X0201 4 2003-12-19 0 0001263813 UNITED NATIONAL GROUP LTD UNGL 0001273380 FOX PAINE INTERNATIONAL GP LTD C/O WALKERS SPV WALKERS HOUSE 87 MAY ST GEORGE TOWN GRAND CAYMAN C5 00000 BAHAMAS 0 0 1 0 Class A Common Shares, par value $0.0001 2003-12-19 4 A 0 1285277 A 1622727 I See Footnotes 1 and 2 Series A Preferred Shares, par value $0.0001 2003-12-19 4 C 0 11972432 D Class A Common Shares 11972432 12687500 I See Footnotes 1 and 2 The security holders are U.N. Holdings (Cayman), Ltd. ("Holdings"), 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. (collectively, the "Co-Investment Funds"). A majority of the outstanding share capital of Holdings is held by Fox Paine Capital Fund II International, L.P. The sole managing general partner of Fox Paine Capital Fund II International, L.P. is Fox Paine Capital International GP, L.P. The sole general partner of Fox Paine Capital International GP, L.P. is Fox Paine International GP, Ltd. The sole general partner of each of the Co-Investment Funds is Fox Paine Capital Co-Investors International GP, Ltd., the sole shareholder of which is Fox Paine Capital International GP, L.P. As a result, Fox Paine Capital Fund II International, L.P., Fox Paine Capital International GP, L.P. and Fox Paine International GP, Ltd. may be deemed to control Holdings and Fox Paine Capital Co-Investors International GP, Ltd., Fox Paine Capital International GP, L.P. and Fox Paine International GP, Ltd. may be deemed to control the Co-Investment Funds. Each Series A Preferred Share was mandatorily redeemed in connection with the completion of an initial public offering of issuer's Class A Common Shares. In this redemption, each Series A Preferred Share was redeemed for $10.00 in cash and a number of Class A Common Shares (based on the initial public offering price of $17.00) having a value equal to $1.825. In the aggregate, the security holders received $119,724,320 in cash and 1,285,277 Class A Common Shares in redemption of 11,972,432 Series A Preferred Shares. See Attached Exhibit 2003-12-19