Document:

AMENDMENT NO. 4 TO THE LOAN AND SECURITY AGREEMENT
                  --------------------------------------------------

     This AMENDMENT NO. 4 ("Amendment No. 4") dated as of February 18, 2005 to
the Loan and Security Agreement dated as of January 18, 2002 by and between
MISONIX, INC., a New York corporation with offices at 1938 New Highway,
Farmingdale, New York 11735 ("Debtor") and Fleet National Bank, a Bank of
America company, a national banking association having a place of business at
300 Broad Hollow Road, Melville, New York 11747 ("Secured Party"), as amended by
Amendment No. 1 to the Loan and Security Agreement dated as of November 12,
2002, as further amended by Amendment No. 2 to the Loan and Security Agreement
dated June 20, 2003, as further amended by Amendment No. 3 to the Loan and
Security Agreement dated as of January 18, 2005.

                              W I T N E S S E T H :
                              - - - - - - - - - - -

     WHEREAS, on January 18, 2002, Debtor and Secured Party had entered into a
certain loan and security agreement, as amended by Amendment No. 1 to the Loan
and Security Agreement dated on or about November 11, 2002, as further amended
by Amendment No. 2 to the Loan and Security Agreement dated June 20, 2003, as
further amended by Amendment No. 3 to the Loan and Security Agreement dated as
of January 18, 2005 (collectively, the "Loan Agreement").

     WHEREAS, Debtor has requested that Secured Party increase the Borrowing
Capacity (as defined in the Loan Agreement) by an additional $1,000,000.00 and
extend the Termination Date (as defined in the Loan Agreement) for an additional
period of time, and the Secured Party has agreed to do so, in the manner set
forth below, provided however, that, among other things, Debtor execute this
Amendment No. 4.

     NOW, THEREFORE, in consideration of the mutual promises and for other good
and valuable consideration, the receipt of which is hereby acknowledged, the
parties hereto agree as follows:

     1.   The definition of "Borrowing Capacity" is hereby amended to read in
its entirety as follows:

          BORROWING CAPACITY means, at the time of computation, with respect to
          the Revolving Credit Facility, Six ($6,000,000.00) Million Dollars.

     2.   The definition of "Fleet National Bank" is hereby amended to read in
its entirety as follows:

          FLEET NATIONAL BANK means Fleet National Bank, a Bank of America
          company, a national banking association, including its successors
          and/or assigns.

     3.   The definition of "Floating Rate Option" is hereby restated to read in
its entirety as follows:

          FLOATING RATE OPTION means a rate per annum equal to the Prime Rate
          plus the margins determined by the Secured Party based on the
          following "Total Debt to Tangible Net Worth" Grid:

          "Total Debt to Tangible Net Worth" Grid.
          ----------------------------------------

                                  Total Debt to
Period                            Tangible Net Worth       Spread above Prime
------                            ------------------       ------------------

From
Closing           [less than or equal to]1.00                0.00% per annum
Date and                                >1.00 to 1.00        0.25% per annum
thereafter

     4.   The definition of "LIBOR Rate Option" is hereby amended to read in its
entirety as follows:

          LIBOR RATE OPTION means a rate per annum equal to LIBOR plus the
          margins determined by the Secured Party based on the following "Total
          Debt to Tangible Net Worth" Grid:

          "Total Debt to Tangible Net Worth" Grid.
          ----------------------------------------

                                    Total Debt to               Spread Above
Period                              Tangible Net Worth          LIBOR Rate
------                              ------------------          ----------

From
Closing           [less than or equal to]1.00                 1.25% per annum
Date and
thereafter                              >1.00 to 1.00         1.50% per annum

     5.   The definition of "TERMINATION DATE" is hereby amended to read in its
entirety as follows:

          TERMINATION DATE means, with respect to the Revolving Credit Facility,
          the earlier to occur of (a) January 18, 2008 or (b) upon the
          occurrence of an Event of Default.

     6.   The definition of "WORKING CAPITAL" is hereby amended to read in its
entirety as follows:

          WORKING CAPITAL means the ratio of (a) Current Assets to (b) Current
          Liabilities plus Secured Party debt (excluding

          from the calculation the assets and liabilities of Labcaire Systems
          Limited).

     7.   Section 7.3. of the Loan Agreement shall be amended in its entirety to
read as follows:

     7.3. PROMISE TO PAY FEES.

          Revolving Credit Unused Facility Fee. Debtor promises to pay to
          Secured Party quarterly, on the first day of each calendar quarter, an
          unused fee at the rate of one quarter of one percent (.25%) per annum
          of Six Million ($6,000,000.00) Dollars less the aggregate principal
          balance of all Advances outstanding during the quarter just ended
          under the Revolving Credit Facility.

     8.   Section 9.1. of the Loan Agreement shall be amended in its entirety to
read as follows:

     9.1. FINANCIAL STATEMENTS. Debtor shall furnish to Secured Party:

               (a) Annual Audited Financial Statements of Debtor. Debtor shall
          deliver to Secured Party, within ten (10) days of filing, a copy of
          the Form 10-K filed with the Securities and Exchange Commission, and
          internally prepared consolidated and consolidating financial
          statements of the Debtor and each Consolidated Subsidiary. All such
          financial statements and other documents delivered to Secured Party
          are to be certified as accurate by the chief financial officer of the
          Debtor.

               (b) Quarterly 10-Q Reports. Debtor shall provide to Secured
          Party, within ten (10) days of filing, the consolidated 10-Q report
          filed with the Securities and Exchange Commission of the Debtor and
          each Consolidated Subsidiary as of the end of such period, fairly
          presenting the Debtor's and each Consolidated Subsidiary's financial
          position. All such reports shall be in such detail as the Securities
          and Exchange Commission shall request and in accordance with GAAP. All
          such financial statements and other documents delivered to Secured
          Party are to be certified as accurate by the chief financial officer
          of the Debtor.

               (c) Certificate of Non-Default Along with such quarterly
          financial statements required to be delivered pursuant to
          subparagraphs (a) and (b) above, Debtor shall deliver a non-default
          certificate in the form of

          Exhibit B attached to the Loan Agreement along with covenant
          compliance calculations, certified as correct and accurate by the
          chief financial officer of the Debtor.

               (d) Other Information. Debtor shall provide to Secured Party,
          promptly after their preparation, copies of any and all financial
          statements, and reports which Debtor sends to its shareholders and
          such additional information as Secured Party may from time to time
          reasonably request regarding the financial and business affairs of
          Debtor or any Guarantor. Without limiting the foregoing, Debtor shall
          notify Secured Party in writing of all proposed acquisitions,
          investments and stock repurchases. Prior to and immediately subsequent
          to each acquisition or investment, Debtor shall demonstrate to the
          satisfaction of the Secured Party that the Debtor is in compliance
          with all of the covenants set forth in Section 9.26 of this Agreement.
          All information provided by the Debtor to the Secured Party that is
          not in the public domain will remain confidential, and will not be
          disclosed by Secured Party without the prior written consent of the
          Debtor, except to the Secured Party's attorneys, accountants, auditors
          and consultants, and except as required by applicable law or by the
          direction of a court of law.

     9.   Section 9.26. of the Loan Agreement shall be amended in its entirety
to read as follows:

               9.26. FINANCIAL COVENANTS. The financial covenants to include the
          following:

               (a) Debtor shall maintain at all times a ratio of Funded Debt to
          EBIDTA of not greater than 2.00 to 1, to be tested at the end of each
          fiscal quarter, based upon the financial statements required to be
          submitted to Secured Party pursuant to Section 9.1. herein, and shall
          be tested on a trailing four-quarter basis.

               (b) Debtor shall maintain at all times a Working Capital ratio of
          not less than 1.5 to 1, to be tested quarterly, based upon the
          financial statements required to be submitted to Secured Party
          pursuant to Section 9.1. herein.

               (c) Debtor shall not permit an operating loss in any two
          consecutive two-quarter period, to be tested based upon the financial
          statements required to be

          submitted to Secured Party pursuant to Section 9.1. herein.

               (d) Debtor shall not permit "Leverage" to exceed 1.00 to 1, to be
          tested quarterly based upon the financial statements required to be
          submitted to Secured Party pursuant to Section 9.1. herein. "Leverage"
          shall be defined as Total Debt minus Subordinated Debt (if any),
          divided by Net Worth, minus Intangible Assets, plus Subordinated Debt
          (if any), with the terms "Subordinated Debt" and "Net Worth" defined
          in accordance with GAAP.

     10.  Section 10.14. of the Loan Agreement shall be amended in its entirety
to read as follows:

               10.14. CAPITAL EXPENDITURES. Incur Capital Expenditures or make
          advances to related third parties in excess of $2,000,000 at any time,
          to be tested based upon the financial statements required to be
          submitted to the Secured Party pursuant to the terms of Section 9.1.
          herein. As used herein, the term "Capital Expenditures" shall be
          defined in accordance with GAAP.

     11.  Section 10.15 of the Loan Agreement shall be amended in its entirety
to read as follows:

               10.15. STOCK REPURCHASE. Spend in excess of $500,000 annually for
          stock repurchase, to be tested based upon the financial statements
          required to be submitted to the Secured Party pursuant to the terms of
          Section 9.1. herein.

     12.  Section 10.16. of the Loan Agreement shall be deleted in its entirety.

     13.  As an inducement to the Secured Party's extending the Termination
Date, increasing the Borrowing Capacity and modifying the Loan Agreement
pursuant to the terms hereof, Debtor confirms that it has paid the commitment
fee of $27,500.00, and Secured Party's counsel's legal fees plus disbursements
thereof, as set forth in the invoice delivered to Debtor as of the date hereof.

     15.  This Amendment No. 4 and the other Transaction Documents, and the
rights and obligations of the parties hereunder or thereunder, as the case may
be, will be construed and interpreted in accordance with the laws of the State
of New York (excluding the laws applicable to conflicts or choice of law).

     16.  DEBTOR AGREES THAT ANY SUIT FOR THE ENFORCEMENT OF THIS AMENDMENT NO.
4 OR ANY OF THE OTHER TRANSACTION DOCUMENTS MAY, AT THE OPTION OF SECURED PARTY,
BE BROUGHT IN THE COURTS OF THE STATE OF NEW

YORK OR ANY FEDERAL COURT SITTING THEREIN AND CONSENTS TO THE NONEXCLUSIVE
JURISDICTION OF SUCH COURT AND SERVICE OF PROCESS IN ANY SUCH SUIT BEING MADE
UPON DEBTOR BY MAIL AT THE ADDRESS SET FORTH IN THIS AMENDMENT NO. 4. DEBTOR
HEREBY WAIVES ANY OBJECTION THAT IT MAY NOW OR HEREAFTER HAVE TO THE VENUE OF
ANY SUCH SUIT OR ANY SUCH COURT OR THAT SUCH SUIT IS BROUGHT IN AN INCONVENIENT
FORUM.

     17.  Debtor hereby grants to Secured Party a continuing lien, security
interest and right of setoff as security for all liabilities and obligations to
Secured Party, whether now existing or hereafter arising, upon and against all
deposits, credits, collateral and property, now or hereafter in the possession,
custody, safekeeping or control of Secured Party or any entity under the control
of Bank of America or in transit to any of them. At any time, without demand or
notice (any such notice being expressly waived by Debtor), Secured Party may set
off the same or any part thereof and apply the same to any liability or
obligation of Debtor even though unmatured and regardless of the adequacy of any
other collateral securing the Loans. ANY AND ALL RIGHTS TO REQUIRE SECURED PARTY
TO EXERCISE ITS RIGHTS OR REMEDIES WITH RESPECT TO ANY OTHER COLLATERAL WHICH
SECURES THE LOANS, PRIOR TO EXERCISING ITS RIGHT OF SETOFF WITH RESPECT TO SUCH
DEPOSITS, CREDITS OR OTHER PROPERTY OF THE DEBTOR OR ANY GUARANTOR, ARE HEREBY
KNOWINGLY, VOLUNTARILY AND IRREVOCABLY WAIVED.

