Alpha Insurance A/S is a Denmark entity incorporated with limited liability under the laws of the Kingdom of Denmark on 1 July 1998 with registration No. 21064440 and with Its registered office at: Harbour House Sundkrogsgade 21 DK-2100 Copenhagen, Denmark.

The Subordinated Notes (insofar as they are represented by the Global Note) have the benefit of a deed of covenant dated 30 September 2014 (as amended or supplemented from time to time, the "Deed of Covenant") entered into by the Issuer and are the subject of a paying agency agreement dated 30 September 2014 (as amended or supplemented from time to time, the "Paying Agency Agreement") and made between the Issuer, BNP Paribas Securities Services / Luxembourg Branch as fiscal agent.