Condensed consolidating financial information

The following tables present condensed consolidating balance sheets as at December 31, 2015 and December 31, 2014, condensed consolidating statements of comprehensive income for the years ended December 31, 2015, 2014, and 2013 and condensed consolidating statements of cash flows for the years ended December 31, 2015, 2014 , and 2013 for Validus Holdings, Ltd. (the “Parent Guarantor”), Validus Holdings (UK) plc (the “Subsidiary Issuer”) and the non-guarantor subsidiaries of Validus Holdings, Ltd. The Subsidiary Issuer is a 100%-owned subsidiary of the Parent Guarantor. For purposes of the supplemental consolidating presentation, investments in subsidiaries are accounted for under the equity method and reflected in the Condensed Consolidating Balance Sheets and Condensed Consolidating Statements of Comprehensive Income as investment in subsidiaries on an equity basis and equity in net earnings (losses) of subsidiaries, respectively. The Subsidiary Issuer is only allowed to issue senior notes that are fully and unconditionally guaranteed by the Parent Guarantor.



Condensed Consolidating Balance Sheet as at December 31, 2015	Validus Holdings, Ltd. (Parent Guarantor)		Validus Holdings (UK) plc (Subsidiary Issuer)		Other Validus Holdings, Ltd. Subsidiaries (Non-guarantor Subsidiaries) (a)		Consolidating Adjustments (b)			Validus Holdings, Ltd. Consolidated
Assets
Fixed maturities trading, at fair value	$	28,403	$	—	$	5,542,128	$	(60,200	)	$	5,510,331
Short-term investments trading, at fair value	—		—		1,941,635		—			1,941,635
Other investments, at fair value	—		—		412,720		(75,864		)	336,856
Cash and cash equivalents	25,306		122		697,681		—			723,109
Restricted cash	—		—		73,270		—			73,270
Total investments and cash	53,709		122		8,667,434		(136,064		)	8,585,201
Investment in affiliates, equity method	—		—		88,065		—			88,065
Investment in subsidiaries on an equity basis	4,198,809		684,913		—		(4,883,722		)	—
Premiums receivable	—		—		658,682		—			658,682
Deferred acquisition costs	—		—		181,002		—			181,002
Prepaid reinsurance premiums	—		—		77,992		—			77,992
Securities lending collateral	—		—		4,863		—			4,863
Loss reserves recoverable	—		—		350,586		—			350,586
Paid losses recoverable	—		—		23,071		—			23,071
Income taxes recoverable	—		—		16,228		—			16,228
Deferred tax asset	—		—		21,661		—			21,661
Receivable for investments sold	—		—		39,766		—			39,766
Intangible assets	—		—		121,258		—			121,258
Goodwill	—		—		196,758		—			196,758
Accrued investment income	49		—		23,848		—			23,897
Intercompany receivable	10,389		10,847		—		(21,236		)	—
Other assets	813		—		125,969		—			126,782
Total assets	$	4,263,769	$	695,882	$	10,597,183	$	(5,041,022	)	$	10,515,812
Liabilities
Reserve for losses and loss expenses	$	—	$	—	$	2,996,567	$	—		$	2,996,567
Unearned premiums	—		—		966,210		—			966,210
Reinsurance balances payable	—		—		75,380		—			75,380
Securities lending payable	—		—		5,329		—			5,329
Deferred tax liability	—		449		3,398		—			3,847
Payable for investments purchased	—		—		77,475		—			77,475
Accounts payable and accrued expenses	29,633		34		597,664		—			627,331
Intercompany payable	—		—		21,236		(21,236		)	—
Notes payable to AlphaCat investors	—		—		75,493		—			75,493
Senior notes payable	245,161		—		—		—			245,161
Debentures payable	350,000		—		247,868		(60,200		)	537,668
Total liabilities	$	624,794	$	483	$	5,066,620	$	(81,436	)	$	5,610,461
Redeemable noncontrolling interest	—		—		1,111,714		—			1,111,714
Total shareholders' equity available to Validus	3,638,975		695,399		4,264,187		(4,959,586		)	3,638,975
Noncontrolling interest	—		—		154,662		—			154,662
Total liabilities, noncontrolling interests and shareholders' equity	$	4,263,769	$	695,882	$	10,597,183	$	(5,041,022	)	$	10,515,812


(a)	Amounts include an aggregation of the non-guarantor subsidiaries and include consolidating adjustments between these subsidiaries.


