ERSH LIMITED: Carichi

All the underwriting obligations of equity red star limited (the "company") incurred by the company as an underwritng member of the society at any time before the termination date (being the 80TH anniversary of the date of the trust deed) including obligations to the society and the trustees and obligations arising under a). The byelaws, regulations, rules directions or other requirements of the society b). Any deed,contract, instrument or other arrangment of any kind approved by the society; but not including obligations arising in respect of any letter of credit, guarantee or other security given to secure the performance of any of the said underwriting oligations in favour of the person giving such guarantee or other security