X0202 4 2004-09-30 0 0001263813 UNITED NATIONAL GROUP LTD UNGL 0001099187 FOX SAUL A C/O FOX PAINE & COMPANY, LLC 950 TOWER LANE, SUITE 1150 FOSTER CITY CA 94404-2127 1 0 0 0 Class A Common Shares 0 I See footnote Units 0.00 2004-09-30 4 A 0 861 14.52 A Class A Common Shares 861 2715 D Does not include an aggregate of 14,310,226 Class A Common Shares beneficially owned by U.N. Holdings (Cayman), Ltd. ("Holdings") and the Co-Investment Funds. A majority of the outstanding share capital of Holdings is held by Fox Paine Capital Fund II International, L.P. ("Fund II"). The sole managing general partner of Fund II is Fox Paine Capital International GP, L.P. ("GPLP"). The sole general partner of GPLP is Fox Paine International GP, Ltd. ("GPLTD"), the sole shareholder of which is Fox Paine Capital International GP, L.P. As a result, GPLTD may be deemed to control the Class A Common Shares held by Holdings and the Co-Investment Funds. Mr. Fox is a shareholder and a director of GPLTD. Mr. Fox disclaims beneficial ownership of all Class A Common Shares benefically owned by GPLTD, except to the extent of his indirect pecuniary ownership in such shares. The Co-Investment Funds include the following entities: U.N. Co-Investment Fund I (Cayman), L.P., U.N. Co-Investment Fund II (Cayman), L.P., U.N. Co-Investment Fund III (Cayman), L.P., U.N. Co-Investment Fund IV (Cayman), L.P., U.N. Co-Investment Fund V (Cayman), L.P., U.N. Co-Investment Fund VI (Cayman), L.P., U.N. Co-Investment Fund VII (Cayman), L.P., U.N. Co-Investment Fund VIII (Cayman), L.P. and U.N. Co-Investment Fund IX (Cayman), L.P. Represents units accrued under the Issuer's deferred compensation plan for non-employee directors. Units are payable in cash upon the reporting person's termination of service as a director. By: Lynne Gerber-Saionz, Attorney-in-fact 2004-10-04