Validus 8-K Results of Operations and Financial Condition

Exhibit 99.1

Validus Holdings, Ltd December 31, 2008 GAAP investment portfolio in Schedule D-Part 1 format

			Codes								FAIR VALUE							CHANGE IN BOOK/ADJUSTED CARRYING VALUE										INTEREST								DATES
											8
											RATE
											USED	9													15									20
											TO	GAAP				11					13				TOTAL									GROSS
				4	5		6		7		OBTAIN	FAIR		10		GAAP					CURRENT				FX CHG		16		17		18	19		REC’D
1	2	3		FOREIGN	BOND		NAIC		ACTUAL		FAIR	MARKET		PAR		BOOK		12			YEAR			14	IN B/A.		INTEREST		EFFECTIVE		HOW	ACCRUED		DURING		21		22
CUSIP	DESCRIPTION	*		CODE	CHAR		DESIG		COST		VALUE	VALUE		VALUE		VALUE		UGL			AMORTIZATION			IMPAIRMENTS	C.V.		RATE		RATE OF		PAID	INTEREST		YEAR		ACQUIRED		MATURITY
3128X4KF7	FHLMC AGENCY BND MTN							1		3,080,160.00			3,133,050.00		3,000,000.00		3,051,626.38		81,423.62			(28,458.00	)	—		—		4.75		3.708	MS		39,188.00		142,500.00		12282007		9222010
3128X65M4	FHLMC AGENCY BND MTN					1		1		10,800,000.00			10,853,568.00		10,800,000.00		10,800,000.00		53,568.00			—		—		—		3.25		3.25	MS		115,050.00		175,500.00		4162008		9032010
31331TKB6	FEDERAL FARM CREDIT BANK AGENCY BND							1		11,187,396.00			11,376,720.00		10,800,000.00		11,076,928.08		299,791.92			(110,468.00	)	—		—		4.1		2.662	MN		70,110.00		442,800.00		3252008		11042010
31331V4Q6	FEDERAL FARM CREDIT BANK AGENCY BND							1		6,019,931.00			6,366,179.00		6,000,000.00		6,010,744.73		355,434.27			(5,869.00	)	—		—		5		4.89	MS		83,333.00		300,000.00		5032007		9212010
31331XVG4	FEDERAL FARM CREDIT BANK AGENCY BND							1		2,031,020.00			2,025,595.00		2,000,000.00		2,006,936.45		18,658.55			(24,084.00	)	—		—		4.875		3.615	AO		21,125.00		97,500.00		1032008		4132009
31331Y3X6	FEDERAL FARM CREDIT BANK AGENCY BND							1		1,998,000.00			2,126,233.00		2,000,000.00		1,998,208.80		128,024.20			209.00		—		—		3.95		3.977	JJ		34,672.00		—		7302008		7232012
31331YJA9	FEDERAL FARM CREDIT BANK AGENCY BND							1		18,969,030.00			19,579,500.00		19,000,000.00		18,984,823.66		594,676.34			15,296.00		—		—		3.875		3.961	JD		28,632.00		736,250.00		12142007		12172009
31331YNJ5	FEDERAL FARM CREDIT BANK AGENCY BND							1		1,004,080.00			1,039,205.00		1,000,000.00		1,003,334.39		35,870.61			(746.00	)	—		—		3.5		3.33	JJ		15,847.00		17,500.00		7072008		1182011
31331YR51	FEDERAL FARM CREDIT BANK AGENCY BND							1		990,190.00			1,063,544.00		1,000,000.00		991,114.06		72,429.94			924.00		—		—		4		4.224	MN		4,444.00		20,000.00		7072008		5212013
3133XCUR2	FHLB AGENCY BND							1		8,731,924.00			8,992,418.00		8,600,000.00		8,683,181.57		309,236.43			(46,564.00	)	—		—		4.5		3.902	MS		119,325.00		387,000.00		12132007		9102010
3133XDTA9	FHLB AGENCY BND							1		8,166,480.00			8,428,880.00		8,000,000.00		8,110,058.94		318,821.06			(53,534.00	)	—		—		4.75		4.006	JD		22,167.00		380,000.00		12102007		12102010
3133XG3W2	FHLB AGENCY BND							1		797,393.00			816,000.00		750,000.00		784,549.91		31,450.09			(12,843.00	)	—		—		5.6		3.647	JD		350.00		42,000.00		1032008		6282011
3133XGYT5	FHLB AGENCY BND							1		1,292,650.00			1,286,000.00		1,250,000.00		1,271,447.36		14,552.64			(21,203.00	)	—		—		5		3.137	JD		3,472.00		62,500.00		1142008		12112009
3133XJUS5	FHLB AGENCY BND							1		7,027,720.00			7,248,500.00		7,000,000.00		7,011,949.80		236,550.20			(9,528.00	)	—		—		5		4.851	MS		105,972.00		350,000.00		3192007		3122010
3133XMES6	FHLB AGENCY BND							1		20,084,720.00			21,084,200.00		20,000,000.00		20,052,990.60		1,031,209.40			(27,575.00	)	—		—		4.375		4.221	AO		167,708.00		875,000.00		11022007		10222010
3133XS4S4	FHLB AGENCY BND							1		3,699,297.00			3,897,062.00		3,700,000.00		3,699,405.48		197,656.52			108.00		—		—		3.625		3.631	MS		46,199.00		—		8282008		9162011
3134A3M78	FHLMC AGENCY BND							1		8,275,318.00			8,198,710.00		7,875,000.00		7,961,586.66		237,123.34			(118,769.00	)	—		—		6.625		5.007	MS		153,617.00		521,719.00		3272006		9152009
31359M7X5	FNMA AGENCY BND							1		3,188,535.00			3,412,140.00		3,000,000.00		3,183,118.31		229,021.69			(5,417.00	)	—		—		5		4.129	MN		20,833.00		75,000.00		9112008		5112017
31359MMQ3	FNMA AGENCY BND							1		15,191,171.00			15,758,848.00		13,900,000.00		15,083,831.21		675,016.79			(107,340.00	)	—		—		6.125		3.299	MS		250,683.00		425,688.00		9112008		3152012
31359MNU3	FNMA AGENCY BND							1		6,397,759.00			6,726,683.00		6,420,000.00		6,403,075.82		323,607.18			4,386.00		—		—		5.25		5.332	FA		140,438.00		337,050.00		11092007		8012012
3137EABA6	FHLMC AGENCY BND							1		5,587,993.00			6,020,924.00		5,200,000.00		5,577,585.93		443,338.07			(10,407.00	)	—		—		5.125		4.139	MN		32,572.00		133,250.00		9112008		11172017
3137EABB4	FHLMC AGENCY BND							1		7,360,108.00			7,515,378.00		7,300,000.00		7,328,192.00		187,186.00			(29,619.00	)	—		—		4.125		3.69	MN		25,930.00		318,691.00		11302007		11302009
3137EABF5	FHLMC AGENCY BND							1		14,496,480.00			14,964,335.00		14,400,000.00		14,484,999.29		479,335.71			(11,481.00	)	—		—		3.25		2.964	FA		163,800.00		—		9112008		2252011
3137EABK4	FHLMC AGENCY BND							1		9,562,265.00			9,850,568.00		9,575,000.00		9,565,338.99		285,229.01			3,074.00		—		—		2.75		2.796	AO		58,514.00		136,776.00		4032008		4112011
31398AHZ8	FNMA AGENCY BND							1		26,460,984.00			28,672,020.00		26,000,000.00		26,366,087.62		2,305,932.38			(84,973.00	)	—		—		4.75		4.351	MN		144,083.00		1,235,000.00		11302007		11192012
31398ARH7	FNMA AGENCY BND							1		16,107,328.00			16,717,279.00		16,000,000.00		16,095,902.72		621,376.28			(11,425.00	)	—		—		3.375		3.112	MN		63,000.00		270,000.00		9102008		5192011
31398ASH6	FNMA AGENCY BND					1		1		999,320.00			1,012,710.00		1,000,000.00		999,498.77		13,211.23			179.00		—		—		3.55		3.586	JD		1,479.00		17,750.00		7022008		6162010
31398ATZ5	FNMA AGENCY BND							1		10,995,490.00			11,315,700.00		11,000,000.00		10,996,002.53		319,697.47			513.00		—		—		2.875		2.896	AO		69,399.00		26,354.00		9102008		10122010
912803AT0	UNITED STATES TREASURY STRIPS PO							1		9,629,040.00			11,441,550.00		16,600,000.00		9,852,704.65		1,588,845.35			223,665.00		—		—		0		4.64	MAT		—		—		7242008		5152020
912810EZ7	UNITED STATES TREASURY GOVT BND							1		5,185,031.00			6,272,700.00		4,200,000.00		5,165,954.15		1,106,745.85			(19,077.00	)	—		—		6.625		4.722	FA		105,100.00		139,125.00		5302008		2152027
912828FU9	UNITED STATES TREASURY GOVT BND							1		5,099,609.00			5,262,096.00		4,800,000.00		5,039,284.04		222,811.96			(60,325.00	)	—		—		4.5		2.604	MS		55,187.00		171,000.00		7292008		9302011
912828FW5	UNITED STATES TREASURY GOVT BND							1		4,230,469.00			4,415,800.00		4,000,000.00		4,199,526.51		216,273.49			(30,942.00	)	—		—		4.625		2.775	AO		32,019.00		92,500.00		7152008		10312011
912828GA2	UNITED STATES TREASURY GOVT BND							1		3,197,109.00			3,303,840.00		3,000,000.00		3,182,148.72		121,691.28			(14,961.00	)	—		—		4.5		2.331	MN		11,868.00		67,500.00		9302008		11302011
912828GC8	UNITED STATES TREASURY GOVT BND							1		3,286,406.00			3,320,220.00		3,000,000.00		3,227,634.62		92,585.38			(58,772.00	)	—		—		4.625		2.004	JD		383.00		138,750.00		3072008		12312011
912828GF1	UNITED STATES TREASURY GOVT BND							1		5,394,141.00			5,551,500.00		5,000,000.00		5,323,945.24		227,554.76			(70,195.00	)	—		—		4.75		2.55	JJ		99,389.00		118,750.00		4172008		1312012
912828HB9	UNITED STATES TREASURY GOVT BND							1		6,890,761.00			7,071,487.00		6,910,000.00		6,903,484.50		168,002.50			9,336.00		—		—		4		4.146	FA		93,915.00		276,400.00		8292007		8312009
912828HF0	UNITED STATES TREASURY GOVT BND							1		38,248,277.00			39,090,983.00		38,100,000.00		38,160,078.69		930,904.31			(79,632.00	)	—		—		3.625		3.402	AO		236,546.00		1,381,125.00		11162007		10312009
912828HJ2	UNITED STATES TREASURY GOVT BND							1		42,949,187.50			43,935,606.00		42,900,000.00		42,922,983.03		1,012,622.97			(24,505.00	)	—		—		3.125		3.065	MN		117,857.00		1,340,625.00		12122007		11302009
912828HK9	UNITED STATES TREASURY GOVT BND							1		16,403,320.00			17,972,295.00		16,500,000.00		16,422,674.48		1,549,620.52			18,260.00		—		—		3.375		3.504	MN		48,956.00		556,875.00		12072007		11302012
912828HL7	UNITED STATES TREASURY GOVT BND							1		1,004,531.00			1,027,460.00		1,000,000.00		1,002,256.62		25,203.38			(2,275.00	)	—		—		3.25		3.01	JD		179.00		32,500.00		1022008		12312009
912828HM5	UNITED STATES TREASURY GOVT BND							1		4,115,625.00			4,405,560.00		4,000,000.00		4,100,568.33		304,991.67			(15,057.00	)	—		—		3.625		2.952	JD		797.00		145,000.00		5082008		12312012
912828HT0	UNITED STATES TREASURY GOVT BND							1		10,113,359.00			10,676,901.00		10,000,000.00		10,095,510.02		581,390.98			(17,849.00	)	—		—		2.75		2.507	FA		93,439.00		137,500.00		3052008		2282013
912828HX1	UNITED STATES TREASURY GOVT BND							1		2,158,178.00			2,226,482.00		2,175,000.00		2,163,392.22		63,089.78			5,214.00		—		—		2.125		2.536	AO		7,916.00		23,109.00		5222008		4302010
912828HY9	UNITED STATES TREASURY GOVT BND							1		9,875,391.00			10,834,300.00		10,000,000.00		9,889,237.65		945,062.35			13,847.00		—		—		3.125		3.402	AO		53,522.00		156,250.00		5302008		4302013
912828JA9	UNITED STATES TREASURY GOVT BND							1		1,002,109.00			1,029,820.00		1,000,000.00		1,001,589.82		28,230.18			(520.00	)	—		—		2.625		2.512	MN		2,236.00		13,125.00		6052008		5312010
912828JB7	UNITED STATES TREASURY GOVT BND							1		30,266,002.00			33,225,361.00		30,350,000.00		30,274,854.02		2,950,506.98			8,852.00		—		—		3.5		3.561	MN		93,385.00		531,127.00		6122008		5312013
912828JC5	UNITED STATES TREASURY GOVT BND							1		2,017,344.00			2,071,260.00		2,000,000.00		2,013,337.07		57,922.93			(4,007.00	)	—		—		2.875		2.419	JD		159.00		28,750.00		7112008		6302010
912828JD3	UNITED STATES TREASURY GOVT BND							1		25,623,422.00			27,689,810.00		25,400,000.00		25,603,614.58		2,086,195.42			(19,807.00	)	—		—		3.375		3.176	JD		430,993.00		428,625.00		7242008		6302013
912828JF8	UNITED STATES TREASURY GOVT BND							1		2,007,969.00			2,071,580.00		2,000,000.00		2,006,368.96		65,211.04			(1,600.00	)	—		—		2.75		2.543	JJ		23,016.00		—		8012008		7312010
912828JH4	UNITED STATES TREASURY GOVT BND							1		4,351,000.00			4,966,242.00		4,300,000.00		4,350,152.78		616,089.22			(847.00	)	—		—		4		3.854	FA		64,967.00		—		10102008		8152018
912828JL5	UNITED STATES TREASURY GOVT BND							1		48,017,853.00			48,892,020.00		47,700,000.00		47,980,492.35		911,527.65			(37,361.00	)	—		—		2		1.651	MS		243,742.00		—		10082008		9302010
912828JM3	UNITED STATES TREASURY GOVT BND							1		82,924,323.00			88,229,487.00		81,800,000.00		82,872,036.01		5,357,450.99			(52,287.00	)	—		—		3.125		2.822	MS		653,108.00		—		10102008		9302013
912828JQ4	UNITED STATES TREASURY GOVT BND							1		51,887,259.00			54,541,130.00		51,300,000.00		51,869,701.83		2,671,428.17			(17,557.00	)	—		—		2.75		2.501	AO		240,293.00		—		11062008		10312013
36204J4C7	GNMA POOL # 371719					2		1		902,148.00			897,610.00		849,080.00		901,185.40		(3,575.40	)		(963.00	)	—		—		6.5		5.62	MON		4,599.00		13,798.00		9112008		4152024

Validus Holdings, Ltd December 31, 2008 GAAP investment portfolio in Schedule D-Part 1 format

			Codes								FAIR VALUE							CHANGE IN BOOK/ADJUSTED CARRYING VALUE											INTEREST									DATES
											8
											RATE
											USED	9													15										20
											TO	GAAP				11					13				TOTAL										GROSS
				4	5		6		7		OBTAIN	FAIR		10		GAAP					CURRENT				FX CHG			16		17		18	19		REC’D
1	2	3		FOREIGN	BOND		NAIC		ACTUAL		FAIR	MARKET		PAR		BOOK		12			YEAR			14	IN B/A.			INTEREST		EFFECTIVE		HOW	ACCRUED		DURING		21		22
CUSIP	DESCRIPTION	*		CODE	CHAR		DESIG		COST		VALUE	VALUE		VALUE		VALUE		UGL			AMORTIZATION			IMPAIRMENTS	C.V.			RATE		RATE OF		PAID	INTEREST		YEAR		ACQUIRED		MATURITY
36204SV60	GNMA POOL # 378737					2		1		736,227.00			729,523.00		692,920.00		735,425.65		(5,902.65	)		(802.00	)	—		—			6.5		5.607	MON		3,753.00		11,260.00		9112008		1152024
36205BKY7	GNMA POOL # 385611					2		1		753,154.00			749,366.00		708,851.00		752,350.45		(2,984.45	)		(804.00	)	—		—			6.5		5.62	MON		3,840.00		11,519.00		9112008		4152024
36225BPY8	GNMA POOL # 781339					2		1		515,889.00			507,779.00		467,397.00		514,713.98		(6,934.98	)		(1,175.00	)	—		—			8		6.914	MON		3,116.00		28,044.00		3072008		9152031
36225DAS3	GNMA POOL # 080916					2		1		504,714.00			498,295.00		507,171.00		504,730.29		(6,435.29	)		16.00		—		—			3.75		3.885	MON		1,585.00		13,947.00		4172008		5202034
36241KBP2	GNMA POOL # 781846					2		1		10,005,261.00			10,229,301.00		9,690,325.00		10,003,185.58		226,115.42			(2,075.00	)	—		—			6.5		5.91	MON		52,489.00		157,468.00		8152008		9152034
36241KEC8	GNMA POOL # 781931					2		1		6,810,580.00			6,922,199.00		6,596,203.00		6,809,212.71		112,986.29			(1,367.00	)	—		—			6.5		5.915	MON		35,729.00		107,188.00		8152008		5152035
36241KKB3	GNMA POOL # 782090					2		1		9,871,901.00			9,966,137.00		9,497,920.00		9,864,465.51		101,671.49			(2,078.00	)	—		—			6.5		5.797	MON		51,447.00		617,365.00		11302007		5152036
36292DWW8	GNMA POOL # 646061					2		1		959,082.00			959,635.00		919,707.00		958,223.89		1,411.11			(858.00	)	—		—			6.5		6.16	MON		4,982.00		49,818.00		1312008		11152037
36295KAT0	GNMA POOL # 672418					2		1		806,449.00			806,914.00		773,341.00		805,730.96		1,183.04			(718.00	)	—		—			6.5		6.161	MON		4,189.00		41,889.00		1312008		12152037
36295TVQ4	GNMA POOL # 680223					2		1		465,375.00			465,643.00		446,269.00		464,961.90		681.10			(413.00	)	—		—			6.5		6.161	MON		2,417.00		24,173.00		1312008		1152038
F77540GQ3	RESEAU FERRE DE FRANCE CORP BND EMTN			D				1		3,727,555.00			2,823,013.00		2,731,725.00		3,729,207.03		(906,194.03	)		1,652.00		—		(1,000,343.51	)		4.75		4.748	JAN		121,248.00		—		1162008		1252011
G92444AB7	UK CONV GILT GOVT BND			D				1		7,147,419.00			5,431,470.00		5,161,523.00		7,139,378.36		(1,707,908.36	)		(8,041.00	)	—		(1,961,493.00	)		4.25		4.096	MS		70,294.00		140,239.00		3032008		3072011
G92450124	UK CONV GILT GOVT BND			D				1		8,537,837.00			6,567,328.00		6,070,181.00		8,514,839.63		(1,947,511.63	)		(22,998.00	)	—		(2,340,529.49	)		4.5		4.05	MS		87,531.00		169,672.00		4022008		3072013
G92450H50	UNITED KINGDOM GOVT BND 144A			D				1		61,704,882.00			47,494,576.00		43,374,042.00		61,230,008.93		(13,735,432.93	)		(474,873.00	)	—		(16,359,349.02	)		5.25		4.16	JD		156,397.00		2,788,316.00		3032008		6072012
G92450HJ0	UNITED KINGDOM GOVT BND			D				1		7,581,767.00			6,463,089.00		5,966,663.00		7,564,262.40		(1,101,173.40	)		(17,505.00	)	—		(1,385,166.20	)		5		3.8	MS		95,598.00		—		10072008		3072012
G92450TF5	UNITED KINGDOM GOVT BND			D				1		591,678.00			499,509.00		474,458.00		590,247.20		(90,738.20	)		(1,431.00	)	—		(108,085.95	)		4.75		3.576	JD		1,548.00		12,072.00		10072008		6072010
977056D31	WISCONSIN ST MUNI BND GO					1		1		5,131,104.00			5,247,072.00		4,800,000.00		5,100,557.23		146,514.77			(30,547.00	)	—		—			5.75		2.95	MN		46,000.00		138,000.00		9302008		5012011
646135SG9	NEW JERSEY ST TRANSN TR FD AUT MUNI BND							1		9,915,300.00			10,268,820.00		9,000,000.00		9,853,008.92		415,811.08			(62,291.00	)	—		—			6		3.085	JD		24,000.00		270,000.00		9182008		6152012
3128JLHB8	FHLMC POOL # 1B1225					2		1		125,512.00			127,769.00		127,462.00		125,526.61		2,242.39			2.00		—		—			5.136		5.533	MON		546.00		5,205.00		4022007		9012033
3128JM6N2	FHLMC POOL # 1B2776					2		1		490,516.00			499,455.00		495,621.00		490,547.25		8,907.75			10.00		—		—			4.336		4.547	MON		1,791.00		21,484.00		4022007		2012035
3128JM7E1	FHLMC POOL # 1B2792					2		1		334,622.00			340,767.00		338,104.00		334,642.65		6,124.35			7.00		—		—			4.353		4.563	MON		1,226.00		14,719.00		4022007		2012035
3128JMW45	FHLMC POOL # 1B2566					2		1		202,111.00			205,073.00		203,700.00		202,116.92		2,956.08			2.00		—		—			4.394		4.521	MON		746.00		8,948.00		4022007		11012034
3128JMXM4	FHLMC POOL # 1B2583					2		1		4,129,491.00			4,222,517.00		4,175,336.00		4,130,060.52		92,456.48			46.00		—		—			4.51		4.762	MON		15,692.00		173,121.00		9172008		10012034
3128JMY68	FHLMC POOL # 1B2632					2		1		249,210.00			253,176.00		251,170.00		249,217.93		3,958.07			3.00		—		—			4.347		4.474	MON		910.00		10,916.00		4032007		11012034
3128JMZG5	FHLMC POOL # 1B2642					2		1		339,790.00			346,569.00		342,461.00		339,799.50		6,769.50			3.00		—		—			4.486		4.61	MON		1,280.00		15,334.00		4022007		11012034
3128JNAL9	FHLMC POOL # 1B2810					2		1		420,988.00			430,056.00		425,370.00		421,013.83		9,042.17			8.00		—		—			4.421		4.638	MON		1,567.00		18,855.00		4022007		2012035
3128JRJS6	FHLMC POOL # 847473					2		1		5,333,738.00			5,436,898.00		5,355,494.00		5,333,636.60		103,261.40			(49.00	)	—		—			5.043		5.031	MON		22,506.00		269,877.00		9262007		12012035
3128JRKQ8	FHLMC POOL # 847503					2		1		2,156,997.00			2,223,820.00		2,208,589.00		2,157,630.02		66,189.98			103.00		—		—			4.781		5.466	MON		8,799.00		100,112.00		5312006		12012035
3128JRP26	FHLMC POOL # 847641					2		1		967,634.00			976,920.00		975,437.00		967,665.40		9,254.60			4.00		—		—			4.834		4.973	MON		3,929.00		46,269.00		11132006		12012033
3128JRP34	FHLMC POOL # 847642					2		1		238,950.00			245,324.00		242,112.00		238,971.77		6,352.23			(9.00	)	—		—			5.782		6.058	MON		1,167.00		13,124.00		11132006		4012035
3128JRPZ3	FHLMC POOL # 847640					2		1		1,137,520.00			1,159,263.00		1,143,753.00		1,137,487.46		21,775.54			(4.00	)	—		—			5.156		5.193	MON		4,914.00		59,129.00		11132006		5012036
3128KW5Q2	FHLMC GOLD POOL # A66255					2		1		4,694,939.00			4,806,550.00		4,641,633.00		4,693,890.34		112,659.66			(476.00	)	—		—			6		5.842	MON		23,208.00		278,498.00		11022007		9012037
3128KWNV1	FHLMC GOLD POOL # A65804					2		1		7,625,980.00			7,814,338.00		7,539,395.00		7,624,271.57		190,066.43			(778.00	)	—		—			6		5.843	MON		37,697.00		452,364.00		11022007		9012037
3128KWNX7	FHLMC GOLD POOL # A65806					2		1		8,216,963.00			8,419,918.00		8,123,668.00		8,215,174.07		204,743.93			(791.00	)	—		—			6		5.832	MON		40,618.00		487,420.00		11022007		9012037
3128M4HY2	FHLMC GOLD POOL # G02647					2		1		6,534,240.00			6,796,707.00		6,624,289.00		6,535,910.81		260,796.19			751.00		—		—			5.5		5.762	MON		30,361.00		364,336.00		4092007		2012037
3128M5HK9	FHLMC GOLD POOL # G03534					2		1		21,742,628.00			22,078,178.00		21,157,492.00		21,732,807.51		345,370.49			(3,844.00	)	—		—			6.5		6.014	MON		114,603.00		1,375,237.00		11062007		10012037
3128MBBR7	FHLMC GOLD POOL # G12548					2		1		5,449,004.00			5,619,164.00		5,437,110.00		5,447,264.84		171,899.16			(855.00	)	—		—			5.5		5.455	MON		24,920.00		299,041.00		3302007		1012022
3128MTB72	FHLMC GOLD POOL # H00962					2		1		927,817.00			931,656.00		909,973.00		927,509.67		4,146.33			(9.00	)	—		—			6.5		6.073	MON		4,929.00		59,148.00		10312007		7012037
3128MTEE4	FHLMC GOLD POOL # H01033					2		1		20,133,593.00			20,216,902.00		19,746,379.00		20,126,933.81		89,968.19			(655.00	)	—		—			6.5		6.096	MON		106,960.00		1,283,515.00		10312007		7012037
3128MTF29	FHLMC GOLD POOL # H01085					2		1		19,658,656.00			19,740,001.00		19,280,576.00		19,652,153.71		87,847.29			(535.00	)	—		—			6.5		6.092	MON		104,436.00		1,253,237.00		10312007		7012037
3128NCB37	FHLMC POOL # 1G0058					2		1		587,522.00			595,321.00		588,902.00		587,495.04		7,825.96			(27.00	)	—		—			4.591		4.513	MON		2,253.00		6,763.00		9172008		1012035
3128NCBF0	FHLMC POOL # 1G0038					2		1		415,615.00			420,598.00		419,094.00		415,630.02		4,967.98			5.00		—		—			4.359		4.513	MON		1,522.00		18,280.00		4022007		1012035
3128NCBW3	FHLMC POOL # 1G0053					2		1		494,454.00			502,012.00		499,600.00		494,483.40		7,528.60			9.00		—		—			4.495		4.71	MON		1,871.00		22,480.00		4022007		2012035
3128NCD68	FHLMC POOL # 1G0125					2		1		5,162,884.00			5,299,661.00		5,273,294.00		5,164,441.11		135,219.89			334.00		—		—			4.327		4.949	MON		19,015.00		228,325.00		12132005		3012035
3128NCDH4	FHLMC POOL # 1G0104					2		1		208,348.00			210,809.00		210,092.00		208,355.02		2,453.98			2.00		—		—			4.497		4.639	MON		787.00		9,369.00		4032007		2012035
3128NCMS0	FHLMC POOL # 1G0369					2		1		731,351.00			731,199.00		727,712.00		731,286.94		(87.94	)		(64.00	)	—		—			4.98		4.591	MON		3,020.00		8,807.00		8272008		10012035
3128QJ3B0	FHLMC POOL # 1G1694					2		1		5,319,227.00			5,500,394.00		5,399,160.00		5,319,709.71		180,684.29			103.00		—		—			5.275		5.566	MON		23,734.00		285,017.00		8102007		4012037
3128QJLG9	FHLMC POOL # 1G1227					2		1		1,416,045.00			1,421,695.00		1,388,279.00		1,415,697.54		5,997.46			(347.00	)	—		—			5.999		5.32	MON		6,940.00		76,379.00		1042008		10012036
3128QJRN8	FHLMC POOL # 1G1393					2		1		4,092,861.00			4,157,479.00		4,059,246.00		4,091,229.94		66,249.06			641.00		—		—			5.927		5.57	MON		20,049.00		240,544.00		3302007		12012036
3128QPU59	FHLMC POOL # 1B7453					2		1		359,883.00			364,307.00		353,911.00		359,767.14		4,539.86			3.00		—		—			6.014		5.327	MON		1,774.00		21,334.00		12132007		8012037
3128S4DP9	FHLMC POOL # 1Q0110					2		1		2,500,704.00			2,530,885.00		2,524,870.00		2,500,830.84		30,054.16			(14.00	)	—		—			4.923		5.094	MON		10,358.00		122,038.00		9272006		7012035
3128S4E86	FHLMC POOL # 1Q0159					2		1		389,010.00			391,955.00		393,799.00		389,039.08		2,915.92			(22.00	)	—		—			5.931		6.17	MON		1,946.00		22,126.00		11132006		3012035
31295NXK9	FHLMC POOL # 789682					2		1		74,651.00			74,186.00		75,082.00		74,649.83		(463.83	)		5.00		—		—			4.801		4.846	MON		300.00		4,780.00		8102006		9012032
31342A6F1	FHLMC POOL # 780870					2		1		836,680.00			842,962.00		849,680.00		836,791.63		6,170.37			20.00		—		—			4.561		4.958	MON		3,229.00		32,141.00		4022007		9012033

