aietim Willis Limited cn Willis Talaphone: +4 (02031246000 Pax.nt4 (032031248223, Website: wew:millscom Abay Insurance Share Company Addis Ababa Ethiopia P.O. Box - 5879 Please quote our reference in all correspondence relating to this Contract: Our Reference: 1200213 Date: 24 April 2013 Evidence of Cover New Age (African Global Energy) Limited Energy Package Reinsurance We refer to our quote advice of 13 March 2013 and in accordance with the Original Insured’s instructions to proceed with the purchase of Energy Package reinsurance per their email dated 14 ‘March 2013, we are pleased to advise our confirmation of the cover obtained under the Willis Acorn Facility for you as sct out below subject to the terms and conditions of the contract, which are included in the schedule attached to this letter. We advise that the premium for the reinsurance cover is as the attached worksheet and as summarised below: if Policy Section x USD [Section 1 - Property 93,571 Section 2 ~ Control of Well (ine 25% footage credit) 246,164 [Gross Premium 339,735 10% Facility Bulk Credit 33974 [2.5% Prompt Payment Discount 8,493 10% No Claims Bonus at Policy inception 23,038 [TOTAL PREMIUM PAYABLE BY NEW AGE 274230 Reinsurance Onder 99% 271488 insurance Overider 10% 27149 OTAL REINSURANCE PREMIUM DUE TO WILLIS | ~ PAA 339 ‘vine AW Croup Conga Lee, iii onthe enc Serves ty Raptr oe Le Se. Laden SH 7D. Masse ieee Bin nhs ged VA nother 59119 mnt 94138 12002813, BneryMRCReineCoverDocl 070111412, Saved: 27042013 162400Willis Limited Sine Set edie £3700 Unie ign THIS Telephone: #44 (0}2031246000 Fax: #4 (2081248223 Wiebe: sili com THE ATTACHED DETAILS SET OUT THE TERMS AND COVERAGE. Please read this cover confirmation letter and any enclosures in conjunction with our General Terms of Business Agreement for Our Clients document (“TOBA”) previously sent to you. In particular your attention is drawn to the paragraphs headed "Disclosure of Information” and "Payment of Premium" under the section "Your Responsibilities". Please note that with Disclosure of Information, this is an ongoing responsibility throughout the duration of your contract, Also, within our TOBA we set out “Our Responsibilities" to you and would particularly like to draw your attention to the sections titled “Introduction and Status Disclosure", "Services provided” and “Client Money Disclosures”. If you have mislaid or otherwise need a further copy of our TOBA please contact me at the above address or telephone number at your earliest convenience. ‘This reinsurance cover is based on the information you provided to us and on which we and reinsurer(8) have relied. If you have not provided to us all material information or you discover that the information you have provided is inaccurate, please advise us immediately in order that we may seek revalidation of terms with reinsurer(s). We take this opportunity to remind you that you have a duty to disclose all information which is material to your coverage requirements or which might influence reinsurer(s) in deciding to accept your business, finalising the terms to apply and/or the cost of cover. Failure to make such disclosure, which is an ongoing responsibility throughout the duration of your contract, may allow reinsurer(s) to void the contract. ‘You need to review the attached document to confirm that it accurately reflects the coverage, conditions, limits and other terms that you require. If the coverage and terms do not accord with your instructions please kindly advise us immediately. We advise that the exclusions, subjectivities, warranties, and/or other important terms and conditions set out in the quotes may have changed. Whilst we recommend that you read all the exclusions (full copies available on request), subjectivities, warranties and/or other important terms and conditions set out, we especially bring to your attention to the following: 1). Reinsurers have added to the well plan review warranty, that compliance of recommendations must be advised to underwriters. We have restated the warranty below: EXPRESS WARRANTY: __ Warranted New Survey Associates well plan review prior to spud, all recommendations to be complied with and advised to Underwriters. 