     18.  DEBTOR AND SECURED PARTY (BY ENTERING INTO THIS AMENDMENT NO. 4)
MUTUALLY HEREBY KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVE THE RIGHT TO A
TRIAL BY JURY IN RESPECT OF ANY CLAIM BASED HEREON, ARISING OUT OF, UNDER OR IN
CONNECTION WITH THE AGREEMENT (INCLUDING THIS AMENDMENT NO. 4) OR ANY OF THE
OTHER TRANSACTION DOCUMENTS CONTEMPLATED TO BE EXECUTED IN CONNECTION HEREWITH
OR ANY COURSE OF CONDUCT, COURSE OF DEALINGS, STATEMENTS (WHETHER VERBAL OR
WRITTEN) OR ACTIONS OF ANY PARTY, INCLUDING, WITHOUT LIMITATION, ANY COURSE OF
CONDUCT, COURSE OF DEALINGS, STATEMENTS OR ACTIONS OF SECURED PARTY RELATING TO
THE ADMINISTRATION OF THE LOANS OR ENFORCEMENT OF THE TRANSACTION DOCUMENTS, AND
AGREE THAT NEITHER PARTY WILL SEEK TO CONSOLIDATE ANY SUCH ACTION WITH ANY OTHER
ACTION IN WHICH A JURY TRIAL CANNOT BE OR HAS NOT BEEN WAIVED. EXCEPT AS
PROHIBITED BY LAW, DEBTOR HEREBY WAIVES ANY RIGHT IT MAY HAVE TO CLAIM OR
RECOVER IN ANY LITIGATION ANY SPECIAL, EXEMPLARY, PUNITIVE OR CONSEQUENTIAL
DAMAGES OR ANY DAMAGES OTHER THAN, OR IN ADDITION TO, ACTUAL DAMAGES. DEBTOR
CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF SECURED PARTY HAS
PRESENTED, EXPRESSLY OR OTHERWISE, THAT SECURED PARTY WOULD NOT, IN THE EVENT OF
LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER. THIS WAIVER CONSTITUTES A
MATERIAL INDUCEMENT FOR SECURED PARTY TO ENTER

INTO THIS AMENDMENT NO. 4.

         IN WITNESS WHEREOF, the parties have executed this Amendment No. 4 as
of the day and year first above written.

                                    FLEET NATIONAL BANK,
                                    A BANK OF AMERICA COMPANY

                                    By: /s/ Patricia A. Calcado
                                        ----------------------
                                    Name: Patricia A. Calcado
                                    Title:   Vice President

                                    MISONIX, INC.

                                    By: /s/ Michael A. McManus
                                        ----------------------
                                    Name:  Michael A. McManus, Jr.
                                    Title: President and Chief Executive OfficerExhibit 4.1
    

    
      EXECUTION VERSION
    

    
      ASPEN INSURANCE HOLDINGS LIMITED
    

    	
				
	

    
      AMENDED AND RESTATED INSTRUMENT
CONSTITUTING OPTIONS TO SUBSCRIBE FOR
      SHARES IN
 ASPEN INSURANCE HOLDINGS LIMITED
    

    	
				
	

    
      1
    

    
 
 
 
    
      CONTENTS
    

    

    
      
        											
	Clause		 		Page
	1.		Interpretation		 	3	 
	2.		Constitution
              And Form Of Options		 	12	 
	3.		Register
              And Option Certificates		 	12	 
	4.		Subscription
              Rights And Mechanics Of Exercise		 	12	 
	5.		Adjustment
              And Anti-Dilution		 	18	 
	6.		Undertakings
              Of The Company		 	21	 
	7.		Winding
              Up Of The Company		 	22	 
	8.		Transfer
              Of Options		 	22	 
	9.		Repurchase		 	22	 
	10.		Variation
              Of Rights		 	23	 
	11.		Confidentiality		 	23	 
	12.		Replacement
              Of Option Certificates		 	23	 
	13.		Notices		 	23	 
	14.		Information
              Rights Of Optionholders		 	23	 
	15.		Effect
              Of Amended Instrument		 	24	 
	16.		Third
              Party Rights		 	24	 
	17.		Governing
              Law		 	24	 
	SCHEDULE
              1  FORM OF OPTION
              CERTIFICATE		25 
	SCHEDULE
              2  REGISTER, TRANSFERS AND NOTICES		29 
	SCHEDULE
              3  MEETINGS		31 
	SCHEDULE
              4  EXTRAORDINARY RESOLUTION		34 
	

 
 

    
      2
    

    
 
 
 
    
      THIS AMENDED INSTRUMENT is entered into by way of deed poll on
      30th September 2005
    

    
      BY
    

    
      ASPEN INSURANCE HOLDINGS LIMITED (formerly Exali Reinsurance
      Holdings Limited) a company incorporated in Bermuda (registered number
      EC32164), whose registered office is at Cannon's Court, 22 Victoria Street,
      Hamilton, HM12, Bermuda (the "Company").
    

    
      INTRODUCTION:
    

    
      The Company has, by resolutions of its board of directors passed on 28
      May 2002 and 21 June 2002, determined to create and issue options to subscribe
      for non-voting ordinary shares in the capital of the Company on the terms and
      subject to the conditions set out in the Instrument Constituting an Option to
      Subscribe for Shares in Exali Reinsurance Holdings Limited dated 21 June 2002
      (the "Original Instrument") as amended by an Amended and Restated
      Instrument constituting Options to Subscribe for Shares in Aspen Insurance
      Holdings Limited dated 2 December 2003 (the "First Amended
      Instrument").
    

    
      The Company having obtained the prior sanction of an Extraordinary
      Resolution, an executed version of which is attached hereto as Schedule 4,
      pursuant to clause 10.1 of the First Amended Instrument, wishes to amend,
      supplement and restate the Original Instrument by way of this deed poll
      ("this Instrument") as of the date hereof.
    

    
      In connection with a Listing which took place on 4 December 2003, the
      Company effected an Adjustment Event in accordance with clause 5.2 whereby the
      Subscription Rights exercisable in respect of Options have been increased by a
      multiple of 10 and the Subscription Price for each Option Share upon the
      exercise of such adjusted Subscription Rights has been reduced by a multiple of
      10. In connection with this Instrument, the Optionholders shall be deemed to
      have received a notice of the Adjustment Event with respect to this Adjustment.

    

    
      THIS INSTRUMENT WITNESSES as follows:
    

    

    
      
        															
	1.		INTERPRETATION		 		 		 
	1.1		In
              this Instrument:		 		 		 
	 		"2003
              Listing Notice"		has
              the meaning set out in clause 4.4.		 
	 		"Act"		means
              the Bermudan Companies Act 1981;		 
	 		"Adjustment
              Event"		has
              the meaning set out in clause 5.3;		 
	 		"Adjustment"		has
              the meaning set out in clause 5.3;		 
	 		"Affiliate"		means
              in relation to any person, any undertaking which from time to time Controls, is
              Controlled by or is under the same Control as such party;		 
	 		"Anticipated
              Completion Date"		has
              the meaning set out in clause 4.4;		 
	 		"Applicable
              Consent"		has
              the meaning set out in clause 4.7;		 
	 		"Asset
              Sale"		means
              a sale by the Company or any of its subsidiaries for the time being of all or
              substantially all the business, assets or undertakings of the
              Group;		 
	 		"Authorised
              Optionholders"		has
              the meaning set out in clause 5.7;		 
	 		"Board"		means
              the board of directors of the Company from time to time;		 
	

 
 

    
      3
    

    
 
 
 
    

    
      
        															
	 		"Business
              Day"		means
              a day other than a Saturday or Sunday on which banks generally are open for the
              transaction of normal banking business in London or New York, or both, as the
              context requires;		 
	 		"Bye-Laws"		means
              the bye-laws of the Company at the date of the Original Instrument and as
              amended from time to time;		 
	 		"Cash-Less
              Exercise"		means
              the exercise of an Option pursuant to clause 4.9;		 
	 		"Claim
              of Wellington Breach"		has
              the meaning set out in clause 4.2;		 
	 		"Control"		means,
              in relation to an undertaking, the ability for the time being, whether directly
              or indirectly, to control:		 
	 		 		(i)		50%
              or more of the voting rights exercisable at general meetings of the members of
              that undertaking on all, or substantially all, matters;		 
	 		 		(ii)		the
              right to appoint or remove directors having 50% or more of the voting rights
              exercisable at meetings of the board of directors of that undertaking on all,
              or substantially all, matters;		 
	 		 		(iii)		all,
              or substantially all business decisions of that undertaking; and		 
	 		 		(iv)		any
              undertaking which is controlled by another undertaking shall be deemed to be
              controlled by further undertakings which control the controlling
              undertaking;		 
	 		 		and
              "Controls" and other cognate expressions shall be construed
              accordingly;		 
	 		"Dollar
              Rate"		has
              the meaning set out in clause 4.9;		 
	 		"Event
              Notice"		has
              the meaning set out in clause 4.4;		 
	 		"Exit
              Event"		means
              a Sale, an Asset Sale or a Listing;		 
	 		"Exit
              Value"		(i)		means:
              on or after a Listing,		 
	 		 		(a)		where
              Options are exercised pursuant to clause 4.1(ii), the price per share at which
              an Ordinary Share is sold or offered in connection with the Listing (in the
              case of (x) the first registered public offering of Ordinary Shares under the
              United States securities laws, the initial offering price to the public, or (y)
              an offer for sale, being the underwritten price or, if an offer for sale by
              tender, the striking price under such offer or, in the case of a placing, the
              price at which a share is sold under the placing); or		 
	

 
 

    
      4
    

    
 
 
 
    

    
      
        															
	 		 		(b)		where
              Options are exercised pursuant to clause 4.1(iii), the higher of the par value
              of each Ordinary Share and the average of the per share Post-Listing Market
              Price of the Ordinary Shares for the five (5) Trading Days immediately prior to
              (but not including) the fifth Trading Day preceding the date of exercise;
              or		 
	 		 		(c)		in
              the case of the Names' Option pursuant to clause 4.1(iv), where Subscription
              Rights are exercised in connection with the First Underwritten Secondary
              Offering, the price per share at which Ordinary Shares are sold or offered in
              connection with the First Underwritten Secondary Offering;		 
	 		 		(d)		in
              the case of the Names' Option pursuant to clause 4.1(iv), where Subscription
              Rights are exercised in connection with the Appleby Trust Demand, the average
              of the per share Post-Listing Market Price of the Ordinary Shares for the five
              (5) Trading Days immediately prior to (but not including) the fifth Trading Day
              preceding the date of exercise;		 
	 		 		(ii)		in
              the case of a Sale:		 
	 		 		(a)		if
              the Ordinary Shares are being sold by private treaty (as distinct from a public
              offer) and the consideration per Ordinary Share is a fixed cash sum payable,
              such cash sum per Ordinary Share;		 
	 		 		(b)		if
              the Ordinary Shares are being sold pursuant to a public cash offer (or public
              offer of securities accompanied by a cash alternative), the cash consideration
              or cash alternative price per Ordinary Share;		 
	 		 		(c)		if
              the Sale is by private treaty or public offer and the consideration is the
              issue of securities (not accompanied by a cash alternative):		 
	

 
 

    
      5
    

    
 
 
 
    

    
      
        															
	 		 		 		if
              the securities rank pari passu with a class of securities that is listed on the
              London Stock Exchange or publicly traded on a securities exchange in the United
              States (in the case of a private treaty) the value attributed to such
              consideration in the related sale agreement containing the terms of such offer,
              or, in the case of a sale following a public offer or failing any such
              attribution in the related sale agreement, by reference to the value of such
              consideration determined by reference to the average middle market quotation of
              such securities over the five trading days in London or New York (as the case
              may be) prior to the day on which the offer for or intention to acquire the
              Ordinary Shares is first announced by the proposed purchaser; or		 
	 		 		 		if
              the securities are not of such a class, the value of such securities as
              determined in good faith by the Board and as confirmed or adjusted by the
              Independent Advisers (if so required by the Authorised Optionholders) in
              accordance with clause 5.7; and		 
	 		 		(iii)		in
              the case of an Asset Sale:		 
	 		 		(a)

(b)		the
              cash sum payable as consideration on completion of the acquisition by a
              purchaser of the undertakings and assets of the Group divided by the total
              number of Ordinary Shares in issue or capable of being issued, which will
              constitute the fully diluted share capital of the Company, at the date of such
              sale ("Asset Consideration");
              or 
if the Asset Consideration is the issue of securities, the value of such
              securities determined in the same manner as for a Sale;		 
	 		"Expiration
              Time"		means
              3pm London time on the fifth Business Day following the later of (i) the last
              day of the Term and (ii) if applicable, the last day of the Extended Term (in
              each case counting as the first of such Business Days the first Business Day
              after such last day of the Term or the Extended Term), as the case may
              be;
	 		"Extended
              Anticipated Completion Date"		has
              the meaning set out in clause 4.4;
	 		"Extended
              Notice of Exercise"		has
              the meaning set out in clause 4.6;
	 		"Extension
              Date"		has
              the meaning set out in clause 4.5;
	

 
 

    
      6
    

    
 
 
 
    

    
      
