Document:

EX-10.3

FIRST AMENDMENT TO CONTRACT OF SALE

THIS FIRST AMENDMENT (this “Amendment”) dated as of February      , 2007 by and between
G&I III Resource Square LLC, a Delaware limited partnership, having an address c/o DRA Advisors
LLC, 220 East 42nd Street, 27th Floor, New York, New York 10017 (“Seller”) and
to NNN VF Four Resource Square, LLC, a Delaware limited liability company,
having an address at 1551 N. Tustin Avenue, Suite 300, Santa Ana, CA 92705 (“Purchaser”).

W I T N E S S E T H

:

WHEREAS, Seller and Triple Net Properties, LLC (“Triple Net”) have entered into a
Contract of Sale dated January 9, 2007, as assigned by Triple Net to Purchaser (as assigned, the
“Contract”), with respect to the Premises (as defined in the Contract);

WHEREAS, the parties wish to amend the Contract.

NOW, THEREFORE, for good and valuable consideration, the sufficiency of which the parties
hereby acknowledge, the parties agree as follows:

1. All capitalized terms set forth herein shall have the meanings ascribed to such terms in
the Contract unless otherwise defined herein.

2. On or before 5:00 PM (EST) on the Business Day following Purchaser’s execution of this
Amendment, Purchaser shall deposit with Escrowee, the sum of Two Hundred Fifty Thousand and 00/100
Dollars ($250,000.00) (the “Extension Deposit”), to be paid by electronic wire transfer of
immediately available federal funds pursuant to the wire transfer instructions attached to the
Contract.

3. Seller and Purchaser hereby irrevocably instruct Escrowee to immediately release the
Deposit, in the amount of One Million and 00/100 Dollars ($1,000,000.00), to Seller pursuant to the
wire transfer instructions attached hereto as Exhibit A.

4. The definition of “Deposit” set forth in Section 3.2 of the Contract is hereby deleted and
the following is inserted in lieu thereof:

“The Initial Deposit, the Additional Deposit and the Extension Deposit,
to the extent then paid, together with interest earned thereon is hereinafter
called the “Deposit”.”

5. The first sentence of Section 9.1 of the Contract is hereby deleted and the following is
inserted in lieu thereof:

“Subject to the adjournments expressly allowed elsewhere in this Contract,
the closing of title (the “Closing”) shall take place, time being of
the essence, on March 7, 2007.”

6. Purchaser hereby waives any liability of Seller and any right to refuse to consummate the
Closing by reason of any condition known to Purchaser as of the date hereof including, without
limitation, a Casualty or Condemnation, and a misrepresentation or Non-Permitted Title Objection.
Purchaser acknowledges receipt of the required Estoppel Certificates and waives any right to refuse
to consummate the transaction by reason of an Estoppel Default or there not being the required
amount of Estoppel Certificates. The Deposit shall be deemed earned by Seller as of the date
hereof and shall only be refundable to Purchaser in the event that Purchaser is entitled to a
return of the Deposit solely as a result of Seller’s willful default under the terms of the
Contract, as amended by this Agreement.

7. Except as modified by this Amendment, the Contract shall remain unmodified and in full
force and effect and is hereby ratified and confirmed in all respects by Seller and Purchaser.

8. This Amendment may be executed in two or more counterparts and each of such counterparts,
for all purposes, shall be deemed to be an original but all of such counterparts together shall
constitute but one and the same instrument, binding upon all parties hereto, notwithstanding that
all of such parties may not have executed the same counterpart. Facsimile signatures shall be
binding.

[SIGNATURES ON FOLLOWING PAGE]

1

IN WITNESS WHEREOF, the parties hereto have duly executed this Amendment the day and year
first above written.

SELLER:

G&I III Resource Square LLC,

a Delaware limited liability company

	 	 	 	By: G&I III
Investment Resource Square LLC, a Delaware limited
liability company, its managing member

	 	 	 
	By:

	 	/s/ Francis X. Tansey

Name: Francis X. Tansey

Title: President

[Purchaser’s signature on following page]

2

PURCHASER:

NNN VF Four Resource Square, LLC,

a Delaware limited liability company

	 	 	 	 	 
	By:

	 	Triple Net Properties, LLC,
	 	

	 
	 	 	 	 
	 	 	a Virginia limited liability company, its Manager

	 
	 	 	 	 
	
 
	 	By:
	 	/s/ Jeff Hanson

Name: Jeff Hanson

Title: Managing Director of Real Estate

3Exhibit
10.36

EXECUTION
COPY

GOLDMAN, SACHS & CO. 85
BROAD STREET NEW YORK, NEW YORK 10004 TEL: 212
902 1000

Opening
Transaction

				
	To:			Aspen
Insurance Holdings Limited
 Maxwell Roberts Building
 1 Church
Street
 Hamilton, HM 11

Bermuda
	A/C:			028569176
	From:			Goldman,
Sachs & Co.
	Re:			Collared Accelerated
Stock Buyback
	Ref. No:			As provided in the
Supplemental
Confirmation
	Date:			December
21,  2006
	

This master confirmation (this
‘‘Master Confirmation’’),
dated as of December  20,  2006 is intended to supplement
the terms and provisions of certain Transactions (each, a
‘‘Transaction’’) entered
into from time to time between Goldman, Sachs & Co.
(‘‘GS&Co.’’) and Aspen
Insurance Holdings Limited
(‘‘Counterparty’’). This
Master Confirmation, taken alone, is neither a commitment by either
party to enter into any Transaction nor evidence of a Transaction. The
terms of any particular Transaction shall be set forth in (i) a
Supplemental Confirmation in the form of Schedule A hereto (a
‘‘Supplemental
Confirmation’’), which shall reference this
Master Confirmation and supplement, form a part of, and be subject to
this Master Confirmation and (ii) a Trade Notification in the form of
Schedule B hereto (a ‘‘Trade
Notification’’), which shall reference the
relevant Supplemental Confirmation and supplement, form a part of, and
be subject to such Supplemental Confirmation. This Master Confirmation,
each Supplemental Confirmation and the related Trade Notification
together shall constitute a
‘‘Confirmation’’ as referred to in the
Agreement specified below.

The definitions and provisions
contained in the 2002 ISDA Equity Derivatives Definitions (the
‘‘Equity Definitions’’), as
published by the International Swaps and Derivatives Association, Inc.,
are incorporated into this Master Confirmation. This Master
Confirmation, each Supplemental Confirmation and the related Trade
Notification evidence a complete binding agreement between Counterparty
and GS&Co. as to the subject matter and terms of each Transaction
to which this Master Confirmation, such Supplemental Confirmation and
Trade Notification relate and shall supersede all prior or
contemporaneous written or oral communications with respect
thereto.

