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;with regard to redemptions occurring prior to June 9, 2029, the BMA has given, and not withdrawn by such date, its prior consent to the redemption of the Notes and the payment of accrued and unpaid interest or to the purchase of the Notes; *provided*, that if under the Applicable Supervisory Regulations no such consent is required at the time in order for Notes to qualify or continue to qualify, as applicable, as Tier 3 Capital of the Company or the Insurance Group, this clause (ii) shall not apply.

"**ECR**" means the enhanced capital requirement applicable to the Insurance Group and as defined in the Insurance Act or, should the Insurance Act or the Group Rules no longer apply to the Insurance Group, any and all other solvency capital requirements defined in the Applicable Supervisory Regulations.

"**Group Rules**" means the Group Solvency Standards, together with the Group Supervision Rules, as those rules and regulations may be amended or replaced from time to time.

"**Group Solvency Standards**" means the Bermuda Insurance (Prudential Standards) (Insurance Group Solvency Requirement) Rules 2011, as those rules and regulations may be amended or replaced from time to time.

"**Group Supervision Rules**" means the Bermuda Insurance (Group Supervision) Rules 2011, as those rules and regulations may be amended or replaced from time to time.

"**Insurance Act**" means the Bermuda Insurance Act 1978 and related regulations, as amended or replaced from time to time.

"**Insurance Group**" means all Subsidiaries of the Company that are regulated insurance or reinsurance companies (or part of such regulatory group) pursuant to the Applicable Supervisory Regulations.

"**Par Call Date**" means March 15, 2036.

"**Relevant Taxing Jurisdiction**" means Bermuda or any political subdivision or taxing authority thereof or therein.

"**Solvency Capital Requirement**" means the ECR or any other requirement to maintain assets applicable to the Company or in respect of the Insurance Group, as applicable,

Exhibit I - 7

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pursuant to the Applicable Supervisory Regulations.

"**Tax Event**" means, with respect to the Notes, if at any time the Company receives an opinion of counsel that as a result of (i) any change in or amendment to the laws or treaties (or any regulations or rulings promulgated under these laws or treaties) of any Relevant Taxing Jurisdiction or any change in or amendment to the application or official interpretation of such laws, treaties, regulations or rulings, (ii) any action taken by a taxing authority of any Relevant Taxing Jurisdiction, or (iii) a decision rendered by a court of competent jurisdiction in any Relevant Taxing Jurisdiction whether or not such decision was rendered with respect to the Company, in each case, which change is formally announced after the Issue Date (or, in the case of a jurisdiction that first becomes a Relevant Taxing Jurisdiction at a later date, after such date), there is a substantial probability that the Company will be required at any time thereafter to pay Additional Amounts with respect to the Notes as provided in Section 5.2 of the Indenture and such requirement cannot be avoided by the use of reasonable measures then available.

"**Tier 3 Capital**" means "Tier 3 Ancillary Capital" as set out in the Group Supervision Rules (or, if the Group Supervision Rules are amended so as to no longer refer to Tier 3 Ancillary Capital in this respect, the nearest corresponding concept (if any) under the Group Supervision Rules, as amended).

"**Treasury Rate**" means, for any Redemption Date, the yield determined by the Company in accordance with the following two paragraphs.

The Treasury Rate shall be determined by the Company after 4:15 p.m., New York City time (or after such time as yields on U.S. government securities are posted daily by the Board of Governors of the Federal Reserve System), on the third business day preceding the redemption date based upon the yield or yields for the most recent day that appear after such time on such day in the most recent statistical release published by the Board of Governors of the Federal Reserve System designated as "Selected Interest Rates (Daily) - H.15" (or any successor designation or publication) ("H.15") under the caption "U.S. government securities-Treasury constant maturities-Nominal" (or any successor caption or heading) ("H.15 TCM"). In determining the Treasury Rate, the Company shall select, as applicable: (1) the yield for the Treasury constant maturity on H.15 exactly equal to the period from the redemption date to the applicable Par Call Date (the "Remaining Life"); or (2) if there is no such Treasury constant maturity on H.15 exactly equal to the Remaining Life, the two yields - one yield corresponding to the Treasury constant maturity on H.15 immediately shorter than and one yield corresponding to the Treasury constant maturity on H.15 immediately longer than the Remaining Life - and shall interpolate to the applicable Par Call Date on a straight-line basis (using the actual number of days) using such yields and rounding the result to three decimal places; or (3) if there is no such Treasury constant maturity on H.15 shorter than or longer than the Remaining Life, the yield for the single Treasury constant maturity on H.15 closest to the Remaining Life. For purposes of this paragraph, the applicable Treasury constant maturity or maturities on H.15 shall be deemed to have a maturity date equal to the relevant number of months or years, as applicable, of such Treasury constant maturity from the redemption date.

If on the third Business Day preceding the redemption date H.15 TCM or any

Exhibit I - 8

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successor designation or publication is no longer published, the Company shall calculate the Treasury Rate based on the rate per annum equal to the semi-annual equivalent yield to maturity at 11:00 a.m., New York City time, on the second business day preceding such redemption date of the United States Treasury security maturing on, or with a maturity that is closest to, the applicable Par Call Date, as applicable. If there is no United States Treasury security maturing on the applicable Par Call Date but there are two or more United States Treasury securities with a maturity date equally distant from the applicable Par Call Date, one with a maturity date preceding the applicable Par Call Date and one with a maturity date following the Par Call Date, the Company shall select the United States Treasury security with a maturity date preceding the applicable Par Call Date. If there are two or more United States Treasury securities maturing on the applicable Par Call Date or two or more United States Treasury securities meeting the criteria of the preceding sentence, the Company shall select from among these two or more United States Treasury securities the United States Treasury security that is trading closest to par based upon the average of the bid and asked prices for such United States Treasury securities at 11:00 a.m., New York City time. In determining the Treasury Rate in accordance with the terms of this paragraph, the semi-annual yield to maturity of the applicable United States Treasury security shall be based upon the average of the bid and asked prices (expressed as a percentage of principal amount) at 11:00 a.m., New York City time, of such United States Treasury security, and rounded to three decimal places. The Company's actions and determination in determining the Redemption Price shall be conclusive and binding for all purposes, absent manifest error. The Trustee shall have no responsibility with respect to the determination of the Redemption Price of the Notes.

8.<u>Sinking Fund</u>

The Notes will not be entitled to the benefit of any mandatory redemption or sinking fund.

9.<u>Notice of Optional Redemption</u>

Notice of optional redemption will be mailed by first-class mail or electronically delivered (or otherwise transmitted in accordance with the Depositary's procedures), postage prepaid (or, in the case of Global Notes, delivered in accordance with the Depositary's applicable procedures), at least 10 days but not more than 60 days before the Redemption Date to each Holder of Notes to be redeemed at such Holder's registered address. Notices of redemption may, in the Company's sole discretion, be subject to one or more conditions precedent, including, but not limited to, the consummation of a financing transaction, equity offering, asset disposition or other corporate transaction (or a series of such transactions) or the satisfaction of the Conditions to Redemption. In addition, if such redemption is subject to satisfaction of any such condition, the notice of redemption may state that, in the Company's discretion, the Redemption Date may be delayed until such time as such condition shall be satisfied, or such redemption may not occur and such notice may be rescinded in the event that such condition shall not have been satisfied by the Redemption Date, or the Redemption Date so delayed. Notes in denominations larger than $2,000 may be redeemed in part but only in whole multiples of $1,000 in excess of $2,000. Payment of principal of, and interest on, the Notes will be made in U.S. dollars. If money sufficient to pay the Redemption Price of and accrued and unpaid interest, including premium, if

Exhibit I - 9

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any, on all Notes (or portions thereof) to be redeemed on the Redemption Date is deposited with the Paying Agent on or before the Redemption Date and certain other conditions are satisfied, on and after such date interest ceases to accrue on such Notes (or such portions thereof) called for redemption.

