CAP EUROPE POLICY Subject to the above restrictions, you may apply for an Additional Limit in any amount.

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1 CAP EUROPE POLICY Capitalised words and phrases are defined in clause Insuring Clause We your CAP Insurer have issued this CAP Europe Policy to you the Insured, to record the terms and conditions on which we will provide you with Additional Limits, when Primary Limits under your Primary Policy are unavailable or insufficient for your needs. By applying to us for Additional Limits, you agree that all the terms and conditions of this CAP Europe Policy will apply to any Additional Limits that we may issue to you. 2. Incorporation of Primary Policy This CAP Europe Policy incorporates all the terms and conditions of your Primary Policy (including any specific conditions contained in a Primary Limit Notice), modified where necessary to conform with the express terms of this CAP Europe Policy. You will have no cover under this CAP Europe Policy where cover would have been excluded by the terms and conditions of your Primary Policy (ignoring the amount of the Primary Limit). In particular, you will have no cover in respect of goods despatched and/or services supplied to a Buyer when any debt owed to you by that Buyer is overdue beyond the Maximum Extension Period. 3. Eligibility for Additional Limits 3.1. You may apply for a CAP Limit on a Buyer if your Primary Limit on that Buyer under your Primary Policy is insufficient for your needs. You can only apply for a CAP Limit on a Buyer if you already have a Primary Limit on that Buyer (excluding Discretionary Limits and Temporary Limits) You may apply for a CAP+ Limit on a Buyer if a Primary Limit on that Buyer has been refused or withdrawn under your Primary Policy. You can only apply for a CAP+ Limit on a Buyer if you have no Primary Limit on that Buyer (including Discretionary Limits and Temporary Limits). 4. Maximum Amount of Additional Limits 4.1. A CAP Limit on a Buyer cannot exceed the lesser of: (i) the amount of the Primary Limit on that Buyer; or (ii) 1,000,000 (one million Pounds Sterling) A CAP+ Limit cannot exceed 50,000 (fifty thousand Pounds Sterling) Subject to the above restrictions, you may apply for an Additional Limit in any amount. 5. Effective Date and Duration of Additional Limits 5.1. As soon as possible after receipt of your application, we will send you an Additional Limit Notice confirming the amount of the Additional Limit (if any) that we are able to provide to you. For the avoidance of doubt, we may refuse your request for an Additional Limit A CAP Limit will take effect in respect of goods despatched and/or services supplied (within the meaning of your Primary Policy) from 30 days before the date on which we issue our Additional Limit Notice A CAP+ Limit will take effect in respect of goods despatched and/or services supplied (within the meaning of your Primary Policy) from the date on which we issue our Additional Limit Notice Additional Limits remain in effect until withdrawn or cancelled in accordance with clause 6.

2 6. Withdrawal, Cancellation and Variation of Additional Limits 6.1. You may request the cancellation or reduction of an Additional Limit at any time, by giving us notice in writing. Such cancellation or reduction will take effect from the date on which we issue our Additional Limit Notice cancelling or reducing the Additional Limit If you cancel or reduce an Additional Limit during the Initial Period, you must still pay a minimum premium, calculated on the basis of the original value of the Additional Limit, in respect of the entire Initial Period We may withdraw or reduce an Additional Limit at any time (including during the Initial Period) by sending you an Additional Limit Notice. Such withdrawal or reduction will take effect from the date on which we issue our Additional Limit Notice withdrawing or reducing the Additional Limit, unless: (i) your Primary Policy provides for a period of delay in the effective date of Primary Limit Notices, in which case such period of delay will also apply to Additional Limit Notices withdrawing or reducing CAP Limits (but not CAP+ Limits); or (ii) your Primary Policy provides Binding Contracts Cover, in which case such Binding Contracts Cover will also apply to CAP Limits (but not CAP+ Limits) Subject to the restrictions set out in clause 4, you may apply for an increase in an Additional Limit at any time. For the avoidance of doubt, we may refuse your request for an increase in an Additional Limit An increase in a CAP Limit will take effect in respect of goods despatched and/or services supplied (within the meaning of your Primary Policy) from 30 days before the date on which we issue our Additional Limit Notice increasing the CAP Limit An increase in a CAP+ Limit will take effect in respect of goods despatched and/or services supplied (within the meaning of your Primary Policy) from the date on which we issue our Additional Limit Notice increasing the CAP+ Limit If your Primary Limit on a Buyer is reduced, the CAP Limit on that Buyer will automatically reduce at the same time (if necessary), so that it does not exceed the Primary Limit. If your Primary Limit on a Buyer is withdrawn, the CAP Limit on that Buyer will be automatically withdrawn with effect from the date that the withdrawal of the Primary Limit takes effect under your Primary Policy. 7. Indemnity and Recoveries under this CAP Europe Policy 7.1. We will not be liable to pay you a claim in respect of a Buyer under this CAP Europe Policy unless you have paid all premium and administration fees due, and have otherwise complied with all the terms and conditions of this CAP Europe Policy and your Primary Policy We will calculate the full claim amount that you would be entitled to be paid in respect of a Buyer under all the terms and conditions of your Primary Policy, ignoring any Each Loss Deductible, your Primary Insured Percentage and your Primary Limit, or (where you have a CAP+ Limit) the fact that you have no Primary Limit (the Total Insured Debt ) Where you have a CAP Limit, the Total Insured Debt up to the amount of your Primary Limit ( the Primary Claim Amount ) will be allocated to your Primary Policy. We will pay you under your Primary Policy the proportion of the Primary Claim Amount to which you are entitled after applying all the terms and conditions of the Primary Policy (including any Each Loss Deductible and your Primary Insured Percentage).