2) Following the breakdown of values provided for wireline logging equipment, reinsurers have amended the deductible in respect of Section 1 (b) — Property as below: DEDUCTIBLE (100%): 10% of loss any one occurrence but with a minimum of USD 25,000, 3) Per the Original Insured’s instructions on 18 April 2013 we have amended the description of property scheduled under Section 1 (b) — Property, from casing to casing and drilling equipment. We have also increased the values of wireline logging equipment from USD 11,800,000 to USD 11,841,520 to be the same total as the breakdown of values provided. 4) Since our quotation advice to the Original Insured on 13 March 2013 we have changed the reinsured to Abay Insurance Share Company and increased the reinsurance order to 99% of 100% as per your instructions to General Insurance Brokers on 10 April 2013. ‘tnt A Wil Crup Conga An hr, ii iach rept i hu Seve ary, Reef Lie Se ant 3870. Toned in Een des Rogan VA naar 58 18 ram 8989 7 2000513 EnerMRCReinsCoverDecl 070111412 Save: 2400472013 16:24:00Willis Lime erin Willis Telephone: 44 (02031246000 Fave +44 (0}2031248223 ‘Website: www wl. com Please note that failure to meet the terms imposed may prejudice your relationship with reinsurers, may give rise to notice of cancellation being issued by reinsurers, and/or may result in reinsurers delaying payment of claims or avoiding the contract, where entitled. Premium Payment ‘Term: ‘Your attention is specifically drawn to reinsurers settlement due date of 23 July 2013. Premium payment to us on or before 09 July 2013 will enable us to pay reinsurers by the required date. Willis, Group will not be responsible for any consequences that may arise from any delay or failure to pay us the amount payable by the indicated dates. Alternative Payment Option: 2.5% Prompt Payment Discount applies on gross premium to apply if 100% of premium due at inception is paid to Reinsurers within 90 days of the attachment date. This discount also to apply to any additional preminms attaching hereto subject to payment within 90 days of final reinsurer(s) agreement is obtained. Premium payment to us on or before 09 July 2013 will enable us to pay the reinsurer by the required date(s) of 23 July 2013 to meet the prompt payment deadline. Willis group will not be responsible for any consequences that may arise from any delay or failure to pay us the amount payable by the indicated dates(s).. Claims Contact: In the event of an occurrence which may lead to a reinsurance claim you should notify Alan Long immediately on +44 (0)20 3124 6405 or longa@willis.com. Should you have any further questions to ask, please feel free to contact us. ‘Yours sincerely, Kieran Borrett 24 April 2013 ion! ci eg Wake Repeal VAT amb 351158 Omar CB 1200an13 EpergyMRCReinsCoverDoc1070111412 Save 2042013 16:24:00Willis Limited 3 in Se London EC 700 Usd ng IS Telephone: +44 (0)2031246000 Fax. +14 (0)208 1248023 Website: wor wiliscom fl. RISK DETAILS Declaration Number 5 to Wil Energy (Re)Insurance Acorn facility 2013 UNIQUE MARKET REFERENCE: 080112002513, ATTACHING TO DELEGATED UNDERWRITING CONTRACT NUMBER: 080111060713 TYPE: Reinsurance of: Onshore Property Offshore Property (Not Required) Operator's Extra Expense OPOL (Not Required) Liability Claims Made (Not Required) Business Interruption (Not Required) as Original Policy. ORIGINAL INSURED: New Age (African Global Energy) Ltd and/or New Age Ethiopia Limited Ltd and/or subsidiary and/or affiliated and/or associated and/or inter-related companies and/or joint venture partners as they ‘may now exist or may hereafter be constituted. As Original Policy. ORIGINAL INSURED'S Nautilus House ADDRESS: La Cour Des Casernes St Helier Jersey JEL INH Channel Islands REINSURED: Abay Insurance Share Company REINSURED'S ADDRESS: Addis Ababa Ethiopia P.O. Box - 5879 PERIOD: 24 April 2013 to 24 April 2014 Both Days at 00:01 local standard time at the above address of the Original Insured Page 1 of 13, tend the Rui Serve Aaya Lie Sa Lande CBD Wena, Gun Campa A Lip