Validus Holdings, Ltd December 31, 2008 GAAP investment portfolio in Schedule D-Part 1 format

			Codes								FAIR VALUE							CHANGE IN BOOK/ADJUSTED CARRYING VALUE										INTEREST									DATES
											8
											RATE
											USED	9													15									20
											TO	GAAP				11					13				TOTAL									GROSS
				4	5		6		7		OBTAIN	FAIR		10		GAAP					CURRENT				FX CHG		16		17		18	19		REC’D
1	2	3		FOREIGN	BOND		NAIC		ACTUAL		FAIR	MARKET		PAR		BOOK		12			YEAR			14	IN B/A.		INTEREST		EFFECTIVE		HOW	ACCRUED		DURING		21		22
CUSIP	DESCRIPTION	*		CODE	CHAR		DESIG		COST		VALUE	VALUE		VALUE		VALUE		UGL			AMORTIZATION			IMPAIRMENTS	C.V.		RATE		RATE OF		PAID	INTEREST		YEAR		ACQUIRED		MATURITY
31349SJK0	FHLMC POOL # 781166					2		1		1,619,836.00			1,620,457.00		1,646,658.00		1,620,159.94		297.06			79.00		—		—		4.202		4.682	MON		5,766.00		69,285.00		1092006		1012034
31349UCW6	FHLMC POOL # 782785					2		1		349,206.00			346,029.00		351,951.00		349,215.63		(3,186.63	)		4.00		—		—		4.456		4.575	MON		1,307.00		15,704.00		4022007		10012034
31349UEJ3	FHLMC POOL # 782837					2		1		680,378.00			677,398.00		685,727.00		680,399.28		(3,001.28	)		8.00		—		—		4.373		4.491	MON		2,499.00		30,005.00		4022007		11012034
31349UJL3	FHLMC GOLD POOL # 782967					2		1		239,414.00			242,759.00		243,021.00		239,461.84		3,297.16			48.00		—		—		4.396		4.756	MON		890.00		1,781.00		9302008		1012035
31349ULB2	FHLMC POOL # 783022					2		1		773,842.00			783,031.00		780,751.00		773,874.78		9,156.22			11.00		—		—		4.421		4.579	MON		2,876.00		34,516.00		4022007		2012035
31349ULF3	FHLMC POOL # 783026					2		1		418,803.00			418,861.00		423,162.00		418,829.23		31.77			8.00		—		—		4.428		4.631	MON		1,561.00		18,757.00		4022007		2012035
31371LNH8	FNMA POOL # 255192					2		1		3,455,658.00			3,665,565.00		3,580,703.00		3,479,381.57		186,183.43			12,467.00		—		—		4		5.303	MON		11,936.00		143,228.00		1032007		4012014
31371NAC9	FNMA POOL # 256603					2		1		3,002,879.00			3,100,631.00		3,000,066.00		3,002,586.74		98,044.26			(292.00	)	—		—		5.5		5.444	MON		13,750.00		55,001.00		7172008		2012022
31371NN68	FNMA POOL # 257013					2		1		49,009.00			51,194.00		49,708.00		49,018.20		2,175.80			9.00		—		—		5		5.305	MON		207.00		621.00		8222008		11012022
31371NZX6	FNMA POOL # 257358					2		1		48,483.00			50,633.00		49,174.00		48,490.97		2,142.03			8.00		—		—		5		5.284	MON		205.00		615.00		8222008		9012023
31379T6G4	FNMA POOL # 429371					2		1		64,062.00			66,186.00		64,587.00		64,103.26		2,082.74			41.00		—		—		5		5.249	MON		269.00		2,960.00		12142007		2012014
31385W6Z7	FNMA POOL # 555388					2		1		205,140.00			216,556.00		208,811.00		205,549.72		11,006.28			190.00		—		—		5.5		5.945	MON		957.00		11,485.00		6282006		3012018
31385XEW3	FNMA POOL # 555549					2		1		661,293.00			689,660.00		666,710.00		661,508.43		28,151.57			215.00		—		—		5		5.186	MON		2,778.00		30,557.00		12142007		6012018
31385XK48	FNMA POOL # 555715					2		1		246,628.00			247,391.00		248,830.00		246,649.05		741.95			8.00		—		—		4.578		4.811	MON		949.00		11,400.00		4022007		7012033
31388UJF8	FNMA POOL # 615062					2		1		291,764.00			308,000.00		296,984.00		292,418.18		15,581.82			294.00		—		—		5.5		5.987	MON		1,361.00		16,334.00		6282006		1012017
31389FPM8	FNMA POOL # 624228					2		1		188,426.00			198,912.00		191,797.00		188,851.98		10,060.02			192.00		—		—		5.5		5.983	MON		879.00		10,549.00		6282006		1012017
31389FQ62	FNMA POOL # 624277					2		1		135,902.00			143,465.00		138,334.00		136,217.68		7,247.32			145.00		—		—		5.5		5.971	MON		634.00		7,608.00		6282006		1012017
31391PUF1	FNMA POOL # 672982					2		1		724,628.00			756,425.00		730,564.00		724,872.29		31,552.71			245.00		—		—		5		5.195	MON		3,044.00		33,484.00		12142007		12012017
31400EGH7	FNMA POOL # 685200					2		1		588,476.00			613,719.00		593,296.00		588,673.54		25,045.46			198.00		—		—		5		5.188	MON		2,472.00		27,193.00		12142007		3012018
31400GJN6	FNMA POOL # 687069					2		1		1,906,995.00			1,933,233.00		1,910,876.00		1,905,915.38		27,317.62			(447.00	)	—		—		5.5		5.503	MON		8,758.00		105,098.00		4212006		1012013
31400PG58	FNMA POOL # 693320					2		1		126,786.00			125,423.00		127,900.00		126,800.59		(1,377.59	)		(1.00	)	—		—		5.719		5.954	MON		610.00		7,407.00		8102006		1012033
31400QJ87	FNMA POOL # 694287					2		1		29,532.00			30,024.00		29,796.00		29,534.40		489.60			1.00		—		—		4.608		4.846	MON		114.00		1,373.00		4022007		3012033
31400SA33	FNMA POOL # 695826					2		1		547,727.00			571,222.00		552,213.00		547,897.23		23,324.77			171.00		—		—		5		5.198	MON		2,301.00		25,310.00		12142007		4012018
31401A3C9	FNMA POOL # 702895					2		1		686,482.00			714,460.00		692,105.00		686,705.40		27,754.60			223.00		—		—		5		5.191	MON		2,884.00		31,722.00		12142007		4012018
31401DVW8	FNMA POOL # 705429					2		1		310,769.00			308,509.00		314,392.00		310,831.92		(2,322.92	)		(2.00	)	—		—		4.883		5.218	MON		1,279.00		14,998.00		8102006		4012033
31402DGQ7	FNMA POOL # 725707					2		1		2,282,128.00			2,375,848.00		2,300,822.00		2,282,770.40		93,077.60			643.00		—		—		5		5.177	MON		9,587.00		105,454.00		12142007		8012019
31402DQB9	FNMA POOL # 725950					2		1		953,203.00			993,287.00		961,921.00		953,345.80		39,941.20			143.00		—		—		5		5.204	MON		4,008.00		16,032.00		7172008		11012019
31402HD32	FNMA POOL # 729222					2		1		4,586,873.00			4,663,039.00		4,637,578.00		4,587,552.68		75,486.32			203.00		—		—		4.543		4.841	MON		17,557.00		191,638.00		9172008		7012035
31402RB81	FNMA POOL # 735463					2		1		226,454.00			227,947.00		228,327.00		226,484.17		1,462.83			(19.00	)	—		—		5.399		5.62	MON		1,027.00		11,885.00		9282006		3012035
31402YSV7	FNMA POOL # 742232					2		1		22,531.00			23,073.00		22,881.00		22,534.64		538.36			—		—		—		5.375		5.875	MON		102.00		948.00		4022007		9012033
31403C2L4	FNMA POOL # 745179					2		1		2,414,278.00			2,517,843.00		2,434,055.00		2,414,979.15		102,863.85			701.00		—		—		5		5.181	MON		10,142.00		111,561.00		12142007		4012019
31403C3B5	FNMA POOL # 745194					2		1		1,148,615.00			1,212,536.00		1,169,166.00		1,150,646.92		61,889.08			963.00		—		—		5.5		5.916	MON		5,359.00		64,304.00		6282006		5012019
31403C3T6	FNMA POOL # 745210					2		1		2,223,060.00			2,346,775.00		2,262,837.00		2,227,076.10		119,698.90			1,885.00		—		—		5.5		5.928	MON		10,371.00		124,456.00		6282006		1012019
31403DCC1	FNMA POOL # 745367					2		1		1,052,538.00			1,111,113.00		1,071,371.00		1,054,472.10		56,640.90			911.00		—		—		5.5		5.927	MON		4,910.00		58,925.00		6282006		12012018
31403DCE7	FNMA POOL # 745369					2		1		1,368,133.00			1,424,318.00		1,379,340.00		1,368,500.39		55,817.61			368.00		—		—		5		5.176	MON		5,747.00		63,220.00		12142007		12012019
31403DCZ0	FNMA POOL # 745388					2		1		4,648,798.00			4,848,216.00		4,686,879.00		4,650,235.86		197,980.14			1,438.00		—		—		5		5.182	MON		19,529.00		214,815.00		12142007		11012018
31403DSK6	FNMA POOL # 745822					2		1		978,637.00			1,010,192.00		978,637.00		978,637.13		31,554.87			—		—		—		6		5.944	MON		4,893.00		14,680.00		8082008		9012036
31403DT82	FNMA POOL # 745875					2		1		98,247.00			98,427.00		94,550.00		98,204.57		222.43			(43.00	)	—		—		6.5		5.691	MON		512.00		1,536.00		9082008		9012036
31403DVZ9	FNMA POOL # 745932					2		1		512,051.00			512,988.00		492,782.00		511,825.98		1,162.02			(225.00	)	—		—		6.5		5.672	MON		2,669.00		8,008.00		9082008		11012036
31403H3P3	FNMA POOL # 749706					2		1		1,849,856.00			1,883,945.00		1,873,124.00		1,850,159.78		33,785.22			46.00		—		—		5.041		5.44	MON		7,869.00		86,001.00		5152006		11012033
31403KDB6	FNMA POOL # 750798					2		1		30,632.00			31,317.00		31,108.00		30,637.19		679.81			—		—		—		5.344		5.861	MON		139.00		1,310.00		4022007		12012033
31403VBR9	FNMA POOL # 758848					2		1		702,723.00			732,867.00		708,479.00		702,935.07		29,931.93			212.00		—		—		5		5.181	MON		2,952.00		32,472.00		12142007		1012019
31404CLB4	FNMA POOL # 764522					2		1		82,112.00			83,983.00		83,774.00		82,151.10		1,831.90			39.00		—		—		3.928		4.654	MON		274.00		548.00		9302008		6012034
31404LRF9	FNMA POOL # 771886					2		1		199,350.00			202,918.00		202,683.00		199,424.30		3,493.70			10.00		—		—		4.837		5.651	MON		817.00		8,737.00		8102006		2012034
31404NBP0	FNMA POOL # 773246					2		1		315,016.00			318,758.00		317,652.00		315,038.47		3,719.53			7.00		—		—		4.29		4.521	MON		1,136.00		13,638.00		4022007		2012035
31404VGA0	FNMA POOL # 779693					2		1		1,844,538.00			1,877,076.00		1,861,994.00		1,844,751.31		32,324.69			42.00		—		—		4.784		5.08	MON		7,423.00		89,120.00		2242006		7012034
31405AQ71	FNMA POOL # 783578					2		1		1,441,095.00			1,459,670.00		1,475,623.00		1,441,726.76		17,943.24			187.00		—		—		4.274		4.939	MON		5,256.00		63,323.00		2282006		12012034
31405GWJ5	FNMA POOL # 789149					2		1		10,141.00			10,621.00		10,286.00		10,143.93		477.07			3.00		—		—		5		5.359	MON		43.00		129.00		8222008		9012019
31405PAG5	FNMA POOL # 794807					2		1		392,445.00			391,316.00		391,377.00		392,424.24		(1,108.24	)		(14.00	)	—		—		4.801		4.661	MON		1,566.00		23,701.00		6302007		10012034
31405UMM8	FNMA POOL # 799664					2		1		130,579.00			132,094.00		131,606.00		130,587.04		1,506.96			2.00		—		—		4.751		4.959	MON		521.00		6,271.00		4022007		10012034
31405UR84	FNMA POOL # 799811					2		1		360,069.00			358,129.00		359,128.00		360,051.12		(1,922.12	)		(12.00	)	—		—		4.486		4.346	MON		1,340.00		21,001.00		6302007		11012034
31405UTZ2	FNMA POOL # 799868					2		1		45,545.00			46,012.00		45,903.00		45,547.40		464.60			1.00		—		—		4.625		4.838	MON		177.00		2,130.00		4022007		11012034
31406BB90	FNMA POOL # 804764					2		1		522,864.00			528,980.00		526,974.00		522,896.95		6,083.05			10.00		—		—		4.477		4.693	MON		1,966.00		23,613.00		4022007		1012035
31406BEZ9	FNMA POOL # 804852					2		1		455,904.00			461,371.00		459,488.00		455,932.50		5,438.50			8.00		—		—		4.536		4.748	MON		1,737.00		20,795.00		4022007		12012034

Validus Holdings, Ltd December 31, 2008 GAAP investment portfolio in Schedule D-Part 1 format

			Codes								FAIR VALUE							CHANGE IN BOOK/ADJUSTED CARRYING VALUE										INTEREST									DATES
											8
											RATE
											USED	9													15									20
											TO	GAAP				11					13				TOTAL									GROSS
				4	5		6		7		OBTAIN	FAIR		10		GAAP					CURRENT				FX CHG		16		17		18	19		REC’D
1	2	3		FOREIGN	BOND		NAIC		ACTUAL		FAIR	MARKET		PAR		BOOK		12			YEAR			14	IN B/A.		INTEREST		EFFECTIVE		HOW	ACCRUED		DURING		21		22
CUSIP	DESCRIPTION	*		CODE	CHAR		DESIG		COST		VALUE	VALUE		VALUE		VALUE		UGL			AMORTIZATION			IMPAIRMENTS	C.V.		RATE		RATE OF		PAID	INTEREST		YEAR		ACQUIRED		MATURITY
31406BJF8	FNMA POOL # 804962					2		1		556,672.00			563,374.00		561,048.00		556,707.47		6,666.53			10.00		—		—		4.451		4.667	MON		2,081.00		24,991.00		4022007		1012035
31406BQQ6	FNMA POOL # 805163					2		1		601,656.00			609,711.00		606,692.00		601,697.85		8,013.15			12.00		—		—		4.52		4.752	MON		2,285.00		27,390.00		4022007		1012035
31406DG67	FNMA POOL # 806721					2		1		948,220.00			961,137.00		955,674.00		948,278.61		12,858.39			15.00		—		—		4.559		4.785	MON		3,631.00		43,582.00		4022007		11012034
31406GLK3	FNMA POOL # 809530					2		1		138,183.00			139,093.00		139,161.00		138,193.46		899.54			(11.00	)	—		—		5.882		6.058	MON		682.00		8,131.00		9282006		2012035
31406MYP5	FNMA POOL # 814418					2		1		510,519.00			513,326.00		515,078.00		510,559.98		2,766.02			11.00		—		—		4.406		4.645	MON		1,891.00		22,727.00		4022007		3012035
31406PKU2	FNMA POOL # 815807					2		1		530,453.00			530,847.00		535,516.00		530,534.58		312.42			(83.00	)	—		—		5.884		6.141	MON		2,625.00		30,548.00		9282006		2012035
31406TLC3	FNMA POOL # 819423					2		1		772,186.00			790,518.00		779,081.00		772,244.00		18,274.00			16.00		—		—		4.679		4.923	MON		3,038.00		36,358.00		4022007		4012035
31406VHE9	FNMA POOL # 821129					2		1		734,427.00			746,876.00		740,985.00		734,484.43		12,391.57			17.00		—		—		4.374		4.624	MON		2,701.00		32,458.00		4022007		5012035
31407CB89	FNMA POOL # 826363					2		1		3,237,655.00			3,304,289.00		3,294,538.00		3,238,617.07		65,671.93			258.00		—		—		4.425		4.9	MON		12,149.00		146,118.00		1262006		7012035
31407D5R2	FNMA POOL # 828056					2		1		1,022,208.00			1,023,310.00		1,008,188.00		1,021,782.31		1,527.69			(425.00	)	—		—		4.861		4.35	MON		4,084.00		40,822.00		1312008		6012035
31407E6W8	FNMA POOL # 828985					2		1		1,203,688.00			1,243,371.00		1,245,127.00		1,204,441.02		38,929.98			209.00		—		—		4.06		5.051	MON		4,213.00		50,438.00		3162006		8012035
31407GC22	FNMA POOL # 829989					2		1		3,621,257.00			3,689,817.00		3,655,671.00		3,621,640.94		68,176.06			79.00		—		—		4.539		4.855	MON		13,828.00		165,815.00		1202006		4012035
31407JDD1	FNMA POOL # 831800					2		1		196,595.00			196,955.00		189,197.00		196,508.94		446.06			(86.00	)	—		—		6.5		5.684	MON		1,025.00		3,074.00		9082008		9012036
31408C6D3	FNMA POOL # 847868					2		1		2,277,183.00			2,302,062.00		2,301,638.00		2,277,469.79		24,592.21			28.00		—		—		4.683		4.997	MON		8,965.00		109,928.00		5122006		11012035
31408JFT3	FNMA POOL # 852578					2		1		317,890.00			326,355.00		317,443.00		317,860.71		8,494.29			(29.00	)	—		—		5.5		5.367	MON		1,455.00		1,455.00		10082008		1012036
31409UBQ7	FNMA POOL # 878547					2		1		1,859,622.00			1,875,178.00		1,874,634.00		1,859,757.79		15,420.21			11.00		—		—		5.063		5.289	MON		7,909.00		94,989.00		5042006		3012036
31409V7F4	FNMA POOL # 880294					2		1		374,833.00			383,980.00		373,607.00		374,811.69		9,168.31			(21.00	)	—		—		5.5		5.452	MON		1,712.00		3,425.00		9232008		3012036
31410F3D5	FNMA POOL # 888296					2		1		202,214.00			202,584.00		194,604.00		202,122.54		461.46			(91.00	)	—		—		6.5		5.635	MON		1,054.00		3,162.00		9082008		3012037
31410FU60	FNMA POOL # 888105					2		1		1,905,772.00			1,987,443.00		1,921,384.00		1,906,404.11		81,038.89			632.00		—		—		5		5.138	MON		8,006.00		88,063.00		12142007		8012020
31410FYT6	FNMA POOL # 888222					2		1		974,355.00			1,005,771.00		974,355.00		974,354.93		31,416.07			—		—		—		6		5.989	MON		4,872.00		14,615.00		8082008		2012037
31410GC35	FNMA POOL # 888490					2		1		661,913.00			657,623.00		663,412.00		661,901.10		(4,278.10	)		(4.00	)	—		—		5.041		5.06	MON		2,787.00		33,664.00		6182007		5012035
31410GC50	FNMA POOL # 888492					2		1		244,313.00			239,386.00		243,848.00		244,292.78		(4,906.78	)		(4.00	)	—		—		4.909		4.784	MON		998.00		12,277.00		6182007		5012033
31410GD83	FNMA POOL # 888527					2		1		99,280.00			101,715.00		101,150.00		99,303.33		2,411.67			8.00		—		—		4.374		4.896	MON		369.00		4,437.00		6182007		4012034
31410GDC4	FNMA POOL # 888499					2		1		2,215,654.00			2,188,407.00		2,228,103.00		2,215,744.10		(27,337.10	)		19.00		—		—		4.288		4.419	MON		7,960.00		95,753.00		6182007		8012033
31410GDF7	FNMA POOL # 888502					2		1		350,303.00			357,726.00		354,856.00		350,354.91		7,371.09			17.00		—		—		4.663		5.042	MON		1,379.00		16,554.00		6182007		6012033
31410GDL4	FNMA POOL # 888507					2		1		1,360,120.00			1,389,117.00		1,383,929.00		1,360,398.65		28,718.35			60.00		—		—		4.429		4.928	MON		5,107.00		61,312.00		6182007		2012035
31410GDM2	FNMA POOL # 888508					2		1		1,400,308.00			1,421,129.00		1,419,885.00		1,400,537.28		20,591.72			53.00		—		—		4.228		4.726	MON		5,003.00		59,827.00		6182007		3012034
31410GDQ3	FNMA POOL # 888511					2		1		212,910.00			216,192.00		214,843.00		212,925.87		3,266.13			1.00		—		—		5.339		5.62	MON		956.00		9,484.00		6182007		12012033
31410GDS9	FNMA POOL # 888513					2		1		296,218.00			293,868.00		297,769.00		296,227.93		(2,359.93	)		3.00		—		—		4.199		4.326	MON		1,042.00		13,118.00		6182007		2012034
31410GDW0	FNMA POOL # 888517					2		1		3,162,404.00			3,230,973.00		3,192,062.00		3,162,652.10		68,320.90			44.00		—		—		5.081		5.311	MON		13,518.00		162,199.00		6182007		12012035
31410GDX8	FNMA POOL # 888518					2		1		358,245.00			358,225.00		359,396.00		358,241.14		(16.14	)		(5.00	)	—		—		5.613		5.661	MON		1,681.00		19,479.00		6182007		4012035
31410GDY6	FNMA POOL # 888519					2		1		165,315.00			169,147.00		168,154.00		165,347.71		3,799.29			7.00		—		—		4.323		4.87	MON		606.00		7,277.00		6182007		1012035
31410GDZ3	FNMA POOL # 888520					2		1		1,588,131.00			1,599,768.00		1,598,253.00		1,588,209.55		11,558.45			14.00		—		—		4.517		4.669	MON		6,016.00		69,556.00		6182007		7012033
31410GJ46	FNMA POOL # 888683					2		1		6,528,143.00			6,794,205.00		6,581,619.00		6,529,910.08		264,294.92			1,767.00		—		—		5		5.175	MON		27,423.00		301,657.00		12142007		12012019
31410GPR8	FNMA POOL # 888832					2		1		14,247,316.00			14,297,719.00		13,701,401.00		14,235,225.16		62,493.84			(12,091.00	)	—		—		6.5		6.171	MON		74,216.00		742,159.00		1252008		11012037
31410GRK1	FNMA POOL # 888890					2		1		969,076.00			984,899.00		946,104.00		968,489.56		16,409.44			(510.00	)	—		—		6.5		6.311	MON		5,125.00		55,103.00		9052008		10012037
31410GW90	FNMA POOL# 889072					2		1		5,427,321.00			5,491,725.00		5,275,435.00		5,426,349.76		65,375.24			(971.00	)	—		—		6.5		6.274	MON		28,575.00		59,238.00		9232008		12012037
31410GYB3	FNMA POOL # 889106					2		1		774,325.00			782,357.00		751,544.00		774,183.92		8,173.08			(141.00	)	—		—		6.5		6.255	MON		4,071.00		8,142.00		9192008		1012038
31410KJY1	FNMA POOL # 889579					2		1		1,850,939.00			1,891,267.00		1,832,176.00		1,850,713.89		40,553.11			(225.00	)	—		—		6		5.94	MON		9,161.00		38,447.00		9082008		5012038
31410KMF8	FNMA POOL # 889658					2		1		41,209.00			41,517.00		39,881.00		41,191.74		325.26			(17.00	)	—		—		6.5		5.698	MON		216.00		648.00		9052008		6012038
31410QRW3	FNMA POOL # 894301					2		1		2,801,050.00			2,846,740.00		2,716,994.00		2,799,438.74		47,301.26			(267.00	)	—		—		7		6.274	MON		15,849.00		207,299.00		9272007		10012036
31410U7L0	FNMA POOL # 898299					2		1		1,021,769.00			1,032,059.00		991,407.00		1,021,566.78		10,492.22			(202.00	)	—		—		6.5		6.242	MON		5,370.00		10,740.00		9192008		10012036
31410VJJ0	FNMA POOL # 898565					2		1		533,258.00			539,775.00		518,513.00		533,095.96		6,679.04			(163.00	)	—		—		6.5		5.811	MON		2,809.00		5,617.00		9232008		10012036
31411DA33	FNMA POOL # 904626					2		1		5,203,817.00			5,285,825.00		5,179,135.00		5,203,090.24		82,734.76			(135.00	)	—		—		5.504		5.338	MON		23,755.00		285,055.00		12132006		12012036
31411GUY6	FNMA POOL # 907899					2		1		5,858,131.00			5,938,244.00		5,810,017.00		5,857,033.31		81,210.69			(81.00	)	—		—		5.776		5.47	MON		27,966.00		335,253.00		12142006		1012037
31411KCZ4	FNMA POOL # 910088					2		1		10,887,629.00			11,158,296.00		10,786,505.00		10,881,993.95		276,302.05			(4,923.00	)	—		—		6		5.951	MON		53,933.00		647,190.00		3292007		3012037
31412B2P6	FNMA POOL # 920682					2		1		422,199.00			427,356.00		410,525.00		422,082.66		5,273.34			(116.00	)	—		—		6.5		5.878	MON		2,224.00		4,447.00		9232008		9012037
31412LWW6	FNMA POOL # 928661					2		1		63,683.00			64,159.00		61,632.00		63,658.22		500.78			(25.00	)	—		—		6.5		5.759	MON		334.00		1,002.00		9052008		9012037
31412LY38	FNMA POOL # 928730					2		1		192,547.00			194,489.00		186,825.00		192,492.86		1,996.14			(54.00	)	—		—		6.5		5.865	MON		1,012.00		2,024.00		9192008		10012037
31412S4K8	FNMA POOL # 933826					2		1		379,018.00			388,292.00		377,778.00		378,996.92		9,295.08			(21.00	)	—		—		5.5		5.447	MON		1,731.00		3,463.00		9232008		4012038
31412SEW1	FNMA POOL # 933149					2		1		824,564.00			832,864.00		800,062.00		824,295.16		8,568.84			(269.00	)	—		—		6.5		5.746	MON		4,334.00		8,667.00		9192008		10012037
31412SL45	FNMA POOL # 933347					2		1		79,095.00			82,420.00		80,517.00		79,101.56		3,318.44			6.00		—		—		5		5.267	MON		335.00		335.00		10082008		1012038
31412SSW6	FNMA POOL # 933533					2		1		239,431.00			241,920.00		232,387.00		239,351.30		2,568.70			(80.00	)	—		—		6.5		5.728	MON		1,259.00		2,518.00		9192008		2012038
31412TN66	FNMA POOL # 934313					2		1		78,103.00			81,386.00		79,507.00		78,108.73		3,277.27			6.00		—		—		5		5.257	MON		331.00		331.00		10082008		6012038

