Validus 8-K Results of Operations and Financial Condition

Validus Holdings, Ltd September 30, 2008 GAAP investment portfolio in Schedule D-Part 1 format

1	2	Codes					6		7			FAIR VALUE				10			11			CHANGE IN BOOK/ADJUSTED CARRYING VALUE										INTEREST									DATES
		3	4		5							8	9									12			13			14		15		16		17		18	19		20		21	22
			FOREIGN		BOND		NAIC		ACTUAL			RATE USED TO OBTAIN	GAAP FAIR						GAAP						CURRENT YEAR			IMPAIR-		TOTAL FX CHG		INTEREST		EFFECTIVE		HOW	ACCRUED		GROSS REC’D
CUSIP	DESCRIPTION	*	CODE		CHAR		DESIG		COST			FAIR VALUE	MARKET VALUE			PAR VALUE			BOOK VALUE			UGL			AMORTIZATION			MENTS		IN B/A. C.V.		RATE		RATE OF		PAID	INTEREST		DURING YEAR		ACQUIRED	MATURITY
3128X4KF7	FHLMC AGENCY BND MTN							1		3,080,160.00				3,073,710.03			3,000,000.00			3,059,008.63			14,701.40			(21,076.00	)		—		0		4.75		3.708	MS		3,563.00		142,500.00			12282007
3128X65M4	FHLMC AGENCY BND MTN					1		1		10,800,000.00				10,749,131.89			10,800,000.00			10,800,000.00			(50,868.11	)		—			—		0		3.25		3.25	MS		27,300.00		175,500.00			4162008
31331TKB6	FEDERAL FARM CREDIT BANK AGENCY BND							1		11,187,396.00				10,959,840.00			10,800,000.00			11,113,958.35			(154,118.35	)		(73,438.00	)		—		0		4.1		2.662	MN		180,810.00		221,400.00			3252008
31331V4Q6	FEDERAL FARM CREDIT BANK AGENCY BND							1		6,019,931.00				6,204,773.88			6,000,000.00			6,012,267.90			192,505.98			(4,346.00	)		—		0		5		4.89	MS		8,333.00		300,000.00			5032007
31331XVG4	FEDERAL FARM CREDIT BANK AGENCY BND							1		2,031,020.00				2,015,845.66			2,000,000.00			2,013,174.00			2,671.66			(17,846.00	)		—		0		4.875		3.615	AO		45,500.00		48,750.00			1032008
31331Y3X6	FEDERAL FARM CREDIT BANK AGENCY BND							1		1,998,000.00				2,003,233.30			2,000,000.00			1,998,084.06			5,149.24			84.00			—		0		3.95		3.977	JJ		14,922.00		—			7302008
31331YJA9	FEDERAL FARM CREDIT BANK AGENCY BND							1		18,969,030.00				19,148,200.00			19,000,000.00			18,980,946.03			167,253.97			11,418.00			—		0		3.875		3.961	JD		212,694.00		368,125.00			12142007
31331YNJ5	FEDERAL FARM CREDIT BANK AGENCY BND							1		1,004,080.00				1,002,596.02			1,000,000.00			1,003,725.59			(1,129.57	)		(354.00	)		—		0		3.5		3.33	JJ		7,097.00		17,500.00			7072008
31331YR51	FEDERAL FARM CREDIT BANK AGENCY BND							1		990,190.00				997,753.04			1,000,000.00			990,636.12			7,116.92			446.00			—		0		4		4.224	MN		14,444.00		—			7072008
3133XCUR2	FHLB AGENCY BND							1		8,731,924.00				8,751,531.40			8,600,000.00			8,695,281.39			56,250.01			(34,464.00	)		—		0		4.5		3.902	MS		22,575.00		387,000.00			12132007
3133XDTA9	FHLB AGENCY BND							1		8,166,480.00				8,191,519.75			8,000,000.00			8,123,699.95			67,819.80			(39,893.00	)		—		0		4.75		4.006	JD		117,167.00		190,000.00			12102007
3133XG3W2	FHLB AGENCY BND							1		797,393.00				782,715.00			750,000.00			787,856.81			(5,141.81	)		(9,536.00	)		—		0		5.6		3.647	JD		10,850.00		21,000.00			1032008
3133XGYT5	FHLB AGENCY BND							1		1,292,650.00				1,273,999.98			1,250,000.00			1,277,060.83			(3,060.85	)		(15,589.00	)		—		0		5		3.137	JD		19,097.00		31,250.00			1142008
3133XJUS5	FHLB AGENCY BND							1		7,027,720.00				7,161,489.94			7,000,000.00			7,014,418.78			147,071.16			(7,059.00	)		—		0		5		4.851	MS		18,472.00		350,000.00			3192007
3133XMES6	FHLB AGENCY BND							1		20,084,720.00				20,419,400.00			20,000,000.00			20,060,113.44			359,286.56			(20,452.00	)		—		1187.5		4.375		4.221	AO		386,458.00		437,500.00			11022007
3133XS4S4	FHLB AGENCY BND							1		3,699,297.00				3,701,183.93			3,700,000.00			3,699,312.21			1,871.72			15.00			—		2375		3.625		3.631	MS		12,667.00		—			8282008
3134A3M78	FHLMC AGENCY BND							1		8,275,318.00				8,111,880.87			7,875,000.00			7,992,399.03			119,481.84			(87,956.00	)		—		0		6.625		5.007	MS		23,188.00		521,719.00			3272006
31359M7X5	FNMA AGENCY BND							1		3,188,535.00				3,067,049.79			3,000,000.00			3,187,643.34			(120,593.55	)		(892.00	)		—		0		5		4.129	MN		58,333.00		—			9112008
31359MMQ3	FNMA AGENCY BND							1		15,191,171.00				15,024,927.28			13,900,000.00			15,172,851.65			(147,924.37	)		(18,319.00	)		—		0		6.125		3.299	MS		37,839.00		425,688.00			9112008
31359MNU3	FNMA AGENCY BND							1		6,397,759.00				6,512,319.34			6,420,000.00			6,402,012.22			110,307.12			3,322.00			—		0		5.25		5.332	FA		56,175.00		337,050.00			11092007
3137EABA6	FHLMC AGENCY BND							1		5,587,993.00				5,369,623.64			5,200,000.00			5,586,265.88			(216,642.24	)		(1,727.00	)		—		0		5.125		4.139	MN		99,197.00		—			9112008
3137EABB4	FHLMC AGENCY BND							1		7,360,108.00				7,363,729.66			7,300,000.00			7,335,799.68			27,929.98			(22,011.00	)		—		0		4.125		3.69	MN		101,211.00		168,128.00			11302007
3137EABF5	FHLMC AGENCY BND							1		14,496,480.00				14,369,328.43			14,400,000.00			14,494,514.83			(125,186.40	)		(1,965.00	)		—		0		3.25		2.964	FA		46,800.00		—			9112008
3137EABK4	FHLMC AGENCY BND							1		9,562,265.00				9,445,450.54			9,575,000.00			9,564,296.30			(118,845.76	)		2,031.00			—		0		2.75		2.796	AO		129,462.00		—			4032008
31398AHZ8	FNMA AGENCY BND							1		26,460,984.00				26,892,579.74			26,000,000.00			26,387,843.87			504,735.87			(63,217.00	)		—		0		4.75		4.351	MN		452,833.00		617,500.00			11302007
31398ARH7	FNMA AGENCY BND							1		16,107,328.00				15,996,800.48			16,000,000.00			16,105,358.47			(108,557.99	)		(1,970.00	)		—		0		3.375		3.112	MN		198,000.00		—			9102008
31398ASH6	FNMA AGENCY BND					1		1		999,320.00				998,079.99			1,000,000.00			999,408.87			(1,328.88	)		89.00			—		0		3.55		3.586	JD		10,354.00		—			7022008
31398ATZ5	FNMA AGENCY BND							1		10,995,490.00				10,964,140.44			11,000,000.00			10,995,505.28			(31,364.84	)		15.00			—		0		2.875		2.896	AO		16,691.00		—			9102008
912803AT0	UNITED STATES TREASURY STRIPS PO							1		9,629,040.00				9,857,412.00			16,600,000.00			9,740,364.50			117,047.50			111,325.00			—		0		0		4.64	MAT		—		—			7242008
912810EZ7	UNITED STATES TREASURY GOVT BND							1		5,185,031.00				5,347,314.04			4,200,000.00			5,174,379.38			172,934.66			(10,652.00	)		—		0		6.625		4.722	FA		35,537.00		139,125.00			5302008
912828BM1	UNITED STATES TREASURY GOVT BND							1		12,781,133.00				12,992,330.26			13,000,000.00			12,992,863.45			(533.19	)		138,471.00			—		0		3.125		4.593	AO		187,585.00		203,125.00			8062007
912828BQ2	UNITED STATES TREASURY GOVT BND							1		6,543,539.00				6,618,545.87			6,600,000.00			6,593,995.85			24,550.02			36,388.00			—		0		3.375		4.134	MN		84,137.00		111,375.00			9142007
912828FS4	UNITED STATES TREASURY GOVT BND							1		3,229,336.00				3,200,819.79			3,000,000.00			3,187,241.49			13,578.30			(42,094.00	)		—		0		4.625		2.395	FA		11,882.00		138,750.00			1232008
912828FU9	UNITED STATES TREASURY GOVT BND							1		60,257,129.00				59,660,667.00			56,100,000.00			59,584,944.08			75,722.92			(672,185.00	)		—		0		4.5		2.342	MS		6,935.00		2,479,500.00			7292008
912828FW5	UNITED STATES TREASURY GOVT BND							1		4,230,469.00				4,268,959.96			4,000,000.00			4,216,650.10			52,309.86			(13,819.00	)		—		0		4.625		2.775	AO		77,842.00		—			7152008
912828GA2	UNITED STATES TREASURY GOVT BND							1		3,197,109.00				3,188,939.91			3,000,000.00			3,197,109.38			(8,169.47	)		—			—		0		4.5		2.331	MN		45,738.00		—			9302008
912828GC8	UNITED STATES TREASURY GOVT BND							1		3,286,406.00				3,201,749.94			3,000,000.00			3,245,972.79			(44,222.85	)		(40,433.00	)		—		0		4.625		2.004	JD		35,065.00		69,375.00			3072008
912828GF1	UNITED STATES TREASURY GOVT BND							1		5,394,141.00				5,358,700.20			5,000,000.00			5,349,109.67			9,590.53			(45,031.00	)		—		0		4.75		2.55	JJ		40,014.00		118,750.00			4172008
912828GZ7	UNITED STATES TREASURY GOVT BND							1		4,189,141.00				4,286,680.29			4,000,000.00			4,158,669.99			128,010.30			(28,605.00	)		—		0		4.625		3.509	JJ		31,168.00		185,000.00			12192007
912828HB9	UNITED STATES TREASURY GOVT BND							1		6,890,761.00				7,037,973.00			6,910,000.00			6,901,015.22			136,957.78			6,867.00			—		0		4		4.146	FA		23,670.00		276,400.00			8292007
912828HE3	UNITED STATES TREASURY GOVT BND							1		7,483,539.00				7,841,854.07			7,400,000.00			7,469,126.14			372,727.93			(11,653.00	)		—		0		4.25		3.995	MS		864.00		314,500.00			10252007
912828HF0	UNITED STATES TREASURY GOVT BND							1		44,245,699.00				44,866,898.12			44,100,000.00			44,180,061.69			686,836.43			(57,274.00	)		—		0		3.625		3.433	AO		668,990.00		799,313.00			11162007
912828HG8	UNITED STATES TREASURY GOVT BND							1		39,906,250.00				41,850,799.60			40,000,000.00			39,922,117.72			1,928,681.88			12,853.00			—		0		3.875		3.927	AO		648,641.00		775,000.00			11022007
912828HJ2	UNITED STATES TREASURY GOVT BND							1		42,949,112.00				43,468,423.71			42,900,000.00			42,929,215.42			539,208.29			(18,272.00	)		—		0		3.125		3.065	MN		450,538.00		670,313.00			12122007
912828HK9	UNITED STATES TREASURY GOVT BND							1		16,403,320.00				16,906,889.34			16,500,000.00			16,418,052.51			488,836.83			13,638.00			—		0		3.375		3.504	MN		187,147.00		278,438.00			12072007
912828HL7	UNITED STATES TREASURY GOVT BND							1		1,004,531.00				1,016,090.01			1,000,000.00			1,002,815.01			13,275.00			(1,716.00	)		—		0		3.25		3.01	JD		8,258.00		16,250.00			1022008
912828HM5	UNITED STATES TREASURY GOVT BND							1		4,115,625.00				4,141,960.16			4,000,000.00			4,106,427.16			35,533.00			(9,198.00	)		—		0		3.625		2.952	JD		36,844.00		72,500.00			5082008
912828HQ6	UNITED STATES TREASURY GOVT BND							1		23,195,703.00				23,169,995.09			23,100,000.00			23,189,731.23			(19,736.14	)		(5,945.00	)		—		0		2.875		2.778	JJ		111,891.00		332,063.00			7152008
912828HT0	UNITED STATES TREASURY GOVT BND							1		10,113,359.00				9,948,899.80			10,000,000.00			10,101,036.06			(152,136.26	)		(12,323.00	)		—		0		2.75		2.507	FA		23,550.00		137,500.00			3052008
912828HX1	UNITED STATES TREASURY GOVT BND							1		2,158,178.00				2,185,353.13			2,175,000.00			2,161,220.41			24,132.72			3,043.00			—		0		2.125		2.536	AO		19,342.00		—			5222008
912828HY9	UNITED STATES TREASURY GOVT BND							1		9,875,391.00				10,091,400.10			10,000,000.00			9,883,202.72			208,197.38			7,812.00			—		0		3.125		3.402	AO		130,774.00		—			5302008
912828JA9	UNITED STATES TREASURY GOVT BND							1		1,002,109.00				1,011,219.94			1,000,000.00			1,001,833.85			9,386.09			(276.00	)		—		0		2.625		2.512	MN		8,774.00		—			6052008
912828JB7	UNITED STATES TREASURY GOVT BND							1		30,266,002.00				31,107,842.24			30,350,000.00			30,273,123.69			834,718.55			7,122.00			—		0		3.5		3.557	MN		355,046.00		—			6122008
912828JC5	UNITED STATES TREASURY GOVT BND							1		2,017,344.00				2,033,940.12			2,000,000.00			2,015,505.73			18,434.39			(1,838.00	)		—		0		2.875		2.419	JD		14,531.00		—			7112008
912828JD3	UNITED STATES TREASURY GOVT BND							1		29,674,047.00				30,010,935.24			29,400,000.00			29,662,771.26			348,163.98			(11,275.00	)		—		0		3.375		3.164	JD		250,759.00		—			7242008
912828JF8	UNITED STATES TREASURY GOVT BND							1		2,007,969.00				2,031,640.02			2,000,000.00			2,007,350.16			24,289.86			(619.00	)		—		0		2.75		2.543	JJ		9,266.00		—			8012008
912828JH4	UNITED STATES TREASURY GOVT BND							1		811,625.00				810,999.94			800,000.00			811,625.01			(625.07	)		—			—		0		4		3.821	FA		4,087.00		—			9302008
912828JL5	UNITED STATES TREASURY GOVT BND							1		49,515,060.00				49,607,935.51			49,600,000.00			49,515,168.87			92,766.64			109.00			—		0		2		2.083	MS		2,725.00		—			9302008
912828JM3	UNITED STATES TREASURY GOVT BND							1		60,067,442.00				59,990,974.80			59,600,000.00			60,067,197.67			(76,222.87	)		(245.00	)		—		0		3.125		2.95	MS		5,203.00		—			9302008
36204J4C7	GNMA POOL # 371719					2		1		916,660.00				895,147.81			862,739.00			916,244.42			(21,096.61	)		(416.00	)		—		0		6.5		5.075	MON		4,673.00		—			9112008
36204SV60	GNMA POOL # 378737					2		1		744,248.00				724,029.62			700,469.00			743,899.30			(19,869.68	)		(349.00	)		—		0		6.5		5.037	MON		3,794.00		—			9112008
36205BKY7	GNMA POOL # 385611					2		1		761,925.00				744,043.86			717,106.00			761,572.16			(17,528.30	)		(353.00	)		—		0		6.5		5.052	MON		3,884.00		—			9112008
36225BPY8	GNMA POOL # 781339					2		1		536,530.00				532,332.16			486,097.00			535,695.89			(3,363.73	)		(834.00	)		—		0		8		6.914	MON		3,241.00		19,444.00			3072008
36225DAS3	GNMA POOL # 080916					2		1		523,390.00				518,048.33			525,937.00			523,404.82			(5,356.49	)		15.00			—		0		3.75		3.887	MON		1,644.00		9,533.00			4172008
36241KBP2	GNMA POOL # 781846					2		1		10,357,501.00				10,404,599.88			10,031,478.00			10,357,140.67			47,459.21			(360.00	)		—		0		6.5		6.224	MON		54,337.00		—			8152008
36241KEC8	GNMA POOL # 781931					2		1		7,050,253.00				7,069,530.85			6,828,332.00			7,049,453.04			20,077.81			(800.00	)		—		0		6.5		5.902	MON		36,987.00		—			8152008
36241KKB3	GNMA POOL # 782090					2		1		10,364,627.00				10,325,631.50			9,971,980.00			10,357,690.89			(32,059.39	)		(1,312.00	)		—		0		6.5		5.737	MON		54,015.00		486,134.00			11302007
36292DWW8	GNMA POOL # 646061					2		1		1,055,361.00				1,037,582.70			1,012,033.00			1,054,668.07			(17,085.37	)		(693.00	)		—		0		6.5		6.16	MON		5,482.00		38,373.00			1312008
36295KAT0	GNMA POOL # 672418					2		1		859,588.00				845,108.07			824,298.00			859,026.71			(13,918.64	)		(562.00	)		—		0		6.5		6.161	MON		4,465.00		31,255.00			1312008
36295TVQ4	GNMA POOL # 680223					2		1		466,773.00				458,909.49			447,609.00			466,468.99			(7,559.50	)		(304.00	)		—		0		6.5		6.161	MON		2,425.00		16,972.00			1312008
91086QAM0	UNITED MEXICAN STATES SENIOR CORP BND			F				2FE		1,235,938.00				1,248,125.00			1,250,000.00			1,249,785.62			(1,660.62	)		8,310.00			—		0		4.625		5.547	AO		27,782.00		28,906.00			6302007
F77540GQ3	RESEAU FERRE DE FRANCE CORP BND EMTN			D				1FE		3,727,555.00				3,373,041.66			3,386,655.00			3,728,762.65			(355,720.99	)		1,208.00			—		-346058		4.75		4.748	JAN		109,881.00		—			1162008
G92444AB7	UK CONV GILT GOVT BND			D				1FE		7,147,419.00				6,428,430.88			6,398,996.00			7,141,888.71			(713,457.83	)		(5,531.00	)		—		-720350		4.25		4.096	MS		18,030.00		140,239.00			3032008
G92450124	UK CONV GILT GOVT BND			D				1FE		8,537,837.00				7,618,067.60			7,525,504.00			8,522,841.32			(904,773.72	)		(14,996.00	)		—		-861050		4.5		4.05	MS		22,452.00		169,672.00			4022008
G92450H50	UNITED KINGDOM GOVT BND 144A			D				1FE		71,911,252.00				65,017,091.11			62,685,202.00			71,512,686.60			(6,495,595.49	)		(398,565.00	)		—		-6511394		5.25		4.157	JD		1,043,041.00		1,828,550.00			3032008
977056D31	WISCONSIN ST MUNI BND GO					1		1FE		5,131,104.00				5,131,104.00			4,800,000.00			5,131,104.00			—			—			—		0		5.75		2.95	MN		116,533.00		—			9302008
646135SG9	NEW JERSEY ST TRANSN TR FD AUT MUNI BND							1FE		9,915,300.00				9,898,650.00			9,000,000.00			9,911,501.15			(12,851.15	)		(3,799.00	)		—		0		6		3.085	JD		159,000.00		—			9182008
01F050411	FNMA TBA 15 YR					2		1FE		—							—						—			—			—		0		5		0	MON		—		—			0
01F0504A1	FNMA TBA 15 YR					2		1Z		(2,995,781.00	)			(2,980,312.50	)		(3,000,000.00	)		(2,995,781.25	)		15,468.75			—			—		0		5		5.013	MON		—		—			9232008
01F0526A5	FNMA TBA 30 YR					2		1Z		3,009,844.00				2,992,500.00			3,000,000.00			3,009,843.75			(17,343.75	)		—			—		0		5.5		5.493	MON		—		—			9232008
01F0606A8	FNMA TBA 30 YR					2		1Z		(1,014,063.00	)			(1,013,125.00	)		(1,000,000.00	)		(1,014,062.50	)		937.50			—			—		0		6		5.632	MON		—		—			9302008
01F0626A4	FNMA TBA 30 YR					2		1Z		40,149,375.00				39,999,375.00			39,000,000.00			40,149,375.00			(150,000.00	)		—			—		0		6.5		6.233	MON		—		—			9232008
01F070617	FNMA TBA 30 YR					2		1FE		—							—						—			—			—		0		7		0	MON		—		—			0
01F0706A7	FNMA TBA MBS					2		1		(41,797,813.00	)			(41,775,000.00	)		(40,000,000.00	)		(41,797,812.50	)		22,812.50			—			—		0		7		5.021	MON		—		—			9232008
3128JLHB8	FHLMC POOL # 1B1225					2		1		147,137.00				148,523.57			149,423.00			147,154.61			1,368.96			2.00			—		0		4.529		4.992	MON		564.00		4,260.00			4022007

1

Validus Holdings, Ltd September 30, 2008 GAAP investment portfolio in Schedule D-Part 1 format