ake, Wiis iii tere one na HN Ean de: Rit VAT meer 200513, Ener MRCReinsCoverDocl 070111412 Saved: 2902013 162400aie Limiea Wills Limited estan Willis Telephone: #44 (0}2031246000 Fax. +4 (0)2031248223 ‘Website: wr willis. com INTEREST: ‘The Original Insured's hydrocarbon exploration and/or development and/or production operations and/or all other interests as are contained in or may be added to the Policy. Section 1 - Property: (a) Scheduled Offshore and Onshore Property, including Real and Personal Property of every description whether owned or in the Insured's Care, Custody or Control, and/or as more fully defined in the Original Policy. (b) Drilling and/or Producing and/or Seismic equipment and/or supplies and/or consumables owned by, hired by, or for which the Original Insured is responsible or in the Original Insured's Care, Custody and Control wherever located, including whilst in transit, in store and/or on rigs, barges, platforms, vessels and including whilst in use; and/or as more fully defined in the Original Policy. (©) Costs of seismic data re-acquisition, re-construction or reconstitution; and/or as more fully defined in the Original Policy. (@) Cargo: (i) Oil / Product Cargo, including Bulk Oil whilst in store and / or in transit and / or product in pipelines, flowlines and / or transportation system up to point of sale or free on board as applicable, and/or as more fully defined in the Original Policy. (ii) Equipment, Consumables whilst in store and / or in transit and / or in use, and/or as more fully defined in the Original Policy. Section 2 - Operator's Extra Expense: Operator's Extra Expense as more fully defined in the Original Policy OPOL - Not Required. Section 3 - Liabilities: (Not Required) General Third Party Legal and/or Contractual Liabilities arising out of the scheduled world-wide operations of the Original Insured. Including seismic operations. Section 4 - Business Interruption: (Not Required) Loss of Production Income and/or Increased Cost of Working Page 2 of 13, yin 4 wus Gnu Campy A Ly ake, Weidner ur Reg cS Line Set ann BCIM7D ee mie 816 nda Wake gue! VAT nonber GO 594 PD mm OBIE ‘002013 ner) MRCReinsCoverDesl070111412, Saved: 24042015 16:24:00illis Limited Wills Limited axe Willis Telephone: #44 (0)2031246000 Fax: +4 ()2081248223 Website: wor illis.com LIMIT/SUM REINSURED/VALUE(S) /AMOUNTS (100%) Unless Otherwise Stated: Section 1 - Property: (a) Subject to Values as declared and scheduled and/or to be agreed Slip Leader prior to attachment any one occurrence. (b) Subject to Values as declared and scheduled any one occurrence. (c) Subject to Values as declared and scheduled any one occurrence. (@ ( Subject to Values as declared and scheduled and/or to be agreed Slip Leader prior to attachment any one occurrence. (@) Gi Subject to Values as declared and scheduled any one occurrence. Subject to separate additional limits of 25% of agreed values /Timits in respect of Removal of Wreckage and/or Debris, Social Responsibility Costs, Sue and Labour, Evacuation Expenses, General Average and Salvage Charges, but capped at a combined additional limit of 50% of agreed values! limits over all coverages. Sublimits any one Occurrence as follows: Sublimit of USD 1,600,000 in respect of Minor Works. Section 2 - Operator's Extra Expense: Onshore: Combined Single Limit of USD 75,000,000 any one Occurrence. Additional Limit of USD 8,000,000 any one Occurrence in respect of Care, Custody and Control. Section 3 - Liabilities: (Not Required) To be agreed Slip leader only prior to attachment hereon. Section 4 - Business Interruption: (Not Required) To be agreed Slip leader only prior to attachment hereon, EXCESS/ DEDUCTIBLES! EACH ACCIDENT Section 1 — Property (Deductible): RETENTION! WAITING PERIOD (a) Onshore: To be agreed Slip leader only prior to attachment (100% hereon anyone accident or occurrence. Offshore: To be agreed Slip leader only prior to attachment hereon, (b) Equipment, Consumables and Materials: 10% of loss any one occurrence, but with a minimum of USD 25,000, Page 3 of 13, ply Fc et Ay Regie ie et Lend 00 atin vice Cnm, Aoi WiIne