Document:

Exhibit 10.3

                              (1) SARAH ANN DAVIES

                                       AND

                     (2) ASPEN INSURANCE UK SERVICES LIMITED

                      (3) ASPEN INSURANCE HOLDINGS LIMITED

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                     AMENDED AND RESTATED SERVICE AGREEMENT

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                                TABLE OF CONTENTS

CLAUSE                                                                                                         PAGE

1.       INTERPRETATION...........................................................................................1

2.       AMENDMENT AND RESTATEMENT................................................................................2

3.       POSITION.................................................................................................2

4.       TERM.....................................................................................................2

5.       DUTIES...................................................................................................2

6.       REMUNERATION AND COMMISSION..............................................................................3

7.       PENSION AND INSURANCE BENEFITS...........................................................................4

8.       EXPENSES.................................................................................................5

9.       HOLIDAYS AND HOLIDAY PAY.................................................................................5

10.      DISABILITY OR DEATH......................................................................................5

11.      CONFIDENTIAL INFORMATION.................................................................................6

12.      COPYRIGHT AND DESIGNS....................................................................................6

13.      GRATUITIES AND CODES OF CONDUCT..........................................................................7

14.      RESTRICTIVE COVENANTS....................................................................................7

15.      TERMINATION BY RECONSTRUCTION OR AMALGAMATION; CHANGE IN CONTROL.........................................9

16.      TERMINATION OF EMPLOYMENT BY THE COMPANY FOR CAUSE......................................................10

17.      TERMINATION OF EMPLOYMENT BY THE COMPANY WITHOUT CAUSE..................................................11

18.      TERMINATION OF EMPLOYMENT BY THE EXECUTIVE............................................................. 11

19       OBLIGATIONS UPON TERMINATION OF EMPLOYMENT; CERTAIN OTHER TERMINATIONS...............  .................12

20.      EFFECT OF TERMINATION OF THIS AGREEMENT.................................................................14

21.      GENERAL RELEASE.........................................................................................15

22.      OTHER TERMS AND CONDITIONS..............................................................................15

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22.      NOTICES.................................................................................................16

24.      PREVIOUS AND OTHER AGREEMENTS...........................................................................16

25.      ENTIRE AGREEMENT/AMENDMENT..............................................................................16

26.      ASSIGNMENT..............................................................................................16

27.      SEVERABILITY............................................................................................17

28.      SUCCESSORS/BINDING AGREEMENT............................................................................17

29.      COOPERATION.............................................................................................17

30.      GOVERNING LAW...........................................................................................17

31.      COUNTERPARTS............................................................................................17

                     AMENDED AND RESTATED SERVICE AGREEMENT

DATE:          24 September 2004

PARTIES:

(1)      SARAH ANN DAVIES of Hollybush Cottages, 1 Hollybush Lane, Bendish,
         Whitwell, Hertfordshire SG4 8JB (the "Executive");

(2)      ASPEN INSURANCE UK SERVICES LIMITED (Registered in England No.
         1184193), 100 Leadenhall Street, London, EC3A 3DD, England (formerly
         known as Wellington Re Services Limited) (the "Company"); and

(3)      ASPEN INSURANCE HOLDINGS incorporated in the Islands of Bermuda whose
         registered office is at Cedar Avenue, Hamilton, Bermuda ("Holdings").

OPERATIVE TERMS:

         1.       INTERPRETATION

         1.1      In this Agreement:

         "Affiliate"                          means any entity directly or
                                              indirectly controlling, controlled
                                              by, or under common control with
                                              Holdings; or any other entity
                                              designated by the Board of
                                              Holdings in which Holdings or an
                                              Affiliate has an interest.

         "Board"                              means the Board of Directors of
                                              the Company from time to time;

         "Board of Holdings"                  means the Board of Directors of
                                              Holdings from time to time; and

         "Group"                              means Aspen Insurance Holdings
                                              Limited and its Affiliates (and
                                              "Group Company" means Holdings or
                                              any one of its Affiliates).

         1.2      In this Agreement references to any statutory provision shall
         include such provision as from time to time amended, whether before on
         or (in the case of re-enactment or consolidation only) after the date
         hereof, and shall be deemed to include provision of earlier legislation
         (as from time to time amended) which have been reenacted (with or
         without modification) or replaced (directly or indirectly) by such
         provision and shall further include all statutory instruments or orders
         from time to time made pursuant thereto.

         2.       AMENDMENT AND RESTATEMENT

         This Agreement shall serve as a complete amendment and restatement of
         the Service Agreement entered into between Sarah Ann Davies and
         Wellington Re Services Limited, dated 21 June 2002 (the "Original
         Agreement"). Except as otherwise provided herein, all terms of the
         Original Agreement shall be superceded by the terms of this Agreement
         and, upon execution of this Agreement, the Original Agreement shall be
         of no further force and effect.

         3.       POSITION

         The Company shall employ the Executive as Executive Vice President,
         Chief Operating Officer and a member of the Board. The Executive shall
         also be appointed as Executive Vice President, Chief Operating Officer
         of Holdings. In addition, the Executive shall also be nominated to
         serve as a director of such other Group Companies, which shall include
         Aspen Insurance UK Limited, as mutually agreed to by the Executive and
         the Board of Holdings (which nomination shall be subject to approval by
         the shareholders of such Group Company in accordance with the
         organizational documents thereof).

         4.       TERM

         4.1      The Company shall employ the Executive, and the Executive
         shall serve the Company, on the terms and conditions set forth in this
         Agreement, for the period beginning on the date hereof (the "Effective
         Date") and ending on the second anniversary of the Effective Date (the
         "Term"); provided, however, that commencing on the Effective Date and
         on each succeeding day thereafter, unless previously terminated, the
         Term shall be automatically extended by one additional day.

         4.2      Notwithstanding the provisions of Clause 4.1, the Executive's
         employment shall terminate automatically when the Executive reaches the
         age of 65 years.

         5.       DUTIES

         5.1      During her employment hereunder the Executive shall:

                  (a) report to the Board and perform the duties and exercise
                  the powers and functions which from time to time may
                  reasonably be assigned to or vested in her by the Chief
                  Executive Officer in relation to the Company and any other
                  Group Company to the extent consistent with her job title set
                  out in Clause 3 (without being entitled to any additional
                  remuneration in respect of such duties for any Group Company);

                  (b) devote the whole of her working time, attention and
                  ability to her duties in relation to the Company and any other
                  Group Company at such place or places as the Board shall
                  determine. The Executive shall work at the Company's premises
                  at 100 Leadenhall Street, London EC3A 3DD, or such other place
                  as the Company and the Executive shall mutually agree,
                  provided that the Executive shall not be required to reside
                  outside the United Kingdom;

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                  (c) comply with all reasonable requests, instructions and
                  regulations given or made by the Board (or by any one
                  authorised by it) and promptly provide such explanations,
                  information and assistance as to the performance of her duties
                  assigned to her under this Agreement as the Chief Executive
                  Officer may reasonably require;

                  (d) faithfully and loyally serve the Company and each other
                  Group Company to the best of her ability and use her utmost
                  endeavours to promote its interests in all respects;

                  (e) not engage in any activities which would detract from the
                  proper performance of her duties hereunder, nor without the
                  prior written consent of the Board or the Board of Holdings in
                  any capacity including as director, shareholder, principal,
                  consultant, agent, partner or employee of any other company,
                  firm or person (save as the holder for investment of
                  securities which do not exceed three percent (3%) in nominal
                  value of the share capital or stock of any class of any
                  company quoted on a recognised stock exchange) engage or be
                  concerned or interested directly or indirectly in any other
                  trade, business or occupation whatsoever; and

                  (f) comply (and shall use every reasonable endeavour to
                  procure that her spouse and minor children will comply) with
                  all applicable rules of law, stock exchange regulations,
                  individual registration requirements (at a cost to be borne by
                  the Company) and codes of conduct of the Company and any other
                  Group Company in effect with respect to dealing in shares,
                  debentures or other securities of the Company or other Group
                  Company.

         5.2      Nothing herein shall preclude the Executive from (a) serving
         on the boards of directors of a reasonable number of other corporations
         subject to the approval of the Board or the Board of Holdings in each
         case (which approval has been given as to the boards listed in Exhibit
         A attached hereto), which approval shall not be unreasonably withheld,
         (b) serving on the boards of a reasonable number of trade associations
         subject to the approval of the Board or the Board of Holdings, which
         approval shall not unreasonably be withheld, and/or charitable
         organizations, (c) engaging in any charitable activities and community
         affairs, and (d) managing her personal investments and affairs,
         provided that such activities set forth in this Clause 5.2 do not
         significantly interfere with the performance of her duties and
         responsibilities to any Group Company.

         6. REMUNERATION AND COMMISSION

         6.1       The Executive shall be paid by way of remuneration for her
         services during her employment hereunder a salary at the rate (the
         "Salary Rate") of (pound)180,000 per annum, subject to increase
         pursuant to Clause 6.3, which shall be inclusive of any fees to which
         the Executive may be entitled as a director of the Company or of any
         other Group Company.

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         6.2      The Executive shall be eligible for a cash bonus during her
         employment hereunder of such amounts (if any) at such times and subject
         to such conditions as the Compensation Committee of the Board of
         Holdings (the "Compensation Committee") may in its absolute discretion
         decide; provided, however, that notwithstanding the preceding language
         of this Clause 6.2, the Executive shall participate in all management
         incentive plans made available to the Company's senior executives at a
         level commensurate with Executive's status and position at the Company.

         6.3      The Company shall review the Salary Rate for increase at least
         once each year, and any change in the Salary Rate resulting from such
         review will take effect from 1 April. The Company's review shall take
         into consideration, among other factors, the base salary paid to
         individuals performing similar services at comparable companies based
         in Bermuda, the United Kingdom and the United States, as well as other
         relevant local or global talent pool comparables, it being expressly
         understood that while it is intended that the Company shall consider
         these factors, it shall have no obligation to take any specific action
         based on such factors.

         6.4      The Executive's salary will be payable by equal monthly
         installments; each monthly installment will be in respect of a calendar
         month and will be paid on or before the last day of such calendar
         month. Where the employment has begun or ended in a calendar month,
         salary in respect of that month will be the proportion of a normal
         month's installment which the days of employment in that month bear to
         the total days in the month.

         6.5      The Company may withhold from amounts payable under this
         Agreement all applicable taxes that are required to be withheld by
         applicable laws or regulations.

         7.       PENSION AND INSURANCE BENEFITS

         7.1      During her employment hereunder, the Executive shall continue
         to be a member of the pension scheme established by the Board (the
         "Scheme"). The Executive's membership in the Scheme shall be subject to
         the provisions thereof as may be amended from time to time.

         7.2      During her employment hereunder, the Executive shall be
         entitled to participate in all employee benefit and perquisite plans
         and programs made available to the Company's senior level executives or
         to its employees generally, as such plans or programs may be in effect
         from time to time.

         7.3      During her employment hereunder, the Company shall provide the
         Executive with medical insurance, permanent health insurance, personal
         accident insurance and life insurance (subject to the relevant
         insurers' terms and conditions). The Board shall have the right to
         change the arrangements for the provision of such benefits as it sees
         fit or, if in the reasonable opinion of the Board, the Company is
         unable to secure any such insurance under the rules of any applicable
         scheme or otherwise at reasonable rates to cease to provide any or all
         of the insurances.

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         8.      EXPENSES

         The Company shall reimburse to the Executive all traveling, hotel,
         entertainment and other expenses properly and reasonably incurred by
         her in the performance of her duties hereunder and properly claimed and
         vouched for in accordance with the Company's expense reporting
         procedure in force from time to time.

         9.      HOLIDAYS AND HOLIDAY PAY

         9.1      In addition to public holidays in England, during her
         employment hereunder, the Executive shall be entitled to 30 working
         days' paid holiday per holiday year and, if applicable, such additional
         days as are set out in the Company's standard terms and conditions of
         employment from time to time, during each holiday year to be taken at
         such time or times as are convenient to the Company. Except as
         otherwise provided in the Company's holiday policy, the Executive may
         not carry forward any unused part of her holiday entitlement to a
         subsequent holiday year and the Executive shall not be entitled to any
         salary in lieu of untaken holiday.

         9.2      For the holiday year during which the Executive's employment
         hereunder commences or terminates she shall be entitled to such
         proportion of her annual holiday entitlement as the period of her
         employment in each such holiday year bears to one holiday year as set
         out in the Company's holiday policy. Upon termination of this
         employment for whatever reason, she shall, if appropriate, be entitled
         to salary in lieu of any outstanding holiday entitlement.

