Starstone Corporate Capital 1 Limited

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THE PAYMENT OF MATURED CLAIMS (INCLUDING CLAIMS FOR LOSS AND CLAIMS FOR THE RETU RN OF UNEARNED PREMIUM) UNDER CONTRACTS OR POLICIES OF INSURANCE INCEPTING ON OR AFTER 1ST AUGUST 1995 UNDERWRITTEN BY T HE COMPANY AS A MEMBER OF SYNDICATE NO.1 301 (THE "SYNDICATE") (INCLUDING ALL INC IDENTAL SYNDICATES OF SUCH SYNDICATE) AN D ALLOCABLE TO THE RELEVANT YEAR OF ACCO UNT OR IN RESPECT OF WHICH THE COMPANY I S LIABLE AS A MEMBER OF THE SYNDICATE FO R THE RELEVANT YEAR OF ACCOUNT FOR AN EA RLIER YEAR OF ACCOUNT PURSUANT TO ANY CO NTRACT OF REINSURANCE TO CLOSE AND ISSUE D TO A POLICY HOLDER PURSUANT TO SURPLUS LINES OR EXCESS LINES LAWS OF ANY STATE , DISTRICT, TERRITORY, COMMONWEALTH OR P OSSESSION OF THE UNITED STATES (AN "AMER ICAN POLICY"), ALL EXPENDITURES AND FEES OF THE TRUSTEE (AS DEFINED IN THE TRUST DEED AND BEING, AS AT THE DATE THEREOF, CITIBANK N.A. OF 111 WALL STREET, NEW Y ORK, USA), REPAYMENT OF CASH OR SECURITI ES ADVANCED BY THE TRUSTEE TO THE TRUST HELD UNDER THE PROVISIONS OF THE TRUST D EED, AND CERTAIN TRANSFERS BY THE TRUSTE E TO AN OVERSEAS FUND (AS DEFINED IN THE TRUST DEED) OR TO THE SUPERINTENDENT OF INSURANCE OF THE STATE OF NEW YORK OR O THER DESIGNATED RECEIVER, AND FOR SECURI NG THE OTHER AMOUNTS AND OBLIGATIONS REF ERRED TO IN THE TRUST DEED

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ALL LOSSES, CLAIMS, EXPENSES, RETURNS OF PREMIUMS, RE-INSURANCE PREMIUMS AND OTH ER OUTGOINGS PAYABLE AT THE DATE OF THE TRUST DEED OR AT ANY TIME THEREAFTER TO BECOME PAYABLE IN CONNECTION WITH THE CA NADIAN BUSINESS OF THE COMPANY, INCLUDIN G (1) THE PAYMENT OF ANY AMOUNT INTO AN ESCROW FUND OR ACCOUNT TO BE HELD IN RES PECT OF A PARTICULAR CLAIM OF A POLICYHO LDER OR ANY OTHER PERSON AND (2) ALL EXP ENSES WHATSOEVER FROM TIME TO TIME INCUR RED BY THE COMPANY IN CONNECTION WITH OR ARISING OUT OF THE CANADIAN BUSINESS OF THE COMPANY INCLUDING ANY SALARY, COMMI SSION, OTHER REMUNERATION AND REIMBURSEM ENT OF OUTLAYS PAYABLE BY THE COMPANY TO THE AGENT OR TO ANY OTHER PERSON IN CON NECTION WITH THE CONDUCT OR WINDING UP O F THE CANADIAN BUSINESS, THE REPAYMENT O F ANY OUTSTANDING INDEBTEDNESS INCURRED BY THE COMPANY TO MEET VALID EXPENSES OF THE CANADIAN BUSINESS OF SUCH COMPANY, THE COMPANY'S DUE PROPORTION OF REMUNERA TION AND REIMBURSEMENT OF EXPENSES OF TH E CANADIAN TRUSTEE, THE COMPANY'S DUE PR OPORTION OF ANY SHORTFALL IN THE LLOYD'S CANADIAN BUSINESS FUND (INCLUDING ANY C OSTS OR EXPENSES IN RESPECT THERETO) AND INCLUDING ALSO ANY TAXES INCURRED IN OR BY REASON OF THE CANADIAN BUSINESS