Validus Holdings, Ltd December 31, 2008 GAAP investment portfolio in Schedule D-Part 1 format

			Codes								FAIR VALUE							CHANGE IN BOOK/ADJUSTED CARRYING VALUE									INTEREST									DATES
											8
											RATE
											USED	9												15									20
											TO	GAAP				11				13				TOTAL									GROSS
				4	5		6		7		OBTAIN	FAIR		10		GAAP				CURRENT				FX CHG		16		17		18	19		REC’D
1	2	3		FOREIGN	BOND		NAIC		ACTUAL		FAIR	MARKET		PAR		BOOK		12		YEAR			14	IN B/A.		INTEREST		EFFECTIVE		HOW	ACCRUED		DURING		21		22
CUSIP	DESCRIPTION	*		CODE	CHAR		DESIG		COST		VALUE	VALUE		VALUE		VALUE		UGL		AMORTIZATION			IMPAIRMENTS	C.V.		RATE		RATE OF		PAID	INTEREST		YEAR		ACQUIRED		MATURITY
31412TN90	FNMA POOL # 934316					2		1		208,484.00			211,377.00		203,306.00		208,422.07		2,954.93		(62.00	)	—		—		6.5		5.836	MON		1,101.00		1,101.00		10062008		6012038
31412TNN9	FNMA POOL # 934297					2		1		773,479.00			782,942.00		752,091.00		773,193.57		9,748.43		(285.00	)	—		—		6.5		5.644	MON		4,074.00		8,148.00		9232008		6012038
31412TXT5	FNMA POOL # 934590					2		1		3,011,911.00			3,057,820.00		2,937,330.00		3,011,134.57		46,685.43		(777.00	)	—		—		6.5		4.989	MON		15,911.00		31,821.00		10082008		10012038
31412WJ98	FNMA POOL # 936888					2		1		44,762.00			45,096.00		43,320.00		44,745.05		350.95		(17.00	)	—		—		6.5		5.794	MON		235.00		704.00		9052008		8012037
31412WUV6	FNMA POOL # 937196					2		1		13,633.00			13,771.00		13,228.00		13,630.76		140.24		(3.00	)	—		—		6.5		6.248	MON		72.00		143.00		9192008		5012037
31413BWB3	FNMA POOL # 940842					2		1		432,848.00			443,424.00		431,432.00		432,824.92		10,599.08		(23.00	)	—		—		5.5		5.454	MON		1,977.00		3,955.00		9232008		8012037
31413DFD4	FNMA POOL # 942164					2		1		513,068.00			525,604.00		511,390.00		513,040.12		12,563.88		(28.00	)	—		—		5.5		5.448	MON		2,344.00		4,688.00		9232008		7012037
31413DLC9	FNMA POOL # 942323					2		1		2,217,393.00			2,237,039.00		2,148,934.00		2,216,633.37		20,405.63		(760.00	)	—		—		6.5		5.703	MON		11,640.00		23,280.00		9192008		8012037
31413DPE1	FNMA POOL # 942421					2		1		379,591.00			388,866.00		378,350.00		379,570.29		9,295.71		(21.00	)	—		—		5.5		5.447	MON		1,734.00		3,468.00		9232008		8012037
31413DZM2	FNMA POOL # 942748					2		1		373,349.00			382,471.00		372,128.00		373,328.28		9,142.72		(21.00	)	—		—		5.5		5.443	MON		1,706.00		3,411.00		9232008		8012037
31413ES89	FNMA POOL # 943443					2		1		520,632.00			533,352.00		518,929.00		520,601.96		12,750.04		(30.00	)	—		—		5.5		5.44	MON		2,378.00		4,757.00		9232008		8012037
31413HV62	FNMA POOL # 946237					2		1		20,111.00			20,969.00		20,398.00		20,114.59		854.41		4.00		—		—		5		5.314	MON		85.00		255.00		8222008		9012022
31413LD63	FNMA POOL # 948425					2		1		63,144.00			63,616.00		61,111.00		63,119.09		496.91		(25.00	)	—		—		6.5		5.736	MON		331.00		993.00		9052008		9012037
31413QTR9	FNMA POOL # 952460					2		1		86,402.00			87,047.00		83,619.00		86,369.00		678.00		(33.00	)	—		—		6.5		5.792	MON		453.00		1,359.00		9052008		9012037
31413REJ1	FNMA POOL # 952937					2		1		42,050.00			42,364.00		40,696.00		42,030.37		333.63		(20.00	)	—		—		6.5		5.573	MON		220.00		661.00		9052008		9012037
31413TVF6	FNMA POOL # 955214					2		1		978,959.00			988,813.00		949,869.00		978,581.40		10,231.60		(378.00	)	—		—		6.5		5.599	MON		5,145.00		10,290.00		9192008		12012037
31413URH4	FNMA POOL # 955988					2		1		53,842.00			54,176.00		52,107.00		53,814.85		361.15		(27.00	)	—		—		6.5		5.526	MON		282.00		847.00		9052008		10012037
31413VTW7	FNMA POOL # 956965					2		1		902,305.00			911,388.00		875,493.00		902,000.54		9,387.46		(304.00	)	—		—		6.5		5.717	MON		4,742.00		9,485.00		9192008		12012037
31413YHL8	FNMA POOL # 959335					2		1		793,803.00			805,825.00		774,088.00		793,564.66		12,260.34		(238.00	)	—		—		6.5		5.826	MON		4,193.00		4,193.00		10062008		11012037
31413YRF0	FNMA POOL # 959586					2		1		250,496.00			253,018.00		243,053.00		250,402.44		2,615.56		(94.00	)	—		—		6.5		5.628	MON		1,317.00		2,633.00		9192008		11012037
31414EFY5	FNMA POOL # 963783					2		1		47,289.00			49,386.00		47,963.00		47,296.92		2,089.08		8.00		—		—		5		5.291	MON		200.00		600.00		8222008		6012023
31414FUN9	FNMA POOL # 965089					2		1		583,676.00			591,173.00		567,537.00		583,514.51		7,658.49		(162.00	)	—		—		6.5		5.866	MON		3,074.00		6,148.00		9232008		9012038
31414GDV8	FNMA POOL # 965516					2		1		3,022,753.00			3,059,674.00		2,939,170.00		3,021,947.06		37,726.94		(806.00	)	—		—		6.5		5.9	MON		15,920.00		31,841.00		9232008		12012037
31414GKC2	FNMA POOL # 965691					2		1		483,421.00			489,336.00		470,054.00		483,263.26		6,072.74		(158.00	)	—		—		6.5		5.744	MON		2,546.00		5,092.00		9232008		2012038
31414HMS3	FNMA POOL # 966669					2		1		621,453.00			630,017.00		606,018.00		621,298.40		8,718.60		(154.00	)	—		—		6.5		5.94	MON		3,283.00		3,283.00		10062008		1012038
31414HNC7	FNMA POOL # 966687					2		1		56,954.00			59,480.00		57,766.00		56,963.96		2,516.04		10.00		—		—		5		5.287	MON		241.00		722.00		8222008		4012023
31414JKA0	FNMA POOL # 967489					2		1		2,850,579.00			2,875,786.00		2,762,524.00		2,849,549.95		26,236.05		(1,030.00	)	—		—		6.5		5.655	MON		14,964.00		29,927.00		9192008		1012038
31414KPE4	FNMA POOL # 968521					2		1		403,021.00			409,124.00		393,011.00		402,925.64		6,198.36		(95.00	)	—		—		6.5		5.968	MON		2,129.00		2,129.00		10062008		12012037
31414MDQ6	FNMA POOL # 970011					2		1		46,739.00			48,812.00		47,406.00		46,747.10		2,064.90		8.00		—		—		5		5.292	MON		198.00		593.00		8222008		6012023
31414RJP1	FNMA POOL # 973770					2		1		940,253.00			999,200.00		976,134.00		940,651.64		58,548.36		399.00		—		—		5		5.538	MON		4,067.00		32,538.00		3102008		3012038
31414SGR8	FNMA POOL # 974608					2		1		78,627.00			81,932.00		80,040.00		78,633.02		3,298.98		6.00		—		—		5		5.267	MON		334.00		334.00		10082008		3012038
31414TE31	FNMA POOL # 975454					2		1		780,660.00			813,472.00		794,691.00		780,721.86		32,750.14		62.00		—		—		5		5.272	MON		3,311.00		3,311.00		10082008		3012038
31414TUV1	FNMA POOL # 975896					2		1		643,492.00			672,035.00		652,670.00		643,604.47		28,430.53		112.00		—		—		5		5.283	MON		2,719.00		9,139.00		8222008		7012023
31414UK56	FNMA POOL # 976516					2		1		825,447.00			860,140.00		840,284.00		825,505.53		34,634.47		58.00		—		—		5		5.25	MON		3,501.00		3,501.00		10082008		5012038
31415AWU1	FNMA POOL # 981359					2		1		4,833,936.00			5,073,191.00		4,947,575.00		4,835,233.33		237,957.67		1,298.00		—		—		4.5		4.856	MON		18,553.00		37,107.00		10012008		4012023
31415BZL6	FNMA POOL # 982347					2		1		725,843.00			732,164.00		704,274.00		725,656.13		6,507.87		(187.00	)	—		—		6.5		5.919	MON		3,815.00		7,630.00		9192008		9012038
31415MDG7	FNMA POOL # 984003					2		1		9,856,224.00			10,449,750.00		10,152,878.00		9,858,502.49		591,247.51		2,279.00		—		—		5.5		6.426	MON		46,534.00		186,136.00		7252008		6012038
31415MPR0	FNMA POOL # 984332					2		1		2,682,903.00			2,753,700.00		2,679,135.00		2,682,802.72		70,897.28		(100.00	)	—		—		5.5		5.484	MON		12,279.00		12,279.00		10082008		5012038
31415RBS2	FNMA POOL # 986649					2		1		64,251.00			64,731.00		62,182.00		64,228.26		502.74		(23.00	)	—		—		6.5		5.849	MON		337.00		1,010.00		9052008		9012037
31415S2D3	FNMA POOL # 988272					2		1		12,316,478.00			12,467,165.00		11,975,913.00		12,312,967.92		154,197.08		(3,510.00	)	—		—		6.5		5.846	MON		64,869.00		129,739.00		9232008		9012038
31415TBY5	FNMA POOL # 988455					2		1		102,877.00			103,773.00		99,820.00		102,846.49		926.51		(30.00	)	—		—		6.5		4.598	MON		541.00		1,081.00		9192008		10012038
31415XVS7	FNMA POOL # 992625					2		1		77,028.00			80,138.00		78,412.00		77,031.65		3,106.35		4.00		—		—		5		5.18	MON		327.00		327.00		10082008		11012038
3133TJP56	FHLMC CMO AGENCY CMO 2130 QS					2		1		4,126,701.00			4,231,812.00		4,069,474.00		4,123,541.41		108,270.59		(1,507.00	)	—		—		6		5.77	MON		20,347.00		244,168.00		2062007		6012028
31393TE28	FNR AGENCY CMO 03-110 KA					2		1		5,712.00			5,751.00		5,755.00		5,725.11		25.89		13.00		—		—		3		4.475	MON		14.00		29.00		9302008		8252032
31393TPM2	FNMA AGENCY CMO 03-97					2		1		31,981.00			32,061.00		32,066.00		31,969.38		91.62		(11.00	)	—		—		5.5		5.344	MON		147.00		294.00		9302008		9252028
31393YFB6	FNMA AGENCY CMO 04-28 PB					2		1		188,190.00			188,044.00		185,609.00		187,350.45		693.55		(839.00	)	—		—		6		4.938	MON		928.00		10,209.00		1142008		7012011
31394BPP3	FNMA AGENCY CMO 04-88 HA					2		1		179,026.00			179,193.00		173,129.00		178,393.55		799.45		(633.00	)	—		—		6.5		5.258	MON		938.00		10,316.00		1142008		12012015
31394CVB5	FNMA 05-15 AGENCY CMO 05-15					2		1		4,947,051.00			5,112,655.00		4,990,333.00		4,955,407.57		157,247.43		4,002.00		—		—		5		5.272	MON		20,793.00		249,517.00		5242007		10252028
31394DA42	FNMA AGENCY CMO 05-48					2		1		411,140.00			424,251.00		408,206.00		410,879.38		13,371.62		(248.00	)	—		—		5.5		5.293	MON		1,871.00		22,451.00		12202007		11012019
31394HP88	FHR AGENCY CMO 2663					2		1		1,006,250.00			1,018,457.00		1,000,000.00		1,004,273.07		14,183.93		(1,977.00	)	—		—		4.5		4.06	MON		3,750.00		18,750.00		7162008		7012011
31394LU75	FNR AGENCY CMO 2707 ON					2		1		20,016.00			20,096.00		20,098.00		20,049.81		46.19		33.00		—		—		4		5.106	MON		67.00		134.00		9302008		7152014
31394NYM4	FHR AGENCY CMO 2737					2		1		51,500.00			51,683.00		51,726.00		51,576.83		106.17		77.00		—		—		3.5		4.485	MON		151.00		302.00		9302008		10152023
31395BH89	FNMA 06-10 AGENCY CMO 06-26					2		1		1,097,204.00			1,095,407.00		1,083,381.00		1,092,843.87		2,563.13		(4,360.00	)	—		—		5.5		4.497	MON		4,966.00		46,515.00		9302008		6012011
31395K5J8	FHR AGENCY CMO 2898 PH					2		1		1,051,191.00			1,053,043.00		1,042,395.00		1,048,728.17		4,314.83		(2,462.00	)	—		—		5		4.077	MON		4,343.00		21,717.00		7082008		9012010

Validus Holdings, Ltd December 31, 2008 GAAP investment portfolio in Schedule D-Part 1 format