         10.      DISABILITY OR DEATH

         10.1     The Company reserves the right at any time to require the
         Executive (at the expense of the Company) to be examined by a medical
         adviser nominated by the Company and the Executive consents to the
         medical adviser disclosing the results of the examination to the
         Company and shall provide the Company with such formal consents as may
         be necessary for this purpose.

         10.2     If the Executive shall be prevented by illness, accident or
         other incapacity from properly performing her duties hereunder she
         shall report this fact forthwith to the Company Secretary's office and
         if she is so prevented for seven or more consecutive days she shall if
         required by the Company provide an appropriate doctor's certificate.

         10.3     If the Executive shall be absent from her duties hereunder
         owing to illness, accident or other incapacity duly certified in
         accordance with the provisions of clause 10.2 she shall be paid her
         full remuneration for any period of absence of up to a maximum of 26
         weeks in aggregate in any period of 52 consecutive weeks and
         thereafter, subject to the provisions of clause 16, to such
         remuneration (if any) as the Board shall in its absolute discretion
         allow.

         10.4     If the Executive shall be, on the basis of a medical report
         supplied to the Company following her having undergone a medical
         examination pursuant to clause 10.1, in the opinion of the Board unfit
         ever to return to her duties (but in such

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         circumstances and prior to any action being taken under this clause,
         the Executive shall have the right to have a second medical report from
         a duly qualified doctor or medical adviser selected by the Executive
         and approved by the Board, which approval shall not be unreasonably
         withheld) the Company shall be entitled to place the Executive on
         permanent sick leave without pay or benefits (other than permanent
         health insurance benefits) with effect from any time on or after the
         commencement of payments under the permanent health insurance
         arrangements referred to in clause 7.3.

         10.5     In the event that the Executive's employment is terminated due
         to her death, her estate or her beneficiaries, as the case may be,
         shall be entitled to: (a) salary at her Salary Rate through the end of
         the month in which in which her death occurs, (b) the annual incentive
         award, if any, that the Executive would have been entitled to pursuant
         to Clause 6.2 for the year in which the Executive's death occurs,
         multiplied by a fraction, the numerator of which is the number of days
         that the Executive was employed during the applicable year and the
         denominator of which is 365, and (c) the unpaid balance of all
         previously earned cash bonus and other incentive awards with respect to
         performance periods which have been completed, all of which amounts
         shall be payable in a lump sum in cash within 30 days after her death,
         except that the pro-rated incentive award shall be payable when such
         award would have otherwise been payable had the Executive's employment
         not terminated.

         11.      CONFIDENTIAL INFORMATION

                  The Executive shall not during her employment hereunder or at
         any time after her termination for any reason whatsoever (except (i)
         for the benefit of the Company or any other Group Company in the course
         of her employment or membership on the Board or the Board of Holdings
         (ii) if compelled by a court or administrative order in which case the
         Executive may do so only to the extent legally required and only if she
         has promptly notified the Company of such order and cooperated fully
         with the Company to protect such information) disclose to any person
         whatsoever or otherwise make use of (and she shall at all times
         exercise all due care and diligence to prevent the unauthorised
         disclosure or use of) any confidential or secret information which she
         has or may have acquired in the course of her employment relating to
         the Company or any other Group Company or any customers or clients of
         the Company or any other Group Company, including without limiting the
         generality of the foregoing confidential or secret information relating
         to the past, current or future business, finances, activities and
         operations of the Company or any other Group Company and/or any third
         party to the extent that such information was obtained by the Company
         or any other Group Company pursuant to a confidentiality agreement, but
         excluding information that is generally known to, or recognized as
         standard practice in, the industry in which the Company is engaged
         unless such information is known or recognized as a result of the
         Executive's breach of this covenant (referred to herein as
         "Confidential Information").

         12.      COPYRIGHT AND DESIGNS

         12.1     The Executive hereby assigns to the Company all present and
         future copyright, design rights and other proprietary rights if any for
         the full term thereof throughout the

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         world in respect of all works originated by her at any time during the
         period of her employment by the Company or any other Group Company
         whether during the course of her normal duties or other duties
         specifically assigned to her (whether or not during normal working
         hours) either alone or in conjunction with any other person and in
         which copyright or design rights may subsist except only those designs
         or other works written, originated, conceived or made by her wholly
         unconnected with her service hereunder.

         12.2     The Executive agrees and undertakes that she will execute such
         deeds or documents and do all such acts and things as may be necessary
         or desirable to substantiate the rights of the Company in respect of
         the matters referred to in this Clause. To secure her obligation under
         this Agreement the Executive irrevocably appoints the Company to be her
         attorney in her name and on her behalf to execute such deeds or
         documents and do all such acts and things as may be necessary or
         desirable to substantiate the rights of the Company in respect of the
         matters referred to in this Clause.

         12.3     The Executive hereby irrevocably waives all moral rights that
         she had or may have in any of the works referred to in Clause 12.1,
         subject to the exception therein.

         13. GRATUITIES AND CODES OF CONDUCT

         13.1     The Executive shall comply with all codes of conduct from time
         to time adopted by the Board or the Board of Holdings.

         13.2     The Executive shall not, except in accordance with any code of
         conduct adopted by the Board and the Board of Holdings or with the
         prior written consent of the Board or the Board of Holdings, directly
         or indirectly accept any commission, rebate, discount, gratuity or
         gift, in cash or in kind from any person who has or is likely to have a
         business relationship with the Company or any other Group Company and
         shall notify the Company upon acceptance by the Executive of any
         commission, rebate, discount, gratuity or gift in accordance with any
         such code of conduct from time to time.

         14. RESTRICTIVE COVENANTS

         14.1     For the purpose of this Clause:

         "THE BUSINESS" means the business of the Group or any Group Company at
         the date of termination of the Executive's employment with which the
         Executive has been concerned to a material extent at any time in the
         Relevant Period;

         references to the "GROUP" and "GROUP COMPANIES" shall only be reference
         to the Group and Group Companies in respect of which the Executive has
         carried out material duties in the Relevant Period ;

         "RELEVANT PERIOD" shall mean the period of 24 months immediately
         preceding the date of termination of the Executive's employment or, in
         the event that the Company exercises all or any of its rights under
         Clause 18.3, the period of 24 months immediately preceding the date on
         which it exercises such rights;

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         "RESTRICTED PERSON" shall mean any person who or which has at any time
         during the Relevant Period done business with the Company or any other
         Group Company as customer or client or consultant and whom or which the
         Executive shall have had personal dealings with, contact with or
         responsibility for (each, in a business or commercial capacity) during
         the Relevant Period;

         "KEY EMPLOYEE" shall mean any person who at the date of termination of
         the Executive's employment is employed or engaged by the Company or any
         other Group Company with whom the Executive has had material contact
         during the Relevant Period and (a) is employed or engaged in the
         capacity of Manager, Underwriter or otherwise in a senior capacity or
         in any other capacity as may be agreed in writing between the Executive
         Committee and the Executive from time to time and/or (b) is in the
         possession of Confidential Information and/or (c) is directly managed
         by or reports to the Executive.

         14.2     The Executive covenants with the Company that she will not in
         connection with the carrying on of any business in competition with the
         Business during her employment and, in the event of resignation by the
         Executive with Good Reason or dismissal of the Executive by the Company
         (whether with or without Cause) for the period of 12 months after the
         termination of her employment without the prior written consent of the
         Board of Holdings either alone or jointly with or on behalf of any
         person directly or indirectly:

         14.2.1   canvass, solicit or approach or cause to be canvassed or
         solicited or approached for orders in respect of any services provided
         and/or any products sold by the Company or any other Group Company any
         Restricted Person;

         14.2.2   solicit or entice away or endeavour to solicit or entice away
         from the Company or any other Group Company any Key Employee.

         14.3     The Executive further covenants that in the event of
         resignation by the Executive with Good Reason or dismissal of the
         Executive by the Company without Cause under the provisions of Clause
         17.1(ii), she will not in connection with the carrying on of any
         business in competition with the Business for the further period of 12
         months following the first anniversary of the date of termination of
         the Executive's employment, without the prior written consent of the
         Board of Holdings, either alone or jointly with or on behalf of any
         person directly or indirectly (a) canvass, solicit or approach or cause
         to be canvassed or solicited or approached for orders in respect of any
         services provided and/or any products sold by the Company or any other
         Group Company any Restricted Person; or (b) solicit or entice away or
         endeavour to solicit or entice away from the Company or any other Group
         Company any Key Employee.

         14.4     The Executive further covenants with the Company that, in the
         event of resignation by the Executive with Good Reason she will not,
         for the period of 12 months after the termination of her employment, be
         employed, engaged, interested in or concerned with any business or
         undertaking which is engaged in or carries on business in the United
         Kingdom, Bermuda or the USA which is or is about to be in competition
         with the Business;

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         14.5     The covenants contained in Clauses 14.2.1, 14.2.2 ,14.3 and
         14.4 are intended to be separate and severable and enforceable as such.
         It is expressly understood and agreed that although the Executive and
         the Company consider the restrictions contained in this Clause 14 to be
         reasonable, if a final judicial determination is made by a court of
         competent jurisdiction that the time or territory or any other
         restriction contained in this Agreement is an unenforceable restriction
         against the Executive, the provisions of this Agreement shall not be
         rendered void but shall be deemed amended to apply as to such maximum
         time and territory and to such maximum extent as such court may
         judicially determine to be enforceable. Alternatively, if any court of
         competent jurisdiction finds that any restriction contained in this
         Agreement is unenforceable, and such restriction cannot be amended so
         as to make it enforceable, such finding shall not affect the
         enforceability of any of the other restrictions contained herein.

         14.6     The Executive acknowledges and agrees that the Company's
         remedies at law for a breach of any of the provisions of Clause 11, 12
         or 14 would be inadequate and the Company would suffer irreparable
         damages as a result of such breach. In recognition of this fact, the
         Executive agrees that, in the event of such a breach, in addition to
         any remedies at law, the Company, without posting any bond, shall be
         entitled to obtain equitable relief in the form of specific
         performance, temporary restraining order, temporary or permanent
         injunction or any other equitable remedy which may then be available.

         15. TERMINATION BY RECONSTRUCTION OR AMALGAMATION; CHANGE IN CONTROL

         15.1     If the employment of the Executive hereunder shall be
         terminated solely by reason of the liquidation of the Company for the
         purposes of amalgamation or reconstruction or as part of any
         arrangement for the amalgamation of the undertaking of the Company not
         involving liquidation (in each case, other than a "Change in Control",
         as defined below) and the Executive shall be offered employment with
         the amalgamated or reconstructed company on the same terms as the terms
         of this Agreement (including as to the continuation of any directorship
         which she may then hold in the Company or any other Group Company), the
         Executive shall have no claim against the Company or Holdings in
         respect of the termination of her employment by the Company.

         15.2     If the employment of the Executive hereunder shall be
         terminated by the Company without Cause or by the Executive with Good
         Reason within the six-month period prior to a Change in Control or
         within the two-year period after a Change in Control, in addition to
         the benefits provided in Clause 19.2, the Executive shall be entitled
         to the following benefits: (a) other than share options and other
         equity-based awards granted prior to the date of this Agreement, which
         shall vest and be exercisable in accordance with the terms of their
         grant agreements, all share options and other equity-based awards shall
         immediately vest and remain exercisable for the remainder of their
         terms; and (b) (i) if the aggregate of all payments or benefits made or
         provided to the Executive under this Agreement and under all other
         plans and programs of the Company exceeds 2.99 times the Executive's
         "base amount", as defined in Section 280(b)(3) of the Internal Revenue
         Code of 1986, as amended (the "Code"), (the "Executive Limit

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         Amount"), by 10% or less of such Executive Limit Amount, the amounts
         constituting "parachute payments" within the meaning of Section
         280G(b)(2) (the "Parachute Amount") which would otherwise be payable to
         or for the benefit of the Executive shall be reduced to the extent
         necessary so that the Parachute Amount is equal to the Executive Limit
         Amount; or (ii) if the aggregate of all payments or benefits made or
         provided to the Executive under this Agreement and under all other
         plans and programs of the Company exceeds the Executive Limit Amount by
         more than 10% of such Executive Limit Amount, the Company shall pay to
         the Executive, as and when any excise tax imposed by Section 4999 of
         the Code is payable with respect to such payment, an additional amount
         which, after the imposition of all income, employment, excise and other
         taxes thereon, is equal to the excise tax imposed on such payment.

