Founder / Management Promote & Advisory Fee Structures Founder Management Total Placement Warrants Package Promote Comments Montpelier Re 874.0 12.25% §.00% 17.25% Fees include private placement fee and structuring fee Endurance 1,100.0 11.81% 6.10% 17.91% Aon produced 36.6% of GWP; includes ongoing fees as per agreements with founders Aas 1,731.0 12.36% 9.50% 21.86% Includes ongoing fees as per agreements with founders Platinum 676.0 19.99% 7.13% 27.12% - Quanta 650.0 4.50% 12.30% 16.80% - Validus Re 4,000.0 12.00% 5.00% 17.00% Momt package includes restricted stock of 1.1% that vest over time, Aquiline received 17.3 Paris Re 2,090.0 8.89% §.92% 14.81% Management package includes employees and management Lancashire 979.0 10.00% 13.00% 23.00% Fees relate to private placement and IPO equity fundraising. Debt placement fees Founder warrant not exercisable until 2010, Mgmt package ts in the form of peformance Flagstone 715.0 10.00% 6.50% 16.50% share units which can be converted to stock depending on ROE targets Average Founder Promote 11.31% Avera: nt Promote (excludes Quan 7.27% Average Total Promote (excludes Platinum) 18.1% Company Private Fees Feeas Placement ($m) % of total Small / Mid-Cap SUA 132.8 9.3 7.00% Sparta 250.0 10.0 4.00% Rockhill 105.0 3.7 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 nla nia 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 40 0.56% Average Fee 2.51% AION 1 BENFIELD EFTA00506212