ai 2002313, Ene MRCRelnsCoverDecl 070111412 Seved: 2/042013 162400,Wil Limited ne Willis “Telephone: 14 (02051246000 Fas: htt (02031248223, Website owns. com (©) Seismic Data Reacquisition or Reconstitution Costs: USD 5,000 any one occurrence. (@) @ Cargo, including Bulk Oil, whilst in store and/or in transit: To bbe agreed Slip leader only prior to attachment; In pipeline, flowline and/or transportation system: To be agreed Slip leader only prior to attachment. (ii) Equipment, Consumables whilst in store and/or in transit and/or in use: 5% of values any one occurrence but with a minimum of USD 40,000 and maximum of USD 80,000. The above excesses / deductibles / retentions do not apply in respect, of Actual and/or Constructive and / or Arranged and / or Compromised Total Loss and/or General Average, which are recoverable in full, Section 2 - Operator's Extra Expense (Excess): Onshore: ‘Combined Single Excess of USD 1,000,000 any one Occurrence in respect of Drilling or Workover Wells; but Combined Single Excess of USD 350,000 any one Occurrence in respect of Producing/Suspended/Plugged and Abandoned/or Shut-In Wells. Excess of USD 160,000 any one Occurrence in respect of Care, Custody and Control. In the event of a loss over Sections 1, 2 arising from one Occurrence, then the highest single excess/deductible shall apply. Section 3 — Liabilities (Excess): (Not Required) To be agreed Slip leader only prior to attachment hereon, Section 4 - Business Interruption (Waiting Period): (Not Required) To be agreed Slip leader only prior to attachment hereon. REINSURED'S RETENTION: Notice of Retention, if any, is waived. Any other provision, express or implied, concerning the Reinsured’s retention obligations which may be contained elsewhere herein are of no effect SITUATION: Ethiopia Page 4 of 13 Line, Ah Conga AS, Win pd nl ain cit Sve ey eit of i at EEN, 20013 Ener MRCReinsCoverDecl 070111412 Saved: 2408/2015 1624:00Willis Limite cee Willis ‘Telephe: +44 (02031246000 Fax: +44 (0}2031248223, ‘Website: wirw-wilis.com REINSURANCE, Al terms, clauses and conditions as Original Policy, as set forth CONDITIONS: under Original Conditions, in so far as may be applicable to this reinsurance. Special Termination Clause LMA5001 Claims Control Clause 576WIL01133. War Coverage as Original Policy. Conformity Clause as attached. Broker's Cancellation Clause 576WIL00878 is deleted Sanction Limitation and Exclusion Clause JR2010/012. Cut Through Clause as attached. In the event that the Original Policy is required by Reinsurers to contain particular terms and conditions (“Required Terms”), then in the event that the Original Policy does not contain such Required ‘Terms then this reinsurance will operate and respond as though the Original Policy contains the Required Terms in the form in which they appear in this reinsurance. Nothing in this reinsurance policy shall be construed to be a condition precedent or a warranty unless expressly stated to be one in this reinsurance policy. ORIGINAL Original Policy such Original Policy being:- as Willis Energy CONDITIONS: (Re)Insurance Acorn Facility Policy Number BO80110607313 Amended to incorporate the following: Section 2 - Operator's Extra Expense: Casing Failure Endorsement included as detailed in the above mentioned Original Policy. General Conditions: ‘War and Terrorism Cover/Exclusions as detailed in the policy wording. ‘Nothing in this Contract shall be construed as a condition precedent or a warranty unless it is expressly stated as such in the Contract EXPRESS WARRANTY: Warranted New Survey Associates well plan review prior to spud, all recommendations to be complied with and advised to Underwriters. Page 5 of 13 ys Le, eg Ceegey Lops, its im! eel ha Sr Au Rep Line Ss, La ete sr a aod Wa Regard UA none 300 15080 mnt 8384 NB r00213 erayMRCReinsCoverDoe1070111412 Saved: 20042013 162400, 3817.Willis Limited suas Willis Telephone: +4 (02031246000 Fax: H44 (02031248223, Website: wus. com CHOICE OF LAW AND JURISDICTION: This reinsurance shall be governed by and construed in accordance with the law of England and Wales and each party agrees