(b)	Amounts include consolidating adjustments between the Parent Guarantor, the Subsidiary Issuer and the non-guarantor subsidiaries.



Condensed Consolidating Balance Sheet as at December 31, 2014	Validus Holdings, Ltd. (Parent Guarantor)		Validus Holdings (UK) plc (Subsidiary Issuer)		Other Validus Holdings, Ltd. Subsidiaries (Non-guarantor Subsidiaries) (a)		Consolidating Adjustments (b)			Validus Holdings, Ltd. Consolidated
Assets
Fixed maturities trading, at fair value	$	—	$	—	$	5,605,431	$	(60,200	)	$	5,545,231
Short-term investments trading, at fair value	—		—		1,501,212		—			1,501,212
Other investments, at fair value	—		—		402,797		(68,112		)	334,685
Cash and cash equivalents	29,798		81		520,522		—			550,401
Restricted cash	—		—		173,003		—			173,003
Total investments and cash	29,798		81		8,202,965		(128,312		)	8,104,532
Investment in affiliates, equity method	—		—		114,450		—			114,450
Investment in subsidiaries on an equity basis	4,139,398		665,641		—		(4,805,039		)	—
Premiums receivable	—		—		706,467		—			706,467
Deferred acquisition costs	—		—		161,022		—			161,022
Prepaid reinsurance premiums	—		—		82,947		—			82,947
Securities lending collateral	—		—		470		—			470
Loss reserves recoverable	—		—		377,466		—			377,466
Paid losses recoverable	—		—		38,078		—			38,078
Deferred tax asset	—		—		23,821		—			23,821
Receivable for investments sold	—		—		18,318		—			18,318
Intangible assets	—		—		126,924		—			126,924
Goodwill	—		—		195,897		—			195,897
Accrued investment income	—		—		24,865		—			24,865
Intercompany receivable	41,078		—		20		(41,098		)	—
Other assets	893		—		136,414		—			137,307
Total assets	$	4,211,167	$	665,722	$	10,210,124	$	(4,974,449	)	$	10,112,564
Liabilities
Reserve for losses and loss expenses	$	—	$	—	$	3,243,147	$	—		$	3,243,147
Unearned premiums	—		—		989,229		—			989,229
Reinsurance balances payable	—		—		129,071		—			129,071
Securities lending payable	—		—		936		—			936
Deferred tax liability	—		—		5,541		—			5,541
Payable for investments purchased	—		—		68,574		—			68,574
Accounts payable and accrued expenses	29,621		96		365,461		—			395,178
Intercompany payable	—		20		41,078		(41,098		)	—
Senior notes payable	244,960		—		—		—			244,960
Debentures payable	350,000		—		249,477		(60,200		)	539,277
Total liabilities	$	624,581	$	116	$	5,092,514	$	(101,298	)	$	5,615,913
Redeemable noncontrolling interest	—		—		617,791		—			617,791
Total shareholders' equity available to Validus	3,586,586		665,606		4,207,545		(4,873,151		)	3,586,586
Noncontrolling interest	—		—		292,274		—			292,274
Total liabilities, noncontrolling interests and shareholders' equity	$	4,211,167	$	665,722	$	10,210,124	$	(4,974,449	)	$	10,112,564


(a)	Amounts include an aggregation of the non-guarantor subsidiaries and include consolidating adjustments between these subsidiaries.


(b)	Amounts include consolidating adjustments between the Parent Guarantor, the Subsidiary Issuer and the non-guarantor subsidiaries.



