Document:

Discretionary Investment Management Agreement, dated January 28, 2008

 Exhibit 10.36 
 IMAGINE SYNDICATE MANAGEMENT LIMITED 
 -and- 

 CREDIT AGRICOLE ASSET MANAGEMENT (UK) LIMITED 
  
  
 DISCRETIONARY INVESTMENT 
 MANAGEMENT AGREEMENT 

 (PROFESSIONAL CLIENT) 
  
  

 THIS AGREEMENT is made on 28 January 2008 (the “agreement”). 
 BETWEEN 
  

	(1)	CREDIT AGRICOLE ASSET MANAGEMENT (UK) LIMITED a company incorporated in England whose registered office is at 41 Lothbury, London, EC2R 7HF
(“CAAM”); and 

  

	(2)	 IMAGINE SYNDICATE MANAGEMENT LIMITED a company incorporated in England whose registered office is at 70 Gracechurch Street, 4th Floor, London, EC3V OXL (the “Client”)

 WHEREAS: 
  

	(A)	The Client wishes to appoint CAAM to act as the discretionary investment manager of the cash, securities and other assets contained in the Premiums Trust Funds referred
to in Schedule 1 which are the property of syndicates of which the Client is the managing agent (the “Premiums Trust Funds”) and CAAM has agreed to accept such appointment on the terms and subject to the conditions set out
herein. 

  

	(B)	CAAM provides services as an investment manager and is authorised and regulated by the Financial Services Authority (“FSA”) 

 

	1.	STATUS OF CLIENT 

 The
Client will be treated as a Professional Client as defined in the FSA’s Handbook of Rules and Guidance (the “FSA Rules”). 
  

	2.	APPOINTMENT OF INVESTMENT MANAGER 

  

	2.1	The Client hereby appoints CAAM as discretionary investment manager of the cash, securities and other assets within the Premiums Trust Funds and such other cash,
securities and other assets (together “investments”) as may be placed subject to the authority of CAAM for such purposes from time to time (the “Portfolio”). 

  

	2.2	In managing the Portfolio hereunder, CAAM will exercise due care and diligence and will perform its duties and exercise its powers and discretions hereunder in a manner
which may reasonably be expected of a professional investment manager. 

  

	3.	THE PORTFOLIO 

  

	3.1	The Portfolio will initially comprise the investments identified in Schedule 1 which the Client has placed or will forthwith place with CAAM. These investments
may be further sub-allocated to funds as specified by the Client (each a “Fund”). A general description of the nature and risks of the investments that may be held in the Portfolio is included at Schedule 3.

  

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	3.2	The Client may add to the Portfolio by notifying CAAM of the investments it proposes to add and the date on which it is proposed they should be added. CAAM shall
confirm receipt of such notice to the Client and the investments concerned shall be treated as added to the Portfolio on the date on which the Custodian confirms to CAAM it has received them and is authorised to accept CAAM’s instructions in
respect of them. 

  

	3.3	The Client may at any time and from time to time notify CAAM that the Client wishes to withdraw any cash, securities or other assets from the Portfolio, subject always
to fulfilling existing trading commitments. 

  

	3.4	Any income arising from the investments in the Portfolio shall be retained in, and shall form part of, the Portfolio unless otherwise notified by the Client.

  

	4.	INVESTMENT OBJECTIVES, RESTRICTIONS AND GUIDELINES 

  

	4.1	The investment objectives, restrictions and guidelines are set out at Schedule 2, as may be amended by agreement between CAAM and the Client from time to time
(the “Investment Objectives”). 

  

	4.2	The Client may from time to time by reasonable notice in writing impose additional restrictions on the composition and balance of the Portfolio.

  

	4.3	Upon receipt of such notification CAAM shall as soon as is reasonably practicable invest, realise or reinvest all or any part of the Portfolio in order to comply with
such restrictions, but subject always to fulfilling existing trading commitments of the Client. While such restrictions are in force CAAM shall continue to comply with them. 

  

	4.4	Except for any restrictions agreed between the parties or notified in accordance with clause 4.1 and/or 4.2 there are no restrictions on the types of investments,
within the Admissible Assets universe, in which the Client wishes to invest; on the value of any one investment or the proportion of the Portfolio which any one investment or any particular kind of investment may constitute; or on CAAM’s power
to commit the Client to obligations to underwrite or sub-underwrite any issue or offer for sale of securities. 

  

	5.	SERVICES 

  

	5.1	CAAM may manage, invest, realise and reinvest all or any part of the Portfolio and may exercise all rights conferred by investments without prior reference to the
Client and at its complete discretion, and may otherwise act at its discretion in relation to the Portfolio, in accordance with and subject to the Investment Objectives, Restrictions and Guidelines as specified in Schedule 2 and (subject as
stated above) take any such actions as may appear to CAAM necessary or desirable for or incidental to such services. 

  

	5.2	CAAM shall exercise (or procure the exercise of) all voting rights exercisable in relation or attaching to securities in the Portfolio at its complete discretion, and
may exercise or procure the exercise of all other powers and discretions (including, without limitation, rights of redemption and conversion) conferred on the registered holder or the beneficial owner of any securities in the Portfolio as freely as
the Client itself could do, subject always to the Client’s specific instructions (if any). 

  

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	5.3	CAAM shall act as agent for the Client and shall be entitled to deal through such brokers and with such counterparties and on such terms of trading as (in each case) it
thinks fit. CAAM may, for credit and transaction settlement purposes, choose whether and when to disclose to any broker or counterparty that it is acting as agent and the name and address of its principal, the Client, or other relevant information
regarding the funds managed on its behalf. 

  

	5.4	CAAM will seek to achieve the objectives specified in the Investment Objectives using all information available to it other than information which is obtained by it or
any of its Associates in a capacity which imposes a duty (whether contractual, fiduciary or otherwise) not to disclose or use it for any other reason. 

  

	5.5	In effecting transactions for the Portfolio and subject to any express restrictions in Schedule 2, CAAM may deal over-the-counter or on such markets or exchanges
as it thinks fit. The Client agrees that all transactions may be effected and cleared in accordance with the rules, regulations and customs of the relevant market, exchange or clearing house, and that CAAM may take all such steps as may be required
or permitted by such rules, regulations and customs. CAAM may effect transactions in investments the prices of which may be the subject of stabilisation. 

  

	5.6	CAAM may delegate the performance of any of its services or obligations to any third party (including an Associate) as it may consider appropriate and on such terms as
it thinks fit and may delegate the exercise of all or any of its powers, discretions and duties under this agreement to any other person including this power to delegate, provided that no agent may be appointed to manage any part of the Portfolio on
a discretionary basis, and no delegate who is not an Associate of CAAM may be appointed to perform any of CAAM’s services or obligations, without the Client’s prior written consent. CAAM shall act in good faith and with due diligence in
its choice and use of such delegates. CAAM remains responsible under the terms of this agreement notwithstanding any such delegation. The term “Associate” means in relation to CAAM any entity controlled, directly or indirectly by CAAM, any
entity that controls CAAM, directly or indirectly, or any entity directly or indirectly under common control with CAAM. For this purpose, “control” means ownership of a majority of the voting power of an entity. 

 

	5.7	Save to the extent permitted in the Schedules to this agreement, CAAM will not commit the Client, or enter into any commitment which may require the Client, to
supplement the funds in the Portfolio/s (including by borrowing on the Client’s behalf) without the Client’s express consent. If the Schedules contemplate that CAAM may so commit the Client, CAAM shall be entitled and authorised to enter
into any such commitment on the Client’s behalf subject to the restrictions and limitations (if any) stated in the Schedules. If CAAM enters into any such commitment pursuant to the Schedules, or otherwise with the Client’s consent, the
Client agrees that it shall or shall procure that the relevant Custodian shall promptly supplement the Portfolio (whether by using available funds or by borrowing under bank facilities or otherwise) and settle the obligations entered into on the
Client’s behalf. 

  

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	5.8	Without limiting its discretionary authority under this agreement, CAAM may be requested by the Client to give general or specific advice to the Client either in
respect of investment strategy for the Portfolio or otherwise. If CAAM agrees to give any such advice, it will be so given subject to any additional terms, conditions or limitations agreed between the parties. Any such advice will be given by CAAM
in good faith, but without any responsibility whatsoever on the part of CAAM if the Client elects not to act in accordance with any advice given or if economic, market or other circumstances change after the advice is given or if any advice is given
wholly or partly on the basis of inaccurate, misleading or incomplete information provided by the Client. 

  

	6.	CUSTODY, SETTLEMENT AND CASH 

  

	6.1	The investments held in the Portfolio (including any uninvested cash) shall be held by custodians appointed by the Client (the “Custodian”) which
expression shall include any custodian which holds all or any investments comprised in the Portfolio during the currency of this agreement. Certain details of the first Custodian are specified in Schedule 4. The Custodian will be responsible
for such investments, including their registration and the retention of any documents of title, for settling and clearing transactions effected by CAAM and for collecting and crediting all increments, income, redemption monies and accruals to the
Portfolio. CAAM shall not be responsible for the Custodian or for the settlement of transactions or safe custody matters and shall not be liable for any act or omission of the Custodian but shall exercise reasonable care and diligence in giving
instructions to the Custodian on the Client’s behalf. The Client shall give CAAM not less than 28 days’ prior notice in writing of any proposed change of Custodian and shall include in that notice the details required by Schedule 4
in respect of the proposed Custodian. 