to submit to the exclusive jurisdiction of the Courts of England and Wales in the event of a dispute hereunder. PREMIUM: As detailed on the attached premium worksheet. Additional premiums and return premiums applying hereto to be payable at expiry as part of the policy final adjustment. Deposit Premium Option (Operator's Extra Expense): Agree 50% deposit at spud-in of drilling/workover wells and adjustable at expiry at applicable policy declaration rates/premium PREMIUM PAYMENT ‘TERMS: None PROMPT PAYMENT 2.5% Prompt Payment Discount on gross premium to apply if DISCOUNT: 100% of premium due at inception, is paid to Insurers within 90 days of the attachment date, This discount also to apply to any additional premiums attaching hereto subject to payment within 90 days of final agreement party agreement. FACILITY BULK CREDIT: 10% Bulk Credit on gross premium at inception to apply to all declarations hereto NO CLAIMS BONUS: 10% No Claims Bonus on net premium payable at the inception date. Repayable within 30 days if not renewed with the Slip Leader or if there is a paid loss occurring during the policy period. ‘TAXES PAYABLE BY REINSURED AND ADMINISTERED BY REINSURERS: None or to be agreed Slip leader. RECORDING, ‘TRANSMITTING AND STORING INFORMATION: ‘Where Willis Limited maintains risk and claims data/information/ documents Willis Limited may hold data/information/documents electronically. Page 6 of 13 {sin ln Company, Lote, Led tid esi hia Seo Any Read lr Tin Sut Lon ECM TD. Mag aie nd od Wee Roi Va mena Gt 8 wee CBT 200213 hey MRCReinsCoverDocO70111412 Saved: 2/04/2013 16:24:00Wills Limited sauce Willis “Telephone: +44 (0}2031246000 Fax: 444 (0)2031248223 ‘Website! wows. com (RE)INSURER CONTRACT This contract document details the contract terms entered into by DOCUMENTATION: the insurer(s) and constitutes the contract document. Any further documentation changing this contract agreed in accordance with the contract change provisions set out in this, contract, shall form the evidence of such change. Page 7 of 13 ‘ine, cp Com, AL ne, Wilt! aa un py he Sree Athy Rage Le Se, ane BALD Negted sere lle al We RegarelVAT aamer 5018 mmr BB teams EnerayMORCReinsCoverDocI 070111412 Saved: 24042013 162400Willis Limited seeene Willis Telephone: +44 (0203246000 Fas: +44 (0081248223, ‘Website: wir. com BESPOKE OR AMENDED WORDING AND CLAUSES, WORDING SCHEDULE(S) AND/OR DECLARATIONS AND ANY OTHER ATTACHMENTS, AS APPROPRIATE: CONFORMITY CLAUSE Whenever the word "Assured" appears herein, it shall be replaced by the word "Insured" wherever the context of this Contract allows. Wherever the word "Underwriter(s)" appears herein, it shall be replaced by the word "Insurer(s)" wherever the context of this Contract allows. Wherever the words "Insured", "Assured", "Insurer(s)" and "Insurance" appear herein, they shall be replaced by the words "Reinsured", "Reinsured”, "Reinsurer(s)" and "Reinsurance" respectively wherever the context of this Contract allows. CUT THROUGH CLAUSE ‘Where required by the Reinsured, Reinsurers hereon agree to pay claims direct to the Original Insured subject to obtaining appropriate releases and payment authority from both the Original Insured and the Reinsured. Page 8 of 13 iin rope, Anh, Wisin nt ey ai vi aly esd of it a PE, ra00an3 -BhergyMRCReinsCoverDoclO70111412, ‘Saved: 24042013 1624.00,Wills Limite ae Willis “Telephone: +44 (0)2031246000 Fas: 4 (0}203128223, ‘Website: www willis com 2. INFORMATION, © EL-Kuran-3 is located in the Ogaden 788 Licence block, onshore Ethiopia. With regard to the wel site Terrain this is semi arid scrub land plain. Location is within 1 kilometer of El Kuran village. Location will need +/- 1 meter hardcore backfill to provide a level pad for the rig. Estimated Spud Date of El-Kuran-3 is 01 May 2013 © Insured anticipates that it would take 3 ~4 months to get another rig in in the event of a blow out. El-Kurin-3 will be a vertical well and is expected to be drilled to a depth of 2,300m; well fracturing and testing are contingent on geological information recovered during the drilling phase. © No H2S is expected, original well