			Codes								FAIR VALUE							CHANGE IN BOOK/ADJUSTED CARRYING VALUE											INTEREST									DATES
											8
											RATE
											USED	9													15										20
											TO	GAAP				11					13				TOTAL										GROSS
				4	5		6		7		OBTAIN	FAIR		10		GAAP					CURRENT				FX CHG			16		17		18	19		REC’D
1	2	3		FOREIGN	BOND		NAIC		ACTUAL		FAIR	MARKET		PAR		BOOK		12			YEAR			14	IN B/A.			INTEREST		EFFECTIVE		HOW	ACCRUED		DURING		21		22
CUSIP	DESCRIPTION	*		CODE	CHAR		DESIG		COST		VALUE	VALUE		VALUE		VALUE		UGL			AMORTIZATION			IMPAIRMENTS	C.V.			RATE		RATE OF		PAID	INTEREST		YEAR		ACQUIRED		MATURITY
31395NKX4	FNR AGENCY CMO 06-53 WA					2		1		747,446.00			736,876.00		732,118.00		744,726.25		(7,850.25	)		(2,720.00	)	—		—			6		4.047	MON		3,661.00		14,642.00		8112008		3012011
31395VGR4	FHR AGENCY CMO 2989 WD					2		1		502,969.00			513,750.00		500,000.00		502,806.06		10,943.94			(163.00	)	—		—			5.5		5.366	MON		2,292.00		4,583.00		10082008		12152013
31396CLF5	FHLMC AGENCY CMO 3054 DW					2		1		243,628.00			251,160.00		244,545.00		243,645.44		7,514.56			17.00		—		—			5.5		5.612	MON		1,121.00		6,725.00		6172008		5152034
31396GL41	FHLMC 3084 AGENCY CMO 3101-PA					2		1		3,801,908.00			3,826,553.00		3,784,170.00		3,791,093.46		35,459.54			(6,498.00	)	—		—			5.5		5.16	MON		17,344.00		208,129.00		3232007		2012011
31396GSK8	FHLMC AGENCY CMO 3098					2		1		2,549,058.00			2,587,539.00		2,555,847.00		2,549,993.37		37,545.63			328.00		—		—			5		5.083	MON		10,649.00		127,792.00		1302006		7152025
31396GU58	FHLMC AGENCY CMO 3099					2		1		2,573,476.00			2,615,846.00		2,580,330.00		2,574,420.67		41,425.33			372.00		—		—			5		5.083	MON		10,751.00		129,016.00		1302006		7152025
31396H6B0	FHLMC AGENCY CMO 3102					2		1		3,408,272.00			3,473,288.00		3,412,371.00		3,410,938.67		62,349.33			128.00		—		—			5		4.904	MON		14,218.00		145,838.00		8202008		3012011
31396HE39	FHLMC AGENCY CMO 3113					2		1		2,707,168.00			2,765,285.00		2,720,131.00		2,710,280.10		55,004.90			1,299.00		—		—			5		5.179	MON		11,334.00		136,007.00		2022006		11152025
31396TUP6	FHLMC AGENCY CMO 3171 NE					2		1		4,747,446.00			4,796,553.00		4,702,503.00		4,727,925.90		68,627.10			(11,429.00	)	—		—			6		5.474	MON		23,513.00		282,150.00		10242007		11012011
31397B7F2	FHLMC 3221 AGENCY CMO 3211 qd					2		1		3,170,197.00			3,285,650.00		3,163,616.00		3,167,178.03		118,471.97			(1,632.00	)	—		—			5.5		5.407	MON		14,500.00		173,999.00		4192007		1012014
31397FYM8	FHLMC AGENCY CMO 3291 XC					2		1		676,224.00			642,873.00		708,088.00		676,868.30		(33,995.30	)		449.00		—		—			0		0.674	MON		—		—		4042007		3152037
31397G7M6	FHRR AGENCY CMO R011 AB					2		1		8,703,646.00			8,831,760.00		8,630,823.00		8,701,282.21		130,477.79			(2,364.00	)	—		—			5.5		5.282	MON		39,558.00		118,674.00		9042008		7012020
31397MTX5	FNR AGENCY CMO 08-81 KA					2		1		9,342,648.00			9,585,809.00		9,374,875.00		9,342,678.75		243,130.25			30.00		—		—			5		5.056	MON		39,062.00		156,248.00		7292008		10252022
38373YBQ6	GNMA AGENCY CMO 02-79 LN					2		1		1,892,660.00			1,890,916.00		1,860,680.00		1,888,978.98		1,937.02			(3,681.00	)	—		—			5.5		4.74	MON		8,528.00		68,225.00		4032008		7012014
38374FCH5	GNMA 04-18 AGENCY CMO 04-2-BA					2		1		589,308.00			595,926.00		594,510.00		590,153.55		5,772.45			846.00		—		—			3.25		3.782	MON		1,610.00		12,881.00		4162008		1162034
010392EA2	ALABAMA POWER COMPANY CORP BND							1		3,404,799.00			3,467,948.00		3,470,000.00		3,435,624.49		32,323.51			16,657.00		—		—			4.7		5.251	JD		13,591.00		163,090.00		2132007		12012010
010392EY0	ALABAMA POWER COMPANY SENIOR CORP BND							1		2,994,840.00			2,977,384.00		3,000,000.00		2,995,838.00		(18,454.00	)		953.00		—		—			4.85		4.889	JD		6,467.00		146,713.00		12042007		12152012
341081EN3	FLORIDA POWER & LIGHT CO CORP BND							1		2,779,405.00			2,674,289.00		2,720,000.00		2,771,907.77		(97,618.77	)		(7,497.00	)	—		—			4.85		4.335	FA		54,967.00		65,960.00		4252008		2012013
744567FQ6	PUBLIC SERVICE ELECTRIC & GAS SECURED CO					1		1		915,000.00			904,551.00		915,000.00		915,000.00		(10,449.00	)		—		—		—			2.974		3.776	MJSD		1,512.00		25,935.00		3052008		3122010
842587CD7	SOUTHERN COMPANY CORP BND							1		1,045,000.00			1,010,536.00		1,045,000.00		1,045,000.00		(34,464.00	)		—		—		—			2.918		3.511	FMAN		3,557.00		9,275.00		8132008		8202010
69512EGM1	SCOTTISH POWER PLC SECURED CORP BND MTN			F				1		415,940.00			403,448.00		400,000.00		405,506.73		(2,058.73	)		(9,898.00	)	—		—			7		4.381	JJ		12,911.00		28,000.00		12062007		7152009
822582AA0	SHELL INTL FINAN CORP BND			F				1		3,910,694.00			3,962,095.00		3,800,000.00		3,875,050.02		87,044.98			(27,794.00	)	—		—			5.625		4.773	JD		2,375.00		213,750.00		9102007		6272011
G1279MEG7	BP CAPITAL MARKETS PLC CORP BND			D				1		2,491,728.06			1,780,254.00		1,725,300.00		2,489,213.30		(708,959.30	)		(2,412.00	)	—		(761,375.96	)		5.75		5.536	FEB		84,026.00		—		1152008		2262010
N7660FAX5	RWE FINANCE BV SENIOR CORP BND			D				1		1,733,854.00			1,279,446.00		1,258,031.00		1,747,850.84		(468,404.84	)		13,997.00		—		(510,480.75	)		4.625		5.637	AUG		21,839.00		75,403.00		3132008		8172010
15200DAB3	CENTERPOINT ENERGY INC. SECURED ABS 05-A					2		1		1,031,719.00			990,650.00		1,000,000.00		1,025,196.44		(34,546.44	)		(6,522.00	)	—		—			4.97		4.109	FA		20,708.00		24,850.00		2082008		8012014
76112DAB2	RESIDENTIAL REINSURANCE 2007 L CORP BND							4		3,500,000.00			3,455,377.00		3,500,000.00		3,500,000.00		(44,623.00	)		—		—		—			12.453		12.637	MJSD		33,898.00		114,281.00		10032008		6072010
35047AAA6	FOUNDATION RE LTD SENIOR CORP BND 144A							3		5,013,184.00			4,914,487.00		5,000,000.00		5,012,122.29		(97,635.29	)		(1,061.00	)	—		—			8.899		8.856	FMAN		55,617.00		120,788.00		10072008		11262010
76112GAC3	RESIDENTIAL REIN 2006 SENIOR CORP BND 14									2,500,071.00			2,502,230.00		2,500,000.00		2,500,000.00		2,230.00			—		—		—			9.703		10.437	MJSD		20,887.00		64,441.00		11192008		6052009
001822AA3	ANZ CAPITAL TRUST I CORP BND 144A					1		1		1,168,992.00			951,805.00		1,200,000.00		1,169,767.81		(217,962.81	)		258.00		—		—			4.484		4.623	JD		2,391.00		53,808.00		1122006		1292049
001957BC2	AT&T CO CORP BND							1		3,247,867.00			3,106,287.00		2,975,000.00		3,191,909.08		(85,622.08	)		(55,958.00	)	—		—			7.3		4.56	MN		27,750.00		217,175.00		3062008		11152011
00206RAC6	AT&T INC CORP BND							1		7,005,000.00			6,766,129.00		7,005,000.00		7,005,000.00		(238,871.00	)		—		—		—			2.959		5.46	FMAN		32,816.00		248,568.00		2012007		2052010
00206RAF9	AT&T INC CORP BND							1		349,706.00			351,746.00		350,000.00		349,783.84		1,962.16			78.00		—		—			4.95		4.967	JJ		7,989.00		10,539.00		12032007		1152013
00209AAE6	AT&T WIRELESS SERVICES INC CORP BND							1		3,838,530.00			3,700,317.00		3,550,000.00		3,760,635.21		(60,318.21	)		(73,425.00	)	—		—			7.875		4.947	MS		93,188.00		230,344.00		7092008		3012011
002824AR1	ABBOTT LABORATORIES SENIOR CORP BND							1		2,643,375.00			2,682,301.00		2,650,000.00		2,649,130.79		33,170.21			2,273.00		—		—			5.375		5.466	MN		18,200.00		142,438.00		5092006		5152009
02580ECN1	AMERICAN EXPRESS BANK FSB CORP BND BKNT							1		1,646,156.00			1,570,415.00		1,650,000.00		1,646,641.65		(76,226.65	)		486.00		—		—			5.5		5.554	AO		18,906.00		45,375.00		4112008		4162013
02581FXK0	AMERICAN EXPRESS CENTURION BAN CORP BND							1		3,450,000.00			3,289,057.00		3,450,000.00		3,450,000.00		(160,943.00	)		—		—		—			0.568		5.39	MON		544.00		105,963.00		9192006		9222009
02581FYM5	AMER EXPRESS BK CORP BND							1		3,522,885.00			3,442,238.00		3,525,000.00		3,523,623.14		(81,385.14	)		673.00		—		—			5.2		5.222	MN		17,821.00		183,300.00		11192007		11262010
02635PSV6	AMERICAN GENERAL FINANCE CO CORP BND							2		3,431,190.00			1,820,000.00		3,500,000.00		3,473,113.76		(1,653,113.76	)		18,437.00		—		—			4.875		5.465	MN		21,802.00		170,625.00		8242006		5152010
026609AM9	WYETH CORP BND							1		8,870,429.00			8,699,222.00		8,340,000.00		8,733,074.49		(33,852.49	)		(113,374.00	)	—		—			6.95		4.67	MS		170,669.00		379,991.00		5302008		3152011
02666QB93	AMERICAN HONDA FINANCE CORP BND 144A							1		1,350,000.00			1,337,618.00		1,350,000.00		1,350,000.00		(12,382.00	)		—		—		—			2.738		3.12	FMAN		5,338.00		21,990.00		5022008		11092009
02666QXM0	AMERICAN HONDA FINANCE CORP BND 144A							1		2,006,800.00			2,035,155.00		2,000,000.00		2,002,864.66		32,290.34			(1,363.00	)	—		—			5.125		5.047	JD		4,556.00		102,500.00		12162005		12152010
031162AG5	AMGEN INC CORP BND							1		4,070,808.00			4,239,846.00		4,200,000.00		4,157,279.81		82,566.19			46,437.00		—		—			4		5.201	MN		20,067.00		168,000.00		2052007		11182009
046003DC0	ASSOCIATES CORP OF NORT CORP BND							1		1,844,361.00			1,661,903.00		1,655,000.00		1,686,169.21		(24,266.21	)		(55,839.00	)	—		—			8.55		4.957	JJ		65,248.00		141,503.00		1102006		7152009
048825BC6	ATLANTIC RICHFIELD COMPANY CORP BND							1		3,899,001.00			3,705,415.00		3,317,000.00		3,779,406.93		(73,991.93	)		(119,594.00	)	—		—			8.5		3.887	AO		70,486.00		281,945.00		1302008		4012012
060505AG9	BANK OF AMERICA CORP BND							1		883,435.00			845,842.00		825,000.00		864,779.13		(18,937.13	)		(18,109.00	)	—		—			7.4		4.885	JJ		28,151.00		61,050.00		12172007		1152011
060505BF0	BANK OF AMERICA CORP BND							1		1,347,542.00			1,338,103.00		1,348,000.00		1,347,679.82		(9,576.82	)		138.00		—		—			4.375		4.388	JD		4,915.00		29,488.00		7312008		12012010
060505BU7	BANK OF AMERICA CORP BND							1		1,724,837.00			1,692,801.00		1,700,000.00		1,718,017.85		(25,216.85	)		(6,819.00	)	—		—			4.5		3.804	FA		31,875.00		38,250.00		5082008		8012010
06050BAA9	BANK OF AMERICA CORP — GTD CORP BND GOVT							1		13,493,115.00			14,094,540.00		13,500,000.00		13,495,464.14		599,075.86			2,349.00		—		—			3.125		3.135	JD		31,641.00		—		12012008		6152012
06050TKT8	BANK OF AMERICA NA (USA) SENIOR CORP BND							1		941,742.00			941,891.00		945,000.00		943,794.19		(1,903.19	)		2,052.00		—		—			2.099		3.189	MJSD		1,102.00		20,469.00		3252008		6122009
06050TKU5	BANK OF AMERICA NT & SA / SAN CORP BND							1		1,782,260.00			1,781,048.00		1,790,000.00		1,787,137.35		(6,089.35	)		4,877.00		—		—			1.449		3.305	MON		1,441.00		36,866.00		3252008		6122009
06051GDW6	BANK OF AMERICA SENIOR CORP BND MTN							1		10,070,174.00			9,978,457.00		10,100,000.00		10,073,730.35		(95,273.35	)		3,556.00		—		—			4.9		4.967	MN		82,483.00		246,075.00		5132008		5012013
06052AAA9	BANK OF AMERICA CORP — GTD CORP BND GOVT							1		9,000,000.00			9,033,120.00		9,000,000.00		9,000,000.00		33,120.00			—		—		—			1.7		1.7	JD		3,400.00		—		12192008		12232010
06406HBE8	BANK OF NEW YORK CO CORP BND							1		1,785,798.00			1,827,359.00		1,800,000.00		1,788,620.91		38,738.09			2,728.00		—		—			4.95		5.134	MN		14,850.00		89,100.00		12132007		11012012
06416LZ68	BANK OF NOVA SCOTIA (NEW YORK CORP BND							1		3,379,807.00			3,383,302.00		3,370,000.00		3,370,734.84		12,567.16			(5,306.00	)	—		—			5.2		5.035	FA		63,768.00		175,240.00		3202007		2202009

Validus Holdings, Ltd December 31, 2008 GAAP investment portfolio in Schedule D-Part 1 format

			Codes							FAIR VALUE							CHANGE IN BOOK/ADJUSTED CARRYING VALUE										INTEREST									DATES
										8
										RATE
										USED	9													15									20
										TO	GAAP				11					13				TOTAL									GROSS
				4	5	6		7		OBTAIN	FAIR		10		GAAP					CURRENT				FX CHG		16		17		18	19		REC’D
1	2	3		FOREIGN	BOND	NAIC		ACTUAL		FAIR	MARKET		PAR		BOOK		12			YEAR			14	IN B/A.		INTEREST		EFFECTIVE		HOW	ACCRUED		DURING		21		22
CUSIP	DESCRIPTION	*		CODE	CHAR	DESIG		COST		VALUE	VALUE		VALUE		VALUE		UGL			AMORTIZATION			IMPAIRMENTS	C.V.		RATE		RATE OF		PAID	INTEREST		YEAR		ACQUIRED		MATURITY
06420AFV3	BANK OF NEW YORK CO CORP BND						1		2,573,800.00			2,527,158.00		2,500,000.00		2,521,945.38		5,212.62			(51,855.00	)	—		—		5.41		3.003	MN		17,282.00		135,250.00		2062008		5152009
06423AAG8	BANK ONE CO CORP BND						1		3,062,781.00			2,949,856.00		2,850,000.00		2,982,945.45		(33,089.45	)		(78,651.00	)	—		—		7.875		4.781	FA		93,516.00		224,438.00		12202007		8012010
073902CE6	BEAR STEARNS CO INC CORP BND						1		486,000.00			497,564.00		500,000.00		487,618.01		9,945.99			1,618.00		—		—		4.5		5.956	AO		3,938.00		11,250.00		9302008		10282010
073928X73	BEAR STEARNS CO INC CORP BND						1		601,686.00			595,977.00		575,000.00		599,281.12		(3,304.12	)		(2,405.00	)	—		—		6.95		5.64	FA		15,652.00		19,981.00		8042008		8102012
079857AG3	BELLSOUTH CAPITAL FUNDING CORP BND						1		3,188,430.00			3,099,362.00		3,000,000.00		3,119,702.71		(20,340.71	)		(68,727.00	)	—		—		7.75		4.074	FA		87,833.00		116,250.00		4252008		2152010
097014AC8	BOEING CAPITAL CORP CORP BND						1		648,185.00			630,851.00		605,000.00		640,048.56		(9,197.56	)		(8,136.00	)	—		—		7.375		3.887	MS		11,650.00		22,309.00		7302008		9272010
12572QAC9	CME GROUP INC SENIOR CORP BND						1		975,000.00			975,136.00		975,000.00		975,000.00		136.00			—		—		—		3.356		3.454	FMAN		5,090.00		8,044.00		8072008		8062010
14912L3N9	CATERPILLAR FINL SERV CORP BND MTN						1		1,124,404.00			1,098,941.00		1,125,000.00		1,124,519.52		(25,578.52	)		108.00		—		—		4.85		4.862	JD		3,638.00		54,563.00		12032007		12072012
14912L3S8	CATERPILLAR FINL SERV CORP BND MTN						1		5,268,195.00			5,023,959.00		5,275,000.00		5,269,313.20		(245,354.20	)		1,118.00		—		—		4.25		4.279	FA		89,052.00		112,094.00		2042008		2082013
16132NAW6	CHARTER ONE BANK FSB CORP BND						1		5,031,150.00			4,860,891.00		5,000,000.00		5,018,174.85		(157,283.85	)		(7,201.00	)	—		—		5.5		5.331	AO		49,653.00		275,000.00		1312007		4262011
17275RAB8	CISCO SYSTEMS INC CORP BND						1		3,950,517.00			3,986,715.00		3,850,000.00		3,923,253.18		63,461.82			(27,916.00	)	—		—		5.25		4.303	FA		72,428.00		118,125.00		10092008		2222011
172967AZ4	CITIGROUP INC CORP BND						1		448,764.00			416,425.00		415,000.00		428,751.12		(12,326.12	)		(7,346.00	)	—		—		7.25		5.239	AO		7,522.00		30,088.00		2152006		10012010
172967CU3	CITIGROUP INC CORP BND						1		2,005,297.00			1,977,539.00		2,025,000.00		2,014,654.40		(37,115.40	)		8,724.00		—		—		4.125		4.59	FA		29,932.00		83,531.00		12032007		2222010
172967DH1	CITIGROUP INC CORP BND						1		7,225,893.00			7,001,057.00		7,175,000.00		7,215,327.97		(214,270.97	)		(10,565.00	)	—		—		5.125		4.843	FA		139,937.00		183,859.00		6022008		2142011
172967DU2	CITIGROUP GLOBAL MARKETS HOLDI CORP BND						1		1,750,088.00			1,695,004.00		1,750,000.00		1,750,087.50		(55,083.50	)		—		—		—		5.1		5.096	MS		22,808.00		89,250.00		12282007		9292011
172967EL1	CITIBANK N.A. CORP BND						1		3,253,904.00			3,144,568.00		3,260,000.00		3,255,235.61		(110,667.61	)		1,108.00		—		—		5.3		5.343	AO		35,516.00		172,780.00		10102007		10172012
17313UAA7	CITIGROUP INC — GTD CORP BND GOVT GUAR						1		6,284,376.00			6,525,540.00		6,300,000.00		6,284,693.10		240,846.90			317.00		—		—		2.875		2.962	JD		11,069.00		—		12022008		12092011
22541LAB9	CREDIT SUISSE FIRST BOSTON CORP BND						1		5,561,373.00			5,571,293.00		5,455,000.00		5,528,632.91		42,660.09			(23,057.00	)	—		—		6.125		5.609	MN		42,693.00		334,119.00		7112007		11152011
239753BK1	TARGET CORPORATION CORP BND						1		580,657.00			540,822.45		530,000.00		577,082.08		(36,259.63	)		(3,575.00	)	—		—		8.6		5.39	JJ		21,017.00		—		9242008		1152012
24422EPY9	JOHN DEERE CAPITAL CORPORATION CORP BND						1		1,498,740.00			1,502,917.00		1,500,000.00		1,499,928.53		2,988.47			343.00		—		—		4.875		4.899	MS		21,328.00		73,125.00		1052006		3162009
24422EQM4	JOHN DEERE CAPITAL CORPORATION CORP BND						1		3,933,036.00			3,854,186.00		3,925,000.00		3,932,619.39		(78,433.39	)		(431.00	)	—		—		4.95		4.895	JD		7,556.00		144,788.00		7242008		12172012
254687AV8	WALT DISNEY COMPANY THE SENIOR CORP BND						1		1,621,295.00			1,671,032.00		1,625,000.00		1,622,017.27		49,014.73			672.00		—		—		4.7		4.752	JD		6,365.00		75,739.00		11292007		12012012
263534BU2	EI DUPONT DE NEMOURS & CO SENIOR CORP BN						1		4,133,584.00			4,164,539.00		4,175,000.00		4,136,664.80		27,874.20			3,081.00		—		—		5		5.23	JJ		88,719.00		—		7232008		7152013
302570BB1	FPL GROUP CAPITAL INC SENIOR CORP BND						1		1,350,000.00			1,224,949.00		1,350,000.00		1,350,000.00		(125,051.00	)		—		—		—		2.751		3.694	MJSD		1,548.00		25,357.00		6112008		6172011
319455BU4	BANK ONE CORPORATION CORP BND						1		1,291,945.00			1,255,206.00		1,251,000.00		1,252,154.95		3,051.05			(14,414.00	)	—		—		6.375		5.173	JJ		33,451.00		79,751.00		2062006		1302009
33901AAA6	FLEET BOSTON CORP						1		4,904,069.00			4,623,787.00		4,550,000.00		4,646,574.14		(22,787.14	)		(100,865.00	)	—		—		7.375		4.971	JD		27,964.00		335,563.00		11212006		12012009
36962GR48	GE CAPITAL CORP CORP BND						1		9,716,700.00			10,033,760.00		10,000,000.00		9,945,720.36		88,039.64			78,906.00		—		—		4.125		4.969	MS		137,500.00		412,500.00		12132005		9012009
36962GS62	GE CAPITAL CORP CORP BND						1		769,305.00			760,908.00		750,000.00		765,411.54		(4,503.54	)		(3,893.00	)	—		—		4.875		3.685	AO		7,109.00		18,281.00		7072008		10212010
36962GUL6	GENERAL ELEC CAP CO SENIOR CORP BND MTN						1		1,631,384.00			1,572,933.00		1,525,000.00		1,562,585.95		10,347.05			(34,105.00	)	—		—		7.375		4.934	JJ		50,611.00		112,469.00		11302006		1192010
36962GXS8	GENERAL ELEC CAP CO CORP BND						1		4,511,962.00			4,655,292.00		4,550,000.00		4,514,810.72		140,481.28			2,849.00		—		—		5.875		6.15	FA		100,969.00		—		9242008		2152012
36962GYY4	GENERAL ELEC CAP CO CORP BND						1		3,161,025.00			3,088,101.00		3,000,000.00		3,128,405.69		(40,304.69	)		(32,355.00	)	—		—		6		4.644	JD		8,000.00		180,000.00		1142008		6152012
36967HAD9	GENERAL ELECTRIC CAPITAL CORPO CORP BND						1		6,281,919.00			6,532,659.00		6,300,000.00		6,282,285.33		250,373.67			366.00		—		—		3		3.101	JD		11,550.00		—		12042008		12092011
38141GBU7	GOLDMAN SACHS GROUP INC CORP BND						1		4,113,480.00			3,944,735.00		4,000,000.00		4,081,388.37		(136,653.37	)		(23,797.00	)	—		—		6.6		5.859	JJ		121,733.00		264,000.00		8142007		1152012
38143UAA9	GOLDMAN SACHS GROUP INC CORP BND						1		3,377,325.00			3,499,115.00		3,500,000.00		3,497,995.84		1,119.16			51,881.00		—		—		3.875		5.421	JJ		62,538.00		135,625.00		7312006		1152009
38144LAC4	GOLDMAN SACHS GROUP INC CORP BND						1		5,092,400.00			4,726,472.00		5,000,000.00		5,080,685.49		(354,213.49	)		(11,715.00	)	—		—		5.45		4.982	MN		45,417.00		136,250.00		5132008		11012012
39538FAA3	GREENPOINT BK CORP BND MTN						2		1,168,090.00			939,000.00		1,000,000.00		1,066,517.63		(127,517.63	)		(35,545.00	)	—		—		9.25		5.214	AO		23,125.00		92,500.00		12212005		10012010
40429CAA0	HOUSEHOLD FINANCE CORPORATION CORP BND						1		488,635.00			507,448.00		500,000.00		489,671.84		17,776.16			1,037.00		—		—		6.75		7.721	MN		4,313.00		16,875.00		9302008		5152011
40429CCX8	HSBC FINANCE CORP CORP BND						1		197,781.00			193,231.00		200,000.00		198,674.63		(5,443.63	)		599.00		—		—		5.25		5.599	JJ		4,871.00		10,500.00		6302007		1142011
41011WAA8	JOHN HANCOCK GLOBAL FUNDING II CORP BND						1		5,689,688.00			5,240,339.00		5,268,000.00		5,514,700.06		(274,361.06	)		(118,093.00	)	—		—		7.9		4.636	JJ		206,930.00		208,797.00		7072008		7022010
423328BM4	HELLER FINANCIAL INC. CORP BND						1		1,266,672.00			1,188,022.00		1,166,000.00		1,189,800.21		(1,778.21	)		(27,469.00	)	—		—		7.375		4.837	MN		14,332.00		85,993.00		1202006		11012009
428236AL7	HEWLETT-PACKARD COMPANY CORP BND						1		2,863,224.00			2,960,715.00		2,865,000.00		2,863,840.49		96,874.51			329.00		—		—		5.25		5.264	MS		50,138.00		150,413.00		2222007		3012012
438516AQ9	HONEYWELL INTERNATIONAL INC CORP BND						1		2,400,000.00			2,396,136.00		2,400,000.00		2,400,000.00		(3,864.00	)		—		—		—		2.056		4.96	MJSD		2,330.00		84,640.00		3092006		3132009
438516AV8	HONEYWELL INTERNATIONAL INC SENIOR CORP						1		2,623,957.00			2,613,157.00		2,493,000.00		2,605,163.10		7,993.90			(18,794.00	)	—		—		5.625		4.258	FA		58,430.00		70,116.00		4292008		8012012
441812KH6	HOUSEHOLD FINANCE CORPORATION SENIOR COR						1		8,132,925.00			8,424,925.00		8,500,000.00		8,403,192.05		21,732.95			105,588.00		—		—		4.125		5.481	MN		43,828.00		350,625.00		6202006		11162009
44924EAB6	IBM INTL GROUP CAPITAL CORP BND						1		9,194,473.00			9,382,705.00		9,070,000.00		9,172,575.33		210,129.67			(22,062.00	)	—		—		5.05		4.718	AO		87,790.00		458,035.00		1312008		10222012
459200GN5	IBM CORP CORP BND						1		124,559.00			136,427.00		125,000.00		124,575.03		11,851.97			16.00		—		—		6.5		6.584	AO		1,715.00		—		10092008		10152013
45974VB64	INTERNATIONAL LEASE FINANCE CO CORP BND						2		5,658,883.00			4,256,250.00		5,675,000.00		5,663,587.31		(1,407,337.31	)		4,704.00		—		—		4.95		5.053	FA		117,047.00		142,017.00		1242008		2012011
46625HAJ9	JP MORGAN CHASE & CO CORP BND						1		6,522,813.00			6,363,065.00		6,250,000.00		6,427,807.24		(64,742.24	)		(78,539.00	)	—		—		6.75		5.29	FA		175,781.00		421,875.00		10052007		2012011
46625HGG9	JP MORGAN & COMPANY INC CORP BND						1		480,584.00			478,333.00		470,000.00		477,501.71		831.29			(2,860.00	)	—		—		5.6		4.891	JD		2,193.00		26,320.00		11282007		6012011
46625HGT1	JPMORGAN CHASE & CO CORP BND						1		5,222,250.00			5,069,461.00		5,000,000.00		5,182,378.01		(112,917.01	)		(39,872.00	)	—		—		5.375		4.31	AO		67,188.00		268,750.00		1302008		10012012
46625HHB9	JPMORGAN CHASE & CO SENIOR CORP BND						1		4,986,300.00			4,958,797.00		5,000,000.00		4,987,995.32		(29,198.32	)		1,695.00		—		—		4.75		4.812	MN		39,583.00		120,729.00		5132008		5012013
46849LLC3	JACKSON NATIONAL LIFE GLOBAL F SECURED C						1		869,114.00			827,124.00		885,000.00		871,843.88		(44,719.88	)		2,730.00		—		—		2.186		4.012	MJSD		914.00		13,372.00		9092008		6152010
481247AA2	JPMORGAN CHASE & CO-GTD CORP BND GOVT GU						1		18,788,344.00			19,613,099.00		18,800,000.00		18,788,650.39		824,448.61			306.00		—		—		3.125		3.147	JD		47,326.00		—		11262008		12012011