Condensed Consolidating Statement of Comprehensive Income for the Year Ended December 31, 2015	Validus Holdings, Ltd. (Parent Guarantor)			Validus Holdings (UK) plc (Subsidiary Issuer)			Other Validus Holdings, Ltd. Subsidiaries (Non-guarantor Subsidiaries) (a)			Consolidating Adjustments (b)			Validus Holdings, Ltd. Consolidated
Revenues
Net premiums earned	$	—		$	—		$	2,246,889		$	—		$	2,246,889
Net investment income	317			5			131,581			(4,079		)	127,824
Net realized gains on investments	—			—			2,298			—			2,298
Change in net unrealized losses on investments	(395		)	—			(24,248		)	(7,752		)	(32,395		)
Income from investment affiliate	—			—			4,281			—			4,281
Other insurance related income and other loss	—			—			70,175			(65,064		)	5,111
Foreign exchange gains (losses)	715			—			(9,446		)	—			(8,731		)
Total revenues	$	637		$	5		$	2,421,530		$	(76,895	)	$	2,345,277
Expenses
Losses and loss expenses	—			—			977,833			—			977,833
Policy acquisition costs	—			—			410,058			—			410,058
General and administrative expenses	74,015			36			354,722			(65,064		)	363,709
Share compensation expenses	7,261			—			31,080			—			38,341
Finance expenses	47,722			—			29,001			(1,981		)	74,742
Total expenses	$	128,998		$	36		$	1,802,694		$	(67,045	)	$	1,864,683
(Loss) income before taxes, loss from operating affiliate, (income) attributable to AlphaCat investors and equity in net earnings of subsidiaries	(128,361		)	(31		)	618,836			(9,850		)	480,594
Tax expense	—			(449		)	(5,927		)	—			(6,376		)
Loss from operating affiliate	—			—			(3,949		)	—			(3,949		)
(Income) attributable to AlphaCat investors	—			—			(2,412		)	—			(2,412		)
Equity in net earnings of subsidiaries	503,254			24,077			—			(527,331		)	—
Net income	$	374,893		$	23,597		$	606,548		$	(537,181	)	$	467,857
Net (income) attributable to noncontrolling interest	—			—			(92,964		)	—			(92,964		)
Net income available to Validus	$	374,893		$	23,597		$	513,584		$	(537,181	)	$	374,893
Other comprehensive loss	(4,013		)	—			(3,172		)	3,172			(4,013		)
Comprehensive income available to Validus	$	370,880		$	23,597		$	510,412		$	(534,009	)	$	370,880


(a)	Amounts include an aggregation of the non-guarantor subsidiaries and include consolidating adjustments between these subsidiaries.


(b)	Amounts include consolidating adjustments between the Parent Guarantor, the Subsidiary Issuer and the non-guarantor subsidiaries.



Condensed Consolidating Statement of Comprehensive Income for the Year Ended December 31, 2014	Validus Holdings, Ltd. (Parent Guarantor)			Validus Holdings (UK) plc (Subsidiary Issuer)			Other Validus Holdings, Ltd. Subsidiaries (Non-guarantor Subsidiaries) (a)			Consolidating Adjustments (b)			Validus Holdings, Ltd. Consolidated
Revenues
Net premiums earned	$	—		$	—		$	1,993,055		$	—		$	1,993,055
Net investment income	14			—			103,982			(3,910		)	100,086
Net realized gains on investments	—			—			14,917			—			14,917
Change in net unrealized losses on investments	—			—			(760		)	(2,082		)	(2,842		)
Income from investment affiliate	—			—			8,411			—			8,411
Other insurance related income and other loss	—			—			68,396			(67,167		)	1,229
Foreign exchange gains (losses)	648			1			(12,830		)	—			(12,181		)
Total revenues	$	662		$	1		$	2,175,171		$	(73,159	)	$	2,102,675
Expenses
Losses and loss expenses	—			—			765,015			—			765,015
Policy acquisition costs	—			—			339,467			—			339,467
General and administrative expenses	86,108			117			310,304			(67,167		)	329,362
Share compensation expenses	6,424			—			26,649			—			33,073
Finance expenses	47,689			—			22,579			(1,944		)	68,324
Transaction expenses	—			—			8,096			—			8,096
Total expenses	$	140,221		$	117		$	1,472,110		$	(69,111	)	$	1,543,337
(Loss) income before taxes, loss from operating affiliate and equity in net earnings of subsidiaries	(139,559		)	(116		)	703,061			(4,048		)	559,338
Tax expense	—			—			(155		)	—			(155		)
Loss from operating affiliate	—			—			(4,340		)	—			(4,340		)
Equity in net earnings of subsidiaries	619,522			10,843			—			(630,365		)	—
Net income	$	479,963		$	10,727		$	698,566		$	(634,413	)	$	554,843
Net (income) attributable to noncontrolling interest	—			—			(74,880		)	—			(74,880		)
Net income available to Validus	$	479,963		$	10,727		$	623,686		$	(634,413	)	$	479,963
Other comprehensive loss	(7,939		)	—			(7,711		)	7,711			(7,939		)
Comprehensive income available to Validus	$	472,024		$	10,727		$	615,975		$	(626,702	)	$	472,024


(a)	Amounts include an aggregation of the non-guarantor subsidiaries and include consolidating adjustments between these subsidiaries.


