CAPITAL MANAGEMENT MAINTENANCE AGREEMENT BETWEEN PARTNERRE LTD. (Pembroke, Bermuda) AND Partner Reinsurance Asia Pte. Ltd. (Singapore)

1.OBLIGATION TO PROVIDE CAPITAL. PartnerRe agrees that it shall financially support PartnerRe Asia and shall from time to time make such capital contributions in cash or other acceptable form as may be necessary to maintain the Capital (as defined below) of PartnerRe Asia such that the Capital Adequacy Ratio (calculated under the prevailing solvency regime in Singapore) shall not fall below 150%. The “Capital” of PartnerRe Asia at any time shall mean shareholders equity, determined in accordance with accounting principles in Singapore during the period in which this Agreement is in effect. PartnerRe further agrees that following any material change in the method of calculating Capital, its obligation shall be to maintain the required level of capital under the revised method of calculation.

2.CAPITAL ADEQUACY RATIO. PartnerRe Asia shall, from time to time, calculate its Financial Resource in relation to its Total Risk Requirement in accordance with the prevailing MAS Insurance Act and Regulations (the “Capital Adequacy Ratio”). In the event that the Capital Adequacy Ratio is less than 150%, PartnerRe shall cause PartnerRe Asia to have sufficient funds to make whole any shortfall. PartnerRe or such designated subsidiary will make such Contribution within ninety (90) days after the determination that the Capital Adequacy Ratio is less than 150% and proper notice has been provided to PartnerRe.

3.AGGREGATE LIMIT. The sum of all Contributions made by PartnerRe under this Agreement shall in aggregate not exceed a total of USD$100 million during the entire period in which this Agreement is in effect.

4.WAIVERS. PartnerRe hereby waives any failure or delay on the part of PartnerRe Asia, in asserting or enforcing any of its rights or in making any claims or demands hereunder.

5.TERMINATION; AMENDMENT. Notwithstanding any provision to the contrary pursuant to this Agreement, this Agreement shall continue in full force and effect until the earlier of: (i) mutual agreement is reached between the parties to terminate the Agreement; (ii) PartnerRe contributes to PartnerRe Asia the full Aggregate Limit as provided in Article 3 herein; or (iii) PartnerRe terminates this Agreement immediately upon written notice to PartnerRe Asia in the event of the sale or transfer of a majority of PartnerRe Asia’s stock to an entity not affiliated with PartnerRe; or (iv) PartnerRe Asia achieves a rating of at least A+ from one or more rating agencies without reliance upon this Agreement.

This Agreement may be amended at any time by written amendment or agreement signed by all of the parties hereto.

In the event PartnerRe decides to either amend or terminate this Agreement as provided herein, PartnerRe shall provide written notice to PartnerRe Asia’s Compliance Manager within ten (10) days, at the address set forth below:

6.    NOTICES. Any notice, instruction, request, consent, demand, or other communication required or contemplated by this Agreement shall be communicated in writing and addressed as follows:

7.             ARBITRATION. All unresolved differences of opinion or all and any disputes between PartnerRe and PartnerRe Asia including its formation and validity shall be submitted to arbitration. The seat of the arbitration shall be Bermuda. The governing law of the arbitration shall be Bermuda. The arbitration shall be conducted in accordance with The Bermuda International Conciliation and Arbitration Act 1993.