Step 3: Approval

Notes:

1. Deal discussion. Required documents:
   • Triage report
   • UW memo
   • Term Sheet
2. UW authorities as below:
   • If existing LoB & EPI up to €10M & downside up to €2M (1 in 50 years modelled) then uw authority with Axeria’s MGA Committee (SSE, VEL, DSE)
   • If EPI up to €25M then authority with committee comprised by ARG MGA Committee
   • EPI above €25M authority with CEO of ARG and Axeria board.
3. If ARE is reinsurer, for ARE’s share sign-off by CUO Europe is required.
4. After approval, Term Sheet issued and signed (even before board approval).

Board presentation November 24