         For purposes of this Agreement, "Change in Control" shall have the same
         meaning as under the Aspen Insurance Holdings 2003 Share Incentive Plan
         as in effect as of the date hereof.

         16. TERMINATION OF EMPLOYMENT by the company FOR CAUSE

         16.1     The Company, without prejudice to any remedy which it may have
         against the Executive for the breach or non-performance of any of the
         provisions of this Agreement, may by notice in writing to the Executive
         forthwith terminate her employment for "Cause". In the event the
         Company terminates the Executive's employment for Cause, the Executive
         shall be entitled to salary at her Salary Rate through the date of
         termination.

         For purposes of this Agreement, "Cause" shall mean circumstances where
         the Executive:

                  (a) becomes bankrupt or becomes the subject of an interim
                  order under the Insolvency Act 1986 or makes any arrangement
                  or composition with her creditors; or

                  (b) is convicted of any criminal offence (other than an
                  offence under road traffic legislation in the United Kingdom
                  or elsewhere for which a penalty other than imprisonment is
                  imposed); or

                  (c) is guilty of any serious misconduct, any conduct tending
                  to bring the Company Holdings, any other Group Company or
                  herself into disrepute, or any material breach or
                  non-observance of any of the provisions of this Agreement, or
                  conducts herself in a way which is materially prejudicial or
                  calculated to be materially prejudicial to the business of the
                  Group; or

                  (d) is disqualified from being a director of any company by
                  reason of an order made by any competent court; or

                  (e) is guilty of any repeated breach or non-observance of any
                  code of conduct or fails or ceases to be registered (where
                  such registration is, in the reasonable opinion of the Board
                  or the Board of Holdings, required for the performance of her
                  duties) by any regulatory body in the United Kingdom or
                  elsewhere.

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         17.       TERMINATION OF THE EMPLOYMENT BY THE COMPANY WITHOUT CAUSE

         17.1     The Company may terminate the employment of the Executive at
         any time during the Term without Cause by either (i) giving to the
         Executive 12 months' prior notice in writing; or (ii) terminating the
         employment of the Executive immediately and paying the Executive in
         lieu of the notice to which she would have otherwise been entitled
         under (i) above (which payment in lieu shall be deemed to be included
         within the payment referred to in Clause 19.2).

         18.      TERMINATION OF EMPLOYMENT BY THE EXECUTIVE

         18.1     The Executive shall have the right to terminate her employment
         at any time for Good Reason by immediate notice if, following
         submission of the written notice by the Executive to the Company
         detailing the events alleged to constitute Good Reason in accordance
         with this Clause, the Company shall have failed to cure such events
         within the 30 day period following submission of such notice. For
         purposes of this Agreement, "Good Reason" shall mean (i) a reduction in
         the Executive's annual base salary or annual bonus opportunity, or the
         failure to pay or provide the same when due, (ii) a material diminution
         in the Executive's duties, authority, responsibilities or title, or the
         assignment to the Executive of duties or responsibilities which are
         materially inconsistent with her positions (whether in relation to the
         Executive's appointments with the Company or Holdings), (iii) the
         failure to elect or reelect the Executive to any of the positions
         described in Clause 3 or the removal of her from any such position,
         (iv) an adverse change in the Executive's reporting relationship, or
         (v) the Company's requiring the Executive to be based at any office or
         location more than fifty (50) miles from the Executive's office as of
         the date hereof; provided, however, that no such event(s) shall
         constitute "Good Reason" unless the Company (or Holdings, where
         appropriate) shall have failed to cure such event(s) within 30 days
         after receipt by the Company from the Executive of written notice
         describing in detail such event(s).

         18.2     The Executive shall have the right to terminate her employment
         at any time without Good Reason upon giving 12 months' prior written
         notice to the Company.

         18.3     If the Executive gives notice to terminate her employment
         without Good Reason under Clause 18.2 or if the Executive seeks to
         terminate her employment without Good Reason and without the notice
         required by Clause 18.2 or the Company gives notice to terminate the
         Executive's employment under Clause 17.1(i), then provided the Company
         continues to provide the Executive with the salary and contractual
         benefits in accordance with this Agreement, the Company has, at its
         discretion, the right for the period (the "Garden Leave Period") then
         outstanding until the date of the termination of the Executive's
         employment:

                  (a) to exclude the Executive from any premises of the Company
                  or any Group Company and require the Executive not to attend
                  at any premises of the Company or any Group Company; and/or

                                       11

                  (b) to require the Executive to carry out no duties; and/or

                  (c) to require the Executive not to communicate or deal with
                  any employees, agents, consultants, clients or other
                  representatives of the Company or any other Group Company;
                  and/or

                  (d) to require the Executive to resign with immediate effect
                  from any offices she holds with the Company or any other Group
                  Company (and any related trusteeships); and/or

                  (e) to require the Executive to take any holiday which has
                  accrued under clause 9 during the Garden Leave Period.

         The Executive shall continue to be bound by the duties set out in
         Clause 5 (insofar as they are compatible with being placed on garden
         leave), the restrictions set out in Clause 14.2 and all duties of good
         faith and fidelity during the Garden Leave Period

         19.      OBLIGATIONS UPON TERMINATION OF EMPLOYMENT; CERTAIN OTHER
         TERMINATIONS

         19.1     Upon the termination of her employment hereunder for whatever
         reason the Executive shall:

                  (a) forthwith tender her resignation as a Director of the
                  Company and of any other Group Company without compensation,
                  but without prejudice to any other rights which she may have
                  under this Agreement. To secure her obligation under this
                  Agreement the Executive irrevocably appoints the Company to be
                  her attorney in her name and on her behalf to sign any
                  documents and do any things necessary to give effect thereto,
                  if the Executive shall fail to sign or do the same herself.

                  (b) deliver up to the Company all vehicles, keys, credit
                  cards, correspondence, documents, specifications, reports,
                  papers and records (including any computer materials such as
                  discs or tapes) and all copies thereof and any other property
                  (whether or not similar to the foregoing or any of them)
                  belonging to the Company or any other Group Company which may
                  be in her possession or under her control, and (unless
                  prevented by the owner thereof) any such property belonging to
                  others which may be in her possession or under her control and
                  which relates in any way to the business or affairs of the
                  Company or any other Group Company or any supplier, agent,
                  distributor or customer of the Company or any other Group
                  Company, and she shall not without written consent of the
                  Board or the Board of Holdings retain any copies thereof;

                  (c) if so requested send to the Company Secretary a signed
                  statement confirming that she has complied with Clause
                  19.1(b); and

                  (d) not at any time make any untrue or misleading oral or
                  written statement concerning the business and affairs of the
                  Company or any other Group Company

                                       12

                  or represent herself or permit herself to be held out as being
                  in any way connected with or interested in the business of the
                  Company or any other Group Company (except as a former
                  employee for the purpose of communicating with prospective
                  employers or complying with any applicable statutory
                  requirements).

         19.2     In the event of a termination of Executive's employment
         hereunder by the Executive with Good Reason or by the Company without
         Cause (other than by reason of death), the Executive shall be entitled
         to (a) salary at her Salary Rate through the date in which her
         termination occurs; (b) the lesser of (x) the target annual incentive
         award for the year in which the Executive's termination occurs, and (y)
         the average of the annual incentive awards received by the Executive in
         the prior three years (or, if less the number of prior years in which
         the Executive was employed by the Company), multiplied by a fraction,
         the numerator of which is the number of days that the Executive was
         employed during the applicable year and the denominator of which is
         365; (c) subject to Clauses 19.3 and 19.4 below, the sum of 2 times (x)
         the Executive's highest Salary Rate during the term of this Agreement
         and (y) the average bonus under the Company's annual incentive plan
         actually earned by the Executive during the three years (or number of
         complete years employed by the Company, if fewer) immediately prior to
         the year of termination (the sum of 2 times (x) and (y) hereafter
         referred to as the "Severance Payment"), and (d) the unpaid balance of
         all previously earned cash bonus and other incentive awards with
         respect to performance periods which have been completed, but which
         have not yet been paid, all of which amounts shall be payable in a lump
         sum in cash within 30 days after her termination. In the event that the
         Company terminates the Executive's employment without Cause under the
         provisions of Section 17.1(ii) the parties acknowledge that the
         Severance Payment will be inclusive of the Executive's rights to be
         paid in lieu of the 12 months' notice period to which she is entitled
         under that Clause.

         19.3     In the event that the Executive's entitlement to a Severance
         Payment arises as a result of the Executive's employment being
         terminated by the Executive with Good Reason or by the Company
         terminating the Executive's employment without Cause under the
         provisions of Clause 17.1(ii), 50% of the Severance Payment shall be
         paid to the Executive within 14 days of the execution by the Executive
         of a valid release in accordance with Clause 21. The remaining 50% of
         the Severance Payment will be paid in four equal installments during
         the 12 months following the first anniversary of the termination of the
         Executive's employment (with the first quarterly payment being paid on
         or as soon as reasonably practicable after the date which is three
         months after the first anniversary of the date of termination and each
         subsequent quarterly payment being paid on the date which is three
         months after the last quarterly payment) in specific consideration for
         the agreement by the Executive to be bound by the further covenants set
         out in Clause 14.3 to apply during that period. In the event that the
         Executive breaches any part of Clause 14.3 at any time during that 12
         months period or the Executive successfully challenges in a court of
         competent jurisdiction the enforceability of all or any part of the
         covenants set out in Clause 14.3, the Company shall not be obliged to
         make any further quarterly payments to the Executive whatsoever (and in
         addition shall not be prevented from taking any other action to enforce
         the covenants set out in Clause 14.3 whatsoever in the event of breach
         by the Executive).

                                       13

         19.4      In the event that the Executive's employment is terminated by
         the Company without Cause under the provisions of Clause 17.1 (i) and
         the Company exercises all or any of its rights under Clause 18.3 during
         the 12 months' notice period, the Severance Payment shall be reduced by
         a sum equal to the total salary and bonus payments received by the
         Executive during the Garden Leave Period and the total Severance
         Payment (reduced in accordance with this Clause) will be paid in four
         equal installments during the 12 months following the termination of
         the Executive's employment (with the first quarterly payment being paid
         on or as soon as reasonably practicable after the date which is three
         months after the termination of the Executive's employment and each
         subsequent quarterly payment being made on the date which is three
         months after the last quarterly payment) provided that if during that
         12 months period the Executive breaches any of the provisions of Clause
         14.2 or the Executive successfully challenges in a court of competent
         jurisdiction the enforceability of all or any part of the covenants set
         out in Clause 14.2, the Company shall not be obliged to make any
         further quarterly payments to the Executive whatsoever (and in addition
         shall not be prevented from taking any other action to enforce the
         covenants set out in Clause 14.2 whatsoever in the event of breach by
         the Executive).

         19.5      Notwithstanding any other provision contained in this
         Agreement, in the event that the Executive breaches any material
         provision of the Shareholder Agreement between Executive and the
         Company, if such breach has a material adverse effect on the Group and,
         if capable of remedy, is not remedied by the Executive within 21 days
         of the Executive's receipt of a notice from the Company requiring
         remedy to be made, the Company shall have the right to terminate the
         employment of the Executive; provided that, notwithstanding any other
         provision of this Agreement, upon such a termination, the Executive
         shall be entitled to receive only salary at the Salary Rate through the
         date of termination. For the purposes of Clause 14 such termination
         shall be deemed to be a termination for Cause.

         19.6     Upon any termination of employment, the Executive shall be
         entitled to (a) any expense reimbursement due to her and (b) other
         benefits (if any) in accordance with the applicable plans and programs
         of the Company.

         19.7     In the event of any termination of employment under this
         Agreement, the Executive shall be under no obligation to seek other
         employment and there shall be no offset against amounts due the
         Executive under this Agreement on account of any remuneration
         attributable to any subsequent employment that she may obtain.

         20.      EFFECT OF TERMINATION OF THIS AGREEMENT

         20.1     The expiry or termination of this Agreement however arising
         shall not operate to affect any of the provisions hereof which are
         expressed to operate or have effect thereafter and shall not prejudice
         the exercise of any right or remedy of either party accrued beforehand.

                                       14

         21.      GENERAL RELEASE

         Notwithstanding any provision herein to the contrary, prior to payment
         of any amount pursuant to Clauses 15.2 and 19.2, the Executive shall
         execute a valid general release, in the form attached hereto (except to
         the extent a change in law or any current practice existing at the date
         of termination requires a modification to such release), pursuant to
         which the Executive shall release the Group and its shareholders,
         directors, officers, employees and agents, to the maximum extent
         permitted by law, from any and all claims the Executive may have
         against the Group that relate to or arise out of the Executive's
         employment or termination of employment, except such claims arising
         under this Agreement.

