10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

☒    QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the period ended September 30, 2021

OR

☐         TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from          to

Commission file number 1-8993

WHITE MOUNTAINS INSURANCE GROUP, LTD.

(Exact name of Registrant as specified in its charter)

Bermuda
(State or other jurisdiction of incorporation or organization)	94-2708455
23 South Main Street, Suite 3B	(I.R.S. Employer Identification No.)
Hanover,	03755-2053
New Hampshire	(Zip Code)
(Address of principal executive offices)

Registrant’s telephone number, including area code: (603) 640-2200

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Shares, par value $1.00	WTM	New York Stock Exchange
per share		Bermuda Stock Exchange

Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes   ý   No   ☐

Indicate by check mark whether the Registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the Registrant was required to submit such files). Yes   ý    No   ☐

Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company.  See the definitions of “large accelerated filer,” “accelerated filer”, “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer	ý	Accelerated filer		☐	Non-accelerated filer		☐
Smaller reporting company			☐	Emerging growth company		☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  o

Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes  ☐   No  ý

As of November 5, 2021, 3,017,772 common shares with a par value of $1.00 per share were outstanding (which includes 37,850 restricted common shares that were not vested at such date).

WHITE MOUNTAINS INSURANCE GROUP, LTD.

Table of Contents

		Page No.
PART I.	FINANCIAL INFORMATION
Item 1.	Financial Statements (Unaudited)
	Consolidated Balance Sheets, September 30, 2021 and December 31, 2020	1
	Consolidated Statements of Operations and Comprehensive Income,
	Three and Nine Months Ended September 30, 2021 and 2020	3
	Consolidated Statements of Changes in Equity,	6
	Three and Nine Months Ended September 30, 2021 and 2020
	Consolidated Statements of Cash Flows, Nine Months Ended September 30, 2021 and 2020	8
	Notes to Consolidated Financial Statements	9
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	54
	Results of Operations for the Three and Nine Months Ended September 30, 2021 and 2020	54
	Liquidity and Capital Resources	80
	Non-GAAP Financial Measures	85
	Critical Accounting Estimates	87
	Forward-Looking Statements	91
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	91
Item 4.	Controls and Procedures	92
PART II.	OTHER INFORMATION	92
Items 1 through 6.		92
SIGNATURES		93

Item 1.Financial Statements

WHITE MOUNTAINS INSURANCE GROUP, LTD.

CONSOLIDATED BALANCE SHEETS

	September 30, 2021		December 31, 2020
Millions, except share and per share amounts
Assets	Unaudited
Financial Guarantee (HG Global/BAM)
Fixed maturity investments, at fair value	$	898.4	$	859.5
Short-term investments, at fair value	50.3		60.4
Total investments	948.7		919.9
Cash	21.8		42.8
Insurance premiums receivable	6.9		6.9
Deferred acquisition costs	31.7		27.8
Other assets	18.7		20.4
Total Financial Guarantee assets	1,027.8		1,017.8
P&C Insurance and Reinsurance (Ark)
Fixed maturity investments, at fair value	618.1		—
Common equity securities, at fair value	159.6		—
Short-term investments, at fair value	396.5		—
Other long-term investments	320.6		—
Total investments	1,494.8		—
Cash	116.5		—
Reinsurance recoverables	465.6		—
Insurance premiums receivable	482.3		—
Ceded unearned premiums	92.1		—
Deferred acquisition costs and value of in-force business acquired	127.8		—
Goodwill and other intangible assets	292.5		—
Other assets	61.3		—
Total P&C Insurance and Reinsurance assets	3,132.9		—
Specialty Insurance Distribution (NSM)
Cash (restricted $92.2 and $78.4)	126.5		126.5
Premiums and commissions receivable	78.8		76.7
Goodwill and other intangible assets	734.8		736.8
Other assets	56.4		59.6
Total Specialty Insurance Distribution assets	996.5		999.6
Asset Management (Kudu)
Short-term investments, at fair value	.1		.1
Other long-term investments	604.7		400.6
Total investments	604.8		400.7
Cash (restricted $4.5 and $0.0)	14.8		7.8
Accrued investment income	9.0		9.8
Goodwill and other intangible assets	9.0		9.2
Other assets	8.4		2.7
Total Asset Management assets	646.0		430.2
Other Operations
Fixed maturity investments, at fair value	316.4		347.7
Short-term investments, at fair value	162.6		82.4
Investment in MediaAlpha, at fair value	316.4		802.2
Other long-term investments	360.2		386.2
Total investments	1,155.6		1,618.5
Cash	31.1		34.1
Cash pre-funded/placed in escrow for Ark Transaction	—		646.3
Goodwill and other intangible assets	48.7		36.4
Other assets	75.0		48.5
Total Other Operations assets	1,310.4		2,383.8
Total assets	$	7,113.6	$	4,831.4

See Notes to Consolidated Financial Statements

CONSOLIDATED BALANCE SHEETS (CONTINUED)

	September 30, 2021		December 31, 2020
Millions, except share and per share amounts
Liabilities	Unaudited
Financial Guarantee (HG Global/BAM)
Unearned insurance premiums	$	257.0	$	237.5
Accrued incentive compensation	21.0		25.7
Other liabilities	32.5		28.3
Total Financial Guarantee liabilities	310.5		291.5
P&C Insurance and Reinsurance (Ark)
Loss and loss adjustment expense reserves	890.9		—
Unearned insurance premiums	596.6		—
Debt	200.7		—
Reinsurance payable	481.4		—
Contingent consideration	24.0		—
Other liabilities	87.4		—
Total P&C Insurance and Reinsurance liabilities	2,281.0		—
Specialty Insurance Distribution (NSM)
Debt	295.0		272.6
Premiums payable	132.5		113.4
Contingent consideration	6.7		14.6
Other liabilities	84.2		91.2
Total Specialty Insurance Distribution liabilities	518.4		491.8
Asset Management (Kudu)
Debt	195.6		86.3
Other liabilities	40.2		10.0
Total Asset Management liabilities	235.8		96.3
Other Operations
Debt	19.1		17.5
Accrued incentive compensation	44.7		70.1
Other liabilities	49.8		46.3
Total Other Operations liabilities	113.6		133.9
Total liabilities	3,459.3		1,013.5
Equity
White Mountains’s common shareholders’ equity
White Mountains’s common shares at $1 par value per share—authorized 50,000,000<br><br>shares; issued and outstanding 3,029,620 and 3,102,011 shares and paid-in surplus	3.0		3.1
Paid-in surplus	583.2		592.1
Retained earnings	2,935.3		3,311.2
Accumulated other comprehensive gain (loss), after-tax:
Net unrealized foreign currency translation and interest rate swap gains (losses)	.2		(.4)
Total White Mountains’s common shareholders’ equity	3,521.7		3,906.0
Non-controlling interests	132.6		(88.1)
Total equity	3,654.3		3,817.9
Total liabilities and equity	$	7,113.6	$	4,831.4

See Notes to Consolidated Financial Statements

WHITE MOUNTAINS INSURANCE GROUP, LTD.

CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

	Three Months Ended September 30,				Nine Months Ended September 30,
Millions	2021		2020		2021		2020
Revenues:
Financial Guarantee (HG Global/BAM)
Earned insurance premiums	$	6.7	$	6.2	$	19.6	$	17.2
Net investment income	4.4		4.7		13.2		15.1
Net realized and unrealized investment (losses) gains	(4.0)		3.2		(15.6)		23.7
Other revenues	.3		.4		.9		2.1
Total Financial Guarantee revenues	7.4		14.5		18.1		58.1
P&C Insurance and Reinsurance (Ark)
Earned insurance premiums	213.4		—		435.8		—
Net investment income	.6		—		1.8		—
Net realized and unrealized investment gains	.3		—		10.3		—
Other revenues	3.4		—		9.4		—
Total P&C Insurance and Reinsurance revenues	217.7		—		457.3		—
Specialty Insurance Distribution (NSM)
Commission revenues	67.0		58.2		194.6		174.2
Other revenues	15.3		12.5		46.8		37.6
Total Specialty Insurance Distribution revenues	82.3		70.7		241.4		211.8
Asset Management (Kudu)
Net investment income	9.5		6.4		26.1		19.3
Net realized and unrealized investment gains	18.9		9.8		62.5		1.5
Other revenues	.1		.1		.2		.2
Total Asset Management revenues	28.5		16.3		88.8		21.0
Other Operations
Net investment income	5.0		60.1		16.1		79.3
Net realized and unrealized investment gains (losses)	15.3		43.6		34.0		(17.4)
Net realized and unrealized investment (losses) gains from<br>      investment in MediaAlpha	(396.8)		250.0		(325.5)		295.0
Commission revenues	2.4		2.1		7.0		6.1
Other revenues	28.1		2.2		57.6		6.0
Total Other Operations revenues	(346.0)		358.0		(210.8)		369.0
Total revenues	$	(10.1)	$	459.5	$	594.8	$	659.9

CONSOLIDATED STATEMENTS OF OPERATIONS (CONTINUED)

(Unaudited)

	Three Months Ended September 30,				Nine Months Ended September 30,
Millions	2021		2020		2021		2020
Expenses:
Financial Guarantee (HG Global/BAM)
Insurance acquisition expenses	$	3.0	$	1.6	$	6.5	$	5.4
General and administrative expenses	12.4		14.0		42.7		41.4
Total Financial Guarantee expenses	15.4		15.6		49.2		46.8
P&C Insurance and Reinsurance (Ark)
Loss and loss adjustment expenses	129.2		—		247.8		—
Insurance and reinsurance acquisition expenses	53.7		—		124.4		—
General and administrative expenses	21.8		—		84.4		—
Interest expense	2.1		—		4.5		—
Total P&C Insurance and Reinsurance expenses	206.8		—		461.1		—
Specialty Insurance Distribution (NSM)
General and administrative expenses	48.8		42.9		142.1		131.0
Broker commission expenses	20.4		17.1		60.9		56.4
Change in fair value of contingent consideration	.6		.7		.8		(1.6)
Amortization of other intangible assets	8.2		5.1		25.0		16.2
Loss on assets held for sale	—		—		28.7		—
Interest expense	5.9		6.1		17.7		16.1
Total Specialty Insurance Distribution expenses	83.9		71.9		275.2		218.1
Asset Management (Kudu)
General and administrative expenses	3.3		2.2		9.0		7.5
Amortization of other intangible assets	—		.1		.2		.3
Interest expense	1.9		1.4		9.2		4.3
Total Asset Management expenses	5.2		3.7		18.4		12.1
Other Operations
Cost of sales	24.0		2.3		45.9		6.5
General and administrative expenses	14.5		44.3		79.7		87.1
Amortization of other intangible assets	2.0		.2		2.9		.6
Interest expense	.4		.3		1.1		.8
Total Other Operations expenses	40.9		47.1		129.6		95.0
Total expenses	352.2		138.3		933.5		372.0
Pre-tax (loss) income from continuing operations	(362.3)		321.2		(338.7)		287.9
Income tax expense	(21.6)		(98.5)		(41.9)		(97.1)
Net (loss) income from continuing operations	(383.9)		222.7		(380.6)		190.8
Net (loss) gain from sale of discontinued operations, net of tax	—		(.7)		18.7		(.8)
Net (loss) income	(383.9)		222.0		(361.9)		190.0
Net loss attributable to non-controlling interests	12.5		10.9		53.7		29.5
Net (loss) income attributable to White Mountains’s <br>   common shareholders	$	(371.4)	$	232.9	$	(308.2)	$	219.5

See Notes to Consolidated Financial Statements

WHITE MOUNTAINS INSURANCE GROUP, LTD.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(Unaudited)

	Three Months Ended September 30,				Nine Months Ended September 30,
Millions	2021		2020		2021		2020
Net (loss) income attributable to White Mountains’s <br>   common shareholders	$	(371.4)	$	232.9	$	(308.2)	$	219.5
Other comprehensive (loss) income, net of tax	(2.2)		3.9		.6		1.0
Comprehensive (loss) income	(373.6)		236.8		(307.6)		220.5
Other comprehensive loss (income) attributable to <br>   non-controlling interests	.2		(.1)		—		(.3)
Comprehensive (loss) income attributable to <br>   White Mountains’s common shareholders	$	(373.4)	$	236.7	$	(307.6)	$	220.2
Earnings (loss) per share attributable to White Mountains’s common shareholders:
---	---	---	---	---	---	---	---	---
Basic (loss) earnings per share
Continuing operations	$	(120.18)	$	75.32	$	(105.48)	$	70.40
Discontinued operations	—		(.23)		6.03		(.26)
Total consolidated operations	$	(120.18)	$	75.09	$	(99.45)	$	70.14
Diluted (loss) earnings per share
Continuing operations	$	(120.18)	$	75.32	$	(105.48)	$	70.40
Discontinued operations	—		(.23)		6.03		(.26)
Total consolidated operations	$	(120.18)	$	75.09	$	(99.45)	$	70.14
Dividends declared and paid per White Mountains’s<br>   common share	$	—	$	—	$	1.00	$	1.00

See Notes to Consolidated Financial Statements.

WHITE MOUNTAINS INSURANCE GROUP, LTD.

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

(Unaudited)

	White Mountains’s Common Shareholders’ Equity
Millions	Common shares and paid-in surplus		Retained earnings		AOCI, after tax		Total		Non-controlling interest		Total Equity
Balance at June 30, 2021	$	597.2	$	3,378.6	$	2.4	$	3,978.2	$	129.8	$	4,108.0
Net loss	—		(371.4)		—		(371.4)		(12.5)		(383.9)
Net change in foreign currency translation and other	—		—		(2.2)		(2.2)		(.2)		(2.4)
Total comprehensive loss	—		(371.4)		(2.2)		(373.6)		(12.7)		(386.3)
Dividends to non-controlling interests	—		—		—		—		(.6)		(.6)
Repurchases and retirements of common shares	(15.2)		(71.9)		—		(87.1)		—		(87.1)
BAM member surplus contribution, net of tax	—		—		—		—		14.7		14.7
Amortization of restricted share awards	3.6		—		—		3.6		—		3.6
Recognition of equity-based compensation expense<br>   of subsidiaries	.2		—		—		.2		—		.2
Net contributions and dilution from other<br>   non-controlling interests	.4		—		—		.4		1.4		1.8
Acquisition of non-controlling interests	—		—		—		—		—		—
Balance at September 30, 2021	$	586.2	$	2,935.3	$	.2	$	3,521.7	$	132.6	$	3,654.3
	White Mountains’s Common Shareholders’ Equity
---	---	---	---	---	---	---	---	---	---	---	---	---
Millions	Common shares and paid-in surplus		Retained earnings		AOCI, after tax		Total		Non-controlling interest		Total Equity
Balance at June 30, 2020	$	587.0	$	2,589.3	$	(10.3)	$	3,166.0	$	(102.7)	$	3,063.3
Net income (loss)	—		232.9		—		232.9		(10.9)		222.0
Net change in foreign currency translation and other	—		—		3.8		3.8		.2		4.0
Total comprehensive income (loss)	—		232.9		3.8		236.7		(10.7)		226.0
Dividends to non-controlling interests	—		—		—		—		(.9)		(.9)
Issuances of common shares	.2		—		—		.2		—		.2
Repurchases and retirements of common shares	—		(.1)		—		(.1)		—		(.1)
BAM member surplus contributions, net of tax	—		—		—		—		15.4		15.4
Amortization of restricted share awards	3.6		—		—		3.6		—		3.6
Recognition of equity-based compensation expense<br>   of subsidiary	1.0		—		—		1.0		—		1.0
Net contributions and dilution from other<br>   non-controlling interests	.3		—		—		.3		(.4)		(.1)
Acquisition of non-controlling interests	—		—		—		—		.8		.8
Balance at September 30, 2020	$	592.1	$	2,822.1	$	(6.5)	$	3,407.7	$	(98.5)	$	3,309.2

See Notes to Consolidated Financial Statements.

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (CONTINUED)

(Unaudited)

	White Mountains’s Common Shareholders’ Equity
Millions	Common shares and paid-in surplus		Retained earnings		AOCI, after tax		Total		Non-controlling interest		Total Equity
Balance at January 1, 2021	$	595.2	$	3,311.2	$	(.4)	$	3,906.0	$	(88.1)	$	3,817.9
Net loss	—		(308.2)		—		(308.2)		(53.7)		(361.9)
Net change in foreign currency translation and other	—		—		.4		.4		—		.4
Total comprehensive (loss) income	—		(308.2)		.4		(307.8)		(53.7)		(361.5)
Dividends declared on common shares	—		(3.1)		—		(3.1)		—		(3.1)
Dividends to non-controlling interests	—		—		—		—		(1.8)		(1.8)
Issuances of common shares	1.7		—		—		1.7		—		1.7
Issuance of shares of non-controlling interests	—		—		—		—		6.1		6.1
Repurchases and retirements of common shares	(16.6)		(78.0)		—		(94.6)		—		(94.6)
BAM member surplus contributions, net of tax	—		—		—		—		44.8		44.8
Amortization of restricted share awards	11.1		—		—		11.1		—		11.1
Recognition of equity-based compensation expense<br>   of subsidiaries	2.0		—		—		2.0		.3		2.3
Net contributions and dilution from other <br>   non-controlling interests	(7.2)		13.4		.2		6.4		(5.3)		1.1
Acquisition of non-controlling interests	—		—		—		—		230.3		230.3
Balance at September 30, 2021	$	586.2	$	2,935.3	$	.2	$	3,521.7	$	132.6	$	3,654.3
	White Mountains’s Common Shareholders’ Equity
---	---	---	---	---	---	---	---	---	---	---	---	---
Millions	Common shares and paid-in surplus		Retained earnings		AOCI, after tax		Total		Non-controlling interest		Total Equity
Balance at January 1, 2020	$	596.3	$	2,672.4	$	(7.2)	$	3,261.5	$	(116.8)	$	3,144.7
Net income (loss)	—		219.5		—		219.5		(29.5)		190.0
Net change in foreign currency translation and other	—		—		.7		.7		.3		1.0
Total comprehensive income (loss)	—		219.5		.7		220.2		(29.2)		191.0
Dividends declared on common shares	—		(3.2)		—		(3.2)		—		(3.2)
Dividends to non-controlling interests	—		—		—		—		(2.3)		(2.3)
Issuances of common shares	1.5		—		—		1.5		—		1.5
Repurchases and retirements of common shares	(18.6)		(66.6)		—		(85.2)		—		(85.2)
BAM member surplus contributions, net of tax	—		—		—		—		46.9		46.9
Amortization of restricted share awards	12.3		—		—		12.3		—		12.3
Recognition of equity-based compensation expense<br>   of subsidiary	1.0		—		—		1.0		—		1.0
Net contributions and dilution from other<br>   non-controlling interests	(.4)		—		—		(.4)		2.1		1.7
Acquisition of non-controlling interests	—		—		—		—		.8		.8
Balance at September 30, 2020	$	592.1	$	2,822.1	$	(6.5)	$	3,407.7	$	(98.5)	$	3,309.2

See Notes to Consolidated Financial Statements.

WHITE MOUNTAINS INSURANCE GROUP, LTD.

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)

	Nine Months Ended September 30,
Millions	2021		2020
Cash flows from operations:
Net (loss) income	$	(361.9)	$	190.0
Adjustments to reconcile net income to net cash used for operations:
Net realized and unrealized investment gains	(91.2)		(7.8)
Net realized and unrealized investment loss (gains) from investment in MediaAlpha	325.5		(295.0)
Deferred income tax expense	29.0		87.9
Net (gain) loss from sale of discontinued operations, net of tax	(18.7)		.8
Amortization of restricted share and option awards	11.1		12.2
Amortization and depreciation	42.9		27.2
Other operating items:
Net change in reinsurance recoverables	(32.3)		—
Net change in insurance premiums receivable	(245.7)		—
Net change in commissions receivable	(1.2)		6.0
Net change in ceded unearned premiums	78.1		—
Net change in loss and loss adjustment expense reserves	194.9		—
Net change in premiums payable	9.5		5.3
Net change in unearned insurance premiums	290.0		28.6
Net change in deferred acquisition costs	(60.0)		(4.0)
Net change in reinsurance payable	(46.8)		—
Net change in restricted cash	18.3		26.6
Investments in Kudu Participation Contracts	(141.6)		(57.5)
Net change in other assets and liabilities, net	46.1		(8.1)
Net cash provided from operations	46.0		12.2
Cash flows from investing activities:
Net change in short-term investments	(87.3)		(370.3)
Sales of fixed maturity and convertible investments	215.9		293.2
Maturities, calls and paydowns of fixed maturity and convertible investments	144.6		135.2
Sales of common equity securities	176.8		582.9
Distributions and redemptions of other long-term investments and settlements of forward contracts	98.2		64.5
Release of cash pre-funded/placed in escrow for Ark Transaction	646.3		—
Purchases of consolidated subsidiaries, net of cash acquired of $52.2 and $13.4	(39.0)		(129.4)
Purchases of other long-term investments	(206.5)		(61.0)
Purchases of common equity securities	(119.7)		(33.8)
Purchases of fixed maturity and convertible investments	(996.0)		(411.3)
Other investing activities, net	(2.7)		(42.0)
Net cash (used to) provided from investing activities	(169.4)		28.0
Cash flows from financing activities:
Draw down of debt and revolving line of credit	403.9		69.4
Repayment of debt and revolving line of credit	(105.9)		(2.7)
Cash dividends paid to the Company’s common shareholders	(3.2)		(3.2)
Common shares repurchased	(87.1)		(78.5)
Net contributions from non-controlling interest shareholders	2.0		1.0
Contingent consideration payments related to acquisitions of subsidiaries	(8.8)		(7.0)
Acquisition of subsidiary shares from non-controlling interest shareholders	(.4)		—
Capital contributions from BAM members	44.8		46.9
Acquisition of subsidiary shares by non-controlling interest shareholders	6.1		—
Fidus Re premium payment	(6.9)		(2.3)
Other financing activities, net	(22.2)		(9.8)
Net cash provided from financing activities	222.3		13.8
Effect of exchange rate changes on cash	.6		(.2)
Net change in cash during the period - continuing operations, including the effect of <br>   exchange rate changes	99.5		53.8
Cash balances at beginning of period (includes restricted cash balances of $78.4 and $56.3)	211.2		161.0
Cash balances at end of period (includes restricted cash balances of $96.7 and $82.9)	$	310.7	$	214.8
Supplemental cash flows information:
Interest paid	$	(21.9)	$	(11.4)
Net income tax payments	$	(2.1)	$	(.1)

See Notes to Consolidated Financial Statements

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

Note 1. Basis of Presentation and Significant Accounting Policies

Basis of Presentation

The Company is an exempted Bermuda limited liability company whose principal businesses are conducted through its subsidiaries and other affiliates. The Company’s headquarters is located at 26 Reid Street, Hamilton, Bermuda HM 11, its principal executive office is located at 23 South Main Street, Suite 3B, Hanover, New Hampshire 03755-2053 and its registered office is located at Clarendon House, 2 Church Street, Hamilton, Bermuda HM 11. The Company’s website is located at www.whitemountains.com. The information contained on White Mountains’s website is not incorporated by reference into, and is not a part of, this report.

The accompanying consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”) and include the accounts of White Mountains Insurance Group, Ltd. (the “Company” or the “Registrant”), its subsidiaries (collectively with the Company, “White Mountains”) and other entities required to be consolidated under GAAP.

Consolidation Principles

Under GAAP, the Company is required to consolidate any entity in which it holds a controlling financial interest. A controlling financial interest is usually in the form of an investment representing the majority of the subsidiary’s voting interests. However, a controlling financial interest may also arise from a financial interest in a variable interest entity (“VIE”) through arrangements that do not involve ownership of voting interests. The Company consolidates a VIE if it determines that it is the primary beneficiary. The primary beneficiary is defined as the entity who holds a variable interest that gives it both the power to direct the VIE’s activities that most significantly impact its economic performance and the obligation to absorb losses of, or the right to receive returns from, the VIE that could potentially be significant to the VIE.

Intercompany transactions have been eliminated in consolidation. These interim financial statements include all adjustments considered necessary by management to fairly state the financial position, results of operations and cash flows of White Mountains. These interim financial statements may not be indicative of financial results for the full year and should be read in conjunction with the Company’s 2020 Annual Report on Form 10-K.

Business Combinations

White Mountains accounts for purchases of businesses using the acquisition method, which requires the measurement of assets acquired, including goodwill and other intangible assets, and liabilities assumed, including contingent liabilities, at their estimated fair values as of the acquisition date. The acquisition date fair values represent management’s best estimates and are based upon established valuation techniques, reasonable assumptions and, where appropriate, valuations performed by independent third parties. In circumstances where additional information is required in order to determine the acquisition date fair value of balance sheet amounts, provisional amounts may be recorded as of the acquisition date and may be subject to subsequent adjustment throughout the measurement period, which is up to one year from the acquisition date. Measurement period adjustments are recognized in the period in which they are determined. The results of operations and cash flows of businesses acquired are included in the consolidated financial statements from the date of acquisition. White Mountains accounts for purchases of other intangible assets that do not meet the definition of a business as asset acquisitions. Asset acquisitions are recognized at the amount of consideration paid, which is deemed to equal fair value.

Use of Estimates

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

Fair Value Measurements

Fair value measurements are categorized into a hierarchy that distinguishes between inputs based on market data from independent sources (observable inputs) and a reporting entity’s internal assumptions based upon the best information available when external market data is limited or unavailable (unobservable inputs). Quoted prices in active markets for identical assets or liabilities have the highest priority (“Level 1”), followed by observable inputs other than quoted prices, including prices for similar but not identical assets or liabilities (“Level 2”) and unobservable inputs, including the reporting entity’s estimates of the assumptions that market participants would use, having the lowest priority (“Level 3”).

Reportable Segments

White Mountains has determined its reportable segments based on the nature of the underlying businesses, the manner in which the Company’s subsidiaries and affiliates are organized and managed and the organization of the financial information provided to the chief operating decision maker to assess performance and make decisions regarding allocation of resources. As of September 30, 2021, White Mountains’s reportable segments were HG Global/BAM, Ark, NSM, Kudu and Other Operations.

The HG Global/BAM segment consists of HG Global Ltd. and its wholly-owned subsidiaries (“HG Global”) and the consolidated results of Build America Mutual Assurance Company (“BAM”) (collectively, “HG Global/BAM”). BAM is the first and only mutual municipal bond insurance company in the United States. By insuring the timely payment of principal and interest, BAM provides market access to, and lowers interest expense for, issuers of municipal bonds used to finance essential public purposes such as schools, utilities and transportation facilities. BAM is owned by and operated for the benefit of its members, the municipalities that purchase BAM’s insurance for their debt issuances. HG Global was established to fund the startup of BAM and, through its wholly-owned subsidiary, HG Re Ltd. (“HG Re”), to provide up to 15%-of-par, first loss reinsurance protection for policies underwritten by BAM. For capital appreciation bonds, par is adjusted to the estimated equivalent par value for current interest paying bonds. HG Global, together with its subsidiaries, funded the initial capitalization of BAM through the purchase of $503.0 million of surplus notes issued by BAM, consisting of $203.0 million of Series A Notes and $300.0 million of Series B Notes (the “BAM Surplus Notes”). As of September 30, 2021 and December 31, 2020, White Mountains owned 96.9% of HG Global’s preferred equity and 88.4% of its common equity. White Mountains does not have an ownership interest in BAM. However, White Mountains is required to consolidate BAM’s results in its financial statements because BAM is a VIE for which White Mountains is the primary beneficiary. BAM’s results are all attributed to non-controlling interests.

The Ark segment consists of Ark Insurance Holdings Limited and its subsidiaries (collectively, “Ark”). Ark writes a diversified portfolio of reinsurance and insurance, including property, marine & energy, specialty, accident & health and casualty, through Lloyd’s of London (“Lloyd’s”) Syndicates 4020 and 3902 (the “Syndicates”). Beginning in January 2021, Ark began writing certain classes of its business through Group Ark Insurance Limited (“GAIL”), Ark’s wholly-owned Class 4 Bermuda-based insurance and reinsurance company.

As of September 30, 2021, White Mountains owned 72.0% of Ark on a basic shares outstanding basis (63.0% on a fully-diluted, fully-converted basis, taking account of management’s equity incentives). The remaining shares are owned by employees. In the future, management rollover shareholders could earn additional shares in the company if and to the extent that White Mountains achieves certain multiple of invested capital return thresholds. If fully earned, these additional shares would represent 12.5% of the shares outstanding at closing. See Note 2 — “Significant Transactions”.

The NSM segment consists of NSM Insurance HoldCo, LLC and its subsidiaries (collectively, “NSM”). NSM is a full-service managing general underwriting agency (“MGU”) and program administrator for specialty property and casualty insurance. The company places insurance in niche sectors such as specialty transportation, real estate, social services and pet. On behalf of its insurance carrier partners, NSM typically manages all aspects of the placement process, including product development, marketing, underwriting, policy issuance and claims. NSM earns commissions based on the volume and, in some cases, profitability of the insurance that it places. NSM does not take insurance risk. As of September 30, 2021 and December 31, 2020, White Mountains owned 96.6% and 96.5% of the basic units outstanding of NSM (87.3% and 89.6% on a fully diluted, fully converted basis). See Note 2 — “Significant Transactions”.

The Kudu segment consists of Kudu Investment Management, LLC and its subsidiaries (collectively “Kudu”). Kudu provides capital solutions for boutique asset managers for a variety of purposes including generational ownership transfers, management buyouts, acquisition and growth finance and legacy partner liquidity. Kudu also provides strategic assistance to investees from time to time. Kudu’s capital solutions typically are structured as minority preferred equity stakes with distribution rights, generally tied to gross revenues and designed to generate immediate strong, stable cash yields. As of September 30, 2021 and December 31, 2020, White Mountains owned 99.3% and 99.1% of the basic units outstanding (84.7% and 85.4% on a fully diluted, fully converted basis).

The Other Operations segment consists of the Company and its wholly-owned subsidiary, White Mountains Capital, LLC, (“WM Capital”) its other intermediate holding companies, its wholly-owned investment management subsidiary, White Mountains Advisors LLC (“WM Advisors”), investment assets managed by WM Advisors, its interests in MediaAlpha, Inc. (“MediaAlpha”), PassportCard Limited (“PassportCard”) and DavidShield Life Insurance Agency (2000) Ltd. (“DavidShield”) (collectively, “PassportCard/ DavidShield”), Elementum Holdings LP (“Elementum”), and certain other consolidated and unconsolidated entities and certain other assets. See Note 2 — “Significant Transactions”.

Discontinued Operations and Assets Held for Sale

In the first quarter of 2021, White Mountains recorded a gain on sale of discontinued operations as a result of reversing a liability arising from the tax indemnification provided in connection with the sale of Sirius International Insurance Group, Ltd. (“Sirius Group”) in 2016.

On April 12, 2021, NSM sold the Fresh Insurance Services Group Limited (“Fresh Insurance”) motor business, which was classified as held for sale at March 31, 2021. The transaction did not meet the criteria to be classified as discontinued operations. See Note 19 — “Held for Sale and Discontinued Operations”.

Significant Accounting Policies

In addition to the following, refer to the Notes to Consolidated Financial Statements in the Company’s 2020 Annual Report on Form 10-K for a complete discussion regarding White Mountains’s significant accounting policies.

Ark Insurance Operations

Ark writes a diversified portfolio of reinsurance and insurance, including property, marine & energy, specialty, accident & health and casualty, through the Syndicates. Beginning in January 2021, Ark began writing certain classes of its business through GAIL.

For the years of account prior to White Mountains’s transaction with Ark, a significant proportion of the Syndicates’ underwriting capital was provided by other third-party insurance and reinsurance groups (“TPC Providers”) using whole account reinsurance contracts through Ark’s corporate member. The TPC Providers’ economic participation in the Syndicates for the remaining open years of account prior to White Mountains’s transaction with Ark is approximately 51% of the total net result of the Syndicates. Captions within results of operations and other comprehensive income are shown net of amounts relating to the TPC Providers share of the Syndicates’ results, including investment results.

Ark’s premiums written comprise premiums on insurance contracts incepted during the year as well as premium adjustments related to prior years of account. Insurance premiums are recognized as revenues over the loss exposure or coverage period in proportion to the level of insurance protection provided. In most cases, premiums are earned ratably over the term of the contract with unearned premiums calculated on a monthly pro-rata basis. Catastrophe premiums are earned in proportion to the level of insurance protection provided. Premiums earned are presented net of amounts ceded to reinsurers. Premiums receivable, representing amounts due from insureds, are presented net of an allowance for uncollectible premiums, including expected credit losses, both dispute and credit related. The allowance is based upon Ark’s ongoing review of amounts outstanding, historical loss data, including delinquencies and write-offs, current and forecasted economic conditions and other relevant factors. Credit risk is partially mitigated by Ark’s ability to cancel the policy if the policyholder does not pay the premium.

Deferred acquisition costs comprise brokerage and taxes which are directly attributable to and vary with the production of business. These costs are deferred and amortized to the extent they related to successful contract acquisitions over the applicable premium recognition period.

Losses and loss adjustment expenses (“LAE”) are charged against income as incurred. Unpaid losses and LAE, including estimates for amounts incurred but not reported (“IBNR”) are based on estimates of the ultimate costs of settling claims, including the effects of inflation and other societal and economic factors. Unpaid loss and LAE reserves represent management’s best estimate of ultimate losses and LAE, net of estimated salvage and subrogation recoveries, if applicable. Such estimates are regularly reviewed and updated and any resulting adjustments are reflected in current results of operations. The process of estimating loss and LAE involves a considerable degree of judgment by management and the ultimate amount of expense to be incurred could be considerably greater than or less than the amounts currently reflected in the financial statements.

Reinsurance recoverables represent amounts of paid losses and loss adjustment expenses, case reserves and IBNR amounts ceded to reinsurers under reinsurance treaties. Amounts recoverable from reinsurers are estimated in a manner consistent with the associated claim liability. Ark reports its reinsurance recoverables net of an allowance for estimated uncollectible reinsurance, including expected credit losses. The allowance is based upon its ongoing review of amounts outstanding, length of collection periods, changes in reinsurer credit standing, disputes, applicable coverage defenses and other relevant factors.

Goodwill and Other Intangible Assets

Goodwill represents the excess of the amount paid to acquire subsidiaries over the fair value of identifiable net assets at the date of acquisition. Other intangible assets consist primarily of underwriting capacity, customer relationships, renewal rights and trade names.

Derivatives

From time to time, White Mountains holds derivative financial instruments for risk management purposes. White Mountains recognizes all derivatives as either assets or liabilities, measured at fair value, on the consolidated balance sheet. Changes in the fair value of derivative instruments that meet the criteria for hedge accounting are recognized in other comprehensive income and reclassified into current period pre-tax income when the hedged items are recognized therein. Changes in the fair value of derivative instruments that do not meet the criteria for hedge accounting are recognized in current period pre-tax income.

As of September 30, 2021 and December 31, 2020, NSM holds an interest rate swap derivative instrument that meets the criteria for hedge accounting. See Note 9 — “Derivatives”.

Reinsurance Contracts Accounted for as Deposits

Reinsurance contracts that do not meet the risk transfer requirements necessary to be accounted for as reinsurance are accounted for using the deposit method. Under the deposit method, ceded premiums paid are not recognized through income but rather treated as a deposit. BAM entered into ceded reinsurance agreements with Fidus Re Ltd. (“Fidus Re”) during the second quarter of 2018 and the first quarter of 2021, which are both accounted for using the deposit method. See Note 10 — “Municipal Bond Guarantee Insurance”. The nonrefundable consideration paid by BAM to Fidus Re is charged to financing expense within general and administrative expenses.

Ark has an aggregate excess of loss contract with SiriusPoint Ltd. (“SiriusPoint”), formerly Third Point Reinsurance Ltd., which is accounted for using the deposit method and recorded within other assets. Ark earns an annual crediting rate of 3.0%, which is recorded within other revenue. During the three months ended June 30, 2021, Ark negotiated a reduction of $31.7 million, including accrued interest, to the aggregate excess of loss contract with SiriusPoint. As of September 30, 2021, the carrying value of Ark’s deposit in SiriusPoint, including accrued interest, was $20.3 million.

Cash and Restricted Cash

Cash includes amounts on hand and demand deposits with banks and other financial institutions. Amounts presented in the statement of cash flows are shown net of balances acquired and sold in the purchase or sale of the Company’s consolidated subsidiaries.

Cash balances that are not immediately available for general corporate purposes, including fiduciary accounts held by NSM on behalf of insurance carriers and the interest reserve account that Kudu maintains under its credit facility, are classified as restricted.

Note 2. Significant Transactions

MediaAlpha

On October 30, 2020, MediaAlpha completed an initial public offering (the “MediaAlpha IPO”). In the offering, White Mountains sold 3.6 million shares at $19.00 per share ($17.67 per share net of underwriting fees) and received total proceeds of $63.8 million. White Mountains also received $55.0 million of net proceeds related to a dividend recapitalization at MediaAlpha.

Subsequent to the MediaAlpha IPO, White Mountains’s investment in MediaAlpha is accounted for at fair value based on the publicly traded share price of MediaAlpha’s common stock and White Mountains presents its investment in MediaAlpha as a separate line item on the balance sheet.

As of December 31, 2020, White Mountains owned 20.5 million MediaAlpha shares, representing a 35.0% ownership interest (32.3% on a fully-diluted, fully converted basis). At the December 31, 2020 closing price of $39.07 per share, the fair value of White Mountains’s remaining investment in MediaAlpha was $802.2 million.

On March 23, 2021, MediaAlpha completed a secondary offering of 8.05 million shares. In the secondary offering, White Mountains sold 3.6 million shares at $46.00 per share ($44.62 per share net of underwriting fees) for net proceeds of $160.3 million.

As of September 30, 2021, White Mountains owned 16.9 million shares, representing a 28.4% basic ownership interest (26.3% fully-diluted/fully-converted basis). At the September 30, 2021 closing price of $18.68 per share, the fair value of White Mountains’s investment in MediaAlpha was $316.4 million. At this level of ownership, each $1.00 per share increase or decrease in the share price of MediaAlpha will result in an approximate $5.60 per share increase or decrease in White Mountains’s book value per share. At the October 2021 month-end closing price of $17.53 per share, the fair value of White Mountains’s investment in MediaAlpha was $297.0 million. See Note 16 — “Equity-Method Eligible Investments”.

Ark

On October 1, 2020, White Mountains entered into a subscription and purchase agreement (the “Ark SPA”) with Ark and certain selling shareholders (collectively with Ark, the “Ark Sellers”). Certain Ark Sellers also entered into a related management warranty deed (together with the Ark SPA, the “Ark Acquisition Agreement”) pursuant to which they made certain warranties about the Ark business (collectively the “Ark Transaction”). Under the terms of the Ark SPA, White Mountains agreed to contribute $605.4 million of equity capital to Ark, at a pre-money valuation of $300.0 million, and purchase $40.9 million of shares from the Ark Sellers. White Mountains also agreed to contribute up to an additional $200.0 million of equity capital to Ark in 2021. In accordance with the Ark SPA, in the fourth quarter of 2020, White Mountains pre-funded/placed in escrow a total of $646.3 million in preparation for closing the Ark Transaction, including $280.0 million funded directly to Lloyd’s on behalf of Ark under the terms of a Deposit Trust Deed and $366.3 million placed in escrow, which is reflected on the balance sheet within the Other Operations segment as of December 31, 2020.

On January 1, 2021, White Mountains completed the Ark Transaction in accordance with the terms of the Ark SPA. As of September 30, 2021, White Mountains owned 72.0% of Ark on a basic shares outstanding basis (63.0% on a fully-diluted, fully-converted basis, taking account of management’s equity incentives). The remaining shares are owned by employees. In the future, management rollover shareholders could earn additional shares in the company if and to the extent that White Mountains achieves certain multiple of invested capital return thresholds. If fully earned, these additional shares would represent 12.5% of the shares outstanding at closing.

White Mountains recognized total assets acquired related to the Ark Transaction of $2.5 billion, including goodwill and other intangible assets of $292.5 million, and total liabilities of $1.7 billion, including contingent consideration of $22.5 million and non-controlling interest of $220.2 million. Ark incurred transaction costs of $25.3 million in the first quarter of 2021.

In the third quarter of 2021, Ark issued $163.3 million of floating rate unsecured subordinated notes (the “Ark 2021 Subordinated Notes”) in three separate transactions. See Note 7 — “Debt”. In connection with the issuance of the Ark 2021 Subordinated Notes, White Mountains and Ark terminated White Mountains’s commitment to provide up to $200.0 million of additional equity capital to Ark in 2021.

The following presents additional details of the assets acquired and liabilities assumed as of the January 1, 2021 acquisition date:

Millions	As of January 1, 2021
Investments	$	594.3
Cash	52.0		(1)
Reinsurance recoverables	433.4
Insurance premiums receivable	236.7
Ceded unearned premiums	170.2
Value of in-force business acquired	71.7
Other assets	88.9
Loss and loss adjustment expense reserves	(696.0)
Unearned insurance premiums	(326.1)
Debt	(46.4)
Ceded reinsurance payable	(528.3)
Other liabilities	(25.9)
Net tangible assets acquired	24.5
Goodwill	116.8
Other intangible assets - syndicate underwriting capacity	175.7
Deferred tax liability on other intangible assets	(33.4)
Net assets acquired	$	283.6

(1) Cash excludes the White Mountains cash contribution of $605.4 as part of the Ark transaction.

The acquisition date fair values of assets and liabilities, including insurance reserves and intangible assets, are provisional and are subject to revision within one year of the acquisition date.

The values of net tangible assets acquired and the resulting goodwill, other intangible assets and contingent consideration were recorded at fair value using Level 3 inputs. The majority of the tangible assets acquired and liabilities assumed were recorded at their carrying values, as their carrying values approximated their fair values due to their short-term nature. The fair values of goodwill, other intangible assets and the contingent consideration liability were internally estimated primarily based on the income approach. The income approach estimates fair value based on the present value of the cash flows that the assets are expected to generate in the future. White Mountains developed internal estimates for the expected future cash flows and discount rates used in the present value calculations.

The value of in-force business acquired represents the estimated profits relating to the unexpired contracts, net of related prepaid reinsurance at the acquisition date through the expiration date of the contracts. The value of the syndicate underwriting capacity intangible asset was estimated using net cash flows attributable to Ark’s rights to write business in the Lloyd’s market. The value of the in-force business acquired and the syndicate underwriting capacity were estimated using a discounted cash flow method. Significant inputs to the valuation models include estimates of growth in premium revenues, investment returns, claim costs, expenses and discount rates based on a weighted average cost of capital.

In evaluating the fair value of Ark’s loss and loss adjustment expense reserves, White Mountains determined that the risk-free rate of interest was approximately equal to the risk factor reflecting the uncertainty within the reserves and that no adjustment was necessary.

Ark’s segment income and expenses for the three and nine months ended September 30, 2021 are presented in Note 15 - “Segment Information.” Pro forma financial information for Ark for the three and nine months ended September 30, 2020 has not been presented because as a private U.K. domiciled company Ark does not have quarterly financial reporting requirements and therefore quarterly financial information is not available for periods prior to the January 1, 2021 acquisition date.

NSM

On May 18, 2018, NSM acquired 100% of Fresh Insurance, which is an insurance broker that offers non-standard personal lines products in the United Kingdom. NSM paid $49.6 million of upfront cash consideration for Fresh Insurance. NSM borrowed $51.0 million to fund the transaction. During the nine months ended September 30, 2019, NSM paid a purchase price adjustment of an additional $0.7 million of consideration. The purchase price is subject to additional adjustments based upon growth in EBITDA during two earnout periods, one which ended in February 2020 and one ending in February 2022. NSM did not make any payments related to the first Fresh Insurance earnout period.

On April 12, 2021, NSM sold Fresh Insurance’s motor business for net proceeds of £1.1 million ($1.5 million based upon the foreign exchange spot rate as of the transaction date). As of March 31, 2021, the Fresh Insurance motor business was classified as held for sale and NSM recognized a loss of $28.7 million in the first quarter of 2021. See Note 19 — “Held for Sale and Discontinued Operations”.

On December 3, 2018, NSM acquired all the net assets of KBK Insurance Group, Inc. (“KBK”), a specialized MGU focused on the towing and transportation space. NSM paid $60.0 million of upfront cash consideration for KBK. White Mountains contributed $29.0 million to NSM and NSM borrowed $30.1 million to fund the transaction. As of March 31, 2019, White Mountains determined that the relative values of goodwill and other intangible assets from the KBK transaction were $32.6 million and $32.7 million, reflecting acquisition date fair values, and recorded a liability of $5.9 million relating to the fair value of contingent consideration made in connection with the acquisition. The purchase price is subject to adjustments based upon growth in EBITDA during three earnout periods, one which ended in December 2019, one which ended in December 2020 and one ending in December 2021. In the first quarter of 2021 and 2020, NSM paid $6.7 million and $6.4 million related to the first and second KBK earnout periods. As of September 30, 2021, the KBK contingent consideration liability was $6.6 million.

On April 7, 2020, NSM acquired 100% of Kingsbridge Group Limited (“Kingsbridge”), a leading provider of commercial lines insurance and consulting services for the professional contractor and freelancer markets in the United Kingdom. NSM paid £107.2 million ($132.2 million based upon the foreign exchange spot rate at the date of acquisition) of upfront cash consideration for Kingsbridge. White Mountains contributed $80.3 million to NSM and NSM borrowed £42.5 million ($52.4 million based upon the foreign exchange spot rate at the date of acquisition) to fund the transaction. During 2020, NSM determined that the relative values of goodwill and other intangible assets recorded in connection with the Kingsbridge transaction were $111.5 million and $20.2 million, reflecting acquisition date fair values. The purchase price is subject to adjustment based upon growth in EBITDA during an earnout period ending in January 2022. During 2020, NSM initially recorded a liability relating to the fair value of the Kingsbridge contingent consideration of $4.1 million. During the fourth quarter of 2020, NSM recognized pre-tax income of $4.1 million for the change in fair value of the Kingsbridge contingent consideration liability and a foreign currency translation unrealized gain of $0.3 million. As of September 30, 2021, the Kingsbridge contingent consideration liability was $0.1 million.

On August 6, 2021, NSM acquired 100% of J.C. Taylor Insurance (“J.C. Taylor”), a managing general agent (“MGA”) offering classic and antique collector car insurance. NSM paid $49.6 million of upfront cash consideration for J.C. Taylor. NSM borrowed $35.0 million under its credit facility to fund the acquisition. NSM recognized total assets acquired related to the J.C. transaction of $60.3 million, including goodwill and other intangible assets of $55.7 million, and total liabilities of $10.7 million. The relative fair values of goodwill and of other intangible assets recognized in connection with the acquisition of J.C. Taylor had not yet been finalized as of September 30, 2021.

The contingent consideration liabilities related to NSM’s acquisitions are subject to adjustments based upon EBITDA, EBITDA projections, and present value factors for acquired entities. For the three and nine months ended September 30, 2021, NSM recognized pre-tax loss of $0.6 million and $0.8 million for the change in the fair value of its contingent consideration liabilities. For the three and nine months ended September 30, 2020, NSM recognized pre-tax loss (income) of $0.7 million and $(1.6) million for the change in the fair value of its contingent consideration liabilities. Any future adjustments to contingent consideration liabilities under the agreements will be recognized through pre-tax income. As of September 30, 2021 and December 31, 2020, NSM recorded total contingent consideration liabilities of $6.7 million and $14.6 million.

PassportCard/DavidShield

On January 24, 2018, White Mountains acquired a 50.0% ownership interest in DavidShield, its joint venture partner in PassportCard. DavidShield is a managing general agency that is the leading provider of expatriate medical insurance in Israel and uses the same card-based delivery system as PassportCard. As part of the transaction, White Mountains reorganized its equity stake in PassportCard so that White Mountains and its partner in DavidShield would each own 50.0% of both businesses. To facilitate the transaction, White Mountains provided financing to its partner in the form of a non-interest bearing loan that is secured by the partner’s equity in PassportCard and DavidShield. The gross purchase price for the 50.0% interest in DavidShield was $41.8 million, or $28.3 million net of the financing provided for the restructuring.

On May 7, 2020, White Mountains made an additional $15.0 million investment in PassportCard/DavidShield to support operations through the ongoing COVID-19 pandemic. The transaction increased White Mountains’s ownership interest from 50.0% to 53.8%, but had no impact on the governance structure of the companies, including White Mountains’s board representation or other investor rights. The governance structures for both PassportCard and DavidShield were designed to give White Mountains and its co-investor equal power to make the decisions that most significantly impact the operations of PassportCard and DavidShield.

As a result of the transaction, White Mountains’s re-evaluated its accounting treatment for PassportCard and DavidShield. Because White Mountains does not have the unilateral power to direct the operations of PassportCard or DavidShield, White Mountains does not hold a controlling financial interest in either PassportCard or DavidShield and does not consolidate either entity. White Mountains’s ownership interest gives White Mountains the opportunity to exert significant influence over the significant financial and operating activities of PassportCard and DavidShield. Accordingly, PassportCard and DavidShield meet the criteria to be accounted for under the equity method. White Mountains has taken the fair value option for its investment in PassportCard and DavidShield. Changes in the fair value of PassportCard and DavidShield are recorded in realized and unrealized investment gains. White Mountains’s maximum exposure to loss on its equity investment in PassportCard/DavidShield and the non-interest bearing loan to its partner is limited to the total carrying value of $114.4 million.

Note 3.  Investment Securities

White Mountains’s portfolio of investment securities held for general investment purposes consists of fixed maturity investments, short-term investments, common equity securities, its investment in MediaAlpha and other long-term investments, which are classified as trading securities. Trading securities are reported at fair value as of the balance sheet date.  Net realized and unrealized investment gains (losses) on trading securities are reported in pre-tax revenues.

White Mountains’s fixed maturity investments are generally valued using industry standard pricing methodologies. Key inputs include benchmark yields, benchmark securities, reported trades, issuer spreads, bids, offers, credit ratings and prepayment speeds. Income on mortgage and asset-backed securities is recognized using an effective yield based on anticipated prepayments and the estimated economic life of the securities. When actual prepayments differ significantly from anticipated prepayments, the estimated economic life is recalculated and the remaining unamortized premium or discount is amortized prospectively over the remaining economic life.

Realized investment gains (losses) resulting from sales of investment securities are accounted for using the specific identification method. Premiums and discounts on all fixed maturity investments are amortized or accreted to income over the anticipated life of the investment. Short-term investments consist of interest-bearing money market funds, certificates of deposit and other securities, which at the time of purchase, mature or become available for use within one year.  Short-term investments are carried at fair value, which approximated amortized cost, as of September 30, 2021 and December 31, 2020.

Other long-term investments consist primarily of unconsolidated entities, including Kudu’s Participation Contracts, private equity funds, a hedge fund, Lloyd’s trust deposits, a bank loan fund, insurance-linked securities funds (“ILS funds”) and private debt investments.

Net Investment Income

White Mountains’s net investment income is comprised primarily of interest income associated with White Mountains’s fixed maturity investments and short-term investments, dividend income from common equity securities, distributions from its investment in MediaAlpha and distributions from other long-term investments.

The following table presents pre-tax net investment income for the three and nine months ended September 30, 2021 and 2020:

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
Millions	2021		2020		2021		2020
Fixed maturity investments	$	8.2	$	7.0	$	21.9	$	22.4
Short-term investments	—		.1		.5		1.0
Common equity securities	.1		.5		.1		6.5
Investment in MediaAlpha	—		55.0		—		60.0
Other long-term investments	12.0		8.9		37.1		24.7
Amount attributable to TPC Providers	(.2)		—		(.8)		—
Total investment income	20.1		71.5		58.8		114.6
Third-party investment expenses	(.6)		(.3)		(1.6)		(.9)
Net investment income, pre-tax	$	19.5	$	71.2	$	57.2	$	113.7

Net Realized and Unrealized Investment Gains (Losses)

The following table presents net realized and unrealized investment gains (losses) for the three and nine months ended September 30, 2021 and 2020:

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
Millions	2021		2020		2021		2020
Fixed maturity investments	$	(6.8)	$	3.6	$	(23.2)	$	35.8
Short-term investments	(.3)		—		—		.4
Common equity securities	1.6		48.4		7.7		5.9
Investment in MediaAlpha	(396.8)		250.0		(325.5)		295.0
Other long-term investments	37.7		4.6		113.2		(34.3)
Amount attributable to TPC Providers	(1.7)		—		(6.5)		—
Net realized and unrealized investment (losses) gains(1)	(366.3)		306.6		(234.3)		302.8
Less: net (losses) gains on investment securities sold during the period	(4.8)		36.1		(5.1)		29.6
Net realized and unrealized investment (losses) gains on investment securities held at the end of the period	$	(361.5)	$	270.5	$	(229.2)	$	273.2

(1) For the three months ended September 30, 2021 and 2020, includes $(7.0) and $0.8 of realized and unrealized investment gains (losses) related to foreign currency exchange. For the nine months ended September 30, 2021 and 2020, includes $(7.4) and $(0.8) of realized and unrealized investment gains (losses) related to foreign currency exchange.

The following table presents total gains included in earnings attributable to net unrealized investment gains for Level 3 investments for the three and nine months ended September 30, 2021 and 2020 for investments still held at the end of the period:

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
Millions	2021		2020		2021		2020
Other long-term investments	$	26.5	$	260.1	$	75.5	$	276.0
Total net unrealized investment gains, pre-tax - Level 3 investments	$	26.5	$	260.1	$	75.5	$	276.0

Investment Holdings

The following tables present the cost or amortized cost, gross unrealized investment gains (losses) and carrying values of White Mountains’s fixed maturity investments as of September 30, 2021 and December 31, 2020:

	September 30, 2021
Millions	Cost or<br>Amortized<br>Cost		Gross<br>Unrealized<br>Gains		Gross<br>Unrealized<br>Losses		Net Foreign<br>Currency Gains (Losses)		Carrying<br>Value
U.S. Government and agency obligations	$	207.4	$	.8	$	(.6)	$	—	$	207.6
Debt securities issued by corporations	945.2		13.1		(3.4)		(.7)		954.2
Municipal obligations	276.1		18.0		(.7)		—		293.4
Mortgage and asset-backed securities	247.3		4.2		(1.4)		—		250.1
Collateralized loan obligations	128.5		—		(.4)		(.5)		127.6
Total fixed maturity investments	$	1,804.5	$	36.1	$	(6.5)	$	(1.2)	$	1,832.9
	December 31, 2020
---	---	---	---	---	---	---
Millions	Cost or<br>Amortized<br>Cost		Gross<br>Unrealized<br>Gains		Gross<br>Unrealized Gains<br>(Losses)		Carrying<br>Value
U.S. Government and agency obligations	$	173.2	$	3.1	$	—	$	176.3
Debt securities issued by corporations	522.8		24.7		(.1)		547.4
Municipal obligations	244.0		21.0		—		265.0
Mortgage and asset-backed securities	211.7		6.8		—		218.5
Total fixed maturity investments	$	1,151.7	$	55.6	$	(.1)	$	1,207.2

The following table presents the cost or amortized cost and carrying value of White Mountains’s fixed maturity investments by contractual maturity as of September 30, 2021. Actual maturities could differ from contractual maturities because borrowers may have the right to call or prepay certain obligations with or without call or prepayment penalties.

	September 30, 2021
Millions	Cost or Amortized Cost		Carrying Value
Due in one year or less	$	111.9	$	112.7
Due after one year through five years	836.1		843.4
Due after five years through ten years	368.5		377.3
Due after ten years	112.2		121.8
Mortgage and asset-backed securities and collateralized loan obligations	375.8		377.7
Total fixed maturity investments	$	1,804.5	$	1,832.9

The following tables present the cost or amortized cost, gross unrealized investment gains (losses), net foreign currency gains (losses), and carrying values of common equity securities, White Mountains’s investment in MediaAlpha and other long-term investments as of September 30, 2021 and December 31, 2020:

	September 30, 2021
Millions	Cost or<br>Amortized<br>Cost		Gross<br>Unrealized<br>Gains		Gross<br>Unrealized<br>Losses		Net Foreign<br>Currency Gains (Losses)		Carrying<br>Value
Common equity securities	$	152.5	$	8.8	$	(.5)	$	(1.2)	$	159.6
Investment in MediaAlpha	$	—	$	316.4	$	—	$	—	$	316.4
Other long-term investments	$	1,154.7	$	197.6	$	(62.9)	$	(3.9)	$	1,285.5
	December 31, 2020
---	---	---	---	---	---	---	---	---	---	---
Millions	Cost or<br>Amortized<br>Cost		Gross<br>Unrealized<br>Gains		Gross<br>Unrealized<br>Losses		Net Foreign<br>Currency<br>Gains (Losses)		Carrying<br>Value
Investment in MediaAlpha	$	—	$	802.2	$	—	$	—	$	802.2
Other long-term investments	$	767.4	$	95.8	$	(78.1)	$	1.7	$	786.8

Fair Value Measurements

As of September 30, 2021 and December 31, 2020, White Mountains used quoted market prices or other observable inputs to determine fair value for approximately 69% and 73% of the investment portfolio.

Fair Value Measurements by Level

The following tables present White Mountains’s fair value measurements for investments as of September 30, 2021 and December 31, 2020 by level. The major security types were based on the legal form of the securities. White Mountains has disaggregated its fixed maturity investments based on the issuing entity type, which impacts credit quality, with debt securities issued by U.S. government entities carrying minimal credit risk, while the credit and other risks associated with other issuers, such as corporations, municipalities or entities issuing mortgage and asset-backed securities vary depending on the nature of the issuing entity type. White Mountains further disaggregates debt securities issued by corporations by industry sector because investors often reference commonly used benchmarks and their subsectors to monitor risk and performance. Accordingly, White Mountains has further disaggregated this asset class into subclasses based on the similar sectors and industry classifications it uses to evaluate investment risk and performance against commonly used benchmarks, such as the Bloomberg Barclays U.S. Intermediate Aggregate.

	September 30, 2021
Millions	Fair Value		Level 1		Level 2		Level 3
Fixed maturity investments:
U.S. Government and agency obligations	$	207.6	$	207.6	$	—	$	—
Debt securities issued by corporations:
Financials	246.5		—		246.5		—
Consumer	180.5		—		180.5		—
Industrial	114.8		—		114.8		—
Technology	110.8		—		110.8		—
Healthcare	98.2		—		98.2		—
Utilities	69.9		—		69.9		—
Communications	53.2		—		53.2		—
Energy	47.0		—		47.0		—
Materials	33.3		—		33.3		—
Total debt securities issued by corporations	954.2		—		954.2		—
Municipal obligations	293.4		—		293.4		—
Mortgage and asset-backed securities	250.1		—		250.1		—
Collateralized loan obligations	127.6		—		127.6		—
Total fixed maturity investments	1,832.9		207.6		1,625.3		—
Short-term investments	609.5		601.6		7.9		—
Common equity securities (1)	159.6		—		159.6		—
Investment in MediaAlpha	316.4		316.4		—		—
Other long-term investments	814.5		—		—		814.5
Other long-term investments — NAV (2)	471.0		—		—		—
Total other long-term investments	1,285.5		—		—		814.5
Total investments	$	4,203.9	$	1,125.6	$	1,792.8	$	814.5

(1) Consist of investments in listed funds that predominantly invest in international equities.

(2) Consists of private equity funds, a hedge fund, Lloyd’s trust deposits, a bank loan fund and ILS funds for which fair value is measured at NAV using the practical expedient. Investments for which fair value is measured at NAV are not classified within the fair value hierarchy.

	December 31, 2020
Millions	Fair Value		Level 1		Level 2		Level 3
Fixed maturity investments:
U.S. Government and agency obligations	$	176.3	$	176.3	$	—	$	—
Debt securities issued by corporations:
Financials	133.9		—		133.9		—
Consumer	81.9		—		81.9		—
Industrial	66.9		—		66.9		—
Technology	66.7		—		66.7		—
Healthcare	51.5		—		51.5		—
Communications	44.5		—		44.5		—
Energy	35.8		—		35.8		—
Materials	33.9		—		33.9		—
Utilities	32.3		—		32.3		—
Total debt securities issued by corporations	547.4		—		547.4		—
Municipal obligations	265.0		—		265.0		—
Mortgage and asset-backed securities	218.5		—		218.5		—
Total fixed maturity investments	1,207.2		176.3		1,030.9		—
Short-term investments	142.9		142.9		—		—
Investment in MediaAlpha	802.2		802.2		—		—
Other long-term investments	614.2		—		—		614.2
Other long-term investments — NAV (1)	172.6		—		—		—
Total other long-term investments	786.8		—		—		614.2
Total investments	$	2,939.1	$	1,121.4	$	1,030.9	$	614.2

(1) Consists of private equity funds and ILS funds for which fair value is measured at NAV using the practical expedient. Investments for which fair value is measured at NAV are not classified within the fair value hierarchy.

Debt Securities Issued by Corporations

The following table presents the credit ratings of debt securities issued by corporations held in White Mountains’s investment portfolio as of September 30, 2021 and December 31, 2020:

	Fair Value at
Millions	September 30, 2021		December 31, 2020
AAA	$	12.7	$	10.6
AA	85.7		57.9
A	473.3		318.3
BBB	373.7		159.6
BB	—		1.0
Other	8.8		—
Debt securities issued by corporations (1)	$	954.2	$	547.4

(1)    Credit ratings are based upon issuer credit ratings provided by Standard & Poor’s Financial Services LLC (“Standard & Poor’s”), or if unrated by Standard & Poor’s, long-term obligation ratings provided by Moody’s Investor Service, Inc.

Mortgage and Asset-backed Securities and Collateralized Loan Obligations

The following table presents the fair value of White Mountains’s mortgage and asset-backed securities and collateralized loan obligations as of September 30, 2021 and December 31, 2020:

	September 30, 2021						December 31, 2020
Millions	Fair Value		Level 2		Level 3		Fair Value		Level 2		Level 3
Mortgage-backed securities:
Agency:
FNMA	$	125.3	$	125.3	$	—	$	88.7	$	88.7	$	—
FHLMC	76.5		76.5		—		70.1		70.1		—
GNMA	29.4		29.4		—		40.6		40.6		—
Total agency (1)	231.2		231.2		—		199.4		199.4		—
Non-agency: Residential	.6		.6		—		—		—		—
Total non-agency	.6		.6		—		—		—		—
Total mortgage-backed securities	231.8		231.8		—		199.4		199.4		—
Other asset-backed securities:
Credit card receivables	11.2		11.2		—		11.3		11.3		—
Vehicle receivables	7.1		7.1		—		7.8		7.8		—
Total other asset-backed securities	18.3		18.3		—		19.1		19.1		—
Total mortgage and asset-backed securities	250.1		250.1		—		218.5		218.5		—
Collateralized loan obligations	127.6		127.6		—		—		—		—
Total mortgage and asset-backed securities and collateralized loan obligations	$	377.7	$	377.7	$	—	$	218.5	$	218.5	$	—

(1)    Represents publicly traded mortgage-backed securities which carry the full faith and credit guaranty of the U.S. Government (i.e., GNMA) or are guaranteed

by a government sponsored entity (i.e., FNMA, FHLMC).

As of September 30, 2021, White Mountains’s investment portfolio included $127.6 million of collateralized loan obligations that are within the senior tranches of their respective fund securitization structures. All of White Mountains’s collateral loan obligations were rated AAA or AA as of September 30, 2021.

Investment in MediaAlpha

Subsequent to the MediaAlpha IPO, White Mountains’s investment in MediaAlpha is accounted for at fair value based on the publicly traded share price of MediaAlpha’s common stock and is presented as a separate line item on the balance sheet.

At the September 30, 2021 closing price of $18.68 per share, the fair value of White Mountains’s investment in MediaAlpha was $316.4 million. See Note 2 — “Significant Transactions”.

Other Long-Term Investments

The following table presents the carrying values of White Mountains’s other long-term investments as of September 30, 2021 and December 31, 2020:

	Fair Value at
Millions	September 30, 2021		December 31, 2020
Kudu’s Participation Contracts	$	604.7	$	400.6
PassportCard/DavidShield	105.0		95.0
Elementum Holdings L.P.	56.7		55.1
Other unconsolidated entities (1)	27.0		42.4
Total unconsolidated entities	793.4		593.1
Private equity funds and hedge funds	144.2		121.2
Bank loan fund	161.7		—
Lloyd’s trust deposits	111.2		—
ILS funds	53.9		51.4
Private debt investments	13.3		21.1
Other	7.8		—
Total other long-term investments	$	1,285.5	$	786.8

(1) Includes White Mountains’s non-controlling equity interests in certain private common equity securities, limited liability companies and convertible preferred securities and Simple Agreement for Future Equity (“SAFE”) investments.

Private Equity Funds and Hedge Funds

White Mountains invests in private equity funds and hedge funds, which are included in other long-term investments. The fair value of these investments is generally estimated using the net asset value (“NAV”) of the funds. As of September 30, 2021, White Mountains held investments in fourteen private equity funds and one hedge fund. The largest investment in a single private equity fund or hedge fund was $27.4 million as of September 30, 2021 and $29.1 million as of December 31, 2020.

The following table presents the fair value of investments and unfunded commitments in private equity funds and hedge funds by investment objective and sector as of September 30, 2021 and December 31, 2020:

	September 30, 2021				December 31, 2020
Millions	Fair Value		Unfunded<br>Commitments		Fair Value		Unfunded<br>Commitments
Private equity funds
Aerospace/Defense/Government	$	63.9	$	14.0	$	69.1	$	15.3
Financial services	63.2		29.6		23.5		30.4
Real estate	4.8		2.9		—		—
Manufacturing/Industrial	.1		—		28.6		—
Total private equity funds	132.0		46.5		121.2		45.7
Hedge funds
European small/mid cap	12.2		—		—		—
Total hedge funds	12.2		—		—		—
Total private equity funds and hedge funds<br><br>included in other long-term investments	$	144.2	$	46.5	$	121.2	$	45.7

Investments in private equity funds are generally subject to a lock-up period during which investors may not request a redemption. Distributions prior to the expected termination date of the fund may be limited to dividends or proceeds arising from the liquidation of the fund’s underlying investments. In addition, certain private equity funds have the option to extend the lock-up period.

The following table presents investments in private equity funds that were subject to lock-up periods as of September 30, 2021:

Millions	1 – 3 years	3 – 5 years	5 – 10 years	>10 years	Total
Private equity funds — expected lock-up period remaining	$.3	$14.0	$109.0	$8.7	$132.0

Investors in private equity funds are generally subject to indemnification obligations outside of the capital commitment period and prior to the winding up of the fund. As of September 30, 2021 and December 31, 2020, White Mountains is not aware of any indemnification claims relating to its investments in private equity funds.

Redemption of investments in most hedge funds is subject to restrictions, including lock-up periods where no redemptions or withdrawals are allowed, restrictions on redemption frequency and advance notice periods for redemptions. Amounts requested for redemptions remain subject to market fluctuations until the redemption effective date, which generally falls at the end of the defined redemption period. White Mountains’s hedge fund investment is subject to a perpetual two-year restriction on redemption frequency from the initial investment in the fund and a 90-days advanced notice period requirement.

Lloyd’s Trust Deposits

White Mountains’s other long-term investments include Lloyd’s trust deposits, which consists of overseas deposits and Canadian comingled pooled funds. The Lloyd’s trust deposits invest primarily in short-term government securities, agency securities and corporate bonds held in trusts that are managed by Lloyd's of London. These investments are required of Lloyd's syndicates to protect policyholders in overseas markets and are pledged into Lloyd’s trust accounts to provide a portion of the capital needed to support obligations at Lloyd’s. The fair value of the Lloyd’s trust deposits is generally estimated using the NAV of the funds. As of September 30, 2021, White Mountains held Lloyd’s trust deposits with a fair value of $111.2 million.

Bank Loan Fund

White Mountains’s other long-term investments include a bank loan fund with a fair value of $161.7 million as of September 30, 2021. The fair value of this investment is estimated using the NAV of the fund. The bank loan fund’s investment objective is to provide, on an unleveraged basis, high current income consistent with preservation of capital and low duration. The bank loan fund primarily invests in a broad portfolio of U.S. dollar-denominated, non-investment grade, floating-rate senior secured loans and may invest in other financial instruments, such as secured and unsecured corporate debt, credit default swaps, reverse repurchase agreements and synthetic indices and cash and cash equivalents.

The investment in the bank loan fund is subject to restrictions on redemption frequency and advance notice periods for redemptions. Amounts requested for redemptions remain subject to market fluctuations until the redemption effective date, which generally falls at the end of the defined redemption period. White Mountains may redeem all or a portion of its bank loan fund investment as of any calendar month-end upon 15 calendar days advanced written notice.

Insurance-Linked Securities Funds

White Mountains’s other long-term investments include ILS fund investments. The fair value of these investments is generally estimated using the NAV of the funds. As of September 30, 2021, White Mountains held investments in ILS funds with a fair value of $53.9 million.

Investments in ILS funds are generally subject to restrictions, including lock-up periods where no redemptions or withdrawals are allowed, non-renewal clauses, restrictions on redemption frequency and advance notice periods for redemptions. From time to time, natural catastrophe, liquidity, market or other events will occur that make the determination of fair value for underlying investments in ILS funds less certain due to the potential for loss development. In such circumstances, the impacted investments may be subject to additional lock-up provisions.

ILS funds are typically subject to monthly and annual restrictions on redemptions and advance redemption notice period requirements that range between 30 and 90 days. Amounts requested for redemption remain subject to market fluctuations until the redemption effective date, which generally falls at the end of the defined redemption period.

One of the ILS funds in White Mountains’s portfolio requires shareholders to provide advance redemption notice on or before September 15 of each calendar year. Amounts requested for redemption in this fund remain subject to market fluctuation until the underlying investment has fully matured or been commuted, which may be up to a period of three years from the start of each calendar year.

Rollforward of Fair Value Measurements by Level

White Mountains uses quoted market prices where available as the inputs to estimate fair value for its investments in active markets. Such measurements are considered to be either Level 1 or Level 2 measurements, depending on whether the quoted market price inputs are for identical securities (Level 1) or similar securities (Level 2). Level 3 measurements for fixed maturity investments, common equity securities and other long-term investments as of September 30, 2021 and 2020 consist of securities for which the estimated fair value has not been determined based upon quoted market price inputs for identical or similar securities.

The following tables present the changes in White Mountains’s fair value measurements by level for the nine months ended September 30, 2021 and 2020:

					Level 3 <br>Investments		Other Long-term Investments Measured at NAV (1)
Millions	Level 1 Investments		Level 2 <br>Investments		Other Long-term<br>Investments				Total
Balance at December 31, 2020	$	978.5	$	1,030.9	$	614.2	$	172.6		$	2,796.2	(2)
Net realized and unrealized gains (losses)	(327.6)		(13.1)		79.0		33.9			(227.8)		(3)
Amortization/Accretion	(.1)		(5.9)		—		—			(6.0)
Purchases	130.9		989.7		143.6		199.6			1,463.8
Sales	(257.7)		(284.9)		(31.9)		(70.9)			(645.4)
Effect of Ark Transaction	—		68.2		9.6		135.8			213.6
Transfers in	—		—		—		—			—
Transfers out	—		—		—		—			—
Balance at September 30, 2021	$	524.0	$	1,784.9	$	814.5	$	471.0		$	3,594.4	(2)

(1) Consists of private equity funds, a hedge fund, Lloyd’s trust deposits, a bank loan fund, and ILS funds for which fair value is measured at NAV using the practical expedient. Investments for which fair value is measured at NAV are not classified within the fair value hierarchy. See Note 1 — “Basis of Presentation and Significant Accounting Policies”.

(2) Excludes carrying value of $609.5 and $142.9 as of September 30, 2021 and December 31, 2020 classified as short-term investments.

(3) Includes amounts attributable to TPC Providers of $6.5 for the nine months ended September 30, 2021.

							Level 3 <br>Investments		Other Long-term Investments Measured at NAV (1)
Millions	Level 1 Investments		Level 2 <br>Investments		Common<br>Equity<br>Securities		Other Long-term<br>Investments and<br>Investment in<br>MediaAlpha <br>Pre-IPO			Total
Balance at December 31, 2019	$	780.0	$	1,109.6	$	.1	$	654.0	$	202.3	$	2,746.0	(2)
Net realized and unrealized gains (losses)	29.2		12.5		—		275.6		(14.9)		302.4		(3)
Amortization/Accretion	—		(3.0)		—		—		—		(3.0)
Purchases	128.8		316.2		—		78.8		39.8		563.6
Sales	(642.7)		(368.5)		—		(8.1)		(56.3)		(1,075.6)
Transfers in	—		—		—		—		—		—
Transfers out	—		—		—		—		—		—
Balance at September 30, 2020	$	295.3	$	1,066.8	$	.1	$	1,000.3	$	170.9	$	2,533.4	(2)

(1) Includes private equity funds, a hedge fund and ILS funds for which fair value is measured at NAV using the practical expedient are no longer classified within the fair value hierarchy. See Note 1 — “Basis of Presentation and Significant Accounting Policies”.

(2) Excludes carrying value of $571.8 and $201.2 as of September 30, 2020 and December 31, 2019 classified as short-term investments.

(3) Excludes realized and unrealized gains associated with short-term investments of $0.4 for the nine months ended September 30, 2020.

Fair Value Measurements — Transfers Between Levels - Nine-months ended September 30, 2021 and 2020

Transfers between levels are recorded using the fair value measurement as of the end of the quarterly period in which the event or change in circumstance giving rise to the transfer occurred.

During the nine months ended September 30, 2021 and 2020, there were no fixed maturity investments or other long-term investments classified as Level 3 measurements in the prior period that were transferred to Level 2 measurements.

During the nine months ended September 30, 2021 and 2020, there were no fixed maturity investments or other long-term investments classified as Level 2 measurements in the prior period that were transferred to Level 3 measurements.

Significant Unobservable Inputs

The following tables present significant unobservable inputs used in estimating the fair value of White Mountains’s other long-term investments, classified within Level 3 as of September 30, 2021 and December 31, 2020. The tables below exclude $14.9 million and $27.6 million of Level 3 other long-term investments generally valued based on recent or expected transaction prices. The fair value of investments in private equity funds, hedge funds, Lloyd’s trust deposits, bank loans funds and ILS funds are generally estimated using the NAV of the funds.

$ in Millions	September 30, 2021
Description	Valuation Technique(s) (1)	Fair Value (2)	Unobservable Inputs
			Discount Rate (3)(4)	Terminal Cash Flow Exit Multiple (x) or Terminal Revenue Growth Rate (%) (4)
Kudu’s Participation Contracts (5)(6)	Discounted cash flow	$604.7	18% - 23%	7x - 13x
PassportCard/DavidShield	Discounted cash flow	$105.0	23%	4%
Elementum Holdings, L.P.	Discounted cash flow	$56.7	17%	4%
Private debt investments	Discounted cash flow	$11.2	4% - 8%	N/A
Other	Discounted cash flow	$22.0	20% - 24%	4%

(1) Key inputs to the discounted cash flow analysis generally include projections of future revenue and earnings, discount rates and terminal exit multiples or growth rates.

(2) Includes the net unrealized investment gains (losses) associated with foreign currency; foreign currency effects based on observable inputs.

(3) Since Kudu’s Participation Contracts are not subject to corporate taxes within Kudu Investment Management, LLC, pre-tax discount rates are applied to pre-tax cash flows in determining fair values.

(4) Increases (decreases) to the discount rates in isolation would result in lower (higher) fair value measurements, while increases (decreases) to the terminal cash flow exit multiples or terminal revenue growth rates in isolation would result in higher (lower) fair value measurements.

(5) For the nine months ended September 30, 2021, Kudu deployed a total of $141.6 in new and existing Kudu Participation Contracts, including TIG Advisors, TK Partners, Third Eye Capital Management and Douglass Winthrop Advisors.

(6) As of September 30, 2021, certain Kudu Participation Contracts with a total fair value of $121.0 were valued using a probability weighted expected return method, which was based on a discounted cash flow analysis and an expected sale transaction.

$ in Millions	December 31, 2020
Description	Valuation Technique(s) (1)	Fair Value (2)	Unobservable Inputs
			Discount Rate (3)(4)	Terminal Cash Flow Exit Multiple (x) or Terminal Revenue Growth Rate (%) (4)
Kudu’s Participation Contracts (5)	Discounted cash flow	$400.6	18% - 23%	7x - 12x
PassportCard/DavidShield (6)	Discounted cash flow	$95.0	23%	4%
Elementum Holdings, L.P.	Discounted cash flow	$55.1	17%	4%
Private debt investments	Discounted cash flow	$17.1	4% - 8%	N/A
Other	Discounted cash flow	$18.8	20% - 24%	4%

(1) Key inputs to the discounted cash flow analysis generally include projections of future revenue and earnings, discount rates and terminal exit multiples or growth rates.

(2) Includes the net unrealized investment gains (losses) associated with foreign currency; foreign currency effects based on observable inputs.

(3) Since Kudu’s Participation Contracts are not subject to corporate taxes within Kudu Investment Management, LLC, pre-tax discount rates are applied to pre-tax cash flows in determining fair values.

(4) Increases (decreases) to the discount rates in isolation would result in lower (higher) fair value measurements, while increases (decreases) to the terminal cash flow exit multiples or terminal revenue growth rates in isolation would result in higher (lower) fair value measurements.

(5) In 2020, Kudu deployed a total of $118.2 in new Kudu Participation Contracts, including Creation Investments Capital, Sequoia Financial Group, Channel Capital and Ranger Investment Management.

(6) In 2020, White Mountains made an additional $15.0 investment in PassportCard/DavidShield. See Note 2 — “Significant Transactions”.

Note 4. Goodwill and Other Intangible Assets

White Mountains accounts for purchases of businesses using the acquisition method. Under the acquisition method, White Mountains recognizes and measures the assets acquired, liabilities assumed and any non-controlling interest in the acquired entities at their acquisition date fair values. The acquisition date fair values of certain assets and liabilities, generally consisting of intangible assets and liabilities for contingent consideration, may be recorded at provisional amounts in circumstances where the information necessary to complete the acquisition accounting is not available at the reporting date. Any such provisional amounts are finalized as measurement period adjustments within one year of the acquisition date.

The following table presents the acquisition date fair values, accumulated amortization and net carrying values for other intangible assets and goodwill, by segment as of September 30, 2021 and December 31, 2020:

in Millions	Weighted Average Economic<br> Life <br>(in years)	September 30, 2021								December 31, 2020
		Accumulated Amortization		Impairments and Amounts Allocated to Held for Sale		Net Carrying Value		Acquisition Date Fair Value		Accumulated Amortization		Impairments		Net Carrying Value
Goodwill:
Ark	N/A	$	116.8	$	—	$	—	$	116.8	$	—	$	—	$	—	$	—
NSM (1)	N/A	559.8		—		30.2		529.6		506.4		—		—		506.4
Kudu	N/A	7.6		—		—		7.6		7.6		—		—		7.6
Other Operations	N/A	17.4		—		—		17.4		11.5		—		—		11.5
Total goodwill		701.6		—		30.2		671.4		525.5		—		—		525.5
Other intangible assets:
Ark
Underwriting Capacity	N/A	175.7		—		—		175.7		—		—		—		—
NSM (1)
Customer    relationships	8.9	136.0		50.6		3.5		81.9		136.2		36.7		3.5		96.0
Trade names	16	65.3		10.9		1.0		53.4		65.4		8.3		1.0		56.1
Information      technology       platform	0	3.1		1.4		1.7		—		3.1		1.4		1.7		—
Renewal rights	12	82.5		13.1		—		69.4		82.5		4.9		—		77.6
Other	3.4	1.1		.6		—		.5		1.7		1.0		—		.7
Subtotal		288.0		76.6		6.2		205.2		288.9		52.3		6.2		230.4
Kudu
Trade names	7	2.2		.8		—		1.4		2.2		.6		—		1.6
Other Operations
Trade names	18.1	8.2		1.0		—		7.2		3.6		.3		—		3.3
Customer    relationships	13.3	18.9		3.5		—		15.4		14.2		1.4		—		12.8
Insurance   Licenses	N/A	8.6		—		—		8.6		8.6		—		—		8.6
Other	5.4	.3		.2		—		.1		.3		.1		—		.2
Subtotal		36.0		4.7		—		31.3		26.7		1.8		—		24.9
Total other intangible assets		501.9		82.1		6.2		413.6		317.8		54.7		6.2		256.9
Total goodwill and other    intangible assets		$	1,203.5	$	82.1	$	36.4	1,085.0		$	843.3	$	54.7	6.2		782.4
Goodwill and other intangible assets attributed to non-controlling interests								(118.0)								(28.1)
Goodwill and other intangible assets included in White Mountains’s    common shareholders’ equity								$	967.0							$	754.3

All values are in US Dollars.

(1) As of September 30, 2021, NSM’s goodwill and intangible assets included $(2.3) and $(0.2) of the effect of foreign currency translation. As of December 31, 2020, NSM’s goodwill and intangible assets included $13.4 and $1.6 of the effect of foreign currency translation.

The goodwill recognized for the entities shown above is attributed to expected future cash flows. The acquisition date fair values of other intangible assets with finite lives are estimated using income approach techniques, which use future expected cash flows to develop a discounted present value amount.

The multi-period-excess-earnings method estimates fair value using the present value of the incremental after-tax cash flows attributable solely to the other intangible asset over its remaining life. This approach was used to estimate the fair value of other intangible assets associated with the underwriting capacity, trade names, customer relationships and contracts and information technology.

The relief-from-royalty method was used to estimate fair value for other intangible assets that relate to rights that could be obtained via a license from a third-party owner. Under this method, the fair value is estimated using the present value of license fees avoided by owning rather than leasing the asset. This technique was used to estimate the fair value of domain names, certain trademarks and brand names.

The with-or-without method estimates the fair value of an other intangible asset that provides an incremental benefit. Under this method, the fair value of the other intangible asset is calculated by comparing the value of the entity with and without the other intangible asset. This approach was used to estimate the fair value of favorable lease terms.

The following table presents a summary of the acquisition date fair values of goodwill and other intangible assets for acquisitions completed from January 1, 2020 through September 30, 2021:

in Millions
Acquisition of subsidiary/ asset		Acquisition Date
Kingsbridge	131.7	April 7, 2020
J.C. Taylor		August 6, 2021
Total NSM segment	187.4
Ark	292.5	January 1, 2021
Other Operations	30.6	Various

All values are in US Dollars.

(1) Acquisition date fair values include the effect of adjustments during the measurement period and excludes the effect of foreign currency translation subsequent to the acquisition date.

On at least an annual basis beginning no later than the interim period included in the one-year anniversary of an acquisition, White Mountains evaluates goodwill and other intangible assets for potential impairment. Between annual evaluations, White Mountains considers changes in circumstances or events subsequent to the most recent evaluation that may indicate that an impairment may exist and, if necessary will perform an interim review for potential impairment.

On April 12, 2021, NSM sold Fresh Insurance’s motor business. In connection with the sale, White Mountains recognized a loss of $28.7 million during the three months ended March 31, 2021. See Note 19 — “Held for Sale and Discontinued Operations”. During the three months ended June 30, 2020, White Mountains recognized impairments of other intangible assets of $6.2 million. The impairments related to NSM’s write-off of intangible assets in its U.K. vertical. The impairments related to lower premium volumes, including due to the impact of the COVID-19 pandemic, and certain reorganization initiatives in the U.K. vertical. There were no other impairments of other intangible assets and no impairments of goodwill for the three and nine months ended September 30, 2021 and 2020.

The following tables present the change in goodwill and other intangible assets for the three and nine months ended September 30, 2021 and 2020:

	Three Months Ended September 30,
	2021							2020
Millions	Goodwill			Other Intangible Assets		Total Goodwill and Other Intangible Assets		Goodwill			Other Intangible Assets		Total Goodwill and Other Intangible Assets
Beginning balance	$	629.4		$	414.8	$	1,044.2	$	518.2		$	241.7	$	759.9
Acquisition of businesses	55.7		(1)	—		55.7		14.9		(2)	—		14.9
Attribution of acquisition date fair value<br><br>estimates between goodwill and other<br><br>intangible assets (3)	(9.3)			9.3		—		—			—		—
Foreign currency translation	(4.0)			(.3)		(4.3)		7.0			(.1)		6.9
Measurement period adjustments (4)	(.4)			—		(.4)		—			—		—
Amortization	—			(10.2)		(10.2)		—			(5.4)		(5.4)
Ending balance	$	671.4		$	413.6	$	1,085.0	$	540.1		$	236.2	$	776.3

(1) The relative fair values of goodwill and other intangible assets recognized in connection with the acquisition of J.C. Taylor had not yet been finalized at September 30, 2021.

(2) The relative fair values of goodwill and other intangible assets recognized in connection with an acquisition within Other Operations had not yet been finalized at September 30, 2020.

(3) Relates to an acquisition within the Other Operations segment.

(4) Measurement period adjustments relate to updated information about acquisition date fair values of assets acquired and liabilities assumed. During the nine months ended September 30, 2021, adjustments relate to an acquisition within the Other Operations segment.

	Nine Months Ended September 30,
	2021							2020
Millions	Goodwill			Other Intangible Assets		Total Goodwill and Other Intangible Assets		Goodwill			Other Intangible Assets		Total Goodwill and Other Intangible Assets
Beginning balance	$	525.5		$	256.9	$	782.4	$	394.7		$	260.0	$	654.7
Attribution of acquisition date fair value<br><br>estimates between goodwill and other<br><br>intangible assets (1)	(9.3)			9.3		—		—			—		—
Ark Transaction	116.8			175.7		292.5		—			—		—
Acquisition of businesses	71.5		(2)	—		71.5		140.0		(3)	—		140.0
Foreign currency translation	(2.3)			(.2)		(2.5)		5.2			(.5)		4.7
Impairments	—			—		—		—			(6.2)		(6.2)
Loss on assets held for sale (4)	(30.2)			—		(30.2)		—			—		—
Measurement period adjustments (5)	(.6)			—		(.6)		.2			—		.2
Amortization	—			(28.1)		(28.1)		—			(17.1)		(17.1)
Ending balance	$	671.4		$	413.6	$	1,085.0	$	540.1		$	236.2	$	776.3

(1) Relates to an acquisition within the Other Operations segment.

(2) The relative fair values of goodwill and other intangible assets of $55.7 recognized in connection with the acquisition of J.C. Taylor had not yet been finalized at September 30, 2021. The remaining $15.8 relates to the relative fair values of goodwill and other intangible assets recognized in connection with an acquisition within the Other Operations segment.

(3) The relative fair values of goodwill and other intangible assets recognized in connection with the acquisition of Kingsbridge and an acquisition within Other Operations had not yet been finalized at September 30, 2020.

(4) Relates to the sale of NSM’s Fresh Insurance’s motor business recorded in the first quarter of 2021. This amount excludes $1.5 of net proceeds related to the sale.

(5) Measurement period adjustments relate to updated information about acquisition date fair values of assets acquired and liabilities assumed. During the nine months ended September 30, 2021, adjustments relate to acquisitions within the Other Operations segment.

Note 5.  Loss and Loss Adjustment Expense Reserves

Ark establishes loss and LAE reserves that are estimates of amounts needed to pay claims and related expenses in the future for insured events that have already occurred. The process of estimating reserves involves a considerable degree of judgment by management and, as of any given date, is inherently uncertain.

Loss and LAE reserves typically comprise case reserves for claims reported and reserves for losses that have occurred but for which claims have not yet been reported, referred to as IBNR reserves. IBNR reserves include a provision for expected future development on case reserves. Case reserves are estimated based on the experience and knowledge of claims staff regarding the nature and potential cost of each claim and are adjusted as additional information becomes known or payments are made. IBNR reserves are typically derived by subtracting paid loss and LAE and case reserves from estimates of ultimate losses and LAE. Actuaries estimate ultimate loss and LAE using various generally accepted actuarial methods applied to known losses and other relevant information. Like case reserves, IBNR reserves are adjusted as additional information becomes known or payments are made.

Ultimate loss and LAE are generally determined by extrapolation of claim emergence and settlement patterns observed in the past that can reasonably be expected to persist into the future. In forecasting ultimate loss and LAE with respect to any line of business, past experience with respect to that line of business is the primary resource, but cannot be relied upon in isolation. Ark’s own experience, particularly claims development experience, such as trends in case reserves, payments on and closings of claims, as well as changes in business mix and coverage limits, is the most important information for estimating its reserves. Ultimate loss and LAE for major losses and catastrophes are estimated based on the known and expected exposures to the loss event, rather than simply relying on the extrapolation of reported and settled claims.

Uncertainties in estimating ultimate loss and LAE are magnified by the time lag between when a claim actually occurs and when it is reported and eventually settled. This time lag is sometimes referred to as the “claim-tail”. The claim-tail for most property coverages is typically short (usually a few days up to a few months). The claim-tail for liability/casualty coverages can be quite long as claims are often reported and ultimately paid or settled years after the related loss events occur. During the long claims reporting and settlement period, additional facts regarding coverages written in prior accident years, as well as about actual claims and trends may become known and, as a result, Ark may adjust its reserves. If management determines that an adjustment is appropriate, the adjustment is booked in the accounting period in which such determination is made. Accordingly, should reserves need to be increased or decreased in the future from amounts currently established, future results of operations would be negatively or positively impacted.

In determining ultimate loss and LAE, the cost to indemnify claimants, provide needed legal defense and other services for insureds and administer the investigation and adjustment of claims are considered. These claim costs are influenced by many factors that change over time, such as expanded coverage definitions as a result of new court decisions, inflation in costs to repair or replace damaged property, inflation in the cost of services and legislated changes in statutory benefits, as well as by the particular, unique facts that pertain to each claim. As a result, the rate at which claims arose in the past and the costs to settle them may not always be representative of what will occur in the future. The factors influencing changes in claim costs are often difficult to isolate or quantify and developments in paid and incurred losses from historical trends are frequently subject to multiple and conflicting interpretations. Changes in coverage terms or claims handling practices may also cause future experience and/or development patterns to vary from the past. Because of the factors previously discussed, the process requires the use of informed judgment and is inherently uncertain.

Ark performs an actuarial review of its recorded reserves each quarter, using several generally accepted actuarial methods to evaluate its loss reserves, each of which has its own strengths and weaknesses. Management places more or less reliance on a particular method based on the facts and circumstances at the time the reserve estimates are made.

The following table summarizes the loss and LAE reserve activity of Ark’s insurance and reinsurance subsidiaries for the three and nine months ended September 30, 2021:

Millions	Three Months Ended September 30, 2021		Nine Months Ended September 30, 2021
Gross beginning balance	$	760.0	$	696.0
Less: beginning reinsurance recoverable on unpaid losses	(425.3)		(433.4)
Net loss and LAE reserves	334.7		262.6
Loss and LAE incurred relating to:
Current year losses	141.9		269.0
Prior year losses	(12.7)		(21.2)
Total incurred losses and LAE	129.2		247.8
Foreign currency translation adjustment to loss and LAE reserves	(1.2)		(3.4)
Loss and LAE paid relating to:
Current year losses	(9.0)		(11.5)
Prior year losses	(20.3)		(62.1)
Total loss and LAE payments	(29.3)		(73.6)
Net ending balance	433.4		433.4
Plus: ending reinsurance recoverable on unpaid losses	457.5		457.5
Gross ending balance	$	890.9	$	890.9

Ark’s GAAP combined ratio in the third quarter of 2021 included $12.7 million (6 points) of favorable prior year development, primarily related to the Property line of business.

Ark’s GAAP combined ratio in the first nine months of 2021 included $21.2 million (5 points) of favorable prior year development, primarily related to the Property, Marine & Energy and Accident & Health lines of business.

See Note 10 — “Municipal Bond Guarantee Insurance” for loss and LAE reserve balances related to White Mountains financial guarantee business.

Note 6.  Third-Party Reinsurance

In the normal course of business, Ark may seek to limit losses that may arise from catastrophes or other events by reinsuring certain risks with third-party reinsurers. Ark remains liable for risks reinsured in the event that the reinsurer does not honor its obligations under reinsurance contracts. The following table summarizes the effects of reinsurance on written and earned premiums and on losses and LAE for Ark.

	Three Months Ended September 30, 2021		Nine Months Ended September 30, 2021
Millions
Written premiums:
Gross	$	162.4	$	895.0
Ceded	(41.5)		(169.5)
Net written premiums	$	120.9	$	725.5
Earned premiums:
Gross	$	284.5	$	622.0
Ceded	(71.1)		(186.2)
Net earned premiums	$	213.4	$	435.8
Losses and LAE:
Gross	$	193.5	$	372.7
Ceded	(64.3)		(124.9)
Net Losses and LAE	$	129.2	$	247.8

As of September 30, 2021, Ark had $457.5 million and $8.1 million of reinsurance recoverables on unpaid and paid losses. As reinsurance contracts do not relieve Ark of its obligation to its policyholders, Ark seeks to reduce the credit risk associated with reinsurance balances by avoiding over-reliance on specific reinsurers through the application of concentration limits and thresholds. Ark is selective with its reinsurers, placing reinsurance with only those reinsurers having a strong financial condition. Ark monitors the financial strength of its reinsurers on an ongoing basis.

As of September 30, 2021, Ark’s reinsurance recoverables of $465.6 million included $299.9 million related to TPC Providers, which are collateralized. The following table provides a listing of Ark’s remaining gross and net reinsurance recoverables, excluding amounts related to TPC Providers, by the reinsurer’s A.M. Best Company, Inc (“A.M. Best”) rating and the percentage of total recoverables.

	As of September 30, 2021
A.M. Best Rating(1)	Gross		Collateral		Net		% of Total
A+ or better	$	122.8	$	23.9	$	98.9	84.2	%
A- to A	32.7		15.6		17.1		14.6
B++ or lower and not rated	10.2		8.8		1.4		1.2
Total	$	165.7	$	48.3	$	117.4	100.0	%

(1) A.M. Best ratings as detailed above are: “A+ or better” (Superior) “A- to A” (Excellent), “B++” (Good).

See Note 10 — “Municipal Bond Guarantee Insurance” for third-party reinsurance balances related to White Mountains financial guarantee business.

Note 7.  Debt

The following table presents White Mountains’s debt outstanding as of September 30, 2021 and December 31, 2020:

Millions	September 30,<br>2021		Effective <br>  Rate	(1)	December 31,<br>2020		Effective <br>  Rate	(1)
Ark 2007 Notes Tranche 1	$	30.0			$	—
Ark 2007 Notes Tranche 2	13.9				—
Ark 2007 Subordinated Notes, carrying value	43.9				—
Ark 2021 Notes Tranche 1	45.3				—
Ark 2021 Notes Tranche 2	47.0				—
Ark 2021 Notes Tranche 3	70.0				—
Unamortized issuance cost	(5.5)
Ark 2021 Subordinated Notes, carrying value	156.8
Total Ark Subordinated Notes, carrying value	200.7		5.1%		—
NSM Bank Facility	300.4		7.4%	(2)	277.4		7.5%	(2)
Unamortized issuance cost	(6.7)				(6.1)
NSM Bank Facility, carrying value	293.7				271.3
Other NSM debt, carrying value	1.3		3.3%		1.3		2.5%
Kudu Credit Facility	203.0		4.1%		—
Unamortized issuance cost	(7.4)				—
Kudu Credit Facility, carrying value	195.6				—
Kudu Bank Facility	—				89.2		8.3%
Unamortized issuance cost	—				(2.9)
Kudu Bank Facility, carrying value	—				86.3
Other Operations debt	19.5		7.4%		18.0		7.4%
Unamortized issuance cost	(.4)				(.5)
Other Operations, carrying value	19.1				17.5
Total debt	$	710.4			$	376.4

(1) Effective rate includes the effect of the amortization of debt issuance costs.

(2) NSM’s effective rate excludes the effect of the interest rate swap on the hedged portion of the debt. The weighted average interest rate for the quarter ended September 30, 2021 and December 31, 2020, excluding the effect of amortization of debt issuance costs, was 6.7% and 7.0%. The weighted average interest rate for the quarter ended September 30, 2021 and December 31, 2020 on the total NSM Bank Facility including both the effect of the amortization of debt issuance costs and the effect of the interest rate swap was 8.3% and 8.4%.

Ark Subordinated Notes

In March 2007, GAIL, a wholly-owned subsidiary of Ark, issued $30.0 million face value of floating rate unsecured junior subordinated deferrable interest notes to Alesco Preferred Funding XII Ltd., Alesco Preferred Funding XIII Ltd. and Alesco Preferred Funding XIV Ltd (the “Ark 2007 Notes Tranche 1”) and a €12.0 million floating rate subordinated note to Dekania Europe CDO II plc (the “Ark 2007 Notes Tranche 2”) (together, the “Ark 2007 Subordinated Notes”). The Ark 2007 Notes Tranche 1, which mature in June 2037, accrue interest at a floating rate equal to the three-month U.S. LIBOR plus 4.6%. The Ark 2007 Notes Tranche 2, which matures in June 2027, accrues interest at a floating rate equal to the three-month EURIBOR plus 4.6%. As of September 30, 2021, the Ark 2007 Notes Tranche 1 had an outstanding balance of $30.0 million and the Ark 2007 Notes Tranche 2 had an outstanding balance of €12.0 million ($13.9 million based upon the foreign exchange spot rate as of September 30, 2021).

In the third quarter of 2021, GAIL issued $163.3 million face value floating rate subordinated notes at par in three separate transactions for proceeds of $157.8 million, net of debt issuance costs. The Ark 2021 Subordinated Notes were issued in private placement offerings that were exempt from the registration requirements of the Securities Act of 1933. On July 13, 2021, Ark issued €39.1 million ($46.3 million based upon the foreign exchange spot rate as of the date of the transaction) face value floating rate unsecured subordinated notes (“Ark 2021 Notes Tranche 1”). The Ark 2021 Notes Tranche 1, which mature in July 2041, accrue interest at a floating rate equal to the three-month EURIBOR plus 5.75%. On August 11, 2021, Ark issued $47.0 million face value floating rate unsecured subordinated notes (“Ark 2021 Notes Tranche 2”). The Ark 2021 Notes Tranche 2, which mature in August 2041, accrue interest at a floating rate equal to the three-month U.S. LIBOR plus 5.75%. On September 8, 2021, Ark issued $70.0 million face value floating rate unsecured subordinated notes (“Ark 2021 Notes Tranche 3”). The Ark 2021 Notes Tranche 3, which mature in September 2041, accrue interest at a floating rate equal to the three-month U.S. LIBOR plus 6.1%. On the ten-year anniversary of the issue dates, the interest rate for the Ark 2021 Subordinated Notes will increase by 1.0% per annum. Ark has the option to redeem, in whole or in part, the Ark 2021 Subordinated Notes ahead of contractual maturity at the outstanding principal amounts plus accrued interest at the ten-year anniversary or any subsequent interest payment date.

All payments of principal and interest under the Ark 2021 Subordinated Notes are conditional upon GAIL’s solvency and compliance with the enhanced capital requirements of the Bermuda Monetary Authority (“BMA”). The deferral of payments of principal and interest under these conditions does not constitute a default by Ark and does not give the noteholders any rights to accelerate repayment of the Ark 2021 Subordinated Notes or take any enforcement action under the Ark 2021 Subordinated Notes.

If the payments of principal and interest under the Ark 2021 Subordinated Notes become subject to tax withholding on behalf of Bermuda or any political subdivision there, the Ark 2021 Subordinated Notes require the payment of additional amounts such that the amount received by the noteholders is the same as would have been received absent the tax withholding being imposed. The Ark 2021 Notes Tranche 3 require the payment of additional interest of 1.0% per annum upon the occurrence of a Premium Load Event until such event is remedied. Premium Load Events include the failure to meet payment obligations of the Ark 2021 Notes Tranche 3 when due, failure of GAIL to maintain an investment grade credit rating, failure to maintain 120% of GAIL’s Bermuda solvency capital requirement, failure of GAIL to maintain a debt to capital ratio below 40%, late filing of GAIL’s or Ark’s financial information, and making a restricted payment or distribution on GAIL’s common stock or other securities that rank junior or pari passu with the Ark 2021 Notes Tranche 3 when a different Premium Load Event exists or will be caused by the restricted payment.

As of September 30, 2021, the Ark 2021 Notes Tranche 1 had an outstanding balance of €39.1 million ($45.3 million based upon the foreign exchange spot rate as of September 30, 2021), the Ark 2021 Notes Tranche 2 had an outstanding balance of $47.0 million, and the Ark 2021 Notes Tranche 3 had an outstanding balance of $70.0 million.

Ark Stand By Letter of Credit Facility

Ark has a secured stand by letter of credit facility (the “Ark LOC Facility”) with three lenders, Lloyds Bank plc, National Westminster Bank plc and ING Bank N.V, London Branch to provide capital support for the Syndicates. As of September 30, 2021, the utilized level of the facility was $45.0 million, with the ability to increase up to $150.0 million, subject to formal approval by Lloyd’s. The Ark LOC Facility has a termination date of December 31, 2025. During the three and nine months ended September 30, 2021, Ark did not borrow or make any repayments under the Ark LOC Facility.

The Ark LOC Facility, which provides funds at Lloyd’s, is secured by all property of the loan parties and contains various affirmative, negative and financial covenants that White Mountains considers to be customary for such borrowings, including a minimum tangible net worth covenant.

NSM Bank Facility

NSM maintains a secured credit facility (the “NSM Bank Facility”) with Ares Capital Corporation. In both 2021 and 2020, NSM amended the terms of the facility. On April 7, 2020, NSM amended the NSM Bank Facility to increase the total commitment from $234.0 million, comprised of term loans of $224.0 million and a revolving credit loan commitment of $10.0 million, to $291.4 million, comprised of term loans of $276.4 million, including £42.5 million ($52.4 million based upon the foreign exchange spot rate as of the date of the transaction) in a GBP term loan, and a revolving credit loan commitment of $15.0 million. In connection with the April 7, 2020 amendment, the reference rates for USD denominated borrowings increased. The USD-LIBOR rate floor increased to 1.25% and the margin over USD-LIBOR increased from a range of 4.25% to 4.75% to a range of 5.50% to 6.00%.

On June 2, 2021, NSM amended the NSM Bank Facility to reduce the margin over the reference interest rate for USD LIBOR loans from a range of 5.5% to 6.00% to a range of 4.50% to 5.00%, and reduce the margin over the reference rate for GBP loans from a range of 6.0% to 6.50% to a range of 5.00% to 5.50%. The amendment also increased the revolving credit loan commitment to $40.0 million and added a $50.0 million delayed-draw term loan commitment. The amendment also changed the reference interest rate for the GBP loan from GBP-LIBOR to SONIA. The maturity dates of the term loans and the revolving credit loans were not changed as part of the amendment. The term loans under the NSM Bank Facility mature on May 11, 2026, and the revolving loan matures on November 11, 2025. The reference interest rates under the NSM Bank Facility are generally subject to a 1.25% rate floor.

Under GAAP, if the terms of a debt instrument are amended, unless there is greater than 10% change in the expected discounted future cash flows of such instrument, the instrument’s carrying value does not change. White Mountains has determined that the impact of the 2021 and 2020 amendments to the NSM Bank Facility was less than 10% on the expected discounted future cash flows.

The following table presents the change in debt under the NSM Bank Facility for the three and nine months ended September 30, 2021 and 2020:

NSM Bank Facility	Three Months Ended September 30,				Nine Months Ended September 30,
Millions	2021		2020		2021		2020
Beginning balance	$	276.6	$	273.4	$	277.4	$	221.3
Term loans
Borrowings (1)	—		—		—		52.4
Repayments	(.7)		(.7)		(2.1)		(1.3)
Foreign currency translation	(1.5)		2.3		(.9)		2.6
Revolving credit loan
Borrowings (2)	35.0		—		35.0		—
Repayments	(9.0)		—		(9.0)		—
Ending balance	300.4		275.0		$	300.4	$	275.0

(1) Borrowings for the nine months ended September 30, 2020 included $52.4 for the funding of the acquisition of Kingsbridge.

(2) Borrowings for both the three and nine months ended September 30, 2021 included $35.0 for the funding of the acquisition of J.C. Taylor.

As of September 30, 2021, the term loans had an outstanding balance of $274.4 million, including £41.9 million ($56.6 million based upon the foreign exchange spot rate as of September 30, 2021) in a GBP term loan, and the revolving credit loan had an outstanding balance of $26.0 million.

On June 15, 2018, NSM entered into an interest rate swap agreement to hedge its exposure to interest rate risk on $151.0 million of its USD denominated variable rate term loans. See Note 9 — “Derivatives”.

As of September 30, 2021, $146.5 million of the outstanding term loans were hedged by the swap and $128.0 million of the outstanding term loans were unhedged.

The following table presents the NSM weighted average interest rate for the nine months ended September 30, 2021 and 2020:

NSM Weighted Average Interest Rate	Nine Months Ended September 30,
	2021						2020
Millions	Weighted Average		Interest Expense (1)		Weighted Average Interest rate		Weighted Average		Interest Expense (1)		Weighted Average Interest rate
Term loan - hedged	$	147.1	$	10.0	9.1	%	$	148.5	$	10.0	9.0	%
Term loan - unhedged	129.5		7.3		7.5	%	125.1		6.1		6.5	%
Total NSM Facility	$	276.6	$	17.3	8.3	%	$	273.6	$	16.1	7.8	%

(1) Interest expense includes the amortization of debt issuance costs and the effect of the interest rate swap and excludes interest expense related to the Other NSM Debt.

The NSM Bank Facility is secured by all property of the loan parties and contains various affirmative, negative and financial covenants that White Mountains considers to be customary for such borrowings, including a maximum consolidated total leverage ratio covenant.

Other NSM Debt

NSM also has a secured term loan related to its U.K. vertical. As of September 30, 2021, the secured term loan had an outstanding balance of $1.4 million and a maturity date of December 31, 2022.

Kudu Credit Facility and Kudu Bank Facility

On December 23, 2019, Kudu entered into a secured credit facility with Monroe Capital Management Advisors, LLC (the “Kudu Bank Facility”). On March 23, 2021, Kudu replaced the Kudu Bank Facility and entered into a secured revolving credit facility (the “Kudu Credit Facility”) with Massachusetts Mutual Life Insurance Company to repay the Kudu Bank Facility, and to fund new investments and related transaction expenses. The maximum borrowing capacity of the Kudu Credit Facility is $300.0 million. The Kudu Credit Facility matures on March 23, 2036. In connection with the replacement of the Kudu Bank Facility, Kudu recognized a total loss of $4.1 million, representing debt issuance costs and prepayment fees, which are included within interest expense for the year to date period ended September 30, 2021.

Interest on the Kudu Credit Facility accrues at a floating interest rate equal to the greater of the three-month USD-LIBOR and 0.25%, plus in each case, the applicable spread of 4.30%. The Kudu Credit Facility requires Kudu to maintain an interest reserve account, which is included in restricted cash. As of September 30, 2021, the interest reserve account is $4.5 million. The Kudu Credit Facility requires Kudu to maintain a ratio of outstanding balance to the sum of fair market value of participation contracts and cash held in certain accounts (the “LTV Percentage”) of less than 50% in years 0-3, 40% in years 4-6, 25% in years 7-8, 15% in years 9-10, and 0% thereafter. As of September 30, 2021, Kudu has a 34% LTV Percentage.

Kudu may borrow undrawn balances within the initial three-year availability period, subject to customary terms and conditions, to the extent the amount borrowed under the Kudu Credit Facility does not exceed the borrowing base, which is equal to 35% of the fair value of Kudu’s qualifying participation contracts. When considering White Mountains’s remaining equity commitment to Kudu and the fair value of Kudu’s qualifying participation contracts as of September 30, 2021, the available undrawn balance was $11.7 million.

During the nine months ended September 30, 2021, Kudu borrowed $3.0 million and repaid the outstanding Kudu Bank Facility balance of $92.2 million. During the three and nine months ended September 30, 2021, Kudu borrowed $101.0 million and $203.0 million and made no repayments on the Kudu Credit Facility. As of September 30, 2021, the Kudu Credit Facility had an undrawn balance of $97.0 million.

The Kudu Credit Facility is secured by all property of the loan parties and contains various affirmative and negative covenants that White Mountains considers to be customary for such borrowings.

Other Operations Debt

As of September 30, 2021, debt in White Mountains’s Other Operations segment consisted of three secured credit facilities (collectively, “Other Operations debt”).

The first credit facility has a maximum borrowing capacity of $16.3 million, which is comprised of a term loan of $11.3 million, a delayed-draw term loan of $3.0 million and a revolving credit loan commitment of $2.0 million, all with a maturity date of March 12, 2024. The second credit facility has a maximum borrowing capacity of $15.0 million, which is comprised of a term loan of $9.0 million, a delayed-draw term loan of $4.0 million and a revolving credit loan commitment of $2.0 million, all with a maturity date of July 2, 2025. The third credit facility has a maximum borrowing capacity of $4.0 million, which is comprised of a revolving credit loan commitment, with a maturity date of October 26, 2021.

During the three and nine months ended September 30, 2021, White Mountains’s Other Operations segment borrowed $0.4 million and $0.7 million. During the three and nine months ended September 30, 2021, White Mountains’s Other Operations segment made repayments of $1.2 million and $2.6 million. As of September 30, 2021, the Other Operations debt had an outstanding balance of $19.5 million.

Compliance

At September 30, 2021, White Mountains was in compliance in all material respects with the covenants under all of its debt instruments.

Note 8.  Income Taxes

The Company and its Bermuda domiciled subsidiaries are not subject to Bermuda income tax under current Bermuda law. In the event there is a change in the current law and taxes are imposed, the Company and its Bermuda domiciled subsidiaries would be exempt from such tax until March 31, 2035, pursuant to the Bermuda Exempted Undertakings Tax Protection Act of 1966. The Company has subsidiaries and branches that operate in various other jurisdictions around the world that are subject to tax in the jurisdictions in which they operate.  The jurisdictions in which the Company’s subsidiaries and branches are subject to tax are Ireland, Israel, Luxembourg, the United Kingdom and the United States.

White Mountains’s income tax expense related to pre-tax loss from continuing operations for the three and nine months ended September 30, 2021 represented an effective tax rate of (6.0)% and (12.4)%. The effective tax rate was different from the U.S. statutory rate of 21.0%, due to losses in jurisdictions with lower tax rates than the United States, a full valuation allowance on net deferred tax assets in certain U.S. operations, consisting of the WM Adams, Inc. consolidated tax group within the Other Operations segment and BAM, and state income taxes. For the nine months ended September 30, 2021, the effective rate was also different from the U.S. statutory rate of 21.0% due to additional tax expense related to the revaluation of U.K. deferred tax assets and liabilities. On June 10, 2021, the U.K. enacted an increase in its corporate tax rate from 19.0% to 25.0% for periods after April 1, 2023. On June 30, 2021, White Mountains increased its net U.K. deferred tax liability to reflect the higher tax rate on temporary differences projected to reverse after the new rate becomes effective.

White Mountains’s income tax expense related to pre-tax income from continuing operations for the three and nine months ended September 30, 2020 represented an effective tax rate of 30.7% and 33.7%. The effective tax rate was different from the U.S. statutory rate of 21.0% due to tax expense associated with the reorganization of the Guilford Holdings, Inc. consolidated U.S. tax group in preparation for the MediaAlpha IPO and state income taxes, partially offset by income generated in jurisdictions with lower tax rates than the United States. The additional tax expense associated with the reorganization of the Guilford Holdings, Inc. consolidated U.S. tax group within the Other Operations segment consisted of withholding taxes and the establishment of a partial valuation allowance on deferred tax assets of various service companies, other entities and investments.

In arriving at the effective tax rate for the three and nine months ended September 30, 2021 and 2020, White Mountains forecasted all income and expense items including the change in unrealized investment gains (losses) and realized investment gains (losses) for the years ending December 31, 2021 and 2020.

White Mountains records a valuation allowance against deferred tax assets if it becomes more likely than not that all or a portion of a deferred tax asset will not be realized. Changes in valuation allowances from period to period are included in income tax expense in the period of change. In determining whether or not a valuation allowance, or change therein, is warranted, White Mountains considers factors such as prior earnings history, expected future earnings, carryback and carryforward periods and strategies that if executed would result in the realization of a deferred tax asset.

With few exceptions, White Mountains is no longer subject to U.S. federal, state, or non-U.S. income tax examinations by tax authorities for years before 2015.

Note 9. Derivatives

NSM Interest Rate Swap

On June 15, 2018, NSM entered into an interest rate swap agreement to hedge its exposure to interest rate risk on $151.0 million of its USD denominated variable rate term loans under the NSM Bank Facility. Under the terms of the swap agreement, NSM pays a fixed-rate of 2.97% and receives a variable rate, which is reset monthly, based on the then-current USD-LIBOR. As of September 30, 2021, the variable rate received by NSM under the swap agreement was 1.00%. Over the term of the swap, the notional amount decreases in accordance with the principal repayments NSM expects to make on its term loans. The interest rate swap is scheduled to mature on June 30, 2024.

As of September 30, 2021, $146.5 million of the outstanding term loans were hedged by the swap. For the three and nine months ended September 30, 2021, the weighted average effective interest rate on the outstanding term loans that were hedged, including the effect of the amortization of debt issuance costs and the effect of the interest rate swap, was 9.1%.

NSM’s obligations under the swap are secured by the same collateral securing the NSM Bank Facility on a pari passu basis. NSM does not currently hold any collateral deposits from or provide any collateral deposits to the swap counterparty.

NSM evaluated the effectiveness of the swap to hedge its interest rate risk associated with its variable rate debt and concluded at the swap inception date that the swap was highly effective in hedging that risk. NSM evaluates the effectiveness of the hedging relationship on an ongoing basis.

For the three and nine months ended September 30, 2021, White Mountains recognized net interest expense of $0.6 million and $1.9 million for the periodic net settlement payments on the swap. For the three and nine months ended September 30, 2020, White Mountains recognized net interest expense of $0.6 million and $1.9 million for the periodic net settlement payments on the swap. As of September 30, 2021 and December 31, 2020, the estimated fair value of the swap and the accrual of the periodic net settlement payments recorded in other liabilities was $6.0 million and $8.2 million. There was no ineffectiveness in the hedge for the three and nine months ended September 30, 2021 and 2020. For the three and nine months ended September 30, 2021, the $(0.6) million and $(2.2) million change in the fair value of the swap is included within White Mountains’s accumulated other comprehensive income (loss). For the three and nine months ended September 30, 2020, the $0.5 million and $(2.3) million change in the fair value of the swap is included within White Mountains’s accumulated other comprehensive income (loss).

NSM Interest Rate Cap

On June 4, 2020, NSM entered into an interest rate cap agreement to limit its exposure to the risk of interest rate increases on the GBP denominated term loan under the NSM Bank Facility. The notional amount of the interest rate cap is £42.5 million ($52.4 million based upon the foreign exchange spot rate as of the date of the transaction) and the termination date is June 4, 2022. On August 18, 2020, NSM entered into a separate interest rate cap agreement to extend the term of the original interest rate cap agreement by one year. The second interest rate cap agreement has an effective date of June 15, 2022 and a termination date of June 15, 2023.

NSM paid total initial premiums of $0.1 million for the interest rate caps. Under the terms of the interest rate cap agreements, if the GBP-LIBOR rate at the measurement date exceeds 1.25%, NSM will receive payments from the counterparty equal to the GBP-LIBOR rate, less the 1.25% cap rate. As of September 30, 2021, the GBP-LIBOR rate was 0.08%.

NSM accounts for the interest rate caps as derivatives at fair value, with changes in fair value recognized in current period earnings within interest expense. For the three and nine months ended September 30, 2021, White Mountains recognized a negligible amount related to the change in fair value on the interest rate caps within interest expense. For the three and nine months ended September 30, 2020, White Mountains recognized a change in fair value of $(0.1) million on the interest rate caps within interest expense. As of September 30, 2021 and December 31, 2020, the estimated fair value of the caps recorded in other assets was less than $0.1 million.

Note 10. Municipal Bond Guarantee Insurance

HG Global was established to fund the startup of BAM, a mutual municipal bond insurer. HG Global, together with its subsidiaries, provided the initial capitalization of BAM through the purchase of $503.0 million of BAM Surplus Notes.

Reinsurance Treaties

FLRT

BAM is a party to a first loss reinsurance treaty (“FLRT”) with HG Re under which HG Re provides first loss protection up to 15%-of-par outstanding on each municipal bond insured by BAM. For capital appreciation bonds, par is adjusted to the estimated equivalent par value for current interest paying bonds. In return, BAM cedes up to 60% of the risk premium charged for insuring the municipal bond, which is net of a ceding commission. The FLRT is a perpetual agreement, with an initial term through the end of 2022.

Fidus Re

BAM is party to two collateralized financial guarantee excess of loss reinsurance agreements that serve to increase BAM’s claims paying resources and are provided by Fidus Re, a Bermuda based special purpose insurer created in 2018 solely to provide reinsurance protection to BAM.

In the second quarter of 2018, Fidus Re was initially capitalized by the issuance of $100.0 million of insurance linked securities (the “Fidus Re 2018 Agreement”). The proceeds from issuance were placed in a collateral trust supporting Fidus Re’s obligations to BAM. The insurance linked securities were issued by Fidus Re with an initial term of 12 years and are callable five years after the date of issuance. Under the Fidus Re 2018 Agreement, Fidus Re reinsures 90% of aggregate losses exceeding $165.0 million on a portion of BAM’s financial guarantee portfolio (the “2018 Covered Portfolio”) up to a total reimbursement of $100.0 million. The Fidus Re 2018 Agreement does not provide coverage for losses in excess of $276.1 million. The 2018 Covered Portfolio consists of approximately 36% of BAM’s portfolio of financial guaranty policies issued through September 30, 2021.

In the first quarter of 2021, Fidus Re issued an additional $150.0 million of insurance linked securities (the “Fidus Re 2021 Agreement”) with an initial term of 12 years and are callable five years after the date of issuance. Under the Fidus Re 2021 Agreement, Fidus Re reinsures 90% of aggregate losses exceeding $135.0 million on a portion of BAM’s financial guarantee portfolio (the “2021 Covered Portfolio”) up to a total reimbursement of $150.0 million. The Fidus Re 2021 Agreement does not provide coverage for losses in excess of $301.7 million. The 2021 Covered Portfolio consists of approximately 40% of BAM’s portfolio of financial guaranty policies issued through September 30, 2021.

The Fidus Re Agreements are accounted for using deposit accounting and any related financing expenses are recorded in general and administrative expenses as they do not meet the risk transfer requirements necessary to be accounted for as reinsurance.

XOLT

In January 2020, BAM entered into an excess of loss reinsurance agreement (the “XOLT”) with HG Re. Under the XOLT, HG Re provides last dollar protection for exposures on municipal bonds insured by BAM in excess of NYDFS single issuer limits. The XOLT is subject to an aggregate limit equal to the lesser of $75.0 million or the assets held in the Supplemental Trust at any point in time. The agreement is accounted for using deposit accounting and any related financing expenses are recorded in general and administrative expenses as the agreement does not meet the risk transfer requirements necessary to be accounted for as reinsurance.

Collateral Trusts

HG Re’s obligations under the FLRT are limited to the assets in two collateral trusts: a Regulation 114 Trust and a supplemental collateral trust (the “Supplemental Trust” and together with the Regulation 114 Trust, the “Collateral Trusts”). Losses required to be reimbursed under the FLRT are subject to an aggregate limit equal to the assets held in the Collateral Trusts at any point in time.

On a monthly basis, BAM deposits cash equal to ceded premiums, net of ceding commissions, due to HG Re under the FLRT directly into the Regulation 114 Trust. The Regulation 114 Trust target balance is equal to gross ceded unearned premiums and unpaid ceded loss and LAE expenses, if any. If, at the end of any quarter, the Regulation 114 Trust balance is below the target balance, funds will be withdrawn from the Supplemental Trust and deposited into the Regulation 114 Trust in an amount equal to the shortfall. If, at the end of any quarter, the Regulation 114 Trust balance is above 102% of the target balance, funds will be withdrawn from the Regulation 114 Trust and deposited into the Supplemental Trust. The Regulation 114 Trust balance as of September 30, 2021 and December 31, 2020 was $241.0 million and $222.8 million.

The Supplemental Trust target balance is $603.0 million, less the amount of cash and securities in the Regulation 114 Trust in excess of its target balance (the “Supplemental Trust Target Balance”). If, at the end of any quarter, the Supplemental Trust balance exceeds the Supplemental Trust Target Balance, such excess may be distributed to HG Re. The distribution will be made first as an assignment of accrued interest on the BAM Surplus Notes and second in cash and/or fixed income securities.

As the BAM Surplus Notes are repaid over time, the BAM Surplus Notes will be replaced in the Supplemental Trust by cash and fixed income securities. The Supplemental Trust balance as of September 30, 2021 and December 31, 2020 was $603.8 million and $604.3 million.

As of September 30, 2021 and December 31, 2020, the Collateral Trusts held assets of $844.8 million and $827.1 million, which included $449.7 million and $434.5 million of cash and investments, $388.2 million and $388.2 million of BAM Surplus Notes and $6.9 million and $4.4 million of interest receivable on the BAM Surplus Notes.

BAM Surplus Notes

Through 2024, the interest rate on the BAM Surplus Notes is a variable rate equal to the one-year U.S. Treasury rate plus 300 basis points, set annually. During 2021, the interest rate on the BAM Surplus Notes is 3.1%. Beginning in 2025, the interest rate will be fixed at the higher of the then current variable rate or 8.0%. BAM is required to seek regulatory approval to pay interest and principal on the BAM Surplus Notes only to the extent that its remaining qualified statutory capital and other capital resources continue to support its outstanding obligations, its business plan and its “AA/stable” rating from Standard & Poor’s. No payment of principal or interest on the BAM Surplus Notes may be made without the approval of the NYDFS.

In December 2020, BAM made a $30.1 million cash payment of principal and interest on the BAM Surplus Notes held by HG Global. Of this payment, $21.5 million was a repayment of principal held in the Supplemental Trust, $0.2 million was a payment of accrued interest held inside the Supplemental Trust and $8.4 million was a payment of accrued interest held outside the Supplemental Trust.

In January 2020, BAM made a one-time $65.0 million cash payment of principal and interest on the BAM Surplus Notes held by HG Global. Of this payment, $47.9 million was a repayment of principal held in the Supplemental Trust, $0.9 million was a payment of accrued interest held inside the Supplemental Trust and $16.2 million was a payment of accrued interest held outside the Supplemental Trust.

During the three and nine months ended September 30, 2021, BAM made no repayments of the BAM Surplus Notes or accrued interest.

As of September 30, 2021 and December 31, 2020, the principal balance on the BAM Surplus Notes was $388.2 million and $388.2 million and total interest receivable on the BAM Surplus Notes was $164.8 million and $155.7 million.

Insured Obligations and Premiums

The following table presents a schedule of BAM’s insured obligations as of September 30, 2021 and December 31, 2020:

	September 30, 2021		December 31, 2020
Contracts outstanding	11,877		10,997
Remaining weighted average contract period outstanding (in years)	10.7		10.7
Contractual debt service outstanding (in millions):
Principal	$	83,829.0	$	75,287.7
Interest	39,528.4		36,448.8
Total debt service outstanding	$	123,357.4	$	111,736.5
Gross unearned insurance premiums (in millions)	$	257.0	$	237.5

The following table presents a schedule of BAM’s future premium revenues as of September 30, 2021:

Millions	September 30, 2021
October 1, 2021 - December 31, 2021	$	6.2
January 1, 2022 - March 31, 2022	6.1
April 1, 2022 - June 30, 2022	6.1
July 1, 2022 - September 30, 2022	6.0
October 1, 2022 - December 31, 2022	5.9
Total 2022	24.1
2023	22.8
2024	21.1
2025	19.6
2026	18.1
2027 and thereafter	145.1
Total gross unearned insurance premiums	$	257.0

The following table presents a schedule of written premiums and earned premiums included in White Mountains’s HG Global/BAM segment for the three and nine months ended September 30, 2021 and 2020:

	Three Months Ended September 30,				Nine Months Ended September 30,
Millions	2021		2020			2021		2020
Written premiums:
Direct	$	12.8	$	14.4		$	34.5	$	45.5
Assumed	—		—			4.5		.1
Gross written premiums (1)	$	12.8	$	14.4		$	39.0	$	45.6
Earned premiums:
Direct	$	5.9	$	5.3		$	16.8	$	14.5
Assumed	.8		.9			2.8		2.7
Gross earned premiums (1)	$	6.7	$	6.2		$	19.6	$	17.2

(1) There are no ceded premium amounts in the periods presented. Gross written premiums and Gross earned premium are equivalent to net written premiums and net earned premiums.

In the second quarter of 2020, BAM assumed a municipal bond guarantee contract with a par value of $36.9 million through an endorsement to the facultative quota share reinsurance agreement.

In January 2021, BAM entered into a 100% facultative quota share reinsurance agreement under which it assumed a portfolio of municipal bond guarantee contracts with a par value of $0.8 billion.

None of the contracts assumed were non-performing and no loss reserves have been established for any of the contracts, either as of the transaction dates or as of September 30, 2021. The agreements, which cover future claims exposure only, meet the risk transfer criteria under ASC 944-20, Insurance Activities and accordingly have been accounted for as reinsurance.

Note 11. Earnings Per Share

White Mountains calculates earnings per share using the two-class method, which allocates earnings between common shares and unvested restricted common shares. Both classes of shares participate equally in dividends and earnings on a per share basis. Basic earnings per share amounts are based on the weighted average number of common shares outstanding adjusted for unvested restricted common shares.

The following table presents the Company’s computation of earnings per share from continuing operations for the three and nine months ended September 30, 2021 and 2020. See Note 19 — “Held for Sale and Discontinued Operations”.

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2021		2020		2021		2020
Basic and diluted earnings per share numerators (in millions):
Net (loss) income attributable to White Mountains’s <br>   common shareholders	$	(371.4)	$	232.9	$	(308.2)	$	219.5
Less: total income (loss) from discontinued operations, net of tax	—		(.7)		18.7		(.8)
Net (loss) income from continuing operations attributable to <br>   White Mountains’s common shareholders	$	(371.4)	$	233.6	$	(326.9)	$	220.3
Allocation of losses (earnings) to participating restricted common shares (1)	4.5		(3.2)		3.8		(2.9)
Basic and diluted (losses) earnings per share numerators	$	(366.9)	$	230.4	$	(323.1)	$	217.4
Basic earnings per share denominators (in thousands):
Total average common shares outstanding during the period	3,090.3		3,101.8		3,099.4		3,129.0
Average unvested restricted common shares(2)	(37.8)		(43.1)		(36.0)		(40.0)
Basic earnings (losses) per share denominator	3,052.5		3,058.7		3,063.4		3,089.0
Diluted earnings per share denominator (in thousands):
Total average common shares outstanding during the period	3,090.3		3,101.8		3,099.4		3,129.0
Average unvested restricted common shares (2)	(37.8)		(43.1)		(36.0)		(40.0)
Diluted earnings (losses) per share denominator	3,052.5		3,058.7		3,063.4		3,089.0
Basic and diluted earnings per share (in dollars) - continuing operations:
Distributed earnings - dividends declared and paid	$	—	$	—	$	1.00	$	1.00
Undistributed (losses) earnings	(120.18)		75.32		(106.48)		69.40
Basic and diluted (losses) earnings per share	$	(120.18)	$	75.32	$	(105.48)	$	70.40

(1) Restricted shares issued by White Mountains receive dividends, and therefore, are considered participating securities.

(2) Restricted shares outstanding vest upon a stated date. See Note 12 — “Employee Share-Based Incentive Compensation Plans”.

The following table presents the undistributed net earnings (losses) from continuing operations for the three and nine months ended September 30, 2021 and 2020. See Note 19 — “Held for Sale and Discontinued Operations”.

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
Millions	2021		2020		2021		2020
Undistributed net earnings (losses) - continuing operations:
Net (losses) earnings attributable to White Mountains’s common shareholders, net of restricted common share amounts	$	(366.9)	$	230.4	$	(323.1)	$	217.4
Dividends declared, net of restricted common share amounts (1)	—		—		(3.1)		(3.1)
Total undistributed net (losses) earnings, net of restricted common share amounts	$	(366.9)	$	230.4	$	(326.2)	$	214.3

(1) Restricted shares issued by White Mountains receive dividends, and are therefore considered participating securities.

Note 12. Employee Share-Based Incentive Compensation Plans

White Mountains’s Long-Term Incentive Plan (the “WTM Incentive Plan”) provides for grants of various types of share-based and non-share-based incentive awards to key employees of White Mountains. As of September 30, 2021, White Mountains’s share-based compensation incentive awards consist of performance shares and restricted shares.

Performance Shares

Performance shares are designed to reward employees for meeting company-wide performance targets. Performance shares are conditional grants of a specified maximum number of common shares or an equivalent amount of cash. Awards generally vest at the end of a three-year service period, are subject to the attainment of pre-specified performance goals, and are valued based on the market value of common shares at the time awards are paid. Performance shares earned under the WTM Incentive Plan are typically paid in cash but may be paid in common shares. Compensation expense is recognized for the vested portion of the awards over the related service periods. The level of payout ranges from zero to two times the number of shares initially granted, depending on White Mountains’s financial performance. Performance shares become payable at the conclusion of a performance cycle (typically 3 years) if pre-defined financial targets are met. The performance measures used for determining performance share payouts are growth in White Mountains’s adjusted book value per share and intrinsic value per share. Intrinsic value per share is generally calculated by adjusting adjusted book value per share for differences between the adjusted book value of certain assets and liabilities and White Mountains’s estimate of their underlying intrinsic values.

The following table presents the performance share activity for the three and nine months ended September 30, 2021 and 2020 for performance shares granted under the WTM Incentive Plan:

	Three Months Ended September 30,						Nine Months Ended September 30,
	2021			2020			2021			2020
Millions, except share amounts	Target Performance<br>Shares Outstanding	Accrued<br>Expense		Target Performance<br>Shares Outstanding	Accrued<br>Expense		Target Performance<br>Shares Outstanding	Accrued<br>Expense		Target Performance<br>Shares Outstanding	Accrued<br>Expense
Beginning of period	41,252	$	45.7	42,458	$	15.8	42,458	$	56.3	42,473	$	43.7
Shares paid (1)	(219)	(.6)		—	—		(14,336)	(35.2)		(14,070)	(27.7)
New grants	—	—		—	—		13,475	—		14,055	—
Forfeitures and<br><br>cancellations (2)	(205)	.2		—	(.3)		(769)	.4		—	.1
Expense recognized	—	(6.5)		—	13.6		—	17.3		—	13.0
End of period	40,828	$	38.8	42,458	$	29.1	40,828	$	38.8	42,458	$	29.1

(1) WTM performance share payments in 2021 for the 2018-2020 performance cycle, which were paid in cash in March 2021 at 200% of target.  WTM performance share payments in 2020 for the 2017-2019 performance cycle, which were paid in cash in March 2020, ranged from 174% to 180% of target.

(2) Amounts include changes in assumed forfeitures, as required under GAAP.

During the nine months ended September 30, 2021, White Mountains granted 13,475 performance shares for the 2021-2023 performance cycle. During the nine months ended September 30, 2020, White Mountains granted 14,055 performance shares for the 2020-2022 performance cycle.

All performance shares earned were settled in cash. If all the outstanding WTM performance shares had vested on September 30, 2021, the total additional compensation cost to be recognized would have been $17.2 million, based on accrual factors (common share price and payout assumptions) as of September 30, 2021.

