EX-99.2 3 dex992.htm SLIDES FROM PRESENTATION BY MANAGEMENT Slides from Presentation by Management
I N S U R A N C E   /   R E I N S U R A N C E
B E R M U D A         I R E L A N D         U N I T E D   S T A T E S
MAX CAPITAL GROUP LTD.
Nasdaq: MXGL
Investor Presentation
Quarter
Ended
–
June
30,
2008
Exhibit 99.2

2
INFORMATION CONCERNING
FORWARD LOOKING STATEMENTS
This presentation includes statements about future economic performance, finances,
expectations, plans and prospects of the Company that constitute
forward-looking
statements for purposes of the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995. Such forward-looking statements are subject to certain
risks and uncertainties that could cause actual results to differ materially from those
suggested by such statements.
For further information regarding cautionary statements and factors affecting
future results, please refer to the Company’s
most recent
Annual Report on
Form 10-K
,
Quarterly Reports on Form 10-Q filed subsequent to the Annual Report
and other documents filed by the Company with the SEC. The Company undertakes
no obligation to update or revise publicly any forward-looking statement whether
as a result of new information, future developments or otherwise.

3
Max Capital Today
Global underwriter of specialty insurance and reinsurance focused on risk
adjusted returns and book value growth
Operating subsidiaries in Bermuda, Ireland and United States
Agreement to acquire Lloyd’s insurance operation announced July 2008 –
approvals pending
Highly
experienced
management
and
underwriting
teams
with
proven
track
record
through all market cycles
Diversified business mix balanced between insurance and reinsurance, long
and short tail exposures and geographic spread of risk
Growth through deliberate expansion of product lines with experienced teams
Strategic initiatives focus on value creation through all product cycles
Portfolio approach to risk through integration of asset / liabilities for all
transactions
Culture focused on risk and capital management
Custom pricing models for each class of business with emphasis on ROE
Total invested assets of $5.2 billion represents a 3.5:1 ratio of invested assets
to capital deployed in a risk averse, enhanced return investment
strategy
$1.5 billion of shareholders’
equity at June 30, 2008

4
Second Quarter 2008 Highlights
2008 Underwriting remains on plan
Life Reinsurance GPW:
$94 million       (YTD: $94 million)
Max Specialty GPW:
$52 million       (YTD: $81 million)
Net favorable development on prior period reserves of $36 million
Alternative Investments Return:  3.34%            (YTD: 1.16%)
HFRI Fund of Fund Index return: 1.81%               (YTD:  -2.54%)
$15 million returned to Shareholders
$10 million Share Repurchases                           (YTD: $103 million)                  
$5 million Dividend                                             
(YTD: $10 million)
Corporate Operations
Max
America
Insurance
Company,
a
U.S.
admitted
insurance
company
licensed
in
all
50 states, acquired June 2008
Max
Specialty
approved
on
a
non-admitted
basis
by
California
and
Colorado;
now
approved by 48 states
Agreement
to
acquire
Imagine
Lloyd’s
insurance
operation
announced
July
2008

5
Strategic Diversification & Expansion Of The Company
Property Insurance
2003
Casualty Insurance
Bermuda / Dublin
U.S. E&S insurance
Max USA $100m
Senior Debt Issue
U.S. admitted
insurance company
Lloyd’s operation
acquisition
agreement
Property / Cat
Reinsurance
$23.50 / share
Common Offering
Structured & Alternative
Life & Annuity
Insurance
Reinsurance
Specialty
MDS allocation %
0
200
400
600
800
1,000
1,200
1,400
2003
2004
2005
2006
2007
2008 Plan
32.2%
31.5%
31.8%
29.1%
23.5%
20.7%
0%
5%
10%
15%
20%
25%
30%
35%
40%
20.0%
2004
2005
2006
2007
2008

