Founder / Management Promote & Advisory Fee Structures Private Founder Company Placement Warrants Management Package Total Promote Comments Montpelier Re 874.0 12.25% 5.00% 17.25% Fees include ;ovate placement fee and structung fee Endurance 1,100.0 11.81% 6.10% 17.91% Mn produced 36.6% of OWP, Includes ongoing lees as per agreements with tandem Axis 1,731.0 12.36% 9.50% 21.86% Includes ongoing fees as per agreements vAill founclem Platinum 676.0 19.99% 7.13% 27.12% Quanta 650.0 4.50% 12.30% 16.80% Mgmt package includes restricted stock of 1.1% that vest over time, Aquiline received 17.3 Validus Re 1,000.0 12.00% 5.00% 17.00% In fees Pads Re 2,000.0 8.89% 5.92% 14.81% Management package Includes employees and management Fees relate to private placement and IPO equity fundraising. Debt placement fees Lancashire 979.0 10.00% 13.00% 23.00% excluded. Flagstone 715.0 10.00% 6.50% 16.50% Founder warrant not exercisable until 2010. Mgmt package s in the form of peformance share units which can be convened to stock depending on ROE targets Average Founder Promote 11.31% Average Mgnt Promote (excludes Quanta) 7.27% Average Total Promote (excludes Platinum) 18.1% Company Private Placement Fees (Sm) Fee as % of total Small Mid-Cap SUA Sparta Rockhill 132.8 250.0 105.0 9.3 10.0 3.7 7.00% 4.00% 3.50% Average Fee 4.83% Medium Cap Glacier 300.0 6.0 2.00% Large Cap Montpelier Re 874.0 15.9 1.82% Endurance 1,100.0 30.1 2.74% Axis 1,731.0 46.1 2.66% Platinum 676.0 nia rife Quanta 650.0 45.5 7.00% Validus Re 1,000.0 25.4 2.54% Lancashire 979.0 27.2 2.78% Flagstone 715.0 4.0 0.56% Average Fee 2.51% 1 AoNBENFIELD EFTA00506212