         22.      OTHER TERMS AND CONDITIONS

         22.1     The Company shall maintain a directors' and officers'
         liability insurance policy covering the Executive which is no less
         favorable than the policy covering other senior executive officers of
         the Company. In addition, the Company expressly acknowledges that the
         Executive is in the class of individuals entitled to be an "Indemnified
         Person" (as such term is defined in the Amended and Restated Bye-Laws
         of Aspen Insurance Holdings Limited (the "Bye-Laws")). As such, the
         Executive shall be entitled to the greatest of any and all protections
         regarding indemnity, insurance and advancement and reimbursement of
         expenses provided under the Bye-Laws as in existence on the date
         hereof, the directors' and officers' policy described above, or such
         greater protection as may be provided under applicable law; provided,
         however, that if the Bye-Laws are amended after the date hereof, and,
         as amended, they provide greater benefits than the existing Bye-Laws,
         the Executive shall be entitled to such greater benefits.

         22.2     Pursuant to the Original Agreement, the following particulars
         are given in compliance with the requirements of section 1 of the
         Employment Rights Act 1996:

                  (a) The Executive's period of continuous employment by WUSL
                  which began on 27 September 1993 shall be recognised by the
                  Company.

                  (b) The Executive's hours of work shall be the normal hours of
                  work of the Company which are from 9.00 am to 5.00 pm together
                  with such additional hours as may be necessary without
                  additional remuneration for the proper discharge of her duties
                  hereunder to the satisfaction of the Board.

                  (c) If the Executive is dissatisfied with any disciplinary
                  decision or if she has any grievance relating to her
                  employment hereunder she should refer such disciplinary
                  decision or grievance to the Board of Holdings and the
                  reference will be dealt with by discussion at and decision of
                  a duly convened meeting of the Board of Holdings.

                  (d) A contracting-out certificate is not currently in force in
                  respect of the Executive's employment hereunder.

                                       15

                  (e) Save as otherwise herein provided there are no terms or
                  conditions of employment relating to hours of work or to
                  normal working hours or to entitlement to holiday (including
                  public holidays) or holiday pay or to incapacity for work due
                  to sickness or injury or to pensions or pension schemes or to
                  requirements to work abroad and no collective agreement has
                  any effect upon the Executive's employment hereunder.

         23.      NOTICES

         Any notice to be given hereunder shall be in writing. Notice to the
         Executive shall be sufficiently served by being delivered personally to
         her or be being sent by first class post addressed to her at her usual
         or last known place of residence. Notice to the Company shall be
         sufficiently served by being delivered to the Company Secretary or by
         being sent by first class post to the registered office of the Company.
         Any notice if so posted shall be deemed served upon the third day
         following that on which it was posted.

         24.       PREVIOUS AND OTHER AGREEMENTS

         This Agreement shall take effect in substitution for all previous
         agreements and arrangements (whether written, oral or implied) between
         the Company and the Executive (including, without limitation, the
         Original Agreement) relating to her employment which shall be deemed to
         have been terminated by mutual consent with effect from the
         commencement of the Agreement.

         25.       ENTIRE AGREEMENT/AMENDMENT

         This Agreement contains the entire understanding of the parties with
         respect to the employment of the Executive by the Company. There are no
         restrictions, agreements, promises, warranties, covenants or
         undertakings between the parties with respect to the subject matter
         herein other than those expressly set forth herein. This Agreement may
         not be altered, modified, or amended except by written instrument
         signed by the parties hereto.

         26.       ASSIGNMENT

         This Agreement, and all of the Executive's rights and duties hereunder,
         shall not be assignable or delegable by the Executive. Any purported
         assignment or delegation by the Executive in violation of the foregoing
         shall be null and void ab initio and of no force and effect. This
         Agreement may be assigned by the Company to a person or entity that is
         the successor in interest to substantially all of the business
         operations of the Company. Upon such assignment, the rights and
         obligations of the Company hereunder shall become the rights and
         obligations of such successor person or entity. Failure by such
         successor of the Company to expressly assume this Agreement shall
         constitute an event of "Good Reason", entitling Executive to the
         Benefits set forth in Clause 15 or 19, as applicable.

                                       16

         27.     SEVERABILITY

         In the event that any one or more of the provisions of this Agreement
         shall be or become invalid, illegal or unenforceable in any respect,
         the validity, legality and enforceability of the remaining provisions
         of this Agreement shall not be affected thereby.

         28.     SUCCESSORS/BINDING AGREEMENT

         This Agreement shall inure to the benefit of and be binding upon
         personal or legal representatives, executors, administrators,
         successors, heirs, distributees, devisees and legatees of the parties
         hereto.

         29.     COOPERATION

         During employment by the Company and thereafter, the Executive shall
         provide her reasonable cooperation in connection with any action or
         proceeding (or any appeal from any action or proceeding) that relates
         to events occurring during the Executive's employment; provided,
         however, that after the Executive's employment by the Company has
         ended, (i) any request for such cooperation shall accommodate the
         demands of the Executive's then existing schedule and (ii) if any such
         request will involve more than a de minimis amount of the Executive's
         time, the Executive shall be entitled to reasonable compensation
         therefor.

         30.     GOVERNING LAW

         English law shall apply to this Agreement.

         31.     COUNTERPARTS

         This Agreement may be signed in counterparts, each of which shall be an
         original, with the same effect as if the signatures thereto and hereto
         were upon the same instrument.

                                       17

         IN WITNESS whereof this Agreement has been duly executed and delivered
as a deed the day and year first before written.

SIGNED as a Deed           )
and DELIVERED by           )
SARAH ANN                  )                /s/ Sarah Davies
DAVIES                     )
in the presence of:        )

Witness Signature:                          /s/ Ian Campbell
                                                Ian Campbell
Witness Name:

Witness Address:

Witness Occupation:                         Chartered Accountant

                                   --------------------------------------------

                                   ASPEN INSURANCE UK SERVICES LIMITED

                                   By: /s/ Christopher O'Kane
                                       ----------------------------------------
                                       Name: Christopher O'Kane
                                       Title: Director

                                   ASPEN INSURANCE HOLDINGS LIMITED

                                   By: /s/ Paul Myners
                                       ----------------------------------------
                                       Name: Paul Myners
                                       Title: Chairman

                                       18

        ANNEX - FORM OF RELEASE TO BE ENTERED INTO PURSUANT TO CLAUSE 21

                       DATED ____________________________

                     ASPEN INSURANCE UK SERVICES LIMITED (1)

                      ASPEN INSURANCE HOLDINGS LIMITED (2)

                                       AND

                              SARAH ANN DAVIES (3)

                ------------------------------------------------

                              COMPROMISE AGREEMENT

                ------------------------------------------------

                         LEBOEUF, LAMB, GREENE & MACRAE
                                 1 MINSTER COURT
                                  MINCING LANE
                                 LONDON EC3R 7YL

                            TEL: +44 (0)20 7459 5000
                            FAX: +44 (0)20 7459 5099

                                       19

                                  www.llgm.com

THER AGREEMENT is made as of the _____ day of _______________ [20[  ]]

BETWEEN:

(1)      ASPEN INSURANCE UK SERVICES LIMITED, (Registered in England No.
         1184193), 100 Leadenhall Street, London EC3A 3DD, England (formerly
         known as Wellington Re Services Limited) (the "COMPANY");

(2)      ASPEN INSURANCE HOLDINGS LIMITED incorporated in the Islands of Bermuda
         whose registered office is at Cedar Avenue, Hamilton, Bermuda
         ("HOLDINGS"); and

(3)      SARAH ANN DAVIES of Hollybush Cottages, Bendish, Whitwell,
         Hertfordshire SG4 8JB (hereinafter referred to as the "EXECUTIVE").

IT IS AGREED as follows:

1.       INTERPRETATION

         1.       In this Agreement:

         2.       "GROUP COMPANY" shall mean any holding company of the Company
                  from time to time and any subsidiary of the Company or of any
                  such holding company from time to time. The terms "holding
                  company" and "subsidiary" shall have the meanings ascribed to
                  them by Section 736 of the Companies Act 1985, as amended; and

         3.       "SERVICE AGREEMENT" shall mean the service agreement entered
                  into between the Executive, Holdings and the Company dated [
                  ], as subsequently amended.

2.       TERMINATION DATE

         The Executive's employment with the Company [will end][ended] on [date]
         (the "TERMINATION DATE").

3.       PAYMENT OF SALARY ETC

         The Company will continue to provide the Executive with her salary and
         all other contractual benefits up to the Termination Date in the normal
         way. Within 14 days of the Termination Date the Company will also pay
         the Executive in respect of her accrued but untaken holiday (less such
         deductions for income tax and national insurance as are required by
         law).

                                       20

4.       TERMINATION SUMS

         Subject to the Executive agreeing to all of the conditions set out
         below, and receipt by the Company of a copy of this Agreement signed by
         the Executive and the attached certificate signed by the Executive's
         legal adviser, the Company will pay the Executive the following sums:

         (i)      (pound)[appropriate figure to be inserted] in respect of the
                  Executive's entitlement to an annual incentive award for the
                  year in which the termination of the Executive's employment
                  with the Company occurs, as calculated in accordance with
                  Clause 19.2 (b) of the Service Agreement;

         (ii)     the sum of (pound)[appropriate figure to be inserted] in
                  respect of the Executive's entitlement to a Severance Payment,
                  as calculated and defined in accordance with Clauses 19.2(c)
                  and 19.4 of the Service Agreement. 50% of the Severance
                  Payment will be paid within 14 days of the Termination Date.
                  The remaining 50% of the Severance Payment will be paid in
                  four equal instalments strictly in accordance with and subject
                  to the terms of Clause [19.3] [19.4] [delete as appropriate]
                  of the Service Agreement;

         (iii)    the sum of (pound)[appropriate figure to be inserted] in
                  respect of the Executive's entitlement to the unpaid balance
                  of all previously earned cash bonus and other incentive awards
                  with respect to performance periods which have been completed
                  as at the Termination Date but not yet paid, as calculated in
                  accordance with Clause 19.2(d) of the Service Agreement; and

         (iv)     [the sum of (pound)[appropriate figure to be inserted] in
                  respect of the Executive's entitlement to payment under Clause
                  15.2(b) of the Service Agreement, such sum to be paid as and
                  when any such excise tax as referred to in that Clause 15.2(b)
                  is payable](1)

         The sums set out in (i) to [(iv)] above will be subject to such
         deductions for income tax and national insurance as are required by
         law). Save as set out in (iii) and (iv) above, the above sums will be
         paid to the Executive within [14] days of the date of signature by her
         of this Agreement and signature by her legal adviser of the attached
         certificate. Payment will be made by transfer to the Executive's bank
         account.

5.       SHARE OPTIONS

         [The Company confirms that the extent to which share options held by
         the Executive as at the Termination Date shall be exercisable following
         the Termination Date will be determined solely in accordance with terms
         of the agreements under which such share options were granted.] or
         [Other than in relation to share options granted to the Executive prior
         to the date of the Service Agreement, the Company confirms that all
         share options

----------------------
(1)  Delete if no qualifying termination in connection with a Change of Control
     under Clause 15.2 of the Service Agreement

                                       21

         granted to the Executive have vested and will remain Exercisable for
         the remainder of their terms.](2)

6.       WAIVER OF CLAIMS

         The Executive accepts the terms set out in this Agreement in full and
         final settlement of all and any claims that she has or may have against
         the Company, Holdings or any other Group Company or any of its or their
         current or former shareholders, directors, officers, employees or
         agents, whether contractual (whether known or unknown, existing now or
         in the future), statutory or otherwise, arising out of or in connection
         with her employment with the Company or the termination of her
         employment and her directorship of the Company and any Group Company
         (or her resignation therefrom) or the termination of her position as
         Executive Vice President, Chief Operating Officer. The Executive also
         agrees to waive irrevocably and release the Company and all Group
         Companies (and all of its or their current or former shareholders,
         directors, officers, employees or agents) from and against any claims
         whether contractual (whether known or unknown, existing now or in the
         future), statutory or otherwise, arising out of or in connection with
         her employment with the Company or the termination of her employment
         and her directorship of the Company and any Group Company (or her
         resignation therefrom) or the termination of her position as Chief
         Operating Officer. This waiver shall not apply in relation to any claim
         relating to her pension rights that have accrued up to the Termination
         Date.

7.       CONFIRMATION OF NO BREACHES

         The Executive confirms and warrants to the Company that she has not at
         any time during her employment committed a fundamental breach of the
         terms of the Service Agreement.