1	2	Codes				6		7		FAIR VALUE			10		11		CHANGE IN BOOK/ADJUSTED CARRYING VALUE										INTEREST									DATES
		3	4	5						8	9						12			13			14		15		16		17		18	19		20		21	22
			FOREIGN	BOND		NAIC		ACTUAL		RATE USED TO OBTAIN	GAAP FAIR				GAAP					CURRENT YEAR			IMPAIR-		TOTAL FX CHG		INTEREST		EFFECTIVE		HOW	ACCRUED		GROSS REC’D
CUSIP	DESCRIPTION	*	CODE	CHAR		DESIG		COST		FAIR VALUE	MARKET VALUE		PAR VALUE		BOOK VALUE		UGL			AMORTIZATION			MENTS		IN B/A. C.V.		RATE		RATE OF		PAID	INTEREST		DURING YEAR		ACQUIRED	MATURITY
3128JM6N2	FHLMC POOL # 1B2776				2		1		517,962.00			522,721.75		523,352.00		517,991.63		4,730.12			8.00			—		0		4.331		4.542	MON		1,889.00		17,018.00			4022007
3128JM7E1	FHLMC POOL # 1B2792				2		1		353,744.00			357,044.53		357,425.00		353,763.87		3,280.66			5.00			—		0		4.351		4.563	MON		1,296.00		11,670.00			4022007
3128JMW45	FHLMC POOL # 1B2566				2		1		222,810.00			224,064.76		224,562.00		222,815.80		1,248.96			2.00			—		0		4.394		4.519	MON		822.00		7,396.00			4022007
3128JMXM4	FHLMC POOL # 1B2583				2		1		4,459,576.00			4,531,631.41		4,509,086.00		4,460,143.72		71,487.69			2.00			—		0		4.528		4.759	MON		17,014.00		136,029.00			9172008
3128JMY68	FHLMC POOL # 1B2632				2		1		259,170.00			263,062.97		261,207.00		259,176.86		3,886.11			2.00			—		0		4.353		4.479	MON		948.00		8,510.00			4032007
3128JMZG5	FHLMC POOL # 1B2642				2		1		353,283.00			355,229.14		356,060.00		353,291.42		1,937.72			2.00			—		0		4.479		4.602	MON		1,329.00		11,953.00			4022007
3128JNAL9	FHLMC POOL # 1B2810				2		1		444,971.00			448,174.63		449,602.00		444,995.45		3,179.18			6.00			—		0		4.431		4.644	MON		1,660.00		14,956.00			4022007
3128JRJS6	FHLMC POOL # 847473				2		1		5,559,756.00			5,597,283.68		5,582,434.00		5,559,664.65		37,619.03			(37.00	)		—		0		5.043		5.032	MON		23,460.00		210,928.00			9262007
3128JRKQ8	FHLMC POOL # 847503				2		1		2,282,807.00			2,383,488.97		2,337,408.00		2,283,435.94		100,053.03			68.00			—		0		4.766		5.457	MON		9,283.00		78,085.00			5312006
3128JRP26	FHLMC POOL # 847641				2		1		1,138,961.00			1,148,763.05		1,148,146.00		1,138,998.34		9,764.71			5.00			—		0		4.736		4.86	MON		4,531.00		40,784.00			11132006
3128JRP34	FHLMC POOL # 847642				2		1		262,591.00			267,550.09		266,066.00		262,613.32		4,936.77			(12.00	)		—		0		5.8		6.069	MON		1,286.00		10,569.00			11132006
3128JRPZ3	FHLMC POOL # 847640				2		1		1,163,410.00			1,177,646.69		1,169,786.00		1,163,380.86		14,265.83			(1.00	)		—		0		5.162		5.191	MON		5,032.00		45,385.00			11132006
3128KW5Q2	FHLMC GOLD POOL # A66255				2		1		4,713,900.00			4,726,228.69		4,660,378.00		4,713,017.03		13,211.66			(308.00	)		—		0		6		5.761	MON		23,302.00		209,717.00			11022007
3128KWNV1	FHLMC GOLD POOL # A65804				2		1		7,952,546.00			7,983,173.28		7,862,253.00		7,951,070.62		32,102.66			(505.00	)		—		0		6		5.775	MON		39,311.00		353,801.00			11022007
3128KWNX7	FHLMC GOLD POOL # A65806				2		1		8,339,492.00			8,371,609.00		8,244,806.00		8,337,929.62		33,679.38			(549.00	)		—		0		6		5.754	MON		41,224.00		371,016.00			11022007
3128M4HY2	FHLMC GOLD POOL # G02647				2		1		6,669,288.00			6,732,563.17		6,761,198.00		6,670,648.26		61,914.91			421.00			—		0		5.5		5.823	MON		30,989.00		278,899.00			4092007
3128M5HK9	FHLMC GOLD POOL # G03534				2		1		22,421,897.00			22,472,551.71		21,818,480.00		22,412,537.60		60,014.11			(3,196.00	)		—		0		6.5		5.798	MON		118,183.00		1,063,651.00			11062007
3128M6BW7	FHLMC GOLD POOL # G04253				2		1		—			—		—		—		—			—			—		0		6.5		0	MON		41,474.00		—			9292008
3128MBBR7	FHLMC GOLD POOL # G12548				2		1		5,689,703.00			5,720,238.20		5,677,284.00		5,688,188.23		32,049.97			(592.00	)		—		0		5.5		5.446	MON		26,021.00		234,188.00			3302007
3128MTB72	FHLMC GOLD POOL # H00962				2		1		967,115.00			964,797.06		948,515.00		966,797.42		(2,000.36	)		(7.00	)		—		0		6.5		5.941	MON		5,138.00		46,240.00			10312007
3128MTEE4	FHLMC GOLD POOL # H01033				2		1		21,311,223.00			21,260,140.04		20,901,360.00		21,304,462.48		(44,322.44	)		(405.00	)		—		0		6.5		5.98	MON		113,216.00		1,018,941.00			10312007
3128MTF29	FHLMC GOLD POOL # H01085				2		1		20,075,697.00			20,027,576.21		19,689,597.00		20,069,251.20		(41,674.99	)		(352.00	)		—		0		6.5		5.967	MON		106,652.00		959,868.00			10312007
3128NCB37	FHLMC POOL # 1G0058				2		1		606,909.00			610,805.11		608,335.00		606,884.20		3,920.91			(25.00	)		—		0		4.593		4.515	MON		2,328.00		—			9172008
3128NCBF0	FHLMC POOL # 1G0038				2		1		439,010.00			437,809.08		442,685.00		439,024.65		(1,215.57	)		3.00			—		0		4.361		4.515	MON		1,609.00		14,485.00			4022007
3128NCBW3	FHLMC POOL # 1G0053				2		1		527,929.00			527,152.38		533,424.00		527,957.89		(805.51	)		6.00			—		0		4.497		4.716	MON		1,999.00		18,005.00			4022007
3128NCD68	FHLMC POOL # 1G0125				2		1		5,720,190.00			5,807,827.53		5,842,517.00		5,721,829.59		85,997.94			286.00			—		0		4.329		4.937	MON		21,077.00		189,780.00			12132005
3128NCDH4	FHLMC POOL # 1G0104				2		1		216,818.00			216,223.26		218,633.00		216,824.50		(601.24	)		1.00			—		0		4.489		4.633	MON		818.00		7,296.00			4032007
3128NCMS0	FHLMC POOL # 1G0369				2		1		803,747.00			796,503.47		799,748.00		803,693.75		(7,190.28	)		(53.00	)		—		0		4.774		4.444	MON		3,176.00		—			8272008
3128QJ3B0	FHLMC POOL # 1G1694				2		1		5,373,441.00			5,467,278.84		5,454,189.00		5,373,868.01		93,410.83			44.00			—		0		5.276		5.611	MON		23,980.00		215,981.00			8102007
3128QJLG9	FHLMC POOL # 1G1227				2		1		1,437,659.00			1,434,064.72		1,409,469.00		1,437,283.73		(3,219.01	)		(375.00	)		—		0		6		4.799	MON		7,047.00		56,402.00			1042008
3128QJRN8	FHLMC POOL # 1G1393				2		1		4,214,052.00			4,240,167.78		4,179,441.00		4,212,377.09		27,790.69			665.00			—		0		5.923		5.523	MON		20,629.00		185,773.00			3302007
3128QPU59	FHLMC POOL # 1B7453				2		1		361,401.00			359,810.68		355,404.00		361,283.97		(1,473.29	)		2.00			—		0		6.013		5.22	MON		1,781.00		16,081.00			12132007
3128S4DP9	FHLMC POOL # 1Q0110				2		1		2,611,226.00			2,623,426.40		2,636,459.00		2,611,346.50		12,079.90			(26.00	)		—		0		4.959		5.124	MON		10,895.00		94,787.00			9272006
3128S4E86	FHLMC POOL # 1Q0159				2		1		414,578.00			417,500.35		419,682.00		414,606.74		2,893.61			(25.00	)		—		0		5.936		6.17	MON		2,076.00		17,351.00			11132006
31295NXK9	FHLMC POOL # 789682				2		1		77,874.00			78,450.58		78,324.00		77,871.59		578.99			4.00			—		0		5.308		5.338	MON		346.00		4,012.00			8102006
31342A6F1	FHLMC POOL # 780870				2		1		895,485.00			907,041.28		909,398.00		895,596.69		11,444.59			14.00			—		0		4.287		4.724	MON		3,249.00		24,237.00			4022007
31349SJK0	FHLMC POOL # 781166				2		1		1,839,781.00			1,858,688.65		1,870,246.00		1,840,141.12		18,547.53			82.00			—		0		4.201		4.644	MON		6,547.00		59,069.00			1092006
31349UCW6	FHLMC POOL # 782785				2		1		372,015.00			373,108.65		374,940.00		372,024.81		1,083.84			3.00			—		0		4.461		4.579	MON		1,394.00		12,548.00			4022007
31349UEJ3	FHLMC POOL # 782837				2		1		715,091.00			719,687.01		720,713.00		715,110.80		4,576.21			6.00			—		0		4.379		4.499	MON		2,630.00		23,647.00			4022007
31349UJL3	FHLMC GOLD POOL # 782967				2		1		250,163.00			250,440.51		253,932.00		250,162.78		277.73			—			—		0		4.397		4.734	MON		62.00		—			9302008
31349ULB2	FHLMC POOL # 783022				2		1		806,206.00			815,430.33		813,405.00		806,237.88		9,192.45			9.00			—		0		4.424		4.574	MON		2,999.00		26,964.00			4022007
31349ULF3	FHLMC POOL # 783026				2		1		449,647.00			455,821.57		454,327.00		449,672.31		6,149.26			6.00			—		0		4.425		4.634	MON		1,675.00		15,112.00			4022007
31371LNH8	FNMA POOL # 255192				2		1		3,704,823.00			3,822,377.10		3,838,884.00		3,725,718.05		96,659.05			8,827.00			—		0		4		5.386	MON		12,796.00		115,167.00			1032007
31371NAC9	FNMA POOL # 256603				2		1		3,126,401.00			3,149,998.33		3,123,472.00		3,126,231.35		23,766.98			(169.00	)		—		0		5.5		5.435	MON		14,316.00		14,316.00			7172008
31371NN68	FNMA POOL # 257013				2		1		51,831.00			52,249.06		52,570.00		51,835.06		414.00			4.00			—		0		5		5.327	MON		219.00		—			8222008
31371NNA9	FNMA MBS POOL				2		1		788,768.00			800,292.19		765,098.00		788,065.39		12,226.80			(557.00	)		—		0		7		5.349	MON		4,463.00		40,168.00			9272007
31371NYK5	FNMA POOL # 257314				2		1		953,785.00			961,474.23		967,389.00		953,856.72		7,617.51			72.00			—		0		5		5.304	MON		4,031.00		—			8222008
31371NZX6	FNMA POOL # 257358				2		1		49,296.00			49,693.05		49,999.00		49,299.34		393.71			4.00			—		0		5		5.303	MON		208.00		—			8222008
31379T6G4	FNMA POOL # 429371				2		1		68,427.00			69,041.70		68,988.00		68,460.15		581.55			33.00			—		0		5		5.249	MON		287.00		2,300.00			12142007
31385W6Z7	FNMA POOL # 555388				2		1		215,964.00			222,491.87		219,828.00		216,333.26		6,158.61			138.00			—		0		5.5		5.962	MON		1,008.00		9,068.00			6282006
31385XEW3	FNMA POOL # 555549				2		1		688,345.00			693,170.42		693,984.00		688,509.37		4,661.05			164.00			—		0		5		5.19	MON		2,892.00		23,133.00			12142007
31385XK48	FNMA POOL # 555715				2		1		253,070.00			256,041.69		255,329.00		253,088.73		2,952.96			6.00			—		0		4.586		4.832	MON		976.00		8,771.00			4022007
31388UJF8	FNMA POOL # 615062				2		1		314,213.00			323,709.98		319,835.00		314,822.45		8,887.53			222.00			—		0		5.5		6.001	MON		1,466.00		13,193.00			6282006
31389FPM8	FNMA POOL # 624228				2		1		198,078.00			204,065.52		201,623.00		198,466.33		5,599.19			142.00			—		0		5.5		5.996	MON		924.00		8,317.00			6282006
31389FQ62	FNMA POOL # 624277				2		1		145,997.00			150,410.04		148,609.00		146,289.75		4,120.29			109.00			—		0		5.5		5.986	MON		681.00		6,130.00			6282006
31391PUF1	FNMA POOL # 672982				2		1		759,745.00			769,415.53		765,969.00		759,934.37		9,481.16			189.00			—		0		5		5.199	MON		3,192.00		25,532.00			12142007
31400EGH7	FNMA POOL # 685200				2		1		609,203.00			613,473.55		614,193.00		609,353.28		4,120.27			150.00			—		0		5		5.192	MON		2,559.00		20,473.00			12142007
31400GJN6	FNMA POOL # 687069				2		1		2,106,807.00			2,118,905.85		2,111,095.00		2,105,753.71		13,152.14			(355.00	)		—		0		5.5		5.501	MON		9,676.00		87,083.00			4212006
31400PG58	FNMA POOL # 693320				2		1		127,550.00			128,265.38		128,671.00		127,563.32		702.06			(3.00	)		—		0		5.935		6.191	MON		636.00		5,543.00			8102006
31400QJ87	FNMA POOL # 694287				2		1		31,034.00			31,352.21		31,311.00		31,036.52		315.69			1.00			—		0		4.607		4.841	MON		120.00		1,082.00			4022007
31400SA33	FNMA POOL # 695826				2		1		569,096.00			573,085.09		573,757.00		569,225.40		3,859.69			130.00			—		0		5		5.205	MON		2,391.00		19,125.00			12142007
31401A3C9	FNMA POOL # 702895				2		1		721,056.00			729,288.36		726,962.00		721,227.04		8,061.32			172.00			—		0		5		5.197	MON		3,029.00		24,232.00			12142007
31401DVW8	FNMA POOL # 705429				2		1		318,977.00			322,049.87		322,695.00		319,038.42		3,011.45			(5.00	)		—		0		4.957		5.347	MON		1,333.00		11,422.00			8102006
31402DGQ7	FNMA POOL # 725707				2		1		2,367,124.00			2,379,318.37		2,386,515.00		2,367,610.61		11,707.76			486.00			—		0		5		5.183	MON		9,944.00		79,550.00			12142007
31402DLR9	FNMA POOL # 725836				2		1		1,887,888.00			1,902,058.17		1,903,053.00		1,888,137.79		13,920.38			(27.00	)		—		0		4.62		4.851	MON		7,327.00		65,448.00			9282007
31402DQB9	FNMA POOL # 725950				2		1		988,269.00			994,299.24		997,307.00		988,335.42		5,963.82			67.00			—		0		5		5.211	MON		4,155.00		4,155.00			7172008
31402HD32	FNMA POOL # 729222				2		1		4,720,462.00			4,748,781.28		4,772,645.00		4,721,129.80		27,651.48			177.00			—		0		4.544		4.833	MON		18,072.00		143,002.00			9172008
31402RB81	FNMA POOL # 735463				2		1		235,534.00			237,013.02		237,482.00		235,563.49		1,449.53			(21.00	)		—		0		5.4		5.615	MON		1,069.00		9,153.00			9282006
31402YSV7	FNMA POOL # 742232				2		1		25,325.00			25,795.46		25,718.00		25,328.55		466.91			—			—		0		5.375		5.984	MON		115.00		720.00			4022007
31403C2L4	FNMA POOL # 745179				2		1		2,528,538.00			2,546,263.92		2,549,251.00		2,529,074.08		17,189.84			536.00			—		0		5		5.187	MON		10,622.00		84,975.00			12142007
31403C3B5	FNMA POOL # 745194				2		1		1,209,455.00			1,246,012.20		1,231,096.00		1,211,289.14		34,723.06			708.00			—		0		5.5		5.931	MON		5,643.00		50,783.00			6282006
31403C3T6	FNMA POOL # 745210				2		1		2,338,613.00			2,409,300.07		2,380,457.00		2,342,213.93		67,086.14			1,360.00			—		0		5.5		5.946	MON		10,910.00		98,194.00			6282006
31403DCC1	FNMA POOL # 745367				2		1		1,107,922.00			1,141,409.54		1,127,745.00		1,109,658.09		31,751.45			660.00			—		0		5.5		5.945	MON		5,169.00		46,520.00			6282006
31403DCE7	FNMA POOL # 745369				2		1		1,423,768.00			1,431,102.56		1,435,431.00		1,424,048.48		7,054.08			280.00			—		0		5		5.181	MON		5,981.00		47,848.00			12142007
31403DCZ0	FNMA POOL # 745388				2		1		4,838,615.00			4,872,534.84		4,878,250.00		4,839,712.64		32,822.20			1,098.00			—		0		5		5.187	MON		20,326.00		162,608.00			12142007
31403DSK6	FNMA POOL # 745822				2		1		999,900.00			1,013,473.86		999,900.00		999,900.30		13,573.56			—			—		0		6		5.944	MON		5,000.00		—			8082008
31403DT82	FNMA POOL # 745875				2		1		101,105.00			99,866.76		97,300.00		101,061.20		(1,194.44	)		(44.00	)		—		0		6.5		5.533	MON		527.00		—			9082008
31403DVZ9	FNMA POOL # 745932				2		1		528,348.00			521,877.33		508,466.00		528,111.39		(6,234.06	)		(237.00	)		—		0		6.5		5.506	MON		2,754.00		—			9082008
31403H3P3	FNMA POOL # 749706				2		1		2,381,058.00			2,409,164.77		2,411,007.00		2,381,424.23		27,740.54			35.00			—		0		4.75		5.211	MON		9,590.00		80,996.00			5152006
31403KDB6	FNMA POOL # 750798				2		1		32,219.00			32,684.95		32,720.00		32,224.34		460.61			—			—		0		4.437		5.069	MON		121.00		985.00			4022007
31403VBR9	FNMA POOL # 758848				2		1		732,974.00			738,111.97		738,978.00		733,135.73		4,976.24			162.00			—		0		5		5.186	MON		3,079.00		24,633.00			12142007
31404CLB4	FNMA POOL # 764522				2		1		87,673.00			88,607.45		89,448.00		87,673.27		934.18			—			—		0		3.924		4.554	MON		20.00		—			9302008
31404LRF9	FNMA POOL # 771886				2		1		256,312.00			260,637.31		260,598.00		256,397.29		4,240.02			2.00			—		0		4.351		5.003	MON		945.00		8,349.00			8102006
31404NBP0	FNMA POOL # 773246				2		1		330,070.00			329,457.43		332,833.00		330,092.17		(634.74	)		5.00			—		0		4.293		4.522	MON		1,191.00		10,718.00			4022007
31404VGA0	FNMA POOL # 779693				2		1		2,052,983.00			2,081,155.29		2,072,412.00		2,053,207.65		27,947.64			33.00			—		0		4.79		5.083	MON		8,272.00		74,398.00			2242006

2

Validus Holdings, Ltd September 30, 2008 GAAP investment portfolio in Schedule D-Part 1 format