THE PAYMENT OF ALL CLAIMS OF A HOLDER OF , OR THIRD PARTY CLAIMANT UNDER, ANY "PO LICY IN CANADA" TO WHICH THE TRUST DEED APPLIES AND WHICH HAS BEEN UNDERWRITTEN BY THE COMPANY OR ANY OTHER MEMBER OR FO RMER MEMBER OF LLOYD'S AND FOR SECURING THE OTHER AMOUNTS AND OBLIGATIONS REFERR ED TO IN THE TRUST DEED

(A) THE PAYMENT OF LOSSES UNDER ANY CONT RACT OR POLICY WHICH SATISFIES THE DEFIN ITION OF A KENTUCKY POLICY IN LLOYD'S KE NTUCKY TRUST DEED (AS AMENDED FROM TIME TO TIME) (A "KENTUCKY POLICY") (B) RETUR NS OF UNEARNED PREMIUM UNDER A KENTUCKY POLICY, (C) ALL EXPENDITURES AND FEES OF THE TRUSTEE (AS DEFINED IN THE TRUST DE ED AND BEING AS AT THE DATE THEREOF NATI ONAL CITY BANK KENTUCKY OF LOUISVILLE KE NTUCKY USA) (D) REPAYMENT OF CASH OR SEC URITIES ADVANCED BY THE TRUSTEE TO THE T RUST HELD UNDER THE PROVISIONS OF THE TR UST DEED (E) CERTAIN TRANSFERS BY THE TR USTEE TO OTHER TRUST FUNDS OR TO THE KEN TUCKY COMMISSIONER OR OTHER DESIGNATED R ECEIVER AND FOR SECURING THE OTHER AMOUN TS AND OBLIGATIONS REFERRED TO IN THE TR UST DEED

THE PAYMENT OF MATURED CLAIMS (INCLUDING CLAIMS FOR LOSS AND CLAIMS FOR THE RETU RN OF UNEARNED PREMIUM) UNDER CONTRACTS OR POLICIES OF INSURANCE INCEPTING ON OR AFTER 1ST AUGUST 1995 UNDERWRITTEN BY T HE COMPANY AS A MEMBER OF SYNDICATE NO.1 301 (THE "SYNDICATE") (INCLUDING ALL INC IDENTAL SYNDICATES OF SUCH SYNDICATE) AN D ALLOCABLE TO THE RELEVANT YEAR OF ACCO UNT OR IN RESPECT OF WHICH THE COMPANY I S LIABLE AS A MEMBER OF THE SYNDICATE FO R THE RELEVANT YEAR OF ACCOUNT FOR AN EA RLIER YEAR OF ACCOUNT PURSUANT TO ANY CO NTRACT OF REINSURANCE TO CLOSE AND ISSUE D TO A POLICY HOLDER PURSUANT TO SURPLUS LINES OR EXCESS LINES LAWS OF ANY STATE , DISTRICT, TERRITORY, COMMONWEALTH OR P OSSESSION OF THE UNITED STATES (AN "AMER ICAN POLICY"), ALL EXPENDITURES AND FEES OF THE TRUSTEE (AS DEFINED IN THE TRUST DEED AND BEING, AS AT THE DATE THEREOF, CITIBANK N.A. OF 111 WALL STREET, NEW Y ORK, USA), REPAYMENT OF CASH OR SECURITI ES ADVANCED BY THE TRUSTEE TO THE TRUST HELD UNDER THE PROVISIONS OF THE TRUST D EED, AND CERTAIN TRANSFERS BY THE TRUSTE E TO AN OVERSEAS FUND (AS DEFINED IN THE TRUST DEED) OR TO THE SUPERINTENDENT OF INSURANCE OF THE STATE OF NEW YORK OR O THER DESIGNATED RECEIVER, AND FOR SECURI NG THE OTHER AMOUNTS AND OBLIGATIONS REF ERRED TO IN THE TRUST DEED