10.<u>Denominations; Transfer; Exchange</u>

The Notes are in fully registered form without coupons in denominations of $2,000 and any whole multiple of $1,000 in excess of $2,000. Payment of principal of, and interest on, the Notes will be made in U.S. dollars. A Holder may transfer or exchange Notes in accordance with the Indenture. Upon any transfer or exchange, the Registrar and the Trustee may require a Holder, among other things, to furnish appropriate endorsements or transfer documents. No service charge shall be made for any registration of transfer or exchange, but the Company or the Trustee may require the payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection therewith.

11.<u>Persons Deemed Owners</u>

The registered Holder of this Note may be treated as the owner of it for all purposes.

12.<u>Discharge and Defeasance</u>

Subject to certain conditions and limitations set forth in the Indenture, the Company may terminate some of or all its obligations under the Notes and the Indenture if the Company deposits with the Trustee money or U.S. Government Obligations for the payment of principal of, premium, if any, and interest, on, the Notes to redemption or maturity, as the case may be.

13.<u>Ranking</u>

The Notes will represent the Company's direct, unsecured obligations and will rank equally with all the Company's current and future unsecured and unsubordinated indebtedness.

14.<u>No Rights of Set-Off</u>

The Notes will not in any way give rise to any rights of set-off, recoupments or counterclaims against any claims and obligations of the Company or any of the Insurance Group to any person in whose names the Notes are registered or any creditor of the Company or any of the Insurance Group.

15.&nbsp;&nbsp;&nbsp;&nbsp;<u>No Encumbrances</u>

By acquiring this Note, the Holder is deemed to agree and acknowledge that no security or encumbrance of any kind is, or will at any time be, provided by the Company or any of its affiliates to secure the rights of Holders.

Exhibit I - 10

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16.<u>Amendment, Waiver</u>

Subject to certain exceptions set forth in the Indenture, (i) the Indenture and the terms of the Notes may be amended with the written consent of the Holders of not less than a majority in aggregate principal amount of the Notes and (ii) any default may be waived with the written consent of the Holders of at least a majority in principal amount of the Outstanding Securities of such affected series. Subject to certain exceptions set forth in the Indenture, without the consent of any Holder, the Company and the Trustee may amend the Indenture or the Notes, so long as such changes do not materially and adversely affect the interests of the Holder, (a) to cure any ambiguity, omission, defect or inconsistency; (b) to make any change that does not materially adversely affect the interests of the Holders of the Notes; (c) to provide for successors to the Company; (d) to provide any guarantees of the Notes (subject to the Conditions to Redemption); (e) to add Events of Default with respect to the Notes; (f) to add additional covenants or to surrender any right or power conferred upon the Company by the Indenture; (g) to comply with the requirements of the Commission in order to effect or maintain the qualification of the Indenture under the TIA; (h) to provide for uncertificated Notes in addition to or in place of certificated Notes; (i) to change or eliminate any of the provisions of the Indenture, *provided* that such change or elimination shall become effective only when there are no Securities of a prior series outstanding that are entitled to the benefit of such provision; (j) to establish the form or terms of Securities as permitted by the Indenture; and (k) to evidence and provide for the acceptance of appointment under the Indenture by a successor Trustee with respect to the Securities of one or more series and to add to or change any of the provisions of the Indenture as shall be necessary to provide for or facilitate the administration of the trusts under the Indenture by more than one Trustee, pursuant to the Indenture.

17.<u>Defaults and Remedies</u>

If an Event of Default, other than an Event of Default described in Section 501(5) or 501(6) of the Indenture, and subject to the limitations with respect to the Replacement Capital Obligations and Replacement Capital Obligation Default in Section 4.1 of the Third Supplemental Indenture, with respect to the Notes shall have occurred and be continuing, the Trustee or the Holders of at least 25% in aggregate principal amount of the Notes then Outstanding, by notice in writing to the Company (and to the Trustee if given by the Holders of the Notes), will be entitled to declare all unpaid principal of and accrued interest on the Notes then Outstanding to be due and payable immediately. In the case of an Event of Default described in Section 501(5) or 501(6) of the Indenture, all unpaid principal of and accrued interest on all Notes then Outstanding shall be due and payable immediately without any declaration or other act on the part of the Trustee or the Holders of any Notes. Such declaration of acceleration may be annulled and past defaults (except, unless theretofore cured, a default in payment of principal of, premium, if any, interest on the Notes) may be waived by the Holders of a majority in principal amount of the Notes then Outstanding upon the conditions provided in the Indenture. Further, at any time after a Replacement Capital Obligation Default has occurred and is continuing, the Holders of a majority in aggregate principal amount of the Notes may, on behalf of the Holders of all Notes, waive any such Replacement Capital Obligation Default and its consequences with respect to the Notes.

Exhibit I - 11

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18.<u>Trustee Dealings with the Company</u>

Subject to certain limitations imposed by the TIA, the Trustee under the Indenture, in its individual or any other capacity, may become the owner or pledgee of Notes or Securities of other series and may otherwise deal with and collect obligations owed to it by the Company or its Affiliates and, subject to the Indenture, may otherwise deal with the Company with the same rights it would have if it were not Trustee.

19.<u>No Recourse Against Others</u>

No incorporator, shareholder, officer or director, as such, of the Company shall have any liability for any obligations, covenants or agreements of the Company under the Notes or the Indenture or for any claim based thereon or otherwise in respect thereof. By accepting a Note, each Holder expressly waives and releases all such liability. The waiver and release are a condition of, and part of the consideration for, the execution of the Indenture and the issuance of the Notes.

20.<u>Authentication</u>

This Note shall not be valid until the certificate of authentication on the other side of this Note has been executed by an authorized signatory of the Trustee by manual or electronic signature, which may be delivered via electronic transmission.

21.<u>Abbreviations</u>

Customary abbreviations may be used in the name of a Holder or an assignee, such as TEN COM (=tenants in common), TEN ENT (=tenants by the entireties), JT TEN (=joint tenants with rights of survivorship and not as tenants in common), CUST (=custodian), and U/G/M/A (=Uniform Gift to Minors Act).

22.<u>Governing Law</u>

THE INDENTURE AND THIS NOTE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.

23.<u>CUSIP Number</u>

Pursuant to a recommendation promulgated by the Committee on Uniform Security Identification Procedures, the Company has caused the CUSIP number to be printed on this Note and has directed the Trustee to use the CUSIP number in notices of redemption as a convenience to Holders. No representation is made as to the accuracy of such number either as printed on this Note or as contained in any notice of redemption and reliance may be placed only on the other identification numbers placed thereon.

