8-K

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM 8–K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15 (d) OF THE

SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of Earliest Event Reported): January 30, 2004

Max Re Capital Ltd.

(Exact Name of Registrant as Specified in Charter)

Bermuda	000-33047	Not Applicable
(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(IRS Employer Identification No.)

Max Re House, 2 Front Street,
Hamilton HM 11, Bermuda
(Address of Principal Executive Offices)	(Zip Code)

Registrant’s telephone number, including area code (441) 296-8800

ITEM 5. Other Events and Required FD Disclosure

On January 30, 2004, the Registrant issued two news releases filed herewith as Exhibits 99.1 and 99.2, each of which is incorporated by reference herein.

ITEM 7. Financial Statements, Pro Forma Financial Information and Exhibits.

(a) Financial Statements of Business Acquired

None.

(b) Pro Forma Financial Information

None.

(c) Exhibits

99.1	News Release of Max Re Capital Ltd., dated January 30, 2004.
99.2	News Release of Max Re Capital Ltd., dated January 30, 2004
99.3	News Release of Max Re Capital Ltd., dated February 2, 2004

ITEM 12. Results of Operations and Financial Condition.

On February 2, 2004, the Registrant issued a news release filed herewith as Exhibit 99.3, which is incorporated by reference herein.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this Report to be signed on its behalf by the undersigned hereunto duly authorized.

	Max Re Capital Ltd. (Registrant)
Date: February 2, 2004	/s/    Robert J. Cooney
	Name:    Robert J. Cooney
	Title:      President and Chief Executive Officer

EX-99.1

EXHIBIT 99.1

MAX RE CAPITAL LTD. ANNOUNCES QUARTERLY DIVIDEND PAYMENT

Hamilton, Bermuda, January 30, 2004, Max Re Capital Ltd. (NASDAQ: MXRE; BSX: MXRE BH). The Board of Directors of Max Re Capital Ltd. declared a quarterly dividend of $0.03 per common share, at a meeting of the Board held today.

The dividend is payable on February 23, 2004 to shareholders of record on February 13, 2004.

Max Re Capital Ltd. through its principal operating subsidiaries, Max Re Ltd., Max Insurance Europe Limited and Max Re Europe Limited, offers customized risk financing solutions to property and casualty insurers, life and health insurers and large corporations.

The above remarks about future expectations, plans and prospects for the Company are forward-looking statements for purposes of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such 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 and other documents filed with the Securities and Exchange Commission. The Company undertakes no obligation to publicly update or revise any forward-looking statement whether as a result of new information, future developments or otherwise.

Contact Information:

Keith S. Hynes	N. James Tees
Executive Vice President & CFO	Senior Vice President & Treasurer
441-296-8800	441-296-8800
keithh@maxre.bm	jimt@maxre.bm

EX-99.2

Exhibit 99.2

MAX RE CAPITAL ANNOUNCES DIRECTOR RESIGNATION

HAMILTON, Bermuda, January 30, 2004 — Max Re Capital Ltd. (NASDAQ: MXRE; BSX: MXRE BH) today announced the resignation of Mr. Stephan Bub from the Company’s Board of Directors.

Mr. Bub’s resignation is occasioned by his desire to pursue other interests. Mr. Bub has been a director of the Company since May 2001.

Mr. Robert J. Cooney, Chairman, President & CEO stated “We are sorry to see Stephan leave. He has made a valuable contribution to the Company during the period he has been with us. We wish him well in his future endeavors.”

Max Re Capital Ltd. through its principal operating subsidiaries, Max Re Ltd., Max Insurance Europe Limited and Max Re Europe Limited offers customized risk financing solutions to life and health insurers, property and casualty insurers, and large corporations.

The above remarks about future expectations, plans and prospects for the Company are forward-looking statements for purposes of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements are subject to certain risks and uncertainties. The factors that could cause actual results to differ materially from those suggested by such statements include but are not limited to those discussed in the Company’s prospectus filed with the Securities and Exchange Commission. Max Re undertakes no obligation to publicly update or revise any forward-looking statement whether as a result of new information, future developments or otherwise.