This Master Confirmation, each Supplemental Confirmation
and each Trade Notification supplement, form a part of, and are subject
to an agreement in the form of the 1992 ISDA Master Agreement
(Multicurrency — Cross Border) (the
‘‘Agreement’’) as if
GS&Co. and Counterparty had executed the Agreement on the date of
this Master Confirmation (but without any Schedule except for
(i) the election of Loss and Second Method, New York law
(without regard to the conflicts of law principles) as the governing
law and US Dollars (‘‘USD’’) as the
Termination Currency, (ii) the election that
subparagraph (ii) of Section 2(c) will not apply to the
Transactions, (iii) the replacement of the word
‘‘third’’ in the last line of
Section 5(a)(i) with the word
‘‘first’’ and (iv) the election that the
‘‘Cross Default’’ provisions of Section
5(a)(vi) shall apply to Counterparty, with a ‘‘Threshold
Amount’’ of USD50 million).

All provisions
contained or incorporated by reference in the Agreement shall govern
this Master Confirmation, each Supplemental Confirmation and each Trade
Notification except as expressly modified herein.

If, in
relation to any Transaction to which this Master Confirmation, a
Supplemental Confirmation and a Trade Notification relate, there is any
inconsistency between the Agreement, this Master Confirmation, any
Supplemental Confirmation, any Trade Notification and the Equity
Definitions, the following will prevail for purposes of such
Transaction in the order of precedence indicated: (i) such Trade
Notification, (ii) such Supplemental Confirmation; (iii) this
Master Confirmation; (iv) the Agreement; and (v) the
Equity Definitions.

1.    Each Transaction constitutes
a Share Forward Transaction for the purposes of the Equity Definitions.
Set forth below are the terms and conditions which, together with the
terms and conditions set forth in the related Supplemental Confirmation
and Trade Notification (in respect of the relevant Transaction), shall
govern each such Transaction.

General
Terms:

			
	    Trade Date:		For each
Transaction, as set forth in the Supplemental
Confirmation.
			

			
	    Buyer:		Counterparty
			

			
	    Seller:		GS&Co.
			

			
	    Shares:		Ordinary
Shares, $0.0015144558 par value of Counterparty (Ticker: AHL
)
			

			
	    Forward Price:		The average of the VWAP
Prices for each Exchange Business Day in the Calculation
Period.
			

			
	    VWAP Price:		For any Exchange
Business Day, as determined by the Calculation Agent based on the New
York Stock Exchange 10b-18 Volume Weighted Average Price per Share for
the regular trading session (including any extensions thereof) of the
Exchange on such Exchange Business Day (without regard to pre-open or
after hours trading outside of such regular trading session for such
Exchange Business Day), as published by Bloomberg at 4:15 p.m. New York
time (or 15 minutes following the end of any extension of the regular
trading session) on such Exchange Business Day, on Bloomberg page
‘‘AHL.N <Equity> AQR_SEC’’ (or
any successor thereto). For purposes of calculating the VWAP Price, the
Calculation Agent will include only those trades that are reported
during the period of time during which Counterparty could purchase its
own shares under Rule 10b-18(b)(2) and pursuant to the conditions of
Rule 10b-18(b)(3), each under the Exchange Act (as defined herein)
(such trades, ‘‘Rule 10b-18 eligible
transactions’’).
			

			
	    Forward Price
Adjustment Amount:		For each Transaction, as set forth in
the Supplemental Confirmation.
			

			
	    Calculation
Period:		The period from and including the first Exchange
Business Day immediately following the Hedge Completion Date to and
including the Termination Date (as adjusted in accordance with the
provisions hereof).
			

			
	    Termination Date:		For
each Transaction, the Scheduled Termination Date set forth in the
Supplemental Confirmation (as the same may be postponed in accordance
with the provisions hereof); provided that GS&Co. shall have
the right to designate any date (the ‘‘Accelerated
Termination Date’’) on or after the First
Acceleration Date to be the Termination Date by providing notice to
Counterparty of any such designation on such
date.
			

			
	    First Acceleration Date:		For each
Transaction, as set forth in the Supplemental
Confirmation.
			

2

			
	    Hedge Period:		The
period from and including the day immediately after the Trade Date to
and including the Hedge Completion Date (as adjusted in accordance with
the provisions hereof).
			

			
	    Hedge Completion
Date:		For each Transaction, as set forth in the Trade
Notification, to be the Exchange Business Day on which GS&Co.
finishes establishing its initial Hedge Positions in respect of such
Transaction, as reasonably determined by GS&Co., which date shall
be subject to any limitations set forth in the Supplemental
Confirmation.
			

			
	    Hedge Period Reference
Price:		For each Transaction, as set forth in the Trade
Notification, to be the average of the VWAP Prices for each Exchange
Business Day in the Hedge Period.
			

			
	    Market Disruption
Event:		The definition of ‘‘Market Disruption
Event’’ in Section 6.3(a) of the Equity Definitions is
hereby amended by deleting the words ‘‘at any time during
the one-hour period that ends at the relevant Valuation
Time’’ and inserting the words ‘‘at any
time on any Scheduled Trading Day during the Hedge Period or
Calculation Period or’’ after the word
‘‘material,’’ in the third line
thereof.
			

			
			Notwithstanding anything to the contrary in the
Equity Definitions, to the extent that a Disrupted Day occurs in the
Hedge Period or the Calculation Period, the Calculation Agent may in
good faith and acting in a commercially reasonable manner postpone the
Hedge Completion Date or the Termination Date, as the case may be. In
such event, the Calculation Agent must determine whether (i) such
Disrupted Day is a Disrupted Day in full, in which case the VWAP Price
for such Disrupted Day shall not be included for purposes of
determining the Hedge Period Reference Price or the Forward Price, as
the case may be, or (ii) such Disrupted Day is a Disrupted Day only in
part, in which case the VWAP Price for such Disrupted Day shall be
determined by the Calculation Agent based on Rule 10b-18 eligible
transactions in the Shares on such Disrupted Day effected before the
relevant Market Disruption Event occurred and/or after the relevant
Market Disruption Event ended, and the weighting of the VWAP Price for
the relevant Exchange Business Days during the Hedge Period or the
Calculation Period, as the case may be, shall be adjusted in a
commercially reasonable manner by the Calculation Agent for purposes of
determining the Hedge Period Reference Price or the Forward Price, as
the case may be, with such adjustments based on, among other factors,
the duration of any Market Disruption Event and the volume, historical
trading patterns and price of the Shares.
			

			
			If a
Disrupted Day occurs during the Hedge Period or the Calculation Period,
as the case may be, and each of the nine immediately following
Scheduled Trading Days is a Disrupted Day, then the Calculation Agent,
in its good faith and commercially reasonable discretion, may either
(i) deem such ninth Scheduled Trading Day to be an Exchange Business
Day and determine the VWAP Price for such ninth Scheduled Trading Day
using its good faith estimate of the value of the Shares on such ninth
Scheduled Trading Day based on 
			

3

			
			
the volume, historical trading patterns and
price of the Shares and such other factors as it deems appropriate or
(ii) further extend the Hedge Period or the Calculation Period, as the
case may be, as it deems necessary to determine the VWAP
Price.
			