8.       LEGAL ADVICE

         The Executive confirms that she has received advice from [name of legal
         advisor] of [name and address of solicitors], a relevant independent
         adviser for the purposes of section 203 of the Employment Rights Act
         1996, as to the terms and effect of this Agreement and, in particular,
         its effect on her ability to pursue her rights before an employment
         tribunal. The Executive will procure that her legal adviser signs the
         attached legal adviser's certificate, which forms part of this
         Agreement.

9.       SATISFACTION OF STATUTORY CONDITIONS

(a)      This Agreement satisfies the conditions for regulating compromise
         agreements under Section 203 of the Employment Rights Act 1996,
         Regulation 35 of the Working Time Regulations 1998, Section 77 of the
         Sex Discrimination Act 1975, Section 72 of the Race Relations Act
         1976, Section 9 of the Disability Discrimination Act 1995, Regulation
         9 of

---------------------
(2)  Second alternative to be used in the event of qualifying termination in
     connection with a Change of Control under Clause 15.2 of the Service
     Agreement.

                                       22

         the Part-Time Workers (Prevention of Less Favourable Treatment)
         Regulations 2000, Regulation 10 of the Fixed Term Employees
         (Prevention of Less Favourable Treatment) Regulations 2002, Section 49
         of the National Minimum Wage Act 1998, Paragraph 2(2) of Schedule 4 to
         the Employment Equality (Religion or Belief) Regulations 2003 and
         Paragraph 2(2) of Schedule 4 to the Employment Equality (Sexual
         Orientation) Regulations 2003.

(b)      The Executive is aware of her rights under the Employment  Rights Act
         1996, the Working Time Regulations 1998, the Sex Discrimination Act
         1975, the Race Relations Act 1976, the Disability Discrimination Act
         1995, the Part-Time Workers (Prevention of Less Favourable Treatment)
         Regulations 2000, the Fixed Term Employees (Prevention of Less
         Favourable Treatment) Regulations 2002, the National Minimum Wage Act
         1998, the Employment Equality (Religion or Belief) Regulations 2003 and
         the Employment Equality (Sexual Orientation) Regulations 2003 and has
         informed the Company of any and all claims that she might seek to bring
         arising from her employment or termination of employment. This
         agreement relates to her claims for breach of contract, unfair
         dismissal, sex discrimination, race discrimination, disability
         discrimination, sexual orientation discrimination, religion or belief
         discrimination, any claim under the Working Time Regulations 1998, any
         claim under the National Minimum Wage Act 1998, the Part-Time Workers
         (Prevention of Less Favourable Treatment) Regulations 2000, the Fixed
         Term Employees (Prevention of Less Favourable Treatment) Regulations
         2002 or any claim for unlawful deductions from wages under the
         Employment Rights Act 1996.

10.      RESIGNATION OF DIRECTORSHIP

         At the same time as executing this Agreement the Executive will resign
         with immediate effect from her directorship of the Company and from all
         directorships and offices (including but not limited to her position as
         Executive Vice President, Chief Operating Officer of Holdings) held
         with other Group Companies (and all related trusteeships) by signing
         and delivering the attached letters of resignation.

11.      POST-TERMINATION RESTRAINTS

         The Executive acknowledges that the provisions of Clause 11
         (Confidentiality) and Clause 14 (Restrictive Covenants) of the Service
         Agreement will (to the extent that they are applicable in the
         circumstances of the termination of the Executive's employment with the
         Company) remain in full force and effect notwithstanding the
         termination of her employment.

12.      RETURN OF COMPANY PROPERTY

         Before any payment under Clause 4 above is made, the Executive will, in
         accordance with Clause 19.1(b) of the Service Agreement, deliver up to
         the Company all vehicles, keys, credit cards, correspondence,
         documents, specifications, reports, papers and records (including any
         computer materials such as discs or tapes) and all copies thereof and
         any other property (whether or not similar to the foregoing or any of
         them) belonging to the Company or any other Group Company which may be
         in her possession or under her control, and (unless prevented by the
         owner thereof) any such property belonging to others which may be in
         her possession or under her

                                       23

         control and which relates in any way to the business or affairs of the
         Company or any other Group Company or any supplier, agent, distributor
         or customer of the Company or any other Group Company, and she confirms
         that she has not retained any copies thereof.

13.      CONFIDENTIALITY

         Save by reason of any legal obligation or to enforce the terms of this
         letter, the Executive will not:

         (a) disclose the existence or terms of this Agreement to anyone (other
         than to the Executive's professional advisers, the Inland Revenue or
         any other competent authority or the Executive's spouse);

         (b) directly or indirectly disseminate, publish or otherwise disclose
         (or allow to be disseminated, published or otherwise disclosed) by any
         means (whether oral, written or otherwise) or medium (including without
         limitation electronic, paper, radio or television) any information
         directly or indirectly relating to the termination of the Executive's
         employment; or

         (c) make any derogatory or disparaging comments about the Company, any
         Group Company or any of its or their shareholders, directors, officers,
         employees or agents.

14.      NO ADMISSION OF LIABILITY

         This agreement is made without any admission on the part of the Company
         or any Group Company that it has or they have in any way breached any
         law or regulation or that the Executive has any claims against the
         Company or any Group Company.

15.      TAX INDEMNITY

         The Executive hereby agrees to be responsible for the payment of any
         tax and employee's national insurance contributions imposed by any
         competent taxation authority in respect of any of the payments and
         benefits provided under this Agreement (other than for the avoidance of
         doubt, any tax and/or employee's national insurance contributions
         deducted or withheld by the Company in paying the sums to the
         Executive). The Executive further agrees to indemnify the Company and
         all Group Companies and keep them indemnified on an ongoing basis
         against any claim or demand which is made by any competent taxation
         authority against the Company or any Group Company in respect of any
         liability of the Company or any Group Company to deduct an amount of
         tax or an amount in respect of tax or any employee's national insurance
         contributions from the payments made and benefits provided under this
         Agreement, including any related interest or penalties imposed by any
         competent taxation authority.

                                       24

16.      ENTIRE AGREEMENT

         This letter sets out the entire agreement between the Executive, the
         Company and any Group Company and, save as set out in Clauses 5 and 11
         above, supersedes all prior arrangements, proposals, representations,
         statements and/or understandings between the Executive, the Company and
         any Group Company.

17.      THIRD PARTY RIGHTS

         Notwithstanding the Contracts (Rights of Third Parties) Act 1999 this
         Agreement may be varied by agreement between the Executive and the
         Company.

18.      APPLICABLE LAW

         This agreement is subject to English law and the exclusive jurisdiction
         of the English courts.

------------------------------------
Sarah Ann Davies

------------------------------------
dated

-------------------------------------
For and on behalf of Aspen Insurance UK Services Limited

-------------------------------------
dated

-------------------------------------
For and on behalf of Aspen Insurance Holdings Limited

-------------------------------------
dated

                                       25

                           LEGAL ADVISER'S CERTIFICATE

I, [name of solicitor] of [address of firm] hereby confirm to Aspen Insurance UK
Services Limited that I am an independent adviser for the purposes of section
203 of the Employment Rights Act 1996 and that I have advised Sarah Ann Davies
as to the terms and effect of this Agreement and its effect on her ability to
pursue her rights before an employment tribunal. There was in force, when such
advice was given, a policy of insurance covering the risk of a claim by Sarah
Ann Davies in respect of loss arising in consequence of such advice.

----------------------------
[name of adviser]

----------------------------
dated

                                       26

To the board of Directors of:-
Aspen Insurance UK Services Limited
Aspen Insurance Holdings Limited

                                                                          [date]

Dear Sirs

ASPEN INSURANCE UK SERVICES LIMITED (THE "COMPANY") AND ASPEN INSURANCE HOLDINGS
LIMITED ("HOLDINGS")

I hereby irrevocably and unconditionally resign from the office of Director of
the Company and as a Executive Vice President, Chief Operating Officer of
Holdings with immediate effect, and I acknowledge and confirm that I have no
claim of whatsoever kind outstanding for compensation or otherwise against the
Company, Holdings or any of its or their servants, officers, agents or employees
in respect of the termination of my appointments.

Yours faithfully

SIGNED as a DEED           )
and DELIVERED              )
by SARAH ANN DAVIES        )
in the presence of:        )

Witness signature:

Witness Name:

Witness address:

[NOTE: SEPARATE INDIVIDUAL SIMILAR LETTERS OF RESIGNATION TO BE PRODUCED FOR ANY
OTHER GROUP COMPANIES OF WHICH SHE IS A DIRECTOR]

         27<PAGE>

                                                                    Exhibit 10.1

                                 REVOLVING NOTE

$50,000,000.00                                    Date: as of September 21, 2004
Chicago, Illinois                                        Due Date:  May 21, 2005

         1.       Agreement to Pay. On or before May 21, 2005 (the "Maturity
Date"), WMS INDUSTRIES INC., a Delaware corporation ("Borrower"), for value
received, promises to pay to the order of LASALLE BANK NATIONAL ASSOCIATION, a
national banking association (collectively, together with any holder hereof,
"Bank"), at the main office of Bank located at 135 South La Salle Street,
Chicago, Illinois 60603, the principal sum of FIFTY MILLION DOLLARS
($50,000,000) or, if less, the aggregate unpaid principal amount of all Loans
(hereinafter defined) by Bank to Borrower and evidenced hereby.

         2.       Definitions. Capitalized terms used herein, unless otherwise
defined herein, shall have the following meanings:

         "Adjusted LIBOR" shall mean a per annum rate equal to LIBOR plus the
         Applicable Margin.

         "Applicable Margin" shall mean the rate per annum added to LIBOR as
         determined by the ratio of Senior Debt to EBITDA of Borrower for the
         prior four fiscal quarters ending on the most recent fiscal quarter,
         effective as of any Interest Rate Change Date, as set forth below:

<TABLE>
<CAPTION>
                     Ratio of Senior Debt to EBITDA              Applicable Margin
                     ------------------------------              -----------------
            <S>                                                         <C>
            greater than or equal to 1.50 to 1.00                       1.75%
            greater than 1.00 to 1.00, but less than 1.50 to 1.00       1.50%
            less than or equal to 1.00 to 1.00                          1.25%
</TABLE>

         "Assumed Exposure" shall mean an amount equal to eight percent (8.00%)
         multiplied by the aggregate face amount of all FX Transactions, such
         percentage subject to change by Bank in its sole discretion upon three
         days prior notice to Borrower.

         "Bank" shall have the meaning set forth in the first section hereof.

         "Borrower" shall have the meaning set forth in the first section
         hereof.

         "Business Day" shall mean any day other than a Saturday, Sunday or a
         legal holiday on which banks are authorized or required to be closed
         for the conduct of commercial banking business in Chicago, Illinois.

<PAGE>

         "Debt" shall mean, at any time, (a) all capital lease obligations (as
         defined in accordance with GAAP) of Borrower, (b) all other debt,
         secured or unsecured, created, issued, incurred or assumed by Borrower
         for money borrowed or for the deferred purchase price of any fixed or
         capital asset, (c) indebtedness secured by any lien existing on
         property owned by Borrower whether or not the indebtedness secured
         thereby has been assumed, and (d) all obligations of Borrower with
         respect to letters of credit, banker acceptances and other extensions
         of credit whether or not representing obligations for borrowed money.

         "Default" shall have the meaning set forth in Section 15 hereof.

         "Default Rate" shall mean a floating per annum rate of interest equal
         to the Prime Rate plus two percent (2.00%).

         "Depreciation" shall mean the total amounts added to depreciation and
         amortization, as reflected on Borrower's financial statements and
         determined in accordance with GAAP.

         "EBITDA" shall mean, for any period, (a) the sum for such period of:
         (i) Net Income, plus (ii) Interest Charges, plus (iii) provisions for
         federal, state and foreign income tax (including the Illinois
         replacement tax, but excluding federal, state and foreign income tax
         benefits), plus (iv) Depreciation, plus (v) non-cash management
         compensation expense, plus (vi) all other non-cash charges, minus (b)
         income or loss attributable to equity in any non-consolidated affiliate
         or subsidiary, in each case to the extent included in determining Net
         Income for such period.

         "FX Obligations" shall mean, at any time, an amount equal to the
         aggregate face amounts of all FX Transactions times the Assumed
         Exposure minus the sum of (i) the amount of any reductions in the
         original face amount of FX Transactions, (ii) the amount of any
         payments made by Bank pursuant to FX Transactions for which Borrower
         has reimbursed Bank, and (iii) the amount of any payments made by Bank
         pursuant to FX Transactions which have been converted to one or more
         Prime Loans.

