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Forward Looking Statements
Statements that are not historical facts – including statements about our beliefs, plans or expectations – are forward-looking statements. These statements are based on current plans, estimates and expectations, all of which involve risk and uncertainty. Statements that include the words "expect," "intend," "plan," "believe," "project," "anticipate," "will" or "may," or similar statements of a future or forward-looking nature, identify forward-looking statements. Actual results may differ materially from those included in such forward-looking statements, and therefore you should not place undue reliance on them. A non-exclusive list of the important factors that could cause actual results to differ materially from those in such forward-looking statements includes (a) changes in the size of New Ocean affiliates' claims relating to natural or man-made catastrophe losses due to the preliminary nature of some reports and estimates of loss and damage to date; (b) trends in rates for property and casualty insurance and reinsurance; (c) the timely and full recoverability of collateral placed by New Ocean affiliates with third parties or other amounts due to New Ocean; (d) New Ocean's ability to successfully implement its business strategy, especially during a "soft" market cycle; (e) greater frequency or severity of claims and loss activity than New Ocean affiliates' underwriting, reserving or investment practices anticipate based on historical experience or industry data; (f) changes in general economic conditions, including the effects of inflation and changes in interest rates, credit spreads, foreign currency exchange rates and future volatility in the world's credit, financial and capital markets that adversely affect the performance and valuation of New Ocean's investments or access to such markets, (g) the potential for changes to methodologies, estimations and assumptions that underlie the valuation of New Ocean's financial instruments that could result in changes to investment valuations; (h) the potential effect of regulatory developments in the jurisdictions in which XL operates, including regulatory developments that could impact the financial markets or increase New Ocean's business costs and required capital levels; (i) changes in applicable tax laws, tax treaties or tax regulations or the interpretation or enforcement thereof; and (j) the other factors set forth in each New Ocean fund's private placement memorandum. New Ocean undertakes no obligation to update publicly or revise any forward-looking statement, whether as a result of new information, future developments or otherwise.