Thursday October 30th 2008

WHICH RISKS ARE DIRECTORS & OFFICERS

FACING IN THECURRENT ENVIRONMENT ?

NATIONALISED

COLLAPSED

RESCUE PACKAGETAKEN OVERNATIONALISED

TAKEN OVER

NATIONALISED

NATIONALISED TAKEN OVER

COLLAPSED NATIONALISED

NATIONALISEDNATIONALISED

NATIONALISED

NATIONALISEDRESCUE PACKAGE

DOW JONES INDUSTRIAL AVERAGE TRADING PERFORMANCE SEPTEMBER 2 – OCTOBER 23

7,500

8,500

9,500

10,500

11,500

12,500

9/29: Crisis goes global: Fortis

and Hypo Real Estate bailed out by governments

10/3: House passes TARP; Dow drops 486

points

9/16: AIG fails;

Government takes 80%

stake

9/22: Goldman Sachs and Morgan Stanley become commercial

banks

9/15: Lehman files for bankruptcy /

B of A purchases Merrill Lynch

10/13 Governments worldwide pledge

cash injections. Dow posts biggest gain in

history

10/15 Dow posts biggest one-day percentage drop

since 1987

10/22: Dow drops 515 points on

global economic concerns

10/8 UK government announces

£400B rescue package

FTSE rises >300 points

-80% -70% -60% -50% -40% -30% -20% -10% 0%

Year to date Last week

US (DJIA)

Brazil (BOVESPA)

China (SHANHAI SE)

Germany (DAX)

India (SENSEX 30)

Japan (NIKKEI)

Russia (RTS)

NL (AEX)

UK (FTSE 100)

REGULATION

AGENDA

Assessing the D&O Risk from an Underwriters perspectiveGerard van Loon – Liberty International Underwriters (LIU) Europe

The Ahold ExperienceMichiel van den Bosch – Koninklijke Ahold N.V.

European style class actions and D&O activities in Europe Hans Londonck Sluijk – Houthoff Buruma N.V.

D&O Market Conditions and Renewal Expectations for 2009David Purdy – Willis Ltd.