The Company will furnish to any Holder of Notes upon written request and without charge to the Holder a copy of the Indenture and a copy of this Note.

Exhibit I - 12

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<u>ASSIGNMENT FORM</u>

To assign this Note , fill in the form below:

I or we assign and transfer this Security to

(Print or type assignee's name, address and zip code)

(Insert assignee's soc. sec. or tax I.D. No.)

and irrevocably appoint ______________ agent to transfer this Note on the books of the Company. The agent may substitute another to act for him.

Date:<u>&nbsp;&nbsp;&nbsp;&nbsp;</u>&nbsp;&nbsp;&nbsp;&nbsp;Your Signature: <u>&nbsp;&nbsp;&nbsp;&nbsp;</u>

_____________________________________________________

Sign exactly as your name appears on the other side of this Note.

Exhibit I - 13

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<u>SCHEDULE OF INCREASES OR DECREASES IN GLOBAL SECURITY</u>

The initial principal amount of this Global Security is $_____________. The following increases or decreases in this Global Security have been made:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Date of <br>Exchange** | **Amount of decrease in <br>Principal Amount of <br>this Global Security** | **Amount of increase <br>in Principal Amount <br>of this Global<br>Security** | **Principal amount <br>of this Global <br>Security following <br>such decrease or<br>increase** | **Signature of <br>authorized signatory <br>of Trustee or <br>Securities Custodian** |

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Confidential Information

Exhibit I - 14

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<u>EXHIBIT II</u>

[<u>INSERT GLOBAL SECURITY LEGEND, IF APPROPRIATE</u> **-** UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION ("**DTC**"), TO ARCH CAPITAL GROUP LTD. OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND SUCH PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER, CEDE & CO., HAS AN INTEREST HEREIN.

UNLESS AND UNTIL THIS CERTIFICATE IS EXCHANGED IN WHOLE OR IN PART FOR NOTES IN CERTIFICATED FORM, THIS CERTIFICATE MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY DTC TO A NOMINEE THEREOF OR BY A NOMINEE THEREOF TO DTC OR ANOTHER NOMINEE OF DTC OR BY DTC OR ANY SUCH NOMINEE TO A SUCCESSOR OF DTC OR A NOMINEE OF SUCH SUCCESSOR.]

<u>ARCH CAPITAL GROUP LTD.</u>

<u>5.950% SENIOR NOTE DUE 2056</u>

No. [1]

Principal Amount $

CUSIP No. 03939AAC1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ARCH CAPITAL GROUP LTD., a Bermuda company limited by shares, for value received, promises to pay to __________, or registered assigns, the principal sum of ________________ United States Dollars (US$___________) on June 15, 2056, provided, that the Conditions to Redemption are met on such date or, if the Conditions to Redemption are not met on such date, on the Final Maturity Date.

Interest Payment Dates: June 15 and December 15.

Regular Record Dates: June 1 and December 1.

Additional provisions of this Note are set forth on the other side of this Note.

Exhibit II - 1

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IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed.

ARCH CAPITAL GROUP LTD.

By:<u>&nbsp;&nbsp;&nbsp;&nbsp;</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Title:

***Signature Page to 2056 Note***

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<u>TRUSTEE'S CERTIFICATE OF AUTHENTICATION</u>

This is one of the Notes of the series designated therein referred to in the within-mentioned Indenture.

Dated:

THE BANK OF NEW YORK MELLON,

&nbsp;&nbsp;&nbsp;&nbsp;as Trustee

By:<u>&nbsp;&nbsp;&nbsp;&nbsp;</u>

Authorized Officer

***Signature Page to 2056 Note***

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(Reverse of Note)

5.950% Senior Note due 2056

1.&nbsp;&nbsp;&nbsp;&nbsp;<u>Interest</u>

Arch Capital Group Ltd., a Bermuda company limited by shares (such company, and its successors and assigns under the Indenture hereinafter referred to, being herein called the "Company"), for value received, promises to pay interest on the principal amount of this Note (the "Note") at the rate of 5.950% per annum. The Company shall pay interest semiannually, in arrears, on June 15th and December 15th of each year, beginning on December 15, 2026. Interest on the Note shall accrue from the most recent date to which interest has been paid or duly provided for or, if no interest has been paid or duly provided for, from June 9, 2026 until the principal hereof is due. Interest shall be computed on the basis of a 360-day year comprised of twelve 30-day months. The Company shall pay interest on overdue principal at the rate borne by the Note, and it shall pay interest on overdue installments of interest at the same rate to the extent lawful.

2.<u>Method of Payment</u>

The Company shall pay interest on the Note (except defaulted interest, which shall be paid pursuant to Section 307 of the Original Indenture) to the Persons who are registered Holders at the close of business on the June 1 or December 1 next preceding the Interest Payment Date even if Notes are canceled after the record date and on or before the Interest Payment Date. The Company shall pay principal, premium, if any, and interest in money of the United States of America that at the time of payment is legal tender for payment of public and private debts. Payment of principal (and premium, if any) and interest in respect of Notes represented by a Global Security will be made by wire transfer of immediately available funds to the accounts specified by the Depository. Payments of principal (and premium, if any) and interest in respect of a certificated Note may be made, at the option of the Company, either by wire transfer in immediately available funds to the accounts specified by registered Holders as of the relevant record dates or (subject to collection) by check mailed to the address of the registered Holders as of the relevant record dates or at the specified offices of any Paying Agent. Payment of principal in respect of a certificated Note will only be made against presentation and, provided that payment is made in full, surrender of the appropriate certificate at the specified offices of any Paying Agent.

3.<u>Repayment at Final Maturity</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) &nbsp;&nbsp;&nbsp;&nbsp;Unless previously redeemed or purchased and cancelled, the Notes will become finally due and payable, and will be repaid, on the Final Maturity Date at a price equal to the principal amount thereof, together with accrued and unpaid interest on the Notes to, but excluding, the Final Maturity Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For the avoidance of doubt, interest shall continue to accrue and be payable for so long as the principal amount of the Notes remain Outstanding. In the event the Scheduled

Exhibit II - 4

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Maturity Date and the Final Maturity Date are not the same, the failure to repay the Notes on the Scheduled Maturity Date will constitute neither an Event of Default under the Indenture nor a default of any kind and will not give Holders of the Notes or the Trustee any right to accelerate repayment of the Notes or any other remedies (whether contractual, legal, equitable or otherwise).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) &nbsp;&nbsp;&nbsp;&nbsp;The Company will only be permitted to repay the principal amount of the Notes on the Scheduled Maturity Date if the Conditions to Redemption are satisfied on the Scheduled Maturity Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"**Final Maturity Date**" means with respect to the Notes, a date after the Scheduled Maturity Date that is the earlier of (i) 10 Business Days after the applicable Conditions to Redemption become satisfied and would continue to be satisfied if the final redemption payment were made on such date (so long as such requirements continue to be so satisfied on such 10th Business Day), and (ii) the date on which a Winding-Up occurs with respect to the Company.