(b)	Amounts include consolidating adjustments between the Parent Guarantor, the Subsidiary Issuer and the non-guarantor subsidiaries.



Condensed Consolidating Statement of Comprehensive Income for the Year Ended December 31, 2013	Validus Holdings, Ltd. (Parent Guarantor)			Validus Holdings (UK) plc (Subsidiary Issuer)			Other Validus Holdings, Ltd. Subsidiaries (Non-guarantor Subsidiaries) (a)			Consolidating Adjustments (b)			Validus Holdings, Ltd. Consolidated
Revenues
Net premiums earned	$	—		$	—		$	2,098,795		$	—		$	2,098,795
Net investment income	14			—			103,289			(7,214		)	96,089
Net realized losses on investments	—			—			(764		)	—			(764		)
Change in net unrealized losses on investments	—			—			(43,537		)	(8,882		)	(52,419		)
Income from investment affiliate	—			—			4,790			—			4,790
Other insurance related income and other loss	36			—			60,475			(67,118		)	(6,607		)
Foreign exchange (losses) gains	(382		)	—			4,331			—			3,949
Total revenues	$	(332	)	$	—		$	2,227,379		$	(83,214	)	$	2,143,833
Expenses
Losses and loss expenses	—			—			776,796			—			776,796
Policy acquisition costs	—			—			360,403			—			360,403
General and administrative expenses	84,143			—			298,983			(67,118		)	316,008
Share compensation expenses	6,329			—			21,301			—			27,630
Finance expenses	45,868			—			24,108			(1,969		)	68,007
Total expenses	$	136,340		$	—		$	1,481,591		$	(69,087	)	$	1,548,844
(Loss) income before taxes, income from operating affiliate, (income) attributable to AlphaCat investors and equity in net earnings (losses) of subsidiaries	(136,672		)	—			745,788			(14,127		)	594,989
Tax expense	—			—			(383		)	—			(383		)
Income from operating affiliates	—			—			542			—			542
Equity in net earnings (losses) of subsidiaries	669,338			(5,938		)	—			(663,400		)	—
Net income (loss)	$	532,666		$	(5,938	)	$	745,947		$	(677,527	)	$	595,148
Net (income) attributable to noncontrolling interest				—			(62,482		)	—			(62,482		)
Net income (loss) available (attributable) to Validus	$	532,666		$	(5,938	)	$	683,465		$	(677,527	)	$	532,666
Other comprehensive loss	(1,954		)	—			(1,954		)	1,954			(1,954		)
Comprehensive income (loss) available (attributable) to Validus	$	530,712		$	(5,938	)	$	681,511		$	(675,573	)	$	530,712


(a)	Amounts include an aggregation of the non-guarantor subsidiaries and include consolidating adjustments between these subsidiaries.


(b)	Amounts include consolidating adjustments between the Parent Guarantor, the Subsidiary Issuer and the non-guarantor subsidiaries.