  

	6.2	Any agreement with a Custodian shall be on terms reasonably acceptable to CAAM. In particular, any agreement with a Custodian relating to custody of the investments
comprised in the Portfolio shall include provisions: 

  

	 	(a)	authorising the Custodian to open bank accounts in the name of the Client on CAAM’s instructions and to act on the instructions of CAAM in respect of payments to
and from such accounts, deliveries, receipts, voting and other rights attached to investments contained in the Portfolio and any other matters connected with the Portfolio, provided that cash and securities may not be transferred to accounts other
than in the name of the client; and 

  

	 	(b)	instructing the Custodian to provide CAAM with such periodic statements concerning the status of the Portfolio, as CAAM may request from time to time and promptly to
notify CAAM of all corporate actions and other events affecting the investments in the Portfolio of which the Custodian has received notice by passing or copying such notices to CAAM 

  

	6.3	If requested by the giving of reasonable notice, the Client shall promptly arrange for the execution or production of any documents necessary to carry out transactions
effected in accordance with this agreement and the Client shall notify CAAM in the event of an anticipated delay in complying with such request. 

  

	6.4	The Client’s investments may be held in the name of the Custodian or its nominee. 

  

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	6.5	CAAM acknowledges that the trustees of the Premiums Trust Funds and the Custodian may be subject to or required to comply with orders or directions made by the Society
of Lloyd’s (“Lloyd’s”) in respect of the Portfolio or any part thereof and that the Custodian may be required to act, or omit to act, following receipt of any such direction or order. CAAM acknowledges that any instruction
given to the Custodian from time to time shall be subject to any such order or direction by Lloyd’s in force for the time being. 

  

	6.6	The Client’s managed syndicates’ money will be held in the name of the trustees of the Premiums Trust Funds by the Custodian. Accordingly, CAAM does not
expect to receive any such monies. In the unlikely event that CAAM does receive such monies, they will be forwarded to the Custodian. 

  

	7.	TERMS APPLICABLE TO DEALING 

  

	7.1	CAAM may, without prior reference to the Client, effect transactions with or for the Client in respect of which CAAM or an Associate of CAAM has directly or indirectly
a material interest or where circumstances are such that a potential conflict of interest or duty in relation to the Client may exist which may involve a conflict with CAAM’s duty to the Client. CAAM’s liability to the Client for all
matters delegated to an Associate of CAAM shall not be affected thereby, but neither CAAM nor any Associate shall be liable to account to the Client for any profit, commission or remuneration made, or received from, or by reason of such transactions
or any connected transactions. For example, such potential conflicting interests or duties may arise because: 

  

	 	(i)	CAAM and/or its Associates may be interested in a company or investment in which the Client is also interested; 

  

	 	(ii)	CAAM and/or any of its Associates may deal with or for the Client when it is also dealing as agent for other customers, or the relevant Associate is also dealing as
principal or as agent for other customers; 

  

	 	(iii)	CAAM may deal on the Client’s behalf in securities issued by an Associate or by another customer of CAAM or of an Associate; 

  

	 	(iv)	CAAM may deal on the Client’s behalf in relation to an investment in respect of which CAAM or an Associate may benefit from a commission, fee, mark-up or mark-down
payable otherwise than by the Client; 

  

	 	(v)	CAAM may deal in shares, units or other securities issued by collective investment schemes of which CAAM or any of its Associates are adviser, trustee or depositary;
and/or 

  

	 	(vi)	CAAM may deal in the securities of a company for which an Associate has underwritten, managed or arranged an issue within the period of 12 months before the date of the
transaction. 

  

	7.2	Except to the extent required by the agreement, CAAM shall not specifically disclose any such material interest to the Client and may retain any remuneration earned in
that connection. Nevertheless, CAAM operates a policy of independence under which its employees are required to disregard any material interest or conflict of interest when advising, or dealing for, the client. 

  

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	7.3	CAAM will ensure fair treatment for the Client in relation to the material interests and conflicts of interest referred to above by relying on a policy of independence
(under which officers and employees of CAAM are required to disregard the interests of CAAM and its Associates when making decisions or giving advice relating to investments comprised in the Portfolio) and by the maintenance of effective internal
arrangements known as “Chinese walls” between CAAM and certain of its Associates. 

  

	7.4	Subject to the FSA Rules, CAAM may aggregate orders for the Client with those of other Clients where it believes that it is unlikely that it will work to the
Client’s disadvantage even though it may do in relation to a specific transaction. 

  

	7.5	CAAM maintains a best execution policy in accordance with the FSA Rules. A summary of this policy is included at Schedule 8. In signing this agreement the Client agrees
to CAAM’s best execution policy and specifically that CAAM may effect transactions outside a regulated market or multilateral trading facility. The Client also agrees to CAAM providing certain information on its execution policy via email or
fax. 

  

	7.6	Subject as stated in this clause 7, CAAM will comply with all applicable laws and regulations concerning the disclosure of CAAM’s remuneration and with all
relevant terms of the agreement. 

  

	7.7	Neither the relationship between the parties nor any of the services provided by CAAM under the agreement will give rise to any fiduciary or equitable duties on the
part of CAAM which would oblige CAAM to accept responsibilities more extensive than those set out herein or which would prevent or hinder CAAM or any Associate from doing any of the things referred to in clause 7.1. 

  

	8.	LIABILITY AND INDEMNITY 

  

	8.1	No claim shall be made against CAAM or any Associate acting as delegate in accordance with clause 5.6 or any of their respective officers or employees or agents
(together with CAAM called “Indemnified Persons” and each an Indemnified Person) to recover any damages, losses, costs or expenses which the Client may suffer or incur by reason of, or arising out of, the carrying out by CAAM or on
its behalf of its obligations and services under this agreement unless such damage, loss, cost, or expense is caused by the negligence, wilful default or fraud of the Indemnified Person concerned, or by a breach of this agreement or of the Financial
Services and Markets Act 2000 or the regulatory system (as defined in the FSA Rules) by the Indemnified Person concerned. 

  

	8.2	CAAM accepts no liability (whether in negligence or otherwise) for any default or non-performance by the Client or the Custodian or any counterparties or brokers,
provided that CAAM has not acted negligently or in bad faith in selecting or using the services of any such broker or counterparty. If any broker or counterparty selected by CAAM should fail to deliver any necessary documents or fail to account for
any transaction or investments, CAAM shall (with the Client’s prior written approval) take such steps on the Client’s behalf as appear to CAAM to be reasonable to recover such documents or investments, or any sums due, or compensation in
lieu thereof, but (subject to any liability under clause 8.1 and this clause) shall not be liable for such failure if such steps are taken. All reasonable costs and expenses properly incurred by CAAM shall be charged to the Portfolio.

  

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	8.3	The Client shall at all times keep each of the Indemnified Persons fully and effectively indemnified (on an after tax basis) against any claims which may be made
against them by third parties and any liabilities, charges, demands, proceedings, costs, or expenses whatsoever which any of them may suffer pay or incur as a result of, or in connection with, CAAM’s services under this agreement, except to the
extent that the same is caused by the negligence, wilful default or fraud of the Indemnified Person concerned or by a breach of this agreement or of the Financial Services and Markets Act 2000 or the regulatory system (as defined in the FSA Rules)
by the Indemnified Person concerned. 

  

	8.4	CAAM shall inform the Client, as soon as reasonably practicable, of any third party claim arising as a result of the performance of its obligations hereunder and may,
at the Client’s request, refer the conduct of such claim to the Client provided that such a referral does not invalidate any policy of insurance maintained by CAAM and only to the extent that such claim relates solely to the Client and not to
any other Client of CAAM. 

  

	8.5	No warranty is given by CAAM as to the performance or profitability of the Portfolio or any part of it. CAAM is not liable in respect of any failure of the Portfolio to
meet any targeted returns stated in Schedule 2 or otherwise. 

  

	9.	REPRESENTATIONS 

  

	9.1	The Client represents, warrants and undertakes to CAAM that: 

  

	 	(a)	it has power to enter into this agreement and to enter into the transactions this agreement contemplates, and that this agreement has been duly authorised, executed and
delivered by the Client and constitutes its valid and binding obligation, enforceable against the Client (including these to be entered into by CAAM as its agent) and neither the Client’s entry into this agreement nor the exercise by CAAM of
its discretions or powers under this agreement will violate, or result in any default under, any contract or other agreement or instrument to which the Client is a party, or any statute or rule, regulation or order of any government agency or body
applicable to the Client; 

  

	 	(b)	it has obtained all requisite consents and approvals to its entry into this agreement; 

  

	 	(c)	it shall not deal, except through CAAM, with any of the investments in the Portfolio or authorise anyone else so to deal; 

  

	 	(d)	any information which it has provided to CAAM in relation to its status including, in particular, its residence and domicile for taxation purposes, is complete and
correct in all material respects and the Client agrees to provide any further information properly required by any competent authority; 

  

	 	(e)	it shall notify CAAM forthwith if there is any material change in any information referred to in paragraph (d); and 

  

	 	(f)	the Portfolio is and shall during the continuance of this agreement remain beneficially owned by the Client free from all liens, charges, options, encumbrances and
third party rights whatsoever, other than any such encumbrances and rights which are referred to in Schedule 1 or which are validly created or conferred by CAAM on behalf of the Client in accordance with this agreement.

  

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	9.2	CAAM represents, warrants and undertakes to the Client that it has power to enter into this agreement and to enter into the transactions this agreement contemplates,
and that this agreement has been duly authorised, executed and delivered by CAAM and constitutes its valid and binding obligation, enforceable against CAAM and neither CAAM’s entry into this agreement nor the exercise by CAAM of its discretions
or powers under this agreement will violate, or result in any default under, any contract or other agreement or instrument to which CAAM is a party, or a statute or rule, regulation or order of any government, agency or body applicable to CAAM.