6
Identifying & Recruiting “Franchise Players”
Has Been
Instrumental In Our Success
Experienced &
highly quantitative
underwriting teams
Lead underwriters average over 20
years in the business
High percentage of employees hold
professional designations
2004
Property
2003
Excess Liability
Professional Liability
Medical Malpractice
Reinsurance
2005
Property / Property -
Cat Reinsurance
2006
Aviation
2007
U.S. Excess
& Surplus Property
Ocean Cargo / Inland
Marine
U.S. Casualty
Multi –
peril crop
2008
Lloyd’s*
Accident / Health
Reinsurance
Financial Institutions
Professional Indemnity
Property
* Approvals pending

7
Specialty Lines
Underwriting Operations
Operating Strategy
Diversified Product Offering
Enterprise Risk Management
Focused on niches / specialties
Opportunities that reward our  specialized knowledge
and relationships
Marketing and distribution efforts that emphasize building
brand awareness
Dedication to customer service
Expand Excess and Surplus lines business in the U.S.
Manage property catastrophe aggregate exposure on a
1:250 year basis not to exceed 25% of beginning year equity
2008 Target –
less than 20%
Target product classes where we can invest resources and
“intellectual capital,”
which leads to long–term franchise value
Strong balance sheet supported by prudent reserving
practices
Maintain financial strength ratings and pursue an upgrade
Reinsurance purchased to manage exposures and pricing
cycles
State-of-the-art systems, risk controls
Capital allocated to maximize return on every transaction

8
Seek to achieve high quality, stable and consistent ROEs
Target ROE of 15% over the market cycle
Operating ROE > 15% in 4 of last 5 fiscal years, 2005 positive ROE despite Hurricanes KRW
Compound annual ROE of 15.1% over last 5 years
Lower volatility of ROE
Do well in the good years -
15% to 20% ROE
Have a positive ROE in the bad years
Our most highly respected and valued competitors have high Sharpe ratios
Willing to trade some expected ROE for lower volatility of ROE
Financial Objective:
Grow Book Value / Create Shareholder Value
Our risk/reward profile is consistent with the profile of our strongest peer performers
Annual Data 2003 to 2007 plus 2008 Q1 annualized
0%
2%
4%
6%
8%
10%
12%
14%
16%
18%
20%
0%
5%
10%
15%
20%
25%
30%
35%
Std Deviation of ROE
ACGL
AXS
ACE
PRE
MXGL
TRH
RE
ENH
RNR
AWH
AHL
XL
IPCR
MRH
PTP

9
5 Years Of Growth:
Annualized ROE of 15.1%
*
Year
of
Hurricanes
KRW.
Max
was
one
of
the
few
insurance/reinsurance
companies
among
its
peers
that
were
profitable
in
2005.
Return on Shareholders’
Equity
Book Value Per Share
17.0%
0.9%
16.8%
20.4%
14.3%
$19.7
$20.16
$23.06
$27.54
$26.55
0%
5%
10%
15%
20%
25%
2004
2005*
2006
2007
Rolling 12
months at 6/30/2008
$0
$5
$10
$15
$20
$25
$30

10
Efficient Capital Management
Dividends
Repurchases   ($ in thousands)
Strong and flexible capital structure
2005: $258 million Equity Offering -
launched Property Cat Reinsurance Operations
2007: Max USA $100 million Senior Debt
Offering -
launched U.S. Excess and Surplus
Lines Insurance Company
Manage exposures to preserve capital
Opportunistic share repurchases
$76.2 million of Repurchase Authorization
as of June 30, 2008
Increased dividends each year since inception
($ in thousands)
Dividends
$ 61,872
Share Repurchases
251,118
Total
$312,990
2003-
2008 Summary
$3,788
$5,487
$8,955
$14,273
$19,164
$10,205
$3,095
$4,850
$7,360
$17,624
$114,755
$103,434
$0
$25,000
$50,000
$75,000
$100,000
$125,000
$150,000
2002
2003
2004
2006
2007
YTD 2008

11
Diversified Premium Mix:
A Key Differentiator
Property
Casualty
Insurance
Reinsurance
Incumbent (Re) Insurers
Class of 2001
Class of 2005
Max Capital Group Ltd.
ACE
XL
WTM
RE
TRH
PRE
AXS
ACGL
ENH
AHL
RNR
AWH
PTP
MRH
Lancashire
VR
IPCR
FSR
Note: Based on 2007 property and casualty gross premiums written. Certain allocations have been estimated.
Source: Merrill Lynch
to be updated