3 7.4. The amount by which the Total Insured Debt exceeds your Primary Limit ( the Additional Claim Amount ) will then be allocated to this CAP Europe Policy. If the Additional Claim Amount is less than or equal to your CAP Limit, we will pay you 90% of the Additional Claim Amount. If the Additional Claim Amount is greater than your CAP Limit, we will pay you 90% of the amount of your CAP Limit Where you have a CAP+ Limit, all of the Total Insured Debt will be allocated to this CAP Europe Policy. If the Total Insured Debt is less than or equal to your CAP+ Limit, we will pay you 90% of the Total Insured Debt. If the Total Insured Debt is greater than your CAP+ Limit, we will pay you 90% of the amount of your CAP+ Limit For the avoidance of doubt, any Each Loss Deductible will be applied only to a claim under your Primary Policy, and will not be applied to your claim under this CAP Europe Policy. VAT and all other amounts excluded from your claim under your Primary Policy (except by reason of the amount of your Primary Limit) will remain excluded from your claim under this CAP Europe Policy Recoveries will be shared between you and us under your Primary Policy in accordance with the provisions of your Primary Policy. We will use the Primary Claim Amount allocated to your Primary Policy, after applying all the terms and conditions of your Primary Policy including any Each Loss Deductible, to calculate the share of Recoveries to which we are entitled under your Primary Policy Recoveries will be shared between you and us under your CAP Europe Policy in accordance with the following formula: Recoveries x 90% of the CAP Europe Insured Debt Total indebtedness at Claim Crystallisation Date 8. Premium and Administration Fee 8.1. Premium is payable for each calendar month under this CAP Europe Policy at the rates specified in the schedule on the highest value of each Additional Limit applying in respect of each Buyer during the calendar month Subject to clause 8.3, if we withdraw or you request the cancellation of an Additional Limit, premium will remain payable for the calendar month in which we issue our Additional Limit Notice withdrawing or cancelling the Additional Limit, but not for subsequent months Except where we withdraw your Additional Limit during the Initial Period (in which case clause 8.2 will apply), you must in all circumstances pay a minimum premium for each Additional Limit on its full initial value in respect of the full Initial Period (including where your Additional Limit terminates during the Initial Period because your Primary Policy has expired or been terminated) An administration fee is payable in respect of each Additional Limit issued under this CAP Europe Policy as set out in the schedule. We will invoice you for premium and administration fees due, plus tax where applicable, after the end of each calendar month. Invoices are due for payment within the timeframe that applies under your Primary Policy Premium under this CAP Europe Policy is payable in the Primary Policy Currency. Premium for Additional Limits issued in a currency other than the Primary Policy Currency will be converted to the Primary Policy Currency using the same conversion rate as applies under your Primary Policy. 9. Overdue Reporting, Claims and Collections If you have an Additional Limit on a Buyer, you should report all overdue debts and other adverse events, file claims and initiate collection activities in respect of that Buyer in accordance with the procedures set out in your Primary Policy. Where you have a CAP Limit, reporting should be effected under your Primary Policy. Where you have a CAP+ Limit, reporting should be effected under this CAP Europe Policy.