Validus Holdings, Ltd December 31, 2008 GAAP investment portfolio in Schedule D-Part 1 format

			Codes							FAIR VALUE							CHANGE IN BOOK/ADJUSTED CARRYING VALUE										INTEREST									DATES
										8
										RATE
										USED	9													15									20
										TO	GAAP				11					13				TOTAL									GROSS
				4	5	6		7		OBTAIN	FAIR		10		GAAP					CURRENT				FX CHG		16		17		18	19		REC’D
1	2	3		FOREIGN	BOND	NAIC		ACTUAL		FAIR	MARKET		PAR		BOOK		12			YEAR			14	IN B/A.		INTEREST		EFFECTIVE		HOW	ACCRUED		DURING		21		22
CUSIP	DESCRIPTION	*		CODE	CHAR	DESIG		COST		VALUE	VALUE		VALUE		VALUE		UGL			AMORTIZATION			IMPAIRMENTS	C.V.		RATE		RATE OF		PAID	INTEREST		YEAR		ACQUIRED		MATURITY
481247AD6	JPMORGAN CHASE BANK NA — GTD CORP BND						1		18,320,040.00			18,376,922.00		18,000,000.00		18,315,576.42		61,345.58			(4,464.00	)	—		—		2.625		1.69	JD		28,875.00		—		12182008		12012010
55263ECH6	MBNA CORPORATION CORP BND						1		3,740,625.00			3,475,973.00		3,500,000.00		3,701,439.98		(225,466.98	)		(39,185.00	)	—		—		6.125		4.59	MS		71,458.00		214,375.00		1302008		3012013
580169AM2	MCDONNELL DOUGLAS CORP CORP BND						1		5,169,456.00			4,843,759.00		4,375,000.00		4,932,332.02		(88,573.02	)		(153,333.00	)	—		—		9.75		5.417	AO		106,641.00		426,563.00		5312007		4012012
585055AG1	MEDTRONIC INC CORP BND						1		2,921,280.00			2,992,348.00		3,000,000.00		2,955,407.88		36,940.12			24,474.00		—		—		4.375		5.301	MS		38,646.00		131,250.00		8022007		9152010
589331AL1	MERCK & CO INC CORP BND						1		3,502,410.00			3,645,743.00		3,470,000.00		3,493,147.85		152,595.15			(7,351.00	)	—		—		5.125		4.873	MN		22,724.00		177,838.00		9102007		11152011
59018YXY2	MERRILL LYNCH & CO INC CORP BND						1		4,005,840.00			3,542,280.00		4,000,000.00		4,003,808.67		(461,528.67	)		(12.00	)	—		—		3.735		3.696	JAJO		27,390.00		—		12242008		7252011
592179JG1	METLIFE INC SENIOR CORP BND 144A						1		6,864,916.00			6,385,481.00		6,870,000.00		6,865,580.08		(480,099.08	)		664.00		—		—		5.125		5.142	AO		79,220.00		176,044.00		4072008		4102013
615322AV6	MONUMENTAL GLOBAL FUNDING II CORP BND 14						1		375,833.00			369,375.00		375,000.00		375,401.23		(6,026.23	)		(431.00	)	—		—		4.375		4.186	JJ		6,882.00		8,203.00		4282008		7302009
61532YAA2	MONUMENTAL GLOBAL FUNDING II CORP BND						1		3,450,000.00			3,433,405.00		3,450,000.00		3,450,000.00		(16,595.00	)		—		—		—		1.575		5.437	MJSD		1,509.00		119,366.00		9192006		9222009
615337AA0	MONY GRP INC. CORP BND						1		3,755,854.00			3,321,280.00		3,424,000.00		3,549,306.31		(228,026.31	)		(98,867.00	)	—		—		8.35		5.166	MS		84,183.00		285,904.00		11012006		3152010
617446HC6	MORGAN STANLEY CORP BND						1		1,602,555.00			1,425,000.00		1,500,000.00		1,581,645.30		(156,645.30	)		(20,910.00	)	—		—		6.6		4.77	AO		24,750.00		99,000.00		1252008		4012012
617446YT0	MORGAN STANLEY CORP BND						1		4,091,096.00			3,469,740.00		4,075,000.00		4,083,656.00		(613,916.00	)		(3,996.00	)	—		—		4.753		5.5	JAJO		40,347.00		163,151.00		1192007		1182011
61746BCW4	MORGAN STANLEY CORP BND						1		2,978,670.00			2,835,000.00		3,000,000.00		2,984,910.80		(149,910.80	)		4,457.00		—		—		5.625		5.809	JJ		80,625.00		168,750.00		8142007		1092012
633072AC7	NATIONAL BK OF CANADA (NEW YOR CORP BND						1		3,690,033.00			3,523,955.00		3,470,000.00		3,541,183.08		(17,228.08	)		(81,904.00	)	—		—		7.75		5.193	MN		44,821.00		268,925.00		2152007		11012009
64952WAE3	NEW YORK LIFE GLOBAL FUNDING SECURED COR						1		424,639.00			420,705.00		425,000.00		424,790.11		(4,085.11	)		140.00		—		—		4.625		4.657	FA		7,371.00		19,656.00		12122007		8162010
64952WAJ2	NEW YORK LIFE GLOBAL FDG CORP BND 144A						1		6,005,014.00			5,802,698.00		5,865,000.00		5,985,730.55		(183,032.55	)		(19,283.00	)	—		—		5.25		4.651	AO		64,148.00		153,956.00		4252008		10162012
64952WAL7	NEW YORK LIFE GLOBAL FUNDING CORP BND 14						1		1,722,802.00			1,677,130.00		1,729,000.00		1,726,793.51		(49,663.51	)		3,992.00		—		—		1.825		4.689	MON		1,928.00		46,745.00		1152008		7102009
64953BAP3	NEW YORK LIFE GLOBAL FUNDING CORP BND 14						1		6,887,856.00			6,659,075.00		6,900,000.00		6,889,274.86		(230,199.86	)		1,419.00		—		—		4.65		4.69	MN		46,345.00		160,425.00		5022008		5092013
665859AJ3	NORTHERN TRUST CORPORATION CORP BND						1		3,486,385.00			3,526,415.00		3,500,000.00		3,487,309.76		39,105.24			925.00		—		—		5.5		5.59	FA		73,792.00		—		8062008		8152013
68389XAB1	ORCALE CORP CORP BND						1		6,378,372.00			6,180,552.00		6,385,000.00		6,379,958.54		(199,406.54	)		1,587.00		��		—		2.193		4.787	FMAN		18,665.00		188,095.00		7312008		5142010
68389XAD7	ORACLE CORPORATION SENIOR CORP BND						1		3,473,749.00			3,553,916.00		3,475,000.00		3,473,943.92		79,972.08			195.00		—		—		4.95		4.958	AO		36,314.00		88,873.00		4022008		4152013
68402LAE4	ORACLE CORP CORP BND						1		6,126,037.00			6,175,937.00		6,025,000.00		6,099,122.45		76,814.55			(28,487.00	)	—		—		5		4.36	JJ		138,910.00		236,250.00		3062008		1152011
693476AP8	PNC FUNDING CORP CORP BND						1		2,560,908.00			2,396,400.00		2,400,000.00		2,455,897.60		(59,497.60	)		(62,249.00	)	—		—		7.5		4.608	MN		30,000.00		180,000.00		1162008		11012009
693476AV5	PNC FUNDING CORP CORP BND						1		4,144,253.00			4,111,588.00		4,125,000.00		4,136,955.05		(25,367.05	)		(7,298.00	)	—		—		4.5		4.247	MS		57,234.00		92,813.00		4302008		3102010
69351CAC7	PNC FUNDING CORP — GTD CORP BND GOVT GUA						1		9,488,885.00			9,631,955.00		9,500,000.00		9,488,969.24		142,985.76			84.00		—		—		2.3		2.335	JD		5,463.00		—		12172008		6222012
6944P0AF2	PACIFIC LIFE GLOBAL FUNDING SECURED CORP						1		1,742,958.00			1,756,257.00		1,800,000.00		1,753,201.07		3,055.93			10,243.00		—		—		1.755		3.927	MJSD		878.00		42,145.00		6042008		6222011
718172AB5	PHILIP MORRIS INTERNATIONAL IN CORP BND						1		6,108,095.00			6,056,580.00		6,125,000.00		6,109,999.58		(53,419.58	)		1,905.00		—		—		4.875		4.938	MN		37,324.00		149,297.00		5132008		5162013
74153WAM1	PRICOA GLOBAL FUND CORP BND 144A						1		2,898,386.00			2,669,315.00		2,885,000.00		2,889,974.51		(220,659.51	)		(4,605.00	)	—		—		4.963		5.399	JAJO		31,020.00		116,220.00		2022007		1152010
74254PVP4	PRINCIPAL LIFE GLOBAL FUNDING CORP BND M						1		2,023,421.00			1,920,365.00		2,025,000.00		2,023,718.73		(103,353.73	)		284.00		—		—		5.3		5.318	JD		5,068.00		107,325.00		12072007		12142012
7425A0AG5	PRINCIPAL LIFE GLOBAL FUNDING CORP BND 1						1		4,556,552.00			4,208,023.00		4,275,000.00		4,498,862.81		(290,839.81	)		(57,689.00	)	—		—		6.25		4.435	FA		100,938.00		133,594.00		2122008		2152012
78009HN88	ROYAL BANK OF CANADA NEW YORK CORP BND						1		3,360,571.00			3,368,297.00		3,360,000.00		3,360,027.09		8,269.91			(306.00	)	—		—		5.29		5.28	FA		73,566.00		177,744.00		2012007		2022009
78387GAN3	AT&T INC CORP BND						1		8,073,849.00			8,322,070.00		8,275,000.00		8,224,691.27		97,378.73			71,047.00		—		—		4.125		5.019	MS		100,507.00		310,406.00		6032008		9152009
828807BA4	SIMON PROPERTY GROUP L.P. CORP BND						1		1,677,981.50			1,489,291.00		1,675,000.00		1,677,125.28		(187,834.28	)		(251.00	)	—		—		4.875		4.761	MS		23,363.00		10,969.00		12242008		3182010
828807BE6	SIMON PROPERTY GROUP L.P. CORP BND						1		49,806.00			44,423.00		50,000.00		49,881.46		(5,458.46	)		71.00		—		—		4.875		5.029	FA		921.00		2,438.00		12052007		8152010
828807BU0	SIMON PROPERTY GROUP INC. CORP BND						1		3,230,650.75			2,619,665.00		3,225,000.00		3,229,011.54		(609,346.54	)		(2,937.00	)	—		—		5.6		5.546	MS		60,200.00		50,400.00		12242008		9012011
842587AB3	SOUTHERN COMPANY CORP BND						1		3,225,440.00			3,198,855.00		3,200,000.00		3,219,043.51		(20,188.51	)		(5,615.00	)	—		—		5.3		5.086	JJ		78,204.00		169,600.00		10232007		1152012
857477AC7	STATE STREET CORPORATION SENIOR CORP BND						1		1,101,890.00			1,038,799.00		1,140,000.00		1,107,742.28		(68,943.28	)		5,852.00		—		—		3.565		3.897	JAJO		7,112.00		17,081.00		4302008		4302012
87244EAA0	TIAA GLOBAL MARKETS CORP BND 144A						1		2,541,671.00			2,526,657.00		2,510,000.00		2,534,214.71		(7,557.71	)		(7,290.00	)	—		—		4.875		4.373	JJ		57,442.00		81,656.00		8292008		1122011
87244EAC6	TIAA GLOBAL MARKETS CORP BND 144A						1		7,502,996.00			7,285,669.00		7,395,000.00		7,486,732.06		(201,063.06	)		(16,442.00	)	—		—		5.125		4.759	AO		85,274.00		378,994.00		3262008		10102012
892332AQ0	TOYOTA MOTOR CREDIT CORP CORP BND						1		5,073,436.00			5,119,630.00		4,965,000.00		5,029,247.30		90,382.70			(24,922.00	)	—		—		5.45		4.867	MN		32,321.00		270,593.00		2282007		5182011
90333WAA6	US BANK NA CORP BND						1		1,439,603.00			1,418,132.00		1,375,000.00		1,429,552.14		(11,420.14	)		(10,051.00	)	—		—		6.375		4.724	FA		36,523.00		34,266.00		9302008		8012011
908068AG4	UNION PLANTERS CORP BND						1		1,093,100.00			993,738.00		1,000,000.00		1,047,798.22		(54,060.22	)		(20,361.00	)	—		—		7.75		5.378	MS		25,833.00		77,500.00		9072006		3012011
91159HGJ3	US BANCORP CORP BND						1		4,538,500.00			4,506,816.00		4,475,000.00		4,522,465.53		(15,649.53	)		(16,035.00	)	—		—		4.5		3.8	JJ		85,025.00		100,688.00		6052008		7292010
91159HGP9	US BANCORP CORP BND MTN						1		1,365,000.00			1,337,837.00		1,365,000.00		1,365,000.00		(27,163.00	)		—		—		—		3.106		3.17	FMAN		6,596.00		22,264.00		5012008		5062010
913017BF5	UNITED TECHNOLOGIES CORP CORP BND						1		799,383.00			815,213.00		770,000.00		797,505.92		17,707.08			(1,877.00	)	—		—		6.1		4.936	MN		6,002.00		23,485.00		9242008		5152012
913017BL2	UNITED TECHNOLOGIES CORP CORP BND						1		1,600,000.00			1,594,016.00		1,600,000.00		1,600,000.00		(5,984.00	)		—		—		—		2.273		5.284	MJSD		3,131.00		56,503.00		5232006		6012009
92343VAB0	VERIZON COMMUNICATIONS INC CORP BND						1		4,434,008.00			4,378,439.00		4,315,000.00		4,409,950.45		(31,511.45	)		(24,057.00	)	—		—		5.35		4.254	FA		87,211.00		115,426.00		5302008		2152011
92344GAL0	VERIZON GLOBAL FDG CO CORP BND						1		5,502,972.00			5,287,681.00		5,075,000.00		5,374,563.99		(86,882.99	)		(128,408.00	)	—		—		7.25		4.015	JD		30,661.00		367,938.00		2222008		12012010
92976FBD4	WACHOVIA BANK NA CORP BND						1		1,403,177.00			1,341,590.00		1,415,000.00		1,407,758.01		(66,168.01	)		4,581.00		—		—		2.218		5.472	FMAN		3,225.00		49,524.00		1312008		5252010
92976WBA3	WACHOVIA CORPORATION SENIOR CORP BND						1		4,747,500.00			4,479,716.00		4,500,000.00		4,710,795.38		(231,079.38	)		(36,705.00	)	—		—		5.7		4.556	FA		106,875.00		128,250.00		1312008		8012013
931422AD1	WALGREEN CO CORP BND						1		6,200,660.00			6,434,460.00		6,225,000.00		6,202,713.84		231,746.16			2,054.00		—		—		4.875		4.963	FA		138,247.00		—		7142008		8012013
949744AA4	WELLS FARGO & COMPANY — GTD CORP BND GOV						1		5,293,799.00			5,528,748.00		5,300,000.00		5,293,799.00		234,949.00			—		—		—		3		3.658	JD		9,275.00		—		12032008		12092011
949746JD4	WELLS FARGO & COMPANY SENIOR CORP BND						1		8,768,395.00			8,678,967.00		8,770,000.00		8,769,471.37		(90,504.37	)		505.00		—		—		2.096		5.467	MJSD		8,681.00		305,608.00		8102007		9152009
949746NW7	WELLS FARGO FINANCIAL INC CORP BND						1		6,013,197.00			6,110,379.00		6,020,000.00		6,014,664.50		95,714.50			1,236.00		—		—		5.25		5.276	AO		59,698.00		316,050.00		10162007		10232012

Validus Holdings, Ltd December 31, 2008 GAAP investment portfolio in Schedule D-Part 1 format

			Codes								FAIR VALUE							CHANGE IN BOOK/ADJUSTED CARRYING VALUE											INTEREST									DATES
											8
											RATE
											USED	9													15										20
											TO	GAAP				11					13				TOTAL										GROSS
				4	5		6		7		OBTAIN	FAIR		10		GAAP					CURRENT				FX CHG			16		17		18	19		REC’D
1	2	3		FOREIGN	BOND		NAIC		ACTUAL		FAIR	MARKET		PAR		BOOK		12			YEAR			14	IN B/A.			INTEREST		EFFECTIVE		HOW	ACCRUED		DURING		21		22
CUSIP	DESCRIPTION	*		CODE	CHAR		DESIG		COST		VALUE	VALUE		VALUE		VALUE		UGL			AMORTIZATION			IMPAIRMENTS	C.V.			RATE		RATE OF		PAID	INTEREST		YEAR		ACQUIRED		MATURITY
949746NY3	WELLS FARGO & COMPANY SENIOR CORP BND							1		797,552.00			787,158.00		800,000.00		797,962.65		(10,804.65	)		411.00		—		—			4.375		4.444	JJ		14,681.00		17,500.00		1252008		1312013
949748AE7	WELLS FARGO BANK CORP BND							1		514,400.00			523,091.00		500,000.00		512,467.80		10,623.20			(1,932.00	)	—		—			7.55		5.756	JD		1,049.00		18,875.00		9302008		6212010
949748AF4	WELLS FARGO BANK CORP BND							1		2,103,060.00			2,054,128.00		2,000,000.00		2,070,102.10		(15,974.10	)		(31,219.00	)	—		—			6.45		4.665	FA		53,750.00		129,000.00		12052007		2012011
94974BAZ3	WELLS FARGO & COMPANY SENIOR CORP BND							1		5,709,540.00			5,968,553.00		6,000,000.00		5,864,210.13		104,342.87			69,246.00		—		—			3.98		5.299	AO		41,127.00		238,800.00		9072006		10292010
98151GAA3	WORLD SAVINGS BANK FSB CORP BND							1		1,460,415.00			1,484,049.00		1,500,000.00		1,489,621.91		(5,572.91	)		10,395.00		—		—			4.125		4.877	JD		2,750.00		61,875.00		1202006		12152009
136375BF8	CANADIAN NATIONAL RAILWAY CORP BND			F				1		437,543.00			427,337.00		415,000.00		435,064.52		(7,727.52	)		(2,478.00	)	—		—			6.375		4.508	AO		5,585.00		13,228.00		8132008		10152011
136375BJ0	CANADIAN NATIONAL RAILWAY CORP BND			F				1		259,779.00			259,659.00		260,000.00		259,924.54		(265.54	)		132.00		—		—			4.25		4.301	FA		4,604.00		11,050.00		12042007		8012009
20825RAA9	CONOCOPHILLIPS SENIOR CORP BND			I				1		3,093,000.00			3,089,474.00		3,093,000.00		3,093,000.00		(3,526.00	)		—		—		—			4.42		5.128	JAJO		31,899.00		123,359.00		4062006		4092009
20825UAB0	CONOCO INC CORP BND			F				1		1,491,704.00			1,464,739.00		1,400,000.00		1,472,685.36		(7,946.36	)		(18,645.00	)	—		—			6.35		4.35	AO		18,768.00		57,150.00		4212008		10152011
20825VAA0	CONOCOPHILLIPS CORP BND			F				1		1,728,344.00			1,694,385.00		1,675,000.00		1,720,177.15		(25,792.15	)		(8,167.00	)	—		—			5.3		4.409	AO		18,741.00		44,388.00		5052008		4152012
718507BQ8	CONOCOPHILLIPS CORP BND			I				1		5,386,576.00			5,188,555.00		4,940,000.00		5,199,031.95		(10,476.95	)		(143,370.00	)	—		—			8.75		4.821	MN		43,225.00		376,906.00		7302008		5252010
780085LP9	ROYAL BANK OF CANADA SENIOR CORP BND			F				1		2,408,128.00			2,271,881.00		2,321,000.00		2,388,549.24		(116,668.24	)		(19,541.00	)	—		—			5.65		4.431	JJ		58,647.00		109,949.00		7092008		7202011
055654AB3	SANT CENTR HISP SUB CORP BND			F				1		5,268,216.00			4,818,550.00		4,850,000.00		5,121,818.50		(303,268.50	)		(146,397.00	)	—		—			7.625		4.171	MS		109,916.00		369,813.00		1092008		9142010
05567LUD7	BNP PARIBAS SENIOR CORP BND			F				1		1,355,000.00			1,309,567.00		1,355,000.00		1,355,000.00		(45,433.00	)		—		—		—			2.66		3.126	MJSD		2,803.00		22,002.00		5282008		6042010
05567LWH6	BNP PARIBAS CORP BND			F				1		545,000.00			529,179.00		545,000.00		545,000.00		(15,821.00	)		—		—		—			2.509		3.137	MJSD		836.00		4,321.00		9052008		3102010
25156PAB9	DEUTSCHE TELEKOM INTL FIN CORP BND			F				2		826,755.00			772,797.00		750,000.00		780,755.23		(7,958.23	)		(14,904.00	)	—		—			8.5		5.524	JD		2,833.00		61,875.00		2132006		6152010
2515A0HP1	DEUTSCHE BK LDN UNSEC CORP BND			F				1		2,624,706.00			2,598,860.00		2,585,000.00		2,617,665.97		(18,805.97	)		(7,040.00	)	—		—			5		4.254	AO		28,363.00		64,625.00		7312008		10122010
29268BAA9	ENEL FINANCE INTERNATIONAL SA CORP BND 1			F				1		1,696,379.00			1,566,559.00		1,700,000.00		1,697,032.09		(130,473.09	)		618.00		—		—			5.7		5.749	JJ		44,682.00		79,404.00		9132007		1152013
298785EJ1	EUROPEAN INVESTMENT BANK SENIOR CORP BND			F				1		19,954,400.00			20,479,800.00		20,000,000.00		19,967,890.94		511,909.06			13,491.00		—		—			3.25		3.329	FA		245,556.00		380,972.00		1072008		2152011
298785ES1	EUROPEAN INVESTMENT BANK CORP BND			F				1		3,887,520.00			4,016,844.00		3,900,000.00		3,888,706.60		128,137.40			1,187.00		—		—			3.25		3.36	AO		27,110.00		14,435.00		8262008		10142011
35177PAK3	FRANCE TELECOM CORP BND			F				1		5,902,350.00			5,735,061.00		5,450,000.00		5,781,473.55		(46,412.55	)		(120,876.00	)	—		—			7.75		4.756	MS		140,792.00		422,375.00		2252008		3012011
377372AF4	GLAXOSMITHKLINE CAPITAL PLC SENIOR CORP			F				1		587,587.00			565,742.00		585,000.00		586,929.71		(21,187.71	)		(658.00	)	—		—			2.8		3.064	FMAN		2,230.00		10,074.00		7072008		5132010
44977GHB0	ING BANK INTERNATIONALE NEDERL CORP BND			F				1		2,550,000.00			2,551,683.00		2,550,000.00		2,550,000.00		1,683.00			—		—		—			2.473		3.132	FMAN		6,657.00		20,853.00		8152008		8242009
45950KAT7	INTERNATIONAL FINANCE CO CORP BND			F				1		4,683,362.00			4,846,217.00		4,700,000.00		4,685,492.41		160,724.59			2,130.00		—		—			3.5		3.577	MN		21,019.00		90,014.00		4212008		5152013
500769CK8	KREDITANSTALT FUER WIDERAUFBAU CORP BND			F				1		28,000,000.00			28,536,200.00		28,000,000.00		28,000,000.00		536,200.00			—		—		—			4.5		4.5	MS		350,000.00		1,267,000.00		9122007		9212009
500769CV4	KREDITANSTALT FUER WIDERAUFBAU CORP BND			F				1		3,192,160.00			3,325,056.00		3,200,000.00		3,193,448.61		131,607.39			1,289.00		—		—			3.75		3.837	JD		1,333.00		60,333.00		6192008		6272011
57629WAR1	MASSMUTUAL GLOBAL FUNDING II CORP BND 14			F				1		3,229,981.00			3,319,539.00		3,335,000.00		3,320,789.13		(1,250.13	)		48,419.00		—		—			3.8		5.331	AO		26,754.00		126,730.00		1302007		4152009
632525AD3	NATIONAL AUSTRALIA BANK LIMITE CORP BND			F				1		5,571,642.00			5,130,566.00		5,045,000.00		5,281,891.01		(151,325.01	)		(159,882.00	)	—		—			8.6		5.034	MN		50,618.00		433,870.00		1142008		5192010
65555RAA0	NORDEA BANK SWEDEN AB CORP BND 144A			F		1		1		1,471,496.00			1,004,900.00		1,300,000.00		1,341,770.68		(336,870.68	)		(46,355.00	)	—		—			8.95		5.087	MN		15,837.00		116,350.00		1182006		11122009
74251UAC8	PRINCIPAL FIN GRP (AUSTRALIA) CORP BND 1			F				1		2,712,792.00			2,544,948.00		2,525,000.00		2,570,111.62		(25,163.62	)		(69,656.00	)	—		—			8.2		5.239	FA		78,219.00		207,050.00		11162006		8152009
74977RAQ7	RABOBANK NEDERLAND NV CORP BND 144A			F				1		2,700,000.00			2,698,515.00		2,700,000.00		2,700,000.00		(1,485.00	)		—		—		—			4.208		5.01	JAJO		27,454.00		104,767.00		3242006		4062009
780097AE1	ROYAL BANK OF SCOTLAND GRP PLC CORP BND			F		1		2		3,903,951.00			3,116,136.00		3,650,000.00		3,767,284.72		(651,148.72	)		(87,468.00	)	—		—			9.118		6.381	MS		84,126.00		284,938.00		3262008		3312010
809326AC5	SCOTLAND INTERNATIONAL FINANCE SUB CORP			F				1		489,340.00			499,345.00		500,000.00		490,690.49		8,654.51			1,350.00		—		—			7.7		8.956	FA		14,544.00		—		9302008		8152010
92857TAG2	VODAFONE GROUP PLC CORP BND			F				2		5,353,393.00			5,105,135.00		5,000,000.00		5,135,145.45		(30,010.45	)		(114,114.00	)	—		—			7.75		5.236	FA		146,389.00		387,500.00		2272007		2152010
92924SAA6	WESTFIELD GROUP CORP BND 144A			F				1		2,960,718.75			2,405,707.00		3,025,000.00		2,971,707.16		(566,000.16	)		3,042.00		—		—			5.4		5.929	AO		40,838.00		41,850.00		12242008		10012012
96008YAA3	WESTFIELD CAPITAL CORP LTD CORP BND 144A			F				1		984,970.00			889,413.00		995,000.00		987,334.56		(97,921.56	)		2,364.00		—		—			4.375		4.811	MN		5,562.00		21,766.00		5202008		11152010
BRS3FJPR0	SOCIETE GENERALE CORP BND			D		1		1		1,672,905.00			990,552.00		1,207,710.00		1,673,981.86		(683,429.86	)		871.00		—		(512,021.02	)		5.75		5.91	MAR		53,272.00		97,059.00		11282007		3292049
BRS4F0R 06	DANSKE BANK A/S CORP BND			D				1		1,879,788.00			1,415,195.00		1,365,863.00		1,879,433.60		(464,238.60	)		(355.00	)	—		(512,326.58	)		6.25		6.087	JUL		36,953.00		118,005.00		5062008		7272010
BRS4PXHE4	AUSTRALIA AND NEW ZEALAND BANK CORP BND			D		1		1		827,691.00			548,203.00		575,100.00		827,850.82		(279,647.82	)		116.00		—		(253,214.83	)		6.375		6.387	FA		14,163.00		48,673.00		11282007		8132017
BRS6WDST0	NETWORK RAIL INFRASTRUCTURE FI CORP BND			D				1		6,545,425.00			4,971,591.00		4,744,575.00		6,550,736.15		(1,579,145.15	)		5,312.00		—		(1,828,474.81	)		4.875		4.978	MAR		156,522.00		—		4222008		3072012
D4085MKR7	KREDITANSTALT FUER WIDERAUFBAU CORP BND			D				1		4,140,525.00			3,035,927.00		2,875,500.00		4,141,442.72		(1,105,515.72	)		494.00		—		(1,266,743.56	)		5.25		5.193	JAN		146,427.00		205,622.00		11282007		1122012
D5799CGN7	NRW.BANK SENIOR CORP BND MTN			F				1		294,146.00			316,695.00		300,000.00		296,709.36		19,985.64			1,668.00		—		—			4.75		5.324	NOV		2,335.00		14,250.00		6302007		11022010
D96074WD3	LANDWIRTSCHAFTLICHE RENTENBANK CORP BND			F				1		4,099,836.00			4,176,014.00		4,100,000.00		4,100,018.06		75,995.94			182.00		—		—			3.125		3.099	JUN		80,434.00		—		7092008		6152011
F4901MJY4	DEXIA MUNICIPAL AGENCY SECURED CORP BND			F				1		693,074.00			704,795.00		700,000.00		697,142.14		7,652.86			2,608.00		���		—			4.875		5.218	JAN		32,447.00		34,125.00		6302007		1192010
G0016ZBJ5	ABBEY NATIONAL PLC SUB CORP BND			D		1		1		2,607,685.00			1,922,933.00		1,940,963.00		2,612,360.72		(689,427.72	)		4,675.00		—		(694,557.09	)		5.25		5.406	APR		71,191.00		140,389.00		1142008		4212015
G1081JAE1	TRANSCO PLC CORP BND 144A			D				1		1,573,472.00			1,157,998.00		1,150,200.00		1,592,746.59		(434,748.59	)		12,557.00		—		(451,413.15	)		5.375		6.159	DEC		4,122.00		62,649.00		6302007		12072009
G16553AB8	SANT CENTR HISP SUB CORP BND EMTN			D				1		1,890,267.00			1,316,651.00		1,293,975.00		1,881,390.90		(564,739.90	)		(8,228.00	)	—		(575,461.25	)		6.8		6.176	NOV		7,821.00		93,908.00		11282007		11292010
G3775BEA9	GE CAPITAL UK FUNDING CORP BND			D				1		1,871,625.00			1,304,096.00		1,293,975.00		1,868,140.99		(564,044.99	)		(3,373.00	)	—		(571,408.50	)		5.875		5.596	APR		51,653.00		105,435.00		11282007		4262010
G4637EBQ7	HSBC BANK PLC SUB CORP BND MTN			D		1		1		2,622,227.00			1,898,144.00		1,940,963.00		2,636,735.11		(738,591.11	)		14,508.00		—		(701,037.59	)		5.75		6.218	JUN		57,484.00		154,594.00		1142008		6272017
G4715JAB5	LLOYDS TSB BANK PLC CAPSEC CORP BND EMTN			D		1		1		1,562,159.00			1,011,406.00		1,135,823.00		1,561,038.26		(549,632.26	)		(1,121.00	)	—		(422,738.95	)		6.625		6.369	JUL		34,698.00		104,926.00		1242008		7152010
G53734AT9	LAND SECT CP MKT SECURED CORP BND			D		1		1		1,963,292.00			1,359,183.00		1,408,995.00		1,976,175.87		(616,992.87	)		11,699.00		—		(604,453.14	)		4.625		5.35	FA		26,781.00		89,172.00		11282007		2032013
G63827EW8	NATIONAL WESTMINSTER BANK PLC CAPSEC COR			D		1		2		4,310,102.00			2,604,660.00		3,091,163.00		4,287,860.30		(1,683,200.30	)		(22,242.00	)	—		(1,177,508.46	)		7.625		6.852	JAN		222,607.00		170,539.00		4222008		1292049
K3499AJB4	FIH ERHVERVSBANK A/S SENIOR CORP BND EMT			D				1		1,695,757.00			1,071,138.00		1,279,598.00		1,714,864.69		(643,726.69	)		18,365.00		—		(507,070.94	)		6		7.916	FEB		69,224.00		70,571.00		6192008		2062012
L32484PW8	EUROPEAN INVESTMENT BANK CORP BND			D				1		1,980,725.00			1,467,544.00		1,365,863.00		1,967,961.69		(500,417.69	)		(12,763.00	)	—		(564,855.24	)		5.5		4.437	DEC		5,145.00		76,126.00		3102008		12072011