4.<u>Paying Agent and Registrar</u>

Initially, THE BANK OF NEW YORK MELLON, a New York banking corporation (the "**Trustee**"), will act as Paying Agent and Registrar with respect to the Notes. The Company may appoint and change any Paying Agent or Registrar without notice. The Company may act as Paying Agent or Registrar.

5.<u>Indenture</u>

The Company issued the Notes under an Indenture dated as of May 4, 2004, by and between the Company and the Trustee (the "**Original Indenture**"), as supplemented by a Third Supplemental Indenture dated June 9, 2026, by and between the Company and the Trustee (the "**Third Supplemental Indenture**"), which collectively constitutes the indenture governing the Securities (the "**Indenture**"). The terms of the Notes include those stated in the Indenture and those made part of the Indenture by reference to the Trust Indenture Act of 1939, as amended as in effect on the date of the Indenture (the "**TIA**"). The Notes include all terms and provisions of the Indenture, and Holders are referred to the Indenture and the TIA for a statement of such terms and provisions. This Security is one of a series of Securities designated as the 5.950% Senior Notes due 2056 of the Company (the "**Notes**"). Capitalized terms used herein have the same meanings given in the Indenture unless otherwise indicated.

The aggregate principal amount at maturity of the Notes which may be authenticated and delivered under the Indenture shall be unlimited. In addition, the aggregate principal amount of Securities of any class or series which may be authenticated and delivered under the Indenture shall be unlimited, provided that such Securities shall rank equally with the Notes.

Exhibit II - 5

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6.<u>Certain Covenants</u>

The Indenture imposes certain limitations on the ability of each of the Company and the Designated Subsidiaries to, among other things, create or incur Liens and to sell or otherwise dispose of Designated Subsidiaries. The Indenture also imposes limitations on the ability of the Company to consolidate or amalgamate with or merge into any other Person or convey, transfer, sell or lease its property or assets substantially as an entirety to any Person.

7.<u>Optional Redemption</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.Subject to the Conditions to Redemption, the Notes will be redeemable, in whole at any time or in part from time to time before the Par Call Date, at the Company's option, at a Redemption Price equal to accrued and unpaid interest on the principal amount being redeemed to, but not including, the Redemption Date plus the greater of: (1) (A) the sum of the present values of the remaining scheduled payments of principal and interest on the Notes to be redeemed (not including any portion of such payments of interest accrued to the date of redemption) thereon discounted to the date of redemption on a semiannual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate, plus 15 basis points, less (B) interest accrued to the date of redemption and (2) 100% of the principal amount of the Notes of such series to be redeemed, plus accrued and unpaid interest thereon to the Redemption Date. Subject to the Conditions to Redemption, the Notes will be redeemable, in whole at any time or in part from time to time on or after the Par Call Date, at the Company's option, at a Redemption Price equal to accrued and unpaid interest on the principal amount being redeemed to, but not including, the Redemption Date plus 100% of the principal amount of the Notes to be redeemed Interest on the Notes for which the Redemption Date is after a Regular Record Date and before the following Interest Payment Date, shall be payable to the Holder of such Notes at the close of business on the Regular Record Date. Unless the Company defaults in payment of the Redemption Price, on and after the Redemption Date, interest will cease to accrue on the Notes or portions of the Notes called for redemption.

Notwithstanding the foregoing, the Company may, at its sole option, subject to the Conditions to Redemption, redeem the Notes, at any time, in whole but not in part, following the occurrence of a Tax Event at a Redemption Price equal to 100% of the principal amount of the Notes, plus accrued and unpaid interest on the Notes to, but excluding, the Redemption Date, subject to the right of a Holder on the relevant Regular Record Date to receive accrued and unpaid interest on the Notes due on the relevant Interest Payment Date.

As used in this Section 7, the following terms shall have the respective meanings set forth below:

"**Applicable Supervisory Regulations**" means such insurance supervisory laws, rules and regulations relating to group supervision or the supervision of single insurance entities, as applicable, which are applicable to the Company or the Insurance Group, and which shall initially mean the Group Rules until such time when the BMA no longer has jurisdiction or responsibility to regulate the Company or the Insurance Group.

Exhibit II - 6

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"**BMA**" means the Bermuda Monetary Authority, or, should the Bermuda Monetary Authority no longer have jurisdiction or responsibility to regulate the Company or the Insurance Group, as the context requires, a regulator which is otherwise subject to Applicable Supervisory Regulations.

"**Conditions to Redemption**" are satisfied in relation to any redemption on any day, including with respect to a scheduled redemption of or planned purchase of the Notes, if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)the Solvency Capital Requirement is complied with immediately before and after the repayment or purchase of the Notes unless the capital represented by the Notes to be redeemed or repaid is replaced without delay with the issuance of capital having equal or better treatment as the Notes under the Group Rules, approved by the BMA; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;with regard to redemptions occurring prior to June 9, 2029, the BMA has given, and not withdrawn by such date, its prior consent to the redemption of the Notes and the payment of accrued and unpaid interest or to the purchase of the Notes; *provided*, that if under the Applicable Supervisory Regulations no such consent is required at the time in order for Notes to qualify or continue to qualify, as applicable, as Tier 3 Capital of the Company or the Insurance Group, this clause (ii) shall not apply.

"**ECR**" means the enhanced capital requirement applicable to the Insurance Group and as defined in the Insurance Act or, should the Insurance Act or the Group Rules no longer apply to the Insurance Group, any and all other solvency capital requirements defined in the Applicable Supervisory Regulations.

"**Group Rules**" means the Group Solvency Standards, together with the Group Supervision Rules, as those rules and regulations may be amended or replaced from time to time.

"**Group Solvency Standards**" means the Bermuda Insurance (Prudential Standards) (Insurance Group Solvency Requirement) Rules 2011, as those rules and regulations may be amended or replaced from time to time.

"**Group Supervision Rules**" means the Bermuda Insurance (Group Supervision) Rules 2011, as those rules and regulations may be amended or replaced from time to time.

"**Insurance Act**" means the Bermuda Insurance Act 1978 and related regulations, as amended or replaced from time to time.

"**Insurance Group**" means all Subsidiaries of the Company that are regulated insurance or reinsurance companies (or part of such regulatory group) pursuant to the Applicable Supervisory Regulations.

"**Par Call Date**" means December 15, 2055.

Exhibit II - 7

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"**Relevant Taxing Jurisdiction**" means Bermuda or any political subdivision or taxing authority thereof or therein.

"**Solvency Capital Requirement**" means the ECR or any other requirement to maintain assets applicable to the Company or in respect of the Insurance Group, as applicable, pursuant to the Applicable Supervisory Regulations.

"**Tax Event**" means, with respect to the Notes, if at any time the Company receives an opinion of counsel that as a result of (i) any change in or amendment to the laws or treaties (or any regulations or rulings promulgated under these laws or treaties) of any Relevant Taxing Jurisdiction or any change in or amendment to the application or official interpretation of such laws, treaties, regulations or rulings, (ii) any action taken by a taxing authority of any Relevant Taxing Jurisdiction, or (iii) a decision rendered by a court of competent jurisdiction in any Relevant Taxing Jurisdiction whether or not such decision was rendered with respect to the Company, in each case, which change is formally announced after the Issue Date (or, in the case of a jurisdiction that first becomes a Relevant Taxing Jurisdiction at a later date, after such date), there is a substantial probability that the Company will be required at any time thereafter to pay Additional Amounts with respect to the Notes as provided in Section 5.2 of the Indenture and such requirement cannot be avoided by the use of reasonable measures then available.