1	2	Codes					6		7		FAIR VALUE			10		11		CHANGE IN BOOK/ADJUSTED CARRYING VALUE										INTEREST									DATES
		3	4		5						8	9						12			13			14		15		16		17		18	19		20		21	22
			FOREIGN		BOND		NAIC		ACTUAL		RATE USED TO OBTAIN	GAAP FAIR				GAAP					CURRENT YEAR			IMPAIR-		TOTAL FX CHG		INTEREST		EFFECTIVE		HOW	ACCRUED		GROSS REC’D
CUSIP	DESCRIPTION	*	CODE		CHAR		DESIG		COST		FAIR VALUE	MARKET VALUE		PAR VALUE		BOOK VALUE		UGL			AMORTIZATION			MENTS		IN B/A. C.V.		RATE		RATE OF		PAID	INTEREST		DURING YEAR		ACQUIRED	MATURITY
31405AQ71	FNMA POOL # 783578					2		1		1,643,090.00			1,679,853.11		1,682,457.00		1,643,729.10		36,124.01			132.00			—		0		4.296		5.019	MON		6,023.00		54,158.00			2282006
31405GWJ5	FNMA POOL # 789149					2		1		10,376.00			10,492.55		10,524.00		10,377.37		115.18			1.00			—		0		5		5.374	MON		44.00		—			8222008
31405PAG5	FNMA POOL # 794807					2		1		410,056.00			410,200.25		408,940.00		410,043.24		157.01			(6.00	)		—		0		4.892		4.675	MON		1,667.00		19,819.00			6302007
31405UMM8	FNMA POOL # 799664					2		1		135,134.00			135,583.49		136,196.00		135,141.43		442.06			2.00			—		0		4.762		4.972	MON		540.00		4,871.00			4022007
31405UR84	FNMA POOL # 799811					2		1		397,802.00			390,188.22		396,763.00		397,788.80		(7,600.58	)		(7.00	)		—		0		5.93		5.716	MON		1,961.00		17,947.00			6302007
31405UTZ2	FNMA POOL # 799868					2		1		51,562.00			51,666.57		51,968.00		51,565.35		101.22			1.00			—		0		4.639		4.852	MON		201.00		1,809.00			4022007
31406BB90	FNMA POOL # 804764					2		1		561,852.00			561,300.14		566,269.00		561,884.33		(584.19	)		7.00			—		0		4.481		4.696	MON		2,115.00		19,031.00			4022007
31406BEZ9	FNMA POOL # 804852					2		1		474,012.00			474,562.77		477,738.00		474,039.36		523.41			6.00			—		0		4.529		4.74	MON		1,803.00		16,208.00			4022007
31406BJF8	FNMA POOL # 804962					2		1		582,181.00			582,506.31		586,758.00		582,214.51		291.80			8.00			—		0		4.452		4.667	MON		2,177.00		19,607.00			4022007
31406BQQ6	FNMA POOL # 805163					2		1		628,587.00			629,092.75		633,848.00		628,627.16		465.59			9.00			—		0		4.519		4.753	MON		2,387.00		21,455.00			4022007
31406DG67	FNMA POOL # 806721					2		1		988,025.00			992,700.33		995,792.00		988,081.18		4,619.15			11.00			—		0		4.559		4.785	MON		3,783.00		34,064.00			4022007
31406GLK3	FNMA POOL # 809530					2		1		153,129.00			153,578.96		154,214.00		153,140.32		438.64			(13.00	)		—		0		5.948		6.123	MON		764.00		6,712.00			9282006
31406MYP5	FNMA POOL # 814418					2		1		527,768.00			523,735.98		532,480.00		527,805.24		(4,069.26	)		7.00			—		0		4.41		4.66	MON		1,957.00		17,626.00			4022007
31406PKU2	FNMA POOL # 815807					2		1		566,643.00			567,845.12		572,050.00		566,724.70		1,120.42			(93.00	)		—		0		5.887		6.14	MON		2,812.00		24,199.00			9282006
31406TLC3	FNMA POOL # 819423					2		1		796,970.00			805,686.03		804,086.00		797,023.54		8,662.49			11.00			—		0		4.675		4.926	MON		3,133.00		28,125.00			4022007
31406VHE9	FNMA POOL # 821129					2		1		755,663.00			761,673.96		762,410.00		755,716.52		5,957.44			12.00			—		0		4.369		4.622	MON		2,776.00		25,064.00			4022007
31407CB89	FNMA POOL # 826363					2		1		3,322,645.00			3,376,601.66		3,381,021.00		3,323,482.12		53,119.54			115.00			—		0		4.427		5.044	MON		12,473.00		112,540.00			1262006
31407D5R2	FNMA POOL # 828056					2		1		1,060,207.00			1,052,566.68		1,045,665.00		1,059,791.45		(7,224.77	)		(415.00	)		—		0		4.865		4.36	MON		4,239.00		29,622.00			1312008
31407E6W8	FNMA POOL # 828985					2		1		1,298,155.00			1,333,953.80		1,342,846.00		1,298,880.00		35,073.80			138.00			—		0		4.039		5.139	MON		4,520.00		40,793.00			3162006
31407GC22	FNMA POOL # 829989					2		1		3,967,370.00			4,010,706.08		4,005,074.00		3,967,768.76		42,937.32			65.00			—		0		4.545		4.857	MON		15,166.00		136,183.00			1202006
31407JDD1	FNMA POOL # 831800					2		1		201,459.00			198,991.87		193,878.00		201,309.90		(2,318.03	)		(149.00	)		—		0		6.5		4.967	MON		1,050.00		—			9082008
31408C6D3	FNMA POOL # 847868			��		2		1		2,427,124.00			2,442,200.41		2,453,189.00		2,427,407.42		14,792.99			7.00			—		0		4.819		5.124	MON		9,850.00		87,945.00			5122006
31409UBQ7	FNMA POOL # 878547					2		1		2,010,232.00			2,026,901.30		2,026,459.00		2,010,368.90		16,532.40			2.00			—		0		5.065		5.332	MON		8,553.00		77,024.00			5042006
31410F3D5	FNMA POOL # 888296					2		1		208,187.00			205,637.62		200,353.00		208,066.84		(2,429.22	)		(121.00	)		—		0		6.5		5.265	MON		1,085.00		—			9082008
31410F6B6	FNMA POOL # 888366					2		1		13,471,005.00			13,637,735.78		13,054,641.00		13,463,535.60		174,200.18			(2,043.00	)		—		0		7		6.093	MON		76,152.00		659,335.00			8112008
31410F6C4	FNMA POOL # 888367					2		1		266,640.00			268,914.80		257,458.00		266,462.91		2,451.89			(17.00	)		—		0		7		5.747	MON		1,502.00		13,517.00			11212007
31410F6E0	FNMA POOL # 888369					2		1		24,206,614.00			24,564,768.38		23,514,478.00		24,193,169.34		371,599.04			(931.00	)		—		0		7		6.085	MON		137,168.00		1,234,510.00			11212007
31410FU60	FNMA POOL # 888105					2		1		1,987,144.00			2,004,762.47		2,003,422.00		1,987,632.73		17,129.74			488.00			—		0		5		5.138	MON		8,348.00		66,781.00			12142007
31410FYT6	FNMA POOL # 888222					2		1		999,901.00			1,013,474.33		999,901.00		999,900.77		13,573.56			—			—		0		6		5.989	MON		5,000.00		—			8082008
31410GC35	FNMA POOL # 888490					2		1		699,201.00			696,480.90		700,785.00		699,189.54		(2,708.64	)		(4.00	)		—		0		5.135		5.154	MON		2,999.00		26,591.00			6182007
31410GC50	FNMA POOL # 888492					2		1		252,142.00			251,670.93		251,663.00		252,123.17		(452.24	)		(3.00	)		—		0		5.083		4.919	MON		1,066.00		9,471.00			6182007
31410GD83	FNMA POOL # 888527					2		1		103,398.00			105,233.84		105,346.00		103,420.16		1,813.68			6.00			—		0		4.38		4.927	MON		385.00		3,468.00			6182007
31410GDC4	FNMA POOL # 888499					2		1		2,311,924.00			2,323,758.95		2,324,914.00		2,312,008.06		11,750.89			10.00			—		0		4.319		4.446	MON		8,368.00		74,891.00			6182007
31410GDF7	FNMA POOL # 888502					2		1		361,153.00			365,190.15		365,847.00		361,201.17		3,988.98			13.00			—		0		4.663		5.025	MON		1,422.00		12,802.00			6182007
31410GDL4	FNMA POOL # 888507					2		1		1,393,896.00			1,432,604.81		1,418,296.00		1,394,153.71		38,451.10			34.00			—		0		4.429		4.966	MON		5,235.00		47,132.00			6182007
31410GDM2	FNMA POOL # 888508					2		1		1,524,327.00			1,546,411.23		1,545,639.00		1,524,565.92		21,845.31			46.00			—		0		4.208		4.739	MON		5,421.00		48,868.00			6182007
31410GDQ3	FNMA POOL # 888511					2		1		240,815.00			241,350.33		243,002.00		240,835.13		515.20			3.00			—		0		4.338		4.629	MON		878.00		7,906.00			6182007
31410GDS9	FNMA POOL # 888513					2		1		323,119.00			324,913.83		324,811.00		323,128.24		1,785.59			1.00			—		0		4.41		4.533	MON		1,194.00		10,731.00			6182007
31410GDW0	FNMA POOL # 888517					2		1		3,266,222.00			3,316,964.49		3,296,854.00		3,266,461.36		50,503.13			29.00			—		0		5.076		5.372	MON		13,946.00		125,665.00			6182007
31410GDX8	FNMA POOL # 888518					2		1		422,083.00			422,578.02		423,440.00		422,079.18		498.84			(6.00	)		—		0		5.662		5.71	MON		1,998.00		16,961.00			6182007
31410GDY6	FNMA POOL # 888519					2		1		173,621.00			177,838.32		176,602.00		173,652.89		4,185.43			5.00			—		0		4.33		4.905	MON		637.00		5,732.00			6182007
31410GDZ3	FNMA POOL # 888520					2		1		1,724,249.00			1,722,748.79		1,735,238.00		1,724,328.80		(1,580.01	)		10.00			—		0		4.514		4.708	MON		6,527.00		55,922.00			6182007
31410GJ46	FNMA POOL # 888683					2		1		6,800,472.00			6,878,117.85		6,856,178.00		6,801,814.29		76,303.56			1,343.00			—		0		5		5.181	MON		28,567.00		228,539.00			12142007
31410GPR8	FNMA POOL # 888832					2		1		14,628,175.00			14,469,970.10		14,067,666.00		14,619,166.89		(149,196.79	)		(9,008.00	)		—		0		6.5		6.171	MON		76,200.00		533,399.00			1252008
31410GRK1	FNMA POOL # 888890					2		1		997,691.00			999,731.31		974,041.00		997,237.75		2,493.56			(374.00	)		—		0		6.5		5.55	MON		5,276.00		40,902.00			9052008
31410GW90	FNMA POOL# 889072					2		1		411,190.00			408,328.96		397,945.00		410,924.34		(2,595.38	)		(265.00	)		—		0		6.5		5.18	MON		2,156.00		—			9052008
31410KJY1	FNMA POOL # 889579					2		1		2,915,463.00			2,925,170.35		2,885,908.00		2,915,085.68		10,084.67			(377.00	)		—		0		6		5.765	MON		14,430.00		9,620.00			9082008
31410KMF8	FNMA POOL # 889658					2		1		42,589.00			42,292.10		41,217.00		42,566.53		(274.43	)		(23.00	)		—		0		6.5		5.389	MON		223.00		—			9052008
31410QRW3	FNMA POOL # 894301					2		1		5,957,800.00			6,055,271.71		5,779,014.00		5,954,456.48		100,815.23			(485.00	)		—		0		7		6.11	MON		33,711.00		303,398.00			9272007
31410UY48	FNMA POOL # 898131					2		1		32,797.00			33,111.76		31,667.00		32,776.75		335.01			(1.00	)		—		0		7		5.904	MON		185.00		1,663.00			11212007
31411DA33	FNMA POOL # 904626					2		1		5,377,890.00			5,407,565.51		5,352,382.00		5,377,217.14		30,348.37			(62.00	)		—		0		5.501		5.318	MON		24,536.00		220,973.00			12132006
31411GUY6	FNMA POOL # 907899					2		1		5,973,838.00			6,056,850.67		5,924,773.00		5,972,804.23		84,046.44			3.00			—		0		5.77		5.438	MON		28,488.00		256,380.00			12142006
31411KCZ4	FNMA POOL # 910088					2		1		11,312,042.00			11,370,449.28		11,206,977.00		11,310,872.35		59,576.93			(431.00	)		—		0		6		5.711	MON		56,035.00		504,314.00			3292007
31412LWW6	FNMA POOL # 928661					2		1		66,628.00			66,164.73		64,482.00		66,593.73		(429.00	)		(35.00	)		—		0		6.5		5.413	MON		349.00		—			9052008
31412LZT0	FNMA POOL # 928754					2		1		920,276.00			932,541.70		892,659.00		919,203.36		13,338.34			(530.00	)		—		0		7		4.809	MON		5,207.00		46,865.00			9272007
31412TA29	FNMA POOL # 933925					2		1		958,996.00			966,727.13		972,674.00		959,067.86		7,659.27			72.00			—		0		5		5.304	MON		4,053.00		—			8222008
31412WJ98	FNMA POOL # 936888					2		1		45,601.00			45,283.32		44,132.00		45,578.97		(295.65	)		(22.00	)		—		0		6.5		5.495	MON		239.00		—			9052008
31413CYS2	FNMA POOL # 941821					2		1		30,460.00			30,705.24		30,894.00		30,462.23		243.01			3.00			—		0		5		5.325	MON		129.00		—			8222008
31413GNG1	FNMA POOL # 945091					2		1		569,126.00			572,409.69		547,237.00		568,521.75		3,887.94			(604.00	)		—		0		7		4.849	MON		3,192.00		22,346.00			1032008
31413HV62	FNMA POOL # 946237					2		1		21,775.00			21,953.52		22,086.00		21,778.11		175.41			3.00			—		0		5		5.419	MON		92.00		—			8222008
31413LD63	FNMA POOL # 948425					2		1		64,989.00			64,536.98		62,896.00		64,953.76		(416.78	)		(35.00	)		—		0		6.5		5.365	MON		341.00		—			9052008
31413QTR9	FNMA POOL # 952460					2		1		87,442.00			86,833.21		84,625.00		87,400.25		(567.04	)		(41.00	)		—		0		6.5		5.498	MON		458.00		—			9052008
31413REJ1	FNMA POOL # 952937					2		1		42,831.00			42,533.00		41,451.00		42,803.76		(270.76	)		(27.00	)		—		0		6.5		5.198	MON		225.00		—			9052008
31413URH4	FNMA POOL # 955988					2		1		53,992.00			53,632.87		52,253.00		53,956.47		(323.60	)		(36.00	)		—		0		6.5		5.14	MON		283.00		—			9052008
31414DZQ2	FNMA POOL # 963451					2		1		27,850.00			28,074.10		28,247.00		27,851.84		222.26			2.00			—		0		5		5.318	MON		118.00		—			8222008
31414EFY5	FNMA POOL # 963783					2		1		48,228.00			48,616.49		48,916.00		48,231.38		385.11			4.00			—		0		5		5.308	MON		204.00		—			8222008
31414EMW1	FNMA POOL # 963973					2		1		24,637.00			24,835.87		24,989.00		24,639.11		196.76			2.00			—		0		5		5.304	MON		104.00		—			8222008
31414FU33	FNMA POOL # 965102					2		1		953,064.00			960,747.60		966,658.00		953,135.17		7,612.43			71.00			—		0		5		5.303	MON		4,028.00		—			8222008
31414GWP0	FNMA POOL # 966054					2		1		876,387.00			883,452.63		888,887.00		876,455.58		6,997.05			68.00			—		0		5		5.311	MON		3,704.00		—			8222008
31414HNC7	FNMA POOL # 966687					2		1		57,719.00			58,184.14		58,542.00		57,723.18		460.96			4.00			—		0		5		5.306	MON		244.00		—			8222008
31414MDQ6	FNMA POOL # 970011					2		1		47,487.00			47,869.59		48,164.00		47,490.44		379.15			4.00			—		0		5		5.31	MON		201.00		—			8222008
31414RJP1	FNMA POOL # 973770					2		1		948,845.00			961,070.83		985,053.00		949,152.19		11,918.64			307.00			—		0		5		5.679	MON		4,104.00		20,522.00			3102008
31414RML6	FNMA POOL # 973863					2		1		35,190.00			35,474.04		35,692.00		35,192.98		281.06			3.00			—		0		5		5.303	MON		149.00		—			8222008
31414TUV1	FNMA POOL # 975896					2		1		888,414.00			895,576.36		901,086.00		888,478.10		7,098.26			64.00			—		0		5		5.296	MON		3,755.00		—			8222008
31415A5X5	FNMA POOL # 981562					2		1		964,148.00			971,920.44		977,899.00		964,223.56		7,696.88			76.00			—		0		5		5.313	MON		4,075.00		—			8222008
31415BFP9	FNMA POOL # 981774					2		1		30,551.00			30,797.67		30,987.00		30,553.79		243.88			2.00			—		0		5		5.315	MON		129.00		—			8222008
31415BT33	FNMA POOL # 982170					2		1		896,479.00			903,706.32		909,266.00		896,546.71		7,159.61			68.00			—		0		5		5.305	MON		3,789.00		—			8222008
31415LVY0	FNMA POOL # 983631					2		1		40,323.00			40,648.08		40,898.00		40,326.25		321.83			3.00			—		0		5		5.317	MON		170.00		—			8222008
31415MDG7	FNMA POOL # 984003					2		1		10,016,367.00			10,298,266.38		10,317,841.00		10,017,905.09		280,361.29			1,538.00			—		0		5.5		5.999	MON		47,290.00		47,290.00			7252008
31415MZE8	FNMA POOL # 984641					2		1		928,130.00			935,612.51		941,368.00		928,201.14		7,411.37			71.00			—		0		5		5.308	MON		3,922.00		—			8222008
31415RBS2	FNMA POOL # 986649					2		1		67,112.00			66,645.42		64,951.00		67,085.55		(440.13	)		(27.00	)		—		0		6.5		5.633	MON		352.00		—			9052008
31415SU83	FNMA POOL # 988107					2		1		25,912.00			26,121.22		26,282.00		25,914.41		206.81			2.00			—		0		5		5.317	MON		110.00		—			8222008
31415TN55	FNMA POOL # 988812					2		1		41,971.00			42,309.80		42,570.00		41,974.61		335.19			3.00			—		0		5		5.305	MON		177.00		—			8222008
31415VXG5	FNMA POOL # 990879					2		1		910,424.00			917,763.31		923,409.00		910,492.23		7,271.08			69.00			—		0		5		5.305	MON		3,848.00		—			8222008
36186MAA9	GMACM_07-HE3 ABS 07-HE3					2		1		814,511.00			442,902.19		812,986.00		813,884.76		(370,982.57	)		(433.00	)		—		0		7		6.904	MON		4,742.00		42,682.00			10232007

3

Validus Holdings, Ltd September 30, 2008 GAAP investment portfolio in Schedule D-Part 1 format