Contact Information:

http://maxre.bm

Keith S. Hynes	N. James Tees
Executive Vice President & CFO	Senior Vice President & Treasurer
441-296-8800	441-296-8800
keithh@maxre.bm	jimt@maxre.bm

EX-99.3

EXHIBIT 99.3

MAX RE CAPITAL LTD. REPORTS FOURTH QUARTER NET INCOME OF $0.76 PER DILUTED SHARE:

Hamilton, Bermuda, February 2, 2004 — Max Re Capital Ltd. (NASDAQ: MXRE) today reported net income for the three months ended December 31, 2003 of $36.4 million, or net income of $0.76 per diluted share, compared to net income of $11.0 million, or net income of $0.29 per diluted share, for the three months ended December 31, 2002. Net operating income before minority interest, which represents net income before minority interest reduced by net realized gains on sale of fixed maturities, for the three months ended December 31, 2003 was $31.7 million, or net operating income of $0.66 per diluted share, compared with net operating income before minority interest of $10.7 million, or net operating income of $0.24 per diluted share, for the three months ended December 31, 2002.

For the year ended December 31, 2003, the Company had net income of $120.6 million, or net income of $2.84 per diluted share, compared to a net loss of $5.8 million, or a net loss of $0.15 per diluted share, for the year ended December 31, 2002. For the year ended December 31, 2003, the Company had net operating income before minority interest of $111.6 million, or net operating income of $2.42 per diluted share, compared to a net operating loss before minority interest of $12.5 million, or a net operating loss $0.27 per diluted share, for the year ended December 31, 2002.

Robert J. Cooney, Chairman, President and Chief Executive Officer, commented, “All aspects of our business performed well in 2003. We exceeded $1 billion in gross premiums written, our property and casualty business produced an underwriting profit, and our alternative investments returned 16.57%. All of these factors led to net operating income before minority interest of $111.6 million.”

Gross premiums written for the three months ended December 31, 2003 were $224.9 million, comprised of $116.6 million from property and casualty underwriting and $108.3 million from life and annuity underwriting, compared to $116.3 million, all from property and casualty underwriting, for the three months ended December 31, 2002. Net premiums earned for the three months ended December 31, 2003 were $261.4 million compared to $140.4 million for the same period of 2002. For the year ended December 31, 2003, gross premiums written were $1,009.8 million, comprised of $901.5 million from property and casualty underwriting and $108.3 million from life and annuity underwriting, compared to $647.4 million in the year ended December 31, 2002, comprised of $632.7 million from property and casualty underwriting and $14.7 million from life and annuity underwriting. Net premiums earned for the year ended December 31, 2003 were $727.2 million compared to $388.0 million for 2002.

Net investment income for the three months ended December 31, 2003, decreased to $16.7 million, from $24.8 million for the same period in 2002. Included within investment income for the three months ended December 31, 2002 is $9.8 million of interest on a reinsurance contract whereby experience on the contract resulted in the recognition of additional premiums and interest on those premiums. Net investment income for the year ended December 31, 2003 decreased to $60.1 million from $64.4 million for the same period in 2002. Net gains on alternative investments for the three months ended December 31, 2003 were $28.9 million, or a 3.4% rate of return, compared to net gains on alternative investments of $25.5 million, or a 4.1% rate of return, for the same period of 2002. For the year ended December 31, 2003, alternative investments have returned $124.0 million, or 16.6%, compared to $32.1 million, or 5.2%, for the same period in 2002. Invested assets were $2.6 billion as of December 31, 2003, with an allocation of approximately 68.5% to cash and fixed maturities and 31.5% to alternative investments.

Total revenue for the three months ended December 31, 2003 increased 64% to $317.1 million, compared to $193.8 million of total revenue for the same period in 2002. Growth in revenue in the three months to December 31, 2003 is principally attributable to an 86% increase in net premiums earned over the same period in 2002. Total revenue for the year ended December 31, 2003 increased 90% to $941.4 million from $496.1 million for 2002. The increase in net premiums earned and the improved performance on the alternative investments account for the increase in total revenues for the year ended December 31, 2003 compared to the same period in 2002.