  

	10.	FORCE MAJEURE AND SUSPENSION OF SERVICES 

 In the event of any failure, interruption or delay in performance of CAAM’s obligations under this agreement resulting from acts, events or circumstances not reasonably within CAAM’s control,
including, but not limited to, industrial disputes, acts or regulations of any government or supranational bodies or authorities or securities exchanges or the breakdown, failure or malfunction of any telecommunications or computer service, CAAM
shall not be liable, or have any responsibility of any kind, for any loss or damage thereby incurred or suffered by the Client. CAAM shall, however, take such steps (if any) as are reasonable in the circumstances to avoid or minimise loss suffered,
or which would otherwise have been suffered, by the Client. 
  

	11.	CLIENT INFORMATION 

  

	11.1	CAAM will send to the Client the confirmations and reports referred to in Schedule 5. 

  

	11.2	The basis of the valuation and any measure of performance to be included in periodic statements shall be as set out in Schedule 5. 

  

	12.	FEES, EXPENSES AND RIGHTS OF SET-OFF 

  

	12.1	CAAM’s compensation for services shall be calculated and paid in accordance with Schedule 6. Any change to the fee structure in the future will be the
subject of consultation between CAAM and the Client before being formally notified to the Client in writing in accordance with the provisions of clause 14. It will be subject to not less than 30 days notice. 

  

	12.2	The Client shall be responsible for the prompt payment or reimbursement to CAAM of any commissions, transfer fees, registration fees, taxes and similar liabilities and
costs relating to investments comprised in the Portfolio or transactions effected by CAAM under this agreement. 

  

	12.3	Interest shall be payable on late payment of fees from (and including) the thirtieth day following the invoice date at a rate of LIBOR plus 1% per annum.

  

	13.	TERMINATION 

  

	13.1	Subject to clause 13.5, this agreement may be terminated at any time by the Client by 30 days’ written notice to CAAM, and by CAAM by 90 days’ written notice
to the Client. 

  

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	13.2	The termination of this agreement shall not in any way affect any accrued rights or liabilities intended to survive termination or any of the indemnities contained in
this agreement, or any transaction initiated prior to such termination. CAAM shall complete expeditiously all transactions in progress at termination, but CAAM shall be under no obligation to recommend any further action with regard to the
Portfolio. 

  

	13.3	The Client undertakes to co-operate fully in the completion of any transactions in progress at termination and not to withdraw the Custodian’s authorisation to act
on CAAM’s instructions in respect of such transactions. 

  

	13.4	Termination shall be without penalty or other additional payment save that the Client shall pay any additional expenses necessarily incurred by CAAM by reason of the
termination of this agreement and shall bear any losses necessarily realised in settling or concluding outstanding obligations. 

  

	13.5	If the Client or CAAM (the “Defaulting Party”) commits a material breach of the terms of this agreement and does not remedy the breach within seven
days of receipt of written notice of the other party specifying the breach, becomes insolvent or the subject of any winding up resolution or of any winding up order, or if any liquidator, receiver or administrator is appointed or the Client or CAAM
otherwise becomes the subject of any equivalent procedures under any similar law, the other party may terminate this agreement by written notice to the Defaulting Party effective immediately upon receipt. 

  

	14.	NOTICES AND INSTRUCTIONS 

  

	14.1	Instructions and other communications shall be given by the Client verbally (by telephone or in person), in writing, by letter, fax (followed up by letter), e-mail or
other electronic means to CAAM at its address as stated at the head of this agreement or at such other address, e-mail address, telephone or fax number as may be notified by CAAM to the Client for the purposes of this agreement. Such notice shall be
effective upon receipt of the verbal instruction, letter, fax, e-mail or other electronic communication by CAAM. 

  

	14.2	CAAM shall be entitled to rely on the instructions of any person who is, or appears to CAAM to be, a person authorised by the Client to act as the Client’s agent
for the purposes of any communication in accordance with Schedule 7 (the “Authorised Signatory List”) as amended from time to time by the Client. CAAM shall not be liable for any actions taken or omitted to be taken in good
faith and without negligence pursuant to any communication (or any communication purporting to be such or believed to be such by CAAM) received from the Client. 

  

	14.3	CAAM may communicate with the Client verbally (by telephone or in person) or in writing, by letter, fax (followed up by letter), e-mail or other electronic means,
except when it is required to communicate by letter under this agreement. CAAM shall communicate with the Client at the address stated at the head of this agreement or such other address, e-mail address or telephone or fax number as may be notified
by the Client to CAAM for the purposes of this agreement. Such notice shall be effective upon receipt of the verbal communication, letter, fax, email or other electronic communication by the Client. 

  

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	14.4	The Client understands and accepts that e-mail and other electronic means of communication may be an insecure and not wholly reliable method of communication and agrees
that, notwithstanding anything to the contrary in this agreement, CAAM will not be liable to the Client due to circumstances beyond its reasonable control for any loss, cost or damage incurred by the Client as a result of communication by e-mail or
other electronic means which is intercepted, delayed, corrupted, not received or received by a person or persons other than the intended addressee/s. However, where a CAAM employee thinks this has happened s/he will try to confirm the communication
with the Client. 

  

	14.5	Where the Client gives any instruction or communication to the Custodian in respect of the Portfolio it shall either copy the instruction or the communication to CAAM
at the same time, or shall procure that the Custodian promptly does so. 

  

	14.6	CAAM shall not be obliged to follow any instructions given by the Client which CAAM believes on reasonable grounds are or may be unlawful and shall notify the Client
accordingly. 

  

	15.	TAXATION 

  

	15.1	The Client and its professional tax advisers, and not CAAM, shall be responsible for the management of the Client’s affairs for tax purposes. Accordingly, CAAM
will not take into account the Client’s personal tax position when making investment decisions. 

  

	15.2	CAAM may, if obliged to do so under any applicable regulation deduct or withhold all forms of tax (whether in the UK or elsewhere whenever imposed) from any payment. In
accounting for tax or making deductions or withholdings of tax, CAAM or the Custodian may estimate the amounts concerned. Any excess of such estimated amounts over the final confirmed liability shall be credited to the Portfolio or sent to the
Client as soon as practical thereafter. The Client hereby undertakes to pay to CAAM any shortfalls arising in respect of any payments for tax made by CAAM on the Client’s behalf and this undertaking shall be deemed to be a continuing obligation
of the Client notwithstanding termination of this agreement. 

  

	16.	COMPLAINTS AND COMPENSATION 

  

	16.1	CAAM maintains procedures in accordance with the FSA’s Rules for the effective consideration and handling of client complaints. All formal complaints should in the
first instance be made in writing to CAAM’s Compliance Officer in accordance with clause 14. Complaints will be considered promptly by the Compliance Officer in conjunction with a Director of CAAM who is not personally involved in the subject
matter of the complaint. The Client has no right to complain to the Financial Ombudsman Service since it is a professional client. 

  

	16.2	The Client is not entitled to compensation from the Financial Services Compensation Scheme in the event that CAAM cannot meet its obligations. Further information is
available from CAAM’s Compliance Officer. 

  

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	17.	MONEY LAUNDERING 

  

	17.1	The Client acknowledges that, in order to comply with legal and regulatory requirements, CAAM may require evidence of the identity of the Client and/or its regulatory
status. If the Client does not provide CAAM with satisfactory documentation, CAAM may not be able to continue to deal with the Client. 

  

	17.2	The Client represents that the funds entrusted for management are of legal source and do not originate from an illegal activity according to the legislation to which
the Client is subject. The Client further represents that it is fully aware of the specific restrictive measures directed against certain persons and entities with a view to combating terrorism, in particular pertaining to United Nations
Resolutions, the Council Regulation (EC) No 2580/2004 of 27 December 2001, the related European decisions and the Council Regulation (EC) No 881/2002 of 27 May 2002 and warrants on an ongoing basis that to the best of its knowledge no
investment will be made under this Agreement on behalf of those persons and entities. 

  

	17.3	The Client accepts, agrees and acknowledges that CAAM is subject, and strictly adheres, to all applicable anti-money laundering laws. Thus CAAM may, in appropriate
circumstances, delay acting on the Client’s instructions effecting payments/ transactions and/ or otherwise and in such instances CAAM bears no liability whatsoever for any losses suffered and/ or incurred by the Client or otherwise.

  

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	18.	GENERAL PROVISIONS 

  

	18.1	Telephone conversations between CAAM and the Client may be recorded. 

  

	18.2	CAAM may amend this agreement by sending the Client a written notice describing the relevant changes in order to alter any provision which is contrary to or
inconsistent with law or the FSA Rules and/or to add any provision which is required by law or the FSA Rules. Such changes will become effective on receipt by the Client. The Client may unilaterally amend the Authorised Signatory List by notice
signed by two signatories from the Authorised Signatory List, such amendment to take effect upon receipt by CAAM. Any other amendment to this agreement shall be made by written agreement between the parties. 

  

	18.3	No assignment of this agreement may be made by either party without the written consent of the other party. 

  

	18.4	This agreement, including its Schedules (as amended from time to time) constitutes the entire agreement of the parties with respect to the management of the Portfolio.
Neither of the parties has entered into this agreement in reliance upon any representation, warranty or undertaking (whether written or oral) which is not set out or referred to in this agreement. 

  

	18.5	All references to this agreement mean the agreement as it is varied from time to time and include the Schedules (as so varied). 