The following table presents performance shares outstanding and accrued expense for performance shares awarded under the WTM Incentive Plan as of September 30, 2021 for each performance cycle:

	Nine Months Ended September 30, 2021
Millions, except share amounts	Target Performance<br>Shares Outstanding	Accrued<br>Expense
Performance cycle:
2019 – 2021	14,625	$	24.4
2020 – 2022	13,350	13.4
2021 – 2023	13,475	1.6
Sub-total	41,450	39.4
Assumed forfeitures	(622)	(.6)
September 30, 2021	40,828	$	38.8

Restricted Shares

Restricted shares are grants of a specified number of common shares that generally vest at the end of a 34-month service period. The following table presents the unrecognized compensation cost associated with the outstanding restricted share awards for the three and nine months ended September 30, 2021 and 2020:

	Three Months Ended September 30,						Nine Months Ended September 30,
	2021			2020			2021			2020
Millions,<br><br>except share amounts	Restricted<br>Shares	Unamortized<br>Issue Date <br>Fair Value		Restricted<br>Shares	Unamortized<br>Issue Date <br>Fair Value		Restricted<br>Shares	Unamortized Issue Date<br>Fair Value		Restricted<br>Shares	Unamortized Issue Date<br>Fair Value
Non-vested,
Beginning of period	38,280	$	23.2	43,105	$	23.0	43,105	$	15.2	43,395	$	16.7
Issued	—	—		—	—		13,475	16.1		14,055	15.1
Vested	(219)	—		—	—		(17,936)	—		(14,345)	—
Forfeited	(211)	(.2)		—	—		(794)	(.8)		—	—
Expense recognized	—	(3.6)		—	(3.6)		—	(11.1)		—	(12.4)
End of period	37,850	$	19.4	43,105	$	19.4	37,850	$	19.4	43,105	$	19.4

During the nine months ended September 30, 2021, White Mountains issued 13,475 restricted shares that vest on January 1, 2024. During the nine months ended September 30, 2020, White Mountains issued 14,055 restricted shares that vest on January 1, 2023. The unamortized issue date fair value as of September 30, 2021 is expected to be recognized ratably over the remaining vesting periods.

Note 13. Leases

White Mountains has entered into lease agreements, primarily for office space. These leases are classified as operating leases, with lease expense recognized on a straight-line basis over the term of the lease. Lease incentives, such as free rent or landlord reimbursements for leasehold improvements, are recognized at lease inception and amortized on a straight-line basis over the term of the lease. Lease expense and the amortization of leasehold improvements are recognized within general and administrative expenses. Lease payments related to options to extend or renew the lease term are excluded from the calculation of lease liabilities unless White Mountains is reasonably certain of exercising those options.

As of September 30, 2021 and December 31, 2020, the right of use (“ROU”) asset was $42.9 million and $37.6 million and lease liabilities were $45.9 million and $38.3 million.

The following table summarizes net lease expense recognized in White Mountains’s consolidated statement of operations for the three and nine months ended September 30, 2021 and 2020:

Millions	Three Months Ended September 30,				Nine Months Ended September 30,
Lease Cost	2021		2020		2021		2020
Lease cost	$	2.7	$	1.6	$	7.2	$	5.7
Less: sublease income	.1		.1		.3		.3
Net lease cost	$	2.6	$	1.5	$	6.9	$	5.4

The following table presents the contractual maturities of the lease liabilities associated with White Mountains’s operating lease agreements as of September 30, 2021:

Millions	As of September 30, 2021
Remainder of 2021	$	2.0
2022	10.8
2023	9.8
2024	8.5
2025	6.7
Thereafter	16.4
Total undiscounted lease payments	54.2
Less: present value adjustment	8.3
Operating lease liability	$	45.9

The following tables present lease related assets and liabilities by reportable segment as of September 30, 2021 and December 31, 2020:

	As of September 30, 2021
Millions	HG/BAM		Ark		NSM		Kudu		Other Operations		Total		Weighted Average Incremental Borrowing Rate (1)
ROU lease asset	$	8.0	$	7.0	$	13.8	$	6.7	$	7.4	$	42.9	5.0%
Lease liability	$	8.6	$	7.0	$	15.0	$	7.1	$	8.2	$	45.9

(1) The present value of the remaining lease payments was determined by discounting the lease payments using the incremental borrowing rate.

	As of December 31, 2020
Millions	HG/BAM		NSM		Kudu		Other Operations		Total		Weighted Average Incremental Borrowing Rate (1)
ROU lease asset	$	10.1	$	17.1	$	2.0	$	8.4	$	37.6	4.6%
Lease liability	$	10.1	$	17.1	$	2.0	$	9.1	$	38.3

(1) The present value of the remaining lease payments was determined by discounting the lease payments using the incremental borrowing rate.

Note 14. Non-controlling Interests

Non-controlling interests consist of the ownership interests of non-controlling shareholders in consolidated entities and are presented separately on the balance sheet.

The following table presents the balance of non-controlling interests included in White Mountains’s total equity and the related percentage of each consolidated entity’s total equity owned by non-controlling shareholders as of September 30, 2021 and December 31, 2020:

	September 30, 2021				December 31, 2020
$ in Millions	Non-controlling Percentage		Non-controlling Equity		Non-controlling Percentage		Non-controlling Equity
Non-controlling interests, excluding BAM
HG Global	3.1	%	$	10.1	3.1	%	$	13.5
Ark	28.0	%	216.1		—	%	—
NSM	3.5	%	16.5		3.4	%	17.0
Kudu	.7	%	3.1		.7	%	2.3
Other	various		12.1		various		2.4
Total, excluding BAM			257.9				35.2
BAM	100.0	%	(125.3)		100.0	%	(123.3)
Total non-controlling interests			$	132.6			$	(88.1)

Note 15. Segment Information

As of September 30, 2021, White Mountains conducted its operations through five segments: (1) HG Global/BAM, (2) Ark, (3) NSM, (4) Kudu and (5) Other Operations. A discussion of White Mountains’s consolidated investment operations is included after the discussion of operations by segment.

As a result of the Ark Transaction, White Mountains began consolidating Ark in its financial statements as of January 1, 2021.

White Mountains has made its segment determination based on consideration of the following criteria: (i) the nature of the business activities of each of the Company’s subsidiaries and affiliates; (ii) the manner in which the Company’s subsidiaries and affiliates are organized; (iii) the existence of primary managers responsible for specific subsidiaries and affiliates; and (iv) the organization of information provided to the chief operating decision makers and the Board of Directors. Significant intercompany transactions among White Mountains’s segments have been eliminated herein.

The following tables present the financial information for White Mountains’s segments:

Millions	HG Global/ BAM		Ark		NSM		Kudu		Other Operations		Total
Three Months Ended September 30, 2021
Earned insurance premiums	$	6.7	$	213.4	$	—	$	—	$	—	$	220.1
Net investment income	4.4		.6		—		9.5		5.0		19.5
Net realized and unrealized <br>   investment (losses) gains	(4.0)		.3		—		18.9		15.3		30.5
Net realized and unrealized investment <br>   losses from investment in MediaAlpha	—		—		—		—		(396.8)		(396.8)
Commission revenues	—		—		67.0		—		2.4		69.4
Other revenue	.3		3.4		15.3		.1		28.1		47.2
Total revenues	7.4		217.7		82.3		28.5		(346.0)		(10.1)
Loss and loss adjustment expenses	—		129.2		—		—		—		129.2
Insurance acquisition expenses	3.0		53.7		—		—		—		56.7
Cost of sales	—		—		—		—		24.0		24.0
General and administrative expenses	12.4		21.8		48.8		3.3		14.5		100.8
Broker commission expense	—		—		20.4		—		—		20.4
Change in fair value of contingent<br>    consideration liabilities	—		—		.6		—		—		.6
Amortization of other intangible assets	—		—		8.2		—		2.0		10.2
Interest expense	—		2.1		5.9		1.9		.4		10.3
Total expenses	15.4		206.8		83.9		5.2		40.9		352.2
Pre-tax (loss) income	$	(8.0)	$	10.9	$	(1.6)	$	23.3	$	(386.9)	$	(362.3)
Millions	HG Global/ BAM		NSM		Kudu		Other Operations		Total
---	---	---	---	---	---	---	---	---	---	---
Three Months Ended September 30, 2020
Earned insurance premiums	$	6.2	$	—	$	—	$	—	$	6.2
Net investment income	4.7		—		6.4		60.1		71.2
Net realized and unrealized investment gains	3.2		—		9.8		43.6		56.6
Net unrealized investment gains from<br><br>investment in MediaAlpha	—		—		—		250.0		250.0
Commission revenues	—		58.2		—		2.1		60.3
Other revenue	.4		12.5		.1		2.2		15.2
Total revenues	14.5		70.7		16.3		358.0		459.5
Insurance acquisition expenses	1.6		—		—		—		1.6
Cost of sales	—		—		—		2.3		2.3
General and administrative expenses	14.0		42.9		2.2		44.3		103.4
Broker commission expense	—		17.1		—		—		17.1
Change in fair value of contingent <br>     consideration liabilities	—		.7		—		—		.7
Amortization of other intangible assets	—		5.1		.1		.2		5.4
Interest expense	—		6.1		1.4		.3		7.8
Total expenses	15.6		71.9		3.7		47.1		138.3
Pre-tax (loss) income	$	(1.1)	$	(1.2)	$	12.6	$	310.9	$	321.2
Millions	HG Global/ BAM		Ark		NSM		Kudu		Other Operations		Total
---	---	---	---	---	---	---	---	---	---	---	---	---
Nine Months Ended September 30, 2021
Earned insurance premiums	$	19.6	$	435.8	$	—	$	—	$	—	$	455.4
Net investment income	13.2		1.8		—		26.1		16.1		57.2
Net realized and unrealized investment<br>   (losses) gains	(15.6)		10.3		—		62.5		34.0		91.2
Net realized and unrealized investment <br>   losses from investment in MediaAlpha	—		—		—		—		(325.5)		(325.5)
Commission revenues	—		—		194.6		—		7.0		201.6
Other revenue	.9		9.4		46.8		.2		57.6		114.9
Total revenues	18.1		457.3		241.4		88.8		(210.8)		594.8
Loss and loss adjustment expenses	—		247.8		—		—		—		247.8
Insurance acquisition expenses	6.5		124.4		—		—		—		130.9
Cost of sales	—		—		—		—		45.9		45.9
General and administrative expenses	42.7		84.4		142.1		9.0		79.7		357.9
Broker commission expense	—		—		60.9		—		—		60.9
Change in fair value of contingent<br>    consideration liabilities	—		—		.8		—		—		.8
Amortization of other intangible assets	—		—		25.0		.2		2.9		28.1
Loss on assets held for sale	—		—		28.7		—		—		28.7
Interest expense	—		4.5		17.7		9.2		1.1		32.5
Total expenses	49.2		461.1		275.2		18.4		129.6		933.5
Pre-tax (loss) income	$	(31.1)	$	(3.8)	$	(33.8)	$	70.4	$	(340.4)	$	(338.7)
Millions	HG Global/ BAM		NSM		Kudu		Other Operations		Total
---	---	---	---	---	---	---	---	---	---	---
Nine Months Ended September 30, 2020
Earned insurance premiums	$	17.2	$	—	$	—	$	—	$	17.2
Net investment income	15.1		—		19.3		79.3		113.7
Net realized and unrealized investment gains<br>   (losses)	23.7		—		1.5		(17.4)		7.8
Net unrealized investment gains from<br><br>investment in MediaAlpha	—		—		—		295.0		295.0
Commission revenues	—		174.2		—		6.1		180.3
Other revenue	2.1		37.6		.2		6.0		45.9
Total revenues	58.1		211.8		21.0		369.0		659.9
Insurance acquisition expenses	5.4		—		—		—		5.4
Cost of sales	—		—		—		6.5		6.5
General and administrative expenses	41.4		131.0		7.5		87.1		267.0
Broker commission expense	—		56.4		—		—		56.4
Change in fair value of contingent <br>     consideration liabilities	—		(1.6)		—		—		(1.6)
Amortization of other intangible assets	—		16.2		.3		.6		17.1
Interest expense	—		16.1		4.3		.8		21.2
Total expenses	46.8		218.1		12.1		95.0		372.0
Pre-tax income (loss)	$	11.3	$	(6.3)	$	8.9	$	274.0	$	287.9

In compliance with ASC 606, Revenues from Contracts with Customers, the following tables present White Mountains’s total revenues by revenue source for the three and nine months ended September 30, 2021 and 2020:

Millions	HG Global/BAM		Ark		NSM		Kudu		Other<br>Operations		Total
Three Months Ended September 30, 2021
Commission and other revenue
Specialty Transportation (1)	$	—	$	—	$	25.7	$	—	$	—	$	25.7
Real Estate	—		—		6.2		—		—		6.2
Social Services	—		—		10.2		—		—		10.2
Pet	—		—		19.9		—		—		19.9
United Kingdom	—		—		13.0		—		—		13.0
Other	—		—		7.3		—		2.4		9.7
Total commission and other revenue	—		—		82.3		—		2.4		84.7
Product and service revenues	—		—		—		—		28.2		28.2
Revenues from contracts with customers	—		—		82.3		—		30.6		112.9
Other (2)	7.4		217.7		—		28.5		(376.6)		(123.0)
Total revenues	$	7.4	$	217.7	$	82.3	$	28.5	$	(346.0)	$	(10.1)

(1)    Includes the results of J.C. Taylor from August 6, 2021, the date of the J.C. Taylor transaction.

(2)    Other consists of premiums, investment income, investment gains and losses and other revenues outside the scope of ASC 606, Revenues from Contracts with Customers.

Millions	HG Global/BAM		NSM		Kudu		Other<br>Operations		Total
Three Months Ended September 30, 2020
Commission and other revenue
Specialty Transportation	$	—	$	21.9	$	—	$	—	$	21.9
Real Estate	—		6.0		—		—		6.0
Social Services	—		8.6		—		—		8.6
Pet	—		14.7		—		—		14.7
United Kingdom	—		13.9		—		—		13.9
Other	—		5.6		—		2.1		7.7
Total commission and other revenue	—		70.7		—		2.1		72.8
Product revenues	—		—		—		2.0		2.0
Revenues from contracts with customers	—		70.7		—		4.1		74.8
Other (1)	14.5		—		16.3		353.9		384.7
Total revenues	$	14.5	$	70.7	$	16.3	$	358.0	$	459.5

(1) Other consists of premiums, investment income, investment gains and losses and other revenues outside the scope of ASC 606, Revenues from Contracts with Customers.

Millions	HG Global/BAM		Ark		NSM		Kudu		Other<br>Operations		Total
Nine Months Ended September 30, 2021
Commission and other revenue
Specialty Transportation (1)	$	—	$	—	$	73.0	$	—	$	—	$	73.0
Real Estate	—		—		25.2		—		—		25.2
Social Services	—		—		26.2		—		—		26.2
Pet	—		—		55.6		—		—		55.6
United Kingdom	—		—		39.9		—		—		39.9
Other	—		—		21.5		—		7.0		28.5
Total commission and other revenue	—		—		241.4		—		7.0		248.4
Product and service revenues	—		—		—		—		57.5		57.5
Revenues from contracts with customers	—		—		241.4		—		64.5		305.9
Other (2)	18.1		457.3		—		88.8		(275.3)		288.9
Total revenues	$	18.1	$	457.3	$	241.4	$	88.8	$	(210.8)	$	594.8

(1)    Includes the results of J.C. Taylor from August 6, 2021, the date of the J.C. Taylor transaction.

(2)    Other consists of premiums, investment income, investment gains and losses and other revenues outside the scope of ASC 606, Revenues from Contracts with Customers.

Millions	HG Global/BAM		NSM		Kudu		Other<br>Operations		Total
Nine Months Ended September 30, 2020
Commission and other revenue
Specialty Transportation	$	—	$	66.1	$	—	$	—	$	66.1
Real Estate	—		32.7		—		—		32.7
Social Services	—		22.2		—		—		22.2
Pet	—		39.8		—		—		39.8
United Kingdom (2)	—		36.3		—		—		36.3
Other	—		14.7		—		6.1		20.8
Total commission and other revenue	—		211.8		—		6.1		217.9
Product revenues	—		—		—		6.4		6.4
Revenues from contracts with customers	—		211.8		—		12.5		224.3
Other (1)	58.1		—		21.0		356.5		435.6
Total revenues	$	58.1	$	211.8	$	21.0	$	369.0	$	659.9

(1) Other consists of premiums, investment income, investment gains and losses and other revenues outside the scope of ASC 606, Revenues from Contracts with Customers.

(2) Includes the results of Kingsbridge from April 7, 2020, the date of the Kingsbridge transaction.

Note 16. Equity-Method Eligible Investments

White Mountains’s equity method eligible investments include White Mountains’s investment in MediaAlpha, certain other unconsolidated entities, including Kudu’s Participation Contracts, private equity funds and hedge funds in which White Mountains has the ability to exert significant influence over the investee’s operating and financial policies.

The following table presents the basic ownership interests and carrying values of White Mountains’s equity method eligible investments as of September 30, 2021 and December 31, 2020:

	September 30, 2021				December 31, 2020
Millions	Basic Ownership Interest		Carrying Value		Basic Ownership Interest		Carrying Value
Kudu Participation Contracts	3.2 - 32.7%		604.7		3.2 - 35.0%		400.6
Investment in MediaAlpha	28.4	%	$	316.4	35.0	%	$	802.2
PassportCard/DavidShield	53.8	%	105.0		53.8	%	95.0
Elementum Holdings, L.P.	29.7	%	56.7		28.9	%	55.1
Other equity method eligible investments, at fair value	Under 50.0%		95.6		Under 50.0%		132.2
Other equity method eligible investments, at fair value	50.0% and over		17.2		50.0% and over		15.2

For the three and nine months ended September 30, 2021, White Mountains received dividend and income distributions from equity method eligible investments of $13.0 million and $37.7 million, which were recorded within net investment income in the consolidated statement of operations. For the three and nine months ended September 30, 2020, White Mountains received dividend and income distributions from equity method eligible investments of $63.9 million and $85.3 million, which were recorded within net investment income in the consolidated statement of operations.

Subsequent to the MediaAlpha IPO, White Mountains’s investment in MediaAlpha is accounted for at fair value based on the publicly traded share price of MediaAlpha’s common stock and White Mountains presents its investment in MediaAlpha as a separate line item on the balance sheet. See Note 2 — “Significant Transactions”. For the nine months ended September 30, 2021 and 2020, MediaAlpha was considered a significant subsidiary.

The following tables present summarized financial information for MediaAlpha as of September 30, 2021 and December 31, 2020 and for the three and nine months ended September 30, 2021 and 2020:

Millions	September 30, 2021		December 31, 2020
Balance sheet data:
Total assets	$	245.5	$	210.3
Total liabilities	$	318.4	$	315.5
	Three Months Ended September 30,				Nine Months Ended September 30,
---	---	---	---	---	---	---	---	---
Millions	2021		2020		2021		2020
Income statement data:
Total revenues	$	152.7	$	151.5	$	483.7	$	394.6
Total expenses	$	157.0	$	146.7	$	488.2	$	370.8
Net (loss) income	$	(4.3)	$	4.8	$	(4.5)	$	23.8

Note 17. Fair Value of Financial Instruments

White Mountains records its financial instruments at fair value with the exception of debt obligations, which are recorded as debt at face value less unamortized original issue discount. See Note 7 — “Debt”.

The following table presents the fair value and carrying value of these financial instruments as of September 30, 2021 and December 31, 2020:

	September 30, 2021				December 31, 2020
Millions	Fair<br>Value		Carrying<br>Value		Fair<br>Value		Carrying<br>Value
Ark 2007 Subordinated Notes	$	42.0	$	43.9	$	—	$	—
Ark 2021 Subordinated Notes	$	163.1	$	156.8	$	—	$	—
NSM Bank Facility	$	300.6	$	293.7	$	279.3	$	271.3
Other NSM debt	$	1.3	$	1.3	$	1.3	$	1.3
Kudu Credit Facility	$	218.2	$	195.6	$	—	$	—
Kudu Bank Facility	$	—	$	—	$	89.3	$	86.3
Other Operations debt	$	20.5	$	19.1	$	18.8	$	17.5

The fair value estimates for the Ark 2007 Subordinated Notes, the Ark 2021 Subordinated Notes, NSM Bank Facility, the Other NSM debt, the Kudu Credit Facility, the Kudu Bank Facility and Other Operations debt have been determined based on a discounted cash flow approach and are considered to be Level 3 measurements.

Note 18. Commitments and Contingencies

Legal Contingencies

White Mountains is subject to litigation and arbitration in the normal course of business. White Mountains considers the requirements of ASC 450 when evaluating its exposure to litigation and arbitration. ASC 450 requires that accruals be established for litigation and arbitration if it is probable that a loss has been incurred and it can be reasonably estimated. ASC 450 also requires that litigation and arbitration be disclosed if it is probable that a loss has been incurred or if there is a reasonable possibility that a loss may have been incurred. White Mountains does not have any current litigation that may have a material adverse effect on White Mountains’s financial condition, results of operations or cash flows.

The following description presents significant legal contingencies, ongoing non-claims related litigation or arbitration as of September 30, 2021:

Esurance

On October 7, 2011, the Company completed the sale of its Esurance Holdings, Inc. and its subsidiaries and Answer Financial Inc. and its subsidiaries (collectively, “Esurance”) to The Allstate Corporation (“Allstate”) pursuant to a Stock Purchase Agreement dated as of May 17, 2011. Subject to specified thresholds and limits, the Company remains contingently liable to Allstate for specified matters related to the pre-closing period, including (a) losses of Esurance arising from extra-contractual claims and claims in excess of policy limits, (b) certain corporate reorganizations effected to remove entities from Esurance that were not being sold in the transaction, and (c) certain tax matters, including certain net operating losses being less than stated levels. No claims relating to these matters were outstanding as of September 30, 2021.

Sirius Group Tax Contingency

In the first quarter of 2021, White Mountains recorded a $17.6 million gain within discontinued operations as a result of reversing a liability arising from the tax indemnification provided in connection with the sale of Sirius Group in 2016. The liability related to certain interest deductions claimed by Sirius Group that had been disputed by the Swedish Tax Agency (STA). In April 2021, the STA informed the Swedish Administrative Court of Appeal that Sirius Group should prevail in its appeal (and that the interest deductions should not be disallowed). In June 2021, the Swedish Administrative Court of Appeal ruled in Sirius Group’s favor.

Note 19. Held for Sale and Discontinued Operations

Sirius Group

As of December 31, 2020, White Mountains recorded a liability of $18.7 million, related to the tax indemnification provided in connection with the sale of Sirius Group in 2016. For the nine months ended September 30, 2021, White Mountains recorded a gain of $17.6 million in discontinued operations to reverse the liability accrued as of December 31, 2020 and $1.1 million gain related to foreign currency translation. See Note 18 — “Commitments and Contingencies”.

NSM

On April 12, 2021, NSM completed the sale of the Fresh Insurance motor business for net proceeds of £1.1 million ($1.5 million based upon the foreign exchange spot rate as of the transaction date). The assets and liabilities included in the transaction, were measured at their estimated fair values, net of disposal and classified as held for sale at March 31, 2021. However, the transaction did not meet the criteria to be classified as discontinued operations. In the first quarter of 2021, NSM recorded a loss of $28.7 million related to the sale.

Earnings Per Share from Discontinued Operations

White Mountains calculates earnings per share using the two-class method, which allocates earnings between common and unvested restricted common shares. Both classes of shares participate equally in earnings on a per share basis. Basic earnings per share amounts are based on the weighted average number of common shares outstanding adjusted for unvested restricted common shares. Diluted earnings per share amounts are also impacted by the net effect of potentially dilutive common shares outstanding.

The following table presents the Company’s computation of earnings per share for discontinued operations for the three and nine months ended September 30, 2021 and 2020:

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2021		2020		2021		2020
Basic and diluted earnings per share numerators (in millions):
Net income (loss) attributable to White Mountains’s common shareholders	$	(371.4)	$	232.9	$	(308.2)	$	219.5
Less: total income (loss) from continuing operations, net of tax	(371.4)		233.6		(326.9)		220.3
Net (loss) gain from discontinued operations attributable to White Mountains’s common shareholders	$	—	$	(.7)	$	18.7	$	(.8)
Allocation of earnings to participating restricted common shares (1)	—		—		(.2)		—
Basic and diluted earnings(losses) per share numerators (2)	$	—	$	(.7)	$	18.5	$	(.8)
Basic earnings per share denominators (in thousands):
Total average common shares outstanding during the period	3,090.3		3,101.8		3,099.4		3,129.0
Average unvested restricted common shares (3)	(37.8)		(43.1)		(36.0)		(40.0)
Basic earnings per share denominator	3,052.5		3,058.7		3,063.4		3,089.0
Diluted earnings per share denominator (in thousands):
Total average common shares outstanding during the period	3,090.3		3,101.8		3,099.4		3,129.0
Average unvested restricted common shares (3)	(37.8)		(43.1)		(36.0)		(40.0)
Diluted earnings per share denominator	3,052.5		3,058.7		3,063.4		3,089.0
Basic and diluted earnings (losses) per share (in dollars) - discontinued operations:	$	—	$	(.23)	$	6.03	$	(.26)

(1) Restricted shares issued by White Mountains contain dividend participation features, and therefore, are considered participating securities.

(2) Net earnings attributable to White Mountains’s common shareholders, net of restricted share amounts, is equal to undistributed earnings for the three and nine months ended September 30, 2021 and 2020.

(3) Restricted common shares outstanding vest upon a stated date. See Note 12 — “Employee Share-Based Incentive Compensation Plans”.

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

The following discussion contains “forward-looking statements”. White Mountains intends statements that are not historical in nature, which are hereby identified as forward-looking statements, to be covered by the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. White Mountains cannot promise that its expectations in such forward-looking statements will turn out to be correct. White Mountains’s actual results could be materially different from and worse than its expectations. See “FORWARD-LOOKING STATEMENTS” on page 91 for specific important factors that could cause actual results to differ materially from those contained in forward-looking statements.

The following discussion also includes twelve non-GAAP financial measures: (i) adjusted book value per share, (ii) BAM’s gross written premiums and member surplus contributions (“MSC”) from new business, (iii) Ark’s adjusted loss and loss adjustment expense ratio, (iv) Ark’s adjusted insurance acquisition expense ratio, (v) Ark’s adjusted other underwriting expense ratio, (vi) Ark’s adjusted combined ratio (vii) NSM’s earnings before interest, taxes, depreciation and amortization (“EBITDA”), (viii) NSM’s adjusted EBITDA, (ix) Kudu’s EBITDA, (x) Kudu’s adjusted EBITDA, (xi) total consolidated portfolio returns excluding MediaAlpha and (xii) adjusted capital, that have been reconciled from their most comparable GAAP financial measures on page 85. White Mountains believes these measures to be useful in evaluating White Mountains’s financial performance and condition.

RESULTS OF OPERATIONS FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2021 AND 2020

Overview

White Mountains reported book value per share of $1,162 and adjusted book value per share of $1,176 as of September 30, 2021. Book value per share and adjusted book value per share both decreased 9% in the third quarter of 2021. Book value per share decreased 8% and adjusted book value per share decreased 7% in the first nine months of 2021, including dividends. Book value per share and adjusted book value per share both increased 8% in the third quarter of 2020. Book value per share increased 7% and adjusted book value per share increased 8% in the first nine months of 2020, including dividends.

Results in the third quarter and first nine months of 2021 were driven primarily by $397 million and $326 million of net realized and unrealized investment losses from White Mountains’s investment in MediaAlpha, resulting from decreases in the MediaAlpha share price (from $39.07 as of December 31, 2020 and from $42.10 as of June 30, 2021) to $18.68 as of September 30, 2021. Results in the first nine months of 2021 also included realized investment gains on shares sold in a secondary offering completed by MediaAlpha. On March 23, 2021, MediaAlpha completed a secondary offering of 8.05 million shares at $46.00 per share ($44.62 per share net of underwriting fees). In the secondary offering, White Mountains sold 3.6 million shares for net proceeds of $160 million. As of September 30, 2021, White Mountains owned 16.9 million shares of MediaAlpha, representing a 28% basic ownership interest (26% on a fully-diluted/fully-converted basis). At the September 30, 2021 closing price of $18.68 per share, the value of White Mountains’s investment in MediaAlpha was $316 million. At this level of ownership, each $1.00 per share increase or decrease in the share price of MediaAlpha will result in an approximate $5.60 per share increase or decrease in White Mountains’s book value per share and adjusted book value per share.

Excluding net realized and unrealized investment losses from White Mountains’s investment in MediaAlpha, book value and adjusted book value both increased in the third quarter and first nine months of 2021, reflecting solid performance within White Mountains’s operating businesses.

Gross written premiums and MSC collected in the HG Global/BAM segment totaled $28 million and $84 million in the third quarter and first nine months of 2021 compared to $30 million and $93 million in the third quarter and first nine months of 2020. BAM insured municipal bonds with par value of $4.0 billion and $12.6 billion in the third quarter and first nine months of 2021 compared to $4.7 billion and $11.8 billion in the third quarter and first nine months of 2020. Total pricing was 69 and 66 basis points in the third quarter and first nine months of 2021 compared to 63 and 79 basis points in the third quarter and first nine months of 2020. BAM’s total claims paying resources were $1,181 million as of September 30, 2021 compared to $987 million as of December 31, 2020 and $968 million as of September 30, 2020. In the first quarter of 2021, BAM completed a reinsurance agreement with Fidus Re that increased BAM’s claims paying resources by $150 million. In July 2021, S&P Global Ratings completed its annual review and affirmed BAM’s “AA/stable” rating.

Ark’s GAAP combined ratio was 92% and 95% in the third quarter and first nine months of 2021. Ark’s adjusted combined ratio, which adds back amounts ceded to third-party capital providers, was 89% and 93% in the third quarter and first nine months of 2021. The adjusted combined ratio in the third quarter and first nine months of 2021 included 21 points and 16 points of catastrophe losses and six points and five points of net favorable prior year reserve development. In the third quarter of 2021 Ark reported gross written premiums of $162 million, net written premiums of $121 million and net earned premiums of $213 million. Ark’s gross written premiums in the third quarter of 2021 were up 79% from the third quarter of 2020 (prior to White Mountains’s ownership of Ark), with risk-adjusted rate change approximately up 7%. In the first nine months of 2021, Ark reported gross written premiums of $895 million, net written premiums of $726 million and net earned premiums of $436 million. Ark’s gross written premiums in the first nine months of 2021 were up 90% from the first nine months of 2020 (prior to White Mountains’s ownership of Ark), with risk-adjusted rate change up approximately 9%. Ark reported pre-tax income (loss) of $11 million and $(4) million in the third quarter and first nine months of 2021. Ark’s pre-tax loss for the first nine months of 2021 included $25 million of transaction expenses related to White Mountains’s transaction with Ark.

NSM reported pre-tax loss of $2 million, adjusted EBITDA of $19 million, and commission and other revenues of $82 million in the third quarter of 2021 compared to pre-tax loss of $1 million, adjusted EBITDA of $15 million, and commission and other revenues of $71 million in the third quarter of 2020. NSM reported pre-tax loss of $34 million, adjusted EBITDA of $53 million, and commission and other revenues of $241 million in the first nine months of 2021 compared to pre-tax loss of $6 million, adjusted EBITDA of $44 million, and commission and other revenues of $212 million in the first nine months of 2020. On April 12, 2021, NSM sold its Fresh Insurance motor business, which resulted in a loss of $29 million recorded in the first quarter of 2021. Results in the third quarter and first nine months of 2021 include the results of J.C. Taylor, an MGA offering classic and antique collector car insurance, from August 6, 2021, the date of its acquisition. Results in the third quarter and first nine months of 2021 and 2020 include the results of Kingsbridge Group Limited, a leading provider of commercial lines insurance and consulting services to the contingent workforce in the United Kingdom, from April 7, 2020, the date of its acquisition.

Kudu reported pre-tax income of $23 million, adjusted EBITDA of $7 million and total revenues of $29 million in the third quarter of 2021 compared to pre-tax income of $13 million, adjusted EBITDA of $5 million and total revenues of $16 million in the third quarter of 2020. Pre-tax income and total revenues in the third quarter of 2021 included $19 million of net unrealized investment gains on Kudu’s participation contracts compared to $10 million of net unrealized investment gains on Kudu’s participation contracts in the third quarter of 2020. Kudu reported pre-tax income of $70 million, adjusted EBITDA of $19 million and total revenues of $89 million in the first nine months of 2021 compared to pre-tax loss of $9 million, adjusted EBITDA of $14 million and total revenues of $21 million in the first nine months of 2020. Pre-tax income and total revenues in the first nine months of 2021 included $63 million of net unrealized investment gains on Kudu’s participation contracts compared to $2 million of net unrealized investment gains on Kudu’s participation contracts in the first nine months of 2020. In the third quarter of 2021, Kudu deployed $131 million, including transaction costs, in two investment management firms.

White Mountains’s pre-tax total consolidated portfolio return on invested assets was -8.0% in the third quarter of 2021. This return included $397 million of net unrealized investment losses from White Mountains’s investment in MediaAlpha. Excluding MediaAlpha, the total consolidated portfolio return on invested assets was 1.4% in the third quarter of 2021. Excluding MediaAlpha, investment returns in the third quarter were driven primarily by favorable other long-term investments results. White Mountains’s pre-tax total consolidated portfolio return on invested assets was 13.5% in the third quarter of 2020. This return included $305 million of net investment income and unrealized investment gains from White Mountains’s investment in MediaAlpha. Excluding MediaAlpha, the total consolidated portfolio return on invested assets was 2.8% in the third quarter of 2020. Excluding MediaAlpha, investment returns in the third quarter of 2020 were driven primarily by a rebound in equity markets following the decline experienced in the first quarter of 2020 in reaction to the COVID-19 pandemic.

White Mountains’s pre-tax total consolidated portfolio return on invested assets was -3.7% in the first nine months of 2021. This return included $325 million of net realized and unrealized investment losses from White Mountains’s investment in MediaAlpha. Excluding MediaAlpha, the total consolidated portfolio return on invested assets was 4.6% in first nine months of 2021. Excluding MediaAlpha, investment returns in the third quarter were driven primarily by favorable other long-term investment results. White Mountains’s pre-tax total consolidated portfolio return on invested assets was 15.4% in the first nine months of 2020. This return included $355 million of net investment income and unrealized investment gains from White Mountains’s investment in MediaAlpha. Excluding MediaAlpha, the total consolidated portfolio return on invested assets was 2.8% in the first nine months of 2020. Excluding MediaAlpha, returns in the first nine months of 2020 were driven primarily by the impact of the decline in interest rates on fixed income markets.

Adjusted Book Value Per Share

The following table presents White Mountains’s book value per share and reconciles it to adjusted book value per share, a non-GAAP measure. See NON-GAAP FINANCIAL MEASURES on page 85.

	September 30, 2021		June 30,<br> 2021		December 31, 2020		September 30, 2020
Book value per share numerators (in millions):
White Mountains’s common shareholders’ equity -<br>  GAAP book value per share numerator	$	3,521.7	$	3,978.2	$	3,906.0	$	3,407.7
Time value of money discount on expected future<br><br>payments on the BAM Surplus Notes (1)	(128.0)		(132.8)		(142.5)		(144.3)
HG Global’s unearned premium reserve (1)	206.8		201.5		190.0		181.0
HG Global’s net deferred acquisition costs (1)	(58.1)		(56.3)		(52.4)		(49.5)
Adjusted book value per share numerator	$	3,542.4	$	3,990.6	$	3,901.1	$	3,394.9
Book value per share denominators <br>   (in thousands of shares):
Common shares outstanding - GAAP book value per<br>   share denominator	3,029.6		3,109.2		3,102.0		3,102.0
Unearned restricted common shares	(17.0)		(20.6)		(14.8)		(19.3)
Adjusted book value per share denominator	3,012.6		3,088.6		3,087.2		3,082.7
GAAP book value per share	$	1,162.44	$	1,279.49	$	1,259.18	$	1,098.56
Adjusted book value per share	$	1,175.86	$	1,292.03	$	1,263.64	$	1,101.28
Year-to-date dividends paid per share	$	1.00	$	1.00	$	1.00	$	1.00

(1) Amount reflects White Mountains’s preferred share ownership in HG Global of 96.9%.

Goodwill and Other Intangible Assets

The following table presents a summary of goodwill and other intangible assets that are included in White Mountains’s book value as of September 30, 2021, December 31, 2020, and September 30, 2020:

Millions	September 30, 2021			June 30,<br> 2021			December 31, 2020		September 30, 2020
Goodwill:
Ark	$	116.8		$	116.8		$	—	$	—
NSM	529.6		(2)	477.9			506.4		511.8		(4)
Kudu	7.6			7.6			7.6		7.6
Other Operations	17.4			27.1		(3)	11.5		20.7		(5)
Total goodwill	671.4			629.4			525.5		540.1
Other intangible assets:
Ark	175.7			175.7			—		—
NSM	205.2			213.7			230.4		218.5
Kudu	1.4			1.5			1.6		1.7
Other Operations	31.3			23.9			24.9		16.0
Total other intangible assets	413.6			414.8			256.9		236.2
Total goodwill and other intangible assets (1)	1,085			1,044.2			782.4		776.3
Goodwill and other intangible assets attributed to <br>     non-controlling interests	(118.0)			(115.9)			(28.1)		(27.1)
Goodwill and other intangible assets included in <br>     White Mountains’s common shareholders’ equity	$	967.0		$	928.3		$	754.3	$	749.2

(1) See Note 4 — “Goodwill and Other Intangible Assets” for details of goodwill and other intangible assets.

(2) The relative fair values of goodwill and other intangible assets recognized in connection with the acquisition of J.C. Taylor had not yet been finalized at September 30, 2021.

(3) The relative fair values of goodwill and other intangible assets recognized in connection with an acquisition within Other Operations had not yet been finalized at June 30, 2021.

(4) The relative fair values of goodwill and other intangible assets recognized in connection with the acquisition of Kingsbridge had not yet been finalized at September 30, 2020.

(5) The relative fair values of goodwill and other intangible assets recognized in connection with an acquisition within Other Operations had not yet

been finalized at September 30, 2020.

Summary of Consolidated Results

The following table presents White Mountains’s consolidated financial results for the three and nine months ended September 30, 2021 and 2020:

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
Millions	2021		2020		2021		2020
Revenues
Financial Guarantee revenues	$	7.4	$	14.5	$	18.1	$	58.1
P&C Insurance and Reinsurance revenues	217.7		—		457.3		—
Specialty Insurance Distribution revenues	82.3		70.7		241.4		211.8
Asset Management revenues	28.5		16.3		88.8		21.0
Other Operations revenues	(346.0)		358.0		(210.8)		369.0
Total revenues	(10.1)		459.5		594.8		659.9
Expenses
Financial Guarantee expenses	15.4		15.6		49.2		46.8
P&C Insurance and Reinsurance expenses	206.8		—		461.1		—
Specialty Insurance Distribution expenses	83.9		71.9		275.2		218.1
Asset Management expenses	5.2		3.7		18.4		12.1
Other Operations expenses	40.9		47.1		129.6		95.0
Total expenses	352.2		138.3		933.5		372.0
Pre-tax income (loss)
Financial Guarantee pre-tax income (loss)	(8.0)		(1.1)		(31.1)		11.3
P&C Insurance and Reinsurance pre-tax income (loss)	10.9		—		(3.8)		—
Specialty Insurance Distribution pre-tax income (loss)	(1.6)		(1.2)		(33.8)		(6.3)
Asset Management pre-tax income (loss)	23.3		12.6		70.4		8.9
Other Operations pre-tax income (loss)	(386.9)		310.9		(340.4)		274.0
Total pre-tax income (loss)	(362.3)		321.2		(338.7)		287.9
Income tax (expense) benefit	(21.6)		(98.5)		(41.9)		(97.1)
Net income (loss) from continuing operations	(383.9)		222.7		(380.6)		190.8
Net (loss) gain from sale of discontinued operations, net <br>   of tax	—		(.7)		18.7		(.8)
Net income (loss)	(383.9)		222.0		(361.9)		190.0
Net loss attributable to non-controlling interests	12.5		10.9		53.7		29.5
Net income (loss) attributable to White Mountains’s<br>   common shareholders	(371.4)		232.9		(308.2)		219.5
Other comprehensive income (loss), net of tax	(2.2)		3.9		.6		1.0
Comprehensive income (loss)	(373.6)		236.8		(307.6)		220.5
Comprehensive income attributable to non-controlling<br>   interests	.2		(.1)		—		(.3)
Comprehensive income (loss) attributable to White<br>   Mountains’s common shareholders	$	(373.4)	$	236.7	$	(307.6)	$	220.2

I. Summary of Operations By Segment

As of September 30, 2021, White Mountains conducted its operations through five segments: (1) HG Global/BAM, (2) Ark, (3) NSM, (4) Kudu and (5) Other Operations. A discussion of White Mountains’s consolidated investment operations is included after the discussion of operations by segment. White Mountains’s segment information is presented in Note 15 — “Segment Information” to the Consolidated Financial Statements.

As a result of the Ark Transaction, White Mountains began consolidating Ark in its financial statements as of January 1, 2021. See Note 2 — “Significant Transactions”.

HG Global/BAM

The following tables present the components of pre-tax income (loss) included in White Mountains’s HG Global/BAM segment related to the consolidation of HG Global, which includes HG Re and its other wholly-owned subsidiaries, and BAM for the three and nine months ended September 30, 2021 and 2020:

	Three Months Ended September 30, 2021
Millions	HG Global		BAM		Eliminations		Total
Direct written premiums	$	—	$	12.8	$	—	$	12.8
Assumed written premiums	10.9		—		(10.9)		—
Gross written premiums	10.9		12.8		(10.9)		12.8
Ceded written premiums	—		(10.9)		10.9		—
Net written premiums	$	10.9	$	1.9	$	—	$	12.8
Earned insurance premiums	$	5.5	$	1.2	$	—	$	6.7
Net investment income	1.9		2.5		—		4.4
Net investment income - BAM Surplus Notes	3.1		—		(3.1)		—
Net realized and unrealized investment gains	(2.0)		(2.0)		—		(4.0)
Other revenue	.1		.2		—		.3
Total revenues	8.6		1.9		(3.1)		7.4
Insurance acquisition expenses	1.5		1.5		—		3.0
General and administrative expenses	.2		12.2		—		12.4
Interest expense - BAM Surplus Notes	—		3.1		(3.1)		—
Total expenses	1.7		16.8		(3.1)		15.4
Pre-tax income (loss)	$	6.9	$	(14.9)	$	—	$	(8.0)
Supplemental information:
MSC collected (1)	$	—	$	14.7	$	—	$	14.7

(1) MSC are recorded directly to BAM’s equity, which is recorded as non-controlling interest on White Mountains’s balance sheet.

	Three Months Ended September 30, 2020
Millions	HG Global		BAM		Eliminations		Total
Direct written premiums	$	—	$	14.5	$	—	$	14.5
Assumed (ceded) written premiums	12.5		—		(12.5)		—
Gross written premiums	12.5		14.5		(12.5)		14.5
Ceded written premiums	—		(12.5)		12.5		—
Net written premiums	$	12.5	$	2.0	$	—	$	14.5
Earned insurance premiums	$	5.1	$	1.1	$	—	$	6.2
Net investment income	1.8		2.9		—		4.7
Net investment income - BAM Surplus Notes	4.6		—		(4.6)		—
Net realized and unrealized investment gains	—		3.2		—		3.2
Other revenue	.2		.2		—		.4
Total revenues	11.7		7.4		(4.6)		14.5
Insurance acquisition expenses	1.1		.5		—		1.6
General and administrative expenses	.6		13.4		—		14.0
Interest expense - BAM Surplus Notes	—		4.6		(4.6)		—
Total expenses	1.7		18.5		(4.6)		15.6
Pre-tax income (loss)	$	10.0	$	(11.1)	$	—	$	(1.1)
Supplemental information:
MSC collected (1)	$	—	$	15.4	$	—	$	15.4

(1) MSC are recorded directly to BAM’s equity, which is recorded as non-controlling interest on White Mountains’s balance sheet.

	Nine Months Ended September 30, 2021
Millions	HG Global		BAM		Eliminations		Total
Direct written premiums	$	—	$	34.5	$	—	$	34.5
Assumed written premiums	33.4		4.5		(33.4)		4.5
Gross written premiums	33.4		39.0		(33.4)		39.0
Ceded written premiums	—		(33.4)		33.4		—
Net written premiums	$	33.4	$	5.6	$	—	$	39.0
Earned insurance premiums	$	16.1	$	3.5	$	—	$	19.6
Net investment income	5.4		7.8		—		13.2
Net investment income - BAM Surplus Notes	9.1		—		(9.1)		—
Net realized and unrealized investment losses	(9.5)		(6.1)		—		(15.6)
Other revenue	.3		.6		—		.9
Total revenues	21.4		5.8		(9.1)		18.1
Insurance acquisition expenses	4.3		2.2		—		6.5
General and administrative expenses	1.3		41.4		—		42.7
Interest expense - BAM Surplus Notes	—		9.1		(9.1)		—
Total expenses	5.6		52.7		(9.1)		49.2
Pre-tax income (loss)	$	15.8	$	(46.9)	$	—	$	(31.1)
Supplemental information:
MSC collected (1)	$	—	44.8		$	—	$	44.8

(1) MSC are recorded directly to BAM’s equity, which is recorded as non-controlling interest on White Mountains’s balance sheet.

	Nine Months Ended September 30, 2020
Millions	HG Global		BAM		Eliminations		Total
Direct written premiums	$	—	$	45.5	$	—	$	45.5
Assumed (ceded) written premiums	39.1		.1		(39.1)		.1
Gross written premiums	39.1		45.6		(39.1)		45.6
Ceded written premiums	—		(39.1)		39.1		—
Net written premiums	$	39.1	$	6.5	$	—	$	45.6
Earned insurance premiums	$	14.1	$	3.1	$	—	$	17.2
Net investment income	6.1		9.0		—		15.1
Net investment income - BAM Surplus Notes	14.1		—		(14.1)		—
Net realized and unrealized investment gains	12.1		11.6		—		23.7
Other revenue	.3		1.8		—		2.1
Total revenues	46.7		25.5		(14.1)		58.1
Insurance acquisition expenses	3.3		2.1		—		5.4
General and administrative expenses	1.6		39.8		—		41.4
Interest expense - BAM Surplus Notes	—		14.1		(14.1)		—
Total expenses	4.9		56.0		(14.1)		46.8
Pre-tax income (loss)	$	41.8	$	(30.5)	$	—	$	11.3
Supplemental information:
MSC collected (1)	$	—	$	46.9	$	—	$	46.9

(1) MSC are recorded directly to BAM’s equity, which is recorded as non-controlling interest on White Mountains’s balance sheet.

HG Global/BAM Results—Three Months Ended September 30, 2021 versus Three Months Ended September 30, 2020

BAM is required to prepare its financial statements on a statutory accounting basis for the NYDFS and does not report stand-alone GAAP financial results. BAM is owned by its members, the municipalities that purchase BAM’s insurance for their debt issuances. BAM charges an insurance premium on each municipal bond insurance policy it writes. A portion of the premium is MSC and the remainder is a risk premium. In the event of a municipal bond refunding, a portion of the MSC from original issuance can be reutilized, in effect serving as a credit against the total insurance premium on the refunding of the municipal bond. Issuers of debt insured by BAM are members of BAM so long as any of their BAM-insured debt is outstanding, and as members they have certain interests in BAM, including the right to vote for BAM’s directors and to receive dividends in the future, if declared.

Gross written premiums and MSC collected in the HG Global/BAM segment totaled $28 million in the third quarter of 2021 compared to $30 million in the third quarter of 2020. BAM insured $4.0 billion of municipal bonds, $3.8 billion of which were in the primary market, in the third quarter of 2021 compared to $4.7 billion of municipal bonds, $4.4 billion of which were in the primary market, in the third quarter of 2020. Demand remained strong for insured bonds in the primary market, as insured penetration in the primary market was 8.6% in the third quarter of 2021 compared to 8.0% in the third quarter of 2020.

Total pricing, which reflects both gross written premiums and MSC from new business, increased to 69 basis points in the third quarter of 2021 compared to 63 basis points in the third quarter of 2020. See “NON-GAAP FINANCIAL MEASURES” on page 85. The increase in total pricing was driven primarily by an increase in pricing in the primary and secondary markets in the third quarter of 2021. Pricing in the primary market increased to 59 basis points in the third quarter of 2021 compared to 57 basis points in the third quarter of 2020. Pricing in the secondary and assumed reinsurance markets, which is more transaction specific than pricing in the primary market, increased to 309 basis points in the third quarter of 2021 compared to 154 basis points in the third quarter of 2020. Demand remained strong for insured bonds of issuers rated double-A minus or higher.

The following table presents the gross par value of primary and secondary market policies issued, the gross par value of assumed reinsurance, the gross written premiums and MSC collected and total pricing for the three months ended September 30, 2021 and 2020:

	Three Months Ended September 30,
$ in Millions	2021		2020
Gross par value of primary market policies issued	$	3,813.7	$	4,420.8
Gross par value of secondary market policies issued	157.4		318.7
Gross par value of assumed reinsurance	—		—
Total gross par value of market policies issued	$	3,971.1	$	4,739.5
Gross written premiums	$	12.8	$	14.4
MSC collected	14.7		15.4
Total gross written premiums and MSC collected	$	27.5	$	29.8
Present value of future installment MSC collections	—		—
Gross written premium adjustments on existing installment policies	.1		.1
Gross written premiums and MSC from new business	$	27.6	$	29.9
Total pricing	69 bps		63 bps

HG Global reported pre-tax income of $7 million in the third quarter of 2021 compared to pre-tax income of $10 million in the third quarter of 2020. The change in pre-tax income was driven primarily by lower investment returns on the HG Global investment portfolio, as interest rates increased in the third quarter of 2021 resulting in net unrealized losses, and a decrease in interest income on the BAM Surplus Notes. Results in the third quarter of 2021 included $3 million of interest income on the BAM Surplus Notes compared to $5 million in the third quarter of 2020. Interest income on the BAM Surplus Notes decreased due to both a decrease in the balance of the BAM Surplus Notes and a decrease in the interest rate earned on the BAM Surplus Notes in the third quarter of 2021 compared to the third quarter of 2020.

BAM is a mutual insurance company that is owned by its members. BAM’s results are consolidated into White Mountains’s GAAP financial statements and attributed to non-controlling interests. White Mountains reported $15 million of GAAP pre-tax loss from BAM in the third quarter of 2021 compared to $11 million third quarter of 2020. The change in pre-tax loss was driven primarily by lower investment returns on the BAM investment portfolio, as interest rates increased in the third quarter of 2021 resulting in net unrealized losses, partially offset by a decrease in interest expense on the BAM Surplus Notes. Results in the third quarter of 2021 included $3 million of interest expense on the BAM Surplus Notes compared to $5 million in the third quarter of 2020. Interest expense on the BAM Surplus Notes decreased due to both a decrease in the balance of the BAM Surplus Notes and a decrease in the interest rate earned on the BAM Surplus Notes in the third quarter of 2021 compared to the third quarter of 2020. Results in the third quarter of 2021 also included $12 million of general and administrative expenses compared to $13 million in the third quarter of 2020.

COVID-19

BAM expects that investor concerns about the impact of the COVID-19 pandemic should continue to result in both increased insured penetration in the primary market and opportunities in the secondary market. The COVID-19 pandemic is negatively impacting the finances of municipalities to varying degrees, and, over time, financial stress could emerge. BAM’s existing credit portfolio is of high quality and structured to be resilient during economic slowdowns. BAM views consumption-based tax-backed credits (sales, hotel, excise), transportation-related credits (airports, mass transportation, ports and toll roads) and higher education-related credits as those most likely to be affected by pandemic-related impacts on the economy. Combined, these sectors total approximately 17% of BAM’s outstanding insured par. All BAM-insured bond payments due through November 1, 2021 have been made by insureds. BAM currently has no insured bonds on its insured credit watchlist.

HG Global/BAM Results—Nine Months Ended September 30, 2021 versus Nine Months Ended September 30, 2020

Gross written premiums and MSC collected in the HG Global/BAM segment totaled $84 million in the first nine months of 2021 compared to $93 million in the first nine months of 2020. BAM insured $12.6 billion of municipal bonds, $11.2 billion of which were in the primary market, in the first nine months of 2021 compared to $11.8 billion of municipal bonds, $10.1 billion of which were in the primary market, in the first nine months of 2020. In the first quarter of 2021, BAM completed an assumed reinsurance transaction to reinsure municipal bonds with a par value of $805 million. Demand remained strong for insured bonds in the primary market, as insured penetration in the primary market was 8.1% in the first nine months of 2021 compared to 7.1% in the first nine months of 2020.

Total pricing, which reflects both gross written premiums and MSC from new business, decreased to 66 basis points in the first nine months of 2021 compared to 79 basis points in the first nine months of 2020. See “NON-GAAP FINANCIAL MEASURES” on page 85. The decrease in total pricing was driven primarily by a decrease in pricing and the amount of par insured in the secondary market in the first nine months of 2021, partially offset by the assumed reinsurance transaction in the first quarter of 2021. Pricing in the primary market was 56 basis points in both the first nine months of 2021 and 2020. Pricing in the secondary and assumed reinsurance markets, which is more transaction specific than pricing in the primary market, decreased to 150 basis points in the first nine months of 2021 compared to 210 basis points in the first nine months of 2020. Demand remained strong for insured bonds of issuers rated double-A minus or higher.

The following table presents the gross par value of primary and secondary market policies issued, the gross par value of assumed reinsurance, the gross written premiums and MSC collected and total pricing for the nine months ended September 30, 2021 and 2020:

	Nine Months Ended September 30,
$ in Millions	2021		2020
Gross par value of primary market policies issued	$	11,171.2	$	10,125.0
Gross par value of secondary market policies issued	646.6		1,665.7
Gross par value of assumed reinsurance	805.5		36.9
Total gross par value of market policies issued	$	12,623.3	$	11,827.6
Gross written premiums	39.0		$	45.6
MSC collected	44.8		46.9
Total gross written premiums and MSC collected	$	83.8	$	92.5
Present value of future installment MSC collections	—		.3
Gross written premium adjustments on existing installment policies	.1		.1
Gross written premiums and MSC from new business	$	83.9	$	92.9
Total pricing	66 bps		79 bps

HG Global reported pre-tax income of $16 million in the first nine months of 2021 compared to pre-tax income of $42 million in the first nine months of 2020. The change in pre-tax income was driven primarily by lower investment returns on the HG Global investment portfolio, as interest rates rose in the first nine months of 2021 resulting in unrealized losses and declined in the first nine months of 2020 resulting in unrealized gains, and a decrease in interest income on the BAM Surplus Notes. Results in the first nine months of 2021 included $9 million of interest income on the BAM Surplus Notes compared to $14 million in the first nine months of 2020. Interest income on the BAM Surplus Notes decreased due to both a decrease in the balance of the BAM Surplus Notes and a decrease in the interest rate earned on the BAM Surplus Notes in the first nine months of 2021 compared to the first nine months of 2020.

White Mountains reported $47 million of GAAP pre-tax loss from BAM in the first nine months of 2021 compared to $31 million in the first nine months of 2020. The change in pre-tax loss was driven primarily by lower investment returns on BAM’s investment portfolio, as interest rates rose in the first nine months of 2021 resulting in unrealized losses and declined in the first nine months of 2020 resulting in unrealized gains, partially offset by a decrease in interest expense on the BAM Surplus Notes. Results in the first nine months of 2021 included $9 million of interest expense on the BAM Surplus Notes compared to $14 million in the first nine months of 2020. Interest expense on the BAM Surplus Notes decreased due to both a decrease in the balance of the BAM Surplus Notes and a decrease in the interest rate earned on the BAM Surplus Notes in the first nine months of 2021 compared to the first nine months of 2020. Results in the first nine months of 2021 also included $41 million of general and administrative expenses compared to $40 million in the first nine months of 2020.

Claims Paying Resources

BAM’s “claims paying resources” represents the capital and other financial resources BAM has available to pay claims and, as such, is a key indication of BAM’s financial strength.

BAM’s claims paying resources were $1,181 million as of September 30, 2021 compared to $987 million as of December 31, 2020 and $968 million as of September 30, 2020. In the first quarter of 2021, BAM completed a reinsurance agreement with Fidus Re that increased BAM’s claims paying resources by $150 million. The reinsurance agreement with Fidus Re is accounted for using deposit accounting and any related financing expenses are recorded in general and administrative expenses as the agreement does not meet the risk transfer requirements necessary to be accounted for as reinsurance.

The following table presents BAM’s total claims paying resources as of September 30, 2021, December 31, 2020 and September 30, 2020:

Millions	September 30, 2021		December 31, 2020		September 30, 2020
Policyholders’ surplus	$	322.8	$	324.7	$	347.2
Contingency reserve	102.7		86.4		81.6
Qualified statutory capital	425.5		411.1		428.8
Net unearned premiums	48.3		45.2		43.6
Present value of future installment premiums and MSC	13.9		14.0		14.4
HG Re, Ltd. collateral trusts at statutory value	442.8		417.0		381.0
Fidus Re, Ltd. collateral trust at statutory value	250.0		100.0		100.0
Claims paying resources	$	1,180.5	$	987.3	$	967.8

HG Global/BAM Balance Sheets

The following tables present amounts from HG Global, which includes HG Re and its other wholly-owned subsidiaries, and BAM that are contained within White Mountains’s consolidated balance sheet as of September 30, 2021 and December 31, 2020:

	September 30, 2021
Millions	HG Global		BAM		Eliminations and Segment Adjustment		Total
Assets
Fixed maturity investments	$	417.9	$	480.5	$	—	$	898.4
Short-term investments	29.5		20.8		—		50.3
Total investments	447.4		501.3		—		948.7
Cash	3.9		17.9		—		21.8
BAM Surplus Notes	388.2		—		(388.2)		—
Accrued interest receivable on BAM Surplus Notes	164.8		—		(164.8)		—
Deferred acquisition costs	59.9		31.7		(59.9)		31.7
Insurance premiums receivable	4.6		6.9		(4.6)		6.9
Accrued investment income	2.2		3.1		—		5.3
Other assets	—		13.6		(.2)		13.4
Total assets	$	1,071.0	$	574.5	$	(617.7)	$	1,027.8
Liabilities
BAM Surplus Notes(1)	$	—	$	388.2	$	(388.2)	$	—
Accrued interest payable on BAM Surplus Notes(2)	—		164.8		(164.8)		—
Preferred dividends payable to White Mountains’s subsidiaries(3)	385.7		—		—		385.7
Preferred dividends payable to non-controlling interests	13.7		—		—		13.7
Unearned insurance premiums	213.4		43.6		—		257.0
Accrued incentive compensation	.8		20.2		—		21.0
Accounts payable on unsettled investment purchases	—		5.4		—		5.4
Other liabilities	.5		77.6		(64.7)		13.4
Total liabilities	614.1		699.8		(617.7)		696.2
Equity
White Mountains’s common shareholders’ equity	446.8		—		—		446.8
Non-controlling interests	10.1		(125.3)		—		(115.2)
Total equity	456.9		(125.3)		—		331.6
Total liabilities and equity	$	1,071.0	$	574.5	$	(617.7)	$	1,027.8

(1)    Under GAAP, the BAM Surplus Notes are classified as debt by the issuer. Under statutory accounting principles, they are classified as policyholders’ surplus.

(2)    Under GAAP, interest accrues daily on the BAM Surplus Notes. Under statutory accounting principles, interest is not accrued on the BAM Surplus Notes until it has been approved for payment by insurance regulators.

(3)    HG Global preferred dividends payable to White Mountains’s subsidiaries is eliminated in White Mountains’s consolidated financial statements. For segment reporting, the HG Global preferred dividends payable to White Mountains’s subsidiaries included within the HG Global/BAM segment are eliminated against the offsetting receivable included within the Other Operations segment, and therefore are added back to White Mountains’s common shareholders’ equity within the HG Global/BAM segment.

	December 31, 2020
Millions	HG Global		BAM		Eliminations and Segment Adjustment		Total Segment
Assets
Fixed maturity investments	$	415.9	$	443.6	$	—	$	859.5
Short-term investments	16.5		43.9		—		60.4
Total investments	432.4		487.5		—		919.9
Cash	23.8		19.0		—		42.8
BAM Surplus Notes	388.2		—		(388.2)		—
Accrued interest receivable on BAM Surplus Notes	155.7		—		(155.7)		—
Deferred acquisition costs	54.1		27.8		(54.1)		27.8
Insurance premiums receivable	4.4		6.9		(4.4)		6.9
Accrued investment income	2.0		3.0		—		5.0
Other assets	—		15.8		(.4)		15.4
Total assets	$	1,060.6	$	560.0	$	(602.8)	$	1,017.8
Liabilities
BAM Surplus Notes(1)	$	—	$	388.2	$	(388.2)	$	—
Accrued interest payable on BAM Surplus Notes(2)	—		155.7		(155.7)		—
Preferred dividends payable to White Mountains’s subsidiaries(3)	363.9		—		—		363.9
Preferred dividends payable to non-controlling interests	12.7		—		—		12.7
Unearned insurance premiums	196.1		41.4		—		237.5
Other liabilities	2.2		98.0		(58.9)		41.3
Total liabilities	574.9		683.3		(602.8)		655.4
Equity
White Mountains’s common shareholders’ equity	472.2		—		—		472.2
Non-controlling interests	13.5		(123.3)		—		(109.8)
Total equity	485.7		(123.3)		—		362.4
Total liabilities and equity	$	1,060.6	$	560.0	$	(602.8)	$	1,017.8

(1) Under GAAP, the BAM Surplus Notes are classified as debt by the issuer. Under statutory accounting principles, they are classified as policyholders’ surplus.

(2) Under GAAP, interest accrues daily on the BAM Surplus Notes. Under statutory accounting principles, interest is not accrued on the BAM Surplus Notes until it has been approved for payment by insurance regulators.

(3) HG Global preferred dividends payable to White Mountains’s subsidiaries is eliminated in White Mountains’s consolidated financial statements. For segment reporting, the HG Global preferred dividends payable to White Mountains’s subsidiaries included within the HG Global/BAM segment are eliminated against the offsetting receivable included within the Other Operations segment, and therefore are added back to White Mountains’s common shareholders’ equity within the HG Global/BAM segment.

Ark

On January 1, 2021, White Mountains completed the Ark Transaction. See Note 2 — “Significant Transactions”. In the third quarter of 2021, Ark issued $163 million of floating rate unsecured subordinated notes in three separate transactions. See Note 7 — “Debt”. In connection with the issuance of the Ark 2021 Subordinated Notes, White Mountains and Ark terminated White Mountains’s commitment to provide up to $200 million of additional equity capital to Ark.

Ark writes a diversified portfolio of insurance and reinsurance, including property, marine & energy, specialty, accident & health and casualty, through the Syndicates. Beginning in January 2021, Ark began writing certain classes of its business through GAIL.

The following table presents the components of pre-tax loss included in White Mountains’s Ark segment for the three and nine months ended September 30, 2021:

Millions	Three Months Ended September 30, 2021		Nine Months Ended September 30, 2021
Earned insurance and reinsurance premiums	$	213.4	$	435.8
Net investment income	.6		1.8
Net realized and unrealized investment gains	.3		10.3
Other revenues	3.4		9.4
Total revenues	217.7		457.3
Losses and LAE	129.2		247.8
Insurance and reinsurance acquisition expenses	53.7		124.4
General and administrative expenses - other underwriting	13.3		43.6
General and administrative expenses - all other	8.5		40.8
Interest expense	2.1		4.5
Total expenses	206.8		461.1
Pre-tax income (loss)	$	10.9	$	(3.8)

For the years of account prior to the Ark Transaction, a significant proportion of the Syndicates’ underwriting capital was provided by TPC Providers using whole account reinsurance contracts through Ark’s corporate member. The TPC Providers’ economic participation in the Syndicates for the remaining open years of account prior to the Ark Transaction is approximately 51% of the total net result of the Syndicates. Captions within Ark’s results of operations are shown net of amounts relating to the TPC Providers share of the Syndicates’ results, including investment results.

Ark Results—Three Months Ended September 30, 2021

Ark’s GAAP combined ratio was 92% in the third quarter of 2021. The GAAP combined ratio included 23 points of catastrophes, driven primarily by Hurricane Ida (16 points) and the European floods (6 points), partially offset by 6 points of net favorable prior year reserve development, driven primarily by the Property line of business.

Ark’s adjusted combined ratio, which adds back amounts ceded to TPC Providers, was 89% in the third quarter of 2021. The adjusted combined ratio included 21 points of catastrophes, driven primarily by Hurricane Ida (16 points) and the European floods (6 points), partially offset by 6 points of net favorable prior year reserve development, driven primarily by the Property line of business.

Ark reported pre-tax income of $11 million in the third quarter of 2021.

The following table presents Ark’s loss and loss adjustment expense, insurance acquisition expense, other underwriting expense and combined ratios on both a GAAP-basis and an adjusted basis, which adds back amounts ceded to TPC Providers, for the three months ended September 30, 2021:

	Three Months Ended September 30, 2021
$ in Millions	GAAP			TPC Providers’ Share (1)		Adjusted
Insurance premiums:
Gross written premiums	$	162.4		$	—	$	162.4
Net written premiums	$	120.9		$	2.0	$	122.9
Net earned premiums	$	213.4		$	18.2	$	231.6
Insurance expenses:
Loss and loss adjustment expenses	$	129.2		$	9.0	$	138.2
Insurance acquisition expenses	53.7			—		53.7
Other underwriting expenses	13.3			.4		13.7
Total insurance expenses	$	196.2		$	9.4	$	205.6
Ratios:
Loss and loss adjustment expense	60.5		%			59.7		%
Insurance acquisition expense	25.2		%			23.2		%
Other underwriting expense	6.2		%			5.9		%
Combined Ratio	91.9		%			88.8		%

(1) See “NON-GAAP FINANCIAL MEASURES” on page 85.

Gross Written Premiums

The following table presents Ark’s gross written premiums by line of business for the three months ended September 30, 2021 and the three months ended September 30, 2020, which was prior to White Mountains’s ownership of Ark. White Mountains believes this is useful in understanding the underwriting growth in the newly acquired business. Gross written premiums increased 79% to $162 million in the third quarter of 2021 compared to the third quarter of 2020, with risk adjusted rate change up approximately 7%.

	Three Months Ended September 30,
Millions	2021		2020
Property	$	74.7	$	45.2
Specialty	32.0		18.4
Marine & Energy	29.5		15.4
Casualty	17.3		2.2
Accident & Health	8.9		9.5
Total Gross Written Premium	$	162.4	$	90.7

Ark Results—Nine Months Ended September 30, 2021

Ark’s GAAP combined ratio was 95% in the first nine months of 2021. The GAAP combined ratio included 16 points of catastrophe losses, driven primarily by Hurricane Ida (8 points), Winter Storm Uri (5 points) and the European floods (3 points), partially offset by 5 points of net favorable prior year reserve development, driven primarily by the Property, Marine & Energy and Accident & Health lines of business.

Ark’s adjusted combined ratio, which adds back amounts ceded to TPC Providers, was 93% in the first nine months of 2021. The adjusted combined ratio included 16 points of catastrophe losses, driven primarily by Hurricane Ida (7 points), Winter Storm Uri (5 points) and the European floods (3 points), partially offset by 5 points of net favorable prior year reserve development, driven primarily by the Property, Marine & Energy and Accident & Health lines of business.

Ark reported pre-tax loss of $4 million in the first nine months of 2021, which included $25 million of transaction expenses related to the Ark Transaction.

The following table presents Ark’s loss and loss adjustment expense, insurance acquisition expense, other underwriting expense and combined ratios on both a GAAP-basis and an adjusted basis, which adds back amounts ceded to TPC Providers, for the nine months ended September 30, 2021:

	Nine Months Ended September 30, 2021
$ in Millions	GAAP			TPC Providers’ Share (1)		Adjusted
Insurance premiums:
Gross written premiums	$	895.0		$	—	$	895.0
Net written premiums	$	725.5		$	(5.9)	$	719.6
Net earned premiums	$	435.8		$	65.0	$	500.8
Insurance expenses:
Loss and loss adjustment expenses	$	247.8		$	47.2	$	295.0
Insurance acquisition expenses	124.4			—		124.4
Other underwriting expenses	43.6			1.6		45.2
Total insurance expenses	$	415.8		$	48.8	$	464.6
Ratios:
Loss and loss adjustment expense	56.9		%			58.9		%
Insurance acquisition expense	28.5		%			24.8		%
Other underwriting expense	10.0		%			9.0		%
Combined Ratio	95.4		%			92.7		%

(1) See “NON-GAAP FINANCIAL MEASURES” on page 85.

Gross Written Premiums

The following table presents Ark’s gross written premiums by line of business for the first nine months of 2021 and 2020, which was prior to White Mountains’s ownership of Ark. White Mountains believes this is useful in understanding the underwriting growth in the newly acquired business. Gross written premiums increased 90% to $895 million in the first nine months of 2021 compared to the first nine months of 2020, with risk adjusted rate change up approximately 9%.

	For the Nine Months Ended
Millions	September 30, 2021		September 30, 2020
Property	$	355.0	$	177.1
Marine & Energy	219.7		109.8
Specialty	210.5		88.0
Accident & Health	61.7		74.1
Casualty	48.1		22.2
Total Gross Written Premium	$	895.0	$	471.2

Catastrophe Risk Management

Ark has exposure to losses caused by natural catastrophe events including hurricanes, windstorms, earthquakes, floods, wildfires and severe winter weather. Catastrophes can also include large losses driven by public health crises, terrorist attacks, explosions, infrastructure failures and cyber-attacks. The extent of a catastrophe loss is a function of both the severity of the event and total amount of insured exposure affected by the event as well as the unique coverage provided to customers.

Ark seeks to manage its exposure to catastrophic losses by limiting the aggregate insured value of policies in geographic areas with exposure to catastrophic events. To manage, monitor and analyze insured values and potential losses, Ark utilizes proprietary and third-party catastrophe management software to estimate potential losses for many different catastrophe scenarios. As a part of its enterprise risk management function, Ark seeks to protect its downside risk from catastrophes and large loss events by purchasing reinsurance, including excess of loss protections, aggregate covers, and industry loss warranties.

Based upon its business plan for 2021, Ark estimates that its two largest modeled probable maximum loss natural catastrophe scenarios on a net occurrence basis at a 1-in-250-year return period are U.S. windstorm and U.S. earthquake. In each case, the estimated net impact of a 1-in-250-year return period loss is expected to be less than 25% of total tangible capital (shareholders equity and subordinated debt). The net impact is before income tax but after reinstatement premiums, amounts ceded to third-party reinsurers, and amounts ceded to TPC Providers. In addition, Ark also has loss exposures to other global events including, but not limited to, Japanese earthquakes, Japanese windstorms, European windstorms, Southeast U.S. windstorms, and U.S. wildfires.

Ark’s estimates of potential losses are dependent on many variables, including assumptions about demand surge and storm surge, loss adjustment expenses, insurance-to-value and storm intensity in the aftermath of weather-related catastrophes. In addition, in the case of our reinsurance operations, Ark has to account for quality of data provided by ceding companies. Accordingly, if the assumptions are incorrect, the losses Ark might incur from an actual catastrophe could be materially higher than the expectation of losses generated from modeled catastrophe scenarios. There could also be unmodelled losses which exceed the amounts estimated for U.S. windstorm and U.S. earthquake. For a further discussion, see “Risk Factors – Unpredictable catastrophic events could adversely affect our results of operations and financial condition” in White Mountains’s Annual Report on Form 10-K for the year ended December 31, 2020.

NSM

The following table presents the components of GAAP net loss, EBITDA and adjusted EBITDA included in White Mountains’s NSM segment for the three and nine months ended September 30, 2021 and 2020. NSM’s pre-tax loss for the first nine months of 2021 ended September 30, 2021 included a loss of $29 million related to the sale of its Fresh Insurance’s motor business. See Note 2 — “Significant Transactions”.

	Three Months Ended September 30,				Nine Months Ended September 30,
Millions	2021		2020		2021		2020
Commission revenues	$	67.0	$	58.2	$	194.6	$	174.2
Broker commission expenses	20.4		17.1		60.9		56.4
Gross profit	46.6		41.1		133.7		117.8
Other revenues	15.3		12.5		46.8		37.6
General and administrative expenses	48.8		42.9		142.1		131.0
Change in fair value of contingent consideration	.6		.7		.8		(1.6)
Amortization of other intangible assets	8.2		5.1		25.0		16.2
Loss on assets held for sale	—		—		28.7		—
Interest expense	5.9		6.1		17.7		16.1
GAAP pre-tax loss	(1.6)		(1.2)		(33.8)		(6.3)
Income tax (benefit) expense	(.8)		.1		(7.6)		(2.8)
GAAP net loss	(.8)		(1.3)		(26.2)		(3.5)
Add back:
Interest expense	5.9		6.1		17.7		16.1
Income tax (benefit) expense	(.8)		.1		(7.6)		(2.8)
General and administrative expenses — depreciation	1.4		1.2		3.7		2.9
Amortization of other intangible assets	8.2		5.1		25.0		16.2
EBITDA (1)	13.9		11.2		12.6		28.9
Exclude:
Change in fair value of contingent consideration liabilities	.6		.7		.8		(1.6)
Non-cash equity-based compensation expense	.2		1.0		1.3		1.0
Impairments of intangible assets	—		—		—		6.2
Loss on assets held for sale	—		—		28.7		—
Acquisition-related transaction expenses	3.4		.6		3.6		5.6
Investments made in the development of new business lines	.3		.2		.4		.6
Restructuring expenses	.7		1.7		5.1		3.2
Adjusted EBITDA (1)	$	19.1	$	15.4	$	52.5	$	43.9

(1) See “NON-GAAP FINANCIAL MEASURES” on page 85.

NSM Results—Three Months Ended September 30, 2021 versus Three Months Ended September 30, 2020

NSM reported pre-tax loss of $2 million, adjusted EBITDA of $19 million and commission and other revenues of $82 million in the third quarter of 2021 compared to pre-tax loss of $1 million, adjusted EBITDA of $15 million and commission and other revenues of $71 million in the third quarter of 2020. Results for the third quarter of 2021 include the results of J.C. Taylor, an MGA offering classic and antique collector car insurance, from August 6, 2021, the date of its acquisition. See Note 2 — “Significant Transactions”. NSM’s general and administrative expenses were $49 million in the third quarter of 2021 compared to $43 million in the third quarter of 2020. The increase in NSM’s general and administrative expenses in the third quarter of 2021 compared to the third quarter of 2020 was driven primarily by the acquisition of J.C. Taylor and increased technology costs and professional fees related to information systems projects.

NSM’s business consists of over 25 active programs that are broadly categorized into six market verticals. J.C. Taylor was added to the Specialty Transportation vertical in the third quarter of 2021. The following table presents the controlled premium and commission and other revenues by vertical for the three months ended September 30, 2021 and 2020:

	Three Months Ended September 30,
	2021				2020
$ in Millions	Controlled Premium (1)		Commission and Other Revenues		Controlled Premium (1)		Commission and Other Revenues
Specialty Transportation	$	94.2	$	25.7	$	81.6	$	21.9
Real Estate	27.0		6.2		28.5		6.0
Social Services	41.2		10.2		34.6		8.6
Pet	48.3		19.9		35.3		14.7
United Kingdom	53.4		13.0		53.6		13.9
Other	46.1		7.3		32.2		5.6
Total	$	310.2	$	82.3	$	265.8	$	70.7

(1) Controlled Premium are total premiums placed by NSM during the period.

Specialty Transportation: NSM’s specialty transportation controlled premium and commission and other revenues increased 15% and 17%, respectively, in the third quarter of 2021 compared to the third quarter of 2020, driven primarily by the impact of higher commission levels and fees in the collector car and trucking businesses and the acquisition of J.C. Taylor, slightly offset by lower contingent commissions. J.C. Taylor contributed $6 million of controlled premium and $2 million of commission and other revenues from the date of acquisition. The higher commission levels and fees in the collector car business will continue to flow through this program’s results over the balance of the year.

Real Estate: NSM’s real estate controlled premium decreased 5% while commission and other revenues increased 3% in the third quarter of 2021 compared to the third quarter of 2020. The decrease in controlled premiums was driven primarily by declines in both rate and units in the coastal condominium program. The declines in the coastal condominium program were driven primarily by lower insurance carrier capacity available for the program as NSM is transitioning to a new insurance carrier platform. Until additional capacity is raised, the impact of lower capacity in the coastal condominium program will continue to flow through this program’s results over the remainder of the year. The increase in commission and other revenues was driven primarily by profit commission in the excess and surplus habitational program offsetting the decline in controlled premium.

Social Services: NSM’s social services controlled premium and commission and other revenues both increased 19% in the third quarter of 2021 compared to the third quarter of 2020, driven primarily by rate increases and unit growth.

Pet: NSM’s pet controlled premium and commission and other revenues increased 37% and 35%, respectively, in the third quarter of 2021 compared to the third quarter of 2020, driven primarily by substantial growth in units. The increase in commission and other revenues was slightly less than premium as lower rate affinity business grew faster than direct market business.

United Kingdom: NSM’s United Kingdom controlled premium was flat while commission and other revenues decreased 6% in the third quarter of 2021 compared to the third quarter of 2020. Controlled premium was flat as growth in the MGA business offset declines in the brokerage business and from the sale of Fresh Insurance motor business. The decrease in commission and other revenues was driven primarily by the sale of the Fresh Insurance motor business in April 2021 and changes in product mix, as the decline in travel and leisure brokerage programs which have higher commission rates than the MGA business, declined while the MGA business grew.

Other: NSM’s other controlled premium and commission and other revenues increased 43% and 30%, respectively, in the third quarter of 2021 compared to the third quarter of 2020, driven primarily by increases in the workers compensation and staffing markets resulting from the emergence from COVID-19 lockdowns. Commission and other revenues increased less than controlled premium driven primarily by product mix shifts into lower rate retail programs.

COVID-19

The COVID-19 pandemic negatively impacted certain programs (e.g., lower volumes in the travel and outdoor leisure businesses in the United Kingdom) while others have been positively impacted (e.g., higher volumes in pet). Results at NSM could still be negatively impacted in the coming quarters, but White Mountains does not currently anticipate dramatic impacts over the fullness of time.

NSM Results—Nine Months Ended September 30, 2021 versus Nine Months Ended September 30, 2020

NSM reported pre-tax loss of $34 million, adjusted EBITDA of $53 million and commission and other revenues of $241 million in the first nine months of 2021 compared to pre-tax loss of $6 million, adjusted EBITDA of $44 million and commission and other revenues of $212 million in the first nine months of 2020. Results in the first nine months of 2021, include the results of J.C. Taylor, an MGA offering classic and antique collector car insurance, from August 6, 2021, the date of its acquisition. See Note 2 — “Significant Transactions”. NSM’s pre-tax loss in the first quarter of 2021 includes a loss of $29 million related to the sale of its Fresh Insurance motor business. Results in the third quarter and first nine months of 2021 and 2020 include the results of Kingsbridge Group Limited, a leading provider of commercial lines insurance and consulting services to the contingent workforce in the United Kingdom, from April 7, 2020, the date of its acquisition. See Note 2 — “Significant Transactions”. NSM’s general and administrative expenses were $142 million in the first nine months of 2021 compared to $131 million in the first nine months of 2020. The increase in NSM’s general and administrative expenses in the first nine months of 2021 compared to the first nine months of 2020 was driven primarily by the acquisitions of J.C. Taylor and Kingsbridge and increased technology costs and professional fees related to information systems projects.

The following table presents the controlled premium and commission and other revenues by vertical for the nine months ended September 30, 2021 and 2020:

	Nine Months Ended September 30,
	2021				2020
$ in Millions	Controlled Premium (1)		Commission and Other Revenues		Controlled Premium (1)		Commission and Other Revenues
Specialty Transportation	$	261.7	$	73.0	$	240.4	$	66.1
Real Estate	112.1		25.2		142.6		32.7
Social Services	106.3		26.2		88.3		22.2
Pet	137.3		55.6		96.6		39.8
United Kingdom	156.0		39.9		134.0		36.3
Other	126.0		21.5		95.5		14.7
Total	$	899.4	$	241.4	$	797.4	$	211.8

(1) Controlled Premium are total premiums placed by NSM during the period.

Specialty Transportation: NSM’s specialty transportation controlled premium and commission and other revenues increased 9% and 10%, respectively, in the first nine months of 2021 compared to the first nine months of 2020, driven primarily by the impact of higher commission levels and fees, unit growth and the acquisition of J.C. Taylor in the collector car business and higher commission levels in the trucking business, slightly offset by lower contingent commissions. J.C. Taylor contributed $6 million of controlled premium and $2 million of commission and other revenues from the date of acquisition. The higher commission levels and fees in the collector car business will continue to flow through this program’s results over the balance of the year.

Real Estate: NSM’s real estate controlled premium and commission and other revenues decreased 21% and 23%, respectively, in the first nine months of 2021 compared to the first nine months of 2020, driven primarily by declines in both rate and units in the coastal condominium program, partially offset by unit growth in NSM’s excess and surplus habitational program. The declines in the coastal condominium program were driven primarily by lower insurance carrier capacity available for the program as NSM is transitioning to a new insurance carrier platform. Until additional capacity is raised, the impact of lower capacity in the coastal condominium program will continue to flow through this program’s results over the remainder of the year.

Social Services: NSM’s social services controlled premium and commission and other revenues increased 20% and 18%, respectively, in the first nine months of 2021 compared to the first nine months of 2020, driven primarily by rate increases and unit growth.

Pet: NSM’s pet controlled premium and commission and other revenues increased 42% and 40%, respectively, in the first nine months of 2021 compared to the first nine months of 2020, driven by substantial growth in units. The increase in commission and other revenues was slightly less than premium as lower rate affinity business grew faster than direct market business.

United Kingdom: NSM’s United Kingdom controlled premium and commission and other revenues increased 16% and 10%, respectively, in the first nine months of 2021 compared to the first nine months of 2020, driven primarily by the acquisition of Kingsbridge and growth in the MGA business. Excluding Kingsbridge, which was acquired on April 7, 2020, United Kingdom controlled premium increased 6% in the first nine months of 2021 compared to the first nine months of 2020, as the COVID-19 pandemic restrictions in the United Kingdom began to lift and unit growth increased in the MGA business partially offset by declines in the brokerage business and from the sale of Fresh Insurance motor business. Excluding Kingsbridge, commission and other revenues declined 5% due to the sale of the Fresh Insurance motor business in April 2021 and changes in product mix, as a decline in travel and leisure brokerage programs, which have higher commission rates than the MGA business, declined while the MGA business grew.

Other: NSM’s other controlled premium and commission and other revenues increased 32% and 46%, respectively, in the first nine months of 2021 compared to the first nine months of 2020, driven primarily by increases in the workers compensation and staffing markets resulting from the emergence of COVID-19 lockdowns. Commission and other revenues increased more than controlled premium due to product mix shifts into higher rate workers compensation and an increase in contingent commissions.

Kudu

During the third quarter of 2021, Kudu deployed $131 million, including transaction costs, into two investment management firms: Third Eye Capital, a Canadian private credit manager, and Douglass Winthrop Advisors, a New York-based registered investment advisor. During the nine months ended September 30, 2021, Kudu also deployed $12 million into two of its existing portfolio companies. As of September 30, 2021, Kudu has deployed a total of $529 million, including transaction costs, in 15 asset and wealth management firms globally, which have combined assets under management of approximately $60 billion, spanning a range of asset classes, including real estate, real assets, wealth management, hedge funds, private equity, and alternative credit strategies. Kudu’s capital was deployed at an average gross cash yield at inception of 10.0%.

On March 23, 2021, Kudu replaced its existing secured bank facility with the Kudu Credit Facility. Subject to maximum LTV levels, the total borrowing capacity of the Kudu Credit Facility is $300 million (which includes the current advanced amount of $203 million). See Note 7 — “Debt”.

The following table presents the components of GAAP net income, EBITDA and adjusted EBITDA included in White Mountains’s Kudu segment for the three and nine months ended September 30, 2021 and 2020:

	Three Months Ended September 30,				Nine Months Ended September 30,
Millions	2021		2020		2021		2020
Net investment income	$	9.5	$	6.4	$	26.1	$	19.3
Net unrealized investment gains	18.9		9.8		62.5		1.5
Other revenues	.1		.1		.2		.2
Total revenues	28.5		16.3		88.8		21.0
General and administrative expenses	3.3		2.2		9.0		7.5
Amortization of other intangible assets	—		.1		.2		.3
Interest expense	1.9		1.4		9.2		4.3
Total expenses	5.2		3.7		18.4		12.1
GAAP pre-tax income	23.3		12.6		70.4		8.9
Income tax expense	7.9		3.8		25.4		3.2
GAAP net income	15.4		8.8		45.0		5.7
Add back:
Interest expense	1.9		1.4		9.2		4.3
Income tax expense	7.9		3.8		25.4		3.2
Amortization of other intangible assets	—		.1		.2		.3
EBITDA (1)	25.2		14.1		79.8		13.5
Exclude:
Net unrealized investment gains	(18.9)		(9.8)		(62.5)		(1.5)
Non-cash equity-based compensation expense	.2		.1		.4		.1
Acquisition-related transaction expenses	.9		.1		.9		1.6
Adjusted EBITDA (1)	$	7.4	$	4.5	$	18.6	$	13.7

(1) See “NON-GAAP FINANCIAL MEASURES” on page 85.

Kudu Results—Three Months Ended September 30, 2021 versus Three Months Ended September 30, 2020

Kudu reported pre-tax income of $23 million, adjusted EBITDA of $7 million and total revenues of $29 million in the third quarter of 2021 compared to pre-tax income of $13 million, adjusted EBITDA of $5 million and total revenues of $16 million in the third quarter of 2020. Pre-tax income and total revenues in the third quarter of 2021 included $19 million of net unrealized investment gains on Kudu’s Participation Contracts compared to $10 million in the third quarter of 2020. The increase in net unrealized investment gains on Kudu’s Participation Contracts was driven primarily by asset growth, the performance of Kudu’s underlying asset management businesses and the expected value to be received in potential sale transactions. Pre-tax income and total revenues in the third quarter of 2021 included $10 million of net investment income compared to $6 million in the third quarter of 2020. The increase in net investment income was driven primarily by amounts earned from the $205 million (including approximately $3 million of transaction costs) in new deployments that Kudu made subsequent to the second quarter of 2020.

COVID-19

Over time, Kudu’s revenues will fluctuate with increases and decreases in assets under management and fee levels at Kudu’s underlying asset management businesses, which are impacted by increases and decreases in financial markets, such as those experienced during 2020 in response to the COVID-19 pandemic. Kudu’s portfolio diversification, in particular its emphasis on private capital and its de-emphasis on long-only strategies, should continue to provide some downside protection to financial market declines.

Kudu Results—Nine Months Ended September 30, 2021 versus Nine Months Ended September 30, 2020

Kudu reported pre-tax income of $70 million, adjusted EBITDA of $19 million and total revenues of $89 million in the first nine months of 2021 compared to pre-tax income of $9 million, adjusted EBITDA of $14 million and total revenues of $21 million in the first nine months of 2020. Pre-tax income in the first nine months of 2021 included $63 million of net unrealized investment gains on Kudu’s Participation Contracts compared to $2 million in the first nine months of 2020. The increase in net unrealized investment gains on Kudu’s Participation Contracts was driven primarily by asset growth, the performance of Kudu’s underlying asset management businesses and the expected value to be received in potential sale transactions. Pre-tax income and total revenues in the first nine months of 2021 included $26 million of net investment income compared to $19 million in the first nine months of 2020. The increase in net investment income was driven primarily by amounts earned from the $264 million (including approximately $4 million of transaction costs) in new deployments that Kudu made in 2020 and 2021.

Other Operations

The following table presents a summary of White Mountains’s financial results from its Other Operations segment for the three and nine months ended September 30, 2021 and 2020:

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
Millions	2021		2020		2021		2020
Net investment income	$	5.0	$	60.1	$	16.1	$	79.3
Net realized and unrealized investment gains (losses)	15.3		43.6		34.0		(17.4)
Net realized and unrealized investment (losses) gains from <br>   investment in MediaAlpha	(396.8)		250.0		(325.5)		295.0
Commission revenues	2.4		2.1		7.0		6.1
Other revenues	28.1		2.2		57.6		6.0
Total revenues	(346.0)		358.0		(210.8)		369.0
Cost of sales	24.0		2.3		45.9		6.5
General and administrative expenses	14.5		44.3		79.7		87.1
Amortization of other intangible assets	2.0		.2		2.9		.6
Interest expense	.4		.3		1.1		.8
Total expenses	40.9		47.1		129.6		95.0
Pre-tax (loss) income	$	(386.9)	$	310.9	$	(340.4)	$	274.0

Other Operations Results—Three Months Ended September 30, 2021 versus Three Months Ended September 30, 2020

White Mountains’s Other Operations segment reported pre-tax (loss) income of $(387) million in the third quarter of 2021 compared to $311 million in the third quarter of 2020. White Mountains’s Other Operations segment reported net realized and unrealized investment (losses) gains from its investment in MediaAlpha of $(397) million in the third quarter of 2021 compared to $250 million in the third quarter of 2020. Excluding MediaAlpha, White Mountains’s Other Operations segment reported net realized and unrealized investment gains of $15 million in the third quarter of 2021 compared to $44 million in the third quarter of 2020. White Mountains’s Other Operations segment reported net investment income of $5 million in the third quarter of 2021 compared to $60 million in the third quarter of 2020. The decrease in net investment income was driven primarily by $55 million of net proceeds received from a dividend recapitalization at MediaAlpha in the third quarter of 2020. See Summary of Investment Results on page 76.

The Other Operations segment reported $28 million of other revenues in the third quarter of 2021 compared to $2 million in the third quarter of 2020. The Other Operations segment reported $24 million of cost of sales in the third quarter of 2021 compared to $2 million in the third quarter of 2020. The increases in other revenues and cost of sales were driven primarily by an acquisition within the Other Operations segment.

The Other Operations segment reported general and administrative expenses of $15 million in the third quarter of 2021 compared to $44 million in the third quarter of 2020. The decrease in general and administrative expenses was driven primarily by lower incentive compensation costs.

Other Operations Results—Nine Months Ended September 30, 2021 versus Nine Months Ended September 30, 2020

White Mountains’s Other Operations segment reported pre-tax (loss) income of $(340) million in the first nine months of 2021 compared to $274 million in the first nine months of 2020. White Mountains’s Other Operations segment reported net realized and unrealized investment (losses) gains from its investment in MediaAlpha of $(326) million in the first nine months of 2021 compared to $295 million in the first nine months of 2020. Excluding MediaAlpha, White Mountains’s Other Operations segment reported net realized and unrealized investment gains (losses) of $34 million in the first nine months of 2021 compared to $(17) million in the first nine months of 2020. White Mountains’s Other Operations segment reported net investment income of $16 million in the first nine months of 2021 compared to $79 million in the first nine months of 2020. The decrease in net investment income was driven primarily by $55 million of net proceeds received from a dividend recapitalization at MediaAlpha in the first nine months of 2020. See Summary of Investment Results on page 76.

The Other Operations segment reported $58 million of other revenues in the first nine months of 2021 compared to $6 million in the first nine months of 2020. The Other Operations segment reported $46 million of cost of sales in the first nine months of 2021 compared to $7 million in the first nine months of 2020. The increases in other revenues and cost of sales were driven primarily by a new acquisition within the Other Operations segment.

The Other Operation segment reported general and administrative expenses of $80 million in the first nine months of 2021 compared to $87 million in the first nine months of 2020. The decrease in general and administrative expenses was driven primarily by lower incentive compensation costs.

II. Summary of Investment Results

White Mountains’s total investment results include results from all segments. For purposes of discussing rates of return, all percentages are presented gross of management fees and trading expenses and are calculated before any adjustments for TPC Providers in order to produce a better comparison to benchmark returns.

Gross Investment Returns and Benchmark Returns

Prior to the MediaAlpha IPO, White Mountains’s investment in MediaAlpha was presented within other long-term investments. Subsequent to the MediaAlpha IPO, White Mountains presents its investment in MediaAlpha in a separate line item on the balance sheet. Amounts for periods prior to the MediaAlpha IPO have been reclassified to be comparable to the current period.

The following table presents the pre-tax investment returns for White Mountains’s consolidated portfolio for the three and nine months ended September 30, 2021 and 2020:

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2021		2020		2021		2020
Fixed income investments	—	%	0.8	%	(0.1)	%	4.4	%
Bloomberg Barclays U.S. Intermediate Aggregate Index	—	%	0.5	%	(0.8)	%	5.2	%
Common equity securities	1.2	%	7.9	%	7.0	%	1.6	%
Investment in MediaAlpha	(55.6)	%	135.5	%	(51.8)	%	197.2	%
Other long-term investments	4.0	%	2.0	%	14.5	%	(1.4)	%
Total common equity securities, investment in MediaAlpha and other long-term investments	(17.2)	%	34.2	%	(8.2)	%	33.5	%
Total common equity securities and other long-term investments	3.7	%	5.4	%	13.5	%	0.9	%
S&P 500 Index (total return)	0.6	%	8.9	%	15.9	%	5.6	%
Total consolidated portfolio	(8.0)	%	13.5	%	(3.7)	%	15.4	%
Total consolidated portfolio - excluding MediaAlpha	1.4	%	2.8	%	4.6	%	2.8	%

Investment Returns—Three and Nine Months Ended September 30, 2021 versus Three and Nine Months Ended September 30, 2020

White Mountains’s pre-tax total consolidated portfolio return on invested assets was -8.0% in the third quarter of 2021. This return included $397 million of net unrealized investment losses from White Mountains’s investment in MediaAlpha. Excluding MediaAlpha, the total consolidated portfolio return on invested assets was 1.4% in the third quarter of 2021. Excluding MediaAlpha, investment returns in the third quarter were driven primarily by favorable other long-term investments results. White Mountains’s pre-tax total consolidated portfolio return on invested assets was 13.5% in the third quarter of 2020. This return included $305 million of net investment income and unrealized investment gains from White Mountains’s investment in MediaAlpha. Excluding MediaAlpha, the total consolidated portfolio return on invested assets was 2.8% in the third quarter of 2020. Excluding MediaAlpha, investment returns in the third quarter of 2020 were driven primarily by a rebound in equity markets following the decline experienced in the first quarter of 2020 in reaction to the COVID-19 pandemic.

White Mountains’s pre-tax total consolidated portfolio return on invested assets was -3.7% in the first nine months of 2021. This return included $325 million of net realized and unrealized investment losses from White Mountains’s investment in MediaAlpha. Excluding MediaAlpha, the total consolidated portfolio return on invested assets was 4.6% in first nine months of 2021. Excluding MediaAlpha, investment returns in the third quarter were driven primarily by favorable other long-term investment results. White Mountains’s pre-tax total consolidated portfolio return on invested assets was 15.4% in the first nine months of 2020. This return included $355 million of net investment income and unrealized investment gains from White Mountains’s investment in MediaAlpha. Excluding MediaAlpha, the total consolidated portfolio return on invested assets was 2.8% in the first nine months of 2020. Excluding MediaAlpha, returns in the first nine months of 2020 were driven primarily by the impact of the decline in interest rates on fixed income markets.

Fixed Income Results

White Mountains’s fixed income portfolio, including short-term investments, was $2.4 billion and $1.4 billion as of September 30, 2021 and December 31, 2020. The increase was driven primarily by the inclusion of invested assets relating to the Ark Transaction. The duration of White Mountains’s fixed income portfolio, including short-term investments, was 2.5 years and 3.2 years as of September 30, 2021 and December 31, 2020. White Mountains’s fixed income portfolio includes fixed maturity investments and short-term investments in the HG Re Collateral Trusts of $447 million and $432 million as of September 30, 2021 and December 31, 2020.

White Mountains’s fixed income portfolio return was flat in the third quarter of 2021 compared to 0.8% in the third quarter of 2020, in line with and outperforming the Bloomberg Barclays U.S. Intermediate Aggregate Index returns of 0.0% and 0.5% for the comparable periods. White Mountains’s fixed income portfolio returned -0.1% in the first nine months of 2021 compared to 4.4% in the first nine months of 2020, outperforming and underperforming the Bloomberg Barclays U.S. Intermediate Aggregate Index returns of -0.8% and 5.2% for the comparable periods.

The results in the third quarter and first nine months of 2021 were driven primarily by the short duration positioning of White Mountains’s fixed income portfolio as interest rates increased during the period, partially offset by currency losses. The results in the third quarter of 2020 were driven primarily by the impact of White Mountains’s overweight positioning to investment grade corporate bonds as credit spreads tightened during the period. The results in the first nine months of 2020 were driven primarily by the short duration positioning of White Mountains’s fixed income portfolio as interest rates declined significantly during the period.

Common Equity Securities, Investment in MediaAlpha and Other Long-Term Investments Results

White Mountains’s portfolio of common equity securities, its investment in MediaAlpha and other long-term investments was $1.8 billion and $1.6 billion as of September 30, 2021 and December 31, 2020, which represented 42% and 54% of total invested assets. See Note 3 — “Investment Securities”. The change was driven primarily by an increase in the fair value of Kudu’s Participation Contracts, the inclusion of invested assets relating to the Ark Transaction and the addition of a bank loan fund at Ark, partially offset by a decline in the fair value of White Mountains’s investment in MediaAlpha.

White Mountains’s portfolio of common equity securities, its investment in MediaAlpha and other long-term investments returned -17.2% in the third quarter of 2021, driven primarily by $397 million of unrealized investment losses from MediaAlpha. White Mountains’s portfolio of common equity securities and other long-term investments returned 3.7% in the third quarter of 2021. White Mountains’s portfolio of common equity securities, its investment in MediaAlpha and other long-term investments returned 34.2% in the third quarter of 2020, which included $305 million of net investment income and unrealized investment gains from MediaAlpha. White Mountains’s portfolio of common equity securities and other long-term investments returned 5.4% in the third quarter of 2020.

White Mountains’s portfolio of common equity securities, its investment in MediaAlpha and other long-term investments returned -8.2% in the first nine months of 2021, driven primarily by $325 million of net realized and unrealized investment losses from MediaAlpha. White Mountains’s portfolio of common equity securities and other long-term investments returned 13.5% in the first nine months of 2021. White Mountains’s portfolio of common equity securities, its investment in MediaAlpha and other long-term investments returned 33.5% in the first nine months of 2020, which included $355 million of net investment income and unrealized investment gains from MediaAlpha. White Mountains’s portfolio of common equity securities and other long-term investments returned 0.9% in the first nine months of 2020.

During the second half of 2020, White Mountains sold its portfolio of common equity securities, including its portfolio of ETFs and international common equity securities, in anticipation of funding the Ark Transaction. Following the Ark Transaction, White Mountains’s portfolio of common equity securities consists of international listed funds held in the Ark portfolio. As of September 30, 2021, the fair value of White Mountains’s international listed funds was $160 million.

White Mountains’s portfolio of common equity securities returned 1.2% in the third quarter of 2021 compared to 7.9% in the third quarter of 2020, outperforming and underperforming the S&P 500 Index returns of 0.6% and 8.9% for the comparable periods. White Mountains’s portfolio of common equity securities returned 7.0% in the first nine months of 2021 compared to 1.6% in the first nine months of 2020, underperforming the S&P 500 Index returns of 15.9% and 5.6% for the comparable periods. The results for the third quarter and first nine months of 2021 were driven primarily by relative outperformance and underperformance in White Mountains’s non-U.S. common equity positions versus the S&P 500 Index for these periods. The results for the third quarter and first nine months of 2020 were driven primarily by relative underperformance in White Mountains’s non-U.S. common equity positions versus the S&P 500 Index for these periods.

Historically, White Mountains’s portfolio of ETFs was designed to provide investment results that generally corresponded to the performance of the S&P 500 Index. White Mountains’s portfolio of ETFs was fully liquidated in the fourth quarter of 2020. In the third quarter and first nine months of 2020, White Mountains’s portfolio of ETFs essentially earned the effective index return, before expenses. White Mountains also maintained relationships with a small number of third-party registered investment advisers (the “actively managed common equity portfolio”), who primarily invested in non-U.S. equity securities through unit trusts. At the end of the third quarter of 2020, White Mountains fully redeemed its actively managed common equity portfolio. White Mountains’s actively managed common equity portfolio returned 4.7% in the third quarter of 2020, underperforming the S&P 500 Index return of 8.9%. White Mountains’s actively managed common equity portfolio returned -11.0% in the first nine months of 2020, underperforming the S&P 500 Index returns of 5.6%.

White Mountains maintains a portfolio of other long-term investments that consists primarily of unconsolidated entities, including Kudu’s Participation Contracts, private equity funds, a hedge fund, Lloyd’s trust deposits, a bank loan fund, ILS funds and private debt investments. White Mountains’s portfolio of other long-term investments was $1.3 billion and $787 million as of September 30, 2021 and December 31, 2020. The change in other long-term investments was driven primarily by an increase in the fair value of Kudu’s Participation Contracts, the inclusion of invested assets relating to the Ark Transaction and the addition of a bank loan fund at Ark.

White Mountains’s other long-term investments portfolio returned 4.0% in the third quarter of 2021 compared to 2.0% in the third quarter of 2020. Investment returns for the third quarter of 2021 were driven primarily by $28 million of net investment income and unrealized investment gains from Kudu’s Participation Contracts, a $10 million increase in the fair value of White Mountains’s investment in PassportCard/DavidShield and net investment income and realized and unrealized investment gains from private equity funds. Investment returns from Kudu’s Participation Contracts were driven primarily by asset growth, the performance of Kudu’s underlying asset management businesses and the expected value to be received in potential sale transactions. Investment returns from White Mountains’s investment in PassportCard/DavidShield were driven primarily by growth in leisure travel premiums and commission revenues as the global economy recovered from the COVID-19 pandemic. Investment returns in the third quarter of 2020 included $16 million of net investment income and unrealized investment gains from Kudu’s Participation Contracts, partially offset by net realized and unrealized investment losses from private equity funds.

White Mountains’s other long-term investments portfolio returned 14.5% in the first nine months of 2021 compared to -1.4% in the first nine months of 2020. Investment returns for the first nine months of 2021 were driven primarily by $89 million of net investment income and unrealized investment gains from Kudu’s Participation Contracts, a $10 million increase in the fair value of White Mountains’s investment in PassportCard/DavidShield and realized and unrealized investment gains from private equity funds. Investment returns from Kudu’s Participation Contracts were driven primarily by asset growth, the performance of Kudu’s underlying asset management businesses and the expected value to be received in potential sale transactions. Investment returns from PassportCard/DavidShield were driven primarily by growth in leisure travel premiums and commission revenues as the global economy recovered from the COVID-19 pandemic. Investment returns for the first nine months of 2020 were driven primarily by a $10 million decrease in the fair value of White Mountains’s investment in PassportCard/DavidShield, where the global slowdown in travel activity in reaction to the COVID-19 pandemic caused a significant decline in leisure travel premium and commission revenues and net realized and unrealized investment losses from private equity funds and a private debt investment, partially offset by net investment income from Kudu’s Participation Contracts.

Foreign Currency Exposure

As of September 30, 2021, White Mountains had foreign currency exposure on $275 million of net assets primarily related to NSM’s U.K.-based operations, Kudu’s non-U.S. Participation Contracts, Ark’s non-U.S. business and certain other foreign consolidated and unconsolidated entities.

The following table presents the fair value of White Mountains’s foreign denominated net assets by segment as of September 30, 2021:

Currency <br>$ in Millions	NSM		Kudu		Other Operations		Ark		Total Fair Value		% of Total Shareholders’ Equity
GBP	$	123.4	$	—	$	—	$	16.8	$	140.2	3.8	%
CAD	—		79.5		—		29.6		109.1		3.0	%
AUD	—		43.7		—		12.4		56.1		1.5	%
EUR	—		—		22.1		(57.1)		(35.0)		(1.0)	%
All other	—		—		4.4		—		4.4		.2	%
Total	$	123.4	$	123.2	$	26.5	$	1.7	$	274.8	7.5	%

Income Taxes

The Company and its Bermuda domiciled subsidiaries are not subject to Bermuda income tax under current Bermuda law. In the event there is a change in the current law and taxes are imposed, the Company and its Bermuda domiciled subsidiaries would be exempt from such tax until March 31, 2035 pursuant to the Bermuda Exempted Undertakings Tax Protection Act of 1966. The Company has subsidiaries and branches that operate in various other jurisdictions around the world that are subject to tax in the jurisdictions in which they operate.  The jurisdictions in which the Company’s subsidiaries and branches are subject to tax are Ireland, Israel, Luxembourg, the United Kingdom and the United States.

White Mountains’s income tax expense related to pre-tax loss from continuing operations for the three and nine months ended September 30, 2021 represented an effective tax rate of (6)% and (12)%. The effective tax rate was different from the U.S. statutory rate of 21%, due to losses in jurisdictions with lower tax rates than the United States, a full valuation allowance on net deferred tax assets in certain U.S. operations, consisting of the WM Adams, Inc. consolidated tax group included within the Other Operations segment and BAM, and state income taxes. For the nine months ended September 30, 2021, the effective rate was also different from the U.S. statutory rate of 21% due to additional tax expense related to the revaluation of U.K. deferred tax assets and liabilities. On June 10, 2021, the U.K. enacted an increase in its corporate tax rate from 19% to 25% for periods after April 1, 2023. On June 30, 2021, White Mountains increased its net U.K. deferred tax liability to reflect the higher tax rate on temporary differences projected to reverse after the new rate becomes effective.

White Mountains’s income tax expense related to pre-tax income from continuing operations for the three and nine months ended September 30, 2020 represented an effective tax rate of 31% and 34%. The effective tax rate was different from the U.S. statutory rate of 21% due to tax expense associated with the reorganization of the Guilford Holdings, Inc. consolidated U.S. tax group included within the Other Operations segment in preparation for the MediaAlpha IPO and state income taxes, partially offset by income generated in jurisdictions with lower tax rates than the United States. The additional tax expense associated with the reorganization of the Guilford Holdings, Inc. consolidated U.S. tax group consisted of withholding taxes and the establishment of a partial valuation allowance on deferred tax assets of various service companies, other entities and investments.

Discontinued Operations

In the first quarter of 2021, White Mountains recorded an $18 million gain within discontinued operations as a result of reversing a liability arising from the tax indemnification provided in connection with the sale of Sirius Group in 2016. The liability related to certain interest deductions claimed by Sirius Group that had been disputed by the Swedish Tax Agency (STA). In April 2021, the STA informed the Swedish Administrative Court of Appeal that Sirius Group should prevail in its appeal (and that the interest deductions should not be disallowed). In June 2021, the Swedish Administrative Court of Appeal ruled in Sirius Group’s favor.

LIQUIDITY AND CAPITAL RESOURCES

Operating Cash and Short-term Investments

Holding Company Level

The primary sources of cash for the Company and certain of its intermediate holding companies are expected to be distributions from its insurance, reinsurance and other operating subsidiaries, net investment income, proceeds from sales, repayments and maturities of investments, capital raising activities and, from time to time, proceeds from sales of operating subsidiaries. The primary uses of cash are expected to be general and administrative expenses, purchases of investments, payments to tax authorities, payments on and repurchases/retirements of its debt obligations, dividend payments to holders of the Company’s common shares, distributions to non-controlling interest holders of consolidated subsidiaries, contributions to operating subsidiaries and, from time to time, purchases of operating subsidiaries and repurchases of the Company’s common shares.

Operating Subsidiary Level

The primary sources of cash for White Mountains’s insurance, reinsurance and other operating subsidiaries are expected to be premium and fee collections, commissions, net investment income, proceeds from sales, repayments and maturities of investments, contributions from holding companies and capital raising activities. The primary uses of cash are expected to be claim payments, policy acquisition costs, general and administrative expenses, broker commission expenses, insurance acquisition expenses, loss payments, costs of sales, purchases of investments, payments to tax authorities, payments on and repurchases/retirements of its debt obligations, distributions made to holding companies, distributions to non-controlling interest holders and, from time to time, purchases of operating subsidiaries.

Both internal and external forces influence White Mountains’s financial condition, results of operations and cash flows. Claim settlements, premium and fee levels, loss payments, cost of sales and investment returns may be impacted by changing rates of inflation and other economic conditions. Some time may lapse between the occurrence of an insured loss, the reporting of the loss to White Mountains’s operating subsidiaries and the settlement of the liability for that loss. The exact timing of the payment of losses and benefits cannot be predicted with certainty. White Mountains’s insurance and reinsurance operating subsidiaries maintain portfolios of invested assets with varying maturities and a substantial amount of cash and short-term investments to provide adequate liquidity for the payment of claims.

Management believes that White Mountains’s cash balances, cash flows from operations and routine sales and maturities of investments are adequate to meet expected cash requirements for the foreseeable future on both a holding company and insurance, reinsurance and other operating subsidiary level.

Dividend Capacity

The following is a description of the dividend capacity of White Mountains’s insurance, reinsurance and other operating subsidiaries:

HG Global/BAM

As of September 30, 2021, HG Global had $619 million face value of preferred shares outstanding, of which White Mountains owned 96.9%. Holders of the HG Global preferred shares receive cumulative dividends at a fixed annual rate of 6.0% on a quarterly basis, when and if declared by HG Global. During the nine months ended September 30, 2021, HG Global declared and paid a $22 million preferred dividend, of which White Mountains received $21 million. As of September 30, 2021, HG Global has accrued $399 million of dividends payable to holders of its preferred shares, $386 million of which is payable to White Mountains and is eliminated in consolidation. As of September 30, 2021, HG Global and its subsidiaries had $1 million of cash outside of HG Re.

HG Re is a Special Purpose Insurer subject to regulation and supervision by the BMA, but it does not require regulatory approval to pay dividends. However, HG Re’s dividend capacity is limited to amounts held outside of the Collateral Trusts pursuant to the FLRT with BAM. As of September 30, 2021, HG Re had $758 million of statutory capital and surplus and $845 million of assets held in the Collateral Trusts pursuant to the FLRT with BAM.

On a monthly basis, BAM deposits cash equal to ceded premiums, net of ceding commissions, due to HG Re under the FLRT directly into the Regulation 114 Trust.  The Regulation 114 Trust target balance is equal to gross ceded unearned premiums and unpaid ceded loss and LAE expenses, if any.  If, at the end of any quarter, the Regulation 114 Trust balance is below the target balance, funds will be withdrawn from the Supplemental Trust and deposited into the Regulation 114 Trust in an amount equal to the shortfall.  If, at the end of any quarter, the Regulation 114 Trust balance is above 102% of the target balance, funds will be withdrawn from the Regulation 114 Trust and deposited into the Supplemental Trust.

The Supplemental Trust Target Balance is $603 million, less the amount of cash and securities in the Regulation 114 Trust in excess of its target balance.  If, at the end of any quarter, the Supplemental Trust balance exceeds the Supplemental Trust Target Balance, such excess may be distributed to HG Re.  The distribution will be made first as an assignment of accrued interest on the BAM Surplus Notes and second in cash and/or fixed income securities.  As the BAM Surplus Notes are repaid over time, the BAM Surplus Notes will be replaced in the Supplemental Trust by cash and fixed income securities.

As of September 30, 2021, the Collateral Trusts held assets of $845 million, which included $450 million of cash and investments, $388 million of BAM Surplus Notes and $7 million of interest receivable on the BAM Surplus Notes.

As of September 30, 2021, HG Re had $2 million of cash and investments and $121 million of accrued interest on the BAM Surplus Notes held outside the Collateral Trusts.

Through 2024, the interest rate on the BAM Surplus Notes is a variable rate equal to the one-year U.S. Treasury rate plus 300 basis points, set annually. During 2021, the interest rate on the BAM Surplus Notes is 3.1%. Beginning in 2025, the interest rate will be fixed at the higher of the then current variable rate or 8.0%. BAM is required to seek regulatory approval to pay interest and principal on the BAM Surplus Notes only to the extent that its remaining qualified statutory capital and other capital resources continue to support its outstanding obligations, its business plan and its “AA/stable” rating from Standard & Poor’s. No payment of principal or interest on the BAM Surplus Notes may be made without the approval of the NYDFS.

During the three and nine months ended September 30, 2021, BAM made no repayments of the BAM Surplus Notes or accrued interest. In January 2020, BAM made a one-time $65 million cash payment of principal and interest on the BAM Surplus Notes held by HG Global. Of this payment, $48 million was a repayment of principal held in the Supplemental Trust, $1 million was a payment of accrued interest held in the Supplemental Trust and $16 million was a payment of accrued interest held outside the Supplemental Trust. See Note 10 — “Municipal Bond Guarantee Insurance”.

Ark

GAIL, a class 4 licensed Bermuda insurer, has the ability to declare or pay dividends or make capital distributions during any 12-month period without the prior approval of Bermuda regulatory authorities on the condition that any such declaration or payment of dividends or capital distributions does not cause a breach of any of its regulatory solvency and liquidity requirements. During 2021, GAIL has the ability, subject to meeting all appropriate liquidity and solvency requirements, to make dividend or capital distributions without the prior approval of regulatory authorities, subject to meeting all appropriate liquidity and solvency requirements, of $20 million, which is equal to 15% of its December 31, 2020 statutory capital, excluding earned surplus. The amount of dividends available to be paid by GAIL in any given year is also subject to cash flow and earnings generated by GAIL's business. During the nine months ended September 30, 2021, GAIL did not pay a dividend to its immediate parent.

As of September 30, 2021, Ark and its intermediate holding companies had $4 million of net unrestricted cash, short-term investments and fixed maturity investments outside of its regulated and unregulated insurance and reinsurance operating subsidiaries. During the nine months ended September 30, 2021, Ark did not pay any dividends to its immediate parent.

NSM

During the nine months ended September 30, 2021, NSM distributed $4 million to unitholders, substantially all of which was paid to White Mountains. As of September 30, 2021, NSM had $34 million of net unrestricted cash and short-term investments.

Kudu

During the nine months ended September 30, 2021, Kudu distributed $9 million to unitholders, substantially all of which was paid to White Mountains. As of September 30, 2021, Kudu had $10 million of net unrestricted cash and short-term investments.

Other Operations

During the nine months ended September 30, 2021, White Mountains paid a $3 million common share dividend. As of September 30, 2021, the Company and its intermediate holding companies had $507 million of net unrestricted cash, short-term investments and fixed maturity investments, $316 million of MediaAlpha common stock and $160 million of private equity funds and ILS funds.

Financing

The following table presents White Mountains’s capital structure as of September 30, 2021 and December 31, 2020:

$ in Millions	September 30,<br>2021			December 31,<br>2020
Ark 2007 Subordinated Notes (1)	$	43.9		$	—
Ark 2021 Subordinated Notes (1)(2)	156.8			—
NSM Bank Facility (1)(2)	293.7			271.3
Other NSM debt (1)	1.3			1.3
Kudu Credit Facility (1)(2)	195.6			—
Kudu Bank Facility (1)(2)	—			86.3
Other Operations debt (1)(2)	19.1			17.5
Total debt	710.4			376.4
Non-controlling interests—excluding BAM	257.9			35.2
Total White Mountains’s common shareholders’ equity	3,521.7			3,906.0
Total capital	4,490.0			4,317.6
Time-value discount on expected future payments on the BAM Surplus Notes (3)	(128.0)			(142.5)
HG Global’s unearned premium reserve (3)	206.8			190.0
HG Global’s net deferred acquisition costs (3)	(58.1)			(52.4)
Total adjusted capital	$	4,510.7		$	4,312.7
Total debt to total adjusted capital	15.7		%	8.7		%

(1) See Note 7 — “Debt” for details of debt arrangements.

(2) Net of unamortized issuance costs

(3) Amount reflects White Mountains’s preferred share ownership in HG Global of 96.9%.

Management believes that White Mountains has the flexibility and capacity to obtain funds externally through debt or equity financing on both a short-term and long-term basis. However, White Mountains can provide no assurance that, if needed, it would be able to obtain additional debt or equity financing on satisfactory terms, if at all.

It is possible that, in the future, one or more of the rating agencies may lower White Mountains’s existing ratings. If one or more of its ratings were lowered, White Mountains could incur higher borrowing costs on future borrowings and its ability to access the capital markets could be impacted.

Covenant Compliance

As of September 30, 2021, White Mountains was in compliance in all material respects with all of the covenants under all of its debt instruments.

Share Repurchases

White Mountains’s board of directors has authorized the Company to repurchase its common shares from time to time, subject to market conditions. The repurchase authorizations do not have a stated expiration date. As of September 30, 2021, White Mountains may repurchase an additional 463,223 shares under these board authorizations. In addition, from time to time White Mountains has also repurchased its common shares through tender offers that were separately approved by its board of directors.

During the third quarter of 2021, White Mountains repurchased and retired 79,294 of its common shares for $87 million at an average share price of $1,099, or 93% of White Mountains’s September 30, 2021 adjusted book value per share. During the nine months ended September 30, 2021, White Mountains repurchased and retired 86,512 of its common shares for $95 million, at an average share price of $1,094, which was approximately 93% of White Mountains’s September 30, 2021 adjusted book value per share. Of the shares White Mountains repurchased in the first nine months of 2021, 7,218 were to satisfy employee income tax withholding pursuant to employee benefit plans, which do not reduce the board authorizations.

During the nine months ended September 30, 2020, White Mountains repurchased and retired 99,087 of its common shares for $85 million, at an average share price of $859, which was approximately 78% of White Mountains’s September 30, 2020 adjusted book value per share. Of the shares White Mountains repurchased in the first nine months of 2020, 5,899 were to satisfy employee income tax withholding pursuant to employee benefit plans. White Mountains did not repurchase any of its common shares in the third quarter of 2020.

Cash Flows

Detailed information concerning White Mountains’s cash flows during the nine months ended September 30, 2021 and 2020 follows:

Cash flows from operations for the nine months ended September 30, 2021 and September 30, 2020

Net cash provided from operations was $46 million in the nine months ended September 30, 2021 compared to $12 million in the nine months ended September 30, 2020. During the first nine months ended September 30, 2021, the increase in cash provided from operations was driven primarily by the cash inflow from Ark’s operations, partially offset by the deployments in Kudu’s participation contracts and Ark’s transaction expenses. As of September 30, 2021, the Company and its intermediate holding companies had $507 million of net unrestricted cash, short-term investments and fixed maturity investments, $316 million of MediaAlpha common stock and $160 million of private equity funds and ILS funds.

Cash flows from investing and financing activities for the nine months ended September 30, 2021

Financing and Other Capital Activities

During the nine months ended September 30, 2021, the Company declared and paid a $3 million cash dividend to its common shareholders.

During the nine months ended September 30, 2021, White Mountains repurchased and retired 86,512 of its common shares for $95 million, 7,218 of which were repurchased under employee benefit plans for statutory withholding tax payments.

During the nine months ended September 30, 2021, BAM received $45 million in MSC.

During the nine months ended September 30, 2021, HG Global declared and paid $22 million of preferred dividends, of which $21 million was paid to White Mountains.

During the third quarter of 2021, Ark issued $163 million face value floating rate unsecured subordinated notes at par in three transactions for proceeds of $158 million, net of debt issuance costs.

During the nine months ended September 30, 2021, NSM distributed $4 million to unitholders, substantially all of which was paid to White Mountains.

During the nine months ended September 30, 2021, NSM repaid $2 million in term loans, borrowed $35 million in revolving loans and repaid $9 million in revolving loans under the NSM Bank Facility.

During the nine months ended September 30, 2021, Kudu distributed $9 million to unitholders, substantially all of which was paid to White Mountains.

During the nine months ended September 30, 2021, Kudu borrowed $3 million in term loans under the Kudu Bank Facility.

On March 23, 2021, Kudu entered into the Kudu Credit Facility with an initial draw of $102 million, of which $92 million was used to repay the outstanding principal balance on its term loans under the Kudu Bank Facility. During the nine months ended September 30, 2021, Kudu borrowed an additional $101 million in term loans under the Kudu Credit Facility.

Acquisitions and Dispositions

On January 1, 2021 White Mountains completed the Ark Transaction, which included contributing $605 million of equity capital to Ark, at a pre-money valuation of $300 million, and purchasing $41 million of shares from certain selling shareholders. In the fourth quarter of 2020, White Mountains prefunded/placed in escrow a total of $646 million in preparation for closing the Ark Transaction.

On March 23, 2021, MediaAlpha completed a secondary offering of 8.05 million shares. In the secondary offering, White Mountains sold 3.6 million shares at $46.00 per share ($44.62 per share net of underwriting fees) for net proceeds of $160 million.

On August 6, 2021, NSM acquired 100% of J.C. Taylor for $50 million of upfront cash consideration. NSM borrowed $35 million from the NSM Bank Facility to fund the acquisition.

Cash flows from investing and financing activities for the nine months ended September 30, 2020

Financing and Other Capital Activities

During the nine months ended September 30, 2020, the Company declared and paid a $3 million cash dividend to its common shareholders.

During the nine months ended September 30, 2020, White Mountains repurchased and retired 99,087 of its common shares for $85 million, 5,899 of which were repurchased under employee benefit plans for statutory withholding tax payments.

During the nine months ended September 30, 2020, BAM received $47 million in MSC.

During the nine months ended September 30, 2020, BAM repaid $48 million of principal and paid $17 million of accrued interest on the BAM Surplus Notes.

During the nine months ended September 30, 2020, HG Global declared and paid $23 million of preferred dividends, of which $22 million was paid to White Mountains.

During the nine months ended September 30, 2020, NSM borrowed £43 million ($52 million based upon the foreign exchange spot rate at the date of acquisition) in term loans under the NSM Bank Facility for the Kingsbridge transaction.

During the nine months ended September 30, 2020, Kudu borrowed $17 million in term loans under the Kudu Bank Facility and made no repayments.

Acquisitions and Dispositions

On April 7, 2020, NSM acquired 100% of Kingsbridge for £107 million ($132 million based upon the foreign exchange spot rate at the date of acquisition) in upfront cash. White Mountains contributed $80 million to NSM and NSM borrowed £43 million ($52 million based upon the foreign exchange spot rate at the date of acquisition) to fund the transaction.

On May 7, 2020 White Mountains made an additional $15 million investment in PassportCard/DavidShield.

NON-GAAP FINANCIAL MEASURES

This report includes 12 non-GAAP financial measures that have been reconciled to their most comparable GAAP financial measures.

Adjusted book value per share

Adjusted book value per share is a non-GAAP financial measure, which is derived by adjusting (i) the GAAP book value per share numerator and (ii) the common shares outstanding denominator, as described below.

The GAAP book value per share numerator is adjusted (i) to include a discount for the time value of money arising from the modeled timing of cash payments of principal and interest on the BAM Surplus Notes and (ii) to add back the unearned premium reserve, net of deferred acquisition costs, at HG Global.

Under GAAP, White Mountains is required to carry the BAM Surplus Notes, including accrued interest, at nominal value with no consideration for time value of money. Based on a debt service model that forecasts operating results for BAM through maturity of the BAM Surplus Notes, the present value of the BAM Surplus Notes, including accrued interest and using an 8% discount rate, was estimated to be $132 million, $137 million, $147 million and $149 million less than the nominal GAAP carrying values as of September 30, 2021, June 30, 2021, December 31, 2020 and September 30, 2020, respectively.

The value of HG Global’s unearned premium reserve, net of deferred acquisition costs, was $154 million, $150 million, $142 million and $136 million as of September 30, 2021, June 30, 2021, December 31, 2020 and September 30, 2020, respectively.

White Mountains believes these adjustments are useful to management and investors in analyzing the intrinsic value of HG Global, including the value of the BAM Surplus Notes and the value of the in-force business at HG Re, HG Global’s reinsurance subsidiary.

The denominator used in the calculation of adjusted book value per share equals the number of common shares outstanding, adjusted to exclude unearned restricted common shares, the compensation cost of which, at the date of calculation, has yet to be amortized. Restricted common shares are earned on a straight-line basis over their vesting periods. The reconciliation of GAAP book value per share to adjusted book value per share is included on page 56.

BAM’s gross written premiums and MSC from new business

BAM’s gross written premiums and MSC from new business is a non-GAAP financial measure, which is derived by adjusting gross written premiums and MSC collected (i) to include the present value of future installment MSC not yet collected and (ii) to exclude the impact of gross written premium adjustments related to policies closed in prior periods. White Mountains believes these adjustments are useful to management and investors in evaluating the volume and pricing of new business closed during the period. The reconciliation from GAAP gross written premiums to gross written premiums and MSC from new business is included on page 61.

Ark’s adjusted loss and loss adjustment expense, insurance acquisition expense, other underwriting expense and combined ratios

Ark’s adjusted loss and loss adjustment expense ratio, adjusted insurance acquisition expense ratio, adjusted other underwriting expense ratio and adjusted combined ratio are non-GAAP financial measures, which are derived by adjusting the GAAP ratios to add back amounts ceded to TPC Providers for the Syndicates. The impact of these reinsurance arrangements relate to years of account prior to the Ark Transaction. White Mountains believes these adjustments are useful to management and investors in evaluating Ark’s results on a fully aligned basis. The reconciliation from the GAAP ratios to the adjusted ratios is included on page 67.

NSM’s EBITDA and NSM’s adjusted EBITDA

NSM’s EBITDA and adjusted EBITDA are non-GAAP financial measures. EBITDA is a non-GAAP financial measure that excludes interest expense on debt, income tax expense (benefit), depreciation and amortization of other intangible assets from GAAP net income (loss). Adjusted EBITDA is a non-GAAP financial measure that excludes certain other items in GAAP net income (loss) in addition to those excluded from EBITDA. The adjustments relate to (i) change in fair value of contingent consideration liabilities, (ii) non-cash equity-based compensation expense, (iii) impairments of intangible assets, (iv) loss on assets held for sale, (v) acquisition-related transaction expenses, (vi) investments made in the development of new business lines and (vii) restructuring expenses. A description of each follows:

•Change in fair value of contingent consideration liabilities - Contingent consideration liabilities are amounts payable to the sellers of businesses purchased by NSM that are contingent on the earnings of such businesses in periods subsequent to their acquisition. Under GAAP, contingent consideration liabilities are initially recorded at fair value as part of purchase accounting, with the periodic change in the fair value of these liabilities recorded as income or an expense.

•Non-cash equity-based compensation expense - Represents non-cash expenses related to NSM’s management compensation emanating from the grants of equity units.

•Impairments of intangible assets - Represents expense related to NSM’s write-off of intangible assets. For the periods presented, the impairments related primarily to NSM’s write-off of intangible assets in its U.K. vertical. The impairments related to lower premium volumes, including due to the impact of the COVID-19 pandemic, and certain reorganization initiatives in the U.K. vertical.

•Loss on assets held for sale - Represents the loss on the net assets held for sale related to the Fresh Insurance’s motor business.

•Acquisition-related transaction expenses - Represents costs directly related to NSM’s transactions to acquire businesses, such as transaction-related compensation, banking, accounting and external lawyer fees, which are not capitalized and are expensed under GAAP.

•Investments made in the development of new business lines - Represents the net loss related to the start-up of newly established lines of business, which NSM views as investments.

•Restructuring expenses - Represents expenses associated with eliminating redundant work force and facilities that often arise as a result of NSM’s post-acquisition integration strategies. For the periods presented, this adjustment relates primarily to NSM’s expenses incurred in certain reorganization initiatives in the U.K. vertical.

White Mountains believes that these non-GAAP financial measures are useful to management and investors in evaluating NSM’s performance. The reconciliation of NSM’s GAAP net income (loss) to EBITDA and adjusted EBITDA is included on page 70.

Kudu’s EBITDA and Kudu’s adjusted EBITDA

Kudu's EBITDA and adjusted EBITDA are non-GAAP financial measures. EBITDA is a non-GAAP financial measure that excludes interest expense on debt, income tax expense (benefit), depreciation and amortization of other intangible assets from GAAP net income (loss). Adjusted EBITDA is a non-GAAP financial measure that excludes certain other items in GAAP net income (loss) in addition to those excluded from EBITDA. The adjustments relate to (i) net unrealized investment gains (losses) on Kudu's Participation Contracts, (ii) non-cash equity-based compensation expense and (iii) acquisition-related transaction expenses. A description of each adjustment follows:

•Net unrealized investment (gains) losses - Represents net unrealized investment gains and losses on Kudu's Participation Contracts, which are recorded at fair value under GAAP.

•Non-cash equity-based compensation expense - Represents non-cash expenses related to Kudu's management compensation that are settled with equity units in Kudu.

•Acquisition-related transaction expenses - Represents costs directly related to Kudu's transactions to acquire Participation Contracts, such as external lawyer, banker, consulting and placement agent fees, which are not capitalized and are expensed under GAAP.

White Mountains believes that these non-GAAP financial measures are useful to management and investors in evaluating Kudu’s performance. The reconciliation of Kudu’s GAAP net income (loss) to EBITDA and adjusted EBITDA is included on page 73.

Total consolidated portfolio return excluding MediaAlpha

Total consolidated portfolio return excluding MediaAlpha is a non-GAAP financial measure that removes the net investment income and net realized and unrealized investment gains (losses) from White Mountains’s investment in MediaAlpha. White Mountains believes this measure to be useful to management and investors by showing the underlying performance of White Mountains’s investment portfolio without regard to MediaAlpha. The following tables present reconciliations from GAAP to the reported percentages:

	Three Months Ended September 30, 2021			Three Months Ended September 30, 2020
		GAAP Return		Remove MediaAlpha		Return - Excluding MediaAlpha		GAAP Return		Remove MediaAlpha		Return - Excluding MediaAlpha
Total consolidated portfolio<br>   return		(8.0)	%	9.4	%	1.4	%	13.5	%	(10.7)	%	2.8	%			Nine Months Ended September 30, 2021			Nine Months Ended September 30, 2020
---	---	---	---	---	---	---	---	---	---
		GAAP Return		Remove MediaAlpha		Return - Excluding MediaAlpha		GAAP Return		Remove MediaAlpha		Return - Excluding MediaAlpha
Total consolidated portfolio<br>   return		(3.7)	%	8.3	%	4.6	%	15.4	%	(12.6)	%	2.8	%

Adjusted capital

Total capital at White Mountains is comprised of White Mountains’s common shareholders’ equity, debt and non-controlling interests other than non-controlling interests attributable to BAM. Total adjusted capital is a non-GAAP financial measure, which is derived by adjusting total capital (i) to include a discount for the time value of money arising from the expected timing of cash payments of principal and interest on the BAM Surplus Notes and (ii) to add back the unearned premium reserve, net of deferred acquisition costs, at HG Global. The reconciliation of total capital to total adjusted capital is included on page 82.

CRITICAL ACCOUNTING ESTIMATES

Refer to the Company’s 2020 Annual Report on Form 10-K for a complete discussion regarding White Mountains’s critical accounting estimates. The following describes changes to White Mountains’s critical accounting estimates since December 31, 2020 as of September 30, 2021.

I. Fair Value Measurements

General

White Mountains records certain assets and liabilities at fair value in its consolidated financial statements, with changes therein recognized in current period earnings. In addition, White Mountains discloses estimated fair value for certain liabilities measured at historical or amortized cost. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants (an exit price) at a particular measurement date. Fair value measurements are categorized into a hierarchy that distinguishes between inputs based on market data from independent sources (observable inputs) and a reporting entity’s internal assumptions based upon the best information available when external market data is limited or unavailable (unobservable inputs). Quoted prices in active markets for identical assets have the highest priority (Level 1), followed by observable inputs other than quoted prices including prices for similar but not identical assets or liabilities (Level 2), and unobservable inputs, including the reporting entity’s estimates of the assumptions that market participants would use, having the lowest priority (Level 3).

Assets and liabilities carried at fair value include substantially all of the investment portfolio, and derivative instruments, both exchange-traded and over the counter instruments. Valuation of assets and liabilities measured at fair value require management to make estimates and apply judgment to matters that may carry a significant degree of uncertainty. In determining its estimates of fair value, White Mountains uses a variety of valuation approaches and inputs. Whenever possible, White Mountains estimates fair value using valuation methods that maximize the use of quoted market prices or other observable inputs. Where appropriate, assets and liabilities measured at fair value have been adjusted for the effect of counterparty credit risk.