ALL LOSSES, CLAIMS, EXPENSES, RETURNS OF PREMIUMS, RE-INSURANCE PREMIUMS AND OTH ER OUTGOINGS PAYABLE AT THE DATE OF THE TRUST DEED OR AT ANY TIME THEREAFTER TO BECOME PAYABLE IN CONNECTION WITH THE CA NADIAN BUSINESS OF THE COMPANY, INCLUDIN G (1) THE PAYMENT OF ANY AMOUNT INTO AN ESCROW FUND OR ACCOUNT TO BE HELD IN RES PECT OF A PARTICULAR CLAIM OF A POLICYHO LDER OR ANY OTHER PERSON AND (2) ALL EXP ENSES WHATSOEVER FROM TIME TO TIME INCUR RED BY THE COMPANY IN CONNECTION WITH OR ARISING OUT OF THE CANADIAN BUSINESS OF THE COMPANY INCLUDING ANY SALARY, COMMI SSION, OTHER REMUNERATION AND REIMBURSEM ENT OF OUTLAYS PAYABLE BY THE COMPANY TO THE AGENT OR TO ANY OTHER PERSON IN CON NECTION WITH THE CONDUCT OR WINDING UP O F THE CANADIAN BUSINESS, THE REPAYMENT O F ANY OUTSTANDING INDEBTEDNESS INCURRED BY THE COMPANY TO MEET VALID EXPENSES OF THE CANADIAN BUSINESS OF SUCH COMPANY, THE COMPANY'S DUE PROPORTION OF REMUNERA TION AND REIMBURSEMENT OF EXPENSES OF TH E CANADIAN TRUSTEE, THE COMPANY'S DUE PR OPORTION OF ANY SHORTFALL IN THE LLOYD'S CANADIAN BUSINESS FUND (INCLUDING ANY C OSTS OR EXPENSES IN RESPECT THERETO) AND INCLUDING ALSO ANY TAXES INCURRED IN OR BY REASON OF THE CANADIAN BUSINESS

THE PAYMENT OF ALL CLAIMS OF OR SUBMITTE D BY A HOLDER OF ANY AUSTRALIAN POLICY T O WHICH THE TRUST DEED APPLIES (AN "AUST RALIAN POLICY") AND WHICH HAS BEEN UNDER WRITTEN BY THE CORPORATE MEMBER OR IN RE SPECT OF WHICH THE CORPORATE MEMBER IS L IABLE AS A MEMBER OF A SYNDICATE TO MEMB ERS OF THE SAME SYNDICATE OR ANY OTHER S YNDICATE FOR AN EARLIER YEAR OF ACCOUNT PURSUANT TO ANY REINSURANCE TO CLOSE AND FOR SECURING THE OTHER AMOUNTS AND OBLI GATIONS REFERRED TO IN THE TRUST DEED

THE PAYMENT OF ALL CLAIMS OF OR SUBMITTE D BY A HOLDER OF ANY AUSTRALIAN POLICY T O WHICH THE TRUST DEED APPLIES (AN "AUST RALIAN POLICY") OR ANY TRANSITIONAL POLI CY AND WHICH HAS BEEN UNDERWRITTEN BY TH E CORPORATE MEMBER OR IN RESPECT OF WHIC H THE CORPORATE MEMBER IS LIABLE AS A ME MBER OF A SYNDICATE TO MEMBERS OF THE SA ME SYNDICATE OR ANY OTHER SYNDICATE FOR AN EARLIER YEAR OF ACCOUNT PURSUANT TO A NY REINSURANCE TO CLOSE AND FOR SECURING THE OTHER AMOUNTS AND OBLIGATIONS REFER RED TO IN THE TRUST DEED