         "FX Transactions" shall mean all foreign exchange transactions between
         Borrower and Bank including, without limitation, options, forward
         contracts and spot contracts.

         "FX/LC Sublimit" shall mean Two Million and 00/100 Dollars
         ($2,000,000.00).

         "GAAP" shall mean generally accepted accounting principles, using the
         accrual basis of accounting and consistently applied.

         "Interest Charges" shall mean, for any period, the sum of: (a) all
         interest, charges and related expenses payable with respect to that
         fiscal period to a lender in connection with borrowed money or the
         deferred purchase price of assets that are treated as interest in

                                       2
<PAGE>

         accordance with GAAP, plus (b) the portion of rent payable with respect
         to that fiscal period under capital leases that should be treated as
         interest in accordance with GAAP.

         "Interest Period" shall mean, with regard to any LIBOR Loan, successive
         one, two, three or six month periods as selected from time to time by
         Borrower by notice given to Bank not less than two Business Days prior
         to the first day of each respective Interest Period; provided that: (i)
         each such Interest Period occurring after the initial Interest Period
         of any LIBOR Loan shall commence on the day on which the preceding
         Interest Period for such LIBOR Loan expires, (ii) whenever the last day
         of any Interest Period would otherwise occur on a day other than a
         Business Day, the last day of such Interest Period shall be extended to
         occur on the next succeeding Business Day, provided that, if such
         extension would cause the last day of such Interest Period to occur in
         the next following calendar month, then the last day of such Interest
         Period shall occur on the immediately preceding Business Day; (iii)
         whenever the first day of any Interest Period occurs on a day of an
         initial calendar month for which there is no numerically corresponding
         day in the calendar month that succeeds such initial calendar month by
         the number of months equal to the number of months in such Interest
         Period, such Interest Period shall end on the last Business Day of such
         succeeding calendar month; (iv) the final Interest Period shall be such
         that its expiration occurs on or before the Maturity Date, and (v) if
         for any reason Borrower shall fail to select timely a period, then it
         shall be deemed to have selected a one-month period; provided, however,
         that if any Interest Period expires less than one month before the
         Maturity Date, then, for the period commencing on the expiration date
         of such Interest Period and ending on the Maturity Date, such LIBOR
         Loan shall automatically convert to a Prime Loan.

         "Interest Rate Change Date" shall mean the date two (2) Business Days
         after the delivery to Bank of the quarterly or year-end financial
         statements of Borrower, which initial Change Date shall occur after the
         delivery to Bank of the financial statements of Borrower for the fiscal
         quarter ending September 30, 2004.

         "Letter(s) of Credit" shall mean, individually and collectively, such
         letters of credit issued by Bank, in its sole discretion, upon the
         execution and delivery by Borrower and the acceptance by Bank of a
         Master Letter of Credit Agreement in Bank's standard form and an
         application for Letter of Credit, as more particularly set forth
         herein.

         "Letter of Credit Obligations" shall mean, at any time, an amount equal
         to the aggregate of the original face amounts of all Letters of Credit
         minus the sum of (i) the amount of any reductions in the original face
         amount of any Letter of Credit which did not result from a draw
         thereunder, (ii) the amount of any payments made by Bank with respect
         to any draws made under a Letter of Credit for which Borrower has
         reimbursed Bank, (iii) the amount of any payments made by Bank with
         respect to any draws made under a Letter of Credit which have been
         converted to a Revolving Loan as set forth herein, and (iv) the portion
         of any issued but expired Letter of Credit which has not been drawn by
         the beneficiary thereunder. For purposes of determining the outstanding
         Letter of Credit Obligations at any time, Bank's acceptance of a draft
         drawn on Bank pursuant to a Letter

                                       3
<PAGE>

         of Credit shall constitute a draw on the applicable Letter of Credit at
         the time of such acceptance.

         "LIBOR" shall mean the rate of interest at which United States dollar
         deposits in an amount comparable to the amount of the relevant LIBOR
         Loan and for a period equal to the relevant Interest Period are offered
         generally to Bank in the London Interbank Eurodollar market at 11:00
         a.m. (London time) two Business Days prior to the commencement of each
         Interest Period, or as LIBOR is otherwise determined by Bank in its
         sole and absolute discretion, such rate to remain fixed for such
         Interest Period. Bank's determination of LIBOR as provided herein shall
         be conclusive, absent manifest error.

         "LIBOR Loan(s)" shall mean, individually and collectively, each portion
         of the outstanding principal amount hereof that bears interest at
         Adjusted LIBOR.

         "Loan(s)" shall mean, individually and collectively, the Prime Loans,
         the LIBOR Loans, the Letter of Credit Obligations and the FX
         Obligations. Under no circumstances shall the aggregate outstanding
         amount of Loans exceed Fifty Million and 00/100 Dollars
         ($50,000,000.00).

         "Maturity Date" has the meaning set forth in the first section hereof.

         "MDDR" shall mean the aggregate amount of the maximum daily delivery
         risk of all FX Transactions.

         "MDDR Sublimit" shall mean One Million and 00/100 Dollars
         ($1,000,000.00).

         "Net Income" shall mean, with respect to Borrower for any period, the
         net income (or loss) of Borrower for such period as determined in
         accordance with GAAP, excluding (i) any extraordinary gains, (ii) any
         gains from discontinued operations, and (iii) any gains from the sale,
         lease, assignment or other transfer for value by Borrower to any entity
         (other than any subsidiary of Borrower) of any asset or right of
         Borrower (including, the loss, destruction or damage of any thereof or
         any actual or threatened condemnation, confiscation, requisition,
         seizure or taking thereof), other than (a) the disposition of any asset
         which is to be replaced, and is in fact replaced, within thirty (30)
         days with another asset performing the same or a similar function, or
         (b) the sale or lease of assets in the ordinary course of business.

         "Obligations" shall mean any amount payable on this Note or on any
         other liability or obligation of Borrower to Bank, howsoever created,
         arising or evidenced, and howsoever owned, held or acquired, whether
         now or hereafter existing, whether now due or to become due, whether
         direct or indirect, or absolute or contingent, and whether several,
         joint or joint and several.

         "Prime Loan(s)" shall mean, individually and collectively, each portion
         of the outstanding principal amount hereof that bears interest at the
         Prime Rate.

                                       4
<PAGE>

         "Prime Rate" shall mean the rate which, at any time and from time to
         time, shall be the rate of interest then most recently announced by
         Bank as its prime rate which is not intended to be Bank's lowest or
         most favorable rate of interest at any one time. The effective date of
         any change in the Prime Rate shall for purposes hereof be the date the
         rate is changed by Bank. Bank shall not be obligated to give notice of
         any change in the Prime Rate.

         "Senior Debt" shall mean the difference between Debt minus Subordinated
         Debt.

         "Subordinated Debt" shall mean that portion of Borrower's Debt which is
         subordinated to the Obligations in a manner satisfactory to Bank.

         "Tangible Assets" shall mean the total of all assets appearing on a
         balance sheet of Borrower prepared in accordance with GAAP (with
         Inventory being valued at the lower of cost or market), after deducting
         all proper reserves (including reserves for Depreciation) minus the sum
         of (i) goodwill, patents, trademarks, royalties, licenses, deposits,
         deferred charges and other personal property which is classified as
         intangible property in accordance with GAAP, and (ii) any amounts due
         from shareholders, affiliates, officers or employees of Borrower.

         "Tangible Net Worth" shall mean at any time the total of Tangible
         Assets minus all liabilities of Borrower that would be shown as such on
         a balance sheet of Borrower prepared in accordance with GAAP, plus
         Subordinated Debt.

         3.       Interest Rates. Subject to the terms and provisions of this
Note, the principal amount of each advance outstanding hereunder shall bear
interest, at Borrower's option from time to time of (i) the Prime Rate, or (ii)
Adjusted LIBOR. From and after the date of any Default and the expiration of any
applicable cure period, interest on funds outstanding hereunder shall accrue at
the Default Rate. All interest and fees, if any, payable hereunder shall be
computed for the actual number of days elapsed on the basis of a year consisting
of three hundred sixty (360) days. Bank is authorized to rely on the oral or
written loan requests, including telecopy or telegraphic loan requests, which
Bank believes in its good faith judgment to emanate from a properly authorized
representative of Borrower, whether or not that is in fact the case.

         4.       Prime Loans. A request by Borrower for a Prime Loan must be
received no later than 11:00 a.m. Chicago, Illinois time, on the day such Prime
Loan (a) is to be advanced by Bank or (b) shall begin to bear interest at the
Prime Rate. Interest on the unpaid principal balance of Prime Loans shall be
payable, in arrears, beginning on June 1, 2004 and continuing on the first day
of each month thereafter, and on the Maturity Date. Prime Loans may be prepaid
in whole or in part, together with all accrued interest thereon to the date of
such prepayment, at any time without premium or penalty.

         5.       LIBOR Loans. Each LIBOR Loan must be in the minimum amount of
$500,000.00 or an integral multiple thereof. A request by Borrower for a LIBOR
Loan must be

                                       5
<PAGE>

received by Bank no later than 11:00 a.m. Chicago, Illinois time, two Business
Days before the Business Day on which such LIBOR Loan is to be funded. Interest
on the unpaid principal balance of each LIBOR Loan shall accrue through, but not
including, the last day of each Interest Period and shall be payable on (i) the
last Business Day of the relevant Interest Period for each such LIBOR Loan (and,
in the case of a LIBOR Loan having an Interest Period of six-months, on the last
day of the third month of such Interest Period), (ii) the date of any principal
repayment of the amount paid, (iii) at maturity of the Note, and (iv) after
maturity (whether by acceleration or otherwise) on demand from Bank.

         6.       Provisions Relating to LIBOR Loans.

         (a) Notwithstanding anything to the contrary contained herein, the
principal balance of any LIBOR Loan may not be prepaid in whole or in part at
any time. If, for any reason, a LIBOR Loan is paid prior to the last Business
Day of any Interest Period, whether voluntary, involuntary, by reason of
acceleration or otherwise, each such prepayment of a LIBOR Loan will be
accompanied by the amount of accrued interest on the amount prepaid and any and
all costs, expenses, penalties and charges incurred by Bank as a result of the
early termination or breakage of a LIBOR Loan, plus the amount, if any, by which
(i) the additional interest which would have been payable during the Interest
Period on the LIBOR Loan prepaid had it not been prepaid, exceeds (ii) the
interest which would have been recoverable by Bank by placing the amount prepaid
on deposit in the domestic certificate of deposit market, the eurodollar deposit
market, or other appropriate money market selected by Bank, for a period
starting on the date on which it was prepaid and ending on the last day of the
Interest Period for such LIBOR Loan. The amount of any such loss or expense
payable by Borrower to Bank under this section shall be determined in Bank's
sole discretion based upon the assumption that Bank funded its loan commitment
for LIBOR Loans in the London Interbank Eurodollar market and using any
reasonable attribution or averaging methods which Bank deems appropriate and
practical, provided, however, that Bank is not obligated to accept a deposit in
the London Interbank Eurodollar market in order to charge interest on a LIBOR
Loan at the LIBOR Rate.

         (b) If Bank determines in good faith (which determination shall be
conclusive, absent manifest error) prior to the commencement of any Interest
Period that (i) United States dollar deposits of sufficient amount and maturity
for funding any LIBOR Loan are not available to Bank in the London Interbank
Eurodollar market in the ordinary course of business, or (ii) by reason of
circumstances affecting the London Interbank Eurodollar market, adequate and
fair means do not exist for ascertaining the rate of interest to be applicable
to the relevant LIBOR Loan, Bank shall promptly notify Borrower thereof and, so
long as the foregoing conditions continue, advances under the Note may not be
advanced as a LIBOR Loan thereafter. In addition, at Borrower's option, each
existing LIBOR Loan shall be immediately (y) converted to a Prime Loan on the
last Business Day of the then existing Interest Period, or (z) due and payable
on the last Business Day of the then existing Interest Period, without further
demand, presentment, protest or notice of any kind, all of which are hereby
waived by Borrower.