12
(+17%)
(-16%)
(-5%)
(+15%
to Plan)
$971
$820
$776
$831
$895
Diversified Revenue Sources / Product Lines
Non-recurring additional premiums on prior years’
contracts of $182 million
Total P&C Insurance / Reinsurance excluding Alternative Risk and non-
recurring additional premiums on prior years’
contracts (year-on-year change)
Included in 2004 P&C Reinsurance is GPW of $248m related
to Alternative Risk business
Revenue not dependent on single source
Capital & risk allocated rationally
P&C Annual Gross Premiums Written
($ in millions)
2004
2005
2006
2007
2008 YTD Actual
and Plan

13
P&C Insurance:
Bermuda / Dublin Niche –
Oriented Focus
Target:
Working layer excess business
Larger customer -
Fortune 1000
Customer-oriented approach:
Responsive and innovative
Consider toughest classes of
business
Offer multi-year programs
Flexible in program attachment points
Work with all leading brokers
Underwritten in Bermuda and Dublin
Sub-prime related reserves -
approximately $20 million
Combined ratio:
YTD 2008:      88%
2007:              86%
Gross Premiums Written
Rolling 12 Months at June 30, 2008
$374 million
By Exposure
Aviation
11%
Excess
Liability
35%
Professional
Liability
40%
Property
14%

14
P&C Reinsurance:
Bermuda / Dublin Diversification & Flexibility Emphasized
Target:
Working layer excess business /
quota share business
Specialty / niche focus
Customer-oriented approach:
Quick turnaround
Line-specific expertise
Net line underwriter (stability of capacity)
Cross-class capability
Modeling and structuring capabilities
Work with all leading brokers
Underwritten in Bermuda and Dublin
Combined ratio:
YTD 2008:        76%
2007:                 84%
By Exposure
Gross Premiums Written
Rolling 12 Months at June 30, 2008
$410 million
Agriculture
21%
Aviation
9%
General Liability
4%
Medical Malpractice
18%
Other
3%
Professional Liability
6%
Property
21%
Marine & Energy
7%
Whole Account
4%
Workers Compensation
7%

15
U.S.-
Based Growth Initiative:
Max Specialty Insurance Company / Max America Insurance Company
Commenced operations in 2007:
Nationwide underwriter of excess and surplus
lines niches based in Richmond, VA
Delaware licensed and approved on a non-
admitted basis in 48 other states
Brokerage and Contract Binding operations
Select group of national brokers and regional
MGA’s with 20+ years relationships
Current Products
Property-cat & non cat
Umbrella / xs Liability
Inland Marine / Ocean Cargo (New 2008)
Specialty Casualty (New 2008)
90 employees / 6 U.S. locations
Long-term underwriting objectives:
Products priced and underwritten so net
incurred loss ratios approximate 55%
Expense ratio:   approximately 35%
Combined ratio: approximately 85%
June 2008: Max America Insurance
Company acquired
U.S. admitted insurance company licensed in
all 50 states
Gross Premiums Written
Rolling 12 Months at June 30, 2008
$81 million
By Exposure
Property
60%
General
Casualty
27%
Marine
13%

16
Life Reinsurance:
Long-Tail, Reserve Buy-Out Business
Specialize in:
Investment spread business
In force, closed / ring-fenced books
Mortality, morbidity & longevity
Predictable cash flows
Asset heavy –
no interest sensitive
liabilities
Strategy:
Leveraging underwriting skills with low
volatility alternative investments
Focus on closed block reserve
buy-out  transactions
Almost no IBNR
Differentiated by:
Detailed data focus
Strong actuarial analysis
Bermuda efficiencies
Gross Premiums Written
Reserves & Deposits 6/30/2008
$1.4 billion
Number of Deals Written
2008 YTD
And Plan
0
50
100
150
200
250
300
350
2004
2005
2006
2007
$212
$275
$45
$302
3
3
1
6
US$ Millions
$150
Annuity
74%
Life
14%
Health
12%
1