"**Tier 3 Capital**" means "Tier 3 Ancillary Capital" as set out in the Group Supervision Rules (or, if the Group Supervision Rules are amended so as to no longer refer to Tier 3 Ancillary Capital in this respect, the nearest corresponding concept (if any) under the Group Supervision Rules, as amended).

"**Treasury Rate**" means, for any Redemption Date, the yield determined by the Company in accordance with the following two paragraphs.

The Treasury Rate shall be determined by the Company after 4:15 p.m., New York City time (or after such time as yields on U.S. government securities are posted daily by the Board of Governors of the Federal Reserve System), on the third business day preceding the redemption date based upon the yield or yields for the most recent day that appear after such time on such day in the most recent statistical release published by the Board of Governors of the Federal Reserve System designated as "Selected Interest Rates (Daily) - H.15" (or any successor designation or publication) ("H.15") under the caption "U.S. government securities-Treasury constant maturities-Nominal" (or any successor caption or heading) ("H.15 TCM"). In determining the Treasury Rate, the Company shall select, as applicable: (1) the yield for the Treasury constant maturity on H.15 exactly equal to the period from the redemption date to the applicable Par Call Date (the "Remaining Life"); or (2) if there is no such Treasury constant maturity on H.15 exactly equal to the Remaining Life, the two yields - one yield corresponding to the Treasury constant maturity on H.15 immediately shorter than and one yield corresponding to the Treasury constant maturity on H.15 immediately longer than the Remaining Life - and shall interpolate to the applicable Par Call Date on a straight-line basis (using the actual number of days) using such yields and rounding the result to three decimal places; or (3) if there is no such Treasury constant maturity on H.15 shorter than or longer than the Remaining Life, the yield for the single Treasury constant maturity on H.15 closest to the Remaining Life. For

Exhibit II - 8

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purposes of this paragraph, the applicable Treasury constant maturity or maturities on H.15 shall be deemed to have a maturity date equal to the relevant number of months or years, as applicable, of such Treasury constant maturity from the redemption date.

If on the third Business Day preceding the redemption date H.15 TCM or any successor designation or publication is no longer published, the Company shall calculate the Treasury Rate based on the rate per annum equal to the semi-annual equivalent yield to maturity at 11:00 a.m., New York City time, on the second business day preceding such redemption date of the United States Treasury security maturing on, or with a maturity that is closest to, the applicable Par Call Date, as applicable. If there is no United States Treasury security maturing on the applicable Par Call Date but there are two or more United States Treasury securities with a maturity date equally distant from the applicable Par Call Date, one with a maturity date preceding the applicable Par Call Date and one with a maturity date following the Par Call Date, the Company shall select the United States Treasury security with a maturity date preceding the applicable Par Call Date. If there are two or more United States Treasury securities maturing on the applicable Par Call Date or two or more United States Treasury securities meeting the criteria of the preceding sentence, the Company shall select from among these two or more United States Treasury securities the United States Treasury security that is trading closest to par based upon the average of the bid and asked prices for such United States Treasury securities at 11:00 a.m., New York City time. In determining the Treasury Rate in accordance with the terms of this paragraph, the semi-annual yield to maturity of the applicable United States Treasury security shall be based upon the average of the bid and asked prices (expressed as a percentage of principal amount) at 11:00 a.m., New York City time, of such United States Treasury security, and rounded to three decimal places. The Company's actions and determination in determining the Redemption Price shall be conclusive and binding for all purposes, absent manifest error. The Trustee shall have no responsibility with respect to the determination of the Redemption Price of the Notes.

8.<u>Sinking Fund</u>

The Notes will not be entitled to the benefit of any mandatory redemption or sinking fund.

9.<u>Notice of Optional Redemption</u>

Notice of optional redemption will be mailed by first-class mail or electronically delivered (or otherwise transmitted in accordance with the Depositary's procedures), postage prepaid (or, in the case of Global Notes, delivered in accordance with the Depositary's applicable procedures), at least 10 days but not more than 60 days before the Redemption Date to each Holder of Notes to be redeemed at such Holder's registered address. Notices of redemption may, in the Company's sole discretion, be subject to one or more conditions precedent, including, but not limited to, the consummation of a financing transaction, equity offering, asset disposition or other corporate transaction (or a series of such transactions) or the satisfaction of the Conditions to Redemption. In addition, if such redemption is subject to satisfaction of any such condition, the notice of redemption may state that, in the Company's discretion, the Redemption Date may be delayed until such time as such condition shall be satisfied, or such redemption may not occur

Exhibit II - 9

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and such notice may be rescinded in the event that such condition shall not have been satisfied by the Redemption Date, or the Redemption Date so delayed. Notes in denominations larger than $2,000 may be redeemed in part but only in whole multiples of $1,000 in excess of $2,000. Payment of principal of, and interest on, the Notes will be made in U.S. dollars. If money sufficient to pay the Redemption Price of and accrued and unpaid interest, including premium, if any, on all Notes (or portions thereof) to be redeemed on the Redemption Date is deposited with the Paying Agent on or before the Redemption Date and certain other conditions are satisfied, on and after such date interest ceases to accrue on such Notes (or such portions thereof) called for redemption.

10.<u>Denominations; Transfer; Exchange</u>

The Notes are in fully registered form without coupons in denominations of $2,000 and any whole multiple of $1,000 in excess of $2,000. Payment of principal of, and interest on, the Notes will be made in U.S. dollars. A Holder may transfer or exchange Notes in accordance with the Indenture. Upon any transfer or exchange, the Registrar and the Trustee may require a Holder, among other things, to furnish appropriate endorsements or transfer documents. No service charge shall be made for any registration of transfer or exchange, but the Company or the Trustee may require the payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection therewith.

11.<u>Persons Deemed Owners</u>

The registered Holder of this Note may be treated as the owner of it for all purposes.

12.<u>Discharge and Defeasance</u>

Subject to certain conditions and limitations set forth in the Indenture, the Company may terminate some of or all its obligations under the Notes and the Indenture if the Company deposits with the Trustee money or U.S. Government Obligations for the payment of principal of, premium, if any, and interest, on, the Notes to redemption or maturity, as the case may be.

13.<u>Ranking</u>

The Notes will represent the Company's direct, unsecured obligations and will rank equally with all the Company's current and future unsecured and unsubordinated indebtedness.

14.<u>No Rights of Set-Off</u>

The Notes will not in any way give rise to any rights of set-off, recoupments or counterclaims against any claims and obligations of the Company or any of the Insurance Group to any person in whose names the Notes are registered or any creditor of the Company or any of the Insurance Group.

Exhibit II - 10

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15.<u>No Encumbrances</u>

By acquiring this Note, the Holder is deemed to agree and acknowledge that no security or encumbrance of any kind is, or will at any time be, provided by the Company or any of its affiliates to secure the rights of Holders.