         (c) If after the date hereof, the introduction of, or any change in any
applicable law, treaty, rule, regulation or guideline or in the interpretation
or administration thereof by any

                                       6
<PAGE>

governmental authority or any central bank or other fiscal, monetary or other
authority having jurisdiction over Bank or its lending office (a "Regulatory
Change") shall, in the reasonable determination of Bank, make it unlawful for
Bank to make or maintain the LIBOR Loans, then Bank shall promptly notify
Borrower and advances under the Note may not be advanced as a LIBOR Loan
thereafter. In addition, at Borrower's option, each existing LIBOR Loan shall be
immediately (i) converted to a Prime Loan on the last Business Day of the then
existing Interest Period or on such earlier date as required by law, or (ii) due
and payable on the last Business Day of the then existing Interest Period or on
such earlier date as required by law, all without further demand, presentment,
protest or notice of any kind, all of which are hereby waived by Borrower.

         (d) If any Regulatory Change (whether or not having the force of law)
shall (A) impose, modify or deem applicable any assessment, reserve, special
deposit or similar requirement against assets held by, or deposits in or for the
account of or loans by, or any other acquisition of funds or disbursements by,
Bank; (B) subject Bank or any LIBOR Loan to any tax, duty, charge, stamp tax or
fee or change the basis of taxation of payments to Bank of principal or interest
due from Borrower to Bank hereunder (other than a change in the taxation of the
overall net income of Bank); or (C) impose on Bank any other condition regarding
such LIBOR Loan or Bank's funding thereof, and Bank shall reasonably determine
(which reasonable determination shall be conclusive, absent manifest error) that
the result of the foregoing is to increase the cost to Bank of making or
maintaining such LIBOR Loan or to reduce the amount of principal or interest
received by Bank hereunder, then Borrower shall (i) pay to Bank, on demand, such
additional amounts as Bank shall, from time to time, determine are sufficient to
compensate and indemnify Bank for such increased cost or reduced amount, or (ii)
convert each LIBOR Loan to a Prime Loan, provided that Borrower shall remain
liable for such additional amounts incurred by Bank prior to conversion to a
Prime Loan and such conversion shall be treated as a prepayment of a LIBOR Loan
if it occurs prior to expiration of the applicable Interest Period.

         7.       Letters of Credit.

         (a) Upon the execution and delivery by Borrower and the acceptance by
Bank, in its sole and absolute discretion, of Bank's standard Master Letter of
Credit Agreement and application(s) therefor, Bank agrees to issue for the
account of Borrower, such Letters of Credit in the standard form of Bank and
otherwise in form and substance acceptable to Bank, from time to time during the
term of this Note, provided that the Letter of Credit Obligations plus the FX
Obligations may not at any time exceed the FX/LC Sublimit and provided, further,
that no Letter of Credit shall have an expiration date later than May 21, 2006.
The amount of any payments made by Bank with respect to draws made by a
beneficiary under a Letter of Credit for which Borrower has failed to reimburse
Bank upon the earlier of (i) Bank's demand for repayment, or (ii) five (5) days
from the date of such payment to such beneficiary by Bank, shall be deemed to
have been converted to a Prime Loan as of the date such payment was made by Bank
to such beneficiary. Upon the occurrence of a default and at the option of Bank,
all Letter of Credit Obligations shall be converted to Prime Loans, all without
demand, presentment, protest or notice of any kind, all of which are hereby
waived by Borrower.

                                       7

<PAGE>

         (b) Borrower shall pay to Bank an annual fee equal to three-quarters of
one percent (0.75%) of the face amount of each standby Letter of Credit, payable
by Borrower upon the issuance of each Letter of Credit and annually thereafter,
until (i) such Letter of Credit has expired or has been returned to Bank, or
(ii) Bank has paid the beneficiary thereunder the full face amount of such
Letter of Credit. All Letters of Credit shall bear Bank's usual and customary
fees contained in Bank's standard letter of credit fee schedule.

         (c) In the event that any Letter of Credit Obligations are outstanding
upon the termination and/or expiration of this Note, as amended or replaced from
time to time, Borrower shall, upon demand, deposit with Bank in a cash
collateral account an amount equal to the aggregate amount of such Letter of
Credit Obligations. Bank may apply any interest accruing on such cash collateral
account until the Letter of Credit Obligations and any and all obligations
hereunder shall have been fulfilled without the consent of Borrower.

         8.  Foreign Exchange Transactions.

         (a) Upon the execution and delivery by Borrower and the acceptance by
Bank, in its sole and absolute discretion, of Bank's standard documentation
therefor ("FX Documents"), Bank agrees to engage in FX Transactions for the
account of Borrower, from time to time during the term of this Note, provided
that (i) the FX Obligations plus the Letter of Credit Obligations may not at any
time exceed the FX/LC Sublimit, (ii) the MDDR may not exceed the MDDR Sublimit,
and (iii) no FX Transaction shall have an expiration date later than the
Maturity Date. The amount of any payments made by Bank with respect to FX
Transactions for which Borrower has failed to reimburse Bank in accordance with
the FX Documents shall be deemed to have been converted to a Prime Loan as of
the date such payment was made by Bank. Upon the occurrence of a default and at
the option of Bank, the FX Obligations shall be converted to Prime Loans, all
without demand, presentment, protest or notice of any kind, all of which are
hereby waived by Borrower.

         (b)  Borrower  shall pay to Bank  Bank's  usual and  customary  fees in
connection with FX Transactions.

         9. Collection of Funds. Principal payments submitted in funds not
available until collected shall continue to bear interest until collected. If
payment hereunder becomes due and payable on a Saturday, Sunday or legal holiday
under the laws of the United States or the State of Illinois, the due date
thereof shall be extended to the next succeeding Business Day, and interest
shall be payable thereon at the rate specified during such extension.

         10. Evidence of the Obligations. This Note is executed pursuant to a
revolving line of credit under which Borrower is indebted to Bank and evidences
the aggregate unpaid principal amount of all advances made or to be made by Bank
to Borrower under the Note. All advances, credit accommodations and repayments
hereunder shall be evidenced by entries on the books and records of Bank which
shall be presumptive evidence of the principal amount and interest owing and
unpaid on this Note, or any renewal or extension hereof. The failure to so
record any such amount or any error so recording any such amount shall not,
however, limit or otherwise affect

                                       8
<PAGE>

the obligations of Borrower hereunder or under any other documents or instrument
to repay the principal amount of the Obligations together with all interest and
fees accruing thereon.

         11. Authorized Persons. Loans under this Note may be made by Bank upon
oral or written request of any person which Bank in its good faith judgment
believes to be a properly authorized representative of Borrower, whether or not
that is in fact the case. Any such Loans shall be conclusively presumed to have
been made by Bank to or for the benefit of Borrower. Borrower does hereby
irrevocably confirm, ratify and approve all such advances by Bank and does
hereby indemnify Bank against losses and expenses (including court costs,
attorneys' and paralegals' fees) and shall hold Bank harmless with respect
thereto.

         12. Loan Fee.  In addition to the other fees described herein, Borrower
agrees to pay to Bank a loan fee in the amount of Fifty Thousand and 00/100
Dollars ($50,000.00) due and payable upon the execution of this Note by Borrower
and its acceptance by Bank.

         13. Representations and Warranties.  To induce Bank to make the loans
evidenced by this Note, Borrower hereby makes the following representations and
warranties to Bank.

                  (a) Organization. Borrower is a corporation duly organized,
         existing and in good standing under the laws of the State of Delaware,
         with full and adequate power to carry on and conduct its business as
         presently conducted, and is duly licensed or qualified in all foreign
         jurisdictions wherein the nature of its activities require such
         qualification or licensing.

                  (b) Authorization; Validity. Borrower has full right, power
         and authority to enter into this Note, to make the borrowings and
         execute and deliver any other document or agreement to be entered into
         by Borrower in connection with this Note (collectively, the "Loan
         Documents") and to perform all of its duties and obligations under this
         Note and the other Loan Documents. The execution and delivery of this
         Note and the other Loan Documents will not, nor will the observance or
         performance of any of the matters and things herein or therein set
         forth, violate or contravene any provision of law, the articles of
         incorporation or bylaws of Borrower. All necessary and appropriate
         action has been taken on the part of Borrower to authorize the
         execution and delivery of this Note. This Note is a valid and binding
         agreement and contract of Borrower in accordance with its terms. No
         basis presently exists for any claim against Bank under this Note, the
         other Loan Documents, and the enforcement of this Note and the other
         Loan Documents is subject to no defenses of any kind.

                  (c) Absence of Breach. The execution, delivery and performance
         of this Note, the other Loan Documents and any other documents or
         instruments to be executed and delivered by Borrower in connection with
         this Note shall not: (i) violate any provisions of law or any
         applicable regulation, order, writ, injunction or decree of any court
         or governmental authority, or (ii) conflict with, be inconsistent with,
         or result in any breach or default of any of the terms, covenants,
         conditions, or provisions of any indenture, mortgage, deed of trust,
         instrument, document, agreement or contract of any kind to

                                       9
<PAGE>

         which Borrower is a party or by which Borrower or any of its property
         or assets may be bound.

                  (d) Adverse Conditions. To the best of Borrower's knowledge,
         no condition, circumstance, document, restriction, litigation or
         proceeding (or threatened litigation or proceeding or basis therefor)
         exists which could materially adversely affect the ability of any of
         Borrowers to perform the obligations under the Loan Documents, which
         would constitute a Default hereunder or which would constitute a
         Default with the giving of notice or lapse of time or both.

                  (e) Compliance with Laws. The nature and transaction of the
         business and operations of Borrower, and the use of its property and
         assets, including, but not limited to, the present use and occupancy of
         all real property owned by Borrower, will not violate or conflict with
         any applicable law, statute, ordinance, rule, regulation or order of
         any kind including without limitation zoning, building, environmental,
         land use, noise abatement, occupational health and safety or other
         laws, any building permit or any condition, grant, easement, covenant,
         condition or restriction, whether recorded or not.

                  (f) Business Purpose. The proceeds of this Note will be used
         for the purposes specified in 815 ILCS 205/4(1)(c), as amended from
         time to time; and that the principal obligation evidenced hereby and
         secured by the other Loan Documents constitutes a business loan within
         the purview and operation of said section.

                  (g) Use of Proceeds. Neither Borrower nor any affiliate of
         Borrower, shall use any portion of the proceeds of the Note, either
         directly or indirectly, for the purpose of (i) purchasing any
         securities underwritten or privately placed by ABN AMRO Incorporated,
         an affiliate of Bank, or (ii) purchasing or carrying any margin stock,
         within the meaning of Regulation U as adopted by the Board of Governors
         of the Federal Reserve System or any successor thereto.

         14. Covenants.  Until all of the Obligations of Borrower to Bank
hereunder shall have been paid in full, Borrower shall:

                  (a) at all times maintain Tangible Net Worth in the minimum
         amount of Two Hundred Nineteen Million and 00/100 Dollars
         ($219,000,000.00);

                  (b) as of the end of each of its fiscal quarters, maintain for
         the immediately preceding four fiscal quarters ending on each such date
         of determination:

                      (i)  a ratio of Senior Debt to its EBITDA which shall not
                           exceed 2.00 to 1.00;

                      (ii) a ratio of (i) EBITDA to (ii) Interest Charges of at
                           least 1.50 to 1.00; and

                                       10
<PAGE>

                           (iii) a ratio of (A) the sum of (1) Borrower's cash
                  plus (2) Borrower's short term investments, plus (3)
                  Borrower's accounts receivable (excluding past due accounts
                  and such other reserves and allowances required by GAAP and as
                  Bank deems proper and necessary), to (B) the sum of (1)
                  Borrower's current liabilities maturing in less than one year
                  from the date of determination, plus (2) Borrower's
                  expenditures during such period on property, plant, equipment
                  or other fixed or capital assets, plus (3) additions to
                  participation gaming machines (as described in Borrower's
                  quarterly and annual reports to the Securities and Exchange
                  Commission), during such period, of at least 1.25 to 1.00;

                  (c) not acquire all or substantially all of the assets or
         business of any other person or division thereof, or all or
         substantially all of the voting stock of a person unless (i) the
         business of the person or division whose stock or assets is acquired is
         substantially the same as or substantially associated with the business
         of Borrower as of the date hereof; (ii) the board of directors or other
         governing body of the person or division whose stock or assets is
         acquired has approved the terms of such acquisition, and (iii) no
         default hereunder or under any of the Obligations shall exist after
         giving effect to such acquisition, and Borrower can demonstrate that,
         on a pro forma basis after giving effect to such acquisition, no
         default shall exist hereunder or under any of the Obligations;

                  (d) not, directly or indirectly, create, assume, incur or
         suffer or permit to exist any lien or charge of any kind or character
         upon any asset of Borrower, whether owned at the date hereof or
         hereafter acquired except:

                           (i) liens for taxes, assessments or other
                  governmental charges not yet due or which are being contested
                  in good faith by appropriate proceedings in such a manner as
                  not to make the property forfeitable;

