0001047469-07-001753 Sample Contracts

INVESTMENT MANAGER AGREEMENT
Investment Manager Agreement • March 14th, 2007 • Flagstone Reinsurance Holdings LTD • Fire, marine & casualty insurance • New York

THIS AGREEMENT, made as of the 15th day of November, 2006, by and between Flagstone Reinsurance Limited (hereinafter called the "Company") and BlackRock (through its subsidiary BlackRock Financial Management, Inc., hereinafter called the "Manager").

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WEST END CAPITAL MANAGEMENT (BERMUDA) LIMITED DISCRETIONARY INVESTMENT MANAGEMENT AGREEMENT FOR MONT FORT RE LTD. ILW 2 CELL
Discretionary Investment Management Agreement • March 14th, 2007 • Flagstone Reinsurance Holdings LTD • Fire, marine & casualty insurance

WEST END CAPITAL MANAGEMENT (BERMUDA) LIMITED whose registered office is at Crawford House, 23 Church Street, Hamilton HM 11, Bermuda (the "Investment Manager").

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