        																			
	 		"Extraordinary
              Resolution"		means
              a written resolution passed in accordance with paragraph 17 of Schedule 3 or a
              resolution passed at a duly convened meeting of the Optionholders in accordance
              with Schedule 3 by Optionholders holding Options entitling them to subscribe
              for not less than 75% of the total number of Option Shares for which the
              Optionholders who vote at such meeting are entitled to subscribe;
	 		"Fair
              Market Value"		means
              the fair market value as determined in good faith by the Board and as confirmed
              or adjusted by the Independent Advisers (if so required by the Authorised
              Optionholders) in accordance with clause 5.7;
	 		"First
              Underwritten Secondary Offering"		means,
              following a Listing, the first underwritten secondary offering initiated by a
              shareholder party to the Registration Rights Agreement pursuant to its demand
              registration rights thereunder;
	 		"Framework
              Agreement"		means
              a framework agreement made between Wellington Underwriting Agencies Limited,
              Wellington Underwriting Services Limited, Wellington, Aspen Services Limited
              and the Company, dated 28 May 2002, as may be amended from time to
              time;
	 		"Group"		means
              the Company and its subsidiaries from time to time and "member of the Group"
              shall be construed accordingly;
	 		"Appleby
              Trust Demand"		means
              the right of the Names Trustee under the Registration Rights Agreement to
              request that Aspen register Option Shares held by the Names Trustee for a
              non-underwritten direct resale between the 240th and the
              285th day following the Company's Listing, in the event that the
              First Underwritten Secondary Offering does not take place prior to the
              240th following the Company's Listing (and subject to other
              restrictions set out in the Registration Rights Agreement);
	 		"Independent
              Advisers"		means,
              for the purpose of this Instrument, the independent accountant or a reputable
              independent financial institution agreed and appointed jointly by the
              Authorised Optionholders and by the Board or failing agreement on such
              appointment within five Business Days, the President for the time being of the
              Institute of Chartered Accountants in England and Wales (or his duly appointed
              deputy) on the application of either the Authorised Optionholders or the
              Board;
	

 
 

    
      7
    

    
 
 
 
    

    
      
        																			
	 		"Listing"		means
              (i) the first admission to trading on the London Stock Exchange of Ordinary
              Shares or any shares for which the Ordinary Shares have been exchanged or into
              which the Ordinary Shares have been converted or any shares in a company of
              which the Company is a subsidiary, (ii) the first registered public offering of
              the Ordinary Shares under the United States securities laws or (iii) any
              amalgamation, scheme of arrangement, consolidation or other business
              combination transaction as a result of which the shareholders of the Company
              receive as consideration equity securities of a class that is admitted to
              trading on the London Stock Exchange or publicly traded on a securities
              exchange in the United States;
	 		"Management
              Incentive Scheme"		means
              the schemes, plans or arrangements pursuant to which employees and/or
              non-employee directors of the Group are granted and hold either shares or
              options to acquire shares in the Company or any of its subsidiaries as such
              scheme may be amended from time to time and any successor or replacement share
              purchase or option schemes from time to time adopted by the Group for the
              benefit of its employees and/or non-employee directors;
	 		"Memorandum"		means
              the memorandum of association of the Company on the date of this Instrument as
              amended from time to time;
	 		"Monthly
              Exercise Date"		has
              the meaning set out in clause 4.10; and
	 		"Names'
              Option"		means
              the Option held by the Names Trustee entitling the Names Trustee to subscribe
              for 3,006,760 Non-Voting Ordinary Shares (subject to adjustment in accordance
              with Clause 5);		 
	 		"Names
              Trust"		means
              a trust constituted by a declaration of trust dated on around 28 May 2002 as
              amended from time to time, which holds the Names' Option on trust on behalf of
              the Names or such other trust on behalf of the Names as may be substituted
              therefore or to which it may transfer the Names' Option as contemplated by the
              Shareholders Agreement;		 
	 		"Names
              Trustee"		means
              Names' Trustees Limited, the initial trustee of the Names Trust, or Appleby
              Trust (Bermuda) Limited (formerly Harrington Trust Limited), the successor
              trustee of the Names Trust, and any other trustee of the Names Trust, as
              applicable;		 
	 		"Names"		means
              the underwriting members of Lloyd's who participated in Syndicate 2020 for the
              2002 year of account (or in respect of those individuals who have died, part of
              the 2002 year of account), other than the Wellington corporate
              members;		 
	

 
 

    
      8
    

    
 
 
 
    

    
      
        																			
	 		"Non-Voting
              Ordinary Shares"		means
              non-voting ordinary shares of the Company having the rights set out in the
              Bye-Laws and in the event of a sub-division or consolidation or
              reclassification of such non-voting ordinary shares, the shares resulting
              therefrom;		 
	 		"Notice
              of Exercise"		means
              a notice in the form or substantially in the form set out in the first schedule
              to the Option Certificate;		 
	 		"Option
              Certificate"		means
              a certificate in the form, or substantially in the form, set out in schedule
              1;		 
	 		"Option
              Shares"		means
              6,787,880 Non-Voting Ordinary Shares but upon a Listing such Non-Voting
              Ordinary Shares shall automatically convert into Ordinary Shares, when issued,
              on a one-to-one ratio (adjusted as appropriate under clause 5 or in the event
              of a Cash-Less Exercise pursuant to clause 4.9);		 
	 		"Optionholder"		means
              the person to whom an Option has been granted or transferred and whose name is
              registered in the Register;		 
	 		"Options"		the
              Options constituted by this Instrument to subscribe in cash or, subject to the
              requirements of clause 4.9, by Cash-Less Exercise, at the Subscription Price
              for Option Shares on the terms and subject to the conditions of this
              Instrument;		 
	 		"Ordinary
              Shares"		means
              the ordinary shares of the Company, having the rights set out in the
              Bye-Laws;		 
	 		"Organisational
              Documents"		means
              the Bye-Laws and the Memorandum;		 
	 		"Original
              Shareholders Agreement"		means
              the subscription and shareholders agreement dated 28 May 2002 made between
              (1)the Company, (2) Blackstone F12 Capital Partners (Cayman) L.P. and others,
              (3) Paul Myners, (4) Chris O'Kane and Others and (5) Wellington as amended on
              21 June 2002, 17 September 2002, 03 October 2002, 22 November 2002, 27 November
              2002 and 11 February 2003;		 
	 		"Post-Listing
              Exercise"		has
              the meaning set out in clause 4.1;		 
	 		"Post-Listing
              Market Price"		means,
              on any particular date, the closing bid price per Ordinary Share on such date
              on the primary securities exchange or automated quotation system on which
              Ordinary Shares are then traded;		 
	 		"Primary
              Exchange"		has
              the meaning set out in clause 4.9;		 
	 		"Register"		means
              the register of persons entitled to the benefit of the Options required to be
              maintained pursuant to this Instrument;		 
	 		"Registered
              Office"		means
              the registered office of the Company from time to time;		 
	

 
 

    
      9
    

    
 
 
 
    

    
      
        															
	 		"Registration
              Rights Agreement"		means
              the Third Amended and Restated Registration Rights Agreement, by and among the
              Company, BCP Excalibur Holdco (Cayman) Limited and others, Wellington, and the
              Names Trustee, dated as of 14 November 2003, as may be amended, restated,
              supplemented or otherwise modified from time to time;		 
	 		"Relevant
              Value"		means:		 
	 		 		(i)		if
              the Option is exercised pursuant to clause 4.1(v), the current book value of an
              Ordinary Share determined in good faith by the Board and as confirmed or
              adjusted by the Independent Advisers (if so required by the Authorised
              Optionholders) in accordance with clause 5.7; or		 
	 		 		(ii)		if
              the Option is exercised on an Exit Event or after a Listing, the Exit
              Value;		 
	 		"Repurchase"		has
              the meaning set out in clause 9;		 
	 		"Returns"		means
              the amount per Ordinary Share of any distribution or payment of cash,
              marketable securities (valued at the average of the closing prices for the 5
              most recent trading days for such marketable securities prior to the date of
              distribution or payment) or any other asset or property (valued at Fair Market
              Value) made by the Company to any of its shareholders in their capacity as
              shareholders at any time from the date of the Original Instrument (i.e., 21
              June 2002) to the date of issue of an Option Share, it being acknowledged that,
              from 21 June 2002 through 2 December 2003 there were no returns;		 
	 		"Revocation
              Notice"		has
              the meaning set out in clause 4.6;		 
	 		"Sale"		means
              the transfer (whether through a single transaction or a series of transactions)
              of 50% or more of the Ordinary Shares in issue taken together to a person and
              its Affiliates or to any group of persons acting together, other than (x) prior
              to a Listing, a transfer to a Permitted Transferee (as defined in the Bye-Laws)
              or (y) on or following a Listing, a transfer to a Permitted Transferee (as
              defined in the Shareholders Agreement, as applicable);		 
	 		"Share"		means
              an issued share of any class in the capital of the Company;		 
	 		"Shareholders
              Agreement"		means
              the Original Shareholders Agreement as further amended by an amended and
              restated Shareholders' Agreement dated as of 30 September 2003 and as may be
              amended further from time to time;		 
	 		"Sterling
              Rate"		has
              the meaning set out in clause 4.9;		 
	

 
 

    
      10
    

    
 
 
 
    

    
      
        															
	 		"Sterling"		means
              the lawful currency of the United Kingdom for the time being;
              	 
	 		"Subscription
              Price"		
              means the price payable (or notionally payable in respect of a Cash-Less
              Exercise) per Option Share (rounded to the nearest two decimal places with
              0.005 being rounded upwards) upon exercise of the Options, being £10
              together with interest on such amount at a rate of 5% per annum calculated
              rateably on the basis of a 365 day year from the date of the Original
              Instrument (i.e., 21 June 2002) to the date of exercise less any Returns, as
              adjusted pursuant to clause 5;		 
	 		"Subscription
              Rights"		means
              the number of Option Shares in respect of which an Optionholder may subscribe
              pursuant to the exercise of an Option held by such Optionholder (adjusted as
              appropriate under clause 5 or in the event of a Cash-Less Exercise pursuant to
              clause 4.9);		 
	 		"Syndicate
              2020"		has
              the meaning given to it in the Original Shareholders Agreement or the
              Shareholders Agreement, as applicable;		 
	 		"Term"		means,
              subject to clause 4.2, a period of five years from the date of the Original
              Instrument (i.e., 21 June 2002), save that if a Listing has occurred within
              five years from the date of the Original Instrument (i.e., by 21 June 2007),
              the term shall be automatically extended to a period of ten years from the date
              of the Original Instrument (i.e., until 21 June 2012) and such period from the
              date of such a Listing to the tenth anniversary of the Original Instrument
              shall be referred to as the "Extended Term";		 
	 		"Trading
              Day"		means
              with respect to the primary securities exchange or automated quotation system
              on which Ordinary Shares are traded, a day on which such primary securities
              exchange or automated quotation system is open for trading;		 
	 		"Uncleared
              Funds Exercise Request"		has
              the meaning set forth in clause 4.5;		 
	 		"U.S.
              Dollar"		means
              the lawful currency of the United States of America;		 
	 		"Updated
              Notice Event "		has
              the meaning set out in clause 4.4;		 
	 		"Wellington
              Option"		means
              the Option held by Wellington entitling Wellington to subscribe for 3,781,120
              Non-Voting Ordinary Shares (subject to adjustment in accordance with clause
              5);		 
	 		"Wellington
              Shareholder's Agreement"		means
              the Shareholder's Agreement between Wellington and the Company, dated as of 6
              November 2003, as amended, restated, supplemented or otherwise modified from
              time to time;		 
	 		"Wellington"		means
              Wellington Underwriting PLC;		 
	

 
 

    
      11
    

    
 
 
 
    

    
      
        															
	1.2		Words
              and expressions defined in the Bye-Laws shall, unless otherwise defined in this
              Instrument, have the same meaning when used in this Instrument.		 
	1.3		The
              headings in this Instrument do not affect its interpretation.		 
	1.4		In
              this Instrument:		 		 		 
	

 
 
 

    
      
