Epstein Secrets

n to the source of Validus Holdings' earnings and profits for the year in which the dividend is paid. Any amounts required to be included in a U.S. Holder's gross income under the CFC rules or the RPII rules described below, and any amounts treated as dividends under Section 1248 of the Code, would als

approved by any Swiss regulatory authority. In particular, this document will not be filed with, and the offer of shares will not be supervised by, the Swiss Financial 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 (

ES ACT AND THEREFORE MAY NOT BE TRANSFERRED BY A HOLDER THEREOF WITHIN THE U.S. OR TO A "U.S. PERSON" UNL

ISA"), the offering, sale and distribution of units in foreign collective investment schemes in or from Switzerland are subject to authorization by the Swiss Financial Market Supervisory Authority. The concept of "foreign collective investment schemes" covers, inter alia, foreign companies and similar schemes (including those created on the b

, Company Registration No. 199703364C). ABSL is a holder of a Capital Markets Services Licence issued by t

a company registered in Switzerland under company number CHE- 306.220.501. AllianceBernstein Schweiz AG is authorised and regulated in Switzerland by the Swiss Financial Market Supervisory Authority (FINMA) as a distributor of collective investment schemes. Swiss Representative & Swiss Paying Agent: BNP Paribas Securities Services, Paris, succurs