																																							��
1	2	Codes					6			7		FAIR VALUE			10		11		CHANGE IN BOOK/ADJUSTED CARRYING VALUE										INTEREST									DATES
		3	4		5							8	9						12			13			14		15		16		17		18	19		20		21		22
			FOREIGN		BOND		NAIC			ACTUAL		RATE USED TO OBTAIN	GAAP FAIR				GAAP					CURRENT YEAR			IMPAIR-		TOTAL FX CHG		INTEREST		EFFECTIVE		HOW	ACCRUED		GROSS REC’D
CUSIP	DESCRIPTION	*	CODE		CHAR		DESIG			COST		FAIR VALUE	MARKET VALUE		PAR VALUE		BOOK VALUE		UGL			AMORTIZATION			MENTS		IN B/A. C.V.		RATE		RATE OF		PAID	INTEREST		DURING YEAR		ACQUIRED		MATURITY
36186MAC5	GMACM_07-HE3 ABS 07-HE3 2A1					2		1			828,412.00			507,218.01		826,861.00		827,805.58		(320,587.57	)		(414.00	)		—		0		7		6.912	MON		4,823.00		43,410.00				10232007
3133TJP56	FHLMC CMO AGENCY CMO 2130 QS					2		1			4,252,303.00			4,319,354.75		4,193,334.00		4,249,658.35		69,696.40			(942.00	)		—		0		6		5.736	MON		20,967.00		188,700.00				2062007
31393TPM2	FNMA AGENCY CMO 03-97					2		1			46,107.00			46,289.13		46,230.00		46,106.77		182.36			—			—		0		5.5		5.342	MON		14.00		—				9302008
31393YFB6	FNMA AGENCY CMO 04-28 PB					2		1			207,183.00			205,873.58		204,341.00		206,288.02		(414.44	)		(895.00	)		—		0		6		4.586	MON		1,022.00		8,174.00				1142008
31394BPP3	FNMA AGENCY CMO 04-88 HA					2		1			191,245.00			191,012.93		184,945.00		190,765.34		247.59			(479.00	)		—		0		6.5		5.148	MON		1,002.00		8,014.00				1142008
31394CVB5	FNMA_05-15 AGENCY CMO 05-15					2		1			5,246,608.00			5,312,358.40		5,292,511.00		5,253,790.13		58,568.27			2,564.00			—		0		5		5.258	MON		22,052.00		198,469.00				5242007
31394DA42	FNMA AGENCY CMO 05-48					2		1			430,431.00			434,080.19		427,359.00		430,225.80		3,854.39			(192.00	)		—		0		5.5		5.291	MON		1,959.00		17,629.00				12202007
31395BH89	FNMA_06-10 AGENCY CMO 06-26					2		1			1,193,347.00			1,192,305.13		1,178,313.00		1,190,141.00		2,164.13			(3,206.00	)		—		0		5.5		4.548	MON		4,486.00		35,369.00				9302008
31396CLF5	FHLMC AGENCY CMO_3054 DW					2		1			252,350.00			254,407.84		253,300.00		252,360.25		2,047.59			10.00			—		0		5.5		5.611	MON		1,161.00		3,483.00				6172008
31396GL41	FHLMC_3084 AGENCY CMO 3101-PA					2		1	��		4,217,093.00			4,239,391.82		4,197,418.00		4,207,459.23		31,932.59			(4,846.00	)		—		0		5.5		5.187	MON		19,238.00		173,144.00				3232007
31396GSK8	FHLMC AGENCY CMO 3098					2		1			2,859,054.00			2,866,668.64		2,866,669.00		2,859,977.40		6,691.24			241.00			—		0		5		5.082	MON		11,944.00		107,500.00				1302006
31396GU58	FHLMC AGENCY CMO 3099					2		1			2,834,980.00			2,852,301.66		2,842,530.00		2,835,910.87		16,390.79			300.00			—		0		5		5.083	MON		11,844.00		106,595.00				1302006
31396H6B0	FHLMC AGENCY CMO 3102					2		1			3,771,176.00			3,798,130.73		3,775,712.00		3,774,593.38		23,537.35			608.00			—		0		5		4.92	MON		15,732.00		114,170.00				8202008
31396HE39	FHLMC AGENCY CMO 3113					2		1			2,970,792.00			2,992,479.80		2,985,017.00		2,974,040.34		18,439.46			1,259.00			—		0		5		5.188	MON		12,438.00		111,938.00				2022006
31397B7F2	FHLMC_3221 AGENCY CMO 3211 qd					2		1			3,360,561.00			3,397,599.50		3,353,584.00		3,357,793.88		39,805.62			(1,296.00	)		—		0		5.5		5.408	MON		15,371.00		138,335.00				4192007
31397FYM8	FHLMC AGENCY CMO 3291 XC					2		1			678,539.00			709,872.12		710,512.00		678,980.62		30,891.50			246.00			—		0		0		0.744	MON		—		—				4042007
31397G7M6	FHRR AGENCY CMO R011 AB					2		1FE			8,950,938.00			8,934,295.59		8,876,047.00		8,949,308.89		(15,013.30	)		(1,629.00	)		—		0		5.5		5.208	MON		40,682.00		—				9042008
38373YBQ6	GNMA AGENCY CMO 02-79 LN					2		1			1,987,175.00			1,971,912.45		1,953,597.00		1,984,149.20		(12,236.75	)		(3,026.00	)		—		0		5.5		4.607	MON		8,954.00		44,770.00				4032008
38374FCH5	GNMA_04-18 AGENCY CMO 04-2-BA					2		1			628,796.00			625,227.99		634,347.00		629,512.55		(4,284.56	)		716.00			—		0		3.25		3.886	MON		1,718.00		8,590.00				4162008
31396TUP6	FHLMC AGENCY CMO 3171 NE					2		1			5,195,568.00			5,201,063.22		5,146,383.00		5,177,383.14		23,680.08			(9,330.00	)		—		0		6		5.469	MON		25,732.00		231,587.00				10242007
31397MTX5	FNR AGENCY CMO 08-81 KA					2		1FE			9,797,759.00			9,794,686.27		9,831,555.00		9,797,774.62		(3,088.35	)		16.00			—		0		5		5.055	MON		40,965.00		40,965.00				7292008
010392EA2	ALABAMA POWER COMPANY CORP BND							1FE			3,404,799.00			3,505,816.06		3,470,000.00		3,431,358.66		74,457.40			12,391.00			—		0		4.7		5.251	JD		54,363.00		81,545.00				2132007
010392EY0	ALABAMA POWER COMPANY SENIOR CORP BND							1FE			2,994,840.00			2,968,057.95		3,000,000.00		2,995,599.89		(27,541.94	)		715.00			—		0		4.85		4.889	JD		42,842.00		73,963.00				12042007
341081EN3	FLORIDA POWER & LIGHT CO CORP BND							1FE			2,779,405.00			2,669,599.52		2,720,000.00		2,774,794.89		(105,195.37	)		(4,610.00	)		—		0		4.85		4.335	FA		21,987.00		65,960.00				4252008
744567FQ6	PUBLIC SERVICE ELECTRIC AND GA SECURED C					1		1FE			915,000.00			908,402.84		915,000.00		915,000.00		(6,597.16	)		—			—		0		3.694		3.776	MJSD		1,784.00		17,391.00				3052008
842587CD7	SOUTHERN COMPANY CORP BND							3FE			1,045,000.00			1,042,586.02		1,045,000.00		1,045,000.00		(2,413.98	)		—			—		0		3.511		3.511	FMAN		4,179.00		—				8132008
69512EGM1	SCOTTISH POWER PLC SECURED CORP BND MTN			F				1FE			415,940.00			408,712.00		400,000.00		408,014.36		697.64			(7,391.00	)		—		0		7		4.381	JJ		5,911.00		28,000.00				12062007
822582AA0	SHELL INTL FINAN CORP BND			F				1FE			3,910,694.00			3,975,237.72		3,800,000.00		3,882,124.97		93,112.75			(20,719.00	)		—		0		5.625		4.773	JD		55,813.00		106,875.00				9102007
G1279MFT8	BP CAPITAL MARKETS PLC SENIOR CORP BND E			D				1FE			2,491,772.00			2,140,415.87		2,138,940.00		2,489,062.97		(348,647.10	)		(2,667.00	)		—		-250029		5.75		5.537	FEB		73,256.00		136,089.00				11282007
N7660FAX5	RWE FINANCE BV SENIOR CORP BND			D				1FE			1,733,854.00			1,533,326.48		1,559,644.00		1,743,476.88		(210,150.40	)		9,623.00			—		-213287		4.625		5.637	AUG		8,893.00		75,403.00				3132008
15200DAB3	CENTERPOINT ENERGY INC. SECURED ABS_05-A					2		1FE			1,031,719.00			992,409.97		1,000,000.00		1,027,039.71		(34,629.74	)		(4,679.00	)		—		0		4.97		4.109	FA		8,283.00		24,850.00				2082008
001822AA3	ANZ CAPITAL TRUST I CORP BND 144A					1		1FE			1,168,992.00			1,176,537.58		1,200,000.00		1,169,701.99		6,835.59			192.00			—		0		4.484		4.623	JD		15,843.00		26,904.00				1122006
001957BC2	AT&T CO CORP BND							1FE			3,247,867.00			3,119,269.30		2,975,000.00		3,209,665.82		(90,396.52	)		(38,201.00	)		—		0		7.3		4.56	MN		82,044.00		108,588.00				3062008
00206RAC6	AT&T INC CORP BND							1FE			7,005,000.00			6,979,151.34		7,005,000.00		7,005,000.00		(25,848.66	)		—			—		0		2.894		5.46	FMAN		32,102.00		196,754.00				2012007
00206RAF9	AT&T INC CORP BND							1FE			349,706.00			342,278.25		350,000.00		349,771.86		(7,493.61	)		66.00			—		0		4.95		4.967	JJ		3,658.00		10,539.00				12032007
00209AAE6	AT&T WIRELESS SERVICES INC CORP BND							1FE			3,838,530.00			3,731,346.54		3,550,000.00		3,784,013.98		(52,667.44	)		(50,047.00	)		—		0		7.875		4.947	MS		23,297.00		230,344.00				7092008
002824AR1	ABBOTT LABORATORIES SENIOR CORP BND							1FE			2,643,375.00			2,671,348.03		2,650,000.00		2,648,546.42		22,801.61			1,688.00			—		0		5.375		5.466	MN		53,810.00		71,219.00				5092006
02580ECN1	AMERICAN EXPRESS BANK FSB CORP BND BKNT							1FE			1,646,156.00			1,453,417.22		1,650,000.00		1,646,466.54		(193,049.32	)		311.00			—		0		5.5		5.554	AO		41,594.00		—				4112008
02581FXK0	AMERICAN EXPRESS CENTURION BAN CORP BND							1FE			3,450,000.00			3,291,162.14		3,450,000.00		3,450,000.00		(158,837.86	)		—			—		0		3.248		5.39	MON		2,801.00		80,659.00				9192006
02581FYM5	AMER EXPRESS BK CORP BND							1FE			3,522,885.00			3,268,153.06		3,525,000.00		3,523,450.87		(255,297.81	)		501.00			—		0		5.2		5.222	MN		63,646.00		91,650.00				11192007
02635PSV6	AMERICAN GENERAL FINANCE CO CORP BND							1FE			3,431,190.00			2,205,000.00		3,500,000.00		3,468,373.49		(1,263,373.49	)		13,697.00			—		0		4.875		5.465	MN		64,458.00		85,313.00				8242006
026609AM9	WYETH CORP BND							1FE			8,870,429.00			8,714,556.15		8,340,000.00		8,776,133.82		(61,577.67	)		(70,315.00	)		—		0		6.95		4.67	MS		25,761.00		379,991.00				5302008
02666QB93	AMERICAN HONDA FINANCE CORP BND							1FE			1,350,000.00			1,347,097.50		1,350,000.00		1,350,000.00		(2,902.50	)		—			—		0		3.153		3.12	FMAN		6,029.00		11,232.00				5022008
02666QXM0	AMERICAN HONDA FINANCE CORP BND 144A							1FE			2,006,800.00			2,005,346.98		2,000,000.00		2,003,212.58		2,134.40			(1,015.00	)		—		0		5.125		5.047	JD		30,181.00		51,250.00				12162005
02666QYT4	AMERICAN HONDA FINANCE CORP BND MTN 144							1FE			6,601,122.00			6,591,632.85		6,600,000.00		6,600,066.35		(8,433.50	)		(493.00	)		—		0		2.812		5.39	FMAN		28,353.00		181,619.00				2022007
031162AG5	AMGEN INC CORP BND							1FE			4,070,808.00			4,211,746.48		4,200,000.00		4,145,362.82		66,383.66			34,520.00			—		0		4		5.201	MN		62,067.00		84,000.00				2052007
046003DC0	ASSOCIATES CORP OF NORT CORP BND							1FE			1,844,361.00			1,703,601.67		1,655,000.00		1,700,325.82		3,275.85			(41,682.00	)		—		0		8.55		4.957	JJ		29,873.00		141,503.00				1102006
048825BC6	ATLANTIC RICHFIELD COMPANY CORP BND							1FE			3,899,001.00			3,790,685.21		3,317,000.00		3,813,203.82		(22,518.61	)		(85,797.00	)		—		0		8.5		3.887	AO		140,973.00		140,973.00				1302008
060505AG9	BANK OF AMERICA CORP BND							1FE			883,435.00			819,200.10		825,000.00		869,376.40		(50,176.30	)		(13,511.00	)		—		0		7.4		4.885	JJ		12,888.00		61,050.00				12172007
060505BF0	BANK OF AMERICA CORP BND							1FE			1,347,542.00			1,304,228.88		1,348,000.00		1,347,601.76		(43,372.88	)		60.00			—		0		4.375		4.388	JD		19,658.00		—				7312008
060505BU7	BANK OF AMERICA CORP BND							1FE			1,724,837.00			1,656,456.04		1,700,000.00		1,720,761.08		(64,305.04	)		(4,076.00	)		—		0		4.5		3.804	FA		12,750.00		38,250.00				5082008
06050TKT8	BANK OF AMERICA NA (USA) SENIOR CORP BND							1FE			941,742.00			940,331.67		945,000.00		943,113.50		(2,781.83	)		1,372.00			—		0		2.819		3.189	MJSD		1,406.00		13,735.00				3252008
06050TKU5	BANK OF AMERICA NT & SA / SAN CORP BND							1FE			1,782,260.00			1,786,621.27		1,790,000.00		1,785,510.84		1,110.43			3,251.00			—		0		2.497		3.305	MON		2,359.00		23,954.00				3252008
06051GDW6	BANK OF AMERICA SENIOR CORP BND MTN							1FE			10,070,174.00			9,379,740.82		10,100,000.00		10,072,343.25		(692,602.43	)		2,169.00			—		0		4.9		4.967	MN		204,834.00		—				5132008
06406HBE8	BANK OF NEW YORK CO CORP BND							1FE			1,785,798.00			1,749,261.42		1,800,000.00		1,787,943.45		(38,682.03	)		2,051.00			—		0		4.95		5.134	MN		37,125.00		44,550.00				12132007
06416LZ68	BANK OF NOVA SCOTIA (NEW YORK CORP BND							1FE			3,379,807.00			3,373,986.74		3,370,000.00		3,372,086.94		1,899.80			(3,954.00	)		—		0		5.2		5.035	FA		19,958.00		175,240.00				3202007
06420AFV3	BANK OF NEW YORK CO CORP BND							1FE			2,573,800.00			2,510,052.80		2,500,000.00		2,536,784.96		(26,732.16	)		(37,015.00	)		—		0		5.41		3.003	MN		51,094.00		67,625.00				2062008
06423AAG8	BANK ONE CO CORP BND							1FE			3,062,781.00			2,892,191.40		2,850,000.00		3,003,002.35		(110,810.95	)		(58,594.00	)		—		0		7.875		4.781	FA		37,406.00		224,438.00				12202007
073902CE6	BEAR STEARNS CO INC CORP BND							1FE			486,000.00			485,625.99		500,000.00		486,000.00		(374.01	)		—			—		0		4.5		5.956	AO		9,688.00		—				9302008
073928X73	BEAR STEARNS CO INC CORP BND							1FE			601,686.00			579,116.98		575,000.00		600,788.68		(21,671.70	)		(897.00	)		—		0		6.95		5.64	FA		5,661.00		19,981.00				8042008
079857AG3	BELLSOUTH CAPITAL FUNDING CORP BND							1FE			3,188,430.00			3,120,309.90		3,000,000.00		3,145,656.36		(25,346.46	)		(42,774.00	)		—		0		7.75		4.074	FA		29,708.00		116,250.00				4252008
097014AC8	BOEING CAPITAL CORP CORP BND							1FE			648,185.00			649,156.66		605,000.00		645,014.00		4,142.66			(3,171.00	)		—		0		7.375		3.887	MS		496.00		22,309.00				7302008
12572QAC9	CHICAGO MERCANTILE EXCHANGE HO SENIOR CO							2FE			975,000.00			973,176.79		975,000.00		975,000.00		(1,823.21	)		—			—		0		3.454		3.454	FMAN		4,677.00		—				8072008
14912L3N9	CATERPILLAR FINL SERV CORP BND MTN							1FE			1,124,404.00			1,098,624.40		1,125,000.00		1,124,491.79		(25,867.39	)		81.00			—		0		4.85		4.862	JD		17,278.00		27,281.00				12032007
14912L3S8	CATERPILLAR FINL SERV CORP BND MTN							1FE			5,268,195.00			4,928,900.19		5,275,000.00		5,268,997.85		(340,097.66	)		803.00			—		0		4.25		4.279	FA		33,005.00		112,094.00				2042008
16132NAW6	CHARTER ONE BANK FSB CORP BND							1FE			5,031,150.00			4,828,060.15		5,000,000.00		5,020,031.73		(191,971.58	)		(5,344.00	)		—		0		5.5		5.331	AO		118,403.00		137,500.00				1312007
17275RAB8	CISCO SYSTEMS INC. CORP BND							1FE			3,608,290.00			3,580,020.54		3,500,000.00		3,589,346.96		(9,326.42	)		(19,596.00	)		—		0		5.25		4.113	FA		19,906.00		118,125.00				3062008
172967AZ4	CITIGROUP INC CORP BND							1FE			448,764.00			391,283.12		415,000.00		430,653.23		(39,370.11	)		(5,444.00	)		—		0		7.25		5.239	AO		15,044.00		15,044.00				2152006
172967CU3	CITIGROUP INC CORP BND							1FE			2,005,297.00			1,886,210.75		2,025,000.00		2,012,455.07		(126,244.32	)		6,524.00			—		0		4.125		4.59	FA		9,049.00		83,531.00				12032007
172967DH1	CITIGROUP INC CORP BND							1FE			7,225,893.00			6,559,564.95		7,175,000.00		7,219,821.67		(660,256.72	)		(6,072.00	)		—		0		5.125		4.843	FA		48,008.00		183,859.00				6022008
172967DU2	CITIGROUP GLOBAL MARKETS HOLDI CORP BND							1FE			1,750,088.00			1,564,471.86		1,750,000.00		1,750,087.50		(185,615.64	)		—			—		0		5.1		5.096	MS		496.00		89,250.00				12282007
172967EL1	CITIBANK N.A. CORP BND							1FE			3,253,904.00			2,835,151.65		3,260,000.00		3,254,949.50		(419,797.85	)		821.00			—		0		5.3		5.343	AO		78,711.00		86,390.00				10102007
20029PAJ8	COMCAST CABLE COMMUNICATIONS I CORP BND							2FE			1,008,420.00			1,000,501.00		1,000,000.00		1,000,774.03		(273.03	)		(4,675.00	)		—		0		6.2		5.549	MN		23,422.00		31,000.00				6302007
22541LAB9	CREDIT SUISSE FIRST BOSTON CORP BND							1FE			5,561,373.00			5,514,951.21		5,455,000.00		5,534,564.02		(19,612.81	)		(17,126.00	)		—		0		6.125		5.609	MN		126,223.00		167,059.00				7112007
239753BK1	TARGET CORPORATION CORP BND							1FE			580,657.00			578,966.58		530,000.00		580,581.33		(1,614.75	)		(76.00	)		—		0		8.6		5.39	JJ		9,622.00		—				9242008
24422EPY9	JOHN DEERE CAPITAL CORPORATION CORP BND							1FE			1,498,740.00			1,504,153.88		1,500,000.00		1,499,839.68		4,314.20			254.00			—		0		4.875		4.899	MS		3,047.00		73,125.00				1052006
24422EQM4	JOHN DEERE CAPITAL CORPORATION CORP BND							1FE			3,933,036.00			3,789,842.15		3,925,000.00		3,932,996.96		(143,154.81	)		(53.00	)		—		0		4.95		4.895	JD		56,128.00		47,644.00				7242008
254687AV8	WALT DISNEY COMPANY THE SENIOR CORP BND							1FE			1,621,295.00			1,616,847.11		1,625,000.00		1,621,843.80		(4,996.69	)		499.00			—		0		4.7		4.752	JD		25,458.00		37,551.00				11292007
263534BU2	EI DU PONT DE NEMOURS & CO SENIOR CORP B							1FE			4,133,584.00			4,186,648.54		4,175,000.00		4,134,859.49		51,789.05			1,275.00			—		0		5		5.23	JJ		36,531.00		—				7232008
302570BB1	FPL GROUP CAPITAL INC SENIOR CORP BND							1FE			1,350,000.00			1,373,628.79		1,350,000.00		1,350,000.00		23,628.79			—			—		0		3.696		3.694	MJSD		1,941.00		12,743.00				6112008
319455BU4	BANK ONE CORPORATION CORP BND							1FE			1,291,945.00			1,256,757.38		1,251,000.00		1,255,818.95		938.43			(10,750.00	)		—		0		6.375		5.173	JJ		13,513.00		79,751.00				2062006
33901AAA6	FLEET BOSTON CORP							1FE			4,904,069.00			4,619,361.20		4,550,000.00		4,672,381.73		(53,020.53	)		(75,058.00	)		—		0		7.375		4.971	JD		111,854.00		167,781.00				11212006
36962GR48	GE CAPITAL CO CORP BND							1FE			9,716,700.00			9,792,167.70		10,000,000.00		9,925,295.87		(133,128.17	)		58,482.00			—		0		4.125		4.969	MS		34,375.00		412,500.00				12132005
36962GS62	GE CAPITAL CO CORP BND							1FE			769,305.00			726,984.10		750,000.00		767,489.56		(40,505.46	)		(1,815.00	)		—		0		4.875		3.685	AO		16,250.00		—				7072008
36962GUL6	GENERAL ELEC CAP CO SENIOR CORP BND MTN							1FE			1,631,384.00			1,541,320.17		1,525,000.00		1,571,236.57		(29,916.40	)		(25,455.00	)		—		0		7.375		4.934	JJ		22,494.00		112,469.00				11302006

4

Validus Holdings, Ltd September 30, 2008 GAAP investment portfolio in Schedule D-Part 1 format

