MARSH LIMITED

Deed of variation (made in addition to and modifying the security and trust deed dated 30 december 1997 (the "principal deed"))

Created on 09 Nov 1999

Delivered on 12 Nov 1999

Status fully-satisfied

Persons Entitled

Lloyd's (A Statutory Corporation)(as Trustee for the Creditors for the Time Being of the Company in Respect of Insurance Transactions)

Amount Secured

The payment of all costs charges expenses and other liabilities properly incurred by the chargee its delegates or agents or any receiver appointed under the security and trust deed in or about the exercise of the powers contained in the security and trust deed (as modified) or otherwise in relation thereto including all remuneration payable to any such receiver and the payment of all debts and obligations for the time being due owing or incurred whether actually or contingently by the company in respect of insurance transactions

Short Particulars

All monies (including brokerage) for the time being standing to the credit of or pursuant to the byelaw or otherwise required to be paid into an insurance broking account of the company and all approved iba assets of the company (and all assets which would be approved).

Transactions

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Lloyd's broker's security and trust deed

Created on 30 Dec 1997

Delivered on 13 Jan 1998

Status fully-satisfied

Persons Entitled

Lloyd's

Amount Secured

All monies due or to become due from the company to the chargee for the amount of any loan or overdraft facility obtained from an approved bank on an insurance broking account

Short Particulars

A floating charge in respect of the amount of any loan or overdraft facility obtained from an approved bank on an insurance broking account.

Transactions

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An insurance broker reinsurance deposit agreement

Created on 22 Dec 1997

Delivered on 02 Jan 1998

Status outstanding

Persons Entitled

Citibank,N.A.

Amount Secured

Any and all of the present and future obligations of the company to the chargee under or pursuant to the deposit agreement or any agreement of even date with the deposit agreement bearing the caption "master agreement-london market letter of credit scheme" and "insurance letters of credit-master agreement" or as may be agreed from time to time between the bank and the company

Short Particulars

The balance(s) for the time being standing to the credit of any and all accounts at the bank's branch at 336 strand,london WC2R 1HB (or such other branch in the united kingdom as may be advised by the bank to the company or such other branch outside the united kingdom as may be agreed from time to time between the bank and the company) in the company's name,each designated as a "reinsurance deposit agreement" or "rda" and where appropriate designated in accordance with iba regulations and any account opened by the bank pursuant to clause 13 of the deposit agreement or as may be agreed from time to time between the bank and the company.. See the mortgage charge document for full details.

Transactions

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