                           (ii) liens or charges incidental to the conduct of
                  its business or the ownership of its property and assets which
                  were not incurred in connection with the borrowing of money or
                  the obtaining of an advance or credit, and which do not in the
                  aggregate materially detract from the value of its property or
                  assets or materially impair the use thereof in the operation
                  of its business;

                           (iii) liens arising out of judgments or awards
                  against Borrower with respect to which it shall concurrently
                  therewith be prosecuting a timely appeal or proceeding for
                  review and with respect to which it shall have secured a stay
                  of execution pending such appeal or proceedings for review;

                           (iv) pledges or deposits to secure obligations under
                  worker's compensation laws or similar legislation;

                           (v) deposits to secure public or statutory
                  obligations of Borrower;

                                       11
<PAGE>

                           (vi) Liens existing on the date hereof and disclosed
                  on Borrower's latest financial statements;

                           (vii) Liens from time to time granted to Bank; and

                           (viii) non-consensual liens arising in the ordinary
                  course of business which do not have a material adverse effect
                  on Borrower or its business operations;

                  (e) not enter into any agreement that prohibits or would have
         the effect of prohibiting the pledge to Bank of all or any of its
         assets to secure the Obligations;

                  (f) not, either directly or indirectly, create, assume, incur
         or have outstanding any Debt, or become liable, whether as endorser,
         guarantor, surety or otherwise, for any debt or obligation of any other
         person, except:

                           (i) the Obligations;

                           (ii) Debt evidenced by those certain convertible
                  subordinated notes issued by Borrower on June 25, 2003 in the
                  aggregate amount of One Hundred Million and 00/100 Dollars
                  ($100,000,000.00) and on July 3, 2003 in the amount of Fifteen
                  Million and 00/100 Dollars ($15,000,000.00);

                           (iii) concurrently with the acquisition by Borrower
                  of the Borrower Stock, Subordinated Debt in the maximum
                  principal amount of Fifty Million and 00/100 Dollars
                  ($50,000,000), the proceeds of which shall be used solely by
                  Borrower for the purchase of the Borrower Stock;

                           (iv) endorsement for collection or deposit of any
                  commercial paper secured in the ordinary course of business;

                           (v) obligations of Borrower for taxes, assessments,
                  municipal or other governmental charges;

                           (vi) obligations of Borrower for accounts payable,
                  other than for money borrowed, incurred in the ordinary
                  course of business; and/or

                           (vii) guaranties of the obligations of Borrower's
                  subsidiaries under operating leases and/or licensing
                  arrangements in the ordinary course of business.

                  (g) no later than forty five (45) days after the end of its
         first, second and third fiscal quarters and no later than ninety (90)
         days after the end of its fiscal year, deliver to Bank a report in
         certified by the President or Chief Financial Officer of Borrower
         evidencing, in reasonable detail satisfactory to Bank, compliance with
         the covenants set forth in clauses (a) and (b) of this section.

                                       12
<PAGE>

         15. Default.  Borrower, without notice or demand of any kind except
where indicated below, shall be in default (a "Default") hereunder if:

                  (a) any of the Obligations is not paid when due;

                  (b) Borrower shall otherwise fail to perform any of the
         promises to be performed by Borrower hereunder or under any other
         agreement with Bank, provided that, if such failure is capable of cure
         and Borrower commences a cure within thirty days of Borrower's actual
         knowledge of such failure, such failure shall not constitute a default
         hereunder;

                  (c) Borrower shall make any assignment for the benefit of
         creditors, or there shall be commenced against Borrower any bankruptcy,
         receivership, insolvency, reorganization, dissolution or liquidation
         proceedings which, third party initiated proceedings are not dismissed
         within sixty (60) days after filing;

                  (d) the entry of any judgment, levy, attachment, garnishment
         or other process, or the filing of any lien against Borrower, the
         payment or discharge of which would have a material adverse effect on
         Borrower;

                  (e) any warranty, representation, certificate or statement of
         Borrower to Bank is untrue in any material way; or

                  (f) failure of Borrower after written request by Bank to
         furnish financial information or to permit inspection by Bank of
         Borrower's books and records within ten (10) Business Days of request.

         Whenever Borrower shall be in default as aforesaid and any applicable
cure period has expired, without demand or notice of any kind, the entire unpaid
amount of all Obligations shall become immediately due and payable, and Bank may
exercise, from time to time, any and all rights and remedies available to it
under the Uniform Commercial Code of Illinois in effect in the State of Illinois
from time to time, or otherwise available to it, including those available under
any written instrument (in addition to this Note) relating to any of the
Obligations or any security therefor, and may, without demand or notice of any
kind, appropriate and apply toward the payment of such of the Obligations,
whether matured or unmatured, including costs of collection and attorneys' and
paralegals' fees, and in such order of application as Bank may, from time to
time, elect, any balances, credits, deposits, accounts or moneys of Borrower in
possession, control or custody of, or in transit to Bank.

         16. Miscellaneous.

         (a) BORROWER WAIVES THE BENEFIT OF ANY LAW THAT WOULD OTHERWISE
RESTRICT OR LIMIT BANK IN THE EXERCISE OF ITS RIGHT, WHICH IS HEREBY
ACKNOWLEDGED, TO APPROPRIATE WITHOUT NOTICE AND

                                       13
<PAGE>

REGARDLESS OF THE COLLATERAL, AT ANY TIME AFTER DEFAULT AND EXPIRATION OF ANY
APPLICABLE CURE PERIOD, ANY INDEBTEDNESS MATURED OR UNMATURED, OWING FROM BANK
TO BORROWER. BANK MAY, FROM TIME TO TIME, WITHOUT DEMAND OR NOTICE OF ANY KIND,
APPROPRIATE AND APPLY TOWARD THE PAYMENT OF SUCH OF THE OBLIGATIONS, AND IN SUCH
ORDER OF APPLICATION, AS BANK MAY, FROM TIME TO TIME, ELECT ANY AND ALL SUCH
BALANCES, CREDITS, DEPOSITS, ACCOUNTS, MONEYS, CASH EQUIVALENTS AND OTHER
ASSETS, OF OR IN THE NAME OF BORROWER THEN OR THEREAFTER WITH BANK.

         (b) BANK AND BORROWER, AND EACH ONE OF THEM, KNOWINGLY, VOLUNTARILY AND
INTENTIONALLY WAIVE IRREVOCABLY, THE RIGHT EITHER OR ANY MAY HAVE TO TRIAL BY
JURY WITH RESPECT TO ANY LEGAL PROCEEDING BASED HEREON, OR ARISING OUT OF, UNDER
OR IN CONNECTION WITH THIS NOTE OR ANY OF THE OTHER OBLIGATIONS OR ANY
AGREEMENT, EXECUTED OR CONTEMPLATED TO BE EXECUTED IN CONJUNCTION HEREWITH OR
ANY COURSE OF CONDUCT OR COURSE OF DEALING, IN WHICH BANK AND BORROWER, OR ANY
ONE OF THEM, ARE ADVERSE PARTIES. THIS PROVISION IS A MATERIAL INDUCEMENT FOR
BANK GRANTING ANY FINANCIAL ACCOMMODATION TO BORROWER.

         (c) Except as otherwise set forth herein, Borrower waives any and all
presentment, demand, notice of dishonor, protest, and all other notices and
demands in connection with the enforcement of Bank's rights hereunder. No
default shall be waived by Bank except in writing. No delay on the part of Bank
in the exercise of any right or remedy shall operate as a waiver thereof, and no
single or partial exercise by Bank of any right or remedy shall preclude other
or further exercise thereof, or the exercise of any other right or remedy. This
Note: (i) is valid, binding and enforceable in accordance with its provisions,
and no conditions exist to the legal effectiveness of this Note; (ii) contains
the entire agreement between Borrower and Bank; (iii) is the final expression of
their intentions; and (iv) supersedes all negotiations, representations,
warranties, commitments, offers, contracts (of any kind or nature, whether oral
or written) prior to or contemporaneous with the execution hereof. No prior or
contemporaneous representations, warranties, understandings, offers or
agreements of any kind or nature, whether oral or written, have been made by
Bank or relied upon by Borrower in connection with the execution hereof. No
modification, discharge, termination or waiver of any of the provisions hereof
shall be binding upon Bank, except as expressly set forth in a writing duly
signed and delivered on behalf of Bank.

         (d) The non-prevailing party agrees to pay all costs, legal expenses,
attorneys' fees and paralegals' fees of every kind, paid or incurred by the
prevailing party in enforcing its rights hereunder, including, but not limited
to, litigation or proceedings initiated under the United States Bankruptcy Code,
or in respect to any other of the Obligations or in defending against any
defense, cause of action, counterclaim, setoff or crossclaim based on any act of
commission or omission by Bank with respect to this Note or any other of the
Obligations promptly on demand of Bank or other person paying or incurring the
same.

                                       14
<PAGE>

         (e) TO INDUCE BANK TO MAKE THE LOAN EVIDENCED BY THIS NOTE, BORROWER
IRREVOCABLY AGREES THAT, ALL ACTIONS ARISING DIRECTLY OR INDIRECTLY AS A RESULT
OR IN CONSEQUENCE OF THIS NOTE OR ANY OTHER AGREEMENT WITH BANK SHALL BE
INSTITUTED AND LITIGATED ONLY IN COURTS HAVING SITUS IN THE CITY OF CHICAGO,
ILLINOIS, AND BORROWER HEREBY CONSENTS TO THE EXCLUSIVE JURISDICTION AND VENUE
OF ANY STATE OR FEDERAL COURT LOCATED AND HAVING ITS SITUS IN SAID CITY, AND
WAIVES ANY OBJECTION BASED ON FORUM NON CONVENIENS, AND BORROWER HEREBY WAIVES
PERSONAL SERVICE OF ANY AND ALL PROCESS, AND CONSENTS THAT ALL SUCH SERVICE OF
PROCESS MAY BE MADE BY CERTIFIED MAIL, RETURN RECEIPT REQUESTED, DIRECTED TO
BORROWER AT THE ADDRESS INDICATED IN BANK'S RECORDS IN THE MANNER PROVIDED BY
APPLICABLE STATUTE, LAW, RULE OF COURT OR OTHERWISE. FURTHERMORE, BORROWER
WAIVES ALL NOTICES AND DEMANDS IN CONNECTION WITH THE ENFORCEMENT OF BANK'S
RIGHTS HEREUNDER.

         (f) The financial accommodations evidenced hereby have been made and
this Note has been delivered at Bank's main office. This Note shall be governed
and construed in accordance with the laws of the State of Illinois, in which
state it shall be performed, and shall be binding upon Borrower and its legal
representatives, successors and assigns. Wherever possible, each provision of
this Note shall be interpreted in such manner as to be effective and valid under
applicable law, but if any provision of this Note shall be prohibited by or be
invalid under such law, such provision shall be severable, and be ineffective to
the extent of such prohibition or invalidity, without invalidating the remaining
provisions of this Note.

         (g) Borrower acknowledges and agrees that the lending relationship
hereby created with Bank is and has been conducted on an open and arm's length
basis in which no fiduciary relationship exists and that Borrower has not relied
and is not relying on any such fiduciary relationship in consummating the
loan(s) evidenced by this Note.

         (h) As used herein, all provisions shall include the masculine,
feminine, neuter, singular and plural thereof, wherever the context and facts
require such construction and in particular the word "Borrower" shall be so
construed.

         17. Replacement Note. This Revolving Note constitutes a renewal and
restatement of, and replacement and substitution for, that certain Revolving
Note dated as of May 21, 2004 in the maximum principal amount of Fifty Million
and 00/100 Dollars ($50,000,000.00), executed by Borrower and made payable to
the order of Bank (the "Prior Note"). The indebtedness evidenced by the Prior
Note is continuing indebtedness evidenced hereby, and nothing herein shall be
deemed to constitute a payment, settlement or novation of the Prior Note, or to
release or otherwise adversely affect any lien, mortgage or security interest
securing such indebtedness or any rights of Bank against any guarantor, surety
or other party primarily or secondarily liable for such indebtedness.

                                       15
<PAGE>

         IN WITNESS WHEREOF, Borrower has executed and delivered this Revolving
Note as of the day and year first above written.

                                 WMS INDUSTRIES INC., a Delaware corporation

                                 By:   /s/ Scott D. Schweinfurth
                                       -----------------------------------------
                                Name:  Scott D. Schweinfurth
                                Title: Executive Vice President, Chief Financial
                                       Officer and Treasurer

                                        16

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