Invested Assets

White Mountains uses outside pricing services and brokers to assist in determining fair values. The outside pricing services White Mountains uses have indicated that they will only provide prices where observable inputs are available. As of September 30, 2021, approximately 69% of the investment portfolio recorded at fair value was priced based upon quoted market prices or other observable inputs.

Level 1 Measurements

Investments valued using Level 1 inputs include White Mountains’s fixed maturity investments, primarily its investments in U.S. Treasuries and short-term investments, which include U.S. Treasury Bills, its investment in MediaAlpha subsequent to the MediaAlpha IPO, and common equity securities. For investments in active markets, White Mountains uses the quoted market prices provided by outside pricing services to determine fair value.

Level 2 Measurements

Investments valued using Level 2 inputs include fixed maturity investments which have been disaggregated into classes, including debt securities issued by corporations, municipal obligations, mortgage and asset-backed securities and collateralized loan obligations. Investments valued using Level 2 inputs also include certain common equity listed funds traded on foreign exchanges, which White Mountains values using the fund manager’s published NAV to account for the difference in market close times.

In circumstances where quoted market prices are unavailable or are not considered reasonable, White Mountains estimates the fair value using industry standard pricing methodologies and observable inputs such as benchmark yields, reported trades, broker-dealer quotes, issuer spreads, benchmark securities, bids, offers, credit ratings, prepayment speeds, reference data including research publications and other relevant inputs. Given that many fixed maturity investments do not trade on a daily basis, the outside pricing services evaluate a wide range of fixed maturity investments by regularly drawing parallels from recent trades and quotes of comparable securities with similar features. The characteristics used to identify comparable fixed maturity investments vary by asset type and take into account market convention.

White Mountains’s process to assess the reasonableness of the market prices obtained from the outside pricing sources covers substantially all of its fixed maturity investments and includes, but is not limited to, the evaluation of pricing methodologies and a review of the pricing services’ quality control procedures on at least an annual basis, a comparison of its invested asset prices obtained from alternate independent pricing vendors on at least a semi-annual basis, monthly analytical reviews of certain prices and a review of the underlying assumptions utilized by the pricing services for select measurements on an ad hoc basis throughout the year. White Mountains also performs back-testing of selected investment sales activity to determine whether there are any significant differences between the market price used to value the security prior to sale and the actual sale price of the security on an ad hoc basis throughout the year. Prices provided by the pricing services that vary by more than $0.5 million and 5% from the expected price based on these assessment procedures are considered outliers, as are prices that have not changed from period to period and prices that have trended unusually compared to market conditions. In circumstances where the results of White Mountains’s review process does not appear to support the market price provided by the pricing services, White Mountains challenges the vendor provided price. If White Mountains cannot gain satisfactory evidence to support the challenged price, White Mountains will rely upon its own internal pricing methodologies to estimate the fair value of the security in question. The valuation process described above is generally applicable to all of White Mountains’s fixed maturity investments

Level 3 Measurements

Fair value estimates for investments that trade infrequently and have few or no quoted market prices or other observable inputs are classified as Level 3 measurements. Investments valued using Level 3 fair value estimates are based upon unobservable inputs and include investments in certain fixed maturity investments, common equity securities and other long-term investments where quoted market prices or other observable inputs are unavailable or are not considered reliable or reasonable.

Level 3 valuations are generated from techniques that use assumptions not observable in the market. These unobservable inputs reflect White Mountains’s assumptions of what market participants would use in valuing the investment. In certain circumstances, investment securities may start out as Level 3 when they are originally issued, but as observable inputs become available in the market, they may be reclassified to Level 2. Transfers of securities between levels are based on investments held as of the beginning of the period.

Other Long-Term Investments

As of September 30, 2021, White Mountains owned a portfolio of other long-term investments valued at $1.3 billion, that consisted primarily of unconsolidated entities, including Kudu’s Participation Contracts, private equity funds, a hedge fund, Lloyd’s trust deposits, a bank loan fund, ILS funds and private debt investments. As of September 30, 2021, $815 million of White Mountains’s other long-term investments consisting primarily of unconsolidated entities, including Kudu’s Participation Contracts and private debt investments, were classified as Level 3 investments in the GAAP fair value hierarchy, were not actively traded in public markets, and did not have readily observable market prices. The determination of the fair value of these securities involves significant management judgment and the use of valuation models and assumptions that are inherently subjective and uncertain.  As of September 30, 2021, $471 million of White Mountains’s other long-term investments, consisting of private equity funds, a hedge fund, Lloyd’s trust deposits, a bank loan fund, and ILS funds, were valued at fair value using NAV as a practical expedient. Investments for which fair value is measured at NAV using the practical expedient are not classified within the fair value hierarchy.

White Mountains may use a variety of valuation techniques to determine fair value depending on the nature of the investment, including a discounted cash flow analysis, market multiple approach, cost approach and/or liquidation analysis. On an ongoing basis, White Mountains also considers qualitative changes in facts and circumstances, which may impact the valuation of its unconsolidated entities, including economic and market changes in relevant industries, changes to the entity’s capital structure, business strategy and key personnel, and any recent transactions relating to the unconsolidated entity. On a quarterly basis, White Mountains evaluates the most recent qualitative and quantitative information of the business and completes a fair valuation analysis for all Level 3 other long-term investments. Periodically, and at least on an annual basis, White Mountains uses a third-party valuation firm to complete an independent valuation analysis of significant unconsolidated entities.

As of September 30, 2021, White Mountains’s most significant other long-term investments that are valued using Level 3 measurements include Kudu’s Participation Contracts and PassportCard/DavidShield.

Valuation of Kudu’s Participation Contracts

Kudu’s Participation Contracts comprise non-controlling equity interests in the form of revenue and earnings participation contracts. As of September 30, 2021, the combined fair value of Kudu’s Participation Contracts was $605 million. On a quarterly basis, White Mountains values each of Kudu’s Participation Contracts using discounted cash flow models. As of September 30, 2021, certain of Kudu’s Participation Contracts with a total fair value of $121 million were valued using a probability weighted expected return method, which was based on a discounted cash flow analysis and the expected value to be received in potential sale transactions.

The discounted cash flow models include key inputs such as projections of future revenues and earnings of Kudu’s clients, a discount rate and a terminal cash flow exit multiple. The expected future cash flows are based on management judgment, considering current performance, budgets and projected future results. The discount rates reflect the weighted average cost of capital, considering comparable public company data, adjusted for risks specific to the business and industry. The terminal exit multiple is generally based on expectations of annual cash flow to Kudu from each of its clients in the terminal year of the cash flow model. In determining fair value, White Mountains considers factors such as performance of underlying products and vehicles, expected client growth rates, new fund launches, fee rates by products, capacity constraints, operating cash flow of underlying manager and other qualitative factors, including the assessment of key personnel. The inputs to each discounted cash flow analysis vary depending on the nature of each client. As of September 30, 2021, White Mountains concluded that pre-tax discount rates in the range of 18% to 23%, and terminal cash flow exit multiples in the range of 7 to 13 times were appropriate for the valuations of Kudu’s Participation Contracts.

With a discounted cash flow analysis, small changes to inputs in a valuation model may result in significant changes to fair value. The following table presents the estimated effect on the fair value of Kudu’s Participation Contracts as of September 30, 2021, resulting from increases and decreases to the discount rates and terminal cash flow exit multiples used in the discounted cash flow analysis:

$ in Millions	Discount Rate(1)
Terminal Exit Multiple	-2%		-1%		18% - 23%		+1%		+2%
+2	$	701	$	667	$	637	$	607	$	581
+1	$	682	$	650	$	621	$	593	$	567
7x - 13x	$	663	$	632	$	605	$	578	$	554
-1	$	644	$	615	$	589	$	563	$	540
-2	$	625	$	598	$	574	$	551	$	530

(1) Since Kudu’s Participation Contracts are not subject to corporate taxes within Kudu Investment Management, LLC, pre-tax discount rates are applied to pre-tax cash flows in determining fair values.

Valuation PassportCard/DavidShield

On a quarterly basis, White Mountains values its investment in PassportCard/DavidShield using a discounted cash flow model. The discounted cash flow valuation model includes key inputs such as projections of future revenues and earnings, a discount rate and a terminal revenue growth rate. The expected future cash flows are based on management judgment, considering current performance, budgets and projected future results. The discount rate reflects the weighted average cost of capital, considering comparable public company data, adjusted for risks specific to the business and industry. The terminal revenue growth rate is based on company, industry and macroeconomic expectations of perpetual revenue growth subsequent to the end of the discrete period in the discounted cash flow analysis.

When making its fair value selection, which is within a range of reasonable values derived from the discounted cash flow model, White Mountains considers all available information, including any relevant market multiples and multiples implied by recent transactions, facts and circumstances specific to PassportCard/DavidShield’s businesses and industries, and any infrequent or unusual results for the period.

White Mountains concluded that an after-tax discount rate of 23% and a terminal revenue growth rate of 4% was appropriate for the valuation of its investment in PassportCard/DavidShield as of September 30, 2021. Utilizing these assumptions, White Mountains determined that the fair value of its investment in PassportCard/DavidShield was $105 million as of September 30, 2021.

Premiums and commission revenues from leisure travel insurance placed by PassportCard declined dramatically in the twelve months ended December 31, 2020 due to the COVID-19 pandemic. This decline was modestly offset by increased premiums and commission revenues from international private medical insurance placed by DavidShield. During the third quarter of 2020, PassportCard/DavidShield curtailed its global expansion efforts in response to the impact of the COVID-19 pandemic.

In the first quarter of 2021, sustained progress with COVID-19 vaccinations in Israel and abroad led to the Israeli airport reopening in March, which resulted in increased leisure travel and the placement of leisure travel insurance by PassportCard. As a global leader in vaccination efforts, Israel was recently accepted into the EU Digital COVID Certificate program, which permits travel without restrictions to many destination countries both within and outside of the European Union. In the first nine months of 2021, PassportCard’s premiums and commission revenues continued to recover significantly from 2020, with third quarter premiums and commission revenues nearly doubling from the second quarter of 2021. Premiums and commission revenues from international private medical insurance placed by DavidShield continued to grow in the first nine months of 2021.

With a discounted cash flow analysis, small changes to inputs in a valuation model may result in significant changes to fair value. The following table presents the estimated effect on the fair value of White Mountains’s investment in PassportCard/DavidShield as of September 30, 2021, resulting from changes in key inputs to the discounted cash flow analysis, including the discount rate and terminal revenue growth rate:

$ in Millions	Discount Rate
Terminal Revenue Growth Rate	21%		22%		23%		24%		25%
4.5%	$	127	$	116	$	106	$	97	$	89
4.0%	$	124	$	114	$	105	$	95	$	88
3.5%	$	121	$	111	$	102	$	94	$	86

Other Long-term Investments - NAV

White Mountains’s portfolio of other long-term investments includes investments in private equity funds, a hedge fund, Lloyd’s trust deposits, a bank loan fund and ILS funds, which are valued at fair value using NAV as a practical expedient. White Mountains employs a number of procedures to assess the reasonableness of the fair value measurements for other long-term investments measured at NAV, including obtaining and reviewing periodic and audited annual financial statements as well as periodically discussing each fund’s pricing with the fund manager. However, since the fund managers do not provide sufficient information to evaluate the pricing methods and inputs for each underlying investment, White Mountains considers the valuation inputs to be unobservable. The fair value of White Mountains’s other long-term investments measured at NAV are generally determined using the fund manager’s NAV. In the event that White Mountains believes the fair value differs from the NAV reported by the fund manager due to illiquidity or other factors, White Mountains will adjust the reported NAV to more appropriately represent the fair value of its investment.

FORWARD-LOOKING STATEMENTS

This report may contain “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements, other than statements of historical facts, included or referenced in this report which address activities, events or developments which White Mountains expects or anticipates will or may occur in the future are forward-looking statements. The words “could”, “will”, “believe”, “intend”, “expect”, “anticipate”, “project”, “estimate”, “predict” and similar expressions are also intended to identify forward-looking statements. These forward-looking statements include, among others, statements with respect to White Mountains’s:

•change in book value per share or adjusted book value per share or return on equity;

•business strategy;

•financial and operating targets or plans;

•incurred loss and loss adjustment expenses and the adequacy of its loss and loss adjustment expense reserves and related reinsurance;

•projections of revenues, income (or loss), earnings (or loss) per share, EBITDA, adjusted EBITDA, dividends, market share or other financial forecasts of White Mountains or its businesses;

•expansion and growth of its business and operations; and

•future capital expenditures.

These statements are based on certain assumptions and analyses made by White Mountains in light of its experience and perception of historical trends, current conditions and expected future developments, as well as other factors believed to be appropriate in the circumstances. However, whether actual results and developments will conform to its expectations and predictions is subject to risks and uncertainties that could cause actual results to differ materially from expectations, including:

•    the risks that are described from time to time in White Mountains’s filings with the Securities and Exchange Commission, including but not limited to White Mountains’s Annual Report on Form 10-K for the fiscal year ended December 31, 2020;

•    claims arising from catastrophic events, such as hurricanes, earthquakes, floods, fires, terrorist attacks or severe winter weather;

•    recorded loss reserves subsequently proving to have been inadequate;

•    the market value of White Mountains’s investment in MediaAlpha;

•    the trends and uncertainties from the COVID-19 pandemic, including judicial interpretations on the extent of insurance coverage provided by insurers for COVID-19 pandemic related claims;

•business opportunities (or lack thereof) that may be presented to it and pursued;

•    actions taken by rating agencies, such as financial strength or credit ratings downgrades or placing ratings on negative watch;

•    the continued availability of capital and financing;

•    deterioration of general economic, market or business conditions, including due to outbreaks of contagious disease (including the COVID-19 pandemic) and corresponding mitigation efforts;

•    competitive forces, including the conduct of other insurers;

•    changes in domestic or foreign laws or regulations, or their interpretation, applicable to White Mountains, its competitors or its customers; and

•    other factors, most of which are beyond White Mountains’s control.

Consequently, all of the forward-looking statements made in this report are qualified by these cautionary statements, and there can be no assurance that the actual results or developments anticipated by White Mountains will be realized or, even if substantially realized, that they will have the expected consequences to, or effects on, White Mountains or its business or operations. White Mountains assumes no obligation to publicly update any such forward-looking statements, whether as a result of new information, future events or otherwise.

Item 3.Quantitative and Qualitative Disclosures About Market Risk.

Refer to White Mountains’s 2020 Annual Report on Form 10-K and in particular Item 7A. - “Quantitative and Qualitative Disclosures About Market Risk”.

Item 4.Controls and Procedures.

The Principal Executive Officer (“PEO”) and the Principal Financial Officer (“PFO”) of White Mountains have evaluated the effectiveness of its disclosure controls and procedures (as defined in Rule 13a-15(e) and 15d-15(e) of the Exchange Act) as of the end of the period covered by this report. Based on that evaluation, the PEO and PFO have concluded that White Mountains’s disclosure controls and procedures are effective.

There were no significant changes with respect to the Company’s internal control over financial reporting or in other factors that materially affected, or are reasonably likely to materially affect, internal control over financial reporting during the quarter ended September 30, 2021.

Part II.OTHER INFORMATION

Item 1.Legal Proceedings.

None.

Item 1A. Risk Factors.

There have been no material changes to any of the risk factors previously disclosed in the Registrant’s 2020 Annual Report

on Form 10-K.

Item 2.Issuer Purchases of Equity Securities.

Months	Total Number of<br>Shares Purchased	Average Price<br>Paid per Share		Total Number of Shares<br><br>Purchased as Part of<br><br>Publicly Announced Plans (1)	Maximum Number<br><br>of Shares that May<br><br>Yet Be Purchased<br><br>Under the Plans (1)
July 1 - July 30, 2021	2,841	$	1,122.87	2,784	539,733
August 1 - August 31, 2021	16,878	$	1,123.41	16,878	522,855
September 1 - September 30, 2021	59,632	$	1,090.72	59,632	463,223
Total	79,351	$	1,098.82	79,294	463,223

(1) White Mountains’s board of directors has authorized the Company to repurchase its common shares, from time to time, subject to market conditions. The repurchase authorizations do not have a stated expiration date.

Item 3. Defaults Upon Senior Securities.

None.

Item 4.Mine Safety Disclosures.

None.

Item 5.Other Information.

None.

Item 6.Exhibits.

(a)	Exhibit number		Name
	2	—	Plan of Reorganization (incorporated by reference herein to the Company’s Registration Statement on S-4 (No. 333-87649) dated September 23, 1999)
	3.1	—	Memorandum of Continuance of the Company (incorporated by reference herein to Exhibit (3)(i) of the Company’s Current Report on Form 8-K dated November 1, 1999)
	3.2	—	Amended and Restated Bye-Laws of the Company (incorporated by reference herein to Exhibit 3 of the Company’s Report on Form 10-Q dated May 2, 2017)
	10.1	—	Loan and Servicing Agreement dated as of March 23, 2021 among Kudu Investment Management, LLC, Kudu Investment Holdings, LLC, Kudu Investments US, LLC, KFO Holdings, Ltd., KWCP Holdings UK, Ltd.,Massachusetts Mutual Life Insurance Company and Alter Domuswtmexhibit101.htm(*)wtmexhibit101.htm(**)
	10.2	—	Paying Agency Agreement dated 13 July 2021 between Group Ark Insurance Limited, The Bank of New York Mellon, London Branch and The Bank of New York Mellon SA/NV, Dublin Branchwtmexhibit102.htm(*) (**)
	10.3	—	Paying Agency Agreement dated 11 August 2021 between Group Ark Insurance Limited, The Bank of New York Mellon, London Branch and The Bank of New York Mellon SA/NV, Dublin Branchwtmexhibit103.htm(*) (**)
	10.4	—	Paying Agency Agreement dated 8 September 2021 between Group Ark Insurance Limited, The Bank of New York Mellon, London Branch and The Bank of New York Mellon SA/NV, Dublin Branchwtmexhibit104.htm(*)(**)
	31.1	—	Principal Executive Officer Certification Pursuant to Rule 13a-14 (a) of the Securities Exchange Act of 1934, as Amended.(*)
	31.2	—	Principal Financial Officer Certification Pursuant to Rule 13a-14 (a) of the Securities Exchange Act of 1934, as Amended.(*)
	32.1	—	Principal Executive Officer Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.(*)
	32.2	—	Principal Financial Officer Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.(*)
	101	—	XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.
(*)	Included herein
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(**)	Portions of this exhibit are redacted pursuant to Item 601(b)(10)(iv) of Regulation S-K.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

		WHITE MOUNTAINS INSURANCE GROUP, LTD.
		(Registrant)
Date:	November 8, 2021		By: /s/ Michaela J. Hildreth
			Michaela J. Hildreth
			Managing Director and Chief Accounting Officer

93

wtmexhibit101

Execution Version  NAI‐1515108520v22 LOAN AND SERVICING AGREEMENT  among   KUDU INVESTMENT MANAGEMENT, LLC,   as Holdings,  KUDU INVESTMENT HOLDINGS, LLC, and  KUDU INVESTMENT US, LLC,  as the Co‐Borrowers,  KFO HOLDINGS, LTD., and  KWCP HOLDINGS UK, LTD.,  as the UK Guarantors,  MASSACHUSETTS MUTUAL LIFE INSURANCE COMPANY and  the other Lenders from time to time party hereto,  MASSACHUSETTS MUTUAL LIFE INSURANCE COMPANY,  as the Servicer,   and  ALTER DOMUS (US) LLC,  as the Administrative Agent   Dated as of March 23, 2021  Certain identified information has been omitted because it is both (i) not material and (ii) the type that the registrant treats as private or confidential. Exhibit 10.1

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TABLE OF CONTENTS  Page  NAI‐1515108520v22 ‐i‐  ARTICLE I. INTERPRETATION ........................................................................................................................ 1  SECTION 1.01  Certain Defined Terms ................................................................................... 1  SECTION 1.02  Other Terms ................................................................................................. 32  SECTION 1.03  Computation of Time Periods ...................................................................... 32  SECTION 1.04  Interpretation ............................................................................................... 32  SECTION 1.05  Advances to Constitute Loans ...................................................................... 33  SECTION 1.06  Accounting Terms and Determination ......................................................... 33  SECTION 1.07  Spot Rates ..................................................................................................... 34  SECTION 1.08  Electronic Signatures .................................................................................... 34  ARTICLE II. THE FACILITY ............................................................................................................................ 35  SECTION 2.01  Advances ...................................................................................................... 35  SECTION 2.02  Procedure for Advances. .............................................................................. 35  SECTION 2.03  Evidence of Debt. ......................................................................................... 36  SECTION 2.04  Repayment; Allocation, Reduction or Termination of Commitments. ........ 37  SECTION 2.05  Interest and Fees. ......................................................................................... 38  SECTION 2.06  Benchmark Replacement Setting. ................................................................ 39  SECTION 2.07  Payments and Computations, Etc. ............................................................... 40  SECTION 2.08  Collections; Payment Date Report. .............................................................. 41  SECTION 2.09  Remittance Procedures ................................................................................ 42  SECTION 2.10  Grant of a Security Interest. ......................................................................... 43  SECTION 2.11  Sale of Portfolio Assets. ................................................................................ 47  SECTION 2.12  Increased Costs. ........................................................................................... 48  SECTION 2.13  Taxes. ............................................................................................................ 49  SECTION 2.14  Increase in Maximum Facility Amount ......................................................... 52  SECTION 2.15  Mitigation Obligations; Replacement of Lenders. ....................................... 52  SECTION 2.16  Defaulting Lenders. ...................................................................................... 54  SECTION 2.17  Extension of Availability Period. ................................................................... 55  SECTION 2.18  Ratings Cure ................................................................................................. 56  ARTICLE III. CONDITIONS PRECEDENT ........................................................................................................ 56  SECTION 3.01  Conditions Precedent to Effectiveness ........................................................ 56

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TABLE OF CONTENTS  (continued)  Page  NAI‐1515108520v22 ‐ii‐  SECTION 3.02  Conditions Precedent to All Advances ......................................................... 58  SECTION 3.03  Conditions to Transfers of Portfolio Assets .................................................. 58  SECTION 3.04  Advances Do Not Constitute a Waiver ......................................................... 59  ARTICLE IV. REPRESENTATIONS ................................................................................................................. 59  SECTION 4.01  Representations of the Loan Parties ............................................................ 59  SECTION 4.02  Representations of the Co‐Borrowers Relating to the Agreement  and the Collateral ......................................................................................... 65  SECTION 4.03  Representations of the Servicer ................................................................... 66  SECTION 4.04  Representations of each Lender .................................................................. 67  SECTION 4.05  Representations of Holdings ........................................................................ 67  ARTICLE V. GENERAL COVENANTS ............................................................................................................. 71  SECTION 5.01  Affirmative Covenants of the Loan Parties .................................................. 71  SECTION 5.02  Negative Covenants of the Loan Parties ...................................................... 76  SECTION 5.03  Affirmative Covenants of the Servicer ......................................................... 79  SECTION 5.04  Negative Covenants of the Servicer ............................................................. 79  SECTION 5.05  Affirmative Covenants of Holdings ............................................................... 79  SECTION 5.06  Negative Covenants of Holdings .................................................................. 80  ARTICLE VI. EVENTS OF DEFAULT ............................................................................................................... 81  SECTION 6.01  Events of Default .......................................................................................... 81  SECTION 6.02  Pledged Equity. ............................................................................................. 83  SECTION 6.03  Additional Remedies. ................................................................................... 85  ARTICLE VII. THE ADMINISTRATIVE AGENT ................................................................................................ 86  SECTION 7.01  Appointment and Authority; Rights as Lender ............................................. 86  SECTION 7.02  Exculpatory Provisions. ................................................................................ 86  SECTION 7.03  Reliance by Administrative Agent ................................................................ 89  SECTION 7.04  Delegation of Duties ..................................................................................... 89  SECTION 7.05  Resignation of Administrative Agent. .......................................................... 89  SECTION 7.06  Non‐Reliance on Agents and Other Lenders ................................................ 90  SECTION 7.07  Indemnification by Lenders .......................................................................... 91  SECTION 7.08  Administrative Agent May File Proofs of Claim............................................ 91  SECTION 7.09  Collateral Matters. ....................................................................................... 91

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TABLE OF CONTENTS  (continued)  Page  NAI‐1515108520v22 ‐iii‐  SECTION 7.10  Erroneous Payments. ................................................................................... 92  ARTICLE VIII. ADMINISTRATION AND SERVICING OF COLLATERAL ............................................................ 94  SECTION 8.01  Appointment and Designation of the Servicer. ............................................ 94  SECTION 8.02  Duties of the Servicer. .................................................................................. 96  SECTION 8.03  Authorization of the Servicer. ...................................................................... 98  SECTION 8.04  Collection of Payments; Accounts. ............................................................... 99  SECTION 8.05  Realization Upon Portfolio Assets ................................................................ 99  SECTION 8.06  Servicing Compensation ............................................................................. 100  SECTION 8.07  Payment of Certain Expenses ..................................................................... 100  SECTION 8.08  Reports to the Administrative Agent Account Statements; Servicing  Information. ............................................................................................... 101  SECTION 8.09  The Servicer Not to Resign ......................................................................... 101  SECTION 8.10  Indemnification of the Servicer .................................................................. 102  SECTION 8.11  Rights as a Lender ....................................................................................... 102  ARTICLE IX. [RESERVED]. .......................................................................................................................... 102  ARTICLE X. INDEMNIFICATION ................................................................................................................. 102  SECTION 10.01  Indemnities by the Co‐Borrowers and Holdings. ....................................... 102  ARTICLE XI. MISCELLANEOUS ................................................................................................................... 104  SECTION 11.01  Amendments and Waivers. ........................................................................ 104  SECTION 11.02  Notices, Etc ................................................................................................. 105  SECTION 11.03  No Waiver Remedies .................................................................................. 105  SECTION 11.04  Binding Effect; Assignability; Multiple Lenders. ......................................... 105  SECTION 11.05  Term of This Agreement ............................................................................. 107  SECTION 11.06  GOVERNING LAW; JURY WAIVER ............................................................... 107  SECTION 11.07  Costs, Expenses and Taxes. ........................................................................ 107  SECTION 11.08  Recourse Against Certain Parties; Non‐Petition......................................... 108  SECTION 11.09  Execution in Counterparts; Severability; Integration ................................. 109  SECTION 11.10  Consent to Jurisdiction; Service of Process. ............................................... 109  SECTION 11.11  Confidentiality. ........................................................................................... 110  SECTION 11.12  Non‐Confidentiality of Tax Treatment ....................................................... 111  SECTION 11.13  Waiver of Set Off ........................................................................................ 112

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TABLE OF CONTENTS  (continued)  Page  NAI‐1515108520v22 ‐iv‐  SECTION 11.14  Headings, Schedules and Exhibits .............................................................. 112  SECTION 11.15  Ratable Payments ....................................................................................... 112  SECTION 11.16  Failure of Co‐Borrowers to Perform Certain Obligations ........................... 112  SECTION 11.17  Power of Attorney ...................................................................................... 112  SECTION 11.18  Delivery of Termination Statements, Releases, etc ................................... 113  SECTION 11.19  Exclusive Remedies .................................................................................... 113  SECTION 11.20  Post‐Closing Performance Conditions ........................................................ 113  SECTION 11.21  Performance Conditions ............................................................................. 113  SECTION 11.22  Bail In .......................................................................................................... 114  SECTION 11.23  Joint and Several; Administrative Borrower .............................................. 114

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NAI‐1515108520v22 ‐v‐  LIST OF SCHEDULES AND EXHIBITS  SCHEDULES  SCHEDULE I  Eligible Portfolio Assets   SCHEDULE II  Conditions Precedent Documents  SCHEDULE III  Notice Information  SCHEDULE IV  Lender Commitments  SCHEDULE V  Investment Guidelines  SCHEDULE VI  Disqualified Lenders  SCHEDULE VII  Post‐Closing Conditions  EXHIBITS  EXHIBIT A  Form of LTV Certificate  EXHIBIT B  Form of Notice of Borrowing  EXHIBIT C  Form of Borrowing Base Certificate  EXHIBIT D  Form of Revolving Loan Note  EXHIBIT E  Form of U.S. Tax Compliance Certificate  EXHIBIT F  Form of Payment Date Report  EXHIBIT G  Form of Assignment and Assumption Agreement  EXHIBIT H  Form of Power of Attorney

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LOAN AND SERVICING AGREEMENT, dated as of March 23, 2021, by and among:  (1) KUDU  INVESTMENT  MANAGEMENT,  LLC,  a  Delaware  limited  liability  company (“Holdings”);  (2) KUDU INVESTMENT HOLDINGS, LLC, a Delaware limited liability company (“Kudu”); (3) KUDU INVESTMENT US, LLC, a Delaware limited liability company (“Kudu US”); (4) KFO HOLDINGS,  LTD.,  a  limited  liability  company  incorporated  in  England  and Wales under number 11786202 (“KFO Holdings”);  (5) KWCP  HOLDINGS  UK,  LTD.,    a  limited  liability  company  incorporated  in  England  and Wales under number 11860833 (“KWCP Holdings”);   (6) MASSACHUSETTS MUTUAL LIFE  INSURANCE COMPANY, and each of  the other  lenders from time to time party hereto, as Lenders (as defined herein);   (7) MASSACHUSETTS MUTUAL LIFE INSURANCE COMPANY, as the Servicer; and (8) ALTER DOMUS (US) LLC, as the Administrative Agent. The  Lenders  have  agreed,  on  the  terms  and  conditions  set  forth  herein,  to  provide  a  senior  secured  revolving  loan  facility  that  provides  for Advances  from  time  to  time  in  the  amounts  and  in  accordance with the terms set forth herein.  The proceeds of the Advances will be used by the Co‐Borrowers for general corporate purposes,  together with such other purposes as set forth in Section 5.02(m).  Accordingly, the parties agree as follows:  ARTICLE I.  INTERPRETATION  SECTION 1.01 Certain Defined Terms. As used  in  this Agreement and  the exhibits,  schedules  and other attachments hereto  (each of which  is hereby  incorporated herein and made a part hereof),  the  following terms have  the  following meanings  (such meanings to be equally applicable  to both the  singular and plural forms of the terms defined):  “1940  Act”  means  the  Investment  Company  Act  of  1940  and  the  rules  and  regulations  promulgated thereunder.  “Account Bank” means with respect to each Co‐Borrower, First Republic Bank, in its capacity as  the “custodian,” “bank” or “securities intermediary” and each other Person acting in the capacity as the  “bank”,  the  “securities  intermediary”  or  such other  similar  term or  capacity pursuant  to  an Account  Control Agreement or any agreement replacing or substituting for any such Account Control Agreement.  “Account Control Agreement” means  (a) for each Account that  is a deposit account, a deposit  account control agreement in form reasonably acceptable to Administrative Agent, (b) for each Account

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‐ 2 ‐  NAI‐1515108520v22 that  is a securities account, a securities account control agreement  in  form  reasonably satisfactory  to  Administrative Agent, and (c) any similar agreement under local law, in each case, executed by each Co‐ Borrower (as applicable), Administrative Agent and the Account Bank and which permits, among other  things, the Administrative Agent, acting at the direction of the Servicer, on behalf of the Secured Parties  to  direct  disposition  of  the  funds  in  such  Account  following  a  Notice  of  Exclusive  Control,  as  such  agreement may  be  amended,  restated, modified,  replaced  or  otherwise  supplemented  from  time  to  time.  “Accounts” means all deposit accounts and securities accounts maintained by, or for the benefit  of, any Loan Party from time to time.  “Additional Amount” has the meaning assigned to that term in Section 2.13(a).  “Administrative Agent” means Alter Domus (US) LLC,  in  its capacity as administrative agent for  the  Lenders,  together with  its  successors  and  permitted  assigns,  including  any  successor  appointed  pursuant to Article VII.  “Administrative Borrower” means Kudu.   “Advance” means each loan advanced by the Lenders to any Co‐Borrower pursuant to Article II.  “Advance Date” means, with respect to any Advance, the day on which such Advance is made.  “Advance Rate” means 35.0%.  “Advances Outstanding” means, at any time, the aggregate outstanding principal amount of all  Advances at such time.  “Affiliate” when used with respect to a Person, means any other Person Controlling, Controlled  by or under common Control with such Person.  “Agent  Fee  Letter”  means,  the  fee  letter  between  the  Administrative  Agent  and  the  Co‐ Borrowers, dated as of  the Closing Date, as amended,  restated, supplemented or otherwise modified  from time to time to the extent permitted hereunder.  “Agreement”  means  this  Loan  and  Servicing  Agreement,  as  may  be  amended,  restated,  modified, replaced or otherwise supplemented from time to time.  “Anti‐Corruption Laws” means the Foreign Corrupt Practices Act of 1977, as amended, and the  rules  and  regulations  thereunder  and,  as  to  any  person,  any  other  comparable  anti‐corruption  law  applicable to such person.  “Anti‐Money  Laundering  Laws” means,  as  to  any  person,  any  and  all  applicable  anti‐money  laundering,  financial  recordkeeping  and  reporting  requirements  of  Applicable  Law  relevant  to  such  person, including those of the Bank Secrecy Act (as amended by Title III of the Uniting and Strengthening  America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001 (USA  PATRIOT Act)) and any comparable anti‐money  laundering statutes of other  jurisdictions applicable  to  such person, as well as the rules and regulations thereunder and any related or similar rules, regulations  or guidelines, issued, administered or enforced by any governmental agency applicable to such person.

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‐ 3 ‐  NAI‐1515108520v22  “Applicable Accounting Principles” shall mean GAAP, IFRS or any other internationally accepted  accounting  standard  that may be used by Holdings  and  the  Loan Parties  for  their  financial  reporting  requirements from time to time.  “Applicable Law” means for any Person all existing and future laws, rules, regulations (including  temporary  and  final  income  tax  regulations),  statutes,  treaties,  codes,  and  ordinances,  including  any  binding  interpretation  or  administration  thereof  by  any  Governmental  Authority  charged  with  the  enforcement,  interpretation or administration  thereof and all permits,  certificates, orders,  licenses of  and binding  interpretations by any Governmental Authority, applicable  to such Person and applicable  judgments, decrees, injunctions, writs, awards or orders of any court, arbitrator or other administrative,  judicial, or quasi‐judicial tribunal or agency of competent jurisdiction.  “Applicable Spread” means 4.30%.  “Assignment  and Assumption Agreement” means  an  agreement  among  the  Co‐Borrowers  (if  required under Section 11.04), a Lender, an Eligible Assignee and the Administrative Agent, substantially  in the form of Exhibit G or any other form (including electronic documentation generated by use of an  electronic platform) reasonably approved by the Administrative Agent, and delivered in connection with  a Person becoming a Lender hereunder after the Closing Date.  “Australian Collateral” has the meaning assigned to the term “Collateral” in the Australian  Pledge Agreement.   “Australian Equity Notes” has the meaning assigned to the term “Equity Notes” in the Australian  Pledge Agreement.  “Australian  Pledge Agreement” means  the  document  entitled  “Specific  Security Deed  (Equity  Notes)” dated on or around the date of this Agreement between Kudu and the Administrative Agent.  “Australian PPSA” means the Personal Property Securities Act 2009 (Cth).   “Australian  PPSR”  means  the  “Personal  Property  Securities  Register”  established  under  section 147 of the Australian PPSA.   “Availability  Period” means  the  period  commencing  on  the  Closing Date  and  ending  on  the  earlier of (i) March 23, 2024 or  if an Availability Period Extension occurs pursuant to Section 2.17, the  Availability Period Extension Date, and (ii) the date the Commitments are terminated in accordance with  this Agreement, whether as a result of an Event of Default or otherwise, and subject to the suspension  thereof upon the occurrence of an Event of Default or a Market Trigger Event.  “Availability Period Extension” has the meaning given to such term in Section 2.17.  “Availability Period Extension Date” has the meaning given to such term in Section 2.17.  “Available Collections” means all cash Collections and other cash proceeds with respect to any  Portfolio Asset deposited  in any Collection Account and all other amounts on deposit  in any Collection  Account from time to time, but excluding Excluded Amounts.

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‐ 4 ‐  NAI‐1515108520v22 “Bail‐In Action” means the exercise of any Write‐Down and Conversion Powers by the applicable  EEA Resolution Authority in respect of any liability of an EEA Financial Institution.  “Bail‐In Legislation” means, with respect to any EEA Member Country implementing Article 55 of  Directive  2014/59/EU  of  the  European  Parliament  and  of  the  Council  of  the  European  Union,  the  implementing  law for such EEA Member Country from time to time that  is described  in the EU Bail‐In  Legislation Schedule.  “Bankruptcy Code” means Title 11, United States Code, 11 U.S.C. §§ 101 et  seq., as amended  from time to time.  “Bankruptcy Event” is deemed to have occurred with respect to a Person if either:  (a) a case or other proceeding shall be commenced, without the application or consent of such Person,  in  any  court,  seeking  the  liquidation,  administration,  reorganization, debt  arrangement,  dissolution, winding  up,  receivership,  or  composition  or  readjustment  of  debts  of  such  Person,  the  appointment of a trustee, receiver, receiver and manager, controller, custodian,  liquidator, provisional  liquidator, administrator, restructuring practitioner, assignee, sequestrator or the like for such Person or  all or substantially all of its assets or, in the case of any Loan Party or Holdings, or any similar action with  respect  to  such  Person  under  the  Bankruptcy  Laws,  and  such  case  or  proceeding  shall  continue  undismissed, or unstayed and in effect, for a period of sixty (60) consecutive days; or an order for relief  in respect of such Person shall be entered in an involuntary case under the federal Bankruptcy Laws or  other similar laws now or hereafter in effect and such case or proceeding shall continue undismissed, or  unstayed and in effect, for a period of sixty (60) consecutive days; or  (b) such  Person  shall  commence  a  voluntary  case  or  other  proceeding  under  any Bankruptcy Laws now or hereafter in effect, or shall consent to the appointment of or taking possession  by  a  receiver,  receiver  and  manager,  controller,  liquidator,  provisional  liquidator,  administrator,  restructuring practitioner, assignee,  trustee, custodian, sequestrator  (or other similar official)  for such  Person  or  all  or  substantially  all  of  its  assets  under  the Bankruptcy  Laws,  or  shall make  any  general  assignment  for  the benefit of creditors or enter  into any arrangement, moratorium, reorganization or  composition involving one or more of its creditors, or shall fail to, or admit in writing its inability to, or  be presumed under any Bankruptcy Laws to be unable to, pay its debts generally as they become due,  or,  if a corporation or similar entity,  its board of directors or members shall vote to  implement any of  the foregoing;   (c) the  Person  executes  a  deed  of  company  arrangement  or makes  a  restructuring  plan under the Corporations Act 2001 (Cth); or   (d) if a corporation or similar entity, the Person is deregistered as a company or otherwise dissolved.  “Bankruptcy Laws” means the Bankruptcy Code, the  Insolvency Act 1986  (U.K.), Enterprise Act  2002  (U.K.),  Companies  Act  2006  (U.K.),  the  Corporations  Act  2001  (Cth)  and  all  other  applicable  liquidation,  conservatorship,  bankruptcy,  moratorium,  rearrangement,  receivership,  insolvency,  reorganization,  suspension of payments, winding up, general assignment  for  the benefit of  creditors,

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‐ 5 ‐  NAI‐1515108520v22 administration, or similar debtor relief  laws from time to time in effect affecting the rights of creditors  generally.  “Benchmark  Replacement” means  the  sum  of:  (a)  the  alternate  benchmark  rate  (which may  include  Term  SOFR)  that  has  been  selected  by  the  Administrative  Agent,  the  Initial  Lender  and  the  Administrative  Borrower  giving  due  consideration  to  (i)  any  selection  or  recommendation  of  a  replacement rate or the mechanism for determining such a rate by the Relevant Governmental Body or  (ii) any  evolving  or  then‐prevailing  market  convention  for  determining  a  rate  of  interest  as  a replacement  to  LIBOR  for U.S. dollar‐denominated  syndicated  credit  facilities  and  (b)  the Benchmark Replacement Adjustment; provided that, if the Benchmark Replacement as so determined would be less than zero, the Benchmark Replacement will be deemed to be zero for the purposes of this Agreement. “Benchmark Replacement Adjustment” means, with respect to any replacement of LIBOR with  an Unadjusted Benchmark Replacement  for each applicable  LIBOR Period,  the  spread adjustment, or  method  for calculating or determining  such  spread adjustment,  (which may be a positive or negative  value  or  zero)  that  has  been  selected  by  the  Administrative  Agent,  the  Initial  Lender  and  the  Administrative Borrower giving due consideration  to  (i) any selection or  recommendation of a spread  adjustment, or method for calculating or determining such spread adjustment, for the replacement of  LIBOR with the applicable Unadjusted Benchmark Replacement by the Relevant Governmental Body or  (ii) any evolving or then‐prevailing market convention for determining a spread adjustment, or method for calculating or determining such spread adjustment, for the replacement of LIBOR with the applicable Unadjusted  Benchmark  Replacement  for  U.S.  dollar‐denominated  syndicated  credit  facilities  at  such time. “Benchmark  Replacement  Conforming  Changes”  means,  with  respect  to  any  Benchmark  Replacement, any technical, administrative or operational changes (including changes to the definition  of  “LIBOR  Period,”  timing  and  frequency  of  determining  rates  and making  payments  of  interest  and  other administrative matters) that the Administrative Agent decides may be appropriate to reflect the  adoption  and  implementation  of  such  Benchmark  Replacement  and  to  permit  the  administration  thereof by the Administrative Agent in a manner substantially consistent with market practice (or, if the  Administrative  Agent  decides  that  adoption  of  any  portion  of  such  market  practice  is  not  administratively  feasible  or  if  the  Administrative  Agent  determines  that  no market  practice  for  the  administration of  the Benchmark Replacement exists,  in  such other manner of  administration  as  the  Administrative  Agent  decides  is  reasonably  necessary  in  connection with  the  administration  of  this  Agreement).  “Benchmark Replacement Date” means the earlier to occur of the following events with respect  to LIBOR:    (1) in the case of clause (1) or (2) of the definition of “Benchmark Transition Event,” the later of  (a)  the date of  the public  statement or publication of  information  referenced  therein  and  (b)  the  date  on which  the  administrator  of  LIBOR  permanently  or  indefinitely  ceases  to  provide LIBOR; or    (2) in the case of clause (3) of the definition of “Benchmark Transition Event,” the date of the public statement or publication of information referenced therein.   “Benchmark Transition Event” means  the occurrence of one or more of  the  following events  with respect to LIBOR:

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‐ 6 ‐  NAI‐1515108520v22 (1) a public statement or publication of information by or on behalf of the administrator of  LIBOR  announcing  that  such  administrator  has  ceased  or  will  cease  to  provide  LIBOR,  permanently or indefinitely, provided that, at the time of such statement or publication, there is  no successor administrator that will continue to provide LIBOR;  (2) a public statement or publication of information by the regulatory supervisor for the administrator of LIBOR, the U.S. Federal Reserve System, an  insolvency official with jurisdiction  over the administrator for LIBOR, a resolution authority with jurisdiction over the administrator  for  LIBOR  or  a  court  or  an  entity  with  similar  insolvency  or  resolution  authority  over  the  administrator for LIBOR, which states that the administrator of LIBOR has ceased or will cease to  provide  LIBOR  permanently  or  indefinitely,  provided  that,  at  the  time  of  such  statement  or  publication, there is no successor administrator that will continue to provide LIBOR; or    (3) a public statement or publication of information by the regulatory supervisor for the administrator of LIBOR announcing that LIBOR is no longer representative.  “Benchmark Transition Start Date” means (a)  in the case of a Benchmark Transition Event, the  earlier of (i) the applicable Benchmark Replacement Date and (ii) if such Benchmark Transition Event is a  public statement or publication of information of a prospective event, the 90th day prior to the expected  date of such event as of such public statement or publication of information (or if the expected date of  such  prospective  event  is  fewer  than  90  days  after  such  statement  or  publication,  the  date  of  such  statement  or  publication)  and  (b)  in  the  case  of  an  Early Opt‐in  Election,  the  date  specified  by  the  Administrative Agent or the Majority Lenders, as applicable, by notice to the Administrative Borrower,  the Administrative Agent (in the case of such notice by the Majority Lenders) and the Lenders.  “Benchmark  Unavailability  Period”  means,  if  a  Benchmark  Transition  Event  and  its  related  Benchmark Replacement Date have occurred with respect to LIBOR and solely to the extent that LIBOR  has not been replaced with a Benchmark Replacement, the period  (x) beginning at the time that such  Benchmark Replacement Date has occurred  if, at such time, no Benchmark Replacement has replaced  LIBOR  for  all purposes hereunder  in  accordance with  Section 2.06  and  (y)  ending  at  the  time  that  a  Benchmark Replacement has replaced LIBOR for all purposes hereunder pursuant to Section 2.06.  “Borrower AML and International Trade Default” means, any one of the following events: (a) any  representation contained Section 4.01(cc) is or becomes false at any time; or (b) any Loan Party fails to  comply with the covenant contained in Section 11.21(d)(ii) at any time.  “Borrower Covered Entity” means each of (a) the Co‐Borrowers, (b) the UK Guarantors, and (c)  Holdings.  “Borrowing Base” means, as of any date of determination, the Advance Rate multiplied by the  aggregate Investment Value of all Eligible Portfolio Assets as of such date.  “Borrowing Base Certificate” means a certificate setting forth the calculation of the Borrowing  Base as of the applicable date of determination, substantially  in the form of Exhibit C prepared by the  Administrative Borrower.  “Business Day” means a day of the year other than (a) Saturday or a Sunday or (b) any other day  on which  commercial  banks  in  New  York,  New  York  are  authorized  or  required  by  Applicable  Law,  regulation or executive order to close; provided that, if any determination of a Business Day shall relate

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‐ 7 ‐  NAI‐1515108520v22 to an Advance bearing  interest at LIBOR, the term “Business Day” shall also exclude any day on which  banks are not open for dealings in Dollar deposits in the London interbank market.  “Capital Lease Obligations” of any Person shall mean all obligations of such Person to pay rent or  other amounts under any  lease of  (or other arrangement conveying  the right  to use) real or personal  property, or a combination thereof, which obligations are required to be classified and accounted for as  finance  leases  on  a  balance  sheet  of  such  Person  under  Applicable  Accounting  Principles,  and  the  amount  of  such  obligations  shall  be  the  capitalized  amount  thereof  determined  in  accordance with  Applicable Accounting Principles.  “Change  in Law” means the occurrence, after the Closing Date, of any of the following: (a) the  adoption or taking effect of any law, rule, regulation or treaty; (b) any change in any law, rule, regulation  or  treaty  or  in  the  administration,  interpretation,  implementation  or  application  thereof  by  any  Governmental  Authority;  or  (c) the  making  or  issuance  of  any  request,  rule,  guideline  or  directive  (whether or not having the force of law) by any Governmental Authority; provided that notwithstanding  anything herein  to  the  contrary,  (i) the Dodd‐Frank Wall Street Reform and Consumer Protection Act  and all requests, rules, guidelines or directives thereunder or issued in connection therewith and (ii) all  requests,  rules,  guidelines  or  directives  promulgated  by  the  Bank  for  International  Settlements,  the  Basel Committee on Banking Supervision (or any successor or similar authority) or the United States or  foreign regulatory authorities,  in each case pursuant to Basel  III, shall  in each case be deemed to be a  “Change in Law”, regardless of the date enacted, adopted or issued.  “Change of Control” is deemed to have occurred if (i) White Mountains Insurance Group, Ltd. or  any of its Affiliates fails to own, directly or indirectly, 51% of the membership  interests of Holdings, (ii)  Holdings fails to own, directly or indirectly, 100% of the membership interests of each Co‐Borrower, or  (iii) Kudu fails to own, directly or indirectly, 100% of the membership interests of each UK Guarantor. “Change of Control Denial” has the meaning assigned to that term in Section 2.04(d).   “Closing Date” means the date of this Agreement.  “Co‐Borrower” and “Co‐Borrowers” means, each of Kudu and Kudu US.  “Code” means the Internal Revenue Code of 1986, as amended.  “Collateral” means the US Collateral and the UK Collateral.   “Collateral  Portfolio” means,  all  right,  title  and  interest  (whether  now  owned  or  hereafter  acquired or arising, and wherever  located) of a Loan Party  in all assets of such Loan Party  (other than  any  Excluded Assets)  securing  the Obligations pursuant  to  the  Transaction Documents,  including  the  property identified below in clauses (a) through (c), and all accounts, money, cash and currency, chattel  paper, tangible chattel paper, electronic chattel paper, intellectual property, goods, equipment, fixtures,  contract  rights,  general  intangibles,  documents,  instruments,  certificates  of  deposit,  certificated  securities,  uncertificated  securities,  financial  assets,  securities  entitlements,  commercial  tort  claims,  securities accounts, deposit accounts,  inventory,  investment property,  letter‐of‐credit rights, software,  supporting obligations, accessions or other property consisting of, arising out of, or related to any of the  following:

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‐ 8 ‐  NAI‐1515108520v22 (a) the Portfolio Assets and all funds due or to become due in payment under such Portfolio Assets on and after any related Cut‐Off Date, including all Available Collections;  (b) each Collection Account and the Interest Reserve Account; and (c) all income and Proceeds of the foregoing.  “Collection Accounts” means one or more Accounts and any related sub‐accounts established  with the Account Bank  in the name of a Co‐Borrower, and under the “control” (within the meaning of  Section 9‐104 or  9‐106 of  the UCC,  as  applicable) of  the Administrative Agent  for  the benefit of  the  Secured Parties pursuant to an Account Control Agreement; provided that, subject to the rights of the  Administrative Agent hereunder with respect to funds, the funds deposited therein from time to time  shall  constitute  the property and assets of  such Co‐Borrower, and  such Co‐Borrower  (or  its direct or  indirect  equityholders,  as  applicable)  shall be  solely  liable  for  any  Taxes payable with  respect  to  the  Collection Account of  such Co‐Borrower  and  each  subaccount  that may be  established  from  time  to  time.   “Collections” means all Distributions, cash collections and other cash proceeds with respect to  any Portfolio Asset (including, without  limitation, dividends, distributions, fees, royalties, Management  Contracts, management  fees  and  all  other  amounts  received  in  respect  of  such  Portfolio  Asset),  all  recoveries, all insurance proceeds and proceeds of any liquidations or Sales in each case, attributable to  such Portfolio Asset and owing or owned by a Loan Party, and all other proceeds or other funds of any  kind or nature received by such Loan Party, or the Account Bank with respect to any Portfolio Asset.  “Commitment” means, with respect to any Lender, (a) during the Availability Period, the amount  set forth on Schedule IV or on its respective Assignment and Assumption Agreement, as the same may  be  increased  from  time  to  time  in  accordance with  Section  2.14,  reduced  from  time  to  time by  the  Administrative  Borrower  pursuant  to  Section 2.04,  Section  2.12(e),  Section  2.16(b)  and(c)  or  Section  11.04, or  increased or reduced by assignment  to or by such Lender pursuant  to Section 11.04 and  (b)  after  the  end  of  the  Availability  Period,  such  Lender’s  Pro  Rata  Share  of  the  aggregate  Advances  Outstanding on  the  last day of  the Availability Period,  as  the  same may be  increased or  reduced by  assignment to or by such Lender pursuant to Section 11.04.  “Commitment  Fee  Letter” means,  if  applicable,  any  fee  letter  or  letters  between  the  Initial  Lender  and  the Co‐Borrowers dated  as of  the Closing Date,  as  amended,  restated,  supplemented or  otherwise modified from time to time.  “Constituent Documents” means,  for any Person,  its  constituent or organizational documents  and  any  governmental  or  other  filings  related  thereto,  including:  (a)  in  the  case  of  any  limited  partnership,  exempted  limited  partnership  or  other  form  of  business  entity,  the  limited  partnership  agreement,  exempted  limited  partnership  agreement,  articles  of  association,  statutory  statement  or  other applicable agreement of formation and any agreement,  instrument, filing or notice with respect  thereto filed in connection with its formation with the secretary of state, registrar or other department  in the state or jurisdiction of its formation; (b) in the case of any limited liability company, the certificate  of  formation, memorandum  and  articles  of  association,  limited  liability  company  agreement  and/or  operating agreement for such Person; and (c) in the case of a corporation or an exempted company, the  certificate of  incorporation and the memorandum of association and articles of association and/or the  bylaws (or equivalent) for such Person.

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‐ 9 ‐  NAI‐1515108520v22 “Control” means  the  possession,  directly  or  indirectly,  of  the  power  to  direct  or  cause  the  direction of  the management or policies of  a  Person, whether  through  the  ability  to  exercise  voting  power, by contract or otherwise.  “Cut‐Off Date” means, with  respect  to a Portfolio Asset,  the date  (which may be  the Closing  Date) such Portfolio Asset is Transferred to a Loan Party.  “Debt Service” means, for any period, interest expense paid or payable by the Loan Parties  for  such  period  plus  scheduled  principal  amortization  and  mandatory  principal  repayments  (whether  pursuant to this Agreement or otherwise) of all Indebtedness for borrowed money for such period paid  or payable by the Loan Parties.   “Debt  Service  Coverage  Ratio”  means,  for  any  four  calendar  quarter  period  then  ended,  beginning with such period ending on March 31, 2021, the ratio of EBITDA of the Loan Parties, for such  period to Debt Service for such period; provided that the Debt Service Coverage Ratio shall be calculated  (a) for  the calendar quarter ending March 31, 2021, by annualizing EBITDA   and Debt Service  for  the calendar quarter then ended by multiplying EBITDA and Debt Service by 4, (b) for the calendar quarter ending  June  30,  2021,  by  annualizing  EBITDA  and  Debt  Service  for  the  period  equal  to  the  two consecutive calendar quarters then ended by multiplying EBITDA  and Debt Service by 2, and (c) for the calendar quarter ending September 30, 2021, by annualizing EBITDA   and Debt Service  for  the period equal to the three consecutive calendar quarters then ended by multiplying EBITDA  and Debt Service by 1.33. “Default Rate” means, as of any date of determination, a rate per annum equal to the  interest  rate that is or would be applicable to the Advances at such time plus 2.0%.  “Defaulting Lender” means, subject to Section 2.16, any Lender that (a) has failed to (i) fund all  or any portion of its Advances within two (2) Business Days of the date such Advances were required to  be  funded  hereunder  unless  such  Lender  notifies  the  Administrative  Agent  and  the  Administrative  Borrower  in writing  that  such  failure  is  the  result  of  such  Lender’s  determination  that  one  or more  conditions  precedent  to  funding  (each  of which  conditions  precedent,  together with  any  applicable  default,  shall  be  specifically  identified  in  such  writing)  has  not  been  satisfied,  or  (ii) pay  to  the  Administrative Agent or any other Lender any other amount required to be paid by it hereunder within  two  (2)  Business  Days  of  the  date  when  due,  (b) has  notified  the  Administrative  Borrower  or  the  Administrative Agent in writing that it does not intend to comply with its funding obligations hereunder,  or has made a public statement to that effect (unless such writing or public statement relates to such  Lender’s  obligation  to  fund  an  Advance  hereunder  and  states  that  such  position  is  based  on  such  Lender’s determination that a condition precedent to funding (which condition precedent, together with  any  applicable  default,  shall  be  specifically  identified  in  such writing  or  public  statement)  cannot  be  satisfied), (c) has failed, within three (3) Business Days after written request by the Administrative Agent  or the Administrative Borrower, to confirm in writing to the Administrative Agent and the Administrative  Borrower  that  it will  comply with  its  prospective  funding  obligations  hereunder  (provided  that  such  Lender  shall  cease  to be a Defaulting  Lender pursuant  to  this  clause (c) upon  receipt of  such written  confirmation by the Administrative Agent and the Administrative Borrower), or (d) has, or has a direct or  indirect parent company that has, (i) become the subject of a Bankruptcy Event, (ii) had appointed for it  a receiver, custodian, conservator, trustee, administrator, assignee for the benefit of creditors or similar  Person charged with reorganization or liquidation of its business or assets, including the Federal Deposit  Insurance Corporation or  any other  state or  federal  regulatory  authority acting  in  such a  capacity or

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‐ 10 ‐  NAI‐1515108520v22 (iii) become the subject of a Bail‐In Action; provided that a Lender shall not be a Defaulting Lender solely by virtue of the ownership or acquisition of any equity  interest  in that Lender or any direct or  indirect parent company thereof by a Governmental Authority so long as such ownership interest does not result in or provide such Lender with immunity from the jurisdiction of courts within the United States or from the  enforcement  of  judgments  or writs  of  attachment  on  its  assets  or  permit  such  Lender  (or  such Governmental Authority) to reject, repudiate, disavow or disaffirm any contracts or agreements made with such Lender. Any determination by the Administrative Agent that a Lender  is a Defaulting Lender under any one or more of clauses (a) through (d) above shall be conclusive and binding absent manifest error, and such Lender shall be deemed to be a Defaulting Lender (subject to Section 2.16) upon delivery of written notice of such determination to the Administrative Borrower and each Lender. “Determination Date” means, for any Payment Date, the date that is five (5) Business Days prior  to such Payment Date.  “Disqualified  Lender” means  (i)  each  Person  that  is  set  forth  on  Schedule  VI  or  otherwise  identified by Holdings in writing to the Administrative Agent and the Servicer prior to the Closing Date as  a  competitor of White Mountains  Insurance Group,  Ltd. or Holdings,  and  (ii) Affiliates of  any Person  identified  in  clause  (i) above  that are either  identified  in writing  to  the Administrative Agent and  the  Servicer by Holdings from time to time or readily identifiable solely based on similarity of such Affiliate’s  name.   Notwithstanding anything  to  the contrary contained  in  this Agreement,  (a)  the Administrative  Agent  shall  not  be  responsible  or  have  any  liability  for,  or  have  any  duty  to  ascertain,  inquire  into,  monitor or  enforce, compliance with the provisions hereof relating to Disqualified Lenders and (b) the  Co‐Borrowers (on behalf of themselves and the other Loan Parties) and the Lenders acknowledge and  agree that the Administrative Agent shall have no responsibility or obligation to determine whether any  Lender  or  potential  Lender  is  a Disqualified  Lender  and  that  the Administrative Agent  shall  have  no  liability with respect to any assignment or participation made to a Disqualified Lender.  “Distribution” means (a) any dividend, distribution or payment, direct or  indirect, to or for the  benefit of  any holder of  any  Equity  Interests of  a  Person now or hereafter outstanding,  except  (i)  a  Distribution  in Kind or  (ii)  the  issuance of Equity  Interests upon  the exercise of outstanding warrants,  options or other  rights,  (b) any  redemption,  retirement, sinking  fund or similar payment, purchase or  other  acquisition  for  value  direct  or  indirect,  of  any  Equity  Interests  of  a  Person  now  or  hereafter  outstanding, or  (c) any distribution or payment of principal or  interest required to be made to a Loan  Party by an Obligor on a Loan Asset pursuant to the terms of the related Underlying Loan Agreement.  “Distribution  in Kind” means any non‐cash dividend or distribution, direct or  indirect,  for  the  benefit of a holder of Equity Interests.  “Dollar Equivalent” means (i) with respect to any amount denominated in Dollars, such amount,  and (ii) with respect to any amount denominated in any other currency (the “Non‐Dollar Amount”), the  amount of Dollars that could be converted into the Non‐Dollar Amount on the basis of the Spot Rate as  reasonably  determined  in  good  faith  by  the  Account  Bank  (acting  upon  the  instructions  of  the  Administrative  Borrower)  as  of  the  most  recent  Determination  Date  or  other  applicable  date  of  determination.  “Dollar(s)” and the sign “$” means the lawful money of the United States of America.  “Early Opt‐in Election” means the occurrence of:

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‐ 11 ‐  NAI‐1515108520v22 (1) (i) a determination by the Administrative Agent or (ii) a notification by the Majority Lenders to the Administrative Agent (with a copy to the Administrative Borrower) that the Majority Lenders have  determined that U.S. dollar‐denominated syndicated credit facilities being executed at such time, or that  include  language  similar  to  that  contained  in  Section  2.06,  are  being  executed  or  amended,  as  applicable, to incorporate or adopt a new benchmark interest rate to replace LIBOR; and    (2) the election by  (i)  the Administrative Agent or  (ii)  the Majority Lenders  to declare  that an Early  Opt‐in  Election  has  occurred  and  the  provision,  as  applicable,  by  the  Administrative  Agent  of  written  notice  of  such  election  to  the  Administrative  Borrower  and  the  Lenders  or  by  the Majority  Lenders of written notice of such election to the Administrative Agent.  “EBITDA” means,  for  any  specified  period  of measurement  of  Loan  Parties,  calculated  on  a  consolidated basis,  (a) Net  Income, plus  (b)  to  the extent  reducing Net  Income,  the  sum of  (without  duplication),  (i) amounts  for  interest expense under  this Agreement,  (ii) Taxes,  (iii) amounts  for costs,  fees  and  expenses  in  connection  with  this  Agreement  (iv)  placement  fees  in  connection  with  the  consummation of the transactions pursuant to this Agreement (including without  limitation  in relation  to  any  future Advances  under  the Agreement)  and  in  connection with  the  raising  of  any  equity,  (v)  transaction fees and expenses relating to Portfolio Assets and the incurrence of Indebtedness permitted  under the Agreement (whether or not any transaction  is actually consummated), (vi) unrealized  losses  attributable  to  the  revaluation  of  any  asset,  (vii)  unrealized  foreign  currency  losses,  (viii)  non‐cash  compensation expenses (ix) depreciation and amortization, including amortization of fees related to the  consummation  of  transactions  contemplated  under  this  Agreement,  (x)  non‐cash  losses  relating  to  hedging activities and  (xi) non‐recurring or non‐cash  items expensed during  the  specified period  that  have been approved by the Initial Lender as add‐backs to EBITDA (such approval not to be unreasonably  withheld, conditioned or delayed), minus (c) to the extent  increasing Net  Income, the sum of, without  duplication,  (i)  unrealized  gains  attributable  to  the  revaluation  of  any  asset,  (ii)  unrealized  foreign  currency gains, (iii) non‐cash gains relating to hedging activities, (iv) amounts for other non‐cash gains  increasing Net Income for such period (excluding any such non‐cash item to the extent it represents the  reversal of an accrual or reserve for potential cash item in any prior period) and (v) other non‐recurring  or non‐cash gains  earned during the specified period.  “EEA Financial Institution” means (a) any credit institution or investment firm established in any  EEA Member Country  that  is subject  to  the supervision of an EEA Resolution Authority,  (b) any entity  established  in an EEA Member Country that  is a parent of an  institution described  in clause (a) of this  definition, or (c) any financial institution established in an EEA Member Country that is a subsidiary of an  institution described in clauses (a) or (b) of this definition and is subject to consolidated supervision with  its parent.  “EEA Member  Country” means  any  of  the member  states  of  the  European  Union,  Iceland,  Liechtenstein, and Norway.  “EEA Resolution Authority” means any public administrative authority or any person entrusted  with  public  administrative  authority  of  any  EEA  Member  Country  (including  any  delegee)  having  responsibility for the resolution of any EEA Financial Institution.  “Eligible Assignee” means  (a)  a  Lender  or  any  of  its Affiliates,  (b)  any  Person managed  by  a  Lender  or  any  of  its  Affiliates  or  (c)  any  financial  or  other  institution  reasonably  acceptable  to  the  Majority Lenders (such consent not to be unreasonably withheld, conditioned or delayed) (other than a

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‐ 12 ‐  NAI‐1515108520v22 Co‐Borrower or an Affiliate thereof); provided, however, prior to an Event of Default arising pursuant to  Section 6.01(a) or 6.01(d) in no event shall a Disqualified Lender constitute an Eligible Assignee.  “Eligible Portfolio Asset” means  (i) each of  the  Initial Portfolio Assets,  (ii) each other General  Partner  Investment  owned  by  a  Loan  Party  which  complies  with  the  Investment  Guidelines  (as  determined at  the  time  such Eligible Portfolio Asset  is  included  in  the Borrowing Base)  including, any  assets received as Distributions In Kind, (iii) each other Portfolio Asset that constitutes a Loan Asset that  is approved by the Servicer, and  in each case, that  is not subject to any security  interest, Lien or other  encumbrance  other  than  those  granted  to Administrative Agent  herein  (subject  to  Permitted  Liens),  subject to removal from the Borrowing Base and a corresponding reduction to the LTV, at the election of  the  Servicer  if  there  has  been  (a)  a  Material  Investment  Event,  (b)  a  Material  Modification,  (c)  Underlying Obligor Default,  (d) proceedings pending or, to any Loan Party’s knowledge, threatened  (i)  with respect to a Bankruptcy Event with respect to any applicable Obligor or (ii) wherein any applicable  Obligor, any other party or any governmental entity has alleged that such Portfolio Asset or  its related  Underlying  Agreement  or  any  of  its  Required  Portfolio  Documents  is  illegal  or  unenforceable  has  occurred  and  is  continuing  and  (e)  in  connection with  a  Sale  under  Section  2.11; provided,  that  any  Eligible Portfolio Asset so removed from the Borrowing Base shall cease to be an Eligible Portfolio Asset;  provided, further, that with respect to each  Initial Portfolio Asset described  in Schedule VII, each such  Initial Portfolio Asset shall be deemed not to be an Eligible Portfolio Asset, and shall not be included in  the Borrowing Base or the calculation of the LTV until the Post Closing Condition with respect to such  Initial Portfolio Asset  is satisfied, as determined by the Administrative Agent, acting at the direction of  the Majority Lenders.     “Eligible  Receivable” means  an  amount which  is  due  and  owing with  respect  to  an  Eligible  Portfolio  Asset which  is  not more  than  60  days  past  due  and  for which  the  applicable  Loan  Party  reasonably believe such amount will be paid prior to the end of such 60 day period.    “Employee Benefit Plan” means any “employee benefit plan” as defined in Section 3(3) of ERISA  which is or was subject to ERISA (other than a Pension Plan or Multiemployer Plan) and maintained by,  contributed to, or required to be maintained or contributed to by a Co‐Borrower, Holdings or any ERISA  Affiliate.   “Environmental  Laws”  means  any  and  all  foreign,  federal,  State  and  local  laws,  statutes,  ordinances,  rules,  regulations,  permits,  licenses,  approvals,  interpretations  and  orders  of  courts  or  Governmental Authorities, relating to the protection of human health or the environment, including, but  not  limited  to,  requirements pertaining  to  the manufacture, processing, distribution, use,  treatment,  storage, disposal, transportation, handling, reporting, licensing, permitting, investigation or remediation  of Hazardous Materials.  “Equity Interests” means, all shares, options, warrants, general or limited partnership interests,  membership  interests  or  other  equivalents  (regardless  of  how  designated)  of  or  in  a  corporation,  partnership,  limited  liability  company  or  equivalent  entity,  whether  voting  or  nonvoting,  including  common stock, preferred stock or any other “equity security” (as such term is defined in Rule 3a11‐1 of  the General Rules and Regulations promulgated by the Securities and Exchange Commission under the  Exchange Act).  “Equity  Investment” means any  investment or co‐investment made by a Loan Party directly  in  the Equity Interests of another Person.

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‐ 13 ‐  NAI‐1515108520v22 “Equity  Investment Agreement” means, the  investment agreement, co‐investment agreement,  partnership  agreement,  limited  liability  company  agreement,  shareholder  agreement,  subscription  agreement, or other  similar document governing and evidencing an Equity  Investment,  including any  side letters relating thereto to which a Loan Party is a party or is otherwise binding on such Loan Party.  “Equity Investment Capital Call” means with respect to an Equity Investment, a call upon all or  any Obligors for payment of all or any portion of their Equity Investment Capital Commitment.  “Equity  Investment Capital Commitment” means, with  respect  to  any  Equity  Investment,  the  commitment,  if  any,  of  an  Obligor  to  make  Equity  Investment  Capital  Contributions  or  otherwise  providing funding to any Obligor in response to an Equity Investment Capital Call pursuant to the Equity  Investment Agreement and any  related  subscription agreement or other offering materials governing  such Equity Investment from time to time.  “Equity  Investment  Capital  Contribution” means,  for  any Obligor with  respect  to  any  Equity  Investment, any capital  contribution or other  funding made by  such Obligor  in  response  to an Equity  Investment Capital Call.  “Equity Investment Obligations” means, the obligations of any Person with respect to any Equity  Investments (including any related Equity Investment Capital Commitment).  “Equity Investment Transfer Agreement” means, any transfer agreement or consent to transfer  relating to an Equity Investment, to the extent required in connection with such transfer.  “ERISA”  means  the  United  States  Employee  Retirement  Income  Security  Act  of  1974,  as  amended from time to time.  “ERISA Affiliate” means  any  trade or  business  (whether or  not  incorporated)  under  common  control with  a  Loan  Party or Holdings within  the meaning of  Section  414(b)  or  (c) of  the Code  (and  Sections 414(m) and  (o) of the Code for purposes of provisions relating to Section 412 of the Code or  Section 302 of ERISA).  “ERISA Event” means (a) the occurrence of any Reportable Event; (b) the failure by Holdings, a  Loan Party or any ERISA Affiliate to meet the minimum  funding standard of Section 412 or 430 of the  Code and Section 302 or 303 of ERISA with  respect  to any Pension Plan  (whether or not waived),  the  failure to make by its due date a required installment under Section 430(j) of the Code or Section 303(j)  of ERISA with respect to any Pension Plan or the failure by Holdings, a Loan Party or any ERISA Affiliate  to make any required contribution to a Multiemployer Plan; (c) the determination that any Pension Plan  is considered an at‐risk plan or that any Multiemployer Plan is endangered or is in critical status within  the meaning of Section 430, 431 or 432 of the IRC or Section 303, 304 or 305 of ERISA, as applicable; (d)  the  incurrence by Holdings, a Loan Party or any ERISA Affiliate of any  liability under Title  IV of ERISA,  other  than  for PBGC premiums not yet due;  (e)  the provision  to Holdings, a Loan Party or any ERISA  Affiliate from the PBGC or a plan administrator of any notice relating to an  intention to terminate any  Pension  Plan  or  Multiemployer  Plan  or  to  appoint  a  trustee  to  administer  any  Pension  Plan  or  Multiemployer Plan or the occurrence of any event or condition which would reasonably be expected to  constitutes grounds under Section 4041 or 4042 of ERISA for the termination of, or the appointment of a  trustee  to  administer  any  Pension  Plan  or  Multiemployer  Plan  or  the  institution  by  the  PBGC  of  proceedings to terminate any Pension Plan or Multiemployer Plan; (f) the withdrawal of a Holdings, Loan  Party or any ERISA Affiliate from a Pension Plan or the termination of any such Pension Plan resulting in

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‐ 14 ‐  NAI‐1515108520v22 liability pursuant  to Section 4063 or 4064 of ERISA or  the cessation of operations by Holdings, a Loan  Party  or  any  ERISA  Affiliate  that  would  be  treated  as  a  withdrawal  from  a  Pension  Plan  under  Section 4062(e) of ERISA;  (g) the  imposition of  liability on a Holdings, Loan Party or any ERISA Affiliate  pursuant to Section 4062(e) or 4069 of ERISA or by reason of the application of Section 4212(c) of ERISA;  (h) the  partial  or  complete withdrawal  (within  the meaning  of  Section 4203  and  4205  of  ERISA)  by Holdings, a Loan Party or any ERISA Affiliate from any Multiemployer Plan or the receipt by Holdings, a Loan Party or any ERISA Affiliate of notice from any Multiemployer Plan that it is in insolvency pursuant to Section 4245 of ERISA, or that it intends to terminate or has terminated under Section 4041A or 4042 of  ERISA;  (i)  the  assertion  of  a material  claim  (other  than  routine  claims  for  benefits)  against  any Employee Benefit Plan, or the assets thereof, or against a Holdings, Loan Party, or any ERISA Affiliate in connection with any Employee Benefit Plan; or (j) the imposition of a Lien on the property of Holdings, a Loan Party pursuant  to Section 430(k) of  the Code or pursuant  to Section 303(k) or 4068 of ERISA or otherwise. “Erroneous Payment” has the meaning assigned to it in Section 7.10(a).   “Event of Default” has the meaning assigned to that term in Section 6.01.  “Excepted Persons” has the meaning assigned to that term in Section 11.11(a).  “Exchange Act” means the United States Securities Exchange Act of 1934, as amended, and the  rules and regulations promulgated thereunder.  “Excluded  Amounts” means,  without  duplication,  (a) any  amount  received  in  any  Collection  Account which  is attributable to the payment of any non‐income Tax, fee or other charge  imposed by  any Governmental Authority on any Portfolio Asset or on any Underlying Collateral, and (b) any amount  received in the Collection Account with respect to any Portfolio Asset that is no longer owned by a Loan  Party pursuant to a Sale pursuant to Section 2.11(a) to the extent such received amount is attributable  to  a  time  after  the  effective date of  such  Sale  and  (c)  amounts deposited  in  any Collection Account  which were not required to be deposited therein or were deposited in error.  “Excluded Assets” has the meaning assigned to that term in Section 2.10(c).  “Excluded Taxes” means any of the following Taxes imposed on or with respect to a Recipient or  required to be withheld or deducted from a payment to a Recipient under any Transaction Document:  (a) any Taxes  imposed on  (or measured by) net  income  (however denominated), any  franchise Taxes, and any branch profits Taxes, in each case by (i) the jurisdiction under the laws of which such Recipient is organized or in which such Recipient’s principal office is located or, in the case of any Lender, in which such Lender’s applicable lending office is located or (ii) a jurisdiction as the result of any other present or former  connection  between  such  Recipient  and  the  jurisdiction  imposing  such  Tax  (other  than connections arising  from such Recipient having executed, delivered, become a party to, performed  its obligations under, received payments under, received or perfected a security interest under, engaged in any other transaction pursuant to or enforced any Transaction Document, or sold or assigned an interest in any Transaction Document or any Advance, loan or commitment made pursuant to this Agreement); (b) in the case of a Lender, United States federal withholding Taxes imposed on amounts payable to or for  the account of  such  Lender with  respect  to an applicable  interest  in an Advance or Commitment pursuant to a law in effect on the date on which (i) such Lender acquires such interest in the Advance or Commitment  (other  than pursuant  to an assignment  requested by Section 2.15(b)) or  (ii) such Lender changes its lending office, except in each case to the extent that, pursuant to Section 2.13, amounts with

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‐ 15 ‐  NAI‐1515108520v22 respect  to  such Taxes were payable either  to  such Lender’s assignor  immediately before  such Lender  became  a party hereto or  to  such  Lender  immediately before  it  changed  its  lending office;  (c) Taxes  attributable  to  such Recipient’s  failure  to  comply with  Section 2.13(e) or  (f);  and  (d) any withholding  Taxes imposed under FATCA.  “Facility Increase” has the meaning assigned to that term in Section 2.14(a).  “Facility Increase Notice” has the meaning assigned to that term in Section 2.14(a).  “Facility  Termination  Date”  means  the  date  on  which  the  aggregate  outstanding  principal  amount of the Advances have been repaid  in full and all accrued and unpaid  interest thereon, all Fees  and all other Obligations  (other  than contingent  indemnification obligations not  then due and owing)  have been paid  in full, the Commitments of the Lenders hereunder have been terminated and the Co‐ Borrowers have no further right to request any additional Advances.  “Facility Upsize Denial” has the meaning assigned to that term in Section 2.04(d).   “FATCA” means Sections 1471 through 1474 of the Code as in effect on the date hereof (or any  amended  or  successor  version  that  is  substantively  comparable  and  not materially more  onerous  to  comply with) and any current or  future regulations promulgated thereunder or official  interpretations  thereof, any agreements entered into pursuant to Section 1471(b)(1) of the Code as of the date hereof  (or  any  amended  or  successor  version  described  above)  and  any  intergovernmental  agreements  (or  related rules, legislation or official administrative guidance) implementing such provisions of the Code or  any non‐U.S. laws implementing the foregoing.  “Federal Reserve Bank of New York’s Website” means the website of the Federal Reserve Bank  of New York at http://www.newyorkfed.org, or any successor source.  “Fee Letters” means the Agent Fee Letter, the Servicer Fee Letter, the Commitment Fee Letter  and  each  other  fee  letter  agreement  entered  into  by  and  among  the  Co‐Borrowers  and  any  of  the  Administrative Agent, the Servicer, and any Lender in connection with the transactions contemplated by  this Agreement.  “Fees” means the fees payable to the Servicer, the Administrative Agent, any Account Bank, any  Lender or any other applicable agent or party pursuant  to  the  terms of  the  Fee  Letters or  the other  Transaction Documents.  “Foreign  Pledge  Agreements”  means  collectively,  the  Australian  Pledge  Agreement,  the  Guernsey Pledge Agreement, and the UK Pledge Agreement   “GAAP” means, generally accepted accounting principles as  in effect  from  time  to  time  in  the  United States.  “General Partner” means an entity into which a General Partner Investment was made.   “General Partner  Investment” means, an Equity  Investment  the recipient of which  is an entity  that  is  responsible, either alone or with others,  for managing, operating or Controlling an  Investment  Fund as a general partner, managing member or other Person of similar authority.

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‐ 16 ‐  NAI‐1515108520v22 “Governmental Authority” means, with respect  to any Person, any nation or government, any  state  or  other  political  subdivision  thereof  or  any  entity,  authority,  agency,  division  or  department  exercising the executive, legislative, judicial, taxing, regulatory or administrative powers or functions of  or pertaining to a government and any court or arbitrator having jurisdiction over such Person (including  any supra‐national bodies such as the European Union or the European Central Bank) and any group or  body  charged with  setting  financial accounting or  regulatory  capital  rules or  standards  (including  the  Financial Accounting Standards Board, the Bank for International Settlements or the Basel Committee on  Banking Supervision or any successor or similar authority to any of the foregoing).  “Guarantee”  of  or  by  any  Person  (the  “guarantor”)  shall mean  any  obligation,  contingent  or  otherwise,  of  the  guarantor  guaranteeing  or  having  the  economic  effect  of  guaranteeing  any  Indebtedness or other obligation of any other Person  (the “primary obligor”)  in any manner, whether  directly or  indirectly and  including any obligation, direct or  indirect, of the guarantor (i) to purchase or  pay (or advance or supply funds for the purchase or payment of) such Indebtedness or other obligation  or to purchase (or to advance or supply funds for the purchase of) any security for the payment thereof,  (ii) to purchase or  lease property, securities or services for the purpose of assuring the owner of such Indebtedness or other obligation of the payment thereof, (iii) to maintain working capital, equity capital or any other financial statement condition or liquidity of the primary obligor so as to enable the primary obligor to pay such Indebtedness or other obligation or (iv) as an account party in respect of any letter of credit or  letter of guaranty  issued  in support of such  Indebtedness or obligation; provided that  the term  “Guarantee”  shall not  include endorsements  for  collection or deposit  in  the ordinary  course of business.  The  amount  of  any  Guarantee  shall  be  deemed  to  be  an  amount  equal  to  the  stated  or determinable amount of the primary obligation in respect of which such Guarantee is made or, if not so stated or determinable, the maximum reasonably anticipated liability in respect thereof (assuming such Person  is  required  to  perform  thereunder)  as  determined  by  such  Person  in  good  faith.  The  term “Guarantee” used as a verb has a corresponding meaning. “Guarantors”  means  each  UK  Guarantor  and  each  other  Person  that  from  time  to  time  guaranties the Obligations.  “Guaranty Agreement” means that certain Guaranty Agreement, dated as of the date hereof, by  and among the UK Guarantors from time to time party thereto and the Administrative Agent.   “Guernsey Pledge Agreement” means the Guernsey  law governed document entitled "Security  Interest  Agreement"  dated  on  our  around  the  date  of  this  Agreement  between  Kudu  and  the  Administrative Agent and creating a security  interest  in and  to  the collateral described  therein  to  the  Administrative Agent in favor of the Lenders  “Hazardous Materials” means any  substances or materials  (a)  that are or become defined as  hazardous wastes, hazardous substances, pollutants, contaminants, chemical substances or mixtures or  toxic  substances  under  any  Environmental  Law;  (b)  that  are  toxic,  explosive,  corrosive,  flammable,  infectious,  radioactive,  carcinogenic,  mutagenic  or  otherwise  harmful  to  human  health  or  the  environment and are or become regulated as such by any Governmental Authority; (c) the presence of  which  require  investigation  or  remediation  under  any  Environmental  Law  or  common  law,  (d)  the  discharge or emission or release of which requires a permit or license under any Environmental Law or  other approval by a Governmental Authority; (e) that are deemed to constitute a nuisance or a trespass  that pose a health or safety hazard to Persons or neighboring properties; (f) that consist of underground  or aboveground storage  tanks, whether empty,  filled or partially  filled with any substance; or  (g)  that

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‐ 17 ‐  NAI‐1515108520v22 contain, without  limitation,  asbestos,  polychlorinated  biphenyls,  urea  formaldehyde  foam  insulation,  petroleum hydrocarbons, petroleum derived substances or waste, crude oil, nuclear fuel, natural gas or  synthetic gas.  “Holdings” has the meaning assigned to that term in the preamble hereto.  “Holdings AML and International Trade Default” means, any one of the following events: (a) that  any representation contained Section 4.05(l) is or becomes false at any time; or (b) a Loan Party  fails to  comply with the covenant contained in Section 11.21(d)(i) in any material respect at any time.  “IFRS”  means  international  accounting  standards  within  the  meaning  of  International  Accounting  Standards  Regulation  1606/2002  to  the  extent  applicable  to  the  relevant  financial  statements delivered under or referred to herein.  “Indebtedness” of any Person means, without duplication, (i) all obligations of such Person for  borrowed money,  (ii)  all obligations of  such Person  evidenced by bonds, debentures, notes or other  similar  instruments,  (iii)  all  obligations  of  such  Person  in  respect  of  the  deferred  purchase  price  of  property  or  services  (other  than  trade  payables  incurred  in  the  ordinary  course  of  business),  (iv)  all  obligations of such Person under any conditional sale or other  title retention agreement(s) relating  to  property acquired by such Person,  (v) all Capital Lease Obligations of such Person,  (vi) all obligations,  contingent or otherwise, of such Person in respect of letters of credit, acceptances or similar extensions  of credit, (vii) all Guarantees of such Person of the type of Indebtedness described in clauses (i) through  (vi) above, (viii) all Indebtedness of a third party secured by any Lien on property owned by such Person, whether or not such Indebtedness has been assumed by such Person, (ix) all obligations of such Person, contingent or otherwise, to purchase, redeem, retire or otherwise acquire for value any Equity Interests of such Person  (other  than pursuant  to any repurchase or redemption offer voluntarily made by such Person), (x) all net obligations of such Person in respect of derivative transactions and (xi) all Off‐Balance Sheet Liabilities. “Indemnified Amounts” has the meaning assigned to that term in Section 10.01(a).  “Indemnified Party” has the meaning assigned to that term in Section 10.01(a).  “Indemnified Taxes” means (a) Taxes, other than Excluded Taxes, imposed on or with respect to  any payment made by or on account of any obligation of a Loan Party or Holdings under any Transaction  Document and (b) to the extent not otherwise described in (a), Other Taxes.   “Indorsement” has  the meaning  specified  in  Section 8‐102(a)(11) of  the UCC, and  “Indorsed”  has a corresponding meaning.  “Information” has the meaning assigned to that term in Section 11.11(e).  “Initial Advance” means the first Advance made to a Co‐Borrower pursuant to Article II.   “Initial Lender” means, Massachusetts Mutual Life Insurance Company.  “Initial Portfolio Assets” means, the General Partnership Investments owned by a Loan Party on  the Closing Date, as set forth on Schedule I delivered on the Closing Date.

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‐ 18 ‐  NAI‐1515108520v22 “Interest Reserve Account” means the account established at the Account Bank which shall be  subject  to  an  Account  Control  Agreement  pursuant  to  which  the  Co‐Borrowers  shall  maintain  the  Interest Reserve Amount.   “Interest  Reserve  Amount” means  as  of  any  date  of  determination  an  amount  equal  to  the  aggregate amount of  interest payments payable on Indebtedness arising under this Agreement for the  most recent quarter then ended multiplied by (4) four, which amount may consist of cash and/or Eligible  Receivables expected to accrue as of such quarter‐end; provided that the aggregate amount of Eligible  Receivables may not exceed more than 30% of the Interest Reserve Amount.  “Investment Advisers Act” means  the U.S.  Investment Advisers Act of 1940, as amended  from  time to time.  “Investment  Fund”  means  any  investment  vehicle    (regardless  of  form),  including  any  intermediate  vehicle,  for which  a General Partner  acts  as  the  general partner, managing member or  other Person of similar authority or having a similar role.   “Investment Fund Agreements” means for any Investment Fund, its organizational documents of  which a Responsible Person of a Co‐Borrower has knowledge,  including:  (a)  in  the case of any  limited  partnership,  exempted  limited partnership or  similar  form of business entity,  the  limited partnership  agreement, exempted  limited partnership agreement of such Person, agreement with any  investor or  partner,  offering  document,  private  placement  memorandum,  or  other  agreement  to  which  the  Investment Fund is a party; (b) in the case of any limited liability company, the certificate of formation,  limited  liability company agreement and/or operating agreement of such Person, agreement with any  investor or partner, offering document, private placement memorandum, or other agreement to which  the  Investment  Fund  is  a  party;  and  (c)  in  the  case  of  a  corporation  or  an  exempted  company,  the  certificate of  incorporation and the memorandum of association and articles of association and/or the  bylaws  (or  equivalent)  of  such  Person,  agreement with  any  investor  or  partner,  offering  document,  private placement memorandum, or other agreement to which the Investment Fund is a party.  “Investment Guidelines” means  the  investment guidelines  set  forth on Schedule V as may be  amended  from  time  to  time with  the  prior written  consent  of  the  Servicer,  not  to  be  unreasonably  withheld, conditioned or delayed.   “Investment  Value”  means,  as  of  any  date  of  determination,  with  respect  to  any  Eligible  Portfolio Asset, the fair value calculated in accordance with Applicable Accounting Principles and subject  to the Valuation Policy, as reported by the Loan Parties in their latest quarterly reports delivered by the  Administrative Borrower to the Administrative Agent; provided that if the Initial Lender believes in good  faith  and  determines  in  a  commercially  reasonable manner  that  the  valuation  does  not  reflect  the  accurate value of an Eligible Portfolio Asset then the Initial Lender may select a third party valuation firm  with the consent of the Administrative Borrower, and the value for such Eligible Portfolio Asset shall be  the Lender’s new valuation  (the reasonable and documented out‐of‐pocket costs and expenses of the  first new valuation  requested by  the  Initial Lender during any  twelve‐month period will be paid, on a  joint  and  several  basis,  by  the  Co‐Borrowers  and  the  costs  and  expenses  of  each  subsequent  new  valuation requested by the Initial Lender during such twelve‐month period will be paid by the Lenders).  “Kudu” has the meaning given to that term in the preamble hereto.   “Kudu US” has the meaning given to that term in the preamble hereto.

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‐ 19 ‐    NAI‐1515108520v22   “Lender” means  collectively,  the  Initial  Lender  and  any  other  Person  to  whom  any  Lender  assigns any part of its rights and obligations under this Agreement and the other Transaction Documents  in accordance with the terms of Section 11.04 and any other party that becomes a lender pursuant to an  Assignment and Assumption Agreement.  “Lender Covered Entity” means each  (a) Lender and  its  subsidiaries and  (b) each Person  that,  directly  or  indirectly,  is  in  control  of  a  Person  described  in  clause (a)  above.  For  purposes  of  this  definition, control of a Person shall mean the direct or indirect (i) ownership of, or power to vote, 25%  or more of the issued and outstanding Equity Interests having ordinary voting power for the election of  directors of such Person or other Persons performing similar functions for such Person or (ii) power to  direct or cause the direction of the management and policies of such Person whether by ownership of  Equity Interests, contract or otherwise.  “LIBOR” means,  for any Advance  for any LIBOR Period,  the greater of  (a)  the  rate per annum  appearing on the applicable Bloomberg LIBOR Screen Page (or any successor or substitute page or such  other  commercially  available  source  providing  such  quotations  as may  be  designated  by  the  Initial  Lender from time to time) (the “LIBOR Screen Rate”) as the London interbank offered rate for deposits  in Dollars for a LIBOR Period equal to three (3) months at approximately 11:00 a.m., London time, two  (2) Business Days prior to the beginning of such LIBOR Period and (b) 0.25%; provided that if such rate  does not appear on such page or service or such page or service shall not be available but LIBOR is still  ascertainable,  then  LIBOR  shall  be  the  rate  per  annum  equal  to  the  rate  determined  by  the  Administrative Agent to be the average of the rates per annum at which deposits in Dollars for delivery  on  the  first  day  of  such  LIBOR  Period  in  same  day  funds  in  the  approximate  amount  of  the  LIBOR  Advance with a  term equivalent  to  such  LIBOR Period would be offered by  three major banks  in  the  London  interbank  eurodollar  market  at  their  request,  determined  as  of  approximately  11:00  A.M.  (London time), two (2) Business Days prior to the first (1st) day of such LIBOR Period.  “LIBOR Period” means, with respect to any Advance,   (a)  if there are no Advances Outstanding  prior to an Advance being made, the period commencing on the Advance Date for such Advance to but  excluding  the  immediately  following  Determination  Date  with  respect  to  a  Payment  Date,  and  (b)  otherwise,  each  successive  period  from  and  including  each  Determination  Date  with  respect  to  a  Payment Date to but excluding the following Determination Date; provided that, if a LIBOR Period would  extend beyond the Maturity Date, then such LIBOR Period shall end on the Maturity Date.  “LIBOR Screen Rate” has the meaning assigned to that term in the definition of “LIBOR”.  “Lien” means  any mortgage  or  deed  of  trust,  pledge,  hypothecation,  collateral  assignment,  deposit arrangement, encumbrance, lien (statutory or other), charge, claim, preference, priority or other  security  interest or preferential arrangement  in the nature of a security  interest of any kind or nature  whatsoever  (including any conditional sale,  lease or other  title  retention agreement, sale subject  to a  repurchase obligation, any easement, right of way or other encumbrance on title to real property, and  any financing lease having substantially the same economic effect as any of the foregoing and including  any “security interest” under the Australian PPSA, but excluding any interest described in section 12(3)  of the Australian PPSA that does not, in substance, secure payment or performance of an obligation), or  the filing of or financing statement perfecting a security  interest under the UCC or comparable  law of  any jurisdiction.

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‐ 20 ‐    NAI‐1515108520v22   “Loan Asset” means  (a) any  loan  interest  in  the  loan obligations of any applicable Obligor,  (b)  any note, bond, debenture or other debt security, (c) any such Loan Asset owned by or Transferred to a  Loan Party and (d) the Australian Collateral, which includes (i) the Portfolio Asset File therefor, and (ii) all  right, title and interest in and to (A) such loan interest, note, bond, debenture or other debt security, (B)  the related Underlying Loan Agreement and (C) any Underlying Collateral.  “Loan Parties” means, each Co‐Borrower, each UK Guarantor, and each other Person  that  (i)  executes a guaranty of the Obligations and/or (ii) grants a Lien on all or substantially all of its assets to  secure payment of the Obligations.   “LTV” means, as of any date of determination, the ratio of (i) Advances Outstanding as of such  date to (ii) the aggregate Investment Value of all Eligible Portfolio Assets plus cash and cash equivalents  which are deposited in an Account subject to an Account Control Agreement as of such date.  “LTV Certificate” means,  a  certificate  setting  forth  the  calculation of  LTV as of  the applicable  date of determination, substantially  in the form of Exhibit A, prepared by the Administrative Borrower  and in form reasonably acceptable to the Servicer.  “LTV Trigger Event” means, if, as of any date of determination, after the six month anniversary  of the Closing Date, the LTV exceeds the Maximum LTV Percentage.  “Majority  Lenders” means  the  Lenders  representing  an  aggregate  of more  than  50%  of  the  aggregate  Commitments.  The  Commitments  of  any  Defaulting  Lender  shall  be  disregarded  in  determining the Majority Lenders at any time.  “Management Contracts” means the management contracts entered  into by any Loan Party  in  connection with the management of a Portfolio Asset.  “Market  Trigger  Event” means,  as  of  any  date  of  determination,  (i)  an  Event  of Default  has  occurred and is continuing, (ii) an LTV Trigger Event has occurred and is continuing, (iii) the Debt Service  Coverage Ratio (commencing with the period ending September 30, 2021) as of such date  is  less than  3.0:1.0, (iv) [reserved],  (v) a Material  Investment Event or a Material Modification has occurred and  is  continuing,  (vi)  the  Eligible  Portfolio Assets  consist  of  less  than  six  (6)  separate General  Partnership  Investments or the aggregate Investment Value of all Eligible Portfolio Assets is less than $300,000,000,  or  (vii)  the occurrence of  a Ratings  Event.    For  the  avoidance of doubt,  the  occurrence of  a Market  Trigger Event under this Agreement shall not constitute an Event of Default.    “Material  Adverse  Effect”  means  (a)  a  material  adverse  effect  on  the  business,  financial  condition, operations, liabilities (actual or contingent) or performance of Holdings and the Loan Parties,  taken as a whole, (b) a material adverse effect on the validity or enforceability of this Agreement or any  other Transaction Document, (c) a material impairment of the rights and remedies of the Administrative  Agent, the Servicer, any Lender or any other Secured Parties with respect to matters arising under this  Agreement or any other Transaction Document, (d) a material adverse effect on the ability of Holdings  and the Loan Parties, taken as a whole, to perform their respective obligations under this Agreement or  any other Transaction Document or (e) a material adverse effect on the existence, perfection, priority or  enforceability of the Administrative Agent’s or the other Secured Parties’ Lien on the Collateral Portfolio;  provided  that,  in  each  case,  there  shall  be  no Material  Adverse  Effect  to  the  extent  such Material  Adverse Effect arises from the action (or inaction) of the Administrative Agent, the Servicer, any Lender  or any other Secured Party.

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‐ 21 ‐    NAI‐1515108520v22   “Material  Investment Event” means, any of  the  following with  respect  to an Eligible Portfolio  Asset that  is an Equity Investment (a) a Bankruptcy Event, (b) a Partnership Default Trigger Event, (c) a  complete write‐down or write‐off or any  reduction  in excess of 50% of  the  Investment Value of  such  Eligible Portfolio Asset by a Co‐Borrower and (d) the occurrence of any “change of control”, “key man  event” (or such similar term or concept) under the Constituent Documents of such Eligible Asset that, in  the reasonable determination of the Servicer, results in a reduction in excess of 50% of the Investment  Value of such Eligible Portfolio Asset. In the event of a Material Investment Event, the relevant Eligible  Portfolio Asset with  respect  to which  such Material  Investment Event has occurred  shall be excluded  from the Borrowing Base and a corresponding reduction to the LTV.  “Material Modification” means, any of the following with respect to an Eligible Portfolio Asset  that  is a Loan Asset, any amendment or waiver of, or modification or supplement  to, or  termination,  cancellation  or  release  of,  an Underlying  Loan  Agreement  for  such  Eligible  Portfolio  Asset, which  is  material and adverse to the interests of the Lenders, the Co‐Borrowers or the Portfolio Assets taken as a  whole.    In  the  event of  a Material Modification,  the  relevant  Eligible Portfolio Asset with  respect  to  which  such  Material  Modification  has  occurred  shall  be  excluded  from  the  Borrowing  Base  and  a  corresponding reduction to the LTV.  “Maturity Date” means the earlier to occur of (a) the fifteenth (15th) anniversary of the Closing  Date, or if such date is not a Business Day, the immediately preceding Business Day, and (b) the date the  Advances are accelerated upon the occurrence of an Event of Default.  “Maximum Availability” means, at any time, the  lesser of  (a) the Maximum Facility Amount at  such time and (b) the Borrowing Base at such time.  “Maximum  Facility  Amount”  means,  at  any  time,  an  amount  equal  to  the  aggregate  Commitments  of  the  Lenders  at  such  time.  The Maximum  Facility  Amount  on  the  Closing  Date  is  $300,000,000.  “Maximum LTV Percentage” means, as of any date of determination, the applicable percentage  set forth below.  Year  after  Closing   0  to  end  of  year 3  Beginning  of  year  4  to  end  of year 6  Beginning  of  year  7  to  end  of year 8  Beginning  of  year  9  to  end  of year 10  Thereafter  Max LTV  50%  40%  25%  15%  0%    “Maximum Rate” has the meaning assigned to that term in Section 2.05(g).  “Minimum Usage” means an amount equal to seventy percent  (70%) of the Maximum Facility  Amount.   “Moody’s” means Moody’s Investors Services, Inc., or any successor thereto.

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‐ 22 ‐    NAI‐1515108520v22   “Multiemployer Plan” means a “multiemployer plan” as defined  in Section 4001(a)(3) of ERISA  to which Holdings, a Loan Party or any ERISA Affiliate contributed or had any obligation to contribute on  behalf of its employees at any time during the current year.  “Multiple Employer Plan” means an employee benefit plan (as defined in Section 3(3) of ERISA)  which has two or more contributing sponsors (including Holdings, each Loan Party or any ERISA Affiliate)  at  least  two of whom are not under  common  control, as  such a plan  is described  in Section 4064 of  ERISA.  “NAIC” has the meaning assigned to that term in Section 3.01(g).  “Net Income” means for any period, the net income (or loss) of the Loan Parties, determined on  a consolidated basis, after deduction of all expenses,  taxes, and other proper charges, determined  in  accordance with GAAP.  “Non‐Call Period” has the meaning assigned to that term in Section 2.04(d).  “Non‐Consenting  Lender”  means  any  Lender  that  does  not  approve  any  consent,  waiver,  amendment, modification or  termination  that  (a)  requires  the  approval of  all  Lenders or  all  affected  Lenders  in  accordance with  the  terms  of  Section  11.01  and  (b)  has  been  approved  by  the Majority  Lenders.  “Non‐Dollar  Amount”  has  the  meaning  assigned  to  that  term  in  the  definition  of  “Dollar  Equivalent.”  “Non‐U.S. Lender” has the meaning assigned to that term in Section 2.13(e).  “Non‐Usage Fee” shall mean, for any day, from and including the Closing Date to, but excluding,  the Facility Termination Date and other than any day on which a Market Trigger Event has occurred and  is continuing (with written notice of such Market Trigger Event provided to the Administrative Agent), a  fee equal to the greater of (a) zero and (b) 0.50% multiplied by the difference between (i) the Maximum  Facility Amount and (ii) the Advances Outstanding on such day. For purposes of this definition, Advances  requested  by  the  Administrative  Borrower  but  not  funded  by  a  Defaulting  Lender  shall  be  deemed  funded for purposes of calculating Advances Outstanding.  “Notice of Borrowing” means a written notice of borrowing from the Administrative Borrower to  the Administrative Agent substantially in the form of Exhibit B.  “Notice of Exclusive Control” means a “Notice of Exclusive Control” or similar notice as defined  in the applicable Account Control Agreement, or the UK Pledge Agreement, as applicable.  “NRSRO” has the meaning assigned to that term in Section 3.01(g).  “Obligations” means, all present and  future  indebtedness and other  liabilities and obligations  (howsoever created, arising or evidenced, whether direct or indirect, absolute or contingent, or due or  to become due) of  the  Loan Parties  to  the  Lenders,  the Administrative Agent,  the Account Bank,  the  Servicer or any other Secured Party arising under  this Agreement or any other Transaction Document  and  shall  include all  liability  for principal of and  interest on  the Advances, Fees,  indemnifications and  other amounts due or to become due by the Loan Parties to the Lenders, the Administrative Agent, the

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‐ 23 ‐    NAI‐1515108520v22   Account Bank, the Servicer and any other Secured Party under this Agreement or any other Transaction  Document, including any Fee Letter, and costs and expenses payable by the Loan Parties to the Lenders,  the  Administrative  Agent,  the  Account  Bank,  the  Servicer  or  any  other  Secured  Party,  including  reasonable  and  documented  attorneys’  fees,  costs  and  expenses,  including  interest,  fees  and  other  obligations that accrue after the commencement of an insolvency proceeding (in each case whether or  not allowed as a claim in such insolvency proceeding).  “Obligor” means,  collectively,  each  Person  (i)  that  has  issued  Equity  Interests  of  any  Equity  Investment held or acquired directly by a Co‐Borrower or a UK Guarantor, as applicable, or  (ii)  that  is  obligated to make payments under a Loan Agreement, including any guarantor thereof.  “OFAC” has the meaning assigned to that term in the definition of “Sanctions and Anti‐Terrorism  Laws.”  “Off‐Balance Sheet Liabilities” of any Person shall mean (i) any liability of such Person under any  sale and leaseback transactions that do not create a liability on the balance sheet of such Person or (ii)  any obligation arising with respect to any other transaction which is the functional equivalent of or takes  the place of borrowing but which does not constitute a liability on the balance sheet of such Person.   “Other Taxes” has the meaning assigned to that term in Section 11.07(b).  “Pari Passu  Incremental Debt” means  Indebtedness of  the Co‐Borrowers  in  respect of one or  more  senior  secured  credit  facilities  that  (x) may be  secured by  Liens on  the Collateral  that  are pari  passu with  or  junior  to  the  Liens  of  the  Administrative  Agent,  and  (y) may  rank  pari  passu with  or  subordinated to, the Obligations, and that are issued or made in lieu of any Facility Increase pursuant to  a loan agreement or otherwise; provided, that no Pari Passu Incremental Debt shall be permitted unless  the Lenders fail to provide or arrange a Facility Increase pursuant to Section 2.14; provided, further that:  (1) the aggregate principal amount of Pari Passu Incremental Debt shall not exceed  the lesser of (i) the amount of the requested Facility Increase not otherwise provided or arranged by the  Lenders and (ii) $50,000,000;  (2) the  conditions otherwise  applicable  to  a  Facility  Increase pursuant  to  Section  2.14 are satisfied immediately after giving effect thereto;  (3) such Pari Passu  Incremental Debt shall (i) have terms substantially  identical to,  or (taken as a whole) no more favorable (as reasonably determined by the Administrative Borrower and  the  Initial  Lender)  to  the  lenders or holders providing  such  Pari  Passu  Incremental Debt  than,  those  applicable  to  the  then  existing Advances  and Obligations hereunder  and  the documentation  relating  thereto shall be in form and substance reasonably satisfactory to the Initial Lender; and  (4) the  lenders providing such Pari Passu  Incremental Debt shall be acceptable  to  the Initial Lender, such approval not to be unreasonably withheld, conditioned or delayed.   “Participant” has the meaning assigned to the term in Section 11.04(d).  “Participant Register” has the meaning assigned to that term in Section 2.03(c).

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‐ 24 ‐    NAI‐1515108520v22   “Partnership Default Trigger Event” means, on any date of determination, a default by any Loan  Party, directly or indirectly in its material payment obligations relating to any Equity Investments with an  aggregate Investment Value as of such date in excess of 15% of the Borrowing Base (including failure of  any Loan Party, directly or indirectly with respect to its Equity Investment Obligations, including failure  to fund any duly called Equity Investment Capital Call in respect of such Equity Investment beyond any  applicable notice and cure period contained  in the Constituent Documents of the  issuer of such Equity  Investment);  provided,  that,  in  the  event  that  the  aggregate  Investment  Value  of  such  Equity  Investments as of  such date  is 15% or  less of  the Borrowing Base,  such default  shall not constitute a  “Partnership  Default  Trigger  Event”  and  in  lieu  thereof  such  amount  shall  be  deducted  from  the  Borrowing Base.  “Payment Date” means (a) the last Business Day of each calendar quarter (commencing on June  30, 2021) and (b) the Maturity Date.  “Payment Date Report” means a report delivered by the Administrative Borrower and approved  by the Servicer pursuant to Section 2.09, substantially in the form of Exhibit F.  “PBGC” means the United States Pension Benefit Guaranty Corporation referred to and defined  in ERISA.  “Pension Plan” means any employee pension benefit plan  (including a Multiple Employer Plan  but not a Multiemployer Plan) that  is maintained or  is contributed to by Holdings, a Loan Party or any  ERISA Affiliate and is either covered by Title IV of ERISA or is subject to the minimum funding standards  under Section 412 of the Code.  “Permitted Debt” means any of  the  following:  (a)  Indebtedness arising  in connection with  the  endorsement  of  instruments  for  deposit,  (b)  Indebtedness  secured  by  liens  of  the  type  described  in  clause  (a)  or  (c)  of  the  definition  of  “Permitted  Liens”,  (c)  capital  commitments  or  other  funding  requirements under any Portfolio Asset, (d) obligations payable to clearing agencies, brokers or dealers  in connection with the purchase or sale of securities in the ordinary course of business, (e) Indebtedness  in  respect  of  netting  services  and  overdraft  protections  and  otherwise  in  connection  with  deposit  accounts, (f) obligations to prime brokers and derivative counterparties in connection with transactions  entered  into  in  the ordinary course of business,  (g) Pari Passu  Incremental Debt and  (h) accrued and  unpaid earn‐outs and other similar contingent consideration obligations.   “Permitted Liens” means any of the following: (a) Liens for Taxes  if such Taxes shall not at the  time be due or if a Person shall currently be contesting the validity thereof in good faith by appropriate  proceedings  and with  respect  to which  reserves  in  accordance with Applicable Accounting  Principles  have  provided  for  on  the  books  of  such  Person;  (b) Liens  imposed  by  law,  such  as materialmen’s,  warehousemen’s, mechanics’, carriers’, workmen’s and repairmen’s Liens and other similar Liens, arising  by  operation  of  law  in  the  ordinary  course  of  business  for  sums  that  are  not  overdue  or  are  being  contested  in good  faith by appropriate proceedings and with respect  to which reserves  in accordance  with  Applicable  Accounting  Principles  have  been  provided  on  the  books  of  the  applicable  Person;  (c) Liens granted pursuant to or by the Transaction Documents; (d) Liens in favor of the Account Bank (i)  which arise as a matter of  law on  items  in  the course of collection or encumbering deposits or other  similar Liens (including the right to set off), (ii) which result from contractual rights of set off relating to  the establishment of depository relations with such  financial  institution or relate to pooled deposit or  sweep accounts to permit satisfaction of overdraft or similar obligations incurred in the ordinary course

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‐ 25 ‐    NAI‐1515108520v22   of business, or  (iii)  routinely  imposed on  securities or deposit  accounts by  the Account Bank,  to  the  extent permitted under  the Account Control Agreement,  (e) Liens of clearing agencies, broker‐dealers  and similar Liens incurred in the ordinary course of business attaching to securities (or proceeds) being  purchased or sold or reasonable and customary initial deposits; (f) Liens on securities or other property  in favor of prime brokers or Persons holding such securities or other property in a custodial capacity to  secure fees and other amounts owed to such prime brokers or other Persons and (g) Liens arising out of  judgments or awards that do not constitute an Event of Default under Section 6.01(e).  “Person”  means  an  individual,  limited  partnership,  partnership,  corporation  (including  a  statutory  or  business  trust),  limited  liability  company,  joint  stock  company,  trust,  unincorporated  association,  sole  proprietorship,  joint  venture,  government  (or  any  agency  or  political  subdivision  thereof) or other entity.  “Plan Assets” means the “plan assets” of an “employee benefit plan” subject to Title I of ERISA  or a “plan” subject to Section 4975 of the Code, as determined under 29 C.F.R. Section 2510.3‐101, as  modified by Section 3(42) of ERISA.   “Pledged Equity” means the US Pledged Equity and the UK Pledged Equity.   “Portfolio Asset” means, collectively, (i) all of the Loan Parties’ Equity Investments, (ii) any Loan  Asset held by a Loan Party, which Equity  Investments, Loan Assets or ownership  interest  includes, as  applicable, (a) the Portfolio Asset File therefor, and (b) all right, title and  interest of such Loan Party  in  and to (i) such debt interest, and (ii) the related Underlying Agreement and any Underlying Collateral.    “Portfolio Asset Assignment” means  each  (a)  Equity  Investment  Transfer Agreement,  and  (b)  assignment or other agreement pursuant to which any Portfolio Asset not originated by a Loan Party is  Transferred  to  a  Loan  Party  (i)  in  a  form  substantially  based  upon  the  form  document  for  loan  assignments of the Loan Syndications and Trading Association, (ii) in a form substantially based upon the  form  document  for  assignments  required  by  the  related  Underlying  Agreement,  or  (iii)  in  a  form  reasonably  agreed  to by  the Co‐Borrowers  and  reasonably  acceptable  to  the Majority  Lenders on or  prior to the Closing Date or Cut‐Off Date for such Portfolio Asset, as the case may be.  “Portfolio Asset Checklist” means, with  respect  to each Portfolio Asset, an electronic or hard  copy, as applicable, of a  checklist delivered, by or on behalf of each Loan Party  to  the Servicer of all  Required Portfolio Documents and all other agreements,  instruments, certificates or other documents  and  items  required  to  be  executed  or  delivered  in  connection with  a  Portfolio  Asset,  including  the  Required Portfolio Documents therefor.  “Portfolio Asset File” means, with respect to each Portfolio Asset, a file containing each of the  agreements,  instruments, certificates and other documents and  items set  forth on  the Portfolio Asset  Checklist with respect to such Portfolio Asset.   “Portfolio Asset Schedule” means,  (a) a  schedule of  the Portfolio Assets and  setting  forth  for  each such Portfolio Asset (i) the legal name of the applicable Obligor, (ii) the current principal balance or  nominal value or amount or percentage ownership interest held by a Loan Party, as applicable, (iii)  any  Portfolio  Asset  Assignment  for  each  Portfolio  Asset,  (iv) whether  such  Portfolio  Asset  is  an  Eligible  Portfolio Asset and (v) the other information specified for a Portfolio Asset as set forth on Schedule I, as  delivered by or on behalf of such Loan Party, as applicable, to the Servicer and as updated from time to

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‐ 26 ‐    NAI‐1515108520v22   time as provided herein or (b) a Servicing Report containing the  information described  in clauses (a)(i)  through (a)(v) above.   “Post Closing Condition” means, each action that each Loan Party, as applicable, is required to  take within the applicable periods set forth in Schedule VII, subject to Section 5.01(dd).   “Potential Default” means, any event or condition that constitutes an Event of Default or that,  with the giving of any notice, the passage of time, or both, would be an Event of Default.  “Prepayment  Premium”  means,  in  connection  with  any  termination  of  any  or  all  of  the  Commitments pursuant to Sections 2.04(d), a prepayment premium in an amount equal to: (i) after the  Closing Date until (but excluding) the third anniversary of the Closing Date, 2% of the terminated portion  of the Commitments in effect on the Closing Date with respect to any Change of Control Denial and 3%  of the terminated portion of the Commitments  in effect on the Closing Date with respect to a Facility  Upsize Denial,  (ii) on or after  the  third anniversary of  the Closing Date until  (but excluding)  the  sixth  anniversary  of  the  Closing Date,  2%  of  the Advances Outstanding  on  such  date with  respect  to  any  Change of Control Denial and 3% of  the Advances Outstanding on such date with respect to a Facility  Upsize  Denial,  and  (iii)  on  or  after  the  start  of  the  sixth  anniversary  of  the  Closing  Date  until  (but  excluding) the tenth anniversary of the Closing Date, 2% of the Advances Outstanding on such date.  The  Majority  Lenders  shall  provide  written  notice  to  the  Administrative  Agent  promptly  following  the  occurrence of a Change of Control Denial or an Facility Upsize Denial.  “Pro Rata Share” means, with respect to any Lender, as of any date of determination, the ratio  of such Lender’s Commitment to the aggregate Commitments of all Lenders, which shall be determined  based upon its share of the outstanding Advances and unused Commitments at such time (or after the  date on which the Advances have been paid in full and the Commitments are terminated in accordance  with such Lender’s pro rata share immediately prior to the date on which the Advances are paid in full  and the Commitments are terminated).  “Proceeds” means, with  respect  to  the  Collateral,  all  property  that  is  receivable  or  received  when  such  Collateral  is  collected,  sold,  liquidated,  foreclosed,  exchanged,  or  otherwise  disposed  of,  whether such disposition is voluntary or involuntary, and includes all rights to payment with respect to  any insurance relating to such Collateral.  “Qualified  Institution” means (i) a depository  institution or trust company organized under the  laws of the United States or any one of the States thereof or the District of Columbia (or any domestic  branch of a foreign bank), (a) that has either (1) a  long‐term unsecured debt rating of “Baa2” or better  by Moody’s  and  “BBB”  or  better  by  S&P  or  (2) a  short‐term  unsecured  debt  rating  or  certificate  of  deposit  rating of “A‐1” or better by S&P or “P‐1” or better by Moody’s,  (b) the parent corporation of  which has either  (1) a  long‐term unsecured debt  rating of “Baa2” or better by Moody’s and “BBB” or  better by S&P or (2) a short‐term unsecured debt rating or certificate of deposit rating of “A‐1” or better  by S&P and “P‐1” or better by Moody’s or (c) is otherwise acceptable to the Administrative Agent (acting  at the direction of Majority Lenders) and  (ii) the deposits of which are  insured by the Federal Deposit  Insurance Corporation.  “Ratings Event” has the meaning assigned to that term in Section 2.18.  “Recipient” means (a) the Administrative Agent, and (b) any Lender, as applicable.

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‐ 27 ‐    NAI‐1515108520v22   “Records” means all documents  relating  to  the Portfolio Assets,  including books,  records and  other information executed in connection with the Transfer of and maintenance of the Portfolio Assets  in the Collateral Portfolio or maintained with respect to the Collateral Portfolio and the related Obligors  that a Loan Party or the Servicer has generated, or in which such Loan Party has otherwise obtained an  interest.  “Register” has the meaning assigned to that term in Section 2.03(b).  “Related Parties” means, with respect to any Person, such Person’s Affiliates and the partners,  directors, officers, employees, agents, trustees, administrators, managers, advisors and representatives  of such Person and of such Person’s Affiliates.  “Release Date” has the meaning assigned to that term in Section 2.11(b).  “Relevant Governmental Body” means the Board of Governors of the Federal Reserve System or  the Federal Reserve Bank of New York, or a committee officially endorsed or convened by the Board of  Governors of  the Federal Reserve System or  the Federal Reserve Bank of New York, or any successor  thereto.  “Removal Effective Date” has the meaning assigned to that term in Section 7.05(b).  “Replacement Servicer” has the meaning assigned to that term in Section 8.01(c).  “Reportable Compliance Event” means any Lender Covered Entity or Borrower Covered Entity  becomes  a  Sanctioned  Person,  or  is  charged  by  indictment,  criminal  complaint  or  similar  charging  instrument, arraigned, or custodially detained in connection with any alleged violation of any Sanctions  and  Anti‐Terrorism  Laws,  Anti‐Corruption  Laws  or  Anti‐Money  Laundering  Laws  applicable  to  such  Person.  “Reportable Event” means any of the events set forth in Section 4043(c) of ERISA, other than an  event for which the 30 day notice period has been waived.  “Reporting Date” means the last day of each fiscal quarter or, if such date is not a Business Day,  the next succeeding Business Day.  “Required  Portfolio  Documents”  means,  for  each  Portfolio  Asset,  copies  of  the  following  executed  documents  or  instruments,  all  as  specified  on  the  related  Portfolio  Asset  Checklist,  to  the  extent applicable  for such Portfolio Asset:  (i) Underlying Agreements,  (ii) Portfolio Asset Assignments,  (iii)  guaranty  or  indenture,  (iv)  security  agreement  or mortgage,  (v)  indemnities,  (vi)  stock  purchase  agreement,  (vii)  investor  rights agreement,  (viii) voting agreement,  (ix)  tax sharing agreement,  (x) any  Constituent Document, (xi) subscription agreement, (xii) side letter, (xiii) option agreement, (xiv) capital  call agreement, (xv) warrant, and (xvi) any other executed documents or agreements related thereto as  reasonably requested by the Initial Lender (but solely to the extent in the possession of a Co‐Borrower).   “Resignation Effective Date” has the meaning assigned to that term in Section 7.05(a).  “Responsible Person” means any duly authorized officer or director of such Person or any other  individual duly authorized to act for such Person with direct responsibility for the administration of this  Agreement and also, with respect to a particular matter, any other duly authorized officer or director of

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‐ 28 ‐    NAI‐1515108520v22   such Person or other individual duly authorized to act for such Person to whom such matter is referred  because of such officer’s or other individual’s knowledge of and familiarity with the particular subject.  “Restricted Junior Payment” means, (a) any dividend or other distribution, direct or indirect, on  account of any class of membership  interests of a Loan Party now or hereafter outstanding  (including  any distribution with  respect  to  the  liability of  such  Loan Party’s direct or  indirect equity owners  for  taxes),  except  a  dividend  or  other  distribution  paid  solely  in  interests  of  that  class  of membership  interests  or  in  any  pari  passu  or  junior  class  of membership  interests  of  such  Loan  Party,  (b)  any  redemption, retirement, sinking fund or similar payment, purchase or other acquisition for value, direct  or  indirect, of any class of membership  interests of a Loan Party now or hereafter outstanding, (c) any  payment  made  to  redeem,  purchase,  repurchase  or  retire,  or  to  obtain  the  surrender  of,  any  outstanding warrants, options or other rights to acquire membership  interests of a Loan Party now or  hereafter outstanding, or (d) any payment of management fees by a Loan Party.  “Revolving Loan Note” has the meaning assigned to such term in Section 2.03(a).  “S&P” means Standard & Poor’s Rating Services, a division of The McGraw‐Hill Companies, Inc.,  or any successor thereto.   “Sale” or “Sold” has the meaning assigned to that term in Section 2.11(a).  “Sanctioned  Country” means  a  country  or  territory  that  is  the  subject  of  a  comprehensive  sanctions program maintained under  any  Sanctions  and Anti‐Terrorism  Laws  (as of  the Closing Date,  Cuba, Iran, North Korea, Syria and the Crimea region of Ukraine).  “Sanctioned Person” means (a) any Person included on a list of designated or restricted Persons  maintained by OFAC  (including, without  limitation, OFAC’s Specially Designated Nationals and Blocked  Persons  List  and  Sectoral  Sanctions  Identifications  List),  the  U.S.  Department  of  State,  the  United  Nations  Security  Council,  the  European  Union,  Her  Majesty’s  Treasury  or  any  other  relevant  Governmental  Authority,  (b) any  Person  located,  organized,  or  resident  in  a  Sanctioned  Country,  or  (c) any Person 50% or more owned, directly or indirectly, individually or in the aggregate, or controlled  by any such Person or Persons described in clauses (a) or (b).  “Sanctions and Anti‐Terrorism Laws” means any and all economic or financial sanctions or trade  embargoes or anti‐terrorism laws administered or enforced by the U.S. Government (including, without  limitation, the U.S. Department of the Treasury’s Office of Foreign Assets Control (“OFAC”)), the United  Nations Security Council,  the European Union, Her Majesty’s Treasury or, as  to any person, any other  applicable  Governmental  Authority,  and  any  regulation,  order,  or  directive  promulgated,  issued  or  enforced  pursuant  to  such  applicable  laws,  all  as  amended,  supplemented  or  replaced  from  time  to  time.  “Scheduled Payment” means, each scheduled Distribution required to be made to a Loan Party  on a Portfolio Asset.   “Secured Party” means,  the Administrative Agent and each Lender party hereto  from  time  to  time (together with its permitted successors and assigns) and the Servicer; provided that in any context  requiring a Secured Party to give direction to the Administrative Agent, such reference to Secured Party  shall not include the Administrative Agent.

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‐ 29 ‐    NAI‐1515108520v22   “Servicer” means Massachusetts Mutual Life  Insurance Company, not  in  its  individual capacity,  in  its  capacity  as  servicer pursuant  to  the  terms of  this Agreement,  together with  its  successors  and  permitted assigns, including any successor appointed pursuant to Article VIII.  “Servicer  Fee  Letter” means,  if applicable, any  fee  letter or  letters between  the  Servicer  and  each Co‐Borrower entered on or before the Closing Date.  “Servicer Termination Event” means the occurrence of any one or more of the following events:  (a)  a Bankruptcy Event shall occur with respect to the Servicer;  (b)  the  Servicer  shall  purport  to  assign  its  rights  or  obligations  as  “Servicer”  hereunder  (other than as expressly permitted as provided herein);  (c)  any failure by the Servicer to observe or perform any covenant or other agreement of  the  Servicer  set  forth  in  this Agreement or  the other Transaction Documents, which  continues  to be  unremedied for a period of thirty (30) days (if such failure can be remedied) after the earlier to occur of  (i)  the  date  on  which  written  notice  of  such  failure  shall  have  been  given  to  the  Servicer  by  the  Administrative Agent  (acting at  the direction of  the Majority Lenders) or  the Administrative Borrower  and  (ii)  the date on which a Responsible Person of  the Servicer acquires knowledge  thereof  (or  such  extended period of time reasonably approved by the Administrative Borrower not to exceed sixty (60)  days  in  the  aggregate;  provided  that  the  Servicer  is  diligently  proceeding  in  good  faith  to  cure  such  failure or breach); and  (d)  any  representation, warranty or  certification made by  the Servicer  in any Transaction  Document or  in any certificate delivered by  the Servicer pursuant  to any Transaction Document  shall  prove to have been incorrect in any material respect when made.  “Servicer Termination Expenses” has the meaning assigned to that term in Section 8.01(b).  “Servicer Termination Notice” has the meaning assigned to that term in Section 8.01(b).  “Servicing  Fees” means  the  fees  set  forth  in  the  Servicer  Fee  Letter  that  are  payable  to  the  Servicer.  “Servicing Report” has the meaning assigned to that term in Section 8.08(c)(i).  “Servicing Standard” means, with respect  to any Portfolio Assets  included  in  the Collateral,  to  service  and  administer  such  Portfolio  Assets  by  or  on  behalf  of  a  Loan  Party  in  accordance  with  Applicable Law, the terms of this Agreement, the Underlying Agreements and all customary and usual  servicing practices for assets like the Portfolio Assets.   “Similar Law” has the meaning assigned to that term in Section 4.01(t).  “Solvent” means, with respect to any Person as of any date of determination, that, as of such  date, (a) the fair value of the assets of such Person (both at fair value and present fair saleable value) is  greater  than  the  total  amount  of  liabilities  (including  contingent  and  unliquidated  liabilities)  of  such  Person, (b) such Person is able to pay all liabilities of such Person as such liabilities mature  and (c) such  Person does not have unreasonably small capital.   In computing the amount of contingent  liabilities or

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‐ 30 ‐    NAI‐1515108520v22   unliquidated at any time, such  liabilities shall be computed at the amount that,  in  light of all the facts  and  circumstances existing  at  such  time,  represents  the  amount  that  can  reasonably be expected  to  become an actual or matured  liability and are determined as contingent  liabilities  in accordance with  applicable federal, state and foreign laws governing determinations of insolvency.  “SOFR” with respect to any day means the secured overnight financing rate published for such  day by the Federal Reserve Bank of New York, as the administrator of the benchmark, (or a successor  administrator) on the Federal Reserve Bank of New York’s Website.    “Spot Rate” for a currency means the rate reasonably determined in good faith by the Account  Bank (acting upon the instructions of the Administrative Borrower) to be the rate quoted by the Person  acting in such capacity as the spot rate for the purchase by such Person of such currency with another  currency through  its principal foreign exchange trading office at approximately 11:00 a.m. on the date  three  (3) Business Days prior  to  the date as of which  the  foreign exchange computation  is made or  if  such rate cannot be computed as of such date such other date as the applicable Person shall reasonably  determine  is reasonably appropriate under the circumstances; provided that the Account Bank (acting  upon the instructions of the Administrative Borrower) may obtain such spot rate from another financial  institution reasonably designated  in good  faith by such Person  if such Person does not have as of the  date of determination a spot buying rate for any such currency.  “State” means one of the fifty states of the United States or the District of Columbia.  “Subsidiary” means a corporation, partnership, joint venture, limited liability company or other  business entity of which a majority of the shares of securities or other  interests having ordinary voting  power  for  the  election  of  the  board  of  directors  or  other  governing  body  (other  than  securities  or  interests  having  such  power  only  by  reason  of  the  happening  of  a  contingency)  are  at  the  time  beneficially owned and the management of which is otherwise controlled, directly, or indirectly through  one or more  intermediaries, or both, by such Person.   For  the avoidance of doubt, no Portfolio Asset  shall constitute a Subsidiary for any purpose under the Agreement.  “Tax Compliance Certificate” has the meaning assigned to that term in Section 2.13(e).  “Taxes”  means  any  present  or  future  taxes,  levies,  imposts,  duties,  charges,  deductions,  withholdings  (including  backup  withholding),  assessments  or  fees  of  any  nature  (including  interest,  penalties, and additions thereto) that are imposed by any Governmental Authority.  “Term SOFR” means  the  forward‐looking  term  rate based on SOFR  that has been  selected or  recommended by the Relevant Governmental Body.  “Transaction Documents” means this Agreement, any Revolving Loan Note, the Account Control  Agreement,  the Fee Letters,  the Guaranty Agreement,  the Foreign Pledge Agreements, each Portfolio  Asset Assignment and each agreement, instrument, certificate or other document related to any of the  foregoing.  “Transfer” means  (a)  the  acquisition  by,  or  the  transfer  or  assignment  to,  a  Loan  Party  of  a  Portfolio Asset pursuant to a Portfolio Asset Assignment,  including,  in the case of Portfolio Assets that  constitute Equity Investments, the transfer or acquisition by a Co‐Borrower of an ownership interest in  an Equity Investment pursuant to an Equity Investment Transfer Agreement, and (b) the origination of a  Portfolio Asset by a Loan Party pursuant to an Underlying Agreement.