16.<u>Amendment, Waiver</u>

Subject to certain exceptions set forth in the Indenture, (i) the Indenture and the terms of the Notes may be amended with the written consent of the Holders of not less than a majority in aggregate principal amount of the Notes and (ii) any default may be waived with the written consent of the Holders of at least a majority in principal amount of the Outstanding Securities of such affected series. Subject to certain exceptions set forth in the Indenture, without the consent of any Holder, the Company and the Trustee may amend the Indenture or the Notes, so long as such changes do not materially and adversely affect the interests of the Holder, (a) to cure any ambiguity, omission, defect or inconsistency; (b) to make any change that does not materially adversely affect the interests of the Holders of the Notes; (c) to provide for successors to the Company; (d) to provide any guarantees of the Notes (subject to the Conditions to Redemption); (e) to add Events of Default with respect to the Notes; (f) to add additional covenants or to surrender any right or power conferred upon the Company by the Indenture; (g) to comply with the requirements of the Commission in order to effect or maintain the qualification of the Indenture under the TIA; (h) to provide for uncertificated Notes in addition to or in place of certificated Notes; (i) to change or eliminate any of the provisions of the Indenture, *provided* that such change or elimination shall become effective only when there are no Securities of a prior series outstanding that are entitled to the benefit of such provision; (j) to establish the form or terms of Securities as permitted by the Indenture; and (k) to evidence and provide for the acceptance of appointment under the Indenture by a successor Trustee with respect to the Securities of one or more series and to add to or change any of the provisions of the Indenture as shall be necessary to provide for or facilitate the administration of the trusts under the Indenture by more than one Trustee, pursuant to the Indenture.

17.<u>Defaults and Remedies</u>

If an Event of Default, other than an Event of Default described in Section 501(5) or 501(6) of the Indenture, and subject to the limitations with respect to the Replacement Capital Obligations and Replacement Capital Obligation Default in Section 4.1 of the Third Supplemental Indenture, with respect to the Notes shall have occurred and be continuing, the Trustee or the Holders of at least 25% in aggregate principal amount of the Notes then Outstanding, by notice in writing to the Company (and to the Trustee if given by the Holders of the Notes), will be entitled to declare all unpaid principal of and accrued interest on the Notes then Outstanding to be due and payable immediately. In the case of an Event of Default described in Section 501(5) or 501(6) of the Indenture, all unpaid principal of and accrued interest on all Notes then Outstanding shall be due and payable immediately without any declaration or other act on the part of the Trustee or the Holders of any Notes. Such declaration of acceleration may be annulled and past defaults (except, unless theretofore cured, a default in payment of principal of, premium, if any, interest on the Notes) may be waived by the Holders of

Exhibit II - 11

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a majority in principal amount of the Notes then Outstanding upon the conditions provided in the Indenture. Further, at any time after a Replacement Capital Obligation Default has occurred and is continuing, the Holders of a majority in aggregate principal amount of the Notes may, on behalf of the Holders of all Notes, waive any such Replacement Capital Obligation Default and its consequences with respect to the Notes.

18.<u>Trustee Dealings with the Company</u>

Subject to certain limitations imposed by the TIA, the Trustee under the Indenture, in its individual or any other capacity, may become the owner or pledgee of Notes or Securities of other series and may otherwise deal with and collect obligations owed to it by the Company or its Affiliates and, subject to the Indenture, may otherwise deal with the Company with the same rights it would have if it were not Trustee.

19.<u>No Recourse Against Others</u>

No incorporator, shareholder, officer or director, as such, of the Company shall have any liability for any obligations, covenants or agreements of the Company under the Notes or the Indenture or for any claim based thereon or otherwise in respect thereof. By accepting a Note, each Holder expressly waives and releases all such liability. The waiver and release are a condition of, and part of the consideration for, the execution of the Indenture and the issuance of the Notes.

20.<u>Authentication</u>

This Note shall not be valid until the certificate of authentication on the other side of this Note has been executed by an authorized signatory of the Trustee by manual or electronic signature, which may be delivered via electronic transmission.

21.<u>Abbreviations</u>

Customary abbreviations may be used in the name of a Holder or an assignee, such as TEN COM (=tenants in common), TEN ENT (=tenants by the entireties), JT TEN (=joint tenants with rights of survivorship and not as tenants in common), CUST (=custodian), and U/G/M/A (=Uniform Gift to Minors Act).

22.<u>Governing Law</u>

THE INDENTURE AND THIS NOTE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.

23.<u>CUSIP Number</u>

Pursuant to a recommendation promulgated by the Committee on Uniform Security Identification Procedures, the Company has caused the CUSIP number to be printed on this Note and has directed the Trustee to use the CUSIP number in notices of redemption as a convenience to Holders. No representation is made as to the accuracy of such number either as

Exhibit II - 12

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printed on this Note or as contained in any notice of redemption and reliance may be placed only on the other identification numbers placed thereon.

The Company will furnish to any Holder of Notes upon written request and without charge to the Holder a copy of the Indenture and a copy of this Note.

Exhibit II - 13

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<u>ASSIGNMENT FORM</u>

To assign this Note , fill in the form below:

I or we assign and transfer this Security to

(Print or type assignee's name, address and zip code)

(Insert assignee's soc. sec. or tax I.D. No.)

and irrevocably appoint ______________ agent to transfer this Note on the books of the Company. The agent may substitute another to act for him.

Date:<u>&nbsp;&nbsp;&nbsp;&nbsp;</u>&nbsp;&nbsp;&nbsp;&nbsp;Your Signature: <u>&nbsp;&nbsp;&nbsp;&nbsp;</u>

_____________________________________________________

Sign exactly as your name appears on the other side of this Note.

Exhibit II - 14

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<u>SCHEDULE OF INCREASES OR DECREASES IN GLOBAL SECURITY</u>

The initial principal amount of this Global Security is $_____________. The following increases or decreases in this Global Security have been made:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Date of <br>Exchange** | **Amount of decrease in <br>Principal Amount of <br>this Global Security** | **Amount of increase <br>in Principal Amount <br>of this Global<br>Security** | **Principal amount <br>of this Global <br>Security following <br>such decrease or<br>increase** | **Signature of <br>authorized signatory <br>of Trustee or <br>Securities Custodian** |

---

Exhibit II - 15

## Exhibit 5.1

**Exhibit 5.1**

[White & Case LLP Letterhead]

June 9, 2026

Arch Capital Group Ltd.