        											
	 		1.4.1		a
              clause, paragraph or schedule, unless specifically provided otherwise, is a
              reference to a clause or paragraph of, or schedule to, this
              Instrument;
	 		1.4.2		a
              "person" includes a reference to a corporation, body corporate,
              association or partnership, individual, and to that person's legal personal
              representatives, successors and assigns;
	 		1.4.3		a
              statutory provision includes a reference to the statutory provision as modified
              or re-enacted or both from time to time before the date of this Instrument and
              any subordinate legislation made or other thing done under the statutory
              provision before the date of this Instrument;
	 		1.4.4		the
              singular includes the plural and vice versa (unless the context otherwise
              requires); and
	 		1.4.5		a
              company is a "subsidiary" of another company, its "holding
              company", if such other company owns either directly or indirectly through
              its subsidiaries shares or stock or other ownership interests having a majority
              of the voting power in electing the board of directors thereof or other persons
              performing a similar function.
	1.5		The
              schedules to this Instrument form part of this Instrument and shall have the
              same force and effect as if expressly set out in the body of this
              Instrument.
	1.6		An
              Option is "outstanding" unless all of the Subscription Rights in respect
              of such Option have been exercised in full or have lapsed in accordance with
              the provisions of this Instrument.
	2.		CONSTITUTION
              AND FORM OF OPTIONS
	2.1		The
              Company hereby creates and issues the Options subject to the conditions set out
              in this Instrument. The Company shall comply with the provisions of this
              Instrument.
	3.		REGISTER
              AND OPTION CERTIFICATES
	3.1		The
              Company shall maintain the Register in accordance with the provisions of
              paragraph 1 of schedule 2.
	3.2		Within
              7 days following the grant of an Option to an Optionholder, the Company shall
              issue to the Optionholder an Option Certificate setting out the total number of
              Subscription Rights in respect of such Option, and in the case of the
              Wellington Option, the minimum number of Subscription Rights that may be
              exercised at any one time, as recorded in the Option Certificate. The Names'
              Option will not be subject to an exercise of a minimum number of Subscription
              Rights. If an adjustment to such numbers of Subscription Rights is required
              pursuant to clause 5.1 below, the Company shall require the Optionholders to
              return their Option Certificates and on receipt of such certificates, new
              Option Certificates shall be delivered to the Optionholders in accordance with
              the terms of clause 5.2.
	3.3		Within
              7 days following the exercise of an Option in part, the Company shall issue to
              the Optionholder a new Option Certificate setting out the remaining
              Subscription Rights in respect of such Option.
	4.		SUBSCRIPTION
              RIGHTS AND MECHANICS OF EXERCISE
	4.1		Subject
              to this clause 4, an Optionholder may, but shall not be obliged to, exercise
              its Option, in whole or in part, at the following times (and at no other
              times):
	

 
 

    
      12
    

    
 
 
 
    

    
      
        											
	 		(i)		following
              receipt of an Event Notice in connection with an Exit Event which is not a
              Listing, in accordance with the provisions of clauses 4.4, 4.5 and
              4.6;
	 		(ii)		following
              receipt of an Event Notice in connection with an Exit Event which is a Listing,
              in accordance with the provisions of clauses 4.4, 4.5 and 4.6;
	 		(iii)		if
              a Listing has occurred within five years from the date of the Original
              Instrument, in respect of any and all remaining Subscription Rights which are
              not exercised contemporaneously on the completion of a Listing (a
              "Post-Listing Exercise"), in accordance with the provisions of clause
              4.10 applicable to such Optionholder;
	 		(iv)		only
              with respect to the Names' Option, if a Listing has occurred within five years
              from the date of the Original Instrument, a Post-Listing Exercise at the time
              of the First Underwritten Secondary Offering or the Appleby Trust Demand, as
              applicable, in accordance with the provisions of clause 4.10; and
	 		(v)		if
              an Exit Event has not occurred on or prior to the last day of the Term, on or
              at any time prior to the Expiration Time, in accordance with clause 4.5 (except
              that the lodging of such Notice of Exercise shall be not less than 5 Business
              Days prior to the Expiration Time).
	4.2		The
              Options shall immediately lapse:
	 		(i)		only
              with respect to the Wellington Option, in respect of all unexercised
              Subscription Rights thereunder and all exercised Subscription Rights thereunder
              in connection with which Option Shares have not been issued, in the event of
              any material breach by Wellington (x) prior to a Listing, of any of its
              obligations under clauses 9.2 or 9.4 of the Original Shareholders Agreement
              which have been notified to Wellington by the Investors and which have not been
              remedied within 30 days of such notification or (y) on or following a Listing,
              under clauses 2.2 or 2.4 of the Wellington Shareholder's Agreement or clauses
              13 or 15 of the Framework Agreement, in each case, which have been notified to
              Wellington by the Company and which have not been remedied within 30 days of
              such notification (each, a "Claim of Wellington Breach"), or
	 		(ii)		in
              respect of all unexercised Subscription Rights of all Optionholders forthwith
              at the Expiration Time, or
	 		(iii)		in
              respect of all unexercised Subscription Rights of all Optionholders forthwith
              on liquidation of the Company (subject to compliance with clause 7.1),
              or
	 		(iv)		at
              such time when all Subscription Rights have been exercised and no further
              Options are outstanding; or
	 		(v)		in
              respect of all unexercised Subscription Rights which are not exercised in
              connection with an Asset Sale or a Sale.
	4.3		Pending
              resolution of a Claim of Wellington Breach, any:
	 		(i)		Option
              Shares in respect of unexercised Subscription Rights under the Wellington
              Option; and
	 		(ii)		Option
              Shares in respect of all exercised Subscription Rights under the Wellington
              Option which have not been issued,
	 		shall
              not be capable of being issued unless and until such Claim of Wellington Breach
              has been resolved in accordance with clause 4.2(i).
	

 
 

    
      13
    

    
 
 
 
    

    
      
        															
	4.4		The
              Company shall give at least 30 Business Days prior written notice of the
              proposed date of completion of an Exit Event (the "Event Notice"),
              specifying the anticipated date of completion of such Exit Event (the
              "Anticipated Completion Date"), together with details of the number of
              Subscription Rights each Optionholder is entitled to exercise and the aggregate
              Subscription Price payable in respect thereof. If the Company is unable under
              certain circumstances to give the Event Notice at least 30 Business Days prior
              to the Anticipated Completion Date of the relevant Exit Event, then the Company
              will use its best efforts to provide an Event Notice as soon as practicable.
              The content of any Event Notice shall be subject to all applicable laws and
              regulations, including applicable laws and regulations relating to the use and
              dissemination of material, non-public information. If the completion date of an
              Exit Event does not occur within 30 days after the Anticipated Completion Date,
              the Company shall give the Optionholders an updated Event Notice (the
              "Updated Event Notice") specifying the new anticipated date of
              completion of such Exit Event (the "Extended Anticipated Completion
              Date") and shall give a further Updated Event Notice if the completion date
              does not occur within 30 days of the latter date.
	 		The
              Optionholders acknowledge that an Event Notice has already been provided to
              them in connection with a proposed Listing (the "2003 Listing Notice")
              and the 2003 Listing Notice shall be deemed effective notwithstanding that a
              Listing may occur prior to the 30th Business Day after the date of the 2003
              Listing Notice.
	4.5		If
              an Option has become exercisable in accordance with clause 4.1 (except for
              clauses 4.1(iii) and (iv)), the relevant Optionholder may exercise its Option,
              in whole or in part (though, if in part, for the Wellington Option, subject to
              the minimum number of Subscription Rights exercisable thereunder as set forth
              in the Option Certificate issued to Wellington, as adjusted in accordance with
              clause 5 below) by lodging its Option Certificate and a duly completed Notice
              of Exercise at the Registered Office (and in respect of an exercise, (x)
              following receipt of an Event Notice or Updated Event Notice pursuant to clause
              4.1(i) or (ii), not less than 10 Business Days before the Anticipated
              Completion Date or the Extended Anticipated Completion Date, as applicable (but
              in relation to the Names' Option, such later time as the Company in its
              discretion may agree with the Names Trustee but in any event no later than 5
              Business Days prior to the actual completion date) or, (y) pursuant to clause
              4.1(v) not less than 5 Business Days prior to the Expiration Time) and save in
              relation to a Cash-Less Exercise, together with remittance in cleared funds for
              the aggregate Subscription Price payable for the Option Shares in respect of
              which the Subscription Rights are being exercised.
	

 
 

    
      14
    

    
 
 
 
    

    
      
        															
	 		Notwithstanding
              the above, only with respect to the exercise of the Name Options by the Names
              Trustee pursuant to clause 4.1(ii), the Names Trustee may deliver the Notice of
              Exercise for the number of Subscription Rights to be exercised on a cash basis
              notwithstanding that a specified portion of the funds provided to the Names
              Trustee have not been cleared at the time of lodging the Notice of Exercise
              (the "Uncleared Funds Exercise Request"), so long as the Names Trustee
              shall certify to the Company that a cheque, money order or other instrument
              representing funds for the payment of the Subscription Price for such Option
              Shares has been received by the Names Trustee from the beneficiaries of the
              Names Trust before or at the time of the Notice of Exercise, and such
              certificate shall specify the portion of the Subscription Rights which
              constitute the Uncleared Funds Exercise Request. In such instance, the Names
              Trustee shall have 5 Business Days after the actual completion date (the
              "Extension Date") to deliver the cleared funds to the Company in an
              amount equal to the Uncleared Funds Exercise Request provided that in respect
              of the Uncleared Funds Exercise Request the Names Trustee shall only deliver
              cleared funds to the Company on or prior to the Extension Date in respect of
              payment of the Subscription Price for any Option Shares to the extent that the
              Names Trustee has received cleared funds from the relevant beneficiary on whose
              behalf the Names Trustee would hold such Option Shares. In any event, the
              Company shall issue Option Shares only to the extent that funds for the payment
              of the Subscription Price for Option Shares to which the Uncleared Funds
              Exercise Request relate have been received by the Company in cleared funds on
              or prior to the Extension Date. The Names Trustee shall notify the Company on
              the Extension Date of the amount of funds referred to in its Uncleared Funds
              Exercise Request which have not been cleared on or prior to the Extension Date,
              and the Notice of Exercise of the Names Trustee shall be deemed not to have
              been exercised validly to the extent that funds for the payment of the
              Subscription Price have not been received by the Company by the Extension
              Date.
	4.6		A
              Notice of Exercise lodged in connection with an Event Notice or Updated Event
              Notice in accordance with clause 4.5 shall be irrevocable (except with the
              Board's consent) save only that subject to the provisions of this clause 4.6,
              (i) a Notice of Exercise shall be deemed to be conditional upon completion of
              the Exit Event occurring within no more than 90 days after the date of the
              Event Notice or Updated Event Notice, as the case maybe, and if the Exit Event
              does not occur within this period, or (ii) if the Company has determined that
              the Exit Event has been terminated, the Notice of Exercise will be deemed
              revoked. In such event:
	 		4.6.1		the
              Company shall forthwith give written notice to each Optionholder of such
              revocation (the "Revocation Notice");
	 		4.6.2		the
              Company shall deliver to each Optionholder, together with the Revocation
              Notice, any Option Certificate delivered pursuant to clause 4.5 and any
              banker's draft for the same amount as any banker's draft delivered pursuant to
              clause 4.5; and
	 		4.6.3		the
              Subscription Rights that were remaining immediately prior to delivery of the
              Notice of Exercise in respect of then outstanding Options shall be
              reinstated.
	 		Notwithstanding
              the foregoing provisions of this clause 4.6, in respect of any Notice of
              Exercise lodged in connection with an Exit Event, the Company may, no less than
              10 Business Days prior to the expiration of 90 days after the related Event
              Notice or Updated Event Notice, as the case may be (unless such Exit Event has
              been terminated), by written notice to the Optionholder who lodged such Notice
              of Exercise, extend the effectiveness of such Notice of Exercise for an
              additional 90 days (the "Extended Notice of Exercise") at the end of
              which such Extended Notice of Exercise will be deemed revoked if the related
              Exit Event has not occurred and the terms of clauses 4.6.1 to 4.6.3 shall
              apply, provided that, at any time after the expiration of 90 days from the
              related Event Notice, the Optionholder who lodged such Notice of Exercise may
              revoke, in whole or in part, such Notice of Exercise, by 10 Business Days'
              written notice to the Company, provided further that, if such Exit Event occurs
              during such 10 Business Day period in which the Optionholder has revoked its
              Notice of Exercise, such revocation shall not be effective.
	