			
	    Exchange:		New York Stock
Exchange
			

			
	    Related Exchange(s):		All
Exchanges.
			

			
	    Prepayment\Variable
Obligation:		Applicable
			

			
	    Prepayment
Amount:		For each Transaction, as set forth in the
Supplemental Confirmation.
			

			
	    Prepayment
Date:		Three (3) Exchange Business Days following the Trade
Date.
			

			
	    Counterparty Additional Payment
        Amount:		For each Transaction, as set forth in
the Supplemental Confirmation.
			

			
	    Counterparty
Additional Payment         Date:		Three (3) Exchange
Business Days following the Trade Date.
			

			
	Settlement
Terms:		
			

			
	    Physical Settlement:		Applicable;
provided that GS&Co. does not, and shall not, make the
agreement or the representations set forth in Section 9.11 of the
Equity Definitions related to the restrictions imposed by applicable
securities laws with respect to any Shares delivered by GS&Co. to
Counterparty under any Transaction.
			

			
	    Number of Shares
to be Delivered:		A number of Shares equal to (a) the
Prepayment Amount divided by (b) the Forward Price minus
the Forward Price Adjustment Amount; provided that the Number of
Shares to be Delivered shall not be less than the Minimum Shares and
not greater than the Maximum Shares. The Number of Shares to be
Delivered on the Settlement Date shall be reduced, but not below zero,
by any Shares delivered pursuant to the Minimum Share Delivery
described below.
			

			
	    Excess Dividend
Amount:		For the avoidance of doubt, all references to the
Excess Dividend Amount shall be deleted from Section 9.2(a)(iii) of the
Equity Definitions.
			

			
	    Settlement
Date:		Three (3) Exchange Business Days following the
Termination Date.
			

			
	    Settlement
Currency:		USD
			

			
	    Minimum Share
Delivery:		GS&Co. shall deliver a number of Shares equal
to the Minimum Shares on the Minimum Share Delivery Date in accordance
with Section 9.4 of the Equity Definitions, with the Minimum Share
Delivery Date deemed to be a ‘‘Settlement
Date’’ for purposes of such Section
9.4.
			

4

			
	    Minimum Share Delivery
Date:		Three (3) Exchange Business Days following the Hedge
Completion Date.
			

			
	    Minimum Shares:		For each
Transaction, as set forth in the Supplemental
Confirmation.
			

			
	    Maximum Shares:		For each
Transaction, as set forth in the Supplemental
Confirmation.
			

			
	Share
Adjustments:		
			

			
	    Potential Adjustment
Event:		Notwithstanding anything to the contrary in Section
11.2(e) of the Equity Definitions, an Extraordinary Dividend shall not
constitute a Potential Adjustment
Event.
			

			
	    Extraordinary Dividend:		For any
calendar quarter occurring (in whole or in part) during the period from
and including the first day of the Calculation Period to and including
the Termination Date, any dividend or distribution on the Shares with
an ex-dividend date occurring during such calendar quarter (other than
any dividend or distribution of the type described in Section
11.2(e)(i) or Section 11.2(e)(ii)(A) or (B) of the Equity Definitions)
(a ‘‘Dividend’’) the amount
or value of which (as determined by the Calculation Agent), when
aggregated with the amount or value (as determined by the Calculation
Agent) of any and all previous Dividends with ex-dividend dates
occurring in the same calendar quarter, exceeds the Ordinary Dividend
Amount.
			

			
	    Ordinary Dividend Amount:		For
each Transaction, as set forth in the Supplemental
Confirmation.
			

			
	    Method of
Adjustment:		Calculation Agent
Adjustment
			

			
	Extraordinary Events:		
			

			
	Consequences
of Merger Events and Tender
Offers:		
			

			
	    (a)    Share-for-Share:		Modified
Calculation Agent
Adjustment
			

			
	    (b)    Share-for-Other:		Cancellation
and
Payment
			

			
	    (c)    Share-for-Combined:		Component
Adjustment
			

			
	    Determining
Party:		GS&Co.
			

			
	Tender
Offer:		Applicable
			

			
	Nationalization,

Insolvency or Delisting:		Cancellation and Payment;
provided that in addition to the provisions of Section
12.6(a)(iii) of the Equity Definitions, it shall also constitute a
Delisting if the Exchange is located in the United States and the
Shares are not immediately re-listed, re-traded or re-quoted on any of
the New York 
			

5

			
			
Stock Exchange, the American Stock Exchange,
The NASDAQ Global Select Market or The NASDAQ Global Market (or their
respective successors); if the Shares are immediately re-listed,
re-traded or re-quoted on any such exchange or quotation system, such
exchange or quotation system shall be deemed to be the
Exchange.
			

Notwithstanding anything to
the contrary in the Equity Definitions, if, as a result of a Merger
Event, a Tender Offer, a Nationalization, an Insolvency or a Delisting,
Cancellation and Payment applies to one or more Transactions hereunder
(whether in whole or in part), an Additional Termination Event (with
the Transactions (or portions thereof) to which Cancellation and
Payment applies being the Affected Transactions, Counterparty being the
sole Affected Party and the Early Termination Date being the date on
which such Transactions would be cancelled pursuant to Article 12 of
the Equity Definitions) shall be deemed to occur, and, in lieu of
Sections 12.7 and 12.8 of the Equity Definitions, Section 6 of the
Agreement shall apply to such Affected
Transactions.

			
	Additional Disruption
Events:		
			

			
	    (a)    Change in
Law:		Applicable
			

			
	    (b)    Failure
to
Deliver:		Applicable
			

			
	    (c)    Insolvency
Filing:		Applicable
			

			
	    (d)    Loss of Stock
Borrow:		Applicable; provided that Sections
12.9(a)(vii) and 12.9(b)(iv) of the Equity Definitions shall be amended
by deleting the words ‘‘at a rate equal to or less than
the Maximum Stock Loan Rate’’ and replacing them with
‘‘at a rate of return equal to or greater than
zero’’.
			

			
	    Hedging
Party:		GS&Co.
			

			
	    Determining
Party:		GS&Co.
			

Notwithstanding
anything to the contrary in the Equity Definitions, if, as a result of
an Additional Disruption Event, any Transaction is cancelled or
terminated, an Additional Termination Event (with such terminated
Transaction(s) being the Affected Transaction(s), Counterparty being
the sole Affected Party and the Early Termination Date being the date
on which such Transaction(s) would be cancelled or terminated pursuant
to Article 12 of the Equity Definitions) shall be deemed to occur, and,
in lieu of Sections 12.7 and 12.8 of the Equity Definitions, Section 6
of the Agreement shall apply to such Affected
Transaction(s).

			
	Non-Reliance/Agreements
and Acknowledgements Regarding Hedging Activities/Additional
Acknowledgements:		Applicable
			

			
	Transfer:		Notwithstanding
anything to the contrary in the Agreement, GS&Co. may assign,
transfer and set over all rights, title and interest, powers,
privileges and remedies of GS&Co. under this Transaction, in whole
or in part, to an affiliate of GS&Co. whose obligations are
guaranteed by The Goldman Sachs Group, Inc. without the consent of
Counterparty; provided that any such assignment will not cause a
Tax Event with Counterparty as an Affected
Party.
			