1	2	Codes				6		7		FAIR VALUE			10		11		CHANGE IN BOOK/ADJUSTED CARRYING VALUE										INTEREST									DATES
		3	4		5					8	9						12			13			14		15		16		17		18	19		20		21	22
			FOREIGN		BOND	NAIC		ACTUAL		RATE USED TO OBTAIN	GAAP FAIR				GAAP					CURRENT YEAR			IMPAIR-		TOTAL FX CHG		INTEREST		EFFECTIVE		HOW	ACCRUED		GROSS REC’D
CUSIP	DESCRIPTION	*	CODE		CHAR	DESIG		COST		FAIR VALUE	MARKET VALUE		PAR VALUE		BOOK VALUE		UGL			AMORTIZATION			MENTS		IN B/A. C.V.		RATE		RATE OF		PAID	INTEREST		DURING YEAR		ACQUIRED	MATURITY
36962GXS8	GENERAL ELEC CAP CO CORP BND						1FE		4,511,962.00			4,335,021.96		4,550,000.00		4,512,022.61		(177,000.65	)		61.00			—		0		5.875		6.15	FA		34,140.00		—			9242008
36962GYY4	GENERAL ELEC CAP CO CORP BND						1FE		3,161,025.00			2,857,934.88		3,000,000.00		3,136,962.79		(279,027.91	)		(23,798.00	)		—		0		6		4.644	JD		53,000.00		90,000.00			1142008
37247XAE2	GNWRTH GL FD TR CORP BND						1FE		2,596,490.00			2,408,420.20		2,600,000.00		2,597,888.89		(189,468.69	)		483.00			—		0		5.375		5.405	MS		5,927.00		139,750.00			8292006
377372AF4	GLAXOSMITHKLINE CAPITAL PLC SENIOR CORP						1FE		587,587.00			582,537.16		585,000.00		587,283.99		(4,746.83	)		(303.00	)		—		0		3.429		3.064	FMAN		2,730.00		4,948.00			7072008
38141GBU7	GOLDMAN SACHS GROUP INC CORP BND						1FE		4,113,480.00			3,706,314.08		4,000,000.00		4,087,442.06		(381,127.98	)		(17,743.00	)		—		0		6.6		5.859	JJ		55,733.00		264,000.00			8142007
38143UAA9	GOLDMAN SACHS GROUP INC CORP BND						1FE		3,377,325.00			3,438,750.00		3,500,000.00		3,484,825.62		(46,075.62	)		38,711.00			—		0		3.875		5.421	JJ		28,632.00		135,625.00			7312006
38144LAC4	GOLDMAN SACHS GROUP INC CORP BND						1FE		5,092,400.00			4,368,067.95		5,000,000.00		5,085,478.84		(717,410.89	)		(6,921.00	)		—		0		5.45		4.982	MN		113,542.00		—			5132008
39538FAA3	GREENPOINT BK CORP BND MTN						2FE		1,168,090.00			983,700.00		1,000,000.00		1,075,720.53		(92,020.53	)		(26,342.00	)		—		0		9.25		5.214	AO		46,250.00		46,250.00			12212005
40429CAA0	HOUSEHOLD FINANCE CORPORATION CORP BND						1FE		488,635.00			503,125.92		500,000.00		488,635.00		14,490.92			—			—		0		6.75		7.721	MN		12,938.00		—			9302008
40429CCX8	HSBC FINANCE CORP CORP BND						1FE		197,781.00			194,818.24		200,000.00		198,522.58		(3,704.34	)		447.00			—		0		5.25		5.599	JJ		2,246.00		10,500.00			6302007
41011WAA8	JOHN HANCOCK GLOBAL FUNDING II CORP BND						1FE		5,689,688.00			5,488,194.77		5,268,000.00		5,553,909.89		(65,715.12	)		(78,883.00	)		—		0		7.9		4.636	JJ		102,887.00		208,797.00			7072008
423328BM4	HELLER FINANCIAL INC. CORP BND						1FE		1,266,672.00			1,176,512.26		1,166,000.00		1,196,874.90		(20,362.64	)		(20,394.00	)		—		0		7.375		4.837	MN		35,830.00		42,996.00			1202006
428236AL7	HEWLETT-PACKARD COMPANY CORP BND						1FE		2,863,224.00			2,879,729.37		2,865,000.00		2,863,755.12		15,974.25			244.00			—		0		5.25		5.264	MS		12,534.00		150,413.00			2222007
438516AQ9	HONEYWELL INTERNATIONAL INC CORP BND						1FE		2,400,000.00			2,394,936.02		2,400,000.00		2,400,000.00		(5,063.98	)		—			—		0		2.879		4.96	MJSD		3,071.00		67,176.00			3092006
438516AV8	HONEYWELL INTERNATIONAL INC SENIOR CORP						1FE		2,623,957.00			2,578,800.16		2,493,000.00		2,612,361.66		(33,561.50	)		(11,596.00	)		—		0		5.625		4.258	FA		23,372.00		70,116.00			4292008
441812KF0	HSBC FINANCE CORP CORP BND						1FE		490,787.00			490,224.72		500,000.00		498,673.44		(8,448.72	)		4,768.00			—		0		4.125		5.455	JD		6,073.00		10,313.00			6302007
441812KH6	HOUSEHOLD FINANCE CORPORATION SENIOR COR						1FE		8,132,925.00			8,329,338.53		8,500,000.00		8,376,044.03		(46,705.50	)		78,440.00			—		0		4.125		5.481	MN		131,484.00		175,313.00			6202006
44924EAB6	IBM INTL GROUP CAPITAL CORP BND						1FE		9,194,473.00			9,091,884.10		9,070,000.00		9,178,866.18		(86,982.08	)		(15,771.00	)		—		0		5.05		4.718	AO		202,299.00		229,018.00			1312008
45974VB64	INTERNATIONAL LEASE FINANCE CO CORP BND						1FE		5,658,883.00			4,199,500.00		5,675,000.00		5,662,298.51		(1,462,798.51	)		3,416.00			—		0		4.95		5.053	FA		46,819.00		142,017.00			1242008
46625HAJ9	JP MORGAN CHASE & CO CORP BND						1FE		6,522,813.00			6,218,372.81		6,250,000.00		6,447,830.31		(229,457.50	)		(58,516.00	)		—		0		6.75		5.29	FA		70,313.00		421,875.00			10052007
46625HGG9	JP MORGAN & COMPANY INC CORP BND						1FE		480,584.00			465,583.25		470,000.00		478,233.68		(12,650.43	)		(2,128.00	)		—		0		5.6		4.891	JD		8,773.00		13,160.00			11282007
46625HGT1	JPMORGAN CHASE & CO CORP BND						1FE		5,222,250.00			4,858,797.05		5,000,000.00		5,193,725.11		(334,928.06	)		(28,525.00	)		—		0		5.375		4.31	AO		134,375.00		134,375.00			1302008
46625HHB9	JPMORGAN CHASE & CO SENIOR CORP BND						1FE		4,986,300.00			4,689,137.25		5,000,000.00		4,987,339.48		(298,202.23	)		1,039.00			—		0		4.75		4.812	MN		100,938.00		—			5132008
46849LLC3	JACKSON NATIONAL LIFE GLOBAL F SECURED C						2FE		869,114.00			871,041.16		885,000.00		869,620.87		1,420.29			507.00			—		0		3.009		4.012	MJSD		1,183.00		6,709.00			9092008
5252M0BZ9	LEHMAN BROS HOLDINGS INC CORP BND						5FE		—					—				—			—			—		0		0		0	JJ		—		—			1152008
55263ECH6	MBNA CORPORATION CORP BND						1FE		3,740,625.00			3,452,339.10		3,500,000.00		3,712,571.72		(260,232.62	)		(28,053.00	)		—		0		6.125		4.59	MS		17,865.00		214,375.00			1302008
580169AM2	MCDONNELL DOUGLAS CORP CORP BND						1FE		5,169,456.00			5,067,782.87		4,375,000.00		4,972,069.83		95,713.04			(113,595.00	)		—		0		9.75		5.417	AO		213,281.00		213,281.00			5312007
585055AG1	MEDTRONIC INC CORP BND						1FE		2,921,280.00			3,021,370.47		3,000,000.00		2,949,050.37		72,320.10			18,117.00			—		0		4.375		5.301	MS		5,833.00		131,250.00			8022007
589331AL1	MERCK & CO INC CORP BND						1FE		3,502,410.00			3,549,307.09		3,470,000.00		3,495,033.67		54,273.42			(5,465.00	)		—		0		5.125		4.873	MN		67,183.00		88,919.00			9102007
59018YXY2	MERRILL LYNCH & CO INC CORP BND						1FE		4,005,840.00			3,456,239.92		4,000,000.00		4,004,124.84		(547,884.92	)		(1,171.00	)		—		0		3		5.514	JAJO		22,667.00		121,263.00			6182007
592179JG1	METLIFE INC SENIOR CORP BND 144A						1FE		6,864,916.00			6,509,073.43		6,870,000.00		6,865,346.25		(356,272.82	)		430.00			—		0		5.125		5.142	AO		167,242.00		—			4072008
615322AV6	MONUMENTAL GLOBAL FUNDING II CORP BND 14						1FE		375,833.00			376,742.32		375,000.00		375,571.44		1,170.88			(261.00	)		—		0		4.375		4.186	JJ		2,780.00		8,203.00			4282008
61532YAA2	MONUMENTAL GLOBAL FUNDING II CORP BND						1FE		3,450,000.00			3,422,193.00		3,450,000.00		3,450,000.00		(27,807.00	)		—			—		0		3.254		5.437	MJSD		2,806.00		90,991.00			9192006
615337AA0	MONY GRP INC. CORP BND						1FE		3,755,854.00			3,595,667.07		3,424,000.00		3,574,973.19		20,693.88			(73,200.00	)		—		0		8.35		5.166	MS		12,707.00		285,904.00			11012006
617446HC6	MORGAN STANLEY CORP BND						1FE		1,602,555.00			1,065,000.00		1,500,000.00		1,587,527.96		(522,527.96	)		(15,027.00	)		—		0		6.6		4.77	AO		49,500.00		49,500.00			1252008
617446YT0	MORGAN STANLEY CORP BND						1FE		5,597,021.00			3,633,952.19		5,575,000.00		5,588,024.72		(1,954,072.53	)		(4,284.00	)		—		0		3.035		5.5	JAJO		35,250.00		179,026.00			1192007
61746BCW4	MORGAN STANLEY CORP BND						1FE		2,978,670.00			2,040,000.00		3,000,000.00		2,983,782.02		(943,782.02	)		3,329.00			—		0		5.625		5.809	JJ		38,438.00		168,750.00			8142007
633072AC7	NATIONAL BK OF CANADA (NEW YOR CORP BND						1		3,690,033.00			3,523,723.96		3,470,000.00		3,562,308.15		(38,584.19	)		(60,779.00	)		—		0		7.75		5.193	MN		112,052.00		134,463.00			2152007
64952WAE3	NEW YORK LIFE GLOBAL FUNDING SECURED COR						1FE		424,639.00			425,986.95		425,000.00		424,759.17		1,227.78			109.00			—		0		4.625		4.657	FA		2,457.00		19,656.00			12122007
64952WAJ2	NEW YORK LIFE GLOBAL FDG CORP BND 144A						1FE		6,005,014.00			5,815,957.51		5,865,000.00		5,993,074.47		(177,116.96	)		(11,939.00	)		—		0		5.25		4.651	AO		141,127.00		—			4252008
64952WAL7	NEW YORK LIFE GLOBAL FUNDING CORP BND 14						1FE		1,722,802.00			1,709,514.17		1,729,000.00		1,725,726.47		(16,212.30	)		2,925.00			—		0		2.488		4.689	MON		2,509.00		34,221.00			1152008
64953BAP3	NEW YORK LIFE GLOBAL FUNDING CORP BND 14						1FE		6,887,856.00			6,668,553.71		6,900,000.00		6,888,716.30		(220,162.59	)		860.00			—		0		4.65		4.69	MN		126,558.00		—			5022008
665859AJ3	NORTHERN TRUST CORPORATION CORP BND						1FE		3,486,385.00			3,429,207.18		3,500,000.00		3,486,697.69		(57,490.51	)		313.00			—		0		5.5		5.59	FA		25,667.00		—			8062008
68389XAB1	ORCALE CORP CORP BND						1FE		6,378,372.00			6,349,435.62		6,385,000.00		6,379,046.91		(29,611.29	)		675.00			—		0		2.864		4.787	FMAN		24,385.00		141,356.00			7312008
68389XAD7	ORACLE CORPORATION SENIOR CORP BND						1FE		3,473,749.00			3,408,230.24		3,475,000.00		3,473,885.09		(65,654.85	)		136.00			—		0		4.95		4.958	AO		82,184.00		—			4022008
68402LAE4	ORACLE CORP OZARK HOLDINGS CORP BND 144A						1		6,126,037.00			6,091,680.78		6,025,000.00		6,107,798.92		(16,118.14	)		(19,811.00	)		—		0		5		4.359	JJ		63,597.00		236,250.00			3062008
693476AP8	PNC FUNDING CORP CORP BND						1FE		2,560,908.00			2,443,538.29		2,400,000.00		2,472,533.22		(28,994.93	)		(45,613.00	)		—		0		7.5		4.608	MN		75,000.00		90,000.00			1162008
693476AV5	PNC FUNDING CORP CORP BND						1FE		4,144,253.00			4,041,064.93		4,125,000.00		4,139,449.01		(98,384.08	)		(4,804.00	)		—		0		4.5		4.247	MS		10,828.00		92,813.00			4302008
6944P0AF2	PACIFIC LIFE GLOBAL FUNDING SECURED CORP						1FE		1,742,958.00			1,749,841.31		1,800,000.00		1,748,494.09		1,347.22			5,536.00			—		0		3.434		3.927	MJSD		1,545.00		26,522.00			6042008
718172AB5	PHILIP MORRIS INTERNATIONAL IN CORP BND						1FE		6,108,095.00			5,806,604.36		6,125,000.00		6,109,228.31		(302,623.95	)		1,133.00			—		0		4.875		4.938	MN		111,973.00		—			5132008
74153WAM1	PRICOA GLOBAL FUND CORP BND 144A						1FE		2,898,386.00			2,865,776.49		2,885,000.00		2,891,026.95		(25,250.46	)		(3,553.00	)		—		0		3.001		5.399	JAJO		18,756.00		94,097.00			2022007
74254PVP4	PRINCIPAL LIFE GLOBAL FUNDING CORP BND M						1FE		2,023,421.00			1,974,098.91		2,025,000.00		2,023,646.03		(49,547.12	)		212.00			—		0		5.3		5.318	JD		31,899.00		53,663.00			12072007
7425A0AG5	PRINCIPAL LIFE GLOBAL FUNDING CORP BND 1						1FE		4,556,552.00			4,309,058.24		4,275,000.00		4,515,499.87		(206,441.63	)		(41,052.00	)		—		0		6.25		4.435	FA		34,141.00		133,594.00			2122008
78009HN88	ROYAL BANK OF CANADA NEW YORK CORP BND						1FE		3,360,571.00			3,364,235.21		3,360,000.00		3,360,104.97		4,130.24			(228.00	)		—		0		5.29		5.28	FA		29,130.00		177,744.00			2012007
78387GAN3	AT&T INC CORP BND						1FE		8,073,849.00			8,254,410.98		8,275,000.00		8,206,814.78		47,596.20			53,170.00			—		0		4.125		5.018	MS		15,171.00		310,406.00			6032008
828807BA4	SIMON PROPERTY GROUP L.P. CORP BND						1FE		1,677,982.00			1,653,701.74		1,675,000.00		1,677,558.78		(23,857.04	)		(423.00	)		—		0		4.875		4.766	MS		2,949.00		40,828.00			6022008
828807BE6	SIMON PROPERTY GROUP L.P. CORP BND						1FE		49,806.00			49,194.34		50,000.00		49,864.02		(669.68	)		53.00			—		0		4.875		5.029	FA		311.00		2,438.00			12052007
828807BU0	SIMON PROPERTY GROUP INC. CORP BND						1FE		3,230,651.00			3,150,239.79		3,225,000.00		3,229,370.99		(79,131.20	)		(1,278.00	)		—		0		5.6		5.548	MS		15,050.00		154,700.00			3202008
842587AB3	SOUTHERN COMPANY CORP BND						1FE		3,225,440.00			3,225,373.54		3,200,000.00		3,220,478.95		4,894.59			(4,180.00	)		—		0		5.3		5.086	JJ		35,804.00		169,600.00			10232007
857477AC7	STATE STREET CORPORATION SENIOR CORP BND						1FE		1,101,890.00			957,600.00		1,140,000.00		1,105,534.65		(147,934.65	)		3,645.00			—		0		2.896		3.897	JAJO		5,778.00		8,643.00			4302008
87244EAA0	TIAA GLOBAL MARKETS CORP BND 144A						1FE		2,541,671.00			2,516,971.68		2,510,000.00		2,537,027.79		(20,056.11	)		(4,477.00	)		—		0		4.875		4.373	JJ		26,852.00		81,656.00			8292008
87244EAC6	TIAA GLOBAL MARKETS CORP BND 144A						1FE		7,502,996.00			7,235,362.51		7,395,000.00		7,492,399.65		(257,037.14	)		(10,775.00	)		—		0		5.125		4.759	AO		180,022.00		189,497.00			3262008
892332AQ0	TOYOTA MOTOR CREDIT CORP CORP BND						1FE		5,073,436.00			5,039,550.77		4,965,000.00		5,035,635.33		3,915.44			(18,534.00	)		—		0		5.45		4.867	MN		99,969.00		135,296.00			2282007
90333WAA6	US BANK NA MINNESOTA CORP BND						1FE		1,439,603.00			1,397,659.11		1,375,000.00		1,434,451.71		(36,792.60	)		(5,152.00	)		—		0		6.375		4.724	FA		14,716.00		34,266.00			9302008
908068AG4	UNION PLANTERS CORP BND						1FE		1,093,100.00			929,269.56		1,000,000.00		1,053,077.26		(123,807.70	)		(15,082.00	)		—		0		7.75		5.378	MS		6,458.00		77,500.00			9072006
91159HGJ3	US BANCORP CORP BND						1FE		4,538,500.00			4,456,002.96		4,475,000.00		4,529,728.54		(73,725.58	)		(8,772.00	)		—		0		4.5		3.8	JJ		34,681.00		100,688.00			6052008
91159HGP9	US BANCORP CORP BND MTN						1FE		1,365,000.00			1,346,012.86		1,365,000.00		1,365,000.00		(18,987.14	)		—			—		0		3.198		3.17	FMAN		6,791.00		11,108.00			5012008
913017BF5	UNITED TECHNOLOGIES CORP CORP BND						1FE		799,383.00			809,850.23		770,000.00		799,345.06		10,505.17			(38.00	)		—		0		6.1		4.936	MN		17,744.00		—			9242008
913017BL2	UNITED TECHNOLOGIES CORP CORP BND						1FE		1,600,000.00			1,596,624.02		1,600,000.00		1,600,000.00		(3,375.98	)		—			—		0		2.881		5.284	MJSD		3,713.00		44,980.00			5232006
92343VAB0	VERIZON COMMUNICATIONS INC CORP BND						1FE		4,434,008.00			4,369,025.74		4,315,000.00		4,420,590.71		(51,564.97	)		(13,417.00	)		—		0		5.35		4.254	FA		29,498.00		115,426.00			5302008
92344GAL0	VERIZON GLOBAL FDG CO CORP BND						1FE		5,502,972.00			5,307,111.79		5,075,000.00		5,412,249.34		(105,137.55	)		(90,722.00	)		—		0		7.25		4.015	JD		122,646.00		183,969.00			2222008
92976FBD4	WACHOVIA BANK NA CORP BND						1FE		1,403,177.00			1,137,065.73		1,415,000.00		1,406,463.26		(269,397.53	)		3,286.00			—		0		2.871		5.472	FMAN		4,175.00		39,256.00			1312008
92976WBA3	WACHOVIA CORPORATION SENIOR CORP BND						1FE		4,747,500.00			3,575,404.04		4,500,000.00		4,721,069.67		(1,145,665.63	)		(26,430.00	)		—		0		5.7		4.556	FA		42,750.00		128,250.00			1312008
931422AD1	WALGREEN CO CORP BND						1FE		6,200,660.00			6,195,904.84		6,225,000.00		6,201,497.94		(5,593.10	)		838.00			—		0		4.875		4.963	FA		62,380.00		—			7142008
949746JD4	WELLS FARGO & COMPANY SENIOR CORP BND						1FE		8,768,395.00			8,718,958.51		8,770,000.00		8,769,306.84		(50,348.33	)		341.00			—		0		2.919		5.467	MJSD		11,377.00		240,904.00			8102007
949746NW7	WELLS FARGO FINANCIAL INC CORP BND						1FE		6,013,197.00			5,862,781.50		6,020,000.00		6,014,345.58		(151,564.08	)		917.00			—		0		5.25		5.276	AO		138,711.00		158,025.00			10162007
949746NY3	WELLS FARGO & COMPANY SENIOR CORP BND						1FE		797,552.00			751,506.10		800,000.00		797,849.54		(46,343.44	)		298.00			—		0		4.375		4.444	JJ		5,931.00		17,500.00			1252008
949748AE7	WELLS FARGO BANK CORP BND						1FE		514,400.00			514,560.93		500,000.00		514,400.00		160.93			—			—		0		7.55		5.756	JD		10,696.00		—			9302008
949748AF4	WELLS FARGO BANK CORP BND						1FE		2,103,060.00			2,019,863.91		2,000,000.00		2,078,055.18		(58,191.27	)		(23,266.00	)		—		0		6.45		4.665	FA		21,500.00		129,000.00			12052007
94974BAZ3	WELLS FARGO & COMPANY SENIOR CORP BND						1FE		5,709,540.00			5,881,388.88		6,000,000.00		5,846,365.51		35,023.37			51,401.00			—		0		3.98		5.299	AO		100,827.00		119,400.00			9072006
98151GAA3	WORLD SAVINGS BANK FSB CORP BND						1FE		1,460,415.00			1,271,597.10		1,500,000.00		1,486,969.65		(215,372.55	)		7,742.00			—		0		4.125		4.877	JD		18,219.00		30,938.00			1202006
U0263LAA0	AMERICAN GENERAL FINANCE CO SENIOR CORP			O			1FE		1,816,632.00			837,956.50		1,604,205.00		1,832,428.83		(994,472.33	)		14,194.00			—		-184699		5.625		6.718	MAR		45,984.00		100,703.00			11282007
136375BF8	CANADIAN NATIONAL RAILWAY COMP CORP BND			F			1FE		437,543.00			427,561.61		415,000.00		436,764.68		(9,203.07	)		(778.00	)		—		0		6.375		4.508	AO		12,199.00		—			8132008
136375BJ0	CANADIAN NATIONAL RAILWAY COMP CORP BND			F			1FE		259,779.00			263,671.67		260,000.00		259,892.83		3,778.84			100.00			—		0		4.25		4.301	FA		1,842.00		11,050.00			12042007
20825RAA9	CONOCOPHILLIPS SENIOR CORP BND			I			1FE		3,093,000.00			3,062,750.55		3,093,000.00		3,093,000.00		(30,249.45	)		—			—		0		2.891		5.128	JAJO		20,866.00		100,506.00			4062006

5

Validus Holdings, Ltd September 30, 2008 GAAP investment portfolio in Schedule D-Part 1 format

