From: jeffrey E. <[email protected]> Sent: Wednesday, June 14, 2017 2:28 PM To: Paul Barrett Cc: Richard Kahn Subject: Re: New Issue $25 Par. Validus Holdings, Ltd. (VR) Perpetual Preferred Stock; 5.875% Area; Fixed-for-Life do it On Wed, Jun 14, 2017 at 9:38 AM, Paul Barrett Can you get a bid. Want to sell now. Sent from my iPhone On Jun 1=, 2017, at 1:18 PM, Richard Kahn wrote: Fixed-for-Life Richard Kahn HBRK Associates=Inc. 575 Lexington Avenue, 4th Floor=/div> New York, NY 10022 Phone Fax Cell Begin forwarded message: wrote: From: "Atlas, Andrew S" Date: June 12, 2017 at 11:37:31=AM EDT To: Richard Kahn Subject:=RE: New Issue 525 Par: Validus Holdings, Ltd. (VR) Perpetual Preferred =took; 5.875% Area; Hey Ric=, EFTA_R1_01886988 EFTA02648222

40 Souther= Trust Co, bot 40k shares of Validas Holdings Preferred. Will circle=back as soon as I have final pricing. * Also ke=ping Evan abreast of all Southern Trust activity. * Thanks =gain, Andrew<=> * Andrew S. Atlas=u> First Vice President Equity Sales/Middle =arkets Group Financial Advisor<=> Morgan Stanley Wealth Management 1290 Avenue of the America=, 12th Floor I New York, NY 10104 Tel/Direct: I Fax: NMLS ID # 1326736=/u> * From: Richard =ahn Sent: Monday, June 12, 2017 11:27 AM To: Atlas, Andrew S (Wealth Mgmt MS) Subject: Re: New Issue $25 Par: Validus Holdings, Ltd. (VR) Perpetua= Preferred Stock; 5.875% Area; Fixed-for-Life Please put in for 1mm= Thank you. Richard Kahn HBRK Associates Inc. 2 EFTA_R1_01886989 EFTA02648223

575 Lexington Avenue, 4th Floor New York, NY 10022 Phone Fax Ce On Jun 12, 2017, at 11:25 AM, Atlas, Andrew S wrote: 525 Par=New Issue Syndicate Offering: Validus=Holdings, Ltd. (VR) 40, 40 <=span> Issuer:* 40 Validus Holdings, Ltd. (Ticker: VR) 4› 4> Securit=es Offered: 40 Depositary Shares Each Repres=nting a 1/1,000th Interest in a Share of % Non-Cumulative Preference Share=, Series B 4k 4> Size:4, 4> $150mm (6mm $25 per depositary share) 4), 40=M) Expecte= Ratings: 4> Baa3 (5)/ BBB—=(5) / BBB (5) Format:40 410 SEC Registe=ed Maturit=: I, Perpetual<=u> 40 4> Price G=idance: 5.875%=Area; Fixed-for-Life 4, 40 Offer P=ice: Q $25.00 per depositary share=u> 4, 40 3 EFTA_R1_01886990 EFTA02648224

Distrib=tions: 40 Payable when, as and if declared on the 15th of March, June, S=ptember and December beginning on 9/15/17, Fixed for life=/u> 4). 4P Redempt=on: 4> Callable at $25.00 per Depositary Share on or after 0=/20/2022 or at any time prior upon: -a Tax =vent or Capital Disqualification Event 4e-or under certain circumstances at $26.00 per Depositary 4, Share, see Red for details. 4> 4r 4, * 4> Q 4k 40 Use of =roceeds: 4> General Corpor=te Purposes 4> 40 QDI Eli=ible: 40 Yes, see Red for Tax and Withholding details ORD Eli=ible: 40 No Subject=to US Tax Withholding for NRA Clients: 4) .0=M) See Red for Tax and Withholding details* 4> 40 Expecte= Listing: 40 NYSE Timing:4> 4r Today4r=99s Business aspan> Andrew S. Atlas=/b> First Vice Presidentqa.pan> Equity Sales/Middle =arkets Group Financial Advisor<=> Morgan Stanley Wealth Management4=pan> 4 EFTA_R1_01886991 EFTA02648225

1290 Avenue of the America=, 12th Floor I New York, NY 10104</=> Tel/Direct: I Fax: NMLS ID # 1326736 c=span> From: Richard =ahn Sent: Monday, June 12, 2017 11:22 AM To: Atlas, Andrew S (Wealth Mgmt MS) Subject: Validus preferred Is this MS deal. If s= please send me info. Thanks. Richard Kahn HBRK Associates Inc. 575 Lexington Avenue, 4th Floor New York, NY 10022 Phone Fax Cell c=p> NOTICE: Morgan Stanley is not acting as a municipal ad=isor and the opinions or views contained herein are not intended to be, an= do not constitute, advice within the meaning of Section 975 of the Dodd- Frank Wall Street Reform and Consumer Protection Act. If y=u have received this communication in error, please destroy all electronic=and paper copies and notify the sender immediately. Mistransmission is not=intended to waive confidentiality or privilege. Morgan Stanley reserves the right, to the extent permitted u=der applicable law, to monitor electronic communications. This message is =ubject to terms available at the following link: http=//www.morganstanley.com/disclaimers <http://www.morganstanley.com/disclaimers> If you cannot access th=se links, please notify us by reply message and we will send the contents =o you. By communicating with Morgan Stanley you consent to the foregoing and to the voice recording of conversations with personnel of Mo=gan Stanley. <Validus 2017.06.12 - Preliminary Prospectus Supp=ement r58.pdf> 5 EFTA_R1_01886992 EFTA02648226

NOTICE:=20 Morgan Stanley is not acting as a municipal advisor and the opinions or vie=s contained herein are not intended to be, and do not constitute, advice with=n the meaning of Section 975 of the Dodd-Frank Wall Street Reform and Consume= Protection Act. If you have received this communication in error, please de=troy all electronic and paper copies and notify the sender immediately. Mistransmission is not intended to waive confidentiality or privilege. Morg=n Stanley reserves the right, to the extent permitted under applicable law, t= monitor electronic communications. This message is subject to terms availab=e at the following link: http://www.morganstanley.com/disclaimers <http://www.morganstanley.com/disclaimers> If =ou cannot access these links, please notify us by reply message and we will send the=20 contents to you. By communicating with Morgan Stanley you consent to the foregoing and to the voice recording of conversations with personnel of Mor=an Stanley. ple=se note The information contained in this communication is conf=dential, may be attorney-client privileged, may constitute inside infor=ation, and is intended only for the use of the addressee. It is the pro=erty of TEE Unauthorized use, disclosure or copying of this commu=ication or any part thereof is strictly prohibited and may be unlawful.=lf you have received this communication in error, please notify us imme=iately by return e-mail or by e-mail to [email protected] <mailto:jeevacation@g=ail.com> , and destroy this =ommunication and all copies thereof, including all attachments. copyrig=t -all rights reserved --94eb2c116180ccf2950551ec5a76-- conversation-id 41274 date-last-viewed 0 date-received 1497450461 flags 8590195713 gmail-label-ids 7 remote-id 721324 6 EFTA_R1_01886993 EFTA02648227