8-K

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): November 7, 2008

Commission file number 001-33606

VALIDUS HOLDINGS, LTD.

(Exact name of registrant as specified in its charter)

BERMUDA	98-0501001
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)

19 Par-La-Ville Road, Hamilton, HM 11 Bermuda
(Address of principal executive offices)

Registrant’s telephone number, including area code: (441) 278-9000
Not Applicable
(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 2.02 Results of Operations and Financial Condition.

     On November 7, 2008, Validus Holdings, Ltd. (“Validus”) released information regarding its U.S. GAAP basis investment portfolio in a Schedule D — Part 1 format. A copy of this release is attached to this Current Report on Form 8-K as Exhibit 99.1 and is incorporated herein by reference.

     The information in this Current Report on Form 8-K, including the information set forth in Exhibit 99.1, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits. The following exhibits are filed herewith:

Exhibit No.	Description
99.1	Release regarding U.S. GAAP investment portfolio in a Schedule D — Part 1 format dated November 7, 2008

SIGNATURES

     Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date: November 7, 2008

VALIDUS HOLDINGS, LTD. (Registrant)
By:	/s/ Joseph E. (Jeff) Consolino
Name:	Joseph E. (Jeff) Consolino
Title:	Executive Vice President & Chief Financial Officer

EX-99.1

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

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

1

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

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

2

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

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

3

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

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

4

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

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

5

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

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

6

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

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

7

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

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

8

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

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

9