AMENDMENT TO CONTRACT OF EMPLOYMENT

AMENDMENT TO CONTRACT OF EMPLOYMENT

Between

Alliance International Reinsurance Company Limited of Lophitis Business Centre, 28th October Street, CY-3035 Limassol, Cyprus (hereinafter called “the Employer” or the Company” of the one part

and

Xxxxxx Xxxxx of Villa 42. Sporadon Street 0, Xxxxxxxxxxx, Xxxxx Xxxxxxxx, XX-0000 Xxxxxxxx, Xxxxxx (hereinafter called “the Chief Executive Officer” or “Xxxxxx Xxxxx”) of the other part

WHEREAS:-

A. The parties hereto have entered into a contract of employment dated 30 June 2005 (hereinafter called “the Contract of Employment”).

B. The parties hereto are desirous of amending the Contract of Employment in the manner herein below stated.

NOW THIS AMENDEMENT TO THE CONTRACT OF EMPLOYMENT WITNESSETH as follows:-

(1) The duration of the Contract is amended and extended to expire on 30th June 2012 and  

(2) That all the other terms of the original contract are to be and remain the same

IN WITNESS whereof we have hereunto set our respective hands this 14th day of November 2007.

/s/ Xxxxxx Xxxxxxx                  /s/ Xxxxxxxxx Xxxxxxxxxxx	/s/ Xxxxxx Xxxxx
Xxxxxx Xxxxxxx and Xxxxxxxxx Xxxxxxxxxxx By order of the Board For and on behalf of the Company	Xxxxxx Xxxxx Chief Executive Officer
/s/ Xxxxxxxxxx Sabbogh	/s/ Manolis Madjimanolis
Witness	Witness