1	2	Codes					6		7		FAIR VALUE			10		11		CHANGE IN BOOK/ADJUSTED CARRYING VALUE										INTEREST									DATES
		3	4		5						8	9						12			13			14		15		16		17		18	19		20		21		22
			FOREIGN		BOND		NAIC		ACTUAL		RATE USED TO OBTAIN	GAAP FAIR				GAAP					CURRENT YEAR			IMPAIR-		TOTAL FX CHG		INTEREST		EFFECTIVE		HOW	ACCRUED		GROSS REC’D
CUSIP	DESCRIPTION	*	CODE		CHAR		DESIG		COST		FAIR VALUE	MARKET VALUE		PAR VALUE		BOOK VALUE		UGL			AMORTIZATION			MENTS		IN B/A. C.V.		RATE		RATE OF		PAID	INTEREST		DURING YEAR		ACQUIRED		MATURITY
20825UAB0	CONOCO INC CORP BND			F				1FE		1,491,704.00			1,455,326.66		1,400,000.00		1,478,878.71		(23,552.05	)		(12,452.00	)		—		0		6.35		4.35	AO		40,993.00		12,700.00				4212008
20825VAA0	CONOCOPHILLIPS CORP BND			F				1FE		1,728,344.00			1,689,308.91		1,675,000.00		1,723,397.18		(34,088.27	)		(4,947.00	)		—		0		5.3		4.409	AO		40,935.00		—				5052008
718507BQ8	CONOCOPHILLIPS CORP BND			I				1FE		5,386,576.00			5,303,114.81		4,940,000.00		5,243,887.25		59,227.56			(98,515.00	)		—		0		8.75		4.82	MN		151,288.00		160,781.00				7302008
780085LP9	ROYAL BANK OF CANADA SENIOR CORP BND			F				1FE		2,408,128.00			2,257,516.03		2,321,000.00		2,394,752.81		(137,236.78	)		(13,338.00	)		—		0		5.65		4.431	JJ		25,863.00		109,949.00				7092008
00254EAX0	SWEDISH EXPORT CREDIT CORP CORP BND			F				1FE		493,323.00			500,376.80		500,000.00		499,799.20		577.60			3,892.00			—		0		4.125		5.202	AO		9,510.00		10,313.00				6302007
055654AB3	SANT CENTR HISP SUB CORP BND			F				1FE		5,268,216.00			4,971,319.21		4,850,000.00		5,161,017.01		(189,697.80	)		(107,198.00	)		—		0		7.625		4.171	MS		17,463.00		369,813.00				1092008
05567LUD7	BNP PARIBAS SENIOR CORP BND			F				1FE		1,355,000.00			1,353,645.03		1,355,000.00		1,355,000.00		(1,354.97	)		—			—		0		3.263		3.126	MJSD		3,316.00		10,826.00				5282008
05567LWH6	BNP PARIBAS CORP BND			F				2FE		545,000.00			543,550.31		545,000.00		545,000.00		(1,449.69	)		—			—		0		3.137		3.137	MJSD		997.00		—				9052008
25156PAB9	DEUTSCHE TELEKOM INTL FIN CORP BND			F				1FE		1,093,018.00			1,049,870.39		1,000,000.00		1,046,212.12		3,658.27			(13,125.00	)		—		0		8.5		5.617	JD		25,028.00		40,000.00				6302007
2515A0HP1	DEUTSCHE BK LDN UNSEC CORP BND			F				1FE		2,624,706.00			2,536,606.78		2,585,000.00		2,622,112.32		(85,505.54	)		(2,593.00	)		—		0		5		4.254	AO		60,676.00		—				7312008
29268BAA9	ENEL FINANCE INTERNATIONAL SA CORP BND 1			F				1FE		1,696,379.00			1,704,140.93		1,700,000.00		1,696,870.50		7,270.43			456.00			—		0		5.7		5.749	JJ		20,457.00		79,404.00				9132007
298785EJ1	EUROPEAN INVESTMENT BANK SENIOR CORP BND			F				1FE		19,954,400.00			20,299,800.20		20,000,000.00		19,964,253.60		335,546.60			9,854.00			—		0		3.25		3.329	FA		83,056.00		380,972.00				1072008
298785ES1	EUROPEAN INVESTMENT BANK CORP BND			F				1FE		3,887,520.00			3,947,073.31		3,900,000.00		3,887,755.51		59,317.80			236.00			—		0		3.25		3.36	AO		9,858.00		—				8262008
35177PAK3	FRANCE TELECOM CORP BND			F				1FE		5,902,350.00			5,725,763.19		5,450,000.00		5,818,345.02		(92,581.83	)		(84,005.00	)		—		0		7.75		4.756	MS		35,198.00		422,375.00				2252008
44977GHB0	ING BANK INTERNATIONALE NEDERL CORP BND			F				2FE		2,550,000.00			2,545,022.40		2,550,000.00		2,550,000.00		(4,977.60	)		—			—		0		3.132		3.132	FMAN		8,874.00		—				8152008
45950KAT7	INTERNATIONAL FINANCE CO CORP BND			F				1FE		4,683,362.00			4,699,389.00		4,700,000.00		4,684,688.42		14,700.58			1,326.00			—		0		3.5		3.577	MN		69,913.00		—				4212008
500769CK8	KREDITANSTALT FUER WIDERAUFBAU CORP BND			F				1FE		28,000,000.00			28,009,519.16		28,000,000.00		28,000,000.00		9,519.16			—			—		0		4.5		4.5	MS		35,000.00		1,267,000.00				9122007
500769CV4	KREDITANSTALT FUER WIDERAUFBAU CORP BND			F				1FE		3,192,160.00			3,275,807.87		3,200,000.00		3,192,819.48		82,988.39			659.00			—		0		3.75		3.837	JD		31,667.00		—				6192008
57629WAR1	MASSMUTUAL GLOBAL FUNDING II CORP BND 14			F				1FE		3,229,981.00			3,303,294.36		3,335,000.00		3,308,277.82		(4,983.46	)		35,908.00			—		0		3.8		5.331	AO		58,437.00		63,365.00				1302007
632525AD3	NATIONAL AUSTRALIA BANK LIMITE CORP BND			F				1FE		5,571,642.00			5,167,481.52		5,045,000.00		5,323,420.20		(155,938.68	)		(118,353.00	)		—		0		8.6		5.034	MN		159,086.00		216,935.00				1142008
65555RAA0	NORDEA BANK SWEDEN AB CORP BND 144A			F		1		1FE		1,471,496.00			1,266,062.55		1,300,000.00		1,353,683.03		(87,620.48	)		(34,443.00	)		—		0		8.95		5.087	MN		44,924.00		58,175.00				1182006
676167AT6	OESTERREICHISCHE KONTROLLBANK SENIOR COR			F				1FE		30,614,655.00			30,052,441.55		29,100,000.00		30,435,362.36		(382,920.81	)		(179,293.00	)		—		0		4.75		3.185	MN		549,060.00		691,125.00				4172008
74251UAC8	PRINCIPAL FIN GRP (AUSTRALIA) CORP BND 1			F				1FE		2,712,792.00			2,560,602.50		2,525,000.00		2,587,861.49		(27,258.99	)		(51,906.00	)		—		0		8.2		5.239	FA		26,456.00		207,050.00				11162006
74977RAQ7	RABOBANK NEDERLAND NV CORP BND 144A			F				1FE		2,700,000.00			2,698,002.08		2,700,000.00		2,700,000.00		(1,997.92	)		—			—		0		2.791		5.01	JAJO		18,004.00		85,705.00				3242006
780097AE1	ROYAL BANK OF SCOTLAND GROUP P CORP BND			F		1		1FE		3,903,951.00			3,654,935.68		3,650,000.00		3,790,305.54		(135,369.86	)		(64,447.00	)		—		0		9.118		6.377	MS		924.00		284,938.00				3262008
809326AC5	SCOTLAND INTERNATIONAL FINANCE SUB CORP			F				1FE		489,340.00			499,573.02		500,000.00		489,340.00		10,233.02			—			—		0		7.7		8.956	FA		5,133.00		—				9302008
92857TAG2	VODAFONE GROUP PLC CORP BND			F				1FE		5,353,393.00			5,180,284.91		5,000,000.00		5,164,224.10		16,060.81			(85,036.00	)		—		0		7.75		5.236	FA		49,514.00		387,500.00				2272007
92924SAA6	WESTFIELD GROUP CORP BND 144A			F				1FE		2,960,719.00			2,875,521.53		3,025,000.00		2,968,490.94		(92,969.41	)		7,772.00			—		0		5.4		5.931	AO		81,675.00		81,675.00				2142008
96008YAA3	WESTFIELD CAPITAL CORP LTD CORP BND 144A			F				1FE		984,970.00			968,131.31		995,000.00		986,348.94		(18,217.63	)		1,379.00			—		0		4.375		4.811	MN		16,445.00		—				5202008
B87009DA9	SNCB BELGIUM RAIL SENIOR CORP BND EMTN			D				1FE		1,527,065.00			1,328,892.37		1,336,838.00		1,546,504.25		(217,611.88	)		17,448.00			—		-156092		4.125		5.714	DEC		41,584.00		—				11282007
BRS3FJPR0	SOCIETE GENERALE CORP BND			D		1		1FE		1,672,905.00			1,352,053.92		1,497,258.00		1,673,897.07		(321,843.15	)		786.00			—		-168245		5.75		5.91	MAR		44,343.00		97,059.00				11282007
BRS4F0R06	DANSKE BANK A/S CORP BND			D				1F		1,879,788.00			1,701,260.74		1,693,328.00		1,879,640.07		(178,379.33	)		(148.00	)		—		-184583		6.25		6.087	JUL		19,137.00		118,005.00				5062008
BRS4PXHE4	AUSTRALIA AND NEW ZEALAND BANK CORP BND			D		1		1FE		1,738,151.00			1,349,734.22		1,497,258.00		1,738,456.28		(388,722.06	)		213.00			—		-174710		6.375		6.387	FA		12,814.00		102,212.00				11282007
BRS6WDST0	NETWORK RAIL INFRASTRUCTURE FI CORP BND			D				1FE		6,545,425.00			5,898,400.73		5,882,085.00		6,548,757.78		(650,357.05	)		3,333.00			—		-696104		4.875		4.978	MAR		121,771.00		—				4222008
D4085ALP6	KREDITANSTALT FUER WIDERAUFBAU SENIOR CO			D				1FE		6,850,590.00			6,194,089.59		6,238,575.00		6,857,349.11		(663,259.52	)		6,759.00			—		-660079		4.75		4.869	DEC		242,086.00		—				2262008
D4085MKR7	KREDITANSTALT FUER WIDERAUFBAU CORP BND			D				1FE		4,968,630.00			4,318,980.16		4,277,880.00		4,969,627.58		(650,647.42	)		489.00			—		-499430		5.25		5.193	JAN		161,385.00		246,746.00				11282007
D4901WVD6	LANDWIRTSCHAFTLICHE RENTENBANK SENIOR CO			F				1FE		487,074.00			498,408.72		500,000.00		498,177.68		231.04			6,658.00			—		0		3.375		5.18	DEC		13,406.00		—				6302007
D5799CGN7	NRW.BANK SENIOR CORP BND MTN			F				1FE		294,146.00			311,094.02		300,000.00		296,278.62		14,815.40			1,237.00			—		0		4.75		5.324	NOV		13,023.00		—				6302007
D96074WD3	LANDWIRTSCHAFTLICHE RENTENBANK SENIOR CO			F				1FE		4,099,836.00			4,102,542.16		4,100,000.00		4,099,920.11		2,622.05			84.00			—		0		3.125		3.099	JUN		48,403.00		—				7092008
F4901MJY4	DEXIA MUNICIPAL AGENCY SECURED CORP BND			F				1FE		693,074.00			718,115.98		700,000.00		696,490.29		21,625.69			1,956.00			—		0		4.875		5.218	JAN		23,869.00		34,125.00				6302007
G0016ZBJ5	ABBEY NATIONAL PLC SUB CORP BND			D		1		1FE		2,607,685.00			2,332,354.45		2,406,308.00		2,611,309.38		(278,954.93	)		3,624.00			—		-234670		5.25		5.406	APR		56,416.00		140,389.00				1142008
G1081JAE1	TRANSCO PLC CORP BND 144A			D				1FE		1,573,472.00			1,428,788.96		1,425,960.00		1,589,548.29		(160,759.33	)		9,359.00			—		-164979		5.375		6.159	DEC		62,594.00		—				6302007
G16553AB8	SANT CENTR HISP SUB CORP BND EMTN			D				1FE		1,890,267.00			1,594,690.62		1,604,205.00		1,883,498.32		(288,807.70	)		(6,121.00	)		—		-189039		6.8		6.176	NOV		91,511.00		—				11282007
G3775BEA9	GE CAPITAL UK FUNDING CORP BND			D				1FE		2,911,417.00			2,331,932.17		2,495,430.00		2,907,193.29		(575,261.12	)		(4,051.00	)		—		-291994		5.875		5.596	APR		62,659.00		164,011.00				11282007
G4637EBQ7	HSBC BANK PLC SUB CORP BND MTN			D		1		1FE		2,622,227.00			2,277,251.22		2,406,308.00		2,633,201.38		(355,950.16	)		10,975.00			—		-236637		5.75		6.218	JUN		36,391.00		154,594.00				1142008
G4715JAB5	LLOYDS TSB BANK PLC CAPSEC CORP BND EMTN			D		1		1FE		1,562,159.00			1,345,606.67		1,408,136.00		1,561,573.69		(215,967.02	)		(585.00	)		—		-149884		6.625		6.369	JUL		19,694.00		104,926.00				1242008
G4945AAB6	IRISH NATIONWIDE CORP BND			D				1FE		1,994,376.00			1,757,528.19		1,782,450.00		2,004,816.19		(247,288.00	)		5,786.00			—		-208032		5.875		6.189	DEC		83,260.00		—				6302007
G53734AT9	LAND SECT CP MKT SECURED CORP BND			D		1		1FE		1,963,292.00			1,677,632.40		1,746,801.00		1,973,324.39		(295,691.99	)		8,848.00			—		-198649		4.625		5.349	FA		12,838.00		89,172.00				11282007
G6218TBX1	MONUMENTAL GLOBL FNDG LTD. CORP BND			D				1FE		2,905,958.00			2,627,852.49		2,673,675.00		2,953,664.42		(325,811.93	)		28,531.00			—		-306647		5		6.336	FEB		79,991.00		147,585.00				6302007
G63827EW8	NATIONAL WESTMINSTER BANK PLC CAPSEC COR			D		1		1FE		5,317,783.00			4,606,040.02		4,723,493.00		5,293,879.60		(687,839.58	)		(23,903.00	)		—		-528221		7.625		6.748	JAN		250,115.00		244,687.00				4222008
K3499AJB4	FIH ERHVERVSBANK A/S SENIOR CORP BND EMT			D				1FE		1,695,757.00			1,386,512.44		1,586,381.00		1,707,401.01		(320,888.57	)		10,901.00			—		-169664		6		7.909	FEB		61,895.00		70,571.00				6192008
L3198SAM3	EUROPAEISCHE HYPOTHEKENBANK SA CORP BND			F				1FE		246,196.00			251,218.15		250,000.00		249,426.73		1,791.42			1,916.00			—		0		4.25		5.259	DEC		8,234.00		—				6302007
L32484PW8	EUROPEAN INVESTMENT BANK CORP BND			D				1FE		1,980,725.00			1,725,042.35		1,693,328.00		1,972,016.31		(246,973.96	)		(8,708.00	)		—		-228932		5.5		4.437	DEC		76,084.00		—				3102008
L4700FBT4	PBI PFANDBRIEFBANK INTL CORP BND			F				1FE		687,853.00			720,727.04		700,000.00		691,275.63		29,451.41			1,951.00			—		0		5		5.388	OCT		34,708.00		—				6302007
N0265DAF3	ABN AMRO BANK N.V. SENIOR CORP BND			D				1FE		709,150.00			611,547.54		623,858.00		715,214.89		(103,667.35	)		5,442.00			—		-72086		4.875		5.891	JAN		21,021.00		33,453.00				11282007
N3340HKP4	FORTIS FIN N.V. CORP BND			D				1FE		994,815.00			889,394.91		891,225.00		1,002,449.37		(113,054.46	)		4,376.00			—		-104032		5.5		6.027	NOV		42,723.00		—				6302007
N7278VTA4	RABOBANK NEDERLAND NV CORP BND			D				1FE		2,041,264.00			1,772,191.47		1,782,450.00		2,054,734.26		(282,542.79	)		12,181.00			—		-206960		4.75		5.521	SEP		232.00		84,666.00				11282007
Q6534XTX9	NATIONAL AUSTRALIA BANK LIMITE SENIOR CO			D				1FE		1,703,032.00			1,482,831.71		1,515,083.00		1,717,055.73		(234,224.02	)		12,695.00			—		-173046		4.625		5.761	DEC		56,288.00		—				11282007
T17071BQ2	INTESA SANPAOLO SPA SUB CORP BND EMTN			D		1		1FE		1,792,398.00			1,522,256.27		1,604,205.00		1,797,927.52		(275,671.25	)		4,777.00			—		-180865		5.5		6.058	DEC		69,187.00		—				11282007
W8180NAX7	SKANDINAVISKA ENSKILDA BANKEN CORP BND			D		1		2FE		761,086.00			662,004.07		721,892.00		761,410.69		(99,406.62	)		324.00			—		-73082		5		5.207	DEC		29,290.00		—				1242008
W9125UAJ8	SVENSKA HANDELSBANKEN AB SUB CORP BND			D		1		1FE		1,462,818.00			1,285,991.06		1,381,399.00		1,463,697.45		(177,706.39	)		880.00			—		-140489		8.366		8.557	NOV		96,625.00		—				1242008
030610AC3	AMCAR_06-AF ABS 06-AF-A3					2		1FE		2,486,233.00			2,478,297.23		2,486,727.00		2,486,646.40		(8,349.17	)		93.00			—		0		5.56		5.635	MON		9,602.00		103,697.00				7112006
030612AB1	AMCAR_06-RM ABS 06-RM A2					2		1FE		1,601,330.00			1,547,876.53		1,601,627.00		1,601,537.96		(53,661.43	)		46.00			—		0		5.42		5.489	MON		6,028.00		65,106.00				5092006
055670AC7	BMWOT ABS_06-A A3					2		1FE		3,605,163.00			3,619,160.87		3,613,632.00		3,610,902.26		8,258.61			1,958.00			—		0		5.13		5.361	MON		3,090.00		139,035.00				6252007
07388GAA9	BSABS ABS 06-3-A1					2		1FE		1,749,919.00			1,606,371.05		1,749,919.00		1,749,918.62		(143,547.57	)		—			—		0		3.357		3.38	MON		979.00		41,445.00				8082006
12668HAB6	CWL ABS 06-26-2A1					2		1FE		2,189,553.00			2,093,814.97		2,189,381.00		2,189,458.37		(95,643.40	)		(20.00	)		—		0		3.287		3.304	MON		1,199.00		50,686.00				1292007
139732FY2	CARAT ABS 06-1					2		1FE		1,037,504.00			1,040,928.51		1,040,634.00		1,040,318.74		609.77			1,370.00			—		0		5.03		5.466	MON		2,326.00		39,258.00				7172007
13974AAD4	CARAT ABS 06-SN1A 144A					2		1FE		86,021.00			86,447.83		86,508.00		86,437.79		10.04			362.00			—		0		5.31		6.245	MON		140.00		3,445.00				11292007
14041GCU8	CAPITAL ONE AUTO FIN TR ABS 2006-A A3					2		1FE		1,054,109.00			1,050,682.01		1,054,182.00		1,054,173.57		(3,491.56	)		10.00			—		0		5.33		5.393	MON		2,497.00		42,141.00				4252006
23383VDJ6	DCAT ABS 06-A					2		1FE		1,435,626.00			1,436,576.94		1,444,144.00		1,442,847.74		(6,270.80	)		1,363.00			—		0		5		5.395	MON		4,613.00		54,155.00				7312006
23383VDK3	DCAT ABS_06-A A4					2		1FE		4,124,001.00			4,080,821.29		4,125,000.00		4,124,769.37		(43,948.08	)		188.00			—		0		5.01		5.071	MON		13,203.00		154,997.00		��		2282006
23383WAC2	DCAT_06-B ABS 06-B					2		1FE		350,708.00			346,385.97		347,693.00		349,351.15		(2,965.18	)		(1,357.00	)		—		0		5.33		4.15	MON		1,184.00		12,355.00				1302008
23383WAD0	DCAT_06-B ABS 06-B					2		1FE		1,375,555.00			1,374,001.97		1,400,000.00		1,375,554.69		(1,552.72	)		—			—		0		5.38		7.995	MON		5,021.00		—				9292008
233875AC7	DCAT_06-C ABS 06-C-A4					2		1FE		3,943,905.00			3,878,122.34		3,985,000.00		3,966,918.44		(88,796.10	)		14,639.00			—		0		4.98		5.563	MON		12,679.00		148,840.00				7112007
34527RLQ4	FORDO ABS 06-A					2		1FE		2,297,179.00			2,299,629.25		2,299,291.00		2,298,825.49		803.76			1,011.00			—		0		5.05		5.229	MON		5,161.00		87,086.00				8062007
34528AAD1	FORD CREDIT AUTO OWNER TRUST F ABS 06-B					2		1FE		4,865,736.00			4,807,460.48		4,844,746.00		4,853,560.47		(46,099.99	)		(10,448.00	)		—		0		5.26		4.865	MON		11,326.00		185,855.00				1302008
34528CAC9	FORDO_06-C ABS 06-C-A2B					2		1FE		60,670.00			60,792.40		61,023.00		60,940.57		(148.17	)		239.00			—		0		2.508		3.61	MON		68.00		1,436.00				11292007
34528CAD7	FORDO ABS_06-C A3					2		1FE		1,266,309.00			1,241,861.38		1,250,000.00		1,257,450.99		(15,589.61	)		(8,858.00	)		—		0		5.16		4.078	MON		2,867.00		43,000.00				1302008
34528CAE5	FORDO ABS 06-C A4A					2		1FE		6,099,791.00			5,884,750.25		6,150,000.00		6,119,061.08		(234,310.83	)		12,597.00			—		0		5.15		5.537	MON		14,077.00		237,544.00				8232007
34528XAB5	FORDO ABS 08-C A2A					2		1FE		745,078.00			736,012.50		750,000.00		745,743.46		(9,730.96	)		665.00			—		0		3.72		4.535	MON		1,240.00		2,325.00				8132008
41283ABS7	HARLEY-DAVIDSON MOTORCYCLE TR ABS 05-1-A					2		1FE		2,566,692.00			2,589,406.01		2,643,519.00		2,629,643.76		(40,237.75	)		15,480.00			—		0		3.76		5.423	MON		4,418.00		74,547.00				7312006
438125AC0	HAROT_07-1 ABS_07-1-A3					2		1FE		11,240,635.00			11,302,764.66		11,300,682.00		11,276,546.82		26,217.84			22,588.00			—		0		5.1		5.465	MON		20,812.00		432,251.00				8232007
43812LAD3	HAROT ABS_05-4 A4					2		1FE		1,650,890.00			1,641,268.09		1,644,723.00		1,649,013.74		(7,745.65	)		(1,877.00	)		—		0		4.6		3.446	MON		2,102.00		18,914.00				7082008
43812QAC4	HAROT_06-2 ABS 06-2-A3					2		1FE		2,638,908.00			2,629,746.13		2,637,405.00		2,638,817.91		(9,071.78	)		(1,195.00	)		—		0		5.3		5.2	MON		3,883.00		102,747.00				1302008
43813HAC3	HONDA AUTO RECEIVABLES OWNER T 07-2 A3					2		1FE		11,043,214.00			10,912,212.78		10,990,000.00		11,035,530.00		(123,317.22	)		(6,256.00	)		—		0		5.46		5.013	MON		16,668.00		301,711.00				9042008

6

Validus Holdings, Ltd September 30, 2008 GAAP investment portfolio in Schedule D-Part 1 format