			
	GS&Co. Payment Instructions:		Chase
Manhattan Bank New York
For A/C Goldman, Sachs & Co.
A/C
#930-1-011483
ABA: 021-000021
			

6

			
	Counterparty’s Contact
Details
 for Purpose of Giving Notice:		Julian
Cusack
			

			
			Aspen Insurance Holdings Limited
 Maxwell Roberts
Building
1 Church Street
 Hamilton HM11
Bermuda
Telephone
No.: (441) 297-9371
Facsimile No.: (441)
295-1829
			

			
	GS&Co.’s Contact Details for Purpose of
Giving Notice:		Telephone No.: (212) 902-8996
Facsimile
No.: (212) 902-0112
Attention: Equity Operations: Options and
Derivatives
			

			
			With a copy to:
Tracey McCabe
Equity
Capital Markets
One New York Plaza
New York, NY
10004
Telephone No.: (212) 357-0428
Facsimile No.: (212)
902-3000
			

2.    Calculation
Agent.     GS&Co.

3.    Additional
Mutual Representations, Warranties and Covenants. In addition to
the representations and warranties in the Agreement, each party
represents, warrants and covenants to the other party
that:

(a)    Eligible Contract Participant. It is an
‘‘eligible contract participant’’, as
defined in the U.S. Commodity Exchange Act (as amended), and is
entering into each Transaction hereunder as principal and not for the
benefit of any third party.

(b)    Accredited
Investor. Each party acknowledges that the offer and sale of each
Transaction to it is intended to be exempt from registration under the
Securities Act of 1933, as amended (the
‘‘Securities Act’’), by
virtue of Section 4(2) thereof and the provisions of Regulation D
thereunder (‘‘Regulation
D’’). Accordingly, each party represents and
warrants to the other that (i) it has the financial ability to bear the
economic risk of its investment in each Transaction and is able to bear
a total loss of its investment, (ii) it is an
‘‘accredited investor’’ as that term is
defined under Regulation D and (iii) the disposition of each
Transaction is restricted under this Master Confirmation, the
Securities Act and state securities
laws.

4.    Additional Representations, Warranties
and Covenants of Counterparty. In addition to the representations,
warranties and covenants in the Agreement and those contained herein,
as of (i) the date hereof, (ii) the Trade Date for each Transaction
hereunder and (iii) to the extent indicated below, each day during the
Hedge Period and Calculation Period for each Transaction hereunder,
Counterparty represents, warrants and covenants to GS&Co. that:

(a)    the purchase or writing of each Transaction and the
transactions contemplated hereby will not violate Rule 13e-1 or
Rule 13e-4 under the Securities Exchange Act of 1934, as amended
(the ‘‘Exchange Act’’);

(b)    it is not entering into any Transaction (i) on the basis
of, and is not aware of, any material non-public information with
respect to the Shares (ii) in anticipation of, in connection with, or
to facilitate, a distribution of its securities, a self tender offer or
a third-party tender offer or (iii) to create actual or apparent
trading activity in the Shares (or any security convertible into or
exchangeable for the Shares) or to raise or depress or otherwise
manipulate the price of the Shares (or any security convertible into or
exchangeable for the Shares);

(c)    each Transaction is
being entered into pursuant to a publicly disclosed Share buy-back
program and its Board of Directors has approved the use of derivatives
to effect the Share buy-back program;

(d)    without
limiting the generality of Section 13.1 of the Equity Definitions, it
acknowledges that GS&Co. is not making any representations or
warranties with respect to the treatment of any Transaction

7

under FASB Statements 128, 133 as amended, or
149, 150, EITF 00-19, EITF 03-6 (or any successor issue statements) or
under Financial Accounting Standards Board’s Liabilities &
Equity Project;

(e)    Counterparty is in compliance with
its reporting obligations under the Exchange Act and its most recent
Annual Report on Form 10-K, together with all reports subsequently
filed by it pursuant to the Exchange Act, taken together and as amended
and supplemented to the date of this representation, do not, as of
their respective filing dates, contain any untrue statement of a
material fact or omit to state any material fact required to be stated
therein or necessary to make the statements therein, in the light of
the circumstances under which they were made, not
misleading;

(f)    Counterparty shall report each Transaction
as required under Regulation S-K and/or Regulation S-B under the
Exchange Act, as applicable;

(g)    Counterparty is not, and
will not be, engaged in a ‘‘distribution’’
of Shares or securities that are convertible into, or exchangeable or
exercisable for Shares for purposes of Regulation M promulgated under
the Exchange Act (‘‘Regulation
M’’) at any time during the Hedge Period or the
Relevant Period for any Transaction unless Counterparty has provided
written notice to GS&Co. of such distribution (a
‘‘Regulation M Distribution
Notice’’) not later than the Scheduled Trading
Day immediately preceding the first day of the relevant
‘‘restricted period’’ (as defined in
Regulation M); Counterparty acknowledges that any such notice may cause
the Hedge Period or the Calculation Period to be extended or suspended
pursuant to Section 5 below; accordingly, Counterparty acknowledges
that its delivery of such notice must comply with the standards set
forth in Section 6 below; ‘‘Relevant
Period’’ means, for any Transaction, the period
commencing on the first day of the Calculation Period and ending on the
20th Exchange Business Day immediately following the end of the
Calculation Period, or such earlier day as elected by GS&Co. and
communicated to Counterparty on such day;

(h)    Counterparty
acknowledges that each Transaction is a derivatives transaction in
which it has granted GS&Co. an option; GS&Co. may purchase
shares for its own account at an average price that may be greater
than, or less than, the price paid by Counterparty under the terms of
the related Transaction;

(i)    as of the Trade Date, the
Prepayment Date, the Minimum Share Delivery Date and the Settlement
Date for each Transaction, Counterparty is not insolvent (including,
without limitation, for purpose of the Companies Act of 1981 of
Bermuda) as such term is defined under Section 101(32) of the U.S.
Bankruptcy Code (Title 11 of the United States Code) (the
‘‘Bankruptcy Code’’) and
Counterparty would be able to purchase a number of Shares equal to the
Maximum Shares in compliance with the laws of the jurisdiction of
Counterparty’s incorporation;

(j)    Counterparty is
not and, after giving effect to any Transaction, will not be, required
to register as an ‘‘investment company’’ as
such term is defined in the Investment Company Act of 1940, as amended;
and

(k)    subject to Section 7(b) below, it has not and,
during the Hedge Period or Relevant Period for any Transaction, will
not enter into agreements similar to the Transactions described herein
where any initial hedge period (however defined), the calculation
period (however defined) or the relevant period (however defined) in
such other transaction will overlap at any time (including as a result
of extensions in such initial hedge period, calculation period or
relevant period as provided in the relevant agreements) with any Hedge
Period or Relevant Period under this Master Confirmation. In the event
that the initial hedge period, calculation period or relevant period in
any other similar transaction overlaps with any Hedge Period or
Relevant Period under this Master Confirmation as a result of an
extension of the Termination Date pursuant to Section 5 herein,
Counterparty shall promptly amend such transaction to avoid any such
overlap.