Validus Holdings, Ltd December 31, 2008 GAAP investment portfolio in Schedule D-Part 1 format

			Codes								FAIR VALUE							CHANGE IN BOOK/ADJUSTED CARRYING VALUE											INTEREST									DATES
											8
											RATE
											USED	9													15										20
											TO	GAAP				11					13				TOTAL										GROSS
				4	5		6		7		OBTAIN	FAIR		10		GAAP					CURRENT				FX CHG			16		17		18	19		REC’D
1	2	3		FOREIGN	BOND		NAIC		ACTUAL		FAIR	MARKET		PAR		BOOK		12			YEAR			14	IN B/A.			INTEREST		EFFECTIVE		HOW	ACCRUED		DURING		21		22
CUSIP	DESCRIPTION	*		CODE	CHAR		DESIG		COST		VALUE	VALUE		VALUE		VALUE		UGL			AMORTIZATION			IMPAIRMENTS	C.V.			RATE		RATE OF		PAID	INTEREST		YEAR		ACQUIRED		MATURITY
L4700FBT4	PBI PFANDBRIEFBANK INTL CORP BND			F				1		687,853.00			727,678.00		700,000.00		691,967.10		35,710.90			2,642.00		—		—			5		5.388	OCT		8,458.00		35,000.00		6302007		10042011
N0265DAF3	ABN AMRO BANK N.V. SENIOR CORP BND			D				1		709,150.00			501,525.00		503,213.00		717,032.82		(215,507.82	)		7,260.00		—		(219,318.91	)		4.875		5.891	JAN		23,122.00		33,453.00		11282007		1202010
N7278VTA4	RABOBANK NEDERLAND NV CORP BND			D				1		2,041,264.00			1,450,891.00		1,437,750.00		2,058,920.75		(608,029.75	)		16,367.00		—		(629,762.33	)		4.75		5.521	SEP		17,401.00		84,666.00		11282007		9302009
Q6534XTX9	NATIONAL AUSTRALIA BANK LIMITE SENIOR CO			D				1		1,703,032.00			1,240,379.00		1,222,088.00		1,722,022.89		(481,643.89	)		17,662.00		—		(526,715.34	)		4.625		5.761	DEC		3,097.00		58,670.00		11282007		12132010
T17071BQ2	INTESA SANPAOLO SPA SUB CORP BND EMTN			D		1		1		896,199.00			622,001.00		646,988.00		899,767.68		(277,766.68	)		3,193.00		—		(275,212.04	)		5.5		6.058	DEC		1,267.00		32,306.00		11282007		12192016
W8180NAX7	SKANDINAVISKA ENSKILDA BANKEN CORP BND			D		1		1		761,086.00			515,299.00		582,289.00		761,517.02		(246,218.02	)		431.00		—		(206,223.58	)		5		5.207	DEC		1,835.00		29,966.00		1242008		12292049
W9125UAJ8	SVENSKA HANDELSBANKEN AB SUB CORP BND			D		1		1		1,462,818.00			948,992.00		1,114,256.00		1,463,634.83		(514,642.83	)		817.00		—		(396,361.49	)		5		5.182	NOV		4,732.00		57,505.00		1242008		11292049
030610AC3	AMCAR 06-AF ABS 06-AF-A3					2		1		1,740,222.00			1,699,839.00		1,740,569.00		1,740,527.33		(40,688.33	)		81.00		—		—			5.56		5.635	MON		6,721.00		96,776.00		7112006		9062011
030612AB1	AMCAR 06-RM ABS 06-RM A2					2		2		1,351,161.00			1,191,611.00		1,351,412.00		1,351,344.94		(159,733.94	)		47.00		—		—			5.42		5.488	MON		5,087.00		73,247.00		5092006		8062011
055670AC7	BMWOT ABS 06-A A3					2		1		2,344,795.00			2,342,167.00		2,350,303.00		2,349,026.54		(6,859.54	)		1,772.00		—		—			5.13		5.361	MON		2,010.00		120,571.00		6252007		9272010
07388GAA9	BSABS ABS 06-3-A1					2		1		1,593,918.00			1,426,795.00		1,593,918.00		1,593,917.52		(167,122.52	)		—		—		—			0.621		0.622	MON		165.00		49,003.00		8082006		8252036
12668HAB6	CWL ABS 06-26-2A1					2		1		1,893,567.00			1,712,409.00		1,893,419.00		1,893,475.77		(181,066.77	)		(27.00	)	—		—			0.551		0.547	MON		174.00		56,864.00		1292007		2252010
14041GCU8	CAPITAL ONE AUTO FIN TR ABS 2006-A A3					2		2		327,535.00			327,361.00		327,558.00		327,556.37		(195.37	)		4.00		—		—			5.33		5.393	MON		776.00		17,459.00		4252006		11152010
23383VDJ6	DCAT ABS 06-A					2		1		803,365.00			792,010.00		808,132.00		807,741.53		(15,731.53	)		1,098.00		—		—			5		5.395	MON		2,582.00		40,407.00		7312006		5082010
23383VDK3	DCAT ABS 06-A A4					2		1		4,124,001.00			4,014,574.00		4,125,000.00		4,124,850.13		(110,276.13	)		269.00		—		—			5.01		5.071	MON		13,203.00		206,663.00		2282006		1082011
23383WAC2	DCAT 06-B ABS 06-B					2		1		238,148.00			235,296.00		236,101.00		236,870.69		(1,574.69	)		(1,278.00	)	—		—			5.33		4.15	MON		804.00		11,535.00		1302008		7082009
23383WAD0	DCAT 06-B ABS 06-B					2		1		1,375,555.00			1,373,089.00		1,400,000.00		1,383,731.96		(10,642.96	)		8,177.00		—		—			5.38		7.995	MON		4,812.00		18,830.00		9292008		3082011
233875AC7	DCAT 06-C ABS 06-C-A4					2		1		3,943,905.00			3,614,913.00		3,985,000.00		3,971,873.29		(356,960.29	)		19,594.00		—		—			4.98		5.563	MON		12,679.00		198,453.00		7112007		11082011
34527RLQ4	FORDO ABS 06-A					2		1		956,081.00			955,043.00		956,960.00		956,868.37		(1,825.37	)		523.00		—		—			5.05		5.222	MON		2,148.00		48,326.00		8062007		3152010
34528AAD1	FORD CREDIT AUTO OWNER TRUST F ABS 06-B					2		1		3,538,183.00			3,493,078.00		3,522,920.00		3,527,831.40		(34,753.40	)		(9,095.00	)	—		—			5.26		4.884	MON		8,236.00		181,473.00		1302008		8152009
34528CAC9	FORDO 06-C ABS 06-C-A2B					2		1		195.00			196.00		197.00		196.52		(0.52	)		1.00		—		—			1.215		2.22	MON		—		6.00		11292007		12152009
34528CAD7	FORDO ABS 06-C A3					2		1		1,266,309.00			1,224,789.00		1,250,000.00		1,255,162.61		(30,373.61	)		(11,146.00	)	—		—			5.16		4.078	MON		2,867.00		59,125.00		1302008		9152009
34528CAE5	FORDO ABS 06-C A4A					2		1		6,099,791.00			5,237,525.00		6,150,000.00		6,123,638.16		(886,113.16	)		17,174.00		—		—			5.15		5.537	MON		14,077.00		316,725.00		8232007		2152012
34528XAB5	FORDO ABS 08-C A2A					2		1		1,306,422.00			1,271,338.00		1,325,000.00		1,312,706.49		(41,368.49	)		6,285.00		—		—			3.72		5.681	MON		2,191.00		14,648.00		10062008		1152011
41283ABS7	HARLEY-DAVIDSON MOTORCYCLE TR ABS 05-1-A					2		1		2,219,309.00			2,117,256.00		2,285,738.00		2,251,588.50		(134,332.50	)		(8,768.00	)	—		—			3.76		4.734	MON		3,820.00		85,944.00		7312006		12172012
438125AC0	HAROT 07-1 ABS07-1-A3					2		1		8,976,554.00			8,959,722.00		9,024,507.00		9,007,817.91		(48,095.91	)		20,623.00		—		—			5.1		5.458	MON		16,620.00		460,250.00		8232007		3182011
43812LAD3	HAROT ABS 05-4 A4					2		1		1,278,736.00			1,258,498.00		1,273,959.00		1,277,620.97		(19,122.97	)		(1,115.00	)	—		—			4.6		4.234	MON		1,628.00		29,301.00		7082008		5212010
43812QAC4	HAROT 06-2 ABS 06-2-A3					2		1		1,670,278.00			1,667,949.00		1,669,326.00		1,669,954.71		(2,005.71	)		(1,022.00	)	—		—			5.3		5.212	MON		2,458.00		87,152.00		1302008		6212009
43813HAC3	HONDA AUTO RECEIVABLES OWNER T 07-2 A3					2		1		11,043,214.00			10,953,308.00		10,990,000.00		11,024,515.62		(71,207.62	)		(17,271.00	)	—		—			5.46		5.014	MON		16,668.00		451,724.00		9042008		3212010
55264TDP3	MBNAS ABS 06-A1					2		1		7,460,007.00			7,434,821.00		7,445,000.00		7,447,106.25		(12,285.25	)		(16,262.00	)	—		—			4.9		4.712	MON		16,214.00		355,842.00		1102008		2152009
617526AC2	MORGAN STANLEY ABS CAPITAL I M ABS 07-HE					2		1		2,282,921.00			2,098,689.00		2,282,921.00		2,282,920.75		(184,231.75	)		—		—		—			0.521		0.522	MON		198.00		67,865.00		1112007		11252036
65475CAD4	NAROT ABS 2006-B A4					2		1		1,154,632.00			1,147,930.00		1,165,000.00		1,157,380.87		(9,450.87	)		2,749.00		—		—			5.22		6.306	MON		2,703.00		15,203.00		9292008		11152011
65475FAD7	NAROT ABS 08-A A3					2		1		1,504,830.00			1,458,164.00		1,505,000.00		1,504,907.81		(46,743.81	)		78.00		—		—			3.89		3.928	MON		2,602.00		52,202.00		1152008		8152011
74924TAA2	RASC 06-EMX7 ABS 06-EMX7-A1					2		1		443,723.00			434,572.00		443,723.00		443,723.43		(9,151.43	)		—		—		—			0.531		0.532	MON		39.00		13,236.00		8222006		8252036
75156WAA1	RAMP ABS 06-RS4					2		1		141,845.00			139,695.00		141,845.00		141,845.02		(2,150.02	)		—		—		—			0.551		0.55	MON		13.00		4,260.00		6192006		7252036
903278CL1	USAA AUTO OWNER TR ABS 05-4 A4					2		1		3,317,114.00			3,277,826.00		3,311,939.00		3,312,561.85		(34,735.85	)		(1,475.00	)	—		—			4.89		4.888	MON		7,198.00		161,954.00		12132005		9152009
903278CQ0	USAA AUTO OWNER TR ABS 06-1					2		1		507,900.00			506,042.00		507,972.00		507,965.69		(1,923.69	)		14.00		—		—			5.01		5.069	MON		1,131.00		25,449.00		2142006		9152010
90327AAB0	USAOT ABS 08-2 A2					2		1		1,749,949.00			1,725,325.00		1,750,000.00		1,749,963.05		(24,638.05	)		14.00		—		—			3.91		3.944	MON		3,041.00		42,956.00		4222008		1152011
90327KAB8	USAOT ABS 08-3					2		1		3,199,690.00			3,122,944.00		3,200,000.00		3,199,736.49		(76,792.49	)		46.00		—		—			3.58		3.614	MON		5,092.00		45,188.00		7152008		3152011
90327LAC4	USAOT ABS 06-4 A3					2		1		934,395.00			908,430.00		921,543.00		927,194.68		(18,764.68	)		(7,200.00	)	—		—			5.01		3.799	MON		2,052.00		42,322.00		2052008		12152009
90327MAB4	USAOT 08-1 ABS 08-1-A2					2		1		1,211,163.00			1,206,634.00		1,211,231.00		1,211,210.41		(4,576.41	)		48.00		—		—			4.27		4.314	MON		2,299.00		47,410.00		1092008		10152010
90327PAC5	USAOT ABS 07-1					2		1		10,571,061.00			10,459,359.00		10,535,000.00		10,559,559.22		(100,200.22	)		(9,870.00	)	—		—			5.43		5.149	MON		25,424.00		483,542.00		9042008		5152010
90327TAB9	USAOT ABS 07-2 A2					2		1		474,000.00			473,692.00		474,010.00		474,008.52		(316.52	)		8.00		—		—			5.04		5.096	MON		1,062.00		23,890.00		9242007		4152010
98156DAD9	WORLD OMNI AUTO RECEIVABLES TR ABS 07-B					2		1		6,724,833.00			6,675,302.00		6,725,000.00		6,724,871.52		(49,569.52	)		56.00		—		—			5.28		5.34	MON		15,781.00		355,080.00		9172007		1172012
007036EP7	ARMT WHOLE CMO 04-5 2A1					2		1		520,223.00			474,001.88		529,826.00		520,361.98		(46,360.10	)		(308.00	)	—		—			4.996		5.485	MON		2,206.00		26,465.00		8102007		4252035
02660BAA0	AHMA 07-1 CMO 07-1 A1					2		1		7,452,401.00			6,551,789.19		7,660,467.00		7,462,548.66		(910,759.47	)		8,717.00		—		—			2.956		3.751	MON		18,870.00		334,928.00		10232007		2252047
02660UAA8	AMERICAN HOME MORTGAGE ASSETS WHOLE CMO					2		1		6,409,483.00			5,003,580.93		6,486,767.00		6,413,253.63		(1,409,672.70	)		1,705.00		—		—			3.226		3.589	MON		17,439.00		301,127.00		10162007		10252046
02660UAE0	AHMA 06-3 WHOLE CMO 06-3 2A11					2		1		4,070,504.00			3,139,208.40		4,125,902.00		4,073,233.10		(934,024.70	)		1,520.00		—		—			3.196		3.572	MON		10,989.00		190,174.00		12012008		10252046
041239AE4	ARKLE 06-1A CMO 06-1A-3A 144A					2		1		4,400,688.00			4,247,760.00		4,400,000.00		4,400,197.42		(152,437.42	)		(418.00	)	—		—			2.199		2.197	FMAN		12,093.00		152,606.00		7112007		8172009
05948XYC9	BOAMS WHOLE CMO 03-J-2A1					2		1		112,105.00			82,455.00		113,731.00		112,132.90		(29,677.90	)		21.00		—		—			5.294		5.682	MON		502.00		4,969.00		11302007		11252033
05949CED4	BANK OF AMERICA MTG SEC WHOLE CMO 05-G-2					2		1		4,137,864.00			3,286,738.00		4,196,550.00		4,138,645.59		(851,907.59	)		(2,972.00	)	—		—			4.918		5.252	MON		17,198.00		206,527.00		10192006		8252035
07384M3D2	BSARM WHOLE CMO 04-9 22A1					2		1		2,468,710.00			1,835,150.00		2,516,524.00		2,469,473.84		(634,323.84	)		(1,670.00	)	—		—			4.786		5.357	MON		10,036.00		120,153.00		8132007		11252034
07384MK27	BSARM WHOLE CMO 04-1 21A1					2		1		695,174.00			492,050.00		707,781.00		695,369.15		(203,319.15	)		(627.00	)	—		—			4.707		5.23	MON		2,776.00		31,775.00		8102007		4252034
07387AAW5	BSARM WHOLE CMO 05-3 2A1					2		1		2,061,659.00			1,032,759.00		2,100,385.00		2,062,207.40		(1,029,448.40	)		(1,727.00	)	—		—			5.076		5.552	MON		8,885.00		106,481.00		8102007		6252035

Validus Holdings, Ltd December 31, 2008 GAAP investment portfolio in Schedule D-Part 1 format