 
 

    
      15
    

    
 
 
 
    

    
      
        															
	4.7		The
              Company shall following receipt of a Notice of Exercise apply for any
              applicable consent for the issue of the Option Shares from the Bermudan
              Monetary Authority or any successor body (the "Applicable Consent") on
              behalf of the Optionholders and procure that, subject to the provisions of the
              Organisational Documents and to compliance with any applicable law, regulatory
              requirement, judgement, order or decree, any Option Shares to be issued upon
              the exercise of an Option shall be allotted and issued to the relevant
              Optionholders or as they may direct together with share certificates in respect
              thereof and that such persons are entered in the register of members of the
              Company as the holders of the Option Shares allotted and issued to them, no
              later than 7 days thereafter subject to receipt of the Applicable
              Consent.
	4.8		Option
              Shares issued pursuant to clause 4.7:
	 		4.8.1		shall
              be credited as fully paid;
	 		4.8.2		shall
              have the rights and be subject to the restrictions set out in the Bye-Laws and
              the Original Shareholders Agreement or Shareholders Agreement, as applicable,
              relating to Non-Voting Ordinary Shares prior to a Listing, and Ordinary Shares
              after a Listing, and will be issued with such restrictive legends as are
              required under the Bye-Laws and/or the Original Shareholders Agreement or the
              Shareholders Agreement, as applicable; and
	 		4.8.3		shall
              be entitled to receive any dividend or other distribution which has previously
              been announced or declared (but not yet paid), provided that the date by which
              the holder of Non-Voting Ordinary Shares prior to a Listing, or Ordinary Shares
              after a Listing, must be registered to participate in such dividend or other
              distribution is on or after the date on which the Notice of Exercise in respect
              of such Option Shares was lodged with the Company.
	4.9		In
              connection with the valid exercise of an Option pursuant to the applicable
              provisions in this clause 4, each Optionholder may elect to have all or part of
              its Subscription Rights exercised as a Cash-Less Exercise and if the Company
              has sufficient share premium account out of which to effect a bonus issue of
              the said number of its Option Shares to be issued (as calculated below) to
              enable the relevant number of Option Shares to be allotted fully-paid, then the
              number of Option Shares to be issued as a Cash-Less Exercise shall be
              calculated as:
	 		Number
              of Option Shares to be issued on a Cash-Less basis = A x (C-B)/C
	 		Where
              A = the number of Option Shares which would be issued on a cash payment basis
              in respect of the Subscription Rights requested to be exercised on a Cash-Less
              basis
	 		B
              = Subscription Price (on a cash payment basis); and
	 		C
              = the Relevant Value of an Option Share;
	 		provided,
              however, if the foregoing calculation results in a negative number, then no
              Option Shares shall be issued.
	

 
 

    
      16
    

    
 
 
 
    

    
      
        															
	 		If
              the primary securities exchange on which the Ordinary Shares are traded at the
              time of a Cash-Less Exercise (other than if pursuant to clause 4.1(i) the
              Relevant Value thereof is denominated in a currency other than U.S. Dollars) is
              in the United States of America (the "Primary Exchange"), the
              Subscription Price for purposes of this clause 4.9 will be converted from
              Sterling into U.S. Dollars at the average spot rate of exchange as quoted by
              the New York branch of Citibank N.A. at 11:00 AM (New York time) for the five
              New York Business Days prior to the fifth Business Day preceding the exercise
              date (the "Dollar Rate"). In the case of any exercise pursuant to clause
              4.1(i) in which the Relevant Value is denominated in a currency other than U.S.
              Dollars but the Primary Exchange is in the United States, the Relevant Value
              (if not denominated in Sterling) for purposes of this clause 4.9 shall be
              converted into Sterling at the average spot rate of exchange as quoted by the
              London branch of Citibank N.A. at 11:00 AM (London time) for the five London
              Business Days prior to the fifth Business Day preceding the exercise date (the
              "Sterling Rate"). If the Primary Exchange is not in the United States or
              there has been no prior Listing, then the Relevant Value (if not denominated in
              Sterling) for purposes of this clause 4.9 will be converted into Sterling at
              the Sterling Rate in the case of any Cash-Less Exercise (other than an exercise
              pursuant to Clause 4.1(v), in which case the Subscription Price shall be
              converted into US Dollars at the Dollar Rate). The product of the currency
              calculations in this paragraph shall be rounded to the nearest two decimal
              places with 0.005 being rounded upwards.
	 		In
              calculating the number of Option Shares to be issued pursuant to this clause
              4.9, fractions shall be rounded down to the nearest whole Option
              Share.
	4.10		If
              an Option has become exercisable in accordance with clause 4.1(iii), the
              relevant Optionholder (Wellington, as the holder of the Wellington Option, or
              the Names Trustee, as the holder of the Names' Option) may exercise its Option
              in whole or in part by (i) lodging its Option Certificate and a duly completed
              Notice of Exercise at the Registered Office as soon as practicable but no later
              than 5 Business Days, in the case of the Names' Option, and 8 Trading Days, in
              the case of the Wellington Option, prior to the requested exercise date (which
              exercise date shall be no later than the Expiration Time) and (ii) save in
              relation to a Cash-Less Exercise, together with remittance in cleared funds for
              the aggregate Subscription Price payable for the Option Shares in respect of
              which such Option is being exercised. Once lodged a Notice of Exercise shall be
              irrevocable.
	 		The
              Names' Option that is exercisable in accordance with clause 4.1 (iii) may be
              exercised by the Names' Trustee on behalf of the Names in whole or in part no
              more than once per calendar month on the 15th day of each calendar
              month (and if such day is not a a business day in New York, London or Bermuda,
              then the next following business day in New York, London and Bermuda) (the
              "Monthly Exercise Date"), but in any event prior to the Expiration Time.
              Prior to the Monthly Exercise Date, the Names Trustee will send a form of
              election to the Names to elect whether they wish to exercise all or a portion
              of the Names' Option into Ordinary Shares (save that the Names Trustee may send
              such form of election on a standing basis and need not resend each calendar
              month). The initial Monthly Exercise Date following execution of this
              Instrument shall be 17 October 2005. Prior to the Monthly Exercise Date, the
              Names Trustee will lodge the Notice of Exercise, duly executed by the Names
              Trustee on behalf of the Names, and remit any applicable funds for payment of
              the Subscription Price as described in the preceding paragraph. Upon receipt of
              the Notice of Exercise duly executed by the Names Trustee and applicable funds,
              the Company will issue the shares in accordance with and subject to the
              provisions of clause 4.7.
	

 
 

    
      17
    

    
 
 
 
    

    
      
        															
	 		The
              Wellington Option that is exercisable in accordance with clause 4.1(iii) may be
              exercised at any time (i.e. Wellington is not limited to an annual exercise
              window period) in whole or in part (subject to the minimum number of
              Subscription Rights exercisable thereunder as set forth in the Option
              Certificate issued to Wellington, as adjusted in accordance with clause 5
              below), but in any event prior to the Expiration Time. Notwithstanding the
              irrevocability of a Notice of Exercise once lodged, in the event that, after
              Wellington having lodged its Notice of Exercise with respect to the Wellington
              Option, a calamity or crisis shall have occurred that causes a suspension in
              trading in securities generally on the Primary Exchange or a suspension in
              trading in the Ordinary Shares on the Primary Exchange during the period in
              which the Exit Value is calculated in accordance with clause 4.9, then upon the
              request of Wellington, such Notice of Exercise shall be revoked.
	 		If
              the Names' Option has become exercisable in accordance with Clause 4.1(iv),
              then the Names Trustee may exercise the Names' Option in whole or in part by
              (i) lodging its Option Certificate and a duly completed irrevocable Notice of
              Exercise and (ii) save in relation to a Cash-Less Exercise, together with
              remittance of cleared funds for the aggregate Subscription Price payable for
              the Option Shares, no later than 5 Business Days prior to the completion of the
              First Underwritten Secondary Offering or the date of effectiveness of the
              registration statement in connection with the Appleby Trust Demand, as the case
              may be.
	5.		ADJUSTMENT
              AND ANTI-DILUTION
	5.1		Save
              where it has obtained the prior sanction of an Extraordinary Resolution, the
              Company shall not, whilst any Options are outstanding, create any further
              Options under this Instrument or supplemental thereto.
	5.2		Save
              where it has obtained the prior sanction of an Extraordinary Resolution, if the
              Company whilst any Options are outstanding, effects any:
	 		5.2.1		allotment
              or issue of any Shares (whether for cash, by way of capitalisation of profits
              or reserves (including share premium account and any capital redemption reserve
              fund) or for non-cash consideration or otherwise howsoever) other
              than:
	 		 		(a)  the issue of Shares to the
              Optionholders; or
	 		 		(b)  the issue of Shares to
              employees under the Management Incentive Scheme;
	 		5.2.2		grant,
              or permits the grant of, any options, warrants or other rights to subscribe
              for, or calls for, the allotment or issue of any Shares other than pursuant to
              this Instrument or the Management Incentive Scheme;
	 		5.2.3		allotment
              or issue of any securities convertible or exchangeable into Shares of the
              Company;
	 		5.2.4		sub-division
              or consolidation or reclassification of Shares;
	 		5.2.5		issue
              of any loan stock or similar debt instruments to holders of Shares or to any
              Affiliate of any holder of Shares;
	 		5.2.6		issue,
              grant or distribution or takes any other action if its effect would be that on
              the exercise of any of the Subscription Rights it would be required to issue
              Option Shares at a discount; or
	 		5.2.7		a
              sale or other disposal of all or a substantial part of the business, assets, or
              undertaking to any shareholder in the Company or to any holding company of a
              shareholder in the Company or to any subsidiary of such holding
              company,
	

 
 

    
      18
    

    
 
 
 
    

    
      
        															
	 		which
              is in any case below or deemed to be below Fair Market Value or is a
              sub-division, consolidation or reclassification of Shares then it shall adjust
              the Subscription Rights (including any applicable minimum number of
              Subscription Rights that may be exercised) and/or the Subscription Price so as
              to maintain the real value of the Subscription Rights as nearly as possible at
              the same level as prior to such action both by taking into account any dilution
              of the Subscription Rights and any change in the value of the Company as a
              whole created by such action, but so that in the event of any capitalisation of
              profits or reserves the aggregate Subscription Price shall not be increased and
              in any event the Subscription Price shall not be less than the par value of (i)
              the Non-Voting Ordinary Shares prior to a Listing, or (ii) the Ordinary Shares
              after a Listing.
	5.3		The
              Company shall send to each of the Optionholders as soon as reasonably
              practicable after any of the actions set out in clauses 5.2.1 to 5.2.7
              (inclusive) (an "Adjustment Event") has occurred any adjustments to the
              Subscription Rights and the Subscription Price in accordance with clause 5.2
              (an "Adjustment") together with a notice setting out the details of the
              Adjustment Event and the Adjustments made, and a replacement Option
              Certificate, evidencing each Optionholder's adjusted Subscription Rights. If
              the Optionholders are not satisfied with the decision of the Board and any
              adjustment to be made, then they may on the authorisation of an Extraordinary
              Resolution provided such notification is made within 40 Business Days following
              any notification made by the Board regarding any Adjustment Event (whether or
              not any Adjustments have been made by the Board) refer the matter to the
              Independent Advisers in accordance with clause 5.4.
	5.4		 		 
	 		(a)		If
              so requested by the Optionholders in accordance with clause 5.3, the
              Independent Advisers shall deliver to the Optionholders and the Company within
              30 days a certificate setting out in their reasonable opinion the effect of any
              Adjustment Event on the value of the Subscription Rights and the Adjustments
              which in their opinion are fair and reasonable in all the circumstances. Such
              adjustments shall include insofar as appropriate, any adjustments required
              pursuant to the proviso to clause 5.2.
	 		(b)		The
              Company shall issue within 7 days such substituted and/or additional Options
              (if any) and/or any adjustment to the Subscription Price as the Independent
              Advisers shall certify as expert in their reasonable opinion shall be necessary
              to reflect the adjustments contemplated by the Independent Advisers'
              certificate delivered to the Optionholders in accordance with paragraph (a)
              above to the extent that these adjustments vary from the Adjustments proposed
              by the Board.
	 		(c)		The
              costs incurred by the Independent Advisers under this paragraph (c) shall be
              for the account of the Company unless the conclusions of the Independent
              Advisers appointed under this paragraph (c) as to any adjustments which in
              their opinion are necessary are the same in all material respects as the
              conclusions of the Board set out in the Adjustment referred to in clause 5.3
              above, in which case such costs shall be for the account of the
              Optionholders.
	 		(d)		The
              provisos in paragraphs (a), (b) and (c) above do not apply to the negative
              covenants in clauses 5.2.4 (to the extent necessary to preserve the minimum
              share premium for the purposes set out in clause 6.1(e)) (save where the
              Company has requested and obtained the prior consent of the Optionholders by
              Extraordinary Resolution).
	 		(e)		In
              the event that the Subscription Rights and/or the Subscription Price are
              adjusted pursuant to this clause 5.4, the Optionholders shall deliver their
              Option Certificates to the Company, on the condition that the Company
              undertakes on receipt to issue new Option Certificates reflecting such
              adjustments.
	