Waterloo House

100 Pitts Bay Road

Pembroke HM 08

Bermuda

Ladies and Gentlemen:

We have acted as New York counsel to Arch Capital Group Ltd., an exempted company formed under the laws of Bermuda (the "***Issuer***"), in connection with the preparation and filing under the Securities Act of 1933, as amended (the "***Securities Act***"), with the Securities and Exchange Commission (the "***Commission***") of (i) a registration statement on Form S-3ASR (File No. 333-275570) on November 15, 2023 (the "***Registration Statement***"), (ii) a Prospectus, dated November 15, 2023, forming part of the Registration Statement (the "***Base Prospectus***"), and (iii) a prospectus supplement, dated June 2, 2026, filed pursuant to Rule 424(b) under the Securities Act (the "***Prospectus Supplement***" and, together with the Base Prospectus, the "***Prospectus***") relating to the issuance and sale of $600,000,000 in aggregate principal amount of the Company's 5.250% Notes due 2036 (the "***2036 Notes***") and $1,400,000,000 in aggregate principal amount of the Company's 5.950% Notes due 2056 (the "***2056 Notes***" and, collectively with the 2036 Notes, the "***Notes***"). The Notes are being issued pursuant to an indenture, dated as of May 4, 2004 (the "***Base Indenture***"), between the Issuer and The Bank of New York Mellon, as trustee (the "***Trustee***"), as supplemented by the third supplemental indenture, dated as of the date hereof, between the Issuer and the Trustee (the Base Indenture, as so supplemented, the "***Indenture***"). In connection with the issuance and sale of the Notes, the Issuer and Wells Fargo Securities, LLC, BofA Securities, Inc., J.P. Morgan Securities LLC and Lloyds Securities Inc., as representatives of the several underwriters (collectively, the "***Underwriters***"), entered into an Underwriting Agreement, dated June 2, 2026 (the "***Underwriting Agreement***").

This opinion letter is rendered in accordance with the requirements of Item 601(b)(5) of Regulation S–K under the Securities Act, and no opinion is expressed herein as to any matter pertaining to the contents of the Registration Statement or related prospectus, any prospectus filed pursuant to Rule 424(b) with respect thereto, other than as expressly stated herein with respect to the issuance and sale of the Notes.

In connection with our opinions expressed below, we have examined originals or copies certified or otherwise identified to our satisfaction of the following documents and such other documents, corporate records, certificates and other statements of government officials and corporate officers of the Issuer, as we deemed necessary for the purposes of the opinions set forth in this opinion letter:

Confidential Information

Schedule I – 1

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)the Registration Statement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)the Prospectus;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)the Indenture;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)the Notes; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)the Underwriting Agreement.

We have relied, to the extent we deem such reliance proper, upon such certificates or comparable documents of officers and representatives of the Issuer and of public officials and upon statements and information furnished by officers and representatives of the Issuer with respect to the accuracy of material factual matters contained therein which were not independently established by us. In rendering the opinions expressed below, we have assumed, without independent investigation or verification of any kind, the genuineness of all signatures on documents we have reviewed, the legal capacity and competency of all natural persons signing all such documents, the authenticity and completeness of all documents submitted to us as originals, the conformity to authentic, complete original documents of all documents submitted to us as copies, the truthfulness, completeness and correctness of all factual representations and statements contained in all documents we have reviewed, the accuracy and completeness of all public records examined by us, and the accuracy of all statements in certificates of officers of the Issuer that we reviewed.

Based upon the foregoing assumptions and the assumptions set forth below, and subject to the qualifications and limitations stated herein, having considered such questions of law as we have deemed necessary as a basis for the opinions expressed herein, we are of the opinion that when the Notes have been duly authenticated by the Trustee in accordance with the terms of the Indenture and delivered to and paid for by the Underwriters in accordance with the terms of the Underwriting Agreement, the Notes will constitute valid and binding obligations of the Issuer under the laws of the State of New York, enforceable in accordance with their terms.

Our opinions expressed above are subject to the qualifications that we express no opinion as to the applicability of, compliance with, or effect of any laws except the laws of the State of New York.

The opinion expressed above is limited to questions arising under the law of the State of New York. We do not express any opinion as to the laws of any other jurisdiction.

In addition, we have assumed (a) that the Indenture has been authorized, executed and delivered by the Trustee, (b) that the Indenture and the Notes constitute valid and legally binding obligations of the parties thereto other than the Issuer, enforceable against such parties in accordance with their respective terms, and (c) the Trustee is in compliance, generally and with respect to acting as trustee under the Indenture, with all applicable laws and regulations.

The foregoing opinion as to enforceability of obligations of the Issuer is subject to (i) bankruptcy, insolvency, receivership, conservatorship, liquidation, reorganization, fraudulent transfer, moratorium or other laws affecting the enforcement of creditors' rights generally, and by the application of general principles of equity (whether applied by a court in equity or at law) and the discretion of the

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court before which any proceedings therefor may be brought (such principles of equity are of general application, and in applying such principles, a court may include a covenant of good faith and fair dealing and apply concepts of reasonableness, mutuality and materiality); (ii) requirements that a judgment for money damages rendered by a court in the United States be expressed only in U.S. dollars; and (iii) governmental authority to limit, delay or prohibit the making of payments outside the United States or in foreign currency or composite currency. Rights to indemnification and contribution may also be limited by Federal and state securities laws.

We express no opinion as to the validity, legally binding effect or enforceability of any provision in any agreement or instrument that (i) requires or relates to payment of any interest at a rate or in an amount which a court would determine in the circumstances under applicable law to be commercially unreasonable or a penalty or a forfeiture or (ii) relates to governing law and submission by the parties to the jurisdiction of one or more particular courts.

This opinion letter is for your benefit in connection with the Registration Statement and may be relied upon by you and by persons entitled to rely upon it pursuant to the applicable provisions of the Securities Act. This opinion letter is provided solely in connection with the distribution of the Notes pursuant to the Registration Statement and is not to be relied upon for any other purpose.

The opinion expressed above is as of the date hereof only, and we express no opinion as to, and assume no responsibility for, the effect of any fact or circumstance occurring, or of which we learn, subsequent to the date of this opinion letter, including, without limitation, legislative and other changes in the law or changes in circumstances affecting any party. We assume no responsibility to update this opinion letter for, or to advise you of, any such facts or circumstances of which we become aware, regardless of whether or not they affect the opinions expressed in this opinion letter.

We hereby consent to the filing of this opinion letter as Exhibit 5.1 to a Current Report on Form 8-K and its incorporation by reference into the Registration Statement and to the reference to our firm in the Prospectus Supplement under the caption "Legal Matters". In giving this consent, we do not hereby admit that we are within the category of persons whose consent is required under Section 7 of the Securities Act or the rules and regulations of the Commission thereunder.

The opinions expressed above are limited to the matters stated in this opinion letter, and no opinion is implied or may be inferred beyond those expressly stated in this opinion letter.

Very truly yours,

/s/ White & Case LLP

## Exhibit 5.2

**Exhibit 5.2**

[Conyers Dill & Pearman Limited Letterhead]

9 June 2026

Matter No.: 319142<br>+441 298 7889<br>sarah.lusher@conyers.com

Arch Capital Group Ltd.

Waterloo House, Ground Floor

100 Pitts Bay Road

Pembroke HM 09

Bermuda

Dear Sirs,

**Re: Arch Capital Group Ltd. (the "Company")**

We have acted as special Bermuda legal counsel to the Company in connection with the proposed issuance and sale by the Company of its US$600,000,000 aggregate principal amount of 5.250% Senior Notes due 2036 (the "**2036 Notes**") and US$1,400,000,000 aggregate principal amount of 5.950% Senior Notes due 2056 (the "**2056 Notes**" and, together with the 2036 Notes, the "**Notes**"), pursuant to the prospectus supplement dated 2 June 2026 (the "**Prospectus Supplement**"), supplementing the prospectus dated 15 November 2023 (the "**Base Prospectus**" and together with the Prospectus Supplement, the "**Prospectus**") that forms part of the Registration Statement on Form S-3 (File No. 333-275570) of the Company filed with the U.S. Securities and Exchange Commission (the "**Securities and Exchange Commission**") on 3 June 2026 (the "**Registration Statement**" which term does not include any other document or agreement whether or not specifically referred to therein or attached as an exhibit or schedule thereto).