			Codes								FAIR VALUE							CHANGE IN BOOK/ADJUSTED CARRYING VALUE										INTEREST										DATES
											8
											RATE
											USED	9													15										20
											TO	GAAP				11					13				TOTAL										GROSS
				4	5		6		7		OBTAIN	FAIR		10		GAAP					CURRENT				FX CHG		16		17			18	19		REC’D
1	2	3		FOREIGN	BOND		NAIC		ACTUAL		FAIR	MARKET		PAR		BOOK		12			YEAR			14	IN B/A.		INTEREST		EFFECTIVE			HOW	ACCRUED		DURING		21		22
CUSIP	DESCRIPTION	*		CODE	CHAR		DESIG		COST		VALUE	VALUE		VALUE		VALUE		UGL			AMORTIZATION			IMPAIRMENTS	C.V.		RATE		RATE OF			PAID	INTEREST		YEAR		ACQUIRED		MATURITY
07387AEG6	BSARM WHOLE CMO 05-9					2		1		2,779,649.00			2,161,804.00		2,824,779.00		2,780,255.15		(618,451.15	)		(4,456.00	)	—		—		4.625		5.034		MON		10,887.00		130,646.00		1062006		10252035
07389KAA9	BSA 20-701 WHOLE CMO 20-701 1A1					2		1		6,045,207.00			4,195,792.12		6,053,689.00		6,043,369.99		(1,847,577.87	)		(1,140.00	)	—		—		6.196		6.169		MON		31,259.00		377,992.00		9172007		9252047
12667GY98	CWALT WHOLE CMO 05-38 A1					2		1		337,053.00			257,193.49		337,475.00		337,042.33		(79,848.84	)		128.00		—		—		3.756		3.759		MON		1,056.00		17,454.00		8062007		9252035
12668AZL2	CWALT CMO 2005-64CB 1A1					2		1		1,658,117.00			1,640,462.16		1,690,339.00		1,662,481.01		(22,018.85	)		4,364.00		—		—		5.5		6.188		MON		7,747.00		85,222.00		1022008		10252035
126694WP9	COUNTRYWIDE HOME LOANS CMO 2006-HYB1-3A1					2		1		769,983.00			378,834.00		792,871.00		770,369.21		(391,535.21	)		361.00		—		—		5.235		6.108		MON		3,459.00		41,746.00		12052007		3202036
12669E5Y8	COUNTRYWIDE HOME LOANS TR WHOLE CMO 03-5					2		1		2,170,185.00			2,047,711.59		2,205,473.00		2,170,724.99		(123,013.40	)		(4,017.00	)	—		—		5.292		5.869		MON		9,725.00		102,422.00		8142007		2192034
12669G3U3	CWHL WHOLE CMO 05-16 A26					2		1		403,479.00			382,981.00		407,426.00		404,075.43		(21,094.43	)		596.00		—		—		5.5		5.989		MON		1,867.00		14,939.00		4042008		9252035
12669GBA8	CWHL WHOLE CMO 04-HYB6					2		1		665,642.00			610,260.65		681,236.00		665,903.89		(55,643.24	)		(1,153.00	)	—		—		4.54		5.242		MON		2,577.00		30,981.00		8102007		11202034
12669GM24	CWHL WHOLE CMO 05-HY4 2A1					2		1		2,894,181.00			2,809,338.33		2,963,413.00		2,895,290.35		(85,952.02	)		(3,083.00	)	—		—		4.897		5.564		MON		12,094.00		145,220.00		12052007		8202035
15132EFD5	CDMC WHOLE CMO 03-8 2A3					2		1		1,993,245.00			1,960,627.00		2,039,125.00		1,996,333.87		(35,706.87	)		3,089.00		—		—		4.908		5.56		MON		8,340.00		66,713.00		4172008		10252033
161505EY4	CCMSC SENIOR CMBS 2000-2 A2					2		1		725,730.00			686,740.00		700,000.00		719,068.44		(32,328.44	)		(6,662.00	)	—		—		7.631		4.455		MON		4,451.00		13,354.00		9042008		6152010
16162WLN7	CHASE WHOLE CMO 05-S2 A2`					2		1		421,314.00			423,529.00		425,435.00		422,015.60		1,513.40			702.00		—		—		5.5		6.039		MON		1,950.00		15,599.00		4042008		10252035
161630AG3	CHASE CMO 07-A1-2A1					2		1		5,199,761.00			3,986,853.00		5,293,220.00		5,199,555.48		(1,212,702.48	)		(711.00	)	—		—		4.137		4.59		MON		18,247.00		218,936.00		2222007		2252037
161630AL2	CHASE WHOLE CMO 07-A1 3A1					2		1		2,965,703.00			2,016,519.00		2,995,423.00		2,965,933.46		(949,414.46	)		(291.00	)	—		—		5.999		6.247		MON		14,974.00		144,454.00		5172007		2252037
161630AQ1	CHASE CMO 07-A1 5A1					2		1		745,330.00			579,406.00		758,485.00		745,583.20		(166,177.20	)		(173.00	)	—		—		4.167		4.65		MON		2,634.00		31,623.00		5082007		2252037
161630AU2	CHASE WHOLE CMO 07-A1 7A1					2		1		1,506,489.00			1,174,144.00		1,530,826.00		1,506,848.65		(332,704.65	)		(202.00	)	—		—		4.606		4.964		MON		5,876.00		70,502.00		5172007		2252037
161630BD9	CHASE WHOLE CMO 07-A1 11M1					2		1		7,597,738.00			4,141,495.00		7,525,715.00		7,596,792.18		(3,455,297.18	)		(946.00	)	—		—		5.431		5.1		MON		34,062.00		374,780.00		1182008		4012036
172973XT1	CMSI WHOLE CMO 04-4 A3					2		1		1,219,899.00			1,195,014.00		1,232,221.00		1,220,439.42		(25,425.42	)		540.00		—		—		5.25		5.486		MON		5,391.00		43,128.00		4172008		6252034
23243VAB6	CWALT 06-OC7 WHOLE CMO 06-OC7-2A1					2		1		1,709,347.00			1,660,705.53		1,709,347.00		1,709,347.08		(48,641.55	)		—		—		—		0.541		0.541	��	MON		154.00		51,173.00		8172006		7252036
32051GBD6	FHASI 04-AR6 WHOLE CMO 04-AR6					2		1		260,761.00			199,856.00		266,475.00		260,912.95		(61,056.95	)		(140.00	)	—		—		4.75		5.016		MON		1,055.00		12,658.00		8102007		12252034
362341RT8	GSAA WHOLE CMO 05-AR6 1A1					2		1		2,997,545.00			2,244,463.00		3,033,058.00		2,998,002.09		(753,539.09	)		(888.00	)	—		—		4.586		4.888		MON		11,592.00		141,886.00		11212007		9252035
38374EEE3	GNR AGENCY CMO 03-106 B					2		1		3,354,864.00			3,348,811.00		3,303,250.00		3,351,133.51		(2,322.51	)		(3,730.00	)	—		—		5.5		4.628		MON		15,140.00		60,560.00		8212008		7012013
38374G3A8	GNR AGENCY CMO 04-42 AE					2		1		2,954,449.00			2,913,679.00		2,899,183.00		2,946,863.90		(33,184.90	)		(7,585.00	)	—		—		6		4.462		MON		14,496.00		57,984.00		8132008		9012011
41161PWW9	HARBORVIEW MTG TR WHOLE CMO 05-14 5A1A					2		1		2,007,918.00			1,908,118.19		2,086,148.00		2,009,180.09		(101,061.90	)		(1,814.00	)	—		—		5.733		6.492		MON		9,966.00		119,693.00		8162007		12192035
41162DAF6	HVMLT 06-12 CMO 06-12-2A2A					2		1		3,743,380.00			2,955,006.00		3,743,380.00		3,743,380.41		(788,374.41	)		—		—		—		0.771		0.772		MON		1,043.00		122,027.00		10192006		12192037
41164YAB7	HVMLT 07-4 CMO 2007-4-2A1					2		1		3,240,701.00			2,632,362.97		3,512,955.00		3,250,361.87		(617,998.90	)		8,820.00		—		—		0.801		2.965		MON		1,016.00		122,768.00		12122007		7192047
45660LRE1	INDX WHOLE CMO 05-A13 4A1					2		1		1,365,742.00			1,255,435.56		1,393,003.00		1,366,850.44		(111,414.88	)		(486.00	)	—		—		5.321		5.895		MON		6,177.00		74,692.00		8132007		8252035
45660LVL0	INDX WHOLE CMO 05-AR15 A1					2		1		1,199,394.00			1,173,002.73		1,265,017.00		1,200,500.13		(27,497.40	)		134.00		—		—		5.404		6.413		MON		5,697.00		69,898.00		8162007		9252035
45661EAA2	INDYMAC INDX MORTGAGE LOAN TR CMO 2006-A					2		1		1,680,623.00			1,301,822.27		1,680,623.00		1,680,622.93		(378,800.66	)		—		—		—		0.691		0.692		MON		194.00		52,865.00		2132006		4252046
466247E74	JPMMT WHOLE CMO 06-A1 2A2					2		1		1,085,856.00			837,618.00		1,085,009.00		1,084,608.32		(246,990.32	)		(1,248.00	)	—		—		5.353		5.093		MON		4,840.00		48,459.00		2062008		3012011
466247K36	JP MORGAN MORTGAGE TRUST JPMMT WHOLE CMO					2		1		11,334,033.00			6,617,219.00		12,125,000.00		11,429,851.10		(4,812,632.10	)		89,707.00		—		—		5.678		6.89		MON		57,368.00		688,084.00		11212007		4252036
466247K51	JPMMT CMO 06-A2 4A1					2		1		7,340,266.00			5,624,067.00		7,541,491.00		7,343,719.07		(1,719,652.07	)		(4,168.00	)	—		—		3.883		4.656		MON		24,406.00		292,975.00		12112007		8252034
466247XG3	JPMMT CMO 05-ALT1-2A1					2		1		1,621,588.00			1,478,880.65		1,668,447.00		1,622,527.03		(143,646.38	)		921.00		—		—		5.597		6.415		MON		7,782.00		93,501.00		12132007		10252035
46630GAM7	JPMMT 07-A1 WHOLE CMO 07-A1 4A1					2		1		927,350.00			768,726.00		946,124.00		927,640.42		(158,914.42	)		(38.00	)	—		—		4.066		4.627		MON		3,206.00		38,500.00		12112007		7252035
52525BAD4	LXS 07-16N LXS 07-16N 2A2					2		1		7,574,905.00			5,707,234.68		7,604,600.00		7,576,042.87		(1,868,808.19	)		750.00		—		—		1.321		1.426		MON		1,675.00		287,807.00		12262008		9252047
550279BA0	LUM WHOLE CMO 06-2					2		1		1,973,109.00			1,443,260.45		1,973,109.00		1,973,108.90		(529,848.45	)		—		—		—		0.671		0.672		MON		221.00		61,664.00		2142006		2252046
55027XAA8	LUM 06-5 WHOLE CMO 06-5 A1A					2		1		1,255,783.00			934,298.38		1,276,121.00		1,256,021.58		(321,723.20	)		(381.00	)	—		—		0.661		1.01		MON		141.00		39,752.00		8082007		7252036
61756XAG0	MORGAN STANLEY MTGE LN TR CMO 07-15AR-2A					2		1		2,702,837.00			2,044,359.37		2,710,778.00		2,702,812.94		(658,453.57	)		(37.00	)	—		—		6.537		6.589		MON		14,768.00		175,844.00		11212007		11252037
62951MAY6	NOMURA ASSET ACCEPTANCE CORPOR WHOLE CMO					2		1		1,212,186.00			1,170,825.00		1,199,813.00		1,211,774.41		(40,949.41	)		(37.00	)	—		—		6.5		6.059		MON		6,499.00		77,988.00		10032007		2012035
749241AA3	RALI 07-QH9 WHOLE CMO 07-QH9 A1					2		1		7,710,646.00			6,800,200.36		7,684,518.00		7,709,663.10		(909,462.74	)		(433.00	)	—		—		5.487		5.39		MON		35,140.00		582,364.00		12012008		11252037
75115YAA7	RALI 07-Q01 WHOLE CMO 07-Q01 A1					2		1		7,487,949.00			5,781,728.79		7,487,949.00		7,487,948.80		(1,706,220.01	)		—		—		—		0.621		0.622		MON		775.00		230,209.00		1302007		2252037
761118QM3	RALI 05-QS17 WHOLE CMO 05-QO5 A1					2		1		2,153,967.00			1,647,508.40		2,177,099.00		2,154,340.59		(506,832.19	)		(1,222.00	)	—		—		3.256		3.468		MON		5,907.00		101,716.00		8032007		1252046
76111XSD6	RES FUND MTG SEC I WHOLE CMO 05-S1 2A1					2		1		2,292,404.00			2,301,121.00		2,374,011.00		2,296,750.92		4,370.08			3,548.00		—		—		4.75		5.634		MON		9,397.00		112,766.00		12102007		2252020
76111XYH0	RES FUND MTG SEC I WHOLE CMO 05-SA4 2A1					2		1		629,962.00			395,147.00		642,097.00		630,119.64		(234,972.64	)		(315.00	)	—		—		5.204		5.698		MON		2,784.00		33,417.00		8142007		9252035
76111XYJ6	RES FUND MTG SEC I WHOLE CMO 05-SA4 2A2					2		1		2,108,429.00			1,341,529.00		2,184,900.00		2,109,606.82		(768,077.82	)		(2,248.00	)	—		—		5.18		5.928		MON		9,431.00		113,213.00		8162007		9252035
863579AQ1	SARM WHOLE CMO 04-12 3A2					2		1		391,232.00			351,501.90		396,435.00		391,519.87		(40,017.97	)		(7.00	)	—		—		5.25		5.653		MON		1,734.00		20,813.00		8102007		9252034
863579EK0	SARM WHOLE CMO 04-16 3A1					2		1		1,747,637.00			1,588,198.42		1,767,871.00		1,748,593.36		(160,394.94	)		(142.00	)	—		—		5.45		5.791		MON		8,029.00		96,349.00		8102007		11252034
86359AS95	SASC WHOLE CMO 03-26A 3A5					2		1		960,464.00			875,966.87		980,065.00		965,599.11		(89,632.24	)		2,949.00		—		—		4.952		5.471		MON		4,044.00		46,241.00		8142007		9252033
86359BPQ8	STRUCTURED ASSET SEC CORP WHOLE CMO 04-5					2		1		898,312.00			821,775.84		918,622.00		898,645.32		(76,869.48	)		(1,026.00	)	—		—		4.38		4.945		MON		3,353.00		40,236.00		8102007		5252034
86361WAA9	SAMI 06-AR8 CMO 06-AR8-A1A					2		1		4,013,603.00			3,073,125.24		4,013,603.00		4,013,603.48		(940,478.24	)		—		—		—		0.671		0.672		MON		449.00		125,434.00		10272006		3252036
86364PAA1	SARM 07-1O WHOLE CMO 07-10 1A1					2		1		7,298,619.00			5,575,842.80		7,332,992.00		7,298,660.27		(1,722,817.47	)		(17.00	)	—		—		6		6.09		MON		36,665.00		439,979.00		10112007		11252037
86364RAA7	SAMI 07-AR6 WHOLE CMO 07-AR6 A1					2		1		6,663,853.00			5,238,068.62		6,680,542.00		6,664,486.93		(1,426,418.31	)		(501.00	)	—		—		3.756		3.782		MON		22,152.00		345,529.00		9122007		8252047
885220KV4	TMST CMO 06-2 A2A					2		1		924,423.00			920,899.00		939,693.00		934,820.54		(13,921.54	)		10,398.00		—		—		0.581		4.073		MON		91.00		17,143.00		5012008		3252046
92922F2G2	WASHINGTON MUTUAL CMO 2005-AR11 A1A					2		1		1,606,990.00			1,280,100.65		1,604,984.00		1,606,983.41		(326,882.76	)		(72.00	)	—		—		0.791		0.758		MON		247.00		52,232.00		12152005		8252036

Validus Holdings, Ltd December 31, 2008 GAAP investment portfolio in Schedule D-Part 1 format

			Codes								FAIR VALUE							CHANGE IN BOOK/ADJUSTED CARRYING VALUE										INTEREST									DATES
											8
											RATE
											USED	9													15									20
											TO	GAAP				11					13				TOTAL									GROSS
				4	5		6		7		OBTAIN	FAIR		10		GAAP					CURRENT				FX CHG		16		17		18	19		REC’D
1	2	3		FOREIGN	BOND		NAIC		ACTUAL		FAIR	MARKET		PAR		BOOK		12			YEAR			14	IN B/A.		INTEREST		EFFECTIVE		HOW	ACCRUED		DURING		21		22
CUSIP	DESCRIPTION	*		CODE	CHAR		DESIG		COST		VALUE	VALUE		VALUE		VALUE		UGL			AMORTIZATION			IMPAIRMENTS	C.V.		RATE		RATE OF		PAID	INTEREST		YEAR		ACQUIRED		MATURITY
92922F3N6	WAMU 05-A12 WHOLE CMO 05-A12-1A8					2		1		5,705,573.00			3,651,207.00		5,764,115.00		5,706,166.29		(2,054,959.29	)		593.00		—		—		4.834		5.082	MON		23,218.00		255,376.00		1102008		10252035
92922F5T1	WASHINGTON MUTUAL CMO 2005-AR15 A1A1					2		1		2,130,179.00			1,678,351.83		2,130,179.00		2,130,179.02		(451,827.19	)		—		—		—		0.731		0.732	MON		358.00		68,024.00		12152005		11252045
92922FG44	WASHINGTON MUTUAL WHOLE CMO 2005-AR4 A3					2		1		1,863,941.00			1,869,916.00		1,925,000.00		1,892,856.00		(22,940.00	)		28,915.00		—		—		4.585		7.29	MON		7,355.00		53,492.00		8282008		4252035
92922FNJ3	WASHINGTON MUTUAL WHOLE CMO 04-AR3 A2					2		1		1,164,280.00			843,493.00		1,192,891.00		1,164,756.42		(321,263.42	)		(819.00	)	—		—		4.243		4.896	MON		4,218.00		50,614.00		8102007		6252034
92922FR75	WASHINGTON MUTUAL CMO 2005-AR8 2A1A					2		1		1,752,407.00			1,285,320.24		1,750,766.00		1,752,373.55		(467,053.31	)		(24.00	)	—		—		0.761		0.744	MON		259.00		56,442.00		12162005		11252038
92922FSC3	WASHINGTON MUTUAL CMO 2004-AR5 A6					2		1		410,419.00			405,593.00		413,000.00		411,201.20		(5,608.20	)		782.00		—		—		3.837		4.45	MON		1,321.00		5,283.00		8282008		6252034
92922FW46	WASHINGTON MUTUAL CMO 2005-AR10 1A3					2		1		2,939,883.00			1,755,000.00		3,000,000.00		2,954,912.41		(1,199,912.41	)		2,804.00		—		—		4.834		5.138	MON		12,084.00		145,032.00		3242006		9252035
92926WAA5	WAMU 07 CMO 07-0A1-A1A					2		1		5,156,443.00			3,884,087.86		5,156,443.00		5,156,443.03		(1,272,355.17	)		—		—		—		2.956		2.924	MON		12,702.00		225,997.00		2072007		2252047
933635AA2	WAMU 07-OA2 WHOLE CMO 07-OA2 1A					2		1		1,548,456.00			1,170,893.99		1,548,456.00		1,548,455.62		(377,561.63	)		—		—		—		2.956		2.926	MON		3,814.00		67,865.00		2212007		3252047
933637AA8	WAMU WHOLE CMO 06-AR18 1A1					2		1		4,323,413.00			2,540,493.00		4,305,920.00		4,323,083.11		(1,782,590.11	)		(330.00	)	—		—		5.339		5.168	MON		19,159.00		210,900.00		1172008		12012036
93363TAD4	WAMU WHOLE CMO 06-AR11-3A1A					2		1		721,716.00			543,323.20		721,716.00		721,715.77		(178,392.57	)		—		—		—		3.176		3.124	MON		1,910.00		33,216.00		8162006		9252046
93934FEN8	WMALT 05-5 WHOLE CMO 05-9-2A2					2		1		6,302,485.00			6,285,172.37		6,878,565.00		6,321,105.53		(35,933.16	)		15,460.00		—		—		5.5		6.877	MON		31,527.00		378,321.00		12172007		11252035
949760AM4	WELLS FARGO MORTGAGE BACKED SE WHOLE CMO					2		1		3,412,242.00			3,351,720.00		3,427,158.00		3,412,635.83		(60,915.83	)		341.00		—		—		5.25		5.343	MON		14,994.00		167,754.00		5192008		8252033
949779AB8	WELLS FARGO CMO 04-EE-2A1					2		1		7,020,339.00			5,326,337.00		7,197,753.00		7,022,792.19		(1,696,455.19	)		(6,719.00	)	—		—		4.161		4.898	MON		24,957.00		291,433.00		8152007		12252034
949781AA6	WFMBS WHOLE CMO 05-AR1					2		1		4,451,820.00			3,238,043.00		4,560,625.00		4,453,594.29		(1,215,551.29	)		(10,423.00	)	—		—		4.542		5.249	MON		17,262.00		207,040.00		12052006		2252035
949781AC2	WFMBS WHOLE CMO 05-AR1 2A1					2		1		1,322,169.00			982,521.00		1,355,202.00		1,322,291.25		(339,770.25	)		123.00		—		—		4.499		5.191	MON		5,081.00		35,557.00		5272008		2252035
949797AA2	WFMBS WHOLE CMO 07-15 A1					2		1		15,196,364.00			10,237,027.00		15,279,145.00		15,196,081.62		(4,959,054.62	)		(354.00	)	—		—		6		6.106	MON		76,396.00		884,230.00		1172008		11012037
94979LAF0	WFMBS WHOLE CMO 04-N A6					2		1		418,027.00			406,012.00		425,000.00		421,996.51		(15,984.51	)		3,730.00		—		—		4		4.974	MON		1,417.00		17,000.00		12042007		8252034
94980MAB4	WFMBS WHOLE CMO 04-P					2		1		6,599,449.00			5,154,176.00		6,731,985.00		6,601,388.51		(1,447,212.51	)		(4,302.00	)	—		—		4.243		4.822	MON		23,802.00		285,197.00		9122007		9252034
94980RAC1	WFMBS 04-Z CMO 04-Z-2A1					2		1		9,949,629.00			7,530,922.00		10,041,230.00		9,950,237.23		(2,419,315.23	)		608.00		—		—		4.572		4.813	MON		38,260.00		388,771.00		5272008		12252034
94981NAH8	WFMBS 05-AR4 WHOLE CMO 05-AR4					2		1		3,902,700.00			2,997,956.00		4,015,479.00		3,904,677.35		(906,721.35	)		(13,199.00	)	—		—		4.537		5.238	MON		15,181.00		181,872.00		7192006		4252035
94981QAU2	WFMBS WHOLE CMO 05-AR16					2		1		2,781,943.00			1,996,146.00		2,804,069.00		2,782,149.75		(786,003.75	)		(1,922.00	)	—		—		5.002		5.189	MON		11,688.00		140,214.00		1112006		10252035
94982BAG5	WFMBS WHOLE CMO 05-AR8 3A2					2		1		1,486,127.00			996,780.00		1,511,876.00		1,486,644.12		(489,864.12	)		(3,645.00	)	—		—		4.479		4.935	MON		5,643.00		67,718.00		12152005		6252035
949835AB8	WFMBS CMO 05-AR15 1A2					2		1		6,213,976.00			4,554,282.00		6,230,037.00		6,214,802.85		(1,660,520.85	)		827.00		—		—		5.12		5.155	MON		26,583.00		292,445.00		1282008		9252035
94983CAT4	WFMBS WHOLE CMO 05-AR10 2A15					2		1		8,464,160.00			8,452,780.00		8,650,000.00		8,592,865.43		(140,085.43	)		91,143.00		—		—		4.232		5.406	MON		30,506.00		358,409.00		7272007		6252035
94983YAM1	WELLS FARGO MORTGAGE BACKED SE WHOLE CMO					2		1		2,586,163.00			1,478,253.00		2,597,527.00		2,586,528.84		(1,108,275.84	)		51.00		—		—		5.594		5.685	MON		12,109.00		145,337.00		10032006		7252036
07388DAC2	BSARM 06-2 WHOLE CMO 06-2-2A1					2		1		8,115,357.00			4,491,780.00		8,318,111.00		8,119,774.14		(3,627,994.14	)		1,966.00		—		—		5.65		6.45	MON		39,164.00		469,973.00		11202007		7252036
07388DAS7	BSARM 06-2 WHOLE CMO 06-2 3A2					2		1		678,233.00			652,372.26		693,845.00		678,419.43		(26,047.17	)		(368.00	)	—		—		5.75		6.244	MON		3,325.00		39,896.00		8172007		7252036
23244JAB2	COUNTRYWIDE ALTERNATIVE LOAN T WHOLE CMO					2		2		3,259,883.00			3,174,852.36		3,265,209.00		3,263,007.42		(88,155.06	)		2,657.00		—		—		0.571		0.767	MON		311.00		98,747.00		10122007		1252037
52520MBU6	LMT WHOLE CMO 05-2					2		1		4,514,914.00			4,421,488.55		4,518,299.00		4,507,006.01		(85,517.46	)		76.00		—		—		5.5		5.504	MON		20,709.00		227,140.00		5192008		12252035
59024KAX1	MLA 07-AF1 WHOLE CMO 07-AF1 AV1					2		4		5,152,401.00			3,964,612.62		5,210,820.00		5,157,140.75		(1,192,528.13	)		3,422.00		—		—		5.625		6.022	MON		24,426.00		294,506.00		10112007		6252037
05947U2N7	BACM SENIOR CMBS 05-5 A2					2		1		675,670.00			594,923.00		680,000.00		676,033.64		(81,110.64	)		363.00		—		—		5.001		5.254	MON		2,834.00		8,502.00		9032008		10102045
05947ULH9	BANK OF AMERICA CO SENIOR CMBS 03-1					2		1		4,300,568.00			4,161,998.00		4,459,494.00		4,371,267.56		(209,269.56	)		26,711.00		—		—		3.878		5.262	MON		14,412.00		155,412.00		8272008		9112036
05947UVA3	BACM SENIOR CMBS 04-3 A3					2		1		2,785,504.00			2,765,523.00		2,795,112.00		2,788,687.97		(23,164.97	)		3,184.00		—		—		4.875		5.503	MON		11,355.00		34,065.00		8272008		6102039
05950VAB6	BACM 06-6 CMBS 066 A2					2		1		9,140,594.00			7,520,229.00		9,175,000.00		9,146,806.37		(1,626,577.37	)		5,469.00		—		—		5.309		5.44	MON		40,592.00		487,101.00		11062007		10102045
059511AE5	BACM SENIOR CMBS 07-2 A4					2		1		5,912,965.00			4,491,835.00		5,925,000.00		5,913,245.08		(1,421,410.08	)		280.00		—		—		5.688		5.766	MON		28,087.00		285,268.00		2012008		4102049
07383F3X4	BEAR STEARNS COMM MTG SENIOR CMBS 05-PWR					2		1		1,675,589.00			1,537,832.00		1,702,321.00		1,684,995.62		(147,163.62	)		8,267.00		—		—		4.945		5.575	MON		7,015.00		84,180.00		11062007		2112041
07383FBE7	BEAR STEARNS COMM MTG CMBS 99-WF2-A2					2		1		769,345.00			752,909.00		759,847.00		763,724.22		(10,815.22	)		(5,620.00	)	—		—		7.08		3.926	MON		4,483.00		22,441.00		7172008		6012009
07383FX52	BSCMS CMBS 04-PWR6 A6					2		1		2,687,478.00			2,257,729.00		2,780,000.00		2,698,070.47		(440,341.47	)		10,592.00		—		—		4.825		5.472	MON		11,178.00		111,779.00		2012008		11112041
161505DK5	CCMSC 1999-2 A2					2		1		1,329,380.00			1,297,805.00		1,319,484.00		1,323,871.01		(26,066.01	)		(5,509.00	)	—		—		7.198		5.914	MON		7,915.00		55,403.00		5202008		11012009
161505EA6	CCMSC SENIOR CMBS 00-1					2		1		3,018,754.00			2,794,827.00		2,839,558.00		2,887,156.00		(92,329.00	)		(48,177.00	)	—		—		7.757		4.376	MON		18,355.00		220,265.00		11302007		2012010
161582AB7	CHASE MANHATTAN BANK CMFUN 99-1					2		1		10,114,050.00			9,515,788.00		9,610,839.00		9,675,276.16		(159,488.16	)		(159,836.00	)	—		—		7.439		4.132	MON		59,579.00		714,387.00		1222008		7012009
161582AG6	CHASE MANHATTAN BANK SUB CMBS 99-1-E					2		1		387,583.00			371,734.00		375,000.00		380,200.40		(8,466.40	)		(6,849.00	)	—		—		7.613		5.699	MON		2,379.00		28,936.00		11282007		1152010
20047NAC6	COMM SENIOR CMBS 04-LB4A					2		1		973,750.00			839,547.00		1,000,000.00		977,528.92		(137,981.92	)		3,779.00		—		—		4.405		5.75	MON		3,671.00		11,012.00		8272008		10152037
20047RAB9	COMM 07-C9 SENIOR CMBS 07-C9 A2					2		1		8,960,625.00			6,817,152.00		8,850,000.00		8,931,730.47		(2,114,578.47	)		(25,325.00	)	—		—		5.811		5.52	MON		42,856.00		514,274.00		11062007		7012012
22540A3F3	CSFB SENIOR CMBS 01-CK3					2		1		6,164,297.00			5,727,656.00		6,000,000.00		6,067,393.07		(339,737.07	)		(40,583.00	)	—		—		6.53		5.823	MON		32,650.00		391,800.00		6292006		4152011
22540AJ74	CS FIRST BOSTON CMBS 01_CF2 A4					2		1		992,392.00			929,505.00		969,666.00		989,041.81		(59,536.81	)		(3,350.00	)	—		—		6.505		4.315	MON		5,256.00		15,769.00		9122008		1012011
22540VC75	CS FIRST BOSTON SENIOR CMBS 02-CKP1 A3					2		1		4,935,048.00			4,437,491.00		4,755,000.00		4,878,598.56		(441,107.56	)		(51,373.00	)	—		—		6.439		5.239	MON		25,515.00		306,174.00		12182007		1012012
22541NAP4	CSFB SENIOR CMBS 02-CP3					2		1		12,634,648.00			11,553,882.00		12,600,000.00		12,626,564.40		(1,072,682.40	)		(15,488.00	)	—		—		5.603		5.516	MON		58,832.00		705,978.00		10242007		6152012
22541NMR7	CSFB 02-CKS4 SENIOR CMBS 02-CKS4					2		1		4,100,921.00			3,701,180.00		4,099,000.00		4,098,331.15		(397,151.15	)		(2,219.00	)	—		—		5.183		5.173	MON		17,704.00		212,451.00		10242007		8012012
22541NUJ6	CSFB CMBS 02-CP5-A2					2		1		4,258,587.00			3,816,851.00		4,305,000.00		4,267,144.20		(450,293.20	)		7,332.00		—		—		4.94		5.206	MON		17,722.00		212,667.00		10242007		12152035
22541QDJ8	CS FIRST BOSTON 2003-C3 A5					2		1		5,781,062.00			5,390,063.00		6,425,000.00		5,990,519.60		(600,456.60	)		94,019.00		—		—		3.936		5.918	MON		21,074.00		252,888.00		12182007		5152038
22546BAC4	CSMC SENIOR CMBS 07-C5 A2					2		1		8,958,867.00			6,751,114.00		9,000,000.00		8,962,738.12		(2,211,624.12	)		3,871.00		—		—		5.589		5.717	MON		41,918.00		419,175.00		1302008		9152040
23322BEG9	DLJCM 1999-CG1 A1B					2		1		19,187.00			18,893.00		18,958.00		18,943.02		(50.02	)		(244.00	)	—		—		6.46		4.857	MON		102.00		1,100.00		2012008		3102032

