Master Confirmation of OTC Collared ASAP Minus Date: December 24, 2007 ML Ref: To: Attention: From: Max Capital Group Ltd. Peter Minton Merrill Lynch International (“MLI”) Merrill Lynch Financial Centre 2 King Edward Street London EC1A 1HQMax Capital Group Ltd. • December 28th, 2007 • Fire, marine & casualty insurance • New York
This Confirmation evidences a complete binding agreement between you and us as to the terms of the Transaction to which this Confirmation relates. This Confirmation (notwithstanding anything to the contrary herein), shall be subject to an agreement in the 1992 form of the ISDA Master Agreement (Multicurrency Cross Border) (the “Master Agreement” or “Agreement”) as if we had executed an agreement in such form (but without any Schedule and with elections specified in the “ISDA Master Agreement” Section of the Master Confirmation) on the Trade Date. In the event of any inconsistency between the provisions of that agreement and this Confirmation, this Confirmation will prevail for the purpose of the Transaction.