 
 

    
      19
    

    
 
 
 
    

    
      
        															
	 		(f)		The
              decision of the Independent Advisers is, in the absence of fraud or manifest
              error, final and binding on the parties.
	5.5		In
              calculating any adjustments to the Subscription Rights pursuant to clause 5.2,
              fractions shall be rounded down to the nearest whole Option Share.
	5.6		Except
              in connection with an Exit Event, in case the Company after the date hereof
              shall:
	 		(i)		consolidate
              or amalgamate with or into any other person and shall not be the continuing
              corporation of such consolidation or amalgamation;
	 		(ii)		permit
              any other person to consolidate or amalgamate with or into the Company and the
              Company shall be the continuing person but, in connection with such
              consolidation or amalgamation, the Non-Voting Ordinary Shares shall be changed
              into or exchanged for stock or other securities of any other person or cash or
              any other property;
	 		(iii)		enter
              into a scheme of arrangement with any other person;
	 		(iv)		effect
              a capital reorganisation or reclassification of the Non-Voting Ordinary Shares
              (other than a capital reorganisation or reclassification resulting in an
              adjustment to the Subscription Price and Subscription Rights as provided in
              clause 5.2); or
	 		(v)		effect
              any other transaction in which the Non-Voting Ordinary Shares are changed into
              or exchanged for stock or other securities of any other person, in each case,
              except in respect of a Listing,
	 		then,
              provision shall be made so that, upon the basis and the terms and in the manner
              provided in this Instrument, upon the exercise by an Optionholder of all
              remaining Subscription Rights in respect of its Option at any time after the
              consummation of such transaction, such Optionholder shall immediately exercise
              all remaining Subscription Rights and shall be entitled to receive (at the
              aggregate Subscription Price in effect at the time of such consummation for all
              Non-Voting Ordinary Shares issuable upon such exercise immediately prior to
              such consummation), in lieu of the Non-Voting Ordinary Shares issuable upon
              such exercise prior to such consummation, the amount of securities, cash or
              other property to which such Optionholder would actually have been entitled as
              a holder of Non-Voting Ordinary Shares upon such consummation if such
              Optionholder had exercised all such remaining Subscription Rights immediately
              prior thereto. Adjustments for events subsequent to the consummation of such a
              consolidation, amalgamation, scheme of arrangement, or sale of assets shall be
              as nearly equivalent as may be practicable to the adjustments provided for in
              this Instrument. In any such event, effective provisions will be included in
              the certificate or articles of incorporation of the resulting or surviving
              corporation, in any contract of sale, conveyance, transfer or otherwise so that
              the provisions set forth herein for the protection of the rights of the
              Optionholders shall thereafter continue to be applicable, and any such
              resulting or surviving corporation or transferee shall expressly assume the
              obligation to deliver, upon exercise, such securities, cash and property. The
              provisions of this clause shall similarly apply to successive consolidations,
              amalgamations, and schemes of arrangement or sales.
	

 
 

    
      20
    

    
 
 
 
    

    
      
        											
	5.7		Subject
              to clause 5.8, if the Optionholders, on the authorisation of an Extraordinary
              Resolution ("Authorised Optionholders") are not satisfied with the
              determination of the Board, as to the Exit Value (except for the Exit Value in
              connection with a Listing), the Relevant Value or the Fair Market Value (as
              appropriate) then the Authorised Optionholders may require the Independent
              Advisers to review the Board's determination and to deliver an opinion by
              delivering a certificate to the Optionholders and the Company, and the Company
              shall irrevocably agree to make such adjustments (if any) to the Exit Value,
              the Fair Market Value or the Relevant Value (as applicable) prior to an Exit
              Event or Repurchase as the Independent Advisers shall certify in their
              reasonable opinion, to be necessary. For the purpose of any Sale or Asset Sale
              to Wellington or one of its Affiliates, notwithstanding the other provisions of
              this Instrument, such adjustment may take into account as part of the Exit
              Value determined any collateral benefits arising from related transactions
              which they consider should properly be regarded as forming part of the
              consideration of the relevant Sale or Asset Sale. The provisions regarding
              costs in clause 5.4(c) shall apply mutatis mutandis to this clause.
	5.8		If
              an Extraordinary Resolution is put to Optionholders in accordance with clause
              5.7 in circumstances where a sale confers benefits principally upon Wellington
              or one of its Affiliates, then in these circumstances none of Wellington or any
              of its Affiliates shall be entitled to vote on any resolution passed to
              authorise such appointment.
	6.		UNDERTAKINGS
              OF THE COMPANY
	6.1		Subject
              to clause 6.2, the Company represents and warrants to the Optionholders and
              undertakes to procure that whilst any Options are outstanding (except with the
              prior sanction of an Extraordinary Resolution) it will:
	 		(a)		keep
              available for issue sufficient authorised but unissued share capital free from
              pre-emptive rights to satisfy in full the exercise of all outstanding
              Options;
	 		(b)		forthwith
              upon becoming aware of any offer being made or required to be made (i) prior to
              a Listing, under Bye-law 41 (Tag-along rights) in effect prior to a Listing or
              (ii) on or following a Listing, under Section 3 of the Shareholders Agreement
              (Tag-along rights) in effect upon a Listing, give notice of the offer to all
              Optionholders and shall use all reasonable endeavours to ensure that an equal
              offer is made to the Optionholders as if they had exercised their Subscription
              Rights, but adjusted to deduct the Subscription Price;
	 		(c)		ensure
              that the Board at all times has all power and authority (or, before a Listing,
              call all meetings of shareholders of Aspen to seek all requisite consents and
              authorities) necessary to give effect to any bonus issue of (i) Non-Voting
              Ordinary Shares prior to a Listing or (ii) Ordinary Shares, on or following a
              Listing, for the Cash Less Exercise required by clause 4.9;
	 		(d)		ensure
              that the Company maintains at all times prior to the exercise of the last
              Option sufficient share premium account to allot the (i) Non-Voting Ordinary
              Shares prior to a Listing or (ii) Ordinary Shares, on or following a Listing,
              to the Optionholders as required by clause 4.9;
	 		(e)		not
              reduce the share capital of the Company, any share premium account (except upon
              a Cash-Less Exercise) or capital redemption reserve fund or otherwise repay,
              redeem or repurchase capital of the Company; and
	 		(f)		not
              alter the Bye-Laws or modify any of the rights attaching to any Shares of the
              Company in such a way which could reasonably be expected to have, whether at
              the relevant time or after that, a non de minimis adverse effect on the value
              of the Subscription Rights or on the timing of their exercise.
	

 
 

    
      21
    

    
 
 
 
    

    
      
        											
	6.2		The
              Company will not require the prior sanction of an Extraordinary Resolution to
              undertake any of the actions contemplated by clauses 6.1(e) and 6.1(f)
              inclusive if it has first obtained an opinion from the Independent Advisers
              that:
	 		6.2.1		such
              actions would not be materially prejudicial to the Optionholders taken as a
              whole in a manner which would not affect all holders of Shares in the same
              manner and for these purposes holders of Shares shall include holders of
              Options; or
	 		6.2.2		such
              actions have created an Adjustment Event.
	6.3		
              The Company will not purchase, and will procure that its subsidiaries will not
              purchase, Options unless an offer to purchase is made pro rata to all
              Optionholders based on, for any given Optionholder, the ratio that the number
              of remaining Subscription Rights held by such Optionholder bears to the total
              number of remaining Subscription Rights held by all Optionholders, save that
              this clause shall not apply to a purchase made by the Company pursuant to
              clause 9. 
	7.		WINDING
              UP OF THE COMPANY
	7.1		
              If at any time while any Options are outstanding an order is made or an
              effective resolution is passed for the winding up or dissolution of the Company
              or if any other dissolution of the Company by operation of law is to be
              effected:
	 		7.1.1		if
              the winding up or dissolution is for the purpose of implementing a
              reconstruction, amalgamation or scheme of arrangement on terms previously
              sanctioned by an Extraordinary Resolution, such terms shall be binding on the
              Optionholders; and
	 		7.1.2		in
              any other case, the Company shall as soon as reasonably practicable send to the
              Optionholders a written notice stating that such an order has been made or
              resolution has been passed or other dissolution is to be effected. An
              Optionholder may at any time within three months after the date of such notice
              elect, by written notice to the Company, to be treated as if he had,
              immediately before the date of the making of the order or passing of the
              resolution or other dissolution, exercised all or part of his Subscription
              Rights. On giving such notice, the Optionholder is entitled to receive out of
              the assets which would otherwise be available in the liquidation to the
              shareholders of the Company, such a sum, if any, as he would have received had
              he been the holder of and paid for the Option Shares to which he would have
              become entitled by virtue of that exercise, after deducting from that sum an
              amount equal to the aggregate Subscription Price which would have been payable
              by him upon such exercise. Nothing contained in this clause has the effect of
              requiring an Optionholder to make any actual payment to the
              Company.
	8.		TRANSFER
              OF OPTIONS
	 		The
              Options are only transferable in accordance with the provisions of paragraph 2
              of schedule 2.
	9.		REPURCHASE		 
	9.1		
              The Company shall have the right (but not the obligation) to purchase the
              Options held by an Optionholder at the Fair Market Value of the Options (the
              "Repurchase"), within 15 Business Days of it becoming aware of the
              occurrence of any of the following events:
	 		9.1.1		the
              passing by the Optionholder of a resolution for its winding up or the making by
              a court of competent jurisdiction of an order for the winding up of the
              Optionholder or the dissolution of the Optionholder otherwise than, in each
              case, for the purposes of a bona-fide reorganisation;
	

 
 

    
      22
    

    
 
 
 
    

    
      
        											
	 		9.1.2		the
              making of an administration order in relation to the Optionholder or the
              appointment of a receiver over, or the taking possession of or sale by an
              encumbrancer of, any of the Optionholder's assets or, in relation to the
              Optionholder incorporated outside England and Wales, analogous proceedings
              taking place in the relevant jurisdiction;
	 		9.1.3		the
              making by the Optionholder of an arrangement or composition with its creditors
              generally or the making by the Optionholder of an application to a court of
              competent jurisdiction for protection from its creditors generally;
              or
	 		9.1.4		in
              respect of an Optionholder who is an individual, that individual is adjudged
              bankrupt, or makes any arrangement or composition with his or her
              creditors.
	10.		VARIATION
              OF RIGHTS
	10.1		All
              or any of the rights for the time being attached to the Options (including the
              Subscription Rights) may from time to time (whether or not the Company is being
              wound up) only be altered or abrogated with the prior sanction of an
              Extraordinary Resolution and shall be effected by an instrument by way of deed
              poll executed by the Company and expressed to be supplemental to this
              Instrument.
	10.2		A
              memorandum of every such supplemental deed as is referred to in clause 10.1
              shall be endorsed on the Option Certificate and notice of such alteration or
              abrogation or modification shall be given by the Company to the Optionholders
              within five Business Days of it occurring.
	11.		CONFIDENTIALITY
	 		The
              Optionholders shall keep confidential information relating to an Exit Event
              unless such information is required to be disclosed by law, by a rule of a
              securities exchange on which its shares are traded or by a governmental
              authority or other authority with relevant powers to which, in each case, the
              Optionholder is subject or submits, provided that such disclosure shall so far
              as is practicable be made after consultation with the Company and after taking
              into account, so far as practicable, the Company's reasonable requirements as
              to its timing, content and manner of making or despatch.
	12.		REPLACEMENT
              OF OPTION CERTIFICATES
	 		If
              an Option Certificate is mutilated, defaced, lost, stolen or destroyed it will
              be replaced by the Company upon payment by the Optionholder of the Company's
              reasonable costs in connection with the issue of the replacement and on such
              terms as to evidence and indemnification as the Company may reasonably require.
              Mutilated or defaced Option Certificates in respect of which replacements are
              being sought must be surrendered before replacements will be
              issued.
	13.		NOTICES
	 		Any
              notice to be given to or by the Optionholders shall be given in accordance with
              the provisions of paragraph 3 of schedule 2.
	14.		INFORMATION
              RIGHTS OF OPTIONHOLDERS
	14.1		The
              Company shall send to each Optionholder a copy of its Annual Report and all
              documents required by law to be annexed to it and copies of each statement,
              notice or circular issued to the members of the Company concurrently with the
              issue of the Annual Report to its members.
	14.2		Optionholders
              shall be entitled to attend and speak at all meetings of the Company's
              shareholders but shall not be entitled to vote in their capacity as
              Optionholders.
	