  

	18.6	Save as otherwise agreed between them in writing, the parties to this agreement will at all times keep confidential its terms and all information acquired in
consequence of it, except for information which they may be entitled or bound to disclose under compulsion of law, where requested by regulatory bodies or governmental agencies, or to their professional advisers where reasonably necessary for the
performance of their professional services. CAAM may also disclose such information to an Associate in the ordinary course of business, who will be obligated to respect the confidentiality of such information. This obligation shall survive
termination of this agreement. 

  

	18.7	This agreement shall become effective on its date or such later date as the parties may agree in writing. 

  

	18.8	The illegality, invalidity or unenforceability of any provision of this agreement under the law of any jurisdiction shall not affect its legality, validity or
enforceability under the law of any other jurisdiction nor the legality, validity or enforceability of any other provision. Nothing in this agreement shall exclude or restrict any duty or liability to the Customer which CAAM has under the Financial
Services and Markets Act 2000 or the regulatory system. 

  

	18.9	In this agreement, the singular shall include the plural and vice versa and the headings shall not affect interpretation. 

  

	18.10	This agreement may be executed in counterparts, but shall not be effective until each party has signed at least one counterpart. Each counterpart shall be deemed to be
an original, but all of them when taken together shall constitute one and the same instrument. 

  

 - 12 - 

	18.11	Unless the context otherwise requires, words and expressions defined in the FSA Rules shall have the same meaning in this agreement. 

  

	18.12	Any of the Indemnified Persons (as defined in clause 8.1) shall be entitled to enforce rights under this agreement which are expressed to be for their benefit. Except
to that extent, no third party shall have any rights to enforce any provision of this agreement by virtue of the Contracts (Rights of Third Parties) Act 1999 or otherwise. 

  

	19.	LAW AND JURISDICTION 

 This agreement shall be construed in accordance with and governed by English law and the English courts are to have exclusive jurisdiction to settle any disputes or claims which may arise out of or in connection with this agreement for
which purpose all parties agree to submit to the jurisdiction of the English courts. 
 IN WITNESS WHEREOF this agreement has been signed
by CAAM and the Client. 
  

									
					
	SIGNED by	 	 /s/ Lance Gibbins
	 		 	Name:	 	 Lance Gibbins

	for and on behalf of:	 		 		 	
	IMAGINE SYNDICATE MANAGEMENT LIMITED	 		 	Date:	 	21st January 2008
					
	SIGNED by	 	 /s/ Bruno Crastes
	 		 	Name:	 	Bruno Crastes
	for and on behalf of:	 		 		 	
	CREDIT AGRICOLE ASSET MANAGEMENT (UK) LIMITED	 		 	Date:	 	28th January 2008

  

 - 13 -Discretionary Investment Management Agreement, dated June 5, 2009

 Exhibit 10.37 
 MAX AT LLOYD’S LTD 
 AND 
 DEUTSCHE ASSET MANAGEMENT (UK) LIMITED 
  
  
 DISCRETIONARY
INVESTMENT MANAGEMENT 
 AGREEMENT 
  
  

 CONTENTS 
  

			
	 Clause
	  	Page
	 1. DEFINITIONS
	  	2
	 2. APPOINTMENT OF THE INVESTMENT MANAGER
	  	4
	 3. THE PORTFOLIO
	  	4
	 4. REPRESENTATIONS BY THE INVESTMENT MANAGER
	  	4
	 5. REPRESENTATIONS BY CLIENT
	  	4
	 6. DISCRETIONARY AUTHORITY AND INVESTMENT GUIDELINES
	  	5
	 7. OUTSOURCING, DELEGATION, USE OF AGENTS AND ASSIGNMENT
	  	6
	 8. DEALING AND BEST EXECUTION
	  	6
	 9. DERIVATIVES
	  	8
	 10. UNINVESTED CASH
	  	8
	 11. SECURITIES LENDING BORROWING AND OVERDRAFTS
	  	8
	 12. VALUATIONS, CONFIRMATIONS AND PERIODIC STATEMENTS
	  	9
	 13. SAFEKEEPING, SETTLEMENT AND COLLECTION
	  	9
	 14. TAXATION
	  	9
	 15. REPORTING
	  	9
	 16. RECORDS
	  	9
	 17. FEES AND CHARGES
	  	10
	 18. CONFIDENTIALITY
	  	10
	 19. LIABILITY AND INSURANCE
	  	11
	 20. COMPLAINTS
	  	11
	 21. TERMINATION
	  	12
	 22. CLIENT AUTHORISED SIGNATORIES
	  	12
	 23. INSTRUCTIONS, COMMUNICATIONS AND NOTICES
	  	12
	 24. CLASSIFICATION
	  	14
	 25. AMENDMENTS
	  	14
	 26. ENTIRE AGREEMENT
	  	14
	 27. VAT
	  	14
	 28. CONTRACT RIGHTS
	  	15
	 29. CHEQUE PAYMENTS
	  	15
	 30. GOVERNING LAW
	  	15
	 APPENDIX I
	  	16
	 APPENDIX II
	  	18
	 APPENDIX III
	  	19
	 APPENDIX IV
	  	20
	 APPENDIX V
	  	21
	 APPENDIX VI
	  	22
	 Schedule 1
	  	23

 THIS AGREEMENT is made on 5th June 2009 between:- 
  

	(1)	 MAX AT LLOYD’S LTD, a company incorporated in England and Wales whose registered offices is at 4th Floor 70 Gracechurch Street London EC3VOXL (the
“Client”); and 

  

	(2)	DEUTSCHE ASSET MANAGEMENT (UK) LIMITED, a company incorporated in England and Wales whose registered office is at One Appold Street, London, EC2A 2UU, England
(the “Investment Manager”). 

 WHEREAS: 
  

	A.	The Client is the Lloyd’s Managing Agent appointed by the underwriting members of Lloyd’s Syndicate 1400 whose assets include the assets within the Portfolio.

  

	B.	The Client wishes to appoint the Investment Manager to manage the Portfolio. 

  

	C.	The Investment Manager agrees to manage the Client’s Portfolio subject to the terms and conditions set out in this Agreement. 

 IT IS AGREED:- 
  

	1.	DEFINITIONS 

 In this
Agreement: 
  

			
	Authorised Signatories	  	means those persons of the Client identified in Appendix II;
		
	Client Limit Order	  	means a specific instruction from the Client to the Investment Manager to buy or sell a financial instrument at a specified price limit or better and for a specified
size;
		
	Client Money Rules	  	means the rules set out in the Client Assets Sourcebook of the FSA Rules;
		
	Contingent Liability Investments	  	means a Derivatives transaction where a client may be liable to make further payments;
		
	Contract for Differences	  	means a contract relating to fluctuations in an index, price or other criterion;
		
	Custodian	  	means the person (if any) named as the custodian charged with providing custody services for the Portfolio;
		
	Derivative	  	Means any transaction which is a rate swap transaction, swap option, basis swap, forward rate transaction, commodity swap, commodity option, equity or equity index swap, equity
or equity Index option, bond option, interest rate option, foreign exchange transaction, cap transaction, floor transaction, collar transaction, currency swap transaction, cross-currency rate swap transaction, currency option, credit protection
transaction, credit swap, credit default swap, credit default option, total return swap, credit spread transaction, repurchase transaction, reverse repurchase transaction, buy/sell-back transaction, securities lending transaction, weather index
transaction or forward purchase or sale of a security, commodity or other financial instrument or interest (including any option with respect to any of these transactions) or which is a type of transaction that is similar to any transaction referred
to here that is currently or in the future becomes recurrently entered into in the financial markets and which is a forward, swap, future, option or other derivative on one or more rates, currencies, commodities, equity securities or other equity
instruments, debt securities or other debt instruments, economic indices of measures of economic risk or value, or other benchmarks against which payments or deliveries are to be made, or any combination of any of the above, or any other transaction
identified as a derivative;

  

 2 

			
	FSA	  	means the Financial Services Authority set up pursuant to the FSMA to regulate the financial services industry in the United Kingdom as amended, supplemented or replaced from
lime to time:
		
	FSA Rules	  	means the rules established by the FSA as amended, supplemented or replaced from time to time;
		
	FSMA	  	means the Financial Services and Markets Act 2000;
		
	Future	  	means rights under a contract for the sale of a commodity or any other property under which delivery is to be made at a future date at a price agreed upon when the contract is
made;
		
	Group Companies	  	means a member of a group of companies controlled by Deutsche Bank AG;
		
	Initial Composition and Initial Value	  	means respectively, the composition and value of the assets (collectively and individually) comprising the Portfolio at the time when the Investment Manager first assumes
management of the Portfolio;
		
	Investment Guidelines	  	means the guidelines and constraints relating to the investment of the Portfolio, as attached at Schedule 1 and further referred to in Appendix III;
		
	Investment Objectives	  	means the investment objectives relating to the investment of the Portfolio as outlined in Appendix III;
		
	MiFID	  	means the Markets in Financial Instruments Directive;
		
	Multilateral Trading Facility (MTF)	  	means a multilateral system set up in accordance with MiFID, which brings together multiple buying and selling interests in financial instruments in accordance with
non-discretionary rules in a way that results in a contract;
		
	Option	  	means an option to acquire or dispose of investments, currencies or commodities:
		
	Portfolio	  	means the assets identified in paragraph 3 of Appendix I, together with any other assets entrusted by the Client to the management of the Investment Manager and held by the
Custodian;
		
	Regulated Market	  	means a multilateral system which brings together or facilitates the bringing together of multiple buying and selling interests in financial instruments in accordance with
non-discretionary rules in a way that results in a contract in respect to the financial instruments admitted to trading under its rules and/or systems and which is authorised and functions regularly in accordance with the requirements of
MiFID;
		
	Reports	  	means any contract notes, periodic valuations and any other information on the Portfolio;
		
	Soft Commission Agreements	  	means an agreement between the Investment Manager or a Group Company and a broker or counterparty under which the Investment Manger or Group Company receives certain goods and/or
services as a result of the placing of business on behalf of customers;
		
	Specified Address	  	means the address of the relevant party as set out in paragraph 4 of Appendix I, or such other address as that party may from time to time specify by notice given in accordance
with Clause 25.3;
		
	U.K. Anti-Money Laundering Laws	  	means any applicable anti-money laundering laws in the United Kingdom including, without limitation, the Proceeds of Crime Act 2003, the Terrorism Act 2000, the Money Laundering
Regulations 2003 and the anti-money laundering rules of the FSA;

  

 3 

	2.	APPOINTMENT OF THE INVESTMENT MANAGER 

  

	2.1	The Client hereby appoints the Investment Manager as discretionary investment manager of the Client’s Portfolio. 

  

	2.2	This Agreement will come into effect upon its execution by the parties or on the commencement date set out in paragraph 2 of Appendix I, whichever occurs later.

