Deed of Guarantee

Toa Re Europe (The Toa 21st Century Reinsurance Company Ltd., ‘TTFC’) benefits from a Deed of Guarantee issued on 5th of July 2018.

The Toa Reinsurance Company, Limited, with its principal address at 6-5 Kanda-Surugadai 3-chome, Chiyoda-ku, Tokyo 101-8703 (the ‘Guarantor’) irrevocably guarantee to any holder (each a “Beneficiary”) of a reinsurance contract issued by TTFC the performance of all the obligations of TTFC of such reinsurance contracts in accordance with their terms and conditions, such that in the event that TTFC should fail to make any payments of any sum of money when due under or in connection with any reinsurance policy, the Guarantor shall pay such moneys in accordance with the terms and conditions of such reinsurance policy, together with any interest accrued thereon, but only to the extent that interest is payable under the terms and conditions of such reinsurance policy and then in accordance with the terms and conditions of such reinsurance policy.

The Guarantor declares the Guarantee to be unconditional and irrevocable and that the Guarantor’s obligations under the Guarantee shall not be affected by the genuineness, validity or enforceability of TTFC’s obligations under such reinsurance policy.

The Guarantor’s obligations under the Guarantee rank pari passu with the claims of all of the Guarantor’s other unsecured and unsubordinated creditors, except for obligations mandatorily preferred by law applying to companies generally.