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‐ 31 ‐    NAI‐1515108520v22   “Transferor” means the assignor of a Portfolio Asset under a Portfolio Asset Assignment.  “UCC” means the Uniform Commercial Code as adopted  in the State of New York or any other  state from time to time that governs creation or perfection (and the effect thereof) of security interests  in any Collateral.  “UK  Collateral”  has  the meaning  assigned  to  the  term  “Charged  Property”  in  the UK  Pledge  Agreement.   “UK Guarantor” means each of KFO Holdings and KWCP Holdings.   “UK Pledge Agreement” means  the  English  law  governed debenture dated on or  around  the  date of this Agreement between Kudu, the UK Guarantors and the Administrative Agent.  “UK Pledged Equity” has the meaning assigned to each of the terms “Partnership Interests” and  “Shares” in the UK Pledge Agreement.   “US Collateral” has the meaning assigned to that term in Section 2.10(a).  “US Pledged Equity” has the meaning assigned to that term in Section 2.10(b).  “Unadjusted  Benchmark  Replacement”  means  the  applicable  Benchmark  Replacement  excluding the related Benchmark Replacement Adjustment.  “Underlying Agent” means, with respect to a Loan Asset, the servicer, the administrative agent  or other similar agent for the lenders party to the Underlying Loan Agreement for such Loan Asset.  “Underlying  Agreement”  means  any  Equity  Investment  Agreement  or  any  Underlying  Loan  Agreement, as the context may require.  “Underlying  Collateral” means,  with  respect  to  a  Loan  Asset,  any  property  or  other  assets  pledged or mortgaged as collateral to secure repayment of such Loan Asset, including, all proceeds from  any sale or other disposition of such property or other assets.  “Underlying Loan Agreement” means, any credit agreement,  indenture or other agreement or  document pursuant to which a Loan Asset with respect to any loan or debt for borrowed money or note,  as applicable, has been  issued or  created and each other agreement  that governs  the  terms of or,  if  applicable, secures the obligations represented by such Loan Asset, including any co‐lender or servicing  agreement entered into by an applicable Underlying Agent or Underlying Servicer and, in respect of the  Australian  Collateral,  includes  the Australian  Equity Notes  and  the  document  entitled  “Shareholders’  agreement – Channel Capital Pty Ltd” dated November 20, 2020 between Channel Capital Pty Ltd ACN  162 591 568, Kudu, Glen Holding and Joshua Yeo.   “Underlying Obligor Default” means, with respect to any Eligible Portfolio Asset that  is a Loan  Asset following the Cut‐Off Date relating thereto, the occurrence of one or more of the following events  (any of which, for the avoidance of doubt, may occur more than once):

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‐ 32 ‐    NAI‐1515108520v22   (a)  an Obligor payment default has occurred and is continuing under such Loan Asset (after  giving effect  to any grace or cure period or notice  requirement set  forth  in  the applicable Underlying  Loan Agreement);  (b)  any other event of default or similar event or circumstance under the Underlying Loan  Agreement for such Portfolio Asset for which the Co‐Borrowers (or agent or required lenders pursuant  to the applicable Underlying Loan Agreement, as applicable) has elected to exercise any of its rights and  remedies with respect to such Loan Asset (including the acceleration of the loan relating thereto), unless  otherwise agreed to in writing by the Majority Lenders;  (c)  a Bankruptcy  Event occurs with  respect  to  any  related Obligor under  any Underlying  Loan Agreement.   “United States” means the United States of America.  “Valuation Policy” means a Loan Party’s valuation policy as in effect on the Closing Date, as the  same may be amended, supplemented or as otherwise modified from time to time by such Loan Party  with the prior consent of the Majority Lenders.  “Write‐Down and Conversion Powers” means, with respect to any EEA Resolution Authority, the  write‐down and conversion powers of such EEA Resolution Authority from time to time under the Bail‐In  Legislation  for  the  applicable  EEA Member  Country,  which  write‐down  and  conversion  powers  are  described in the EU Bail‐In Legislation Schedule.  SECTION 1.02 Other Terms. All accounting terms used but not specifically defined herein shall  be construed in accordance with Applicable Accounting Principles. All terms used in Article 9 of the UCC  in the State of New York, and used but not specifically defined herein, are used herein as defined in such  Article 9.  SECTION 1.03  Computation of Time Periods. Unless otherwise stated in this Agreement, in the  computation of a period of time from a specified date to a later specified date, the word “from” means  “from and including,” the words “to” and “until” each mean “to but excluding” and “through” means “to  and including.”  SECTION 1.04 Interpretation.  In  each  Transaction  Document,  unless  a  contrary  intention  appears:  (a) the singular number includes the plural number and vice versa;  (b) reference to any Person  includes such Person’s successors and assigns but only  if such  successors and assigns are not prohibited by the Transaction Documents;  (c) reference to any gender includes each other gender;  (d) reference to day or days without further qualification means calendar days;  (e) the term “or” is not exclusive;  (f) reference to any time means New York, New York time;

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‐ 33 ‐    NAI‐1515108520v22   (g) reference  to  the words  “include”,  “includes”  and  “including”  shall  be  deemed  to  be  followed by the phrase “without limitation”;  (h) reference  to  any  agreement  (including  any  Transaction  Document),  document  or  instrument  means  such  agreement,  document  or  instrument  as  amended,  modified,  waived,  supplemented,  restated  or  replaced  and  in  effect  from  time  to  time  in  accordance with  the  terms  thereof  and,  if  applicable,  the  terms  of  the  other  Transaction  Documents,  and  reference  to  any  promissory note includes any promissory note that is an extension or renewal thereof or a substitute or  replacement therefor;  (i) reference  to  any  Applicable  Law means  such  Applicable  Law  as  amended, modified,  codified, replaced or reenacted, in whole or in part, and in effect from time to time, including rules and  regulations promulgated thereunder and reference to any section or other provision of any Applicable  Law means  that  provision  of  such  Applicable  Law  from  time  to  time  in  effect  and  constituting  the  substantive  amendment, modification,  codification,  replacement  or  reenactment  of  such  section  or  other provision;  (j) any  reference  to  the  “Co‐Borrower”,  the  “Co‐Borrowers”,  each  “Loan  Party”  or  the  “Loan Parties”  in this Agreement and  in any other Transaction Document means, each Co‐Borrower or  each Loan Party,  individually, or the Co‐Borrowers or the Loan Parties collectively, as the context may  require; provided that unless the context requires otherwise, any reference in this Agreement and in any  other Transaction Document  to  financial statements of  the Co‐Borrowers shall be deemed  to  refer  to  the  consolidated  financial  statements  of  the  Co‐Borrowers  and  their  respective  Subsidiaries,  and  references herein to “fiscal year” or “fiscal quarter” shall mean the fiscal year or fiscal quarter, as the  case may be, of the Co‐Borrowers and their respective Subsidiaries;  if payment or performance of any  obligation of Holdings or the Loan Parties hereunder  is due on a date which  is not a Business Day, the  required date for payment or performance shall be the next Business Day; and  (k) unless otherwise specified, all references herein to times of day shall be references to  New York City time (daylight or standard, as applicable).   SECTION 1.05 Advances  to  Constitute  Loans.  Notwithstanding  any  provision  herein  to  the  contrary,  the parties hereto  intend  that  the Advances made hereunder constitute a “loan” and not a  “security” for purposes of Section 8‐102(15) of the UCC.  SECTION 1.06 Accounting  Terms  and  Determination.  Unless  otherwise  defined  or  specified  herein, all accounting terms used herein shall be  interpreted, all accounting determinations hereunder  shall be made, and all  financial  statements  required  to be delivered hereunder  shall be prepared,  in  accordance with Applicable Accounting  Principles  as  in  effect  from  time  to  time,  applied  on  a  basis  consistent with the most recent audited financial statements of the Co‐Borrowers delivered pursuant to  Section 5.01(z) (or,  if no such financial statements have been delivered, on a basis consistent with the  audited  financial  statements  of  the  Co‐Borrowers  last  delivered  to  the  Administrative  Agent  in  connection with  this Agreement); provided  that  (a)  the  foregoing  requirements shall not apply  to any  estimated or projected  valuations or other  financial estimates,  forecasts or other  similar  calculations  and (b) if the Administrative Borrower notifies the Administrative Agent that the Co‐Borrowers wish to  amend  any  covenant  in  Section  5.02  to  eliminate  the  effect of  any  change  in Applicable Accounting  Principles on the operation of such covenant (or if the Administrative Agent notifies the Administrative  Borrower  that  the  Majority  Lenders  wish  to  amend  Section  5.02  for  such  purpose),  then  the  Co‐

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‐ 34 ‐    NAI‐1515108520v22   Borrowers’ compliance with such covenant shall be determined on the basis of Applicable Accounting  Principles in effect immediately before the relevant change in Applicable Accounting Principles became  effective, until either such notice is withdrawn or such covenant is amended in a manner satisfactory to  the Co‐Borrowers and  the Majority Lenders. For  the avoidance of doubt, nothing  in  this Section  shall  prevent  the Co‐Borrowers  from  reporting  asset  values on  a  fair  value basis  in  accordance with  their  usual practices.  SECTION 1.07 Spot  Rates.    The  Account  Bank  (acting  upon  the  instructions  of  the  Administrative Borrower) shall determine the Spot Rate as of each Determination Date to be used for  calculating the Dollar Equivalent of any alternate currency, and such Spot Rate shall become effective as  of such Determination Date and shall be the Spot Rate employed  in converting any amounts between  Dollars and such alternate currency until the next Determination Date to occur.  Promptly upon request,  the Administrative Borrower shall instruct the Account Bank to provide to the Administrative Borrower  with  a  reasonably  detailed  description  of  any  calculations  or  determination made  pursuant  to  this  Section 1.07.  SECTION 1.08 Electronic Signatures.   (a) Each of the parties hereto consents to do business electronically in connection with this  Agreement,  any  other  Transaction Document  and  the  transactions  contemplated  hereby  or  thereby.  Delivery of an executed  counterpart of a  signature page of  this Agreement or any other Transaction  Documents by  telecopy, emailed pdf. or any other electronic means  that  reproduces an  image of  the  actual executed signature page shall be effective as delivery of a manually executed counterpart of this  Agreement or such other Transaction Document.  (b) The words “execution,” “signed,” “signature,” “delivery,” and words of like import in or  relating  to  any  document,  instrument,  amendment,  restatement,  modification,  reaffirmation,  assignment and acceptance or other agreement  to be  signed  in connection with  this Agreement, any  other Transaction Document and the transactions contemplated hereby or thereby shall be deemed to  include Electronic Signatures, deliveries or the keeping of records in electronic form, each of which shall  be  of  the  same  legal  effect,  validity  and  enforceability  as  a manually  executed  signature,  physical  delivery thereof or the use of a paper‐based recordkeeping system, as the case may be, to the extent  and  as provided  for  in  any Applicable  Law,  including  the  Federal  Electronic  Signatures  in Global  and  National Commerce Act, Uniform Real Property Electronic Recording Act,  if applicable,  the New York  State  Electronic  Signatures  and  Records  Act,  or  any  other  similar  state  laws  based  on  the  Uniform  Electronic Transactions Act, if applicable; provided that nothing herein shall require the Lender to accept  Electronic  Signatures  in  any  form or  format without  its prior written  consent, which  consent  can be  withheld  in  its sole discretion. The Lenders hereby consent  to Electronic Signatures being provided by  DocuSign.  (c) Without  limiting  the  generality  of  the  foregoing,  and  to  the  extent  permitted  by  Applicable  Law, each of  the parties hereto hereby  (i) agrees  that,  for all purposes,  including without  limitation,  in  connection  with  any  workout,  restructuring,  enforcement  of  remedies,  bankruptcy  proceedings,  other  proceedings  or  litigation  arising  out  of  or  related  to  this  Agreement,  the  other  Transaction Documents and the transactions contemplated hereby or thereby, electronic images of this  Agreement or any other Transaction Documents (in each case,  including with respect to any signature  pages thereto) shall have the same legal effect, validity and enforceability as any paper original, and (ii)  waives any argument, defense or right  to contest  the validity or enforceability of  this Agreement,  the

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‐ 35 ‐    NAI‐1515108520v22   Transaction Documents or the transactions contemplated hereby or thereby based solely on the lack of  paper original copies of any Transaction Documents,  including with respect to any signatures thereon.  For the avoidance of doubt, the parties hereto hereby agree that this provision shall apply in equal force  and have the same enforceability and validity to each other Transaction Document and any amendment,  restatement, modification, reaffirmation, assignment and acceptance or other document related to this  Agreement or such other Transaction Document whether or not expressly stated therein.  (d) As used  in  this Section,  “Electronic Signature” means an electronic  sound,  symbol, or  process attached to, or associated with, a contract or other record and adopted by a Person with  the  intent to sign, authenticate or accept such contract or record.  ARTICLE II.  THE FACILITY  SECTION 2.01 Advances.  On  the  terms  and  conditions  hereinafter  set  forth,  each  Lender,  severally  and  not  jointly,  agrees  to make  Advances  to  the  Co‐Borrowers  from  time  to  time  on  any  Business Day during the Availability Period, in Dollars as the Administrative Borrower may request in an  amount which immediately after giving effect to such Advance, would not cause the aggregate Advances  Outstanding to exceed the Maximum Availability on such date. Notwithstanding anything contained  in  this Section 2.01 or elsewhere in this Agreement to the contrary, (a) if a Market Trigger Event occurs and  is continuing (with written notice of such Market Trigger Event provided by the Majority Lenders to the  Administrative  Agent),  then  the  obligation  of  the  Lenders  to make  Advances  will  automatically  be  suspended and the Lenders will not be required  (and the Administrative Borrower  is not permitted to  request Lenders) to make any Advance to the Co‐Borrowers, (b) [reserved] and (c) no Lender is obligated  to make any Advance in an amount that would, immediately after giving effect to such Advance, exceed  such  Lender’s Commitment  less  the  aggregate outstanding  amount of  any Advances  funded by  such  Lender. Each Advance  to be made hereunder  shall be made by  the  Lenders  in accordance with  their  respective Pro Rata Shares. If the Availability Period has been suspended as a result of a Market Trigger  Event as provided in this Section 2.01, the Availability Period shall be reinstated upon delivery of an LTV  Certificate by the Administrative Borrower demonstrating that the Market Trigger Event which gave rise  to such suspension no longer exists or, notwithstanding the occurrence of such Market Trigger Event, if  the  LTV  is  not  in  excess  of  the  applicable Maximum  LTV  Percentage,  subject  to  the  approval  of  the  Servicer or  the  Servicer waives  the Market  Trigger  Event  that  gave  rise  to  such  suspension,  it being  understood that the Servicer will provide its approval within two (2) Business Days of receipt of the LTV  Certificate  if  the  LTV  Certificate  delivered  by  the  Administrative  Borrower  is  true  and  correct  in  all  material respects and complies with the requirements of this Agreement. Concurrently with providing  its  approval  to  the  Administrative  Borrower,  the  Servicer  will  provide  written  notice  to  the  Administrative Agent of such approval of the waiver of the Market Trigger Event.  SECTION 2.02 Procedure for Advances.  (a) The  Administrative  Borrower  shall  request  an  Advance  by  delivery  of  a  Notice  of  Borrowing to the Administrative Agent, with a copy to the Servicer, for Advances in Dollars, no later than  2:00 p.m. three (3) Business Days prior to the proposed date of such Advance (or such shorter period of  time agreed to by the Administrative Agent and the Majority Lenders). Each Notice of Borrowing must  be accompanied by a duly completed Borrowing Base Certificate (updated to the date such Advance  is  requested and giving pro forma effect to the Advance requested and the use of the proceeds thereof)  and certify as to the following:

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‐ 36 ‐    NAI‐1515108520v22   (i) the amount of such Advance, which must be at  least equal to $1,000,000 or a  whole multiple of $1,000,000 in excess thereof, or if less, the remainder of the Commitments;  (ii) the proposed date of such Advance (which must be a Business Day);  (iii) no Event of Default or Market Trigger Event has occurred and is continuing as of  the date of the Notice of Borrowing or will occur from such Advance;  (iv) detailed wire  instructions as to where the proceeds of such Advance are to be  deposited or transferred; and  (v) all  conditions  precedent  for  such  Advance  described  in  Article III  have  been  satisfied or waived, as applicable.  (b) Promptly upon  receipt of a Notice of Borrowing,  the Administrative Agent shall notify  the Lenders of the requested Advance. The Lenders shall make the Advance on the terms and conditions  set forth herein. No  later than 12:00 p.m., on the Advance Date of each Advance, upon satisfaction of  the  applicable  conditions  set  forth  in  Article III,  each  Lender  shall,  in  accordance  with  instructions  received by the Administrative Agent or the Servicer, as applicable, from the Administrative Borrower in  accordance  with  the  Notice  of  Borrowing,  make  available  to  (x)  the  Co‐Borrowers  or  (y)  the  Administrative  Agent,  in  each  case,  as  determined  by  the Majority  Lenders,  in  same  day  funds,  an  amount equal to such Lender’s Pro Rata Share of such Advance, by payment into the account which the   Administrative Borrower  (if  clause  (x)  of  this  clause  (b)  is  applicable)  or  the Administrative Agent  (if  clause (y) of this clause (b)  is applicable), most recently designated by  it for such purpose by notice to  the Lenders.  If clause  (y) of  this clause  (b)  is applicable,  then upon receipt of all requested  funds,  the  Administrative Agent will make such Advance available to the account(s) of the Co‐Borrower(s) to which  the  proceeds  of  such  Borrowing  should  be  transferred  in  same  day  funds  by  promptly  wiring  the  amounts  so  received,  in  like  funds,  to  an  account  designated  in  the  applicable Notice  of Borrowing.  Notwithstanding the foregoing, in the event that Lenders fund the Advance directly to the Co‐Borrowers  on  the  Closing  Date,  then  unless  Administrative  Borrower  has  notified  the  Administrative  Agent  in  writing (which notification may be by email) by not later than 5:00 p.m. on the Closing Date that it has  not  received  such  funds pursuant  to  the Notice of Borrowing delivered on  the Closing Date  (and  the  funds flow in connection therewith), Administrative Agent shall deem the Advance funded and make the  appropriate recordations in the Register.  (c) The obligation of each Lender to remit its Pro Rata Share of any Advance is several from  that of each other Lender and the  failure of any Lender to so make such amount available  to the Co‐ Borrowers shall not relieve any other Lender of its obligations hereunder.  (d) [Reserved].  (e) Subject  to Section 2.04 and  the other  terms, conditions, provisions and  limitations set  forth  herein,  the  Co‐Borrowers may  borrow,  repay  or  prepay  and  reborrow  Advances  without  any  penalty, fee or premium (except as expressly set forth herein) during the Availability Period.  SECTION 2.03 Evidence of Debt.  (a) If requested by a Lender, the Co‐Borrowers shall deliver to such Lender a duly executed  Revolving Loan Note payable  to such Lender and  its registered assigns  (the “Revolving Loan Note”)  in

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‐ 37 ‐    NAI‐1515108520v22   substantially the form of Exhibit D. Any Revolving Loan Notes or other evidence of indebtedness issued  under  this  Agreement  need  not  be  presented  or  surrendered  for  any  payment  made  by  the  Administrative  Agent,  and  the  Administrative  Agent  shall  not  have  any  duty  or  responsibility  with  respect thereto.  (b) The  Administrative  Agent  shall maintain,  solely  for  this  purpose  as  the  non‐fiduciary  agent of the Co‐Borrowers, at one of its offices, a copy of each Assignment and Assumption Agreement  delivered  to and accepted by  it and a  register  for  the  recordation of  the names and addresses of  the  Lenders, the Commitments of, and principal amounts of (and stated interest on) the Advances owing to  each Lender pursuant to the terms hereof from time to time (the “Register”). The entries in the Register  shall  be  conclusive  and  binding  for  all  purposes,  absent manifest  error,  and  the  Co‐Borrowers,  the  Administrative Agent and each Lender and other parties hereto shall treat each person whose name  is  recorded  in  the  Register  as  a  Lender  under  this Agreement  for  all  purposes  of  this Agreement.  The  Register shall be available for inspection by the Co‐Borrowers or any Lender at any reasonable time and  from time to time upon reasonable prior written notice.  (c) Each  Lender  that  sells  a  participation  shall,  acting  solely  for  this  purpose  as  a  non‐ fiduciary agent of  the Co‐Borrowers, maintain a  register on which  it enters  the name and address of  each participant and the principal amounts of (and stated interest on) each participant’s interest in the  Advances,  loans  or  other  obligations  under  the  Transaction  Documents  (the  “Participant  Register”);  provided  that  (a) no Lender  shall have any obligation  to disclose all or any portion of  the Participant  Register (including the identity of any participant or any information relating to a participant’s interest in  any Advances,  commitments,  loans or  its other obligations under  any Transaction Document)  to  any  Person  except  to  the  extent  that  such  disclosure  is  necessary  to  establish  that  such  Advances,  commitment,  loan  or  other  obligation  is  in  registered  form  under  Section  5f.103‐1(c)  of  the United  States Treasury Regulations and (b) the Administrative Agent shall have no liability or obligation to make  determinations with  respect  to  the  rights of Participants hereunder or otherwise with  respect  to any  Participant Register. The entries  in  the Participant Register  shall be  conclusive absent manifest error,  and  such  Lender  shall  treat  each  Person whose  name  is  recorded  in  the  Participant  Register  as  the  owner  of  such  participation  for  all  purposes  of  this  Agreement  notwithstanding  any  notice  to  the  contrary.  SECTION 2.04 Repayment; Allocation, Reduction or Termination of Commitments.  (a) The Co‐Borrowers shall, jointly and severally, repay to the Lenders on the Maturity Date  the  aggregate  principal  amount  of  all  outstanding  Advances,  together  with  all  accrued  and  unpaid  interest thereon. The Co‐Borrowers shall also repay the applicable outstanding principal amount of the  Advances to the extent required under Section 2.09(a)(iv).   (b) Except  as  expressly  permitted  or  required  herein,  during  the  Availability  Period  Advances may be prepaid in whole or in part (without a corresponding reduction to the Commitments)  at  the option of  the Administrative Borrower, without premium,  at  any  time by delivering  a written  notice of such prepayment to the Administrative Agent no later than 2:00 p.m., at least two (2) Business  Days prior to such prepayment and each such prepayment must be  in a minimum aggregate principal  amount of $5,000,000  (or  if  less,  the aggregate principal amount of all outstanding Advances).   Such  notice  of  prepayment may  be  revocable  at  the  option  of  the  Co‐Borrowers  provided  that  a written  notice of  revocation  is delivered  to  the Administrative Agent by  the Administrative Borrower at  least  one (1) Business Day prior to the intended prepayment date.

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‐ 38 ‐    NAI‐1515108520v22   (c) Upon  any prepayment of Advances Outstanding  pursuant  to  Section  2.04(b),  the Co‐ Borrowers shall also pay  in full any accrued and unpaid  interest on such prepaid amount and all costs  and expenses then due and owing hereunder or under any Transaction Document. The Administrative  Agent shall apply amounts received from the Co‐Borrowers pursuant to Section 2.04(b) to the pro rata  payment of all accrued and unpaid  interest with  respect  to  such prepaid Advances and all  costs and  expenses  then  due  and  owing  hereunder  or  under  any  Transaction Document  until  paid  in  full  and  thereafter to prepay the Advances Outstanding.  (d) The Administrative Borrower may at any time after the sixth anniversary of the Closing  Date at  its option (the “Non‐Call Period”) and upon ten (10) Business Days’ prior written notice to the  Administrative Agent, either  (i)  terminate  this Agreement and  the other Transaction Documents upon  payment in full of all Advances Outstanding, all accrued and unpaid interest on the Obligations and costs  and  expenses  of  the  Secured  Parties  and  payment  of  all  other  Obligations  (other  than  contingent  indemnification  obligations  and  other  obligations  that  survive  the  termination  of  this Agreement,  in  each case, not then due and owing) or (ii) permanently reduce in part the Commitments upon payment  in full of all accrued and unpaid interest on such reduced amount (to the extent that the Co‐Borrowers  are prepaying an Advance  in  connection with  such permanent  reduction) and all accrued and unpaid  costs  and expenses of  the  Secured Parties. The Commitment of each  Lender  shall be  reduced by  an  amount equal to its Pro Rata Share (prior to giving effect to any reduction of Commitments hereunder)  of the aggregate amount of any reduction under this Section 2.04(d)(ii). Notwithstanding the foregoing,  prior  to  the  sixth  anniversary  of  the  Closing  Date  (i)  if  the  Initial  Lender  declines  to  consent  to  an  increase in the Maximum Facility Amount on the same terms as applicable to the Advances immediately  prior to such  increase request  in an amount equal to $500,000,000, prior to the end of the Availability  Period and no Market Trigger Event exists and the Advances Outstanding exceed 90% of the Maximum  Facility Amount as of such date (a “Facility Upsize Denial”) or (ii) the Lenders fail to consent to a Change  of Control  (a  “Change of  Control Denial”),  the Co‐Borrowers may  terminate  this Agreement  and  the  other Transaction Documents upon payment in full of all Advances Outstanding, all accrued and unpaid  interest on  the Obligations  and  costs  and  expenses of  the  Secured Parties  and payment of  all other  Obligations  (other  than  contingent  indemnification obligations  and other obligations  that  survive  the  termination of  this Agreement,  in each  case, not  then due and owing).   Each prepayment hereunder  shall be accompanied by the Prepayment Premium.  (e) Any  repayment or prepayment obligation of  the Co‐Borrowers under  this Agreement  shall be joint and several.   SECTION 2.05 Interest and Fees.  (a) Interest: The Co‐Borrowers shall pay interest on the outstanding principal amount of the  Advances  at  a  rate  per  annum  equal  to  LIBOR  for  the  applicable  LIBOR  Period  plus  the  Applicable  Spread; provided that if, on any date from and including the date that is eighteen (18) months after the  Closing  Date  to  the  final  day  of  the  Availability  Period,  the  Advances  Outstanding  is  less  than  the  Minimum Usage, interest shall instead accrue on an amount equal to the Minimum Usage on such day.  For purposes of this definition, Advances requested by the Administrative Borrower but not funded by a  Defaulting Lender shall be deemed funded for purposes of calculating Advances Outstanding. Interest is  payable  in cash on each Payment Date with respect to all  interest accrued during the period from the  prior Determination Date to the following Determination Date for the current Payment Date as and to  the extent provided in Section 2.09; provided that for the period from the Closing Date through the first  Payment Date,  interest  shall  accrue  from  the Closing Date until  the Determination Date  for  the  first

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‐ 39 ‐    NAI‐1515108520v22   Payment Date. Each Advance  is automatically continued  in whole  to  the next applicable LIBOR Period  upon  the expiration of  the  then  current  LIBOR Period with  respect  thereto.   Except as otherwise  set  forth  herein  or  in  the  Transaction  Documents,  the  Co‐Borrowers  may  apply  any  amounts  held  or  deposited in the Interest Reserve Account with respect to the applicable Co‐Borrower to the payment of  any interest hereunder, including without limitation any interest pursuant to Section 2.05(e).  (b) Non‐Usage Fees. The Co‐Borrowers agrees  to pay  to  the Administrative Agent  for  the  account of each Lender a Non‐Usage Fee for each day on which such respective fees shall be applicable.  The Non‐Usage Fee  shall accrue  from a Determination Date  to  the next Determination Date. All  such  accrued and unpaid fees shall be due and payable on each applicable Payment Date.   (c) Fee Letters. The Co‐Borrowers shall pay the fees set forth in the Fee Letters on the term  and conditions provided therein.  (d) [Reserved].  (e) Default Interest. From and after the written request of the Majority Lenders, while any  Event of Default  exists,  the Co‐Borrowers  shall pay  interest on  the principal  amount of  all Advances  Outstanding hereunder at the Default Rate. The Majority Lenders shall notify the Administrative Agent  of the application of the Default Rate to the principal amount of all Advances Outstanding hereunder,  provided that the application of the Default Rate hereunder shall not be contingent on delivery of such  notice to the Administrative Agent.   (f) Computation of interest and fees.  All computations of interest and all computations of  interest and fees hereunder shall be made on the basis of a year of 360 days for the actual number of  days (including the first but excluding the last day) elapsed.  (g) Maximum  Rate. Notwithstanding  anything  herein  to  the  contrary,  if  at  any  time  the  interest  rate  applicable  to  any Advance,  together with  all  fees,  charges  and  other  amounts  that  are  treated  as  interest  on  such  Advance  under  Applicable  Law  (collectively,  “charges”),  exceed  the  maximum  lawful  rate  (the “Maximum Rate”)  that may be contracted  for, charged,  taken,  received or  reserved by  the Lender holding such Advance  in accordance with Applicable Law,  the  rate of  interest  payable  in  respect of  such Advance hereunder,  together with  all  charges payable  in  respect  thereof,  shall be  limited to the Maximum Rate. To the extent  lawful, the  interest and charges that would have  been paid  in  respect of  such Advance but were not paid as a  result of  the operation of  this  Section  2.05(g)  shall  be  cumulated  and  the  interest  and  charges  payable  to  such  Lender  in  respect  of  other  Advance  or  periods  shall  be  increased  (but  not  above  the  amount  collectible  at  the Maximum  Rate  therefor) until such cumulated amount shall have been received by such Lender. Any amount collected  by such Lender that exceeds the maximum amount collectible at the Maximum Rate shall be applied to  the reduction of the principal balance of such Advance or refunded to the Co‐Borrowers so that at no  time  shall  the  interest and charges paid or payable  in  respect of  such Advance exceed  the maximum  amount collectible at the Maximum Rate.  SECTION 2.06 Benchmark Replacement Setting.  (a) Benchmark Replacement. Notwithstanding anything to the contrary herein or in  any other Transaction Document, upon the occurrence of a Benchmark Transition Event or an Early Opt‐ in Election, as applicable, the Administrative Agent, the Initial Lender and the Co‐Borrowers may amend  this Agreement to replace LIBOR with a Benchmark Replacement. Any such amendment with respect to

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‐ 40 ‐    NAI‐1515108520v22   a Benchmark Transition Event will become effective at 5:00 p.m. on the fifth (5th) Business Day after the  Administrative  Agent  has  posted  such  proposed  amendment  to  all  Lenders  and  the  Administrative  Borrower so long as the Administrative Agent has not received, by such time, written notice of objection  to such amendment from Lenders comprising the Majority Lenders. Any such amendment with respect  to  an  Early Opt‐in  Election will  become  effective  on  the  date  that  Lenders  comprising  the Majority  Lenders have delivered  to  the Administrative Agent written notice  that  such Majority Lenders accept  such amendment. No  replacement of  LIBOR with a Benchmark Replacement pursuant  to  this Section  2.06 will occur prior to the applicable Benchmark Transition Start Date.  (b) Benchmark  Replacement  Conforming  Changes.  In  connection  with  the  implementation  of  a Benchmark  Replacement,  the Administrative Agent will  have  the  right  to make  Benchmark Replacement Conforming Changes from time to time and, notwithstanding anything to the  contrary herein or in any other Transaction Document, any amendments implementing such Benchmark  Replacement Conforming Changes will become effective without any  further action or consent of any  other party to this Agreement.   (c) Notices; Standards for Decisions and Determinations. The Administrative Agent  will promptly notify the Administrative Borrower and the Lenders of (i) any occurrence of a Benchmark  Transition Event or an Early Opt‐in Election, as applicable, and its related Benchmark Replacement Date  and Benchmark Transition Start Date, (ii) the  implementation of any Benchmark Replacement, (iii) the  effectiveness  of  any  Benchmark  Replacement  Conforming  Changes  and  (iv)  the  commencement  or  conclusion of any Benchmark Unavailability Period. Any determination, decision or election that may be  made by the Administrative Agent or Lenders pursuant to this Section 2.06, including any determination  with  respect  to  a  tenor,  rate  or  adjustment  or  of  the  occurrence  or  non‐occurrence  of  an  event,  circumstance or date and any decision to take or refrain from taking any action, will be conclusive and  binding absent manifest error and may be made in its or their sole discretion and without consent from  any other party hereto, except, in each case, as expressly required pursuant to this Section 2.06.    (d) Benchmark Unavailability Period. Upon the Administrative Borrower’s receipt of notice  of the commencement of a Benchmark Unavailability Period, the Co‐Borrowers may no  longer request  Advances  and  all  current  outstanding  Advances  shall  continue  at  the  LIBOR  rate  that was  in  effect  immediately prior to such date.  SECTION 2.07 Payments and Computations, Etc.  (a) All amounts  to be paid or deposited by any of  the Co‐Borrowers or  the Account Bank  from  amounts  received  on  the  Portfolio  Assets  on  the  Co‐Borrowers’  behalf,  hereunder  and  in  accordance with this Agreement shall be paid or deposited in accordance with the terms hereof so that  funds are received by the Administrative Agent no later than 1:00 p.m. on the day when due in Dollars in  immediately  available  funds  to  the  account  specified  in writing  by  the  Administrative  Agent  to  the  Account  Bank,  or  such  other  account  as  is  designated  by  the  Administrative  Agent.  All  payments  received by the Administrative Agent after 1:00 p.m. may,  in the Administrative Agent’s discretion, be  deemed received on the next succeeding Business Day and any applicable interest or fee shall continue  to accrue. Any Obligation hereunder shall not be reduced by any distribution of any portion of Available  Collections if at any time such distribution is rescinded or required to be returned by any Secured Party  to the Co‐Borrowers or any other Person for any reason.

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‐ 41 ‐    NAI‐1515108520v22   (b) On  each  Determination  Date,  immediately  preceding  a  Reporting  Date,  the  Administrative Borrower shall include a statement as to the amount of Excluded Amounts on deposit in  the  Collection  Account  in  the  Servicing  Report  delivered  pursuant  to  Section  8.08(c). Other  than  as  otherwise set forth herein, whenever any payment hereunder shall be stated to be due on a day other  than  a  Business  Day,  such  payment  shall  be made  on  the  next  succeeding  Business  Day  and  such  extension of time shall be reflected in the computation of interest and fees.  (c) To  the extent  that any payment by or on behalf of  the Co‐Borrowers  is made  to  the  Administrative Agent or  any  Lender, or  the Administrative Agent or  any  Lender  exercises  its  right of  setoff, and such payment or the proceeds of such setoff or any part thereof is subsequently invalidated,  declared  to be  fraudulent or preferential, set aside or  required  (including pursuant  to any settlement  entered  into by  the Administrative Agent or  such  Lender  in  its discretion)  to be  repaid  to  a  trustee,  receiver or any other party, in connection with any proceeding under any Bankruptcy Law or otherwise,  then (i) to the extent of such recovery, the obligation or part thereof originally intended to be satisfied  shall be revived and continued  in full force and effect as  if such payment had not been made or such  setoff had not occurred and  (ii) each Lender severally agrees to pay to the Administrative Agent upon  demand  its applicable  share  (without duplication) of any amount  so  recovered  from or  repaid by  the  Administrative Agent.  SECTION 2.08 Collections; Payment Date Report.  (a) Each Loan Party, as applicable, shall direct each Obligor for any Portfolio Asset to remit  all Collections with respect to such Portfolio Asset to such Loan Party’s Collection Account.   Subject to  the rights of the Administrative Agent hereunder with respect to funds held or deposited  in such Loan  Party’s  Collection Account,  each  Loan  Party  shall  have  full  control  over  the  use  of,  and  the  right  to  withdraw funds from, such Loan Party’s Collection Account for any permitted use or purpose under  its  Constituent Documents.  (b) Each  Loan  Party  shall  take  commercially  reasonable  steps  to  confirm  that  only  funds  constituting  Collections  relating  to  Portfolio  Assets  are  deposited  into  such  Loan  Party’s  Collection  Account.   (c) Each Loan Party shall, and shall cause  their respective Affiliates and administrators to,  deposit all Collections relating to Portfolio Assets received by such Loan Party, or by their Affiliates on  behalf  of  or  for  the  benefit  of  such  Loan  Party, with  respect  to  the  Collateral  to  such  Loan  Party’s  Collection Account within two (2) Business Days after receipt by the applicable Loan Party and shall, and  shall cause their Affiliates to, hold in trust for the benefit of the Administrative Agent, for the benefit of  the Secured Parties, all such Available Collections until so deposited.   (d) During the occurrence and continuance of a Potential Default or an Event of Default, no  Loan Party shall have any rights of withdrawal with respect to amounts held  in the Collection Account.  After the occurrence and continuance of an Event of Default, the Administrative Agent, at the direction  of  the Majority Lenders, may, but shall not be obligated,  to give payment  instructions  to  the Account  Bank.   Following the occurrence and during the continuance of a Market Trigger Event, no Loan Party  shall withdraw any amounts held  in the Collection Account without the approval of the Administrative  Agent (acting at the direction of the Majority Lenders).

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‐ 42 ‐    NAI‐1515108520v22   (e) No later than the applicable Determination Date, Administrative Borrower shall provide  the applicable Payment Date Report to the Servicer and the Administrative Agent. No later than two (2)  Business Days after the Servicer’s and the Administrative Agent’s receipt of such Payment Date Report,  the Servicer shall notify the Administrative Borrower  (with a copy to the Administrative Agent) of any  errors  or  omissions  set  forth  therein  and  the  Servicer  and  the  Administrative  Borrower  shall  use  commercially  reasonable  efforts  to  reconcile  any  differences  in  such  report;  provided  if  no  such  reconciliation can be reached, the Payment Date Report approved by the Servicer shall be deemed final,  absent manifest error.    SECTION 2.09 Remittance  Procedures. On  each  Payment Date,  the Administrative  Borrower  may instruct the Account Bank to apply funds on deposit in the Collection Account as described  in this  Section  2.09  and  in  accordance with  the  Payment Date  Report  or may  otherwise wire  funds  to  the  Administrative Agent from any other account, such funds to be received by the Administrative Agent no  later  than 1:00 p.m. on each Payment Date; provided  that,  at  any  time  after delivery of  a Notice of  Exclusive Control pursuant to the terms of the Account Control Agreement, the Administrative Agent, if  directed, in writing, by the Majority Lenders, shall instruct the Account Bank to apply funds on deposit in  the Collection Account as described in this Section 2.09.  (a) Collections.  All  payments  so  received  by  the  Administrative  Agent  pursuant  to  this  Section 2.09(a) will be distributed in accordance with the following waterfall:  (i) first, (A) to the Administrative Agent for the payment in full of all accrued fees,  expenses,  losses  and  indemnities due  and payable  to  the Administrative Agent hereunder or  under any other Transaction Document and under  the Agent  Fee  Letter, and  then  (B)  to  the  Servicer  and  the  Account  Bank  for  the  payment  in  full  of  all  accrued  fees,  expenses  and  indemnities  due  and  payable  to  the  Servicer  and  Account  Bank,  respectively,  hereunder  or  under any other Transaction Document and under the Fee Letters;  (ii) second, to the Administrative Agent for distribution to each Lender, to pay such  Lender’s  Pro  Rata  Share  of  accrued  and  unpaid  interest  owing  to  such  Lender  under  this  Agreement;  (iii) third, to the extent amounts on deposit in the Interest Reserve Account are less  than the Interest Reserve Amount, an amount equal to such shortfall;   (iv) fourth,  to  the  extent  a Market  Trigger  Event  has  occurred,  or  would  result  therefrom,  then  to  the  Administrative  Agent  for  distribution  to  each  Lender,  to  repay  such  Lender’s Pro Rata Share of the Advances Outstanding until the delivery of an LTV Certificate by  the Administrative Borrower  to  the Servicer, demonstrating  that  the Market Trigger Event no  longer exists or, notwithstanding the occurrence of such Market Trigger Event, the LTV is not in  excess of the applicable Maximum LTV Percentage; and  (v) fifth, only to the extent no Market Trigger Event has occurred, or would result  therefrom, then to the Loan Parties.  (b) Application of Proceeds After an Event of Default. Notwithstanding anything herein to  the contrary, upon the occurrence and during the continuance of an Event of Default, with respect to  any  proceeds  received  by  the  Administrative  Agent  in  connection  with  the  exercise  of  remedies  hereunder  or  any  other  Transaction  Document,  the  Administrative  Agent,  at  the  direction  of  the

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‐ 43 ‐    NAI‐1515108520v22   Servicer, for the benefit of the Majority Lenders, shall instruct the Account Bank to transfer all proceeds  of Collateral in accordance with the following order and priority:  (i) first (A) to the Administrative Agent for the payment  in full of all accrued fees,  expenses,  losses  and  indemnities due  and payable  to  the Administrative Agent hereunder or  under any other Transaction Document and under  the Agent  Fee  Letter, and  then  (B)  to  the  Servicer  and  the  Account  Bank  for  the  payment  in  full  of  all  accrued  fees,  expenses  and  indemnities  due  and  payable  to  the  Servicer  and  Account  Bank,  respectively,  hereunder  or  under any other Transaction Document and under the Fee Letters;  (ii) second, to the Administrative Agent for distribution to each Lender, to pay such  Lender’s  Pro  Rata  Share  of  accrued  and  unpaid  interest  owing  to  such  Lender  under  this  Agreement;  (iii) third, to the extent amounts on deposit in the Interest Reserve Account are less  than the Interest Reserve Amount, an amount equal to such shortfall;  (iv) fourth,  to  the  extent  a Market  Trigger  Event  has  occurred,  or  would  result  therefrom,  then  to  the  Administrative  Agent  for  distribution  to  each  Lender,  to  repay  such  Lender’s Pro Rata Share of the Advances Outstanding until the delivery of an LTV Certificate by  the Administrative Borrower  to  the Servicer, demonstrating  that  the Market Trigger Event no  longer exists or, notwithstanding the occurrence of such Market Trigger Event, the LTV is not in  excess of the applicable Maximum LTV Percentage; and  (v) fifth, only to the extent no Market Trigger Event has occurred, or would result  therefrom, then to the Loan Parties.   (c) Insufficiency of Funds. If the funds on deposit in the Collection Account are  insufficient  to  pay  any  amounts  otherwise  due  and  payable  under  this  Agreement  or  any  other  Transaction  Document on a Payment Date or otherwise, the Co‐Borrowers shall nevertheless remain responsible for,  and  shall  pay  when  due,  all  amounts  payable  under  this  Agreement  and  the  other  Transaction  Documents  in  accordance with  the  terms  of  this  Agreement  and  the  other  Transaction Documents,  together  with  interest  accrued  as  set  forth  in  Section 2.05(a)  from  the  date  when  due  until  paid  hereunder; provided that if any such insufficiency of funds occurs during the Availability Period and the  conditions to funding as set forth herein are satisfied, the Administrative Borrower may instead request  that such amounts be funded by the making of an Advance hereunder.   (d) Instructions  to  the Account Bank. All  instructions and directions given  to  the Account  Bank by  the Administrative Agent, at  the direction of  the Majority  Lenders, pursuant  to  Section 2.09  shall be in writing (including instructions and directions transmitted to the Account Bank by facsimile or  e‐mail)  or  pursuant  to  an  electronic  transmission  system  acceptable  to  the  Account  Bank.  The  Administrative Agent shall transmit to the Servicer and the Administrative Borrower by facsimile or e‐ mail a  copy of all  instructions and directions given  to  the Account Bank by  the Administrative Agent  pursuant to Section 2.09 concurrently with the delivery thereof.  (e) No Presentment. Payment by  the Administrative Agent  to  the  Lenders  in  accordance  with the terms hereof shall not require presentment of any Revolving Loan Note.  SECTION 2.10 Grant of a Security Interest.

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‐ 44 ‐    NAI‐1515108520v22   (a) To  secure  the  prompt  and  complete  payment  in  full when  due, whether  by  lapse  of  time, acceleration or otherwise, of the Obligations and the performance by the Co‐Borrowers of all of  the covenants and obligations to be performed pursuant to this Agreement and each other Transaction  Document, whether now or hereafter existing, due or to become due, direct or indirect, or absolute or  contingent,  each  Co‐Borrower  hereby  grants  a  security  interest  to  the Administrative Agent,  for  the  benefit of the Secured Parties, in all of such Co‐Borrower’s right, title and interest in, to and under (but  none of the obligations under) the following, whether now owned or hereinafter acquired (the following  collectively, to the extent not constituting Excluded Assets, the “US Collateral”): (i) all accounts, money,  cash and currency, chattel paper, tangible chattel paper, electronic chattel paper, intellectual property,  goods, equipment, fixtures, contract rights, general intangibles, documents, instruments, certificates of  deposit,  certificated  securities,  uncertificated  securities,  financial  assets,  securities  entitlements,  commercial tort claims, securities accounts, deposit accounts, inventory, investment property (including  without  limitation  each General  Partnership  Investment),  letter‐of‐credit  rights,  software,  supporting  obligations, accessions or other property consisting of Portfolio Assets and Collections (but excluding the  obligations thereunder); (ii) all Records; (iii) all Proceeds of the foregoing; (iv) the Collection Account and  the Interest Reserve Accounts; and (v) all proceeds and products of the foregoing.  (b) To  secure  the  prompt  and  complete  payment  in  full when  due, whether  by  lapse  of  time, acceleration or otherwise, of the Obligations and the performance by the Co‐Borrowers of all of  the covenants and obligations to be performed pursuant to this Agreement and each other Transaction  Document, whether now or hereafter existing, due or to become due, direct or indirect, or absolute or  contingent, Holdings  and  Kudu,  as  applicable,  hereby  grant  a  security  interest  to  the Administrative  Agent, for the benefit of the Secured Parties, in all of Holdings’ and Kudu’s, as applicable, right, title and  interest in and to, whether now owned or hereinafter acquired (the following collectively, to the extent  not constituting Excluded Assets, the “US Pledged Equity”): (A)  (i) all  investment property and general  intangibles consisting of the ownership, equity or other similar  interests of Holdings  in Kudu,  including  Kudu’s  limited  liability  company membership  interests;  (ii)  all  certificates,  instruments, writings  and  securities evidencing the foregoing; (iii) the operating agreement and other organizational documents of  Kudu and all options or other rights to acquire any membership or other interests under such operating  agreement  or  other  organizational  documents;  (iv)  all  dividends,  distributions,  capital,  profits  and  surplus and other property or proceeds from time to time received, receivable or otherwise distributed  in  respect of or  in exchange  for any or all of  the  foregoing;  (v) all books,  records and other written,  electronic or other documentation in whatever form maintained now or hereafter by or for Holdings in  connection with, and relating to, the ownership of, or evidencing or containing information relating to,  the foregoing; and (vi) all proceeds, supporting obligations and products of any of the foregoing, and (B)  (i) all  investment property and general  intangibles consisting of the ownership, equity or other similar  interests of Kudu  in Kudu US,  including Kudu’s  limited  liability  company membership  interests;  (ii) all  certificates, instruments, writings and securities evidencing the foregoing; (iii) the operating agreement  and  other  organizational  documents  of  Kudu  US  and  all  options  or  other  rights  to  acquire  any  membership or other interests under such operating agreement or other organizational documents; (iv)  all dividends, distributions, capital, profits and surplus and other property or proceeds from time to time  received, receivable or otherwise distributed in respect of or in exchange for any or all of the foregoing;  (v) all books, records and other written, electronic or other documentation in whatever form maintained  now or hereafter by or for Kudu in connection with, and relating to, the ownership of, or evidencing or  containing  information  relating  to,  the  foregoing;  and  (vi)  all  proceeds,  supporting  obligations  and  products of any of the foregoing.

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‐ 45 ‐    NAI‐1515108520v22   (c) Notwithstanding  the  foregoing,  the  terms  “Collateral”,  “Collateral  Portfolio”  and  “Pledged Equity” shall exclude, and in no event shall any Lien attach to any right, title or interest of the  Loan Parties or Holdings in, to or under (the following, collectively, the “Excluded Assets”): (i) any lease,  license or other agreement and the property subject thereto,  in each case acquired or entered  into by  Holdings  or  by  the  Loan  Parties  after  the  Closing  Date  and  not  part  of  the  Borrowing  Base, which  requires  the consent, approval,  license or authorization of any Person  (other  than  the Loan Parties or  Holdings  or  their  respective  Affiliates)  as  a  condition  to  a  grant  of  a  security  interest  therein  as  contemplated herein, unless such consent, approval, license or authorization has been obtained or such  required  consent,  approval,  license  or  authorization  is  rendered  ineffective  or  otherwise  overridden  after  giving  effect  to  the  applicable  anti‐assignment provisions of  the Code or other Applicable  Law,  other  than proceeds and  receivables  thereof,  the assignment of which  is expressly deemed effective  under Applicable Law notwithstanding such prohibition; (ii) any lease, license or other agreement or any  property subject to a purchase money security interest, Capital Lease Obligations or similar arrangement  to the extent that a grant of a security interest therein would violate or invalidate such lease, license or  agreement, purchase money, capital lease or similar arrangement or create a termination right in favor  of any other party thereto (other than the Loan Parties or Holdings) after giving effect to the applicable  anti‐assignment provisions of  the Bankruptcy Code or other Applicable Law, other  than proceeds and  receivables  thereof,  the  assignment  of  which  is  expressly  deemed  effective  under  Applicable  Law  notwithstanding  such prohibition;  (iii)  after  the Closing Date,  to  the  extent  a pledge of,  and  security  interest  in,  such  asset  is  prohibited  by  law  or  prohibited  by  agreements  containing  anti‐assignment  clauses not overridden by the Bankruptcy Code or other Applicable Law (so long as such anti‐assignment  clauses existed at  the  time such asset was acquired by  the Loan Parties and was not  implemented  in  contemplation of prohibiting a pledge hereunder); and (iv) any Excluded Amounts.   (d) Anything herein to the contrary notwithstanding, (i) the Loan Parties shall remain liable  under  the Collateral Portfolio and  the Collateral  to  the extent set  forth  therein  to perform all of  their  duties  and  obligations  thereunder  to  the  same  extent  as  if  this Agreement  had  not  been  executed,  (ii) the exercise by the Administrative Agent, for the benefit of the Secured Parties, of any of its rights in  the Collateral or  the Pledged Equity does not  release  the  Loan Parties or Holdings  from any of  their  duties or obligations under  the Collateral or with  respect  to  the Pledged  Equity  and  (iii) none of  the  Administrative Agent,  any  Lender  nor  any  other  Secured  Party  shall  have  any  obligations  or  liability  under  the  Collateral  Portfolio  and  the  Collateral  by  reason  of  this  Agreement,  nor  shall  the  Administrative  Agent,  any  Lender  nor  any  other  Secured  Party  be  obligated  to  perform  any  of  the  obligations or duties of the Loan Parties thereunder or to take any action to collect or enforce any claim  for payment assigned hereunder.  (e) [Reserved].  (f) Each  Co‐Borrower  hereby  collaterally  assigns  to  the  Administrative  Agent,  for  the  benefit of the Secured Parties, all of such Co‐Borrower’s right and title to, and interest in, to and under  (but not any obligations under) each Equity  Investment Agreement related to each Portfolio Asset, all  other agreements, documents and  instruments evidencing, securing or guarantying any Portfolio Asset  and  all  other  agreements,  documents  and  instruments  related  to  any  of  the  foregoing.  Each  Co‐ Borrower confirms  that, upon  the occurrence and during  the continuance of an Event of Default and  until the Facility Termination Date, the Administrative Agent (at the direction of the Servicer) on behalf  of  the  Secured  Parties  shall  have  the  right  to  enforce  and/or  assume  such  Co‐Borrower's  rights  and  remedies under each Equity Investment Agreement.

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‐ 46 ‐    NAI‐1515108520v22   (g) In addition to the property which the Administrative Agent holds for the benefit of the  Secured Parties under Section 2.10(a), Section 2.10(b) and Section 2.10(f), the Administrative Agent will,  upon entry  into  the Australian Pledge Agreement, hold  the  rights arising under  the Australian Pledge  Agreement for the benefit of the Secured Parties.  (h) To the extent the law permits:  (i) for the purposes of sections 115(1) and 115(7) of the Australian PPSA:  (A) the Secured Parties need not comply with sections 95, 118, 121(4), 125,  130, 132(3)(d) or 132(4) of the Australian PPSA; and  (B) sections 142 and 143 of the Australian PPSA are excluded;  (ii) for  the purposes of section 115(7) of  the Australian PPSA,  the Secured Parties  need not comply with sections 132 and 137(3) of the Australian PPSA;  (iii) if the PPSA is amended after the date of this document to permit the Parties to  agree to not comply with or to exclude other provisions of the PPSA, the Administrative Agent  may notify the Loan Parties that any of these provisions is excluded, or that the Secured Parties  need  not  comply  with  any  of  these  provisions,  as  notified  to  the  Loan  Parties  by  the  Administrative Agent; and  (iv) each  Loan  Party  agrees  not  to  exercise  its  rights  to make  any  request of  the  Secured  Parties under  section 275 of  the Australian  PPSA,  to  authorize  the disclosure of  any  information under that section or to waive any duty of confidence that would otherwise permit  non‐disclosure under that section.  (i) To the extent the law permits, each Loan Party waives:  (i) its  rights  to  receive  any  notice  that  is  required  by  any  provision  of  the  Australian PPSA (including a notice of a verification statement); and   (ii) any time period that must otherwise  lapse under the Australian PPSA before a  Secured Party or receiver exercises a right, power or remedy.  If the law which requires a period of notice or a lapse of time cannot be excluded, but  the law provides that the period of notice or lapse of time may be agreed, that period or lapse is one  day or the minimum period the law allows to be agreed (whichever is the longer). However, nothing in  this clause prohibits a Secured Party or any receiver from giving a notice under the Australian PPSA or  any other law.  (j) For the purposes of section 153 of the Australian PPSA, each Secured Party appoints the  Administrative Agent and each  Loan Party as  its nominee, and authorizes each of  them  to act on  its  behalf,  in connection with a registration under  the Australian PPSA of any security  interest  in  favor of  the Loan Party which is (a) evidenced or created by chattel paper or arising under contract; (b) perfected  by registration under the Australian PPSA; and (c) transferred to a Secured Party under this document.  This authority ceases when the registration is transferred to the Secured Party.

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‐ 47 ‐    NAI‐1515108520v22   SECTION 2.11 Sale of Portfolio Assets.  (a) Sales. The Loan Parties may sell or otherwise Transfer or dispose of their interest in any  Portfolio Asset (a “Sale”) so long as (i) with respect to the Sale of any Eligible Portfolio Asset (a) as of the  date  of  such  Sale  and  immediately  after  giving  effect  to  any  such  Sale,  (x)  the  aggregate  Advances  Outstanding shall not exceed the Maximum Availability as of such date, (y) no Market Trigger Event shall  be continuing or will result from such Sale; and (z) no Event of Default shall be continuing or will result  from such Sale, (b) with respect to the sale of Eligible Portfolio Assets, (x) the sale price  is equal to or  greater than 80% of the most recent third party valuation delivered to the Administrative Agent prior to  such Sale; provided  that  if more  than one Eligible Portfolio Asset  is  sold  in  the  same  transaction,  the  calculation of  such 80%  test will use  the  aggregate  third party  valuation of  all  such  Eligible Portfolio  Assets  included  in  such  Sale  or  (y)  the  Servicer  shall  have  consented  to  such  Sale  price,  provided,  however, that, the foregoing clauses (a) and (b) shall not apply if such Sale results from the occurrence  of  a  “Sale  Redemption  Event”  (or  such  term  of  similar meaning  as may  be  used  in  the  Constituent  Documents  relating  to  such  Eligible Portfolio Asset)  and  (ii) with  respect  to  the  Sale of  any Portfolio  Asset, (a) the net cash proceeds from such Sale, if any, are deposited into the Collection Account, and (b)  the Administrative Borrower shall deliver to the Servicer a list of all Portfolio Assets to be subject to such  Sale.   (b) Release of Lien. Upon confirmation by  the Administrative Agent of  the deposit of any  amounts required by Section 2.11(a)  in cash  into a Collection Account and the fulfillment of the other  terms and conditions set forth in this Section 2.11 for a Sale (such date of fulfillment, a “Release Date”),  the Portfolio Assets subject to such Sale shall no longer be Collateral and the Administrative Agent, for  the benefit of  the Secured Parties, shall automatically and without  further action be deemed  to have  released  all  right,  title  and  interest  and  any  Lien of  the Administrative Agent,  for  the benefit of  the  Secured Parties in, to and under such Portfolio Asset and related Portfolio Assets and all future monies  due or to become due with respect thereto, without recourse, representation or warranty of any kind or  nature.  (c) Conditions  to Sales. Any Sale of an Eligible Portfolio Asset by a Loan Party   shall at all  times be subject to the satisfaction of the following conditions unless otherwise waived by the Servicer:  (i) the Administrative Borrower shall deliver a  list of all Portfolio Assets to be the  subject of such Sale in accordance with Section 5.01(z)(iii)(C);  (ii) as of the date of such Sale and immediately after giving effect to any such Sale,  (w) the aggregate Advances Outstanding shall not exceed the Maximum Availability as of such  date, (x) no Market Trigger Event has occurred and is continuing or would result therefrom; and  (y) neither a Potential Default nor an Event of Default shall be continuing or have resulted from  such Sale; and  (iii) the  Administrative  Borrower  shall  notify  the  Servicer  of  any  amount  to  be  deposited  into  the Collection Account  in connection with any Sale  in accordance with Section  5.01(aa).  (d) Treatment of Amounts Deposited in the Collection Account. Amounts deposited by the  Co‐Borrowers  in  the Collection Account pursuant  to  this  Section 2.11  shall be  applied  as provided  in  Section 2.09(a).

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‐ 48 ‐    NAI‐1515108520v22   SECTION 2.12 Increased Costs.  (a) If any Change in Law shall:  (i) impose, modify  or  deem  applicable  any  reserve,  special  deposit,  compulsory  loan, insurance charge or similar requirement against assets of, deposits with or for the account  of, or credit extended or participated in by, any Lender;  (ii) impose material regulatory or agency changes that materially affect the cost or  expense (other than taxes) affecting this Agreement;  (iii) subject  any  Lender  to  any  Taxes  (other  than  (A) Indemnified  Taxes  and  (B) Excluded Taxes) on its Advances, Commitments or other obligations, or its deposits, reserves,  other liabilities or capital attributable thereto; or  (iv) impose on any Lender or the London interbank market any other condition, cost  or expense (other than Taxes) affecting this Agreement or Advances made by such Lender;  and the result of any of the foregoing shall be to increase the cost to such Lender of making, continuing  or maintaining any Advance or of maintaining its obligation to make any such Advance or to reduce the  amount of any sum received or receivable by such Lender hereunder (whether of principal,  interest or  any other amount) then, upon request of such Lender, the Co‐Borrowers will pay to such Lender such  additional  amount or  amounts  as will  compensate  such  Lender  for  such  additional  costs  incurred or  reduction suffered.  (b) If any Lender determines that any Change  in Law affecting such Lender or any  lending  office  of  such  Lender  or  such  Lender’s  holding  company,  if  any,  regarding  capital  or  liquidity  requirements, has or would have the effect of reducing the rate of return on such Lender’s capital or on  the  capital  of  such  Lender’s  holding  company,  if  any,  as  a  consequence  of  this  Agreement,  the  Commitments of such Lender or the Advances made by such Lender to a  level below  that which such  Lender or such Lender’s holding company could have achieved but for such Change  in Law (taking  into  consideration such Lender’s policies and the policies of such Lender’s holding company with respect to  capital  adequacy),  then  from  time  to  time  the Co‐Borrowers will pay  to  such  Lender  such  additional  amount or amounts as will  compensate  such  Lender or  such  Lender’s holding  company  for any  such  reduction suffered.  (c) A certificate of a Lender setting forth in reasonable detail the basis for such demand, the  amount or amounts necessary to compensate such Lender or its holding company, as the case may be,  as  specified  in  Section 2.12(a) or  (b)  and  the  computations made by  such  Lender  to determine  such  amount shall be delivered to the Administrative Borrower and shall be conclusive absent manifest error.  The Co‐Borrowers shall pay such Lender the amount shown as due on any such certificate on the next  Payment Date that is not less than ten (10) days after receipt thereof. Any such amount payable by the  Co‐Borrowers shall not be duplicative of any amounts (i) previously paid under this Section 2.12 or (ii)  included in the calculation of LIBOR.  (d) Failure or delay on  the part of any  Lender  to demand  compensation pursuant  to  this  Section 2.12  shall  not  constitute  a  waiver  of  such  Lender’s  right  to  demand  such  compensation;  provided  that  the  Co‐Borrowers  shall  not  be  required  to  compensate  a  Lender  pursuant  to  this  Section 2.12 for any increased costs incurred or reductions suffered more than nine (9) months prior to

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‐ 49 ‐    NAI‐1515108520v22   the date that such Lender notifies the Administrative Borrower of the Change in Law giving rise to such  increased costs or  reductions, and of  such Lender’s  intention  to claim compensation  therefor  (except  that, if the Change in Law giving rise to such increased costs or reductions is retroactive, then the nine‐ month period referred to above shall be extended to include the period of retroactive effect thereof).  (e) If  any  Lender  requests  additional  amounts  pursuant  to  this  Section  2.12,  the  Co‐ Borrowers  shall  have  the  option  to  terminate  this  Agreement  and  the  Commitments  hereunder  by  written notice to the Administrative Agent and prepay the Advances, any accrued interest thereon and  all  costs,  accrued  and  unpaid  Non‐Usage  Fees  and  all  other  fees  and  amounts  payable  by  the  Co‐ Borrowers under the Transaction Documents (which, for the avoidance of doubt, shall not  include any  penalty,  premium,  make‐whole  or  similar  payment  due  to  the  termination  of  the  Agreement  and  Commitments) no later than the fifth (5th) Business Day next following the giving of such notice.  SECTION 2.13 Taxes.  (a) All payments made by or on account of any obligation of the Loan Parties or Holdings  under  this Agreement or any other Transaction Document  (including by  the Administrative Agent on  behalf  of  the  Loan  Parties  or  Holdings)  will  be  made  free  and  clear  of  and  without  deduction  or  withholding  for or on account of any Taxes, except as  required by Applicable Law.  If any  Indemnified  Taxes are required by Applicable Law (as determined in good faith by the applicable withholding agent)  to be withheld from any such payments, then the amount payable by the Loan Parties or Holdings will  be  increased  (the amount of such  increase,  the “Additional Amount”) as necessary so  that after such  deduction  or withholding  has  been made  (including  such  deductions  and withholdings  applicable  to  additional sums payable under this Section 2.12) the applicable Recipient receives an amount that is not  less than the amount that it would have received had no such deduction or withholding been made. Any  amounts deducted or withheld  pursuant  to  this  Section 2.13(a) will be  timely paid by  the  applicable  withholding  agent  to  the  applicable Governmental Authority  in  accordance with Applicable  Law.  The  Loan Parties, Holdings and the Administrative Agent may be a withholding agent.  (b) The Loan Parties and Holdings will  indemnify each Recipient  for  (i) the  full amount of  Indemnified Taxes payable or paid by such Person in respect of, or required to be deducted or withheld  from, payments made by or on behalf of the Loan Parties or Holdings hereunder, including Indemnified  Taxes imposed or assessed on or attributable to Additional Amounts and other amounts payable under  this Section 2.13 and any  costs and expenses arising therefrom or with respect thereto, whether or not  such Taxes were  correctly or  legally  imposed or  asserted by  the  relevant Governmental Authority. A  certificate as to the amount of such payment or  liability delivered to the Administrative Borrower by a  Recipient  (with  a  copy  to  the  Administrative  Agent),  or  by  the  Administrative  Agent  on  behalf  of  a  Recipient, shall be conclusive absent manifest error. All payments in respect of this indemnification shall  be made within ten (10) days from the date a written invoice therefor is delivered to the Administrative  Borrower, with a copy to the Servicer.  (c) Each  Lender  will  indemnify  the  Administrative  Agent  for  (i)  the  full  amount  of  Indemnified Taxes attributable to such Lender (but only to the extent that the Loan Parties or Holdings  have not already indemnified the Administrative Agent for such Indemnified Taxes and without limiting  or expanding any obligation of the applicable Loan Party or Holdings to do so), (ii) any Taxes attributable  to such Lender’s failure to comply with the provisions of Section 2.03 relating to the maintenance of a  Participant  Register  and  (iii)  any  Excluded  Taxes  attributable  to  such  Lender,  in  each  case,  that  are  payable or paid by  the Administrative Agent  in  connection with  any  Transaction Document,  and  any

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‐ 50 ‐    NAI‐1515108520v22   costs and expenses arising therefrom or with respect thereto, whether or not such Taxes were correctly  or legally imposed or asserted by the relevant Governmental Authority. A certificate as to the amount of  such payment or liability delivered to the Lender by the Administrative Agent shall be conclusive absent  manifest error.  (d) Following any payment by any Loan Party or Holdings to the applicable Governmental  Authority of any Taxes pursuant  to  this Section 2.13 and Section 11.07(b), Administrative Borrower or  the Servicer, as applicable, will furnish to the Administrative Agent at the applicable address set forth on  this Agreement,  the  original  or  a  certified  copy  of  a  receipt  issued  by  such Governmental Authority  evidencing  such payment  (to  the  extent  received by  the  Servicer or  the Administrative Borrower,  as  applicable), a copy of the return reporting such payment or other evidence of such payment reasonably  satisfactory  to  the  Administrative  Agent  (acting  at  the  direction  of  the  Majority  Lenders).  For  the  avoidance  of  doubt,  in  no  case  or  circumstance  is  the Administrative  Agent  liable  to  pay  any  Taxes  pursuant  to  this Agreement,  and  if  it  pays  any  such  amounts,  it will  solely  be  on  behalf  of  the  Co‐ Borrowers, from the Collection Account to the extent amounts are available therein.  (e) Each Lender (including any assignee thereof) that is not a “United States person” within  the meaning of  Section 7701(a)(30) of  the Code  (a  “Non‐U.S.  Lender”)  shall deliver  to Administrative  Borrower and the Administrative Agent two properly completed and duly executed copies of whichever  (if any) of the following  is applicable for claiming complete exemption from, or a reduced rate of, U.S.  federal withholding  tax on any payment by or on behalf of  the Co‐Borrowers under  this Agreement:  (i) U.S. Internal Revenue Service Form W‐8BEN or W‐8BEN‐E (claiming the benefits of an applicable tax  treaty), W‐8IMY, W‐8EXP or W‐8ECI or (ii) in the case of a Non‐U.S. Lender claiming exemption from U.S.  federal  withholding  tax  under  Section 871(h)  or  881(c)  of  the  Code  with  respect  to  payments  of  “portfolio  interest” a statement substantially  in the  form of Exhibit E to the effect  that such Lender  is  eligible for a complete exemption from withholding of U.S. taxes under Section 871(h) or 881(c) of the  Code  (a  “Tax  Compliance  Certificate”)  and  a  Form W‐8BEN  or W‐8BEN‐E,  in  each  case  (A) with  any  required  attachments  (including,  with  respect  to  any  Lender  that  provides  a  U.S.  Internal  Revenue  Service Form W‐8IMY, any of the  forms or other documentation described  in clauses (i) and  (ii) above  for  any of  the direct or  indirect owners of  such  Lender)  and  (B) any  subsequent  versions  thereof or  successors  thereto.  In  addition,  each  Lender  (including  any  assignee  thereof)  that  is  not  a Non‐U.S.  Lender  shall deliver  to  the Administrative Borrower  and  the Administrative Agent  two  copies of U.S.  Internal  Revenue  Service  Form W‐9,  properly  completed  and  duly  executed  and  claiming  complete  exemption, or shall otherwise establish an exemption, from U.S. backup withholding. Such forms shall  be delivered by each Lender on or about the date it becomes a party to this Agreement and from time  to time thereafter as reasonably requested by Administrative Borrower or the Administrative Agent. In  addition, each Lender agrees that if any form or certification it previously delivered expires or becomes  obsolete or  inaccurate  in any respect,  it shall update such form or certification or promptly notify the  Administrative  Borrower  and  the  Administrative  Agent  in  writing  of  its  legal  inability  to  do  so.  Notwithstanding any other provision of  this paragraph, a  Lender  shall not be  required  to deliver any  form pursuant to this paragraph that such Lender is not legally able to deliver. For the purposes of this  Section 2.13(e), “Lender” shall include any other recipients of payments on the Collateral as directed by  any Lender to the Administrative Agent.  (f) A Lender that is entitled to an exemption from or reduction of withholding tax under the  law of the jurisdiction in which the Co‐Borrowers are located, or any treaty to which such jurisdiction is a  party, with respect to payments under this Agreement shall deliver to the Administrative Borrower and  the Administrative Agent, at the time or times prescribed by Applicable Law or reasonably requested by

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‐ 51 ‐    NAI‐1515108520v22   the  Administrative  Borrower  or  the  Administrative  Agent,  such  properly  completed  and  executed  documentation or  information prescribed by Applicable Law as will permit such payments to be made  without withholding or  at  a  reduced  rate  (or otherwise permit  the Administrative Borrower  and  the  Administrative Agent  to  determine  the  applicable  rate  of withholding);  provided  that  such  Lender  is  legally entitled to complete, execute and deliver such documentation and  in such Lender’s reasonable  judgment  such  completion,  execution  or  submission would  not  subject  such  Lender  to  any material  unreimbursed  cost or expense or would not materially prejudice  the  legal or  commercial position of  such Lender. If a payment made to a Lender under any Transaction Document would be subject to U.S.  federal withholding Tax  imposed by FATCA  if  such  Lender were  to  fail  to  comply with  the applicable  reporting requirements of FATCA (including those contained in Section 1471(b) or 1472(b) of the Code,  as applicable), such Lender shall deliver to the Administrative Borrower and the Administrative Agent at  the  time  or  times  prescribed  by  law  and  at  such  time  or  times  reasonably  requested  by  the  Administrative Borrower or Administrative Agent  such documentation prescribed by  law  (including as  prescribed  by  Section 1471(b)(3)(C)(i)  of  the  Code)  and  such  additional  documentation  reasonably  requested  by  the  Administrative  Borrower  or  Administrative  Agent  as  may  be  necessary  for  the  Administrative Borrower and Administrative Agent to comply with their obligations under FATCA and to  determine that such Lender has complied with such Lender’s obligations under FATCA or to determine  the  amount,  if  any,  to  deduct  and  withhold  from  such  payment.  Solely  for  purposes  of  this  Section 2.13(f), “FATCA” shall include any amendments made to FATCA after the date of this Agreement.  (g) If  any  Lender  determines,  in  its  sole  discretion,  exercised  in  good  faith,  that  it  has  received a refund of any Taxes for which it was indemnified by the Co‐Borrowers or the Administrative  Agent, pursuant  to  this Section 2.13 or with  respect  to which  the Co‐Borrowers or  the Administrative  Agent has paid additional amounts pursuant to this Section 2.13, it shall pay to the Co‐Borrowers or the  Administrative  Agent,  as  applicable,  an  amount  equal  to  such  refund  (but  only  to  the  extent  of  indemnity  payments made,  or  Additional  Amounts  paid,  by  the  Co‐Borrowers  or  the  Administrative  Agent, as applicable, under this Section 2.13 with respect to the Taxes or Additional Amounts giving rise  to such refund), net of all  costs and expenses (including additional Taxes, if any) of such Lender, as the  case may be, incurred in obtaining such refund, and without interest (other than any interest paid by the  relevant Governmental Authority with respect to such refund). The Co‐Borrowers, upon the request of  such Lender, shall repay to such Lender the amount paid over pursuant to this Section 2.13(g) (plus any  penalties, interest or other charges imposed by the relevant Governmental Authority) in the event that  such Lender is required to repay such refund to such Governmental Authority. Notwithstanding anything  to the contrary in this Section 2.13(g), in no event will the Lender be required to pay any amount to the  Co‐Borrowers pursuant  to  this Section 2.13(g)  the payment of which would place  the Lender  in a  less  favorable  net  after‐Tax  position  than  the  Lender  would  have  been  in  if  the  Tax  subject  to  indemnification and giving rise to such refund had not been deducted, withheld or otherwise  imposed  and the indemnification payments or additional amounts with respect to such Tax had never been paid.  This paragraph shall not be construed  to require any Lender  to make available  its Tax returns  (or any  other  information  relating  to  its  Taxes  that  it deems  confidential)  to  the Co‐Borrowers or  any other  Person.  (h) Without prejudice to the survival of any other agreement of the parties hereunder, the  agreements and obligations of the parties contained in this Section 2.13 shall survive the resignation or  replacement of the Administrative Agent, any assignment of rights by or replacement of any Lender, the  termination  of  Commitments,  the  repayment,  satisfaction  or  discharge  of  all  obligations  under  any  Transaction Document or termination of this Agreement.

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‐ 52 ‐    NAI‐1515108520v22   SECTION 2.14 Increase in Maximum Facility Amount.   (a) Prior  to  September  22,  2022,  and  subject  to  compliance  with  the  terms  of  this  Section 2.14,  the Administrative Borrower may no more  than  two  (2)  times, upon  three  (3) Business  Days’ written  notice  to  the  Administrative  Agent  and  the  Initial  Lender  (“Facility  Increase  Notice”),  increase the Maximum Facility Amount to up to $350,000,000. Any such increase shall be in the amount  of up to $25,000,000 (each such increase, a “Facility Increase”). Any Facility Increase may be provided by  any Lender or any Eligible Assignee  (each  such Lender, an “Incremental Lender”); provided  that each  Incremental  Lender which was not  a  Lender  immediately prior  to  the  consummation of  such  Facility  Increase  shall be  subject  to  the  consent  (in  each  case, not  to  be unreasonably withheld, delayed or  conditioned) of the Administrative Agent and the Initial Lender.  Notwithstanding anything herein to the  contrary,  no  Lender  shall  have  any  obligation  to  agree  to  increase  its  Commitment  pursuant  to  this  Section 2.14 and any election to do so shall be in the sole discretion of such Lender.   (b) The following are conditions precedent to such increase:  (i) each Co‐Borrower shall deliver to Administrative Agent and the Initial Lender, if  necessary, resolutions adopted by such Co‐Borrower approving or consenting to such increase,  certified by a Responsible Person of such Co‐Borrower that such resolutions are true and correct  copies thereof and are in full force and effect;   (ii) if applicable, each Co‐Borrower shall execute replacement notes payable to the  Initial Lender reflecting the Facility Increase;  (iii) as of  the effective date of  such  Facility  Increase and  immediately after giving  effect thereto, the representations and warranties set forth herein and in the other Transaction  Documents  are  true  and  correct  in  all material  respects with  the  same  force  and effect  as  if  made on and as of  such date  (except  to  the extent  that  such  representations and warranties  expressly relate to an earlier date); provided that if a representation or warranty is qualified as  to  materiality,  with  respect  to  such  representation  or  warranty,  the  foregoing  materiality  qualifier shall be disregarded for the purposes of this condition;  (iv) all expenses and fees (including reasonable and documented legal fees and any  fees  required  under  the  Fee  Letters)  that  are  required  to  be  paid  hereunder  or  by  the  Fee  Letters that are due and payable have been paid in full;  (v) one or more  favorable opinions of counsel  to  the Co‐Borrowers and Holdings,  reasonably acceptable to the Majority Lenders and the Administrative Agent and addressed to  the Administrative Agent and the Lenders; and  (vi) no  Market  Trigger  Event  or  Event  of  Default  shall  have  occurred  and  be  continuing on  the date on which  the Facility  Increase Notice  is delivered or  immediately after  giving effect to the Facility Increase.  For  the avoidance of doubt, any Facility  Increase will be on  the same  terms as contained herein with  respect to the Commitments as of the Closing Date.     SECTION 2.15 Mitigation Obligations; Replacement of Lenders.

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‐ 53 ‐    NAI‐1515108520v22   (a) Designation  of  a  Different  Applicable  Lending  Office.  If  any  Lender  requests  compensation  under  Section 2.12,  or  requires  the  Co‐Borrowers  to  pay  any  Indemnified  Taxes  or  additional  amounts  to  any  Lender  or  any  Governmental  Authority  for  the  account  of  any  Lender  pursuant  to  Section 2.13  then  such  Lender  shall,  at  the  request of  the Administrative Borrower, use  reasonable efforts to designate a different applicable lending office for funding or booking its Advances  hereunder  or  to  assign  its  rights  and  obligations  hereunder  to  another  of  its  offices,  branches  or  affiliates,  if,  in  the  judgment  of  such  Lender,  such  designation  or  assignment  (i) would  eliminate  or  reduce amounts payable pursuant to Section 2.12 or Section 2.13, as the case may be, in the future, and  (ii) would not  subject  such Lender  to any unreimbursed cost or expense and would not otherwise be  disadvantageous to such Lender. The Co‐Borrowers hereby agree to pay all reasonable and documented  out‐of‐pocket costs and expenses  incurred by any  Lender  in connection with any  such designation or  assignment.  (b) Replacement of Lenders. If any Lender requests compensation under Section 2.12, or if  the Co‐Borrowers are required to pay any Indemnified Taxes or additional amounts to any Lender or any  Governmental Authority for the account of any Lender pursuant to Section 2.13, and, in each case, such  Lender has declined or  is unable  to designate a different applicable  lending office  in accordance with  Section 2.15(a),  or  if  any  Lender  is  a  Defaulting  Lender  or  Non‐Consenting  Lender,  then  the  Co‐ Borrowers may, at  their  sole expense and effort, upon notice  to  such  Lender and  the Administrative  Agent, require such Lender to assign and delegate, without recourse (in accordance with and subject to  the restrictions contained  in, and consents required by, Section 11.04), all of  its  interests, rights (other  than its existing rights to payments pursuant to Section 2.12 or Section 2.13) and obligations under this  Agreement and  the related Transaction Documents to an Eligible Assignee  in accordance with Section  11.04  that  shall assume  such obligations  (which Eligible Assignee may be another Lender,  if a Lender  accepts such assignment); provided that:  (i) the Co‐Borrowers  shall have paid  to  the Administrative Agent  the assignment  fee (if any) specified in Section 11.04;  (ii) such Lender shall have received payment of an amount equal to the outstanding  principal of its Advances, accrued interest thereon, accrued fees and all other amounts payable  to it hereunder and under the other Transaction Documents (including any amounts under this  Article  II)  from  the  Eligible Assignee  (to  the  extent  of  such  outstanding  principal)  or  the  Co‐ Borrowers (in the case of accrued interest, Fees and all other amounts);  (iii) in  the  case  of  any  such  assignment  resulting  from  a  claim  for  compensation  under Section 2.12 or payments required to be made pursuant to Section 2.13, such assignment  shall result in a reduction in such compensation or payments thereafter;  (iv) such assignment does not conflict with Applicable Law; and  (v) in  the  case  of  any  assignment  resulting  from  a  Lender  becoming  a  Non‐ Consenting Lender, the applicable assignee shall have consented to the applicable amendment,  waiver or consent.  A Lender shall not be required to make any such assignment or delegation if, prior thereto, as a  result of a waiver by such Lender or otherwise, the circumstances entitling the Co‐Borrowers to  require such assignment and delegation cease to apply.

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‐ 54 ‐    NAI‐1515108520v22   SECTION 2.16 Defaulting Lenders.  (a) Defaulting Lender Adjustments. Notwithstanding anything to the contrary contained  in  this Agreement,  if any Lender becomes a Defaulting Lender, then, until such time as such Lender  is no  longer a Defaulting Lender, to the extent permitted by Applicable Law:  (i) Waivers  and  Amendments.  Such  Defaulting  Lender’s  right  to  approve  or  disapprove  any  amendment,  waiver  or  consent  with  respect  to  this  Agreement  shall  be  restricted as set forth in Section 11.01.  (ii) Defaulting  Lender Waterfall. Any payment of principal,  interest,  fees or other  amounts  received  by  the  Administrative  Agent  for  the  account  of  such  Defaulting  Lender  (whether voluntary or mandatory, at maturity, pursuant to Article VI or otherwise) or received  by the Administrative Agent from a Defaulting Lender pursuant to Section 11.13 shall be applied  at such time or times as may be determined by the Administrative Agent (acting at the direction  of  the  Majority  Lenders)  as  follows:  first,  to  the  payment  of  any  amounts  owing  by  such  Defaulting  Lender  to  the  Administrative  Agent  hereunder;  second,  as  the  Administrative  Borrower may request (so long as no Event of Default exists), to the funding of any Advance in  respect of which such Defaulting Lender has failed to fund its portion thereof as required by this  Agreement,  as  determined  by  the  Administrative  Agent;  third  if  so  determined  by  the  Administrative Agent  (acting at  the direction of  the Majority  Lenders) and  the Administrative  Borrower,  to  be  held  in  a  deposit  account  and  released  pro  rata  in  order  to  satisfy  such  Defaulting  Lender’s  potential  future  funding  obligations with  respect  to Advances  under  this  Agreement;  fourth,  to  the payment of  any  amounts owing  to  the  Lenders  as  a  result of  any  judgment of a court of competent  jurisdiction obtained by any Lender against such Defaulting  Lender as a result of such Defaulting Lender’s breach of  its obligations under  this Agreement;  fifth,  so  long as no Event of Default exists,  to  the payment of any amounts owing  to  the Co‐ Borrowers as a result of any judgment of a court of competent jurisdiction obtained by the Co‐ Borrowers against such Defaulting Lender as a result of such Defaulting Lender’s breach of  its  obligations under this Agreement; and sixth to such Defaulting Lender or as otherwise directed  by  a  court  of  competent  jurisdiction;  provided  that  if  (x) such  payment  is  a  payment  of  the  principal  amount  of  any  Advances  in  respect  of which  such  Defaulting  Lender  has  not  fully  funded  its appropriate share, and (y) such Advances were made at a time when the conditions  set forth  in Section 3.02 were satisfied or waived, such payment shall be applied solely to pay  the Advances of  all non‐Defaulting  Lenders on  a pro  rata basis prior  to being  applied  to  the  payment of any Advances of such Defaulting Lender until such time as all Advances are held by  the  Lenders  pro  rata  in  accordance with  the  Commitments.  Any  payments,  prepayments  or  other amounts paid or payable to a Defaulting Lender that are applied (or held) to pay amounts  owed by a Defaulting Lender pursuant to this Section shall be deemed paid to and redirected by  such Defaulting Lender, and each Lender irrevocably consents hereto.  (iii) Defaulting  Lender  Fees. No Defaulting  Lender  shall be entitled  to  receive  any  Fees (including Non‐Usage Fees in respect of any commitments of a Defaulting Lender) for any  period  during which  that  Lender  is  a  Defaulting  Lender  (and  the  Co‐Borrowers  shall  not  be  required to pay any such fee that otherwise would have been required to have been paid to that  Defaulting Lender).

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‐ 55 ‐    NAI‐1515108520v22   (iv) Defaulting Lender Cure.  If  the Administrative Borrower and  the Administrative  Agent (acting at the direction of the Majority Lenders) agree in writing that a Lender is no longer  a Defaulting Lender, the Administrative Agent will so notify the parties hereto, whereupon as of  the effective date specified  in such notice and subject to any conditions set forth therein, that  Lender will,  to  the extent applicable, purchase at par  that portion of outstanding Advances of  the other Lenders or take such other actions as the Administrative Agent and the Administrative  Borrower may determine to be necessary to cause the Advances and funded to be held pro rata  by the Lenders in accordance with the Commitments, whereupon, such Lender will cease to be a  Defaulting Lender; provided that no adjustments will be made retroactively with respect to fees  accrued  or  payments made  by  or  on  behalf  of  the  Co‐Borrowers  while  that  Lender  was  a  Defaulting Lender; and provided, further, that except to the extent otherwise expressly agreed  by the affected parties, no change hereunder from Defaulting Lender to Lender will constitute a  waiver or release of any claim of any party hereunder arising from that Lender’s having been a  Defaulting Lender.  (b) Termination of Defaulting Lender. The Co‐Borrowers may terminate the unused amount  of the Commitment of any Lender that is a Defaulting Lender upon not less than five (5) Business Days’  prior written notice to the Administrative Agent (which shall promptly notify the Lenders thereof), and  in  such event  the provisions of Section 2.16(a)(ii) will apply  to all amounts  thereafter paid by  the Co‐ Borrowers  for  the  account  of  such Defaulting  Lender  under  this Agreement  (whether  on  account  of  principal,  interest,  fees,  indemnity or other amounts); provided  that  (i) no Event of Default shall have  occurred and be continuing, and (ii) such termination shall not be deemed to be a waiver or release of  any  claim  that  the  Co‐Borrowers,  the  Administrative  Agent  or  any  Lender  may  have  against  such  Defaulting Lender.  (c) If any Lender becomes a Defaulting Lender, the Co‐Borrowers shall have the option to  terminate  this Agreement  and  the  Commitments  hereunder  by written  notice  to  the Administrative  Agent and prepay the Advances, any accrued  interest thereon and all costs, accrued and unpaid Non‐ Usage  Fees  and  all  other  fees  and  amounts  payable  by  the  Co‐Borrowers  under  the  Transaction  Documents (which, for the avoidance of doubt, shall not include any penalty, premium, make‐whole or  similar payment due  to  the  termination of  the Agreement and Commitments) no  later  than  the  fifth  (5th) Business Day next following the giving of such notice.  SECTION 2.17 Extension of Availability Period.  (a) The  Administrative  Borrower may  by written  notice  to  the  Administrative  Agent  (no  later  than  10  Business  Days  prior  to  the  expiration  of  the  original  Availability  Period)  extend  the  Availability Period  to March 23, 2025 or such  later date as may be agreed upon by  the Lenders  (such  date, the “Availability Period Extension Date”, and such election, an “Availability Period Extension”).  (b) Notwithstanding the foregoing, the extension of the Availability Period pursuant to this  Section 2.17 shall not be effective with respect to any Lender unless:  (i) on  or  prior  to  the  date  the  Administrative  Borrower  requests  an  Availability  Period  Extension,  the  Co‐Borrowers  shall  have  paid  in  full  any  and  all  accrued  and  unpaid  interest and all costs and expenses of the Secured Parties that are due and payable under this  Agreement;

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‐ 56 ‐    NAI‐1515108520v22   (ii) no Event of Default or any other Market Trigger Event shall have occurred and  be continuing on the date of such extension and immediately after giving effect thereto;   (iii) the Co‐Borrowers shall pay to the Administrative Agent for the account of each  Lender an extension fee equal 0.25% of such Lender’s Pro Rata Share of the Maximum Facility  Amount; and  (iv) the  representations and warranties  contained  in  this Agreement are  true and  correct  in all material respects  (except  that any representation qualified as  to “materiality” or  “Material Adverse Effect” shall be true and correct  in all respects as so qualified) on and as of  the date of such extension and immediately after giving effect thereto, as though made on and  as of such date (as certified by the Co‐Borrowers, or,  if any such representation or warranty  is  expressly stated to have been made as of a specific date, as of such specific date).  In  connection  with  any  extension  of  the  Availability  Period,  the  Co‐Borrowers,  the  Administrative Agent and each Lender may make such amendments to this Agreement  as the Administrative Agent (acting at the written direction of the Initial Lender) and the  Co‐Borrowers  mutually  determine  to  be  reasonably  necessary  to  evidence  the  extension.  SECTION 2.18 Ratings Cure.    In the event that the Co‐Borrowers shall have failed to maintain  an  investment  grade  rating  (BBB  or  higher)  with  respect  to  the  Advances  advanced  under  this  Agreement  from  a Nationally  Recognized  Statistical  Rating Organization  (“NRSRO”)  or  from  a  rating  agency approved by the National Association of Insurance Commissioners (“NAIC”) and such failure shall  remain uncured for thirty (30) Business Days (“Ratings Event”), Holdings and/or the Co‐Borrowers may  cure such failure by any or a combination of: (i) contributing additional cash to the Co‐Borrowers to be  deposited  into the Collection Account, (ii) transferring additional Portfolio Assets to the Co‐Borrowers,  consented  to by  the Servicer  in  its  sole and absolute discretion, and  the Co‐Borrowers pledging  such  additional  Portfolio Assets  to  the Administrative Agent  for  the  benefit  of  the  Secured  Parties  or  (iii)  obtaining a replacement investment grade rating from an alternate NRSRO.   ARTICLE III.  CONDITIONS PRECEDENT  SECTION 3.01 Conditions Precedent to Effectiveness. This Agreement becomes effective upon,  and no Lender  is obligated to make any Advance, nor  is any Lender, the Servicer or the Administrative  Agent obligated to take, fulfill or perform any other action hereunder until, the satisfaction or waiver of  the following conditions precedent:  (a) this  Agreement,  all  other  Transaction  Documents  and  all  other  agreements,  instruments,  certificates and other documents  listed on Schedule II have been duly executed by, and  delivered to, the parties hereto and thereto:  (b) immediately  after  giving  effect  to  the  consummation  of  the  funding  of  the  Initial  Advances  the Co‐Borrowers  shall have no material  Indebtedness  for borrowed money other  than  the  Obligations  and  Permitted  Debt  and  the  Lenders  shall  have  received  such  payoff  letters  and  Lien  releases  as  they may  reasonably  request with  respect  to  other material  Indebtedness  for  borrowed  money;

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‐ 57 ‐    NAI‐1515108520v22   (c) all up‐front expenses and fees (including reasonable and documented legal fees and any  fees required under the Fee Letters) that are required to be paid hereunder or by the Fee Letters have  been paid in full;  (d) the Collection Account and the Interest Reserve Account have been established and are  subject to an Account Control Agreement;  (e) the  representations  contained  in Sections 4.01, 4.02 and 4.05 of  this Agreement, and  Section 4.1 of the Guaranty are true and correct in all material respects (except that any representation  qualified as to “materiality” or “Material Adverse Effect” shall be true and correct  in all respects as so  qualified) (as certified by the Co‐Borrowers);  (f)  each Co‐Borrower has received all material governmental, shareholder and third party  consents and approvals necessary in connection with the transactions contemplated by this Agreement  and the other Transaction Documents and all applicable waiting periods have expired without any action  being  taken  by  any  Person  that would  reasonably  be  expected  to  restrain,  prevent  or  impose  any  material  adverse  conditions  on  the  Co‐Borrowers  or  such  other  transactions  or  that  could  seek  or  threaten any of the foregoing, and no law or regulation is applicable which in the reasonable judgment  of the Lenders would reasonably be expected to have such effect;  (g) no action, proceeding or  investigation has been  instituted or, to the knowledge of any  Responsible  Person of  a Co‐Borrower,  threatened  or proposed  against  such  Co‐Borrower before  any  Governmental Authority to enjoin, restrain, or prohibit, or to obtain substantial damages in respect of,  or which  is  related  to  or  arises  out  of  this  Agreement  or  the  other  Transaction  Documents  or  the  consummation of the transactions contemplated hereby or thereby, or which,  in the Majority Lenders’  sole  discretion,  would  make  it  inadvisable  to  consummate  the  transactions  contemplated  by  this  Agreement or the other Transaction Documents or the consummation of the transactions contemplated  hereby or thereby;  (h) the Co‐Borrowers shall have obtained an  investment grade rating (BBB or higher) with  respect  to  the  Advances  advanced  under  this  Agreement  from  a  NRSRO  or  from  a  rating  agency  approved by the NAIC and the Majority Lenders shall have a received a copy of any rating letter issued in  connection therewith;   (i) the Administrative Agent and  the Lenders have  received all documentation and other  information requested by the Administrative Agent or the Lenders, respectively, no  later than ten (10)  Business Days prior to the Closing Date, to the extent required by regulatory authorities with respect to  the  Co‐Borrowers  and  the  Servicer  under  applicable  “know  your  customer”,  Anti‐Money  Laundering  Laws,  including  the USA  PATRIOT Act,  and Anti‐Corruption  Laws,  including without  limitation,  a  duly  executed W‐8 or W‐9 tax form, as applicable (or such other applicable IRS tax form) of each Co‐Borrower  (or, if a Co‐Borrower is treated as a disregarded entity for U.S. federal income tax purposes, the entity of  which such Co‐Borrower is considered to be a division under Treasury regulation section 301.7701‐2), all  in form and substance reasonably satisfactory to the Administrative Agent or the Lenders, respectively;  and  (j) payment  of  all  reasonable  and  invoiced  fees,  costs  and  expenses  in  connection  therewith.

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‐ 58 ‐    NAI‐1515108520v22   SECTION 3.02 Conditions  Precedent  to  All  Advances.  Each  Advance  (including  the  Initial  Advance) is subject to the further conditions precedent that:  (a) the  Administrative  Borrower  has  delivered  to  the  Administrative  Agent  a  Notice  of  Borrowing as provided in Section 2.02(a);  (b) on and as of such Advance Date,  immediately after giving effect  to such Advance and  the  transactions  related  thereto,  including  the use of proceeds  thereof,  the Advances Outstanding do  not exceed the Maximum Availability on such Advance Date;  (c) on and as of such Advance Date,  immediately after giving effect  to such Advance and  the  transactions  related  thereto,  including  the use of proceeds  thereof, no Market Trigger Event has  occurred and is continuing;  (d) no Event of Default has occurred and is continuing, or would result from such Advance  or application of proceeds therefrom;  (e) the Co‐Borrowers shall have obtained an  investment grade rating (BBB or higher) with  respect to the Advances advanced under this Agreement from NRSRO or from a rating agency approved  by the NAIC;  (f) the  representations  contained  in Sections 4.01, 4.02 and 4.05 of  this Agreement, and  Section 4.1 of the Guaranty are true and correct in all material respects (except that any representation  qualified as to “materiality” or “Material Adverse Effect” shall be true and correct  in all respects as so  qualified) before and immediately after giving effect to such Advance and to the application of proceeds  therefrom, on and as of such date as though made on and as of such date (or,  in the case of any such  representation expressly stated to have been made as of a specific date, as of such specific date); and  (g) all expenses  and  fees  (including  reasonable and documented out‐of‐pocket  legal  fees  and any fees required under the Fee Letters as set forth therein) that are required to be paid hereunder  or by the Fee Letters have been paid in full.  SECTION 3.03 Conditions to Transfers of Portfolio Assets.  Each Transfer of a Portfolio Asset is  subject to the further conditions precedent that:  (a) the Administrative Borrower has delivered to the Administrative Agent (with a copy to  the Initial Lender and the Servicer) no later than 2:00 p.m. on the date that is two (2) Business Days prior  to  the  related  Cut‐Off  Date  (i)  an  updated  Portfolio  Asset  Schedule  reflecting  the  Transfer  of  such  Portfolio  Asset  and  (ii)  a  Borrowing  Base  Certificate  (giving  pro  forma  effect  to  such  Transfer  and  proposed  Advances  relating  thereto,  and  if  such  Advances  would  cause  the  aggregate  Advances  Outstanding to exceed the Maximum Availability as of the proposed Cut‐Off Date, such Borrowing Base  Certificate must include any scheduled repayments or optional prepayments of Advances in accordance  with  the  terms hereof which would result  in such Advances Outstanding not exceeding  the Maximum  Availability as of such date);  (b) in connection with the acquisition of a Portfolio Asset, all actions required to be taken or  performed  (including  the  filing of UCC  financing statements)  to give  the Administrative Agent,  for  the  benefit of the Secured Parties, a first priority perfected security interest (subject only to Permitted Liens)

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‐ 59 ‐    NAI‐1515108520v22   in such Portfolio Asset and the Collateral related thereto and the proceeds thereof have been taken or  performed; and  (c) no Event of Default exists or would result from such Transfer.  Each Transfer of a Portfolio Asset pursuant to this Section 3.03 is deemed a representation by the Loan  Parties that the conditions specified in this Section 3.03 have been met.  SECTION 3.04 Advances Do Not Constitute a Waiver. No Advance made hereunder constitutes  a waiver of any condition to any Lender’s obligation to make such an Advance unless such waiver  is  in  writing and executed by such Lender.  ARTICLE IV.  REPRESENTATIONS  SECTION 4.01 Representations  of  the  Loan  Parties.  The  Loan  Parties,  jointly  and  severally,  hereby represent to the Secured Parties as of the Closing Date and each Advance Date as follows:  (a) Organization,  Good  Standing  and  Due  Qualification.  Each  Co‐Borrower  is  a  limited  liability  company duly organized, validly existing and  in good  standing under  the  laws of  the State of  Delaware,  with  all  requisite  limited  liability  company  power  and  authority  necessary  to  own  the  Portfolio Assets and the Collateral and to conduct  its business as such business  is presently conducted  and  to  enter  into  and perform  its obligations pursuant  to  this Agreement  and  the other Transaction  Documents to which it is a party. Each Co‐Borrower is duly qualified to do business as a limited liability  company, and has obtained all licenses and approvals under the laws of the State of Delaware, and in all  other jurisdictions necessary to own its assets and to transact the business in which it is engaged, and is  duly  qualified,  and  in  good  standing  under  the  laws  of  the  State  of  Delaware,  and  in  each  other  jurisdiction where  the  transaction  of  such  business  or  its  ownership  of  the  Portfolio Assets  and  the  Collateral and the conduct of its business requires such qualification.  (b) Power  and  Authority;  Due  Authorization;  Execution  and  Delivery.  Each  Co‐Borrower  (i) has  all  limited  liability  company  power,  authority  and  legal  right  to  (A) execute  and  deliver  this  Agreement and the other Transaction Documents to which  it  is a party and  (B) perform and carry out  the  terms  of  this  Agreement  and  the  other  Transaction  Documents  to which  it  is  a  party  and  the  transactions contemplated thereby and (ii) has taken all necessary action to (A) authorize the execution,  delivery and performance of this Agreement and each of the other Transaction Documents to which it is  a party, and (B) grant to the Administrative Agent, for the benefit of the Secured Parties, a first priority  perfected security interest in the Collateral on the terms and conditions of this Agreement and the other  Transaction Documents, subject only to Permitted Liens, and (C) authorizes the Servicer to perform  its  actions contemplated by  this Agreement and  the other Transaction Documents.   This Agreement and  each other Transaction Document to which each Co‐Borrower  is a party have been duly executed and  delivered by Holdings and such Co‐Borrower.  (c) Binding Obligation.  This Agreement  and  each of  the other  Transaction Documents  to  which  each  Co‐Borrower  is  a  party  constitutes  the  legal,  valid  and  binding  obligation  of  such  Co‐ Borrower, enforceable against such Co‐Borrower  in accordance with  their  respective  terms, except as  the enforceability hereof and thereof may be  limited by Bankruptcy Laws and by general principles of  equity (whether considered in a proceeding in equity or at law).

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‐ 60 ‐    NAI‐1515108520v22   (d) All Consents Required. No consent of any other party and no consent, license, approval  or authorization of, or registration or declaration with, any Governmental Authority, bureau or agency is  required  in  connection  with  the  execution,  delivery  or  performance  by  each  Co‐Borrower  of  this  Agreement or any Transaction Document  to which  it  is a party or  the validity or enforceability of  this  Agreement or any such Transaction Document or grant of a security interest in the Collateral, other than  such as have been waived, met or obtained and are in full force and effect.  (e) No Violation or Consent under  Investment  Fund Agreements. The execution, delivery  and performance of  this Agreement and  the other Transaction Documents will not  (i) conflict with or  result in any breach of any of the terms or provisions of, or constitute (with or without notice or lapse of  time or both) a default under the Investment Fund Agreements, (ii) result in the creation or imposition  of any Lien on the Collateral other than Permitted Liens, (iii) violate any Applicable Law in any material  respect,  (iv)  violate  any  Investment  Fund  Agreement,  (v)  require  the  consent  of  any  other  party  (including under any Investment Fund Agreement) except for any such consent that has been obtained,  or  require any  consent,  license, approval or authorization of, or  registration or declaration with, any  Governmental Authority, bureau or agency (other than (x) as required by laws or regulations of general  applicability  adopted  after  the  date  on which  this  representation  is  given  or  (y)  any  such  consent,  license, approval or authorization of, or  registration or declaration with, any Governmental Authority  that may be  required  in  each of England, Guernsey,  the Commonwealth of Australia  and  such other  jurisdictions as the Administrative Borrower may reasonably request in connection with the acquisition  of  new  Portfolio  Assets) with  respect  to  the  admission  of  the  Administrative  Agent,  its  designee  or  transferee as a member (or equivalent) of the General Partner upon the transfer of the General Partner  Investment to the Administrative Agent,  its designee or transferee as a member (or equivalent) of the  General  Partner  (other  than,  to  the  extent  applicable,  any  customary  transfer  restrictions  (including,  without limitation, restrictions relating to ERISA, “know your customer” and Anti‐Money Laundering Law  matters)  set  forth  in  the  relevant  Equity  Investment Agreement),  in  connection with  any  exercise of  remedies  in respect of the General Partner Investment under and  in accordance with the terms of the  Transaction Documents, (vi) violate a Co‐Borrower’s Constituent Documents, or (vii) violate any contract  or other agreement to which a Co‐Borrower is a party or by which such Co‐Borrower or any property or  assets of such Co‐Borrower may be bound, in each case (other than with respect to any Investment Fund  Agreement),  except  (A)  in  the  case  of  clause  (vii),  as would  not  reasonably  be  expected  to  have  a  Material Adverse  Effect  or  (B)  other  than  in  respect  of  any  Equity  Interests  in  the  Co‐Borrowers,  as  would not reasonably be  likely to cause a diminution  in the value of the Collateral of greater than five  percent (5%).    (f) No Proceedings. There  is no  litigation, proceeding or  investigation pending or,  to  the  knowledge of any Responsible Person of a Co‐Borrower,  threatened against any Co‐Borrower, before  any  Governmental  Authority  (i) asserting  the  invalidity  of  this  Agreement  or  any  other  Transaction  Document,  (ii) seeking  to prevent  the  consummation of any of  the  transactions contemplated by  this  Agreement  or  any  other  Transaction  Document  or  (iii)  in  which  a  Co‐Borrower,  in  its  good  faith  determination, has determined that there  is a reasonable probability of an adverse determination and  which,  if so adversely determined,  individually or  in the aggregate, would result  in a Material Adverse  Effect.  (g) No Liens. The Collateral is owned by each Loan Party free and clear of any Liens except  for Permitted Liens.

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‐ 61 ‐    NAI‐1515108520v22   (h) Transfer  of  Collateral.  Except  as  otherwise  expressly  permitted  by  the  terms  of  this  Agreement, no  item of Collateral has been Sold, assigned or pledged by a  Loan Party  to any Person,  other than in accordance with Article II and the grant of a security interest therein to the Administrative  Agent, for the benefit of the Secured Parties, pursuant to the terms of this Agreement.  Each Loan Party  consents  to  the  transfer of any Collateral  to  the Administrative Agent or  its designee,  following, and  during the occurrence of, an Event of Default and to the substitution of the Administrative Agent or its  designee as the general partner in any General Partner Investment with all the rights and powers related  thereto, subject to the terms of this Agreement.  (i) Eligible Portfolio Assets. The Eligible Portfolio Assets as of the Closing Date are set forth  on Schedule I attached hereto and are owned by the Loan Parties.   (j) Indebtedness. No Co‐Borrower has any Indebtedness as of the Closing Date other than  Permitted Debt.   (k) Registered  Investment  Adviser  Status.  Each  Co‐Borrower  is  registered  under  the  Investment Advisers Act to the extent such registration is required under the Investment Advisers Act.  (l) Set‐Off  etc. No  Portfolio Asset  has  been  compromised,  adjusted,  extended,  satisfied,  subordinated, rescinded, set‐off or modified by any Co‐Borrower, the Transferor,  if any, or the Obligor  thereof,  and  no  item  in  the  Collateral  Portfolio  is  subject  to  compromise,  adjustment,  extension,  satisfaction,  subordination,  rescission,  set‐off,  counterclaim,  defense,  abatement,  suspension,  deferment,  deduction,  reduction,  termination  or  modification,  whether  arising  out  of  transactions  concerning  the  Collateral  Portfolio  or  otherwise,  by  any    Co‐Borrower,  the  Transferor,  if  any,  or  the  Obligor with  respect  thereto, except,  in each  case,  for amendments, extensions and modifications,  if  any, permitted pursuant to Section 5.02.   (m) No  Injunctions.  No  injunction,  writ,  restraining  order  or  other  order  of  any  nature  materially adversely affects each Co‐Borrower’s performance of its obligations under this Agreement or  any Transaction Document to which such Co‐Borrower is a party.  (n) Taxes. All material  tax  returns  (including all material  foreign,  federal,  State,  local and  other tax returns whether filed on a standalone or group basis) required to be filed by, on behalf of or  with respect to the  income and assets of the Co‐Borrowers (including the Collateral) have been timely  filed  and  the  Co‐Borrowers  are  not  liable  for  Taxes  payable  by  any  other  Person.    Each  of  the  Co‐ Borrowers has paid all Taxes, assessments and other governmental charges made against it or any of its  property (including the Collateral) except for those Taxes being contested  in good faith by appropriate  proceedings and  in  respect of which  it has established proper  reserves  in accordance with Applicable  Accounting Principles, on its books Each Co‐Borrower is disregarded as an entity separate from its owner  pursuant  to Treasury Regulation Section 301.7701‐3(b) or a partnership  (other  than a publicly  traded  partnership) for U.S. federal income tax purposes. Each Co‐Borrower is resident for Tax purposes only in  the jurisdiction under whose laws each Co‐Borrower is incorporated as of the Closing Date and does not  have a branch, agency or permanent establishment in any other jurisdiction for Tax purposes.   (o) Location. Except as permitted pursuant  to Section 5.02(q),  the Co‐Borrowers’  location  (within  the meaning of Article 9 of  the UCC)  is Delaware and  the UK Guarantors’  location  (within  the  meaning  of  Article 9  of  the  UCC)  is  the  District  of  Columbia.  Except  as  permitted  pursuant  to  Section 5.02(q),  the principal place of business and chief executive office of  the Loan Parties  (and  the

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‐ 62 ‐    NAI‐1515108520v22   location of the Loan Parties records regarding the Collateral (other than those delivered to the Servicer  pursuant to this Agreement)) is located at its address referred to in Section 11.02.  (p) Tradenames. Except as permitted pursuant  to Section 5.02(q), each  Loan Party’s  legal  name  is as set forth  in this Agreement. Except as permitted pursuant to Section 5.02(q), no Loan Party  has changed its name since its formation or has tradenames, fictitious names, assumed names or “doing  business  as”  names.  The  Co‐Borrowers’  only  jurisdiction  of  formation  is  Delaware,  and  the  UK  Guarantors’ only jurisdiction of incorporation is England and Wales and, except as permitted pursuant to  Section 5.02(q), the Loan Parties have not changed their jurisdiction of formation.  (q) No  Subsidiaries.  The  Loan  Parties  do  not  directly  own  or  hold  interests  in  any  other  Person other than the Portfolio Assets.  (r) Reports Accurate. All Notices of Borrowing, Borrowing Base Certificates, LTV Certificates  and other written or electronic  information, exhibits,  financial statements, documents, books, records  or reports required to be furnished by the Administrative Borrower to the Administrative Agent or the  Servicer  in connection with this Agreement and the other Transaction Documents were accurate, true  and  correct  in  all  material  respects  when  so  furnished,  and  no  such  document  (as  modified  or  supplemented by other information so furnished) contains any material misstatement of fact or omits to  state a material  fact or any  fact necessary  to make  the  statements  contained  therein,  in  light of  the  circumstances  under  which  they  were  made,  not  misleading;  provided  that  solely  with  respect  to  written  or  electronic  information  (other  than  information  presented  in  a  Notice  of  Borrowing  or  Borrowing Base Certificate)  furnished by  the Administrative Borrower which was provided  to  a  Loan  Party from an Obligor with respect to a Portfolio Asset or any other third party (or derived thereof), such  information need only be accurate,  true and  correct  in all material  respects  to  the knowledge of  the  applicable Responsible Persons of such Loan Party.  (s) Exchange  Act  Compliance;  Regulations T,  U  and  X.  None  of  the  transactions  contemplated herein or  in  the other Transaction Documents  (including  the use of Proceeds  from  the  sale of any item in the Collateral) will violate or result in a violation of Section 7 of the Exchange Act or  Regulations T, U and X of the Board of Governors of the Federal Reserve System, 12 C.F.R., Chapter II. No    Co‐Borrower owns or intends to carry or purchase, and no proceeds from the Advances will be used to  carry or purchase, any “margin stock” within the meaning of Regulation U or to extend “purpose credit”  within  the meaning of Regulation U, except as may  result  from any Portfolio Asset becoming publicly  traded or as a  result of a distribution or payment  in kind  to a Co‐Borrower by any Portfolio Asset of  marginable stock.  (t) Event of Default or Potential Default. No event has occurred and  is  continuing which  constitutes  an  Event  of  Default  or  Potential  Default,  in  each  case,  which  has  not  been  previously  disclosed to the Administrative Agent and the Lenders in writing.  (u) ERISA. Except as could not,  individually or  in the aggregate, reasonably be expected to  result  in  a Material  Adverse  Effect,  (i)  no  ERISA  Event  has  occurred  and  none  of  the  Co‐Borrowers,  Holdings or any ERISA Affiliate  is aware of any  fact, event or  circumstance  that would  reasonably be  expected to constitute or result in an ERISA Event; (ii) none of the Co‐Borrowers, Holdings or any ERISA  Affiliate has sponsored, established or maintained, has an obligation  to contribute  to, has  incurred or  taken any action that has resulted or would reasonably be expected to result in the imposition of liability  on the Co‐Borrowers, Holdings or any ERISA Affiliate with respect to any Pension Plan or Multiemployer

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‐ 63 ‐    NAI‐1515108520v22   Plan; and (iii) none of the Co‐Borrowers, Holdings or any ERISA Affiliate has sponsored, established or  maintained, has an obligation to contribute to, has incurred or has taken any action that has resulted or  would reasonably be expected to result in the imposition of any liability on the Co‐Borrowers, Holdings  or  any  ERISA Affiliate with  respect  to  any  Employee Benefit  Plan. No  assets  of  the  Co‐Borrowers  or  Holdings include (x) Plan Assets or (y) “plan assets” of any governmental plan that is subject to laws or  regulations similar to Section 406 of ERISA or 4975 of the Code (“Similar Law”). None of the transactions  or services contemplated under this Agreement or the other Transaction Documents, including exercise  of rights with respect to the Collateral and performance of its duties by the Servicer, constitutes or will  result in a non‐exempt prohibited transaction under Section 406 of ERISA or Section 4975 of the Code or  any violation of Similar Law.  (v) Broker‐Dealer. No Co‐Borrower  is a broker‐dealer or subject  to  the Securities  Investor  Protection Act of 1970.  (w) Instructions  for  Collections.  The  Collection Account  is  the  only  account  to which  the  Obligors  have  been  instructed  by  the  applicable  Loan  Party  to  send  Collections with  respect  to  the  Portfolio Assets. No  Loan Party has granted any Person other  than  the Administrative Agent,  for  the  benefit of  the  Secured  Parties,  and  Permitted  Liens  in  favor of  the Account Bank,  an  interest  in  the  Collection Account.  (x) Insider. No Co‐Borrower is an “executive officer,” “director,” or “person who directly or  indirectly or acting through or in concert with one or more persons owns, controls, or has the power to  vote more than 10% of any class of voting securities” (as those terms are defined in 12 U.S.C. §375b or  in regulations promulgated pursuant thereto) of any Lender, of a bank holding company of which any  Lender  is  a  subsidiary,  or  of  any  subsidiary,  of  a  bank  holding  company  of  which  any  Lender  is  a  subsidiary, or,  to  the knowledge of any Responsible Person of a Co‐Borrower, any bank at which any  Lender maintains a correspondent account, or of any bank which maintains a correspondent account  with any Lender.  (y) Investment  Company  Act. No  Co‐Borrower  is  required  to  register  as  an  “investment  company” under the provisions of the 1940 Act.  (z) Compliance with Applicable Law. Except as would not,  individually or  in the aggregate,  reasonably be expected to result in a Material Adverse Effect, (i) each Co‐Borrower has complied with all  Applicable Law to which it may be subject, and (ii) no item of the Collateral contravenes any Applicable  Law (including all predatory and abusive  lending  laws,  laws, rules and regulations relating to  licensing,  truth  in  lending,  fair  credit billing,  fair  credit  reporting,  equal  credit opportunity,  fair debt  collection  practices and privacy).  (aa) Collections.  All  Available  Collections  received  by  a  Loan  Party  or  its  Affiliates  with  respect to the Collateral will be held in trust for the benefit of the Administrative Agent, for the benefit  of the Secured Parties, until deposited into the Collection Account as provided herein.  (bb) Sole Purpose. Each Co‐Borrower has been formed solely for the purpose of, and has not  engaged  in  any  business  activity  other  than,  the  acquisition  of  Portfolio  Assets  and  transactions  incidental  thereto  and  activities  of  the  type  set  forth  in  Section  5.01(a)  and  Section  5.02(a). No  Co‐  Borrower  is party  to  any material  agreements other  than  this Agreement  and  the other  Transaction  Documents to which it is a party and the Required Portfolio Documents and other agreements listed on

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‐ 64 ‐    NAI‐1515108520v22   the Portfolio Asset Checklist  for each Portfolio Asset  in  respect of which a Co‐Borrower  is a  lender or  loan participant.    (cc) Separate  Entity.  Each Co‐Borrower  is operated  as  an  entity with  assets  and  liabilities  distinct from those of Holdings, and any Affiliates thereof, and each Co‐Borrower hereby acknowledges  that the Administrative Agent and the Lenders are entering  into the transactions contemplated by this  Agreement  in reliance upon each Co‐Borrower’s  identity as a separate  legal entity  from Holdings, and  from each such other Affiliate of Holdings.  (dd) Sanctions  and  Anti‐Terrorism  Laws  and  Anti‐Money  Laundering  Laws.  No  Borrower  Covered  Entity  described  in  clauses  (a)  or  (b)  of  the  definition  thereof,  nor  any  of  their  respective  directors,  officers,  or  employees,  are  (i)  a  Sanctioned  Person;  (ii)  located,  organized  or  resident  in  a  Sanctioned  Country;  or  (iii)  engaging  in  any  dealings  or  transactions  that would  result  in  a material  violation  of  Sanctions  and  Anti‐Terrorism  Laws  or  Anti‐Money  Laundering  Laws.  Each  Co‐Borrower  covenants and agrees that  it shall promptly notify the Servicer and the Administrative Agent  in writing  upon a Responsible Person of a Borrower Covered Entity obtaining knowledge of  the occurrence of a  Reportable  Compliance  Event with  respect  to  a  Borrower  Covered  Entity,  except  to  the  extent  such  notice is prohibited by Applicable Law.  (ee) Security Interest.  (i) This Agreement  creates a valid and  continuing  security  interest  (as defined  in  the  applicable  UCC)  in  the  Collateral  in  favor  of  the  Administrative  Agent,  on  behalf  of  the  Secured Parties, which security  interest  is prior  to all other Liens  (except  for Permitted Liens),  and is enforceable as such against creditors of and purchasers from the Co‐Borrowers.  (ii) The  Collateral  is  comprised  of  “instruments”,  “financial  assets”,  “security  entitlements”,  “general  intangibles”,  “chattel  paper”,  “accounts”,  “certificated  securities”,  “uncertificated  securities”,  “securities  accounts”,  “deposit  accounts”,  “supporting obligations”  or “insurance”  (each as defined  in  the applicable UCC), and  the proceeds of  the  foregoing, or  such other category of collateral under  the applicable UCC as  to which each Co‐Borrower has  complied with its obligations under this Section 4.01(dd).  (iii) Each of  the Collection Account and  the  Interest Reserve Account  is not  in  the  name of any Person other than any Co‐Borrower, subject to Permitted Liens and the lien of the  Administrative Agent, for the benefit of the Secured Parties.  (iv) Each of  the Collection Account and  the  Interest Reserve Account constitutes a  “securities account” or “deposit account”, as applicable, as defined in the applicable UCC.  (v) Kudu, the applicable banking institution and the Administrative Agent, on behalf  of the Secured Parties, have entered into the Account Control Agreement with respect to each  of the Collection Account and Interest Reserve Account.  (vi) Each  Co‐Borrower  has  authorized  the  filing  of  all  appropriate  financing  statements  in  the proper  filing office  in  the appropriate  jurisdictions under Applicable  Law  in  order to perfect the security interest in the Collateral and that portion of the Portfolio Assets in  which a security interest granted to the Administrative Agent, on behalf of the Secured Parties,

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‐ 65 ‐    NAI‐1515108520v22   under this Agreement may be perfected by filing; provided that filings in respect of real property  shall not be required.  (vii) Other than as expressly permitted by the terms of the Transaction Documents,  this Agreement and the security  interest granted to the Administrative Agent, on behalf of the  Secured  Parties,  pursuant  to  this  Agreement,  no  Co‐Borrower  has  pledged,  assigned,  sold,  granted a security interest in or otherwise conveyed any of the Collateral. No Co‐Borrower has  authorized  the  filing of and, as of  the Closing Date,  is not aware of any  financing  statements  against  any Co‐Borrower  that  include  a description of  collateral  covering  the Collateral other  than any financing statement  (A) that has been terminated or fully and validly assigned to the  Administrative Agent,  (B) reflecting  the  transfer of assets on a Release Date pursuant  to  (and  simultaneously  with  or  subsequent  to)  the  consummation  of  any  transaction  contemplated  under (and in compliance with the conditions set forth in) Section 2.11, or (C) for any Permitted  Lien. As of the Closing Date, no Co‐Borrower  is aware of the filing of any  judgment or Tax  lien  filings against any Co‐Borrower, other than Permitted Liens.  (viii) With  respect  to  any  Collateral  that  constitutes  a  “certificated  security,”  such  certificated security has been delivered  to  the Administrative Agent, on behalf of  the Secured  Parties and,  if  in registered  form, has been specially  Indorsed to the Administrative Agent,  for  the  benefit  of  the  Secured  Parties,  or  in  blank  by  an  effective  Indorsement  or  has  been  registered in the name of the Administrative Agent, for the benefit of the Secured Parties, upon  original issue or registration of transfer by a Co‐Borrower of such certificated security.  (ix) With respect to any Collateral that constitutes an “uncertificated security”, each  Co‐Borrower  shall  either  (x)  cause  the  issuer  of  such  uncertificated  security  to  register  the  Administrative  Agent,  on  behalf  of  the  Secured  Parties,  as  the  registered  owner  of  such  uncertificated security or (y) cause the issuer of such uncertificated security to agree to comply  with instructions of the Administrative Agent without further consent of such Co‐Borrower.  SECTION 4.02 Representations  of  the  Co‐Borrowers  Relating  to  the  Agreement  and  the  Collateral. The Co‐Borrowers,  jointly and  severally, hereby  represent  to  the Secured Parties as of  the  Closing Date and each Advance Date as follows:  (a) Eligibility of Collateral. (i) Schedule I and each Borrowing Base Certificate is an accurate  and complete listing of all the Portfolio Assets contained in the Collateral and included in the Borrowing  Base on the date delivered, and the  information contained therein with respect to the  identity of such  item of Collateral and the amounts owing thereunder  is true and correct  in all material respects as of  such date, (ii) each Portfolio Asset designated as  included  in the Borrowing Base on Schedule  I or any  Borrowing Base Certificate as an Eligible Portfolio Asset and each Portfolio Asset included as an Eligible  Portfolio Asset in any calculation of the Borrowing Base is an Eligible Portfolio Asset, (iii) the Loan Parties  have complied in all material respects with the requirements of this Agreement, and (iv) with respect to  each  such  item of Collateral,  all  consents,  licenses,  approvals or  authorizations of or  registrations or  declarations of any Governmental Authority or any Person required to be obtained, effected or given by  a  Loan  Party  in  connection  with  the  grant  of  a  security  interest  in  each  item  of  Collateral  to  the  Administrative Agent, for the benefit of the Secured Parties, have been duly obtained, effected or given  and are in full force and effect.

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‐ 66 ‐    NAI‐1515108520v22   (b) Eligible Portfolio Assets. The Eligible Portfolio Assets as of the Closing Date are set forth  on Schedule I and are owned by the Loan Parties.   (c) Portfolio Assets. Each Portfolio Asset  included  in the Borrowing Base will be evidenced  by Required Portfolio Documents evidencing each Loan Party, as applicable, as owner thereof. As of the  Closing Date, no Portfolio Asset included in the Borrowing Base and held, directly or indirectly, by a Loan  Party is held in a securities account.  (d) Change of Control. As of the Closing Date or, if later, on the date of acquisition thereof,  no Required Portfolio Document contains provisions prohibiting the pledge of the Portfolio Assets that  are included in the Borrowing Base for which consent to pledge such Collateral has not been received.  (e) No Fraud. To the knowledge of the Responsible Persons of each Loan Party as of the  Closing Date, each Portfolio Asset was originated without any fraud or material misrepresentation on  the part of the Obligor or Transferor, if any, of such Portfolio Asset.  SECTION 4.03 Representations  of  the  Servicer.  The  Servicer  hereby  represents,  as  of  the  Closing Date, as of each applicable Cut‐Off Date, as of each applicable Advance Date and  as of each  Reporting Date, as follows:  (a) Organization;  Power  and  Authority.  It  is  a  duly  organized  and  validly  existing  as  a  national banking association  in good  standing under  the  laws of  the United  States.  It has  full power,  authority and legal right to execute, deliver and perform its obligations as Servicer under this Agreement  and the other Transaction Documents to which it is a party.  (b) Due  Authorization.  The  execution  and  delivery  of  this  Agreement  and  the  other  Transaction Documents  to which  it  is a party and  the consummation of  the  transactions provided  for  herein and therein have been duly authorized by all necessary organizational action on its part.  (c) No Conflict.  The execution  and delivery of  this Agreement  and  the other Transaction  Documents to which it is a party, the performance of the transactions contemplated hereby or thereby  and  the  fulfillment  of  the  terms  hereof  or  thereof will  not  conflict with,  result  in  any  breach  of  its  organizational documents or any of the terms and provisions of, or constitute (with or without notice or  lapse of time or both) a default under any indenture, contract, agreement, mortgage, deed of trust, or  other instrument to which the Servicer is a party or by which it or any of its property is bound.  (d) No Violation. The execution and delivery of this Agreement and  the other Transaction  Documents, the performance of the transactions contemplated hereby and thereby and the fulfillment  of  the  terms hereof and  thereof will not conflict with or violate,  in any respect, any Applicable Law  if  compliance  therewith  is  necessary  (i)  to  ensure  the  enforceability  of  any  Portfolio  Asset  or  (ii)  for  Servicer to perform its obligations under this Agreement in accordance with the terms hereof.  (e) All  Consents  Required;  No  Proceedings  or  Injunction.  All  approvals,  authorizations,  consents, orders or other actions of any Person or Governmental Authority applicable to the Servicer,  required  in  connection with  the execution and delivery of  this Agreement and  the other Transaction  Documents  to which  it  is a party,  the performance by  the Servicer of  the  transactions  contemplated  hereby  and  thereby  and  the  fulfillment  by  the  Servicer  of  the  terms  hereof  and  thereof  have  been  obtained to the extent necessary (i) to ensure the enforceability of any Portfolio Asset or (ii) for Servicer  to  perform  its  obligations  under  this  Agreement  in  accordance with  the  terms  hereof.  There  is  no

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‐ 67 ‐    NAI‐1515108520v22   litigation, proceeding or investigation pending or, to the knowledge of the Servicer, threatened against  the Servicer, before any Governmental Authority  (A) asserting  the  invalidity of  this Agreement or any  other  Transaction Document  or  (B) seeking  to  prevent  the  consummation  of  any  of  the  transactions  contemplated by  this Agreement or any other Transaction Document. No  injunction, writ,  restraining  order or other order of any nature adversely affects the Servicer’s performance of its obligations under  this Agreement or any Transaction Document to which the Servicer is a party.  (f) Validity, Etc. The Agreement and the other Transaction Documents to which it is a party  constitute  the  legal,  valid  and  binding  obligation  of  the  Servicer,  enforceable  against  the  Servicer  in  accordance with  its terms, except as such enforceability may be  limited by applicable Bankruptcy Laws  and general principles of equity.  (g) Reports  Accurate.  All  Servicing  Reports  and  other  written  or  electronic  information,  exhibits, financial statements, documents, books, records or reports, in all cases, prepared and furnished  by the Servicer in connection with this Agreement are, as of their date, accurate, true and correct in all  material respects, and no such document contains any material misstatement of fact or omits to state a  material fact or any fact necessary to make the statements contained therein not misleading; provided  that  for  the  purposes  of  the  production  by  the  Servicer  of  any  reports,  documents  or  information  required under this Agreement, the Servicer may conclusively rely (absent bad faith or manifest error,  and without  investigation,  inquiry,  independent  verification  or  any  duty  or  obligation  to  recompute,  verify, or recalculate any of the amounts and other information contained in) on any reports, documents  or information provided to it by any Obligor or any other third party without any liability to the Servicer  for such reliance.  (h) Servicing Standard. The Servicer has complied in all material respects with the Servicing  Standard with regard to the servicing of the Portfolio Assets.  (i) Collections. All Available Collections received by the Servicer or its Affiliates with respect  to  the Collateral are held  for  the benefit of  the Administrative Agent,  for  the benefit of  the Secured  Parties, until deposited into the Collection Account as provided herein.  (j) Servicer  Termination  Event.  No  event  has  occurred  which  constitutes  a  Servicer  Termination Event  (other  than any Servicer Termination Event which has previously been disclosed to  the Administrative Agent as such).   SECTION 4.04 Representations of each  Lender.  (a) No  Lender Covered Entity  is a Sanctioned  Person  and  (b)  the  funds  used  to  fund Advances,  to  the  extent  received  from  such  Lender,  are  not  derived from any unlawful activity. Each Lender covenants and agrees that  it shall promptly notify the  Servicer in writing upon obtaining actual knowledge of the occurrence of a Reportable Compliance Event  with respect to any Lender Covered Entity, except to the extent such notice is prohibited by Applicable  Law.  SECTION 4.05 Representations of Holdings. Holdings hereby represents to the Secured Parties  solely in respect of itself as of the Closing Date and each Advance Date as follows:  (a) Organization,  Good  Standing  and  Due  Qualification.  Holdings  is  a  limited  liability  company duly organized, validly existing and in good standing under the laws of the State of Delaware,  with all requisite limited liability company power and authority necessary to own the US Pledged Equity  and  to  conduct  its  business  as  such  business  is  presently  conducted. Holdings  is  (i)  has  obtained  all

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‐ 68 ‐    NAI‐1515108520v22   licenses and approvals necessary to own  its assets and to transact the business  in which  it  is engaged,  and (ii) is duly qualified and in good standing in each jurisdiction where the transaction of such business  or  its ownership of  the US Pledged Equity requires such qualification except,  in  the case of clauses  (i)  and (ii), as would not reasonably be expected to have a Material Adverse Effect.  (b) Power  and  Authority;  Due  Authorization;  Execution  and  Delivery.  Holdings  (i) has  all  requisite  limited  liability company power and authority to  (A) execute and deliver this Agreement and  the other Transaction Documents  to which  it  is a party and  (B) perform and  carry out  its obligations  pursuant to this Agreement and the other Transaction Documents to which it is a party and (ii) has taken  all necessary  action  to  (A) authorize  the  execution, delivery  and performance of  this Agreement  and  each of the other Transaction Documents to which it is a party, (B) grant to the Administrative Agent, for  the benefit of the Secured Parties, a first priority perfected security interest in the US Pledged Equity on  the  terms  and  conditions  of  this  Agreement  and  the  other  Transaction  Documents,  subject  only  to  Permitted  Liens,  and  (C) authorize  the  Servicer  to  perform  the  actions  contemplated  herein.  This  Agreement and each other Transaction Document to which Holdings is a party have been duly executed  and delivered by Holdings.  (c) Binding Obligation.  This Agreement  and  each of  the other  Transaction Documents  to  Holdings  is a party constitutes  the  legal, valid and binding obligation of Holdings, enforceable against  Holdings in accordance with their respective terms, except as the enforceability hereof and thereof may  be limited by Bankruptcy Laws and by general principles of equity (whether considered in a proceeding  in equity or at law).  (d) All Consents Required. No consent of any other party and no consent, license, approval  or authorization of, or registration or declaration with, any Governmental Authority, bureau or agency is  required  in connection with  the execution, delivery or performance by Holdings of  this Agreement or  any Transaction Document to which it is a party or the validity or enforceability of this Agreement or any  such Transaction Document or a grant of a security interest in the US Pledged Equity, other than such as  have been waived, met or obtained and are in full force and effect or where the failure to do so would  not reasonably be expected to result in a Material Adverse Effect.  (e) No Violation. The execution, delivery and performance of this Agreement and the other  Transaction  Documents  and  all  other  agreements  and  instruments  required  to  be  executed  and  delivered or  required  to  be  executed  and delivered  in  connection with  the  Transfer of  any  Portfolio  Asset will not (i) conflict with, result  in any breach of any of the terms and provisions of, or constitute  (with or without notice or lapse of time or both) a default under, the Holdings’ Constituent Documents  (ii) result  in the creation or  imposition of any Lien on the Collateral other than Permitted Liens or  (iii)  violate any Applicable Law in any material respect or (iv) violate any material contract or other material  agreement to which the Holdings  is a party or by which the or any property or assets of the Holdings  may be bound, except in the case of clause (iv) as would not reasonably be expected to have a Material  Adverse Effect.  (f) No  Proceedings;  No  Injunctions.  There  is  no  litigation,  proceeding  or  investigation  pending or, to the knowledge of any Responsible Person of Holdings, threatened against Holdings before  any  Governmental  Authority  (i) asserting  the  invalidity  of  this  Agreement  or  any  other  Transaction  Document,  (ii) seeking  to prevent  the  consummation of any of  the  transactions contemplated by  this  Agreement or any other Transaction Document or (iii) in which Holdings, in its good faith determination,

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‐ 69 ‐    NAI‐1515108520v22   has  determined  that  there  is  a  reasonable  probability  of  an  adverse  determination  and which,  if  so  adversely determined, individually or in the aggregate, would result in a Material Adverse Effect.  (g) Insider. Holdings  is  not  an  “executive  officer,”  “director,”  or  “person who  directly  or  indirectly or acting through or in concert with one or more persons owns, controls, or has the power to  vote more than 10% of any class of voting securities” (as those terms are defined in 12 U.S.C. §375b or  in regulations promulgated pursuant thereto) of any Lender, of a bank holding company of which any  Lender  is  a  subsidiary,  or  of  any  subsidiary,  of  a  bank  holding  company  of  which  any  Lender  is  a  subsidiary, or, to the knowledge of any Responsible Person of Holdings, any bank at which any Lender  maintains a correspondent account, or of any bank which maintains a correspondent account with any  Lender.  (h) No  Liens.  The  Equity  Interests  of  each  Co‐Borrower  owned,  directly  or  indirectly,  by  Holdings are free and clear of any Liens except for Permitted Liens.  (i) Investment  Company  Act.  Holdings  is  not  required  to  register  as  an  “investment  company” under the provisions of the 1940 Act.  (j) Compliance with Applicable Law. Except as would not,  individually or  in the aggregate,  reasonably be expected to result in a Material Adverse Effect, Holdings has complied with all Applicable  Laws to which it may be subject.  (k) [Reserved].  (l) Sanctions and Anti‐Terrorism Laws and Anti‐Money Laundering Laws. Neither Holdings,  nor  any of  their directors, officers or employees  is  (i)  a  Sanctioned Person;  (ii)  located, organized or  resident in a Sanctioned Country; or (iii) engaging in any dealings or transactions that would result in a  material  violation  of  Sanctions  and  Anti‐Terrorism  Laws  or  Anti‐Money  Laundering  Laws.  Holdings  covenants and agrees that it shall promptly notify the Servicer in writing upon a Responsible Person of a  Co‐Borrower obtaining knowledge of the occurrence of a Reportable Compliance Event with respect to  Holdings or an Obligor, except to the extent such notice is prohibited by Applicable Law.  (m) [Reserved].  (n) No Plan Assets. No assets of Holdings include (x) Plan Assets or (y) “plan assets” of any  governmental plan that is subject Similar Law. None of the transactions or services contemplated under  this Agreement or  the other Transaction Documents,  including  exercise of  rights with  respect  to  the  Collateral  and  performance  of  its  duties  by  the  Servicer,  constitutes  or will  result  in  a  non‐exempt  prohibited transaction under Section 406 of ERISA or Section 4975 of the Code or any violation of Similar  Law.  (o) Security Interest.  (i) The US Pledged Equity  issued by each Co‐Borrower has been duly and validly  authorized and issued by such Co‐Borrower.  (ii) This Agreement  creates a valid and  continuing  security  interest  (as defined  in  the applicable UCC) in the US Pledged Equity in favor of the Administrative Agent, on behalf of

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‐ 70 ‐    NAI‐1515108520v22   the  Secured  Parties, which  security  interest  is  prior  to  all  other  Liens  (except  for  Permitted  Liens), and is enforceable as such against creditors of and purchasers from Holdings.  (iii) Holdings has authorized the filing of all appropriate financing statements in the  proper filing office in the appropriate jurisdictions under Applicable Law in order to perfect the  security interest in the US Pledged Equity.  (iv) Other than as expressly permitted by the terms of the Transaction Documents,  this Agreement and the security  interest granted to the Administrative Agent, on behalf of the  Secured Parties, pursuant to this Agreement, Holdings has not pledged, assigned, sold, granted a  security  interest  in  or  otherwise  conveyed  any  of  the  US  Pledged  Equity.  Holdings  has  not  authorized  the  filing of,  and as of  the Closing Date  is not aware of any  financing  statements  against Holdings that include a description of collateral covering the US Pledged Equity As of the  Closing  Date,  Holdings  is  not  aware  of  the  filing  of  any  judgment  or  Tax  lien  filings  against  Holdings, other than Permitted Liens.  (v) Holdings with respect to Kudu and Kudu US, and Kudu with respect to Kudu US,  consents to the transfer of any US Pledged Equity to the Administrative Agent or  its designee,  following,  and  during  the  occurrence  of,  an  Event  of Default  and  to  the  substitution  of  the  Administrative Agent or  its designee as a member  in each Co‐Borrower with all the rights and  powers related thereto, subject to the terms of this Agreement.  (vi) The US Pledged Equity  shall not be  represented by a certificate unless  (A) the  limited  liability company agreement of each Co‐Borrower expressly provides that such  interest  shall be a “security” within the meaning of Article 8 of the UCC of the applicable jurisdiction and  (B) such certificate shall be delivered as provided in clause (vii) below.  (vii) If any portion of the US Pledged Equity constitutes a “certificated security,” such  certificated security has been delivered  to  the Administrative Agent, on behalf of  the Secured  Parties and,  if  in registered  form, has been specially  Indorsed to the Administrative Agent,  for  the  benefit  of  the  Secured  Parties,  or  in  blank  by  an  effective  Indorsement  or  has  been  registered in the name of the Administrative Agent, for the benefit of the Secured Parties, upon  original issue or registration of transfer by Holdings of such certificated security.  (viii) If any portion of the US Pledged Equity constitutes an “uncertificated security”,  each Co‐Borrower hereby agrees to comply with  instructions of the Administrative Agent with  respect to such US Pledged Equity without further consent of Holdings.  (ix) Except as permitted pursuant  to Section 5.06(f), Holdings’  location  (within  the  meaning of Article 9 of  the UCC)  is Delaware. Except as permitted pursuant  to Section 5.06(f),  the  principal  place  of  business  and  chief  executive  office  of  Holdings  (and  the  location  of  Holdings’  records  regarding  the  US  Pledged  Equity  (other  than  those  delivered  to  the  Administrative  Agent  pursuant  to  this  Agreement))  is  located  at  its  address  referred  to  in  Section 11.02.  (p) Tax Returns. All material tax returns (including all material foreign, federal, State,  local  and other tax returns whether filed on a standalone or group basis) required to be filed by, on behalf of  or with respect to the income and assets of Holdings has been timely filed and Holdings is not liable for  Taxes payable by any other Person. Holdings has paid all Taxes, assessments and other governmental

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‐ 71 ‐    NAI‐1515108520v22   charges made against  it or any of  its property except  for  those Taxes, assessments or  charges being  contested  in good  faith by appropriate proceedings and  in  respect of which  it has established proper  reserves  in accordance with Applicable Accounting Principles, on  its books. Holdings  is resident for Tax  purposes only  in the  jurisdiction under whose  laws  it  is organized as of the Closing Date and does not  have a branch, agency or permanent establishment in any other jurisdiction for Tax purposes.  ARTICLE V.  GENERAL COVENANTS  SECTION 5.01 Affirmative  Covenants  of  the  Loan  Parties.  From  the  Closing  Date  until  the  Facility Termination Date:  (a) Compliance with Constituent Documents and Scope of Business. Except as would not,  individually or  in the aggregate, reasonably be expected to result  in a Material Adverse Effect, the Co‐ Borrowers will observe all organizational procedures  required by  its Constituent Documents. Without  limiting  the  foregoing,  each Co‐Borrower will  limit  the  scope of  its business  to:  (i)  the  acquisition of  Portfolio Assets and  the ownership and management of  the Portfolio Assets and  the related assets  in  the  Collateral  Portfolio,  (ii)  the  sale,  transfer  or  other  disposition  of  Portfolio  Assets  as  and  when  permitted under  the Transaction Documents,  (iii) entering  into and performing under  the Transaction  Documents,  consenting  or  withholding  consent  as  to  proposed  amendments,  waivers  and  other  modifications of the Equity  Investment Agreements to the extent not  in conflict with the terms of this  Agreement or any other Transaction Document,  (iv) exercising any rights  (including but not  limited  to  voting rights and rights arising in connection with a Bankruptcy Event with respect to an Obligor or the  consensual or non‐judicial restructuring of the debt or equity of an Obligor) or remedies  in connection  with  the  Portfolio Assets  and  participating  in  the  committees  (official  or  otherwise)  or  other  groups  formed by creditors of an Obligor to the extent not in conflict with the terms of this Agreement or any  other  Transaction  Document,  (v)  acquiring  Portfolio  Assets  directly  from  third‐parties  (other  than  Holdings)  on  an  arms‐length  basis,  (vi)  contracting with  third–parties  to  provide  services  as may  be  required from time to time by a Co‐Borrower in connection with the Transaction Documents, including  legal, investment, accounting, data processing, administrative and management services, (vii) taking any  and  all  other  action  necessary  to maintain  the  existence  of  each  Co‐Borrower  as  a  limited  liability  company in good standing under the laws of the State of Delaware and/or to qualify each Co‐Borrower  to do business as a  foreign  limited  liability  company  in any other  state  in which  such qualification  is  required, and (viii) engaging in those lawful activities, including entering into other agreements and any  amendments, supplements or restatements to the Transaction Documents to which it is a party or such  other  agreements  and  issuing  any other  instruments,  that  are necessary,  convenient or  advisable  to  accomplish the foregoing or are incidental thereto or in connection therewith.  (b) Preservation  of  Existence.  Subject  to  Section 5.02(e),  each  Co‐Borrower will  preserve  and maintain its limited liability company existence, rights, franchises and privileges in the jurisdiction of  its formation and will promptly obtain and thereafter maintain qualifications to do business as a limited  liability  company  in any other  jurisdiction  in which  it does business and  in which  it  is  required  to  so  qualify under Applicable Law, except where the failure to so qualify would not reasonably be expected  to have a Material Adverse Effect.  (c) Deposit of Misdirected Collections. Each Loan Party shall promptly (but in no event later  than two (2) Business Days after receipt and identification thereof) deposit or cause to be deposited into  the Collection Account any and all Available Collections received by such Loan Party.