  

	3.	THE PORTFOLIO 

  

	3.1	The Client has established arrangements for the safekeeping of Portfolio cash, securities and other assets (and its documents of title) with Citibank (the
“Custodian”). 

  

	3.2	The Client has placed or will forthwith place the Portfolio with the Custodian. 

  

	3.3	The Custodian is a qualified custodian as defined in Section 206(4)-2 of the U.S. Investment Advisers Act of 1940, as amended (the “Advisers Act”).

  

	4.	REPRESENTATIONS BY THE INVESTMENT MANAGER 

 The Investment Manager represents, warrants and undertakes to the Client that: 
  

	 	(i)	it is authorised and regulated by the FSA, whose address is 25, The North Colonnade, Canary Wharf, London E14 5HS; 

  

	 	(ii)	it is a Group Company; and 

  

	 	(iii)	it takes investment decisions solely with reference to the interests of its clients and without regard to the interests of other Group Companies or their clients.
Strict segregation of function is observed between the management and personnel of the Investment Manager and those of Group Companies engaged in other non-asset management or custodial activities. The Investment Manager does not have access to
price-sensitive information derived from the activities of other Group Companies until it is published. 

  

	5.	REPRESENTATIONS BY CLIENT 

 The Client represents, warrants and undertakes to the Investment Manager on a continuing basis that:- 
  

	 	(i)	it has the authority to enter into this Agreement, and that it has taken all steps necessary to appoint the Investment Manager to perform the services envisaged in this
Agreement and the transactions contemplated by this Agreement, as permitted from time to time by the Client in the Investment Guidelines or within the Client’s authority (“Transactions”) are duty authorised by the Client pursuant to
the Client’s policies, board resolution(s), trust agreement(s) or enabling legislation, or other supporting documents satisfactory to the Investment Manager and any Transaction counterparty, and are in the Client’s opinion, suitable
investments for the Client. When the Client enters into Transactions with one or more futures commission merchants or other transaction counterparties, such Transactions will be the legal, valid and binding obligations of the Client and are
consistent with and permissible for the Client and/or the Portfolio; 

  

	 	(ii)	it is duly authorised and empowered to perform its duties and obligations hereunder and that the terms of this Agreement do not constitute a breach of any obligations
by which the Client is bound whether arising by contract, operation of law or otherwise; 

  

	 	(iii)	the assets comprising the Portfolio are and will remain free of all liens, charges and other encumbrances, and that the Client is absolutely entitled to pass ownership
of Portfolio assets with full title guarantee as if it was beneficially entitled thereto; 

  

	 	(iv)	as a condition of the provision of services by the Investment Manager hereunder, it will produce to the Investment Manager such documents as the Investment Manager may
require, including but not limited to the Trust Deed relating to the Portfolio, as evidence of the Client’s authority to enter into this Agreement, and will forthwith advise the Investment Manager of any variation of or supplements to such
documents; 

  

 4 

	 	(v)	it will notify the Investment Manager promptly if there is any material change in any of the above information or to its circumstances generally, and will provide such
other relevant information as the Investment Manager may from time to time reasonably require in order to fulfil its legal, regulatory and contractual obligations. The Client acknowledges that a failure to provide such information may adversely
affect the quality of the services that the Investment Manager may provide; 

  

	 	(vi)	the Client acknowledges that the Investment Manager is required to comply with all U.K. Anti-Money Laundering Laws. The Client warrants that (i) the Portfolio has
not been, or shall not be, derived from, or related to, any activities that are deemed criminal under English law and (ii) the Portfolio shall not cause the Investment Manager or any of its Group Companies to be in violation of any of the U.K.
Anti-Money Laundering Laws or the anti-money laundering laws, rules or regulations of any other applicable jurisdiction; 

  

	 	(vii)	it will not deal, except through the Investment Manager, with any of the assets of the Portfolio and will not authorise anyone else to deal in any of the assets of the
Portfolio; 

  

	 	(viii)	it will ensure the Custodian is obliged to comply with any instructions of the Investment Manager given in accordance with this Agreement; 

  

	 	(ix)	it will ensure that the objectives and guidelines in the Agreement do not contravene any regulations, rules, policies or guidelines applicable to the Client, and that
it will immediately inform the Investment Manager in case of any such contravention occurring after the date hereof. It is the sole responsibility of the Client to ensure that no such contravention will occur, and the Investment Manager will accept
no liability whatsoever in connection therewith; 

  

	 	(x)	any information which it has provided to the Investment Manager in relation to its status, residence and domicile for taxation purposes is complete and correct, and
agrees to provide any further information properly required by any competent authority 

  

	 	(xi)	the Client is a Qualified Institutional Buyer (“QIB”), as such term is defined in Rule 144A(a)(1)(i) of the Securities Act of 1933, as amended. The Client
shall promptly notify the Investment Manager in writing if the Client ceases to be a QIB and further agrees to provide such evidence of its status as a QIB as the Investment Manager may reasonably request from time to 

  

	6.	DISCRETIONARY AUTHORITY AND INVESTMENT GUIDELINES 

  

	6.1	Subject to the Investment Guidelines during the period of this Agreement, the Client hereby delegates full discretionary authority to the Investment Manager to manage
the Portfolio as agent for the Client, with a view to achieving the Investment Objectives and without prior reference to the Client (subject to Clauses 11.3, 21.4 and 21.5) to:- 

  

	 	(i)	take all routine or day to day decisions in respect of the Portfolio; 

  

	 	(ii)	make all investment decisions in respect of the Portfolio; 

  

	 	(iii)	subscribe for, purchase, sell, exchange, convert investments or otherwise effect transactions in Portfolio assets, and to sign any documentation required in connection
with such transactions and negotiate and execute counterparty and account opening documentation; 

  

	 	(iv)	place orders for the execution of Portfolio transactions on any market, with or through such brokers, dealers, agents, market makers or issuers as the Investment
Manager may select, including, without limitation, its affiliates, domestic or foreign, subject to terms of business agreed with the Investment Manager or implied by market practice; and 

  

	 	(v)	issue instructions to the Custodian in connection with (i) the receipt, delivery or retention of Portfolio assets (including, without limitation, cash) and
(ii) in the exercise of all powers and discretions conferred on the owner of such assets; 

  

 5 

	6.2	The Investment Guidelines will not be breached as a result of any events or circumstances outside the reasonable control of the Investment Manager including, but not
limited to, changes in the price or value of assets of the Portfolio brought about solely through movements in the market. In the event that the Portfolio, or any investment of the Portfolio, exceeds or otherwise fails to comply with the Investment
Guidelines as a result of changes in market conditions, the Investment Manager shall take such corrective action, in its sole discretion, as it deems advisable. 

  

	6.3	Notwithstanding the provisions of Clause 6.1, the Client shall be entitled to give instructions directly to the Custodian for withdrawals from the Portfolio and to
notify the Investment Manager in advance of this amount, subject to sufficient cash being available for any such withdrawals. In the event that cash is not available the Investment Manager shall liquidate such Portfolio assets as are necessary as
soon as reasonably practicable. 

  

	6.4	The Investment Guidelines may be amended at any time either by written agreement between the Investment Manager and the Client or by the Client on written notice to the
Investment Manager. Any such amendment proposed by the Client will take effect on the later of the date specified in the notice, or ten business days after receipt of the notice by the Investment Manager, unless the Investment Manager in the
meantime gives notice to the contrary or requests an extension of time. 

  

	6.5	Advice may be given by the Investment Manager to the Client in such manner as may be agreed with the Client or additionally as the Investment Manager thinks fit.

  

	6.6	The Client agrees that the Investment Manager is not responsible for exercising any voting rights relating to any of the securities or assets in the Portfolio. The
Client further agrees that it will provide for any action to be taken in connection with the exercise of voting rights. The Client agrees that the Investment Manager will not provide any legal advice or act for the Client in any class action
proceedings involving securities or assets of the Portfolio or issuers of such securities or assets. 

  

	7.	OUTSOURCING, DELEGATION, USE OF AGENTS AND ASSIGNMENT 

  

	7.1	The Investment Manager shall be entitled to outsource or sub-delegate, where necessary, the performance of any of its functions (including any of its critical
operational functions or investment services) under this Agreement to other Group Companies or other third parties and may provide information about the Client and the Portfolio to any such Group Companies or third parties. The Investment
Manager’s liability to the Client for matters so outsourced or delegated shall not be affected thereby. 

