Citibank,N.A. is incorporated with limited liability under the National Bank Actof the U.S.A. and has its head office at 399 Park Avenue, New York, NY10043, U.S.A.. Citibank, N.A. London branch is registered in the U.K.at Citigroup Centre, Canada Square, Canary Wharf, London E14 5LB underNo. BR001018 and is regulated by the FSA. VAT No. GB ###-###-#### 29.Ultimately owned by Citigroup Inc., New York,U.S.A.

Phil Arch			Citibank, N.A.
Trade Finance and Services			Citigroup Centre Canada Square Canary Wharf LONDON E14 5LB
			Tel     +44 (0) 207 ###-###-#### Fax     +44 (0) 207 ###-###-####

27 January, 2006

    
Mr B Astwood                                                                                  January 27^th, 2006
Aspen Insurance Ltd
Victoria Hall
3^rd Floor
11 Victoria St
Hamilton
HM11

    
Dear Sirs

Re	Pledge Agreement between Aspen Insurance Ltd and Citibank London dated January 17, 2006 and Account Control Agreement between Bank of New York and Citibank London dated January 17, 2006

    
With reference to the above Pledge Agreement, without prejudice to the provision of Section 2 and 6 (k), the Collateral Value and permitted securities, subject to your counter-signature of a copy of this letter, shall be as set out in the annex to this letter.

Save as expressly provided in this letter, the provisions of the Pledge Agreement and the Account Control Agreement shall remain in full force and effect.

Please countersign and return the enclosed copy of this letter.

    
    
Yours faithfully
for Citibank Ireland Financial Services

    
    
We confirm our agreement to the above

Citibank, N.A. is incorporated with limited liability under the National Bank Act of the U.S.A. and has its head office at 399 Park Avenue, New York, NY 10043, U.S.A.. Citibank, N.A. London branch is registered in the U.K. at Citigroup Centre, Canada Square, Canary Wharf, London E14 5LB under No. BR001018 and is regulated by the FSA. VAT No. GB ###-###-#### 29. Ultimately owned by Citigroup Inc., New York, U.S.A.

Table of Contents

ANNEX

BANK of NEW YORK / ASPEN INSURANCE COMPANY LTD

and

CITIBANK, N.A.

PLEDGE AND ACCOUNT CONTROL AGREEMENT

SCHEDULE 1

1.	The Required Value is:−

	US$ 50,000,000.00 (United State Dollars Fifty Million) (or such other amount as may be agreed between the Chargor and notified to the Pledgor from time to time.)

	The account is currently funded with $51,100,000 U.S. Treasury Bills due July 20th, 2006.

    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
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Citibank, N.A. is incorporated with limited liability under the National Bank Act of the U.S.A. and has its head office at 399 Park Avenue, New York, NY 10043, U.S.A.. Citibank, N.A. London branch is registered in the U.K. at Citigroup Centre, Canada Square, Canary Wharf, London E14 5LB under No. BR001018 and is regulated by the FSA. VAT No. GB ###-###-#### 29. Ultimately owned by Citigroup Inc., New York, U.S.A.

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