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‐ 72 ‐    NAI‐1515108520v22   (d) Material  Investment  Event.  The  Administrative  Borrower  shall  give  prompt  written  notice to the Lenders upon receipt of actual knowledge of any Material Investment Event with respect  to any Eligible Portfolio Asset  to  the extent  such Material  Investment Event  reduces  the value of  the  Borrowing Base and shall make any necessary adjustments to the calculation of as a result thereof.  (e) Rating  Agency  Information;  Maintenance  of  Credit  Rating.  The  Co‐Borrowers  shall  provide  the  applicable  NRSRO  that  is  then  engaged  by  the  Co‐Borrowers  to  rate  the  Advances,  as  applicable, with all available  information that is reasonably requested by such NRSRO, as applicable,  in  connection with its rating of the Advances.  (f) Required  Portfolio  Documents.  The  Administrative  Borrower  shall  deliver  to  the  Servicer, upon the written request of the Servicer, the Required Portfolio Documents and the Portfolio  Asset Checklist pertaining  to  each  Portfolio Asset  after  the Cut‐Off Date  pertaining  to  such  Portfolio  Asset.  (g) Notice of Event of Default. Each Loan Party shall promptly (and in any event within two  (2) Business Days) notify the Administrative Agent in writing of the occurrence of each Potential Default  or  Event  of Default  (conspicuously  labeled  as  a  “Notice  of  Potential Default”  or  “Notice  of  Event  of  Default”) of which a Responsible Person of such Loan Party has knowledge or has received notice and no  later  than  three  (3) Business Days  following  such written notice,  such  Loan Party will provide  to  the  Administrative Agent a written statement of a Responsible Person of such Loan Party setting forth the  details of such event and the action that such Loan Party proposes to take with respect thereto.  (h) Special Purpose Entity Requirements.   Separate Entity. The Co‐Borrowers are operated  as a combined entity with assets and  liabilities distinct and separate  from  those of Holdings, and any  Affiliates thereof (other than the UK Guarantors), and each Co‐Borrower hereby acknowledges that the  Administrative  Agent  and  the  Lenders  are  entering  into  the  transactions  contemplated  by  this  Agreement  in  reliance upon  the Co‐Borrowers’  identity  as  separate  legal  entities  from Holdings,  and  from each such other Affiliate of Holdings (other than the UK Guarantors).  (i) Notice of Litigation. Each Co‐Borrower shall promptly notify the Administrative Agent of  the filing or commencement of any action, suit, investigation or proceeding by or before any arbitrator  or Governmental Authority against any Co‐Borrower or Holdings,  including pursuant  to any applicable  Environmental  Laws,  that  would  reasonably  be  expected  to  be  adversely  determined,  and,  if  so  determined, would  reasonably  be  expected  to  result  in  liability  of  any  Co‐Borrower  in  an  aggregate  amount exceeding $10,000,000.  (j) Notice  of  ERISA  Events.  Each  Co‐Borrower  and  Holdings  shall  promptly  notify  the  Administrative Agent after a Responsible Person of such Co‐Borrower and Holdings obtains knowledge  of the occurrence of any ERISA Event with respect to any Pension Plan or Multiemployer Plan that would  reasonably  be  expected  to  result  in  a  Material  Adverse  Effect  and  shall  furnish  a  statement  of  a  Responsible Person of such Co‐Borrower or Holdings setting forth the details as to such event and the  action,  if  any,  the  Co‐Borrowers, Holdings  or,  if  applicable,  an  ERISA  Affiliate  proposes  to  take with  respect  thereto  and,  when  known,  any  action  taken  or  threatened  by  the  IRS,  the  United  States  Department of  Labor or  the PBGC with  respect  thereto. Each Co‐Borrower and Holdings will provide  evidence, upon reasonable request by the Administrative Agent, that none of its assets or assets of the  Co‐Borrowers  include  (x) Plan Assets or  (y)  “plan assets” of any governmental plan  that  is  subject  to  Similar Law.

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‐ 73 ‐    NAI‐1515108520v22   (k) Notice of Accounting Changes. Promptly and in any event within three (3) Business Days  after  the effective date  thereof,  the Administrative Borrower will provide  to  the Administrative Agent  notice of any material change in the accounting policies of the Co‐Borrowers.  (l) Notice of Amendment or Modification. Prompt notice of any proposed amendments or  modifications made to the Constituent Documents of the Co‐Borrowers together with clean and marked  copies of each relevant document highlighting the proposed or effected amendments or modifications  as made.  (m) Additional  Information;  Additional  Documents.  The  Administrative  Borrower  shall  provide the Administrative Agent with any financial or other  information reasonably requested by the  Administrative Agent (acting at the direction of the Majority Lenders) evidencing the truthfulness of the  representations set forth in this Agreement. Notwithstanding anything to the contrary in this provision,  neither  the  Co‐Borrowers,  not  their  respective  Affiliates  will  be  required  to  disclose,  permit  the  inspection,  examination  or making  copies  or  abstracts  of,  or  discuss,  any  document,  information  or  other matter  that  (i) constitutes  non‐financial  trade  secrets  or  non‐financial  proprietary  information,  (ii) in  respect  of  which  disclosure  to  the  Administrative  Agent  or  any  Lender  (or  their  respective  representatives or agents) is prohibited by law or (iii) in the Co‐Borrowers’ or their respective Affiliates’  reasonable  judgment, would  compromise any attorney‐client privilege, privilege afforded  to attorney  work  product  or  similar  privilege;  provided  that  the  Administrative  Borrower  shall  make  available  redacted versions of  requested documents or,  if unable  to do  so  consistent with  the preservation of  such  privilege,  shall make  commercially  reasonable  efforts  to  disclose  information  responsive  to  the  requests of the Administrative Agent, any Lender or any of their respective representatives and agents,  in a manner that will protect such privilege.   (n) Protection  of  Security  Interest.  The  Co‐Borrowers  will  take  all  action  reasonably  necessary to perfect, protect and more fully evidence the Co‐Borrowers’ ownership of the Collateral free  and clear of any Lien other  than  the Lien created hereunder and Permitted Liens,  including  (i) at  the  expense of  the Co‐Borrowers,  taking all action necessary  to  cause a valid,  subsisting and enforceable  first  priority  perfected  security  interest,  subject  only  to  Permitted  Liens,  to  exist  in  favor  of  the  Administrative  Agent  (for  the  benefit  of  the  Secured  Parties)  in  the  Co‐Borrowers’  interests  in  the  Collateral,  including  the  filing  of  a UCC  financing  statement  in  the  applicable  jurisdiction  adequately  describing  the  Collateral  (which may  include  an  “all  asset”  filing),  and  naming  each  Co‐Borrower  as  debtor  and  the  Administrative  Agent  as  the  secured  party,  and  filing  continuation  statements,  amendments  or  assignments with  respect  thereto  in  such  filing  offices  (including  any  amendments  thereto  or  assignments  thereof)  and  (ii)  taking  all  additional  action  that  the  Servicer  or  the  Administrative Agent may reasonably request to perfect, protect and more fully evidence the respective  first priority (subject to Permitted Liens) perfected security interests of the parties to this Agreement in  the Collateral, or to enable the Servicer or the Administrative Agent to exercise or enforce any of their  respective rights hereunder.  (o) Liens. Each Loan Party will promptly notify the Administrative Agent of the existence of  any material  Lien  on  the  Collateral  known  to  a  Responsible  Person  of  such  Loan  Party  (other  than  Permitted  Liens)  and  each  Loan  Party  shall  defend  the  right,  title  and  interest  of  the Administrative  Agent, for the benefit of the Secured Parties,  in, to and under the Collateral against all claims of third  parties  to  the  extent  commercially  reasonable  to  do  so  (as  determined  by  the  Loan  Party  in  their  reasonable discretion), other than with respect to Permitted Liens.

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‐ 74 ‐    NAI‐1515108520v22   (p) No Changes in Fees. The Co‐Borrowers will not make any changes to the Fees or amend,  restate,  supplement  or  otherwise modify  the  Fee  Letters  in  any material  respect without  the  prior  written approval of the Majority Lenders and the applicable parties to such Fee Letters.  (q) Compliance with Applicable Law. Except as would not,  individually or  in the aggregate,  reasonably be expected to result in a Material Adverse Effect, the Co‐Borrowers shall at all times comply  with all Applicable Law (including Environmental Laws, and all federal securities laws).  (r) Proper Records. The Co‐Borrowers shall at all times keep proper books of records and  accounts in which full, true and correct entries, in all material respects, shall be made of its transactions  in accordance with Applicable Accounting Principles and set aside on its books from its earning for each  fiscal  year  all  such  proper  reserves  in  accordance  with  Applicable  Accounting  Principles.  Each  Co‐ Borrower  shall  account  for  the  Transfer  to  it  from  the  Transferor  of  the  Portfolio Asset  under  each  Portfolio Asset Assignment as a Transfer of such Portfolio Asset in its books and records.  (s) Satisfaction of Obligations. Each Co‐Borrower shall pay, discharge or otherwise satisfy at  or before maturity or before they become delinquent, as the case may be, all its obligations of whatever  nature,  except  where  the  amount  or  validity  thereof  is  currently  being  contested  in  good  faith  by  appropriate proceedings and  reserves with  respect  thereto have been provided on  the books of such  Co‐Borrower.  (t) Payment  of  Taxes.  Each  Co‐Borrower  shall  pay  and  discharge  (i)  all material  Taxes,  levies,  liens and other charges on  it or  its assets and on  the Collateral  that, with  respect  to  such Co‐ Borrower,  in any manner would create any Lien or charge upon  such Collateral, except  for Permitted  Liens,  and  (ii)  any  such  Taxes  that  are  being  appropriately  contested  in  good  faith  by  appropriate  proceedings diligently conducted and with respect  to which adequate reserves have been provided  in  accordance with Applicable Accounting Principles.  (u) Tax  Treatment.  Each  Co‐Borrower  and  the  Lenders  intend  to  treat  the  Advances  advanced hereunder as indebtedness of such Co‐Borrower (or, so long as such Co‐Borrower is treated as  a disregarded entity  for U.S.  federal  income  tax purposes, as  indebtedness of  the entity of which  it  is  considered  to be a part)  for U.S.  federal  income  tax purposes and shall  file any and all  tax  forms  in a  manner consistent therewith, unless otherwise required by Applicable Law.  (v) Notification  Forms.  After  the  occurrence  and  during  the  continuance  of  an  Event  of  Default,  Holdings  and  each  Co‐Borrower  shall  furnish  the  Administrative  Agent  or  the  Servicer,  as  applicable, with an appropriate power of attorney  in the form of Exhibit H to send (at the direction of  the Majority Lenders) notification forms to the Obligors or any agent, administrative agent, servicer or  other person, as applicable, of the Administrative Agent’s interest in the Collateral and the obligation to  make  payments  as  directed  by  the  Administrative  Agent  (acting  at  the  direction  of  the  Majority  Lenders).  (w) Passthrough Entity. Each Co‐Borrower will be disregarded as an entity separate from its  owner pursuant  to Treasury Regulation  Section 301.7701‐3(b) or  a partnership  (other  than  a publicly  traded partnership) for U.S. federal  income tax purposes, and neither such Co‐Borrower nor any other  Person on its behalf shall make an election to be, or take or permit any other action that is reasonably  likely to result in such Co‐Borrower being, treated as a corporation for U.S. federal income tax purposes.   Each Co‐Borrower shall, whenever relevant, make an election under Section 6226 of the Code. Each Co‐

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‐ 75 ‐    NAI‐1515108520v22   Borrower  shall not be  resident  for Tax purposes  in  any  jurisdiction other  than  the  jurisdiction under  whose  laws  it  is  incorporated  as  of  the  Closing  Date  or  have  a  branch,  agency  or  permanent  establishment in any other jurisdiction for Tax purposes.  (x) Access to Records. From time to time and, prior the occurrence and continuance of an  Event of Default, upon not  less  than  five  (5) Business Days advance notice, permit  the Administrative  Agent or any Person designated by the Administrative Agent and at the sole cost and expense of the Co‐ Borrowers, to, subject to Section 5.01(m), during normal hours, visit and inspect at reasonable intervals  the books, records and accounts of the Co‐Borrowers or any Person to which the Co‐Borrowers delegate  any  of  their  duties  under  the  Transaction  Documents,  in  each  case  relating  to  the  Co‐Borrowers’  business, financial condition, operations, assets and its performance under the Transaction Documents,  and  to make  copies  thereof  or  abstracts  therefrom,  and  to  discuss  the  foregoing with  its  and  such  Person’s officers, partners, employees and accountants, all as often as  the Administrative Agent may  reasonably request (acting at the direction of the Majority Lenders); provided that (i) the Administrative  Agent shall use all reasonable efforts to coordinate its inspections and (ii) so long as an Event of Default  has not occurred and is continuing, no more than one site visit may be conducted in any calendar year.  (y) Sanctions and Anti‐Terrorism, Anti‐Money Laundering and Anti‐Corruption Compliance.  Each Co‐Borrower shall maintain  in effect policies and procedures designed to promote compliance by  such Co‐Borrower and its officers, employees, and agents with applicable Sanctions and Anti‐Terrorism  Laws, Anti‐Money Laundering Laws and Anti‐Corruption Laws.  (z) Financial Reporting. The Administrative Borrower will furnish:  (i) within  120 days  after  the  end  of  each  fiscal  year  of  the  Loan  Parties,  commencing with  the  fiscal  year ended December 31, 2020,  to  the Administrative Agent and  each Lender audited consolidated statements of the Loan Party of assets, liabilities and capital,  and  audited  consolidated  statements  of  operations  and  cash  flow,  audited  by  a  firm  of  nationally recognized independent public accountants, as of the end of such fiscal year;  (ii) within  90 days  after  the  end  of  fiscal  quarter  of  each  fiscal  year  to  the  Administrative Agent and each Lender financial reports setting forth an update of the underlying  General  Partnership  Investments  and  upon  the  Administrative  Agent’s  or  any  Lender’s  reasonable  request,  the  underlying  reports  from  each  general  partner,  schedules  and  other  documentation used to generate such underlying reports;  (iii) within  60  days  after  the  end  of  each  fiscal  quarter,  (x)  to  the Administrative  Agent and each Lender and (y) to the Servicer and each Lender:  (A) an LTV Certificate as of the last day of such quarter;  (B) a Borrowing Base Certificate as of the last day of such quarter;   (C) an  updated  Schedule  I,  identifying  any  Portfolio  Assets  acquired  or  disposed  of  during  such month  in  accordance with  the  terms  hereof;  and  (D) with respect to each Obligor for each Portfolio Asset that was an Eligible  Portfolio Asset at any time during the applicable quarter, to the extent

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‐ 76 ‐    NAI‐1515108520v22   received  by  any  Loan  Party  from  the  Obligor, make  available  to  the  Servicer and  the  Lenders upon  reasonable  request,  financial  reporting  packages  (including  applicable  financial  statements) delivered by  such  Obligor pursuant to the applicable Equity Investment Agreement to the  extent such financial reporting packages have been received during such  quarter.  provided,  that,  if  the  Loan  Parties  are  required  to  demonstrate  pro  forma  compliance with  the Maximum LTV Percentage  in connection with  the making  of  any  Advance  or  any  Sale  of  Eligible  Portfolio  Asset,  the  Administrative  Borrower will deliver to the Servicer and the Lenders an updated LTV Certificate  in connection therewith.  (iv) within 60 days after the end of each fiscal quarter, to the Administrative Agent  and  each  Lender  the  income  statement,  the  balance  sheet,  a  cash  flow  statement,  and  calculation of the Debt Service Coverage Ratio with respect to such fiscal quarter.  (aa) Additional  Reports.  The  Administrative  Borrower  will  furnish  to  the  Administrative  Agent  any  redacted  portfolio  level  data  and  reporting  as  may  be  reasonably  requested  by  the  Administrative Agent regarding the Eligible Portfolio Assets.  (bb) Additional Collateral and Guarantors. Upon the formation or acquisition thereof, the Co‐ Borrowers  shall  promptly  cause  any  direct  or  indirect  Subsidiary  formed  or  otherwise  purchased  or  acquired after  the Closing Date  to  (i) execute a  supplement  to  the Guaranty Agreement  in  form and  substance satisfactory  to  the Administrative   Agent and each other Transaction Document  reasonably  requested by  the Administrative   Agent, acting at  the direction of  the Majority Lenders,  (ii) obtain all  consents and approvals required to be obtained by  it  in connection with the execution and delivery of  the  aforementioned  joinder,  such  Transaction Documents,  as  applicable,  and  the  performance  of  its  obligations hereunder and thereunder and the granting by it of the Liens thereunder, and (iii) cause its  assets to be subject to a first priority perfected Lien (subject only to Permitted Liens that, pursuant to  the  terms  of  this  Agreement,  are  permitted  to  have  priority  over  the  Administrative  Agent’s  Liens  thereon)  in  favor  of  the  Administrative  Agent  for  the  benefit  of  the  Secured  Parties  and  take  such  actions as shall be necessary or reasonably requested by the Administrative Agent to grant and perfect  or record such first priority Lien.    (cc) Pledges of Additional  Stock  and  Indebtedness. Promptly pledge  to  the Administrative  Agent  for  the  benefit  of  the  Secured  Parties,  all  the  Equity  Interest  of  each  Subsidiary  of  each  Co‐ Borrower formed or otherwise purchased or acquired after the Closing Date.  (dd) Post‐Closing Covenant.    The  Loan  Parties,  as  applicable,  shall  satisfy  the  Post  Closing  Conditions set forth in Schedule VII, unless otherwise waived by the Administrative Agent, acting at the  direction of the Majority Lenders.  SECTION 5.02 Negative Covenants of the Loan Parties. From the Closing Date until the Facility  Termination Date:  (a) Protection  of  Title.  Except  as  otherwise  permitted  under  this  Agreement,  the  Co‐ Borrowers  shall not  take  any  action which would directly or  indirectly materially  impair or  adversely  affect the Co‐Borrowers’ title to the Collateral Portfolio.

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‐ 77 ‐    NAI‐1515108520v22   (b) Transfer  Limitations. Except  as permitted pursuant  to  Section 2.09(a),  Section 2.11 or  Section 5.02(l), the Loan Parties shall not transfer, assign, convey, grant, bargain, sell, set over, deliver or  otherwise dispose of, or pledge or hypothecate, directly or  indirectly, any  interest  in  the Collateral  to  any person other than the Administrative Agent for the benefit of the Secured Parties or in connection  with  Permitted  Liens,  or  engage  in  financing  transactions  or  similar  transactions with  respect  to  the  Collateral with any person other than pursuant to this Agreement and the other Transaction Documents.  (c) Indebtedness; Liens. The Co‐Borrowers shall not create, incur, assume or suffer to exist  any  Indebtedness other  than  the Obligations and Permitted Debt. The Co‐Borrowers  shall not create,  incur or permit  to exist any Lien  in or on any of  the Collateral subject  to  the Lien granted by  the Co‐ Borrowers pursuant to this Agreement, other than Permitted Liens. The Co‐Borrowers shall not permit  any  affiliated  or  intercompany  Indebtedness,  other  than  Permitted  Debt,  that  is  senior  to  the  Co‐ Borrowers’ interest in the Collateral to be incurred or created.  (d) Constituent Documents. No Co‐Borrower shall modify, amend,  terminate or otherwise  alter any Constituent Document of a Co‐Borrower  in any manner  that would materially and adversely  affect the  interests of the Lenders or would reasonably be expected to have a Material Adverse Effect  without the prior written consent of the Majority Lenders.   (e) Fundamental Changes. The Co‐Borrowers will not merge  into or  consolidate with any  other  Person,  or  sell,  transfer,  lease  or  otherwise  dispose  of  (in  one  transaction  or  in  a  series  of  transactions) all or substantially all of its assets (whether now owned or hereafter acquired) or liquidate  or dissolve  in whole or  in part  if such event would reasonably be expected to have a Material Adverse  Effect without the prior written consent of the Lenders.   (f) Business.  The  Co‐Borrowers  will  not  cease  to  be  engaged  in  business  of  the  type  authorized by its Constituent Documents.  (g) Formation of Subsidiaries. The Co‐Borrowers will not  form any Subsidiary unless  such  Subsidiary complies with Sections 5.01(aa) and 5.01(bb) of this Agreement or form any Subsidiary whose  Equity Interest is not wholly‐owned by a Loan Party.  (h) [Reserved].  (i) Special Purpose Entity Requirements.  Except as otherwise permitted by this Agreement,  the Co‐Borrowers  shall not become  insolvent or  fail  to pay  their  respective debts and  liabilities  from  their assets when due.  (j) Investment Company. No Co‐Borrower will become an “investment company” required  to be registered under the 1940 Act.  (k) Transactions with Affiliates. The Co‐Borrowers will not sell, lease, transfer or otherwise  dispose of any asset (which shall not include a redemption of such asset in accordance with its terms) to  any Affiliate of any Co‐Borrower unless such sale, lease, transfer or disposal is made in accordance with  the Constituent Documents of a Co‐Borrower.  (l) Use of Proceeds. The Co‐Borrowers  shall not use  the proceeds of any Advance other  than (a) to re‐finance the Co‐Borrowers’ existing Indebtedness, (b) to finance (i) the origination and/or  (ii)  the  acquisition of  and  investment  by  the Co‐Borrowers, directly or  indirectly,  in  Eligible  Portfolio

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‐ 78 ‐    NAI‐1515108520v22   Assets,  (c)  to  pay  transaction  fees  and  expenses  due  and  payable  by  the  Co‐Borrowers  under  this  Agreement and with respect to Eligible Portfolio Assets and (d) for general company purposes.  (m) Anti‐Money  Laundering;  Sanctions  and Anti‐Terrorism.  The proceeds of  the Advances  shall not be used by any Co‐Borrower, and no Co‐Borrower will directly or, knowingly,  indirectly  lend,  contribute or otherwise make available such proceeds to any other Person, (i) to fund any activities or  business of or with any Person that  is a Sanctioned Person, or  in any country or territory, that, at the  time of such funding, is, or whose government is, a Sanctioned Country, to the extent that such funding  would be prohibited by Sanctions or would otherwise cause any Person to be in breach of Sanctions or  (ii) in any other manner that would result in a violation of any Anti‐Money Laundering Law or Sanctions  and Anti‐Terrorism Law by any Person or could cause Lender or any Lender Covered Entity to become a  Sanctioned Person.  (n) Anti‐Corruption Compliance. The proceeds of the Advances shall not be used by any Co‐ Borrower,  and  no  Co‐Borrower will,  directly  or,  knowingly,  indirectly  lend,  contribute,  or  otherwise  make available such proceeds to any other Person, in furtherance of an offer, payment, promise to pay,  or authorization of the payment or giving of money, or anything else of value, to any Person in violation  in any material respect of any Anti‐Corruption Laws.  (o) ERISA Matters.  Except  as would  not  reasonably  be  expected  to  result  in  a Material  Adverse Effect, no Co‐Borrower nor Holdings will permit to exist any occurrence of any ERISA Event. The  Co‐Borrowers will not  take any action, omit  to  take any action or permit any other party  to  take any  action that would result in its assets, or the assets of Holdings or the Fund,  including (x) Plan Assets or  (y) “plan assets” of any governmental plan  that  is subject  to Similar Law. None of  the  transactions or  services contemplated under this Agreement or the other Transaction Documents, including exercise of  rights with  respect  to  the Collateral and performance of  its duties by  the Servicer, constitutes or will  result in a non‐exempt prohibited transaction under Section 406 of ERISA or Section 4975 of the Code or  any violation of Similar Law.  (p) Change  of  Jurisdiction,  Location, Names  or  Location  of  Portfolio Asset  Files. No  Loan  Party shall change the jurisdiction of its formation, change the location of its principal place of business  and  chief executive office or make any  change  to  its name or use any  tradenames,  fictitious names,  assumed names, “doing business as” names or other names unless, prior  to  the effective date of any  such  change  in  the  jurisdiction  of  its  formation,  change  in  location  or  name  change  or  use,  the  Administrative Borrower provides at least ten (10) days prior written notice thereof and delivers to the  Administrative Agent such financing statements as the Administrative Agent (acting at the direction of  the Majority Lenders) may request to reflect such change in the jurisdiction of its formation, change in  location or name change or use, together any other documents and  instruments as the Administrative  Agent (acting at the direction of the Majority Lenders) may reasonably request in connection therewith.  No Loan Party  shall move, or  to  the extent  in  the possession of  the Servicer,  consent  to  the Servicer  moving,  the Portfolio Asset Files  from  the  location  thereof on  the Closing Date or applicable Advance  Date, unless the Administrative Agent (acting at the direction of the Majority Lenders) shall consent to  such move in writing, such consent not to be unreasonably withheld, conditioned or delayed.  (q) Portfolio Asset Assignments. No Loan Party will amend, modify, waive or terminate any  provision of any Portfolio Asset Assignment  in any manner  that would materially and adversely affect  the interests of the Lenders without the prior written consent of the Majority Lenders.

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‐ 79 ‐    NAI‐1515108520v22   (r) Restricted Junior Payments. No Loan Party shall make (i) distributions of Portfolio Assets  except as expressly contemplated under Section 2.11  so  long as no Event of Default or other Market  Trigger Event has occurred or  (ii) any Restricted  Junior Payment, except  that a  Loan Party may make  Restricted Junior Payments so long as no Event of Default or other Market Trigger Event has occurred in  accordance with Section 2.09, and both before and after giving effect thereto, the Loan Parties, taken as  a whole, are Solvent.  SECTION 5.03 Affirmative Covenants of  the Servicer. From  the Closing Date until  the Facility  Termination Date:  (a) Compliance with Applicable Law. The Servicer will comply in all material respects with all  Applicable Law.  (b) Preservation of Existence. The Servicer will preserve and maintain  its existence, rights,  franchises and privileges  in  the  jurisdiction of  its  formation and qualify and  remain qualified  in good  standing  in each  jurisdiction where  failure  to preserve and maintain such existence, rights,  franchises,  privileges and qualification could reasonably be expected to have a Material Adverse Effect.  SECTION 5.04 Negative  Covenants  of  the  Servicer.  From  the  Closing  Date  until  the  Facility  Termination Date:  (a) Required  Portfolio  Documents.  The  Servicer  will  not  dispose  of  any  documents  constituting the Required Portfolio Documents in its possession in any manner that is inconsistent with  the performance of its obligations as the Servicer pursuant to this Agreement and will not dispose of any  Collateral except as contemplated by this Agreement or as is consistent with the Servicing Standard.  (b) No Changes  in Servicing Fees. The Servicer will not make any changes to the Servicing  Fees or amend, restate, supplement or otherwise modify the Servicer Fee Letter in any material respect  without the prior written approval of the Lenders and the Co‐Borrowers.  SECTION 5.05 Affirmative  Covenants  of  Holdings.  From  the  Closing  Date  until  the  Facility  Termination Date:  (a) Compliance with Constituent Documents and Scope of Business. Except as would not,  individually or in the aggregate, reasonably be expected to result in a Material Adverse Effect, Holdings  will observe all organizational procedures required by  its Constituent Documents. Without  limiting the  foregoing, Holdings will  limit the scope of  its business to: (i) the acquisition of Portfolio Assets and the  ownership and management of the Portfolio Assets and the related assets in the Collateral Portfolio, (ii)  the sale, transfer or other disposition of Portfolio Assets as and when permitted under the Transaction  Documents,  (iii)  entering  into  and  performing  under  the  Transaction  Documents,  consenting  or  withholding  consent  as  to  proposed  amendments,  waivers  and  other  modifications  of  the  Equity  Investment Agreements  to  the  extent not  in  conflict with  the  terms of  this Agreement or  any other  Transaction Document,  (iv) exercising any  rights  (including but not  limited  to voting  rights and  rights  arising  in  connection with  a Bankruptcy  Event with  respect  to  an Obligor  or  the  consensual  or  non‐ judicial restructuring of the debt or equity of an Obligor) or remedies  in connection with the Portfolio  Assets and participating in the committees (official or otherwise) or other groups formed by creditors of  an Obligor  to  the  extent  not  in  conflict with  the  terms  of  this Agreement  or  any  other  Transaction  Document, (v) acquiring Portfolio Assets directly from third‐parties (other than the Co‐Borrowers) on an  arms‐length basis, (vi) contracting with third–parties to provide services as may be required from time

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‐ 80 ‐    NAI‐1515108520v22   to  time  by  Holdings  in  connection  with  the  Transaction  Documents,  including  legal,  investment,  accounting,  data  processing,  administrative  and management  services,  (vii)  taking  any  and  all  other  action necessary to maintain the existence of Holdings as a  limited  liability company  in good standing  under the  laws of the State of Delaware and/or to qualify Holdings to do business as a foreign  limited  liability company  in any other state  in which such qualification  is required, and (viii) engaging  in those  lawful  activities,  including  entering  into  other  agreements  and  any  amendments,  supplements  or  restatements to the Transaction Documents to which it is a party or such other agreements and issuing  any other  instruments, that are necessary, convenient or advisable to accomplish the foregoing or are  incidental thereto or in connection therewith.  (b) Preservation  of  Company  Existence.  Holdings  will  preserve  and  maintain  its  limited  liability company existence, rights, franchises and privileges  in the  jurisdiction of  its formation and will  promptly obtain and thereafter maintain qualifications to do business as a  limited  liability company  in  any other jurisdiction in which it does business and in which it is required to so qualify under Applicable  Law except where the failure to so qualify would not reasonably be expected to have a Material Adverse  Effect.  (c) Protection  of  Security  Interest. Holdings  shall take  all  action  that  the  Servicer  or  the  Administrative  Agent may  reasonably  request  to  perfect,  protect  and more  fully  evidence  the  first  priority  (subject  to  Permitted  Liens)  perfected  security  interest  of  the  Administrative  Agent,  for  the  benefit  of  the  Secured  Parties,  in  the  US  Pledged  Equity,  or  to  enable  the  Administrative  Agent  to  exercise or enforce any of its rights hereunder.  (d) Liens. Holdings will  promptly notify  the Administrative Agent of  the  existence of  any  material  Lien  on  the  US  Pledged  Equity  known  to  a  Responsible  Person  of  Holdings  (other  than  Permitted Liens) and Holdings shall defend the right, title and  interest of the Administrative Agent, for  the benefit of the Secured Parties, in and to the US Pledged Equity against all claims of third parties to  the extent commercially reasonable to do so  (as determined by Holdings  in  its reasonable discretion),  other than with respect to Permitted Liens.  (e) Compliance with Applicable Law. Except as would not,  individually or  in the aggregate,  reasonably be expected to result in a Material Adverse Effect, Holdings shall at all times comply with all  Applicable Law (including Environmental Laws, and all federal securities laws).  (f) Taxes. Holdings shall pay and discharge all material Taxes, levies, liens and other charges  on it or its assets and on the Collateral that, with respect to Holdings, in any manner would create any  Lien or charge upon such Collateral, except for (i) Permitted Liens, and (ii) any such Taxes that are being  appropriately contested in good faith by appropriate proceedings diligently conducted and with respect  to which adequate reserves have been provided in accordance with Applicable Accounting Principles.  SECTION 5.06 Negative  Covenants  of  Holdings.  From  the  Closing  Date  until  the  Facility  Termination Date:  (a) Protection of Title. Except as otherwise permitted under this Agreement, Holdings shall  not take any action which would directly or indirectly materially impair or adversely affect Holdings’ title  to the US Pledged Equity.  (b) Transfer Limitations. Holdings shall not transfer, assign, convey, grant, bargain, sell, set  over, deliver or otherwise dispose of, or pledge or hypothecate, directly or indirectly, any interest in the

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‐ 81 ‐    NAI‐1515108520v22   US Pledged Equity  to any person other  than  the Administrative Agent  for  the benefit of  the Secured  Parties,  other  than  Permitted  Liens,  or  engage  in  financing  transactions  or  similar  transactions with  respect to the US Pledged Equity with any person other than as contemplated by this Agreement and  the other Transaction Documents.  (c) Indebtedness; Liens. Holdings shall not create, incur or permit to exist any Lien in or on  any of the US Pledged Equity.   (d) Organizational  Documents.  Holdings  shall  not  modify  or  terminate  any  of  the  organizational or operational documents of Holdings in any manner that would materially and adversely  affect the Administrative Agent’s security interest in the US Pledged Equity.  (e) [Reserved].   (f) Change of Jurisdiction, Location or Names. Holdings shall not change the jurisdiction of  its  formation, change  the  location of  its principal place of business and chief executive office or make  any change to  its name or use any tradenames, fictitious names, assumed names, “doing business as”  names or other names unless, prior  to  the effective date of any such change  in  the  jurisdiction of  its  formation,  change  in  location  or  name  change  or  use, Holdings  provides  at  least  ten  (10) days  prior  written  notice  thereof  and  delivers  to  the  Administrative  Agent  such  financing  statements  as  the  Administrative  Agent  (acting  at  the  direction  of  the Majority  Lenders) may  request  to  reflect  such  change in the jurisdiction of its formation, change in location or name change or use, together any other  documents and instruments as the Administrative Agent (acting at the direction of the Majority Lenders)  may reasonably request in connection therewith.  (g) ERISA Matters. Holdings will not take any action, omit to take any action or permit any  other  party  to  take  any  action  that would  result  in  its  assets,  or  the  assets  of  any  Co‐Borrower  or  Holdings, including (x) Plan Assets or (y) “plan assets” of any governmental plan that is subject to Similar  Law. None of the transactions or services contemplated under this Agreement or the other Transaction  Documents,  including exercise of rights with respect to the Collateral and performance of  its duties by  the Servicer, constitutes or will result in a non‐exempt prohibited transaction under Section 406 of ERISA  or Section 4975 of the Code or any violation of Similar Law.  ARTICLE VI.  EVENTS OF DEFAULT  SECTION 6.01 Events of Default.  If any of  the  following events  (each, an “Event of Default”)  occurs:  (a) a Co‐Borrower fails to make any payment of (i) any Obligation (other than the payment  of any amount upon the Maturity Date) when due and such failure is not cured within five (5) Business  Days of the date on which such Obligation is due and payable or (ii) any Obligation on the Maturity Date;  (b) a Co‐Borrower defaults in making any payment required to be made under one or more  agreements  for borrowed money  to which  it  is a party  in an aggregate principal amount  in excess of  $10,000,000 and any such failure continues unremedied for five (5) Business Days, or an event of default  is declared under any such agreement, and  in each case, such default  is not cured or remedied within  the applicable cure period, if any, provided for under such agreement;

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‐ 82 ‐    NAI‐1515108520v22   (c) any  failure on  the part of a Loan Party or Holdings duly  to observe or perform any  its  covenants or agreements set forth in this Agreement or the other Transaction Documents to which it is  a party that has a Material Adverse Effect on the Secured Parties (other than covenants or agreements  with respect to which another clause of this Section 6.01 expressly relates, which shall not, on its own,  constitute an Event of Default under this clause (c)) and the same continues unremedied for a period of  thirty  (30)  days  (if  such  failure  can  be  remedied)  after  the  earlier  to  occur  of  (i) the  date  on which  written  notice  of  such  failure  requiring  the  same  to  be  remedied  shall  have  been  given  to  the  Administrative Borrower by the Administrative Agent (acting at the direction of the Majority Lenders) or  any Lender and (ii) the date on which a Responsible Person of a Loan Party or Holdings, as applicable,  acquires actual knowledge thereof;  (d) the occurrence of a Bankruptcy Event relating to a Loan Party or Holdings;  (e) the rendering of one or more final judgments, decrees or orders by a court or arbitrator  of  competent  jurisdiction  against  a  Loan  Party    or Holdings  for  the  payment  of money  in  excess  of  $10,000,000 in the aggregate (unless such judgment is covered by third party insurance as to which the  insurer  has  been  notified  of  such  judgment,  decree  or  order  and  has  not  denied  or  failed  to  acknowledge  coverage)  where  a  Loan  Party    or  Holdings,  as  applicable,  shall  not  have  either  (i) discharged within a period of  thirty  (30) days or provided  for  the discharge of any  such  judgment,  decree  or  order  in  accordance with  its  terms  or  (ii) perfected  a  timely  appeal,  decree  or  order  and  caused the execution of the same to be stayed during the pendency of the appeal;  (f) (i)  the  breach  by  a  Loan  Party  or  Holdings  (as  applicable)  of  any  covenants  or  agreements set forth in (x) Sections 5.01 (a), (b) (with respect to existence only), (c), (d), (g), (h), (i), (j),  (k), (l), (m), (n), (o), (y) and (z), and any such breach (other than  in respect of Sections 5.01(b), (c), (g),   and  (k)) shall not be cured or remedied within  five  (5) Business Days of  the occurrence  thereof or  (y)  Section  5.05(a),  (b)  (with  respect  to  existence  only),  and  (c)  or  (ii)  any  failure  on  the  part  of  a  Co‐ Borrower or Holdings  (as applicable)  to observe or perform any covenants or agreements set  forth  in  Sections 5.02 and 5.06, and,  in each case, after giving effect  to any applicable grace period or notice  requirement;  (g) (i) any Transaction Document, or any  Lien or  security  interest  in any of  the Collateral  granted  thereunder,  shall  (except  in  accordance with  its  terms  or with  the  consent  of  the Majority  Lenders),  in whole or  in part, terminate, cease to be effective or cease to be the  legally valid, binding  and enforceable obligation of a Loan Party or Holdings (as applicable); provided that, there shall be no  Event of Default under this clause (g)(i) to the extent such Event of Default arises solely from the action  (or  inaction)  of  the  Account  Bank,  the  Servicer,  the  Administrative  Agent  or  a  Lender,  (ii) the  Loan  Parties, Holdings or any of  their Affiliates  shall, directly or  indirectly, validly  contest  in writing  in any  manner the effectiveness, validity, binding nature or enforceability of any Transaction Document or any  Lien  or  security  interest  thereunder  or  (iii) any  security  interest  securing  any  obligation  under  any  Transaction Document shall,  in whole or  in part, cease to be a first priority perfected security  interest  (subject to Permitted Liens) except as otherwise expressly permitted to be released in accordance with  the  applicable  Transaction  Document;  provided  that  there  shall  be  no  Event  of  Default  under  this  clause (g)(iii) to the extent such Event of Default arises from the action (or inaction) of the Account Bank,  the Servicer, the Administrative Agent or a Lender;  (h) any Change of Control shall occur and such Change of Control has not been consented  to by the Lenders (such consent not to be unreasonably withheld, conditioned or delayed);

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‐ 83 ‐    NAI‐1515108520v22   (i) any  representation, warranty or certification made by a Loan Party or Holdings  in any  Transaction Document or  in any agreement,  instrument, certificate or other document required to be  delivered  pursuant  to  any  Transaction Document  shall  prove  to  have  been  incorrect  in  any material  respect when made, and the same continues unremedied for a period of fifteen (15) days (if such failure  can  be  remedied)  after  the  earlier  to  occur  of  (i)  the  date  on which written  notice  of  such  failure  requiring  the  same  to  be  remedied  shall  have  been  given  to  the  Administrative  Borrower  by  the  Administrative Agent (acting at the direction of the Majority Lenders) or any Lender and (ii) the date on  which a Responsible Person of a Loan Party or Holdings acquires actual knowledge thereof;  (j) any Loan Party ceases to be Solvent;  then  the Administrative Agent  shall, at  the direction of  the Majority Lenders, or  the Majority  Lenders may, in each case, by notice to the Administrative Borrower, declare the Maturity Date to have  occurred;  provided  that,  in  the  case  of  any  event  described  in  Section 6.01(d),  the Maturity Date  is  deemed to have occurred automatically upon the occurrence of such event. Upon the occurrence and  during the continuation of any Event of Default, (i) Lenders may decline to make any Advance hereunder  or  terminate  its  commitment  to make Advances hereunder,  (ii) the Administrative Agent  shall, at  the  direction of the Majority Lenders, or the Majority Lenders may declare the Advances to be immediately  due and payable  in  full  (without presentment, demand, protest or notice of any kind all of which are  hereby waived by  the Co‐Borrowers)  and  any other Obligations  to be  immediately due  and payable;  provided that, in the case of any event described in Section 6.01(d), the Advances and other Obligations  become  immediately due and payable  in  full  (without presentment, demand, protest or notice of any  kind all of which are hereby waived by  the Co‐Borrowers) without  the need of any notice  to  the Co‐ Borrowers upon the occurrence of such event and (iii) the Administrative Agent, at the written direction  of  the Majority  Lenders,  shall  instruct  the Account Bank  to  distribute  all  amounts  on  deposit  in  the  Collection Account and the Interest Reserve Account as described  in Section 2.09(a) (provided that the  Co‐Borrowers  shall  in  any  event  remain  liable  to  pay  such  Advances  and  all  such  amounts  and  Obligations  immediately  in  accordance  with  Section 2.09(a)).  In  addition,  upon  the  occurrence  and  during the continuation of any Event of Default, the Lenders and the Administrative Agent, on behalf of  the Secured Parties, shall have,  in addition to all other rights and remedies under this Agreement, the  other Transaction Documents or otherwise, all other rights and remedies provided under the UCC of the  applicable jurisdiction and other Applicable Law, which rights shall be cumulative.  SECTION 6.02 Pledged Equity.  (a) Except as otherwise set forth in Section 6.02(b) or 6.02(c):  (i) Holdings  shall  be  entitled  to  exercise  any  and  all  voting  or  other  consensual  rights and powers  inuring  to an owner of US Pledged Equity or any part  thereof and Holdings  agrees  that  it shall exercise such  rights  for purposes not  in contravention of  the  terms of  this  Agreement and the other Transaction Documents.  (ii) Holdings shall be entitled to receive and retain any and all dividends and other  distributions paid on or distributed in respect of the US Pledged Equity, to the extent and only to  the  extent  that  such  dividends  and  other  distributions  are  not  prohibited  by  the  terms  and  conditions of this Agreement and Applicable Law; provided that any noncash dividends or other  distributions  that would  constitute  US  Pledged  Equity,  shall  be  and  become  part  of  the  US  Pledged Equity, and, if received by Holdings, shall not be commingled by Holdings with any of its

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‐ 84 ‐    NAI‐1515108520v22   other property but  shall be held  separate and apart  therefrom,  shall be held  in  trust  for  the  benefit of the Administrative Agent and the Secured Parties and Holdings shall promptly take all  steps reasonably necessary to ensure the validity, perfection and priority (subject to Permitted  Liens), including promptly delivering the same to the Administrative Agent in the same form as  so  received  (with  any  necessary  endorsement  reasonably  requested  by  the  Administrative  Agent). So long as no Event of Default has occurred and is continuing, the Administrative Agent  shall  cooperate  with  Holdings  with  respect  to  making  exchanges  of  US  Pledged  Equity  in  connection with any exchange or redemption of such US Pledged Equity not prohibited by this  Agreement, which  such  cooperation  shall  include  delivery  of  any  such US  Pledged  Equity  in  exchange  for  replacement US  Pledged  Equity.  For  the  avoidance of doubt,  the Co‐Borrowers  agree  to  reimburse  the  Administrative  Agent  for  any  costs  or  expenses  incurred  due  to  the  provisions of this Section 6.02(a)(ii).  (b) Upon the occurrence and during the continuance of an Event of Default (and after the  delivery of written notice by the Majority Lenders or the Administrative Agent (acting at the direction of  the Majority  Lenders)  to Holdings) or upon  the occurrence of  any event described  in  Section 6.01(d)  (without notice), all rights of Holdings to dividends or other distributions that Holdings is authorized to  receive pursuant to Section 6.02(a)(ii) shall cease, and all such rights shall thereupon become vested in  the Administrative Agent, which  shall have  the  sole  and  exclusive  right  and  authority  to  receive  and  retain  such dividends or other distributions. All dividends or other distributions  received by Holdings  contrary  to  the  provisions  of  this  Section  6.02(b)  shall  be  held  in  trust  for  the  benefit  of  the  Administrative  Agent,  shall  be  segregated  from  other  property  or  funds  of  Holdings  and  shall  be  promptly delivered  to  the Administrative Agent  in  the  same  form as  so  received  (with any necessary  endorsement reasonably requested by the Administrative Agent). Any and all money and other property  paid over to or received by the Administrative Agent pursuant to the provisions of this Section 6.02(b)  shall  be  retained  by  the  Administrative  Agent  in  the  Collection  Account  and  the  Interest  Reserve  Account and shall be applied in accordance with the terms of this Agreement. After all Events of Default  have  been  waived  or  are  no  longer  continuing,  the  Administrative  Agent  shall  promptly  repay  to  Holdings  (without  interest)  all  dividends  or  other  distributions  that  Holdings  would  otherwise  be  permitted to retain pursuant to the terms of Section 6.02(a)(ii) and that remain in such account.  (c) Upon the occurrence and during the continuance of an Event of Default (and after the  delivery of written notice by the Majority Lenders or the Administrative Agent (acting at the direction of  the Majority  Lenders)  to Holdings) or upon  the occurrence of  any event described  in  Section 6.01(d)  (without notice), then (i) all rights of Holdings to exercise the voting and consensual rights and powers it  is  entitled  to  exercise  pursuant  to  Section  6.02(a)(i)  shall  cease,  and  all  such  rights  shall  thereupon  become vested in the Administrative Agent, which shall have the sole and exclusive right and authority  to exercise such voting and consensual rights and powers; provided, that, unless otherwise directed by  the Majority  Lenders,  the Administrative Agent  shall have  the  right  from  time  to  time  following  and  during the continuance of an Event of Default to permit Holdings to exercise such rights and (ii) in order  to permit the Administrative Agent to exercise the voting and other consensual rights which  it may be  entitled to exercise pursuant hereto and to receive all dividends and other distributions which it may be  entitled to receive hereunder, Holdings shall promptly execute and deliver (or cause to be executed and  delivered)  to  the Administrative Agent all proxies, dividend payment orders and other  instruments as  the Administrative Agent may  from  time  to  time  reasonably  request.  Immediately after  all Events of  Default have been waived or are no longer continuing, Holdings shall have the exclusive right to exercise  the  voting  or  consensual  rights  and  powers  that  Holdings  would  otherwise  be  entitled  to  exercise  pursuant to the terms of Section 6.02(a)(i).

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‐ 85 ‐    NAI‐1515108520v22   (d) Any notice given by the Administrative Agent  to Holdings under  this Section 6.02 shall  be given in writing.  SECTION 6.03 Additional Remedies.  (a) Upon the occurrence and during the continuation of an Event of Default  in accordance  with Section 6.01, and without limiting the remedies provided in this Article VI, the Administrative Agent  may, at the direction of the Majority Lenders, (i) sell or otherwise dispose of any of the Collateral or the  Pledged  Equity  at  public  or  private  sales  and  take  possession  of  the  Proceeds  of  any  such  sale  or  disposition  or  (ii) instruct  the  obligor  or  obligors  on  any  account,  agreement,  instrument  or  other  obligation constituting Collateral or Pledged Equity to make any payment required by the terms of such  account, agreement,  instrument or other obligation to or at  the direction of the Administrative Agent  (acting at the direction of the Majority Lenders). Notwithstanding  the  foregoing, upon  the occurrence  and during the continuation of an Event of Default, the Administrative Agent, acting at the direction of  the Servicer, may (a) give a Notice of Exclusive Control or any other  instruction  in accordance with the  Account  Control  Agreement  and  take  any  permitted  action  with  respect  to  the  Collateral  subject  thereto,  (b) in  accordance with  Section 6.02,  transfer  and  register  in  its  name  or  in  the  name  of  its  nominee the whole or any part of the Pledged Equity, exchange certificates or instruments representing  or evidencing Pledged Equity for certificates or instruments of smaller or larger denominations, exercise  the voting and all other rights as a holder with respect thereto, including exchange, subscription or any  other rights, privileges or options pertaining to any Pledged Equity, and otherwise act with respect to  the  Pledged  Equity  as  though  the  Administrative  Agent  was  the  absolute  owner  thereof  and  (c) in  accordance  with  Section 6.02,  collect  and  receive  all  cash  dividends,  interest,  principal  and  other  distributions made on any Pledged Equity.  (b) Any Collateral or Pledged Equity  to be  sold or otherwise disposed of pursuant  to  this  Article VI may be sold or disposed of in one or more parcels at public or private sale or sales (which sales  may  be  adjourned  or  continued  from  time  to  time  with  or  without  notice  upon  such  terms  and  conditions, including price, as the Administrative Agent (acting at the direction of the Majority Lenders)  may deem commercially reasonable), for cash or on credit or for future delivery without assumption of  any  credit  risk.  Any  sale  or  disposition  of  Collateral  or  Pledged  Equity  may  be  made  without  the  Administrative  Agent  giving warranties  of  any  kind with  respect  to  such  sale  or  disposition  and  the  Administrative Agent may  specifically  disclaim  any warranties  of  title  or  the  like.  The Administrative  Agent may comply with any applicable State or  federal  law requirements  in connection with a sale or  disposition of the Collateral and compliance will not be considered to adversely affect the commercial  reasonableness of any  such  sale or disposition.  If any notice of a proposed  sale or disposition of  the  Collateral or  Pledged  Equity  is  required by  law,  such notice  is  deemed  commercially  reasonable  and  proper if given at least ten (10) days before such sale or disposition.  The Administrative Agent has the  right upon any public sale of Collateral or Pledged Equity and, to the extent permitted by law, upon any  such private sale of Collateral or Pledged Equity, to purchase the whole or any part of the Collateral or  Pledged Equity so sold or disposed of free of any right of equity redemption, which equity redemption  the  Co‐Borrowers  hereby waive.    Upon  any  sale  or  disposition  of  Collateral  or  Pledged  Equity,  the  Administrative Agent has  the  right  to deliver and  transfer  to  the purchaser or  transferee  thereof  the  Collateral or Pledged Equity so sold or disposed of.  (c) For the avoidance of doubt, this Agreement (including this Article VI) shall be subject to  the special servicing activities provisions in Section 8.05.

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‐ 86 ‐    NAI‐1515108520v22   (d) Following  an  acceleration  of  the  Obligations  upon  the  occurrence  and  during  the  continuation of  an  Event of Default  in  accordance with  Section 6.01,  the Co‐Borrowers will use best  efforts  to  execute  all  documentation  and  obtain  all  consents  reasonably  necessary  to  assign  to  the  Servicer all of the Co‐Borrowers’ right, title and interest to each Eligible Portfolio Asset.  ARTICLE VII.  THE ADMINISTRATIVE AGENT  SECTION 7.01 Appointment and Authority; Rights as Lender.   (a) Each  of  the  Lenders  hereby  irrevocably  appoints  Alter Domus  (US)  LLC  to  act  on  its  behalf  as  the  Administrative  Agent  hereunder  and  under  the  other  Transaction  Documents  and  authorizes the Administrative Agent  to take such actions on  its behalf and to exercise such powers as  are delegated to the Administrative Agent by  the terms hereof or thereof,  together with such actions  and  powers  as  are  reasonably  incidental  thereto.  The  provisions  of  this Article VII  are  solely  for  the  benefit of  the Administrative Agent,  the  Lenders  and  the other  Secured Parties,  and neither  the Co‐ Borrowers  nor Holdings  shall  have  rights  as  a  third‐party  beneficiary  of  any  of  such  provisions.  It  is  understood and agreed that the use of the term “agent” herein or in any other Transaction Documents  (or any other similar term) with reference to the Administrative Agent  is not  intended to connote any  fiduciary or other  implied (or express) obligations arising under agency doctrine of any Applicable Law.  Instead such  term  is used as a matter of market custom, and  is  intended  to create or  reflect only an  administrative relationship between contracting parties.  (b) The Person  serving as  the Administrative Agent hereunder  shall have  the  same  rights  and powers  in  its capacity as a Lender  (to the extent  it  is also a Lender) as any other Lender and may  exercise the same as though it were not the Administrative Agent, and the term “Lender” or “Lenders”  shall, unless otherwise expressly indicated or unless the context otherwise requires, include the Person  serving as the Administrative Agent hereunder  in  its capacity as Lender,  if applicable. Such Person and  its Affiliates may accept deposits from, lend money to, own securities of, act as the financial advisor or  in any other advisory capacity for, and generally engage in any kind of business with, the Co‐Borrowers,  Holdings or any Subsidiary or other Affiliate thereof as if such Person were not the Administrative Agent  hereunder and without any duty to account therefor to the Lenders.  SECTION 7.02 Exculpatory Provisions.  (a) The Administrative Agent shall not have any duties or obligations except those expressly  set  forth  herein  and  in  the  other  Transaction  Documents,  and  its  duties  hereunder  shall  be  administrative in nature. Without limiting the generality of the foregoing, the Administrative Agent:  (i) shall  not  be  subject  to  any  fiduciary  or  other  implied  duties,  regardless  of  whether  an  Event  of Default, Market  Trigger  Event  or  Potential Default  has  occurred  and  is  continuing;  (ii) shall  not  have  any  duty  to  take  any  discretionary  action  or  exercise  any  discretionary powers, except discretionary rights and powers expressly contemplated hereby or  by  the other Transaction Documents  that  the Administrative Agent  is  required  to exercise as  directed in writing by the Servicer or the Majority Lenders (or such other number or percentage  of  the  Lenders  as  shall  be  expressly  provided  for  herein  or  in  such  other  Transaction  Documents); provided  that  the Administrative Agent  shall not be  required  to  take any action

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‐ 87 ‐    NAI‐1515108520v22   that, in its opinion or the opinion of its counsel, may expose the Administrative Agent to liability  or that is contrary to any Transaction Document or Applicable Law, including for the avoidance  of doubt any action that may be in violation of the automatic stay under any Bankruptcy Law or  that may affect a  forfeiture, modification or termination of property of a Defaulting Lender  in  violation of any Bankruptcy Law; and  (iii) shall  not,  except  as  expressly  set  forth  herein  and  in  the  other  Transaction  Documents, have any duty  to disclose, and  shall not be  liable  for  the  failure  to disclose, any  information  relating  to  the  Loan  Parties, Holdings  or  any of  their  respective Affiliates  that  is  communicated  to or obtained by  the Person serving as  the Administrative Agent or any of  its  Affiliates in any capacity.  (b) The Administrative Agent shall not be  liable  for any action  taken or not  taken by  it  (i)  (including errors in judgement made) with the consent or at the request or direction of the Servicer or  the Majority Lenders  (or such other number or percentage of the Lenders as shall be necessary, or as  the Administrative Agent shall believe in good faith shall be necessary), or (ii) in the absence of its own  gross negligence or willful misconduct as determined by a court of competent  jurisdiction by final and  nonappealable judgment; provided that, no action taken or not taken with the consent or at the request  or direction of the Servicer or the Majority Lenders (or such other number or percentage of the Lenders  as shall be necessary, or as the Administrative Agent shall believe in good faith shall be necessary) shall  be  deemed  to  constitute  gross  negligence  or  willful  misconduct  of  the  Administrative  Agent.  The  Administrative Agent shall not be deemed to have knowledge of any default, Event of Default, Market  Trigger Event, Potential Default or event or information, or be required to act upon any default, Event of  Default, Market Trigger Event, Potential Default, or event or  information (including the sending of any  notice) unless a Responsible Officer of  the Administrative Agent  shall have  received written notice of  such  default  (which written  notice  shall  be  conspicuously  labelled  as  a  “Event  of  Default”,  “Market  Trigger  Event”,  or  “Potential Default”),  Event  of Default, Market  Trigger  Event,  Potential Default,  or  event or  information, and shall have no duty to take any action to determine whether any such event,  default, Market Trigger Event, Potential Default, or Event of Default has occurred.   The Administrative  Agent’s  receipt  of  reports  (including  monthly  distribution  reports)  and  any  publicly  available  information,  shall  not  constitute  actual  or  constructive  knowledge  or  notice  of  any  information  contained  therein  or  determinable  from  information  contained  therein.    All  reports,  notices  and  documents delivered  to  the Administrative Agent hereunder shall be delivered promptly or otherwise  made available by the Administrative Agent to each Lender.  (c) The Administrative Agent shall not be responsible for or have any duty to ascertain or  inquire into (i) any statement, warranty or representation made in or in connection with this Agreement  or  any  other  Transaction  Document,  (ii) the  contents  or  accuracy  of  any  certificate,  report  or  other  document delivered hereunder or thereunder or  in connection herewith or therewith and shall not be  required to recalculate, certify or verify any information therein, (iii) the performance or observance of  any  of  the  covenants,  agreements  or  other  terms  or  conditions  set  forth  herein  or  therein  or  the  occurrence  of  any  Event  of  Default,  Market  Trigger  Event  or  Potential  Default,  (iv) the  validity,  enforceability, effectiveness or genuineness of this Agreement, any other Transaction Document or any  other agreement, instrument or document, or (v) the satisfaction of any condition set forth in Article III  or elsewhere herein, other  than  to confirm  receipt of  items expressly  required  to be delivered  to  the  Administrative Agent.

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‐ 88 ‐    NAI‐1515108520v22   (d) In no event shall the Administrative Agent be liable, directly or indirectly, for any special,  indirect, punitive or  consequential damages  (as opposed  to direct or  actual  damages),  including  lost  profits, arising out of or  in connection with this Agreement, even  if the Administrative Agent has been  advised of the possibility of such damages and regardless of the form of action.  (e) Before  the  Administrative  Agent  acts  or  refrains  from  taking  any  action  under  this  Agreement or any other Transaction Document,  it may require an officer’s certificate or an opinion of  counsel  (which may  come  from  internal  counsel)  from  the  party  requesting  that  the  Administrative  Agent  act  or  refrain  from  acting  in  form  and  substance  reasonably  acceptable  to  the Administrative  Agent.  The Administrative Agent shall not be liable for any action it takes or omits to take in good faith  in reliance on such officer’s certificates or opinions of counsel.  (f) The  Administrative  Agent  shall  not  be  required  to  expend  or  risk  its  own  funds  or  otherwise  incur  any  liability,  financial  or  otherwise,  in  the  performance  of  any  of  its  duties,  or  the  exercise of any of its rights or powers.  (g) The Administrative Agent  shall  incur no  liability  if,  by  reason of  any provision of  any  future law or regulation thereunder, or by any force majeure event, including but not limited to natural  disaster,  act  of  war  or  terrorism,  or  other  circumstances  beyond  its  reasonable  control,  the  Administrative Agent shall be prevented or forbidden from doing or performing any act or thing which  the terms of this Agreement provide shall or may be done or performed, or by reason of any exercise of,  or failure to exercise, any discretion provided for in this Indenture or any other Transaction Document.  (h) The  right of  the Administrative Agent  to perform  any permissive or discretionary  act  enumerated in this Agreement or any related document shall not be construed as a duty.  (i) The Administrative Agent shall not be responsible for, and makes no representation or  warranty as to, the validity, legality, enforceability, sufficiency or adequacy of this Agreement, the other  Transaction Documents or any related document, or as to the correctness of any statement contained in  any thereof.   The recitals contained herein and  in the other Transaction Documents shall be construed  as the statements of the Co‐Borrowers. The Administrative Agent shall not be accountable for the Co‐ Borrower’s  use  of  the  Advances  or  any money  paid  to  the  Co‐Borrower  pursuant  to  the  provisions  hereof, and  it shall not be responsible  for any statement of the Co‐Borrowers  in this Agreement or  in  any other Transaction Document.  (j) The  Administrative  Agent  shall  not  be  liable  for  any  action  or  inaction  of  the  Co‐ Borrowers, Holdings, the Servicer, the Lenders or any other party (or agent thereof) to this Agreement  or any related document and may assume compliance by such parties with their obligations under this  Agreement or any  related agreements, unless a Responsible Officer of  the Administrative Agent  shall  have  received written  notice  to  the  contrary  at  the  office  of  the  Administrative  Agent  set  forth  in  Section 11.02.  (k) Each  Lender  authorizes  and  directs  the  Administrative  Agent  to  enter  into  the  Transaction Documents to which it is a party on the date hereof on behalf of and for the benefit of the  Lenders.  Whether or not so expressly stated therein, in entering into, or taking (or forbearing from) any  action under pursuant  to,  the Transaction Documents,  the Administrative Agent  shall have all of  the  rights, immunities, indemnities and other protections granted to it under this Agreement (in addition to  those that may be granted to it under the terms of such other agreement or agreements).

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‐ 89 ‐    NAI‐1515108520v22   (l) Notwithstanding any provision of  this Agreement or  the other Transaction Documents  to the contrary, before taking or omitting any action to be taken or omitted by the Administrative Agent  under the terms of this Agreement and the other Transaction Documents, the Administrative Agent may  seek the written direction of the Servicer or the Majority Lenders (which written direction may be in the  form of an email), and the Administrative Agent  is entitled to rely (and  is fully protected  in so relying)  upon such direction.    In the absence of an express statement  in the Transaction Documents regarding  which Lenders shall direct in any circumstance, the direction of the Majority Lenders shall apply and be  sufficient for all purposes.  SECTION 7.03 Reliance by Administrative Agent. The Administrative Agent shall be entitled to  rely conclusively upon, and shall not incur any liability for relying upon, any notice, request, certificate,  consent, opinion, statement, instrument, document or other writing (including any electronic message,  Internet or intranet website posting or other distribution) believed by it to be genuine and to have been  signed, sent or otherwise authenticated by the proper Person. The Administrative Agent also may rely  upon any  statement made  to  it orally or by  telephone and believed by  it  to have been made by  the  proper Person, and shall not incur any  liability for relying thereon. In determining compliance with any  condition hereunder to the making of an Advance that by its terms must be fulfilled to the satisfaction of  a  Lender,  the  Administrative  Agent may  presume  that  such  condition  is  satisfactory  to  such  Lender  unless the Administrative Agent shall have received notice to the contrary from such Lender prior to the  making of such Advance. The Administrative Agent may consult with legal counsel (who may be counsel  for the   Loan Parties or Holdings),  independent accountants and other experts selected by  it, and shall  not be liable for any action taken or not taken by it in accordance with the advice or opinion of any such  counsel, accountants or experts.  SECTION 7.04 Delegation of Duties. The Administrative Agent may perform any and all of  its  duties and exercise  its  rights and powers hereunder or under any other Transaction Document by or  through any one or more agents, sub‐agents or attorneys appointed by the Administrative Agent. The  Administrative Agent and any such agents, sub‐agent or attorneys may perform any and all of its duties  and  exercise  its  rights  and  powers  by  or  through  their  respective  Related  Parties.  The  exculpatory  provisions of this Article shall apply to any such party and to the Related Parties of the Administrative  Agent  and  any  such  party.  The  Administrative  Agent  shall  not  be  responsible  for  the  negligence  or  misconduct of any agent,  sub‐agents or attorney appointed by  it with  reasonable care, except  to  the  extent that a court of competent jurisdiction determines  in a final and non‐appealable judgement that  the  Administrative  Agent  acted with  gross  negligence  or willful misconduct  in  the  selection  of  such  appointees.  SECTION 7.05 Resignation of Administrative Agent.  (a) The Administrative Agent may at any time give notice of  its resignation to the Lenders  and the Administrative Borrower. Upon receipt of any such notice of resignation, the Majority Lenders  shall  have  the  right  to  appoint  a  successor  (with  the  consent  of  the  Administrative  Borrower,  such  consent not to be unreasonably withheld or delayed) to the extent no Event of Default is continuing. If  no such successor shall have been so appointed by the Majority Lenders and shall have accepted such  appointment within thirty (30) days after the retiring Administrative Agent gives notice of its resignation  (or such earlier day as shall be agreed by the Majority Lenders) (the “Resignation Effective Date”), then  the retiring Administrative Agent may (but shall not be obligated to), on behalf of the Lenders, petition a  court of competent  jurisdiction  for  the appointment of a successor Administrative Agent. Whether or  not a successor has been appointed, such  resignation shall become effective  in accordance with such

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‐ 90 ‐    NAI‐1515108520v22   notice on the Resignation Effective Date. Notwithstanding anything to the contrary contained herein, no  Defaulting Lender shall be appointed as a successor to the Administrative Agent.  (b) The Majority  Lenders may,  to  the  extent  permitted by Applicable  Law, by  thirty  (30)  days prior notice  in writing to the Administrative Borrower and the Administrative Agent, remove such  Administrative Agent and, with the consent of the Administrative Borrower (which consent shall not be  unreasonably  withheld  or  delayed),  appoint  a  successor.  If  no  such  successor  shall  have  been  so  appointed by the Majority Lenders and shall have accepted such appointment within thirty (30) days (or  such earlier day as shall be agreed by the Majority Lenders) (the “Removal Effective Date”), then such  removal  shall nonetheless become effective  in accordance with  such notice on  the Removal Effective  Date.  (c) With  effect  from  the  Resignation  Effective  Date  or  the  Removal  Effective  Date  (as  applicable)  (i)  the  retiring  or  removed  Administrative  Agent  shall  be  discharged  from  its  duties  and  obligations hereunder and under the other Transaction Documents and (ii) except for any fees, expenses  and  indemnity  payments  owed  to  the  retiring  or  removed  Administrative  Agent,  all  payments,  communications and determinations provided  to be made by,  to or  through  the Administrative Agent  shall  instead be made by or  to each  Lender directly, until  such  time,  if  any,  as  the Majority  Lenders  appoint a successor Administrative Agent as provided for above. Upon the acceptance of a successor’s  appointment as Administrative Agent hereunder,  such  successor  shall  succeed  to and become vested  with all of  the  rights, powers, privileges and duties of  the  retiring  (or  removed) Administrative Agent  (other  than as provided  in Section 2.13(h) and other  than any  rights  to  fees, expenses and  indemnity  payments owed to the retiring or removed Administrative Agent as of the Resignation Effective Date or  the Removal Effective Date, as applicable), and  the  retiring or  removed Administrative Agent shall be  discharged from all of its duties and obligations hereunder or under the other Transaction Documents (if  not  already  discharged  therefrom  as  provided  above  in  this  Section).  The  fees  payable  by  the  Co‐ Borrowers  to a successor Administrative Agent shall be  the same as  those payable  to  its predecessor  unless otherwise agreed between the Co‐Borrowers and such successor. After the retiring or removed  Administrative Agent’s resignation or removal hereunder and under the other Transaction Documents,  the provisions of  this Article VII and Sections 2.05(d), 10.01 and 11.07 shall continue  in effect  for  the  benefit of  such  retiring or  removed Administrative Agent,  its  sub‐agents and  their  respective Related  Parties  in  respect of  any  actions  taken or omitted  to be  taken by  any of  them while  the  retiring or  removed Administrative Agent was acting as Administrative Agent and the Administrative Agent shall be  entitled to any fees accrued and payable up to the Resignation Effective Date or Removal Effective Date  to the extent not previously paid.  (d) If  the  Person  serving  as  Administrative  Agent  is  a  Defaulting  Lender,  the  Majority  Lenders may,  to  the  extent  permitted  by Applicable  Law,  by  notice  in writing  to  the Administrative  Borrower and such Person  remove such Person as Administrative Agent and,  in consultation with  the  Administrative Borrower, appoint a successor in accordance with this Section 7.05.  SECTION 7.06 Non‐Reliance on Agents and Other Lenders. Each Lender acknowledges  that  it  has,  independently and without reliance upon the Administrative Agent or any other Lender or any of  their  Related  Parties  and  based  on  such  documents  and  information  as  it  has  deemed  appropriate,  made its own credit analysis and decision to enter into this Agreement. Each Lender also acknowledges  that  it will,  independently and without reliance upon the Administrative Agent or any other Lender or  any of their Related Parties and based on such documents and information as it shall from time to time  deem appropriate,  continue  to make  its own decisions  in  taking or not  taking action under or based

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‐ 91 ‐    NAI‐1515108520v22   upon  this  Agreement,  any  other  Transaction Document  or  any  related  agreement  or  any  document  furnished hereunder or thereunder.  SECTION 7.07 Indemnification  by  Lenders.  Each  Lender,  severally,  agrees  to  indemnify  and  hold harmless  the Administrative Agent  (or any sub‐agent  thereof) or any Related Party of any of  the  foregoing (to the extent not indefeasibly indemnified by or on behalf of the Co‐Borrowers and without  limiting the obligation of the Co‐Borrowers to do so) with respect to any unpaid amount required under  Article X or Section 11.07 to be paid by it, based on and to the extent of such Lender’s Pro Rata Share of  such unpaid amount (determined as of the time that the applicable unreimbursed expense or indemnity  payment  is  sought  based  on  each  Lender’s  Pro Rata  Share  at  such  time),  including  any  such  unpaid  amount  in  respect  of  a  claim  asserted  by  such  Lender;  provided  that  the  unreimbursed  expense  or  indemnified  loss,  claim, damage,  liability or  related expense, as  the  case may be, was  incurred by or  asserted against the Administrative Agent (or any sub‐agent thereof) or any Related Party of any of the  foregoing acting for the Administrative Agent (or any sub‐agent)  in connection with such capacity. The  obligations of the Lenders to make payments pursuant to this Section 7.07 are several and not joint. The  failure of any Lender to make any such payment on any date required hereunder shall not relieve any  other Lender of its corresponding obligation to do so on such date, and no Lender shall be responsible  for the failure of any other Lender to so make its payment under this Section 7.07. The obligations of the  Lenders under this Section 7.07 shall survive the resignation or removal of the Administrative Agent or  the termination of this Agreement.  SECTION 7.08 Administrative Agent May File Proofs of Claim.  In case of the pendency of any  proceeding under any Bankruptcy Law or any other judicial proceeding relative to the Co‐Borrowers or  Holdings, the Administrative Agent (irrespective of whether the principal of any Advance shall then be  due and payable as herein expressed or by declaration or otherwise and  irrespective of whether  the  Administrative  Agent  shall  have  made  any  demand  on  the  Co‐Borrowers)  shall  be  entitled  and  empowered (but not obligated) by intervention in such proceeding or otherwise, at the direction of the  Majority Lenders:  (a) to file and prove a claim for the whole amount of the principal and  interest owing and  unpaid in respect of the Advances and all other Obligations that are owing and unpaid and to file such  other documents as may be necessary or advisable  in order to have the claims of the Secured Parties  (including any  claim  for  the  reasonable  compensation, expenses, disbursements and advances of  the  Secured Parties and their respective agents and counsel and all other amounts due the Secured Parties  under the Transaction Documents allowed in such judicial proceeding; and  (b) to collect and receive any monies or other property payable or deliverable on any such  claims and to distribute the same;  and any  custodian,  receiver, assignee,  trustee,  liquidator,  sequestrator or other  similar official  in any  such  judicial  proceeding  is  hereby  authorized  by  each  Lender  to  make  such  payments  to  the  Administrative Agent and, in the event that the Administrative Agent shall consent to the making of such  payments directly to the Lenders, to pay to the Administrative Agent any amount due for the reasonable  compensation, expenses, disbursements and advances of  the Administrative Agent and  its agents and  counsel, and any other amounts due the Administrative Agent under Section 11.07.  SECTION 7.09 Collateral Matters.

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‐ 92 ‐    NAI‐1515108520v22   (a) Each Lender authorizes  the Administrative Agent  to release any Lien on any Collateral  granted  to  or  held  by  the  Administrative  Agent,  for  the  benefit  of  the  Secured  Parties,  under  this  Agreement or any other Transaction Document including, without limitation, the Collateral and Pledged  Equity or  if approved, authorized or ratified  in writing  in accordance with Section 11.01. Upon request  by the Administrative Agent at any time, the Majority Lenders will confirm in writing the Administrative  Agent’s authority to release its interest in particular types or items of property. In each case as specified  in this Section 7.09, the Administrative Agent will, at the Co‐Borrowers’ expense, execute and deliver to  the Servicer  such documents as  the Servicer may  reasonably  request  to evidence  the  release of  such  item  of  Collateral  and  Pledged  Equity  from  the  assignment  and  security  interest  granted  under  this  Agreement  or  the  other  Transaction  Documents  in  accordance  with  the  terms  of  the  Transaction  Documents  and  this  Section 7.09,  without  any  recourse,  representation  or  warranty  by  the  Administrative Agent.  (b) The Administrative Agent  shall not be  responsible  for or have a duty  to ascertain  the  validity of or inquire into any representation or warranty regarding the existence, value or collectability  of  the  Collateral,  for  the  legality,  enforceability,  effectiveness  or  sufficiency  of  the  Transaction  Documents, the existence, priority, creation, validity, enforceability or perfection of the Administrative  Agent’s  Lien  thereon,  or  any  certificate  prepared  by  the  Loan  Parties,  Holdings  or  the  Servicer  in  connection therewith, nor shall the Administrative Agent be responsible or liable to the Lenders for any  failure  to monitor  or maintain  any  portion  of  the  Collateral  or  the  Lien  thereon.  The Administrative  Agent’s sole duty with respect to the custody, safekeeping and physical preservation of any Collateral in  its  possession,  under  the  UCC  or  otherwise,  shall  be  to  deal  with  it  in  the  same  manner  as  the  Administrative  Agent  deals  with  similar  property  for  the  account  of  other  customers  in  similar  transactions.  (c) It is understood and agreed that the Administrative Agent (i) shall have no responsibility  with  respect  to  the determination of whether any Pledged Equity  is certificated or uncertificated and  (ii) the Administrative Agent shall only be responsible for holding Pledged Equity to the extent actually  received. The Administrative Agent’s  sole duty with  respect  to  the  custody,  safekeeping and physical  preservation of any Collateral  in  its possession, under the UCC or otherwise, shall be to deal with  it  in  the  same manner  as  the  Administrative  Agent  deals with  similar  property  for  the  account  of  other  customers in similar transactions.  SECTION 7.10 Erroneous Payments.   (a) Each Lender hereby agrees that (i) if the Administrative Agent notifies such Lender that  the Administrative Agent has determined in  its sole discretion that any funds received by such Lender  from the Administrative Agent or any of its Affiliates were erroneously or mistakenly transmitted to, or  otherwise erroneously or mistakenly received by, such Lender (whether or not known to such Lender)  (whether as a payment, prepayment or repayment of principal, interest, fees or otherwise; individually  and  collectively, an  “Erroneous Payment”) and demands  the  return of  such Erroneous Payment  (or a  portion  thereof)  (provided,  that,  without  limiting  any  other  rights  or  remedies  (whether  at  law  or  inequity), the Administrative Agent may not make any such demand under this clause (a)(i) with respect  to an Erroneous Payment unless such demand is made within 18 months of the date of receipt of such  Erroneous Payment by  the applicable  Lender),  such Erroneous Payment  shall at all  times  remain  the  property of  the Administrative Agent, and such Lender shall promptly, but  in no event  later  than  two  Business  Days  thereafter,  return  to  the  Administrative  Agent  the  amount  of  any  such  Erroneous  Payment (or portion thereof) as to which such a demand was made, in same day funds (in the currency

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‐ 93 ‐    NAI‐1515108520v22   so  received),  together with  interest  thereon  in  respect of each day  from and  including  the date  such  Erroneous Payment (or portion thereof) was received by such Lender to the date such amount is repaid  to  the Administrative Agent  in  same  day  funds  at  a  rate determined by  the Administrative Agent  in  accordance with banking industry rules on interbank compensation from time to time in effect and (ii) to  the extent permitted by applicable law, such Lender shall not assert any right or claim to the Erroneous  Payment, and hereby waives any claim, counterclaim, defense or  right of  set‐off or  recoupment with  respect  to  any  demand,  claim  or  counterclaim  by  the  Administrative  Agent  for  the  return  of  any  Erroneous Payments received, including, without limitation, waiver of any defense based on “discharge  for value” or any similar theory or doctrine.  A notice of the Administrative Agent to any Lender or any  under this clause (a) shall be conclusive, absent manifest error.   (b) Without  limiting  immediately preceding clause  (a), each Lender hereby  further agrees  that  if  it receives  a  payment  from  the  Administrative  Agent  (or  any  of  its  Affiliates)  (x)  that  is  in  a  different amount  than, or on a different date  from,  that specified  in a notice of payment sent by  the  Administrative Agent, (y) that was not preceded or accompanied by notice of payment, or (z) that such  Lender otherwise becomes aware was  transmitted, or received,  in error or by mistake  (in whole or  in  part), then  in each case,  if an error has been made each such Lender  is deemed to have knowledge of  such error at the time of receipt of such Erroneous Payment, and to the extent permitted by applicable  law, such Lender shall not assert any right or claim to the Erroneous Payment, and hereby waives, any  claim,  counterclaim, defense or  right of  set‐off or  recoupment with  respect  to any demand,  claim or  counterclaim by the Administrative Agent for the return of any Erroneous Payments received, including  without  limitation  waiver  of  any  defense  based  on  “discharge  for  value”  or  any  similar  theory  or  doctrine.  Each Lender agrees  that,  in each such case,  it shall promptly  (and,  in all events, within one  Business Day of its knowledge (or deemed knowledge) of such error) notify the Administrative Agent of  such occurrence and, upon demand from the Administrative Agent, it shall promptly, but in all events no  later  than  two Business Days  thereafter,  return  to  the Administrative Agent  the amount of any  such  Erroneous Payment (or portion thereof) as to which such a demand was made in same day funds (in the  currency so received), together with interest thereon in respect of each day from and including the date  such Erroneous Payment (or portion thereof) was received by such Lender to the date such amount  is  repaid to the Administrative Agent in same day funds at a rate determined by the Administrative Agent  in accordance with banking industry rules on interbank compensation from time to time in effect.  (c) The  Co‐Borrowers  and  each  other  Loan  Party  hereby  agree  that  (x)  in  the  event  an  Erroneous  Payment  (or  portion  thereof)  is  not  recovered  from  any  Lender  that  has  received  such  Erroneous Payment (or portion thereof) for any reason (and without limiting the Administrative Agent’s  rights and  remedies under  this Section 7.10),  the Administrative Agent  shall be  subrogated  to all  the  rights of such Lender with respect to such amount and (y) an Erroneous Payment shall not pay, prepay,  repay, discharge or otherwise satisfy any Obligations owed by the Co‐Borrowers or any other Loan Party.  (d) In  addition  to  any  rights  and  remedies  of  the Administrative Agent  provided  by  law,  Administrative Agent  shall have  the  right, without prior notice  to  any  Lender,  any  such notice being  expressly  waived  by  such  Lender  to  the  extent  permitted  by  applicable  law,  with  respect  to  any  Erroneous Payment for which a demand has been made in accordance with this Section 7.10 and which  has not been returned to  the Administrative Agent, to set off and appropriate and apply against such  amount any and all deposits (general or special, time or demand, provisional or final but excluding trust  accounts), in any currency, and any other credits, indebtedness or claims, in any currency, in each case  whether direct or indirect, absolute or contingent, matured or unmatured, at any time held or owing by  Administrative Agent or any of its Affiliate, branch or agency thereof to or for the credit or the account

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‐ 94 ‐    NAI‐1515108520v22   of  such Lender.  Administrative Agent agrees promptly  to notify  the Lender after any  such  setoff and  application made by Administrative Agent; provided, that the failure to give such notice shall not affect  the validity of such setoff and application.  (e)    Each  party’s  obligations  under  this  Section  7.10  shall  survive  the  resignation  or  replacement  of  the  Administrative  Agent,  the  termination  of  the  Commitments  or  the  repayment,  satisfaction or discharge of all Obligations (or any portion thereof) under any Transaction Document.  ARTICLE VIII.  ADMINISTRATION AND SERVICING OF COLLATERAL  SECTION 8.01 Appointment and Designation of the Servicer.  (a) Initial  Servicer.  The  Co‐Borrowers  and  the  Lenders  hereby  appoint  Massachusetts  Mutual Life  Insurance Company, pursuant  to  the  terms and conditions of  this Agreement, as Servicer,  with  the  authority  to  service,  administer  and  exercise  rights  and  remedies,  on  behalf  of  the  Co‐ Borrowers,  in respect of the Collateral and to take the actions required of  it hereunder and under the  other  Transaction  Documents. Massachusetts Mutual  Life  Insurance  Company  hereby  accepts  such  appointment and agrees to perform the duties and responsibilities of the Servicer pursuant to the terms  hereof until such time as it resigns or is removed as Servicer pursuant to the terms hereof. The Servicer  and the Co‐Borrowers hereby acknowledge that the Administrative Agent and the Secured Parties are  third party beneficiaries of the obligations undertaken by the Servicer hereunder.  (b) Servicer  Termination  Notice.  The  Co‐Borrowers,  the  Servicer  and  the  Administrative  Agent  hereby  agree  that,  upon  the  occurrence  of  a  Servicer  Termination  Event,  the  Administrative  Agent, by written notice to the Servicer  (a “Servicer Termination Notice”), may  (upon the direction of  the Majority Lenders) terminate all of the rights, obligations, power and authority of the Servicer under  this Agreement. On and after the receipt by the Servicer of a Servicer Termination Notice pursuant to  this Section 8.01(b), the Servicer shall continue to perform all servicing functions under this Agreement  until the date that is thirty (30) days after the date of such notice or until a date mutually agreed upon  by the Servicer and the Majority Lenders. The Servicer shall be entitled to receive, to the extent of funds  available  therefor pursuant  to Section 2.08,  the Servicing Fees accrued until  such  termination date as  well as any other fees, amounts, expenses or  indemnities  it  is entitled to pursuant to the provisions of  this Agreement  and  any  Fee  Letter  (collectively,  the  “Servicer Termination  Expenses”). To  the extent  amounts held  in the Collection Account and the Interest Reserve Account and paid  in accordance with  Section 2.09 are  insufficient  to pay  the Servicer Termination Expenses,  the Co‐Borrowers  (and  to  the  extent  the Co‐Borrowers  fail  to so pay,  the Lenders based on  their Pro Rata Share) agrees  to pay  the  Servicer Termination Expenses within ten (10) Business Days of receipt of an invoice therefor. After the  earlier of (i) the termination date specified  in the applicable Servicer Termination Notice and (ii) thirty  (30) days thereafter as provided above, the Servicer agrees that it will terminate its activities as Servicer  hereunder in a manner that the Majority Lenders believe will facilitate the transition of the performance  of such activities to a Replacement Servicer, and the Replacement Servicer shall assume each and all of  the Servicer’s obligations under this Agreement and the other Transaction Documents, on the terms and  subject to the conditions herein set forth, and the Servicer shall use its commercially reasonable efforts  to assist the Replacement Servicer in assuming such obligations.  (c) Appointment of Replacement Servicer. At any time following the delivery of a Servicer  Termination Notice or receipt of any notice of resignation under Section 8.09, the Administrative Agent

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‐ 95 ‐    NAI‐1515108520v22   (acting at the direction of the Majority Lenders) may, with the consent of the Administrative Borrower  (such consent not being required if an Event of Default has occurred and is continuing), appoint a new  Servicer  (the  “Replacement  Servicer”),  which  appointment  shall  take  effect  upon  the  Replacement  Servicer  accepting  such  appointment  by  a  written  assumption  in  a  form  satisfactory  to  the  Administrative Agent acting at the direction of the Majority Lenders. Any Replacement Servicer shall be  an established financial  institution, having a net worth of not less than $50,000,000 and whose regular  business includes the servicing of assets similar to the Collateral.  (d) Liabilities  and  Obligations  of  Replacement  Servicer.  Upon  its  appointment,  any  Replacement  Servicer  shall  be  the  successor  in  all  respects  to  the  Servicer with  respect  to  servicing  functions  under  this  Agreement  and  shall  be  subject  to  all  the  responsibilities,  duties  and  liabilities  relating  thereto placed on  the Servicer by  the  terms and provisions hereof, and all  references  in  this  Agreement  to  the  Servicer  shall be deemed  to  refer  to  the Replacement  Servicer; provided  that  any  Replacement Servicer shall have (i) no liability with respect to any action performed by the prior Servicer  prior to the date that the Replacement Servicer becomes the successor to the Servicer or any claim of a  third party based on any alleged action or inaction of the prior Servicer, (ii) no obligation with respect to  any Taxes on behalf of the Loan Parties, except for any payment made out of the Collection Account as  provided in Section 2.13, (iii) no obligation to pay any of the fees and expenses of any other party to the  transactions  contemplated  hereby  and  (iv) no  liability  or  obligation  with  respect  to  any  Servicer  indemnification obligations of any prior Servicer. The  indemnification obligations of  the Replacement  Servicer,  upon  becoming  a  Servicer,  are  expressly  limited  to  those  arising  on  account  of  its  gross  negligence or willful misconduct, or the failure to perform materially  in accordance with  its duties and  obligations  set  forth  in  this Agreement.  In  addition,  the  Replacement  Servicer  shall  have  no  liability  relating to the representations of the prior Servicer contained in Section 4.03.  (e) Authority  and  Power.  All  authority  and  power  granted  to  the  Servicer  under  this  Agreement shall automatically cease and  terminate on  the Facility Termination Date and shall pass  to  and be vested in the Loan Parties or their designee thereafter and, without limitation, the Loan Parties  are hereby authorized and empowered to execute and deliver, on behalf of the Servicer, as attorney‐in‐ fact  or  otherwise,  all  documents  and  other  instruments,  and  to  do  and  accomplish  all  other  acts  or  things necessary or appropriate to effect the purposes of such transfer of servicing rights. The Servicer  agrees to cooperate with the Loan Parties in effecting the termination of the responsibilities and rights  of the Servicer to conduct servicing of the Collateral.   (f) Subcontracts.  The  Servicer may, with  the  prior written  consent  (except  that  no  such  consent shall be required (i) with respect to ministerial duties or (ii) to the extent necessary for Servicer  to  comply with  any Applicable  Laws,  regulations,  codes or ordinances  relating  to  Servicer’s  servicing  obligations)  of  the  Administrative  Agent  (acting  at  the  direction  of  the  Majority  Lenders)  and  the  Administrative  Borrower  (not  to  be  unreasonably withheld  or  delayed),  subcontract with  any  other  Person for servicing, administering or collecting the Collateral; provided that (A) the Servicer shall select  any such Person with reasonable care and shall be solely responsible for the fees and expenses payable  to any such Person, (B) the Servicer shall not be relieved of, and shall remain liable for, the performance  of  the  duties  and  obligations  of  the  Servicer  pursuant  to  the  terms  hereof  without  regard  to  any  subcontracting arrangement and (C) any such subcontract shall be terminable upon the occurrence of a  Servicer Termination Event.  (g) Waiver.  The  Loan  Parties  acknowledge  that  the  Administrative  Agent  or  any  of  its  Affiliates may, but shall not be obligated to, act as the Servicer, and the Co‐Borrowers waive any and all

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‐ 96 ‐    NAI‐1515108520v22   claims  against  the  Administrative  Agent,  each  Lender  or  any  of  their  respective  Affiliates  and  the  Servicer (other than claims relating to such party’s gross negligence or willful misconduct as determined  in a final and non‐appealable judgement by a court of competent jurisdiction) relating in any way to the  custodial or collateral administration functions having been performed by the Administrative Agent or  any of its Affiliates in accordance with the terms and provisions (including the standard of care) set forth  in the Transaction Documents.  SECTION 8.02 Duties of the Servicer.  (a) Duties. The Servicer shall take or cause to be taken all such actions as may be necessary  or advisable  to,  following  the occurrence and during  the continuance of an Event of Default, monitor  and administer the Collections and to perform its duties and responsibilities under this Agreement and  the  other  Transaction Documents,  all  in  accordance with  this  Agreement  and  the  other  Transaction  Documents, Applicable Law and the Servicing Standard. Without limiting the foregoing, the duties of the  Servicer shall include the following:  (i) maintaining  all  necessary  servicing  records  with  respect  to  the  Collateral  received  from  the  Loan  Parties,  or  following  the  occurrence  and  continuance  of  an  Event  of  Default, and providing such records to each Lender together with such other  information with  respect to the Collateral (including information relating to the Servicer’s performance under this  Agreement) as may be required hereunder or as the Majority Lenders may reasonably request;  (ii) maintaining  and  implementing  administrative  and  operating  procedures  (including an ability to create servicing records received evidencing the Collateral) and keeping  and  maintaining  all  documents,  books,  records  and  other  information  or  pursuant  to  this  Agreement reasonably necessary or advisable for the collection of the Collateral;  (iii) promptly  delivering  to  the  Lenders,  from  time  to  time,  such  information  and  servicing  records  (to  the extent  received by  the Servicer,  including  information  relating  to  the  Servicer’s performance under this Agreement), as any Lender may from time to time reasonably  request;  (iv) identifying  each  Portfolio  Asset  clearly  and  unambiguously  in  its  records  to  reflect that such Portfolio Asset has been Transferred and is owned by a Loan Party;  (v) notifying  the  Lenders of  any material action,  suit, proceeding, dispute, offset,  deduction, defense or counterclaim  that  is or  is  threatened  to be asserted by an Obligor with  respect  to any Portfolio Asset  (or portion  thereof) of which  it has knowledge or has  received  notice;  (vi) maintaining  the perfected  first priority  security  interest  (subject  to Permitted  Liens) of the Administrative Agent, for the benefit of the Secured Parties, in the Collateral to the  extent required by the Transaction Documents;  (vii) pursuant  to  the  terms hereof, directing  the Administrative Agent  to direct  the  Account Bank to make payments in accordance with Section 2.09;  (viii) following the occurrence and during the continuance of an Event of Default,  if  directed  by  the Majority  Lenders,  instructing  the  Obligors,  on  the  Portfolio  Assets  to make

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‐ 97 ‐    NAI‐1515108520v22   payments with  respect  to  the  related Portfolio Asset directly  into  the Collection Account and  otherwise directing or depositing Collections into the Collection Account;  (ix) recording  in  the  records  for  the Collateral any Tax and  insurance escrows and  payments and Distributions with respect to the Portfolio Asset to the extent such information is  received by the Servicer;  (x) all payments made with respect to the Portfolio Assets; and  (xi) following  the occurrence and during  the  continuance of any Event of Default,  identifying  Collections  as  Excluded  Amounts  and  preparing  statements  with  respect  to  Collections and segregating Collections, all as required by this Agreement.  (b) It  is  acknowledged  and  agreed  that  the    Loan  Parties  possess  only  such  rights with  respect to the enforcement of rights and remedies with respect to the Portfolio Assets and under the  Equity Investment Agreements as have been transferred to the applicable Loan Party with respect to the  related Portfolio Asset, and  therefore  in all circumstances,  the Loan Parties shall perform  their duties  hereunder only to the extent that they have the right to do so.  (c) Notwithstanding  anything  to  the  contrary  contained  herein,  the  exercise  by  the  Administrative Agent and the Secured Parties of their rights hereunder shall not release the Servicer or  the Loan Parties from any of their duties or responsibilities with respect to the Collateral. The Secured  Parties  and  the  Administrative  Agent  shall  not  have  any  obligation  or  liability  with  respect  to  any  Collateral, nor shall any of them be obligated to perform any of  the obligations of the Servicer or the  Loan Parties hereunder.  (d) [Reserved.]  (e) The  Servicer  is  not  required  to  take  any  action  under  this  Agreement  or  any  other  Transaction Document  that,  in  its  opinion  or  the  opinion  of  its  counsel, may  expose  the  Servicer  to  liability or  that  is contrary  to any Transaction Document or Applicable Law. The Servicer  shall not be  liable for any action taken or not taken by it under this Agreement or any other Transaction Document  with  the  consent  or  at  the  request  of  the  Co‐Borrowers  or  the Majority  Lenders  (or  all  Lenders,  as  applicable and as set forth in Sections 6.01 and 11.01). In the event the Servicer requests the consent of  a  Lender  pursuant  to  the  foregoing  provisions  and  the  Servicer  does  not  receive  a  consent  (either  positive or negative)  from such Person within  ten  (10) Business Days of such Person’s  receipt of such  request, then such Lender shall be deemed to have declined to consent to the relevant action. For all  purposes of this Agreement and the other Transaction Documents, the Loan Parties and the Lenders, as  the case may be, shall direct the Servicer and the Account Bank, as applicable, what  lender consent  is  required for a particular amendment, waiver or consent.  (f) The Servicer shall not be liable for any action taken or omitted to be taken by it under or  in connection with this Agreement or any of the other Transaction Documents in the absence of its own  gross  negligence  or  willful  misconduct  as  determined  in  a  final  decision  by  a  court  of  competent  jurisdiction. Without  limiting  the  foregoing,  the  Servicer  (i) may  consult with  legal  counsel  (including  counsel  for  the  Co‐Borrowers  or  the  Servicer),  independent  public  accountants  and  other  experts  selected by  it and shall not be  liable for any action taken or omitted to be taken  in good faith by  it  in  accordance with the advice of such counsel, accountants or experts, (ii) shall not be responsible for or  have any duty to ascertain or inquire  into (A) any statement, warranty or representation made in or in

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‐ 98 ‐    NAI‐1515108520v22   connection with this Agreement or any other Transaction Document, (B) the contents of any certificate,  report or other document delivered hereunder or thereunder or  in connection herewith or therewith,  (C) except as otherwise expressly provided herein, the performance or observance by any party (other  than the Servicer) of any of the covenants, agreements or other terms or conditions set forth herein or  therein or  the occurrence of any Event of Default or Potential Default,  (D)  the validity, enforceability,  effectiveness  or  genuineness  of  this  Agreement,  any  other  Transaction  Document  or  any  other  agreement,  instrument or document or  (E)  the  satisfaction of any  condition  set  forth  in Article  III or  elsewhere  herein,  other  than  to  confirm  receipt  of  items  expressly  required  to  be  delivered  to  the  Servicer (if any) and (iii) shall incur no liability under or in respect of this Agreement or any of the other  Transaction Documents for relying on any notice (including notice by telephone), consent, certificate or  other instrument or writing (which may be by facsimile) believed by it to be genuine and signed or sent  by the proper party or parties.  SECTION 8.03 Authorization of the Servicer.  (a) The Loan Parties hereby authorize the Servicer (including any successor thereto) to take  any and all reasonable steps in its name and on its behalf necessary or desirable in the determination of  the  Loan Parties  and not  inconsistent with  the  security  interest of  the Administrative Agent,  for  the  benefit of the Secured Parties, in the Collateral, upon the occurrence and during the continuance of an  Event of Default to collect all amounts due under the Collateral,  in accordance with and subject to the  terms hereof, including, to the extent the Servicer is permitted to do so, endorsing its name on checks  and  other  instruments  representing  Collections,  executing  and  delivering  any  and  all  instruments  of  satisfaction  or  cancellation,  or  of  partial  or  full  release  or  discharge,  and  all  other  comparable  instruments, with respect to the Collateral and, after the delinquency of any Portfolio Asset, and to the  extent permitted under and in compliance with Applicable Law, to commence proceedings with respect  to enforcing payment thereof. The Loan Parties shall furnish the Servicer (and any successors thereto)  with any powers of attorney and other documents, in each case effective only after the occurrence and  during the continuance of an Event of Default, necessary or appropriate to enable the Servicer to carry  out  its  servicing  and  administrative  duties  hereunder,  and  after  the  occurrence  and  during  the  continuance of an Event of Default  shall cooperate with  the Servicer  to  the  fullest extent  in order  to  facilitate  the  collectability  of  the  Collateral.  In  no  event  shall  the  Servicer  be  entitled  to make  the  Secured Parties,  the Administrative Agent or any Lender a party  to any  litigation without such party’s  express prior written consent, or to make the Servicer a party to any  litigation (other than any routine  foreclosure or similar collection procedure) without the Administrative Agent’s (at the direction of the  Majority  Lenders)  consent.  In  the performance of  its obligations hereunder,  the Servicer  shall not be  obligated to take, or to refrain from taking, any action which any Lender requests that the Servicer take  or  refrain  from  taking  to  the  extent  that  the  Servicer  determines  in  its  reasonable  and  good  faith  judgment that such action or  inaction  (i) may cause a violation of Applicable Laws, regulations, codes,  ordinances, court orders or restrictive covenants with respect to any Portfolio Asset, the Loan Parties or  any Obligor,  (ii) may cause a violation of any provision of  this Agreement, a Fee Letter or a Required  Portfolio  Document  or  any  other  Transaction  Document  or  (iii) may  be  a  violation  of  the  Servicing  Standard.  (b) After  the  declaration of  the Maturity Date  and  to  the  extent  any Obligations  remain  unpaid,  at  the  direction  of  the Majority  Lenders,  the  Servicer  shall  take  such  action  as  the Majority  Lenders may deem necessary or advisable to enforce collection of the Portfolio Assets; provided that the  Servicer may, at any  time  that an Event of Default has occurred and  is continuing, notify  the Obligor,  with respect to any Portfolio Asset of the assignment of such Portfolio Asset to the Servicer and direct

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‐ 99 ‐    NAI‐1515108520v22   that payments of all amounts due or to become due thereunder be made directly to the Administrative  Agent or any servicer, collection agent or account designated by the Administrative Agent (acting at the  direction  of  the Majority  Lenders)  and,  upon  such  notification,  after  the  occurrence  and  during  the  continuance of an Event of Default and at the expense of the Co‐Borrowers, the Servicer (acting at the  direction of the Majority Lenders) may enforce collection of any such Portfolio Asset, and adjust, settle  or compromise the amount or payment thereof.  SECTION 8.04 Collection of Payments; Accounts.  (a) Without  limiting Section 8.02,  following the occurrence and during the continuance of  an Event of Default, the Servicer will monitor all Collections deposited to the Collection Account and will  monitor  the  administration  of  the  Collection  Account  in  accordance  with  this  Agreement  and  the  Account Control Agreement.  (b) Collection  Account  and  Interest  Reserve  Account.  Each  of  the  parties  hereto  hereby  agrees  that  (i) each  of  the  Collection Account  and  the  Interest  Reserve Account  is  intended  to  be  a  “deposit  account”  or  “securities  account”  within  the  meaning  of  the  UCC  and  (ii)  following  the  occurrence and during the continuance of an Event of Default, only the Administrative Agent, acting at  the  direction  of  the  Servicer,  shall  be  entitled  to  exercise  the  rights with  respect  to  the  Collection  Account and  the  Interest Reserve Account and have  the right  to direct  the disposition of  funds  in  the  Collection Account and the Interest Reserve Account in accordance with Section 2.09. Each Co‐Borrower  hereby  agrees  to  use  commercially  reasonable  efforts  to  cause  the Account  Bank  to  agree with  the  parties hereto that regardless of any provision  in any other agreement, for purposes of the UCC, with  respect to the Collection Account and the Interest Reserve Account, New York shall be deemed to be the  Account  Bank’s  jurisdiction  (within  the  meaning  of  Section 9‐304  of  the  UCC).  If  at  any  time  a  Responsible  Person  of  a  Loan  Party  obtains  knowledge  that  the  Collection Account  and  the  Interest  Reserve  Account  ceases  to  be maintained  by  a  Qualified  Institution  (with  written  notice  from  the  Administrative  Borrower  to  the  Administrative  Agent  and  the  Lenders),  then  each  Loan  Party  shall  transfer such account to another Qualified Institution; provided that notice of such transfer to another  Qualified Institution shall be given by the Administrative Borrower to the Administrative Agent and the  Lenders at least ninety (90) days prior to the transfer to such Qualified Institution.  (c) Adjustments. If a Loan Party makes a deposit into the Collection Account in respect of a  Collection and such Collection was received  in the form of a check that  is not honored for any reason  then the amount subsequently deposited  into the Collection Account to reflect such dishonored check  shall be adjusted. Any Scheduled Payment  in respect of which a dishonored check  is received shall be  deemed not to have been paid.   SECTION 8.05 Realization  Upon  Portfolio  Assets.  For  the  avoidance  of  doubt  and  notwithstanding anything  to  the  contrary  in  this Agreement,  the Servicer  shall only exercise  rights  to  realize upon Portfolio Assets upon the occurrence and during  the continuance of an Event of Default.  Following  the  occurrence  and  during  the  continuance  of  an  Event  of  Default,  the  Servicer will  use  reasonable  efforts  consistent with  the  Servicing  Standard  and  the  Equity  Investment  Agreement  to  exercise  available  remedies  (which may  include  foreclosing  upon  or  repossessing,  as  applicable,  or  otherwise comparably converting the ownership of any Portfolio Asset) relating to a defaulted Portfolio  Asset as to which no satisfactory arrangements can be made for the collection of delinquent payments,  and may, consistent with  the Servicing Standard and exercising  its  reasonably good  faith  judgment  to  maximize  value,  hold  for  value,  sell  or  transfer  any  equity  or  other  securities  shall  have  received  in

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‐ 100 ‐    NAI‐1515108520v22   connection  with  a  default,  workout,  restructuring  or  plan  of  reorganization  with  respect  to  such  Portfolio Asset.  The  Servicer will  comply with  the  Servicing  Standard  and Applicable  Law  in  realizing  upon  such  Portfolio  Asset,  and  employ  practices  and  procedures  including  commercially  reasonable  efforts consistent with the Servicing Standard to enforce all obligations of Obligors by foreclosing upon,  repossessing and causing the sale of such Portfolio Asset at public or private sale in circumstances other  than those described in the preceding sentence. Without limiting the generality of the foregoing, unless  the Majority Lenders have specifically given instruction to the contrary, the Servicer may cause the sale  of any  such Portfolio Asset  to  the Servicer or  its Affiliates  for a purchase price equal  to  the  then  fair  value  thereof, any  such  sale  to be evidenced by a  certificate of a Responsible Person of  the Servicer  delivered  to  the  Lenders  setting  forth  the  Portfolio  Asset,  the  Portfolio  Asset,  the  sale  price  of  the  Portfolio Asset and certifying that such sale price is the fair value of such Portfolio Asset. In any case in  which  any  such  Portfolio Asset has  suffered damage,  the  Servicer will have no obligation  to  expend  funds  in connection with any repair or toward the foreclosure or repossession of such Portfolio Asset.  The Servicer will remit to the Collection Account the recoveries received in connection with the sale or  disposition of Portfolio Asset  relating  to a defaulted Portfolio Asset. Notwithstanding anything  to  the  contrary herein, the Servicer shall not take any action with respect to the Portfolio Assets, nor shall it be  required to take any actions, relating to any special servicing activities (it being understood and agreed  that the Servicer shall determine whether any obligations or actions of the Servicer expressly set forth in  this Agreement or the other Transaction Documents shall constitute special servicing activities), except  to  the  extent  (i)  agreed  to  among  the  Co‐Borrowers,  the  Lenders  and  the  Servicer,  pursuant  to  a  separate fee letter agreement and (ii) the parties to such fee agreement agree to address any conflicts  presented by such performance of special servicing activities reasonably requested by the Servicer with  respect to any Portfolio Asset that is in default, if a Co‐Borrower believes the exercise of remedies would  maximize  recoveries  thereunder.  Subject  to  the  terms  of  the  Equity  Investment Agreement  and  the  Servicing Standard,  the Servicer will  comply  in all material  respects with Applicable  Law  in exercising  such remedies. Notwithstanding any of the foregoing, the Loan Parties shall not be obligated to breach  any  of  their  duties  or  responsibilities  under  any  Equity  Investment  Agreement  to  comply with  this  Section 8.05.  SECTION 8.06 Servicing Compensation. As compensation  for  its Servicer activities hereunder,  the Servicer shall be entitled to the Servicing Fees from the Co‐Borrowers as set forth in the Servicer Fee  Letter, payable pursuant to the extent of funds available therefor pursuant to the provisions of Section  2.09; provided that if such amounts are insufficient then Sections 8.10 and 11.07 shall be applicable. The  Servicer’s entitlement to receive the Servicing Fees shall cease on the earlier to occur of (i) its removal  as Servicer as provided in Section 8.01(b), (ii) its resignation as Servicer as provided in Section 8.09 or (iii)  the termination of this Agreement; provided that the Servicer shall be entitled to any fees accrued and  payable up to such date to the extent not previously paid.  SECTION 8.07 Payment  of  Certain  Expenses.  The  Loan  Parties  will  be  required  to  pay  all  reasonable  and  invoiced  out‐of‐pocket  fees  and  expenses  owing  to  any  bank  or  trust  company  in  connection with  the maintenance of  the Collection Account. The Servicer shall be  reimbursed  for any  such  reasonable  and  invoiced  out‐of‐pocket  expenses  incurred  hereunder  (including  reasonable  and  invoiced  out‐of‐pocket  expenses  paid  by  the  Servicer  on  behalf  of  the  Loan  Parties),  subject  to  the  availability of  funds pursuant  to Section 2.09; provided  that,  to  the extent  funds are not available  for  such reimbursement, the Servicer shall be entitled to repayment of such expenses from the Loan Parties  and if the Loan Parties fail to so reimburse the Servicer, the Servicer shall be entitled to be reimbursed  by the Lenders (and each Lender hereby agrees to so reimburse the Servicer as provided herein) within  ten (10) Business Days of receipt of an invoice therefor. In no event shall the Administrative Agent have

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‐ 101 ‐    NAI‐1515108520v22   any duty, obligation or liability for payment of any fees, expenses, indemnities or other amounts payable  to the Servicer.  SECTION 8.08 Reports to the Administrative Agent Account Statements; Servicing Information.  (a) [Reserved].  (b) [Reserved].  (c) Servicing Report. No later than three (3) Business Days prior to each Payment Date, the  Servicer will provide to the Administrative Borrower and the Lenders a quarterly statement including (i)  a  summary prepared with  respect  to  each Obligor  and with  respect  to each Portfolio Asset  for  such  Obligor prepared  as of  the most  recent Determination Date  and  in  a  form determined by  the  initial  Servicer hereunder  (upon consultation with the Administrative Borrower) or  in the  form subsequently  agreed  to by any Replacement Servicer,  the Administrative Borrower and  the Majority  Lenders  (such  quarterly  statement,  together with  the  items  set  forth  in  clauses  (ii)  and  (iii)  below,  collectively,  a  “Servicing  Report”),  (ii)  the  aggregate  Investment  Value  of  all  Eligible  Portfolio  Assets  as  of  the  Determination Date for such Reporting Date and (iii) the identification of any Excluded Amounts.  (d) Following the occurrence and during the continuance of a Potential Default or an Event  of  Default,  Servicer  may  direct  Administrative  Agent  to  send  instructions  to  the  Account  Bank  to  withdraw amounts and distribute such amounts pursuant to Section 2.09 hereof.  (e) [Reserved].  (f) Amendments to Portfolio Assets. To the extent delivered to the Servicer hereunder, the  Servicer will deliver to the Lenders a copy of any amendment, restatement, supplement, waiver or other  modification to the Equity Investment Agreement of any Eligible Portfolio Asset (along with any internal  documents  that  are  not  privileged  prepared  by  its  investment  committee  in  connection  with  such  amendment,  restatement,  supplement, waiver or other modification)  (i) with  respect  to any Material  Investment Event, promptly and  in any event within  five  (5) Business Days of  request of  the Majority  Lenders  thereof  and  (ii) with  respect  to  any  amendment,  restatement,  supplement, waiver  or  other  modification which is not a Material Investment Event, within forty‐five (45) days after the end of each  quarter  (in  each  case,  to  the  extent  received  by  the  Servicer).  The  Servicer  shall  also  deliver  to  the  Lenders any notice or other correspondence that it receives hereunder or with respect to any Portfolio  Asset,  in each  case,  to  the extent  it deems  such material  in accordance with  the  Servicing  Standard,  promptly upon receipt thereof.  (g) Delivery  Methods.  Notwithstanding  anything  to  the  contrary  contained  herein,  information  required  to be delivered or  submitted  to  any  Secured Party pursuant  to  this Agreement  shall be deemed to have been delivered on the date upon which such information is received through e‐ mail.  SECTION 8.09 The  Servicer Not  to Resign. The  Servicer  shall not  resign  from  the obligations  and duties hereby imposed on it except (a) upon the Servicer’s determination that (i) the performance  of its duties hereunder is or becomes impermissible under Applicable Law and (ii) there is no reasonable  action that the Servicer could take to make the performance of its duties hereunder permissible under  Applicable Law,  (b) Massachusetts Mutual Life  Insurance Company, as  initial Servicer hereunder, may  resign as Servicer upon prior notice  to  the other parties hereto upon  the  selection of a Replacement

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‐ 102 ‐    NAI‐1515108520v22   Servicer or  (c) upon  at  least  sixty  (60) days’ prior notice  to  the other parties hereto.  If no  successor  Servicer shall have been appointed and an  instrument of acceptance by a successor Servicer shall not  have been delivered to the Servicer within thirty (30) days after the giving of such notice of resignation,  the  resigning  Servicer  may  petition  any  court  of  competent  jurisdiction  for  the  appointment  of  a  successor Servicer. No such resignation shall become effective until a Replacement Servicer shall have  assumed the responsibilities and obligations of the Servicer  in accordance with Section 8.02. Any Fees  then  due  and  owing  to  the  Servicer  and  accrued  through  such  date,  including  any  expenses  or  indemnities it is entitled to pursuant to the provisions of this Agreement and any Fee Letter, shall be due  and  payable  on  such  discharge  date  and  shall  be  paid  in  accordance with  Section  2.09  and  if  such  amounts are insufficient to pay such amounts then due and owing, shall be paid by the Co‐Borrowers (or  the Lenders if the Co‐Borrowers fail to so pay such amounts) within ten (10) Business Days of receipt of  an invoice therefor.   SECTION 8.10 Indemnification of  the Servicer. Each  Lender agrees  to  indemnify  the Servicer  from and against any and all liabilities, obligations, losses, damages, penalties, actions, judgments, suits,  costs, expenses or disbursements of any kind or nature whatsoever which may be imposed on, incurred  by, or asserted against the Servicer in any way relating to or arising out of this Agreement or any of the  other Transaction Documents, or any action taken or omitted by the Servicer hereunder or thereunder;  provided  that  (a)  the Lenders  shall not be  liable  for any portion of  such  liabilities, obligations,  losses,  damages,  penalties,  actions,  judgments,  suits,  costs,  expenses  or  disbursements  resulting  from  the  Servicer’s  gross  negligence  or  willful  misconduct  as  determined  in  a  final  decision  by  a  court  of  competent  jurisdiction  and  (b)  no  action  taken  in  accordance  with  the  directions  of  the  Majority  Lenders,  Lenders  or  the  Co‐Borrowers  shall  be  deemed  to  constitute  gross  negligence  or  willful  misconduct for purposes of this Article VIII. Without  limitation of the foregoing, each Lender agrees to  reimburse  the  Servicer,  promptly  upon  demand,  for  any  Fees  due  to  it  hereunder,  out‐of‐pocket  expenses  (including  counsel  fees)  incurred  by  the  Servicer  in  connection  with  the  administration,  modification,  amendment  or  enforcement  (whether  through  negotiations,  legal  proceedings  or  otherwise) of, or legal advice in respect of rights or responsibilities under, this Agreement and the other  Transaction Documents, to the extent that such expenses are incurred in the interests of or otherwise in  respect of  the Servicer or Lenders hereunder or  thereunder and to the extent  that the Servicer  is not  reimbursed for such expenses by the Co‐Borrowers under Section 2.09.  SECTION 8.11 Rights as a Lender. The Person serving as the Servicer hereunder shall have the  same rights and powers  in  its capacity as a Lender as any other Lender and may exercise the same as  though  it were not the Servicer, and the term “Lender” or “Lenders” shall, unless otherwise expressly  indicated or unless the context otherwise requires, include the Person serving as the Servicer hereunder  in  its  individual capacity. Such Person and  its Affiliates may accept deposits from,  lend money to, own  securities of, act as the financial advisor or  in any other advisory capacity for, and generally engage  in  any kind of business with, the Co‐Borrowers, Holdings or any Subsidiary or other Affiliate thereof as  if  such Person were not the Servicer hereunder and without any duty to account therefor to the Lenders.  ARTICLE IX.  [RESERVED].  ARTICLE X.  INDEMNIFICATION  SECTION 10.01 Indemnities by the Co‐Borrowers and Holdings.

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‐ 103 ‐    NAI‐1515108520v22   (a) Without  limiting any other  rights which  the Secured Parties or any of  their  respective  Affiliates may have hereunder or under Applicable Law, each of Holdings and, jointly and severally, the  Co‐Borrowers,  shall  indemnify  the  Secured  Parties  and  each  of  their  respective  Affiliates,  assigns,  officers, directors, employees and agents  (each, an “Indemnified Party”  for purposes of  this Article X)  and  hold  each  Indemnified  Party  harmless  from  and  against  any  and  all  damages,  losses,  claims,  liabilities  and  related  costs  and  expenses,  including  reasonable  and  documented  out‐of‐pocket  attorneys’ fees and disbursements and court costs (all of the foregoing being collectively referred to as  “Indemnified Amounts”),  incurred by or asserted against such  Indemnified Party arising out of or as a  result of (i) this Agreement or the other Transaction Documents or in respect of any of the Collateral, (ii)  any Advance or the use or proposed use of the proceeds therefrom, (iii) any actual or prospective claim,  litigation,  investigation or proceeding relating to any of the foregoing, whether based on contract, tort  or any other theory, whether brought by a third party, by Holdings or the Co‐Borrowers or by any other  Person, and regardless of whether any Indemnified Party  is a party thereto, or (iv) any action, claim or  suit  brought  by  an  Indemnified  Party  to  enforce  its  right  to  indemnification  hereunder,  provided,  however, with respect to any  Indemnified Party, such  indemnification shall not be available (A) to the  extent that such Indemnified Amounts arise out of or result from (x) disputes among Indemnified Parties  (other than disputes involving claims against the Administrative Agent in its capacity as such) or (y) the  gross negligence, bad faith or willful misconduct on the part of such Indemnified Party as determined in  a  final  and non‐appealable  judgement of  a  court of  competent  jurisdiction or  (z)  a  claim brought by  Holdings or the Co‐Borrowers against such Indemnified Party (other than the Administrative Agent and  its respective Affiliaties, assigns, officers, directors, employees and agents) for material breach of such  Indemnified Party’s (other than the Administrative Agent’s and its respective Affiliaties, assigns, officers,  directors, employees and agents) express obligations hereunder (including, for the avoidance of doubt,  any failure by such Indemnified Party (other than the Administrative Agent and its respective Affiliaties,  assigns, officers, directors, employees and agents) to comply with its obligation to fund any portion of its  Advances  as  required  hereby)  or  under  any  other  Transaction  Document,  if  Holdings  or  the  Co‐ Borrowers,  as  applicable,  have  obtained  a  final,  non‐appealable  judgment  of  a  court  of  competent  jurisdiction  in  its favor on such claim or (B) with respect to any settlement relating to any  Indemnified  Amounts  that  is entered  into by  such  Indemnified Party  (other  than  the Administrative Agent and  its  respective  Affiliaties,  assigns,  officers,  directors,  employees  and  agents)  without  the  prior  written  consent  of  Holdings  or  the  Co‐Borrowers,  as  applicable,  which  consent  shall  not  be  unreasonably  withheld, conditioned or delayed. This Section 10.01(a) shall not apply with respect to Taxes other than  any Taxes that represent losses, claims, damages, etc. arising from any non‐Tax claim. The obligations of  Holdings, on  the one hand, and  the Co‐Borrowers, on  the other,  to make payments pursuant  to  this  Section 10.01 are several and not joint.  (b) Other  than  as  expressly  set  forth  in  Section  10.01(a),  any  amounts  subject  to  the  indemnification provisions of  this Section 10.01  shall be paid by Holdings or  the Co‐Borrowers  to  the  applicable  Indemnified  Party  within  thirty  (30)  days  following  receipt  by  the  Co‐Borrowers  of  such  Indemnified  Party’s  written  demand  therefor.  Any  Indemnified  Party  making  a  request  for  indemnification under  this Section 10.01  shall  submit  to  the Administrative Borrower a notice  setting  forth in reasonable detail the basis for and the computations of the Indemnified Amounts with respect  to which such indemnification is requested, which notice shall be conclusive absent demonstrable error.  (c) [Reserved].  (d) If Holdings or a Co‐Borrower has made any payments in respect of Indemnified Amounts  to an  Indemnified Party pursuant  to  this Section 10.01 and  such  Indemnified Party  thereafter collects

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‐ 104 ‐    NAI‐1515108520v22   any of such amounts from others, such Indemnified Party will promptly repay such amounts collected to  Holdings or such Co‐Borrower in an amount equal to the amount it has collected from others in respect  of such Indemnified Amounts, without interest.  (e) The obligations of Holdings and the Co‐Borrowers under this Section 10.01 shall survive  the resignation or removal of the Administrative Agent or the Servicer or the termination or assignment  of this Agreement.  (f) The procedures for making claims for indemnification set forth in this Section 10.01 shall  not apply  to any  claim  for  indemnification of any attorneys’  fees,  costs and expenses  incurred by an  Indemnified Party in connection with any enforcement (including by means of any action, claim or suit)  by an  Indemnified Party of any  indemnification or other obligation of Holdings and  the Co‐Borrowers,  and the Indemnified Party shall only be required to make a request for payment.  ARTICLE XI.  MISCELLANEOUS  SECTION 11.01 Amendments and Waivers.  (a) Except  as  set  forth herein,  (i) no  amendment or modification of  any provision of  this  Agreement  or  any  other  Transaction Document  shall  be  effective without  the written  agreement  of  Holdings,  the Co‐Borrowers and  the Majority  Lenders and,  solely  if  such amendment or modification  would affect the rights or obligations of the Administrative Agent or the Servicer, the written agreement  of  the  Administrative  Agent  or  the  Servicer,  as  applicable,  and  (ii) no  termination  or waiver  of  any  provision of this Agreement or any other Transaction Document or consent to any departure therefrom  by Holdings,  the  Co‐Borrowers  or  the  Servicer  shall  be  effective without  the written  consent  of  the  Majority  Lenders.  Any waiver  or  consent  shall  be  effective  only  in  the  specific  instance  and  for  the  specific purpose for which given.    Notwithstanding  the  foregoing,  with  respect  to  any  amendment,  waiver  or modification  to  which  the  Administrative  Agent’s  consent  is  not  required,  the  parties  agree  to  deliver  to  the  Administrative Agent  a  copy  of  each  such  amendment, waiver  or modification;  provided  that,  (i)  no  party shall be liable for its failure to comply with this sentence and (ii) the Administrative Agent shall not  be bound by any such amendment unless and until it has received a copy thereof.  (b) Notwithstanding  the  provisions  of  Section 11.01(a),  the written  consent  of  all  of  the  Lenders  affected  thereby  shall  be  required  for  any  amendment, modification  or waiver  (i) reducing  (without payment thereon) the principal amount due and owing under any outstanding Advance or the  interest  thereon,  (ii) postponing  any  date  for  any  payment  of  any  Advance  or  the  interest  thereon,  (iii) modifying the provisions of this Section 11.01 or the definition of Majority Lenders or changing any  other provision specifying the number or percentage of Lenders required to amend, waive or otherwise  modify any  rights or make any determination or grant any  consent,  (iv) extending  the Maturity Date,  (v) of  any  provision  of  Section 2.09,  (vi) extending  or  increasing  any  Commitment  of  any  Lender,  (vii) changing  Section 11.15  in  a manner  that would  alter  the  pro  rata  sharing  of  payments  required  thereby without the written consent of each Lender directly and adversely affected thereby, (viii) waive  any condition set forth in Section 3.01 or (ix) to consent to a Co‐Borrower’s assignment or transfer of its  rights  and  obligations  under  this  Agreement  or  any  other  Transaction  Document  or  release  all  or  substantially all of the Collateral except as expressly authorized in this Agreement.

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‐ 105 ‐    NAI‐1515108520v22   (c) Notwithstanding anything herein  to  the contrary, no Defaulting Lender  shall have any  right  to approve or disapprove any amendment, waiver or  consent hereunder, and any amendment,  waiver or consent that by its terms requires the consent of all the Lenders or each affected Lender may  be effected with the consent of the applicable Lenders other than Defaulting Lenders, except that (x) the  Commitment of any Defaulting Lender may not be  increased or extended, or the maturity of any of  its  Advances may not be extended, the rate of interest on any of its Advances may not be reduced and the  principal amount of any of its Advances may not be forgiven, in each case without the consent of such  Defaulting Lender and (y) any amendment, waiver or consent requiring the consent of all the Lenders or  each  affected  Lender  that by  its  terms  affects  any Defaulting  Lender more  adversely  than  the other  affected Lenders shall require the consent of such Defaulting Lender.  SECTION 11.02 Notices,  Etc.  All  notices  and  other  communications  hereunder  shall,  unless  otherwise stated herein, be in writing (which shall include facsimile communication and communication  by e‐mail) and faxed, e‐mailed or delivered, to each party hereto, at its address set forth on Schedule IV  or at such other address as shall be designated by such party  in a written notice  to  the other parties  hereto.  Notices  and  communications  by  facsimile  and  e‐mail  shall  be  effective  when  sent  during  business  hours  on  a  Business  Day,  and  notices  and  communications  sent  by  other means  shall  be  effective when received.  SECTION 11.03 No Waiver Remedies. No failure on the part of the Administrative Agent or any  Lender to exercise, and no delay in exercising, any right hereunder shall operate as a waiver thereof; nor  shall any single or partial exercise of any right hereunder preclude any other or further exercise thereof  or the exercise of any other right. The remedies herein provided are cumulative and not exclusive of any  remedies provided by law.  SECTION 11.04 Binding Effect; Assignability; Multiple Lenders.  (a) This  Agreement  shall  be  binding  upon  and  inure  to  the  benefit  of Holdings,  the  Co‐ Borrowers,  the  Administrative  Agent,  each  Lender,  the  Servicer  and  their  respective  successors  and  permitted  assigns.  Each  Lender  and  their  respective  successors  and  assigns may  assign,  or  grant  a  security  interest  in, (i) this Agreement and such Lender’s rights and obligations hereunder and  interest  herein  in whole or  in part or  (ii) any Advance (or portion thereof) or any Revolving Loan Note  (or any  portion  thereof),  in  each  case,  to  any  Eligible  Assignee;  provided  that  unless  and  until  an  Event  of  Default pursuant to Section 6.01(a) or Section 6.01(d) has occurred and is continuing, the consent of the  Administrative Borrower (such consent not to be unreasonably withheld) shall be required for a Lender  to assign to any Person that is not an Eligible Assignee.  Notwithstanding the foregoing, in no event shall  a Lender (or  its successors or assigns) transfer or assign, or grant a security  interest  in,  its rights under  clauses (i) or (ii) above to any Person that is a Disqualified Lender, including, for the avoidance of doubt,  upon  the  occurrence  or  continuation  of  an  Event  of Default  in  respect  of  a  Co‐Borrower.  Any  such  assignee shall execute and deliver to the Servicer, the Administrative Borrower and the Administrative  Agent a fully‐executed Assignment and Assumption Agreement (which shall  include a certification that  such  assignee  is  an  Eligible  Assignee  (or  has  otherwise  received  the  consent  of  the  Administrative  Borrower))  and  the  Administrative  Agent  shall  have  received  payment  of  an  assignment  fee  in  the  amount of $3,500, unless waived or reduced by the Administrative Agent. In addition to the delivery of  the Assignment and Assumption Agreement and the processing and recordation fee, to the extent the  assignee is not then currently a Lender hereunder, the assignee shall deliver to the Administrative Agent  all  documentation  and  other  information  reasonably  determined  by  the  Administrative  Agent  to  be  required by applicable regulatory authorities under applicable “know your customer” and Anti‐Money

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‐ 106 ‐    NAI‐1515108520v22   Laundering  Law.  Upon  delivery  of  the  duly‐executed  Assignment  and  Assumption  Agreement,  processing fee and any “know your customer”  information requested by the Administrative Agent, the  Administrative  Agent  shall  accept  such  Assignment  and  Assumption  Agreement  and  record  the  information  contained  therein  in  the  Register. No  assignment  shall  be  effective  for  purposes  of  this  Agreement unless and until  it has been recorded  in the Register as provided  in this Section. Upon the  recordation in the Register, (i) the assignee shall become and thereafter be deemed to be a “Lender” for  the purposes of this Agreement, (ii) the assignor shall be released from its obligations hereunder to the  extent that  its  interest has been assigned, (iii)  in the event that the assignor’s entire  interest has been  assigned,  the assignor  shall  cease  to be and  thereafter  shall no  longer be deemed  to be a  “Lender”.  Neither the Co‐Borrowers nor the Servicer may assign, or permit any Lien to exist upon, any of its rights  or  obligations  hereunder  or  under  any  Transaction  Document  or  any  interest  herein  or  in  any  Transaction Document without the prior written consent of the Lenders unless otherwise contemplated  hereby. Each Lender may sell a participation  in  its  interests hereunder as provided  in Section 11.04(d).  No  assignment  or  sale  of  a  participation  under  this  Section  11.04  shall  be  effective  unless  and  until  properly  recorded  in  the Register or Participant Register, as applicable, pursuant  to Section 2.03. Any  attempted assignment,  transfer or grant of security  interest by any Lender  in violation of  this Section  11.04 shall be null and void ab initio.  (b) Notwithstanding any other provision of this Section 11.04, any Lender may at any time  pledge  or  grant  a  security  interest  in  all  or  any  portion  of  its  rights  (including  rights  to  payment  of  principal and  interest) under this Agreement to secure obligations of such Lender to a Federal Reserve  Bank, without notice to or consent of the Co‐Borrowers or the Administrative Agent; provided that no  such  pledge  or  grant  of  a  security  interest  shall  release  such  Lender  from  any  of  its  obligations  hereunder  or  under  any  Transaction Document,  or  substitute  any  such  pledgee  or  grantee  for  such  Lender as a party hereto or to any Transaction Document, as the case may be.  (c) Each Indemnified Party shall be an express third party beneficiary of this Agreement.  (d) Any Lender may at any time, without the consent of, or notice to, the Co‐Borrowers or  without the consent of, but with notice to, the Administrative Agent, sell participations to any Person  (other  than  a  natural  Person,  or  a  holding  company,  investment  vehicle  or  trust  for,  or  owned  and  operated for the primary benefit of, a natural Person, or the Co‐Borrowers or any of the Co‐Borrowers’  respective Affiliates (each, a “Participant”)) in all or a portion of such Lender’s rights or obligations under  this Agreement (including all or a portion of its Commitment or the Advances owing to it); provided that  (i) such Lender’s obligations under this Agreement shall remain unchanged, (ii) such Lender shall remain  solely  responsible  to  the  other  parties  hereto  for  the  performance  of  such  obligations,  (iii) the  Co‐ Borrowers,  the Administrative Agent and  Lenders  shall  continue  to deal  solely and directly with  such  Lender  in  connection with  such  Lender’s  rights  and  obligations  under  this  Agreement  and  (iv) such  Lender  shall  register  such  participation  in  its  Participant  Register  pursuant  to  Section 2.03(c).  Any  agreement or  instrument pursuant to which a Lender sells such a participation shall provide that such  Lender  shall  retain  the  sole  right  to  enforce  this  Agreement  and  to  approve  any  amendment,  modification or waiver of any provision of this Agreement; provided that such agreement or instrument  may provide that such Lender will not, without the consent of the Participant, agree to any amendment,  modification  or waiver  described  in  Section 11.01(b)  that  affects  such  Participant.  The  Co‐Borrowers  agree that each Participant shall be entitled to the benefits of Section 2.13 (subject to the requirements  and  limitations  therein,  including  the  requirements under Section 2.13(e) and  (f)  (it being understood  that  the documentation  required under  Section 2.13(e) and  (f)  shall be delivered  to  the participating  Lender)) to the same extent as if it were a Lender and had acquired its interest by assignment; provided

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‐ 107 ‐    NAI‐1515108520v22   that such Participant (A) agrees to be subject to the provisions of Section 2.15(a) as if it were an assignee  under paragraph (b) of this Section; and (B) shall not be entitled to receive any greater payment under  Sections 2.12 or 2.13, with respect to any participation, than  its participating Lender would have been  entitled to receive, except to the extent such entitlement to receive a greater payment results from a  Change in Law that occurs after the Participant acquired the applicable participation.  SECTION 11.05 Term  of  This  Agreement.  This  Agreement,  including  the  Co‐Borrowers’  representations and covenants set  forth  in Articles IV and V, Holdings’  representations and covenants  set  forth  in  Articles IV  and  V,  and  the  Servicer’s  representations,  covenants  and  duties  set  forth  in  Articles IV, V and VIII shall remain  in full force and effect until this Agreement has been terminated by  the  Co‐Borrowers  and  the  Facility  Termination Date  has  occurred;  provided  that  any  representation  made  or  deemed made  hereunder  survives  the  execution  and  delivery  hereof  and  the  provisions  of  Section 2.07(c),  2.13,  Section  7.07,  Section  8.10,  Section 11.06,  Section 11.07,  Section 11.08,  Section 11.11 and Article X shall be continuing and shall survive any termination of this Agreement and  the resignation or removal of the Administrative Agent.  SECTION 11.06 GOVERNING LAW; JURY WAIVER. THIS AGREEMENT IS GOVERNED BY THE LAWS  OF  THE  STATE  OF  NEW  YORK.  EACH  OF  THE  PARTIES  HERETO  WAIVES,  TO  THE  FULLEST  EXTENT  PERMITTED BY  LAW, ANY RIGHT  IT MAY HAVE  TO A  TRIAL BY  JURY  IN RESPECT OF ANY  LITIGATION  ARISING DIRECTLY OR  INDIRECTLY OUT OF, UNDER OR  IN CONNECTION WITH THIS AGREEMENT, THE  TRANSACTION  DOCUMENTS  OR  ANY  OF  THE  TRANSACTIONS  CONTEMPLATED  HEREUNDER  OR  THEREUNDER.  SECTION 11.07 Costs, Expenses and Taxes.  (a) In addition  to  the  rights of  indemnification hereunder,  the Co‐Borrowers  shall,  jointly  and severally, pay on demand (i) all costs and expenses of the Administrative Agent, the Servicer and the  Lenders  incurred  in  connection with  the  pre‐closing  due  diligence,  preparation,  execution,  delivery,  administration,  syndication,  renewal, amendment or modification of, any waiver or  consent  issued  in  connection with, this Agreement, the Transaction Documents and the other documents required to be  delivered hereunder or  thereunder or  in  connection herewith or  therewith,  including  the  reasonable  fees, disbursements and other charges of rating agency, reasonable and  invoiced accounting costs and  fees  and  the  reasonable  and  invoiced  out‐of‐pocket  fees  and  expenses  of  (A)  counsel  for  the  Administrative Agent with respect thereto, (B) counsel for the Servicer with respect thereto (C) a single  counsel to the Lenders with respect thereto and (D) local counsel for the Administrative Agent, Servicer  and the Lenders, as reasonably necessary in any relevant jurisdiction (and solely in the case of actual or  bona  fide perceived  conflict of  interest, one additional  counsel  in each  relevant  jurisdiction),  in each  case,  with  respect  to  advising  the  Administrative  Agent,  the  Lenders  and  the  Servicer  as  to  their  respective  rights  and  remedies  under  this  Agreement,  the  Transaction  Documents  and  the  other  documents required  to be delivered hereunder or  thereunder or  in connection herewith or  therewith  and (ii) all costs and expenses, if any (including reasonable and invoiced out‐of‐pocket counsel fees and  expenses  of  each  counsel),  incurred  by  the  Administrative  Agent,  the  Lenders  or  the  Servicer  in  connection with the enforcement or potential enforcement of its respective rights under this Agreement  or any other Transaction Document and  the other documents  required  to be delivered hereunder or  thereunder  or  in  connection  herewith  or  therewith  or  in  connection  with  the  Advances  made  hereunder,  including  all  such  expenses  incurred during  any workout,  restructuring or negotiations  in  respect  thereof  (including  reasonable  and  invoiced out‐of‐pocket  counsel  fees  and  expenses of  each  counsel);  provided  that  absent  an  Event  of  Default,  after  the  Closing  Date  the  aggregate  costs  and

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‐ 108 ‐    NAI‐1515108520v22   expenses  of  Massachusetts  Mutual  Life  Insurance  Company  (in  its  capacity  as  Lender,  Servicer  or  otherwise) and  the  Lenders  that are payable by  the Co‐Borrowers under  the Transaction Documents  shall not exceed $50,000 per year.  (b) The  Co‐Borrowers  shall  pay  promptly  in  accordance with Applicable  Law  any  and  all  present or future stamp, court or documentary,  intangible, recording, filing or similar Taxes payable or  determined to be payable to any Governmental Authority that arise from any payment made under, the  execution,  delivery,  performance,  enforcement  or  registration  of,  from  receipt  or  perfection  of  a  security interest under, filing and recording of this Agreement, or any other Transaction Documents, or  otherwise in connection with this Agreement or any other Transaction Document, except any such Taxes  or  fees  that  are  imposed  as  the  result  of  any  other  present  or  former  connection  between  any  Indemnified  Party  and  the  jurisdiction  imposing  such  Tax  (other  than  connections  arising  from  such  Person  having  executed,  delivered,  become  a  party  to,  performed  its  obligations  under,  received  payments  under,  received  or  perfected  a  security  interest  under,  engaged  in  any  other  transaction  pursuant  to or enforced any Transaction Document, or sold or assigned an  interest  in any  loan made  pursuant to this Agreement) with respect to an assignment other than an assignment made pursuant to  Section 2.15(b) (“Other Taxes”).  SECTION 11.08 Recourse Against Certain Parties; Non‐Petition.  (a) No recourse under or with respect to any obligation, covenant or agreement (including  the  payment  of  any  fees  or  any  other  obligations)  of  the  Servicer,  Co‐Borrowers,  Holdings,  the  Administrative Agent,  the  Lenders or any Secured Party as  contained  in  this Agreement or any other  agreement,  instrument  or  document  entered  into  by  the  Servicer,  Co‐Borrowers,  Holdings,  the  Administrative Agent, the Lenders or any Secured Party pursuant hereto or in connection herewith shall  be  had  against  the  Servicer,  Co‐Borrowers  (other  than  with  respect  to  fraud),  Holdings,  the  Administrative  Agent,  the  Lenders  or  any  Secured  Party  or  any  incorporator,  affiliate,  stockholder,  officer, employee or director of the Servicer, Borrower, Holdings, the Administrative Agent, the Lenders  or  any  Secured  Party,  as  such,  by  the  enforcement  of  any  assessment  or  by  any  legal  or  equitable  proceeding, by virtue of any  statute or otherwise;  it being expressly agreed and understood  that  the  agreements  of  each  party  hereto  contained  in  this  Agreement  and  all  of  the  other  agreements,  instruments and documents entered into by the Servicer, Borrower, Holdings, the Administrative Agent,  the Lenders or any Secured Party pursuant hereto or in connection herewith are, in each case, solely the  corporate obligations of such party (and nothing  in this Section 11.08 shall be construed to diminish  in  any way such corporate obligations of such party), and that no personal liability whatsoever shall attach  to or be  incurred by  the  Servicer, Borrower, Holdings,  the Administrative Agent,  the  Lenders or  any  Secured Party or any  incorporator, stockholder, affiliate, officer, employee or director of  the Lenders,  the  Servicer,  Borrower, Holdings  or  the Administrative Agent,  as  such,  or  any  of  them,  under  or  by  reason  of  any  of  the  obligations,  covenants  or  agreements  of  the  Servicer,  Borrower, Holdings,  the  Administrative Agent,  the  Lenders or any Secured Party  contained  in  this Agreement or  in any other  such  instruments, documents or agreements, or are  implied  therefrom, and  that any and all personal  liability  of  each  of  the  Servicer,  Borrower,  Holdings,  the  Administrative  Agent,  the  Lenders  or  any  Secured Party and each incorporator, stockholder, affiliate, officer, employee or director of the Servicer,  Borrower, Holdings,  the Administrative Agent,  the  Lenders or any Secured Party, or any of  them,  for  breaches  by  the  Servicer, Borrower, Holdings,  the Administrative Agent,  the  Lenders or  any  Secured  Party of any such obligations, covenants or agreements, which liability may arise either at common law  or in equity, by statute or constitution, or otherwise, is hereby expressly waived as a condition of and in  consideration for the execution of this Agreement.