  

	7.2	The Investment Manager may also, where reasonable, employ agents (including Group Companies) to perform any administrative, dealing or ancillary services required to
enable the Investment Manager to perform its services under this Agreement and may provide information about the Client and the Portfolio to any such persons. 

  

	7.3	The Client may not assign any of its rights and obligations under this Agreement without the prior written approval of the Investment Manager. 

 

	7.4	Subject to giving not less than 30 days prior written notice to the Client, the Investment Manager may transfer or assign its rights and obligations under this
Agreement, whether in whole or in part, to any of its Group Companies. 

  

	8.	DEALING AND BEST EXECUTION 

  

	8.1	 The Investment Manager will secure best execution of all Portfolio transactions and may deal on such markets or exchanges and with such counterparties
as it thinks fit. In securing best execution, it is the Investment Manager’s policy to consider various factors including the size and type of the transaction, the nature and character of the markets involved, commission rates offered by
available brokers and brokers’ execution experience, integrity and financial responsibility. Summary details of the Investment Manager’s best execution policy are attached as Appendix VI of this Agreement. The Client agrees that all
transactions will be effected in accordance with the rules and regulations of the relevant market or

  

 6 

	 	 
exchange, and that the Investment Manager may take all such steps as may be required or permitted by such rules and regulations and/or by good market practice. The Client expressly agrees that
the Investment Manager may trade outside of a Regulated Market or MTF. 

  

	8.2	The Client instructs the Investment Manager not to make public Client Limit Orders in respect of shares admitted to trading on a regulated market which are not
immediately executed under prevailing market conditions. 

  

	8.3	If any counterparty fails to deliver any necessary documents or to complete any transaction, the Investment Manager will take all reasonable steps on behalf of the
Client to rectify such failure or assist the Client in obtaining compensation in lieu thereof. All resulting reasonable costs and expenses property incurred by the Investment Manager are required to be paid by the Client. 

 

	8.4	The Investment Manager may, on behalf of the Client, enter into transactions with other clients of the Investment Manager provided such transactions are in accordance
with its best execution policy. 

  

	8.5	The Investment Manager may aggregate transactions for the Portfolio with those of other clients and of its employees and of Group Companies and their employees. The
Investment Manager will allocate such transactions on a fair and reasonable basis in accordance with applicable regulations. The Client recognises that each individual aggregated transaction may operate to the advantage or disadvantage of the
Client. When a Portfolio transaction has been aggregated in accordance with this Clause 8.6, the Client agrees that the relevant investment must be allocated to the Portfolio within three business days of the transaction. 

 

	8.6	The Client acknowledges that Group Companies are involved in many different commercial activities and the Investment Manager acts for a wide range of clients, some of
which may have similar objectives to those of the Client. At times, these activities may cause departments of the Group Companies to give advice to clients that may cause these clients to take actions adverse to the interests of the Client. Any
Group Company’s managing directors, directors, officers and employees (“Personnel”) may serve as directors of companies the securities of which the Portfolio may purchase, sell, or hold. The Group Companies and Personnel may give
advice, and take action, with respect to any of the Group Company’s clients or proprietary accounts that may differ from the advice given, or may involve a different timing or nature of action taken, than with respect to any one or all of the
Investment Manager’s advisory accounts, and effect transactions for such clients of proprietary accounts at prices or rates that may be more or less favourable than for the Portfolio. 

 Except where the Client has stated otherwise in Part B of Appendix III and subject always to the obligations regarding best execution, the
Investment Manager shall have discretion to effect, without prior reference to the Client, transactions in which the Investment Manager or a Group Company has directly or indirectly a material interest or a relationship of any description with
another party which may involve a potential conflict with the Investment Manager’s duty to the Client. Nothing in this Agreement shall prevent the Investment Manager or a Group Company entering transactions with or for the Client, including
programme trades, acting as both market-maker and broker, principal or agent, dealing with other Group Companies and other clients, and generally effecting transactions as provided above, to which the Client consents accordingly. Neither the
Investment Manager nor any Group Company shall be liable to account to the Client for any profit, commission or remuneration made or received from or by reason of such transactions or any connected transactions. A statement giving examples of actual
or potential material interests and conflicts which may arise will be made available by the Investment Manager to the Client on its request. 
 The Investment Manager maintains and operates effective organisational and administrative arrangements, with a view to taking all reasonable steps to prevent conflicts of interest from adversely affecting
the interests of our clients Further information about how we identify and manage potential conflicts of interests can be found in the summary of the Deutsche Bank Group’s global conflicts of interest policy
(http://db.com/en/content/policy conflicts of interest.htm) or is available from the Investment Manager upon request. 
  

 7 

	8.7	The Investment Manager confirms that it will notify the Client of any conflict of interest to which it is subject in relation to the Portfolio in accordance with any
applicable requirements of the FSA. 

  

	8.8	The Client hereby authorizes the Investment Manager to effect agency transactions and agency cross-transactions through affiliated broker-dealers and the Client
acknowledges that the Investment Manager, in effecting or executing agency cross transactions, will have potentially conflicting divisions of loyalties and responsibilities regarding the parties to the transactions. The Client represents and
warrants that the Client agrees that any entity or person associated with the Investment Manager that is a member of a US national securities exchange is authorized to effect any transaction on such exchange for the Portfolio that is permitted by
Section 11 (a) of the Exchange Act and Rule 11a2-2(T) thereunder, and the Client consents to the retention of compensation for such transactions. 

  

	8.9	The Client hereby approves the purchase of securities in a public offering or a Rule 144A offering where an affiliate of the Investment Manager is a member or a manager
of the syndicate and/or the trustee of the underlying assets of the security. 

  

	8.10	The Investment Manager may act as adviser or manager to long term insurers and the operators of collective investment schemes in which the Portfolio may invest. The
Client acknowledges that it understands the nature of the Investment Manager’s dual role. 

  

	8.11	The Investment Manager will normally act as the agent of the Client, who will therefore be bound by its actions under this Agreement. Nevertheless, none of the services
to be provided hereunder nor any other matter shall give rise to any fiduciary or equitable duties which would prevent or hinder the Investment Manager, or any Group Company, in transactions with or for the Client, including programme trades, acting
as both market-maker and broker, principal or agent, dealing with other Group Company and other customers, and generally effecting transactions as provided above, to which the Client consents accordingly. 

  

	9.	DERIVATIVES 

  

	9.1	The Investment Manager may not effect transactions in Derivatives. 

  

	10.	UNINVESTED CASH 

  

	10.1	Except where the Client makes its own banking arrangements, the Investment Manager, or where relevant, the Custodian, will arrange for: 

  

	 	(a)	accounts to be opened in the name and on behalf of the Client and the Investment Manager or where relevant, the Custodian, may give instructions to the relevant bank
regarding such accounts; or 

  

	 	(b)	cash balances to be held in accounts opened in accordance with the Client Money Rules. 

  

	11.	SECURITIES LENDING, BORROWING AND OVERDRAFTS 

  

	11.1	The Investment Manager may, where separately agreed in writing with the Client, make arrangements to: 

  

	 	(a)	lend to a third party, investments or documents of title or certificates evidencing title to investments comprising the Portfolio or part of it;

  

	 	(b)	borrow on the Client’s behalf against the security of such investments or other property in circumstances where the Investment Manager considers this to be in the
best interests of the Portfolio; and 

  

	 	(c)	deposit such investments with a third party by way of collateral. 

  

 8 

	11.2	Any income or fees received (net of charges and expenses) in relation to such loans will be added to the Portfolio. 

  

	11.3	The Investment Manager may not, without the written consent of the Client, commit the Client to supplement the assets of the Portfolio by borrowing on the Client’s
behalf or by committing the Client to a contract which may require the Client to supplement such assets. 

  

	11.4	The Investment Manager may direct the Custodian to retain a lien or security interest over any assets of the Portfolio to the extent that any costs, losses or claims
detailed in this Agreement (or any other agreement), for which the Client is obliged to indemnify the Investment Manager, remain unpaid. 

  

	12.	VALUATIONS, CONFIRMATIONS AND PERIODIC STATEMENTS 

  

	12.1	A valuation showing the Initial Composition and Initial Value is attached (or will be supplied as soon as reasonably practicable) and constitutes (or will then
constitute) part of the Agreement. The basis of all valuations will be as stated in the first valuation unless otherwise notified. 

  

	12.2	The Investment Manager agrees to provide to the Client written confirmation of transactions to the extent required by the Client, and in accordance with, the FSA Rules.

  

	12.3	The Investment Manager agrees to provide periodic statements to the Client setting out the value and composition of the Portfolio to the extent required by the Client,
and in accordance with, the FSA Rules. 

  

	13.	SAFEKEEPING, SETTLEMENT AND COLLECTION 

  

	13.1	The parties agree that the Custodian, pursuant to separate contractual arrangements, will be solely responsible for the safekeeping of Portfolio assets (and their
documents of title) on behalf of the Client, and will attend to the settlement of all Portfolio transactions and to the collection of income receivable in respect of the Portfolio. The Client acknowledges that the Investment Manager will not hold
Portfolio securities (or their documents of title) on behalf of the Client. 

  

	13.2	To the extent that the Custodian selected by the Client uses an affiliate of the Investment Manager as a local sub-custodian, the Client hereby consents to any
transaction effected as a service with such local sub-custodian necessary to invest and hold assets in such local market on the same terms and conditions as other similarly situated clients of such Custodian. The Client hereby approves the use of
deposit accounts of Deutsche Bank AG or an affiliate. 