5.    Suspension of Hedge Period or
Calculation Period.

(a)    If Counterparty concludes that
it will be engaged in a distribution of the Shares for purposes of
Regulation M, Counterparty agrees that it will, on a day no later than
the Scheduled Trading Day immediately preceding the start of the
relevant restricted period, provide GS&Co. with a Regulation M
Distribution Notice. If on any Scheduled Trading Day Counterparty
delivers the Regulation M Distribution Notice in writing (and confirms
by telephone) by 8:30 a.m. New York Time (the
‘‘Notification Time’’) then
such notice shall be effective as of such Notification Time. In the
event that Counterparty delivers such Regulation M Distribution Notice
in writing and/or confirms by telephone after the Notification Time,
then such notice shall be effective as of 8:30 a.m. New York Time on
the following 

8

Scheduled Trading Day or as otherwise required
by law or agreed between Counterparty and GS&Co. Upon the
effectiveness of such Regulation M Distribution Notice, the Calculation
Period or the Hedge Period, as the case may be, shall be suspended and
the Termination Date or the Hedge Completion Date or both, as the case
may be, shall postponed for each Scheduled Trading Day in such
restricted period; accordingly, Counterparty acknowledges that its
delivery of such notice must comply with the standards set forth in
Section 6 below, including, without limitation, the requirement that
such notice be made at a time at which none of Counterparty or any
officer, director, manager or similar person of Counterparty is aware
of any material non-public information regarding Counterparty or the
Shares.

(b)    In the event that GS&Co. concludes, in its
reasonable discretion, based on advise of outside legal counsel, that
it is appropriate with respect to any legal, regulatory or
self-regulatory requirements or related policies and procedures
(whether or not such requirements, policies or procedures are imposed
by law or have been voluntarily adopted by GS&Co.), for it to
refrain from purchasing Shares on any Scheduled Trading Day during the
Hedge Period or the Calculation Period, GS&Co. may by written
notice to Counterparty elect to suspend the Hedge Period or the
Calculation Period, or both, as the case may be, for such number of
Scheduled Trading Days as is specified in the notice; provided
that GS&Co. may exercise such right to refrain from purchasing
Shares only in relation to events or circumstances that are not the
result of deliberate actions of it or any of its affiliates with the
intent to avoid its obligations under the terms of any Transaction;
provided further that GS&Co. may exercise its right to
refrain from purchasing Shares as a result of policies and procedures
voluntarily adopted by GS&Co. only in relation to events or
circumstances that (i) are unknown to it or any of its affiliates at
the Trade Date of any Transaction and (ii) occur within the normal
course of its or any of its affiliates business. The notice shall not
specify, and GS&Co. shall not otherwise communicate to
Counterparty, the reason for GS&Co.’s election to suspend
the Hedge Period or the Calculation Period, or both, as the case may
be. The Hedge Period or the Calculation Period, or both, as the case
may be, shall be suspended and the Termination Date shall be extended
for each Scheduled Trading Day occurring during any such
suspension.

(c)    In the event that the Calculation Period or
the Hedge Period, as the case may be, is suspended pursuant to Section
5(a) or 5(b) above during the regular trading session on the Exchange,
such suspension shall be deemed to be an additional Market Disruption
Event, and the second and third paragraphs under ‘‘Market
Disruption Event’’ shall apply.

(d)    In the
event that the Calculation Period is extended pursuant to any provision
hereof (including, without limitation, pursuant to Section 9(d) below),
the Calculation Agent, in its good faith and commercially reasonable
discretion, shall adjust any relevant terms of the related Transaction
if necessary to preserve as nearly as practicable the economic terms of
such Transaction prior to such extension; provided that
Counterparty shall not be required to make any additional cash payments
or deliver any Shares in connection with any such adjustments.

		
	6. 	10b5-1 Plan. Counterparty
represents, warrants and covenants to GS&Co. that for each
Transaction:

(a)    Counterparty is entering into this Master
Confirmation and each Transaction hereunder in good faith and not as
part of a plan or scheme to evade the prohibitions of Rule 10b5-1 under
the Exchange Act (‘‘Rule
10b5-1’’). It is the intent of the parties that
each Transaction entered into under this Master Confirmation comply
with the requirements of Rule 10b5-1(c)(1)(i)(A) and (B) and each
Transaction entered into under this Master Confirmation shall be
interpreted to comply with the requirements of Rule 10b5-1(c).

(b)    Counterparty will not seek to control or influence
GS&Co. to make ‘‘purchases or sales’’
(within the meaning of Rule 10b5-1(c)(1)(i)(B)(3)) under any
Transaction entered into under this Master Confirmation, including,
without limitation, GS&Co.’s decision to enter into any
hedging transactions. Counterparty represents and warrants that it has
consulted with its own advisors as to the legal aspects of its adoption
and implementation of this Master Confirmation, each Supplemental
Confirmation and each Trade Notification under Rule
10b5-1.

(c)    Counterparty acknowledges and agrees that any
amendment, modification, waiver or termination of this Master
Confirmation, the relevant Supplemental Confirmation or Trade
Notification must be effected in accordance with the requirements for
the amendment or termination of a
‘‘plan’’ as defined in Rule
10b5-1(c). Without limiting the generality of the foregoing, any such
amendment, modification, waiver or termination shall be made in good
faith and not as part of a plan or scheme to evade the prohibitions of
Rule 10b-5, and no such amendment, modification, waiver or termination
shall be made 

9

at any time at which Counterparty or any
officer, director, manager or similar person of Counterparty is aware
of any material non-public information regarding Counterparty or the
Shares.

		
	7. 	Counterparty
Purchases.

(a)    Subject to Section 7(b) below,
Counterparty (or any ‘‘affiliated
purchaser’’ as defined in Rule 10b-18 under the Exchange
Act (‘‘Rule 10b-18’’)) shall
not, without the prior written consent of GS&Co., directly or
indirectly purchase any Shares, listed contracts on the Shares or
securities that are convertible into, or exchangeable or exercisable
for Shares (including, without limitation, any Rule 10b-18 purchases of
blocks (as defined in Rule 10b-18)) during any Hedge Period or Relevant
Period (as extended pursuant to the provisions hereof). During this
time, any such purchases by Counterparty shall be made through
GS&Co., or if not through GS&Co., with the prior written
consent of GS&Co., and in compliance with Rule 10b-18 or
otherwise in a manner that Counterparty and GS&Co. believe is in
compliance with applicable requirements.