17
Max Lloyd’s Ltd.:
Access to Direct & Reinsurance Markets Worldwide
Max entered into an agreement to acquire Imagine Group (UK) Limited (“Imagine Lloyd’s”)
from Imagine Insurance Company Limited (“Imagine”)
Subject to various regulatory approvals
Key acquisition terms
Total consideration of approximately £11 million
Max to replace Imagine Lloyd’s letters of credit totaling approximately £90 million that fund Lloyd’s
syndicate commitments
Imagine to provide 70% quota share reinsurance in respect of Syndicate 1400 for the 2007 and 2008
years of account until December 31, 2008. The liability of Imagine in respect of any one year of account
under this reinsurance arrangement is limited to150% of net premiums earned
Manages £198.8 million of capacity for 2008, of which 69% is capitalized by Imagine Group
(UK) Limited (Imagine) and 31% is capitalized by third party names
Offices in London, Copenhagen and Tokyo
Total staff of approximately 85
Anticipated transaction will close -
late Q3 or early Q4, 2008
Transaction expected to be accretive to 2009 results

18
Imagine Group (UK) Limited –
Organizational Structure
Imagine Syndicate
Management Limited
Syndicate 1400
Active Underwriter
Matthew Petzold
Property catastrophe
54%
Accident & health
28%
Financial institutions
18%
Total
100%
£125.0m
Imagine owned     £125.0  (100%)
Independent       
0.0
(0%)
Total
£125.0  (100%)
Syndicate 2525
Active Underwriter
David Dale
Public liability
50%
Employers’
liability
50%
Total                                
100%
£42.0m
Imagine owned
£0.9       (2%)
Independent 
41.1
(98%)
Total
£42.0   (100%)
Syndicate 2526
Active Underwriter
Andy Doré
Professional indemnity   
92%
Medical Malpractice          
8%
Total                                
100%
£31.8m
Imagine owned
£11.6      (36%)
Independent      
20.2
(64%)
Total
£31.8    (100%)
2008
Product
Focus
2008
Capacity
2008
Capacity
Provider
Iain
Bremner
—
Managing
Director
Lance
Gibbins
—
Finance
Director
Matthew
Petzold
—
Underwriting
Director
Imagine Underwriting
Services Limited
Imagine Group (UK)
Limited

19
2008 Projected Gross Premiums Written -
£77.5 million
Professional
Indemnity / Medical
Malpractice, 18%
Employers' Public
Liability, 1%
Property
Catastrophe, 44%
Financial
Institutions,
14%
Accident & Health,
23%
By Line of Business
Syndicate 2526
18%
Syndicate 2525
1%
Syndicate 1400
81%
By Syndicate
By Geography
North America
29%
Europe exc. UK
12%
UK 27%
Japan
8%
Caribbean
5%
Other
19%
Insurance
34%
Reinsurance
66%
By Contract Type

20
(£
in millions, 2008 projected)
Imagine Group (UK) Limited -
Financial Summary
(UK GAAP pro forma unaudited; excludes discontinued lines of business)
2006
2007
2008P
Gross premiums written
£68.8
£76.3
£77.5
(Imagine's share of syndicate business)
Net premiums written
49.7
63.3
64.3
Net premiums earned
42.0
60.5
67.8
Loss and loss adjustment expenses
10.9
20.5
30.0
Policy acquisition costs
7.2
12.9
15.9
Operating expenses
13.6
15.5
14.1
Total expenses
31.7
48.9
60.0
Underwriting income
£10.3
£11.6
£7.8
Loss ratio
26.0%
33.9%
44.2%
Expense ratio
49.5%
46.9%
44.2%
Combined ratio
75.5%
80.8%
88.4%
Years Ended Dec 31,