  

	14.	TAXATION 

 The Investment
Manager’s services do not include the provision of advice on matters of taxation and, unless otherwise agreed in writing, the Investment Manager shall not be required to have regard to such matters in providing services under this Agreement.
The Client and any professional tax adviser of the Client remain responsible for the management of the Portfolio’s affairs for tax purposes. 
  

	15.	REPORTING 

  

	15.1	The Investment Manager will provide the Client with reports in respect of the Portfolio as provided in Appendix IV. 

  

	15.2	Where the Investment Manager or any Group Company is entitled to receive commission or other remuneration from any party other than the Client relating to an investment
transaction effected for the Portfolio, it will not be obliged to advise the Client of that fact prior to effecting the transaction; details of any such remuneration will be included on the relevant contract note. 

  

	16.	RECORDS 

 The Investment
Manager will maintain records of all transactions effected for the Portfolio. 
  

 9 

	17.	FEES AND CHARGES 

  

	17.1	The Investment Manager’s remuneration for its services under this Agreement will be as set out in Appendix V. The Investment Manager is also entitled to the
reimbursement of those reasonable costs and expenses which are incurred by the Investment Manager on behalf of the Client and agreed by the Client in advance. 

  

	17.2	The Client will be liable for any costs properly incurred under this Agreement, including reasonable commissions, transfer and registration fees and for taxes and other
similar transaction costs and transaction-related fees and expenses, custody or sub-custody fees and other fiscal liabilities. 

  

	17.3	All fees payable by the Client under this Agreement shall be exclusive of any value added tax. 

  

	18.	CONFIDENTIALITY 

  

	18.1	Neither the Investment Manager, the Custodian nor any Group Company is obliged to disclose to the Client or to take into consideration information either:

  

	 	(i)	the disclosure of which by it to the Client would or might be a breach of duty or confidence to any other person; or 

  

	 	(ii)	which comes to the notice of an employee, officer or agent of the Investment Manager, the Custodian or of a Group Company, but properly does not come to the actual
notice of an individual managing the Portfolio. 

  

	18.2	The Investment Manager will respect and protect the confidentiality of all information concerning the Portfolio and will not, without the Client’s prior consent,
disclose any such information to a third party (other than a Group Company) except: (i) in connection with its performance under this Agreement (which may include, without limitation, disclosure of the names of the Client to any broker, dealer
or market maker (including, without limitation, futures commission merchants) and consultants); or (ii) as required, requested or permitted by law, competent authority or court of competent jurisdiction; or (iii) if such information is
already in, or comes into, the Investment Manager’s possession as a result of activities unrelated to, or from sources other than, the Client; or (iv) if such information is or becomes available to the public or industry sources other than
as a result of disclosure by the Investment Manager; or (v) on the Client’s default either under this Agreement or under any other agreement which the Investment Manager has entered into on the Client’s behalf pursuant to this
Agreement, whereupon the Investment Manager may disclose to a third party the Client’s names, addresses and such other information either as the Investment Manager deems necessary or as any counterparty reasonably requires.

  

	18.3	The Investment Manager may collect, use and disclose personal data about the Client, or individuals associated with the Client, so that the Investment Manager can carry
out its obligations to the Client and for other related purposes, including monitoring and analysis of their business, crime prevention, legal and regulatory compliance by the Investment Manager or other Group Companies of other services. The
Investment Manager may also transfer such personal data to any country, including countries outside the European Economic Area, for any purpose set out above. The Client hereby consents to the processing and use of its data by the Investment Manager
pursuant to this clause 19.3. 

  

	18.4	The Client hereby authorizes the Investment Manager to share information about the Client and the Client’s account (“Client Account Data”) with
affiliates of the Investment Manager (collectively with the Manager, “DeAM”) from time to time for the purpose of: (i) supervising and supporting the management of DeAM’s business relationship with the Client and /or
(ii) allowing DeAM Management (or its duly authorized designees) to provide general support to all of DeAM’s clients globally. The Client is aware that as a result of such access to Client Account data, an Investment Manager affiliate may
be forced under its local law to disclose available Client information to local governmental authorities, agencies or courts. 

  

	18.5	The Client will keep confidential at all times information acquired in the context of the implementation of this Agreement. This information includes, without
limitation, information regarding investments made by the Investment Manager in connection with the Portfolio. This does not apply to disclosure required where the client is bound to disclose under compulsion of law or where requested by any court
or regulatory agencies, or to its professional advisers where reasonably necessary. 

  

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	19.	LIABILITY AND INSURANCE 

  

	19.1	In performing its obligations under this Agreement, the Investment Manager will act with reasonable skill and care. Except as provided in Clause 19.2:

  

	 	(i)	the Investment Manager will not be responsible for any act, omission or default of any broker, dealer, market maker, deposit-taker or other agent selected by the
Investment Manager, provided that the Investment Manager has not acted negligently in selecting or utilising the services of such broker, dealer, market maker, deposit-taker or other agent; and 

  

	 	(ii)	the Investment Manager shall have no liability to the Client except in the event of the breach of contract, negligence, wilful default or fraud of its employees.

  

	19.2	The Investment Manager accepts responsibility for loss to the Client for which its agents are legally liable where such agents are Group Companies, to the extent that
such loss is due to the agent’s breach of contract, negligence, wilful default or fraud. 

  

	19.3	Insurance cover is maintained for the Investment Manager in respect of professional negligence, employees’ fidelity and all-risk cover in respect of securities.

  

	19.4	The Client shall indemnify the Investment Manager against all losses and claims which may be incurred by it or made against it either (i) as a result of any third
party claiming to be entitled to investments which form part of the Portfolio at the time when the Investment Manager first assumes management of the Portfolio; or (ii) by any third party in connection with the Investment Manager’s
services under this Agreement, together with all reasonable costs and expenses (including, but not limited to, legal counsel fees and expenses) properly incurred by the Investment Manager in connection with such claims or losses, except to the
extent that any claim or loss is due to the negligence, wilful default or fraud of the Investment Manager’s employees. The Investment Manager shall inform the Client of any such claims or losses in respect of which an indemnity is sought under
this Agreement. 

  

	19.5	A statement describing clients’ rights to compensation in the event of the Investment Manager’s inability to meet any of its liabilities is available on
request. 

  

	19.6	The Investment Manager shall not in any event have any liability to the Client to the extent that performance of its obligations under or pursuant to this Agreement is
delayed, prevented or impeded, and any such delay, failure or impediment will not constitute a breach of this Agreement, if such delay failure, impediment is due to any cause whatsoever outside the investment Manager’s reasonable control.
Events outside the Investment Manager’s reasonable control shall include without limitation: Government action, including, without limitation, expropriation, nationalisation, and the imposition of currency restrictions: acts of war, terrorism,
insurrection or revolution; acts of God; breakdown or failure of transmission or communications or computer facilities; postal or other strikes or industrial action, the failure or disruption of any stock exchange, clearing house, settlements system
or market, any change to law, order or regulation of a governmental, supranational or regulatory body. 

  

	19.7	No warranty or undertaking is given by the Investment Manager as to the performance or profitability of the Portfolio or any part of it nor that the Investment
Objectives will be successfully achieved. 

  

	19.8	Nothing in this Agreement shall exclude any liability of the Investment Manager arising under FSMA, any rules and regulations made under it, or the FSA Rules.

  

	20.	COMPLAINTS 

 The
Investment Manager maintains procedures in accordance with the FSA Rules for the effective consideration and handling of customer complaints. Complaints will be considered promptly by the Compliance Department of the Investment Manager who is not
personally involved in the subject matter of the complaint. 
  

 11 

	21.	TERMINATION 

  

	21.1	This Agreement may be terminated by the Client on thirty days’ written notice to the Investment Manager, or by the Investment Manager on not less than ninety
days’ prior written notice to the Client or by the Investment Manager at any time by written notice if so required by any competent regulatory authority. 

  

	21.2	Termination will be without prejudice to the completion of transactions already initiated which will be completed expeditiously by the Investment Manager to the extent
that matters are within its control. 

  

	21.3	Termination will not affect accrued rights, indemnities, existing commitments or any contractual provision intended to survive termination and will be without penalty
or other additional payment unless otherwise specified in this Agreement. The Client will pay (i) the fees of the Investment Manager pro rata to the date of termination and (ii) any additional expenses necessarily incurred by the
Investment Manager in terminating the Agreement and will bear any tosses necessarily realised in settling or concluding outstanding obligations. 

  

	21.4	On notice of termination, the Investment Manager will, unless directed otherwise by the Client, continue to manage the Portfolio until the termination date, and is
authorised in any event, without prior notice to the Client, to arrange for the retention and/or realisation of such assets as may be required to settle transactions entered into prior to the actual date of termination, and to pay any outstanding
liabilities of the Client. 

  

	21.5	Following notice of termination of this Agreement, the Client will promptly give the Investment Manager all necessary instructions concerning the liquidation or
transfer of the assets comprising the Portfolio, and (subject to Clauses 21.2, 21.3, 21.4 and 23.4) the Investment Manager will act in accordance with such instructions. 

  

	21.6	Either party may terminate the Agreement without notice if the other party is pronounced bankrupt, if a moratorium is declared in respect of the other party or over the
other party’s assets, if a receiver, and administrator or liquidator of the other party shall be appointed, if the other party shall make any composition or arrangement with its creditors, if required by any regulatory, judicial or governmental
authority or if the other party shall commit a material breach of any of the provisions of this Agreement and shall fail to remedy such breach within 14 days of receiving written notice from the first party specifying the breach.

  

	22.	CLIENT AUTHORISED SIGNATORIES 

  

	22.1	The Authorised Signatories are authorised, on the Client’s behalf, to issue instructions, acknowledgements and notices to the Investment Manager and to agree to
amendments to this Agreement in accordance with Clause 25.1. 