(b)    In respect of
any Transaction, the parties agree that Section 4(k) and Section 7(a)
shall not prohibit privately-negotiated, off-market repurchases of
Shares by Counterparty from Appleby Trust (Bermuda) Limited or any of
its successors during the Hedge Period or Calculation Period of such
Transaction.

8.    Additional Termination
Event. The declaration of any Extraordinary Dividend by the Issuer
during the Calculation Period will constitute an Additional Termination
Event, with Counterparty as the sole Affected Party and all
Transactions hereunder as the Affected Transactions.

9.    Special Provisions for Merger
Transactions. Notwithstanding anything to the contrary herein or
in the Equity Definitions,

(a)    Counterparty shall, prior to
the opening of trading in the Shares on any day during any Hedge Period
or Calculation Period on which Counterparty makes, or expects to be
made, any public announcement (as defined in Rule 165(f) under the
Securities Act of 1933, as amended) of any Merger Transaction, notify
GS&Co. of such public announcement;

(b)    promptly notify
GS&Co. following any such announcement that such announcement has
been made; and

(c)    promptly provide GS&Co. with
written notice specifying (i) Counterparty’s average daily Rule
10b-18 Purchases (as defined in Rule 10b-18) during the three full
calendar months immediately preceding the Announcement Date that were
not effected through GS&Co. or its affiliates and (ii) the number
of Shares purchased pursuant to the proviso in Rule 10b-18(b)(4) under
the Exchange Act for the three full calendar months preceding the
Announcement Date. Such written notice shall be deemed to be a
certification by Counterparty to GS&Co. that such information is
true and correct. In addition, Counterparty shall promptly notify
GS&Co. of the earlier to occur of the completion of such
transaction and the completion of the vote by target shareholders.
Counterparty acknowledges that any such notice may cause the terms of
any Transaction to be adjusted or such Transaction to be terminated;
accordingly, Counterparty acknowledges that its delivery of such notice
must comply with the standards set forth in Section 6;
and

(d)    GS&Co. in its sole discretion may (i) make
adjustments to the terms of any Transaction, including, without
limitation, the Termination Date, the Forward Price Adjustment Amount
and the Maximum Shares to account for the number of Shares that could
be purchased on each day during the Hedge Period or the Calculation
Period in compliance with Rule 10b-18 following such public
announcement, provided that Counterparty shall not be required
to make any additional cash payments or deliver any Shares in
connection with any such adjustments or (ii) treat the occurrence of
such public announcement as an Additional Termination Event with
Counterparty as the sole Affected Party.

‘‘Merger Transaction’’
means any merger, acquisition or similar transaction involving a
recapitalization as contemplated by Rule 10b-18(a)(13)(iv) under the
Exchange Act.

10.    Acknowledgments. The
parties hereto intend for:

(a)    Each Transaction to be a
‘‘securities contract’’ as defined in
Section 741(7) of the Bankruptcy Code, a ‘‘swap
agreement’’ as defined in Section 101(53B) of the
Bankruptcy Code and a ‘‘forward contract’’
as defined in Section 101(25) of the Bankruptcy Code, and the parties
hereto to be entitled to 

10

the protections afforded by, among other
Sections, Sections 362(b)(6), 362(b)(17), 362(b)(27), 362(o), 546(e),
546(g), 546(j), 555, 556, 560 and 561 of the Bankruptcy
Code;

(b)    The Agreement to be a ‘‘master
netting agreement’’ as defined in Section 101(38A) of the
Bankruptcy Code;

(c)    A party’s right to liquidate or
terminate any Transaction, net out or offset termination values or
payment amounts, and to exercise any other remedies upon the occurrence
of any Event of Default or Termination Event under the Agreement with
respect to the other party or any Extraordinary Event that results in
the termination or cancellation of any Transaction to constitute a
‘‘contractual right’’ (as defined in the
Bankruptcy Code);

(d)    Any cash, securities or other property
transferred as performance assurance, credit support or collateral with
respect to each Transaction to constitute ‘‘margin
payments’’ and ‘‘transfers’’
(as defined in the Bankruptcy Code); and

(e)    All payments
for, under or in connection with each Transaction, all payments for the
Shares and the transfer of such Shares to constitute
‘‘settlement payments’’ and
‘‘transfers’’ (as defined in the Bankruptcy
Code).

11.    Credit Support Documents. The
parties hereto acknowledge that no Transaction hereunder is secured by
any collateral that would otherwise secure the obligations of
Counterparty herein or pursuant to the Agreement.

12.    Limitation on Set-off. (a)
    Notwithstanding anything to the contrary in the Agreement or
the Equity Definitions, the calculation of any Settlement Amounts and
Unpaid Amounts shall be calculated separately for (A) all Terminated
Transactions in the Shares of the Issuer that qualify as equity under
applicable accounting rules (collectively, the
‘‘Equity Shares’’) as
determined by the Calculation Agent and (B) all other Terminated
Transactions under the Agreement including, without limitation,
Transactions in Shares other than those of the Issuer (collectively,
the ‘‘Other Shares’’) and
the netting and set-off provisions of the Agreement shall only operate
to provide netting and set-off (i) among Terminated Transactions in the
Equity Shares and (ii) among Terminated Transactions in the Other
Shares. In no event shall the netting and set-off provisions of the
Agreement operate to permit netting and set-off between Terminated
Transactions in the Equity Shares and Terminated Transactions in the
Other Shares.

(b)    The parties agree that upon the occurrence
of an Event of Default or Termination Event with respect to a party who
is the Defaulting Party or an Affected Party
(‘‘X’’), the other party
(‘‘Y’’) will have the right
(but not be obliged) without prior notice to X or any other person to
set-off or apply any obligation of X owed to Y (whether or not matured
or contingent and whether or not arising under the Agreement, and
regardless of the currency, place of payment or booking office of the
obligation) against any obligation of Y owed to X (whether or not
matured or contingent and whether or not arising under the Agreement,
and regardless of the currency, place of payment or booking office of
the obligation). Y will give notice to the other party of any set-off
effected under this Section 12.

Amounts (or the relevant portion
of such amounts) subject to set-off may be converted by Y into the
Termination Currency at the rate of exchange at which such party would
be able, acting in a reasonable manner and in good faith, to purchase
the relevant amount of such currency. If any obligation is
unascertained, Y may in good faith estimate that obligation and set-off
in respect of the estimate, subject to the relevant party accounting to
the other when the obligation is ascertained. Nothing in this Section
12 shall be effective to create a charge or other security interest.
This Section 12 shall be without prejudice and in addition to any right
of set-off, combination of accounts, lien or other right to which any
party is at any time otherwise entitled (whether by operation of law,
contract or otherwise).

(c)    Notwithstanding anything to
the contrary in the foregoing, GS&Co. agrees not to set off or net
amounts due from Counterparty with respect to any Transaction against
amounts due from GS&Co. to Counterparty with respect to contracts
or instruments that are not Equity Contracts.
‘‘Equity Contract’’ means
any transaction or instrument that does not convey rights to GS&Co.
senior to claims of common stockholders in the event of
Counterparty’s bankruptcy.