Losses, benefits and experience refunds were $223.8 million for the three months ended December 31, 2003 compared to $131.1 million for the same period in 2002. The increase in losses, benefits and experience refunds for the three months ended December 31, 2003 is principally attributable to the increase in premiums earned. Losses, benefits and experience refunds for the year ended December 31, 2003 were $592.3 million compared to $361.0 million for the same period in 2002.

General and administrative expenses for the three months ended December 31, 2003 were $10.0 million compared to $5.9 million for the same period in 2002. General and administrative expenses for the year ended December 31, 2003 were $39.8 million compared to $21.3 million for the same period in 2002. The growth in general and administrative expenses resulted principally from expenses associated with establishing the Company’s insurance operations and expanding the Company’s traditional reinsurance staff. General and administrative expenses for the year ended December 31, 2003 were 5.5% of net premiums earned compared to 5.5% of net premiums earned for the year ended December 31, 2002.

Shareholders’ equity was $805.2 million at December 31, 2003. Shareholders’ equity reflects the exchange on July 30, 2003 of non-voting common shares of Max Re Ltd. and warrants to acquire non-voting common shares of Max Re Ltd., (which were accounted for as minority interest) for common shares of the Company and warrants to acquire common shares of the Company. Book value per share at December 31, 2003 was $17.82 per share, compared to $15.75 at December 31, 2002. Return on average shareholders’ equity for 2003 was 14.7%.

Max Re Capital Ltd., through its principal operating subsidiaries, Max Re Ltd., Max Insurance Europe Limited and Max Re Europe Limited, offers customized insurance and reinsurance solutions to property and casualty insurers, life and health insurers and large corporations.

The above remarks about future expectations, plans and prospects for the Company are forward-looking statements for purposes of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such 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 operating results, please refer to the Company’s most recent Annual Report on Form 10-K and other documents filed with the Securities and Exchange Commission. The Company undertakes no obligation to publicly update or revise any forward-looking statement whether as a result of new information, future developments or otherwise.

Contact Information:

Keith S. Hynes	N. James Tees
Executive Vice President & CFO	Senior Vice President & Treasurer
441-296-8800	441-296-8800
keithh@maxre.bm	jimt@maxre.bm

MAX RE CAPITAL LTD.

CONSOLIDATED BALANCE SHEETS

(Expressed in thousands of United States Dollars, except per share and share amounts)

	December 31, 2003			December 31, 2002
	(Unaudited)
ASSETS
Cash and cash equivalents	$	201,515		$	92,103
Fixed maturities, available for sale at fair value		1,604,430			1,279,564
Alternative investments, at fair value		831,359			653,165
Accrued interest income		14,608			12,304
Premiums receivable		389,393			190,214
Losses recoverable from reinsurers		273,711			212,241
Funds withheld		56			55,276
Deferred acquisition costs		87,116			79,447
Deferred charges		5,259			32,086
Prepaid reinsurance premiums		67,343			25,408
Other assets		20,769			11,633
Total assets	$	3,495,559		$	2,643,441
LIABILITIES
Property and casualty losses and experience refunds	$	991,687		$	778,069
Life and annuity benefits and experience refunds		480,099			405,008
Deposit liabilities		267,350			115,513
Funds withheld from reinsurers		213,483			152,172
Unearned property and casualty premiums		471,625			323,672
Reinsurance balances payable		74,693			42,264
Accounts payable and accrued expenses		41,392			16,019
Bank loan		150,000			100,000
Total liabilities		2,690,329			1,932,717
Minority interest		—			116,565
SHAREHOLDERS’ EQUITY
Preferred shares (par value $1.00) 20,000,000 shares authorized; no shares issued or outstanding		—			—
Common shares (par value $1.00) 200,000,000 shares authorized; 45,184,611 (2002 — 37,998,779) shares issued and outstanding		45,185			37,999
Additional paid-in capital		637,772			526,582
Loans receivable from common share sales		(11,965	)		(12,575	)
Unearned stock grant compensation		(4,032	)		(2,656	)
Accumulated other comprehensive income		25,790			49,108
Retained earnings (deficit)		112,480			(4,299	)
Total shareholders’ equity		805,230			594,159
Total liabilities, minority interest and shareholders’ equity	$	3,495,559		$	2,643,441

MAX RE CAPITAL LTD.

CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (Unaudited)

(Expressed in thousands of United States Dollars, except shares and per share amounts)

	Three Months Ended December 31						Years Ended December31
	2003			2002			2003			2002
REVENUES
Gross premiums written	$	224,858		$	116,294		$	1,009,779		$	647,390
Reinsurance premiums ceded		(51,954	)		(1,265	)		(154,574	)		(54,679	)
Net premiums written	$	172,904		$	115,029		$	855,205		$	592,711
Earned premiums	$	311,547		$	152,850		$	835,449		$	434,681
Earned premiums ceded		(50,122	)		(12,459	)		(108,245	)		(46,644	)
Net premiums earned		261,425			140,391			727,204			388,037
Net investment income		16,665			24,777			60,132			64,353
Net gains on alternative investments		28,873			25,461			124,036			32,127
Net realized gains on sale of fixed maturities		4,713			2,139			19,259			5,390
Other income		5,406			1,028			10,743			6,181
Total revenues		317,082			193,796			941,374			496,088
LOSSES AND EXPENSES
Losses, benefits and experience refunds		223,785			131,081			592,274			360,982
Acquisition costs		38,410			35,986			149,534			97,738
Interest expense		8,512			7,958			28,829			23,131
General and administrative expenses		9,970			5,883			39,845			21,337
Total losses and expenses		280,677			180,908			810,482			503,188
INCOME (LOSS) BEFORE MINORITY INTEREST		36,405			12,888			130,892			(7,100	)
Minority interest		—			(1,905	)		(10,325	)		1,346
NET INCOME (LOSS)		36,405			10,983			120,567			(5,754	)
Change in net unrealized appreciation of fixed maturities		(19,821	)		(3,889	)		(23,491	)		35,633
Foreign currency translation adjustment		173			—			173			—
COMPREHENSIVE INCOME	$	16,757		$	7,094		$	97,249		$	29,879
Basic earnings (loss) per share	$	0.81		$	0.29		$	2.91		$	(0.15	)
Diluted earnings (loss) per share	$	0.76		$	0.29		$	2.84		$	(0.15	)
Diluted net operating earnings (loss) per share	$	0.66		$	0.24		$	2.42		$	(0.27	)
Weighted average shares outstanding — basic		45,183,404			38,159,508			41,094,393			39,097,059
Weighted average shares outstanding — diluted		47,684,508			45,279,397			45,995,615			46,352,678

4

MAX RE CAPITAL LTD.

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (Unaudited)

(Expressed in thousands of United States Dollars)

	Years ended December 31,
	2003			2002
Preferred shares
Balance, beginning of year	$	—		$	—
Balance, end of year		—			—
Common shares
Balance, beginning of year		37,999			39,582
Issue of shares		371			262
Issue of shares on elimination of minority interest		7,120			—
Repurchase of shares		(305	)		(1,845	)
Balance, end of year		45,185			37,999
Additional paid-in capital
Balance, beginning of year		526,582			543,438
Issue of common shares		4,127			3,736
Issue of common shares on elimination of minority interest		110,285			—
Stock option expense		369			—
Distribution to shareholders		—			(1,534	)
Repurchase of shares		(3,591	)		(19,058	)
Balance, end of year		637,772			526,582
Loans receivable from common share sales
Balance, beginning of year		(12,575	)		(12,575	)
Loans granted		—			—
Loans repaid		610			—
Balance, end of year		(11,965	)		(12,575	)
Unearned stock grant compensation
Balance, beginning of year		(2,656	)		(2,894	)
Stock grants awarded		(3,740	)		(971	)
Amortization		2,364			1,209
Balance, end of year		(4,032	)		(2,656	)
Accumulated other comprehensive income
Balance, beginning of year		49,108			13,475
Holding gains (losses) on fixed maturities arising in year		(13,433	)		46,942
Net realized gains included in net income		(19,259	)		(5,390	)
Currency translation adjustments		173			—
Allocation to minority interest		6,504			(5,919	)
Holding gains transferred on elimination of minority interest		2,697			—
Balance, end of year		25,790			49,108
Retained earnings (deficit)
Balance, beginning of year		(4,299	)		3,044
Net income (loss)		120,567			(5,754	)
Dividends paid		(3,788	)		(1,589	)
Balance, end of year		112,480			(4,299	)
Total shareholders’ equity	$	805,230		$	594,159

MAX RE CAPITAL LTD.