  

	22.2	Amendments to the current list of the Authorised Signatories may be made at any time, on written notice, signed by the relevant number of Authorised Signatories as
detailed in Appendix II. 

  

	22.3	The Investment Manager shall be entitled to act, in accordance with Clause 23 on instructions given by Authorised Signatories as identified in Appendix II or as
subsequently amended pursuant to Clause 22.2. The Investment Manager shall incur no liability for any action taken on Such instructions, in the absence of express written notice of any change in the Authorised Signatories. 

 

	23.	INSTRUCTIONS, COMMUNICATIONS AND NOTICES 

  

	23.1	Subject to Clauses 23.2, 23.3, 23.5 and 23.10, all instructions, acknowledgments and notices will be given by letter which may be either delivered personally, posted or
sent by facsimile or email transmission (except that any notice pursuant to Clause 21.1 may not be given by email transmission) to the relevant party at the Specified Address. 

  

 12 

	23.2	The Investment Manager will not act upon any instructions or notices received by facsimile or email transmission until confirmed by letter delivered personally or by
post, or confirmed orally by any one of the Authorised Signatories. Without prejudice to Clause 19, the Investment Manager shall have no liability for failing to act on any instruction or notice which is not received in a readable form.

  

	23.3	The Investment Manager may rely and act on and treat as binding any instruction or communication which purports to have been given (and which is accepted by it in good
faith as having been given) by persons authorised or notified by the Client unless the Investment Manager has received written notice to the contrary, whether or not the authority of any such person has ceased to have effect. The Investment Manager
will not be liable for any toss, damage or costs incurred by the Client (or any person claiming through the Client) or any third party as a result of such reliance. 

  

	23.4	The Investment Manager may decline to accept or act upon any instruction or other communication which is reasonably believed not to have been issued in accordance with
the provisions of this Agreement, or if it reasonably considers that compliance with such instruction would be impracticable or would give rise to a breach of any applicable law or regulation, and in any such circumstances the Investment Manager
will notify the Client accordingly. 

  

	23.5	The Investment Manager may provide Reports electronically, either (i) by making them available on a Website and, if required by the FSA, confirming the provision
of the Reports by e-mail to the Specified Address; or (ii) by sending them by e-mail, personal delivery, post or facsimile transmission to the Specified Address. 

  

	23.6	Where the Reports are made available on the Website or by e-mail in accordance with clause 23.5, the parties agree that the “Terms and Conditions of Use” from
time to time displayed on the Website will apply. 

  

	23.7	Any Report provided by the Investment Manager electronically in accordance with clause 23.5 shall be deemed to have been duly given: 

  

	 	(i)	if sent by e-mail, twenty four hours after being sent by the Investment Manager to the Specified Address; 

  

	 	(ii)	if made available on the Website, at the time and date when first displayed on the Website; 

  

	 	(iii)	if made available on the Website and confirmed by e-mail, twenty four hours after the confirmation e-mail is sent by the investment Manager to the Specified Address.

  

	23.8	The Investment Manager is authorised to record and monitor every telephone conversation held between the Client and the Investment Manager regarding the Portfolio. The
Client agrees to the recording and its storage for a limited period of time. The Client will inform its employees involved in related functions accordingly and obtain their agreement with such recording. The Client shall procure that its employees
do not provide any third party with the telephone numbers of the Investment Manager. 

  

	23.9	In the interests of proper management and administration of the Portfolio, the Investment Manager, its representatives or employees, may wish to call upon the Client by
telephone, or otherwise communicate with the Client without express invitation. The Client consents to such communications. 

  

	23.10	The Client may send certain instructions to the Investment Manager by email, subject to and in accordance with the procedures outlined in Appendix I, as amended in
writing from time to time by the Investment Manager. The Client acknowledges that the internet is not a completely secure method of communication and its use includes additional risks such as the possibility of virus contamination and disruptions in
service. The Client shall hold the Investment Manager harmless in using the internet for this purpose, and the Investment Manager shall have no liability for any loss, expense, damage, liability or claim (including legal fees) incurred of sustained
by the Client or any person claiming through the Client. 

  

	23.11	All written communications by the Investment Manager to the Client shall be sent so the last address notified to the Investment Manager by the Client.

  

 13 

	24.	CLASSIFICATION 

 The
Client is classified as a Professional Client for the purposes of the FSA Rules. The Client may have a right to request an alternative classification, but this may affect the service the Investment Manager is able to offer to the Client. 

 

	25.	AMENDMENTS 

  

	25.1	Subject to Clauses 6.4, 22.2, 23.10, 25.2 and 25.3 of this Agreement, this Agreement may be amended at any time by written agreement between the Investment Manager and
the Client. 

  

	25.2	The Investment Manager may amend the Agreement in order to comply with, or to make the Agreement consistent with, any legal or regulatory requirements or changes to
which the Investment Manager may be subject, by providing a written notice to the Client of such amendment. 

  

	25.3	Any party to the Agreement may amend its address for correspondence (or any address for correspondence with its advisers) detailed in Appendix I by providing written
notice of any change to the other party. Any amendment under this Clause 25 shall take effect on the date specified in the written notice (which shall not be less than ten business days after the issue of the notice) unless a party receiving written
notice of a proposed amendment in the meantime give notice to the contrary or requests an extension of time. 

  

	26.	ENTIRE AGREEMENT 

 This
Agreement, including the Appendices, will constitute the entire agreement between the parties hereto, superseding all prior representations, proposals, agreements or understandings (whether written or oral) made by any party relating to the subject
matter of this Agreement. No party shall have any liability in respect of any such representations, proposals, agreements or understandings (unless fraudulently made) which are not expressly set out or referred to in this Agreement. 
  

	27.	VAT 

  

	27.1	All payments made and or due under this Agreement are considered to be exclusive of VAT, unless otherwise indicated, which shall be payable in addition, if applicable
under the relevant laws or regulations. 

  

	27.2	The Investment Manager shall issue valid VAT invoices, where applicable, for the amounts due under this agreement. 

  

	27.3	Where by reason of any change in applicable legislation or regulation, or a change in practice by HM Revenue and Customs (collectively referred to as a “Change of
VAT Event”), and the Investment Manager is required to treat the services rendered under this Agreement as exempt from VAT, and where such services were previously treated as taxable, the Investment Manager will only refund VAT to the Client to
the extent that it is recoverable from HM Revenue and Customs by the Investment Manager, using all reasonable endeavours to obtain such recovery. The Client agrees to provide all necessary assistance to the Investment Manager to recover such VAT
amounts. 

  

	27.4	Should the Investment Manager suffer any loss whatsoever as a result of any Change of VAT Event, the Investment Manager may deduct the amount of such loss from any VAT
refund payable to the Client. 

  

	27.5	To the extent that the Investment Manager will have or will bear irrecoverable VAT due to the Change of VAT Law event, notwithstanding clause 27.1, the Investment
Manager reserves the right to amend unilaterally the charges to the Client to reflect this additional cost, which will take effect immediately upon prior written notice to the Client. 

  

	27.6	The parties shall in good faith cooperate throughout the term of this Agreement to ensure that the services are being charged for in the most VAT efficient manner and
that the correct VAT liabilities are being applied. If as a result of any discussions between the parties, and the parties agree that certain services should be treated as VAT exempt and this VAT exempt treatment is successfully implemented, the
Supplier shall be entitled to recover any irrecoverable VAT resulting from the new treatment by adjusting the charges to the Client. 

  

 14 

	27.7	The parties are responsible for their own tax affairs and the Investment Manager shall not be liable to the Client for any tax matters, nor will the Investment Manager
be deemed under any circumstances to be providing tax advice. 

  

	28.	CONTRACT RIGHTS 

 A person
who is not a party to this Agreement shall have no right under the Contract (Rights of Third Parties) Act 1999, to enforce any of its terms. In particular the underwriting members of Syndicate 1400 shall have no direct rights under this Agreement,
but shall act through the Client to enforce any terms or entitlements under this Agreement. 
  

	29.	CHEQUE PAYMENTS 

 The
Investment Manager requests that any payments made by the Client under this Agreement (including, without limitation, further funding for the Portfolio or payments for fee invoices, if applicable) shall be made by electronic bank transfer in the
required format to the appropriate recipient and not by cheque. The Client acknowledges that cheques can be misplaced resulting in payment delays and, subject to Clause 19, the Investment Manager accepts no responsibility for the same. 

 

	30.	GOVERNING LAW 

 This
Agreement and any non-contractual obligations arising out of it or in connection with it will be governed by and construed in accordance with English law. The English courts will have exclusive jurisdiction to settle any disputes or claims,
including any such relating to non-contractual obligations, which may arise out of or in connection with the Agreement for which purpose all parties agree to submit to such jurisdiction. 
  

									
					
	Signed	 	 /s/ Lance Gibbins
	 		 	by	 	Lance Gibbins
		 		 		 		 	Director
					
	and	 	 /s/ Iain Bremner
	 		 		 	Iain Bremner
		 		 		 		 	Director
				
	 for and on behalf of 
 MAX AT LLOYD’S LTD
	 		 		 	
					
	Signed by	 	 /s/ Kevin Jones
	 		 		 	Kevin Jones
		 		 		 		 	Authorised Signatory
					
	and	 	 /s/ Mark Bolton
	 		 		 	Mark Bolton
		 		 		 		 	Authorised Signatory
	 for and on behalf of 
 DEUTSCHE ASSET MANAGEMENT (UK) LIMITED
	 		 		 	

  

 15

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