11

13.    Delivery of
Shares. (a)    GS&Co. may, by notice to Counterparty prior
to the Minimum Share Delivery Date (the ‘‘Nominal
Delivery Date’’), elect to deliver the Shares it
is required to deliver under ‘‘Minimum Share
Delivery’’ (above) on two or more dates (each, a
‘‘Staggered Delivery Date’’)
or at two or more times on the Nominal Delivery Date as follows:

(i)    in such notice, GS&Co. will specify to Counterparty the
related Staggered Delivery Dates (each of which will be on or prior to
the Nominal Delivery Date, but not prior to the beginning of the Hedge
Period) or delivery times and how it will allocate the Shares it is
required to deliver under ‘‘Minimum Share
Delivery’’ (above) among the Staggered Delivery Dates or
delivery times; and

(ii)    the aggregate number of Shares that
GS&Co. will deliver to Counterparty hereunder on all such Staggered
Delivery Dates and delivery times will equal the number of Shares that
GS&Co. would otherwise be required to deliver on such Nominal
Delivery Date.

14.    Early Termination. In
the event that an Early Termination Date (whether as a result of an
Event of Default or a Termination Event) occurs or is designated with
respect to any Transaction (except as a result of a Merger Event in
which the consideration or proceeds to be paid to holders of Shares
consists solely of cash), if GS&Co. would owe any amount to
Counterparty pursuant to Section 6(d)(ii) of the Agreement (calculated
as if the Transactions being terminated on such Early Termination Date
were the sole Transactions under the Agreement) (any such amount, a
‘‘GS&Co. Amount’’),
then, in lieu of any payment of such GS&Co. Amount, Counterparty
may, no later than the Early Termination Date or the date on which such
Transaction is terminated, elect for GS&Co. to deliver to
Counterparty a number of Shares (or, in the case of a Merger Event, a
number of units, each comprising the number or amount of the securities
or property that a hypothetical holder of one Share would receive in
such Merger Event (each such unit, an
‘‘Alternative Delivery
Unit’’ and, the securities or property comprising
such unit, ‘‘Alternative Delivery
Property’’)) with a value equal to the GS&Co.
Amount, as determined by the Calculation Agent (and the parties agree
that, in making such determination of value, the Calculation Agent may
take into account a number of factors, including the market price of
the Shares or Alternative Delivery Property on the date of early
termination and the prices at which GS&Co. purchases Shares or
Alternative Delivery Property to fulfill its delivery obligations under
this Section 14); provided that in determining the composition
of any Alternative Delivery Unit, if the relevant Merger Event involves
a choice of consideration to be received by holders, such holder shall
be deemed to have elected to receive the maximum possible amount of
cash.

15.    Payment Date upon Early
Termination. Notwithstanding anything to the contrary in Section
6(d)(ii) of the Agreement, all amounts calculated as being due in
respect of an Early Termination Date under Section 6(e) of the
Agreement will be payable on the day that notice of the amount payable
is effective; provided that if Counterparty elects to receive
Shares or Alternative Delivery Property in accordance with Section 13,
such Shares or Alternative Delivery Property shall be delivered on a
date selected by GS&Co as promptly as
practicable.

16.    Special Provisions for
Counterparty Payments. The parties hereby agree that,
notwithstanding anything to the contrary herein or in the Agreement, in
the event that an Early Termination Date (whether as a result of an
Event of Default or a Termination Event) occurs or is designated with
respect to any Transaction and, as a result, Counterparty owes to
GS&Co. an amount calculated under Section 6(e) of the Agreement
(calculated as if the Transactions being terminated on such Early
Termination Date were the sole Transactions under the Agreement), such
amount shall be deemed to be zero.

17.    Claim in
Bankruptcy. GS&Co. agrees that in the event of the bankruptcy
of Counterparty, GS&Co. shall not have rights or assert a claim
that is senior in priority to the rights and claims available to the
shareholders of the common stock of
Counterparty.

18.    Governing Law. The
Agreement, this Master Confirmation, each Supplemental Confirmation,
each Trade Notification and all matters arising in connection with the
Agreement, this Master Confirmation, each Supplemental Confirmation and
each Trade Notification shall be governed by, and construed and
enforced in accordance with, the laws of the State of New York (without
reference to its choice of laws doctrine).

12

19.    Offices.

(a)    The
Office of GS&Co. for each Transaction is: One New York Plaza, New
York, New York 10004.

(b)    The Office of Counterparty for
each Transaction is: Victoria Hall, Maxwell Roberts Building, 1 Church
Street, Hamilton, HM 11,
Bermuda.

20.    Arbitration. The Agreement,
this Master Confirmation, each Supplemental Confirmation and each Trade
Notification are subject to the following arbitration
provisions:

(a)    All parties to this Confirmation
are giving up the right to sue each other in court, including the right
to a trial by jury, except as provided by the rules of the arbitration
forum in which a claim is
filed.

(b)    Arbitration awards are generally
final and binding; a party’s ability to have a court reverse or
modify an arbitration award is very
limited.

(c)    The ability of the parties to
obtain documents, witness statements and other discovery is generally
more limited in arbitration than in court
proceedings.

(d)    The arbitrators do not have
to explain the reason(s) for their
award.

(e)    The panel of arbitrators will
typically include a minority of arbitrators who were or are affiliated
with the securities industry, unless Counterparty is a member of the
organization sponsoring the arbitration facility, in which case all
arbitrators may be affiliated with the securities
industry.

(f)    The rules of some arbitration
forums may impose time limits for bringing a claim in arbitration. In
some cases, a claim that is ineligible for arbitration may be brought
in court.

(g)    The rules of the arbitration
forum in which the claim is filed, and any amendments thereto, shall be
incorporated into this Confirmation.

Counterparty agrees
that any and all controversies that may arise between Counterparty and
GS&Co., including, but not limited to, those arising out of or
relating to the Agreement or any Transaction hereunder, shall be
determined by arbitration conducted before The New York Stock Exchange,
Inc. (‘‘NYSE’’) or NASD Dispute Resolution
(‘‘NASD-DR’’), or, if the NYSE and NASD-DR
decline to hear the matter, before the American Arbitration
Association, in accordance with their arbitration rules then in force.
The award of the arbitrator shall be final, and judgment upon the award
rendered may be entered in any court, state or federal, having
jurisdiction. 

No person shall bring a putative or
certified class action to arbitration, nor seek to enforce any
pre-dispute arbitration agreement against any person who has initiated
in court a putative class action or who is a member of a putative class
who has not opted out of the class with respect to any claims
encompassed by the putative class action until: (i) the class
certification is denied; (ii) the class is decertified; or (iii)
Counterparty is excluded from the class by the court.

Such forbearance to enforce an agreement to arbitrate
shall not constitute a waiver of any rights under this Confirmation
except to the extent stated
herein.’’

21.    Counterparts.    This
Master Confirmation may be executed in any number of counterparts, all
of which shall constitute one and the same instrument, and any party
hereto may execute this Master Confirmation by signing and delivering
one or more counterparts.