THE PAYMENT OF LOSSES (INCLUDING CLAIMS FOR THE RETURN OF UNEARNED PREMIUM) UNDE R CONTRACTS OR POLICIES OF INSURANCE INC EPTING ON OR AFTER 1ST JANUARY 1996 UNDE RWRITTEN BY THE COMPANY AS A MEMBER OF S YNDICATE NO. 1301 (THE "SYNDICATE") AND ALLOCABLE TO THE RELEVANT YEAR OF ACCOUN T OR IN RESPECT OF WHICH THE COMPANY IS LIABLE AS A MEMBER OF THE SYNDICATE FOR THE RELEVANT YEAR OF ACCOUNT FOR AN EARL IER YEAR OF ACCOUNT PURSUANT TO ANY CONT RACT OF REINSURANCE TO CLOSE AND ISSUED TO A POLICYHOLDER PURSUANT TO THE INSURA NCE LAWS OF THE COMMONWEALTH OF KENTUCKY PROVIDING INSURANCE WITH RESPECT TO PRO PERTY OR RISKS SITUATED IN SAID COMMONWE ALTH (A "KENTUCKY POLICY"), ALL EXPENDIT URES AND FEES OF THE TRUSTEE (AS DEFINED IN THE TRUST DEED AND BEING, AS AT THE DATE THEREOF, NATIONAL CITY BANK, KENTUC KY, U.S.A.), REPAYMENT OF CASH OR SECURI TIES ADVANCED BY THE TRUSTEE TO THE TRUS T HELD UNDER THE PROVISIONS OF THE TRUST DEED, AND CERTAIN TRANSFERS BY THE TRUST EE TO AN OVERSEAS FUND (AS DEFINED IN TH E TRUST DEED) OR TO THE COMMISSIONER OF INSURANCE OF THE COMMONWEALTH OF KENTUCK Y OR OTHER DESIGNATED RECEIVER, AND FOR SECURING THE OTHER AMOUNTS AND OBLIGATIO NS REFERRED TO IN THE TRUST DEED

THE PAYMENT OF LOSSES (INCLUDING CLAIMS FOR THE RETURN OF UNEARNED PREMIUM) UNDE R CONTRACTS OR POLICIES OF REINSURANCE I NCEPTING ON OR AFTER 1ST AUGUST 1995 UND ERWRITTEN BY THE COMPANY AS A MEMBER OF SYNDICATE NO. 1301 (THE "SYNDICATE") AND ALLOCABLE TO THE RELEVANT YEAR OF ACCOU NT OR IN RESPECT OF WHICH THE COMPANY IS LIABLE AS A MEMBER OF THE SYNDICATE FOR THE RELEVANT YEAR OF ACCOUNT FOR AN EAR LIER YEAR OF ACCOUNT PURSUANT TO ANY CON TRACT OF REINSURANCE TO CLOSE AND ISSUED TO A CEDING INSURER DOMICILED IN A STAT E, DISTRICT, TERRITORY, COMMONWEALTH OR POSSESSION OF THE UNITED STATES (AN "AME RICAN REINSURANCE POLICY"), ALL EXPENDIT URES AND FEES OF THE TRUSTEE (AS DEFINED IN THE TRUST DEED AND BEING AS AT THE D ATE THEREOF, CITIBANK N.A. OF 111 WALL S TREET, NEW YORK, U.S.A.), REPAYMENT OF C ASH OR SECURITIES ADVANCED BY THE TRUSTE E TO THE TRUST HELD UNDER THE PROVISIONS OF THE TRUST DEED, AND CERTAIN TRANSFER S BY THE TRUSTEE TO AN OVERSEAS FUND (AS DEFINED IN THE TRUST DEED) OR TO THE SU PERINTENDENT OF INSURANCE OF THE STATE O F NEW YORK OR OTHER DESIGNATED RECEIVER, AND FOR SECURING THE OTHER AMOUNTS AND OBLIGATIONS REFERRED TO IN THE TRUST DEE D