 
 

    
      23
    

    
 
 
 
    

    
      
        											
	14.3		The
              Company shall procure that each Optionholder (being the Names Trust for the
              Names who shall be sent such number of copies as it shall require) is sent
              copies of quarterly consolidated group accounts comprising a balance sheet, a
              profit and loss account and cash flow at the same time as they are sent to
              shareholders or, following a Listing, quarterly financial statements, if any,
              published in accordance with applicable laws.
	15.		EFFECT
              OF AMENDED INSTRUMENT
	 		This
              Instrument amends, supplements and restates the First Amended Instrument.
              Except as amended and supplemented hereby, the terms of the First Amended
              Instrument continue and remain in full force and effect and are restated herein
              for convenience.
	16.		THIRD
              PARTY RIGHTS
	 		A
              person who is not a party to this Instrument has no right under the Contract
              (Rights of Third Parties) Act 1999 to enforce any term of this Instrument but
              this does not affect any right or remedy of a third party which exists or is
              available apart from that Act (including, without limitation, the rights of the
              Optionholders pursuant to this Instrument).
	17.		GOVERNING
              LAW
	17.1		This
              Instrument and the Options shall be governed by English Law.
	17.2		The
              courts of England shall have exclusive jurisdiction to settle any dispute
              arising from or connected with this Instrument or the Options.
	

 
 

    
      IN WITNESS WHEREOF this Instrument has been executed by the
      Company as a deed and is intended to be and is hereby delivered on the date
      first above written.
    

    
      Executed as a deed by)
    

    
      ASPEN INSURANCE)
 HOLDINGS LIMITED)
    

    

    
      
        											
	/s/
              CHRISTOPHER O'KANE		 		Signature
              of Director
	CHRISTOPHER
              O'KANE		 		Name
              of Director
	/s/
              JULIAN CUSACK		 		Signature
              of Director
	JULIAN
              CUSACK		 		Name
              of Director
	

 
 

    
      24
    

    
 
 
 
    
      SCHEDULE 1
    

    
      Form Of Option Certificate
    

    
      ASPEN INSURANCE HOLDINGS LIMITED
    

    
      (the "Company")
    

    
      (Incorporated in Bermuda with registered number EC32164)
    

    
      OPTION CERTIFICATE
    

    
      Certificate No:  ______________
    

    
      Date of Issue:  ______________
    

    
      Name and Address of
      Optionholder:  __________________________________________________.
    

    
      ______________________________________________________________________________

    

    
      Number of Subscription Rights:
    

    	
		
	

    
      Minimum Number of Subscription Rights Exercisable: 1,000,000, without
      regard to the form of exercise whether in cash or on a Cash-Less basis (or all
      of the remaining Subscription Rights if, following a proposed exercise of
      Subscription Rights, fewer than the stated minimum would be remaining) *
    

    
      THIS IS TO CERTIFY that the Optionholder named above is the
      registered holder of an Option which entitles the holder (inter alia) to
      subscribe for the number of Option Shares in the capital of the Company
      specified above, in accordance with and subject to the provisions of the
      instrument entered into by way of deed poll constituting Options to subscribe
      for certain Non-Voting Ordinary Shares in the capital of the Company dated 21
      June 2002, as amended, supplemented and restated by an amended and restated
      instrument dated 2 December 2003, as further amended, supplemented and restated
      by an amended and restated instrument dated 30th September 2005 (the
      "Instrument") and subject to the Organisational Documents. Terms defined
      in the Instrument have the same meaning when used in this Certificate. The
      Optionholder is entitled to the benefit of, is bound by, and is deemed to have
      knowledge of, all of the provisions of the Instrument. [The Wellington Option
      shall only be transferable to a wholly-owned subsidiary of Wellington save that
      the Company acknowledges that Wellington may grant a charge over the Wellington
      Option and assign the Wellington Option and that it may assign its rights
      arising under this Instrument by way of security provided that, before the
      grant of the charge and security assignments, the chargee shall have executed
      an undertaking in the form of a deed (in terms reasonably satisfactory to the
      Company) for the benefit of the Company and the other parties to the
      Registration Rights Agreement and the Shareholders' Agreement that the chargee
      (or any other person nominated by the chargee as the person to whom the
      Wellington Option, the Options Shares and/or rights under this Instrument are
      to be transferred) shall execute a deed of adherence to the Shareholders'
      Agreement substantially in the form attached thereto and a written agreement to
      be bound by the terms and conditions of the Registration Rights Agreement in
      the form set out in a schedule to the undertaking of the chargee referred to
      above prior to, or at the time, of being registered as the holder of such
      Wellington Option or Option Shares whereupon the chargee (or such person) shall
      be bound by, and have the benefit of the Shareholders' Agreement and the
      Registration Rights Agreement.]
    

    
      The Options represented by the Option Certificate are subject to certain
      transfer restrictions contained in the Instrument. The Options represented by
      the Option Certificate have not been registered under the Securities Act of
      1933, as amended (the "Securities Act"), or any United States state securities
      laws and may not be transferred, sold or otherwise disposed of unless (i)(a) a
      registration statement is in effect
    

    	

    		
	*	Not
          applicable to Names' Option

    
      25
    

    
 
 
 
    
      under the Securities Act with respect to such options or the underlying
      shares once such options are exercised, or (b) an exemption from the
      registration requirements under the Securities Act is available or the
      Securities Act does not apply (and, in such case, an opinion of counsel
      reasonably satisfactory to the Company shall have been delivered to the Company
      to such effect), and (ii) if required by law, the transferee is approved by
      applicable Bermuda regulatory authorities.
    

    
      The Option Shares when issued would also contain a similar restrictive
      legend.
    

    
      Executed as a deed
      by            )

      ASPEN
      INSURANCE                )

      HOLDINGS
      LIMITED            )
                                                              

    

    
      __________________________  Signature of Director
    

    
      __________________________  Name of Director
    

    
      __________________________  Signature of Director/Secretary
    

    
      __________________________  Name of Director/Secretary
    

    
      26
    

    
 
 
 
    
      FIRST SCHEDULE TO THE OPTION CERTIFICATE
Notice of Exercise
    

    		
	To: 	The
          Directors
Aspen Insurance Holdings Limited
 Cannon's Court, 22 Victoria
          Street, Hamilton, HM12, Bermuda

    
      [Date]
    

    
      We hereby exercise Subscription Rights over
                      of
      the Option Shares represented by the enclosed Option Certificate [and enclose a
      bankers draft/confirm other method of payment agreed by the Company] for
      £[     ], being the aggregate Subscription Price
      payable in respect thereof/by way of a Cash-Less Exercise]*.
    

    
      We direct the Company to allot and issue the Option Shares in the
      following numbers to the following allottees:
    

    

    
      
        							
	Number		Allottee
	 		 
	 		 
	

 
 

    
      We request that the share certificate(s) for the Option Shares to be
      issued by the Company following receipt of this Notice be sent by registered
      post to us at the first address shown above, marked for the attention of
      [•], or to the agent lodging the Option Certificate as mentioned below. We
      agree that the Option Shares are issued to us subject to the Organisational
      Documents of the Company and acknowledge that we are required to sign a deed of
      adherence to the Original Shareholders Agreement or the Shareholders Agreement,
      as applicable, and an agreement to be bound by the terms of the Registration
      Rights Agreement prior to the issue of the Option Shares to us, unless we are
      already a party thereto.]*
    

    
      Signed
      by                                                )
[                                ]                                    )
For
      and on behalf of [•]
      Limited)
__________________________Director/Secretary
Lodged by: (agent
      to whom share certificate(s) should be sent)
    

    
      Name of Agent  __________________________
    

    
      Address  __________________________
    

    
      For the attention of  __________________________
    

    	

    		
	*	Delete
          as appropriate for a Cash-Less Exercise

    
      27
    

    
 
 
 
    
      SECOND SCHEDULE TO THE OPTION CERTIFICATE
Form of Transfer
    

    
      [ON HEADED NOTEPAPER OF OPTIONHOLDER]
    

    		
	To: 	The
          Directors

    
      Aspen Insurance Holdings Limited
    

    
      Cannon's Court, 22 Victoria Street, Hamilton, HM12, Bermuda
    

    
      [Date]
    

    
      Dear Sirs
    

    
      Instrument entered into by way of deed poll relating to Options to
      subscribe for certain Non-Voting Ordinary Shares in the capital of Aspen
      Insurance Holdings Limited dated 21 June 2002 as amended, supplemented and
      restated by an amended and restated instrument dated 2 December 2003, as
      further amended, supplemented and restated by an amended and restated
      instrument dated 30th September 2005 (the "Instrument").
    

    
      We hereby give notice that we have today transferred Options to subscribe
      for [        ] Option Shares issued
      pursuant to the Instrument to [Name of transferee] (the
      "Transferee").
    

    
      We enclose our Option Certificate for cancellation by you. Please would
      you issue a new Option Certificate to the Transferee in respect of the Options
      so transferred [and a new
      Option Certificate to us in respect of the balance of the Options retained by
      us].
    

    
      Yours faithfully
    

    
      __________________________
    

    
      for and on behalf of
    

    
      [NAME OF OPTIONHOLDER]
    

    
      28
    

    
 
 
 
    
      SCHEDULE 2
Register, Transfers And Notices
    

    

    
      
        											
	1.		Register
	1.1		The
              Company shall keep the Register together with the statutory books of the
              Company at the Registered Office and shall enter in the Register:
	 		1.1.1		The
              names and addresses of the Optionholders;
	 		1.1.2		the
              number of Subscription Rights held by each Optionholder; and
	 		1.1.3		the
              date on which the name of each Optionholder is entered in the Register in
              respect of the Options registered in his name.
	1.2		Any
              change in the name or address of any Optionholder shall be notified as soon as
              reasonably practicable following such change to the Company, following which
              the Company shall update the Register accordingly. The Optionholders or any of
              them or any person authorised by a Optionholder shall be entitled at all
              reasonable times during office hours upon one Business Days notice to inspect
              the Register and to take copies of or extracts from the Register.
	1.3		The
              Company shall be entitled to treat the person whose name is shown in the
              Register as an Optionholder as the absolute owner of an Option and,
              accordingly, shall not be bound (except as ordered by a court of competent
              jurisdiction or as required by law) to recognise any equitable or other claim
              to, or interest in, such Option on the part of any other person whether or not
              it has express or other notice of such claim or interest.
	1.4		An
              Optionholder may require its total holdings to be designated in the register by
              one or more entries.
	2		Permitted
              Transfers
	2.1		Subject
              to paragraph 2.2 (in the case of a Wellington Business Entity), the Options are
              only transferable by each Optionholder in whole or in part in accordance with
              the Option Certificate.
	2.2		If
              an Optionholder, being a Wellington Business Entity (as defined in the Original
              Shareholders Agreement or the Shareholders Agreement, as applicable), ceases to
              be a wholly-owned subsidiary of Wellington then it shall (immediately prior to
              such cessation) transfer the Options registered in its name to Wellington or
              another wholly owned subsidiary of Wellington.
	2.3		Every
              transfer of an Option shall be made by an instrument of transfer in the form
              set out in the second schedule to the Option Certificate or in any other form
              which may be approved from time to time by the Board.
	2.4		The
              instrument of transfer of an Option shall be signed by or on behalf of the
              transferor but need not be signed by or on behalf of the transferee. The
              transferor shall be deemed to remain the holder of the Option until the name of
              the transferee is entered in the Register in respect of the Option.
	2.5		The
              Board may decline to recognise any instrument of transfer of an Option unless
              such instrument is deposited at the Registered Office accompanied by the Option
              Certificate to which it relates and such other evidence as the Board may
              reasonably require to show the right of the transferor to make the transfer.
              The Board may waive production of any Option Certificate upon production to
              them of satisfactory evidence of the loss or destruction of such instrument
              together with such indemnity as it may reasonably require. Subject to the
              foregoing provisions of this paragraph, the Board may not decline to recognise
              any instrument of transfer and must register the transfer of the Option(s) in
              accordance with this schedule 2.
	