21
Diversified And Strategic Asset Allocation
Average quality of AA / Maximum Baa of 2%
Diversification by sector and issuer
No CDO’s, CLO’s, SIV’s
or other highly
structured securities
Duration and currency matched to liabilities
Portfolio externally managed by investment
managers who compete for assets based on
performance
Diversification by strategy with concentration
limits in any particular fund
Rapid liquidity required
Return objective –
300 bps over risk free rates
with bond like volatility
Rigorous manager selection and monitoring
process
Hedge fund accounting requires quarterly mark
to market to flow through operating income
Alternative investments part of “capital”
Fixed maturities portfolio supports reserves
Investment Portfolio:
Traditional      
Alternative
Allocation
80%                         20%
Target               80%                        20%
Opportunistic
Distressed
Diversified
Equity
Long / Short
Event Driven
Arbitrage
Global
Macro
Credit
Long / Short
Emerging
Markets
Fixed Income
Arbitrage
Tsy / Agy
Aaa
Aa
Baa
0%
5%
10%
15%
20%
25%
30%
35%
40%

22
Investment Strategy:
Risk Averse Enhanced Returns
Standard Deviation
60 Months
as of June 30, 2008
Max Fixed Maturities
Merrill Lynch Master Bond Index
MDS
(Max Fund of  Funds)
Max Total Portfolio
S&P 500
Annual Return
60 months
as of June 30, 2008
MFIX
MLMBI
MDS
SP500
MAX
9.5
9
8.5
8
7.5
7
6.5
6
5.5
5
4.5
4
3.5
3
2.5
2
1.5
1
0.5
0
3.38
3.96
9.30
6.91
5.43
MFIX
MLMBI
MDS
SP500
MAX
0
-0.5
-1
-1.5
-2
-2.5
-3
-3.5
-4
-4.5
-5
-5.5
-6
-6.5
-7
-7.5
-8
-8.5
-9
-9.5
-3.18
-3.66
-4.64
-9.44
-2.96

23
Investments With Exposure To Sub-prime And Alt-A
Significant and growing over-collateralization
Most with 30-50% over-collateralization
Over-collateralization on most is growing, and has increased in the last 3 months
Through June 30, 2008 default and delinquency rates currently averaging 20% for the entire
issue
At June 30, 2008, unrealized loss is approximately $6.0 million on subprime holdings
Alternative asset portfolio net short sub-prime at June 30, 2008
Based upon stress testing, we expect no principal losses from sub-prime-backed bonds
Fixed Maturities ($ millions)
Weighted
AA
Amortized
Fair Value
Average Life
Senior
Junior
Cost
As at June 30, 2008
Subprime exposure by vintage year
Pre-2005
3.4
2.4
$            
0.4
$         
6.3
$        
9.1
$           
8.6
$             
2005
3.6
2.0
$            
-
$        
3.4
$        
5.4
$           
4.4
$             
2006
2.2
29.3
$          
5.0
$         
-
$        
34.3
$         
30.2
$           
2007
2.9
2.5
$            
-
$        
-
$        
2.5
$           
2.1
$             
Total Subprime exposure
2.6
36.2
$          
5.4
$         
9.7
$        
51.3
$         
45.3
$           
Alt-A exposure by vintage year
Pre-2005
4.0
6.4
$            
-
$        
-
$        
6.4
$           
5.9
$             
2005
1.7
-
$            
18.2
$       
-
$        
18.2
$         
15.1
$           
2006
0.7
3.8
$            
7.7
$         
-
$        
11.5
$         
11.2
$           
2007
2.8
3.4
$            
-
$        
-
$        
3.4
$           
3.4
$             
Total Alt-A exposure
1.9
13.6
$          
25.9
$       
-
$        
39.5
$         
35.6
$           
Sub-prime and Alt-A exposure
2.3
49.8
$          
31.3
$       
9.7
$        
90.8
$         
80.9
$           
Credit rating
AAA