El Kuran 1 — located 500m from new location El Kuran-3 had no H2S. No high pressure or high temperature anticipated. © Drilling Programme details using Mud Weights of 8.9 ppg at spud and an anti mud weight of 11.8 ppg. ipated final © The drilling contractor for El-Kuran-3 will be Sakson Drilling & Oil Services DMCC (Dubai Multi Commodities Centre). New Age has advised that as far as they can ascertain Sakson has not sustained any rig related loss. The Sankson 501, 1500 HP Landrig will be used. ‘* There is a potential horizontal extension of the well planned. © With regard to the equipment valued at USD 5,000,000, this will be in Bonded yard in the port (while transit clearing is processed) 2 to 3 days estimated, then trucked direct to site (transit time to site is 7 to 8 days). Site is located 60km north of the town Dolo Bay which is located in the Somali region of Ethiopia. All cargo will be transported in convoys with Military escorts. The site is also secured by the Military. © The original insured planns to shoot 500km of seismic onshore Adigala. Attached Doceumenation: Willis Energy Questionnaire completed by the client seen and noted by underwriters. Authorisation for Expenditure Breakdown — Seen and noted by underwriters. ‘New Age ~ Presentation to underwriters — Seen and noted by underwriters, Breakdown of values of wireline logging property - seen and noted by underwriters (as agreed in endorsement 0001 Claims Experience: The (Re)Insured confirms no known or reported losses at inception. Page 9 of 13 ‘Metin Ait cup Company igs. on ae ye ea Sov Athy, epi iS Ln Set anon BN 700 [cpa sie 8g nes Reiel Va gorar Sse We C8 12002013 Energy MRCReinsCoverDecl 70111412, + Saved: 240000013 1624-00Willis Limited Telephone: +4 (0}2031246000 Fax:-+4 (02031248223, bite: srw. com (RE)INSURER’S LIABILITY: ECURITY DETAILS (RE)INSURERS LIABILITY CLAUSE (Reinsurer’s liability several not joint The liability of a (re)insurer under this contract is several and not joint with other (re)insurers party to this contract. A (re)insurer is, liable only for the proportion of liability it has underwritten. A (re)insurer is not jointly liable for the proportion of liability underwritten by any other (re)insurer. Nor is a (re)insurer otherwise responsible for any liability of any other (re)insurer that may underwrite this contract. The proportion of liability under this contract underwritten by a (re)insurer (or, in the case of a Lloyd’s syndicate, the total of the proportions underwritten by all the members of the syndicate taken together) is shown next to its stamp. This is subject always to the provision concerning “signing” below. In the case of a Lloyd’s syndicate, each member of the syndicate (rather than the syndicate itself) is a (re)insurer. Each member has underwritten a proportion of the total shown for the syndicate (that total itself being the total of the proportions underwritten by all the members of the syndicate taken together). The liability of each member of the syndicate is several and not joint with other members. A member is liable only for that member’s proportion. A member is not jointly liable for any other member’s proportion. Nor is any member otherwise responsible for any liability of any other (re)insurer that may underwrite this contract. The business address of each member is Lloyd’s, One Lime Street, London EC3M THA. The identity of each member of a Lloyd’s syndicate and their respective proportion may be obtained by writing to Market Services, Lloyd’s, at the above address. Proportion of liability Unless there is “signing” (see below), the proportion of liability under this contract underwritten by each (re)insurer (or, in the case of a Lloyds syndicate, the total of the proportions underwritten by all the members of the syndicate taken together) is shown next to its stamp and is referred to as its “written line’ Where this contract permits, written lines, or certain written lines, may be adjusted (“signed”). In that case a schedule is to be appended to this contract to show the definitive proportion of liability under this contract underwritten by each (re)insurer (or, in the case of a Lloyd’s syndicate, the total of the proportions Page 10 of 13 Lint, & mee Comps A Lyne, Eid ith nl peta Serve Aa, epi ai Line Land 3M TO. “poco eg sn We Sane VA 12002313 EnergyMRCRelasCoverDoci070111412 Seved: 2042013 16:24,00Wills Limited sven Willis ‘Telephone: +44 (02031246000 Fax: +4 (0}2031258023 if: worl om ‘A definitive proportion (or, in the case of a Lloyd’s syndicate, the total of the proportions underwritten by all the members of @ Lloyd’s syndicate taken together) is referred to as a “signed line”. ‘The signed lines shown in the schedule will prevail over the written lines unless a proven error in calculation has occurred. Although reference is made at various points in this clause to “this contract” in the singular, where the circumstances so require this should be read as a reference to contracts in the plural 21/6/07 LMA3333 ORDER HEREON: 100% of 100% LINE CONDITIONS: Berkshire Hathaway International Insurance participation subject to written confirmation of regulatory approval within 14 days of inception. Partner Reinsurance Europe SE participation is subject to a Notice of Cancellation at Aniversary Date. BASIS OF WRITTEN LINES: Percentage of Whole SIGNING In the event that the written lines hereon exceed 100% of the order, PROVISIONS: any lines written "to stand" will be allocated in full and all other lines will be signed down in equal proportions so that the aggregate signed lines are equal to 100% of the order without further agreement of any of the Reinsurers. However: (@) inthe event that the placement of the order is not completed by the commencement date of the period of insurance then all lines written by that date will be signed in full; (b) the Insured may elect for the disproportionate signing of Insurers’ lines, without any further specific agreement of Insurers, providing that any such variation is made prior to the commencement date of the period of insurance, and that lines written "to stand" may not be varied without the documented agreement of those Insurers; (©) the signed lines resulting from the application of the above provisions can be varied, before or after the commencement date of the period of insurance, by the documented Page 11 of 13, Le, Av Grow Conger Loy, iinet nd ope yh Fri Sent uy, Repro Line Sa Lande EH 70, eit ne 6 ln de eg! VAT ontar 50 180 9 wn 0838193 naisnia erayMRCRelasCaverDacl065133501 Seve: 120042013 1635.00,Willis Limited 5 Lime Steet London ECS 700 Uaiteé Kingdom Telephone: 4 (02051246000 Fax: +4 (02031248223 Willis Signing down estimates given at time of placement are for indication purposes only and are not warranted or conditional Page 12 of 13 a tr, aL ody hu Sri ary. Rg oi ne St Lae E700 100013 -BhegyMMRCReinsCoverDoc1070111412, Saved: 24/2013 16:24:00vine vinnea Willis Limited ae Willis Telephone: +44 (072031246000 Pas. +4 (0)203 1248225 Website: wor wis com ORDER HEREON: 99% of premium and limits herein EFFECTED WITH: 61.1586000% Lloyd's Underwriters 2.0070000% Syndicate 0623, pseudonym AFB 9.1430000% Syndicate 2623, pseudonym AFB 3.4255000% Syndicate 1225, pseudonym AES 2.9787000% Syndicate 2121, pseudonym ARG 3.7234000% Syndicate 4020, pseudonym ARK 7.4333000% Syndicate 0382, pseudonym HDU 7,4468000% Syndicate 0510, pseudonym KLN 4.4679000% Syndicate 3000, pseudonym MKL 1.9362000% Syndicate 2007, pseudonym NVA. 4,4681000% Syndicate 1183, pseudonym TAL 2.9787000% | Syndicate 5000, pseudonym TRV 11.1500000% Syndicate 0457, pseudonym WTK 12.5000000% Berkshire Hathaway International Insurance Ltd., London, England 11.1500000% Navigators Insurance Company, New York, U.S.A. per London Branch 4.1702000% Partner Reinsurance Europe SE, Dublin, Ireland per Paris Branch 5,9574000% SCOR Global P&C SE, Paris, France 5.0638000% Torus Insurance (UK) Ltd., London, England 100,0000000% ‘Yours faithfully Yours faithfully Wiig Limjted Willis Lirpited Authorised Signatory Energy Page 12 of 12 oa nF Seles hoy Rist Lin Se Lane EC TOR 0023 EnereyMRCRelnsCoverDoel070111412 Saved: 20042013 15:40:00a « snd mona tn 2 ae aus wo 10g ndy ye svow zi donna - vous yeqoio ueouy eby mon]