Validus Holdings, Ltd December 31, 2008 GAAP investment portfolio in Schedule D-Part 1 format

			Codes								FAIR VALUE							CHANGE IN BOOK/ADJUSTED CARRYING VALUE										INTEREST										DATES
											8
											RATE
											USED	9													15									20
											TO	GAAP				11					13				TOTAL									GROSS
				4	5		6		7		OBTAIN	FAIR		10		GAAP					CURRENT				FX CHG		16		17		18	19		REC’D
1	2	3		FOREIGN	BOND		NAIC		ACTUAL		FAIR	MARKET		PAR		BOOK		12			YEAR			14	IN B/A.		INTEREST		EFFECTIVE		HOW	ACCRUED		DURING			21		22
CUSIP	DESCRIPTION	*		CODE	CHAR		DESIG		COST		VALUE	VALUE		VALUE		VALUE		UGL			AMORTIZATION			IMPAIRMENTS	C.V.		RATE		RATE OF		PAID	INTEREST		YEAR			ACQUIRED		MATURITY
337366AG3	FUNCM SUB CMBS 99-C2 E					2		1		1,023,555.00			994,090.00		1,000,000.00		1,006,963.46		(12,873.46	)		(16,591.00	)	—		—		7.365		4.407	MON		6,113.00		36,712.00			6032008		5012009
33736XAB5	FIRST UNION NAT BANK CMBS 00-C1 A2					2		1		1,369,616.00			1,286,573.00		1,309,237.00		1,343,112.37		(56,539.37	)		(26,504.00	)	—		—		7.841		3.206	MON		8,555.00		81,084.00			4162008		3012010
33736XBZ1	FUNBC SENIOR CMBS 01-C2 A2					2		1		2,904,277.00			2,686,932.00		2,797,196.00		2,858,690.06		(171,758.06	)		(45,019.00	)	—		—		6.663		4.442	MON		15,531.00		186,377.00			12212007		2012011
33736XEA3	FIRST UNION NAT BANK SENIOR CMBS 01-C4					2		1		1,499,379.00			1,451,017.00		1,490,454.00		1,495,630.04		(44,613.04	)		(3,749.00	)	—		—		5.673		4.969	MON		7,046.00		52,111.00			7172008		5012010
337378AB9	FIRST UNION NAT BANK 1999-C4 A2					2		1		979,969.00			953,533.00		967,572.00		973,809.24		(20,276.24	)		(6,160.00	)	—		—		7.39		5.39	MON		5,959.00		41,710.00			5202008		11012009
36158YDC0	GECMC CMBS 01-3 A1					2		1		307,299.00			291,582.00		307,228.00		307,146.37		(15,564.37	)		(152.00	)	—		—		5.56		5.519	MON		1,423.00		15,828.00			12212007		3012011
361849EC2	GMACC SUB CMBS 98-C2 D					2		1		74,695.00			73,497.00		73,824.00		73,838.59		(341.59	)		(856.00	)	—		—		6.5		4.877	MON		400.00		4,399.00			1252008		4012009
361849GY2	GMACCMSC CMBS 99_C3 A2					2		1		2,115,368.00			2,042,157.00		2,065,080.00		2,084,265.54		(42,108.54	)		(31,103.00	)	—		—		7.179		3.544	MON		12,354.00		100,170.00			9032008		8012009
361849KN1	GMACC SENIOR CMBS 00-C1					2		1		664,225.00			640,149.00		649,014.00		657,612.81		(17,463.81	)		(6,613.00	)	—		—		7.724		4.479	MON		4,177.00		29,242.00			5202008		12012009
361849QE5	GMACC CMBS 01_C1 A2					2		1		494,178.00			458,302.00		479,857.00		489,371.16		(31,069.16	)		(4,707.00	)	—		—		6.465		4.493	MON		2,585.00		31,023.00			12212007		3012011
36828QHU3	GECCMC SENIOR CMBS 04-C3 A2					2		1		746,016.00			731,048.00		750,000.00		747,460.48		(16,412.48	)		1,445.00		—		—		4.433		4.749	MON		2,771.00		24,936.00			3252008		7102039
36828QQE9	GE CAPITAL COMM MTG CORP SENIOR CMBS 05-					2		1		9,031,992.00			7,287,811.00		9,000,000.00		9,027,513.11		(1,739,702.11	)		(4,479.00	)	—		—		5.334		5.256	MON		40,002.00		406,706.00			1302008		10102015
46625MAC3	JP MORGAN CHASE SENIOR CMBS 01-CIBC					2		1		612,705.00			576,157.00		603,836.00		610,080.14		(33,923.14	)		(2,624.00	)	—		—		6.26		5.063	MON		3,150.00		25,200.00			4162008		1012011
46625MLR8	JPMCC 2002-C1 A2					2		1		262,318.00			251,547.00		264,675.00		262,576.91		(11,029.91	)		259.00		—		—		4.914		5.504	MON		1,084.00		3,252.00			8272008		7122037
46625YEU3	JPMCC SENIOR CMBS 04-C3					2		1		1,016,950.00			1,018,452.00		1,039,113.00		1,026,278.11		(7,826.11	)		9,328.00		—		—		3.765		6.828	MON		3,260.00		22,822.00			5202008		1152042
46629GAE8	JPMCC CMBS 06-CB16-A4					2		1		10,942,578.00			8,310,226.00		10,900,000.00		10,937,110.63		(2,626,884.63	)		(5,468.00	)	—		—		5.552		5.531	MON		50,431.00		504,307.00			1302008		7122016
501773CS2	LBCCMT CMBS 99_C1 A2					2		1		2,139,520.00			2,102,716.00		2,115,004.00		2,117,344.61		(14,628.61	)		(22,176.00	)	—		—		6.78		4.53	MON		11,950.00		104,581.00			7302008		4012009
501773DG7	LBCMT SENIOR CMBS 99-C2 A2					2		1		991,193.00			972,904.00		985,419.00		987,291.59		(14,387.59	)		(3,901.00	)	—		—		7.325		6.114	MON		6,015.00		42,106.00			5202008		9012009
52108HAT1	LBUBS 2000-C3 A2					2		1		8,712,832.00			8,210,612.00		8,300,674.00		8,496,847.73		(286,235.73	)		(183,152.00	)	—		—		7.95		5.605	MON		36,661.00		662,768.00			11262007		5152025
52108HBK9	LBUBS COMM MTG TR SENIOR CMBS 00-C4 A2					2		1		451,937.00			425,373.00		434,670.00		444,636.33		(19,263.33	)		(6,875.00	)	—		—		7.37		4.215	MON		1,780.00		32,035.00			11302007		6112010
52108HBL7	LBUBS SENIOR CMBS 00-C4 B					2		1		3,613,336.00			3,384,530.00		3,450,000.00		3,541,868.09		(157,338.09	)		(60,835.00	)	—		—		7.48		5.576	MON		14,337.00		258,060.00			10232007		6112010
52108HRC0	LBUBS SENIOR CMBS 03-C3					2		1		2,156,133.00			1,898,289.00		2,250,000.00		2,214,740.84		(316,451.84	)		58,436.00		—		—		4.166		4.611	MON		5,208.00		93,735.00			12212007		5152032
52108HSY1	LBUBS SENIOR CMBS 03-C5 A2					2		1		14,589.00			14,519.00		14,630.00		14,609.28		(90.28	)		21.00		—		—		3.478		4.128	MON		28.00		212.00			7172008		7152027
52108HXK5	LBUBS SENIOR CMBS 03-C8					2		1		94,105.00			90,598.00		94,663.00		94,337.70		(3,739.70	)		233.00		—		—		4.207		4.618	MON		221.00		3,651.00			1252008		11152027
52108MAB9	LBUBS CMO 05-C7					2		1		677,078.00			591,990.00		680,000.00		677,325.75		(85,335.75	)		248.00		—		—		5.103		5.296	MON		1,928.00		11,567.00			9032008		11152030
52109RBK6	LBUBS SENIOR CMBS 07-C7					2		1		8,442,109.00			6,791,322.00		8,600,000.00		8,468,391.29		(1,677,069.29	)		26,282.00		—		—		5.588		6.107	MON		26,698.00		400,473.00			2072008		9152045
59022HCQ3	MERRILL LYNCH MTG TR SENIOR CMBS 03-KEY1					2		1		1,976,094.00			1,733,041.00		2,000,000.00		1,979,643.58		(246,602.58	)		3,120.00		—		—		5.236		5.505	MON		8,727.00		104,720.00			11062007		11122035
617059JH4	JPMCMFC SENIOR CMBS 00-C10 A2					2		1		595,219.00			573,160.00		583,191.00		591,668.43		(18,508.43	)		(3,550.00	)	—		—		7.371		4.399	MON		3,582.00		10,747.00			8272008		2012010
61745MHB2	MORGAN STANLEY CAP I SUB CMBS 98-WF2 D					2		1		2,407,025.00			2,302,340.00		2,358,303.00		2,378,755.64		(76,415.64	)		(18,643.00	)	—		—		7.385		6.333	MON		14,177.00		169,981.00			12212007		1012011
61745ML27	MSC SENIOR CMBS 04-T15 A2					2		1		988,281.00			928,027.00		1,000,000.00		990,761.25		(62,734.25	)		2,480.00		—		—		4.69		5.408	MON		3,908.00		15,633.00			7302008		6132041
61745MNR0	MSC 1999-LIFE A2					2		1		5,115,565.00			4,893,638.00		4,940,524.00		4,955,981.62		(62,343.62	)		(50,014.00	)	—		—		7.11		5.112	MON		29,273.00		351,271.00			6192006		7012009
61745MQM8	MSC CMBS 03-IQ4 A2					2		1		3,101,742.00			2,799,976.00		3,300,000.00		3,148,982.55		(349,006.55	)		41,393.00		—		—		4.07		5.679	MON		11,193.00		134,310.00			11062007		5152040
61746WBF6	MSDWC CMBS 01-LIFE A2					2		1		1,730,109.00			1,687,767.00		1,710,465.00		1,720,630.01		(32,863.01	)		(9,479.00	)	—		—		7.57		5.835	MON		10,790.00		78,337.00			5202008		12012009
69348HAC2	PNCMAC SENIOR CMBS 99-CM1 A1B					2		1		5,930,737.00			5,758,489.00		5,831,854.00		5,869,431.25		(110,942.25	)		(60,017.00	)	—		—		7.33		5.307	MON		35,623.00		389,372.00			5202008		12102032
79548CAB2	SBM7 CMBS 00-C3 A2					2		1		1,609,251.00			1,514,820.00		1,569,100.00		1,592,790.03		(77,970.03	)		(16,461.00	)	—		—		6.592		4.641	MON		8,620.00		82,459.00			4162008		10012010
79548K4M7	SALOMON BROTHERS CMBS 00_C2 A2					2		1		3,422,532.00			3,235,344.00		3,298,577.00		3,348,639.38		(113,295.38	)		(45,506.00	)	—		—		7.455		4.7	MON		20,492.00		247,635.00			6042007		4012010
87246AAA6	TIAA CMBS 07-C4 A1					2		1		8,135,609.00			7,643,076.00		8,084,368.00		8,119,348.06		(476,272.06	)		(13,280.00	)	—		—		5.683		5.392	MON		26,802.00		460,018.00			12212007		12102011
929766CT8	WACHOVIA BANK COMM MTG TR SENIOR CMBS 03					2		1		5,394,064.00			5,153,244.00		5,550,721.00		5,447,815.13		(294,571.13	)		24,746.00		—		—		4.037		5.123	MON		18,674.00		210,907.00			8272008		2152034
929766YV9	WBCMT CMBS 05-C16 A2					2		1		1,151,271.00			1,113,634.00		1,160,519.00		1,153,794.03		(40,160.03	)		2,523.00		—		—		4.38		5.269	MON		4,236.00		21,179.00			7032008		10152041
92976VAF5	WBCMT SENIOR CMBS 06-C25 A5					2		1		5,567,301.00			4,275,705.00		5,525,000.00		5,562,391.94		(1,286,686.94	)		(4,909.00	)	—		—		5.74		5.655	MON		26,429.00		268,605.00			2012008		4012016
02586GAR3	AEIT ABS 08-2 A					2		1		779,996.00			754,307.00		780,000.00		779,997.10		(25,690.10	)		1.00		—		—		4.02		4.054	MON		1,394.00		11,149.00			8012008		1182011
048312AB8	ACETF ABS 02-1 A2					2		1		515,477.00			509,917.00		513,771.00		515,204.25		(5,287.25	)		(272.00	)	—		—		4.21		3.988	JAJO		4,266.00		10,815.00			7072008		4202011
05522RAR9	BAACT ABS 06-A16 A16					2		1		1,223,908.00			1,166,491.00		1,220,000.00		1,223,340.19		(56,849.19	)		(568.00	)	—		—		4.72		4.617	MON		2,559.00		19,195.00			8202008		12152010
06423RBG0	BOIT ABS 04-A1-A1					2		1		939,619.00			942,044.00		945,000.00		944,428.36		(2,384.36	)		4,516.00		—		—		3.45		3.979	MON		1,449.00		20,068.00			9052008		10172011
06423RBN5	BOIT ABS 04-A5 A5					2		1		1,538,086.00			1,366,313.00		1,575,000.00		1,545,415.43		(179,102.43	)		7,329.00		—		—		1.325		2.085	MON		985.00		29,878.00			5062008		3152014
07383FAE8	BEAR STEARNS COMM MTG SUB CMBS 98-C1 D					2		1		8,893,125.00			6,064,835.00		8,500,000.00		8,828,018.96		(2,763,183.96	)		(65,106.00	)	—		—		6.75		5.709	MON		47,813.00		478,125.00			2042008		5012013
161571AM6	CHAIT ABS 05-A5					2		1		—					—		—		—			59.00		—		—		1.215		0	MON		—		(3,301.00	)		11152007		2152012
17303CBM2	CITIBANK CREDIT CARD MASTER TR ABS 99-2-					2		1		2,896,574.00			2,883,395.00		2,885,000.00		2,886,458.22		(3,063.22	)		(10,116.00	)	—		—		5.875		5.509	MS		52,261.00		169,494.00			2292008		3102011
17305EDA0	CCCIT ABS 06-A2 A2					2		1		7,823,536.00			7,792,512.00		7,805,000.00		7,807,609.23		(15,097.23	)		(16,678.00	)	—		—		4.85		4.495	FA		148,262.00		334,771.00			5132008		2102009
17305EDF9	CCCIT ABS 06-A4 A4					2		1		1,486,306.00			1,374,430.00		1,430,000.00		1,470,773.67		(96,343.67	)		(15,533.00	)	—		—		5.45		4.166	MN		11,041.00		77,935.00			1102008		5102011
207678AE3	CTRRB ABS 2001-1 A5					2		1		1,813,916.00			1,777,458.00		1,750,000.00		1,790,217.42		(12,759.42	)		(23,699.00	)	—		—		6.21		4.139	MJSD		302.00		81,506.00			4172008		12302010
55262TEB5	MBNA MASTER CC TR ABS 99-B A					2		1		1,946,535.00			1,895,514.00		1,900,000.00		1,908,899.55		(13,385.55	)		(37,636.00	)	—		—		5.9		3.636	MON		4,982.00		102,758.00			2072008		8152011
55262TEU3	MBNAS ABS 99-J					2		1		7,165,100.00			6,802,355.00		6,860,000.00		6,967,527.61		(165,172.61	)		(144,298.00	)	—		—		7		4.783	MON		21,342.00		469,350.00			1112008		9152009
575796AE7	MASSACHUSETTS RRB SPECIAL PURP ABS 99-1					2		1		1,058,937.00			1,029,144.00		1,021,585.00		1,044,281.72		(15,137.72	)		(14,655.00	)	—		—		7.03		3.834	MS		21,146.00		71,817.00			1152008		3152010

Validus Holdings, Ltd December 31, 2008 GAAP investment portfolio in Schedule D-Part 1 format

			Codes								FAIR VALUE							CHANGE IN BOOK/ADJUSTED CARRYING VALUE										INTEREST									DATES
											8
											RATE
											USED	9													15									20
											TO	GAAP				11					13				TOTAL									GROSS
				4	5		6		7		OBTAIN	FAIR		10		GAAP					CURRENT				FX CHG		16		17		18	19		REC’D
1	2	3		FOREIGN	BOND		NAIC		ACTUAL		FAIR	MARKET		PAR		BOOK		12			YEAR			14	IN B/A.		INTEREST		EFFECTIVE		HOW	ACCRUED		DURING		21		22
CUSIP	DESCRIPTION	*		CODE	CHAR		DESIG		COST		VALUE	VALUE		VALUE		VALUE		UGL			AMORTIZATION			IMPAIRMENTS	C.V.		RATE		RATE OF		PAID	INTEREST		YEAR		ACQUIRED		MATURITY
61746REV9	MSAC ABS 04-H1					2		1		941,018.00			545,109.00		939,550.00		940,804.72		(395,695.72	)		(77.00	)	—		—		0.841		0.829	MON		132.00		30,987.00		3232006		6252026
65475XAB2	NAROT ABS 08-B A2					2		1		1,499,918.00			1,471,770.00		1,500,000.00		1,499,934.61		(28,164.61	)		17.00		—		—		3.8		3.835	MON		2,533.00		27,867.00		6092008		10152010
693401AB7	PERF ABS 05-1					2		1		659,060.00			655,668.00		659,699.00		659,418.18		(3,750.18	)		358.00		—		—		3.87		4.009	MJSD		426.00		25,530.00		1112008		6252011
705220AK7	PECO ENERGY TRANS TR 2000-A A3					2		1		1,361,972.00			1,320,469.00		1,311,954.00		1,325,186.19		(4,717.19	)		(36,786.00	)	—		—		7.625		1.523	MS		33,346.00		100,037.00		1152008		3012009
878091AL1	TIAA CDO 01-C1A-A4 144A					2		1		318,669.00			312,855.00		318,868.00		318,517.10		(5,662.10	)		(152.00	)	—		—		6.68		6.379	MON		1,775.00		5,325.00		9292008		6192031
71419GAB6	PERMM 06-1 ABS 06-1 2A			F		2		1		1,646,211.00			1,600,948.00		1,675,000.00		1,650,039.37		(49,091.37	)		3,828.00		—		—		4.793		5.286	JAJO		17,393.00		41,969.00		1152008		10152015
71419NAG0	PERMANENT FINANCING PLC PERMA___ABS 5 3A			F		2		1		989,531.00			958,317.00		1,000,000.00		989,873.24		(31,556.24	)		342.00		—		—		2.349		2.437	MJSD		1,436.00		36,286.00		1162008		6102034
TOTAL													2,454,501,227.14		2,506,270,110.00		2,553,017,671.52		(98,516,444.38	)