1	2	Codes				6		7		FAIR VALUE			10		11		CHANGE IN BOOK/ADJUSTED CARRYING VALUE										INTEREST									DATES
		3	4	5						8	9						12			13			14		15		16		17		18	19		20		21	22
			FOREIGN	BOND		NAIC		ACTUAL		RATE USED TO OBTAIN	GAAP FAIR				GAAP					CURRENT YEAR			IMPAIR-		TOTAL FX CHG		INTEREST		EFFECTIVE		HOW	ACCRUED		GROSS REC’D
CUSIP	DESCRIPTION	*	CODE	CHAR		DESIG		COST		FAIR VALUE	MARKET VALUE		PAR VALUE		BOOK VALUE		UGL			AMORTIZATION			MENTS		IN B/A. C.V.		RATE		RATE OF		PAID	INTEREST		DURING YEAR		ACQUIRED	MATURITY
542388AC7	LBART_06-A ABS 06-A				2		1FE		553,766.00			552,890.00		553,766.00		553,766.28		(876.28	)		—			—		0		5.418		5.48	MON		1,333.00		22,502.00			5042006
55264TDP3	MBNAS ABS 06-A1				2		1FE		7,460,007.00			7,455,792.27		7,445,000.00		7,451,413.07		4,379.20			(11,955.00	)		—		0		4.9		4.711	MON		16,214.00		264,641.00			1102008
617526AC2	MORGAN STANLEY ABS CAPITAL I M ABS 07-HE				2		1FE		3,016,930.00			2,915,501.37		3,016,930.00		3,016,929.64		(101,428.27	)		—			—		0		3.257		3.279	MON		1,638.00		69,156.00			1112007
65475CAD4	NISSAN AUTO REC OWNER TRUST ABS 2006-B A				2		1FE		1,154,632.00			1,145,905.65		1,165,000.00		1,154,631.50		(8,725.85	)		—			—		0		5.22		6.306	MON		2,872.00		—			9292008
65475FAD7	NAROT ABS 08-A A3				2		1FE		1,504,830.00			1,470,761.22		1,505,000.00		1,504,885.80		(34,124.58	)		56.00			—		0		3.89		3.928	MON		2,602.00		37,566.00			1152008
74924TAA2	RASC_06-EMX7 ABS 06-EMX7-A1				2		1FE		958,608.00			950,070.48		958,608.00		958,608.08		(8,537.60	)		—			—		0		3.267		3.289	MON		522.00		22,047.00			8222006
75156WAA1	RAMPABS 06-RS4				2		1FE		450,182.00			447,157.46		450,182.00		450,182.14		(3,024.68	)		—			—		0		3.287		3.309	MON		247.00		10,422.00			6192006
903278CK3	USAA AUTO OWNER TR ABS 05-4				2		1FE		291,330.00			292,299.78		292,358.00		292,236.86		62.92			534.00			—		0		4.83		5.404	MON		628.00		10,591.00			7172007
903278CL1	USAA AUTO OWNER TR ABS_05-4 A4				2		1FE		3,605,625.00			3,575,988.00		3,600,000.00		3,600,904.73		(24,916.73	)		(1,376.00	)		—		0		4.89		4.888	MON		7,824.00		132,030.00			12132005
903278CQ0	USAA AUTO OWNER TR ABS 06-1				2		1FE		918,079.00			914,848.83		918,209.00		918,190.12		(3,341.29	)		19.00			—		0		5.01		5.069	MON		2,045.00		34,502.00			2142006
90327AAB0	USAOT ABS 08-2 A2				2		1FE		1,749,949.00			1,747,025.00		1,750,000.00		1,749,956.08		(2,931.08	)		7.00			—		0		3.91		3.944	MON		3,041.00		25,849.00			4222008
90327KAB8	USAOT ABS 08-3				2		1FE		3,199,690.00			3,157,664.00		3,200,000.00		3,199,707.90		(42,043.90	)		18.00			—		0		3.58		3.614	MON		5,092.00		16,548.00			7152008
90327LAC4	USAOT ABS 06-4 A3				2		1FE		1,207,190.00			1,186,110.42		1,190,587.00		1,199,714.33		(13,603.91	)		(7,476.00	)		—		0		5.01		3.799	MON		2,651.00		39,766.00			2052008
90327MAB4	USAOT_08-1 ABS 08-1-A2				2		1FE		1,737,073.00			1,728,884.33		1,737,171.00		1,737,131.03		(8,246.70	)		58.00			—		0		4.27		4.314	MON		3,297.00		49,451.00			1092008
90327PAC5	USAOT ABS 07-1				2		1FE		10,571,061.00			10,537,001.65		10,535,000.00		10,563,412.00		(26,410.35	)		(6,017.00	)		—		0		5.43		5.116	MON		25,424.00		340,529.00			9042008
90327TAB9	USAOT ABS 07-2 A2				2		1FE		2,013,294.00			2,012,472.26		2,013,338.00		2,013,325.09		(852.83	)		28.00			—		0		5.04		5.096	MON		4,510.00		76,104.00			9242007
98156DAD9	WORLD OMNI AUTO RECEIVABLES TR ABS_07-B				2		1FE		6,724,833.00			6,702,269.50		6,725,000.00		6,724,862.86		(22,593.36	)		47.00			—		0		5.28		5.34	MON		15,781.00		266,310.00			9172007
007036EP7	ARMT WHOLE CMO 04-5 2A1				2		1FE		537,385.00			530,571.53		547,305.00		538,046.35		(7,474.82	)		199.00			—		0		4.997		5.611	MON		2,279.00		20,509.00			8102007
02660BAA0	AHMA_07-1 ABS 07-1 A1				2		1FE		7,480,590.00			6,782,256.35		7,689,443.00		7,483,892.66		(701,636.31	)		1,867.00			—		0		3.555		4.611	MON		22,780.00		271,476.00			10232007
02660UAA8	AMERICAN HOME MORTGAGE ASSETS WHOLE CMO				2		1FE		6,503,567.00			5,798,491.52		6,581,985.00		6,506,126.69		(707,635.17	)		464.00			—		0		3.825		4.489	MON		20,980.00		245,711.00			10162007
02660UAE0	AHMA_06-3 WHOLE CMO 06-3 2A11				2		1FE		4,077,010.00			3,551,000.49		4,132,526.00		4,078,833.00		(527,832.51	)		612.00			—		0		3.795		4.522	MON		13,069.00		153,321.00			4012008
041239AE4	ARKLE_06-1A CMO 06-1A-3A				2		1FE		4,400,688.00			4,264,446.62		4,400,000.00		4,400,278.02		(135,831.40	)		(338.00	)		—		0		2.857		2.859	FMAN		15,364.00		120,831.00			7112007
05947U2N7	BACM SENIOR CMBS 05-5 A2				2		1FE		675,670.00			658,826.52		680,000.00		675,742.41		(16,915.89	)		72.00			—		0		5.001		5.254	MON		2,834.00		—			9032008
05947UVA3	BACM SENIOR CMBS 04-3 A3				2		1FE		2,944,760.00			2,929,435.56		2,954,917.00		2,946,062.30		(16,626.74	)		1,303.00			—		0		4.875		5.503	MON		12,004.00		40,887.00			8272008
05948XYC9	BOAMS WHOLE CMO 03-J-2A1				2		1FE		131,325.00			126,235.06		133,230.00		131,510.13		(5,275.07	)		178.00			—		0		4.127		4.734	MON		458.00		4,085.00			11302007
05949CED4	BANK OF AMERICA MTG SEC WHOLE CMO 05-G-2				2		1FE		4,243,552.00			3,870,781.30		4,303,737.00		4,249,318.19		(378,536.89	)		1,917.00			—		0		4.921		5.464	MON		17,649.00		158,871.00			10192006
07384M3D2	BSARM WHOLE CMO 04-9 22A1				2		1FE		2,535,486.00			2,283,637.93		2,584,593.00		2,539,174.83		(255,536.90	)		1,189.00			—		0		4.783		5.502	MON		10,279.00		92,478.00			8132007
07384MK27	BSARM WHOLE CMO 04-1 21A1				2		1FE		769,648.00			717,704.70		783,606.00		770,962.57		(53,257.87	)		404.00			—		0		4.523		5.216	MON		2,919.00		26,165.00			8102007
07387AAW5	BSARM WHOLE CMO 05-3 2A1				2		1FE		2,106,709.00			1,756,087.08		2,146,281.00		2,109,734.62		(353,647.54	)		700.00			—		0		5.077		5.748	MON		9,080.00		81,606.00			8102007
07387AEG6	BSARM WHOLE CMO 05-9				2		1FE		2,843,390.00			2,603,416.21		2,889,556.00		2,847,892.58		(244,476.37	)		(676.00	)		—		0		4.625		5.06	MON		11,137.00		100,231.00			1062006
07388DAC2	BSARM_06-2 WHOLE CMO 06-2-2A1				2		1FE		8,352,811.00			6,078,663.32		8,561,498.00		8,359,934.95		(2,281,271.63	)		4,601.00			—		0		5.65		6.455	MON		40,310.00		362,794.00			11202007
07388DAS7	BSARM_06-2 WHOLE CMO 06-2 3A2				2		1FE		686,890.00			674,799.99		702,701.00		687,639.67		(12,839.68	)		188.00			—		0		5.75		6.414	MON		3,367.00		30,304.00			8172007
07389KAA9	BSA_20-701 WHOLE CMO 20-701 1A1				2		1FE		6,141,183.00			5,516,875.43		6,149,800.00		6,139,565.17		(622,689.74	)		(910.00	)		—		0		6.231		6.118	MON		31,932.00		288,612.00			9172007
12667GY98	CWALT WHOLE CMO 05-38 A1				2		1FE		342,160.00			299,041.94		342,589.00		342,140.30		(43,098.36	)		121.00			—		0		4.355		4.307	MON		1,243.00		14,151.00			8062007
12668AZL2	CWALT CMO 2005-64CB 1A1				2		1FE		1,759,541.00			1,746,259.64		1,793,734.00		1,763,338.18		(17,078.54	)		3,798.00			—		0		5.5		6.239	MON		8,221.00		65,770.00			1022008
12669E5Y8	COUNTRYWIDE HOME LOANS TR WHOLE CMO 03-5				2		1FE		2,457,150.00			2,492,952.47		2,497,104.00		2,468,146.82		24,805.65			5,837.00			—		0		4.73		6.22	MON		9,724.00		84,796.00			8142007
12669G3U3	CWHL WHOLE CMO 05-16 A26				2		1FE		438,663.00			430,751.52		442,954.00		439,079.03		(8,327.51	)		416.00			—		0		5.5		5.969	MON		2,030.00		10,151.00			4042008
12669GBA8	CWHL WHOLE CMO 04-HYB6				2		1FE		690,408.00			683,821.07		706,582.00		692,423.48		(8,602.41	)		548.00			—		0		4.545		5.654	MON		2,675.00		24,108.00			8102007
12669GM24	CWHL WHOLE CMO 05-HY4 2A1				2		1FE		2,970,170.00			2,948,352.35		3,041,219.00		2,976,083.50		(27,731.15	)		1,611.00			—		0		4.898		5.869	MON		12,423.00		111,803.00			12052007
15132EFD5	CDMC WHOLE CMO 03-8 2A3				2		1FE		2,115,435.00			2,012,638.94		2,164,128.00		2,118,022.41		(105,383.47	)		2,587.00			—		0		4.907		5.809	MON		8,850.00		44,251.00			4172008
161505EY4	CCMSC SENIOR CMBS 2000-2 A2				2		1FE		725,730.00			713,703.87		700,000.00		724,425.84		(10,721.97	)		(1,305.00	)		—		0		7.631		4.455	MON		4,451.00		—			9042008
16162WLN7	CHASE WHOLE CMO 05-S2 A2`				2		1FE		504,225.00			510,903.23		509,157.00		505,035.17		5,868.06			810.00			—		0		5.5		6.271	MON		2,334.00		11,668.00			4042008
161630AG3	CHASE CMO_07-A1-2A1				2		1FE		5,509,128.00			5,144,913.76		5,608,147.00		5,510,531.42		(365,617.66	)		868.00			—		0		4.133		4.61	MON		19,317.00		173,978.00			2222007
161630AL2	CHASE WHOLE CMO 07-A1 3A1				2		1FE		3,097,141.00			2,842,575.49		3,128,178.00		3,097,935.09		(255,359.60	)		249.00			—		0		4.822		5.159	MON		12,570.00		113,133.00			5172007
161630AQ1	CHASE CMO_07-A1 5A1				2		1FE		796,935.00			737,118.28		811,000.00		797,387.79		(60,269.51	)		(3.00	)		—		0		4.168		4.649	MON		2,817.00		25,361.00			5082007
161630AU2	CHASE WHOLE CMO 07-A1 7A1				2		1FE		1,549,050.00			1,417,454.92		1,574,075.00		1,549,946.97		(132,492.05	)		319.00			—		0		4.608		5.115	MON		6,044.00		54,368.00			5172007
161630BD9	CHASE WHOLE CMO 07-A1 11M1				2		1FE		7,783,464.00			5,873,812.72		7,709,680.00		7,780,991.89		(1,907,179.17	)		(2,473.00	)		—		0		5.434		5.082	MON		34,914.00		279,231.00			1182008
172973XT1	CMSI WHOLE CMO 04-4 A3				2		1FE		1,293,193.00			1,221,348.67		1,306,255.00		1,294,175.44		(72,826.77	)		983.00			—		0		5.25		5.757	MON		5,715.00		28,574.00			4172008
23243VAB6	CWALT_06-OC7 WHOLE CMO 06-OC7-2A1				2		1FE		2,100,368.00			2,102,986.12		2,100,368.00		2,100,368.41		2,617.71			—			—		0		3.277		3.299	MON		1,147.00		48,479.00			8172006
23244JAB2	COUNTRYWIDE ALTERNATIVE LOAN T WHOLE CMO				2		1FE		4,032,674.00			3,996,843.31		4,039,262.00		4,035,656.26		(38,812.95	)		2,405.00			—		0		3.307		3.524	MON		2,226.00		94,154.00			10122007
31393TE28	FNR AGENCY CMO 03-110 KA				2		1FE		9,932.00			9,933.59		10,007.00		9,932.18		1.41			—			—		0		3		4.643	MON		2.00		—			9302008
31394HP88	FHR AGENCY CMO 2663				2		1FE		1,006,250.00			1,002,500.00		1,000,000.00		1,005,389.12		(2,889.12	)		(861.00	)		—		0		4.5		4.06	MON		3,750.00		7,500.00			7162008
31394LU75	FNR AGENCY CMO 2707 ON				2		1FE		61,739.00			61,864.25		61,991.00		61,739.49		124.76			—			—		0		4		5.106	MON		14.00		—			9302008
31394NYM4	FHR AGENCY CMO 2737				2		1FE		90,880.00			90,879.64		91,279.00		90,879.65		(0.01	)		—			—		0		3.5		4.481	MON		18.00		—			9302008
31395K5J8	FHR AGENCY CMO 2898 PH				2		1FE		1,189,506.00			1,183,080.39		1,179,554.00		1,187,958.46		(4,878.07	)		(1,548.00	)		—		0		5		4.04	MON		4,915.00		9,830.00			7082008
31395NKX4	FNR AGENCY CMO 06-53 WA				2		1FE		837,847.00			835,345.54		820,664.00		835,953.45		(607.91	)		(1,893.00	)		—		0		6		4.172	MON		4,103.00		4,103.00			8112008
32051GBD6	FHASI_04-AR6 WHOLE CMO 04-AR6				2		1FE		281,958.00			259,323.89		288,138.00		282,419.04		(23,095.15	)		145.00			—		0		4.75		5.479	MON		1,141.00		10,265.00			8102007
362341RT8	GSAA HOME EQUITY TRUST WHOLE CMO 05-AR6				2		1FE		3,167,106.00			2,916,210.93		3,204,627.00		3,169,067.23		(252,856.30	)		540.00			—		0		4.625		4.976	MON		12,352.00		112,983.00			11212007
38374G3A8	GNR AGENCY CMO 04-42 AE				2		1FE		3,353,798.00			3,344,541.55		3,291,062.00		3,348,688.49		(4,146.94	)		(5,109.00	)		—		0		6		4.646	MON		16,455.00		16,455.00			8132008
41161PWW9	HARBORVIEW MTG TR WHOLE CMO 05-14 5A1A				2		1FE		2,041,390.00			2,042,314.10		2,120,925.00		2,048,819.61		(6,505.51	)		4,302.00			—		0		5.734		7.495	MON		10,141.00		91,286.00			8162007
41162DAF6	HVMLT_06-12 CMO 06-12-2A2A				2		1FE		3,820,647.00			3,601,276.50		3,820,647.00		3,820,646.80		(219,370.30	)		—			—		0		3.22		3.241	MON		4,101.00		94,430.00			10192006
41164YAB7	HVMLT_07-4 CMO 2007-4-2A1				2		1FE		3,362,056.00			3,427,368.27		3,644,505.00		3,372,691.89		54,676.38			9,764.00			—		0		3.25		8.815	MON		3,948.00		98,363.00			12122007
45660LRE1	INDX WHOLE CMO 05-A13 4A1				2		1FE		1,401,742.00			1,392,252.72		1,429,722.00		1,405,272.12		(13,019.40	)		1,893.00			—		0		5.358		6.429	MON		6,383.00		57,582.00			8132007
45660LVL0	INDX WHOLE CMO 05-AR15 A1				2		1FE		1,218,508.00			1,220,064.71		1,285,177.00		1,220,588.13		(523.42	)		1,092.00			—		0		5.425		6.691	MON		5,810.00		53,624.00			8162007
45661EAA2	INDYMAC INDX MORTGAGE LOAN TR CMO 2006-A				2		1Z		1,726,499.00			1,634,775.57		1,726,499.00		1,726,498.67		(91,723.10	)		—			—		0		3.427		3.451	MON		986.00		41,810.00			2132006
466247E74	JPMMT WHOLE CMO 06-A1 2A2				2		1FE		1,133,658.00			928,873.71		1,132,773.00		1,132,907.49		(204,033.78	)		(750.00	)		—		0		5.365		5.164	MON		5,065.00		35,411.00			2062008
466247K36	JP MORGAN MORTGAGE TRUST JPMMT WHOLE CMO				2		1FE		11,334,033.00			7,881,250.00		12,125,000.00		11,407,338.36		(3,526,088.36	)		67,195.00			—		0		5.675		6.887	MON		57,342.00		515,984.00			11212007
466247K51	JPMMT CMO_06-A2 4A1				2		1FE		7,763,154.00			7,258,134.73		7,975,972.00		7,771,158.00		(513,023.27	)		48.00			—		0		3.885		4.622	MON		25,820.00		232,401.00			12112007
46630GAM7	JPMMT_07-A1 WHOLE CMO 07-A1 4A1				2		1FE		973,323.00			903,655.95		993,029.00		973,889.63		(70,233.68	)		221.00			—		0		4.069		4.824	MON		3,367.00		30,313.00			12112007
52520MBU6	LMT WHOLE CMO 05-2				2		1FE		4,934,964.00			4,794,240.13		4,939,084.00		4,926,881.67		(132,641.54	)		601.00			—		0		5.5		5.508	MON		22,637.00		179,448.00			5192008
52525BAD4	LXS_07-16N LXS_07-16N 2A2				2		1FE		7,630,866.00			7,266,287.72		7,660,791.00		7,632,833.14		(366,545.42	)		1,577.00			—		0		4.057		4.34	MON		5,180.00		222,251.00			8302007
550279BA0	LUM WHOLE CMO 06-2				2		1FE		2,050,824.00			1,915,290.27		2,050,824.00		2,050,823.90		(135,533.63	)		—			—		0		3.407		3.431	MON		1,164.00		49,352.00			2142006
55027XAA8	LUM_06-5 WHOLE CMO 06-5 A1A				2		1FE		1,289,778.00			1,219,767.32		1,310,667.00		1,289,537.16		(69,769.84	)		(877.00	)		—		0		3.397		4.307	MON		742.00		31,440.00			8082007
59024KAX1	MLA_07-AF1 WHOLE CMO 07-AF1 AV1				2		1FE		5,242,592.00			4,927,208.46		5,302,033.00		5,245,817.61		(318,609.15	)		1,885.00			—		0		5.648		6.13	MON		24,956.00		225,016.00			10112007
61745ML27	MSC SENIOR CMBS 04-T15 A2				2		1FE		988,281.00			972,286.83		1,000,000.00		989,233.11		(16,946.28	)		952.00			—		0		4.69		5.408	MON		3,908.00		3,908.00			7302008
61756XAG0	MORGAN STANLEY MTGE LN TR CMO 07-15AR-2A				2		1FE		2,794,269.00			2,669,140.61		2,802,479.00		2,794,196.25		(125,055.64	)		(86.00	)		—		0		6.477		6.494	MON		15,126.00		136,285.00			11212007
62951MAY6	NOMURA ASSET ACCEPTANCE CORPOR WHOLE CMO				2		1FE		1,244,893.00			1,169,806.97		1,232,186.00		1,244,300.35		(74,493.38	)		(208.00	)		—		0		6.5		5.765	MON		6,674.00		60,069.00			10032007
749241AA3	RALI_07-QH9 WHOLE CMO 07-QH9 A1				2		1FE		7,727,545.00			7,521,776.63		7,701,336.00		7,726,502.59		(204,725.96	)		(493.00	)		—		0		5.895		5.764	MON		37,835.00		458,056.00			9012008
75115YAA7	RALI_07-Q01 WHOLE CMO 07-Q01 A1				2		1FE		7,624,987.00			7,062,426.66		7,624,987.00		7,624,986.91		(562,560.25	)		—			—		0		3.357		3.38	MON		4,266.00		180,588.00			1302007
761118QM3	RALI_05-QS17 WHOLE CMO 05-QO5 A1				2		1FE		2,211,251.00			1,947,774.22		2,234,998.00		2,212,274.21		(264,499.99	)		(615.00	)		—		0		3.855		4.351	MON		7,180.00		83,935.00			8032007
76111XSD6	RES FUND MTG SEC I WHOLE CMO 05-S1 2A1				2		1FE		2,408,538.00			2,379,893.69		2,494,279.00		2,412,247.37		(32,353.68	)		2,871.00			—		0		4.75		5.597	MON		9,873.00		88,859.00			12102007
76111XYH0	RES FUND MTG SEC I WHOLE CMO 05-SA4 2A1				2		1FE		654,829.00			582,144.06		667,443.00		655,552.02		(73,407.96	)		232.00			—		0		5.202		5.842	MON		2,893.00		26,054.00			8142007
76111XYJ6	RES FUND MTG SEC I WHOLE CMO 05-SA4 2A2				2		1FE		2,141,757.00			1,890,294.98		2,219,438.00		2,147,150.55		(256,855.57	)		1,913.00			—		0		5.18		6.308	MON		9,581.00		86,262.00			8162007
863579AQ1	SARM WHOLE CMO 04-12 3A2				2		1FE		404,589.00			402,668.74		409,970.00		405,083.58		(2,414.84	)		188.00			—		0		5.25		5.723	MON		1,794.00		16,143.00			8102007
863579EK0	SARM WHOLE CMO 04-16 3A1				2		1FE		1,805,927.00			1,797,215.87		1,826,836.00		1,807,703.68		(10,487.81	)		641.00			—		0		5.45		5.851	MON		8,297.00		74,672.00			8102007

7

Validus Holdings, Ltd September 30, 2008 GAAP investment portfolio in Schedule D-Part 1 format