THE PAYMENT OR DISCHARGE OF THE COMPANY' S OBLIGATIONS (AND SUBJECT AS MENTIONED IN THE AMERICAN INSTRUMENT THOSE OF ANY SYNDICATE OR GROUP OF WHICH THE COMPANY IS OR HAS BEEN OR IS ABOUT TO BECOME A M EMBER) AND ALL LOSSES, CLAIMS, RETURNS O F PREMIUMS, REINSURANCE PREMIUMS, AND OT HER OUTGOINGS PAYABLE AS AT THE DATE OF OR AT ANY TIME AFTER THE DATE OF THE AME RICAN INSTRUMENT TO BECOME PAYABLE IN CO NNECTION WITH ANY NEW AMERICAN BUSINESS (AS DEFINED IN THE AMERICAN INSTRUMENT) AND FOR SECURING CERTAIN OTHER EXPENSES, CHARGES AND REMUNERATION, AND PAYMENTS TO THE TRUST FUND SUBJECT TO THE COMPANY 'S LLOYD'S PREMIUMS TRUST DEED, THE TRUS TEE OF THE COMPANY'S EXISTING LLOYD'S AM ERICAN TRUST DEED AND THE TRUSTEES OF AN Y FUND CONSTITUTED OR REGULATED BY AN OV ERSEAS DIRECTION OF THE COUNCIL OF LLOYD 'S, AND THE OTHER AMOUNTS AND OBLIGATION S REFERRED TO IN THE AMERICAN INSTRUMENT

ALL LOSSES, CLAIMS, EXPENSES, RETURNS OF PREMIUMS, RE-INSURANCE PREMIUMS AND OTH ER OUTGOINGS PAYABLE AT THE DATE OF THE TRUST DEED OR AT ANY TIME THEREAFTER TO BECOME PAYABLE IN CONNECTION WITH THE CA NADIAN BUSINESS OF THE COMPANY, INCLUDIN G (1) THE PAYMENT OF ANY AMOUNT INTO AN ESCROW FUND OR ACCOUNT TO BE HELD IN RES PECT OF A PARTICULAR CLAIM OF A POLICYHO LDER OR ANY OTHER PERSON AND (2) ALL EXP ENSES WHATSOEVER FROM TIME TO TIME INCUR RED BY THE COMPANY IN CONNECTION WITH OR ARISING OUT OF THE CANADIAN BUSINESS OF THE COMPANY INCLUDING ANY SALARY, COMMI SSION, OTHER REMUNERATION AND REIMBURSEM ENT OF OUTLAYS PAYABLE BY THE COMPANY TO THE AGENT OR TO ANY OTHER PERSON IN CON NECTION WITH THE CONDUCT OR WINDING UP O F THE CANADIAN BUSINESS, THE REPAYMENT O F ANY OUTSTANDING INDEBTEDNESS INCURRED BY THE COMPANY TO MEET VALID EXPENSES OF THE CANADIAN BUSINESS OF SUCH COMPANY, THE COMPANY'S DUE PROPORTION OF REMUNERA TION AND REIMBURSEMENT OF EXPENSES OF TH E CANADIAN TRUSTEE, THE COMPANY'S DUE PR OPORTION OF ANY SHORTFALL IN THE LLOYD'S CANADIAN BUSINESS FUND (INCLUDING ANY C OSTS OR EXPENSES IN RESPECT THERETO) AND INCLUDING ALSO ANY TAXES INCURRED IN OR BY REASON OF THE CANADIAN BUSINESS

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THE LOSSES CLAIMS RETURNS OF PREMIUMS RE INSURANCE PREMIUMS EXPENSES OBLIGATIONS AND OTHER "PERMITTED TRUST OUTGOINGS" SE T OUT IN CLAUSE 3(A) OF AND PARAGRAPH 1 OF SCHEDULE 3 TO THE TRUST DEED

THE PAYMENT OF ALL CLAIMS OF OR SUBMITTE D BY A HOLDER OF ANY AUSTRALIAN POLICY T O WHICH THE TRUST DEED APPLIES (AN "AUST RALIAN POLICY") AND WHICH HAS BEEN UNDER WRITTEN BY THE CORPORATE MEMBER OR IN RE SPECT OF WHICH THE CORPORATE MEMBER IS L IABLE AS A MEMBER OF A SYNDICATE TO MEMB ERS OF THE SAME SYNDICATE OR ANY OTHER S YNDICATE FOR AN EARLIER YEAR OF ACCOUNT PURSUANT TO ANY REINSURANCE TO CLOSE AND FOR SECURING THE OTHER AMOUNTS AND OBLI GATIONS REFERRED TO IN THE TRUST DEED

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