24
Profitable Financial Trends Despite Hurricanes in 2005
P&C Combined
$0
$200
$400
$600
$800
$1,000
$1,200
$1,400
2004
2005
2006
2007
Rolling 12 Months at 6/30/08
$1,044
Life $212
$1,246
Life $275
$865
Life $45
$1,078
Life $302
$1,299
Life $395
2004
2005
2006
2007
Rolling 12 Months at 6/30/08
Operating ROE
2004
2005
2006
2007
Rolling 12 Months at 6/30/08
0%
2004
2005
2006
2007
Rolling 12 Months at 6/30/08
94%
106%
86%
88%
83%
0%
20%
40%
60%
80%
100%
120%
$2.70
$0.19
$3.52
$4.81
$3.49
$0.00
$1.00
$2.00
$3.00
$4.00
$5.00
$6.00
15.8%
1.0%
17.3%
20.7%
14.5%
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
Operating Earnings Per Share (Diluted)
Gross Premiums Written

25
$903
$1,186
$1,390
$1,584
$1,490
$0
$200
$400
$600
$800
$1,000
$1,200
$1,400
$1,600
$1,800
0.12
0.18
0.24
0.32
0.36
$0.00
$0.05
$0.10
$0.15
$0.20
$0.25
$0.30
$0.35
$0.40
0
2004
2005
2006
2007
6/30/08
A Growing, Global Insurance / Reinsurance Company
$0
2004
2005
2006
2007
6/30/08
Invested Assets (Ratio to Shareholders’
Equity)
($ in millions)
Operating Cash Flow
Shareholders’
Equity (Book Value Per Share)
Dividends Per Share
2004
2005
2006
2007
Rolling 12 Months at 6/30/08
*Operating Cash Flow for 2007 and prior years has been adjusted to conform with the current presentation
$799
$447
$273
$252
$599
$0
$100
$200
$300
$400
$500
$600
$700
$800
$900
2004*
2005*
2006*
2007*
Rolling 12 months at 6/30/08
$3,515
$4,223
$4,536
$5,123
$5,237
$1,000
$2,000
$3,000
$4,000
$5,000
$6,000
(3.91)
(3:6:1)
(3.3:1)
(3.2:1)
(3.5:1)
($19.70)
($20.16)
($23.06)
($26.55)
($27.54)

Additional Financial Information

27
Gross Premiums Written
676
$        
1,078
$     
Net Premiums Earned
370
          
818
          
Net Investment Income
92
            
188
          
Net  Gains on Alternative Investments
14
            
187
          
Net Realized Losses on Sale of Fixed Maturities
-
               
(4)
             
Other Income
1
              
1
              
Total Revenues
477
          
1,190
       
Total Losses, Expenses & Taxes
395
          
887
          
Net Income
82
$          
303
$        
Property & Casualty Underwriting
Loss Ratio
62%
64%
Expense Ratio
22%
24%
Combined Ratio
84%
88%
YTD June 30, 2008 Results And 2007 Year -
End Results
December 31, 2007
($ in millions)
YTD
June 30, 2008

28
Cash & Fixed Maturities
4,188
$     
4,061
$     
Alternative Investments
1,049
       
1,062
       
Premium Receivables
567
          
433
          
Losses Recoverable
669
          
578
          
Other Assets
420
          
403
          
     Total Assets
6,893
$     
6,537
$     
Property & Casualty Losses
2,485
       
2,334
       
Life & Annuity Benefits
1,336
       
1,204
       
Deposit Liabilities
217
          
221
          
Funds Withheld
164
          
169
          
Unearned Premium
594
          
440
          
Bank Loan
330
          
330
          
Senior Notes
100
          
100
          
Other Liabilities
177
          
155
          
     Total Liabilites
5,403
$     
4,953
$     
Shareholders' Equity
1,490
       
1,584
       
6,893
$     
6,537
$     
Strong Balance Sheet
December 31, 2007
June 30, 2008
($ in millions)