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‐ 109 ‐    NAI‐1515108520v22   (b) Notwithstanding any contrary provision set forth herein, no claim may be made by any  party  hereto  against  any  party  hereto  or  their  respective  Affiliates,  directors,  officers,  employees,  attorneys or agents for any special, indirect, consequential or punitive damages in respect to any claim  for  breach  of  contract  or  any  other  theory  of  liability  arising  out  of  or  related  to  the  transactions  contemplated by this Agreement, or any act, omission or event occurring in connection therewith; and  each party hereto hereby waives, releases, and agrees not to sue upon any claim for any such damages,  whether or not accrued and whether or not known or suspected.  (c) No obligation or liability to any Obligor under any of the Portfolio Assets is intended to  be assumed by the Servicer, the Administrative Agent, the Lenders or any Secured Party under or as a  result of this Agreement and the transactions contemplated hereby.  (d) Each of  the parties hereto hereby agrees  that  it will not  institute against, or  join any  other Person in instituting against, the Co‐Borrowers any bankruptcy or insolvency proceeding so long as  there shall not have elapsed one (1) year and one (1) day (or such longer preference period as shall then  be  in effect) since the Facility Termination Date unless the Majority Lenders otherwise consent to any  such action.  (e) The provisions of this Section 11.08 survive the termination of this Agreement.  SECTION 11.09 Execution  in  Counterparts;  Severability;  Integration.  This  Agreement may  be  executed in any number of counterparts and by different parties hereto in separate counterparts, each  of which when so executed shall be deemed to be an original and all of which when taken together shall  constitute one and the same agreement. Delivery of an executed counterpart of a signature page to this  Agreement by e‐mail  in portable document format (.pdf) or facsimile shall be effective as delivery of a  manually executed counterpart of this Agreement. In the event that any provision in or obligation under  this Agreement  shall  be  invalid,  illegal  or  unenforceable  in  any  jurisdiction,  the  validity,  legality  and  enforceability of the remaining provisions or obligations, or of such provision or obligation in any other  jurisdiction, shall not in any way be affected or impaired thereby. This Agreement and any agreements  or  letters  (including  Fee  Letters)  executed  in  connection  herewith  contains  the  final  and  complete  integration of all prior expressions by the parties hereto with respect to the subject matter hereof and  shall  constitute  the  entire  agreement  among  the  parties  hereto with  respect  to  the  subject matter  hereof, superseding all prior oral or written understandings.  SECTION 11.10 Consent to Jurisdiction; Service of Process.  (a) Each party hereto hereby  irrevocably  submits  to  the exclusive  jurisdiction of any New  York State or Federal court sitting in New York City in any action or proceeding arising out of or relating  to  the  Transaction  Documents,  and  each  party  hereto  hereby  irrevocably  agrees  that  all  claims  in  respect of such action or proceeding may be heard and determined in such New York State court or, to  the extent permitted by law, in such Federal court. The parties hereto hereby irrevocably waive, to the  fullest extent they may effectively do so, the defense of an  inconvenient forum to the maintenance of  such  action  or  proceeding.  The  parties  hereto  agree  that  a  final  judgment  in  any  such  action  or  proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in  any other manner provided by law.  (b) Each Co‐Borrower  and  the  Servicer  agree  that  service of process may be effected by  mailing a copy thereof by registered or certified mail, postage prepaid, to the Administrative Borrower

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‐ 110 ‐    NAI‐1515108520v22   or the Servicer, as applicable, at  its address specified  in Section 11.02 or at such other address as  the  Administrative Agent shall have been notified in accordance herewith. Nothing in this Section 11.10 shall  affect the right of the Lenders or the Administrative Agent to serve  legal process  in any other manner  permitted by law.  SECTION 11.11 Confidentiality.  (a) Each of the Administrative Agent, the Lenders and the Servicer shall maintain and shall  cause each of  its employees and officers  to maintain  the confidentiality of all  Information  (as defined  below), including all Information regarding the business of the Co‐Borrowers and the Servicer and their  respective  businesses  obtained  by  it  or  them  in  connection  with  the  structuring,  negotiating  and  execution of  the transactions contemplated herein, except  that  Information may be disclosed  (i) to  its  Affiliates, accountants, investigators, auditors, attorneys or other agents, including any rating agency or  valuation firm engaged by such party in connection with any due diligence or comparable activities with  respect to the transactions and Portfolio Assets contemplated herein, and the agents of such Persons,  taxing  authorities  and  governmental  agencies,  in  each  case,  to  the  extent  reasonably  necessary  in  connection with  their work with  respect  to  this Agreement  (“Excepted Persons”); provided  that each  Excepted Person is informed of the confidential nature of such Information and instructed to keep such  Information  confidential,  (ii) as  is  required  by  Applicable  Law,  (iii) in  accordance  with  the  Servicing  Standard,  (iv) when  required  by  any  law,  regulation,  ordinance,  court  order  or  subpoena,  (v) to  the  extent the Servicer  is disseminating general statistical  information relating to the assets being serviced  by the Servicer (including the Portfolio Assets) hereunder so  long as the Servicer does not  identify the  Co‐Borrowers,  any  Lender  or  the  Obligors  or  (vi) in  connection  with  the  exercise  of  any  remedies  hereunder  or  under  any  other  Transaction  Document  or  any  action  or  proceeding  relating  to  this  Agreement or any other Transaction Document or the enforcement of rights hereunder or thereunder.  (b) Anything herein  to the contrary notwithstanding, the Co‐Borrowers hereby consent to  the disclosure of any  Information with respect to  it (i) to the Administrative Agent, the Lenders or the  Servicer by each other, (ii) by the Administrative Agent, the Lenders and the Servicer to any prospective  or  actual  assignee  or  participant  of  any  of  them  that would  be  permitted  under  the  terms  hereof  provided such Person agrees to hold such  information confidential or (iii) by the Administrative Agent,  the  Lenders  and  the  Servicer  to any  rating agency,  commercial paper dealer or provider of a  surety,  guaranty  or  credit  or  liquidity  enhancement  to  any  Lender  or  any  Person  providing  financing  to,  or  holding Equity Interests in, any Lender, as applicable, and to any officers, directors, employees, outside  accountants and attorneys of any of the foregoing, provided each such Person is informed of and agrees  to maintain the confidential nature of such information. In addition, the Lenders and the Administrative  Agent may disclose any  such  Information as  required pursuant  to any  law,  rule,  regulation, direction,  request or order of any  judicial, administrative or regulatory authority or proceedings (whether or not  having the force or effect of law).  (c) Notwithstanding anything herein to the contrary, the foregoing shall not be construed  to prohibit  (i) disclosure of any and all  Information that  is or becomes publicly known other than as a  result of a breach of this Section, (ii) disclosure of any and all Information (A) if required to do so by any  applicable statute,  law, rule or regulation, (B) to any government agency or regulatory body having or  claiming authority to regulate or oversee any aspects of the Lenders’, the Administrative Agent’s or the  Servicer’s business or that of their Affiliates, (C) pursuant to any subpoena, civil investigative demand or  similar  demand  or  request  of  any  court,  regulatory  authority,  arbitrator  or  arbitration  to which  the  Administrative  Agent,  any  Lender  or  the  Servicer  or  an  officer,  director,  employer,  shareholder  or

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‐ 111 ‐    NAI‐1515108520v22   affiliate of any of the foregoing is a party or (D) in any preliminary or final offering circular, registration  statement or contract or other document approved in advance by the Administrative Borrower, (iii) any  other disclosure authorized by the Administrative Borrower, or (iv) disclosure of any and all Information  that becomes available  to  the Administrative Agent, any  Lender or  the Servicer on a nonconfidential  basis from a source other than the Co‐Borrowers who did not acquire such information as a result of a  breach of this Section 11.11.  (d) The parties hereto may disclose  the existence of  the Agreement, but not  the  financial  terms hereof,  including all fees and other pricing terms, all Events of Default, and priority of payment  provisions,  in each case except  in compliance with this Section 11.11. Notwithstanding anything to the  contrary  in  this  Section 11.11,  the Co‐Borrowers, Holdings  and  any of  their  respective Affiliates may  make any public disclosures of or about this Agreement or the other Transaction Documents, including  without  limitation any publicly  filed copies or descriptions of  this Agreement or the other Transaction  Documents, which may disclose, among other things, fees and pricing terms and other financial terms  hereof or thereof, in each case, to the extent required by Applicable Law. “Information” means any and  all non‐public information received or obtained from the Co‐Borrowers or any of their Affiliates, relating  to  the  Co‐Borrowers,  Holdings,  their  Affiliates  or  businesses,  including  without  limitation,  data,  evaluations,  reports,  analyses, methodologies,  proprietary  “know‐how”,  financial  information  or  any  other information. The term “Information” shall not include information that (i) is or becomes available  in  the public domain other  than  through  a material breach of  this Agreement by  the Administrative  Agent, Servicer, Lenders or any of their Affiliates, (ii) is already known to the Administrative Agent, the  Servicer, Lenders or any of their Affiliates or  in any of their possession before such party receives the  information  from  the  Co‐Borrowers  or  any  of  their  Affiliates  on  a  non‐confidential  basis,  (iii)  is  independently  developed  or  acquired  by  the Administrative Agent,  Servicer,  Lenders  or  any  of  their  Affiliates without using the Information, and (iv)  is unrelated to this Agreement and rightfully obtained  by the Administrative Agent, Servicer, Lenders or any of their Affiliates from a third party not to each  such party’s actual knowledge under any obligation of confidentiality to the Co‐Borrowers or any of their  Affiliates.  Any  Person  required  to  maintain  the  confidentiality  of  Information  as  provided  in  this  Section 11.11  shall  be  considered  to  have  complied with  its  obligation  to  do  so  if  such  Person  has  exercised  the same degree of care  to maintain  the confidentiality of such  Information as such Person  would accord  to  its own confidential  information. Each of  the Servicer and  the Lenders acknowledges  that  (a)  the  Information may  include material  non‐public  information  concerning  the  Co‐Borrowers,  Holdings or their Subsidiaries, as the case may be, (b) it has developed compliance procedures regarding  the use of material non‐public information and (c) it will handle such material non‐public information in  accordance with Applicable Law, including United States Federal and state securities Laws.  SECTION 11.12 Non‐Confidentiality of Tax Treatment. All parties hereto agree that each of them  and each of  their employees,  representatives, and other agents may disclose  to any and all Persons,  without limitation of any kind, the tax treatment and tax structure of the transaction and all materials of  any kind (including opinions or other tax analyses) that are provided to any of them relating to such tax  treatment and tax structure. “Tax treatment” and “tax structure” shall have the same meaning as such  terms  have  for  purposes  of  Treasury Regulation  Section 1.6011‐4;  provided  that with  respect  to  any  document or similar  item that  in either case contains  information concerning the tax treatment or tax  structure of the transaction as well as other information, the provisions of this Section 11.12 shall only  apply to such portions of the document or similar item that relate to the tax treatment or tax structure  of the transactions contemplated hereby.

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‐ 112 ‐    NAI‐1515108520v22   SECTION 11.13 Waiver of  Set Off.  If  an  Event of Default has occurred  and  is  continuing,  the  Administrative Agent, each Lender and each of  its Affiliates  is hereby authorized at any time and from  time to time, to the fullest extent permitted by Applicable Law, to set off and apply any and all deposits  (general or special,  time or demand, provisional or  final,  in whatever currency) at any  time held, and  other obligations (in whatever currency) at any time owing, by the Administrative Agent, such Lender or  any  such Affiliate,  to or  for  the  credit or  the account of  the Co‐Borrowers against any and all of  the  Obligations,  irrespective of whether or not  such  the Administrative Agent or  Lender or Affiliate  shall  have made any demand under this Agreement or any other Transaction Document and although such  Obligations  may  be  contingent  or  unmatured  or  are  owed  to  a  branch  office  or  Affiliate  of  the  Administrative Agent or such Lender different from the branch office or Affiliate holding such deposit or  obligated  on  such  Indebtedness.  Each  Lender  shall  notify  the  Administrative  Borrower  and  the  Administrative Agent promptly after any such setoff and application; provided  that  the  failure  to give  such notice shall not affect the validity of such setoff and application and provided, further, that in the  event that any Defaulting Lender shall exercise any such right of setoff, (x) all amounts so set off shall be  paid  over  immediately  to  the  Administrative  Agent  for  further  application  in  accordance  with  the  provisions of Section 2.16 and, pending  such payment,  shall be  segregated by  such Defaulting Lender  from  its  other  funds  and  deemed  held  in  trust  for  the  benefit  of  the  Administrative  Agent  and  the  Lenders, and (y) the Defaulting Lender shall provide promptly to the Administrative Agent a statement  describing in reasonable detail the Obligations owing to such Defaulting Lender as to which it exercised  such right of setoff.  SECTION 11.14 Headings,  Schedules  and  Exhibits.  The  headings  herein  are  for  purposes  of  references only and shall not otherwise affect  the meaning or  interpretation of any provision hereof.  The  schedules  and  exhibits  attached  hereto  and  referred  to  herein  shall  constitute  a  part  of  this  Agreement and are incorporated into this Agreement for all purposes.  SECTION 11.15 Ratable Payments.  If any Lender, whether by  setoff or otherwise,  shall obtain  any payment (whether voluntary, involuntary, through the exercise of any right of setoff, or otherwise)  on account of Advances owing to it (other than pursuant to Section 2.12 or Section 2.13) in excess of its  ratable share of payments on account of  the Advances obtained by all  the Lenders, such Lender shall  forthwith purchase from the other Lenders such participations  in the Advances owing to them as shall  be necessary to cause such purchasing Lender to share the excess payment ratably with each of them;  provided that, if all or any portion of such excess payment is thereafter recovered from such purchasing  Lender,  such  purchase  from  each  Lender  shall  be  rescinded  and  such  Lender  shall  repay  to  the  purchasing Lender the purchase price to the extent of such recovery together with an amount equal to  such Lender’s  ratable  share  (according  to  the proportion of  (a) the amount of  such Lender’s  required  repayment  to  (b) the  total amount so  recovered  from  the purchasing Lender) of any  interest or other  amount paid or payable by the purchasing Lender in respect of the total amount so recovered.  SECTION 11.16 Failure of Co‐Borrowers to Perform Certain Obligations. If a Co‐Borrower fails to  perform any of  its agreements or obligations required under Section 5.01(s), the Administrative Agent  may (but shall not be required to, and in any case, acting at the direction of the Majority Lenders) itself  perform,  or  cause  performance  of,  such  agreement  or  obligation,  and  the  expenses  of  the  Administrative Agent  incurred  in connection therewith shall be payable by the Co‐Borrowers promptly  upon the Administrative Agent’s demand therefore.  SECTION 11.17 Power  of  Attorney.  Each  of  the  Co‐Borrowers  and  Holdings  irrevocably  authorizes the Administrative Agent and appoints the Administrative Agent as its attorney‐in‐fact to act

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‐ 113 ‐    NAI‐1515108520v22   on  its behalf as set forth  in Exhibit H to file financing statements reasonably necessary or desirable (as  determined by Servicer acting at the direction of the Majority Lenders) to perfect and to maintain the  perfection and priority of the interest of the Administrative Agent, for the benefit of the Secured Parties,  in the Collateral. This appointment is coupled with an interest and is irrevocable.   SECTION 11.18 Delivery of Termination Statements, Releases, etc. Upon the occurrence of the  Facility  Termination  Date,  the  Administrative  Agent  shall,  at  the  direction  of  the Majority  Lenders,  execute  and  deliver  to  the  Servicer  termination  statements,  reconveyances,  releases  and  other  documents  and  instruments of  release  reasonably  requested by  the Co‐Borrowers or  the  Servicer  to  evidence the termination of the Liens securing the Obligations on the Collateral, all at the expense of the  Co‐Borrowers and without any recourse, representation or warranty by the Administrative Agent.  SECTION 11.19 Exclusive Remedies. Except as otherwise expressly provided  in this Agreement,  no remedy provided for by this Agreement shall be exclusive of any other remedy, and each and every  remedy shall be cumulative and  in addition to any other remedy, and no delay or omission to exercise  any right or remedy shall impair any such right or remedy.  SECTION 11.20 Post‐Closing  Performance  Conditions.  The  parties  hereto  agree  to  cooperate  with  reasonable  requests made by any other party hereto after  signing  this Agreement  to  the extent  reasonable  necessary  for  such  party  to  comply  with  laws  and  regulations  applicable  to  financial  institutions  in  connection  with  this  transaction  (e.g.,  the  USA  PATRIOT  Act,  OFAC  and  related  regulations).  SECTION 11.21 Performance  Conditions.  The  obligations  of  the  Servicer  to  effect  the  transactions contemplated hereby shall be subject to the following conditions:  (a) The Servicer shall have (i) completed its due diligence with respect to the Co‐Borrowers  and  each  Lender  in  order  to  satisfy  compliance  with  laws  and  regulations  applicable  to  financial  institutions  in  connection  with  this  transaction  (e.g.,  the  USA  PATRIOT  Act,  OFAC  and  related  regulations) and (ii) been satisfied with the results of such due diligence in its sole discretion.  (b) [Reserved].   (c) In each and every  case of a Holdings AML and  International Trade Default, Borrower  AML and International Trade Default or a Lender event of default, the Servicer may, by notice in writing  to Co‐Borrowers  and  the  Lenders,  in  addition  to whatever  rights  the  Servicer may have  at  law or  in  equity,  including  injunctive  relief  and  specific  performance,  immediately  resign  as  Servicer  (notwithstanding  any  provision  in  Section  8.09  or  otherwise  in  this  Agreement,  but  subject  to  the  provisions set forth in this Section 11.21(c)), without the Servicer incurring any penalty or fee of any kind  whatsoever  in  connection  therewith.  Except  as  otherwise  expressly  provided  in  this  Agreement,  no  remedy provided  for by  this Agreement  shall be exclusive of any other  remedy, and each and every  remedy shall be cumulative and  in addition to any other remedy, and no delay or omission to exercise  any  right or  remedy  shall  impair any  such  right or  remedy or  shall be deemed  to be a waiver of any  Holdings AML and International Trade Default, Borrower AML and International Trade Default or Lender  event of default. On or after the receipt by Holdings or the Co‐Borrowers and any Lender of a written  notice  of  resignation  from  the  Servicer  pursuant  to  this  Section  11.21(c),  (i)  all  payments  communications,  determinations  and  other  obligations  provided  to  be made  by,  to  or  through  the  Servicer  shall  instead  be made  by,  to  or  through  each  Lender  until  such  time  as  a  successor  to  the

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‐ 114 ‐    NAI‐1515108520v22   Servicer has been appointed as provided by this Agreement and (ii) the Servicer’s obligations under this  Agreement shall terminate. After the receipt by Holdings or the Administrative Borrower and any Lender  of a written notice of resignation from the Servicer pursuant to this Section 11.21(c), the Servicer shall  deliver all Portfolio Asset Files to the Administrative Agent or such other Person as the Administrative  Agent  designates  in  writing,  in  all  cases  at  the  sole  cost  and  expense  of  the  Co‐Borrowers.  Notwithstanding  the  foregoing, upon any such  termination,  the Servicer will be entitled  to  receive all  accrued Fees, indemnities and expenses through the date of termination.  (d) AML and  International Trade Covenants. The obligations of  the Servicer  to effect any  transaction  contemplated  hereby  shall  be  subject  to  (i)  no  Holdings’  AML  and  International  Trade  Default,  (ii) no Borrower AML and  International Trade Default and  (iii) Co‐Borrowers’ compliance with  Section 5.02(n).  (e) AML and International Trade Defaults. Upon discovery by Holdings of any Holdings AML  and  International  Trade Default,  or  by  a  Co‐Borrower  or  a UK Guarantor  of  any  Borrower AML  and  International  Trade  Default  (but,  in  each  case,  regardless  of whether  any  notice  has  been  given  as  provided  in this Agreement or any cure period provided herein has expired), each such Loan Party, as  applicable, shall give prompt written notice thereof to the Servicer.  SECTION 11.22 Bail In. Notwithstanding anything to the contrary  in any Transaction Document  or  in any other agreement, arrangement or understanding among any such parties, each party hereto  acknowledges that any liability of any EEA Financial Institution arising under any Transaction Document,  to the extent such liability is unsecured, may be subject to the Write‐Down and Conversion Powers of an  EEA Resolution Authority and agrees and consents to, and acknowledges and agrees to be bound by:  (a) the  application  of  any  Write‐Down  and  Conversion  Powers  by  an  EEA  Resolution  Authority to any such  liabilities arising hereunder that may be payable to it by any party hereto that is  an EEA Financial Institution; and  (b) the effects of any Bail‐In Action on any such liability, including, if applicable:  (i) a reduction in full or in part or cancellation of any such liability;  (ii) a conversion of all, or a portion of, such liability into shares or other instruments  of ownership in such EEA Financial Institution, its parent undertaking, or a bridge institution that  may be  issued to  it or otherwise conferred on  it, and that such shares or other  instruments of  ownership will be accepted by it in lieu of any rights with respect to any such liability under this  Agreement or any other Transaction Document; or  (iii) the variation of the terms of such liability in connection with the exercise of the  Write‐Down and Conversion Powers of any EEA Resolution Authority.  SECTION 11.23 Joint and Several; Administrative Borrower.   (a) The  obligations  of  the  Co‐Borrowers  hereunder  and  under  the  other  Transaction  Documents are  joint and several. Without  limiting the generality of the foregoing, reference  is hereby  made  to  the  Guaranty  and  Collateral  Agreement,  to  which  the  obligations  of  the  Loan  Parties  are  subject.

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‐ 115 ‐    NAI‐1515108520v22   (b) Each of the Co‐Borrowers accepts  joint and several  liability hereunder  in consideration  of the financial accommodation provided or to be provided by the Administrative Agent and the Lenders  under  this  Agreement  and  the  other  Transaction  Documents,  for  the  mutual  benefit,  directly  and  indirectly, of each Co‐Borrower and in consideration of the undertakings of the Co‐Borrowers to accept  joint and several liability for the obligations of each other.  (c) Each of the Co‐Borrowers shall be jointly and severally liable for the Obligations. Each of  the Co‐Borrower’s obligations arising as a  result of  the  joint and  several  liability of  such Co‐Borrower  hereunder, with respect to Loans made to such Co‐Borrower hereunder, shall be separate and distinct  obligations, but all such obligations shall be primary obligations of each Co‐Borrower.   (d) Upon  the  occurrence  and  during  the  continuation  of  any  Event  of  Default,  the  Administrative Agent and the Lenders may proceed directly and at once, without notice, against any Co‐ Borrower  to  collect  and  recover  the  full  amount,  or  any  portion  of,  the  Obligations,  without  first  proceeding against any other Co‐Borrower or any other Person, or against any security or collateral for  the Obligations.  Each  Co‐Borrower waives,  to  the maximum  extent  permitted  by  law,  all  suretyship  defenses  and  consents  and  agrees  that  the Administrative Agent  and  the  Lenders  shall be under no  obligation to marshal any assets in favor of any Co‐Borrower or against or in payment of any or all of the  Obligations.  (e) Each representation and warranty made on behalf of a Loan Party shall be deemed for  all purposes  to have been made by all of  the Loan Parties and shall be binding upon and enforceable  against each Loan Party to the same extent as  if the same had been made directly by each such Loan  Party.  (f) Each Co‐Borrower hereby designates the Administrative Borrower as  its representative  and agent on its behalf for the purposes of taking all actions required (including in respect of compliance  with  covenants) on behalf of any Co‐Borrower under  the Transaction Documents. The Administrative  Borrower hereby accepts  such appointment. The Administrative Agent  (and each Lender) may  regard  any  notice  or  other  communication  pursuant  to  any  Transaction Document  from  the Administrative  Borrower  as  a  notice  or  communication  from  all  Co‐Borrowers,  and  may  give  any  notice  or  communication required or permitted to be given to any Co‐Borrower hereunder to the Administrative  Borrower on behalf of such Co‐Borrower or Co‐Borrowers. Each Co‐Borrower agrees that each notice,  election, representation and warranty, covenant, agreement, and undertaking made on its behalf by the  Administrative Borrower shall be deemed for all purposes to have been made by such Co‐Borrower and  shall be binding upon and enforceable against such Co‐Borrower to the same extent as if the same had  been made directly by such Co‐Borrower.  [Signature Pages Follow]

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[Signature Page to Loan and Servicing Agreement]      Executed as of the date first above written.  Holdings:  KUDU INVESTMENT MANAGEMENT, LLC, a Delaware limited liability company  By: ________________________________________  Name:  Title:  The Co‐Borrowers:  KUDU INVESTMENT HOLDINGS, LLC, a Delaware limited liability company  By: ________________________________________  Name:  Title:  KUDU INVESTMENT US, LLC, a Delaware limited liability company  By: ________________________________________  Name:  Title:  The UK Guarantors:  KFO Holdings, Ltd., a limited liability company incorporated in England and Wales  By: ________________________________________  Name:  Title: Director  KWCP Holdings (UK), Ltd. a limited liability company incorporated in England and Wales  By: ________________________________________  Name:  Title: Director

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TABLE OF CONTENTS    Page        NAI‐1515108520v22   ‐i‐      Schedule I  Eligible Portfolio Assets and Post‐Closing Portfolio Assets

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NAI‐1515108520v22   ‐ii‐      Schedule II  Condition Precedent Documents  As  required by Section 3.01 of  the Agreement, each of  the  following  items must be delivered  prior to the effectiveness of this Agreement:  (a)  to the Administrative Agent and the Lenders, a copy of this Agreement and the Account  Control Agreement duly executed by each of the parties hereto and thereto;  (b)  a certificate of a Responsible Person of each Loan Party and Holdings, dated the date of  the Agreement,  certifying  (i) the names and  true  signatures of  the Responsible Persons of each  Loan  Party authorized to sign on behalf of each Loan Party and Holdings each of the Transaction Documents  to which  it  is a party  (on which certificate the Administrative Agent and the Lenders may conclusively  rely  until  such  time  as  the  Administrative  Agent  has  receives  from  each  Loan  Party  and Holdings  a  revised  certificate  meeting  the  requirements  of  this  paragraph (b)(i)),  (ii) that  the  copy  of  the  Constituent Documents of each Loan Party and Holdings, as applicable,  is a complete and correct copy  and  that such Constituent Documents have not been amended, modified or supplemented and are  in  full force and effect and (iii) the authorization document or resolution of the managing member, board  of  directors,  the  shareholders  or  board  of  trustees,  as  applicable,  approving  and  authorizing  the  execution, delivery and performance by such Person of the Transaction Documents to which it is a party;  (c)  to  the  Lenders  and  Administrative  Agent,  certified  copies  of  such  documents  and  certificates  relating  to  the  organization,  valid  existence  and  good  standing  of  each  Loan  Party,  the  authorization of  each Loan Party and Holdings of the transactions contemplated by this Agreement and  any of  the other  Transaction Documents,  the  execution of  the  Transaction Documents  and  all other  documents in connection therewith (which may be in the form of a general resolution, resolution of the  Board of Directors, resolutions of the shareholders consent or other authorization) and any other legal  matters relating to each Loan Party and Holdings or the transactions contemplated by this Agreement  and any of the other Transaction Documents as the Administrative Agent may reasonably request, all in  form and substance reasonably satisfactory to the Administrative Agent and the Lenders;  (d)  to  the  Administrative  Agent  and  the  Lenders,  financing  statements  describing  the  Collateral and the Pledged Equity and (i) naming each Loan Party and Holdings, as applicable, as debtor  and the Administrative Agent, on behalf of the Secured Parties, as secured party and (ii) other, similar  instruments or documents, as may be necessary or, in the opinion of the Administrative Agent, desirable  under  the  UCC  of  all  appropriate  jurisdictions  or  any  comparable  law  to  perfect  the  Administrative  Agent’s, on behalf of the Secured Parties, interests in the Collateral and the Pledged Equity;  (e)  to  the Lenders,  financing statements,  if any, necessary  to  release all security  interests  and other rights of any Person in the Collateral previously granted by any Transferor;  (f)  to the Administrative Agent, with respect to any certificated Pledged Equity, delivery of  stock  powers  duly  executed  in  blank  or  other  instruments  of  transfer  reasonably  satisfactory  to  the  Administrative Agent;  (g) duly executed Powers of Attorney from the Co‐Borrowers and Holdings in the form of Exhibit  H;

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NAI‐1515108520v22   ‐iii‐        (h)  to the Lenders, copies of tax and  judgment  lien searches  in all  jurisdictions reasonably  requested by  the Lenders and  requests  for  information  (or a  similar UCC  search  report  certified by a  party acceptable to the Lenders), dated a date reasonably near to the Closing Date, and with respect to  such  requests  for  information or UCC  searches,  listing  all effective  financing  statements which name  each Loan Party and Holdings (under  its present name and any previous name) as debtor(s) and which  are  filed  in such  jurisdictions with copies of such  financing statements  (none of which shall cover  the  Collateral);  (i)  (a) one or more  favorable opinions of counsel  to  the each Co‐Borrower and Holdings,  reasonably  acceptable  to  the Majority  Lenders  and  the  Administrative  Agent  and  addressed  to  the  Administrative  Agent  and  the  Lenders,  (b)  one  or more  favorable  opinions  of  counsel  to  the  Initial  Lender  in  respect  of  the UK Guarantors,  reasonably  acceptable  to  the Administrative Agent  and  the  Majority Lenders and addressed to the Administrative Agent and the Lenders, (c) one or more favorable  opinions  of  counsel  to  the  Initial  Lender  in  respect  of  the  Australian  Pledge  Agreement,  reasonably  acceptable to the Administrative Agent and the Majority Lenders and addressed to the Administrative  Agent and the Lenders, and (d) one or more favorable opinions of counsel to the Initial Lender in respect  of the Guernsey Pledge Agreement, reasonably acceptable to the Administrative Agent and the Majority  Lenders and addressed to the Administrative Agent and the Lenders;  (j)  to the Lenders, a copy of each of the other Transaction Documents duly executed by the  parties thereto; and  (k)  such other documents as the Administrative Agent or Lender may reasonably request.

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NAI‐1515108520v22   ‐v‐      If to any Lender other than Massachusetts Mutual Life Insurance Company:  As set forth in the Assignment and Assumption Agreement for such Lender.

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NAI‐1515108520v22   ‐vii‐      Schedule V  Investment Guidelines

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NAI‐1515108520v22   ‐viii‐      Schedule VI  Disqualified Lenders   Affiliated Managers Group   Alderwood Capital   Allworth Financial   Azimut   Bonaccord Capital affiliate of Aberdeen Standard   Blackstone   Capital Constellation   CI Financial/GSFM JV   Dyal Capital Partners division of Neuberger Berman   Emigrant   Estancia   Focus Financial   Genstar   Goodhart Partners   Hunter Point   IM Global Partners   Investcorp   Lincoln Peak Capital   Merchant Investment Management   Mercer Advisors   Mubadala Investment Co   Natixis Investment Managers   Navigator Global Investments   North Square Investments   Northill Capital   Pacific Current Group   Petershill division of Goldman Sachs   Redbird Capital partners   Reverence Capital Partners   RidgeLake Partners   Rosemont Investment Group affiliate of Markel Corp   Stonyrock Partners affiliate of Jefferies/Leucadia Corp   Tria Capital

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NAI‐1515108520v22   ‐ix‐      Schedule VII  Post Closing Conditions    1. With respect to the Equity Investment held with Kudu in Fair Oaks Capital Limited (incorporated  in England and Wales with company number 08260598), the Co‐Borrowers shall promptly, and  no  later than 20 days after the date of this Agreement (as such date may be extended by the  Administrative Agent, acting at the direction of the Majority Lenders), procure the amendment  to  the  satisfaction  of  the Administrative Agent  of  the  constitutional  documents  of  Fair Oaks  Capital Limited (incorporated in England and Wales with company number 08260598) to remove  any restriction on the transfer or the registration of the transfer of its shares on enforcement of  the Liens granted over them.    2. With  respect  to  the  Equity  Investment  held  by  Kudu  in  the Australian  Equity Notes,  the  Co‐ Borrowers shall promptly, and no  later than 30 days after the date of this Agreement (as such  date may  be  extended  by  the  Administrative  Agent,  acting  at  the  direction  of  the Majority  Lenders) procure that the Australian Equity Notes shall have each been amended,  in form and  substance  acceptable  to  the  Administrative  Agent,  to  allow  a  provider  of  financial  accommodation,  lender or other creditor  to  transfer  the Australian Equity Notes  to any other  person pursuant to rights arising under a Lien.    3. With respect to  the Equity  Investment held by Kudu  in Fair Oaks  Income Fund  (GP) Limited, a  company  incorporated  in Guernsey with registered number 58125 and whose registered office  is at Sarnia House, Le Truchot, St Peter Port, Guernsey, GY1 1GR (“Fair Oaks Income Fund (GP)  Limited”), the Co‐Borrowers shall promptly, and no later than 10 Business Days after the date of  this  Agreement  (as  such  date may  be  extended  by  the  Administrative  Agent,  acting  at  the  direction of the Majority Lenders) execute the Guernsey Pledge Agreement and procure that the  Co‐Borrowers  shall  promptly,  and  no  later  than  10  Business  Days  after  the  date  of  this  Agreement (as such date may be extended by the Administrative Agent, acting at the direction  of  the Majority  Lenders),  immediately  upon  execution  of  the  Guernsey  Pledge  Agreement,  execute (where applicable)   and deliver each of the following documents to the Administrative  Agent, in each case, in form and substance acceptable to the Administrative Agent:    a. That certain Notice of Assignment (from Kudu and the Administrative Agent to Fair Oaks  Income  Fund  (GP)  Limited,  as  issuer,  together  with  an  acknowledgement  of  the  applicable notice, by Fair Oaks Income Fund (GP) Limited, with respect to the Guernsey  Pledge Agreement, in each case, with respect to the Guernsey Pledge Agreement;    b. Original  share  certificates  and  original  executed  undated  share  transfer  forms  with  respect to the Securities (as defined in the Guernsey Pledge Agreement);     c. A copy of the register of shareholders of Fair Oaks Income Fund (GP) Limited annotated  to  reflect  the  fact  that  the  pledged  Securities  (as  defined  in  and  pursuant  to  the  Guernsey  Pledge  Agreement)  are  held  subject  to  the  terms  of  the  Guernsey  Pledge  Agreement; and     d. Resolutions of  the shareholders of Fair Oaks  Income Fund  (GP) Limited, amending  the  articles  of  incorporation  of  Fair  Oaks  Income  Fund  (GP)  Limited  to  remove  any

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NAI‐1515108520v22   ‐x‐      restriction on, and to permit the transfer, or the registration of transfer of, its shares on  enforcement of the security interests granted over them.    4. In connection with the matters described in clauses (a) through (c),  inclusive, of this paragraph  3,  one  or more  favorable  opinions  of Guernsey  counsel  to  the  Initial  Lender,  on matters  of  Guernsey  law concerning the enforceability of the Guernsey security  interests pursuant to the  Guernsey Pledge Agreement, in the agreed form as reasonably acceptable to the Administrative  Agent and the Majority Lenders and addressed to the Administrative Agent and the Lenders.

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Ex. A‐1  NAI‐1516410469v5 EXHIBIT A  FORM OF LTV CERTIFICATE  [DATE]  To:    Alter Domus (US) LLC  225 W. Washington St., 9th Floor  Chicago, Illinois 60606  Email:     Attention: Legal Department; Lisa Schutz  and  Massachusetts Mutual Life Insurance Company, as Servicer  One Marina Park  8th Floor  Boston, MA 02210  Attention: Sarah Doyle, Investment Operations  Email:   Re:  Loan and Servicing Agreement   Ladies and Gentlemen:  This LTV Certificate (this “Certificate”) is given by [___] (the “Administrative Borrower”) pursuant  to [Section 2.01][Section 2.09(a)][Section 5.01(z)(iii)(A)] of the Loan and Servicing Agreement, dated as of  March 23, 2021 (as the same may be amended, restated, or otherwise modified from time to time, the  “Loan  and  Servicing  Agreement”),  among  Kudu  Investment  Holdings,  LLC,  a  Delaware  limited  liability  company  (“Kudu”),  Kudu  Investment  US,  LLC,  a  Delaware  limited  liability  company  (“Kudu  US”,  and  collectively  with  Kudu,  the  “Co‐Borrowers”),  Kudu  Investment  Management,  LLC  (“Holdings”),  KFO  Holdings, Ltd., a  limited  liability company  incorporated  in England and Wales under number 11786202  (“KFO Holdings”), KWCP Holdings UK, Ltd., a limited liability company incorporated in England and Wales  under number 11860833 (“KWCP Holdings”, and collectively with KFO Holdings, the “UK Guarantors”, and  collectively with the Co‐Borrowers, the “Loan Parties”), the Lenders from time to time party thereto,  Alter  Domus  (US)  LLC,  as  Administrative  Agent,  and  Massachusetts  Mutual  Life  Insurance  Company,  as  the  Servicer.  Capitalized  terms  used  herein  and  not  otherwise  defined  herein  shall  have  the  meanings  assigned to such terms in the Loan and Servicing Agreement.  The person executing this Certificate is a Responsible Person of the Administrative Borrower and  as such is duly authorized to execute and deliver this Certificate on behalf of the Loan Parties. By executing  this Certificate, such officer hereby certifies as of the date hereof to the Lenders, the Servicer and the  Administrative  Agent,  on  behalf  of  the  Loan  Parties,  solely  in  [his/her]  capacity  as  an  officer  and  not  individually, that all of the information set forth on Schedule I is true, correct and complete in all material  respects.

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Ex. A‐2  NAI‐1516410469v5     [Remainder of Page Intentionally Left Blank; Signature Page Follows]

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Ex. A‐3  NAI‐1516410469v5   The undersigned has executed this Certificate as of the date first written above.      KUDU INVESTMENT HOLDINGS, LLC, as the  Administrative Borrower      By:   ______________________________________    Name:  Title:

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NAI‐1516410469v5   SCHEDULE I  LTV CERTIFICATE  [SEE ATTACHED]

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Ex. B‐1  NAI‐1516410469v5 EXHIBIT B  FORM OF NOTICE OF BORROWING  [DATE]  To:    Alter Domus (US) LLC  225 W. Washington St., 9th Floor  Chicago, Illinois 60606  Telephone:    Email:    Attention: Legal Department and Lisa Schutz   and  Massachusetts Mutual Life Insurance Company, as Servicer  One Marina Park  8th Floor  Boston, MA 02210  Attention: Sarah Doyle, Investment Operations  Email:     Re:  Loan and Servicing Agreement   Ladies and Gentlemen:  This Notice of Borrowing is delivered to you pursuant to [Section 2.02][Section 3.02] of the Loan  and  Servicing  Agreement,  dated  as  of  March  23,  2021  (as  the  same  may  be  amended,  restated,  or  otherwise modified from time to time, the “Loan and Servicing Agreement”), among Kudu  Investment  Holdings, LLC, a Delaware limited liability company (“Kudu”), Kudu Investment US, LLC, a Delaware limited  liability  company  (“Kudu  US”,  and  collectively  with  Kudu,  the  “Co‐Borrowers”),  Kudu  Investment  Management, LLC (“Holdings”), KFO Holdings, Ltd., a  limited  liability company  incorporated  in England  and Wales under number 11786202 (“KFO Holdings”), KWCP Holdings UK, Ltd., a limited liability company  incorporated in England and Wales under number 11860833 (“KWCP Holdings”, and collectively with KFO  Holdings, the “UK Guarantors”, and collectively with the Co‐Borrowers, the “Loan Parties”), the Lenders  from  time  to  time  party  thereto,  Alter  Domus  (US)  LLC,  as  Administrative  Agent,  and  Massachusetts  Mutual Life Insurance Company, as the Servicer. Capitalized terms used herein and not otherwise defined  herein shall have the meanings assigned to such terms in the Loan and Servicing Agreement.  The undersigned, being a duly elected Responsible Person of the Administrative Borrower and  holding the office set forth below such person’s name, hereby certifies as follows:

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Ex. B‐2  NAI‐1516410469v5   1. The Administrative Borrower hereby  requests  an Advance  in  the principal  amount of  $ ____________.1  2. The Borrower hereby requests that such Advance be made on ____________________.2   3. Attached to this Notice of Borrowing is a Borrowing Base Certificate, together with a true,  correct and complete calculation  in all material respects of the Borrowing Base and all  components thereof.  4. The Advance would not cause (on and as of the Advance Date, immediately after giving  effect to such Advance and the transactions related thereto, including the use of proceeds  thereof), the Advances Outstanding to exceed the Maximum Availability on such Advance  Date.  5. On and as of the Advance Date, immediately after giving effect to such Advance and the  transactions related thereto,  including  the use of proceeds thereof, no Market Trigger  Event has occurred and is continuing.  6. No Event of Default has occurred and is continuing, or would result from such Advance or  application of proceeds therefrom.  7. Each Co‐Borrower shall have obtained an investment grade rating (BBB or higher) from  NRSRO  or  from  a  rating  agency  approved  by  the NAIC with  respect  to  the Advances  advanced under this Agreement.  8. The representations contained in Sections 4.01, 4.02 and 4.05 are true and correct in all  material  respects  (except  that  any  representation  qualified  as  to  “materiality”  or  “Material Adverse Effect” shall be true and correct in all respects as so qualified) before  and immediately after giving effect to such Advance and to the application of proceeds  therefrom, on and as of such date as though made on and as of such date (or, in the case  of any such representation expressly stated to have been made as of a specific date, as of  such specific date).  9. The proceeds of the Advance are to be distributed to the following account:    Account Name:    Account #:    Bank Name:    ABA:                                                                 1   The amount must be at least equal to $1,000,000 or a whole multiple of $1,000,000 in excess thereof, or if less, the remainder  of the Advance.  2   Pursuant to Section 2.02(a) of the Loan and Servicing Agreement, delivery of the Notice of Borrowing to be no later than  2:00 pm NY time three (3) Business Days prior to the proposed date of such advance (or such shorter period of time agreed  to by the Administrative Agent and the Majority Lenders in their sole discretion).

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Ex. B‐3  NAI‐1516410469v5   10. All  of  the  conditions  applicable  to  the  Advance  requested  herein  as  set  forth  in  Section 3.02 of the Loan and Servicing Agreement will have been satisfied on the date of  such Advance.  [Remainder of Page Intentionally Left Blank; Signature Page Follows]

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Ex. B‐4  NAI‐1516410469v5   The undersigned has executed this Notice of Borrowing as of the date first written above.      KUDU INVESTMENT HOLDINGS, LLC, as the  Administrative Borrower      By:   ______________________________________    Name:  Title:

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Ex. C‐1  NAI‐1516410469v5 EXHIBIT C  FORM OF BORROWING BASE CERTIFICATE  [Date]  Reference is made to the Loan and Servicing Agreement, dated as of March 23, 2021 (as the same  may  be  amended,  restated,  or  otherwise  modified  from  time  to  time,  the  “Loan  and  Servicing  Agreement”), among Kudu Investment Holdings, LLC, a Delaware limited liability company (“Kudu”), Kudu  Investment US, LLC, a Delaware limited liability company (“Kudu US”, and collectively with Kudu, the “Co‐ Borrowers”),  Kudu  Investment  Management,  LLC  (“Holdings”),  KFO  Holdings,  Ltd.,  a  limited  liability  company incorporated in England and Wales under number 11786202 (“KFO Holdings”), KWCP Holdings  UK, Ltd., a limited liability company incorporated in England and Wales under number 11860833 (“KWCP  Holdings”,  and  collectively  with  KFO  Holdings,  the  “UK  Guarantors”,  and  collectively  with  the  Co‐ Borrowers, the “Loan Parties”), the Lenders from time to time party thereto, Alter Domus (US) LLC, as  Administrative Agent, and Massachusetts Mutual Life  Insurance  Company, as  the  Servicer. Capitalized  terms used herein and not otherwise defined herein shall have the meanings assigned to such terms in  the Loan and Servicing Agreement.  This Borrowing Base Certificate is being delivered in connection with:  __  a Notice of Borrowing under Section 2.02(a) of the Loan and Servicing Agreement  __  a Transfer of a Portfolio Asset under Section 3.03 of the Loan and Servicing Agreement  __  Section 5.01(z)(iii)(B) of the Loan and Servicing Agreement  As of the date hereof, the Borrower certifies that all of the information set forth on Annex I is true,  correct and complete in all material respects and no information set forth therein contains any material  misstatement of fact or omits to state a material fact or any fact necessary to make such information  not misleading.  [Remainder of Page Intentionally Left Blank; Signature Page Follows]

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Ex. D‐1  NAI‐1516410469v5 EXHIBIT D  FORM OF REVOLVING LOAN NOTE  $_____________  [Date]  THIS REVOLVING LOAN NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933,  AS AMENDED (THE “SECURITIES ACT”). NEITHER THIS NOTE NOR ANY PORTION HEREOF MAY BE OFFERED  OR  SOLD  EXCEPT  IN  COMPLIANCE  WITH  THE  REGISTRATION  PROVISIONS  OF  THE  SECURITIES  ACT  OR  PURSUANT TO AN AVAILABLE EXEMPTION FROM SUCH REGISTRATION PROVISIONS.  THIS REVOLVING LOAN NOTE IS NOT PERMITTED TO BE TRANSFERRED, ASSIGNED, EXCHANGED  OR OTHERWISE PLEDGED OR CONVEYED EXCEPT IN COMPLIANCE WITH THE TERMS OF THE LOAN AND  SERVICING AGREEMENT REFERRED TO HEREIN.  FOR  VALUE  RECEIVED,  [Kudu  Investment  Holdings,  LLC,  a  Delaware  limited  liability  company  (“Kudu  Borrower”)]  [Kudu  Investment  US,  LLC,  a  Delaware  limited  liability  company  (“Kudu  US  Borrower”)] (the “Borrower”), hereby promises to pay to [Name of Lender] (“Lender”) or its registered  assigns, the principal sum of $________________ or, if less, the unpaid principal amount of the aggregate  advances  (the  “Advances”)  made  by  the  Lender  to  the  Borrower  pursuant  to  the  Loan  and  Servicing  Agreement (as defined below), on the dates specified in the Loan and Servicing Agreement, and to pay  interest on the unpaid principal amount of each Advance made by Lender from the date of such Advance  for  each  day  that  such  unpaid  principal  amount  is  outstanding,  at  such  interest  rates  related  to  such  Advance as provided in the Loan and Servicing Agreement, on each Payment Date and each other date  specified in the Loan and Servicing Agreement.  This Note (the “Note”) is issued pursuant to the Loan and Servicing Agreement dated as of March  23, 2021 (as amended, restated, supplemented or otherwise modified from time to time, the “Loan and  Servicing Agreement”), among the [Kudu Borrower] [Kudu Borrower US], Kudu Investment Management,  LLC (“Holdings”), KFO Holdings, Ltd., a limited liability company incorporated in England and Wales under  number 11786202 (“KFO Holdings”), KWCP Holdings UK, Ltd., a limited liability company incorporated in  England and Wales under number 11860833  (“KWCP Holdings”),  the Lenders  from  time  to  time party  thereto,  Alter  Domus  (US)  LLC,  as  Administrative  Agent,  and  Massachusetts  Mutual  Life  Insurance  Company, as the Servicer. Capitalized terms used herein and not otherwise defined herein shall have the  meanings assigned to such terms in the Loan and Servicing Agreement.  Notwithstanding anything herein to the contrary, if at any time the interest rate applicable to any  Advance, together with all fees, charges and other amounts that are treated as interest on such Advance  under Applicable Law (collectively, “charges”), exceed the maximum lawful rate (the “Maximum Rate”)  that  may  be  contracted  for,  charged,  taken,  received  or  reserved  by  the  Lender  in  accordance  with  Applicable  Law,  the  rate  of  interest  payable  in  respect  of  such  Advance  hereunder,  together  with  all  charges  payable  in  respect  thereof,  shall  be  limited  to  the  Maximum  Rate.  To  the  extent  lawful,  the  interest and charges that would have been paid in respect of such Advance but were not paid as a result  of the operation of this paragraph shall be cumulated and the interest and charges payable to the Lender  in respect of such Advances or periods shall be  increased (but not above the amount collectible at the  Maximum  Rate  therefor)  until  such  cumulated  amount  shall  have  been  received  by  the  Lender.  Any  amount collected by the Lender that exceeds the maximum amount collectible at the Maximum Rate shall  be applied to the reduction of the principal balance of such Advance or refunded to the Borrower to which

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Ex. D‐2  NAI‐1516410469v5   such Advance was made so that at no time shall the interest and charges paid or payable  in respect of  such Advance exceed the maximum amount collectible at the Maximum Rate.  Payments of the principal of, and interest on, the Advances shall be made by or on behalf of the  Borrower to the Administrative Agent (for the benefit of the Lenders) in immediately available funds in  the manner specified  for such purpose as provided  in  the Loan and Servicing Agreement, without  the  presentation or surrender of this Note or the making of any notation on this Note.  If any payment under this Note falls due on a day that is not a Business Day, then such due date  is extended to the next succeeding Business Day.  If any amount is not paid when due, such amount shall bear interest, to be paid upon demand,  from the date of such nonpayment until such amount  is paid  in full (as well after as before  judgment)  computed at the per annum rate set forth in the Loan and Servicing Agreement.  Portions or all of the principal amount of the Note shall become due and payable at the time or  times set forth  in the Loan and Servicing Agreement. Any portion or all of the principal amount of this  Note may  be  prepaid,  together  with  interest  thereon  (and,  as  set  forth  in  the  Loan  and  Servicing  Agreement, certain costs and expenses of the Lender) at the time and  in the manner set forth  in, but  subject to the provisions of, the Loan and Servicing Agreement.   The Borrower may borrow, repay and  reborrow hereunder upon the terms and conditions set forth in the Loan and Servicing Agreement.  Except  as  provided  in  the  Loan  and  Servicing  Agreement,  the  Borrower  expressly  waives  presentment, demand, diligence, protest and all notices of any kind whatsoever with respect to this Note.  The Lender may sell, assign, transfer, negotiate, grant participations in or otherwise dispose of all  or any portion of any Advances made by the Lender and represented by this Note and the indebtedness  evidenced by this Note, subject to the applicable provisions of the Loan and Servicing Agreement.  The Advances are secured by the Collateral and the Pledged Equity granted pursuant to the Loan  and Servicing Agreement. The Lender is entitled to the benefits of the Loan and Servicing Agreement and  the other Transaction Documents and may enforce the agreements of the Borrower contained in the Loan  and Servicing Agreement and the other Transaction Documents and exercise the remedies provided for  by, or otherwise available  in  respect of,  the Loan and Servicing Agreement and  the other Transaction  Documents, all in accordance with, and subject to the restrictions contained in, the terms of the Loan and  Servicing Agreement and the other Transaction Documents. In accordance with the terms of the Loan and  Servicing Agreement,  if an Event of Default exists, the unpaid balance of the principal of all Advances,  together with  accrued  interest  thereon, may be declared,  and may become, due  and payable  in  the  manner and with the effect provided in the Loan and Servicing Agreement. Pursuant to Section 11.23 of  the Loan and Servicing Agreement, the Borrower and the [Kudu Borrower][Kudu US Borrower] are jointly  and  severally  liable with  respect  to  payment  and  performance  of  all  Obligations  (including without  limitation any Obligations arising under this Note).  This Note is a “Revolving Loan Note” as referred to in Section 2.03(a) of the Loan and Servicing  Agreement. This Note shall be construed in accordance with and governed by the laws of the State of New  York.  [Remainder of Page Intentionally Left Blank; Signature Page Follows]

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Ex. D‐3  NAI‐1516410469v5   The undersigned has executed this Note as on the date first written above.    [KUDU INVESTMENT HOLDINGS, LLC][KUDU  INVESTMENT US, LLC], as the Borrower      By:   ______________________________________    Name:  Title:

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Ex. E‐1  NAI‐1516410469v5 EXHIBIT E  FORM OF  U.S. TAX COMPLIANCE CERTIFICATE  (For Non‐U.S. Lenders That Are Not Partnerships For U.S. Federal Income Tax Purposes)  Reference is made to the Loan and Servicing Agreement, dated as of March 23, 2021 (as the same  may  be  amended,  restated,  or  otherwise  modified  from  time  to  time,  the  “Loan  and  Servicing  Agreement”), among Kudu Investment Holdings, LLC, a Delaware limited liability company (“Kudu”), Kudu  Investment US, LLC, a Delaware limited liability company (“Kudu US”, and collectively with Kudu, the “Co‐ Borrowers”),  Kudu  Investment  Management,  LLC  (“Holdings”),  KFO  Holdings,  Ltd.,  a  limited  liability  company incorporated in England and Wales under number 11786202 (“KFO Holdings”), KWCP Holdings  UK, Ltd., a limited liability company incorporated in England and Wales under number 11860833 (“KWCP  Holdings”,  and  collectively  with  KFO  Holdings,  the  “UK  Guarantors”,  and  collectively  with  the  Co‐ Borrowers, the “Loan Parties”), the Lenders from time to time party thereto, Alter Domus (US) LLC, as  Administrative Agent, and Massachusetts Mutual Life  Insurance  Company, as  the  Servicer. Capitalized  terms used herein and not otherwise defined herein shall have the meanings assigned to such terms in  the Loan and Servicing Agreement.  Pursuant to the provisions of Section 2.13 of the Loan and Servicing Agreement, the undersigned  hereby certifies that  (i) it  is the sole record and beneficial owner of the  loan(s)  (as well as any note(s)  evidencing such loan(s)) in respect of which it is providing this certificate, (ii) it is not a bank within the  meaning of Section 881(c)(3)(A) of the Code, (iii) it  is not a ten percent shareholder of each of the Co‐ Borrowers within the meaning of Section 871(h)(3)(B) of the Code and (iv) it  is not a controlled foreign  corporation related to the Co‐Borrowers as described in Section 881(c)(3)(C) of the Code.  The undersigned has furnished the Administrative Agent and the Co‐Borrowers with a certificate  of its non‐U.S. Person status on IRS Form W‐8BEN or W‐8BEN‐E as applicable. By executing this certificate,  the undersigned agrees that (1) if the information provided on this certificate changes, the undersigned  shall promptly so inform the Co‐Borrowers and the Administrative Agent, and (2) the undersigned shall  have at all times furnished the Co‐Borrowers and the Administrative Agent, with a properly completed  and currently effective certificate in either the calendar year in which each payment is to be made to the  undersigned, or in either of the two calendar years preceding such payments.  [NAME OF LENDER]  By: Name:   Title:   Date:

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Ex. E‐2  NAI‐1516410469v5 FORM OF  U.S. TAX COMPLIANCE CERTIFICATE  (For Foreign Participants That Are Not Partnerships For U.S. Federal Income Tax Purposes)  Reference is made to the Loan and Servicing Agreement, dated as of March 23, 2021 (as the same  may  be  amended,  restated,  or  otherwise  modified  from  time  to  time,  the  “Loan  and  Servicing  Agreement”), among Kudu Investment Holdings, LLC, a Delaware limited liability company (“Kudu”), Kudu  Investment US, LLC, a Delaware limited liability company (“Kudu US”, and collectively with Kudu, the “Co‐ Borrowers”),  Kudu  Investment  Management,  LLC  (“Holdings”),  KFO  Holdings,  Ltd.,  a  limited  liability  company incorporated in England and Wales under number 11786202 (“KFO Holdings”), KWCP Holdings  UK, Ltd., a limited liability company incorporated in England and Wales under number 11860833 (“KWCP  Holdings”,  and  collectively  with  KFO  Holdings,  the  “UK  Guarantors”,  and  collectively  with  the  Co‐ Borrowers, the “Loan Parties”), the Lenders from time to time party thereto, Alter Domus (US) LLC, as  Administrative Agent, and Massachusetts Mutual Life  Insurance  Company, as  the  Servicer. Capitalized  terms used herein and not otherwise defined herein shall have the meanings assigned to such terms in  the Loan and Servicing Agreement.  Pursuant to the provisions of Section 2.13 of the Loan and Servicing Agreement, the undersigned  hereby certifies that (i) it is the sole record and beneficial owner of the participation in respect of which  it is providing this certificate, (ii) it is not a bank within the meaning of Section 881(c)(3)(A) of the Code,  (iii) it  is  not  a  ten  percent  shareholder  of  either  of  the  Co‐Borrowers  within  the  meaning  of Section 871(h)(3)(B)  of  the  Code,  and  (iv) it  is  not  a  controlled  foreign  corporation  related  to  the  Co‐ Borrowers as described in Section 881(c)(3)(C) of the Code. The undersigned has furnished  its participating Lender with a certificate of  its non‐U.S. Person  status on  IRS Form W‐8BEN or W‐8BEN‐E, as applicable. By executing  this certificate, the undersigned  agrees that (1) if the information provided on this certificate changes, the undersigned shall promptly so  inform such Lender in writing, and (2) the undersigned shall have at all times furnished such Lender with  a properly completed and currently effective certificate in either the calendar year in which each payment  is to be made to the undersigned, or in either of the two calendar years preceding such payments.  [NAME OF PARTICIPANT]  By: Name:   Title:   Date:

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Ex. E‐3  NAI‐1516410469v5 FORM OF  U.S. TAX COMPLIANCE CERTIFICATE  (For Foreign Participants That Are Partnerships For U.S. Federal Income Tax Purposes)  Reference is made to the Loan and Servicing Agreement, dated as of March 23, 2021 (as the same  may  be  amended,  restated,  or  otherwise  modified  from  time  to  time,  the  “Loan  and  Servicing  Agreement”), among Kudu Investment Holdings, LLC, a Delaware limited liability company (“Kudu”), Kudu  Investment US, LLC, a Delaware limited liability company (“Kudu US”, and collectively with Kudu, the “Co‐ Borrowers”),  Kudu  Investment  Management,  LLC  (“Holdings”),  KFO  Holdings,  Ltd.,  a  limited  liability  company incorporated in England and Wales under number 11786202 (“KFO Holdings”), KWCP Holdings  UK, Ltd., a limited liability company incorporated in England and Wales under number 11860833 (“KWCP  Holdings”,  and  collectively  with  KFO  Holdings,  the  “UK  Guarantors”,  and  collectively  with  the  Co‐ Borrowers, the “Loan Parties”), the Lenders from time to time party thereto, Alter Domus (US) LLC, as  Administrative Agent, and Massachusetts Mutual Life  Insurance  Company, as  the  Servicer. Capitalized  terms used herein and not otherwise defined herein shall have the meanings assigned to such terms in  the Loan and Servicing Agreement.  Pursuant to the provisions of Section 2.13 of the Loan and Servicing Agreement, the undersigned  hereby certifies that (i) it is the sole record owner of the participation in respect of which it is providing  this  certificate,  (ii) its  direct  or  indirect  partners/members  are  the  sole  beneficial  owners  of  such  participation, (iii) with respect such participation, neither the undersigned nor any of its direct or indirect  partners/members is a bank extending credit pursuant to a loan agreement entered into in the ordinary  course of  its  trade or business within  the meaning of Section 881(c)(3)(A) of  the Code,  (iv) none of  its  direct or indirect partners/members is a ten percent shareholder of each of the Co‐Borrowers within the  meaning of Section 871(h)(3)(B) of the Code and (v) none of its direct or indirect partners/members is a  controlled foreign corporation related to either of the Co‐Borrowers as described in Section 881(c)(3)(C)  of the Code.   The undersigned has furnished  its participating Lender with IRS Form W‐8IMY accompanied by  one  of  the  following  forms  from  each  of  its  partners/members  that  is  claiming  the  portfolio  interest  exemption: (i) an IRS Form W‐8BEN or W‐8BEN‐E, as applicable, or (ii) an IRS Form W‐8IMY accompanied  by an  IRS Form W‐8BEN or W‐8BEN‐E, as applicable,  from each of such partner's/member's beneficial  owners that  is claiming the portfolio  interest exemption. By executing this certificate, the undersigned  agrees that (1) if the information provided on this certificate changes, the undersigned shall promptly so  inform such Lender and (2) the undersigned shall have at all times furnished such Lender with a properly  completed and currently effective certificate in either the calendar year in which each payment is to be  made to the undersigned, or in either of the two calendar years preceding such payments.  [NAME OF PARTICIPANT]  By: Name:   Title:   Date:

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Ex. E‐4  NAI‐1516410469v5 EXHIBIT E  FORM OF  U.S. TAX COMPLIANCE CERTIFICATE  (For Non‐U.S. Lenders That Are Partnerships For U.S. Federal Income Tax Purposes)  Reference is made to the Loan and Servicing Agreement, dated as of March 23, 2021 (as the same  may  be  amended,  restated,  or  otherwise  modified  from  time  to  time,  the  “Loan  and  Servicing  Agreement”), among Kudu Investment Holdings, LLC, a Delaware limited liability company (“Kudu”), Kudu  Investment US, LLC, a Delaware limited liability company (“Kudu US”, and collectively with Kudu, the “Co‐ Borrowers”),  Kudu  Investment  Management,  LLC  (“Holdings”),  KFO  Holdings,  Ltd.,  a  limited  liability  company incorporated in England and Wales under number 11786202 (“KFO Holdings”), KWCP Holdings  UK, Ltd., a limited liability company incorporated in England and Wales under number 11860833 (“KWCP  Holdings”,  and  collectively  with  KFO  Holdings,  the  “UK  Guarantors”,  and  collectively  with  the  Co‐ Borrowers, the “Loan Parties”), the Lenders from time to time party thereto, Alter Domus (US) LLC, as  Administrative Agent, and Massachusetts Mutual Life  Insurance  Company, as  the  Servicer. Capitalized  terms used herein and not otherwise defined herein shall have the meanings assigned to such terms in  the Loan and Servicing Agreement.  Pursuant to the provisions of Section 2.13 of the Loan and Servicing Agreement, the undersigned  hereby certifies that (i) it is the sole record owner of the loan(s) (as well as any note(s) evidencing such  loan(s)) in respect of which it is providing this certificate, (ii) its direct or indirect partners/members are  the sole beneficial owners of such loan(s) (as well as any note(s) evidencing such loan(s)), (iii) with respect  to  the  extension  of  credit  pursuant  to  the  Loan  and  Servicing  Agreement  or  any  other  Transaction  Document, neither the undersigned nor any of its direct or indirect partners/members is a bank extending  credit pursuant to a loan agreement entered into in the ordinary course of its trade or business within the  meaning of Section 881(c)(3)(A) of the Code, (iv) none of its direct or indirect partners/members is a ten  percent shareholder of each of the Co‐Borrowers within the meaning of Section 871(h)(3)(B) of the Code  and (v) none of its direct or indirect partners/members is a controlled foreign corporation related to either  of the Co‐Borrowers as described in Section 881(c)(3)(C) of the Code.  The undersigned has furnished the Administrative Agent and the Co‐Borrowers with IRS Form W‐ 8IMY accompanied by one of the following forms from each of its partners/members that is claiming the  portfolio interest exemption: (i) an IRS Form W‐8BEN or W‐8BEN‐E, as applicable, or (ii) an IRS Form W‐ 8IMY  accompanied  by  an  IRS  Form  W‐8BEN  or  W‐8BEN‐E,  as  applicable,  from  each  of  such  partner's/member's beneficial owners that is claiming the portfolio interest exemption. By executing this  certificate, the undersigned agrees that (1) if the  information provided on this certificate changes, the  undersigned  shall  promptly  so  inform  the  Co‐Borrowers  and  the  Administrative  Agent,  and  (2) the  undersigned  shall  have  at  all  times  furnished  the  Co‐Borrowers  and  the  Administrative  Agent  with  a  properly completed and currently effective certificate in either the calendar year in which each payment  is to be made to the undersigned, or in either of the two calendar years preceding such payments.  [NAME OF LENDER]  By: Name:   Title:   Date:

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Ex. F‐1  NAI‐1516410469v5   EXHIBIT F  FORM OF PAYMENT DATE REPORT  [SEE ATTACHED]

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Ex. G‐1  NAI‐1516410469v5   EXHIBIT G     FORM OF ASSIGNMENT AND ASSUMPTION    This Assignment and Assumption (the “Assignment and Assumption”) is dated as of the  Effective Date set forth below and is entered into by and between [the][each] Assignor identified in item 1  below  ([the][each, an] “Assignor”) and  [the][each] Assignee  identified  in  item 2 below  ([the][each, an]  “Assignee”). [It is understood and agreed that the rights and obligations of [the Assignors][the Assignees]  hereunder  are  several  and  not  joint.]1  Capitalized  terms  used  but  not  defined  herein  shall  have  the  meanings given to them in the Credit Agreement identified below (as amended, the “Credit Agreement”),  receipt of a  copy of which  is hereby acknowledged by  [the][each] Assignee. The Standard Terms and  Conditions  set  forth  in  Annex 1  attached  hereto  are  hereby  agreed  to  and  incorporated  herein  by  reference and made a part of this Assignment and Assumption as if set forth herein in full.  For an agreed consideration, [the][each] Assignor hereby irrevocably sells and assigns to  [the Assignee][the  respective Assignees],  and  [the][each] Assignee  hereby  irrevocably  purchases  and  assumes from [the Assignor][the respective Assignors], subject to and in accordance with the Standard  Terms and Conditions and the Credit Agreement, as of the Effective Date inserted by the Administrative  Agent as contemplated below (i) all of [the Assignor’s][the respective Assignors’] rights and obligations in  [its capacity as a Lender][their respective capacities as Lenders] under the Credit Agreement and any other  documents or instruments delivered pursuant thereto to the extent related to the amount and percentage  interest identified below of all of such outstanding rights and obligations of [the Assignor][the respective  Assignors] under the respective facilities identified below, and (ii) to the extent permitted to be assigned  under Applicable Law, all claims, suits, causes of action and any other right of [the Assignor (in its capacity  as a  Lender)][the  respective Assignors  (in  their  respective  capacities as  Lenders)] against any Person,  whether  known  or  unknown,  arising  under  or  in  connection with  the  Credit  Agreement,  any  other  documents or instruments delivered pursuant thereto or the loan transactions governed thereby or in any  way based on or related to any of the foregoing, including contract claims, tort claims, malpractice claims,  statutory claims and all other claims at  law or  in equity related  to  the rights and obligations sold and  assigned pursuant to clause (i) above (the rights and obligations sold and assigned by [the][any] Assignor  to  [the][any]  Assignee  pursuant  to  clauses (i)  and  (ii)  above  being  referred  to  herein  collectively  as  [the][an] “Assigned Interest”). Each such sale and assignment is without recourse to [the][any] Assignor  and, except as expressly provided in this Assignment and Assumption, without representation or warranty  by [the][any] Assignor.  1.  Assignor[s]:  _________________________________________        _________________________________________                                                               1 Include bracketed language if there are either multiple Assignors or multiple Assignees.

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Ex. G‐3  NAI‐1516410469v5   Effective Date:  _____________ ___, 20___.  The terms set forth in this Assignment and Assumption are hereby agreed to:  ASSIGNOR[S]  [NAME OF ASSIGNOR]  By:_________________________________  Title:  [NAME OF ASSIGNOR]  By:_________________________________  Title:  ASSIGNEE[S]  [NAME OF ASSIGNEE]  By:_________________________________  Title:  [NAME OF ASSIGNEE]  By:_________________________________  Title:  Consented to and Accepted:  Alter Domus (US) LLC, as Administrative Agent    By: ________________________________  Title:

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Ex. G‐4  NAI‐1516410469v5   Consented to:  Kudu Investment Holdings, LLC   By: ________________________________  Name:    Title:    Kudu Investment US, LLC  By: ________________________________    Name:     Title:

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Ex. G‐5  NAI‐1516410469v5   ANNEX 1  STANDARD TERMS AND CONDITIONS FOR  ASSIGNMENT AND ASSUMPTION  1. Representations and Warranties.  1.1 Assignor[s]. [The][Each] Assignor (a) represents and warrants that (i) it is the legal  and beneficial owner of [the][the relevant] Assigned Interest, (ii) [the][such] Assigned Interest is free and  clear of any lien, encumbrance or other adverse claim, and (iii) it has full power and authority, and has  taken all action necessary, to execute and deliver this Assignment and Assumption and to consummate  the  transactions  contemplated  hereby;  and  (b) assumes  no  responsibility  with  respect  to  (i) any  statements, warranties or representations made  in or  in connection with the Credit Agreement or any  other Transaction Documents, (ii) the execution, legality, validity, enforceability, genuineness, sufficiency  or value of  the Transaction Documents or any collateral thereunder,  (iii) the  financial condition of  the  Borrower, any of its Subsidiaries or Affiliates or any other Person obligated in respect of any Transaction  Document, or (iv) the performance or observance by the Borrower, any of its Subsidiaries or Affiliates or  any other Person of any of their respective obligations under any Transaction Document.  1.2 Assignee[s]. [The][Each] Assignee (a) represents and warrants that (i) it has full  power and authority, and has  taken all action necessary,  to execute and deliver  this Assignment and  Assumption and to consummate the transactions contemplated hereby and to become a Lender under  the Credit Agreement, (ii) it meets all the requirements to be an assignee under Section 11.04 of the Credit  Agreement, including that it is an Eligible Assignee (subject to such consents, if any, as may be required  thereunder),  (iii) from  and  after  the  Effective Date,  it  shall be bound by  the provisions of  the Credit  Agreement as a Lender thereunder and, to the extent of [the][the relevant] Assigned Interest, shall have  the obligations of a Lender thereunder, (iv) it is sophisticated with respect to decisions to acquire assets  of  the  type  represented by  the Assigned  Interest and either  it, or  the Person exercising discretion  in  making its decision to acquire the Assigned Interest, is experienced in acquiring assets of such type, (v) it  has received a copy of the Credit Agreement, and has received or has been accorded the opportunity to  receive copies of the most recent financial statements delivered pursuant to Section 5.01(cc) thereof, as  applicable, and such other documents and  information as  it deems appropriate to make  its own credit  analysis and decision to enter into this Assignment and Assumption and to purchase [the][such] Assigned  Interest,  (vi) it  has,  independently  and without  reliance  upon  the Administrative Agent  or  any  other  Lender and based on such documents and information as it has deemed appropriate, made its own credit  analysis and decision to enter into this Assignment and Assumption and to purchase [the][such] Assigned  Interest, (vii) if it is a foreign Lender attached to the Assignment and Assumption is any documentation  required  to  be  delivered  by  it  pursuant  to  the  terms  of  the  Credit  Agreement,  duly  completed  and  executed by [the][such] Assignee, (viii) if it is not then currently a Lender under the Credit Agreement, the  Assignee shall deliver to the Administrative Agent all documentation and other reasonable information  reasonably determined by Administrative Agent to be required by applicable regulatory authorities under  applicable “know your customer” and anti‐money laundering rules and regulations, including the Patriot  Act,  and  (ix)  it  is not  a Disqualified  Lender;  and  (b) agrees  that  (i) it will,  independently  and without  reliance  on  the  Administrative  Agent,  [the][any]  Assignor  or  any  other  Lender,  and  based  on  such  documents and  information as  it shall deem appropriate at  the  time, continue to make  its own credit  decisions  in  taking  or  not  taking  action  under  the  Transaction Documents,  and  (ii) it will  perform  in  accordance with their terms all of the obligations which by the terms of the Transaction Documents are  required to be performed by it as a Lender.

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Ex. G‐6  NAI‐1516410469v5   2. Payments. From and after the Effective Date, the Administrative Agent shall make  all payments  in respect of [the][each] Assigned  Interest (including payments of principal,  interest, fees  and other amounts) to [the][the relevant] Assignor for amounts that have accrued to but excluding the  Effective Date and  to  [the][the  relevant] Assignee  for amounts  that have accrued  from and after  the  Effective Date. Notwithstanding  the  foregoing,  the  Administrative  Agent  shall make  all  payments  of  interest,  fees or other amounts paid or payable  in kind  from and after  the Effective Date  to  [the][the  relevant] Assignee.  3. General Provisions. This Assignment and Assumption shall be binding upon, and  inure to the benefit of, the parties hereto and their respective successors and assigns. This Assignment  and Assumption may be executed  in any number of counterparts, which together shall constitute one  instrument. Delivery of an executed counterpart of a signature page of this Assignment and Assumption  by  telecopy  shall be effective as delivery of a manually executed  counterpart of  this Assignment and  Assumption. This Assignment and Assumption shall be governed by, and construed in accordance with,  the law of the State of New York.

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Ex. H‐1  NAI‐1516410469v5 EXHIBIT H  FORM OF POWER OF ATTORNEY  [Kudu Investment Management, LLC] [Kudu Investment Holdings, LLC] [Kudu Investment US, LLC]  [Date]  This  Power  of  Attorney  is  executed  and  delivered  by  [Kudu  Investment  Management,  LLC  (“Holdings”)] [Kudu  Investment Holdings, LLC, a Delaware  limited  liability company (“Kudu”) and Kudu  Investment US, LLC, a Delaware limited liability company (“Kudu US”, and collectively with Kudu, the “Co‐ Borrowers”)], under the Loan and Servicing Agreement, dated as of March 23, 2021 (as the same may be  amended,  restated,  or  otherwise  modified  from  time  to  time,  the  “Loan  and  Servicing  Agreement”),  among  [Holdings]  [the  Co‐Borrowers],  [Kudu  Investment  Management,  LLC  (“Holdings”)]  [Kudu  Investment Holdings, LLC, a Delaware limited liability company (“Kudu”) and Kudu Investment US, LLC, a  Delaware  limited  liability  company  (“Kudu  US”, and collectively  with Kudu,  the “Co‐Borrowers”)], KFO  Holdings, Ltd., a  limited  liability company  incorporated  in England and Wales under number 11786202  (“KFO Holdings”), KWCP Holdings UK, Ltd., a limited liability company incorporated in England and Wales  under number 11860833 (“KWCP Holdings”, and collectively with KFO Holdings, the “UK Guarantors”, and  collectively with the Co‐Borrowers, the “Loan Parties”), the Lenders from time to time party thereto, Alter  Domus  (US)  LLC,  as  Administrative  Agent,  and  Massachusetts  Mutual  Life  Insurance  Company,  as  the  Servicer. Capitalized terms used herein and not otherwise defined have the meanings set forth for such  terms in the Loan and Servicing Agreement.  No  person  to  whom  this  Power  of  Attorney  is  presented,  as  authority  for  ____________________________________________________ (“Attorney”) to take any action or actions  contemplated hereby, shall inquire into or seek confirmation from [the Co‐Borrowers] [Holdings] as to the  authority of Attorney to take any action described below, or as to the existence of or fulfillment of any  condition to this Power of Attorney, which is intended to grant to Attorney unconditionally the authority  to  take  and  perform  the  actions  contemplated  herein,  and  [the  Co‐Borrowers]  [Holdings]  irrevocably  waives any right to commence any suit or action, in law or equity, against any person or entity that acts  in reliance upon or acknowledges the authority granted under this Power of Attorney, except in the case  of gross negligence, willful misconduct or fraud as determined by a court of competent  jurisdiction by  final and nonappealable  judgement. The power of attorney granted hereby  is coupled with an  interest  and may not be revoked or canceled by [any Co‐Borrower] [Holdings] until the Facility Termination Date.  [With  effect  after  the  occurrence  and  during  the  continuance  of  an  Event  of  Default,  the  Co‐ Borrowers,  hereby  irrevocably  constitute  and  appoint  Attorney  (and  all  officers,  employees  or  agents  designated by Attorney), solely  in connection with  the enforcement of  the rights and remedies of the  Administrative Agent, the Lenders and the other Secured Parties under the Loan and Servicing Agreement  and the other Transaction Documents, with full power of substitution, as its true and lawful attorney‐in‐ fact  with  full  irrevocable  power  and  authority  in  the  Co‐Borrowers’  place  and  stead  and  at  the  Co‐ Borrowers’ expense and  in  the Co‐Borrowers’ name or  in Attorney’s own name,  from  time  to  time  in  Attorney’s  discretion,  to  take  any  and  all  appropriate  action  and  to  execute  and  deliver  any  and  all  documents  and  instruments  that  may  be  necessary  or  desirable  to  accomplish  the  purposes  of  the  foregoing, and, without limiting the generality of the foregoing, hereby grant to Attorney, for the purposes  of the foregoing, the power and right, on its behalf, without notice to or assent by it, to do the following,  each  in accordance with  the Loan and Servicing Agreement and  the other Transaction Documents:  (a)  open  mail  for  the  Co‐Borrowers,  and  ask,  demand,  collect,  give  acquittances  and  receipts  for,  take  possession  of,  or  endorse  and  receive  payment  of,  any  checks,  drafts,  notes,  acceptances,  or  other

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Ex. H‐2  NAI‐1516410469v5   instruments  for  the  payment  of moneys  due  in  respect  of  the  Collateral,  and  sign  and  endorse  any  invoices,  freight or express bills, bills of  lading, storage or warehouse  receipts, drafts against debtors,  assignments, verifications, and notices in respect of the Collateral; (b) effect any repairs to any of the Co‐ Borrowers’ assets, or continue or obtain any insurance and pay all or any part of the premiums therefor  and costs thereof, and make, settle and adjust all claims under such policies of insurance, and make all  determinations and decisions with respect to such policies; (c) to the extent related to the Collateral and  the transactions contemplated by the Transaction Documents, pay or discharge any taxes, Liens, or other  encumbrances levied or placed on or threatened against the Co‐Borrowers or the Co‐Borrowers’ property;  (d)  to  the  extent  related  to  the  Collateral  and  the  transactions  contemplated  by  the  Transaction  Documents, defend any suit, action or proceeding brought against the Co‐Borrowers if the Co‐Borrowers  do not defend such suit, action or proceeding or  if Attorney reasonably believes that  it  is not pursuing  such defense in a manner that will maximize the recovery to Attorney, and settle, compromise or adjust  any suit, action, or proceeding described above and,  in connection  therewith, give such discharges or  releases as Attorney may deem appropriate; (e) file or prosecute any claim, litigation, suit or proceeding  in any court of competent jurisdiction or before any arbitrator, or take any other action otherwise deemed  appropriate by Attorney  for  the purpose of  collecting any and all  such moneys due  in  respect of  the  Collateral to the Co‐Borrowers whenever payable and to enforce any other right  in respect of the Co‐ Borrowers’ property;  (f) sell, transfer, pledge, make any agreement with respect to, or otherwise deal  with, any of the Co‐Borrowers’ property constituting Collateral, and execute, in connection with such sale  or action, any endorsements, assignments or other instruments of conveyance or transfer in connection  therewith; (g) to give any necessary receipts or acquittance for amounts collected or received under the  Loan and Servicing Agreement; (h) to make all necessary transfers of the Collateral in connection with any  such sale or other disposition made pursuant to the Loan and Servicing Agreement; (i) to execute and  deliver  for  value  all  necessary  or  appropriate  bills  of  sale,  assignments  and  other  instruments  in  connection with any such sale or other disposition of the Collateral, the Co‐Borrowers hereby ratifying  and confirming all that such Attorney (or any substitute) shall lawfully do or cause to be done hereunder  and pursuant hereto; (j) to send such notification forms as the Attorney deems appropriate to give notice  to Obligors of the Secured Parties’ interest in the Collateral Portfolio; (k) to sign any agreements, orders  or other documents  in connection with or pursuant to any Transaction Document; and (l) to cause the  certified public accountants then engaged by the Co‐Borrowers to prepare and deliver to the Attorney at  any time and from time to time, promptly upon Attorney’s request, any reports required to be prepared  by or on behalf of the Co‐Borrowers under the Transaction Documents, all as though Attorney were the  absolute owner of the Co‐Borrowers’ property for all purposes, and to do, at Attorney’s option and the  Co‐Borrowers’  expense,  at  any  time  or  from  time  to  time,  all  acts  and  other  things  that  Attorney  reasonably deems necessary  to perfect, preserve or  realize upon  the Collateral  and  the  Liens of  the  Administrative Agent,  for  the benefit of  the Secured Parties,  thereon  (including without  limitation  the  execution and filing of UCC financing statements and continuation statements), all as fully and effectively  as the Co‐Borrowers might do. The Co‐Borrowers hereby ratify, to the extent permitted by law, all that  said attorneys shall lawfully do or cause to be done by virtue hereof.]6  [With effect after the occurrence and during the continuance of an Event of Default, Holdings,  hereby irrevocably constitutes and appoints Attorney (and all officers, employees or agents designated  by Attorney), solely in connection with the enforcement of the rights and remedies of the Administrative  Agent, the Lenders and the other Secured Parties under the Loan and Servicing Agreement and the other                                                               6 To be included in Borrower’s Power of Attorney.

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Ex. H‐3  NAI‐1516410469v5   Transaction Document, with  full power of substitution, as  its  true and  lawful attorney‐in‐fact with  full  irrevocable power and authority in Holdings’ place and stead and at Holdings’ expense and in Holdings’  name  or  in  Attorney’s  own  name,  from  time  to  time  in  Attorney’s  discretion,  to  take  any  and  all  appropriate  action  and  to  execute  and  deliver  any  and  all  documents  and  instruments  that may  be  necessary or desirable to accomplish the purposes of the Loan and Servicing Agreement and the other  Transaction Documents, and, without limiting the generality of the foregoing, hereby grants to Attorney  the power and right, on its behalf, without notice to or assent by it, to do the following, each in accordance  with the Loan and Servicing Agreement and the other Transaction Documents: (a) to make all necessary  transfers of the Pledged Equity in connection with any such sale or other disposition made pursuant to  the Loan and Servicing Agreement; (b) to execute and deliver for value all necessary or appropriate bills  of sale, assignments and other instruments in connection with any such sale or other disposition of the  Pledged Equity, Holdings hereby ratifying and confirming all that such Attorney (or any substitute) shall  lawfully do or cause to be done hereunder and pursuant hereto; and (c) to sign any agreements, orders  or other documents in connection with or pursuant to any Transaction Document to the extent related to  the Pledged Equity, all as though Attorney were the absolute owner of the Pledged Equity for all purposes,  and to do, at Attorney’s option and Borrower’s expense, at any time or from time to time, all acts and  other things that Attorney reasonably deems necessary to perfect, preserve or realize upon the Pledged  Equity and the Liens of the Administrative Agent, for the benefit of the Secured Parties, thereon (including  without limitation the execution and filing of UCC financing statements and continuation statements), all  as fully and effectively as Holdings might do.  Holdings hereby ratifies, to the extent permitted by law, all  that said attorneys shall lawfully do or cause to be done by virtue hereof.]7  The undersigned has executed this Power of Attorney as of the date first written above.  [Kudu Investment Management, LLC,   By:    Name:  Title:]  [Kudu Investment Holdings, LLC,   By:    Name:  Title:                                                               7 To be included in Holdings’ Power of Attorney.

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Ex. H‐4  NAI‐1516410469v5   Kudu Investment US, LLC,  By:    Name:  Title:]

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wtmexhibit102

Reed Smith LLP 112 avenue Kléber 75116 Paris Phone: +33 (0)1 76 70 40 00 Fax: +33 (0)1 76 70 41 19 r e e d s m i t h . c o m EME_ACTIVE-579242188.13-BGELPI 07/05/2021 2 54 PM D A T E D 2 0 2 1 ( 1 ) G R O U P A R K I N S U R A N C E L I M I T E D A S I S S U E R ( 2 ) T H E B A N K O F N E W Y O R K M E L L O N , L O N D O N B R A N C H A S F I S C A L A G E N T , T R A N S F E R A G E N T A N D A G E N T B A N K ( 3 ) T H E B A N K O F N E W Y O R K M E L L O N S A / N V , D U B L I N B R A N C H A S R E G I S T R A R ORIGINAL/COUNTERPART P A Y I N G A G E N C Y A G R E E M E N T R E L A T I N G T O € 3 9 , 1 0 0 , 0 0 0 F L O A T I N G RA T E T I E R 2 S U B O R D I N A T E D N O T ES D U E 2 0 4 1 REFERENCE BGELPI AND/OR 579242188 13 JULY C e r t a i n i d e n t i f i e d i n f o r m a t i o n h a s b e e n o m i t t e d b e c a u s e i t i s b o t h ( i ) n o t m a t e r i a l a n d ( i i ) t h e t y p e t h a t t h e r e g i s t r a n t t r e a t s a s p r i v a t e o r c o n f i d e n t i a l . Exhibit 10.2

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CONTENTS PAGE 1 EME_ACTIVE-579242188.13-BGELPI 07/05/2021 2 54 PM CONTENTS CLAUSE 1 DEFINITIONS AND INTERPRETATION ........................................................................................... 1 2 APPOINTMENT OF AGENTS ........................................................................................................... 3 3 THE SUBORDINATED NOTES ........................................................................................................ 3 4 EXCHANGES OF GLOBAL NOTE CERTIFICATE FOR INDIVIDUAL NOTE CERTIFICATES ........ 4 5 TRANSFERS OF SUBORDINATED NOTES .................................................................................... 4 6 REPLACEMENT OF NOTE CERTIFICATES .................................................................................... 5 7 PAYMENTS TO THE FISCAL AGENT .............................................................................................. 6 8 PAYMENTS TO NOTEHOLDERS .................................................................................................... 6 9 DUTIES OF THE AGENT BANK ....................................................................................................... 8 10 COVENANTS BY THE ISSUER ........................................................................................................ 9 11 MISCELLANEOUS DUTIES OF THE AGENTS .............................................................................. 10 12 FEES AND EXPENSES .................................................................................................................. 11 13 TERMS OF APPOINTMENT ........................................................................................................... 11 14 CHANGES IN AGENTS .................................................................................................................. 13 15 NOTICES ........................................................................................................................................ 15 16 LAW AND JURISDICTION .............................................................................................................. 16 17 FORCE MAJEURE ......................................................................................................................... 17 18 SANCTIONS ................................................................................................................................... 18 19 RIGHTS OF THIRD PARTIES ........................................................................................................ 18 20 MODIFICATION .............................................................................................................................. 18 21 CONFIDENTIALITY ........................................................................................................................ 18 22 COUNTERPARTS .......................................................................................................................... 19 SCHEDULE SCHEDULE 1 FORM OF GLOBAL NOTE CERTIFICATE .................................................................... 21 SCHEDULE 2 FORM OF INDIVIDUAL NOTE CERTIFICATE .............................................................. 26 SCHEDULE 3 TERMS AND CONDITIONS .......................................................................................... 30 SCHEDULE 4 REGULATIONS CONCERNING TRANSFERS AND REGISTRATION OF SUBORDINATED NOTES ............................................................................................. 52 SCHEDULE 5 SPECIFIED OFFICES OF THE AGENTS ...................................................................... 54

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1 EME_ACTIVE-579242188.13-BGELPI 07/05/2021 2 54 PM THIS PAYING AGENCY AGREEMENT dated 2021 BETWEEN: (1) GROUP ARK INSURANCE LIMITED, a Bermuda exempted insurance company (Registration No. 39617) limited by shares, with its registered office at, Clarendon House, 2 Church Street, Hamilton HM11, Bermuda, in its capacity as Issuer (the "Issuer"); (2) THE BANK OF NEW YORK MELLON, LONDON BRANCH, whose registered office is at One Canada Square, London, E14 5AL, United Kingdom in its capacity as fiscal agent, transfer agent and agent bank (in such capacities, the "Fiscal Agent", the "Transfer Agent", the "Agent Bank" and, together with any other person(s) appointed from time to time as paying agents under the terms of this Agreement, the "Paying Agents"); and (3) THE BANK OF NEW YORK MELLON SA/NV, DUBLIN BRANCH, whose registered office is at Riverside Two, Sir John Rogerson's Quay, Grand Canal Dock, Dublin 2, Ireland in its capacity as registrar, (in such capacity, the "Registrar"). RECITALS (A) The Issuer has authorised the creation and issue of €39,100,000 in aggregate principal amount of Floating Rate Tier 2 Subordinated Notes due 2041 (the "Subordinated Notes"). (B) The Subordinated Notes will be constituted by a deed of covenant dated on or about the date hereof (as amended or supplemented from time to time, the "Deed of Covenant") entered into by the Issuer. (C) The Subordinated Notes will be in registered form in the denominations of €100,000. The Subordinated Notes will be represented by a registered global certificate (the "Global Note Certificate"), which will be exchangeable for individual note certificates (the "Individual Note Certificates" and, together with the Global Note Certificate, the "Note Certificates") in the circumstances specified therein. (D) The Issuer, the Registrar, the Transfer Agent and the Paying Agents (collectively, the "Parties") wish to record certain arrangements which they have made in relation to the Subordinated Notes. IT IS AGREED as follows: 1 DEFINITIONS AND INTERPRETATION 1.1 Definitions In this Agreement, the following expressions shall have the following meanings: "Agents" means the Fiscal Agent, the Paying Agents, the Registrar, the Transfer Agent and the Agent Bank, and "Agent" means any one of them; "Agreement" means this paying agency agreement between the Issuer and the Agents; "Applicable Law" shall be deemed to include (i) any rule or practice of any Authority by which any Party is bound or with which it is accustomed to comply; (ii) any agreement between any Authorities; and (iii) any agreement between any Authority and any Party that is customarily entered into by institutions of a similar nature; "Authority" means any competent regulatory, prosecuting, Tax or governmental authority in any jurisdiction; "Business Day" means a day on which commercial banks and foreign exchange markets settle payments and are open for general business (including dealings in foreign exchange and foreign currency deposits) in London and Hamilton (Bermuda) and which is a TARGET2 Settlement Day; "Business Hours" means, in respect of a Business Day for the provisions of Clause 9 (Duties of the Agent Bank), between 10 a.m. and 4 p.m. Local Time; "Clearing Systems" means Euroclear and Clearstream, Luxembourg; 13 July

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2 EME_ACTIVE-579242188.13-BGELPI 07/05/2021 2 54 PM "Clearstream, Luxembourg" means Clearstream Banking, S.A.; "Code" means the U.S. Internal Revenue Code of 1986, as amended; "Common Depository" means a common depository acting for Euroclear and Clearstream, Luxembourg; "Conditions" means the terms and conditions of the Subordinated Notes (in the form set out in Schedule 3 (Terms and Conditions) hereto and as modified from time to time in accordance with their terms and any references to a numbered "Condition" is to the correspondingly numbered provision thereof); "Electronic Means" means the following communication methods: (i) non-secure methods of transmission or communication such as e-mail and facsimile transmission and (ii) secure electronic transmission containing applicable authorisation codes, passwords and/or authentication keys issued by any of the Agents or another method or system specified by any of the Agents as available for use in connection with its services hereunder; "Euroclear" means Euroclear Bank S.A. / N.V.; "FATCA Withholding" means any withholding or deduction required pursuant to an agreement described in Section 1471(b) of the Code or otherwise imposed pursuant to Sections 1471 through 1474 of the Code, any regulations or agreements thereunder, any official interpretations thereof, or any law implementing an intergovernmental approach thereto; "Fiscal Agent", "Paying Agents", "Registrar", "Transfer Agent" and "Agent Bank" include any successors thereto appointed from time to time in accordance with Clause 14 (Changes in Agents) and "Paying Agent" means any one of the Paying Agents; "Local Time" means the time in the city in which the Fiscal Agent has its Specified Office; "Noteholder" means any person that holds an interest in the Subordinated Note; "Regulations" means the regulations concerning the transfer of Subordinated Notes as the same may from time to time be promulgated by the Issuer and approved by the Registrar (the initial such regulations being set out in Schedule 4 (Regulations concerning transfers and registration of Subordinated Notes)); "Specified Office" means the premises of any Paying Agent, the Registrar or Transfer Agent, in each case as set out in Schedule 5 (Specified Offices of the Agents); "TARGET2 Settlement Day" means any day on which the Trans-European Automated Real-Time Gross Settlement Express Transfer (TARGET2) System is operating; "Tax" means any present or future taxes, duties, assessments or governmental charges of whatever nature imposed, levied, collected, withheld or assessed by or on behalf of any Authority having power to tax; and "€" and "euro" mean the lawful currency introduced at the third stage of the European economic and monetary union pursuant to the Treaty on the Functioning of the European Union, as amended. 1.2 Meaning of outstanding For the purposes of this Agreement (but without prejudice to its status for any other purpose), a Subordinated Note shall be considered to be "outstanding" unless one or more of the following events has occurred: (a) it has been redeemed in full or purchased under Condition 6 (Redemption, Purchase and Cancellation) and, in either case, has been cancelled in accordance with Condition 6 (Redemption, Purchase and Cancellation); or (b) the due date for its redemption in full has occurred and all sums due in respect of such Subordinated Note (including all accrued interest) have been received by the Fiscal Agent and

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3 EME_ACTIVE-579242188.13-BGELPI 07/05/2021 2 54 PM remain available for payment against presentation and surrender of the relevant Note Certificate, provided, however, that, for the purposes of ascertaining the right to attend and vote at any meeting of Noteholders, those Subordinated Notes (if any) which are for the time being held by any person (including but not limited to the Issuer) for the benefit of the Issuer shall (unless and until ceasing to be so held) be deemed not to remain outstanding. 1.3 Clauses and Schedules Any reference in this Agreement to a Clause or a Schedule is, unless otherwise stated, a reference to a clause hereof or a schedule hereto. 1.4 Principal and interest In this Agreement, any reference to principal or interest includes any additional amounts payable in relation thereto under the Conditions. 1.5 Terms defined in the Conditions Capitalised terms and expressions used but not defined herein have the respective meanings given to them in the Conditions. 1.6 Statutes Any reference in this Agreement to a statute, any provision thereof or to any statutory instrument, order or regulation made thereunder shall be construed as a reference to such statute, provision, statutory instrument, order or regulation as the same may have been, or may from time to time be, amended or re-enacted. 1.7 Headings Headings and sub-headings are for ease of reference only and shall not affect the construction of this Agreement. 1.8 Miscellaneous (a) A reference to a person in this Agreement includes its successors, transferees and assignees save that, with respect to the Paying Agents, the terms of Clause 11 (Miscellaneous Duties of the Agents) shall apply. (b) Word importing the singular shall include the plural and vice-versa. 2 APPOINTMENT OF AGENTS Upon and subject to the terms of this Agreement and the Conditions, the Issuer hereby appoints each Agent as its agent in respect of the Subordinated Notes at its respective Specified Office, and each Agent hereby accepts such appointment. Each Agent shall perform the duties required of it by this Agreement and the Conditions. The duties and obligations of each Agent hereunder shall be several and not joint. 3 THE SUBORDINATED NOTES 3.1 Global Note Certificate The Global Note Certificate shall: (a) be in substantially the form set out in Schedule 1 (Form of Global Note Certificate ); and (b) be executed manually, in facsimile or by electronic or digital signature by or on behalf of the Issuer and authenticated manually or by electronic or digital signature on behalf of the Registrar.

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4 EME_ACTIVE-579242188.13-BGELPI 07/05/2021 2 54 PM 3.2 Individual Note Certificates Each Individual Note Certificate shall: (a) be in substantially the form set out in Schedule 2 (Form of Individual Note Certificate); (b) have a unique serial number printed thereon; and (c) be executed manually, in facsimile or by electronic or digital signature by or on behalf of the Issuer and authenticated manually or by electronic or digital signature on behalf of the Registrar. 3.3 Signatures Any signature on a Note Certificate shall be that of a person who is at the time of the creation and issue of the Subordinated Notes an authorised signatory for such purpose of the Issuer notwithstanding that such person has for any reason (including death) ceased to be such an authorised signatory at the time at which such Note Certificate is delivered. 3.4 Availability of Individual Note Certificates The Issuer shall arrange for the duly signed unauthenticated Global Note Certificate to be made available to or to the order of the Fiscal Agent not later than one day prior to the Issue Date. If the Issuer is required to deliver Individual Note Certificates pursuant to the terms of the Global Note Certificate, the Issuer shall promptly arrange for a stock of Individual Note Certificates (unauthenticated and with the names of the registered Noteholders left blank but executed on behalf of the Issuer and otherwise complete) to be made available to the Registrar and the Fiscal Agent and not later than 14 days before the date upon which the Global Note Certificate is to be exchanged for Individual Note Certificates. The Issuer shall also arrange for such Global Note Certificates and Individual Note Certificates as are required to enable the Registrar to perform its obligations under Clause 4 (Exchanges of Global Note Certificate for Individual Note Certificates), Clause 5 (Transfers of Subordinated Notes) and Clause 6 (Replacement of Note Certificates) to be made available to or to the order of the Registrar and the Fiscal Agent from time to time. In the event that Individual Notes Certificates are issued and an Agent informs the Issuer that it is unable to perform its obligations under this Agreement, the Issuer shall forthwith appoint another agent in accordance with Clause 14.4 (Additional and successor agents) which is able to perform such obligations. 3.5 Authority to authenticate Each of the Registrar and the Fiscal Agent is authorised by the Issuer to authenticate the Global Note Certificate and the Individual Note Certificate by the signature of any of its officers or any other person duly authorised for the purpose by the Registrar, the Fiscal Agent or (as the case may be) such Paying Agent. 3.6 Duties of the Registrar The Registrar and the Fiscal Agent shall hold in safekeeping all unauthenticated Global Note Certificates and Individual Note Certificates delivered to it in accordance with Clause 3.4 (Availability of Individual Note Certificates) and shall ensure that they are authenticated and delivered only in accordance with the terms hereof and of the Global Note Certificate (if applicable). 4 EXCHANGES OF GLOBAL NOTE CERTIFICATE FOR INDIVIDUAL NOTE CERTIFICATES If the Global Note Certificate becomes exchangeable for Individual Note Certificates in accordance with its terms, the Registrar shall authenticate and deliver to each person designated by a Clearing System an Individual Note Certificate in accordance with the terms of this Agreement and the Global Note Certificate. 5 TRANSFERS OF SUBORDINATED NOTES 5.1 Maintenance of the Register The Registrar shall maintain in relation to the Subordinated Notes a register (the "Register"), which shall be kept outside of the United Kingdom and at its Specified Office in accordance with the

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5 EME_ACTIVE-579242188.13-BGELPI 07/05/2021 2 54 PM Conditions and be made available by the Registrar to the Issuer and the other Agents for inspection and for the taking of copies or extracts therefrom at all reasonable times. The Register shall show the aggregate principal amount, serial numbers and dates of issue of Note Certificates, the names and addresses of the initial Noteholders thereof and the dates of all transfers to, and the names and addresses of, all subsequent Noteholders thereof, all cancellations of Note Certificates and all replacements of Note Certificates. 5.2 Registration of transfers in the Register The Registrar shall receive requests for the transfer of Subordinated Notes in accordance with the Conditions and the Regulations and shall make the necessary entries in the Register. 5.3 Transfer Agent to receive requests for transfers of Subordinated Notes The Transfer Agent shall receive requests for the transfer of Subordinated Notes in accordance with the Conditions and the Regulations and assist, if required in the issue of new Note Certificates to give effect to such transfers and, in particular, upon any such request being duly made, shall promptly notify the Registrar of: (a) the aggregate principal amount of the Subordinated Notes to be transferred; (b) the name(s) and addresses to be entered on the Register of the holder(s) of the new Note Certificate(s) to be issued in order to give effect to such transfer; and (c) the place and manner of delivery of the new Note Certificate(s) to be delivered in respect of such transfer, and shall forward the Note Certificate(s) relating to the Subordinated Notes to be transferred (with the relevant form(s) of transfer duly completed) to the Registrar with such notification. 6 REPLACEMENT OF NOTE CERTIFICATES 6.1 Delivery of replacements Subject to receipt of replacement Global Note Certificates and/or Individual Note Certificates (as the case may be), the Fiscal Agent shall, upon and in accordance with the instructions of the Issuer (which instructions may, without limitation, include terms as to the payment of expenses and as to evidence, security and indemnity), complete, authenticate and deliver a Global Note Certificate or Individual Note Certificate which the Issuer has determined to issue as a replacement for any Global Note Certificate or Individual Note Certificate which has been mutilated or defaced or which has been or is alleged to have been destroyed, stolen or lost; provided, however, that the Fiscal Agent shall not deliver any Global Note Certificate or Individual Note Certificate as a replacement for any Global Note Certificate or Individual Note Certificate which has been mutilated or defaced otherwise than against surrender of the same and shall not issue any Global Note Certificate or Individual Note Certificate until the applicant has furnished the Fiscal Agent with such evidence and indemnity as the Issuer and/or the Fiscal Agent may reasonably require and has paid such costs and expenses as may be incurred in connection with such replacement. 6.2 Replacements to be numbered Each replacement Global Note Certificate or Individual Note Certificate delivered under this Agreement shall bear a unique serial number. 6.3 Cancellation and destruction The Fiscal Agent shall cancel and destroy each mutilated or defaced Global Note Certificate or Individual Note Certificate surrendered to it in respect of which a replacement has been delivered. 6.4 Notification The Fiscal Agent shall notify the Issuer and each other Agent of the delivery by it of any replacement Global Note Certificate or Individual Note Certificate specifying the serial number thereof and the serial number (if any and if known) of the Global Note Certificate or Individual Note Certificate which it replaces and confirming that the Global Note Certificate or Individual Note Certificate which it

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6 EME_ACTIVE-579242188.13-BGELPI 07/05/2021 2 54 PM replaces has been cancelled and destroyed in accordance with Clause 6.3 (Cancellation and destruction). 7 PAYMENTS TO THE FISCAL AGENT 7.1 Issuer to pay Fiscal Agent Subject to Conditions 5 (Deferral of Interest) and 6 (Redemption, Purchase and Cancellation), the Issuer shall, one Business Day before each date on which any payment in respect of the Subordinated Notes becomes due, transfer to the Fiscal Agent before 10.00 a.m. (local time in the relevant principal financial centre of the country of the relevant currency) such amount as may be required for the purposes of such payment. 7.2 Manner and time of payment Each amount payable under Clause 7.1 (Issuer to pay Fiscal Agent) shall be paid unconditionally by credit transfer in euro and in immediately available freely transferable, cleared funds not later than 10.00 a.m. (local time in the relevant principal financial centre of the country of the relevant currency) on the relevant day to such account with such bank as the Fiscal Agent may from time to time notify to the Issuer for such purpose. The Issuer shall, on the second Business Day before the due date of each payment by it under Clause 7.1 (Issuer to pay Fiscal Agent), procure that the bank effecting payment for it confirms by authenticated SWIFT message to the Fiscal Agent the payment instructions relating to such payment. 7.3 Exclusion of liens and interest Each of the Agents shall be entitled to deal with each amount paid to them under this Clause 7 (Payments to the Fiscal Agent) in the same manner as other amounts paid to them as bankers by their customers; provided, however, that: (a) they shall not exercise against the Issuer any lien, right of set-off or similar claim in respect thereof; (b) they shall not be liable to any person for interest thereon; and (c) they shall not be required to segregate any money, except as required by law. 7.4 Application by Fiscal Agent The Fiscal Agent shall apply each amount paid to it hereunder in accordance with Clause 8 (Payments to Noteholders) and shall not be obliged to repay any such amount unless the claim for the relevant payment becomes void in accordance with Applicable Law, in which event it shall refund at the written request of the Issuer such portion of such amount as relates to such payment by paying the same by credit transfer in euro to such account as the Issuer has by notice to the Fiscal Agent specified for the purpose. 8 PAYMENTS TO NOTEHOLDERS 8.1 Payments by Paying Agents Each Paying Agent acting through its Specified Office shall make payments of principal and interest in respect of the Subordinated Notes in accordance with the Conditions and, so long as the Subordinated Notes are evidenced by the Global Note Certificate, the terms thereof, provided, however, that: (a) if any Global Note Certificate or Individual Note Certificate is presented or surrendered for payment to any Paying Agent and such Paying Agent has delivered a replacement therefor or has been notified that the same has been replaced, such Paying Agent shall as soon as reasonably practicable notify the Issuer of such presentation or surrender and shall not make payment against the same until it is so instructed by the Issuer and has received the amount to be so paid; (b) a Paying Agent shall not be obliged (but shall be entitled) to make payments of principal or interest in respect of the Subordinated Notes, if:

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7 EME_ACTIVE-579242188.13-BGELPI 07/05/2021 2 54 PM (i) in the case of the Fiscal Agent, it has not received the full amount of any payment due to it under Clause 7.1 (Issuer to pay Fiscal Agent); or (ii) in the case of any other Paying Agent, it is not able to establish that the Fiscal Agent has received (whether or not at the due time) the full amount of any payment due to it under Clause 7.1 (Issuer to pay Fiscal Agent); and (c) each Paying Agent shall cancel each Note Certificate against presentation and surrender of which it has made full payment and shall deliver each Note Certificate so cancelled by it to, or to the order of, the Registrar. 8.2 Exclusion of liens and commissions No Paying Agent shall exercise any lien, right of set-off or similar claim against any person to whom it makes any payment under Clause 8.1 (Payments by Paying Agents) in respect thereof, nor shall any commission or expense be charged by it to any such person in respect thereof. 8.3 Reimbursement by Fiscal Agent If a Paying Agent other than the Fiscal Agent makes any payment in accordance with Clause 8.1 (Payments by Paying Agents): (a) it shall notify the Fiscal Agent of the amount so paid by it and the serial number and principal amount of each Note Certificate in relation to which payment of principal or interest was made; and (b) subject to and to the extent of compliance by the Issuer with Clause 7.1 (Issuer to pay Fiscal Agent) (whether or not at the due time), the Fiscal Agent shall pay to such Paying Agent out of the funds received by it under Clause 7.1 (Issuer to pay Fiscal Agent), by credit transfer in euro and in immediately available freely transferable, cleared funds to such account with such bank as such Paying Agent has by notice to the Fiscal Agent specified for the purpose, an amount equal to the amount so paid by such Paying Agent. 8.4 Appropriation by Fiscal Agent If the Fiscal Agent makes any payment in accordance with Clause 8.1 (Payments by Paying Agents), it shall be entitled to appropriate for its own account out of the funds received by it under Clause 7.1 (Issuer to pay Fiscal Agent) an amount equal to the amount so paid by it. 8.5 Reimbursement by Issuer Subject to sub-clauses 8.1(a) and 8.1(b) (Payments by Paying Agents), if a Paying Agent makes a payment in respect of Subordinated Notes on or after the due date for such payment under the Conditions at a time at which the Fiscal Agent has not received the full amount of the relevant payment due to it under Clause 7.1 (Issuer to pay Fiscal Agent) and the Fiscal Agent is not able out of funds received by it under Clause 7.1 (Issuer to pay Fiscal Agent) to reimburse such Paying Agent therefor (whether by payment under Clause 8.3 (Reimbursement by Fiscal Agent) or appropriation under Clause 8.4 (Appropriation by Fiscal Agent)), the Issuer shall from time to time on demand pay to the Fiscal Agent for account of such Paying Agent: (a) the amount so paid out by such Paying Agent and not so reimbursed to it; and (b) interest on such amount from the date on which it is paid out to the date of reimbursement at a percentage rate per annum equal to the cost to the Paying Agent of funding the amount paid out, as certified by the Paying Agent and expressed as a percentage rate per annum, provided, however, that any payment made under sub-clause 8.5(a) (Reimbursement by Issuer) shall satisfy pro tanto the obligations of the Issuer under Clause 7.1 (Issuer to pay Fiscal Agent). 8.6 Partial payments If at any time and for any reason a Paying Agent makes a partial payment in respect of the Global Note Certificate or any Individual Note Certificate presented for payment to it, such Paying Agent shall enface thereon a statement indicating the amount and date of such payment. In addition, if, on

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8 EME_ACTIVE-579242188.13-BGELPI 07/05/2021 2 54 PM any due date for payment, less than the full amount of any principal or interest is paid in respect of the Subordinated Notes, the Registrar will note on the Register a memorandum of the amount and date of any payment then made and, if the Global Note Certificate or any Individual Note Certificate is presented for payment in accordance with the Conditions and no payment is then made, the date of presentation of the Global Note Certificate or (as the case may be) such Individual Note Certificate. 8.7 Notice of any withholding or deduction (a) Each Party shall, within ten Business Days of a written request by another Party, supply to that other Party such forms, documentation and other information relating to it, its operations, or the Subordinated Notes as that other Party reasonably requests for the purposes of that other Party's compliance with Applicable Law and shall notify the relevant other Party reasonably promptly in the event that it becomes aware that any of the forms, documentation or other information provided by such Party is (or becomes) inaccurate in any material respect; provided, however that no Party shall be required to provide any forms, documentation or other information pursuant to this sub-clause; to the extent that: (i) any such form, documentation or other information (or the information required to be provided on such form or documentation) is not reasonably available to such Party and cannot be obtained by such Party using reasonable efforts; or (ii) doing so would or might in the reasonable opinion of such Party constitute a breach of any: (a) Applicable Law; (b) fiduciary duty; or (c) duty of confidentiality; (b) The Issuer shall notify each Agent in the event that it determines that any payment to be made by an Agent under the Subordinated Notes is a payment which could be subject to FATCA Withholding if such payment were made to a recipient that is generally unable to receive payments free from FATCA Withholding, and the extent to which the relevant payment is so treated; provided, however, that the Issuer's obligation under this sub-clause 8.7 shall apply only to the extent that such payments are so treated by virtue of characteristics of the Issuer, the Subordinated Notes, or both; (c) Notwithstanding any other provision of this Agreement, each Agent shall be entitled to make a deduction or withholding from any payment which it makes under the Subordinated Notes for or on account of any Tax, if and only to the extent so required by Applicable Law, in which event the Agent shall make such payment after such deduction or withholding has been made and shall: (i) where permitted by the Applicable Law, account to the relevant Authority within the time allowed for the amount so deducted or withheld; or (ii) return to the Issuer the amount so deducted or withheld reasonably promptly, and within such time as to allow the Issuer to account to the relevant Authority for such amount within the time allowed, after making such payment, in which case, the Issuer shall so account to the relevant Authority for such amount. For the avoidance of doubt, FATCA Withholding is a deduction or withholding which is deemed to be required by Applicable Law for the purposes of this sub-clause 8.7; (d) In the event that any Agent determines that any deduction or withholding for or on account of any Tax will be required by Applicable Law in connection with any payment due to any of the Agents on the Subordinated Notes, then that Agent shall notify the Issuer on making such determination; and (e) In the event that the Issuer determines in its sole discretion that any deduction or withholding for or on account of any Tax will be required by Applicable Law in connection with any payment due to any of the Agents on any Subordinated Notes, then the Issuer will be entitled to redirect or reorganise any such payment in any way that it sees fit in order that the payment may be made without such deduction or withholding provided that any such redirected or re-organised payment is made through a recognised institution of international standing and otherwise made in accordance with this Agreement. The Issuer will promptly notify the Agents of any such redirection or reorganisation. For the avoidance of doubt, FATCA Withholding is a deduction or withholding which is deemed to be required by Applicable Law for the purposes of this sub-clause 8.7. 9 DUTIES OF THE AGENT BANK The Agent Bank agrees to comply with the provisions of Condition 4 (Interest) and this Agreement. In particular, the Agent Bank shall:

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9 EME_ACTIVE-579242188.13-BGELPI 07/05/2021 2 54 PM (a) determine the Rate of Interest (as defined in the Conditions) applicable to the Subordinated Notes in accordance with the Conditions; (b) as soon as practicable after determining the Rate of Interest applicable to the Subordinated Notes for any period (but in any event not later than the first day of the applicable Interest Period (as defined in the Conditions)) pursuant to the Conditions, notify the Issuer, the Noteholders and the Paying Agents thereof in accordance with the Conditions; (c) publish the Rate of Interest, Interest Amount and relative Interest Payment Date in accordance with Condition 4 (Interest); and (d) maintain records of the quotations obtained, and all rates determined, by it and make such records available for inspection at all reasonable times by the Issuer and the Paying Agents. 10 COVENANTS BY THE ISSUER The Issuer covenants with the Fiscal Agent that, so long as any of the Subordinated Notes remain outstanding, it will: 10.1 Notification of Redemption or Repayment Not less than the number of days specified in the relevant Condition prior to the redemption or repayment date in respect of any Subordinated Note, give to the Fiscal Agent notice in writing of the amount of such redemption or repayment pursuant to the Conditions and duly proceed to redeem or repay such Subordinated Notes accordingly; 10.2 Supervisory Consent So long as any Subordinated Note is outstanding, the Issuer will, where the Regulatory Clearance Condition is required to be satisfied before any payment is made or any other action is taken under this Agreement or the Subordinated Notes, meet such Regulatory Clearance Condition promptly before making such payment or taking such action and promptly provide a copy to the Fiscal Agent; 10.3 BMA Objection So long as any Subordinated Note is outstanding, the Issuer will, having received an objection to the making of any payment or taking of any action pursuant to the Conditions from the BMA following notification thereof to the BMA pursuant to Clause 10.2 (Supervisory Consent), promptly notify the Fiscal Agent in writing thereof and, if permitted by Applicable Law, regulation or by the BMA, provide a copy thereof to the Fiscal Agent; 10.4 BMA Notifications The Issuer undertakes to supply to the Fiscal Agent, in sufficient copies for all the Noteholders: (a) the Issuer's annual statutory returns as filed with the BMA (or any successor thereto) as Issuer's regulator (the "Regulator"), as soon as reasonably practicable and in any event no later than the date falling 20 Business Days after the date on which such filing is made; (b) promptly upon receipt or submission (as the case may be), copies of any approval, direction or order received by the Issuer from the Regulator from time to time or any response from the Issuer in relation to such approval, direction or order, including in connection with any capital release or any other return of surplus capital, in each case to the extent material to the interests of the Noteholders; (c) promptly upon submission, copies of any reports and all other material correspondence required or requested by or provided to the Regulator from time to time; 10.5 Interest Deferral So long as any Subordinated Note is outstanding, the Issuer will, where any payment of any interest pursuant to Condition 5 (Deferral of Interest) is mandatorily deferred, give notice of such mandatory deferral to the Noteholders in accordance with Conditions 5(e)(Notice of Deferral) and 15 (Notices) and to the Fiscal Agent, and, in accordance with Condition 5(a)(Regulatory Deficiency Deferral of

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10 EME_ACTIVE-579242188.13-BGELPI 07/05/2021 2 54 PM Interest), the Issuer will deliver a certificate (on the same date that it gives such notice) signed by two Authorised Signatories (as defined in the Conditions) confirming that: (a) a Regulatory Deficiency Interest Deferral Event has occurred and is continuing, or would occur if payment of interest on the Subordinated Notes were to be made; or (b) a Regulatory Deficiency Interest Deferral Event has ceased to occur and/or payment of interest on the Subordinated Notes would not result in a Regulatory Deficiency Interest Deferral Event occurring; 10.6 Redemption Deferral (a) So long as any Subordinated Note is outstanding, the Issuer will, in the case of a mandatory deferral of redemption in accordance with Condition 6(b) (Deferral of redemption date) give notice of such mandatory deferral to the Noteholders and the Fiscal Agent in accordance with Conditions 6(b)(iii) (Deferral of redemption date) and 15 (Notices), provided, however, that if the Issuer becomes aware of the operation of the Solvency Condition or a Regulatory Deficiency Interest Deferral Event occurs less than 5 Business Days prior to an Interest Payment Date, the Issuer shall give notice of the interest deferral in accordance with Condition 5 (Deferral of Interest) as soon as reasonably practicable following its becoming aware of, or the occurrence of, such event. (b) In accordance with Condition 6(b)(v) (Deferral of redemption date), the Issuer will deliver a certificate (on the same date that it gives such notice) to the Fiscal Agent signed by two Authorised Signatories confirming that: (a) a Regulatory Deficiency Redemption Deferral Event has occurred and is continuing or would occur if redemption of the Subordinated Notes were to be made; or (b) a Regulatory Deficiency Redemption Deferral Event (as applicable) has ceased to occur and/or redemption of the Subordinated Notes would not result in such event occurring. 11 MISCELLANEOUS DUTIES OF THE AGENTS 11.1 Records The Fiscal Agent shall maintain records of all documents received by it in connection with its duties hereunder and shall make such records available for inspection at all reasonable times by the Issuer, and the other Agents and, in particular, the Registrar shall (a) maintain a record of all Note Certificates delivered hereunder and of their redemption, payment, cancellation, mutilation, defacement, alleged destruction, theft, loss and replacement and (b) make such records available for inspection during Business Hours by the Issuer, the other Paying Agents and each Clearing System. 11.2 Information The Issuer and the Paying Agents shall make available to the Fiscal Agent such information as is reasonably required for the maintenance of the records referred to in Clause 11.1 (Records). 11.3 Cancellation The Issuer may from time to time deliver to, or to the order of the Registrar, Note Certificates of which it or any of its subsidiaries is the holder for cancellation, whereupon the Registrar shall cancel the same and shall make the corresponding entries in the Register. 11.4 Subordinated Notes in issue As soon as practicable (and in any event within three months) after each date on which the Subordinated Notes fall due for redemption in accordance with the Conditions, the Registrar shall notify the Issuer of the serial numbers and principal amount of any Note Certificates against surrender of which payment has been made and of the serial numbers and principal amount of any Note Certificates (and the names and addresses of the Noteholders thereof) which have not yet been surrendered for payment. 11.5 Forwarding of communications The Fiscal Agent shall promptly forward to the Issuer a copy of any notice or communication addressed to the Issuer by any Noteholder which is received by the Fiscal Agent.

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11 EME_ACTIVE-579242188.13-BGELPI 07/05/2021 2 54 PM 11.6 Documents available for inspection The Issuer shall provide to each Agent: (a) conformed copies of this Agreement; and (b) such other documents as contemplated in the Conditions. Each of the Paying Agents shall make available for inspection during Business Hours at its Specified Office the documents referred to above. However, if the Agent is not able to make available for inspection at its Specified Office such documents by events beyond its reasonable control, the Agent may provide such documents to a Noteholder electronically, subject to such Noteholder being able to provide evidence satisfactory to the Issuer and the Agent as to its holding and identity. 12 FEES AND EXPENSES 12.1 Fees The Issuer shall pay annually in advance to the Fiscal Agent and the Agents such fees as have been agreed by separate fee letter between the Issuer and the Fiscal Agent in respect of the services of the Agents hereunder (plus any applicable value added tax). 12.2 Expenses The Issuer shall reimburse each Agent for all expenses (including, without limitation, legal fees and any publication, advertising, communication, courier, postage and other out-of-pocket expenses) properly incurred (excluding those expenses already reimbursed pursuant to Clause 12.1 (Fees)) by them in connection with their services hereunder (plus any applicable value added tax). 12.3 Taxes The Issuer shall pay all stamp, registration and other taxes and duties (including any interest and penalties thereon or in connection therewith) which are payable upon or in connection with the execution and delivery of this Agreement, and the Issuer shall indemnify each Agent against any claim, demand, action, liability, damages, cost, loss or expense (including, without limitation, properly incurred legal fees and any applicable value added tax) which it incurs as a result or arising out of or in relation to any failure by the Issuer to pay or delay by the Issuer in paying any of the same. All payments by the Issuer under this Clause 12 (Fees and Expenses) or Clause 13.4 (Indemnity in favour of the Agents) shall be made free and clear of, and without setoff, counterclaim, withholding or deduction for, any taxes, duties, assessments or governmental charges of whatsoever nature unless compelled by law, in which case the Issuer will gross-up such payments to the Agents. 13 TERMS OF APPOINTMENT 13.1 Rights and powers Each Agent may, in connection with its services hereunder: (a) except as ordered by a court of competent jurisdiction or otherwise required by law and regardless of any notice of ownership, trust or any other interest therein, any writing on the Note Certificate relating to any Subordinated Note by any person (other than a duly executed form of transfer) or any notice of any previous loss or theft thereof, but subject to sub-clause 8.1(a) (Payments by Paying Agents), treat the registered Noteholders as absolute owners for all purposes and make payments thereon accordingly; (b) assume that the terms of the Global Note Certificate and each Individual Note Certificate as issued are correct; (c) rely upon the terms of any notice, certificate communication or other document believed by it to be genuine and shall be protected and shall, other than by reason of its gross negligence, wilful default or fraud, incur no liability for or in respect of action taken, omitted or suffered in reliance upon any notice, communication or other document;

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12 EME_ACTIVE-579242188.13-BGELPI 07/05/2021 2 54 PM (d) subject to Clause 12.2 (Expenses), engage and pay for the advice or services of any lawyers or other experts whose advice or services it considers necessary and rely upon any advice so obtained (and such Agent shall be protected and shall, other than by reason of its gross negligence, wilful default or fraud, incur no liability as against the Issuer in respect of any action taken, or permitted to be taken, in accordance with such advice and in good faith); and (e) may, and its officers, directors, employees or controlling persons may, become the owner of, or acquire any interest in, the Subordinated Notes with the same rights that it would have if it were not appointed under this Agreement, and may engage or be interested in any financial or other transaction with the Issuer and/or any of their Affiliates and may act as freely as if it were not appointed under this Agreement. 13.2 Extent of duties Each Agent shall only be obliged to perform the duties set out herein and no implied duties or obligations shall be read into this Agreement or the Conditions against any Agent. No Agent shall: (a) be under any fiduciary duty or other obligation towards or have any relationship of agency or trust for or with any person other than the Issuer; (b) be responsible for or liable in respect of the legality, validity or enforceability of the Subordinated Notes or any Note Certificate (other than in respect of authentication of Note Certificates by it in accordance with this Agreement) or any act or omission of any other person (including, without limitation, any other Agent); (c) be under any obligation to act if it reasonably believes that if it were to act it would incur expenses for which it would not be reimbursed and it shall bear no liability for not acting on the basis of such reasonable belief; (d) be required to take any action which it determines to be contrary to any Applicable Law, regulation or fiscal requirement, or the rules, operating procedures or market practice of any other market or clearing system; (e) be responsible for monitoring compliance by any other party or taking any steps to ascertain whether any relevant event under this Agreement or the Conditions shall have occurred and shall have no liability to any person for any loss arising from any breach by that party or any such event; or (f) be liable to any person for any matter or thing done or omitted in any way in connection with this Agreement or the Conditions save in relation to its own gross negligence, wilful default or fraud. 13.3 Freedom to transact Each Agent may purchase, hold and dispose of Subordinated Notes and may enter into any transaction (including, without limitation, any depository, trust or agency transaction) with any Noteholders or with any other person in the same manner as if it had not been appointed as the agent of the Issuer in relation to the Subordinated Notes. 13.4 Indemnity in favour of the Agents The Issuer will indemnify each Agent against any loss, liability, cost, claim, action, demand or expense (including, but not limited to, all costs, charges and expenses paid or incurred in disputing or defending any of the foregoing) which it may directly incur or which may be made against it as a result of or in connection with its appointment or the exercise of its functions, except such as may result from its wilful default, gross negligence or fraud or that of its directors, officers or employees. The indemnity contained in this Clause 13.4 (Indemnity in favour of the Agents) shall survive any cessation of any appointment of an Agent under this Agreement pursuant to Clause 14 (Changes in Agents) or any termination of this Agreement. Any claim by an Agent under this indemnity shall be accompanied by duly documented evidence supporting such claim. 13.5 Liability for losses (a) Notwithstanding anything else in this Agreement, no Agent nor any of its directors, officers, employees or agents shall be liable to the Issuer or any other person for any:

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13 EME_ACTIVE-579242188.13-BGELPI 07/05/2021 2 54 PM (i) loss of profit; (ii) loss of revenue; (iii) loss of anticipated savings; (iv) loss of contract or opportunity; (v) loss of goodwill or reputation; or (vi) indirect, special, or consequential loss or damage of whatever nature including any loss of a type described in sub clauses (i) to (v) (inclusive) above which could be regarded as indirect or consequential, arising from any representation, any breach of implied term or any duty at common law or under any statute or express term of this Agreement, and whether such liability is asserted on the basis of contract, tort (including negligence) or otherwise and whether or not reasonably foreseeable or actually contemplated by the parties. 14 CHANGES IN AGENTS 14.1 Resignation Any Agent may (without reason) resign its appointment upon not less than 30 days' notice to the Issuer (with a copy, in the case of an Agent other than the Fiscal Agent, to the Fiscal Agent); provided, however, that: (a) if such resignation would otherwise take effect less than 30 days before or after the Maturity Date or other date for redemption of the Subordinated Notes or any interest payment date in relation to the Subordinated Notes, it shall not take effect until the thirtieth day following such date; and (b) in the case of the Fiscal Agent, such resignation shall not take effect until a successor has been duly appointed consistently with Clause 14.4 (Additional and successor agents) or Clause 14.5 (Paying Agents may appoint successors) and notice of such appointment has been given to the Noteholders. 14.2 Revocation The Issuer may revoke its appointment of any Agent by not less than 30 days' notice to such Agent (with a copy, in the case of an Agent other than the Fiscal Agent, to the Fiscal Agent); provided, however, that, in the case of the Fiscal Agent, such revocation shall not take effect until a successor has been duly appointed consistently with Clause 14.4 (Additional and successor agents) or Clause 14.5 (Paying Agents may appoint successors) and notice of such appointment has been given to the Noteholders. 14.3 Automatic termination The appointment of any Agent shall terminate forthwith if (a) such Agent becomes incapable of acting, (b) a secured party takes possession, or a receiver, manager or other similar officer is appointed, of the whole or any part of the undertaking, assets and revenues of such Agent, (c) such Agent admits in writing its insolvency or inability to pay its debts as they fall due, (d) an administrator or liquidator of such Agent or the whole or any part of the undertaking, assets and revenues of such Agent is appointed (or application for any such appointment is made), (e) such Agent takes any action for a readjustment or deferment of any of its obligations or makes a general assignment or an arrangement or composition with or for the benefit of its creditors or declares a moratorium in respect of any of its indebtedness, (f) an order is made or an effective resolution is passed for the winding- up of such Agent or (g) any event occurs which has an analogous effect to any of the foregoing. If the appointment of the Fiscal Agent is terminated in accordance with the preceding sentence, the Issuer shall forthwith appoint a successor in accordance with Clause 14.4 (Additional and successor agents).

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14 EME_ACTIVE-579242188.13-BGELPI 07/05/2021 2 54 PM 14.4 Additional and successor agents The Issuer may appoint a successor registrar or fiscal agent, and additional or successor transfer agent or paying agents, and shall forthwith give notice of any such appointment to the continuing Agents and the Noteholders, whereupon the Issuer, the continuing Agents and the additional or successor registrar, transfer agent, fiscal agent or paying agent shall acquire and become subject to the same rights and obligations between themselves as if they had entered into an agreement in the form mutatis mutandis of this Agreement. 14.5 Paying Agents may appoint successors If the Fiscal Agent gives notice of its resignation in accordance with Clause 14.1 (Resignation) and by the tenth day before the expiry of such notice a successor has not been duly appointed in accordance with Clause 14.4 (Additional and successor agents), the Fiscal Agent may itself, following such consultation with and at the expense of the Issuer, appoint on behalf of the Issuer as its successor any reputable and experienced financial institution and give notice of such appointment to the Issuer, the remaining Agents and the Noteholders, whereupon the Issuer, the remaining Agents and such successor shall acquire and become subject to the same rights and obligations between themselves as if they had entered into an agreement in the form mutatis mutandis of this Agreement. 14.6 Release Upon any resignation or revocation taking effect under Clause 14.1 (Resignation) or Clause 14.2 (Revocation) or any termination taking effect under Clause 14.3 (Automatic termination), the relevant Agent shall: (a) be released and discharged from its obligations under this Agreement (save that it shall remain entitled to the benefit of and subject to Clause 12.3 (Taxes), Clause 13 (Terms of Appointment) and Clause 14 (Changes in Agents)); (b) in the case of the Fiscal Agent, deliver to the Issuer and to its successor a copy, certified as true and up-to-date by an officer or authorised signatory of the Fiscal Agent, of the records maintained by it in accordance with Clause 5.1 (Maintenance of the Register); (c) in the case of the Agent Bank, deliver to the Issuer and to its successor a copy, certified as true and up-to-date by an officer or authorised signatory of the Agent Bank, of the records maintained by it in accordance with Clause 9 (Duties of the Agent Bank); and (d) as soon as reasonably practicable (upon payment to it of any amount due to it in accordance with Clause 12 (Fees and Expenses)) transfer all moneys and papers (including any unissued Note Certificates held by it hereunder and any documents held by it pursuant to Clause 11.6 (Documents available for inspection)) to its successor and, upon appropriate notice, provide reasonable assistance to its successor for the discharge of its duties and responsibilities hereunder. 14.7 Merger (a) Any legal entity (i) into which any Agent may be merged or converted or any legal entity with which such Agent may be consolidated, (ii) to which the business of such Agent is transferred, (iii) with which such Agent agrees to transfer its respective rights and obligations hereunder or (iv) which results from any merger, conversion, consolidation or transfer to which such Agent shall be a party shall, to the extent permitted by Applicable Law, be the successor Agent under this Agreement without any further formality, and after such effective date all references in this Agreement to such Agent shall be deemed to be references to such corporation and, by virtue of a transfer by novation, such successor shall acquire and become subject to the same rights and obligations under this Agreement as the relevant Agent as if the successor had entered into this Agreement on the Issue Date (as defined in the Conditions). Notice of any such merger, conversion, consolidation or transfer shall forthwith be given by the relevant Agent to the Issuer. (b) The Issuer shall on request enter into any document or agreement necessary to give legal effect to the assignment or transfer including in the case of a novation, a deed of novation in a form agreed with such Agent.

