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Endurance and Aspen: A Compelling Transaction

Endurance proposal to acquire Aspen for $49.50 per share in cash and stock* provides Aspen shareholders a highly attractive premium and compelling future value

The combination of Endurance and Aspen will bring together two highly complementary specialty insurance and reinsurance companies to create an even stronger, more profitable company with increased scale and an attractive diversified platform across products and geographies, with greater market presence and relevance.

Endurance is fully committed to this transaction and has taken the following actions:

- Pursuing a special general meeting of Aspen shareholders to increase the size of Aspen’s board from 12 to 19 directors, and seeking Aspen shareholder support for the holding of a court-ordered meeting of Aspen shareholders to approve a Scheme of Arrangement

- Commencing an exchange offer for all Aspen common shares reflecting the same economic terms as Endurance’s increased proposal

- Implementing a simplified and improved financing plan

Endurance has set a target date of July 25, 2014 for Aspen shareholders to vote on Endurance’s two proposals and urges Aspen shareholders to vote FOR Endurance’s two proposals on the WHITE card as soon as possible.

*Based on Endurance’s unaffected closing share price on April 11, 2014