29
Supplemental Investment Data –
June 30, 2008
Selected Investment Return Data:
Fair
Investment
Last
Year
Last
Last
Value*
Distribution
3 Months
to Date
12 months
60 months**
Cash and Fixed Maturities
4,187,991
$    
80.0%
-0.91%
0.49%
4.59%
3.38%
Commodity Trading Advisers
-
$              
0.0%
0.00%
0.00%
0.00%
4.57%
Distressed Securities
148,953
2.8%
2.56%
1.98%
7.70%
17.51%
Diversified Arbitrage
98,964
1.9%
-0.20%
-8.52%
-0.83%
5.06%
Emerging Markets
66,002
1.3%
2.76%
3.05%
8.01%
15.95%
Event-Driven Arbitrage
180,377
3.4%
9.44%
11.09%
24.59%
18.23%
Fixed Income Arbitrage
28,957
0.6%
0.85%
15.18%
34.19%
10.32%
Global Macro
90,033
1.7%
5.46%
5.36%
10.41%
8.26%
Long / Short Credit
44,362
0.8%
-0.06%
1.63%
-2.04%
9.58%
Long / Short Equity
350,926
6.7%
6.71%
-0.78%
11.58%
9.97%
Opportunistic
35,794
0.7%
-3.78%
-5.94%
-1.61%
19.26%
MDS ****
1,044,368
19.9%
3.33%
1.10%
6.50%
9.30%
Reinsurance Private Equity
4,651
0.1%
6.67%
18.06%
102.38%
10.52%
Alternative Investments
1,049,019
$    
20.0%
3.34%
1.16%
6.73%
8.62%
Total Investments
5,237,010
$    
100.0%
0.08%
0.69%
5.14%
5.43%
Alternative Investment Return Data ***:
HFRI Fund of Funds Index ^
1.81%
-2.54%
-0.35%
7.65%
MDS Performance History **** –60 months ended June 30, 2008
Largest monthly gain
4.15%
Largest monthly loss
(2.58%)
Largest quarterly gain
5.83%
Largest quarterly loss
(2.72%)
Average monthly gain
1.38%
Average monthly loss
(0.97%)
Average quarterly gain
3.42%
Average quarterly loss
(1.14%)
Months with a gain
44
Months with a loss
16
Quarters with a gain
15
Quarters with a loss
5
% of months with a gain
73%
Quarterly standard deviation
2.56%
% of quarters with a gain
75%
Annual standard deviation
4.64%
Largest drawdown *****
(5.04%)
Monthly performance
2003
2004
2005
2006
2007
2008
January
1.75%
0.16%
2.75%
1.28%
(1.37%)
February
1.28%
1.69%
0.39%
1.50%
1.83%
March
1.18%
(0.61%)
1.22%
1.90%
(2.58%)
April
0.03%
(0.65%)
1.89%
2.30%
(0.13%)
May
(0.87%)
(0.68%)
(1.74%)
2.59%
2.51%
June
0.70%
1.20%
(0.66%)
0.85%
0.93%
July
(0.24%)
0.03%
1.33%
(0.71%)
0.99%
August
0.96%
(0.02%)
0.98%
0.02%
(1.62%)
September
2.63%
0.04%
1.84%
(2.04%)
1.85%
October
0.98%
1.04%
(1.45%)
1.37%
4.15%
November
0.56%
2.54%
0.61%
1.81%
0.10%
December
1.85%
1.74%
1.37%
1.96%
(0.13%)
Quarterly performance
Q1
4.27%
1.22%
4.41%
4.75%
(2.15%)
Q2
(0.15%)
(0.14%)
(0.54%)
5.83%
3.33%
Q3
3.37%
0.06%
4.21%
(2.72%)
1.18%
Q4
3.43%
5.41%
0.51%
5.22%
4.11%
Period return
6.91%
9.81%
5.88%
6.30%
16.78%
1.10%
Past performance should not be considered to be a reliable indicator of futureperformance.
*   Expressed in thousands of United States Dollars
**  Annualized
*** The percentages shown under the alternative investment return data relate only to the performance of our alternative investments held by MDS.
**** Net of all fees
***** Largest drawdown represents the largest decline in value between two NAV peak values.
^  As reported by HFRI as at July 23, 2008
Periodic Rate of Return

I N S U R A N C E   /   R E I N S U R A N C E
B E R M U D A         I R E L A N D         U N I T E D   S T A T E S
MAX CAPITAL GROUP LTD.
Nasdaq: MXGL
Investor Presentation
Quarter
Ended
–
June
30,
2008