4 10. Effect of Top-Up Claims and Premium on Primary Policy Claims or premium paid under this CAP Europe Policy will not count towards any no-claims bonus, profit share, aggregate deductible or similar calculations under your Primary Policy. 11. Maximum Liability Our total aggregate liability in respect of all claims under this CAP Europe Policy cannot exceed the amount set out in the schedule. 12. Termination and Amendment This CAP Europe Policy and all Additional Limits issued under it will terminate immediately on termination or expiry of your Primary Policy, or 14 days after we issue you with a written notice of termination of this CAP Europe Policy, whichever is earlier We may amend the premium payable by you in accordance with clause 8, by notice to you in writing. The amended premium rate will take effect in respect of all Additional Limits that you hold, or new Additional Limits that you request, 3 calendar months after the date that we send you our written notice of amendment of premium We may amend the other terms and conditions of this CAP Europe Policy by notice to you in writing. Such amendment will take effect in respect of all Additional Limits requested by you 14 days after the date that we send you our written notice of amendment. 13. Law and Jurisdiction This CAP Europe Policy is governed by and will be interpreted in accordance with the governing law specified in your Primary Policy. Any dispute arising under or in connection with this CAP Europe Policy will be determined in accordance with the dispute resolution provisions contained in your Primary Policy. 14. Definitions We refers to your CAP Insurer or (where different) the insurer of your Primary Policy, as the context requires. Additional Claim Amount is defined in clause 7.4. Additional Limit: a CAP Limit or a CAP+ Limit applying under this CAP Europe Policy. Additional Limit Notice: a written notice issued by us setting an Additional Limit on a Buyer. Binding Contracts Cover: cover under your Primary Policy whereby the effective date of reduction of a Primary Limit is delayed in respect of certain supply contracts that you are unable to cancel. Buyer: an entity to which you supply goods and/or services, where debts due to you from that entity are covered or eligible for cover under your Primary Policy. CAP Limit: the maximum amount of credit granted by you to a Buyer that we are prepared to cover under this CAP Europe Policy (as specified in an Additional Limit Notice), where your Primary Limit on that Buyer is insufficient for your needs. CAP+ Limit: the maximum amount of credit granted by you to a Buyer that we are prepared to cover under this CAP Europe Policy (as specified in an Additional Limit Notice), where a Primary Limit on that Buyer has been refused or withdrawn.

5 CAP Europe Insured Debt: the lesser of the Additional Claim Amount and the CAP Limit where you have a CAP Limit, or the lesser of the Total Insured Debt and the CAP+ Limit where you have a CAP+ Limit. CAP Europe Policy: this policy, the schedule, and any endorsements, Additional Limit Notices or other notices issued under this CAP Europe Policy. CAP Insurer: the insurer of this CAP Europe Policy named in the schedule. Claim Crystallisation Date: the date on which the total indebtedness of the Buyer is crystallised for the purpose of sharing Recoveries between you and us under your Primary Policy. Discretionary Limit: a Primary Limit granted under your Primary Policy without the need to refer to the insurer of your Primary Policy, provided that certain conditions are fulfilled. Each Loss Deductible: a provision of your Primary Policy that requires you to bear a proportion of each claim under your Primary Policy. Initial Period: the period comprising the calendar month in which we issue an Additional Limit, and the two subsequent calendar months. Insured: the insured entity named in the schedule. Maximum Extension Period: the maximum period specified in your Primary Policy by which you can postpone the due date for payment of any debt. Primary Claim Amount is defined in clause 7.3. Primary Insured Percentage: the percentage of each total claim under your Primary Policy that is payable under your Primary Policy, as specified in your Primary Policy. Primary Limit: the maximum amount of credit granted by you to a Buyer that is covered under your Primary Policy (as specified in a Primary Limit Notice). Primary Limit Notice: a written notice issued under your Primary Policy setting the Primary Limit on a Buyer. Primary Policy: the credit insurance policy specified in the schedule. Primary Policy Currency: the currency in which premium is payable under your Primary Policy. Recoveries: monies or other rights or advantages received from the Buyer or a third party, which under the provisions of your Primary Policy are allocated to you and/or your Primary Insurer in the event of a claim under your Primary Policy. Temporary Limit: a Primary Limit that expires after a fixed period specified in the applicable Primary Limit Notice. Total Insured Debt: is defined in clause 7.2. VAT: value added or similar sales tax. Euler Hermes UK 1 Canada Square London E14 5DX Tel: Euler +44 Hermes (0) UK 0333 Fax: 1 Canada +44 (0)20 Square London E14 5DX Tel: +44 (0) Fax: +44 (0) Euler Hermes UK is a branch of Euler Hermes SA(NV), Avenue des Arts 56, 1000 Brussels, Belgium. Company no RPM Brussels. Insurance firm, registered under code 418. Branch registered in England and Wales with no. BR015404, registered branch address 1 Canada Square, London E14 5DX. Euler Hermes UK is a branch of Euler Hermes Europe S.A. (N.V.). Branch registered in England and Wales with Authorised no. BR015404, by the registered National branch Bank of address Belgium 1 and Canada the Belgian Square, Financial London Services E14 5DX and Markets Authority, and subject to limited regulation by the Financial Conduct Authority. Details about the extent of our regulation by the Financial Conduct Authority are Authorised available by from the National us request. Bank of Belgium and the Belgian Financial Services and Markets Authority, and subject to limited regulation by the Financial Conduct Authority. Details about the extent of our regulation by the Financial Conduct Authority are available from us on request. CAP Europe Wording /14 CAP Europe Wording /14