 
 

    
      29
    

    
 
 
 
    

    
      
        											
	2.6		The
              registration of a transfer shall be conclusive evidence of the approval by the
              Board of the transfer.
	3.		Notices
	3.1		Every
              Optionholder shall register with the Company an address and facsimile number to
              which notices can be sent and if any Optionholder fails so to do, notice may be
              given to the Optionholder by sending the same by any of the methods referred to
              in paragraph 3.2 of this schedule to his last known place of business or
              residence or, if none, by exhibiting the same for three Business Days at the
              Registered Office.
	3.2		Notices
              and other communications to Optionholders and/or to the Company shall be in
              writing and shall be delivered personally, sent by pre-paid recorded delivery
              (or by air mail if overseas), by email or by facsimile. In proving service of a
              notice or other communication sent by facsimile it shall be sufficient to prove
              that the sender's facsimile machine received a confirmation of transmission
              report and that the facsimile message was properly addressed.
	3.3		A
              notice or other communication given pursuant to the provisions of paragraph 3.2
              of this schedule shall be deemed to have been served:
	 		3.3.1		at
              the time of delivery (or where such time is outside the normal business hours
              of the recipient, on the opening of the next following Business Day), if
              delivered personally or sent by pre-paid recorded delivery to the registered
              address of the Optionholder or the registered office for the time being of the
              Company, as applicable;
	 		3.3.2		if
              sent by air mail, two Business Days after posting it; or
	 		3.3.3		if
              sent by email on a Business Day between the hours of 9 a.m. and 5 p.m. (local
              time at recipient's address), one hour after transmission, and if sent at any
              other time, at 9 a.m. on the next succeeding Business Day, unless, in either
              case, the sender receives a return message within three hours after
              transmission indicating that the email has not been delivered to the intended
              recipient (including any message that the intended recipient is "out of the
              office" or otherwise unavailable), unless the sender confirms by telephone
              directly with the intended recipient his or her receipt of the
              email.
	 		3.3.4		when
              the sender's facsimile machine receives a confirmation of transmission report
              if delivered by facsimile.
	3.4		All
              notices and other communications with respect to Options registered in the
              names of joint registered holders shall be given to whichever of such persons
              is named first in the Register and any notice so given shall be sufficient
              notice to all the joint registered holders of such Options.
	3.5		Any
              person who, whether by operation of law, transfer or other means whatsoever,
              becomes entitled to any Option shall be bound by every notice properly given to
              the person from 1whom he derives his title to such Option.
	3.6		When
              a given number of days notice is required to be given, the day of service shall
              be included but the day upon which such notice will expire shall not be
              included in calculating the number of days. The signature to any notice to be
              given by the Company may be written or printed.
	

 
 

    
      30
    

    
 
 
 
    
      SCHEDULE 3
Meetings
    

    		
	1. 	Extraordinary
          Resolutions Binding on Optionholders

    
      An Extraordinary Resolution shall be binding upon all the Optionholders,
      whether present or not present at the meeting at which the resolution was
      passed so long as notice of such meeting was given to all of the Optionholders,
      and each of the Optionholders shall be bound to give effect to the
      Extraordinary Resolution. The passing of any Extraordinary Resolution shall be
      conclusive evidence that the circumstances of such resolution justified the
      passing of it. Any such resolution may be contained in one document or in
      several documents in like form each signed by one or more of the Optionholders.

    

    		
	2. 	Calling
          of Meetings

    
      The Company may at any time, and upon a request in writing of
      Optionholders holding Options entitling them to subscribe for not less than 25
      per cent. of the Option Shares convene a meeting of Optionholders (in default
      of which such Optionholders may convene a meeting themselves). Every such
      meeting shall be held at such reasonably convenient and appropriate place in
      the United Kingdom or overseas as the Board may approve (such approval not to
      be unreasonably withheld or delayed).
    

    		
	3. 	Notice
          of Meetings

    
      At least 21 days notice of the meeting shall be given to Optionholders
      provided that if it is so agreed by a majority in number of Optionholders
      having a right to attend and vote at the meeting, a meeting shall be deemed to
      have been duly called notwithstanding that it has been called by less than 21
      days notice. The notice shall specify the date, time and place of the meeting
      and the terms of the resolutions to be proposed. The accidental omission to
      give notice to, or the non-receipt of any such notice by, any of the
      Optionholders shall not invalidate the proceedings at any meeting.
    

    		
	4. 	Chairman

    
      The Optionholders present at any meeting shall choose one of their number
      to be chairman.
    

    		
	5. 	Quorum

    
      At any such meeting two or more persons holding Options and/or being
      proxies and being or representing in the aggregate Optionholder(s) registered
      as the holder(s) of Options entitling them to subscribe for not less than 25
      per cent. of the Option Shares shall form a quorum for the transaction of
      business. No business other than the choosing of a chairman shall be transacted
      at any meeting unless the requisite quorum is present at the commencement of
      the meeting.
    

    		
	6. 	Absence
          of Quorum

    
      If, within half an hour after the time appointed for any meeting, a
      quorum is not present, the meeting shall, if convened upon the requisition of
      Optionholders, be dissolved. In any other case, it shall stand adjourned for
      such period, not being less than seven days nor more than 28 days, and to such
      time and place, as may be appointed by the chairman. At such adjourned meeting
      one or more persons present in person holding Options and/or being proxies
      (whatever the number of Options so held or represented) shall for all purposes
      form a quorum and shall have the power to pass any resolution (including an
      Extraordinary Resolution) and to decide upon all matters which could properly
      have been dealt with at the meeting from which the adjournment took place had a
      quorum been present at such meeting.
    

    		
	7. 	Adjournments

    
      The chairman may with the consent of (and shall if directed by) any
      meeting adjourn the same from time to time and from place to place but no
      business shall be transacted at any adjourned meeting except business which
      might lawfully have been transacted at the meeting from which the adjournment
      took place.
    

    
      31
    

    
 
 
 
    		
	8. 	Notice
          of Adjournments

    
      At least three days notice of any meeting adjourned due to lack of a
      quorum shall be given to Optionholders in the same manner as for an original
      meeting, and such notice shall state the quorum required at such adjourned
      meeting. Subject to that requirement, it shall not be necessary to give any
      notice of an adjourned meeting.
    

    		
	9. 	Resolutions

    
      Every question submitted to a meeting shall be decided on a poll.
    

    		
	10. 	Persons
          Entitled to Speak and Vote

    
      The Company (through its representatives and/or legal and/or financial
      advisers) shall be entitled to attend and speak (but not vote) at any meeting
      of Optionholders. No person may attend or vote at any meeting of Optionholders
      or join with others in requesting the convening of such a meeting unless he is
      a Optionholder or the duly appointed proxy of a Optionholder.
    

    		
	11. 	Votes

    
      At any meeting on a poll every Optionholder who is present in person or
      by proxy shall have one vote in respect of each Option Share in respect of
      which he then holds Subscription Rights.
    

    		
	12. 	Any
          person entitled to more than one vote need not use all his votes or cast all
          the votes to which he is entitled in the same way.

    		
	13. 	Instrument
          Appointing a Proxy

    
      Each instrument appointing a proxy must be in writing signed by a duly
      authorised officer of the Optionholder and shall be in such form as the Board
      may approve. The instrument of proxy shall, unless the contrary is stated in
      it, be valid for the meeting to which it relates and need not be witnessed. A
      person appointed to act as a proxy need not be a Optionholder. The Names Trust
      may appoint more than one proxy, each representing a specified number of
      Options.
    

    		
	14. 	Deposit
          of Instrument Appointing a Proxy

    
      The instrument appointing a proxy and the power of attorney or other
      authority (if any) under which it is signed or a notarially certified or office
      copy of the power or authority shall be deposited at such place or places as
      the Company (or the Optionholders in default of the Company convening the
      meeting) may in the notice of meeting direct (or if no such place is specified
      then at the Company's registered office) not less than 48 hours before the time
      appointed for holding the meeting or adjourned meeting or the taking of a poll
      at which the person named in that instrument proposes to vote. The instrument
      of proxy is invalid if not deposited in accordance with this paragraph. A vote
      given in accordance with the terms of an instrument appointing a proxy is valid
      notwithstanding the previous revocation of the instrument of proxy or of the
      authority under which the instrument of proxy is given or transfer of the
      Options in respect of which it is given unless previous notice in writing of
      that revocation or transfer has been received at the Company's registered
      office no later than the Business Day prior to the relevant meeting. No
      instrument to appoint a proxy is valid after the expiration of 12 months from
      the date stated in it as the date of its execution.
    

    		
	15. 	Powers
          of Meetings of Optionholders

    
      A meeting of Optionholders shall (without prejudice to any powers
      conferred on any other person by this Instrument) have the following powers
      exercisable by Extraordinary Resolution:
    

    		
	15.1 	power
          to sanction any compromise or arrangement proposed to be made between the
          Company and the Optionholders or any of them;

    		
	15.2 	power
          to sanction any proposal by the Company for the modification, abrogation,
          variation or compromise of, or arrangement in respect of, the rights of the
          Optionholders against the Company whether such rights shall arise under this
          Instrument or otherwise;

    		
	15.3 	power
          to sanction any proposal by the Company for the exchange or substitution for
          the Options of, or the conversion of the Options into, shares, stock, bonds,
          debentures, debenture stock or other obligations or securities of the Company,
          or any other body corporate formed or to be formed;

    
      32
    

    
 
 
 
    		
	15.4 	power
          to assent to any modification of the provisions contained in this Instrument
          which shall be proposed by the Company;

    		
	15.5 	power
          to authorise any person to concur in and execute all such documents and do all
          such acts and things as may be necessary to carry out and give effect to any
          Extraordinary Resolution;

    		
	15.6 	power
          to discharge or exonerate any person from any liability in respect of any act
          or omission for which such person may have become responsible under this
          Instrument;

    		
	15.7 	power
          to give any authority, direction or sanction which under the provisions of this
          Instrument is required to be given by Extraordinary Resolution; and

    		
	15.8 	power
          to appoint any person (whether a Optionholder or not) as an agent or to a
          committee or committees to represent the interests of the Optionholders and to
          confer upon such agent or committee any powers or discretions which the
          Optionholders could themselves exercise by Extraordinary Resolution.

    		
	16. 	Extraordinary
          Resolutions Binding on Optionholders

    
      An Extraordinary Resolution shall be binding upon all the Optionholders,
      whether present or not present at the meeting at which the resolution was
      passed, and each of the Optionholders shall be bound to give effect to the
      Extraordinary Resolution. The passing of any Extraordinary Resolution shall be
      conclusive evidence that the circumstances of such resolution justified the
      passing of it.
    

    		
	17. 	Written
          Resolution

    
      A resolution in writing signed by Optionholders in respect of Options
      entitling them to subscribe for not less than 75 per cent. of the Option Shares
      who are for the time being entitled to receive notice of meetings in accordance
      with the provisions of this Instrument shall for all purposes be as valid and
      effective as an Extraordinary Resolution passed at a meeting duly convened and
      held in accordance with the provisions of this schedule. Any such resolution
      may be contained in one document or in several documents in like form each
      signed by one or more of the Optionholders.
    

    		
	18. 	Minutes
          of Meetings

    
      Minutes of all resolutions and proceedings at every meeting of the
      Optionholders shall be made and duly entered in books provided for that purpose
      from time to time by the Company. Minutes signed by the chairman of the meeting
      at which such resolutions were passed or proceedings transacted or by the
      chairman of the next succeeding meeting of the Optionholders, shall be
      conclusive evidence of the matters contained in those minutes. Until the
      contrary is proved, every meeting in respect of the proceedings of which
      minutes have been made and signed in this way shall be deemed to have been duly
      convened and held and all resolutions passed or proceedings transacted at the
      meeting to have been duly passed and transacted.
    

    
      33
    

    
 
 
 
    
      SCHEDULE 4
Extraordinary Resolution
    

    
      WRITTEN RESOLUTION OF THE
    

    
      OPTIONHOLDERS OF
    

    
      ASPEN INSURANCE HOLDINGS LIMITED
    

    
      (the "Company")
    

    
      In accordance with the terms of the Instrument Constituting an Option to
      Subscribe for Shares in the Company dated 21 June 2002 as amended by an Amended
      and Restated Instrument constituting Options to Subscribe for Shares in Aspen
      Insurance Holdings Limited dated 2 December 2003 (the "First
      Amended Instrument") we, the undersigned, being all of the
      Optionholders (as defined therein) HEREBY RESOLVE as follows:
    

    
      THAT the amendments to the First Amended Instrument set out in the
      Amended and Restated Instrument Constituting Options to Subscribe for Shares in
      Aspen Insurance Holdings Limited attached hereto (the "Instrument") be
      and hereby are approved.
    

    
      THAT for the purposes of Clause 10 of the First Amended Instrument
      this written resolution of the Optionholders shall constitute the prior
      sanction of an Extraordinary Resolution.
    

    
      Capitalised terms used in this resolution and not otherwise defined
      herein shall have the meanings ascribed to them in the Instrument.
    

    
      This resolution may be executed by the parties listed below in several
      counterparts (whether original or facsimile counterparts) and upon the
      execution of all such counterparts by one or more parties, each such
      counterpart shall be deemed to be an original thereof.
    

    
      This resolution is dated 30th September 2005.
    

    
          
    

    	
		
	

    
      On behalf of Wellington Underwriting plc
    

    
          
    

    	
		
	

    
      On behalf of Appleby Trust (Bermuda) Limited
    

    
      34

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00091-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00091-of-00352.parquet"}]]