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16 EME_ACTIVE-579242188.13-BGELPI 07/05/2021 2 54 PM 15.2 Effectiveness (a) Every notice or communication sent in accordance with Clause 15.1 (Addresses for notices) shall be effective, if sent by letter or email, upon receipt by the addressee, provided, however, that any such notice or communication which would otherwise take effect after 4.00 p.m. on any particular day shall not take effect until 10.00 a.m. on the immediately succeeding business day in the place of the addressee. (b) In no event shall any of the Agents be liable for any losses arising from any of the Agents receiving or transmitting any data to the Issuer (or any Authorised Person) or acting upon any notice, instruction or other communication via any Electronic Means. None of the Agents shall have a duty or obligation to verify or confirm that the person who sent such instructions or directions is, in fact, a person authorised to give instructions or directions on behalf of the Issuer (or any Authorised Person). The Issuer agrees that the security procedures, if any, to be followed in connection with a transmission of any such notice, instructions or other communications provide to it a commercially reasonable degree of protection in light of its particular needs and circumstances. 15.3 Notices to Noteholders Any notice required to be given to Noteholders under this Agreement and/or the Conditions, or any notice delivered by the Issuer to the Fiscal Agent, shall be given in accordance with the Conditions; provided that so long as any Subordinated Notes are represented by the Global Note Certificate, notices to be given to the Noteholders shall be delivered by the Fiscal Agent to the Noteholders electronically through the Clearing Systems. 15.4 Notices in English All notices and other communications hereunder shall be made in the English language or shall be accompanied by a certified English translation thereof. Any certified English translation delivered hereunder shall be certified a true and accurate translation by a professionally qualified translator or by some other person competent to do so. 16 LAW AND JURISDICTION 16.1 Governing law This Agreement and any non-contractual obligations arising out of or in connection with it are governed by English law. 16.2 English courts The courts of England have exclusive jurisdiction to settle any dispute (a "Dispute"), arising out of or in connection with this Agreement (including a dispute relating to the existence, validity or termination of this Agreement or any non-contractual obligation arising out of or in connection with this Agreement) or the consequences of its nullity. 16.3 Appropriate forum The parties agree that the courts of England are the most appropriate and convenient courts to settle any Dispute and, accordingly, that they will not argue to the contrary. 16.4 Service of process The Issuer agrees that the documents which start any Dispute and any other documents required to be served in relation to those Dispute may be served on it by being delivered to Ark Syndicate Management Limited, 30 Fenchurch Ave, London EC3M 5AD, United Kingdom, or to such other person with an address in England or Wales and/or at such other address in England or Wales as the Issuer may specify by notice in writing to the Agents. Nothing in this paragraph shall affect the right of any Agent to serve process in any other manner permitted by law.

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17 EME_ACTIVE-579242188.13-BGELPI 07/05/2021 2 54 PM 16.5 Contractual Recognition of Bail-in Powers Notwithstanding and to the exclusion of any other term of this Agreement or any other agreements, arrangements, or understanding between the Registrar and the Issuer, the Issuer acknowledges and agrees that a BRRD Liability arising under this Agreement may be subject to the exercise of Bail-in Powers by the Relevant Resolution Authority, and acknowledges, accepts, and agrees to be bound by: (a) the effect of the exercise of Bail-in Powers by the Relevant Resolution Authority in relation to any BRRD Liability of the Registrar to the Issuer under this agreement, that (without limitation) may include and result in any of the following, or some combination thereof: (i) the reduction of all, or a portion, of the BRRD Liability or outstanding amounts due thereon; (ii) the conversion of all, or a portion, of the BRRD Liability into shares, other securities or other obligations of the Registrar or another person, and the issue to or conferral on the Issuer of such shares, securities or obligations; (iii) the cancellation of the BRRD Liability; and (iv) the amendment or alteration of any interest, if applicable, thereon, the maturity or the dates on which any payments are due, including by suspending payment for a temporary period; and (b) the variation of the terms of this Agreement, as deemed necessary by the Relevant Resolution Authority, to give effect to the exercise of Bail-in Powers by the Relevant Resolution Authority. In this Clause 16.5: "Bail-in Legislation” means in relation to a member state of the European Economic Area which has implemented, or which at any time implements, the BRRD, the relevant implementing law, regulation, rule or requirement as described in the EU Bail-in Legislation Schedule from time to time. “Bail-in Powers” means any Write-down and Conversion Powers as defined in the EU Bail-in Legislation Schedule, in relation to the relevant Bail-in Legislation. “BRRD” means Directive 2014/59/EU establishing a framework for the recovery and resolution of credit institutions and investment firms. “BRRD Liability” means a liability in respect of which the relevant Write-down and Conversion Powers in the applicable Bail-in Legislation may be exercised. “EU Bail-in Legislation Schedule” means the document described as such, then in effect, and published by the Loan Market Association (or any successor person) from time to time at http://www.lma.eu.com/pages.aspx?p=499. “Relevant Resolution Authority” means the resolution authority with the ability to exercise any Bail- in Powers in relation to the Registrar. 17 FORCE MAJEURE Notwithstanding anything in this Agreement to the contrary, the Agents shall not be responsible or liable for any delay or failure to perform under this Agreement or for any losses resulting, in whole or in part, from or caused by any event beyond the reasonable control of the Agents, including without limitation: work stoppages, acts of war, terrorism, acts of God, epidemics, governmental actions (including but not limited to nationalisation, expropriation or sanctions imposed at national or international level), exchange or currency controls or restrictions, devaluations or fluctuations, interruption, loss or malfunction of utilities, communications or any computer (software or hardware) services and in no event shall the Agents be obliged to substitute another currency for a currency whose transferability, convertibility or availability has been affected, limited, prohibited or prevented by such law, regulation or event.

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18 EME_ACTIVE-579242188.13-BGELPI 07/05/2021 2 54 PM 18 SANCTIONS 18.1 The Issuer covenants and represents that neither they nor any of their affiliates, subsidiaries, directors or officers are the target or subject of any sanctions enforced by the US Government, (including, without limitation, the Office of Foreign Assets Control of the US Department of the Treasury or the US Department of State), the United Nations Security Council, the European Union, Her Majesty's Treasury or other relevant sanctions authority (collectively "Sanctions"). 18.2 The Issuer covenants and represents that neither they nor any of their affiliates, subsidiaries, directors or officers will use any repayments/reimbursements made pursuant to this Agreement, (i) to fund or facilitate any activities of or business with any person who, at the time of such funding or facilitation, is the subject or target of Sanctions, (ii) to fund or facilitate any activities of or business with any country or territory that is the subject of Sanctions, or (iii) in any other manner that will result in a violation of Sanctions by any person. 18.3 Clause 18.1 and 18.2 will not apply if and to the extent that they are or would be unenforceable by reason of breach of (i) any provision of Council Regulation (EC) No 2271/96 of 22 November 1996 (as amended) (or any law or regulation implementing such Regulation in any member state of the EEA; (ii) Council Regulation (EC) No 2271/96 of 22 November 1996 (as amended) as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 (as amended, including by the European Union (Withdrawal Agreement) Act 2020); or (iii) any similar blocking or anti-boycott law. However, if the aforementioned Council Regulation purports to make compliance with any portion of this Clause unenforceable by the Issuer, the Issuer will nonetheless take such measures as may be necessary to ensure that the Issuer does not use the services in any manner which would cause the relevant Agent to violate sanctions applicable to the relevant Agent's role. 19 RIGHTS OF THIRD PARTIES A person who is not a party to this Agreement shall have no rights under the Contracts (Rights of Third Parties) Act 1999 to enforce any term of this Agreement but this shall not affect any right or remedy which exists or is available apart from such Act. 20 MODIFICATION This Agreement may not be amended without the consent of the Majority Noteholders pursuant to Condition 14 (Modification and Waiver) unless for the purpose of curing any ambiguity or of curing, correcting or supplementing any manifest error or any other defective provision contained in this Agreement and any such amendment to this Agreement shall not, in the sole opinion of the Issuer, be materially prejudicial to the interest of the Noteholders. 21 CONFIDENTIALITY 21.1 Each Agent and the Issuer undertake to respect and protect the confidentiality of all information acquired as a result of or pursuant to this Agreement and will not, without the other Party's prior written consent, disclose any such information to a third party, unless it is required to do so by any Applicable Law or regulation or is specifically authorised to do so hereunder or by any separate agreement, especially where the provision of such information is the object or Party of the service to be provided by such Agent. 21.2 In order to provide its services to the Issuer and to satisfy legal obligations it is subject to, each Agent will process (in particular, without being limited to, by collecting, recording, organizing, storing, adapting or altering, retrieving, consulting, using, disclosing by transmission, disseminating or otherwise making available to third parties) data relating to the Issuer (including, without being limited to the Issuer's name, address, occupation, nationality, corporate form, etc.). The Issuer may freely refuse to provide such Agent with this information and thus prevent such Agent from using these data-processing systems. However, such a refusal will be an obstacle preventing the start or continuation of business relations between the Issuer and such Agent. Such Agent will only ask for the information needed to fulfil its obligations. 21.3 The Issuer expressly authorizes the transfer of data to third parties or to the head office of each Agent (such as to a sub-custodian or any other person providing services to such Agent) if such transmission is required to allow such Agent to provide its services to the Issuer or to satisfy legal obligations it or such third party is subject to. The Issuer expressly authorizes such transfer, including, to the extent relevant, any transfer to third parties established outside the European Union.

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19 EME_ACTIVE-579242188.13-BGELPI 07/05/2021 2 54 PM 22 COUNTERPARTS 22.1 This Agreement may be executed in any number of counterparts, and by the parties on separate counterparts, but shall not be effective until each party has executed at least one counterpart. 22.2 Each counterpart shall constitute an original of this Agreement, but all the counterparts shall together constitute but one and the same instrument.

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[Project Foxtrot – Signature Page to the Paying Agency Agreemnt] This Agreement has been entered into on the date stated at the beginning. Executed by GROUP ARK INSURANCE LIMITED as Issuer acting by: [signature of director] Angus AYLIFFE Executed by THE BANK OF NEW YORK MELLON, LONDON BRANCH as Fiscal Agent, Transfer Agent and Agent Bank acting by: [signature] Michael LEE Executed by THE BANK OF NEW YORK MELLON SA/NV, DUBLIN BRANCH as Registrar acting by: [signature] Michael LEE

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21 EME_ACTIVE-579242188.13-BGELPI 07/05/2021 2 54 PM FORM OF GLOBAL NOTE CERTIFICATE THE SUBORDINATED NOTES REPRESENTED HEREBY HAVE NOT BEEN AND WILL NOT BE REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT") OR ANY SECURITIES LAW OF ANY STATE OF THE UNITED STATES. THE HOLDER HEREOF, BY PURCHASING THE SUBORDINATED NOTES REPRESENTED HEREBY, AGREES FOR THE BENEFIT OF THE ISSUER THAT THE SUBORDINATED NOTES REPRESENTED HEREBY MAY BE REOFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY IN COMPLIANCE WITH THE SECURITIES ACT AND OTHER APPLICABLE LAWS. ISIN: XS2360500842 GROUP ARK INSURANCE LIMITED (an insurance company incorporated under the laws of Bermuda) €39,100,000 Floating Rate Tier 2 Subordinated Notes due 2041 GLOBAL NOTE CERTIFICATE 1. Introduction: This Global Note is issued in respect of the €39,100,000 Floating Rate Tier 2 Subordinated Notes due 2041 (the "Subordinated Notes") of Group Ark Insurance Limited (the "Issuer"). The Subordinated Notes are constituted by a deed of covenant dated on or about the date hereof (as amended or supplemented from time to time, the "Deed of Covenant") entered into by the Issuer and are the subject of a paying agency agreement dated on or about the date hereof (as amended or supplemented from time to time, the "Paying Agency Agreement") and made between the Issuer, The Bank of New York Mellon SA/NV, Dublin Branch as registrar (the "Registrar", which expression includes any successor registrar appointed from time to time in connection with the Subordinated Notes), The Bank of New York Mellon, London Branch as fiscal agent, and the other paying agents and the transfer agents named therein. 2. References to Conditions: Any reference herein to the "Conditions" is to the terms and conditions of the Subordinated Notes attached hereto and any reference to a numbered "Condition" is to the correspondingly numbered provision thereof. 3. Registered holder: This is to certify that: The Bank of New York Depository (Nominees) Limited as the nominee of the Common Depository on behalf of Euroclear Bank S.A. / N.V. ("Euroclear") and Clearstream Banking, SA ("Clearstream, Luxembourg"), is the person registered in the register maintained by the Registrar in relation to the Subordinated Notes (the "Register") as the duly registered holder (the "Holder") of €39,100,000 in aggregate principal amount of Subordinated Notes or such other principal amount as may from time to time be entered in the Register in accordance with the Paying Agency Agreement and this Global Note Certificate. 4. Promise to pay: The Issuer, for value received, hereby promises to pay such principal sum to the Holder on 7 October 2041 or on such earlier date or dates as the same may become payable in accordance with the Conditions, and to pay interest on such principal sum in arrears on the dates and at the rates specified in the Conditions, together with any additional amounts payable in accordance with the Conditions, all subject to and in accordance with the Conditions. 5. Subordination: Notwithstanding paragraph 4 (Promise to pay), in the event of the winding-up of the Issuer, the claims of the Noteholders will rank subordinate to claims of all Senior Creditors (in the manner set out in Condition 2(a) (Status and Subordination)) and no payment shall be made in respect thereof hereunder unless all the claims of the Senior Creditors have been satisfied in full prior to such payment. 6. Exchange for Individual Note Certificates: This Global Note Certificate will be exchanged in whole (but not in part) for duly authenticated and completed individual note certificates ("Individual Note

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22 EME_ACTIVE-579242188.13-BGELPI 07/05/2021 2 54 PM Certificates") in substantially the form (subject to completion) set out in Schedule 2 (Form of Individual Note Certificate) to the Paying Agency Agreement if any of the following events occurs: (a) Euroclear or Clearstream, Luxembourg is closed for business for a continuous period of 14 days (other than by reason of legal holidays) or announces an intention permanently to cease business; or (b) any of the circumstances described in Condition 11 (Default and remedies on default) occurs. The Issuer shall notify the Holder of the occurrence of any of the events specified in and (b) as soon as practicable thereafter. 7. Failure to deliver Individual Note Certificates or to pay: If (a) Individual Note Certificates have not been issued and delivered by 5.00 p.m. (London time) on the thirtieth day after the date on which the same are due to be issued and delivered in accordance with paragraph 8 (Delivery of Individual Note Certificates) below; or (b) any of the Subordinated Notes evidenced by this Global Note Certificate has become due and payable in accordance with the Conditions or the date for final redemption of the Subordinated Notes has occurred and, in either case, payment in full of the amount of principal falling due with all accrued interest thereon has not been made to the Holder on the due date for payment in accordance with the terms of this Global Note Certificate, then this Global Note Certificate (including the obligation to deliver Individual Note Certificates) will become void at 5.00 pm (London time) on such thirtieth day (in the case of (a)) or at 5.00 pm (London time) on such due date (in the case of (b)) and the Holder will have no further rights hereunder, but without prejudice to the rights which the Holder or others may have under the Deed of Covenant. 8. Delivery of Individual Note Certificates: Whenever this Global Note Certificate is to be exchanged for Individual Note Certificates, such Individual Note Certificates shall be issued in an aggregate principal amount equal to the principal amount of this Global Note Certificate within five business days of the delivery, by or on behalf of the Holder, Euroclear and/or Clearstream, Luxembourg, to the Registrar of such information as is required to complete and deliver such Individual Note Certificates (including, without limitation, the names and addresses of the persons in whose names the Individual Note Certificates are to be registered and the principal amount of each such person's holding) against the surrender of this Global Note Certificate at the Specified Office (as defined in the Conditions) of the Registrar. Such exchange shall be effected in accordance with the provisions of the Paying Agency Agreement and the regulations concerning the transfer and registration of Subordinated Notes scheduled thereto and, in particular, shall be effected without charge to any Noteholder, but against such indemnity as the Registrar may require in respect of any tax or other duty of whatsoever nature which may be levied or imposed in connection with such exchange. In this paragraph, "business day" means a day on which commercial banks are open for business (including dealings in foreign currencies) in the city in which the Registrar has its Specified Office. 9. Conditions apply: Save as otherwise provided herein, the Holder of this Global Note Certificate shall have the benefit of, and be subject to, the Conditions and, for the purposes of this Global Note Certificate, any reference in the Conditions to "Note Certificate" or "Note Certificates" shall, except where the context otherwise requires, be construed so as to include this Global Note Certificate. 10. Notices: Notwithstanding Condition 15 (Notices), so long as this Global Note Certificate is held on behalf of Euroclear, Clearstream, Luxembourg or any other clearing system (an "Alternative Clearing System"), notices to Noteholders represented by this Global Note Certificate may be given by delivery of the relevant notice to Euroclear, Clearstream, Luxembourg or (as the case may be) such Alternative Clearing System. 11. Determination of entitlement: This Global Note Certificate is evidence of entitlement only and is not a document of title. Entitlements are determined by the Register and only the Holder is entitled to payment in respect of this Global Note Certificate. 12. Authentication: This Global Note Certificate shall not be valid for any purpose until it has been authenticated for and on behalf of The Bank of New York Mellon SA/NV, Dublin Branch as registrar. 13. Governing law: This Global Note Certificate and any non-contractual obligations arising out of or in connection with it are governed by English law.

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23 EME_ACTIVE-579242188.13-BGELPI 07/05/2021 2 54 PM AS WITNESS the manual or facsimile signature of a duly authorised person for and on behalf of the Issuer. GROUP ARK INSURANCE LIMITED By: (duly authorised) ISSUED on __ July 2021 AUTHENTICATED for and on behalf of THE BANK OF NEW YORK MELLON SA/ NV DUBLIN BRANCH as Registrar without recourse, warranty or liability By: (duly authorised)

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24 EME_ACTIVE-579242188.13-BGELPI 07/05/2021 2 54 PM FORM OF TRANSFER FOR VALUE RECEIVED , being the registered holder of this Global Note Certificate, hereby transfers to of , [currency] in principal amount of the €39,100,000 Floating Rate Tier 2 Subordinated Notes due 2041 (the "Subordinated Notes") of Group Ark Insurance Limited (the "Issuer") and irrevocably requests and authorises The Bank of New York Mellon SA/NV, Dublin Branch in its capacity as registrar in relation to the Subordinated Notes (or any successor to The Bank of New York Mellon SA/NV, Dublin Branch, in its capacity as such) to effect the relevant transfer by means of appropriate entries in the register kept by it. Dated: By: (duly authorised) Notes The name of the person by or on whose behalf this form of transfer is signed must correspond with the name of the registered holder as it appears on the face of this Global Note Certificate. (a) A representative of such registered holder should state the capacity in which he signs, e.g. executor. (b) The signature of the person effecting a transfer shall conform to any list of duly authorised specimen signatures supplied by the registered holder or be certified by a recognised bank, notary public or in such other manner as the Registrar may require. (c) Any transfer of Subordinated Notes shall be in an amount equal to €100,000 or an integral multiple thereof.

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25 EME_ACTIVE-579242188.13-BGELPI 07/05/2021 2 54 PM TERMS AND CONDITIONS [Terms and Conditions to be inserted] FISCAL AGENT, AGENT BANK AND TRANSFER AGENT The Bank of New York Mellon, London Branch One Canada Square London, E14 5AL United Kingdom AND REGISTRAR The Bank of New York Mellon SA/NV, Dublin Branch Riverside Two, Sir John Rogerson's Quay, Grand Canal Dock, Dublin 2, Ireland

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26 EME_ACTIVE-579242188.13-BGELPI 07/05/2021 2 54 PM FORM OF INDIVIDUAL NOTE CERTIFICATE THE SUBORDINATED NOTES REPRESENTED HEREBY HAVE NOT BEEN AND WILL NOT BE REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT") OR ANY SECURITIES LAW OF ANY STATE OF THE UNITED STATES. THE HOLDER HEREOF, BY PURCHASING THE SUBORDINATED NOTES REPRESENTED HEREBY, AGREES FOR THE BENEFIT OF THE ISSUER THAT THE SUBORDINATED NOTES REPRESENTED HEREBY MAY BE REOFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY IN COMPLIANCE WITH THE SECURITIES ACT AND OTHER APPLICABLE LAWS. Serial Number: ............ GROUP ARK INSURANCE LIMITED (an insurance company incorporated under the laws of Bermuda) € 39,100,000 Floating Rate Tier 2 Subordinated Notes due 2041 This Note Certificate is issued in respect of the €39,100,000 Floating Rate Tier 2 Subordinated Notes due 2041 (the "Subordinated Notes") of Group Ark Insurance Limited (the "Issuer"). The Subordinated Notes are constituted by a deed of covenant dated on or about the date hereof (as amended or supplemented from time to time, the "Deed of Covenant") entered into by the Issuer and are the subject of a paying agency agreement dated on or about the date hereof (as amended or supplemented from time to time, the "Paying Agency Agreement") and made between the Issuer, The Bank of New York Mellon SA/NV, Dublin Branch as registrar (the "Registrar", which expression includes any successor registrar appointed from time to time in connection with the Subordinated Notes), The Bank of New York Mellon, London Branch as fiscal agent and the other paying agents and the transfer agents named therein. Any reference herein to the "Conditions" is to the terms and conditions of the Subordinated Notes endorsed hereon and any reference to a numbered "Condition" is to the correspondingly numbered provision thereof. This is to certify that: of is the person registered in the register maintained by the Registrar in relation to the Subordinated Notes (the "Register") as the duly registered holder or, if more than one person is so registered, the first-named of such persons (the "Noteholder") of: €[ ] ( [CURRENCY IN WORDS]) in aggregate principal amount of the Subordinated Notes. The Issuer, for value received, hereby promises to pay such principal sum to the Noteholder on 7 October 2041 or on such earlier date or dates as the same may become payable in accordance with the Conditions, and to pay interest on such principal sum in arrears on the dates and at the rates specified in the Conditions, together with any additional amounts payable in accordance with the Conditions, all subject to and in accordance with the Conditions. This Note Certificate is evidence of entitlement only and is not a document of title. Entitlements are determined by the Register and only the Noteholder is entitled to payment in respect of this Note Certificate. This Note Certificate shall not be valid for any purpose until it has been authenticated for and on behalf of The Bank of New York Mellon SA/NV, Dublin Branch as registrar.

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27 EME_ACTIVE-579242188.13-BGELPI 07/05/2021 2 54 PM AS WITNESS the manual or facsimile signature of a duly authorised person for and on behalf of the Issuer. GROUP ARK INSURANCE LIMITED By: (duly authorised) ISSUED as of [issue date] AUTHENTICATED for and on behalf of THE BANK OF NEW YORK MELLON SA/NV, DUBLIN BRANCH as Registrar without recourse, warranty or liability By: (duly authorised)

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28 EME_ACTIVE-579242188.13-BGELPI 07/05/2021 2 54 PM FORM OF TRANSFER FOR VALUE RECEIVED , being the registered holder of this Note Certificate, hereby transfers to of € in principal amount of the €39,100,000 Floating Rate Tier 2 Subordinated Notes due 2041 (the "Notes") of Group Ark Insurance Limited (the "Issuer") and irrevocably requests and authorises The Bank of New York Mellon SA/NV, Dublin Branch in its capacity as registrar in relation to the Subordinated Notes (or any successor to The Bank of New York Mellon SA/NV, Dublin Branch in its capacity as such) to effect the relevant transfer by means of appropriate entries in the register kept by it. Dated: By: (duly authorised) Notes The name of the person by or on whose behalf this form of transfer is signed must correspond with the name of the registered holder as it appears on the face of this Note Certificate. (a) A representative of such registered holder should state the capacity in which he signs, e.g. executor. (b) The signature of the person effecting a transfer shall conform to any list of duly authorised specimen signatures supplied by the registered holder or be certified by a recognised bank, notary public or in such other manner as the Registrar may require. (d) Any transfer of Notes shall be in an amount equal to €100,000 or any integral multiple thereof.

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29 EME_ACTIVE-579242188.13-BGELPI 07/05/2021 2 54 PM [Attached to each Note Certificate:] [Terms and Conditions] [At the foot of the Terms and Conditions:] FISCAL AGENT, AGENT BANK AND TRANSFER AGENT The Bank of New York Mellon, London Branch One Canada Square London, E14 5AL United Kingdom AND REGISTRAR AND PAYING AGENT The Bank of New York Mellon SA/NV, Dublin Branch Riverside Two, Sir John Rogerson's Quay, Grand Canal Dock, Dublin 2, Ireland

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30 EME_ACTIVE-579242188.13-BGELPI 07/05/2021 2 54 PM TERMS AND CONDITIONS The following (subject to amendment, and other than the words in italics) is the text of the terms and conditions of the Subordinated Notes which will appear on the reverse of each of the definitive certificates evidencing the Subordinated Notes. The wording appearing in italics below is included for disclosure purposes only and does not form part of the terms and conditions of the Subordinated Notes. The €39,100,000 Floating Rate Tier 2 Subordinated Notes due 2041 (ISIN: XS2360500842) (the "Subordinated Notes") of Group Ark Insurance Limited, an insurance company limited by shares incorporated under the laws of Bermuda (the "Issuer"), are constituted by a deed of covenant dated on or about 28 June 2021 (as amended or supplemented from time to time, the "Deed of Covenant") entered into by the Issuer and an agency agreement dated on or about 28 June 2021 (as amended or supplemented from time to time, the "Paying Agency Agreement") between the Issuer, The Bank of New York Mellon SA/NV, Dublin Branch as registrar (the "Registrar", which expression includes any successor registrar appointed from time to time in connection with the Subordinated Notes) and The Bank of New York Mellon, London Branch as fiscal agent (the "Fiscal Agent", which expression includes any successor or additional fiscal agent appointed from time to time in connection with the Subordinated Notes), the paying agents named therein (together with the Fiscal Agent, the "Paying Agents", which expression includes any successor or additional paying agents appointed from time to time in connection with the Subordinated Notes), the transfer agents named therein (the "Transfer Agents", which expression includes any successor or additional transfer agents appointed from time to time in connection with the Subordinated Notes) and The Bank of New York Mellon, London Branch as agent bank (the "Agent Bank", which expression includes any successor agent bank appointed from time to time in connection with the Subordinated Notes). The Fiscal Agent, Paying Agents, Transfer Agents and Agent Bank are together the "Agents". Certain provisions of these Conditions are summaries of the Paying Agency Agreement and the Deed of Covenant and are subject to their detailed provisions. The Noteholders (as defined below) are bound by, and are deemed to have notice of, all the provisions of the Deed of Covenant and the Paying Agency Agreement applicable to them. Copies of the Deed of Covenant and the Paying Agency Agreement are available for inspection by Noteholders during normal business hours at the Specified Offices (as defined in the Paying Agency Agreement) of each of the Agents. However, if the Agent is not able to make available for inspection at its Specified Office such documents by events beyond its reasonable control, the Agent may provide such documents to a Noteholder electronically, subject to such Noteholder being able to provide evidence satisfactory to the Issuer and the Agent as to its holding and identity. 1 FORM AND DENOMINATION The Subordinated Notes are in registered form in the denominations of €100,000 and integral multiples thereof (each, an "Authorised Denomination"). On or about 13 July 2021 (the "Issue Date"), the Subordinated Notes will initially be represented by a global certificate (the "Global Certificate") registered in the name of a nominee for, and deposited with, the common depositary for Euroclear Bank S.A. / N.V. ("Euroclear") and Clearstream Banking, SA ("Clearstream, Luxembourg"). Except in the limited circumstances described in the Global Certificate, owners of interests in Subordinated Notes represented by the Global Certificate will not be entitled to receive definitive certificates in respect of their individual holdings of Subordinated Notes. The Subordinated Notes are not issuable in bearer form. So long as the Subordinated Notes are represented by the Global Certificate and the rules of Euroclear and Clearstream, Luxembourg so permit, transfers of interests in the Subordinated Notes through the relevant clearing systems shall be in principal amounts of at least €100,000 and integral multiples thereof. 2 STATUS OF THE SUBORDINATED NOTES (a) Status and Subordination: The Subordinated Notes constitute direct, unconditional, unsecured and subordinated obligations of the Issuer which will at all times rank (including in the event of a Winding-Up): (i) junior and subordinate to present or future claims of Senior Creditors; (ii) pari passu in right of repayment: (A) without preference among themselves;

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31 EME_ACTIVE-579242188.13-BGELPI 07/05/2021 2 54 PM (B) with all subordinated obligations of the Issuer (excluding the obligations of the Issuer in respect of Junior Securities (as defined below)) which constitute, and all claims relating to a guarantee or other like or similar undertaking or arrangement given or undertaken by the Issuer in respect of any obligations of any other person which constitute, or (in either case) would but for any applicable limitation on the amount of such capital constitute, Tier 2 Capital (excluding the obligations of such person to holders of Junior Securities), and all obligations which rank, or are expressed to rank, pari passu therewith ("Parity Securities"), in each case both as regards the right to receive periodic payments and the right to receive repayment of capital on a Winding-Up of the Issuer; and (iii) senior to and in priority to the claims of holders of: (A) all classes of share capital (including preferred shares) of the Issuer, (B) any subordinated obligations of the Issuer expressed to rank junior to the Subordinated Notes; (C) all undated subordinated notes of the Issuer, (the "Junior Securities"), in each case both as regards the right to receive periodic payments and the right to receive repayment of capital on a Winding-Up of the Issuer; and accordingly all claims in respect of the Subordinated Notes in a Winding-Up shall be conditional upon all claims in respect of all Senior Creditors which have been admitted in the Winding-Up first having been satisfied (or provided for) in full, such that amounts will become payable in the Winding-Up in respect of the Subordinated Notes only if any to the extent that the same can be paid and there shall remain thereafter sufficient assets to satisfy in full all claims so admitted in respect of all Senior Creditors. No security or collateral is, or will be, given to secure the payment obligations under the Subordinated Notes and any security or collateral that may have been or may in the future be given in connection with other indebtedness of the Issuer shall not secure the payment obligations under the Subordinated Notes. (b) Additional Subordination under Relevant Rules: By purchasing the Subordinated Notes, each Noteholder is deemed to agree and acknowledge that the Subordinated Notes will be subordinated to the claims of all Senior Creditors on the terms and to the minimum extent necessary under the Relevant Rules as in effect from time to time so as to permit the Subordinated Notes to qualify as Tier 2 Capital. (c) Set-off: By acceptance of the Subordinated Notes and subject to applicable law, each Noteholder will be deemed to have waived any right of set-off or counterclaim that such Noteholder might otherwise have against the Issuer in respect of or arising under the Subordinated Notes whether prior to or in any Winding-Up of the Issuer. Notwithstanding the preceding sentence, if any obligations owed by any Noteholder to the Issuer are discharged by set-off of amounts in respect of or arising under the Subordinated Notes, such Noteholder will immediately, unless prohibited by applicable law, pay an amount equal to the amount of such discharge to the Issuer or, if applicable, the bankruptcy receiver or liquidator of the Issuer and, until such time as payment is made, will hold a sum equal to such amount on trust for the Issuer or, if applicable, the bankruptcy receiver or liquidator in the Issuer's Winding-Up. Accordingly, such discharge will be deemed not to have taken place. (d) No Insolvency. The Subordinated Notes do not contain any terms or conditions designed to accelerate or induce the Issuer's insolvency or effect similar proceedings. (e) Solvency Condition: Without prejudice to Condition 2(a) (Status and Subordination) above, all payments under or arising from the Subordinated Notes shall be conditional upon the Issuer being solvent at the time for payment by the Issuer, and no amount shall be payable under or arising from the Subordinated Notes unless and until such time as the Issuer could make such payment and still be solvent immediately thereafter (the "Solvency Condition").

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32 EME_ACTIVE-579242188.13-BGELPI 07/05/2021 2 54 PM For the purposes of this Condition 2(e) (Solvency Condition), the Issuer will be solvent if (i) it is able to pay its debts owed to creditors other than Junior Creditors as they fall due and (ii) its Assets exceed its Liabilities. Should the Issuer consider itself not solvent for the purpose of this Condition 2(e) (Solvency Condition), it will have to produce a certificate as to the insolvency of the Issuer signed by two Authorised Signatories or, if there is a Winding-Up or administration of the Issuer, by two directors or authorised signatories of, the liquidator or, as the case may be, the administrator of the Issuer shall be treated and accepted by the Issuer, the Noteholders and all other interested parties as correct and sufficient evidence thereof and (in the absence of manifest error or bad faith) shall be binding on all such persons. 3 REGISTER, TITLE AND TRANSFERS (a) Register: The Registrar will maintain a register (the "Register") in respect of the Subordinated Notes in accordance with the provisions of the Paying Agency Agreement. The Register shall at all times be held outside of the United Kingdom. In these Conditions, the holder of a Subordinated Note means the person in whose name such Subordinated Note is for the time being registered in the Register (or, in the case of a joint holding, the first named thereof) and "Noteholder" shall be construed accordingly. A certificate (each, a "Note Certificate") will be issued to each Noteholder in respect of its registered holding. Each Note Certificate will be numbered serially with an identifying number which will be recorded in the Register. (b) Title: The Noteholder shall (except as otherwise required by law) be treated as the absolute owner of such Subordinated Note for all purposes (whether or not it is overdue and regardless of any notice of ownership, trust or any other interest therein, any writing on the Note Certificate relating thereto (other than the endorsed form of transfer) or any notice of any previous loss or theft of such Note Certificate) and no person shall be liable for so treating such Noteholder. No person shall have any right to enforce any term or condition of the Subordinated Notes under the Contracts (Rights of Third Parties) Act 1999 (of England and Wales) or under the Contracts (Rights of Third Parties) Act 2016 (of Bermuda) but this shall not affect any right or remedy which exists or is available apart from such Acts. (c) Transfers: Subject to paragraphs (f) (Closed periods) and (g) (Regulations concerning transfers and registration) below, a Subordinated Note may be transferred upon surrender of the relevant Note Certificate, with the endorsed form of transfer duly completed, at the Specified Office of the Registrar or any Transfer Agent, together with such evidence as the Registrar or (as the case may be) such Transfer Agent may reasonably require to prove the title of the transferor and the authority of the individuals who have executed the form of transfer; provided, however, that a Subordinated Note may not be transferred unless: (i) the principal amount of Subordinated Notes transferred and (where not all of the Subordinated Notes held by a Noteholder are being transferred) the principal amount of the balance of Subordinated Notes not transferred are Authorised Denominations; and (ii) the transferee of such Subordinated Note is a Qualified Investor. Where not all the Subordinated Notes represented by the surrendered Note Certificate are the subject of the transfer, a new Note Certificate in respect of the balance of the Subordinated Notes will be issued to the transferor. Transfers of interests in the Subordinated Notes evidenced by the Global Certificate will be effected in accordance with the rules of Euroclear and Clearstream, Luxembourg. (d) Registration and delivery of Note Certificates: Within five business days of the surrender of a Note Certificate in accordance with paragraph (c) (Transfers) above, the Registrar will register the transfer in question and deliver a new Note Certificate of a like principal amount to the Subordinated Notes transferred to each relevant Noteholder at its Specified Office or (as the case may be) the Specified Office of any Transfer Agent or (at the request and risk of any such relevant Noteholder) by uninsured first class mail (airmail if overseas) to the address specified for the purpose by such relevant Noteholder. In this paragraph, "business day" means a day on which commercial banks are open for general business (including dealings in foreign currencies) in the city where the Registrar or (as the case may be) the relevant Transfer Agent has its Specified Office. (e) No charge: The transfer of a Subordinated Note will be effected without charge by or on behalf of the Issuer, the Registrar or any Transfer Agent but against such indemnity as the Registrar or (as the case may be) such Transfer Agent may require in respect of any tax or other duty of whatsoever nature which may be levied or imposed in connection with such transfer.

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33 EME_ACTIVE-579242188.13-BGELPI 07/05/2021 2 54 PM (f) Closed periods: Noteholders may not require transfers to be registered during the period of 15 days ending on the due date for any payment of principal or interest in respect of the Subordinated Notes. (g) Regulations concerning transfers and registration: All transfers of Subordinated Notes and entries on the Register are subject to the detailed regulations concerning the transfer of Subordinated Notes scheduled to the Paying Agency Agreement. The regulations may be changed by the Issuer with the prior written approval of the Registrar. A copy of the current regulations will be mailed (free of charge) by the Registrar to any Noteholder who requests in writing a copy of such regulations. 4 INTEREST (a) Interest: The Subordinated Notes bear interest from the Issue Date. Subject to Condition 2(e) (Solvency Condition) and Condition 5 (Deferral of Interest), interest shall be payable on 5 January, 5 April, 5 July and 5 October in each year (each, an "Interest Payment Date") in accordance with Condition 8 (Payments); provided, however, that if any Interest Payment Date would otherwise fall on a date which is not a Business Day, it will be postponed to the next Business Day unless it would thereby fall into the next calendar month, in which case it will be brought forward to the preceding Business Day; provided, further, that the first Interest Payment Date shall be the earliest date falling on 5 January, 5 April, 5 July and 5 October following the Issue Date (the "First Interest Payment Date"). Each period beginning on (and including) the Issue Date or any Interest Payment Date and ending on (but excluding) the next Interest Payment Date is herein called an "Interest Period". (b) Interest Accrual: Each Subordinated Note will cease to bear interest from the due date for redemption (which due date shall, in the case of deferral of a redemption date in accordance with Condition 6(b) (Deferral of redemption date), be the latest date to which redemption of the Subordinated Notes is so deferred) unless, upon due presentation, payment of principal is improperly withheld or refused, in which case it will continue to bear interest in accordance with this Condition 4 (Interest) (both before and after judgment) until whichever is the earlier of (a) the day on which all sums due in respect of such Subordinated Note up to that day are received by or on behalf of the relevant Noteholder and (b) the day which is seven days after the Fiscal Agent has notified the Noteholders that it has received all sums due in respect of the Subordinated Notes up to such seventh day (except to the extent that there is any subsequent default in payment). (c) Rate of Interest: The rate of interest applicable to the Subordinated Notes (the "Rate of Interest") will be determined by the Agent Bank on the following basis: (i) subject to (ii) below, with respect to the Rate of Interest for each Interest Period, the Agent Bank will determine the rate (the "Reference Rate") for deposits in euro for a period equal to the relevant Interest Period which appears on the display page designated EURIBOR01 on Reuters (or such other page as may replace that page on that service, or such other service as may be nominated as the information vendor, for the purpose of displaying comparable rates) as of 11.00 a.m. (Brussels time) on the second Brussels Banking Day (as defined below) before the first day of the relevant Interest Period (the "Interest Determination Date"), provided, however, that any such Reference Rate, which would otherwise be negative, shall instead be zero; and the Rate of Interest for such Interest Period shall be the sum of the Margin and of the Reference Rate. (ii) with respect to any period of time (including the first Interest Period), for which interest is payable, that is shorter than a full quarterly Interest Period (i.e. a period that start on any of 5 January, 5 April, 5 July and 5 October and ends on the immediately following of 5 January, 5 April, 5 July and 5 October), the Reference Rate shall be calculated by the Agent Bank by linear interpolation as if the periods above were Interest Periods and by reference to two rates which appear on the display page designated EURIBOR01 on Reuters (or such other page as may replace that page on that service, or such other service as may be nominated as the information vendor, for the purpose of displaying comparable rates) (the "Relevant Screen Page") as of the Interest Determination Date where:

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34 EME_ACTIVE-579242188.13-BGELPI 07/05/2021 2 54 PM (X) one Reference Rate shall be determined as if the relevant Interest Period were the period of time for which rates are available next shorter than the length of the relevant Interest Period; and (Y) the other Reference Rate shall be determined as if the relevant Interest Period were the period of time for which rates are available next longer than the length of the relevant Interest Period, provided, however, that any such Reference Rate, which would otherwise be negative, shall instead be zero, and the Rate of Interest for such Interest Period shall be the sum of the applicable Margin and of the Reference Rate; (iii) if such Reference Rate does not appear on the Relevant Screen Page, the Agent Bank will: (A) request the principal Euro-zone office of each of four major banks selected by the Issuer in the Euro interbank market to provide a quotation of the Reference Rate at which deposits in euro are offered by it in the euro interbank market at approximately 11.00 a.m. (Brussels time) on the Interest Determination Date to prime banks in the euro interbank market for a period equal to the relevant Interest Period and in an amount that is representative for a single transaction of a comparable size in that market at that time; and (B) determine the arithmetic mean (rounded, if necessary, to the nearest one hundred-thousandth of a percentage point, 0.000005 being rounded upwards) of such quotations, provided, however, that such arithmetic mean shall not be less than zero; and the Rate of Interest for such Interest Period shall be the sum of such arithmetic mean and the applicable Margin; (iv) if fewer than two such quotations are provided as requested, the Agent Bank will determine the arithmetic mean (rounded, if necessary, as aforesaid) of the Reference Rates (the "Average Reference Rate") quoted by major banks in the Euro-zone, selected by the Issuer, at approximately 11.00 a.m. (Brussels time) on the first day of the relevant Interest Period for loans in euro to leading European banks for a period equal to the relevant Interest Period and in an amount that is representative for a single transaction in that market at that time, provided, however, that such arithmetic mean shall not be less than zero, and the Rate of Interest for such Interest Period shall be the sum of the applicable Margin and the Average Reference Rate; (v) if the Agent Bank is unable to determine a rate or (as the case may be) an arithmetic mean in accordance with Condition 4(c)(iii) or Condition 4(c)(iv) in relation to any Interest Period, the Rate of Interest applicable to the Subordinated Notes during such Interest Period will be the sum of the applicable Margin and the rate (or, as the case may be, the arithmetic mean) last determined in relation to the Subordinated Notes in respect of a preceding Interest Period; (vi) if notwithstanding the provisions of Condition 4(c)(iii), the Issuer (in consultation with the Agent Bank) determines that a Benchmark Event has occurred then the following provisions shall apply: (A) the Issuer shall use its reasonable endeavours to appoint an Independent Adviser, as soon as is reasonably practicable, to determine: (1) a Successor Reference Rate; or (2) if the Independent Adviser determines that there is no Successor Reference Rate, an Alternative Reference Rate, and, in each case, an Adjustment Spread (if any) (in any such case, acting in good faith and in a commercially reasonable manner) no later than 5 (five) Business Days prior to the Interest Determination Date relating to the next Interest Period (the "IA Determination Cut-off Date") for the purposes of determining the Rate of Interest applicable to the Subordinated Notes for such next Interest Period and

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35 EME_ACTIVE-579242188.13-BGELPI 07/05/2021 2 54 PM for all other future Interest Periods (subject to the subsequent operation of this Condition 4(c)(vi) during any other future Interest Period(s)); (B) if a Successor Reference Rate or, failing which, an Alternative Reference Rate (as applicable) is determined by the Independent Adviser in accordance with this Condition 4(c)(vi): (1) such Successor Reference Rate or Alternative Reference Rate (as applicable) shall be the rate for all future Interest Periods (subject to the subsequent operation of, and adjustment as provided in, this Condition 4(c)(vi)); (2) if the Independent Adviser: 1) determines that an Adjustment Spread is required to be applied to such Successor Reference Rate or Alternative Reference Rate (as applicable) and determines the quantum of, or a formula or methodology for determining, such Adjustment Spread, then such Adjustment Spread shall be applied to such Successor Reference Rate or Alternative Reference Rate (as applicable) for all future Interest Periods (subject to the subsequent operation of, and adjustment as provided in, this Condition 4(c)(vi)); or 2) is unable to determine the quantum of, or a formula or methodology for determining, an Adjustment Spread, then such Successor Reference Rate or Alternative Reference Rate (as applicable) will apply without an Adjustment Spread for all future Interest Periods (subject to the subsequent operation of, and adjustment as provided in, this Condition 4(c)(vi)); and (3) the Issuer (acting in good faith and in a commercially reasonable manner) may in consultation with the Independent Adviser and the Agent Bank, specify: 1) changes to these Conditions or the Paying Agency Agreement in order to follow market practice in relation to such Successor Reference Rate or Alternative Reference Rate (as applicable); and 2) any other changes which the Issuer (acting in good faith and in a commercially reasonable manner) determines are reasonably necessary to ensure the proper operation and comparability to the Original Reference Rate of such Successor Reference Rate or Alternative Reference Rate (as applicable), which changes shall apply to the Subordinated Notes for all future Interest Periods (subject to the subsequent operation of this Condition 4(c)(vi)); and (4) promptly following the determination of (i) any Successor Reference Rate or Alternative Reference Rate (as applicable) and (ii) if applicable, any Adjustment Spread, the Issuer shall give notice thereof and of any changes (and the effective date thereof) pursuant to this Condition 4(c)(vi) to each of the Paying Agents and the Noteholders as soon as possible after their determination in accordance with Condition 15 (Notices). If the Independent Adviser cannot select a Successor Reference Rate or an Alternative Reference Rate prior to the IA Determination Cut-off Date in accordance with this Condition 4(c)(vi), the Rate of Interest shall be determined as at the last preceding Interest Determination Date.

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36 EME_ACTIVE-579242188.13-BGELPI 07/05/2021 2 54 PM For the avoidance of doubt, the Successor Reference Rate (after application, if applicable, of the Adjustment Spread) and Alternative Reference Rate (after application, if applicable, of the Adjustment Spread) cannot be negative. An Independent Adviser appointed pursuant to this Condition 4(c)(vi) shall act in good faith and in a commercially reasonable manner as an expert and in consultation with the Issuer. In the absence of fraud, negligence or wilful default, the Independent Adviser shall have no liability whatsoever to the Issuer, the Paying Agents, or the Noteholders for any determination made by it pursuant to this Condition 4(c)(vi). For the purpose of this Condition 4(c)(vi), the Rate of Interest for such Interest Period shall be the sum of the applicable Margin and (as the case may be): - either the Successor Reference Rate (after application, if applicable, of the Adjustment Spread); - or the Alternative Reference Rate (after application, if applicable, of the Adjustment Spread). (d) Calculation of Interest Amount: The Agent Bank will, as soon as practicable after the Interest Determination Date in relation to each Interest Period, calculate the amount of interest (the "Interest Amount") payable in respect of each Subordinated Note for such Interest Period. The Interest Amount will be calculated by applying the Rate of Interest for such Interest Period to the Calculation Amount, multiplying the product by the actual number of days in such Interest Period divided by 360, rounding the resulting figure to the nearest cent (half a cent being rounded upwards) and multiplying such rounded figure by a fraction equal to the Authorised Denomination of such Subordinated Note divided by the Calculation Amount. (e) Publication: The Agent Bank will cause each Rate of Interest and Interest Amount determined by it, together with the relevant Interest Payment Date, to be notified to the other Agents and any quotation system (if any) as soon as practicable after such determination but in any event not later than the first day of the relevant Interest Period. Notice thereof shall also promptly be given to the Noteholders. The Agent Bank will be entitled to recalculate any Interest Amount (on the basis of the foregoing provisions) without notice in the event of an extension or shortening of the relevant Interest Period. If the Calculation Amount is less than the Authorised Denomination, the Agent Bank shall not be obliged to publish each Interest Amount but instead may publish only the Calculation Amount and the Interest Amount in respect of a Subordinated Note having the minimum Authorised Denomination. (f) Notifications etc.: All notifications, opinions, determinations, certificates, calculations, quotations and decisions given, expressed, made or obtained for the purposes of this Condition by the Agent Bank will (in the absence of wilful default, fraud or manifest error) be binding on the Issuer, the Agents and the Noteholders and (subject as aforesaid) no liability to any such person will attach to the Agent Bank in connection with the exercise or non-exercise by it of its powers, duties and discretions for such purposes. (g) Calculation Amount: Interest shall be calculated per €1000 in principal amount of the Subordinated Notes (the "Calculation Amount"). 5 DEFERRAL OF INTEREST (a) Regulatory Deficiency Deferral of Interest: (i) Subject to Condition 5(a)(ii), payment of interest on the Subordinated Notes by the Issuer will be mandatorily deferred on each Regulatory Deficiency Interest Deferral Date. (ii) Any deferral under Condition 5(a)(i) shall be of all (and not less than all) of the Interest Amount accrued on the Subordinated Notes and due and payable as of such Regulatory Deficiency Interest Deferral Date.

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37 EME_ACTIVE-579242188.13-BGELPI 07/05/2021 2 54 PM (iii) The Issuer shall notify the Noteholders and the Fiscal Agent of any Regulatory Deficiency Interest Deferral Date in accordance with Condition 5(e) (Notice of Deferral). A certificate signed by two Authorised Signatories confirming that: (A) a Regulatory Deficiency Interest Deferral Event has occurred and is continuing, or would occur if payment of interest on the Subordinated Notes were to be made; or (B) a Regulatory Deficiency Interest Deferral Event has ceased to occur and/or payment of interest on the Subordinated Notes would not result in a Regulatory Deficiency Interest Deferral Event occurring, shall be treated and accepted by the Issuer, the Noteholders and all other interested parties as correct and sufficient evidence thereof, and (in the absence of manifest error or bad faith) shall be binding on all such persons. (b) No default: Notwithstanding any other provision in these Conditions the deferral by the Issuer of any payment of interest in accordance with Condition 2(e) (Solvency Condition) or Condition 5(a) (Regulatory Deficiency Deferral of Interest) will not constitute a default by the Issuer and will not give Noteholders any right to accelerate repayment of the Subordinated Notes or take any enforcement action under the Subordinated Notes. (c) Arrears of Interest and Additional Interest Amounts: Any interest on the Subordinated Notes not paid on an Interest Payment Date as a result of the obligation of the Issuer to defer such payment of interest pursuant to Condition 5(a) (Regulatory Deficiency Deferral of Interest) or due to the operation of the Solvency Condition contained in Condition 2(e) (Solvency Condition) shall (without double counting), to the extent and so long as the same remains unpaid, constitute "Arrears of Interest". Each amount of Arrears of Interest shall bear interest (as if it constituted the principal of the Subordinated Notes) at the Rate of Interest from time to time applicable to the Subordinated Notes (an "Additional Interest Amount"). Any Additional Interest Amounts which are not paid on the Interest Payment Date at the end of the applicable Interest Period shall become Arrears of Interest and bear interest accordingly. (d) Payment of Arrears of Interest and Additional Interest Amounts: Any Arrears of Interest and Additional Interest Amounts may (subject to Condition 2(e) (Solvency Condition) and, to the extent required, the satisfaction of the Regulatory Clearance Condition) be paid by the Issuer in whole or in part at any time upon the expiry of not less than 14 days' notice to such effect given by the Issuer to the Fiscal Agent and the Noteholders in accordance with Condition 15 (Notices) and in any event will become due and payable by the Issuer in whole (and not in part) upon the earliest of the following dates: (i) the next Interest Payment Date which is not a Regulatory Deficiency Interest Deferral Date; (ii) the date on which the Issuer pays any dividend or other distribution on any shares in its capital; (iii) the date on which the Issuer makes a payment of interest on, or redeems purchases, cancels, reduces or acquires, any Junior Securities or Parity Securities (save where the Issuer is not able to defer, pass or eliminate the relevant payment or other obligation in accordance with the terms of the relevant Junior Securities or Parity Securities); (iv) the date on which the Winding-Up of the Issuer occurs; or (v) the date fixed for any redemption of the Subordinated Notes pursuant to Condition 6 (Redemption, Purchase and Cancellation) (subject to any deferral of such redemption date pursuant to Condition 6(b) (Deferral of redemption date)) or Condition 11 (Default and remedies on default). (e) Notice of Deferral: The Issuer shall notify the Fiscal Agent and the Noteholders in writing in accordance with Condition 15 (Notices) not less than 5 Business Days prior to the relevant Interest Payment Date:

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38 EME_ACTIVE-579242188.13-BGELPI 07/05/2021 2 54 PM (i) in the case of a deferral due to the operation of the Solvency Condition contained in Condition 2(e) (Solvency Condition), specifying that interest will not be paid because of the operation of such Solvency Condition; or (ii) in the case of Condition 5(a) (Regulatory Deficiency Deferral of Interest), specifying that interest will not be paid because a Regulatory Deficiency Interest Deferral Event has occurred and is continuing or would occur if payment of interest was made on such Interest Payment Date, provided, however, that if the Issuer becomes aware of the operation of the Solvency Condition or a Regulatory Deficiency Interest Deferral Event occurs, less than 5 Business Days prior to an Interest Payment Date the Issuer shall give notice of the interest deferral in accordance with Condition 15 (Notices) as soon as reasonably practicable following its becoming aware of, or the occurrence of, such event. 6 REDEMPTION, PURCHASE AND CANCELLATION (a) Scheduled redemption: Subject to Conditions 2(e) (Solvency Condition), 6(b) (Deferral of redemption date) and 6(i) (Preconditions to redemption and purchases), unless previously redeemed, or purchased and cancelled, the Subordinated Notes will be redeemed at their principal amount on the Maturity Date together with any Arrears of Interest (together with all corresponding Additional Interest Amounts) and any other accrued and unpaid interest to (but excluding) the Maturity Date in accordance with the terms of Condition 8 (Payments). (b) Deferral of redemption date: (i) Subject to Condition 6(b)(ii), no Subordinated Notes shall be redeemed: (A) on or after the Maturity Date pursuant to Condition 6(a) (Scheduled redemption); or (B) prior to the Maturity Date pursuant to Condition 6(c) (Redemption for tax reasons) or Condition 6(d) (Redemption upon the occurrence of a Capital Event) or Condition 6(e) (Redemption at the option of the Issuer); if Condition 2(e) (Solvency Condition) is not satisfied or if a Regulatory Deficiency Redemption Deferral Event has occurred and is continuing or would occur if redemption is made pursuant to this Condition 6 (Redemption, Purchase and Cancellation). (ii) Deferral under Condition 6(b)(i) (Deferral of redemption date) shall be limited to the proportion of the amounts due and payable which would cause a Regulatory Deficiency Redemption Deferral Event to occur and be continuing. In the event that a partial payment is made pursuant to this Condition 6(b)(ii), any partial payments shall be applied pro rata in respect of the Subordinated Notes. (iii) The Issuer shall notify the Fiscal Agent and the Noteholders in accordance with Condition 15 (Notices) no later than 5 Business Days prior to any date set for redemption of the Subordinated Notes if such redemption is to be deferred in accordance with this Condition 6(b) (Deferral of redemption date) provided, however, that if the Issuer becomes aware of the operation of the Solvency Condition or a Regulatory Deficiency Interest Deferral Event occurs less than 5 Business Days prior to an Interest Payment Date, the Issuer shall give notice of the interest deferral in accordance with Condition 15 (Notices) as soon as reasonably practicable following its becoming aware of, or the occurrence of, such event. (iv) If redemption of the Subordinated Notes does not occur on the Maturity Date, or, if applicable, the date specified in the notice of redemption by the Issuer under Condition 6(c) (Redemption for tax reasons) or Condition 6(d) (Redemption upon the occurrence of a Capital Event), as a result of Condition 6(b)(i) (Deferral of redemption date), the Issuer shall (subject to satisfaction of the Regulatory Clearance Condition and, in the case of (A) and (B) below only, Condition 2(e) (Solvency Condition)) redeem such Subordinated Notes at their principal amount together with any Arrears of Interest (together with all corresponding Additional Interest Amounts) and any other accrued and unpaid interest upon the earliest of:

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39 EME_ACTIVE-579242188.13-BGELPI 07/05/2021 2 54 PM (A) (in case of a failure to redeem the Subordinated Notes due to the operation of Condition 6(b)(i) (Deferral of redemption date) only) the date falling 10 Business Days after the date the Regulatory Deficiency Redemption Deferral Event has ceased (unless on such 10th Business Day a further Regulatory Deficiency Redemption Deferral Event has occurred and is continuing or redemption of the Subordinated Notes on such date would result in a Regulatory Deficiency Redemption Deferral Event occurring, in which case the provisions of Condition 6(b)(i) (Deferral of redemption date) and this Condition 6(b)(iv) will apply mutatis mutandis to determine the due date for redemption of the Subordinated Notes); or (B) the date falling 10 Business Days after the BMA has agreed to the repayment or redemption of the Subordinated Notes; or (C) the date on which a Winding-Up occurs. If Condition 6(b)(i) (Deferral of redemption date) does not apply, but redemption of the Subordinated Notes does not occur on the Maturity Date or, if applicable, the date specified in the notice of redemption by the Issuer under Condition 6(c) (Redemption for tax reasons) or Condition 6(d) (Redemption upon the occurrence of a Capital Event), as a result of the Solvency Condition not being satisfied at such time and immediately after such payment, the Issuer shall (subject to the satisfaction of the Regulatory Clearance Condition), redeem such Subordinated Notes at their principal amount together with any Arrears of Interest (together with all corresponding Additional Interest Amounts) and any other accrued and unpaid interest on the date falling 10 Business Days immediately following the day that (i) the issuer is solvent for the purposes of Condition 2(e) (Solvency Condition) and (ii) redemption of the Subordinated Notes would not result in the Issuer ceasing to be solvent for the purposes of Condition 2(e) (Solvency Condition); provided that if on such Business Day specified for redemption a Regulatory Deficiency Redemption Deferral Event has occurred and is continuing, or would occur if the Subordinated Notes were to be redeemed, or if the Solvency Condition would not be satisfied on such date and immediately after the redemption, then the Subordinated Notes shall not be redeemed on such date and Condition 2(e) (Solvency Condition) and Condition 6(b)(i) (Deferral of redemption date) will apply mutatis mutandis to determine the date of redemption of the Subordinated Notes. (v) A certificate signed by two Authorised Signatories confirming that (A) a Regulatory Deficiency Redemption Deferral Event has occurred and is continuing, or would occur if redemption of the Subordinated Notes were to be made or (B) a Regulatory Deficiency Redemption Deferral Event has ceased to occur and/or redemption of the Subordinated Notes would not result in a Regulatory Deficiency Redemption Deferral Event occurring, shall be treated and accepted by the Issuer, the Noteholders and all other interested parties as correct and sufficient evidence thereof and (in the absence of manifest error or bad faith) shall be binding on all such persons. (vi) Notwithstanding any other provision in these Conditions, the deferral of redemption of the Subordinated Notes in accordance with Condition 2(e) (Solvency Condition) or this Condition 6(b) (Deferral of redemption date) will not constitute a default by the Issuer and will not give Noteholders any right to accelerate the Subordinated Notes or take any enforcement action under the Subordinated Notes. (c) Redemption for tax reasons: Subject to Condition 2(e) (Solvency Condition), Condition 6(b)(i) (Deferral of redemption date) and Condition 6(i) (Preconditions to redemption and purchase) below, the Subordinated Notes may be redeemed at the option of the Issuer in whole, but not in part, on any Interest Payment Date after the fifth (5th) anniversary of the Issue Date (unless such redemption or purchase (i) is to be financed out of the proceeds of an issuance of securities that qualify as either Tier 2 Capital or Tier 1 Capital and (ii) has been approved by the BMA, in which case the Subordinated Notes may be redeemed at the Issuer's option prior to such fifth (5th) anniversary), on giving not less than 15 nor more than 60 days' notice to the Noteholders (which notice shall be irrevocable) at their outstanding principal amounts (together with any Arrears of Interest, Additional Interest Amounts and any other accrued but unpaid interest to (but excluding) the date fixed for redemption), if: (A) immediately before the giving of such notice, the Issuer receives an opinion of external counsel in Bermuda experienced in such matters that the Issuer:

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40 EME_ACTIVE-579242188.13-BGELPI 07/05/2021 2 54 PM (1) has or will become obliged to pay additional amounts as described under Condition 9 (Taxation); or (2) would not be entitled to claim a deduction in computing taxation liabilities (and provided such taxation liabilities exist) in Bermuda in respect of any payment of interest to be made on the next Interest Payment Date or the value of such deduction to the Issuer would be reduced; (B) in each case as a result of any change in, or amendment to, the laws or regulations of Bermuda or any authority therein or thereof having power to tax, or any change in the application or official interpretation of such laws or regulations, including a decision of any court or tribunal, which change or amendment becomes effective on or after the Issue Date; and (C) such obligation or loss of entitlement, as the case may be, cannot be avoided by the Issuer taking reasonable measures available to it, (any such early redemption events (A), (B) and (C) under this Condition 6(c) (Redemption for tax reasons), a "Tax Event"); provided that (in the case of (A)(2) above) no such notice of redemption shall be given earlier than 90 days prior to the earliest date on which the Issuer would not be entitled to claim a deduction in computing taxation liabilities (and provided such taxation liabilities exist) in Bermuda in respect of any payment of interest to be made on the next Interest Payment Date or the value of such deduction to the Issuer would be reduced were a payment in respect of the Subordinated Notes then due. (d) Redemption upon the occurrence of a Capital Event: Subject to Condition 2(e) (Solvency Condition), Condition 6(b) (Deferral of redemption date) and Condition 6(i) (Preconditions to redemption and purchase) below, if a Capital Event occurs, the Subordinated Notes may be redeemed at the option of the Issuer in whole, but not in part, on any Interest Payment Date after the fifth (5th) anniversary of the Issue Date (unless such redemption or purchase (i) is to be financed out of the proceeds of an issuance of securities that qualify as either Tier 2 Capital or Tier 1 Capital and (ii) has been approved by the BMA, in which case the Subordinated Notes may be redeemed at the Issuer's option prior to such fifth (5th) anniversary), at their outstanding principal amounts (together with any Arrears of Interest, Additional Interest Amounts and any other accrued but unpaid interest to (but excluding) the date fixed for redemption); provided that the Issuer provides not less than 15 days' nor more than 60 days' prior notice to the Fiscal Agent and the Noteholders in accordance with Condition 15 (Notices) (such notice being irrevocable) specifying the date fixed for such redemption. (e) Redemption at the option of the Issuer: Subject to Condition 2(e) (Solvency Condition) and Condition 6(i) (Preconditions to redemption and purchase) below, the Subordinated Notes may be redeemed on the First Call Date or on any Interest Payment Date thereafter, at the option of the Issuer, in whole or in part, at their outstanding principal amounts (together with any Arrears of Interest, Additional Interest Amounts and any other accrued but unpaid interest to (but excluding) the date fixed for redemption); provided that the Issuer provides not less than 15 days' nor more than 60 days' prior notice to the Fiscal Agent and the Noteholders in accordance with Condition 15 (Notices) specifying the date fixed for such redemption. Subject to Conditions 8(a) and 8(b), upon the expiry of such notice, the Issuer shall redeem the Subordinated Notes. Any such notice of redemption may, in the Issuer's sole discretion, be subject to one or more conditions precedent, including, but not limited to, the completion of an equity offering, financing or other corporate transaction. Additionally, if such redemption or notice is subject to the satisfaction of one or more conditions precedent, such notice shall state that, in the Issuer's sole discretion, the redemption date may be postponed by up to 60 days following the notice of redemption, and such notice may be rescinded in the event that any or all such conditions shall not have been satisfied by the redemption date (including as it may be postponed). The Issuer shall notify the Fiscal Agent, the Lead Arranger and the Noteholders at least two Business Days prior to the redemption date if any such redemption has been rescinded or delayed. For the avoidance of doubt, in the event of any such postponement of the redemption date, any calculation of or determination concerning the redemption price that depends on the redemption date (including the amount of accrued and unpaid interest on the relevant Subordinated Notes to, but excluding, the redemption date) shall be made by reference to the redemption as so postponed.

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41 EME_ACTIVE-579242188.13-BGELPI 07/05/2021 2 54 PM (f) No other redemption: The Issuer shall not be entitled to redeem the Subordinated Notes otherwise than as provided in Condition 6(a) (Scheduled redemption), Condition 6(b) (Deferral of redemption date), Condition 6(c) (Redemption for tax reasons), Condition 6(d) (Redemption upon the occurrence of a Capital Event) and Condition 6(e) (Redemption at the option of the Issuer). (g) Purchase: Subject to Condition 2(e) (Solvency Condition) and Condition 6(i) (Preconditions to redemption and purchases), the Issuer may at any time purchase Subordinated Notes in the open market or otherwise and at any price. All Subordinated Notes purchased by or on behalf of the Issuer may be held, reissued, resold or, at the option of the Issuer and the relevant purchaser, surrendered for cancellation to the Fiscal Agent. (h) Cancellation: All Subordinated Notes redeemed by the Issuer pursuant to this Condition 6, and all Subordinated Notes purchased and surrendered for cancellation pursuant to Condition 6(g) (Purchase), will forthwith be cancelled. Any such Subordinated Notes so surrendered for cancellation may not be reissued or resold and the obligations of the Issuer in respect of any such Subordinated Notes shall be discharged. (i) Preconditions to redemption and purchases: (i) Prior to the publication of any notice of redemption or any purchase of the Subordinated Notes, the Issuer will be required to have complied with the Regulatory Clearance Condition and be in continued compliance with both the Enhanced Capital Requirement and with the Relevant Rules. (ii) The Issuer shall not redeem any Subordinated Notes or purchase any Subordinated Notes (i) unless at the time of such redemption or purchase it is in compliance with both the Enhanced Capital Requirement and with the Relevant Rules, (ii) where such redemption or purchase would cause a breach of the Enhanced Capital Requirement and (iii) prior to the fifth anniversary of the Issue Date, unless such redemption or purchase is to be financed out of the proceeds of an issuance of securities that qualify as either Tier 2 Capital or Tier 1 Capital. (iii) A certificate signed by two Authorised Signatories confirming such compliance shall be treated and accepted by the Issuer, the Noteholders and all other interested parties as correct and sufficient evidence thereof and (in the absence of manifest error or bad faith) shall be binding on all such persons. 7 VARIATION AND SUBSTITUTION If a Capital Event or a Tax Event occurs, the Issuer may, at its sole option, as an alternative to redemption of the Subordinated Notes, at any time, without the consent of any Noteholder, vary any term or condition of the Subordinated Notes or substitute all (but not less than all) of the Subordinated Notes for other notes, so that the varied Subordinated Notes or the substituted notes, as the case may be, constitute Qualifying Equivalent Securities. The principal amount of the Qualifying Equivalent Securities to be received by Noteholders in substitution shall be equal to the principal amount of the Subordinated Notes. Any variation or substitution of the Subordinated Notes is subject to no more than 60 nor less than 30 calendar days' prior notice by the Issuer to the Fiscal Agent, the Lead Arranger and the Noteholders (which notice shall be irrevocable and shall specify the date fixed for such variation or substitution) in accordance with the notice provisions governing the Subordinated Notes and to: (a) the Issuer being in compliance with the Relevant Rules on the date of such variation or substitution (after giving effect to such variation or substitution), and such variation or substitution not resulting directly or indirectly in a breach of the Relevant Rules; (b) in respect of substitution only, all payments of interest, including Arrears of Interest, and any other amount payable under the Subordinated Notes that, in each case, has accrued to Noteholders and has not been paid, being satisfied in full on or prior to the date of such variation or substitution; and

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42 EME_ACTIVE-579242188.13-BGELPI 07/05/2021 2 54 PM (c) immediately after the substitution or variation, the Issuer not triggering its right to redeem the Subordinated Notes pursuant to provisions of Conditions 6(c) and 6(d). The Issuer shall deliver to the Fiscal Agent on the date fixed for any such variation or substitution (i) a certificate signed by two Authorised Signatories stating that the provisions of this Condition 7 have been complied with and (ii) a legal opinion from an Independent Adviser standing to the effect that the varied Subordinated Notes or the substituted Subordinated Notes constitute Qualifying Equivalent Securities. 8 PAYMENTS (a) Principal: Payments of principal shall be made by transfer to a euro-denominated account maintained by the payee and notified to the Issuer and (in the case of redemption) upon surrender (or, in the case of part payment only, endorsement) of the relevant Note Certificates at the Specified Office of any Paying Agent. (b) Interest: Payments of interest (including, without limitation, Arrears of Interest and Additional Interest Amounts) shall be made by transfer to a euro-denominated account maintained by the payee and notified to the Issuer and (in the case of interest (including, without limitation, Arrears of Interest and Additional Interest Amounts) payable on redemption) upon surrender (or, in the case of part payment only, endorsement) of the relevant Note Certificates at the Specified Office of any Paying Agent. (c) Payments subject to fiscal laws: Payments will be subject in all cases to any fiscal or other laws and regulations applicable thereto in the place of payment, but without prejudice to the provisions of Condition 9 (Taxation). No commissions or expenses shall be charged to the Noteholders in respect of such payments. (d) Payments on business days: If the due date for payment of any amount in respect of any Subordinated Note is not a business day in the place of presentation (following any modification in accordance with Condition 4(a) (Interest)), the Noteholder shall not be entitled to payment in such place of the amount due until the next succeeding business day in such place and shall not be entitled to any further interest or other payment in respect of any such delay. In this Condition 8(d), "business day" means, in respect of any place of presentation, any day on which banks are open for presentation and payment of bearer debt securities and for dealings in foreign currencies in such place of presentation and, in the case of payment by transfer to a euro-denominated account as referred to above, on which dealings in foreign currencies may be carried on both in London and in such place of presentation. (e) Partial payments: If the Fiscal Agent makes a partial payment in respect of any Subordinated Note presented to it for payment, such Paying Agent will endorse thereon a statement indicating the amount and the date of such payment. (f) No commissions: No commissions or expenses shall be charged to the Noteholders in respect of any payments made in accordance with this Condition 8. (g) Record date: Each payment in respect of a Subordinated Note will be made to the person shown as the Noteholder in the Register at the opening of business in the place of the Registrar's Specified Office on the Clearing System Business Day immediately preceding the due date for such payment. (h) Agents: The names of the initial Paying Agents and their initial specified offices are set out at the end of these Conditions. The Issuer reserves the right at any time to vary or terminate the appointment of any Paying Agent or Agent Bank and to appoint a successor fiscal agent or agent bank and additional or other paying agents, provided, however, that the Issuer will at all times maintain a fiscal agent and agent bank. Notice of any termination or appointment and of any changes in specified offices of any of the Paying Agents or their Specified Offices will be given to the Noteholders promptly by the Issuer in accordance with Condition 15 (Notices). In acting under the Paying Agency Agreement and in connection with the Subordinated Notes, the Paying Agents and the Agent Bank act solely as agents of the Issuer and do not assume any obligations towards or relationship of agency or trust for or with any of the Noteholders.

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43 EME_ACTIVE-579242188.13-BGELPI 07/05/2021 2 54 PM So long as the Subordinated Notes are represented by the Global Certificate, each payment in respect of the Global Certificate will be made to the person shown as the holder of such Global Certificate in the Register at the close of business (of the relevant clearing system) on the Clearing System Business Day before the due date for such payments, where "Clearing System Business Day" means a weekday (Monday to Friday, inclusive) except 25 December and 1 January. 9 TAXATION All payments of principal and interest in respect of the Subordinated Notes by or on behalf of the Issuer shall be made free and clear of, and without withholding or deduction for or on account of, any present or future taxes, duties, assessments or governmental charges of whatever nature imposed, levied, collected, withheld or assessed by or on behalf of Bermuda or any political subdivision thereof or any authority therein or thereof having power to tax, unless the withholding or deduction of such taxes, duties, assessments or governmental charges is required by law. In that event the Issuer shall pay such additional amounts as will result in receipt by the Noteholders after such withholding or deduction of such amounts as would have been received by them had no such withholding or deduction been required, except that no such additional amounts shall be payable in respect of any Subordinated Note: (a) held by a Noteholder which is liable to such taxes, duties, assessments or governmental charges in respect of such Subordinated Note by reason of its having some connection with Bermuda other than the mere holding of the Subordinated Note; (b) where the present or future taxes, duties or governmental charges of whatever nature imposed, levied, collected, withheld or assessed are so imposed, levied, collected or withheld outside Bermuda on the income or gains of the relevant Noteholder; or (c) where (in the case of a payment of principal or interest on redemption) the relevant Note Certificate is surrendered for payment more than 30 days after the Relevant Date except to the extent that the relevant Noteholder would have been entitled to such additional amounts if it had surrendered the relevant Note Certificate on the last day of such period of 30 days. In these Conditions, "Relevant Date" means whichever is the later of (1) the date on which the payment in question first becomes due and (2) if the full amount payable has not been received by the Fiscal Agent on or prior to such due date, the date on which (the full amount having been so received) notice to that effect has been given to the Noteholders. Any reference in these Conditions to principal or interest shall be deemed to include any additional amounts in respect of principal or interest (as the case may be) which may be payable under this Condition 9. If the Issuer becomes subject at any time to any taxing jurisdiction other than the Bermuda references in these Conditions to Bermuda shall be construed as references to Bermuda and/or such other jurisdiction. The Issuer has been issued a tax assurance certificate by the Minister of Finance of Bermuda pursuant to section 2 of the Exempted Undertakings Tax Protection Act 1996 (the "Tax Assurance") which states that in the event of there being enacted in Bermuda any legislation imposing tax computed on profits or income or computed on any capital asset, gain or appreciation, or any tax in the nature of estate duty or inheritance tax, then the imposition of any tax described therein shall not be applicable to the Issuer or to any of its operations or the shares, debentures or other obligations of the Issuer, provided that such assurance will not prevent the application of any such tax or duty to persons ordinarily resident in Bermuda or prevent any tax payable in accordance with the provisions of the Land Tax Act 1967 or otherwise payable in relation to the land leased to the Issuer. The Tax Assurance shall be in effect until 31 March 2035. The Issuer will not be required under the law of Bermuda to make any deduction or withholding on account of tax from any payment it may make under the Subordinated Notes. 10 PRESCRIPTION Claims against the Issuer for payment in respect of the Subordinated Notes shall be prescribed and become void unless made within 10 years (in the case of principal) or five years (in the case of interest including, without limitation, Arrears of Interest and Additional Interest Amounts) from the appropriate Relevant Date in respect of them.

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44 EME_ACTIVE-579242188.13-BGELPI 07/05/2021 2 54 PM 11 DEFAULT AND REMEDIES ON DEFAULT (a) Payment default: If the Issuer fails to meet any of its payment obligations on the date that such payment obligations were due under the Subordinated Notes and such payment obligations are not met within 30 days of the date that such payment obligations were due, any Noteholder may, at its own discretion and without further notice, institute proceedings in order to recover the amounts due from the Issuer to such Noteholder, provided, however, that a Noteholder may not petition the Winding-Up of the Issuer or institute any other proceedings seeking the same equivalent relief in respect of the Issuer. For the avoidance of doubt, no amount shall be due from the Issuer in circumstances where payment of such amount is deferred in accordance with Condition 2(e) (Solvency Condition), Condition 5(a) (Regulatory Deficiency Deferral of Interest) or Condition 6(b) (Deferral of redemption date). (b) Winding-Up: Upon the Winding-Up of the Issuer (or other equivalent proceedings), the Subordinated Notes shall automatically become due and payable at their outstanding principal amount together with interest (including Arrears of Interest and Additional Interest Amounts) (if any) accrued to such date and the claim in respect thereof will be subject to the subordination provided for in Condition 2. In addition, any other amounts in respect of the Subordinated Notes (including any damages awarded for breach of any obligations under these Conditions in respect of which the Solvency Condition was not satisfied on the date upon which the same would otherwise have become due and payable ("Solvency Claims") will be payable by the Issuer in a Winding-Up or administration of the Issuer, and the claim in respect thereof will be subject to the subordination provided for in Condition 2. A Solvency Claim shall not bear interest. (c) Enforcement: Without prejudice to Condition 11(a) above, any Noteholder may institute such proceedings or take such steps or actions against the Issuer as it may think fit to enforce any obligation, term, condition or provision binding on the Issuer under the Subordinated Notes or the Deed of Covenant, provided, however, that a Noteholder may not at any time file for the Winding-Up of the Issuer and provided, further, that in no event shall the Issuer, by virtue of the institution of any such proceedings or the taking of such steps or actions, be obliged to pay any sum or sums (in cash or otherwise) sooner than the same would otherwise have been payable by it. (d) Extent of Noteholders' remedy: No remedy against the Issuer, other than as referred to in this Condition 11, shall be available to the Noteholders, whether for the recovery of amounts owing in respect of the Subordinated Notes or in respect of any breach by the Issuer of any of its other obligations under or in respect of the Subordinated Notes. 12 UNDERTAKINGS OF THE ISSUER The undertakings in this Condition 12 remain in force from the Issue Date for so long as any Subordinated Note is outstanding. (a) The Issuer undertakes to supply to the Noteholders: (i) no later than 60 calendar days following the end of the preceding financial quarter, the Issuer's and its Group's quarterly unaudited income statement and balance sheet, in each case prepared in accordance with GAAP; and (ii) no later than 120 calendar days following the end of the fiscal year, the Issuer's and its Group's consolidated annual financial statements prepared in accordance with GAAP. (b) The Issuer undertakes not to directly or indirectly: (i) declare or pay any dividend on or in respect of its Capital Stock, or purchase, redeem, retire or otherwise acquire for value any of its Capital Stock; or (ii) make any payment or other distribution on any of its securities that rank junior to or pari passu with the Subordinated Notes, (all such payments and other actions under (i) and (ii), a "Restricted Payment"), unless, at the time of, and after giving effect to, such Restricted Payment: (A) the Issuer is not and will not be in breach of the Relevant Rules, the Enhanced Capital Requirement or any of the

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46 EME_ACTIVE-579242188.13-BGELPI 07/05/2021 2 54 PM 18 DEFINED TERMS In these Conditions: "Additional Interest Amount" has the meaning given in Condition 5(c) (Arrears of Interest and Additional Interest Amounts); "Adjustment Spread" means a spread (which may be positive or negative) or formula or methodology for calculating a spread, which is required to be applied to a Successor Reference Rate or an Alternative Reference Rate (as applicable) in order to reduce or eliminate, to the extent reasonably practicable in the circumstances, any economic prejudice or benefit (as applicable) to the Noteholders as a result of the replacement of the Original Reference Rate with such Successor Reference Rate or Alternative Reference Rate (as applicable) and is the spread, formula or methodology which: (a) in the case of a Successor Reference Rate, is formally recommended in relation to the replacement of the Original Reference Rate with such Successor Reference Rate by any Relevant Nominating Body; or (b) in the case of a Successor Reference Rate for which no such recommendation has been made or in the case of an Alternative Reference Rate, the Independent Adviser (in consultation with the Issuer) determines is recognised or acknowledged as being in customary market usage in international debt capital markets transactions which reference the Original Reference Rate, where such rate has been replaced by such Successor Reference Rate or Alternative Reference Rate (as applicable); or (c) if no such customary market usage is recognised or acknowledged, the Independent Adviser (in consultation with the Issuer) determines (acting in good faith and in a commercially reasonable manner) to be appropriate; "Affiliate" means, in relation to any person, a Subsidiary of that person or a Holding Company of that person or any other Subsidiary of that Holding Company; "Alternative Reference Rate" means the rate which has replaced the Original Reference Rate in customary market usage in the international debt capital markets for the purposes of determining floating rates of interest in respect of notes denominated in euro. Should the Alternative Reference Rate be negative, the Alternative Reference Rate shall be deemed to be equal to zero; "Arrears of Interest" has the meaning given in Condition 5(c) (Arrears of Interest and Additional Interest Amounts); "Assets" means the unconsolidated gross assets of the Issuer as shown in the latest published audited balance sheet of the Issuer, but adjusted for contingencies and subsequent events; "Authorised Signatory" means any Director or other person authorised to bind the Issuer; "Average Reference Rate" has the meaning given in Condition 4(c)(iv) (Rate of Interest); "Benchmark Event" means: (a) the Original Reference Rate has ceased to be published on the Relevant Screen Page as a result of such benchmark ceasing to be calculated or administered; or (b) a public statement by the administrator of the Original Reference Rate that it will, by a specified date within the following 6 months, cease publishing such Original Reference Rate permanently or indefinitely (in circumstances where no successor administrator has been appointed that will continue publication of such Original Reference Rate); or (c) a public statement by the supervisor of the administrator of the Original Reference Rate that such Original Reference Rate has been or will be, by a specified date within the following 6 months, permanently or indefinitely discontinued; or (d) a public statement by the supervisor of the administrator of the Original Reference Rate that means that such Original Reference Rate will be prohibited from being used or that its use will

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47 EME_ACTIVE-579242188.13-BGELPI 07/05/2021 2 54 PM be subject to restrictions or adverse consequences, in each case by a specified date within the following 6 months; or (e) there has taken place a change in customary market practice in the international debt capital markets applicable generally to floating rate notes denominated in euro (determined according to factors including, but not limited, to public statements, opinions and publications of industries bodies and organisations) that, in the view of the Issuer (acting in good faith and commercially), such Original Reference Rate is no longer representative of an underlying market or the methodology to calculate such Original Reference Rate has materially changed; or (f) it has or will on or prior to a specified date within the following 6 months become unlawful for the Agent Bank or the Issuer to calculate any payments due to be made to the Noteholders using the Original Reference Rate (including, without limitation, under the Benchmarks Regulation, if applicable); "Benchmarks Regulation" means Regulation (EU) No. 2016/1011 of the European Parliament and of the Council of 8th June, 2016, as amended; "BMA" means the Bermuda Monetary Authority (or any successor which carries on the role of regulator of financial services companies generally in Bermuda; "Brussels Banking Day" means a day on which commercial banks are open for general business (including dealings in foreign exchange and foreign currency deposits) in Brussels; "Business Day" means a day on which commercial banks and foreign exchange markets settle payments and are open for general business (including dealings in foreign exchange and foreign currency deposits) in London, Hamilton (Bermuda) and which is a TARGET2 Settlement Day; provided, however, that, for the purpose of Condition 8(d) (Payments on business days), "business day" shall have the meaning given in Condition 8(d), and provided, further, that, for the purpose of Condition 3(d) (Registration and delivery of Note Certificates), "business day" shall have the meaning given in Condition 3(d); "Calculation Amount" has the meaning given in Condition 4(g) (Calculation Amount); "Capital Event" means, at any time on or after the Issue Date, a change in the regulatory classification of the Subordinated Notes that results or would be likely to result in the exclusion of the Subordinated Notes in whole or, to the extent not prohibited by the Relevant Rules, in part, from the Issuer's Tier 2 Capital other than where such exclusion is only as a result of any applicable limitation on the amount of such capital; "Capital Stock" means any and all shares (whether voting or non-voting, and including preferred shares) in the equity of such person or entity; "Clearing System Business Day" means a day on which the clearing system for which the Subordinated Notes are being held is open for business; "Clearstream, Luxembourg" means Clearstream Banking, SA; "Directors" means the members of the board of directors of the Issuer from time to time; "Dispute" has the meaning given in Condition 17 (Jurisdiction); "Enhanced Capital Requirement" means the "enhanced capital requirement" as defined in the Relevant Rules, applicable to the Issuer; "Euro-zone" means the region comprised of member states of the European Union that adopt the single currency in accordance with the Treaty establishing the European Community, as amended by the Treaty on the European Union and the Treaty of Amsterdam; "Euroclear" means Euroclear Bank S.A. / N.V; "First Call Date" means the Interest Payment Date falling on or immediately after the tenth anniversary of the Issue Date;

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48 EME_ACTIVE-579242188.13-BGELPI 07/05/2021 2 54 PM "First Interest Payment Date" has the meaning given in Condition 4(a) (Interest); "GAAP" means the generally accepted accounting principles in the United Kingdom or the United States, or such other generally accepted accounting principles as may be applicable to the Issuer and/or its parent company from time to time; "Group" means Ark Insurance Holdings Limited (or its successor) and its consolidated subsidiaries; "Holding Company" means, in relation to a person, any other person in respect of which it is a Subsidiary; "Independent Adviser" means an independent financial institution of international repute or an independent financial adviser with appropriate expertise appointed by the Issuer; "Insurance Act" means the Bermuda Insurance Act 1978 and related regulations, as amended from time to time; "Interest Amount" has the meaning given to it in Condition 4(d) (Calculation of Interest Amount); "Interest Determination Date" has the meaning given to it in Condition 4(c) (Rate of Interest); "Interest Payment Date" has the meaning given in Condition 4(a) (Interest); "Interest Period" means a period from (and including) one Interest Payment Date (or in the case of the first Interest Period only, the Issue Date) up to (but excluding) the next following Interest Payment Date; "Issue Date" has the meaning given in Condition 1 (Form and Denomination); "Junior Creditors" means creditors of the Issuer who are not Senior Creditors; "Junior Securities" has the meaning given to it in Condition 2(a) (Status and Subordination); "Lead Arranger" means ; "Liabilities" means the unconsolidated gross liabilities of the Issuer, as shown in the latest published audited balance sheet of the Issuer, but adjusted for contingent liabilities and for subsequent events, all in such manner as the Directors may determine; "Majority Noteholder" means a Noteholder or Noteholders holding in aggregate: (a) in the case of Condition 12 (Undertakings of the Issuer), 75 per cent. or more of the Principal Amount Outstanding of the Subordinated Notes; and (b) in all other cases, 100 per cent. of the Principal Amount Outstanding of the Subordinated Notes. For the avoidance of doubt, Subordinated Notes held indirectly or directly by Affiliates of the Issuer shall not be included for the purposes of this definition; "Margin" means: (a) for the period that begins (and includes) the Issue Date and ends on (but excludes) the Step- Up Date: 5,75% per annum; (b) for the period that begins (and includes) the Step-Up Date and ends on (but excludes) the Maturity Date: 6,75% per annum; and (c) for the period that begins (and includes) the Maturity Date: 7,75% per annum; "Maturity Date" means the Interest Payment Date falling on or immediately after the twentieth anniversary of the Issue Date; "Noteholder" means any person that holds an interest in the Subordinated Notes; "Original Reference Rate" means EURIBOR. Should the Original Reference Rate be negative, the Original Reference Rate shall be deemed to be equal to zero; "Parity Securities" has the meaning given to it in Condition 2(a) (Status and Subordination);

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49 EME_ACTIVE-579242188.13-BGELPI 07/05/2021 2 54 PM "Principal Amount Outstanding of the Subordinated Notes" means the original principal amount of the Subordinated Notes outstanding under Condition 6(a) (Scheduled Redemption); "Qualified Investor" means a person: (a) who is an "Accredited Investor" as defined in Regulation D of the United States Securities Act 1933 (the "Securities Act"); (b) who is a "Qualified Institutional Buyer" as defined in the Securities Act; (c) who is a "qualified investor" as defined in Article 2(e) of Regulation (EU) 2017/1129; (d) who is a "Qualified Participant" as defined in section 9(2) of the Bermuda Investment Funds Act 2006; (e) to whom the offering of Subordinated Notes could lawfully be communicated by virtue of section 21(1) of the Financial Services and Markets Act 2000; (f) who is a "well-informed investor" as defined by the Luxembourg law of 13 February 2007 on specialised investment funds; (g) who is a "Professional Client" or an "Eligible Counterparty" as defined by the Markets in Financial Instruments Directive, as amended; (h) who is a "qualified Investor" as defined by the Swiss Federal Collective Investment Schemes Act; or (i) in any other jurisdiction who would satisfy the requirements of any of paragraphs (a) to (h) above if they were subject to the securities laws of such jurisdictions; "Qualifying Equivalent Securities" means securities which have terms not materially less favourable to the Noteholders, as reasonably determined by the Issuer in consultation with an Independent Adviser, consulting firm or comparable expert, in each case being independent and of international standing on the subject, and which: (a) satisfy the criteria for the eligibility for inclusion of the proceeds of the Subordinated Notes as Tier 2 Capital under the Relevant Rules; (b) contain terms providing for the same interest rate and interest payment dates as apply to the Subordinated Notes; (c) rank senior to, or have the same ranking as, the Subordinated Notes; (d) preserve all obligations as to repayment of the Subordinated Notes, including (without limitation) as to timing of such repayment (including preserving the same Maturity Date); (e) do not contain terms providing for loss absorption through principal write-down or conversion into ordinary shares; and (f) preserve any rights to any accrued and unpaid interest, and any existing rights to other amounts payable under the Subordinated Notes which have accrued to Noteholders and not been paid; "Rate of Interest" has the meaning given to it in Condition 4(c) (Rate of Interest); "Reference Rate" has the meaning given to it in Condition 4(c) (Rate of Interest); "Regulatory Clearance Condition" means, in respect of any proposed act on the part of the Issuer, the Issuer having notified the BMA, and obtained the consent or non-objection of the BMA, in relation to such act (in any case only if and to the extent required by the BMA and/or pursuant to the Relevant Rules); "Regulatory Deficiency Deferral Event" means a Regulatory Deficiency Interest Deferral Event or a Regulatory Deficiency Redemption Deferral Event;

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50 EME_ACTIVE-579242188.13-BGELPI 07/05/2021 2 54 PM "Regulatory Deficiency Interest Deferral Date" means each Interest Payment Date in respect of which a Regulatory Deficiency Interest Deferral Event has occurred and is continuing or would occur if payment of the full amount of interest otherwise due was made on such Interest Payment Date; "Regulatory Deficiency Interest Deferral Event" means: (a) any event which causes the Enhanced Capital Requirement to be breached and such breach is an event which, under the Relevant Rules, would require the Issuer to defer a payment of interest in respect of the Subordinated Notes in order for the Subordinated Notes to constitute Tier 2 Capital (for the avoidance of doubt, a breach of one or several of the Issuer's subsidiaries' capital requirements that would not trigger a breach of the Enhanced Capital Requirement will not be considered as a Regulatory Deficiency Interest Deferral Event); or (b) the BMA has otherwise provided written notice to the Issuer prohibiting the Issuer from making payments under the Subordinated Notes; "Regulatory Deficiency Redemption Deferral Event" means any event which causes the Enhanced Capital Requirement to be breached and such breach is an event which, under the Relevant Rules, would require the Issuer to defer or suspend a scheduled repayment or redemption of the Subordinated Notes in order for the Subordinated Notes to constitute Tier 2 Capital. For the avoidance of doubt, any event which (i) causes the capital requirement of one or several of the Issuer's subsidiaries to be breached but (ii) that would not cause the Enhanced Capital Requirement to be breached and (iii) that would not constitute an event which, under the Relevant Rules, would require the Issuer to defer or suspend a scheduled repayment or redemption of the Subordinated Notes in order for the Subordinated Notes to constitute Tier 2 Capital, will not be considered as a Regulatory Deficiency Redemption Deferral Event; "Relevant Date" has the meaning given in Condition 9 (Taxation); "Relevant Nominating Body" means: (a) the European Central Bank or any other central bank or supervisory authority which is responsible for supervising the administrator of the Original Reference Rate; or (b) any working group or committee established, approved or sponsored by, chaired or co-chaired by or constituted at the request of (i) the European Central Bank, (ii) any other central bank or supervisory authority which is responsible for supervising the administrator of the Original Reference Rate, (iii) a group of the aforementioned central banks or other supervisory authorities or (iv) the Financial Stability Board or any part thereof; "Relevant Rules" means the Insurance Act, and the rules and regulations promulgated thereunder, and any other legislation, rules or regulations of Bermuda or of the BMA from time to time relating to the characteristics, features or criteria of own funds or capital resources and which are, at such time, applicable to the Issuer; "Senior Creditors" means: (a) any policyholders and policy beneficiaries of the Issuer and its Subsidiaries (and, for the avoidance of doubt, the claims of Senior Creditors who are policyholders and/or policy beneficiaries shall include all amounts to which any such policyholder or policy beneficiary (as applicable) would be entitled in its capacity as such under any applicable legislation or rules relating to the Winding-Up of insurance companies to reflect any right to receive, or expectation of receiving, policyholder or policy beneficiary benefits which such policyholder or policy beneficiary (as applicable) may have); (b) creditors of the Issuer (other than policyholders) who are unsubordinated creditors of the Issuer including, without limitation, tax authorities and holders of senior guarantees issued by the Issuer; (c) any senior or subordinated secured creditors of the Issuer; and (d) any other creditors to whose claims the Subordinated Notes must be subordinated under the Relevant Rules so as to permit the Subordinated Notes to qualify as Tier 2 Capital; "Step-Up Date" means the Interest Payment Date falling on or immediately after the tenth anniversary of the Issue Date; "Subsidiary" means any person (referred to as the "first person") in respect of which another person:

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51 EME_ACTIVE-579242188.13-BGELPI 07/05/2021 2 54 PM (a) has the power (whether by way of ownership of shares, proxy, contract, agency or otherwise) to: (i) cast, or control the casting of, more than 50 per cent. of the maximum number of votes that might be cast at a general meeting of the first person; (ii) appoint or remove all, or the majority, of the Directors or other equivalent officers of the first person; or give directions with respect to the operating and financial policies of the first person with which the Directors or other equivalent officers of the first person are obliged to comply; or (b) holds beneficially more than 50 per cent. of the issued share capital of the first person (excluding any part of that issued share capital that carries no right to participate beyond a specified amount in a distribution of either profits or capital); "Successor Reference Rate" means the rate that the Independent Adviser (in consultation with the Issuer) determines is a successor or replacement to the Original Reference Rate, which has been formally recommended by any Relevant Nominating Body. Should the Successor Reference Rate be negative, the Successor Reference Rate shall be deemed to be equal to zero; "TARGET2 Settlement Day" means any day on which the Trans-European Automated Real-Time Gross Settlement Express Transfer (TARGET2) System is operating; "Tier 1 Capital" means capital which is treated as a constituent of Tier 1 under the Relevant Rules; "Tier 2 Capital" means capital which is treated as a constituent of Tier 2 under the Relevant Rules; "Winding-Up" means at any time when: (i) an order is made, or an effective resolution is passed, for the winding-up, dissolution or liquidation of the Issuer or any other analogous procedures in any jurisdiction (except, in any such case, a solvent winding-up solely for the purpose of a reconstruction, amalgamation or substitution of the Issuer, the terms of which have previously been approved by the Noteholders); or (ii) a provisional liquidator, receiver, administrator or similar officer is appointed in respect of the Issuer and has given notice that it intends to declare a dividend; and "€" and "euro" mean the lawful currency introduced at the third stage of the European economic and monetary union pursuant to the Treaty on the Functioning of the European Union, as amended.

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52 EME_ACTIVE-579242188.13-BGELPI 07/05/2021 2 54 PM REGULATIONS CONCERNING TRANSFERS AND REGISTRATION OF SUBORDINATED NOTES 1. The Subordinated Notes are in the denomination of €100,000. Subordinated Notes may only be held in holdings in the aggregate principal amount of €100,000 and integral multiples thereof (each, an "Authorised Holding"). 2. Subject to paragraph 4 and paragraph 11 below, Subordinated Notes may be transferred by execution of the relevant form of transfer under the hand of the transferor or, where the transferor is a corporation, under its common seal or under the hand of two of its officers duly authorised in writing. Where the form of transfer is executed by an attorney or, in the case of a corporation, under seal or under the hand of two of its officers duly authorised in writing, a copy of the relevant power of attorney certified by a financial institution in good standing or a notary public or in such other manner as the Registrar may require or, as the case may be, copies certified in the manner aforesaid of the documents authorising such officers to sign and witness the affixing of the seal must be delivered with the form of transfer. In this Schedule, "transferor" shall, where the context permits or requires, include joint transferors and shall be construed accordingly. 3. The Note Certificate, if any, issued in respect of the Subordinated Notes to be transferred must be surrendered for registration, together with the form of transfer (including any certification as to compliance with restrictions on transfer included in such form of transfer) endorsed thereon, duly completed and executed, at the Specified Office of the Registrar or any Transfer Agent, and together with such evidence as the Registrar or (as the case may be) the relevant Transfer Agent may reasonably require to prove the title of the transferor and the authority of the persons who have executed the form of transfer. The signature of the person effecting a transfer of a Subordinated Note shall conform to any list of duly authorised specimen signatures supplied by such Noteholder or be certified by a financial institution in good standing, notary public or in such other manner as the Registrar or such Transfer Agent may require. 4. No Noteholder may require the transfer of a Subordinated Note to be registered during the period of 15 calendar days ending on the due date for any payment of principal or interest in respect of such Subordinated Note. 5. The executors or administrators of a deceased Noteholder (not being one of several joint Noteholders) and, in the case of the death of one or more of several joint Noteholders, the survivor or survivors of such joint Noteholders, shall be the only persons recognised by the Issuer as having any title to such Subordinated Note. 6. Any person becoming entitled to any Subordinated Notes in consequence of the death or bankruptcy of such Noteholder may, upon producing such evidence that he holds the position in respect of which he proposes to act under this paragraph or of his title as the Registrar or the relevant Transfer Agent may require (including legal opinions), become registered himself as such Noteholder or, subject to the provisions of these Regulations, the Subordinated Notes and the Conditions as to transfer, may transfer such Subordinated Notes. The Issuer, the Transfer Agents, the Registrar and the Paying Agents shall be at liberty to retain any amount payable upon the Subordinated Notes to which any person is so entitled until such person is so registered or duly transfers such Subordinated Notes. 7. Unless otherwise required by him and agreed by the Issuer and the Registrar, the Noteholder shall be entitled to receive only one Note Certificate in respect of his holding. 8. The joint Noteholders shall be entitled to one Note Certificate only in respect of their joint holding which shall, except where they otherwise direct, be delivered to the joint Noteholder whose name appears first in the Register in respect of the joint holding. 9. Where there is more than one transferee (to hold other than as joint Noteholders), separate forms of transfer (obtainable from the Specified Office of the Registrar or any Transfer Agent) must be completed in respect of each new holding. 10. A Noteholder may transfer all or part only of his holding of Subordinated Notes; provided that both the principal amount of Subordinated Notes transferred and the principal amount of the balance not transferred are an Authorised Holding. Where a Noteholder has transferred part only of his holding of Subordinated Notes, a new Note Certificate in respect of the balance of such holding will be delivered to him.

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53 EME_ACTIVE-579242188.13-BGELPI 07/05/2021 2 54 PM 11. The Issuer, the Transfer Agents and the Registrar shall, save in the case of the issue of replacement Subordinated Notes pursuant to the Conditions, make no charge to the Noteholders for the registration of any holding of Subordinated Notes or any transfer thereof or for the issue of any Subordinated Notes or for the delivery thereof at the Specified Office of any Transfer Agent or the Registrar or by uninsured post to the address specified by the Noteholder, but such registration, transfer, issue or delivery shall be effected against such indemnity from the Noteholder or the transferee thereof as the Registrar or the relevant Transfer Agent may require in respect of any tax or other duty of whatever nature which may be levied or imposed in connection with such registration, transfer, issue or delivery. 12. Provided a transfer of a Subordinated Note is duly made in accordance with all applicable requirements and restrictions upon transfer and the Subordinated Note(s) transferred are presented to a Transfer Agent and/or the Registrar in accordance with the Agency Agreement and these Regulations, and subject to unforeseen circumstances beyond the control of such Transfer Agent or the Registrar arising, such Transfer Agent or the Registrar will, within five business days of the request for transfer being duly made, deliver at its Specified Office to the transferee or despatch by uninsured post (at the request and risk of the transferee) to such address as the transferee entitled to the Subordinated Notes in relation to which such Note Certificate is issued may have specified, a Note Certificate in respect of which entries have been made in the Register, all formalities complied with and the name of the transferee completed on the Note Certificate by or on behalf of the Registrar; and, for the purposes of this paragraph, "business day" means a day on which commercial banks are open for business (including dealings in foreign currencies) in the cities in which the Registrar and (if applicable) the relevant Transfer Agent have their respective Specified Offices.

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wtmexhibit103

Exhibit 10.3

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DocuSign Envelope ID: 135491C1-3E2D-4FAD-98E8-40EE4292B8F4

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Duties of the Agent Bank DocuSign Envelope ID: 135491C1-3E2D-4FAD-98E8-40EE4292B8F4

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Terms and Conditions Changes in Agents egulations concerning transfers and registration of Subordinated Notes Specified Offices of the Agents Redemption, Purchase and Cancellation Redemption, Purchase and Cancellation provided however that DocuSign Envelope ID: 135491C1-3E2D-4FAD-98E8-40EE4292B8F4

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Miscellaneous Duties of the Agents Form of Global Note Certificate Form of Individual Note Certificate DocuSign Envelope ID: 135491C1-3E2D-4FAD-98E8-40EE4292B8F4

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Exchanges of Global Note Certificate for Individual Note Certificates Transfers of Subordinated Notes Replacement of Note Certificates Additional and successor agents Availability of Individual Note Certificates DocuSign Envelope ID: 135491C1-3E2D-4FAD-98E8-40EE4292B8F4

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provided however Cancellation and destruction DocuSign Envelope ID: 135491C1-3E2D-4FAD-98E8-40EE4292B8F4

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Deferral of Interest Redemption, Purchase and Cancellation Issuer to pay Fiscal Agent Issuer to pay Fiscal Agent Payments to the Fiscal Agent provided however Payments to Noteholders provided however that Issuer to pay Fiscal Agent DocuSign Envelope ID: 135491C1-3E2D-4FAD-98E8-40EE4292B8F4

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Issuer to pay Fiscal Agent Payments by Paying Agents Payments by Paying Agents Issuer to pay Fiscal Agent Issuer to pay Fiscal Agent Payments by Paying Agents Issuer to pay Fiscal Agent Payments by Paying Agents Issuer to pay Fiscal Agent Issuer to pay Fiscal Agent Reimbursement by Fiscal Agent Appropriation by Fiscal Agent provided however that Reimbursement by Issuer Issuer to pay Fiscal Agent DocuSign Envelope ID: 135491C1-3E2D-4FAD-98E8-40EE4292B8F4

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provided however that provided however that Interest DocuSign Envelope ID: 135491C1-3E2D-4FAD-98E8-40EE4292B8F4

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Interest Supervisory Consent Deferral of Interest Notice of Deferral Regulatory Deficiency Deferral of Interest DocuSign Envelope ID: 135491C1-3E2D-4FAD-98E8-40EE4292B8F4

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Deferral of redemption date Deferral of redemption date provided however that Deferral of Interest Deferral of redemption date Records DocuSign Envelope ID: 135491C1-3E2D-4FAD-98E8-40EE4292B8F4

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Fees Fees and Expenses Indemnity in favour of the Agents Payments by Paying Agents Expenses DocuSign Envelope ID: 135491C1-3E2D-4FAD-98E8-40EE4292B8F4

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Indemnity in favour of the Agents Changes in Agents DocuSign Envelope ID: 135491C1-3E2D-4FAD-98E8-40EE4292B8F4

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provided however that Additional and successor agents Paying Agents may appoint successors provided however that Additional and successor agents Paying Agents may appoint successors Additional and successor agents DocuSign Envelope ID: 135491C1-3E2D-4FAD-98E8-40EE4292B8F4

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Resignation Additional and successor agents Resignation Revocation Automatic termination Taxes Terms of Appointment Changes in Agents Maintenance of the Register Duties of the Agent Bank Fees and Expenses Documents available for inspection DocuSign Envelope ID: 135491C1-3E2D-4FAD-98E8-40EE4292B8F4

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provided DocuSign Envelope ID: 135491C1-3E2D-4FAD-98E8-40EE4292B8F4

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DocuSign Envelope ID: 135491C1-3E2D-4FAD-98E8-40EE4292B8F4

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Modification and Waiver DocuSign Envelope ID: 135491C1-3E2D-4FAD-98E8-40EE4292B8F4

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(an insurance company incorporated under the laws of Bermuda) The Bank of New York Depository (Nominees) Limited Promise to pay Status and Subordination DocuSign Envelope ID: 135491C1-3E2D-4FAD-98E8-40EE4292B8F4

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Form of Individual Note Certificate Default and remedies on default Delivery of Individual Note Certificates Notices DocuSign Envelope ID: 135491C1-3E2D-4FAD-98E8-40EE4292B8F4

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(duly authorised) DocuSign Envelope ID: 135491C1-3E2D-4FAD-98E8-40EE4292B8F4

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currency duly authorised DocuSign Envelope ID: 135491C1-3E2D-4FAD-98E8-40EE4292B8F4

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Terms and Conditions to be inserted DocuSign Envelope ID: 135491C1-3E2D-4FAD-98E8-40EE4292B8F4

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(an insurance company incorporated under the laws of Bermuda) CURRENCY IN WORDS DocuSign Envelope ID: 135491C1-3E2D-4FAD-98E8-40EE4292B8F4

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duly authorised issue date duly authorised DocuSign Envelope ID: 135491C1-3E2D-4FAD-98E8-40EE4292B8F4

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duly authorised DocuSign Envelope ID: 135491C1-3E2D-4FAD-98E8-40EE4292B8F4

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Attached to each Note Certificate Terms and Conditions At the foot of the Terms and Conditions DocuSign Envelope ID: 135491C1-3E2D-4FAD-98E8-40EE4292B8F4

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The following (subject to amendment, and other than the words in italics) is the text of the terms and conditions of the Subordinated Notes which will appear on the reverse of each of the definitive certificates evidencing the Subordinated Notes. The wording appearing in italics below is included for disclosure purposes only and does not form part of the terms and conditions of the Subordinated Notes. Status and Subordination pari passu DocuSign Envelope ID: 135491C1-3E2D-4FAD-98E8-40EE4292B8F4

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pari passu Additional Subordination under Relevant Rules Set-off No Insolvency Solvency Condition Status and Subordination DocuSign Envelope ID: 135491C1-3E2D-4FAD-98E8-40EE4292B8F4

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Solvency Condition Solvency Condition Register Title Transfers Closed periods Regulations concerning transfers and registration provided however that Registration and delivery of Note Certificates Transfers No charge DocuSign Envelope ID: 135491C1-3E2D-4FAD-98E8-40EE4292B8F4

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Closed periods Regulations concerning transfers and registration Interest Solvency Condition Deferral of Interest Payments provided however that provided further that Interest Accrual Deferral of redemption date Interest Rate of Interest DocuSign Envelope ID: 135491C1-3E2D-4FAD-98E8-40EE4292B8F4

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provided provided Effect of Benchmark Transition Event Effect of Benchmark Transition Event DocuSign Envelope ID: 135491C1-3E2D-4FAD-98E8-40EE4292B8F4

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per annum plus provided provided however that DocuSign Envelope ID: 135491C1-3E2D-4FAD-98E8-40EE4292B8F4

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provided provided DocuSign Envelope ID: 135491C1-3E2D-4FAD-98E8-40EE4292B8F4

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provided DocuSign Envelope ID: 135491C1-3E2D-4FAD-98E8-40EE4292B8F4

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Calculation of Interest Amount Publication Notifications etc. Calculation Amount Regulatory Deficiency Deferral of Interest Notice of Deferral DocuSign Envelope ID: 135491C1-3E2D-4FAD-98E8-40EE4292B8F4

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No default Solvency Condition Regulatory Deficiency Deferral of Interest Arrears of Interest and Additional Interest Amounts Regulatory Deficiency Deferral of Interest Solvency Condition Payment of Arrears of Interest and Additional Interest Amounts Solvency Condition Notices Redemption, Purchase and Cancellation Deferral of redemption date Default and remedies on default Notice of Deferral Notices Solvency Condition Regulatory Deficiency Deferral of Interest provided however that DocuSign Envelope ID: 135491C1-3E2D-4FAD-98E8-40EE4292B8F4

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Notices Scheduled redemption Solvency Condition Deferral of redemption date Preconditions to redemption and purchases Payments Deferral of redemption date Scheduled redemption Redemption for tax reasons Redemption upon the occurrence of a Capital Event Redemption at the option of the Issuer Solvency Condition Redemption, Purchase and Cancellation Deferral of redemption date Notices Deferral of redemption date provided however that Notices Redemption for tax reasons Redemption upon the occurrence of a Capital Event Deferral of redemption date Solvency Condition Deferral of redemption date Deferral of redemption date DocuSign Envelope ID: 135491C1-3E2D-4FAD-98E8-40EE4292B8F4

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Deferral of redemption date Redemption for tax reasons Redemption upon the occurrence of a Capital Event Solvency Condition Solvency Condition provided Solvency Condition Deferral of redemption date Solvency Condition Deferral of redemption date Redemption for tax reasons Solvency Condition Deferral of redemption date Preconditions to redemption and purchase Taxation DocuSign Envelope ID: 135491C1-3E2D-4FAD-98E8-40EE4292B8F4

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Redemption for tax reasons provided Redemption upon the occurrence of a Capital Event Solvency Condition Deferral of redemption date Preconditions to redemption and purchase provided Notices Redemption at the option of the Issuer Solvency Condition) Preconditions to redemption and purchase provided Notices No other redemption Scheduled redemption Deferral of redemption date Redemption for tax reasons Redemption upon the occurrence of a Capital Event Redemption at the option of the Issuer Purchase Solvency Condition Preconditions to redemption and purchases DocuSign Envelope ID: 135491C1-3E2D-4FAD-98E8-40EE4292B8F4

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Cancellation Purchase Preconditions to redemption and purchases DocuSign Envelope ID: 135491C1-3E2D-4FAD-98E8-40EE4292B8F4

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Principal Interest Payments subject to fiscal laws Taxation Payments on business days Interest Partial payments No commissions Record date Agents provided however that Notices DocuSign Envelope ID: 135491C1-3E2D-4FAD-98E8-40EE4292B8F4

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Payment default DocuSign Envelope ID: 135491C1-3E2D-4FAD-98E8-40EE4292B8F4

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provided however that Solvency Condition Regulatory Deficiency Deferral of Interest Deferral of redemption date Winding-Up Enforcement provided however that provided further that Extent of Noteholders' remedy pari passu DocuSign Envelope ID: 135491C1-3E2D-4FAD-98E8-40EE4292B8F4

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Arrears of Interest and Additional Interest Amounts provided however that Payments on business days provided further that Registration and delivery of Note Certificates Calculation Amount Jurisdiction Interest Calculation of Interest Amount DocuSign Envelope ID: 135491C1-3E2D-4FAD-98E8-40EE4292B8F4

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Rate of Interest Interest Form and Denominatio Status and Subordination Undertakings of the Issuer per annum per annum per annum Status and Subordination Scheduled Redemption DocuSign Envelope ID: 135491C1-3E2D-4FAD-98E8-40EE4292B8F4

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Rate of Interest Rate of Interest DocuSign Envelope ID: 135491C1-3E2D-4FAD-98E8-40EE4292B8F4

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Taxation DocuSign Envelope ID: 135491C1-3E2D-4FAD-98E8-40EE4292B8F4

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provided DocuSign Envelope ID: 135491C1-3E2D-4FAD-98E8-40EE4292B8F4

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DocuSign Envelope ID: 135491C1-3E2D-4FAD-98E8-40EE4292B8F4

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wtmexhibit104

Exhibit 10.4

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CONTENTS PAGE 1 CONTENTS CLAUSE 1 DEFINITIONS AND INTERPRETATION ........................................................................... 1 2 APPOINTMENT OF AGENTS.............................................................................................. 4 3 THE SUBORDINATED NOTES ........................................................................................... 4 4 EXCHANGES OF GLOBAL NOTE CERTIFICATE FOR INDIVIDUAL NOTE CERTIFICATES ..................................................................................................................... 5 5 TRANSFERS OF SUBORDINATED NOTES ...................................................................... 5 6 REPLACEMENT OF NOTE CERTIFICATES ..................................................................... 6 7 PAYMENTS TO THE FISCAL AGENT ............................................................................... 6 8 PAYMENTS TO NOTEHOLDERS ....................................................................................... 7 9 DUTIES OF THE AGENT BANK ....................................................................................... 10 10 COVENANTS BY THE ISSUER ........................................................................................ 11 11 MISCELLANEOUS DUTIES OF THE AGENTS .............................................................. 12 12 FEES AND EXPENSES ....................................................................................................... 13 13 TERMS OF APPOINTMENT .............................................................................................. 14 14 CHANGES IN AGENTS ...................................................................................................... 16 15 NOTICES .............................................................................................................................. 18 16 LAW AND JURISDICTION ................................................................................................ 19 17 FORCE MAJEURE .............................................................................................................. 21 18 SANCTIONS ........................................................................................................................ 21 19 RIGHTS OF THIRD PARTIES ............................................................................................ 21 20 MODIFICATION ................................................................................................................. 22 21 CONFIDENTIALITY ........................................................................................................... 22 22 COUNTERPARTS ............................................................................................................... 22 SCHEDULE FORM OF GLOBAL NOTE CERTIFICATE ......................................................... 19 FORM OF INDIVIDUAL NOTE CERTIFICATE ................................................. 24 TERMS AND CONDITIONS ................................................................................. 28 REGULATIONS CONCERNING TRANSFERS AND REGISTRATION OF SUBORDINATED NOTES .................................................................................................. 60 SPECIFIED OFFICES OF THE AGENTS ............................................................. 63 DocuSign Envelope ID: FD12365F-EF28-4B9A-B58C-4DD758E1FC42

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1 THIS PAYING AGENCY AGREEMENT dated 2021 BETWEEN: (1) GROUP ARK INSURANCE LIMITED, a Bermuda exempted insurance company (Registration No. 39617) limited by shares, with its registered office at, Clarendon House, 2 Church Street, Hamilton HM11, Bermuda, in its capacity as Issuer (the “Issuer”); (2) THE BANK OF NEW YORK MELLON, LONDON BRANCH, whose registered office is at One Canada Square, London, E14 5AL, United Kingdom in its capacity as fiscal agent, transfer agent and agent bank (in such capacities, the “Fiscal Agent”, the “Transfer Agent”, the “Agent Bank” and, together with any other person(s) appointed from time to time as paying agents under the terms of this Agreement, the “Paying Agents”); and (3) THE BANK OF NEW YORK MELLON SA/NV, DUBLIN BRANCH, whose registered office is at Riverside Two, Sir John Rogerson’s Quay, Grand Canal Dock, Dublin 2, Ireland in its capacity as registrar, (in such capacity, the “Registrar”). RECITALS (A) The Issuer has authorised the creation and issue of US$70,000,000 in aggregate principal amount of Floating Rate Tier 2 Subordinated Notes due 2041 (the “Subordinated Notes”). (B) The Subordinated Notes will be constituted by a deed of covenant dated on or about the date hereof (as amended or supplemented from time to time, the “Deed of Covenant”) entered into by the Issuer. (C) The Subordinated Notes will be in registered form in the denominations of US$200,000. The Subordinated Notes will be represented by a registered global certificate (the “Global Note Certificate”), which will be exchangeable for individual note certificates (the “Individual Note Certificates” and, together with the Global Note Certificate, the “Note Certificates”) in the circumstances specified therein. (D) The Issuer, the Registrar, the Transfer Agent and the Paying Agents (collectively, the “Parties”) wish to record certain arrangements which they have made in relation to the Subordinated Notes. IT IS AGREED as follows: 1 DEFINITIONS AND INTERPRETATION 1.1 Definitions In this Agreement, the following expressions shall have the following meanings: “Agents” means the Fiscal Agent, the Paying Agents, the Registrar, the Transfer Agent and the Agent Bank, and “Agent” means any one of them; “Agreement” means this paying agency agreement between the Issuer and the Agents; “Applicable Law” shall be deemed to include (i) any rule or practice of any Authority by which any Party is bound or with which it is accustomed to comply; (ii) any agreement between any Authorities; and (iii) any agreement between any Authority and any Party that is customarily entered into by institutions of a similar nature; “Authority” means any competent regulatory, prosecuting, Tax or governmental authority in any jurisdiction; DocuSign Envelope ID: FD12365F-EF28-4B9A-B58C-4DD758E1FC42 8 SEPTEMBER

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2 “Business Day” means a day on which commercial banks and foreign exchange markets settle payments and are open for general business (including dealings in foreign exchange and foreign currency deposits) in New York, London and Hamilton (Bermuda); “Business Hours” means, in respect of a Business Day for the provisions of Clause 9 (Duties of the Agent Bank), between 10 a.m. and 4 p.m. Local Time; “Clearing Systems” means Euroclear and Clearstream, Luxembourg; “Clearstream, Luxembourg” means Clearstream Banking, S.A.; “Code” means the U.S. Internal Revenue Code of 1986, as amended; “Common Depository” means a common depository acting for Euroclear and Clearstream, Luxembourg; “Conditions” means the terms and conditions of the Subordinated Notes (in the form set out in Schedule 3 (Terms and Conditions) hereto and as modified from time to time in accordance with their terms and any references to a numbered “Condition” is to the correspondingly numbered provision thereof); “Electronic Means” means the following communication methods: (i) non-secure methods of transmission or communication such as e-mail and facsimile transmission and (ii) secure electronic transmission containing applicable authorisation codes, passwords and/or authentication keys issued by any of the Agents or another method or system specified by any of the Agents as available for use in connection with its services hereunder; “Euroclear” means Euroclear Bank S.A. / N.V.; “FATCA Withholding” means any withholding or deduction required pursuant to an agreement described in Section 1471(b) of the Code or otherwise imposed pursuant to Sections 1471 through 1474 of the Code, any regulations or agreements thereunder, any official interpretations thereof, or any law implementing an intergovernmental approach thereto; “Fiscal Agent”, “Paying Agents”, “Registrar”, “Transfer Agent” and “Agent Bank” include any successors thereto appointed from time to time in accordance with Clause 14 (Changes in Agents) and “Paying Agent” means any one of the Paying Agents; “Local Time” means the time in the city in which the Fiscal Agent has its Specified Office; “Noteholder” means any person that holds an interest in the Subordinated Note; “Regulations” means the regulations concerning the transfer of Subordinated Notes as the same may from time to time be promulgated by the Issuer and approved by the Registrar (the initial such regulations being set out in Schedule 4 (Regulations concerning transfers and registration of Subordinated Notes)); “Specified Office” means the premises of any Paying Agent, the Registrar or Transfer Agent, in each case as set out in Schedule 5 (Specified Offices of the Agents); “Tax” means any present or future taxes, duties, assessments or governmental charges of whatever nature imposed, levied, collected, withheld or assessed by or on behalf of any Authority having power to tax; and “US$” and “U.S. Dollar” mean the lawful currency of the United States of America. DocuSign Envelope ID: FD12365F-EF28-4B9A-B58C-4DD758E1FC42

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3 1.2 Meaning of outstanding For the purposes of this Agreement and the Conditions (but without prejudice to its status for any other purpose), a Subordinated Note shall be considered to be “outstanding” unless one or more of the following events has occurred: (a) it has been redeemed in full or purchased under Condition 6 (Redemption, Purchase and Cancellation) and, in either case, has been cancelled in accordance with Condition 6 (Redemption, Purchase and Cancellation); or (b) the due date for its redemption in full has occurred and all sums due in respect of such Subordinated Note (including all accrued interest) have been received by the Fiscal Agent and remain available for payment against presentation and surrender of the relevant Note Certificate, provided, however, that, for the purposes of ascertaining the right to attend and vote at any meeting of Noteholders, those Subordinated Notes (if any) which are for the time being held by any person (including but not limited to the Issuer) for the benefit of the Issuer shall (unless and until ceasing to be so held) be deemed not to remain outstanding. 1.3 Clauses and Schedules Any reference in this Agreement to a Clause or a Schedule is, unless otherwise stated, a reference to a clause hereof or a schedule hereto. 1.4 Principal and interest In this Agreement, any reference to principal or interest includes any additional amounts payable in relation thereto under the Conditions. 1.5 Terms defined in the Conditions Capitalised terms and expressions used but not defined herein have the respective meanings given to them in the Conditions. 1.6 Statutes Any reference in this Agreement to a statute, any provision thereof or to any statutory instrument, order or regulation made thereunder shall be construed as a reference to such statute, provision, statutory instrument, order or regulation as the same may have been, or may from time to time be, amended or re-enacted. 1.7 Headings Headings and sub-headings are for ease of reference only and shall not affect the construction of this Agreement. 1.8 Miscellaneous (a) A reference to a person in this Agreement includes its successors, transferees and assignees save that, with respect to the Paying Agents, the terms of Clause 11 (Miscellaneous Duties of the Agents) shall apply. (b) Word importing the singular shall include the plural and vice-versa. DocuSign Envelope ID: FD12365F-EF28-4B9A-B58C-4DD758E1FC42

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4 2 APPOINTMENT OF AGENTS Upon and subject to the terms of this Agreement and the Conditions, the Issuer hereby appoints each Agent as its agent in respect of the Subordinated Notes at its respective Specified Office, and each Agent hereby accepts such appointment. Each Agent shall perform the duties required of it by this Agreement and the Conditions. The duties and obligations of each Agent hereunder shall be several and not joint. 3 THE SUBORDINATED NOTES 3.1 Global Note Certificate The Global Note Certificate shall: (a) be in substantially the form set out in Schedule 1 (Form of Global Note Certificate ); and (b) be executed manually, in facsimile or by electronic or digital signature by or on behalf of the Issuer and authenticated manually or by electronic or digital signature on behalf of the Registrar. 3.2 Individual Note Certificates Each Individual Note Certificate shall: (a) be in substantially the form set out in Schedule 2 (Form of Individual Note Certificate); (b) have a unique serial number printed thereon; and (c) be executed manually, in facsimile or by electronic or digital signature by or on behalf of the Issuer and authenticated manually or by electronic or digital signature on behalf of the Registrar. 3.3 Signatures Any signature on a Note Certificate shall be that of a person who is at the time of the creation and issue of the Subordinated Notes an authorised signatory for such purpose of the Issuer notwithstanding that such person has for any reason (including death) ceased to be such an authorised signatory at the time at which such Note Certificate is delivered. 3.4 Availability of Individual Note Certificates The Issuer shall arrange for the duly signed unauthenticated Global Note Certificate to be made available to or to the order of the Fiscal Agent not later than one day prior to the Issue Date. If the Issuer is required to deliver Individual Note Certificates pursuant to the terms of the Global Note Certificate, the Issuer shall promptly arrange for a stock of Individual Note Certificates (unauthenticated and with the names of the registered Noteholders left blank but executed on behalf of the Issuer and otherwise complete) to be made available to the Registrar and the Fiscal Agent and not later than 14 days before the date upon which the Global Note Certificate is to be exchanged for Individual Note Certificates. The Issuer shall also arrange for such Global Note Certificates and Individual Note Certificates as are required to enable the Registrar to perform its obligations under Clause 4 (Exchanges of Global Note Certificate for Individual Note Certificates), Clause 5 (Transfers of Subordinated Notes) and Clause 6 (Replacement of Note Certificates) to be made available to or to the order of the Registrar and the Fiscal Agent from time to time. In the event that Individual Notes Certificates are issued and an Agent informs the Issuer that it is unable to DocuSign Envelope ID: FD12365F-EF28-4B9A-B58C-4DD758E1FC42

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5 perform its obligations under this Agreement, the Issuer shall forthwith appoint another agent in accordance with Clause 14.4 (Additional and successor agents) which is able to perform such obligations. 3.5 Authority to authenticate Each of the Registrar and the Fiscal Agent is authorised by the Issuer to authenticate the Global Note Certificate and the Individual Note Certificate by the signature of any of its officers or any other person duly authorised for the purpose by the Registrar, the Fiscal Agent or (as the case may be) such Paying Agent. 3.6 Duties of the Registrar The Registrar and the Fiscal Agent shall hold in safekeeping all unauthenticated Global Note Certificates and Individual Note Certificates delivered to it in accordance with Clause 3.4 (Availability of Individual Note Certificates) and shall ensure that they are authenticated and delivered only in accordance with the terms hereof and of the Global Note Certificate (if applicable) and of the Conditions. 4 EXCHANGES OF GLOBAL NOTE CERTIFICATE FOR INDIVIDUAL NOTE CERTIFICATES If the Global Note Certificate becomes exchangeable for Individual Note Certificates in accordance with its terms, the Registrar shall authenticate and deliver to each person designated by a Clearing System an Individual Note Certificate in accordance with the terms of this Agreement and the Global Note Certificate. 5 TRANSFERS OF SUBORDINATED NOTES 5.1 Maintenance of the Register The Registrar shall maintain in relation to the Subordinated Notes a register (the “Register”), which shall be kept outside of the United Kingdom and at its Specified Office in accordance with the Conditions and be made available by the Registrar to the Issuer and the other Agents for inspection and for the taking of copies or extracts therefrom at all reasonable times. The Register shall show the aggregate principal amount, serial numbers and dates of issue of Note Certificates, the names and addresses of the initial Noteholders thereof and the dates of all transfers to, and the names and addresses of, all subsequent Noteholders thereof, all cancellations of Note Certificates and all replacements of Note Certificates. 5.2 Registration of transfers in the Register The Registrar shall receive requests for the transfer of Subordinated Notes in accordance with the Conditions and the Regulations and shall make the necessary entries in the Register. 5.3 Transfer Agent to receive requests for transfers of Subordinated Notes The Transfer Agent shall receive requests for the transfer of Subordinated Notes in accordance with the Conditions and the Regulations and assist, if required in the issue of new Note Certificates to give effect to such transfers and, in particular, upon any such request being duly made, shall promptly notify the Registrar of: (a) the aggregate principal amount of the Subordinated Notes to be transferred; (b) the name(s) and addresses to be entered on the Register of the holder(s) of the new Note Certificate(s) to be issued in order to give effect to such transfer; and DocuSign Envelope ID: FD12365F-EF28-4B9A-B58C-4DD758E1FC42

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6 (c) the place and manner of delivery of the new Note Certificate(s) to be delivered in respect of such transfer, and shall forward the Note Certificate(s) relating to the Subordinated Notes to be transferred (with the relevant form(s) of transfer duly completed) to the Registrar with such notification. 6 REPLACEMENT OF NOTE CERTIFICATES 6.1 Delivery of replacements Subject to receipt of replacement Global Note Certificates and/or Individual Note Certificates (as the case may be), the Fiscal Agent shall, upon and in accordance with the instructions of the Issuer (which instructions may, without limitation, include terms as to the payment of expenses and as to evidence, security and indemnity), complete, authenticate and deliver a Global Note Certificate or Individual Note Certificate which the Issuer has determined to issue as a replacement for any Global Note Certificate or Individual Note Certificate which has been mutilated or defaced or which has been or is alleged to have been destroyed, stolen or lost; provided, however, that the Fiscal Agent shall not deliver any Global Note Certificate or Individual Note Certificate as a replacement for any Global Note Certificate or Individual Note Certificate which has been mutilated or defaced otherwise than against surrender of the same and shall not issue any replacement Global Note Certificate or Individual Note Certificate until the applicant has furnished the Fiscal Agent with such evidence and indemnity as the Issuer and/or the Fiscal Agent may reasonably require and has paid such costs and expenses as may be incurred in connection with such replacement. 6.2 Replacements to be numbered Each replacement Global Note Certificate or Individual Note Certificate delivered under this Agreement shall bear a unique serial number. 6.3 Cancellation and destruction The Fiscal Agent shall cancel and destroy each mutilated or defaced Global Note Certificate or Individual Note Certificate surrendered to it in respect of which a replacement has been delivered. 6.4 Notification The Fiscal Agent shall notify the Issuer and each other Agent of the delivery by it of any replacement Global Note Certificate or Individual Note Certificate specifying the serial number thereof and the serial number (if any and if known) of the Global Note Certificate or Individual Note Certificate which it replaces and confirming (if such is the case) that the Global Note Certificate or Individual Note Certificate which it replaces has been cancelled and destroyed in accordance with Clause 6.3 (Cancellation and destruction). 7 PAYMENTS TO THE FISCAL AGENT 7.1 Issuer to pay Fiscal Agent Subject to Conditions 5 (Deferral of Interest) and 6 (Redemption, Purchase and Cancellation), the Issuer shall, one Business Day before each date on which any payment in respect of the Subordinated Notes becomes due, transfer to the Fiscal Agent before 10.00 a.m. (local time in the relevant principal financial centre of the country of the relevant currency) such amount as may be required for the purposes of such payment. DocuSign Envelope ID: FD12365F-EF28-4B9A-B58C-4DD758E1FC42

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7 7.2 Manner and time of payment Each amount payable under Clause 7.1 (Issuer to pay Fiscal Agent) shall be paid unconditionally by credit transfer in U.S. Dollar and in immediately available freely transferable, cleared funds not later than 10.00 a.m. (local time in the relevant principal financial centre of the country of the relevant currency) on the relevant day to such account with such bank as the Fiscal Agent may from time to time notify to the Issuer for such purpose. The Issuer shall, on the second Business Day before the due date of each payment by it under Clause 7.1 (Issuer to pay Fiscal Agent), procure that the bank effecting payment for it confirms by authenticated SWIFT message to the Fiscal Agent the payment instructions relating to such payment. 7.3 Failure to confirm payment instructions If the Fiscal Agent has not, by 12.00 noon (local time in the relevant principal financial centre of the country of the relevant currency) on the second Business Day before the due date of any payment to it under Clause 7.1 (Issuer to pay Fiscal Agent), received confirmation of the relevant payment instructions referred to in Clause 7.2 (Manner and time of payment), it shall forthwith notify the Issuer and each other Paying Agent. If the Fiscal Agent subsequently receives confirmation of such payment instructions, it shall forthwith notify the Issuer and each other Paying Agent. 7.4 Exclusion of liens and interest Each of the Agents shall be entitled to deal with each amount paid to them under this Clause 7 (Payments to the Fiscal Agent) in the same manner as other amounts paid to them as bankers by their customers; provided, however, that: (a) they shall not exercise against the Issuer any lien, right of set-off or similar claim in respect thereof; (b) they shall not be liable to any person for interest thereon; and (c) they shall not be required to segregate any money, except as required by law. 7.5 Application by Fiscal Agent The Fiscal Agent shall apply each amount paid to it hereunder in accordance with Clause 8 (Payments to Noteholders) and shall not be obliged to repay any such amount unless the claim for the relevant payment becomes void in accordance with Applicable Law, in which event it shall refund at the written request of the Issuer such portion of such amount as relates to such payment by paying the same by credit transfer in U.S. Dollar to such account as the Issuer has by notice to the Fiscal Agent specified for the purpose. 8 PAYMENTS TO NOTEHOLDERS 8.1 Payments by Paying Agents Each Paying Agent acting through its Specified Office shall make payments of principal and interest in respect of the Subordinated Notes in accordance with the Conditions and, so long as the Subordinated Notes are evidenced by the Global Note Certificate, the terms thereof, provided, however, that: (a) if any Global Note Certificate or Individual Note Certificate is presented or surrendered for payment to any Paying Agent and such Paying Agent has delivered a replacement therefor or has been notified that the same has been replaced, such Paying DocuSign Envelope ID: FD12365F-EF28-4B9A-B58C-4DD758E1FC42

