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nt. United Kingdom Taxation of Validus Holdings and its Subsidiaries Certain of Validus Holdings' subsidiaries are incorporated and tax resident in the United Kingdom for United Kingdom corporation tax purposes. Such subsidiaries are subject to United Kingdom corporation tax on their worldwide profits, subject to
al Market Supervisory Authority ("FINMA"), and the offer of depositary shares has not been and will not be authorized under the Swiss Federal Act on Collective Investment Schemes ("CISA"). The investor protection afforded to acquirers of interests in collective investment schemes under the CISA does not extend to acquirers o
Notice to prospective Investors In the United Kingdom This document is only being distributed to and is only directed at (r) persons who are outside the United Kingdom or (ii) to investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, re
e Swiss Financial Market Supervisory Authority FINMA, and the offer of shares has not been and will not be authorized under the Swiss Federal Act on Collective Investment Schemes, or the CISA. The investor protection afforded to acquirers of interests in collective Investment schemes under the CISA does not extend to acquirer
e CISA does not extend to acquirers of securities. United Kingdom This prospectus is only being distributed to, and is only directed at, persons in the United Kingdom that are qualified investors within the meaning of Article 2(1Xe) of the Prospectus Directive that are also (i) investment professionals falling wit
iss Financial Market Supervisory Authority FINMA, and the offer of securities has not been and will not be authorized under the Swiss Federal Act on Collective Investment Schemes ("CISA"). The investor protection afforded to acquirers of interests in collective investment schemes under the CISA does not extend to acquirers of
of shares. Notice to Prospective Investors in the United Kingdom This prospectus is only being distributed to, and is only directed at. persons in the United Kingdom that are qualified investors within the meaning of Article 2(1Xe) of the Prospectus Directive that are also (i) investment professionals falling wi
inancial Market Supervisory Authority FINMA (FINMA). and the offer of shares has not been and will not be authorized under the Swiss Federal Act on Collective Investment Schemes (CISA"). The investor protection afforded to acquirers of interests in collective investment schemes under the CISA does not extend to acquirers of
Entities connected to both United Kingdom and Collective Investment Schemes

United States
LOCATIONthe European Economic Area
LOCATIONthe District of Columbia
LOCATIONthe Swiss Financial Market Supervisory Authority
ORGANIZATION
Fannie Mae
ORGANIZATIONProspectus
ORGANIZATIONthe SIX Swiss Exchange
ORGANIZATION