1	2	Codes				6		7		FAIR VALUE			10		11		CHANGE IN BOOK/ADJUSTED CARRYING VALUE										INTEREST									DATES
		3	4	5						8	9						12			13			14		15		16		17		18	19		20		21	22
			FOREIGN	BOND		NAIC		ACTUAL		RATE USED TO OBTAIN	GAAP FAIR				GAAP					CURRENT YEAR			IMPAIR-		TOTAL FX CHG		INTEREST		EFFECTIVE		HOW	ACCRUED		GROSS REC’D
CUSIP	DESCRIPTION	*	CODE	CHAR		DESIG		COST		FAIR VALUE	MARKET VALUE		PAR VALUE		BOOK VALUE		UGL			AMORTIZATION			MENTS		IN B/A. C.V.		RATE		RATE OF		PAID	INTEREST		DURING YEAR		ACQUIRED	MATURITY
86359AS87	SASC WHOLE CMO 03-26A 3A4				2		1FE		57,157.00			58,972.47		58,622.00		57,899.84		1,072.63			449.00			—		0		4.956		7.752	MON		242.00		2,031.00			8142007
86359AS95	SASC WHOLE CMO 03-26A 3A5				2		1FE		980,000.00			978,894.84		1,000,000.00		984,257.75		(5,362.91	)		2,027.00			—		0		4.956		5.475	MON		4,130.00		34,800.00			8142007
86359BPQ8	STRUCTURED ASSET SEC CORP WHOLE CMO 04-5				2		1FE		927,167.00			927,143.13		948,130.00		929,440.14		(2,297.01	)		870.00			—		0		4.38		5.23	MON		3,461.00		31,146.00			8102007
86361WAA9	SAMI_06-AR8 CMO 06-AR8-A1A				2		1FE		4,102,914.00			3,822,720.84		4,102,914.00		4,102,913.75		(280,192.91	)		—			—		0		3.407		3.431	MON		2,330.00		98,734.00			10272006
86364PAA1	SARM_07-1O WHOLE CMO 07-10 1A1				2		1FE		7,368,523.00			6,703,123.54		7,403,226.00		7,368,876.57		(665,753.03	)		294.00			—		0		6		6.127	MON		37,016.00		333,145.00			10112007
86364RAA7	SAMI_07-AR6 WHOLE CMO 07-AR6 A1				2		1Z		6,766,350.00			5,974,345.53		6,783,297.00		6,766,849.69		(792,504.16	)		(653.00	)		—		0		4.355		4.349	MON		24,618.00		280,184.00			9122007
885220KV4	TMST CMO 06-2 A2A				2		1FE		951,901.00			907,148.58		967,625.00		958,342.07		(51,193.49	)		6,441.00			—		0		3.317		6.881	MON		535.00		10,920.00			5012008
92922F2G2	WASHINGTON MUTUAL CMO 2005-AR11 A1A				2		1FE		1,629,283.00			1,477,939.46		1,627,249.00		1,629,253.04		(151,313.58	)		(97.00	)		—		0		3.527		3.528	MON		957.00		40,834.00			12152005
92922F3N6	WAMU_05-A12 WHOLE CMO 05-A12-1A8				2		1FE		5,851,050.00			5,186,976.83		5,911,085.00		5,852,877.72		(665,900.89	)		1,827.00			—		0		4.833		5.105	MON		23,807.00		190,458.00			1102008
92922F5T1	WASHINGTON MUTUAL CMO 2005-AR15 A1A1				2		1FE		2,160,398.00			1,971,417.39		2,160,398.00		2,160,398.19		(188,980.80	)		—			—		0		3.467		3.492	MON		1,248.00		53,222.00			12152005
92922FG44	WASHINGTON MUTUAL WHOLE CMO 2005-AR4 A3				2		1FE		1,863,941.00			1,896,125.00		1,925,000.00		1,883,161.23		12,963.77			19,220.00			—		0		4.585		7.29	MON		7,355.00		31,426.00			8282008
92922FNJ3	WASHINGTON MUTUAL WHOLE CMO 04-AR3 A2				2		1FE		1,239,115.00			1,151,876.17		1,269,565.00		1,240,707.87		(88,831.70	)		214.00			—		0		4.243		4.999	MON		4,489.00		40,401.00			8102007
92922FR75	WASHINGTON MUTUAL CMO 2005-AR8 2A1A				2		1FE		1,772,962.00			1,597,489.29		1,771,302.00		1,772,930.98		(175,441.69	)		(22.00	)		—		0		3.497		3.504	MON		1,032.00		44,043.00			12162005
92922FSC3	WASHINGTON MUTUAL CMO 2004-AR5 A6				2		1FE		410,419.00			410,415.45		413,000.00		410,622.76		(207.31	)		204.00			—		0		3.838		4.451	MON		1,321.00		1,321.00			8282008
92922FW46	WASHINGTON MUTUAL CMO 2005-AR10 1A3				2		1FE		2,939,883.00			2,520,000.00		3,000,000.00		2,953,498.57		(433,498.57	)		1,390.00			—		0		4.833		5.137	MON		12,083.00		108,785.00			3242006
92926WAA5	WAMU_07 CMO 07-0A1-A1A				2		1FE		5,239,253.00			4,553,326.76		5,239,253.00		5,239,252.61		(685,925.85	)		—			—		0		3.555		3.416	MON		15,521.00		185,533.00			2072007
933635AA2	WAMU_07-OA2 WHOLE CMO_07-OA2 1A				2		1FE		1,587,705.00			1,395,096.79		1,587,705.00		1,587,705.19		(192,608.40	)		—			—		0		3.555		3.404	MON		4,704.00		56,224.00			2212007
933637AA8	WAMU WHOLE CMO 06-AR18 1A1				2		1FE		4,358,012.00			3,255,284.05		4,340,379.00		4,356,560.78		(1,101,276.73	)		(1,451.00	)		—		0		5.342		5.1	MON		19,322.00		154,639.00			1172008
93363TAD4	WAMU WHOLE CMO 06-AR11-3A1A				2		1FE		731,914.00			644,663.16		731,914.00		731,914.23		(87,251.07	)		—			—		0		3.775		3.668	MON		2,302.00		27,123.00			8162006
93934FEN8	WMALT_05-5 WHOLE CMO 05-9-2A2				2		1FE		6,310,961.00			6,283,630.66		6,887,815.00		6,334,121.02		(50,490.36	)		19,996.00			—		0		5.5		8.751	MON		31,569.00		284,122.00			12172007
949760AM4	WELLS FARGO MORTGAGE BACKED SE WHOLE CMO				2		1FE		3,727,639.00			3,594,230.39		3,743,990.00		3,728,387.19		(134,156.80	)		691.00			—		0		5.25		5.39	MON		16,380.00		133,045.00			5192008
949779AB8	WELLS FARGO CMO 04-EE-2A1				2		1FE		7,506,133.00			7,003,199.29		7,695,823.00		7,520,044.52		(516,845.23	)		4,104.00			—		0		4.109		4.978	MON		26,353.00		231,119.00			8152007
949781AA6	WFMBS WHOLE CMO 05-AR1				2		1FE		4,605,938.00			4,152,288.45		4,718,510.00		4,607,930.06		(455,641.61	)		(10,628.00	)		—		0		4.538		5.089	MON		17,844.00		160,643.00			12052006
949781AC2	WFMBS WHOLE CMO 05-AR1 2A1				2		1FE		1,357,135.00			1,224,116.48		1,391,041.00		1,357,226.32		(133,109.84	)		92.00			—		0		4.499		5.094	MON		5,215.00		20,854.00			5272008
949797AA2	WFMBS WHOLE CMO 07-15 A1				2		1FE		15,505,525.00			13,095,592.33		15,589,991.00		15,505,154.52		(2,409,562.19	)		(444.00	)		—		0		6		6.111	MON		77,950.00		668,370.00			1172008
94979LAF0	WFMBS WHOLE CMO 04-N A6				2		1FE		418,027.00			416,560.52		425,000.00		421,046.72		(4,486.20	)		2,780.00			—		0		4		4.974	MON		1,417.00		12,750.00			12042007
94980MAB4	WFMBS WHOLE CMO 04-P				2		1FE		6,924,331.00			6,465,210.09		7,063,391.00		6,926,170.61		(460,960.52	)		(4,708.00	)		—		0		4.245		4.687	MON		24,987.00		224,328.00			9122007
94980RAC1	WFMBS_04-Z CMO 04-Z-2A1				2		1FE		10,414,689.00			9,354,407.82		10,510,571.00		10,415,211.40		(1,060,803.58	)		523.00			—		0		4.57		4.764	MON		40,030.00		286,751.00			5272008
94981NAH8	WFMBS_05-AR4 WHOLE CMO 05-AR4				2		1FE		4,085,979.00			3,643,653.45		4,204,054.00		4,087,604.82		(443,951.37	)		(14,263.00	)		—		0		4.537		5.395	MON		15,894.00		142,701.00			7192006
94981QAU2	WFMBS WHOLE CMO 05-AR16				2		1FE		2,836,216.00			2,588,083.44		2,858,774.00		2,836,511.06		(248,427.62	)		(1,875.00	)		—		0		5.001		5.151	MON		11,914.00		107,205.00			1112006
94982BAG5	WFMBS WHOLE CMO 05-AR8 3A1				2		1FE		1,581,979.00			1,454,726.74		1,609,389.00		1,585,964.78		(131,238.04	)		(445.00	)		—		0		4.481		5.062	MON		6,010.00		54,064.00			12152005
949835AB8	WFMBS CMO_05-AR15 1A2				2		1FE		6,335,261.00			5,398,891.10		6,351,637.00		6,335,958.10		(937,067.00	)		697.00			—		0		5.122		5.148	MON		27,109.00		216,841.00			1282008
94983CAT4	WFMBS WHOLE CMO 05-AR10 2A15				2		1FE		8,464,160.00			8,271,562.50		8,650,000.00		8,571,376.08		(299,813.58	)		69,654.00			—		0		4.17		5.361	MON		30,058.00		267,113.00			7272007
94983YAM1	WELLS FARGO MORTGAGE BACKED SE WHOLE CMO				2		1FE		2,651,667.00			2,246,243.40		2,663,319.00		2,651,993.91		(405,750.51	)		4.00			—		0		5.594		5.686	MON		12,416.00		111,772.00			10032006
126694WP9	COUNTRYWIDE HOME LOANS CMO 2006-HYB1-3A1				2		1FE		782,921.00			539,424.17		806,194.00		785,339.17		(245,915.00	)		2,392.00			—		0		5.248		7.163	MON		3,538.00		31,883.00			12052007
466247XG3	JPMMT CMO 05-ALT1-2A1				2		1FE		1,666,876.00			1,673,011.39		1,715,045.00		1,668,961.92		4,049.47			2,067.00			—		0		5.605		6.989	MON		8,011.00		72,114.00			12132007
05947ULH9	BANK OF AMERICA CO SENIOR CMBS 03-1				2		1FE		4,707,583.00			4,713,210.55		4,881,551.00		4,777,270.78		(64,060.23	)		21,536.00			—		0		3.878		5.262	MON		15,776.00		122,793.00			8272008
05950VAB6	BACM_06-6 CMBS 06_6 A2				2		1FE		9,140,594.00			8,773,716.97		9,175,000.00		9,145,411.51		(371,694.54	)		4,074.00			—		0		5.309		5.44	MON		40,592.00		365,326.00			11062007
059511AE5	BACM SENIOR CMBS_07-2 A4				2		1FE		5,912,965.00			5,084,712.47		5,925,000.00		5,913,140.31		(828,427.84	)		175.00			—		0		5.688		5.766	MON		28,967.00		200,127.00			2012008
07383F3X4	BEAR STEARNS COMM MTG SENIOR CMBS 05-PWR				2		1FE		1,683,148.00			1,619,650.05		1,710,000.00		1,690,759.72		(71,109.67	)		6,467.00			—		0		4.945		5.575	MON		7,047.00		63,420.00			11062007
07383FAE8	BEAR STEARNS COMM MTG SUB CMBS_98-C1 D				2		1FE		8,893,125.00			8,101,945.00		8,500,000.00		8,846,415.78		(744,470.78	)		(46,709.00	)		—		0		6.75		5.709	MON		47,813.00		334,688.00			2042008
07383FBE7	BEAR STEARNS COMM MTG CMBS 99-WF2-A2				2		1FE		972,410.00			961,557.57		960,405.00		969,119.17		(7,561.60	)		(3,291.00	)		—		0		7.08		3.926	MON		5,666.00		11,333.00			7172008
07383FX52	BSCMS CMBS_04-PWR6 A6				2		1FE		2,687,478.00			2,450,916.39		2,780,000.00		2,695,082.38		(244,165.99	)		7,604.00			—		0		4.825		5.472	MON		11,178.00		78,245.00			2012008
161505DK5	CCMSC 1999-2 A2				2		1		1,338,149.00			1,335,081.45		1,328,188.00		1,334,821.07		260.38			(3,328.00	)		—		0		7.198		5.914	MON		7,967.00		31,868.00			5202008
161505EA6	CCMSC SENIOR CMBS 00-1				2		1FE		3,137,976.00			2,990,094.11		2,951,703.00		3,013,720.96		(23,626.85	)		(37,540.00	)		—		0		7.757		4.376	MON		19,080.00		171,723.00			11302007
161582AB7	CHASE MANHATTAN BANK CMFUN_99-1				2		1FE		10,690,701.00			10,199,028.27		10,158,799.00		10,269,095.88		(70,067.61	)		(126,763.00	)		—		0		7.439		4.133	MON		62,976.00		566,189.00			1222008
161582AG6	CHASE MANHATTAN BANK SUB CMBS 99-1-E				2		1FE		387,583.00			378,232.50		375,000.00		381,945.26		(3,712.76	)		(5,104.00	)		—		0		7.598		5.684	MON		2,447.00		21,733.00			11282007
20047NAC6	COMM SENIOR CMBS 04-LB4A				2		1FE		973,750.00			951,254.65		1,000,000.00		974,658.69		(23,404.04	)		909.00			—		0		4.405		5.75	MON		3,671.00		—			8272008
20047RAB9	COMM_07-C9 SENIOR CMBS 07-C9 A2				2		1FE		8,960,625.00			8,369,709.00		8,850,000.00		8,938,191.67		(568,482.67	)		(18,864.00	)		—		0		5.811		5.52	MON		42,856.00		385,705.00			11062007
22540A3F3	CSFB SENIOR CMBS 01-CK3				2		1FE		6,164,297.00			6,051,050.70		6,000,000.00		6,077,758.10		(26,707.40	)		(30,218.00	)		—		0		6.53		5.823	MON		32,650.00		293,850.00			6292006
22540AJ74	CS FIRST BOSTON CMBS 01_CF2 A4				2		1FE		999,157.00			984,076.07		976,275.00		998,352.08		(14,276.01	)		(805.00	)		—		0		6.505		4.315	MON		5,292.00		—			9122008
22540AJM1	CS FIRST BOSTON CMO 1998-C2 A2				2		1FE		347,522.00			346,102.01		346,348.00		346,282.87		(180.86	)		(1,239.00	)		—		0		6.3		5.025	MON		1,212.00		8,768.00			7172008
22540VC75	CS FIRST BOSTON SENIOR CMBS_02-CKP1 A3				2		1FE		4,935,048.00			4,766,575.15		4,755,000.00		4,891,658.65		(125,083.50	)		(38,313.00	)		—		0		6.439		5.239	MON		25,515.00		229,631.00			12182007
22540VLS9	CS FIRST BOSTON SENIOR CMBS 01-CK6				2		1FE		494,061.00			481,139.19		482,471.00		482,391.60		(1,252.41	)		(3,498.00	)		—		0		6.103		4.327	MON		2,454.00		24,834.00			1192006
22541NAP4	CSFB SENIOR CMBS 02-CP3				2		1FE		12,634,648.00			12,272,377.07		12,600,000.00		12,630,492.82		(358,115.75	)		(11,559.00	)		—		0		5.603		5.516	MON		58,832.00		529,484.00			10242007
22541NMR7	CSFB_02-CKS4 SENIOR CMBS 02-CKS4				2		1FE		4,100,921.00			3,938,177.29		4,099,000.00		4,098,896.66		(160,719.37	)		(1,654.00	)		—		0		5.183		5.173	MON		17,704.00		159,338.00			10242007
22541NUJ6	CSFB CMBS 02-CP5-A2				2		1FE		4,258,587.00			4,078,362.46		4,305,000.00		4,265,275.65		(186,913.19	)		5,464.00			—		0		4.94		5.206	MON		17,722.00		159,500.00			10242007
22541QDJ8	CS FIRST BOSTON 2003-C3 A5				2		1FE		5,781,062.00			5,802,311.94		6,425,000.00		5,966,275.86		(163,963.92	)		69,775.00			—		0		3.936		5.918	MON		21,074.00		189,666.00			12182007
22546BAC4	CSMC SENIOR CMBS_07-C5 A2				2		1FE		8,958,867.00			8,387,806.05		9,000,000.00		8,961,632.20		(573,826.15	)		2,765.00			—		0		5.589		5.717	MON		41,918.00		293,423.00			1302008
23322BEG9	DLJCM 1999-CG1 A1B				2		1FE		1,564,419.00			1,543,345.37		1,545,710.00		1,548,413.65		(5,068.28	)		(16,005.00	)		—		0		6.46		4.857	MON		8,321.00		64,695.00			2012008
33735PAF4	FIRST UNION COMM MTG TR CMBS 99_C1 A2				2		1FE		103,656.00			103,596.95		103,851.00		103,614.05		(17.10	)		(42.00	)		—		0		6.07		5.926	MON		525.00		2,101.00			5202008
337366AG3	FUNCM SUB CMBS 99-C2 E				2		1FE		1,023,555.00			1,002,890.00		1,000,000.00		1,014,282.13		(11,392.13	)		(9,273.00	)		—		0		7.216		4.264	MON		6,206.00		18,345.00			6032008
33736XAB5	FIRST UNION NAT BANK CMBS_00-C1 A2				2		1FE		1,377,688.00			1,337,436.27		1,316,953.00		1,358,677.13		(21,240.86	)		(19,011.00	)		—		0		7.841		3.206	MON		8,605.00		55,747.00			4162008
33736XBZ1	FUNBC SENIOR CMBS_01-C2 A2				2		1FE		2,932,512.00			2,850,855.69		2,824,391.00		2,894,316.91		(43,461.22	)		(37,622.00	)		—		0		6.663		4.442	MON		15,682.00		141,142.00			12212007
33736XEA3	FIRST UNION NAT BANK SENIOR CMBS 01-C4				2		1FE		1,804,664.00			1,781,096.36		1,793,923.00		1,801,810.53		(20,714.17	)		(2,854.00	)		—		0		5.673		4.969	MON		8,481.00		37,279.00			7172008
337378AB9	FIRST UNION NAT BANK 1999-C4 A2				2		1FE		990,098.00			983,946.78		977,573.00		986,361.69		(2,414.91	)		(3,736.00	)		—		0		7.39		5.39	MON		6,020.00		24,081.00			5202008
36158YDC0	GECMC CMBS_01-3 A1				2		1FE		380,411.00			376,870.46		380,323.00		380,268.98		(3,398.52	)		(141.00	)		—		0		5.56		5.518	MON		1,762.00		14,308.00			12212007
361849BZ4	GMACC SUB CMBS 97-C1				2		1FE		286,559.00			286,408.09		286,873.00		286,548.50		(140.41	)		(11.00	)		—		0		7.085		5.816	MON		1,694.00		—			9292008
361849EC2	GMACC SUB CMBS 98-C2 D				2		1FE		79,586.00			78,481.71		78,658.00		78,798.38		(316.67	)		(787.00	)		—		0		6.5		4.793	MON		426.00		3,409.00			1252008
361849GY2	GMACCMSC CMBS 99_C3 A2				2		1FE		2,168,157.00			2,123,577.58		2,116,614.00		2,145,952.71		(22,375.13	)		(22,205.00	)		—		0		7.179		3.544	MON		12,663.00		64,682.00			9032008
361849KN1	GMACC SENIOR CMBS 00-C1				2		1FE		682,095.00			672,900.61		666,474.00		678,016.39		(5,115.78	)		(4,078.00	)		—		0		7.724		4.479	MON		4,290.00		17,160.00			5202008
361849QE5	GMACC CMBS 01_C1 A2				2		1FE		506,224.00			493,671.86		491,554.00		502,509.80		(8,837.94	)		(3,612.00	)		—		0		6.465		4.493	MON		2,648.00		23,834.00			12212007
36828QHU3	GECCMC SENIOR CMBS 04-C3 A2				2		1FE		746,016.00			735,180.00		750,000.00		746,978.52		(11,798.52	)		963.00			—		0		4.433		4.749	MON		2,771.00		16,624.00			3252008
36828QQE9	GE CAPITAL COMM MTG CORP SENIOR CMBS 05-				2		1FE		9,031,992.00			8,009,305.83		9,000,000.00		9,028,745.31		(1,019,439.48	)		(3,247.00	)		—		0		5.334		5.255	MON		41,342.00		285,360.00			1302008
38374EEE3	GNR AGENCY CMO 03-106 B				2		??		3,552,891.00			3,535,399.59		3,498,231.00		3,550,299.34		(14,899.75	)		(2,591.00	)		—		0		5.5		4.698	MON		16,034.00		16,034.00			8212008
46625MAC3	JP MORGAN CHASE SENIOR CMBS 01-CIBC				2		1FE		616,152.00			608,100.69		607,233.00		614,431.56		(6,330.87	)		(1,721.00	)		—		0		6.26		5.063	MON		3,168.00		15,839.00			4162008
46625MLR8	JPMCC 2002-C1 A2				2		1FE		275,198.00			272,573.37		277,671.00		275,305.14		(2,731.77	)		107.00			—		0		4.914		5.501	MON		1,137.00		—			8272008
46625YEU3	JPMCC SENIOR CMBS 04-C3				2		1FE		1,353,954.00			1,364,115.82		1,383,461.00		1,361,396.21		2,719.61			7,442.00			—		0		3.765		6.828	MON		4,341.00		17,362.00			5202008
46629GAE8	JPMCC CMBS_06-CB16-A4				2		1FE		10,942,578.00			9,507,261.22		10,900,000.00		10,938,624.27		(1,431,363.05	)		(3,954.00	)		—		0		5.552		5.531	MON		50,431.00		353,015.00			1302008
501773CB9	LBCMT SENIOR CMBS 98-C4				2		1FE		1,268,734.00			1,257,996.10		1,261,067.00		1,258,921.44		(925.34	)		(5,224.00	)		—		0		6.3		5.02	MON		6,621.00		53,556.00			7172008
501773CS2	LBCCMT CMBS 99_C1 A2				2		1FE		2,373,323.00			2,343,851.93		2,346,128.00		2,355,415.55		(11,563.62	)		(17,908.00	)		—		0		6.78		4.529	MON		13,256.00		76,243.00			7302008
501773DG7	LBCMT SENIOR CMBS_99-C2 A2				2		1FE		999,841.00			998,847.17		994,016.00		997,478.98		1,368.19			(2,362.00	)		—		0		7.325		6.114	MON		6,068.00		24,271.00			5202008
52108HAT1	LBUBS 2000-C3 A2				2		1FE		8,766,528.00			8,474,386.99		8,351,831.00		8,596,242.83		(121,855.84	)		(137,251.00	)		—		0		7.95		5.605	MON		36,887.00		500,860.00			11262007
52108HBK9	LBUBS COMM MTG TR SENIOR CMBS_00-C4 A2				2		1FE		454,275.00			442,893.21		436,917.00		448,666.22		(5,773.01	)		(5,180.00	)		—		0		7.37		4.215	MON		1,789.00		24,151.00			11302007
52108HBL7	LBUBS SENIOR CMBS 00-C4 B				2		1FE		3,613,336.00			3,528,459.66		3,450,000.00		3,557,391.93		(28,932.27	)		(45,311.00	)		—		0		7.48		5.576	MON		14,337.00		193,545.00			10232007

8

Validus Holdings, Ltd September 30, 2008 GAAP investment portfolio in Schedule D-Part 1 format

1	2	Codes					6		7		FAIR VALUE			10		11		CHANGE IN BOOK/ADJUSTED CARRYING VALUE										INTEREST										DATES
		3	4		5						8	9						12			13			14		15		16		17		18	19		20			21	22
			FOREIGN		BOND		NAIC		ACTUAL		RATE USED TO OBTAIN	GAAP FAIR				GAAP					CURRENT YEAR			IMPAIR-		TOTAL FX CHG		INTEREST		EFFECTIVE		HOW	ACCRUED		GROSS REC’D
CUSIP	DESCRIPTION	*	CODE		CHAR		DESIG		COST		FAIR VALUE	MARKET VALUE		PAR VALUE		BOOK VALUE		UGL			AMORTIZATION			MENTS		IN B/A. C.V.		RATE		RATE OF		PAID	INTEREST		DURING YEAR			ACQUIRED	MATURITY
52108HRC0	LBUBS SENIOR CMBS 03-C3					2		1FE		2,156,133.00			2,047,662.74		2,250,000.00		2,212,886.13		(165,223.39	)		56,581.00			—		0		4.166		4.611	MON		5,208.00		70,301.00				12212007
52108HSY1	LBUBS SENIOR CMBS 03-C5 A2					2		1FE		26,366.00			26,217.42		26,440.00		26,383.34		(165.92	)		17.00			—		0		3.478		4.129	MON		51.00		153.00				7172008
52108HXK5	LBUBS SENIOR CMBS 03-C8					2		1FE		172,458.00			170,981.17		173,481.00		172,824.46		(1,843.29	)		367.00			—		0		4.207		4.608	MON		405.00		4,866.00				1252008
52108MAB9	LBUBS CMO 05-C7					2		1FE		677,078.00			660,350.75		680,000.00		677,127.85		(16,777.10	)		50.00			—		0		5.103		5.296	MON		1,928.00		2,892.00				9032008
52109RBK6	LBUBS SENIOR CMBS 07-C7					2		1FE		8,442,109.00			7,999,612.07		8,600,000.00		8,460,845.40		(461,233.33	)		18,736.00			—		0		5.588		6.107	MON		26,698.00		280,331.00				2072008
59022HCQ3	MERRILL LYNCH MTG TR SENIOR CMBS 03-KEY1					2		1FE		1,976,094.00			1,885,666.20		2,000,000.00		1,978,847.68		(93,181.48	)		2,324.00			—		0		5.236		5.505	MON		8,727.00		78,540.00				11062007
617059JH4	JPMCMFC SENIOR CMBS_00-C10 A2					2		1FE		599,724.00			591,904.37		587,605.00		598,341.14		(6,436.77	)		(1,383.00	)		—		0		7.371		4.399	MON		3,609.00		—				8272008
61745MHB2	MORGAN STANLEY CAP I SUB CMBS 98-WF2 D					2		1FE		2,603,633.00			2,579,679.77		2,550,931.00		2,576,455.91		3,223.86			(16,772.00	)		—		0		7.213		6.162	MON		15,695.00		137,500.00				12212007
61745MNR0	MSC 1999-LIFE A2					2		1FE		5,447,707.00			5,270,981.50		5,261,301.00		5,291,130.97		(20,149.47	)		(39,893.00	)		—		0		7.11		5.112	MON		31,173.00		280,559.00				6192006
61745MQM8	MSC CMBS_03-IQ4 A2					2		1FE		3,101,742.00			3,004,587.17		3,300,000.00		3,138,400.23		(133,813.06	)		30,811.00			—		0		4.07		5.679	MON		11,193.00		100,733.00				11062007
61746WBF6	MSDWC CMBS_01-LIFE A2					2		1FE		1,767,618.00			1,762,983.88		1,747,548.00		1,761,806.29		1,177.59			(5,811.00	)		—		0		7.57		5.835	MON		11,024.00		46,963.00				5202008
69348HAC2	PNCMAC SENIOR CMBS 99-CM1 A1B					2		1FE		6,105,804.00			6,045,188.60		6,004,001.00		6,058,166.60		(12,978.00	)		(46,310.00	)		—		0		7.33		5.306	MON		36,674.00		287,594.00				5202008
79548CAB2	SBM7 CMBS_00-C3 A2					2		1FE		1,630,135.00			1,595,367.58		1,589,462.00		1,617,349.37		(21,981.79	)		(12,785.00	)		—		0		6.592		4.64	MON		8,731.00		57,105.00				4162008
79548K4M7	SALOMON BROTHERS CMBS 00_C2 A2					2		1FE		3,470,785.00			3,369,283.46		3,345,083.00		3,407,420.25		(38,136.79	)		(34,579.00	)		—		0		7.455		4.7	MON		20,781.00		188,213.00				6042007
79548KP69	SBM7 SENIOR CMBS 99-C1					2		1FE		63,757.00			62,913.81		63,099.00		62,993.39		(79.58	)		(764.00	)		—		0		7.037		3.469	MON		376.00		2,986.00				1252008
87246AAA6	TIAA CMBS 07-C4 A1					2		1FE		8,293,779.00			8,174,134.51		8,241,542.00		8,280,580.86		(106,446.35	)		(10,162.00	)		—		0		5.684		5.392	MON		27,354.00		351,854.00				12212007
878091AL1	TIAA_01-C1A SENIOR CMBS 01-C1A-A4 144A					2		1FE		345,278.00			345,324.68		345,494.00		345,274.48		50.20			(4.00	)		—		0		6.68		6.379	MON		1,923.00		—				9292008
929766CT8	WACHOVIA BANK COMM MTG TR SENIOR CMBS 03					2		1FE		5,580,997.00			5,548,880.15		5,743,083.00		5,629,736.98		(80,856.83	)		18,729.00			—		0		4.037		5.123	MON		19,321.00		160,255.00				8272008
929766YV9	WBCMT CMBS 05-C16 A2					2		1FE		1,163,984.00			1,147,407.83		1,173,334.00		1,165,343.12		(17,935.29	)		1,359.00			—		0		4.38		5.269	MON		4,283.00		8,565.00				7032008
92976VAF5	WBCMT SENIOR CMBS 06-C25 A5					2		1FE		5,567,301.00			4,873,305.26		5,525,000.00		5,563,763.22		(690,457.96	)		(3,538.00	)		—		0		5.74		5.655	MON		27,286.00		188,461.00				2012008
02586GAR3	AEIT ABS 08-2 A					2		1FE		779,996.00			762,605.98		780,000.00		779,996.89		(17,390.91	)		1.00			—		0		4.02		4.054	MON		1,394.00		3,310.00				8012008
048312AB8	ACETF ABS 02-1 A2					2		1FE		575,748.00			566,669.49		573,843.00		575,611.38		(8,941.89	)		(136.00	)		—		0		4.21		3.988	JAJO		4,765.00		6,040.00				7072008
05522RAR9	BAACT ABS_06-A16 A16					2		1FE		1,223,908.00			1,200,931.35		1,220,000.00		1,223,746.38		(22,815.03	)		(161.00	)		—		0		4.72		4.617	MON		2,559.00		4,799.00				8202008
06423RBG0	BOIT ABS 04-A1-A1					2		1FE		939,619.00			941,284.64		945,000.00		943,271.31		(1,986.67	)		3,359.00			—		0		3.45		3.978	MON		1,449.00		11,917.00				9052008
06423RBN5	BOIT ABS 04-A5 A5					2		1FE		1,538,086.00			1,498,297.50		1,575,000.00		1,542,474.97		(44,177.47	)		4,389.00			—		0		2.618		3.409	MON		1,832.00		17,769.00				5062008
161571AM6	CHAIT ABS 05-A5					2		1FE		—					—				—			59.00			—		0		2.508		0	MON		—		(3,301.00	)			11152007
17303CBM2	CITIBANK CREDIT CARD MASTER TR ABS_99-2-					2		1FE		2,896,574.00			2,887,528.12		2,885,000.00		2,889,355.19		(1,827.07	)		(7,219.00	)		—		0		5.875		5.506	MS		9,887.00		169,494.00				2292008
17305EDA0	CCCIT ABS_06-A2 A2					2		1FE		7,823,536.00			7,812,700.41		7,805,000.00		7,814,347.94		(1,647.53	)		(9,939.00	)		—		0		4.85		4.494	FA		53,627.00		334,771.00				5132008
17305EDF9	CITIBANK CC ISSUE TR ABS 06-A4					2		1FE		1,782,528.00			1,706,510.70		1,715,000.00		1,768,835.91		(62,325.21	)		(13,692.00	)		—		0		5.45		4.166	MN		36,608.00		46,734.00				1102008
207678AE3	CTRRB ABS 2001-1 A5					2		1FE		1,813,916.00			1,765,154.95		1,750,000.00		1,798,869.57		(33,714.62	)		(15,046.00	)		—		0		6.21		4.139	MJSD		302.00		27,169.00				4172008
55262TEB5	MBNA MASTER CC TR ABS_99-B A					2		1FE		1,946,535.00			1,908,835.76		1,900,000.00		1,919,639.07		(10,803.31	)		(26,896.00	)		—		0		5.9		3.636	MON		4,982.00		74,733.00				2072008
55262TEU3	MBNAS ABS 99-J					2		1FE		7,165,100.00			6,929,834.66		6,860,000.00		7,004,805.42		(74,970.76	)		(107,020.00	)		—		0		7		4.782	MON		21,342.00		349,300.00				1112008
575796AE7	MASSACHUSETTS RRB SPECIAL PURP ABS 99-1					2		1FE		1,058,937.00			1,046,715.23		1,021,585.00		1,052,168.77		(5,453.54	)		(6,768.00	)		—		0		7.03		3.834	MS		3,192.00		71,817.00				1152008
61746REV9	MSAC ABS 04-H1					2		1FE		941,018.00			673,939.32		939,550.00		940,793.82		(266,854.50	)		(88.00	)		—		0		3.577		3.582	MON		560.00		23,825.00				3232006
65475XAB2	NAROT ABS 08-B A2					2		1FE		1,499,918.00			1,479,000.00		1,500,000.00		1,499,926.02		(20,926.02	)		8.00			—		0		3.8		3.835	MON		2,533.00		13,617.00				6092008
693401AB7	PERF ABS 05-1					2		1FE		1,142,908.00			1,139,148.34		1,144,016.00		1,143,360.40		(4,212.06	)		453.00			—		0		3.87		4.009	MJSD		738.00		33,205.00				1112008
705220AK7	PECO ENERGY TRANS TR 2000-A A3					2		1		1,361,972.00			1,327,787.26		1,311,954.00		1,345,050.86		(17,263.60	)		(16,921.00	)		—		0		7.625		1.523	MS		8,336.00		100,037.00				1152008
71419GAB6	PERMM_06-1 ABS 06-1 2A			F		2		1FE		1,646,211.00			1,628,753.25		1,675,000.00		1,649,295.51		(20,542.26	)		3,085.00			—		0		2.831		3.28	JAJO		10,273.00		29,853.00				1152008
71419NAG0	PERMANENT FINANCING PLC PERMA_ ABS 5 3A			F		2		1FE		989,531.00			976,616.00		1,000,000.00		989,766.00		(13,150.00	)		235.00			—		0		2.977		3.073	MJSD		1,737.00		28,761.00				1162008
U09513CF4	BMW US CAPITAL LLC SENIOR CORP BND EMTN			F				1FE		2,477,026.01			2,131,223.79		1,200,000.00		2,477,026.01		(345,802.22	)		33,210.18			—		204499.31		4.625			MON		96,739.82		—				11282008
Total													2,595,475,876.10		2,634,136,602.00		2,666,084,664.82		(70,608,788.72	)

9