13

Counterparty
hereby agrees (a) to check this Master Confirmation carefully and
immediately upon receipt so that errors or discrepancies can be
promptly identified and rectified and (b) to confirm that the foregoing
(in the exact form provided by GS&Co.) correctly sets forth the
terms of the agreement between GS&Co. and Counterparty with respect
to any particular Transaction to which this Master Confirmation
relates, by manually signing this Master Confirmation or this page
hereof as evidence of agreement to such terms and providing the other
information requested herein and immediately returning an executed copy
to Equity Derivatives Documentation Department, Facsimile No.
212-428-1980/83.

				
	 			Yours
faithfully,
	 			GOLDMAN,
SACHS &
CO.
	 			By:    /s/
David
Goldenberg                                
	 			Authorized
Signatory
	

Agreed and accepted
by:

				
	ASPEN INSURANCE HOLDINGS
LIMITED
	By:			/s/
Julian
Cusack                            
	Name:			Julian
Cusack
	Title:			Chief Financial
Officer
	

SCHEDULE
A

SUPPLEMENTAL
CONFIRMATION

				
	To:			Aspen
Insurance Holdings Limited
 Maxwell Roberts Building
 1 Church
Street
 Hamilton, HM 11

Bermuda
	From:			Goldman, Sachs &
Co.
	Subject:			Collared Accelerated Stock
Buyback
	Ref. No:			[Insert Reference
No.]
	Date:			December 21,
2006
	

	
		
	

The purpose of this
Supplemental Confirmation is to confirm the terms and conditions of the
Transaction entered into between Goldman, Sachs & Co.
(‘‘GS&Co.’’) and Aspen
Insurance Holdings Limited
(‘‘Counterparty’’)
(together, the ‘‘Contracting
Parties’’) on the Trade Date specified below.
This Supplemental Confirmation is a binding contract between GS&Co.
and Counterparty as of the relevant Trade Date for the Transaction
referenced below.

1.    This Supplemental Confirmation
supplements, forms part of, and is subject to the Master Confirmation
dated as of December  21,  2006 (the
‘‘Master Confirmation’’)
between the Contracting Parties, as amended and supplemented from time
to time. All provisions contained in the Master Confirmation govern
this Supplemental Confirmation except as expressly modified
below.

2.    The terms of the Transaction to which
this Supplemental Confirmation relates are as
follows:

			
	Trade
Date:		[• •],
2006
			

			
	Forward Price Adjustment
Amount:		USD[•
•]
			

			
	Hedge Completion Date:		As set
forth in the Trade Notification, but in no event later than
[• •]
			

			
	Scheduled Termination
Date:		[• •] months after the
Hedge Completion Date, subject to GS&Co.’s right to
accelerate the Termination Date to any date on or after the First
Acceleration Date.
			

			
	First Acceleration Date:		As
set forth in the Trade Notification to be the date that follows the
Hedge Completion Date by [• •]
months.
			

			
	Prepayment Amount:		USD[•
•]
			

			
	Counterparty Additional Payment
Amount:		USD [•
•]
			

			
	Minimum Shares:		As set forth
in the Trade Notification, to be a number of Shares equal to (a) the
Prepayment Amount divided by (b)
[•   •]% of the Hedge Period
Reference Price.
			

			
	Maximum Shares:		As set for in
the Trade Notification, to be a number of Shares equal to (a) the
Prepayment Amount divided by (b) [•
•]% of the Hedge Period Reference
Price.
			

			
	Ordinary Dividend Amount:		For any
calendar quarter, USD[•
•]
			

3.    Counterparty
represents and warrants to GS&Co. that neither it nor any
‘‘affiliated purchaser’’ (as defined in
Rule 10b-18 under the Exchange Act) has made any purchases of blocks
pursuant to the proviso in Rule 10b-18(b)(4) under the Exchange Act
during the four full calendar weeks immediately preceding the Trade
Date.

4.    This Supplemental
Confirmation may be executed in any number of counterparts, all of
which shall constitute one and the same instrument, and any party
hereto may execute this Supplemental Confirmation by signing and
delivering one or more counterparts.

Counterparty hereby agrees
(a) to check this Supplemental Confirmation carefully and
immediately upon receipt so that errors or discrepancies can be
promptly identified and rectified and (b) to confirm that the
foregoing (in the exact form provided by GS&Co.) correctly sets
forth the terms of the agreement between GS&Co. and Counterparty
with respect to this Transaction, by manually signing this Supplemental
Confirmation or this page hereof as evidence of agreement to such terms
and providing the other information requested herein and immediately
returning an executed copy to Equity Derivatives Documentation
Department, facsimile No.
212-428-1980/83.

				
	 			Yours
sincerely,
	 			GOLDMAN,
SACHS &
CO.
	 			By:                                                                                    
	 			Authorized
Signatory
	

Agreed and accepted
by:

				
	ASPEN INSURANCE HOLDINGS
LIMITED
	By:			                                                                        
	Name:			 
	Title:			 
	

SCHEDULE B

TRADE
NOTIFICATION

				
	To:			Aspen
Insurance Holdings Limited
 Maxwell Roberts Building
 1 Church
Street
 Hamilton, HM 11

Bermuda
	From:			Goldman, Sachs &
Co.
	Subject:			Collared Accelerated Stock
Buyback
	Ref. No:			[Insert Reference
No.]
	Date:			[Insert
Date]
	

	
		
	

The purpose of
this Trade Notification is to notify you of certain terms in the
Transaction entered into between Goldman, Sachs & Co.
(‘‘GS&Co.’’) and Aspen
Insurance Holdings Limited
(‘‘Counterparty’’)
(together, the ‘‘Contracting
Parties’’) on the Trade Date specified below.

This Trade Notification supplements, forms part of, and is subject
to the Supplemental Confirmation dated as of December  21,
2006 (the ‘‘Supplemental
Confirmation’’) between the Contracting Parties,
as amended and supplemented from time to time. The Supplemental
Confirmation is subject to the Master Confirmation dated as of
December  21,  2006 (the ‘‘Master
Confirmation’’) between the Contracting Parties,
as amended and supplemented from time to time. All provisions contained
in the Master Confirmation and the Supplemental Confirmation govern
this Trade Notification except as expressly modified
below.

			
	Trade Date:		[•
•], 2006
			

			
	Hedge Completion
Date:		[•
•]
			

			
	Scheduled Termination
Date:		[• •]
			

			
	First
Acceleration Date:		[• •] (or,
if such date is not a Scheduled Trading Day, the next following
Scheduled Trading Day).
			

			
	Hedge Period Reference
Price:		USD[•
•]
			

			
	Minimum
Shares:		[•
•]
			

			
	Maximum
Shares:		[•
•]
			

				
	 			Yours
sincerely,
	 			GOLDMAN,
SACHS &
CO.
	 			By:                                                                            
	 			Authorized
Signatory

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