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)

(Expressed in thousands of United States Dollars)

	Years Ended December 31
	2003			2002
OPERATING ACTIVITIES
Net income (loss)	$	120,567		$	(5,754	)
Adjustments to reconcile net income (loss) to net cash from operating activities:
Minority interest share of income (loss)		10,325			(1,346	)
Amortization of unearned stock based compensation		2,733			1,209
Amortization of discount on fixed maturities		5,986			1,378
Net realized gains on sale of fixed maturities		(19,259	)		(5,390	)
Net gains on alternative investments		(124,036	)		(32,127	)
Accrued interest income		(2,304	)		(1,408	)
Premiums receivable		(199,179	)		(100,607	)
Losses recoverable from reinsurers		(85,570	)		(38,578	)
Funds withheld		55,220			204
Deferred acquisition costs		(8,402	)		(39,612	)
Deferred charges		7,398			12,351
Prepaid reinsurance premiums		(45,979	)		(8,035	)
Other assets		(9,136	)		(4,558	)
Property and casualty losses and experience refunds		374,283			181,692
Life and annuity benefits and experience refunds		75,091			(18,759	)
Funds withheld from reinsurers		61,311			52,313
Unearned property and casualty premiums		174,916			212,709
Reinsurance balances payable		32,429			12,468
Accounts payable and accrued expenses		25,373			7,283
Cash from operating activities		451,767			225,433
INVESTING ACTIVITIES
Purchase of fixed maturities		(1,210,386	)		(746,259	)
Sales (purchases) of alternative investments		(54,524	)		7,936
Sales of fixed maturities		785,383			306,241
Redemptions of fixed maturities		83,407			88,905
Cash used in investing activities		(396,120	)		(343,177	)
FINANCING ACTIVITIES
Net proceeds from issuance of common shares		758			3,027
Repurchases of common shares		(3,896	)		(20,903	)
Proceeds from bank loan		50,000			100,000
Dividends and distributions		(3,788	)		(3,123	)
Distributions to / conversion of minority shareholders		(285	)		(3,600	)
Deposit liabilities, net		10,366			36,124
Notes and loans repaid		610			—
Cash from financing activities		53,765			111,525
Net increase (decrease) in cash and cash equivalents		109,412			(6,219	)
Cash and cash equivalents, beginning of year		92,103			98,322
CASH AND CASH EQUIVALENTS, END OF PERIOD	$	201,515		$	92,103

SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:

Interest paid totaled $3,370 and $2,176 for the years ended December 31, 2003 and 2002, respectively.

A non cash item that was an amendment to a reinsurance contract resulted in the following changes in the year ended December 31, 2003: decreased property and casualty losses and experience refunds by $160,665, decreased unearned property and casualty premiums by $26,963, decreased deferred charges by $19,429, decreased losses recoverable from reinsurers by $24,100, decreased prepaid reinsurance premiums by $4,044, decreased deferred acquisitions costs by $733 and increased deposit liabilities by $139,322.

Shareholders’ equity reflects the exchange on July 30, 2003 of non-voting common shares of Max Re Ltd. and warrants to acquire non-voting common shares of Max Re Ltd., (which were accounted for as minority interest) for common shares of the Company and warrants to acquire common shares of the Company. The exchange is a non cash item and has no effect on the Consolidated Statement of Cash Flows.

MAX RE CAPITAL LTD.