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8 Agent shall as soon as reasonably practicable notify the Issuer of such presentation or surrender and shall not make payment against the same until it is so instructed by the Issuer and has received the amount to be so paid; (b) a Paying Agent shall not be obliged (but shall be entitled) to make payments of principal or interest in respect of the Subordinated Notes, if: (i) in the case of the Fiscal Agent, it has not received the full amount of any payment due to it under Clause 7.1 (Issuer to pay Fiscal Agent); or (ii) in the case of any other Paying Agent, it is not able to establish that the Fiscal Agent has received (whether or not at the due time) the full amount of any payment due to it under Clause 7.1 (Issuer to pay Fiscal Agent); and (c) each Paying Agent shall cancel each Note Certificate against presentation and surrender of which it has made full payment and shall deliver each Note Certificate so cancelled by it to, or to the order of, the Registrar. 8.2 Exclusion of liens and commissions No Paying Agent shall exercise any lien, right of set-off or similar claim against any person to whom it makes any payment under Clause 8.1 (Payments by Paying Agents) in respect thereof, nor shall any commission or expense be charged by it to any such person in respect thereof. 8.3 Reimbursement by Fiscal Agent If a Paying Agent other than the Fiscal Agent makes any payment in accordance with Clause 8.1 (Payments by Paying Agents): (a) it shall notify the Fiscal Agent of the amount so paid by it and the serial number and principal amount of each Note Certificate in relation to which payment of principal or interest was made; and (b) subject to and to the extent of compliance by the Issuer with Clause 7.1 (Issuer to pay Fiscal Agent) (whether or not at the due time), the Fiscal Agent shall pay to such Paying Agent out of the funds received by it under Clause 7.1 (Issuer to pay Fiscal Agent), by credit transfer in U.S. Dollar and in immediately available freely transferable, cleared funds to such account with such bank as such Paying Agent has by notice to the Fiscal Agent specified for the purpose, an amount equal to the amount so paid by such Paying Agent. 8.4 Appropriation by Fiscal Agent If the Fiscal Agent makes any payment in accordance with Clause 8.1 (Payments by Paying Agents), it shall be entitled to appropriate for its own account out of the funds received by it under Clause 7.1 (Issuer to pay Fiscal Agent) an amount equal to the amount so paid by it. 8.5 Reimbursement by Issuer Subject to sub-clauses 8.1(a) and 8.1(b) (Payments by Paying Agents), if a Paying Agent makes a payment in respect of Subordinated Notes on or after the due date for such payment under the Conditions at a time at which the Fiscal Agent has not received the full amount of the relevant payment due to it under Clause 7.1 (Issuer to pay Fiscal Agent) and the Fiscal Agent is not able out of funds received by it under Clause 7.1 (Issuer to pay Fiscal Agent) to reimburse such Paying Agent therefor (whether by payment under Clause 8.3 DocuSign Envelope ID: FD12365F-EF28-4B9A-B58C-4DD758E1FC42

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9 (Reimbursement by Fiscal Agent) or appropriation under Clause 8.4 (Appropriation by Fiscal Agent)), the Issuer shall from time to time on demand pay to the Fiscal Agent for account of such Paying Agent: (a) the amount so paid out by such Paying Agent and not so reimbursed to it; and (b) interest on such amount from the date on which it is paid out to the date of reimbursement at a percentage rate per annum equal to the cost to the Paying Agent of funding the amount paid out, as certified by the Paying Agent and expressed as a percentage rate per annum, provided, however, that any payment made under sub-clause 8.5(a) (Reimbursement by Issuer) shall satisfy pro tanto the obligations of the Issuer under Clause 7.1 (Issuer to pay Fiscal Agent). 8.6 Partial payments If at any time and for any reason a Paying Agent makes a partial payment in respect of the Global Note Certificate or any Individual Note Certificate presented for payment to it, such Paying Agent shall enface thereon a statement indicating the amount and date of such payment. In addition, if, on any due date for payment, less than the full amount of any principal or interest is paid in respect of the Subordinated Notes, the Registrar will note on the Register a memorandum of the amount and date of any payment then made and, if the Global Note Certificate or any Individual Note Certificate is presented for payment in accordance with the Conditions and no payment is then made, the date of presentation of the Global Note Certificate or (as the case may be) such Individual Note Certificate. 8.7 Notice of any withholding or deduction (a) Each Party shall, within ten Business Days of a written request by another Party, supply to that other Party such forms, documentation and other information relating to it, its operations, or the Subordinated Notes as that other Party reasonably requests for the purposes of that other Party’s compliance with Applicable Law and shall notify the relevant other Party reasonably promptly in the event that it becomes aware that any of the forms, documentation or other information provided by such Party is (or becomes) inaccurate in any material respect; provided, however, that no Party shall be required to provide any forms, documentation or other information pursuant to this sub-clause; to the extent that: (i) any such form, documentation or other information (or the information required to be provided on such form or documentation) is not reasonably available to such Party and cannot be obtained by such Party using reasonable efforts; or (ii) doing so would or might in the reasonable opinion of such Party constitute a breach of any: (a) Applicable Law; (b) fiduciary duty; or (c) duty of confidentiality; (b) The Issuer shall notify each Agent in the event that it determines that any payment to be made by an Agent under the Subordinated Notes is a payment which could be subject to FATCA Withholding if such payment were made to a recipient that is generally unable to receive payments free from FATCA Withholding, and the extent to which the relevant payment is so treated; provided, however, that the Issuer’s obligation under this sub-clause 8.7 shall apply only to the extent that such payments are so treated by virtue of characteristics of the Issuer, the Subordinated Notes, or both; (c) Notwithstanding any other provision of this Agreement, each Agent shall be entitled to make a deduction or withholding from any payment which it makes under the Subordinated Notes for or on account of any Tax, if and only to the extent so required DocuSign Envelope ID: FD12365F-EF28-4B9A-B58C-4DD758E1FC42

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10 by Applicable Law, in which event the Agent shall make such payment after such deduction or withholding has been made and shall: (i) where permitted by the Applicable Law, account to the relevant Authority within the time allowed for the amount so deducted or withheld; or (ii) return to the Issuer the amount so deducted or withheld reasonably promptly, and within such time as to allow the Issuer to account to the relevant Authority for such amount within the time allowed, after making such payment, in which case, the Issuer shall so account to the relevant Authority for such amount. For the avoidance of doubt, FATCA Withholding is a deduction or withholding which is deemed to be required by Applicable Law for the purposes of this sub- clause 8.7; (d) In the event that any Agent determines that any deduction or withholding for or on account of any Tax will be required by Applicable Law in connection with any payment due to any of the Agents on the Subordinated Notes, then that Agent shall notify the Issuer on making such determination; and (e) In the event that the Issuer determines in its sole discretion that any deduction or withholding for or on account of any Tax will be required by Applicable Law in connection with any payment due to any of the Agents on any Subordinated Notes, then the Issuer will be entitled to redirect or reorganise any such payment in any way that it sees fit in order that the payment may be made without such deduction or withholding, provided, however, that any such redirected or re-organised payment is made through a recognised institution of international standing and otherwise made in accordance with this Agreement. The Issuer will promptly notify the Agents of any such redirection or reorganisation. For the avoidance of doubt, FATCA Withholding is a deduction or withholding which is deemed to be required by Applicable Law for the purposes of this sub-clause 8.7. 9 DUTIES OF THE AGENT BANK The Agent Bank agrees to comply with the provisions of Condition 4 (Interest) and this Agreement. In particular, the Agent Bank shall: (a) determine the Rate of Interest (as defined in the Conditions) applicable to the Subordinated Notes in accordance with the Conditions; (b) as soon as practicable after determining the Rate of Interest applicable to the Subordinated Notes for any period (but in any event not later than the first day of the applicable Interest Period (as defined in the Conditions)) pursuant to the Conditions, notify the Issuer, the Noteholders and the Paying Agents thereof in accordance with the Conditions; (c) publish the Rate of Interest, Interest Amount and relative Interest Payment Date in accordance with Condition 4 (Interest); and (d) maintain records of the quotations obtained, and all rates determined, by it and make such records available for inspection at all reasonable times by the Issuer and the Paying Agents. DocuSign Envelope ID: FD12365F-EF28-4B9A-B58C-4DD758E1FC42

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11 10 COVENANTS BY THE ISSUER The Issuer covenants with the Fiscal Agent that, so long as any of the Subordinated Notes remain outstanding, it will: 10.1 Notification of Redemption or Repayment Not less than the number of days specified in the relevant Condition prior to the redemption or repayment date in respect of any Subordinated Note, give to the Fiscal Agent notice in writing of the amount of such redemption or repayment pursuant to the Conditions and duly proceed to redeem or repay such Subordinated Notes accordingly; 10.2 Supervisory Consent So long as any Subordinated Note is outstanding, the Issuer will, where the Regulatory Clearance Condition is required to be satisfied before any payment is made or any other action is taken under this Agreement or the Subordinated Notes, meet such Regulatory Clearance Condition promptly before making such payment or taking such action and promptly provide a copy to the Fiscal Agent; 10.3 BMA Objection So long as any Subordinated Note is outstanding, the Issuer will, having received an objection to the making of any payment or taking of any action pursuant to the Conditions from the BMA following notification thereof to the BMA pursuant to Clause 10.2 (Supervisory Consent), promptly notify the Fiscal Agent in writing thereof and, if permitted by Applicable Law, regulation or by the BMA, provide a copy thereof to the Fiscal Agent; 10.4 BMA Notifications The Issuer undertakes to supply to the Fiscal Agent, in sufficient copies for all the Noteholders: (a) the Issuer’s annual statutory returns as filed with the BMA (or any successor thereto) as Issuer’s regulator (the “Regulator”), as soon as reasonably practicable and in any event no later than the date falling 20 Business Days after the date on which such filing is made; (b) promptly upon receipt or submission (as the case may be), copies of any approval, direction or order received by the Issuer from the Regulator from time to time or any response from the Issuer in relation to such approval, direction or order, including in connection with any capital release or any other return of surplus capital, in each case to the extent material to the interests of the Noteholders; and (c) promptly upon submission, copies of any reports and all other material correspondence required or requested by or provided to the Regulator from time to time; 10.5 Interest Deferral So long as any Subordinated Note is outstanding, the Issuer will, where any payment of any interest pursuant to Condition 5 (Deferral of Interest) is mandatorily deferred, give notice of such mandatory deferral to the Noteholders in accordance with Conditions 5(e)(Notice of Deferral) and 16 (Notices) and to the Fiscal Agent, and, in accordance with Condition 5(a)(Regulatory Deficiency Deferral of Interest), the Issuer will deliver a certificate (on the same date that it gives such notice) signed by two Authorised Signatories (as defined in the Conditions) confirming that: (a) a Regulatory Deficiency Interest Deferral Event has DocuSign Envelope ID: FD12365F-EF28-4B9A-B58C-4DD758E1FC42

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12 occurred and is continuing, or would occur if payment of interest on the Subordinated Notes were to be made; or (b) a Regulatory Deficiency Interest Deferral Event has ceased to occur and/or payment of interest on the Subordinated Notes would not result in a Regulatory Deficiency Interest Deferral Event occurring; 10.6 Redemption Deferral (a) So long as any Subordinated Note is outstanding, the Issuer will, in the case of a mandatory deferral of redemption in accordance with Condition 6(b) (Deferral of redemption date) give notice of such mandatory deferral to the Noteholders and the Fiscal Agent in accordance with Conditions 6(b)(iii) (Deferral of redemption date) and 16 (Notices), provided, however, that if the Issuer becomes aware of the operation of the Solvency Condition or a Regulatory Deficiency Interest Deferral Event occurs less than 5 Business Days prior to an Interest Payment Date, the Issuer shall give notice of the interest deferral in accordance with Condition 5 (Deferral of Interest) as soon as reasonably practicable following its becoming aware of, or the occurrence of, such event; (b) In accordance with Condition 6(b)(v) (Deferral of redemption date), the Issuer will deliver a certificate (on the same date that it gives such notice) to the Fiscal Agent signed by two Authorised Signatories confirming that: (a) a Regulatory Deficiency Redemption Deferral Event has occurred and is continuing or would occur if redemption of the Subordinated Notes were to be made; or (b) a Regulatory Deficiency Redemption Deferral Event (as applicable) has ceased to occur and/or redemption of the Subordinated Notes would not result in such event occurring; and 10.7 Occurrence of a Premium Load Event So long as any Subordinated Note is outstanding, promptly upon becoming aware of the occurrence of any Premium Load Event, the Issuer will give notice to the Fiscal Agent and the Noteholders of its occurrence, in accordance with Conditions 12 (Undertakings of the Issuer) and 16 (Notices). 11 MISCELLANEOUS DUTIES OF THE AGENTS 11.1 Records Each of the Agents shall maintain records of all documents received by it in connection with its duties hereunder and shall make such records available for inspection at all reasonable times by the Issuer, and the other Agents and, in particular, the Registrar shall (a) maintain a record of all Note Certificates delivered hereunder and of their redemption, payment, cancellation, mutilation, defacement, alleged destruction, theft, loss and replacement and (b) make such records available for inspection during Business Hours by the Issuer, the other Paying Agents and each Clearing System. 11.2 Information The Issuer and the Paying Agents shall make available to the Fiscal Agent such information as is reasonably required for the maintenance of the records referred to in Clause 11.1 (Records). 11.3 Cancellation The Issuer may from time to time deliver to, or to the order of the Registrar, Note Certificates of which it or any of its subsidiaries is the holder for cancellation, whereupon the Registrar shall cancel the same and shall make the corresponding entries in the Register. DocuSign Envelope ID: FD12365F-EF28-4B9A-B58C-4DD758E1FC42

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13 11.4 Subordinated Notes in issue As soon as practicable (and in any event within three months) after each date on which the Subordinated Notes fall due for redemption in accordance with the Conditions, the Registrar shall notify the Issuer of the serial numbers and principal amount of any Note Certificates against surrender of which payment has been made and of the serial numbers and principal amount of any Note Certificates (and the names and addresses of the Noteholders thereof) which have not yet been surrendered for payment. 11.5 Forwarding of communications Each Agent shall promptly forward to the Issuer a copy of any notice or communication addressed to the Issuer which is received by such Agent. 11.6 Documents available for inspection The Issuer shall provide to each Agent: (a) conformed copies of this Agreement and the Deed of Covenant; and (b) such other documents as contemplated in the Conditions. Each of the Agents shall make available for inspection during Business Hours at its Specified Office the documents referred to above and, upon reasonable request, allow copies of such documents to be taken. However, if the Agent is not able to make available for inspection at its Specified Office such documents by events beyond its reasonable control, the Agent may provide such documents to a Noteholder electronically, subject to such Noteholder being able to provide evidence reasonably satisfactory to the Issuer and the Agent as to its holding and identity. 12 FEES AND EXPENSES 12.1 Fees The Issuer shall pay annually in advance to the Fiscal Agent and the Agents such fees as have been agreed by separate fee letter between the Issuer and the Fiscal Agent in respect of the services of the Agents hereunder (plus any applicable value added tax). 12.2 Expenses The Issuer shall reimburse each Agent for all expenses (including, without limitation, legal fees and any publication, advertising, communication, courier, postage and other out-of- pocket expenses) properly incurred (excluding those expenses already reimbursed pursuant to Clause 12.1 (Fees)) by them in connection with their services hereunder (plus any applicable value added tax). 12.3 Taxes The Issuer shall pay all stamp, registration and other taxes and duties (including any interest and penalties thereon or in connection therewith) which are payable upon or in connection with the execution and delivery of this Agreement, and the Issuer shall indemnify each Agent against any claim, demand, action, liability, damages, cost, loss or expense (including, without limitation, properly incurred legal fees and any applicable value added tax) which it incurs as a result or arising out of or in relation to any failure by the Issuer to pay or delay by the Issuer in paying any of the same. All payments by the Issuer under this Clause 12 (Fees and Expenses) or Clause 13.4 (Indemnity in favour of the Agents) shall be made free DocuSign Envelope ID: FD12365F-EF28-4B9A-B58C-4DD758E1FC42

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14 and clear of, and without setoff, counterclaim, withholding or deduction for, any taxes, duties, assessments or governmental charges of whatsoever nature unless compelled by law, in which case the Issuer will gross-up such payments to the Agents. 13 TERMS OF APPOINTMENT 13.1 Rights and powers Each Agent may, in connection with its services hereunder: (a) except as ordered by a court of competent jurisdiction or otherwise required by law and regardless of any notice of ownership, trust or any other interest therein, any writing on the Note Certificate relating to any Subordinated Note by any person (other than a duly executed form of transfer) or any notice of any previous loss or theft thereof, but subject to sub-clause 8.1(a) (Payments by Paying Agents), treat the registered Noteholders as absolute owners for all purposes and make payments thereon accordingly; (b) assume that the terms of the Global Note Certificate and each Individual Note Certificate as issued are correct; (c) rely upon the terms of any notice, certificate communication or other document believed by it to be genuine and shall be protected and shall, other than by reason of its gross negligence, wilful default or fraud, incur no liability for or in respect of action taken, omitted or suffered in reliance upon any notice, communication or other document; (d) subject to Clause 12.2 (Expenses), engage and pay for the advice or services of any lawyers or other experts whose advice or services it considers necessary and rely upon any advice so obtained (and such Agent shall be protected and shall, other than by reason of its gross negligence, wilful default or fraud, incur no liability as against the Issuer in respect of any action taken, or permitted to be taken, in accordance with such advice and in good faith); and (e) may, and its officers, directors, employees or controlling persons may, become the owner of, or acquire any interest in, the Subordinated Notes with the same rights that it would have if it were not appointed under this Agreement, and may engage or be interested in any financial or other transaction with the Issuer and/or any of their Affiliates and may act as freely as if it were not appointed under this Agreement. 13.2 Extent of duties Each Agent shall only be obliged to perform the duties set out herein and no implied duties or obligations shall be read into this Agreement or the Conditions against any Agent. No Agent shall: (a) be under any fiduciary duty or other obligation towards or have any relationship of agency or trust for or with any person other than the Issuer; (b) be responsible for or liable in respect of the legality, validity or enforceability of the Subordinated Notes or any Note Certificate (other than in respect of authentication of Note Certificates by it in accordance with this Agreement) or any act or omission of any other person (including, without limitation, any other Agent); DocuSign Envelope ID: FD12365F-EF28-4B9A-B58C-4DD758E1FC42

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15 (c) be under any obligation to act if it reasonably believes that if it were to act it would incur expenses for which it would not be reimbursed and it shall bear no liability for not acting on the basis of such reasonable belief; (d) be required to take any action which it determines to be contrary to any Applicable Law, regulation or fiscal requirement, or the rules, operating procedures or market practice of any other market or clearing system; (e) be responsible for monitoring compliance by any other party or taking any steps to ascertain whether any relevant event under this Agreement or the Conditions shall have occurred and shall have no liability to any person for any loss arising from any breach by that party or any such event; or (f) be liable to any person for any matter or thing done or omitted in any way in connection with this Agreement or the Conditions save in relation to its own gross negligence, wilful default or fraud. 13.3 Freedom to transact Each Agent may purchase, hold and dispose of Subordinated Notes and may enter into any transaction (including, without limitation, any depository, trust or agency transaction) with any Noteholders or with any other person in the same manner as if it had not been appointed as the agent of the Issuer in relation to the Subordinated Notes. 13.4 Indemnity in favour of the Agents The Issuer will indemnify each Agent against any loss, liability, cost, claim, action, demand or expense (including, but not limited to, all costs, charges and expenses paid or incurred in disputing or defending any of the foregoing) which it may directly incur or which may be made against it as a result of or in connection with its appointment or the exercise of its functions, except such as may result from its wilful default, gross negligence or fraud or that of its directors, officers or employees. The indemnity contained in this Clause 13.4 (Indemnity in favour of the Agents) shall survive any cessation of any appointment of an Agent under this Agreement pursuant to Clause 14 (Changes in Agents) or any termination of this Agreement. Any claim by an Agent under this indemnity shall be accompanied by duly documented evidence supporting such claim. 13.5 Liability for losses (a) Notwithstanding anything else in this Agreement, no Agent nor any of its directors, officers, employees or agents shall be liable to the Issuer or any other person for any: (i) loss of profit; (ii) loss of revenue; (iii) loss of anticipated savings; (iv) loss of contract or opportunity; (v) loss of goodwill or reputation; or (vi) indirect, special, or consequential loss or damage of whatever nature including any loss of a type described in sub clauses (i) to (v) (inclusive) above which could be regarded as indirect or consequential, DocuSign Envelope ID: FD12365F-EF28-4B9A-B58C-4DD758E1FC42

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16 arising from any representation, any breach of implied term or any duty at common law or under any statute or express term of this Agreement, and whether such liability is asserted on the basis of contract, tort (including negligence) or otherwise and whether or not reasonably foreseeable or actually contemplated by the parties. 14 CHANGES IN AGENTS 14.1 Resignation Any Agent may (without reason) resign its appointment upon not less than 30 days’ notice to the Issuer (with a copy, in the case of an Agent other than the Fiscal Agent, to the Fiscal Agent); provided, however, that: (a) if such resignation would otherwise take effect less than 30 days before or after the Maturity Date or other date for redemption of the Subordinated Notes or any interest payment date in relation to the Subordinated Notes, it shall not take effect until the thirtieth day following such date; and (b) in the case of the Fiscal Agent, such resignation shall not take effect until a successor has been duly appointed consistently with Clause 14.4 (Additional and successor agents) or Clause 14.5 (Paying Agents may appoint successors) and notice of such appointment has been given to the Noteholders. 14.2 Revocation The Issuer may revoke its appointment of any Agent by not less than 30 days’ notice to such Agent (with a copy, in the case of an Agent other than the Fiscal Agent, to the Fiscal Agent); provided, however, that, in the case of the Fiscal Agent, such revocation shall not take effect until a successor has been duly appointed consistently with Clause 14.4 (Additional and successor agents) or Clause 14.5 (Paying Agents may appoint successors) and notice of such appointment has been given to the Noteholders. 14.3 Automatic termination The appointment of any Agent shall terminate forthwith if (a) such Agent becomes incapable of acting, (b) a secured party takes possession, or a receiver, manager or other similar officer is appointed, of the whole or any part of the undertaking, assets and revenues of such Agent, (c) such Agent admits in writing its insolvency or inability to pay its debts as they fall due, (d) an administrator or liquidator of such Agent or the whole or any part of the undertaking, assets and revenues of such Agent is appointed (or application for any such appointment is made), (e) such Agent takes any action for a readjustment or deferment of any of its obligations or makes a general assignment or an arrangement or composition with or for the benefit of its creditors or declares a moratorium in respect of any of its indebtedness, (f) an order is made or an effective resolution is passed for the winding-up of such Agent or (g) any event occurs which has an analogous effect to any of the foregoing. If the appointment of the Fiscal Agent is terminated in accordance with the preceding sentence, the Issuer shall forthwith appoint a successor in accordance with Clause 14.4 (Additional and successor agents). 14.4 Additional and successor agents The Issuer may appoint a successor registrar or fiscal agent, and additional or successor transfer agent or paying agents (any such successor or additional agent shall be a reputable and experienced financial institution that complies with the eligibility requirements of the clearing systems), and shall forthwith give notice of any such appointment to the continuing Agents and the Noteholders, whereupon the Issuer, the continuing Agents and the additional DocuSign Envelope ID: FD12365F-EF28-4B9A-B58C-4DD758E1FC42

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17 or successor registrar, transfer agent, fiscal agent or paying agent shall acquire and become subject to the same rights and obligations between themselves as if they had entered into an agreement in the form mutatis mutandis of this Agreement. 14.5 Paying Agents may appoint successors If any Agent gives notice of its resignation in accordance with Clause 14.1 (Resignation) and by the tenth day before the expiry of such notice a successor has not been duly appointed in accordance with Clause 14.4 (Additional and successor agents), such Agent may itself, following such consultation with the Issuer as is practicable in the circumstances, appoint on behalf of the Issuer as its successor any reputable and experienced financial institution that complies with the eligibility requirements of the clearing systems and give notice of such appointment to the Issuer, the remaining Agents and the Noteholders, whereupon the Issuer, the remaining Agents and such successor shall acquire and become subject to the same rights and obligations between themselves as if they had entered into an agreement in the form mutatis mutandis of this Agreement. 14.6 Release Upon any resignation or revocation taking effect under Clause 14.1 (Resignation) or Clause 14.2 (Revocation) or any termination taking effect under Clause 14.3 (Automatic termination), the relevant Agent shall: (a) be released and discharged from its obligations under this Agreement (save that it shall remain entitled to the benefit of and subject to Clause 12.3 (Taxes), Clause 13 (Terms of Appointment) and Clause 14 (Changes in Agents)); (b) in the case of the Fiscal Agent, deliver to the Issuer and to its successor a copy, certified as true and up-to-date by an officer or authorised signatory of the Fiscal Agent, of the records maintained by it in accordance with Clause 5.1 (Maintenance of the Register); (c) in the case of the Agent Bank, deliver to the Issuer and to its successor a copy, certified as true and up-to-date by an officer or authorised signatory of the Agent Bank, of the records maintained by it in accordance with Clause 9 (Duties of the Agent Bank); and (d) forthwith (upon payment to it of any amount due to it in accordance with Clause 12 (Fees and Expenses)) transfer all moneys and papers (including any unissued Note Certificates held by it hereunder and any documents held by it pursuant to Clause 11.6 (Documents available for inspection)) to its successor and, upon appropriate notice, provide reasonable assistance to its successor for the discharge of its duties and responsibilities hereunder. 14.7 Merger (a) Any legal entity (i) into which any Agent may be merged or converted or any legal entity with which such Agent may be consolidated, (ii) to which the business of such Agent is transferred, (iii) with which such Agent agrees to transfer its respective rights and obligations hereunder or (iv) which results from any merger, conversion, consolidation or transfer to which such Agent shall be a party shall, to the extent permitted by Applicable Law, be the successor Agent under this Agreement without any further formality, and after such effective date all references in this Agreement to such Agent shall be deemed to be references to such corporation and, by virtue of a transfer by novation, such successor shall acquire and become subject to the same rights and obligations under this Agreement as the relevant Agent as if the successor had entered into this Agreement on the Issue Date (as defined in the Conditions). DocuSign Envelope ID: FD12365F-EF28-4B9A-B58C-4DD758E1FC42

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19 The Bank of New York Mellon SA/NV, Dublin Branch Riverside Two Sir John Rogerson’s Quay Grand Canal Dock Dublin 2, Ireland Attention: Structured Products Services Email: or, in any case, to such other address or email address or for the attention of such other person or department as the addressee has by prior notice to the sender specified for the purpose. 15.2 Effectiveness (a) Every notice or communication sent in accordance with Clause 15.1 (Addresses for notices) shall be effective, if sent by letter or email, upon receipt by the addressee, provided, however, that any such notice or communication which would otherwise take effect after 4.00 p.m. on any particular day shall not take effect until 10.00 a.m. on the immediately succeeding business day in the place of the addressee. (b) In no event shall any of the Agents be liable for any losses arising from any of the Agents receiving or transmitting any data to the Issuer (or any Authorised Person) or acting upon any notice, instruction or other communication via any Electronic Means. None of the Agents shall have a duty or obligation to verify or confirm that the person who sent such instructions or directions is, in fact, a person authorised to give instructions or directions on behalf of the Issuer (or any Authorised Person). The Issuer agrees that the security procedures, if any, to be followed in connection with a transmission of any such notice, instructions or other communications provide to it a commercially reasonable degree of protection in light of its particular needs and circumstances. 15.3 Notices to Noteholders Any notice required to be given to Noteholders under this Agreement and/or the Conditions, or any notice delivered by the Issuer to the Fiscal Agent, shall be given in accordance with the Conditions; provided, however, that so long as any Subordinated Notes are represented by the Global Note Certificate, notices to be given to the Noteholders shall be delivered by the Fiscal Agent to the Noteholders electronically through the Clearing Systems. 15.4 Notices in English All notices and other communications hereunder shall be made in the English language or shall be accompanied by a certified English translation thereof. Any certified English translation delivered hereunder shall be certified a true and accurate translation by a professionally qualified translator or by some other person competent to do so. 16 LAW AND JURISDICTION 16.1 Governing law This Agreement and any non-contractual obligations arising out of or in connection with it are governed by English law. DocuSign Envelope ID: FD12365F-EF28-4B9A-B58C-4DD758E1FC42

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20 16.2 English courts The courts of England have exclusive jurisdiction to settle any dispute (a “Dispute”), arising out of or in connection with this Agreement (including a dispute relating to the existence, validity or termination of this Agreement or any non-contractual obligation arising out of or in connection with this Agreement) or the consequences of its nullity. 16.3 Appropriate forum The parties agree that the courts of England are the most appropriate and convenient courts to settle any Dispute and, accordingly, that they will not argue to the contrary. 16.4 Service of process The Issuer agrees that the documents which start any Dispute and any other documents required to be served in relation to those Dispute may be served on it by being delivered to Ark Syndicate Management Limited, 30 Fenchurch Ave, London EC3M 5AD, United Kingdom, or to such other person with an address in England or Wales and/or at such other address in England or Wales as the Issuer may specify by notice in writing to the Agents. Nothing in this paragraph shall affect the right of any Agent to serve process in any other manner permitted by law. 16.5 Contractual Recognition of Bail-in Powers Notwithstanding and to the exclusion of any other term of this Agreement or any other agreements, arrangements, or understanding between the Registrar and the Issuer, the Issuer acknowledges and agrees that a BRRD Liability arising under this Agreement may be subject to the exercise of Bail-in Powers by the Relevant Resolution Authority, and acknowledges, accepts, and agrees to be bound by: (a) the effect of the exercise of Bail-in Powers by the Relevant Resolution Authority in relation to any BRRD Liability of the Registrar to the Issuer under this agreement, that (without limitation) may include and result in any of the following, or some combination thereof: (i) the reduction of all, or a portion, of the BRRD Liability or outstanding amounts due thereon; (ii) the conversion of all, or a portion, of the BRRD Liability into shares, other securities or other obligations of the Registrar or another person, and the issue to or conferral on the Issuer of such shares, securities or obligations; (iii) the cancellation of the BRRD Liability; and (iv) the amendment or alteration of any interest, if applicable, thereon, the maturity or the dates on which any payments are due, including by suspending payment for a temporary period; and (b) the variation of the terms of this Agreement, as deemed necessary by the Relevant Resolution Authority, to give effect to the exercise of Bail-in Powers by the Relevant Resolution Authority. In this Clause 16.5: “Bail-in Legislation” means in relation to a member state of the European Economic Area which has implemented, or which at any time implements, the BRRD, the relevant DocuSign Envelope ID: FD12365F-EF28-4B9A-B58C-4DD758E1FC42

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21 implementing law, regulation, rule or requirement as described in the EU Bail-in Legislation Schedule from time to time; “Bail-in Powers” means any Write-down and Conversion Powers as defined in the EU Bail- in Legislation Schedule, in relation to the relevant Bail-in Legislation; “BRRD” means Directive 2014/59/EU establishing a framework for the recovery and resolution of credit institutions and investment firms; “BRRD Liability” means a liability in respect of which the relevant Write-down and Conversion Powers in the applicable Bail-in Legislation may be exercised; “EU Bail-in Legislation Schedule” means the document described as such, then in effect, and published by the Loan Market Association (or any successor person) from time to time at http://www.lma.eu.com/pages.aspx?p=499; and “Relevant Resolution Authority” means the resolution authority with the ability to exercise any Bail-in Powers in relation to the Registrar. 17 FORCE MAJEURE Notwithstanding anything in this Agreement to the contrary, the Agents shall not be responsible or liable for any delay or failure to perform under this Agreement or for any losses resulting, in whole or in part, from or caused by any event beyond the reasonable control of the Agents, including without limitation: work stoppages, acts of war, terrorism, acts of God, epidemics, governmental actions (including but not limited to nationalisation, expropriation or sanctions imposed at national or international level), exchange or currency controls or restrictions, devaluations or fluctuations, interruption, loss or malfunction of utilities, communications or any computer (software or hardware) services and in no event shall the Agents be obliged to substitute another currency for a currency whose transferability, convertibility or availability has been affected, limited, prohibited or prevented by such law, regulation or event. 18 SANCTIONS 18.1 The Issuer covenants and represents that neither they nor any of their affiliates, subsidiaries, directors or officers are the target or subject of any sanctions enforced by the US Government, (including, without limitation, the Office of Foreign Assets Control of the US Department of the Treasury or the US Department of State), the United Nations Security Council, the European Union, Her Majesty’s Treasury or other relevant sanctions authority (collectively “Sanctions”). 18.2 The Issuer covenants and represents that neither they nor any of their affiliates, subsidiaries, directors or officers will use any repayments/reimbursements made pursuant to this Agreement, (i) to fund or facilitate any activities of or business with any person who, at the time of such funding or facilitation, is the subject or target of Sanctions, (ii) to fund or facilitate any activities of or business with any country or territory that is the subject of Sanctions, or (iii) in any other manner that will result in a violation of Sanctions by any person. 19 RIGHTS OF THIRD PARTIES A person who is not a party to this Agreement shall have no rights under the Contracts (Rights of Third Parties) Act 1999 to enforce any term of this Agreement but this shall not affect any right or remedy which exists or is available apart from such Act. DocuSign Envelope ID: FD12365F-EF28-4B9A-B58C-4DD758E1FC42

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22 20 MODIFICATION This Agreement may not be amended without the consent of the Majority Noteholders pursuant to Condition 15 (Modification and Waiver) unless for the purpose of curing any ambiguity or of curing, correcting or supplementing any manifest error or any other defective provision contained in this Agreement and any such amendment to this Agreement shall not, in the sole opinion of the Issuer, be materially prejudicial to the interest of the Noteholders. 21 CONFIDENTIALITY 21.1 Each Agent and the Issuer undertake to respect and protect the confidentiality of all information acquired as a result of or pursuant to this Agreement and will not, without the other Party’s prior written consent, disclose any such information to a third party, unless it is required to do so by any Applicable Law or regulation or is specifically authorised to do so hereunder or by any separate agreement, especially where the provision of such information is the object or Party of the service to be provided by such Agent. 21.2 In order to provide its services to the Issuer and to satisfy legal obligations it is subject to, each Agent will process (in particular, without being limited to, by collecting, recording, organizing, storing, adapting or altering, retrieving, consulting, using, disclosing by transmission, disseminating or otherwise making available to third parties) data relating to the Issuer (including, without being limited to the Issuer’s name, address, occupation, nationality, corporate form, etc.). The Issuer may freely refuse to provide such Agent with this information and thus prevent such Agent from using these data-processing systems. However, such a refusal will be an obstacle preventing the start or continuation of business relations between the Issuer and such Agent. Such Agent will only ask for the information needed to fulfil its obligations. 21.3 The Issuer expressly authorizes the transfer of data to third parties or to the head office of each Agent (such as to a sub-custodian or any other person providing services to such Agent) if such transmission is required to allow such Agent to provide its services to the Issuer or to satisfy legal obligations it or such third party is subject to. The Issuer expressly authorizes such transfer, including, to the extent relevant, any transfer to third parties established outside the European Union. 22 COUNTERPARTS 22.1 This Agreement may be executed in any number of counterparts, and by the parties on separate counterparts, but shall not be effective until each party has executed at least one counterpart. 22.2 Each counterpart shall constitute an original of this Agreement, but all the counterparts shall together constitute but one and the same instrument. DocuSign Envelope ID: FD12365F-EF28-4B9A-B58C-4DD758E1FC42

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19 FORM OF GLOBAL NOTE CERTIFICATE THE SUBORDINATED NOTES REPRESENTED HEREBY HAVE NOT BEEN, AND WILL NOT BE, REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR THE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER JURISDICTION, AND MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT IN A TRANSACTION (A) NOT SUBJECT TO, OR PURSUANT TO AN EXEMPTION FROM, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND APPLICABLE STATE SECURITIES LAWS; (B) WHICH WOULD NOT RESULT IN THE ISSUER BEING REQUIRED TO REGISTER AS AN “INVESTMENT COMPANY ACT” UNDER THE INVESTMENT COMPANY ACT OF 1940, AS AMENDED; AND (C) UNLESS THE ISSUER HAS RECEIVED AN OPINION OF COUNSEL REASONABLY SATISFACTORY TO IT THAT SUCH TRANSACTION DOES NOT REQUIRE REGISTRATION UNDER THE SECURITIES ACT AND ALL SUCH OTHER APPLICABLE LAWS.ISIN: XS[ ] GROUP ARK INSURANCE LIMITED (an insurance company incorporated under the laws of Bermuda) US$[ ] Floating Rate Tier 2 Subordinated Notes due [2041] GLOBAL NOTE CERTIFICATE 1. Introduction: This Global Note is issued in respect of the US$ [ ] Floating Rate Tier 2 Subordinated Notes due [2041] (the “Subordinated Notes”) of Group Ark Insurance Limited (the “Issuer”). The Subordinated Notes are constituted by a deed of covenant dated on or about the date hereof (as amended or supplemented from time to time, the “Deed of Covenant”) entered into by the Issuer and are the subject of a paying agency agreement dated on or about the date hereof (as amended or supplemented from time to time, the “Paying Agency Agreement”) and made between the Issuer, The Bank of New York Mellon SA/NV, Dublin Branch as registrar (the “Registrar”, which expression includes any successor registrar appointed from time to time in connection with the Subordinated Notes), The Bank of New York Mellon, London Branch as fiscal agent, and the other paying agents and the transfer agents named therein. 2. References to Conditions: Any reference herein to the “Conditions” is to the terms and conditions of the Subordinated Notes attached hereto and any reference to a numbered “Condition” is to the correspondingly numbered provision thereof. Words and expressions defined in the Conditions shall have the same meaning when used in this Global Note. 3. Registered holder: This is to certify that: The Bank of New York Depository (Nominees) Limited as the nominee of the Common Depository on behalf of Euroclear Bank S.A. / N.V. (“Euroclear”) and Clearstream Banking, SA (“Clearstream, Luxembourg”), is the person registered in the register maintained by the Registrar in relation to the Subordinated Notes (the “Register”) as the duly registered holder (the “Holder”) of US$[ ] in aggregate principal amount of Subordinated Notes or such other principal amount as may from time to time be entered in the Register in accordance with the Paying Agency Agreement and this Global Note Certificate. DocuSign Envelope ID: FD12365F-EF28-4B9A-B58C-4DD758E1FC42

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20 4. Promise to pay: The Issuer, for value received, hereby promises to pay such principal sum to the Holder on [ ] [2041] or on such earlier date or dates as the same may become payable in accordance with the Conditions, and to pay interest on such principal sum in arrears on the dates and at the rates specified in the Conditions, together with any additional amounts payable in accordance with the Conditions, all subject to and in accordance with the Conditions. 5. Subordination: Notwithstanding paragraph 4 (Promise to pay), in the event of the winding- up of the Issuer, the claims of the Noteholders will rank subordinate to claims of all Senior Creditors (in the manner set out in Condition 2(a) (Status and Subordination)) and no payment shall be made in respect thereof hereunder unless all the claims of the Senior Creditors have been satisfied in full prior to such payment. 6. Exchange for Individual Note Certificates: This Global Note Certificate will be exchanged in whole (but not in part) for duly authenticated and completed individual note certificates (“Individual Note Certificates”) in substantially the form (subject to completion) set out in Schedule 2 (Form of Individual Note Certificate) to the Paying Agency Agreement if any of the following events occurs: (a) Euroclear or Clearstream, Luxembourg is closed for business for a continuous period of 14 days (other than by reason of legal holidays) or announces an intention permanently to cease business; or (b) any of the circumstances described in Condition 11 (Default and remedies on default) occurs. The Issuer shall notify the Holder of the occurrence of any of the events specified in and (b) as soon as practicable thereafter. 7. Failure to deliver Individual Note Certificates or to pay: If (a) Individual Note Certificates have not been issued and delivered by 5.00 p.m. (London time) on the thirtieth day after the date on which the same are due to be issued and delivered in accordance with paragraph 8 (Delivery of Individual Note Certificates) below; or (b) any of the Subordinated Notes evidenced by this Global Note Certificate has become due and payable in accordance with the Conditions or the date for final redemption of the Subordinated Notes has occurred and, in either case, payment in full of the amount of principal falling due with all accrued interest thereon has not been made to the Holder on the due date for payment in accordance with the terms of this Global Note Certificate, then this Global Note Certificate (including the obligation to deliver Individual Note Certificates) will become void at 5.00 pm (London time) on such thirtieth day (in the case of (a)) or at 5.00 pm (London time) on such due date (in the case of (b)) and the Holder will have no further rights hereunder, but without prejudice to the rights which the Holder or others may have under the Deed of Covenant. 8. Delivery of Individual Note Certificates: Whenever this Global Note Certificate is to be exchanged for Individual Note Certificates, such Individual Note Certificates shall be issued in an aggregate principal amount equal to the principal amount of this Global Note Certificate within five business days of the delivery, by or on behalf of the Holder, Euroclear and/or Clearstream, Luxembourg, to the Registrar of such information as is required to complete and deliver such Individual Note Certificates (including, without limitation, the names and addresses of the persons in whose names the Individual Note Certificates are to be registered and the principal amount of each such person’s holding) against the surrender of this Global DocuSign Envelope ID: FD12365F-EF28-4B9A-B58C-4DD758E1FC42

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21 Note Certificate at the Specified Office (as defined in the Conditions) of the Registrar. Such exchange shall be effected in accordance with the provisions of the Paying Agency Agreement and the regulations concerning the transfer and registration of Subordinated Notes scheduled thereto and, in particular, shall be effected without charge to any Noteholder, but against such indemnity as the Registrar may require in respect of any tax or other duty of whatsoever nature which may be levied or imposed in connection with such exchange. In this paragraph, “business day” means a day on which commercial banks are open for business (including dealings in foreign currencies) in the city in which the Registrar has its Specified Office. 9. Conditions apply: Save as otherwise provided herein, the Holder of this Global Note Certificate shall have the benefit of, and be subject to, the Conditions and, for the purposes of this Global Note Certificate, any reference in the Conditions to “Note Certificate” or “Note Certificates” shall, except where the context otherwise requires, be construed so as to include this Global Note Certificate. 10. Notices: Notwithstanding Condition 16 (Notices), so long as this Global Note Certificate is held on behalf of Euroclear, Clearstream, Luxembourg or any other clearing system (an “Alternative Clearing System”), notices to Noteholders represented by this Global Note Certificate may be given by delivery of the relevant notice to Euroclear, Clearstream, Luxembourg or (as the case may be) such Alternative Clearing System. 11. Determination of entitlement: This Global Note Certificate is evidence of entitlement only and is not a document of title. Entitlements are determined by the Register and only the Holder is entitled to payment in respect of this Global Note Certificate. 12. Authentication: This Global Note Certificate shall not be valid for any purpose until it has been authenticated for and on behalf of The Bank of New York Mellon SA/NV, Dublin Branch as registrar. 13. Governing law: This Global Note Certificate and any non-contractual obligations arising out of or in connection with it are governed by English law. AS WITNESS the manual or facsimile signature of a duly authorised person for and on behalf of the Issuer. GROUP ARK INSURANCE LIMITED By: (duly authorised) ISSUED on [ ] 2021 AUTHENTICATED for and on behalf of THE BANK OF NEW YORK MELLON SA/ NV DUBLIN BRANCH as Registrar without recourse, warranty or liability By: (duly authorised) DocuSign Envelope ID: FD12365F-EF28-4B9A-B58C-4DD758E1FC42

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23 TERMS AND CONDITIONS [Terms and Conditions to be inserted] FISCAL AGENT, AGENT BANK AND TRANSFER AGENT The Bank of New York Mellon, London Branch One Canada Square London, E14 5AL United Kingdom AND REGISTRAR The Bank of New York Mellon SA/NV, Dublin Branch Riverside Two, Sir John Rogerson’s Quay, Grand Canal Dock, Dublin 2, Ireland DocuSign Envelope ID: FD12365F-EF28-4B9A-B58C-4DD758E1FC42

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24 FORM OF INDIVIDUAL NOTE CERTIFICATE THE SUBORDINATED NOTES HAVE NOT BEEN, AND WILL NOT BE, REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR THE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER JURISDICTION, AND MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT IN A TRANSACTION (A) NOT SUBJECT TO, OR PURSUANT TO AN EXEMPTION FROM, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND APPLICABLE STATE SECURITIES LAWS; (B) WHICH WOULD NOT RESULT IN THE ISSUER BEING REQUIRED TO REGISTER AS AN “INVESTMENT COMPANY ACT” UNDER THE INVESTMENT COMPANY ACT OF 1940, AS AMENDED; AND (C) UNLESS THE ISSUER HAS RECEIVED AN OPINION OF COUNSEL REASONABLY SATISFACTORY TO IT THAT SUCH TRANSACTION DOES NOT REQUIRE REGISTRATION UNDER THE SECURITIES ACT AND ALL SUCH OTHER APPLICABLE LAWS. Serial Number: ............ GROUP ARK INSURANCE LIMITED (an insurance company incorporated under the laws of Bermuda) US$ [ ] Floating Rate Tier 2 Subordinated Notes due [2041] This Note Certificate is issued in respect of the US$ [ ] Floating Rate Tier 2 Subordinated Notes due [2041] (the “Subordinated Notes”) of Group Ark Insurance Limited (the “Issuer”).The Subordinated Notes are constituted by a deed of covenant dated on or about the date hereof (as amended or supplemented from time to time, the “Deed of Covenant”) entered into by the Issuer and are the subject of a paying agency agreement dated on or about the date hereof (as amended or supplemented from time to time, the “Paying Agency Agreement”) and made between the Issuer, The Bank of New York Mellon SA/NV, Dublin Branch as registrar (the “Registrar”, which expression includes any successor registrar appointed from time to time in connection with the Subordinated Notes), The Bank of New York Mellon, London Branch as fiscal agent and the other paying agents and the transfer agents named therein. Any reference herein to the “Conditions” is to the terms and conditions of the Subordinated Notes endorsed hereon and any reference to a numbered “Condition” is to the correspondingly numbered provision thereof. This is to certify that: of is the person registered in the register maintained by the Registrar in relation to the Subordinated Notes (the “Register”) as the duly registered holder or, if more than one person is so registered, the first-named of such persons (the “Noteholder”) of: US$[ ] ( [CURRENCY IN WORDS]) DocuSign Envelope ID: FD12365F-EF28-4B9A-B58C-4DD758E1FC42

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25 in aggregate principal amount of the Subordinated Notes. The Issuer, for value received, hereby promises to pay such principal sum to the Noteholder on [ ] [2041] or on such earlier date or dates as the same may become payable in accordance with the Conditions, and to pay interest on such principal sum in arrears on the dates and at the rates specified in the Conditions, together with any additional amounts payable in accordance with the Conditions, all subject to and in accordance with the Conditions. This Note Certificate is evidence of entitlement only and is not a document of title. Entitlements are determined by the Register and only the Noteholder is entitled to payment in respect of this Note Certificate. This Note Certificate shall not be valid for any purpose until it has been authenticated for and on behalf of The Bank of New York Mellon SA/NV, Dublin Branch as registrar. AS WITNESS the manual or facsimile signature of a duly authorised person for and on behalf of the Issuer. GROUP ARK INSURANCE LIMITED By: (duly authorised) ISSUED as of [issue date] AUTHENTICATED for and on behalf of THE BANK OF NEW YORK MELLON SA/NV, DUBLIN BRANCH as Registrar without recourse, warranty or liability By: (duly authorised) DocuSign Envelope ID: FD12365F-EF28-4B9A-B58C-4DD758E1FC42

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27 [Attached to each Note Certificate:] [Terms and Conditions] [At the foot of the Terms and Conditions:] FISCAL AGENT, AGENT BANK AND TRANSFER AGENT The Bank of New York Mellon, London Branch One Canada Square London, E14 5AL United Kingdom AND REGISTRAR The Bank of New York Mellon SA/NV, Dublin Branch Riverside Two, Sir John Rogerson’s Quay, Grand Canal Dock, Dublin 2, Ireland DocuSign Envelope ID: FD12365F-EF28-4B9A-B58C-4DD758E1FC42

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29 2 STATUS OF THE SUBORDINATED NOTES (a) Status and Subordination: The Subordinated Notes constitute direct, unconditional, unsecured and subordinated obligations of the Issuer which will at all times rank (including in the event of a Winding-Up): (i) junior and subordinate to present or future claims of Senior Creditors; (ii) pari passu in right of repayment: (A) without preference among themselves; (B) with all subordinated obligations of the Issuer (excluding the obligations of the Issuer in respect of Junior Securities (as defined below)) which constitute, and all claims relating to a guarantee or other like or similar undertaking or arrangement given or undertaken by the Issuer in respect of any obligations of any other person which constitute, or (in either case) would but for any applicable limitation on the amount of such capital constitute, Tier 2 Capital (excluding the obligations of such person to holders of Junior Securities), and all obligations which rank, or are expressed to rank, pari passu therewith (“Parity Securities”), in each case both as regards the right to receive periodic payments and the right to receive repayment of capital on a Winding-Up of the Issuer; and (iii) senior to and in priority to the claims of holders of: (A) all classes of share capital (including preferred shares) of the Issuer, (B) any subordinated obligations of the Issuer expressed to rank junior to the Subordinated Notes; (C) all obligations of the Issuer which constitute, and all claims relating to a guarantee or other like or similar undertaking or arrangement given or undertaken by the Issuer in respect of any obligations of any other person which constitute, or (in either case) would, but for any applicable limitation on the amount of such capital, constitute, Tier 1 Capital and all obligations which rank, or are expressed to rank, pari passu therewith; and (D) all undated subordinated notes of the Issuer, (the “Junior Securities”), in each case both as regards the right to receive periodic payments and the right to receive repayment of capital on a Winding-Up of the Issuer; and accordingly all claims in respect of the Subordinated Notes in a Winding- Up shall be conditional upon all claims in respect of all Senior Creditors which have been admitted in the Winding-Up first having been satisfied (or provided for) in full, such that amounts will become payable in the Winding-Up in respect of the Subordinated Notes only if any to the extent that the same can be paid and there shall remain thereafter sufficient assets to satisfy in full all claims so admitted in respect of all Senior Creditors. No security or collateral is, or will be, given to secure the payment obligations under the Subordinated Notes and any security or collateral that may have been or may in DocuSign Envelope ID: FD12365F-EF28-4B9A-B58C-4DD758E1FC42

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30 the future be given in connection with other indebtedness of the Issuer shall not secure the payment obligations under the Subordinated Notes. (b) Additional Subordination under Relevant Rules: By purchasing the Subordinated Notes, each Noteholder is deemed to agree and acknowledge that the Subordinated Notes will be subordinated to the claims of all Senior Creditors on the terms and to the minimum extent necessary under the Relevant Rules as in effect from time to time so as to permit the Subordinated Notes to qualify as Tier 2 Capital. (c) Set-off: By acceptance of the Subordinated Notes and subject to applicable law, each Noteholder will be deemed to have waived any right of set-off or counterclaim that such Noteholder might otherwise have against the Issuer in respect of or arising under the Subordinated Notes whether prior to or in any Winding-Up of the Issuer. Notwithstanding the preceding sentence, if any obligations owed by any Noteholder to the Issuer are discharged by set-off of amounts in respect of or arising under the Subordinated Notes, such Noteholder will immediately, unless prohibited by applicable law, pay an amount equal to the amount of such discharge to the Issuer or, if applicable, the bankruptcy receiver or liquidator of the Issuer and, until such time as payment is made, will hold a sum equal to such amount on trust for the Issuer or, if applicable, the bankruptcy receiver or liquidator in the Issuer’s Winding-Up. Accordingly, such discharge will be deemed not to have taken place. (d) No Insolvency. The Subordinated Notes do not contain any terms or conditions designed to accelerate or induce the Issuer’s insolvency or effect similar proceedings. (e) Solvency Condition: Without prejudice to Condition 2(a) (Status and Subordination) above, all payments under or arising from the Subordinated Notes shall be conditional upon the Issuer being solvent at the time for payment by the Issuer, and no amount shall be payable under or arising from the Subordinated Notes unless and until such time as the Issuer could make such payment and still be solvent immediately thereafter (the “Solvency Condition”). For the purposes of this Condition 2(e) (Solvency Condition), the Issuer will be solvent if (i) it is able to pay its debts owed to creditors other than Junior Creditors as they fall due and (ii) its Assets exceed its Liabilities. Should the Issuer consider itself not solvent for the purpose of this Condition 2(e) (Solvency Condition), it will have to produce a certificate as to the insolvency of the Issuer signed by two Authorised Signatories or, if there is a Winding-Up or administration of the Issuer, by two directors or authorised signatories of, the liquidator or, as the case may be, the administrator of the Issuer shall be treated and accepted by the Issuer, the Noteholders and all other interested parties as correct and sufficient evidence thereof and (in the absence of manifest error or bad faith) shall be binding on all such persons. 3 REGISTER, TITLE AND TRANSFERS (a) Register: The Registrar will maintain a register (the “Register”) in respect of the Subordinated Notes in accordance with the provisions of the Paying Agency Agreement. The Register shall at all times be held outside of the United Kingdom. In these Conditions, the holder of a Subordinated Note means the person in whose name such Subordinated Note is for the time being registered in the Register (or, in the case of a joint holding, the first named thereof) and “Noteholder” shall be construed accordingly. A certificate (each, a “Note Certificate”) will be issued to each Noteholder in respect of its registered holding. Each Note Certificate will be numbered serially with an identifying number which will be recorded in the Register. DocuSign Envelope ID: FD12365F-EF28-4B9A-B58C-4DD758E1FC42

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31 (b) Title: The Noteholder shall (except as otherwise required by law) be treated as the absolute owner of such Subordinated Note for all purposes (whether or not it is overdue and regardless of any notice of ownership, trust or any other interest therein, any writing on the Note Certificate relating thereto (other than the endorsed form of transfer) or any notice of any previous loss or theft of such Note Certificate) and no person shall be liable for so treating such Noteholder. No person shall have any right to enforce any term or condition of the Subordinated Notes under the Contracts (Rights of Third Parties) Act 1999 (of England and Wales) or under the Contracts (Rights of Third Parties) Act 2016 (of Bermuda) but this shall not affect any right or remedy which exists or is available apart from such Acts. (c) Transfers: Notwithstanding any other provisions of the Conditions, the Subordinated Notes (or any beneficial interest therein) may not be offered, sold, transferred or otherwise disposed other than in a transaction (a) not subject to, or pursuant to an exemption from, the registration requirements of the Securities Act and applicable State securities laws; (b) which would not result in the Issuer being required to register as an “investment company” under the Investment Company Act; and (c) unless the Issuer has received an opinion of counsel reasonably satisfactory to it that such transaction does not require registration under the Securities Act and all such other applicable laws. Subject to the preceding sentence and paragraphs (f) (Closed periods) and (g) (Regulations concerning transfers and registration) below, a Subordinated Note may be transferred upon surrender of the relevant Note Certificate, with the endorsed form of transfer duly completed, at the Specified Office of the Registrar or any Transfer Agent, together with such evidence as the Registrar or (as the case may be) such Transfer Agent may reasonably require to prove the title of the transferor and the authority of the individuals who have executed the form of transfer; provided, however, that a Subordinated Note may not be transferred unless: (i) the principal amount of Subordinated Notes transferred and (where not all of the Subordinated Notes held by a Noteholder are being transferred) the principal amount of the balance of Subordinated Notes not transferred are Authorised Denominations; and (ii) the transferee of such Subordinated Note is a Qualified Investor. Where not all the Subordinated Notes represented by the surrendered Note Certificate are the subject of the transfer, a new Note Certificate in respect of the balance of the Subordinated Notes will be issued to the transferor. Transfers of interests in the Subordinated Notes evidenced by the Global Certificate will be effected in accordance with the rules of Euroclear and Clearstream, Luxembourg. (d) Registration and delivery of Note Certificates: Within five business days of the surrender of a Note Certificate in accordance with paragraph (c) (Transfers) above, the Registrar will register the transfer in question and deliver a new Note Certificate of a like principal amount to the Subordinated Notes transferred to each relevant Noteholder at its Specified Office or (as the case may be) the Specified Office of any Transfer Agent or (at the request and risk of any such relevant Noteholder) by uninsured first class mail (airmail if overseas) to the address specified for the purpose by such relevant Noteholder. In this paragraph, “business day” means a day on which commercial banks are open for general business (including dealings in foreign currencies) in the city where the Registrar or (as the case may be) the relevant Transfer Agent has its Specified Office. (e) No charge: The transfer of a Subordinated Note will be effected without charge by or on behalf of the Issuer, the Registrar or any Transfer Agent but against such indemnity as the Registrar or (as the case may be) such Transfer Agent may require in respect of DocuSign Envelope ID: FD12365F-EF28-4B9A-B58C-4DD758E1FC42

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32 any tax or other duty of whatsoever nature which may be levied or imposed in connection with such transfer. (f) Closed periods: Noteholders may not require transfers to be registered during the period of 15 days ending on the due date for any payment of principal or interest in respect of the Subordinated Notes. (g) Regulations concerning transfers and registration: All transfers of Subordinated Notes and entries on the Register are subject to the detailed regulations concerning the transfer of Subordinated Notes scheduled to the Paying Agency Agreement. The regulations may be changed by the Issuer with the prior written approval of the Registrar. A copy of the current regulations will be mailed (free of charge) by the Registrar to any Noteholder who requests in writing a copy of such regulations. 4 INTEREST (a) Interest: The Subordinated Notes bear interest from the Issue Date. Subject to Condition 2(e) (Solvency Condition) and Condition 5 (Deferral of Interest), interest shall be payable on 31 March, 30 June, 30 September and 31 December in each year (each, an “Interest Payment Date”) in accordance with Condition 8 (Payments); provided, however, that if any Interest Payment Date would otherwise fall on a date which is not a Business Day, it will be postponed to the next Business Day unless it would thereby fall into the next calendar month, in which case it will be brought forward to the preceding Business Day; provided, further, that the first Interest Payment Date shall be 31 December 2021 (the “First Interest Payment Date”). Each period beginning on (and including) the Issue Date or any Interest Payment Date and ending on (but excluding) the next Interest Payment Date is herein called an “Interest Period”. (b) Interest Accrual: Each Subordinated Note will cease to bear interest from the due date for redemption (which due date shall, in the case of deferral of a redemption date in accordance with Condition 6(b) (Deferral of redemption date), be the latest date to which redemption of the Subordinated Notes is so deferred) unless, upon due presentation, payment of principal is improperly withheld or refused, in which case it will continue to bear interest in accordance with this Condition 4 (Interest) (both before and after judgment) until whichever is the earlier of (a) the day on which all sums due in respect of such Subordinated Note up to that day are received by or on behalf of the relevant Noteholder and (b) the day which is seven days after the Fiscal Agent has notified the Noteholders that it has received all sums due in respect of the Subordinated Notes up to such seventh day (except to the extent that there is any subsequent default in payment). (c) Rate of Interest: The rate of interest applicable to the Subordinated Notes (the “Rate of Interest”) shall be the sum for such Interest Period of the Margin and of the Reference Rate and it will be determined by the Agent Bank on the following basis, where, subject to the Benchmark Transition Provisions (as defined below) set out in Condition 4(d), the Reference Rate is LIBOR and “LIBOR” will be determined by the Agent Bank in accordance with the following provisions: (i) with respect to any Interest Determination Date, subject to sub-paragraphs (ii) and (iii) below, LIBOR will be the rate for deposits in United States dollars having a maturity of three months commencing on the first day of the applicable Interest Period that appears on Reuters Screen LIBOR01 Page as of 11:00 a.m., London time, on that Interest Determination Date. If no rate appears, then DocuSign Envelope ID: FD12365F-EF28-4B9A-B58C-4DD758E1FC42

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33 LIBOR, in respect of that Interest Determination Date, will be determined in accordance with the provisions described in (ii) below; (ii) subject to sub-paragraph (iii) below, with respect to any Interest Period which: (A) begins on (and includes) the Issue Date and ends on (but excludes) the First Interest Payment Date; or (B) begins on (and includes) the Interest Payment Date immediately preceding the Maturity Date and ends on (but excludes) the Maturity Date (which shall also be regarded as an Interest Payment Date), the Rate of Interest shall be calculated by the Agent Bank by linear interpolation as if both periods in (A) and (B) above were Interest Periods and by reference to two Reference Rates (the “Interpolation Reference Rates”, and each such rate an “Interpolation Reference Rate”) which appear on the Reuters Screen LIBOR01 Page as of 11:00 a.m., London time on the relevant Interest Determination Date where: (C) one Interpolation Reference Rate shall be determined as if the relevant Interest Period were the period of time for which rates are available next shorter than the length of the relevant Interest Period; and (D) the other Interpolation Reference Rate shall be determined as if the relevant Interest Period were the period of time for which rates are available next longer than the length of the relevant Interest Period; and (iii) with respect to an Interest Determination Date on which no rate appears on Reuters Screen LIBOR01 Page, as specified in (i) above, the Agent Bank will request the principal London offices of each of four major reference banks in the London interbank market, as selected by the Issuer, to provide the Agent Bank with its offered quotation for deposits in United States dollars for the period of three months, commencing on the first day of the applicable Interest Period, to prime banks in the London interbank market at approximately 11:00 a.m., London time, on that Interest Determination Date and in a principal amount that is representative for a single transaction in United States dollars in that market at that time. If at least two quotations are provided, then LIBOR on that Interest Determination Date will be the arithmetic mean of those quotations. If fewer than two quotations are provided, then LIBOR on the Interest Determination Date will be the arithmetic mean of the rates quoted at approximately 11:00 a.m., in The City of New York, on the Interest Determination Date by three major banks in The City of New York selected by the Issuer for loans in U.S. Dollar to leading banks in the United States of America, having a three-month maturity and in a principal amount that is representative for a single transaction in U.S. Dollar in that market at that time; provided, however, that if the banks selected by the Issuer are not providing quotations in the manner described by this sentence, LIBOR will be the same as the rate determined for the immediately preceding Interest Determination Date, provided, however, that if LIBOR shall be less than 50 basis points for any Interest Determination Date (as determined in accordance with any of sub-paragraphs (i), (ii) or (iii) above, as applicable), LIBOR shall be deemed to be 50 basis points for such Interest Determination Date for the purposes of this Subordinated Note and the Paying Agency Agreement. DocuSign Envelope ID: FD12365F-EF28-4B9A-B58C-4DD758E1FC42

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34 For the purposes of this Condition 4(c): “London Business Day” means any day on which dealings in U.S. Dollar are transacted on the London interbank market. “Reuters Screen LIBOR01 Page” means the display designated on page “LIBOR01” on Reuters (or such other page as may replace the LIBOR01 page on that service or any successor service for the purpose of displaying London interbank offered rates for U.S. Dollar deposits of major banks). (d) Benchmark Transition Provisions: Notwithstanding Condition 4(c) above, if the Benchmark Determination Person or its designee determines on or prior to the relevant Interest Determination Date that a Benchmark Transition Event and its related Benchmark Replacement Date have occurred with respect to the then-current Benchmark, then the provisions set forth in this Condition 4(d) (the “Benchmark Transition Provisions”) will thereafter apply to all determinations, calculations and quotations made or obtained for the purposes of calculating the rate and amount of interest payable on the Subordinated Notes during a relevant Interest Period. (i) In accordance with the benchmark transition provisions, after a Benchmark Transition Event and its related Benchmark Replacement Date have occurred, the amount of interest that will be payable for each Interest Period on the Subordinated Notes will be a rate per annum equal to the sum of the Benchmark Replacement and the Margin provided, however, that, if the Benchmark Determination Person or its designee determines that a Benchmark Transition Event and its related Benchmark Replacement Date have occurred with respect to the then-current Benchmark, but for any reason the Benchmark Replacement has not been determined as of the relevant Interest Determination Date, the interest rate for the applicable Interest Period will be equal to the interest rate on the last Interest Determination Date for the Subordinated Notes. (ii) If on or prior to the relevant Interest Determination Date for any Interest Period with respect to the Subordinated Notes, the Benchmark Determination Person shall have determined that a Benchmark Transition Event and its related Benchmark Replacement Date have occurred prior to the Reference Time in respect of any determination of the Benchmark on any date, the Benchmark Replacement shall replace the then-current Benchmark for all purposes relating to the Subordinated Notes in respect of such determination on such date and all determinations on all subsequent dates, and the Benchmark Determination Person shall give notice thereof either to the Issuer (if the Issuer is not the Benchmark Determination Person), which notice the Issuer shall promptly provide to the Agent Bank, or to the Agent Bank (if the Issuer is the Benchmark Determination Person), as applicable, as soon as practicable thereafter. If such notice is given, the Agent Bank shall determine the Interest Rate with respect to the Subordinated Notes until such notice has been withdrawn as a per annum rate equal to, in the Agent Bank’s sole discretion, the Benchmark Replacement (subject to any Benchmark Replacement Conforming Changes) plus the Margin. In addition, the Agent Bank will endeavor to provide the Issuer with notice promptly after any such determination is made. In connection with the implementation of a Benchmark Replacement, the Benchmark Determination Person shall have the right to make Benchmark Replacement Conforming Changes from time to time. (iii) All percentages resulting from any calculation of any interest rate for the Subordinated Notes will be rounded, if necessary, to the nearest one hundred thousandth of a percentage point, with five one-millionths of a percentage point DocuSign Envelope ID: FD12365F-EF28-4B9A-B58C-4DD758E1FC42

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35 being rounded upwards (e.g., 8.986865% (or 0.08986865) being rounded to 8.98687% (or 0.0898687)) and all dollar amounts used in or resulting from such calculations will be rounded to the nearest cent (with one-half cent being rounded upwards). (iv) For the purposes of this Condition 4(d): “Benchmark” shall mean, initially, LIBOR; provided, however, that if a Benchmark Transition Event and its related Benchmark Replacement Date have occurred with respect to LIBOR or the then-current Benchmark, then “Benchmark” shall mean the applicable Benchmark Replacement. “Benchmark Determination Person” shall mean, on any date, (i) the Majority Noteholders on such date or (ii) the Issuer, if 30 calendar days after a request by the Issuer to the Noteholders to make any determination related to the Benchmark Replacement and the Majority Noteholders have, for any reason, failed to make the requested determination on or before such date. For the avoidance of doubt, the Majority Noteholders may be the Benchmark Determination Person whether or not the Issuer has sent a request to the Noteholders to make any determination related to the Benchmark Replacement. “Benchmark Replacement” shall mean the Interpolated Benchmark; provided, however, that if the Benchmark Determination Person cannot determine the Interpolated Benchmark as of the Benchmark Replacement Date, then “Benchmark Replacement” shall mean the first alternative set forth in the order below that can be determined by the Benchmark Determination Person as of the Benchmark Replacement Date: (i) the sum of: (a) Term SOFR and (b) the Benchmark Replacement Adjustment; (ii) the sum of: (a) Compounded SOFR and (b) the Benchmark Replacement Adjustment; (iii) the sum of: (a) the alternate rate of interest that has been selected or recommended by the Relevant Governmental Body as the replacement for the then-current Benchmark for the applicable Corresponding Tenor and (b) the Benchmark Replacement Adjustment; (iv) the sum of: (a) the ISDA Fallback Rate and (b) the Benchmark Replacement Adjustment; or (v) the sum of: (a) the alternate rate of interest that has been selected by the Benchmark Determination Person or its designee as the replacement for the then-current Benchmark for the applicable Corresponding Tenor giving due consideration to any industry-accepted rate of interest as a replacement for the then-current Benchmark for U.S. Dollar denominated floating rate notes at such time and (b) the Benchmark Replacement Adjustment; provided, however, that any such Benchmark Replacement for any Interest Period would otherwise be less than 50 basis points, such Benchmark Replacement shall be deemed to be 50 basis points for such Interest Period. “Benchmark Replacement Adjustment” shall mean the first alternative set forth in the order below that can be determined by the Benchmark Determination Person or its designee as of the Benchmark Replacement Date: DocuSign Envelope ID: FD12365F-EF28-4B9A-B58C-4DD758E1FC42

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36 (i) the spread adjustment, or method for calculating or determining such spread adjustment, (which may be a positive or negative value or zero) that has been selected or recommended by the Relevant Governmental Body for the applicable Unadjusted Benchmark Replacement; (ii) if the applicable Unadjusted Benchmark Replacement is equivalent to the ISDA Fallback Rate, then the ISDA Fallback Adjustment; or (iii)the spread adjustment (which may be a positive or negative value or zero) that has been selected by the Benchmark Determination Person or its designee giving due consideration to any industry-accepted spread adjustment, or method for calculating or determining such spread adjustment, for the replacement of the then-current Benchmark with the applicable Unadjusted Benchmark Replacement for U.S. Dollar denominated floating rate notes at such time. “Benchmark Replacement Conforming Changes” shall mean, with respect to any Benchmark Replacement, any technical, administrative or operational changes (including changes to the definition of “Interest Period”, timing and frequency of determining rates and making payments of interest, changes to the definition of “Corresponding Tenor” solely when such tenor is longer than the Interest Period and other administrative matters) that the Benchmark Determination Person or its designee reasonably determines may be appropriate to reflect the adoption of such Benchmark Replacement in a manner substantially consistent with market practice (or, if the Benchmark Determination Person or its designee reasonably determines that adoption of any portion of such market practice is not administratively feasible or if the Benchmark Determination Person or its designee reasonably determines that no market practice for use of the Benchmark Replacement exists, in such other manner as the Benchmark Determination Person or its designee determines is reasonably necessary and applied to other similarly situated companies under similar notes held by the Noteholders). “Benchmark Replacement Date” shall mean the earliest to occur of the following events with respect to the then-current Benchmark: (i) in the case of clause (i) or (ii) of the definition of “Benchmark Transition Event,” the later of (a) the date of the public statement or publication of information referenced therein and (b) the date on which the administrator of the Benchmark permanently or indefinitely ceases to provide the Benchmark; or (ii) in the case of clause (iii) of the definition of “Benchmark Transition Event,” the date of the public statement or publication of information referenced therein. For the avoidance of doubt, if the event giving rise to the Benchmark Replacement Date occurs on the same day as, but earlier than, the Reference Time in respect of any determination, the Benchmark Replacement Date will be deemed to have occurred prior to the Reference Time for such determination. “Benchmark Transition Event” shall mean the occurrence of one or more of the following events with respect to the then-current Benchmark: (i) a public statement or publication of information by or on behalf of the administrator of the Benchmark announcing that such administrator has DocuSign Envelope ID: FD12365F-EF28-4B9A-B58C-4DD758E1FC42

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38 as amended or supplemented from time to time, or any successor definitional booklet for interest rate derivatives published from time to time. “ISDA Fallback Adjustment” shall mean the spread adjustment, (which may be a positive or negative value or zero) that would apply for derivatives transactions referencing the ISDA Definitions to be determined upon the occurrence of an index cessation event with respect to the Benchmark for the applicable tenor. “ISDA Fallback Rate” shall mean the rate that would apply for derivatives transactions referencing the ISDA Definitions to be effective upon the occurrence of an index cessation date with respect to the Benchmark for the applicable tenor excluding the applicable ISDA Fallback Adjustment. “Reference Time” shall mean, with respect to any determination of the Benchmark: (1) if the Benchmark is LIBOR, 11:00 a.m. (London time) on the day that is two London banking days preceding the date of such determination, and (2) if the Benchmark is not LIBOR, the time determined by the Benchmark Determination Person or its designee in accordance with the Benchmark Replacement Conforming Changes. “Relevant Governmental Body” shall mean the Federal Reserve Board and/or the Federal Reserve Bank of New York, or a committee officially endorsed or convened by the Federal Reserve Board and/or the Federal Reserve Bank of New York or any successor thereto. “SOFR” shall mean, with respect to any date of determination, the secured overnight financing rate published for such day by the Federal Reserve Bank of New York, as the administrator of the benchmark (or a successor administrator) on the website of the NY Federal Reserve at http://www.newyorkfed.org, or any successor source. “Term SOFR” shall mean the forward-looking term rate for the applicable Corresponding Tenor based on SOFR that has been selected or recommended by the Relevant Governmental Body. “Unadjusted Benchmark Replacement” shall mean the Benchmark Replacement excluding the Benchmark Replacement Adjustment. (e) Calculation of Interest Amount: The Agent Bank will, as soon as practicable after the Interest Determination Date in relation to each Interest Period, calculate the amount of interest (the “Interest Amount”) payable in respect of each Subordinated Note for such Interest Period. The Interest Amount will be calculated by applying the Rate of Interest for such Interest Period to the Calculation Amount, multiplying the product by the actual number of days in such Interest Period divided by 360, rounding the resulting figure to the nearest cent (half a cent being rounded upwards) and multiplying such rounded figure by a fraction equal to the Authorised Denomination of such Subordinated Note divided by the Calculation Amount. (f) Publication: The Agent Bank will cause each Rate of Interest and Interest Amount determined by it, together with the relevant Interest Payment Date, to be notified to the other Agents and any quotation system (if any) as soon as practicable after such determination but in any event not later than the first day of the relevant Interest Period. Notice thereof shall also promptly be given to the Noteholders. The Agent Bank will be entitled to recalculate any Interest Amount (on the basis of the foregoing provisions) without notice in the event of an extension or shortening of the relevant Interest Period. DocuSign Envelope ID: FD12365F-EF28-4B9A-B58C-4DD758E1FC42

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39 If the Calculation Amount is less than the Authorised Denomination, the Agent Bank shall not be obliged to publish each Interest Amount but instead may publish only the Calculation Amount and the Interest Amount in respect of a Subordinated Note having the minimum Authorised Denomination. (g) Notifications etc.: All notifications, opinions, determinations, certificates, calculations, quotations and decisions given, expressed, made or obtained for the purposes of this Condition by the Agent Bank will (in the absence of wilful default, fraud or manifest error) be binding on the Issuer, the Agents and the Noteholders and (subject as aforesaid) no liability to any such person will attach to the Agent Bank in connection with the exercise or non-exercise by it of its powers, duties and discretions for such purposes. (h) Calculation Amount: Interest shall be calculated per US$1,000 in principal amount of the Subordinated Notes (the “Calculation Amount”). 5 DEFERRAL OF INTEREST (a) Regulatory Deficiency Deferral of Interest: (i) Subject to Condition 5(a)(ii) (Regulatory Deficiency Deferral of Interest), payment of interest on the Subordinated Notes by the Issuer will be mandatorily deferred on each Regulatory Deficiency Interest Deferral Date. (ii) Any deferral under Condition 5(a)(i) (Regulatory Deficiency Deferral of Interest) shall be of all (and not less than all) of the Interest Amount accrued on the Subordinated Notes and due and payable as of such Regulatory Deficiency Interest Deferral Date. (iii) The Issuer shall notify the Noteholders and the Fiscal Agent of any Regulatory Deficiency Interest Deferral Date in accordance with Condition 5(e) (Notice of Deferral). A certificate signed by two Authorised Signatories confirming that: (A) a Regulatory Deficiency Interest Deferral Event has occurred and is continuing, or would occur if payment of interest on the Subordinated Notes were to be made; or (B) a Regulatory Deficiency Interest Deferral Event has ceased to occur and/or payment of interest on the Subordinated Notes would not result in a Regulatory Deficiency Interest Deferral Event occurring, shall be treated and accepted by the Issuer, the Noteholders and all other interested parties as correct and sufficient evidence thereof, and (in the absence of manifest error or bad faith) shall be binding on all such persons. (b) No default: Notwithstanding any other provision in these Conditions the deferral by the Issuer of any payment of interest in accordance with Condition 2(e) (Solvency Condition) or Condition 5(a) (Regulatory Deficiency Deferral of Interest) will not constitute a default by the Issuer and will not give Noteholders any right to accelerate repayment of the Subordinated Notes or take any enforcement action under the Subordinated Notes. (c) Arrears of Interest and Additional Interest Amounts: Any interest on the Subordinated Notes not paid on an Interest Payment Date as a result of the obligation of the Issuer to defer such payment of interest pursuant to Condition 5(a) (Regulatory Deficiency Deferral of Interest) or due to the operation of the Solvency Condition DocuSign Envelope ID: FD12365F-EF28-4B9A-B58C-4DD758E1FC42

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40 contained in Condition 2(e) (Solvency Condition) shall (without double counting), to the extent and so long as the same remains unpaid, constitute “Arrears of Interest”. Each amount of Arrears of Interest shall bear interest (as if it constituted the principal of the Subordinated Notes) at the Rate of Interest from time to time applicable to the Subordinated Notes (an “Additional Interest Amount”). Any Additional Interest Amounts which are not paid on the Interest Payment Date at the end of the applicable Interest Period shall become Arrears of Interest and bear interest accordingly. (d) Payment of Arrears of Interest and Additional Interest Amounts: Any Arrears of Interest and Additional Interest Amounts may (subject to Condition 2(e) (Solvency Condition) and, to the extent required, the satisfaction of the Regulatory Clearance Condition) be paid by the Issuer in whole or in part at any time upon the expiry of not less than 14 days’ notice to such effect given by the Issuer to the Fiscal Agent and the Noteholders in accordance with Condition 16 (Notices) and in any event will become due and payable by the Issuer in whole (and not in part) upon the earliest of the following dates: (i) the next Interest Payment Date which is not a Regulatory Deficiency Interest Deferral Date; (ii) the date on which the Issuer pays any dividend or other distribution on any shares in its capital; (iii) the date on which the Issuer makes a payment of interest on, or redeems purchases, cancels, reduces or acquires, any Junior Securities or Parity Securities (save where the Issuer is not able to defer, pass or eliminate the relevant payment or other obligation in accordance with the terms of the relevant Junior Securities or Parity Securities); (iv) the date on which the Winding-Up of the Issuer occurs; or (v) the date fixed for any redemption of the Subordinated Notes pursuant to Condition 6 (Redemption, Purchase and Cancellation) (subject to any deferral of such redemption date pursuant to Condition 6(b) (Deferral of redemption date)) or Condition 11 (Default and remedies on default). (e) Notice of Deferral: The Issuer shall notify the Fiscal Agent and the Noteholders in writing in accordance with Condition 16 (Notices) not less than 5 Business Days prior to the relevant Interest Payment Date: (i) in the case of a deferral due to the operation of the Solvency Condition contained in Condition 2(e) (Solvency Condition), specifying that interest will not be paid because of the operation of such Solvency Condition; or (ii) in the case of Condition 5(a) (Regulatory Deficiency Deferral of Interest), specifying that interest will not be paid because a Regulatory Deficiency Interest Deferral Event has occurred and is continuing or would occur if payment of interest was made on such Interest Payment Date, provided, however, that if the Issuer becomes aware of the operation of the Solvency Condition or a Regulatory Deficiency Interest Deferral Event occurs, less than 5 Business Days prior to an Interest Payment Date the Issuer shall give notice of the interest deferral in accordance with Condition 16 (Notices) as soon as reasonably practicable following its becoming aware of, or the occurrence of, such event. DocuSign Envelope ID: FD12365F-EF28-4B9A-B58C-4DD758E1FC42

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41 6 REDEMPTION, PURCHASE AND CANCELLATION (a) Scheduled redemption: Subject to Conditions 2(e) (Solvency Condition), 6(b) (Deferral of redemption date) and 6(i) (Preconditions to redemption and purchases), unless previously redeemed, or purchased and cancelled, the Subordinated Notes will be redeemed at their principal amount on the Maturity Date together with any Arrears of Interest (together with all corresponding Additional Interest Amounts) and any other accrued and unpaid interest to (but excluding) the Maturity Date in accordance with the terms of Condition 8 (Payments). (b) Deferral of redemption date: (i) Subject to Condition 6(b)(ii) no Subordinated Notes shall be redeemed: (A) on or after the Maturity Date pursuant to Condition 6(a) (Scheduled redemption); or (B) prior to the Maturity Date pursuant to Condition 6(c) (Redemption for tax reasons) or Condition 6(d) (Redemption upon the occurrence of a Capital Event) or Condition 6(e) (Redemption at the option of the Issuer); if Condition 2(e) (Solvency Condition) is not satisfied or if a Regulatory Deficiency Redemption Deferral Event has occurred and is continuing or would occur if redemption is made pursuant to this Condition 6 (Redemption, Purchase and Cancellation). (ii) Deferral under Condition 6(b)(i) (Deferral of redemption date) shall be limited to the proportion of the amounts due and payable which would cause a Regulatory Deficiency Redemption Deferral Event to occur and be continuing. In the event that a partial payment is made pursuant to this Condition 6(b)(ii), any partial payments shall be applied pro rata in respect of the Subordinated Notes. (iii) The Issuer shall notify the Fiscal Agent and the Noteholders in accordance with Condition 16 (Notices) no later than 5 Business Days prior to any date set for redemption of the Subordinated Notes if such redemption is to be deferred in accordance with this Condition 6(b) (Deferral of redemption date) provided, however, that if the Issuer becomes aware of the operation of the Solvency Condition or a Regulatory Deficiency Interest Deferral Event occurs less than 5 Business Days prior to an Interest Payment Date, the Issuer shall give notice of the interest deferral in accordance with Condition 16 (Notices) as soon as reasonably practicable following its becoming aware of, or the occurrence of, such event. (iv) If redemption of the Subordinated Notes does not occur on the Maturity Date, or, if applicable, the date specified in the notice of redemption by the Issuer under Condition 6(c) (Redemption for tax reasons) or Condition 6(d) (Redemption upon the occurrence of a Capital Event), as a result of Condition 6(b)(i) (Deferral of redemption date), the Issuer shall (subject to satisfaction of the Regulatory Clearance Condition and, in the case of (A) and (B) below only, Condition 2(e) (Solvency Condition)) redeem such Subordinated Notes at their principal amount together with any Arrears of Interest (together with all corresponding Additional Interest Amounts) and any other accrued and unpaid interest upon the earliest of: DocuSign Envelope ID: FD12365F-EF28-4B9A-B58C-4DD758E1FC42

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42 (A) (in case of a failure to redeem the Subordinated Notes due to the operation of Condition 6(b)(i) (Deferral of redemption date) only) the date falling 10 Business Days after the date the Regulatory Deficiency Redemption Deferral Event has ceased (unless on such 10th Business Day a further Regulatory Deficiency Redemption Deferral Event has occurred and is continuing or redemption of the Subordinated Notes on such date would result in a Regulatory Deficiency Redemption Deferral Event occurring, in which case the provisions of Condition 6(b)(i) (Deferral of redemption date) and this Condition 6(b)(iv) will apply mutatis mutandis to determine the due date for redemption of the Subordinated Notes); or (B) the date falling 10 Business Days after the BMA has agreed to the repayment or redemption of the Subordinated Notes; or (C) the date on which a Winding-Up occurs. If Condition 6(b)(i) (Deferral of redemption date) does not apply, but redemption of the Subordinated Notes does not occur on the Maturity Date or, if applicable, the date specified in the notice of redemption by the Issuer under Condition 6(c) (Redemption for tax reasons) or Condition 6(d) (Redemption upon the occurrence of a Capital Event), as a result of the Solvency Condition not being satisfied at such time and immediately after such payment, the Issuer shall (subject to the satisfaction of the Regulatory Clearance Condition), redeem such Subordinated Notes at their principal amount together with any Arrears of Interest (together with all corresponding Additional Interest Amounts) and any other accrued and unpaid interest on the date falling 10 Business Days immediately following the day that (i) the Issuer is solvent for the purposes of Condition 2(e) (Solvency Condition) and (ii) redemption of the Subordinated Notes would not result in the Issuer ceasing to be solvent for the purposes of Condition 2(e) (Solvency Condition); provided, however, that if on such Business Day specified for redemption a Regulatory Deficiency Redemption Deferral Event has occurred and is continuing, or would occur if the Subordinated Notes were to be redeemed, or if the Solvency Condition would not be satisfied on such date and immediately after the redemption, then the Subordinated Notes shall not be redeemed on such date and Condition 2(e) (Solvency Condition) and Condition 6(b)(i) (Deferral of redemption date) will apply mutatis mutandis to determine the date of redemption of the Subordinated Notes. (v) A certificate signed by two Authorised Signatories confirming that (A) a Regulatory Deficiency Redemption Deferral Event has occurred and is continuing, or would occur if redemption of the Subordinated Notes were to be made or (B) a Regulatory Deficiency Redemption Deferral Event has ceased to occur and/or redemption of the Subordinated Notes would not result in a Regulatory Deficiency Redemption Deferral Event occurring, shall be treated and accepted by the Issuer, the Noteholders and all other interested parties as correct and sufficient evidence thereof and (in the absence of manifest error or bad faith) shall be binding on all such persons. (vi) Notwithstanding any other provision in these Conditions, the deferral of redemption of the Subordinated Notes in accordance with Condition 2(e) (Solvency Condition) or this Condition 6(b) (Deferral of redemption date) will not constitute a default by the Issuer and will not give Noteholders any right to accelerate the Subordinated Notes or take any enforcement action under the Subordinated Notes. DocuSign Envelope ID: FD12365F-EF28-4B9A-B58C-4DD758E1FC42

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43 (c) Redemption for tax reasons: Subject to Condition 2(e) (Solvency Condition), Condition 6(b)(i) (Deferral of redemption date) and Condition 6(i) (Preconditions to redemption and purchase) below, the Subordinated Notes may be redeemed at the option of the Issuer in whole, but not in part, on any Interest Payment Date falling on or after the Early Call Date, on giving not less than 60 days’ notice to the Noteholders (which notice shall be irrevocable) at 101% of their outstanding principal amounts (together with any Arrears of Interest, Additional Interest Amounts and any other accrued but unpaid interest to (but excluding) the date fixed for redemption), subject to the BMA Redemption Requirements, if: (A) immediately before the giving of such notice, the Issuer receives an opinion of external counsel in Bermuda experienced in such matters that the Issuer: (1) has or will become obliged to pay additional amounts as described under Condition 9 (Taxation); or (2) would not be entitled to claim a deduction in computing taxation liabilities (and provided such taxation liabilities exist) in Bermuda in respect of any payment of interest to be made on the next Interest Payment Date or the value of such deduction to the Issuer would be reduced; (B) in each case as a result of any change in, or amendment to, the laws or regulations of Bermuda or any authority therein or thereof having power to tax, or any change in the application or official interpretation of such laws or regulations, including a decision of any court or tribunal, which change or amendment becomes effective on or after the Issue Date; (C) such obligation or loss of entitlement, as the case may be, cannot be avoided by the Issuer taking reasonable measures available to it; and (D) such obligation or loss of entitlement shall result in the Issuer suffering a liability for Tax in respect of the Subordinated Notes in excess of an amount equal to (i) 5% multiplied by (ii) the interest payable by the Issuer on an annualised basis (calculated by reference to the Rate of Interest in the first Interest Period), (any such early redemption events (A), (B), (C) and (D) under this Condition 6(c) (Redemption for tax reasons), a “Tax Event”); provided, however, that (in the case of (A)(2) above) no such notice of redemption shall be given earlier than 90 days prior to the earliest date on which the Issuer would not be entitled to claim a deduction in computing taxation liabilities (and provided such taxation liabilities exist) in Bermuda in respect of any payment of interest to be made on the next Interest Payment Date or the value of such deduction to the Issuer would be reduced were a payment in respect of the Subordinated Notes then due. (d) Redemption upon the occurrence of a Capital Event: Subject to Condition 2(e) (Solvency Condition), Condition 6(b) (Deferral of redemption date) and Condition 6(i) (Preconditions to redemption and purchase) below and the BMA Redemption Requirements, if a Capital Event occurs, the Subordinated Notes may be redeemed at the option of the Issuer in whole, but not in part, on any Interest Payment Date falling on or after the Early Call Date, at 101% of their outstanding principal amounts (together with any Arrears of Interest, Additional Interest Amounts and any other accrued but unpaid interest to (but excluding) the date fixed for redemption); provided, DocuSign Envelope ID: FD12365F-EF28-4B9A-B58C-4DD758E1FC42

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44 however, that the Issuer provides not less than 60 days’ prior notice to the Fiscal Agent and the Noteholders in accordance with Condition 16 (Notices) (such notice being irrevocable) specifying the date fixed for such redemption. (e) Redemption at the option of the Issuer: Subject to Condition 2(e) (Solvency Condition) and Condition 6(i) (Preconditions to redemption and purchase) below, the Subordinated Notes may be redeemed on the First Call Date or on any Interest Payment Date thereafter, at the option of the Issuer, in whole or in part, at their outstanding principal amounts (together with any Arrears of Interest, Additional Interest Amounts and any other accrued but unpaid interest to (but excluding) the date fixed for redemption); provided, however, that the Issuer provides not less than 60 days’ prior notice to the Fiscal Agent and the Noteholders in accordance with Condition 16 (Notices) specifying the date fixed for such redemption; provided, further, that if the Subordinated Notes are redeemed in part, there shall be no less than US$25,000,000 aggregate principal amount of Notes outstanding after each such redemption. Subject to Conditions 8(a) (Principal) and 8(b) (Interest), upon the expiry of such notice, the Issuer shall redeem the Subordinated Notes. Any such notice of redemption may at the option of the Issuer state that, in the Issuer’s sole discretion, the relevant redemption date may be postponed by up to 60 days from the original scheduled redemption date, provided, however, that the Issuer may only postpone the relevant redemption date on one occasion and such postponement must be communicated by the Issuer to the Fiscal Agent and the Noteholders not less than 30 days’ prior to the original scheduled redemption date. For the avoidance of doubt, in the event of any such postponement of the redemption date, any calculation of or determination concerning the redemption price that depends on the redemption date (including the amount of accrued and unpaid interest on the relevant Subordinated Notes to, but excluding, the redemption date) shall be made by reference to the redemption as so postponed. (f) No other redemption: The Issuer shall not be entitled to redeem the Subordinated Notes otherwise than as provided in Condition 6(a) (Scheduled redemption), Condition 6(b) (Deferral of redemption date), Condition 6(c) (Redemption for tax reasons), Condition 6(d) (Redemption upon the occurrence of a Capital Event) and Condition 6(e) (Redemption at the option of the Issuer). (g) Purchase: Subject to Condition 2(e) (Solvency Condition) and Condition 6(i) (Preconditions to redemption and purchases), the Issuer may at any time purchase Subordinated Notes in the open market or otherwise and at any price. All Subordinated Notes purchased by or on behalf of the Issuer may be held, reissued, resold or, at the option of the Issuer and the relevant purchaser, surrendered for cancellation to the Fiscal Agent. (h) Cancellation: All Subordinated Notes redeemed by the Issuer pursuant to this Condition 6, and all Subordinated Notes purchased and surrendered for cancellation pursuant to Condition 6(g) (Purchase), will forthwith be cancelled. Any such Subordinated Notes so surrendered for cancellation may not be reissued or resold and the obligations of the Issuer in respect of any such Subordinated Notes shall be discharged. (i) Preconditions to redemption and purchases: (i) Prior to the publication of any notice of redemption or any purchase of the Subordinated Notes, the Issuer will be required to have complied with the Regulatory Clearance Condition and be in continued compliance with both the Enhanced Capital Requirement and with the Relevant Rules. DocuSign Envelope ID: FD12365F-EF28-4B9A-B58C-4DD758E1FC42

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45 (ii) The Issuer shall not redeem any Subordinated Notes or purchase any Subordinated Notes (i) unless at the time of such redemption or purchase it is in compliance with both the Enhanced Capital Requirement and with the Relevant Rules, (ii) where such redemption or purchase would cause a breach of the Enhanced Capital Requirement, and (iii) prior to the fifth anniversary of the Issue Date, unless such redemption or purchase is to be financed out of the proceeds of an issuance of securities that qualify as either Tier 2 Capital or Tier 1 Capital. (iii) A certificate signed by two Authorised Signatories confirming such compliance shall be treated and accepted by the Issuer, the Noteholders and all other interested parties as correct and sufficient evidence thereof and (in the absence of manifest error or bad faith) shall be binding on all such persons. 7 VARIATION AND SUBSTITUTION If a Capital Event or a Tax Event occurs, the Issuer may, at its sole option, as an alternative to redemption of the Subordinated Notes, at any time, without the consent of any Noteholder, vary any term or condition of the Subordinated Notes or substitute all (but not less than all) of the Subordinated Notes for other notes, so that the varied Subordinated Notes or the substituted notes, as the case may be, constitute Qualifying Equivalent Securities. The principal amount of the Qualifying Equivalent Securities to be received by Noteholders in substitution shall be equal to the principal amount of the Subordinated Notes. Any variation or substitution of the Subordinated Notes is subject to no more than 60 nor less than 30 calendar days’ prior notice by the Issuer to the Fiscal Agent, the Lead Arranger and the Noteholders (which notice shall be irrevocable and shall specify the date fixed for such variation or substitution) in accordance with the notice provisions governing the Subordinated Notes and to: (a) the Issuer being in compliance with the Relevant Rules on the date of such variation or substitution (after giving effect to such variation or substitution), and such variation or substitution not resulting directly or indirectly in a breach of the Relevant Rules; (b) in respect of substitution only, all payments of interest, including Arrears of Interest, and any other amount payable under the Subordinated Notes that, in each case, has accrued to Noteholders and has not been paid, being satisfied in full on or prior to the date of such variation or substitution; and (c) immediately after the substitution or variation, the Issuer not triggering its right to redeem the Subordinated Notes pursuant to provisions of Conditions 6(c) (Payments subject to fiscal laws) and 6(d) (Payments on business days). The Issuer shall deliver to the Fiscal Agent on the date fixed for any such variation or substitution (i) a certificate signed by two Authorised Signatories stating that the provisions of this Condition 7 have been complied with and (ii) a legal opinion from an Independent Adviser standing to the effect that the varied Subordinated Notes or the substituted Subordinated Notes constitute Qualifying Equivalent Securities. No variation or substitution of the Subordinated Notes shall occur in accordance with this Condition 7 if any Noteholder delivers notice to the Issuer, prior to the date fixed for the relevant variation or substitution, that, acting reasonably and in good faith, it is of the view that the terms of the varied or substituted securities are materially less favourable to the Noteholders. DocuSign Envelope ID: FD12365F-EF28-4B9A-B58C-4DD758E1FC42

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46 8 PAYMENTS (a) Principal: Payments of principal shall be made by transfer to a dollar-denominated account maintained by the payee and notified to the Issuer and (in the case of redemption) upon surrender (or, in the case of part payment only, endorsement) of the relevant Note Certificates at the Specified Office of any Paying Agent. (b) Interest: Payments of interest (including, without limitation, Arrears of Interest and Additional Interest Amounts) shall be made by transfer to a dollar-denominated account maintained by the payee and notified to the Issuer and (in the case of interest (including, without limitation, Arrears of Interest and Additional Interest Amounts) payable on redemption) upon surrender (or, in the case of part payment only, endorsement) of the relevant Note Certificates at the Specified Office of any Paying Agent. (c) Payments subject to fiscal laws: Payments will be subject in all cases to any fiscal or other laws and regulations applicable thereto in the place of payment, but without prejudice to the provisions of Condition 9 (Taxation). No commissions or expenses shall be charged to the Noteholders in respect of such payments. (d) Payments on business days: If the due date for payment of any amount in respect of any Subordinated Note is not a business day in the place of presentation (following any modification in accordance with Condition 4(a) (Interest)), the Noteholder shall not be entitled to payment in such place of the amount due until the next succeeding business day in such place and shall not be entitled to any further interest or other payment in respect of any such delay. In this Condition 8(d), “business day” means, in respect of any place of presentation, any day on which banks are open for presentation and payment of bearer debt securities and for dealings in foreign currencies in such place of presentation and, in the case of payment by transfer to a dollar-denominated account as referred to above, on which dealings in foreign currencies may be carried on both in London and in such place of presentation. (e) Partial payments: If the Fiscal Agent makes a partial payment in respect of any Subordinated Note presented to it for payment, such Paying Agent will endorse thereon a statement indicating the amount and the date of such payment. (f) No commissions: No commissions or expenses shall be charged to the Noteholders in respect of any payments made in accordance with this Condition 8 (Payments). (g) Record date: Each payment in respect of a Subordinated Note will be made to the person shown as the Noteholder in the Register at the opening of business in the place of the Registrar’s Specified Office on the Clearing System Business Day immediately preceding the due date for such payment. (h) Agents: The names of the initial Paying Agents and their initial specified offices are set out at the end of these Conditions. The Issuer reserves the right at any time to vary or terminate the appointment of any Paying Agent or Agent Bank and to appoint a successor fiscal agent or agent bank and additional or other paying agents, provided, however, that the Issuer will at all times maintain a fiscal agent and agent bank. Notice of any termination or appointment and of any changes in specified offices of any of the Paying Agents or their Specified Offices will be given to the Noteholders promptly by the Issuer in accordance with Condition 16 (Notices). In acting under the Paying Agency Agreement and in connection with the Subordinated Notes, the Paying Agents and the Agent Bank act solely as agents of the DocuSign Envelope ID: FD12365F-EF28-4B9A-B58C-4DD758E1FC42

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47 Issuer and do not assume any obligations towards or relationship of agency or trust for or with any of the Noteholders. So long as the Subordinated Notes are represented by the Global Certificate, each payment in respect of the Global Certificate will be made to the person shown as the holder of such Global Certificate in the Register at the close of business (of the relevant clearing system) on the Clearing System Business Day before the due date for such payments. 9 TAXATION All payments of principal and interest in respect of the Subordinated Notes by or on behalf of the Issuer shall be made free and clear of, and without withholding or deduction for or on account of, any present or future taxes, duties, assessments or governmental charges of whatever nature imposed, levied, collected, withheld or assessed by or on behalf of Bermuda or any political subdivision thereof or any authority therein or thereof having power to tax, unless the withholding or deduction of such taxes, duties, assessments or governmental charges is required by law. In that event the Issuer shall pay such additional amounts as will result in receipt by the Noteholders after such withholding or deduction of such amounts as would have been received by them had no such withholding or deduction been required, except that no such additional amounts shall be payable in respect of any Subordinated Note: (a) held by a Noteholder which is liable to such taxes, duties, assessments or governmental charges in respect of such Subordinated Note by reason of its having some connection with Bermuda other than the mere holding of the Subordinated Note; (b) where the present or future taxes, duties or governmental charges of whatever nature imposed, levied, collected, withheld or assessed are so imposed, levied, collected or withheld outside Bermuda on the income or gains of the relevant Noteholder; or (c) where (in the case of a payment of principal or interest on redemption) the relevant Note Certificate is surrendered for payment more than 30 days after the Relevant Date except to the extent that the relevant Noteholder would have been entitled to such additional amounts if it had surrendered the relevant Note Certificate on the last day of such period of 30 days. In these Conditions, “Relevant Date” means whichever is the later of (1) the date on which the payment in question first becomes due and (2) if the full amount payable has not been received by the Fiscal Agent on or prior to such due date, the date on which (the full amount having been so received) notice to that effect has been given to the Noteholders. Any reference in these Conditions to principal or interest shall be deemed to include any additional amounts in respect of principal or interest (as the case may be) which may be payable under this Condition 9. If the Issuer becomes subject at any time to any taxing jurisdiction other than the Bermuda references in these Conditions to Bermuda shall be construed as references to Bermuda and/or such other jurisdiction. The Issuer has been issued a tax assurance certificate by the Minister of Finance of Bermuda pursuant to section 2 of the Exempted Undertakings Tax Protection Act 1996 (the “Tax Assurance”) which states that in the event of there being enacted in Bermuda any legislation imposing tax computed on profits or income or computed on any capital asset, gain or appreciation, or any tax in the nature of estate duty or inheritance tax, then the imposition of any tax described therein shall not be applicable to the Issuer or to any of its operations or the shares, debentures or other obligations of the Issuer, provided, however, that such DocuSign Envelope ID: FD12365F-EF28-4B9A-B58C-4DD758E1FC42

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48 assurance will not prevent the application of any such tax or duty to persons ordinarily resident in Bermuda or prevent any tax payable in accordance with the provisions of the Land Tax Act 1967 or otherwise payable in relation to the land leased to the Issuer. The Tax Assurance shall be in effect until 31 March 2035. The Issuer will not be required under the law of Bermuda to make any deduction or withholding on account of tax from any payment it may make under the Subordinated Notes. 10 PRESCRIPTION Claims against the Issuer for payment in respect of the Subordinated Notes shall be prescribed and become void unless made within 10 years (in the case of principal) or five years (in the case of interest including, without limitation, Arrears of Interest and Additional Interest Amounts) from the appropriate Relevant Date in respect of them. 11 DEFAULT AND REMEDIES ON DEFAULT (a) Payment default: If the Issuer fails to meet any of its payment obligations on the date that such payment obligations were due under the Subordinated Notes and such payment obligations are not met within 30 days of the date that such payment obligations were due: (i) any Noteholder may, at its own discretion and without further notice, institute proceedings in order to recover the amounts due from the Issuer to such Noteholder (including amounts due in accordance with sub-paragraph (ii) below); and (ii) the Majority Noteholders may, by written notice addressed to the Issuer and delivered to the Issuer or to the Specified Office of the Fiscal Agent, declare the Subordinated Notes to be immediately due and payable, whereupon they shall become immediately due and payable at their outstanding principal amount together with interest (including Arrears of Interest and Additional Interest Amounts) (if any) accrued to such date and the claim in respect thereof will be subject to the subordination provided for in Condition 2 (Status of the Subordinated Notes), provided, however, that a Noteholder may not petition the Winding-Up of the Issuer or institute any other proceedings seeking the same equivalent relief in respect of the Issuer. For the avoidance of doubt, no amount shall be due from the Issuer in circumstances where payment of such amount is deferred in accordance with Condition 2(e) (Solvency Condition), Condition 5(a) (Regulatory Deficiency Deferral of Interest) or Condition 6(b) (Deferral of redemption date). (b) Winding-Up: Upon the Winding-Up of the Issuer (or other equivalent proceedings), the Subordinated Notes shall automatically become due and payable at their outstanding principal amount together with interest (including Arrears of Interest and Additional Interest Amounts) (if any) accrued to such date and the claim in respect thereof will be subject to the subordination provided for in Condition 2 (Status of the Subordinated Notes). In addition, any other amounts in respect of the Subordinated Notes (including any damages awarded for breach of any obligations under these Conditions in respect of which the Solvency Condition was not satisfied on the date upon which the same would otherwise have become due and payable (“Solvency Claims”) will be payable by the Issuer in a Winding-Up or administration of the Issuer, and the claim in respect thereof will be subject to the subordination provided for in Condition 2 (Status of the Subordinated Notes). A Solvency Claim shall not bear interest. DocuSign Envelope ID: FD12365F-EF28-4B9A-B58C-4DD758E1FC42

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49 (c) Regulatory Default: If the Issuer ceases to be regulated by the BMA (or other equivalent supervisor), the Majority Noteholders may, by written notice addressed to the Issuer and delivered to the Issuer or to the Specified Office of the Fiscal Agent, declare the Subordinated Notes to be immediately due and payable, whereupon they shall become immediately due and payable at their outstanding principal amount together with interest (including Arrears of Interest and Additional Interest Amounts) (if any) accrued to such date and the claim in respect thereof will be subject to the subordination provided for in Condition 2 (Status of the Subordinated Notes). (d) Enforcement: Without prejudice to Condition 11(a) (Payment default) above, any Noteholder may institute such proceedings or take such steps or actions against the Issuer as it may think fit to enforce any obligation, term, condition or provision binding on the Issuer under the Subordinated Notes or the Deed of Covenant, provided, however, that a Noteholder may not at any time file for the Winding-Up of the Issuer and provided, further, that in no event shall the Issuer, by virtue of the institution of any such proceedings or the taking of such steps or actions, be obliged to pay any sum or sums (in cash or otherwise) sooner than the same would otherwise have been payable by it. (e) Extent of Noteholders’ remedy: Without prejudice to the occurrence and consequences of a Premium Load Event, no remedy against the Issuer, other than as referred to in this Condition 11, shall be available to the Noteholders, whether for the recovery of amounts owing in respect of the Subordinated Notes or in respect of any breach by the Issuer of any of its other obligations under or in respect of the Subordinated Notes. 12 UNDERTAKINGS OF THE ISSUER The undertakings in this Condition 12 remain in force from the Issue Date for so long as any Subordinated Note is outstanding. (a) The Issuer undertakes to supply to the Noteholders: (i) no later than 60 calendar days following the end of the preceding financial quarter, the Issuer’s and its Group’s quarterly unaudited income statement and balance sheet, in each case prepared in accordance with GAAP; and (ii) no later than 120 calendar days following the end of the fiscal year, the Issuer’s and its Group’s consolidated annual financial statements prepared in accordance with GAAP. (b) The Issuer undertakes that its capital, as shown in its annual Capital and Solvency Return, shall be no less than 120% of the Issuer’s Bermuda Solvency Capital Requirement, as shown in such Capital and Solvency Return. (c) The Issuer shall maintain a Debt to Capital Ratio no greater than 40%, measured quarterly, as of each calendar quarter end, on the basis of the report delivered pursuant to Condition 12(a)(i) (Undertakings of the Issuer), and annually, on the basis of the report delivered pursuant to Condition 12(a)(ii) (Undertakings of the Issuer); provided, however, that the Issuer may incur Indebtedness in breach of this requirement in order to redeem in whole, but not in part, the Subordinated Notes. (d) The Issuer undertakes not to directly or indirectly: (i) declare or pay any dividend on or in respect of its Capital Stock, or purchase, redeem, retire or otherwise acquire for value any of its Capital Stock; or DocuSign Envelope ID: FD12365F-EF28-4B9A-B58C-4DD758E1FC42

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50 (ii) make any payment or other distribution on any of its securities that rank junior to or pari passu with the Subordinated Notes, (all such payments and other actions under (i) and (ii), a “Restricted Payment”), unless, at the time of, and after giving effect to, such Restricted Payment: (A) the Issuer is not and will not be in breach of the Relevant Rules, the Enhanced Capital Requirement or any of the Conditions (including the Issuer’s payment obligations in respect of the Subordinated Notes); (B) no Regulatory Deficiency Deferral Event is existing at the time of (nor will start to exist immediately after and as a consequence of) the Restricted Payment; and (C) the Issuer is not in breach of Conditions 12(b) (Undertakings of the Issuer) or 12(c) (Undertakings of the Issuer). (e) The Issuer shall use its commercially reasonable endeavours to obtain an Investment Grade Rating for the Subordinated Notes no later than 30 days after the Issue Date and thereafter retain such Investment Grade Rating. (f) The Issuer will not create, incur, assume or guarantee or otherwise permit to exist any Indebtedness secured by any Lien on the Issuer’s assets other than Permitted Liens. (g) The Issuer undertakes not to materially change the nature of its business to any business that it would not be able to carry out as a Bermuda-licensed insurance and reinsurance company. (h) Subject to compliance with all applicable laws and regulations, the Issuer agrees to promptly notify in accordance with Condition 16 (Notices) the Lead Arranger and/or the Noteholders of any regulatory filings or other requirements that the Issuer becomes aware of that the Issuer, the Lead Arranger and/or the Noteholders may be required to respond to as a result of the entry into of the Subscription Deed, the issuance of the Subordinated Notes, or any actions taken by or anticipated to be taken by the Issuer in connection therewith. (i) The Issuer undertakes to maintain its corporate existence and continue to be duly organised and validly existing under the laws of Bermuda. (j) The Issuer undertakes to comply in all material respects with all applicable laws and orders to which it may be subject. (k) The Issuer undertakes to notify the Fiscal Agent and the Noteholders of the occurrence of any Premium Load Event promptly upon becoming aware of its occurrence. 13 BUSINESS TRANSFER The Issuer shall not effect a Business Transfer unless the purchaser in such Business Transfer expressly assumes all of the Issuer’s obligations under the Subordinated Notes and these Conditions. 14 REPLACEMENT OF NOTE CERTIFICATES If any Note Certificate is lost, stolen, mutilated, defaced or destroyed, it may be replaced at the Specified Office of the Registrar, subject to all applicable laws, upon payment by the claimant of the expenses incurred in connection with such replacement and on such terms as to evidence, security, indemnity and otherwise as the Issuer may reasonably require. Mutilated or defaced Note Certificates must be surrendered before replacements will be issued. DocuSign Envelope ID: FD12365F-EF28-4B9A-B58C-4DD758E1FC42

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52 “BMA” means the Bermuda Monetary Authority (or any successor which carries on the role of regulator of financial services companies generally in Bermuda); “BMA Redemption Requirements” means, in connection with any redemption of Notes, that (a) the Issuer replaces the capital represented by the Subordinated Notes to be redeemed or repaid with capital having equal or better capital treatment as the Subordinated Notes under the Relevant Rules (or the satisfaction of such condition is otherwise not required under the Relevant Rules so as to permit the Subordinated Notes to qualify as Tier 2 Capital) and (b) such redemption has been approved by the BMA (only if and to the extent required by the BMA); “Business Day” means a day on which commercial banks and foreign exchange markets settle payments and are open for general business (including dealings in foreign exchange and foreign currency deposits) in New York, London and Hamilton (Bermuda); provided, however, that, for the purpose of Condition 8(d) (Payments on business days), “business day” shall have the meaning given in Condition 8(d), and provided, further, that, for the purpose of Condition 3(d) (Registration and delivery of Note Certificates), “business day” shall have the meaning given in Condition 3(d) (Registration and delivery of Note Certificates); “Business Transfer” means any single transaction or series of transactions resulting in a transfer of 50 percent or more of the assets of the Issuer to any currently unaffiliated entity, but excluding any transaction involving a transfer of assets on an independent, arm’s length basis for fair market value consideration; “Calculation Amount” has the meaning given in Condition 4(h) (Calculation Amount); “Capital Event” means, at any time on or after the Issue Date, a change in the regulatory classification of the Subordinated Notes that results or would be likely to result in the exclusion of the Subordinated Notes in whole or, to the extent not prohibited by the Relevant Rules, in part, from the Issuer’s Tier 2 Capital other than where such exclusion is only as a result of any applicable limitation on the amount of such capital, and such change in the regulatory classification has or would have a material negative impact on the Issuer (it being understood that a change in the regulatory classification of the Subordinated Notes that results or would be likely to result in the exclusion of the Subordinated Notes from the Issuer’s Tier 2 Capital shall be deemed to have a material negative impact on the Issuer); “Capital Stock” means any and all shares (whether voting or non-voting, and including preferred shares) in the equity of such person or entity; “Clearing System Business Day” means a day on which the clearing system for which the Subordinated Notes are being held is open for business; “Clearstream, Luxembourg” means Clearstream Banking, SA; “Consolidated Equity” means, at any time, total shareholder’s equity as set out in the Issuer’s latest published audited balance sheet (or, if more recent, the Issuer’s quarterly unaudited balance sheet); “Debt to Capital Ratio” means, as of any date of determination, the ratio of (1) the Issuer’s consolidated Indebtedness to (2) (a) the Issuer’s consolidated Indebtedness plus (b) the Issuer’s Consolidated Equity, in each case as shown in the relevant financial statements of the Issuer; “Directors” means the members of the board of directors of the Issuer from time to time; DocuSign Envelope ID: FD12365F-EF28-4B9A-B58C-4DD758E1FC42

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53 “Dispute” has the meaning given in Condition 18 (Jurisdiction); “Early Call Date” means the Interest Payment Date falling on or immediately after the third anniversary of the Issue Date; “Enhanced Capital Requirement” means the “enhanced capital requirement” as defined in the Relevant Rules, applicable to the Issuer; “Euroclear” means Euroclear Bank S.A. / N.V; “First Call Date” means the Interest Payment Date falling on or immediately after the tenth anniversary of the Issue Date; “First Interest Payment Date” has the meaning given in Condition 4(a) (Interest); “GAAP” means the generally accepted accounting principles in the United Kingdom or the United States, or such other generally accepted accounting principles as may be applicable to the Issuer and/or its parent company from time to time; “Group” means Ark Insurance Holdings Limited (or its successor) and its consolidated subsidiaries; “Holding Company” means, in relation to a person, any other person in respect of which it is a Subsidiary; “Indebtedness” means, with respect to any person: the principal of and any premium and interest on (a) indebtedness of such person for money borrowed and (b) indebtedness evidenced by notes, debentures, bonds or other similar instruments for the payment of which such person is responsible or liable; all obligations of such person issued or assumed as the deferred purchase price of property, all conditional sale obligations and all obligations under any title retention agreement (but excluding trade accounts payable arising in the ordinary course of business); all obligations of such person for the reimbursement of any obligor on any letter of credit, banker’s acceptance or similar credit transaction (other than obligations with respect to trusts, letters of credit or any other arrangements securing obligations (other than obligations described above) entered into in the ordinary course of business to the extent such letters of credit are not drawn upon or, if and to the extent drawn upon, such drawing is reimbursed no later than the tenth (10th) Business Day following receipt by such person of a demand for reimbursement following payment on the letter of credit); and any amendments, modifications, refundings, renewals or extensions of any indebtedness or obligation described as indebtedness above in this bulleted list; “Independent Adviser” means an independent financial institution of international repute or an independent financial adviser with appropriate expertise appointed by the Issuer; “Insurance Act” means the Bermuda Insurance Act 1978 and related regulations, as amended from time to time; DocuSign Envelope ID: FD12365F-EF28-4B9A-B58C-4DD758E1FC42

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54 “Interest Amount” has the meaning given to it in Condition 4(e) (Calculation of Interest Amount); “Interest Determination Date” has the meaning given to it in Condition 4(c) (Rate of Interest); “Interest Payment Date” has the meaning given in Condition 4(a) (Interest); “Interest Period” means a period from (and including) one Interest Payment Date (or in the case of the first Interest Period only, the Issue Date) up to (but excluding) the next following Interest Payment Date; “Investment Grade Rating” means a rating of bbb- or better by A.M. Best (or its equivalent under any successor rating category of A.M. Best), a rating of BBB- or better by Fitch (or its equivalent under any successor rating category of Fitch), a rating of BBB- or better by KBRA (or its equivalent under any successor rating category of KBRA), a rating of Baa3 or better by Moody’s (or its equivalent under any successor rating category of Moody’s), a rating of BBB- or better by S&P (or its equivalent under any successor rating category of S&P) or an equivalent rating by a “nationally recognized statistical rating organization” (as defined for purposes of Section 3(a)(62) under the U.S. Exchange Act of 1934). The Issuer shall use commercially reasonable efforts to maintain a credit rating of the Subordinated Notes with the foregoing agencies; “Issue Date” has the meaning given in Condition 1 (Form and Denomination); “Junior Creditors” means creditors of the Issuer who are not Senior Creditors; “Junior Securities” has the meaning given to it in Condition 2(a) (Status and Subordination); “Lead Arranger” means “Liabilities” means the unconsolidated gross liabilities of the Issuer, as shown in the latest published audited balance sheet of the Issuer, but adjusted for contingent liabilities and for subsequent events, all in such manner as the Directors may determine; “Lien” means any mortgage, pledge, lien, charge, security interest or other encumbrance of any nature whatsoever; “Majority Noteholder” means a Noteholder or Noteholders holding in aggregate more than 50 per cent. of the Principal Amount Outstanding of the Subordinated Notes. For the avoidance of doubt, Subordinated Notes held indirectly or directly by Affiliates of the Issuer shall not be included for the purposes of this definition; “Margin” means: (a) for the period that begins (and includes) the Issue Date and ends on (but excludes) the Step-Up Date: (i) 6.10% per annum; or (ii) if a Premium Load Event has occurred and is continuing within such period, 7.10% per annum for so long as such Premium Load Event continues within such period; DocuSign Envelope ID: FD12365F-EF28-4B9A-B58C-4DD758E1FC42

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55 (b) for the period that begins (and includes) the Step-Up Date and ends on (but excludes) the Maturity Date: (i) 7.10% per annum; or (ii) if a Premium Load Event has occurred and is continuing within such period, 8.10% per annum for so long as such Premium Load Event continues within such period; and (c) for the period that begins (and includes) the Maturity Date and ends on (but excludes) the date on which the Subordinated Notes are actually redeemed: (i) 8.10% per annum; or (ii) if a Premium Load Event has occurred and is continuing within such period, 9.10% per annum for so long as such Premium Load Event continues within such period. For the avoidance of doubt, if a Premium Load Event occurs and is subsequently remedied, any increase in the Margin as a result of the occurrence of such Premium Load Event (in accordance with this definition) shall no longer apply (unless a further Premium Load Event occurs and is continuing). “Maturity Date” means the Interest Payment Date falling on or immediately after the twentieth anniversary of the Issue Date; “Noteholder” means any person that holds an interest in the Subordinated Notes; “Parity Securities” has the meaning given to it in Condition 2(a) (Status and Subordination); “Permitted Liens” means: Liens created in the ordinary course of the Issuer’s business (including, without limitation, any Funds at Lloyd’s posted by the Issuer on behalf of any member of its group or other collateral or trust assets posted in connection with its (re)insurance business); Liens arising by operation of law and in the ordinary course of business of the Issuer or any of its Subsidiaries which does not (either alone or together with any one or more other such Liens) materially impair the Issuer’s ability to meet its payment obligations under the Subordinated Notes and which has not been enforced against the assets to which it attaches, other than enforcement which is being contested in good faith by the Issuer; Liens created in connection with any letter of credit or liquidity facility (whether now existing or incurred in the future) for the benefit of any member of the Issuer’s group; Liens existing on the Issue Date or any renewal, replacement, or extension of existing (or successive extensions, renewals, or replacements) Liens, provided, however, that any such existing Liens with respect to obligations of the Issuer that exceed US$1,000,000 must have been disclosed to the Lead Arranger on or prior to the Issue Date; Liens to secure indebtedness of a subsidiary to the Issuer or another subsidiary, but only as long as the Indebtedness is held by the Issuer or a subsidiary; DocuSign Envelope ID: FD12365F-EF28-4B9A-B58C-4DD758E1FC42

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56 Liens on assets, property or capital stock of a person existing at the time such person becomes a subsidiary of the Issuer or is merged or amalgamated with or into or consolidated with the Issuer; Liens on assets or property existing at the time of acquisition of the assets or property by the Issuer; Liens for taxes, assessments or governmental charges or claims that are not yet due and payable or that are being contested in good faith by appropriate proceedings; Liens on assets pursuant to merger agreements, stock or asset purchase agreements and similar agreements in respect of the disposition of such assets; other Liens with respect to obligations of the Issuer that do not exceed US$5,000,000; or deposits made in the ordinary course of business to secure liability to insurance carriers or under self-insurance arrangements in respect of such obligations; “Premium Load Event” means: (a) the breach by the Issuer of any of the undertakings set out in Conditions 12(a), 12(b), 12(c) or 12(d) (Undertakings of the Issuer); (b) the failure by the Issuer to meet any of its payment obligations on the date that such payment obligations were due under the Subordinated Notes, provided that such payment obligations are not met within 30 days of the date that such payment obligations were due; or (c) the Subordinated Notes not receiving an Investment Grade Rating within 30 days of the Issue Date or maintaining such Investment Grade Rating thereafter, provided, however, that a Premium Load Event in accordance with this definition shall only be deemed to occur on the date falling 60 days after the date on which such breach or event occurs (and only occurring if such breach or event is not remedied within such 60 day period) and continuing until such breach or event is remedied. For the avoidance of doubt and without prejudice to Condition 6(e) (Redemption at the option of the Issuer), the occurrence of a Premium Load Event shall not itself create any contractual entitlement for the Issuer to redeem the Subordinated Notes. “Principal Amount Outstanding of the Subordinated Notes” means the original principal amount of the Subordinated Notes outstanding under Condition 6(a) (Scheduled Redemption); “Qualified Investor” means a person: (a) who either (i) is a non-US Person (as such term is defined in Regulation S of the Securities Act of 1933, as amended (the “Securities Act”) outside of the United States who is acquiring the Subordinated Notes in an offshore transaction in accordance with Regulation S; or (ii) is in the United States and is (A) both an “Accredited Investor” as defined in Regulation D of the Securities Act and (B) a “Qualified Purchaser” as defined in Section 2(a)(51) of the Investment Company Act of 1940, as amended; (b) who is a “qualified investor” as defined in Article 2(e) of Regulation (EU) 2017/1129; DocuSign Envelope ID: FD12365F-EF28-4B9A-B58C-4DD758E1FC42

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57 (c) who is a “Qualified Participant” as defined in section 9(2) of the Bermuda Investment Funds Act 2006; (d) to whom the offering of Subordinated Notes could lawfully be communicated by virtue of section 21(1) of the Financial Services and Markets Act 2000; (e) who is a “well-informed investor” as defined by the Luxembourg law of 13 February 2007 on specialised investment funds; (f) who is a “Professional Client” or an “Eligible Counterparty” as defined by the Markets in Financial Instruments Directive, as amended; (g) who is a “qualified Investor” as defined by the Swiss Federal Collective Investment Schemes Act; or (h) in any other jurisdiction who would satisfy the requirements of any of paragraphs (a) to (g) above if they were subject to the securities laws of such jurisdictions; “Qualifying Equivalent Securities” means securities which have terms not materially less favourable to the Noteholders, as reasonably determined by the Issuer in consultation with an Independent Adviser, consulting firm or comparable expert, in each case being independent and of international standing on the subject, and which: (a) satisfy the criteria for the eligibility for inclusion of the proceeds of the Subordinated Notes as Tier 2 Capital under the Relevant Rules; (b) contain terms providing for the same interest rate and interest payment dates as apply to the Subordinated Notes; (c) rank senior to, or have the same ranking as, the Subordinated Notes; (d) preserve all obligations as to repayment of the Subordinated Notes, including (without limitation) as to timing of such repayment (including preserving the same Maturity Date); (e) do not contain terms providing for loss absorption through principal write-down or conversion into ordinary shares; and (f) preserve any rights to any accrued and unpaid interest, and any existing rights to other amounts payable under the Subordinated Notes which have accrued to Noteholders and not been paid; “Rate of Interest” has the meaning given to it in Condition 4(c) (Rate of Interest); “Reference Rate” has the meaning given to it in Condition 4(c) (Rate of Interest); “Regulatory Clearance Condition” means, in respect of any proposed act on the part of the Issuer, the Issuer having notified the BMA, and obtained the consent or non-objection of the BMA, in relation to such act (in any case only if and to the extent required by the BMA and/or pursuant to the Relevant Rules); “Regulatory Deficiency Deferral Event” means a Regulatory Deficiency Interest Deferral Event or a Regulatory Deficiency Redemption Deferral Event; “Regulatory Deficiency Interest Deferral Date” means each Interest Payment Date in respect of which a Regulatory Deficiency Interest Deferral Event has occurred and is DocuSign Envelope ID: FD12365F-EF28-4B9A-B58C-4DD758E1FC42

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58 continuing or would occur if payment of the full amount of interest otherwise due was made on such Interest Payment Date; “Regulatory Deficiency Interest Deferral Event” means: (a) any event which causes the Enhanced Capital Requirement to be breached and such breach is an event which, under the Relevant Rules, would require the Issuer to defer a payment of interest in respect of the Subordinated Notes in order for the Subordinated Notes to constitute Tier 2 Capital (for the avoidance of doubt, a breach of one or several of the Issuer’s subsidiaries capital requirements that would not trigger a breach of the Enhanced Capital Requirement will not be considered as a Regulatory Deficiency Interest Deferral Event); or (b) the BMA has otherwise provided written notice to the Issuer prohibiting the Issuer from making payments under the Subordinated Notes; “Regulatory Deficiency Redemption Deferral Event” means any event which causes the Enhanced Capital Requirement to be breached and such breach is an event which, under the Relevant Rules, would require the Issuer to defer or suspend a scheduled repayment or redemption of the Subordinated Notes in order for the Subordinated Notes to constitute Tier 2 Capital. For the avoidance of doubt, any event which (i) causes the capital requirement of one or several of the Issuer’s subsidiaries to be breached but (ii) that would not cause the Enhanced Capital Requirement to be breached and (iii) that would not constitute an event which, under the Relevant Rules, would require the Issuer to defer or suspend a scheduled repayment or redemption of the Subordinated Notes in order for the Subordinated Notes to constitute Tier 2 Capital, will not be considered as a Regulatory Deficiency Redemption Deferral Event; “Relevant Date” has the meaning given in Condition 9 (Taxation); “Relevant Rules” means the Insurance Act, and the rules and regulations promulgated thereunder, and any other legislation, rules or regulations of Bermuda or of the BMA from time to time relating to the characteristics, features or criteria of own funds or capital resources and which are, at such time, applicable to the Issuer; “Senior Creditors” means: (a) any policyholders and policy beneficiaries of the Issuer and its Subsidiaries (and, for the avoidance of doubt, the claims of Senior Creditors who are policyholders and/or policy beneficiaries shall include all amounts to which any such policyholder or policy beneficiary (as applicable) would be entitled in its capacity as such under any applicable legislation or rules relating to the Winding-Up of insurance companies to reflect any right to receive, or expectation of receiving, policyholder or policy beneficiary benefits which such policyholder or policy beneficiary (as applicable) may have); (b) creditors of the Issuer (other than policyholders) who are unsubordinated creditors of the Issuer including, without limitation, tax authorities and holders of senior guarantees issued by the Issuer; (c) any senior or subordinated secured creditors of the Issuer to the extent of the security therefor; and (d) any other creditors to whose claims the Subordinated Notes must be subordinated under the Relevant Rules so as to permit the Subordinated Notes to qualify as Tier 2 Capital; “Step-Up Date” means the Interest Payment Date falling on or immediately after the tenth anniversary of the Issue Date; DocuSign Envelope ID: FD12365F-EF28-4B9A-B58C-4DD758E1FC42

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59 “Subsidiary” means any person (referred to as the “first person”) in respect of which another person: (a) has the power (whether by way of ownership of shares, proxy, contract, agency or otherwise) to: (i) cast, or control the casting of, more than 50 per cent. of the maximum number of votes that might be cast at a general meeting of the first person; (ii) appoint or remove all, or the majority, of the Directors or other equivalent officers of the first person; or give directions with respect to the operating and financial policies of the first person with which the Directors or other equivalent officers of the first person are obliged to comply; or (b) holds beneficially more than 50 per cent. of the issued share capital of the first person (excluding any part of that issued share capital that carries no right to participate beyond a specified amount in a distribution of either profits or capital); “Tax Event” has the meaning given in Condition 6(c) (Redemption for tax reasons); “Tier 1 Capital” means capital which is treated as a constituent of Tier 1 under the Relevant Rules; “Tier 2 Capital” means capital which is treated as a constituent of Tier 2 under the Relevant Rules; “Winding-Up” means any time when: (i) an order is made, or an effective resolution is passed, for the winding-up, dissolution or liquidation of the Issuer or any other analogous procedures in any jurisdiction (except, in any such case, a solvent winding-up solely for the purpose of a reconstruction, amalgamation or substitution of the Issuer, the terms of which have previously been approved by the Majority Noteholders); or (ii) a provisional liquidator, receiver, administrator or similar officer is appointed in respect of the Issuer and has given notice that it intends to declare a dividend; and “US$” and “U.S. Dollar” mean the lawful currency of the United States of America. DocuSign Envelope ID: FD12365F-EF28-4B9A-B58C-4DD758E1FC42

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61 8. Unless otherwise required by it and agreed by the Issuer and the Registrar, the Noteholder shall be entitled to receive only one Note Certificate in respect of its holding. 9. The joint Noteholders shall be entitled to one Note Certificate only in respect of their joint holding which shall, except where they otherwise direct, be delivered to the joint Noteholder whose name appears first in the Register in respect of the joint holding. 10. Where there is more than one transferee (to hold other than as joint Noteholders), separate forms of transfer (obtainable from the Specified Office of the Registrar or any Transfer Agent) must be completed in respect of each new holding. 11. A Noteholder may transfer all or part only of his holding of Subordinated Notes; provided, however, that both the principal amount of Subordinated Notes transferred and the principal amount of the balance not transferred are an Authorised Holding. Where a Noteholder has transferred part only of his holding of Subordinated Notes, a new Note Certificate in respect of the balance of such holding will be delivered to him. 12. The Issuer, the Transfer Agents and the Registrar shall, save in the case of the issue of replacement Subordinated Notes pursuant to the Conditions, make no charge to the Noteholders for the registration of any holding of Subordinated Notes or any transfer thereof or for the issue of any Subordinated Notes or for the delivery thereof at the Specified Office of any Transfer Agent or the Registrar or by uninsured post to the address specified by the Noteholder, but such registration, transfer, issue or delivery shall be effected against such indemnity from the Noteholder or the transferee thereof as the Registrar or the relevant Transfer Agent may require in respect of any tax or other duty of whatever nature which may be levied or imposed in connection with such registration, transfer, issue or delivery. 13. Provided a transfer of a Subordinated Note is duly made in accordance with all applicable requirements and restrictions upon transfer and the Subordinated Note(s) transferred are presented to a Transfer Agent and/or the Registrar in accordance with the Agency Agreement and these Regulations, and subject to unforeseen circumstances beyond the control of such Transfer Agent or the Registrar arising, such Transfer Agent or the Registrar will, within five business days of the request for transfer being duly made, deliver at its Specified Office to the transferee or despatch by uninsured post (at the request and risk of the transferee) to such address as the transferee entitled to the Subordinated Notes in relation to which such Note Certificate is issued may have specified, a Note Certificate in respect of which entries have been made in the Register, all formalities complied with and the name of the transferee completed on the Note Certificate by or on behalf of the Registrar; and, for the purposes of this paragraph, “business day” means a day on which commercial banks are open for business (including dealings in foreign currencies) in the cities in which the Registrar and (if applicable) the relevant Transfer Agent have their respective Specified Offices. 14. No transfer of a Subordinated Note (or any beneficial interest therein) may be effected unless: (a) such Subordinated Note is transferred in a transaction that does not require registration under the Securities Act, applicable State securities laws and is not in violation of the United States Investment Company Act of 1940; (b) such transfer is effected in accordance with the provisions of any restrictions on transfer specified in the legends (if any) set forth on the face of the Note Certificate issued in relation to such Subordinated Note; (c) the transferee delivers to the Registrar or the relevant Transfer Agent a form of transfer (including any certification as to compliance with restrictions on transfer included in such form of transfer) endorsed on the Note Certificate issued in relation to such Subordinated Note; and DocuSign Envelope ID: FD12365F-EF28-4B9A-B58C-4DD758E1FC42

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62 (d) if the Issuer so requests, the relevant Transfer Agent and the Registrar receive an opinion of counsel satisfactory to all of them. DocuSign Envelope ID: FD12365F-EF28-4B9A-B58C-4DD758E1FC42

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Document

Exhibit 31.1

PRINCIPAL EXECUTIVE OFFICER CERTIFICATION PURSUANT TO RULE 13a-14(a)

OF THE SECURITIES EXCHANGE ACT OF 1934

I, G. Manning Rountree, certify that:

1. I have reviewed this quarterly report on Form 10-Q of White Mountains Insurance Group, Ltd.;

2. Based on my knowledge, this quarterly report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and we have:

(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this quarterly report is being prepared;

(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d)Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

November 8, 2021

By:

/s/ G. Manning Rountree

Chief Executive Officer

(Principal Executive Officer)

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Document

Exhibit 31.2

PRINCIPAL FINANCIAL OFFICER CERTIFICATION PURSUANT TO RULE 13a-14(a)

OF THE SECURITIES EXCHANGE ACT OF 1934

I, Reid T. Campbell, certify that:

1. I have reviewed this quarterly report on Form 10-Q of White Mountains Insurance Group, Ltd.;

2. Based on my knowledge, this quarterly report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and we have:

(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this quarterly report is being prepared;

(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d)Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

November 8, 2021

By:

/s/ Reid T. Campbell

Executive Vice President and Chief Financial Officer

(Principal Financial Officer)

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Document

Exhibit 32.1

PRINCIPAL EXECUTIVE OFFICER

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the quarterly report on Form 10-Q of White Mountains Insurance Group, Ltd. (the “Company”), for the period ending September 30, 2021 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, G. Manning Rountree, Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. §1350, as adopted pursuant to §906 of the Sarbanes-Oxley Act of 2002, that to my knowledge:

•The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and,

•The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company as of and for the periods presented in the Report.

/s/ G. Manning Rountree
Chief Executive Officer<br>(Principal Executive Officer)
November 8, 2021

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Document

Exhibit 32.2

PRINCIPAL FINANCIAL OFFICER

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the quarterly report on Form 10-Q of White Mountains Insurance Group, Ltd. (the “Company”), for the period ending September 30, 2021 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Reid T. Campbell, Executive Vice President and Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. §1350, as adopted pursuant to §906 of the Sarbanes-Oxley Act of 2002, that to my knowledge:

•The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and,

•The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company as of and for the periods presented in the Report.

/s/ Reid T. Campbell
Executive Vice President and Chief Financial Officer<br>(Principal Financial Officer)
November 8, 2021

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