The Notes will be issued pursuant to an indenture, dated as of 4 May 2004 between the Company and the Trustee (as such term is defined therein) as successor to JPMorgan Chase Bank (the "**Original Indenture**"), as supplemented by the first supplemental indenture, dated as of 8 December 2016 (the "**First Supplemental Indenture**"), the second supplemental indenture, dated as of 30 June 2020 (the "**Second Supplemental Indenture**") and the third supplemental indenture, dated as of 9 June 2026 (the "**Third Supplemental Indenture**" and together with the Second Supplemental Indenture, the First Supplemental Indenture and the Original Indenture, the "**Indenture**") by and between the Company and the Trustee.

**1. DOCUMENTS REVIEWED**

For the purposes of giving this opinion, we have examined electronic copies of the following documents:

1.1.the Prospectus;

1.2.the Registration Statement; and

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1.3.the Indenture.

The documents listed in items 1.2 through 1.3 above are herein sometimes collectively referred to as the "**Documents**" (which term does not include any other document or agreement whether or not specifically referred to therein or attached as an exhibit or schedule thereto).

We have also reviewed:

1.4.copies of the memorandum of association and the bye-laws of the Company (together, the "**Constitutional Documents**"), each certified by the Secretary of the Company on 8 June 2026;

1.5.copies of an extract of minutes of a meeting of the Company's Board of Directors held on 26 February 2025, certified by the Secretary of the Company on 8 June 2026, the resolutions of the executive committee of the Company dated 29 May 2026 (the resolutions contained in such extract and the resolutions of the executive committee being collectively referred to herein as the "**Resolutions**"), each certified by the Secretary of the Company on 8 June 2026; and

1.6.such other documents and made such enquiries as to questions of law as we have deemed necessary in order to render the opinion set forth below.

**2. ASSUMPTIONS**

We have assumed:

2.1.the genuineness and authenticity of all signatures and the conformity to the originals of all copies (whether or not certified) examined by us and the accuracy, authenticity and completeness of the originals from which such copies were taken;

2.2.that where a document has been examined by us in draft or unexecuted form, it will be or has been executed and/or filed in the form of that draft or unexecuted form, and where a number of drafts of a document have been examined by us all changes thereto have been marked or otherwise drawn to our attention;

2.3.the capacity, power and authority of each of the parties to the Documents, other than the Company, to enter into and perform its respective obligations under the Documents;

2.4.the due execution and delivery of the Indenture by each of the parties thereto, other than the Company, and the physical delivery thereof by the Company with an intention to be bound thereby;

2.5.the due execution of the Notes by each of the parties thereto and the delivery thereof by each of the parties thereto, and the due authentication of the Notes by the Trustee;

2.6.that the Company will enter into the Indenture in furtherance of its objects as set out in its memorandum of association;

2.7.that the Constitutional Documents will not be amended in any manner that would affect the opinions expressed herein;

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2.8.the accuracy and completeness of all factual representations made in the Registration Statement and the Documents and other documents reviewed by us;

2.9.that the Resolutions were passed at one or more duly convened, constituted and quorate meetings, or by unanimous written resolutions, remain in full force and effect and have not been rescinded or amended;

2.10.that there is no provision of the law of any jurisdiction, other than Bermuda, which would have any implication in relation to the opinions expressed herein;

2.11.that the Indenture is valid and binding in accordance with its terms pursuant to its governing law;

2.12.the capacity, power and authority of all parties other than the Company to enter into and perform their obligations under any and all documents entered into by such parties in connection with the Indenture and the due execution and delivery thereof by each party thereto;

2.13.that none of the parties to the Documents is carrying on investment business for the purposes of the Investment Business Act 2003 (as amended); and

2.14.at the time of issue of the Notes, the Company will be able to pay its liabilities as they become due.

**3. QUALIFICATIONS**

3.1.The obligations of the Company under the Indenture:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)will be subject to the laws from time to time in effect relating to bankruptcy, insolvency, liquidation, possessory liens, rights of set off, reorganisation, amalgamation, merger, moratorium, bribery, corruption, money laundering, terrorist financing, proliferation financing or any other laws or legal procedures, whether of a similar nature or otherwise, generally affecting the rights of creditors as well as applicable international sanctions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)will be subject to statutory limitation of the time within which proceedings may be brought;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)will be subject to general principles of equity and, as such, specific performance and injunctive relief, being equitable remedies, may not be available;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)may not be given effect to by a Bermuda court, if and to the extent they constitute the payment of an amount which is in the nature of a penalty;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)may not be given effect by a Bermuda court to the extent that they are to be performed in a jurisdiction outside Bermuda and such performance would be illegal under the laws of that jurisdiction. Notwithstanding any contractual submission to the jurisdiction of specific courts, a Bermuda court has inherent discretion to stay or allow proceedings in the Bermuda courts.

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3.2.We express no opinion as to the enforceability of any provision of the Documents which provides for the payment of a specified rate of interest on the amount of a judgment after the date of judgment, which purports to fetter the statutory powers of the Company or which purports to establish the exclusive jurisdiction of any courts.

3.3.We have made no investigation of and express no opinion in relation to the laws of any jurisdiction other than Bermuda. This opinion is to be governed by and construed in accordance with the laws of Bermuda and is limited to and is given on the basis of the current law and practice in Bermuda. This opinion is issued solely for the purposes of the filing of the Registration Statement and the offering of the Notes by the Company and is not to be relied upon in respect of any other matter.

**4. OPINION**

On the basis of and subject to the foregoing, we are of the opinion that:

4.1.The Company is duly incorporated and existing under the laws of Bermuda and is in good standing (meaning solely that it has not failed to make any filing with any Bermuda governmental authority or to pay any Bermuda government fee or tax which would make it liable to be struck off the Register of Companies and thereby cease to exist under the laws of Bermuda).

4.2.When the Notes shall have been duly executed by the Company and authenticated by the Trustee as provided in the Indenture and shall have been duly delivered to the purchasers therefor against payment of the agreed consideration therefore as contemplated by the Registration Statement, the Notes will constitute valid and binding obligations of the Company under the laws of Bermuda.

We hereby consent to the filing of this opinion as an exhibit to the filing by the Company of a Current Report on Form 8-K on the date hereof, which Form 8-K will be incorporated by reference into the Registration Statement, and to all references to our firm included in or made a part of the Prospectus. In giving this consent, we do not admit that we are experts within the meaning of section 11 of the U.S. Securities Act of 1933, as amended (the "**Securities Act**") or that we are in the category of persons whose consent is required under section 7 of the Securities Act or the rules and regulations of the Securities and Exchange Commission promulgated thereunder.

Yours faithfully,

<u>/s/ Conyers Dill & Pearman Limited</u>

**Conyers Dill & Pearman Limited**

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