SCHEDULE OF SUPPLEMENTAL DATA — DECEMBER 31, 2003

Year to Date Segment Information:	Property & Casualty															Life & Annuity			Corporate		Consolidated
(in 000’s US$)	Structured Reinsurance			Traditional Reinsurance			Alternative Risk			Traditional Insurance			Total
Gross premiums written	$	236,173		$	318,624		$	183,519		$	163,213		$	901,529		$	108,250		$	—	$	1,009,779
Reinsurance premiums ceded		(41,294	)		(17,538	)		(17,100	)		(56,992	)		(132,924	)		(21,650	)		—		(154,574	)
Net premiums written	$	194,879		$	301,086		$	166,419		$	106,221		$	768,605		$	86,600		$	—	$	855,205
Earned premiums	$	266,748		$	204,098		$	190,270		$	66,083		$	727,199		$	108,250		$	—	$	835,449
Earned premiums ceded		(44,645	)		(8,074	)		(13,678	)		(20,198	)		(86,595	)		(21,650	)		—		(108,245	)
Net premiums earned		222,103			196,024			176,592			45,885			640,604			86,600			—		727,204
Net investment income		—			—			—			—			—			—			60,132		60,132
Net gains on alternative investments		—			—			—			—			—			—			124,036		124,036
Net realized gains on sales of fixed maturities		—			—			—			—			—			—			19,259		19,259
Other income		6,401			—			—			—			6,401			—			4,342		10,743
Total revenues		228,504			196,024			176,592			45,885			647,005			86,600			207,769		941,374
Losses, benefits and experience refunds		190,645			125,312			126,787			34,591			477,335			114,939			—		592,274
Acquisition costs		66,996			41,296			36,277			3,098			147,667			1,867			—		149,534
Interest expense		—			—			—			—			—			—			28,829		28,829
General and administrative expenses		3,540			3,226			2,630			4,907			14,303			4,486			21,056		39,845
Total losses and expenses		261,181			169,834			165,694			42,596			639,305			121,292			49,885		810,482
Net income (loss) before minority interest	$	(32,677	)	$	26,190		$	10,898		$	3,289		$	7,700		$	(34,692	)	$	157,884	$	130,892
Loss Ratio		85.8	%		63.9	%		71.8	%		75.4	%		74.5	%
Combined Ratio		117.6	%		86.6	%		93.8	%		92.8	%		99.8	%

	Fair Value*		Investment %’s		Periodic Rate of Return
Selected Investment Return Data:					Quarter Ended		Year Ended		Last 36 months**
Cash and Fixed Maturities	$	1,805,945	68.5	%	0.19	%	3.26	%	6.77	%
Global Macro	$	112,717	4.3	%	1.54	%	19.16	%	11.51	%
Long / Short Equity		71,657	2.7	%	4.42	%	17.92	%	3.45	%
Convertible Arbitrage		88,065	3.3	%	3.27	%	10.13	%	12.61	%
Diversified Arbitrage		117,728	2.5	%	3.07	%	10.06	%	9.86	%
Distressed Securities		132,276	5.0	%	10.57	%	42.85	%	18.43	%
Opportunistic		9,407	0.4	%	-3.92	%	3.24	%	5.42	%
Emerging Markets		58,358	2.2	%	5.51	%	25.92	%	15.06	%
Fixed Income Arbitrage		65,091	2.5	%	3.94	%	15.43	%	12.20	%
Event-Driven Arbitrage		47,414	1.8	%	7.94	%	24.90	%	10.71	%
Commodity Trading Advisers		52,576	2.0	%	-4.86	%	14.08	%	7.90	%
MDS		755,289	28.6	%	3.43	%	16.67	%	9.04	%
Insurance Underwriting		76,070	2.9	%	2.84	%	15.81	%	10.48	%
Alternative Investments	$	831,359	31.5	%	3.37	%	16.57	%	9.35	%
Total Investments	$	2,637,304	100.0	%	1.27	%	7.74	%	7.61	%
Comparative returns
Merrill Lynch Master Bond Index					0.28	%	4.12	%	7.59	%
Standard & Poors 500 Stock Index					12.17	%	28.67	%	-4.05	%
80% Merrill Lynch Master Index and 20% S&P Index					2.51	%	8.72	%	5.49	%

  * Expressed in thousands of United States Dollars

** Annualized