Condensed Consolidating Statement of Cash Flows for the Year Ended December 31, 2015	Validus Holdings, Ltd. (Parent Guarantor)			Validus Holdings (UK) plc (Subsidiary Issuer)			Other Validus Holdings, Ltd. Subsidiaries (Non-guarantor Subsidiaries) (a)			Consolidating Adjustments (b)			Validus Holdings, Ltd. Consolidated
Net cash provided by operating activities	$	536,125		$	20,236		$	423,845		$	(645,700	)	$	334,506
Cash flows provided by (used in) investing activities
Proceeds on sales of fixed maturity investments	—			—			3,842,408			—			3,842,408
Proceeds on maturities of fixed maturity investments	—			—			332,410			—			332,410
Purchases of fixed maturity investments	(28,903		)	—			(4,196,128		)	—			(4,225,031		)
Purchases of short-term investments, net	—			—			(436,690		)	—			(436,690		)
Purchases of other investments, net	—			—			(5,988		)	—			(5,988		)
Increase in securities lending collateral	—			—			(4,393		)	—			(4,393		)
Redemption from operating affiliate	—			—			46,603			—			46,603
Investment in investment affiliate, net	—			—			(19,886		)	—			(19,886		)
Decrease in restricted cash	—			—			99,733			—			99,733
Investment in subsidiaries	(555,700		)	(20,195		)	—			575,895			—
Return of capital from subsidiaries	400,000			—			—			(400,000		)	—
Net cash used in investing activities	(184,603		)	(20,195		)	(341,931		)	175,895			(370,834		)
Cash flows provided by (used in) financing activities
Net proceeds on issuance of notes payable to AlphaCat investors	—			—			75,493			—			75,493
Issuance of common shares, net	17,407			—			—			—			17,407
Purchases of common shares under share repurchase program	(260,430		)	—			—			—			(260,430		)
Dividends paid	(112,991		)	—			(645,700		)	645,700			(112,991		)
Increase in securities lending payable	—			—			4,393			—			4,393
Third party investment in redeemable noncontrolling interest	—			—			499,200			—			499,200
Third party redemption of redeemable noncontrolling interest	—			—			(86,934		)	—			(86,934		)
Third party investment in noncontrolling interest	—			—			9,600			—			9,600
Third party redemption of noncontrolling interest	—			—			(168,733		)	—			(168,733		)
Third party subscriptions received on AlphaCat Funds and Sidecars	—			—			249,636			—			249,636
Capital contribution from parent	—			—			575,895			(575,895		)	—
Return of capital to parent	—			—			(400,000		)	400,000			—
Net cash (used in) provided by financing activities	(356,014		)	—			112,850			469,805			226,641
Effect of foreign currency rate changes on cash and cash equivalents	—			—			(17,605		)	—			(17,605		)
Net (decrease) increase in cash	(4,492		)	41			177,159			—			172,708
Cash and cash equivalents, beginning of year	29,798			81			520,522			—			550,401
Cash and cash equivalents, end of year	$	25,306		$	122		$	697,681		$	—		$	723,109


(a)	Amounts include an aggregation of the non-guarantor subsidiaries and include consolidating adjustments between these subsidiaries.


(b)	Amounts include consolidating adjustments between the Parent Guarantor, the Subsidiary Issuer and the non-guarantor subsidiaries.



Condensed Consolidating Statement of Cash Flows for the Year Ended December 31, 2014	Validus Holdings, Ltd. (Parent Guarantor)			Validus Holdings (UK) plc (Subsidiary Issuer)			Other Validus Holdings, Ltd. Subsidiaries (Non-guarantor Subsidiaries) (a)			Consolidating Adjustments (b)			Validus Holdings, Ltd. Consolidated
Net cash (used in) provided by operating activities	$	(41,905	)	$	81		$	481,985		$	(100,000	)	$	340,161
Cash flows provided by (used in) investing activities
Proceeds on sales of fixed maturity investments	—			—			4,756,555			—			4,756,555
Proceeds on maturities of fixed maturity investments	—			—			554,619			—			554,619
Purchases of fixed maturity investments	—			—			(4,391,814		)	—			(4,391,814		)
Purchases of short-term investments, net	—			—			(329,301		)	—			(329,301		)
Purchases of other investments, net	—			—			(143,597		)	—			(143,597		)
Decrease in securities lending collateral	—			—			2,922			—			2,922
Investment in investment affiliate, net	—			—			(12,468		)	—			(12,468		)
Decrease in restricted cash	—			—			27,489			—			27,489
Proceeds on sale of subsidiary, net of cash	—			—			16,459			—			16,459
Purchase of subsidiary, net of cash acquired	—			—			(643,545		)	—			(643,545		)
Investment in subsidiaries	—			(240,000		)	(240,000		)	480,000			—
Return of capital from subsidiaries	673,966			—			—			(673,966		)	—
Net cash provided by (used in) investing activities	673,966			(240,000		)	(402,681		)	(193,966		)	(162,681		)
Cash flows provided by (used in) financing activities
Issuance of common shares, net	5,347			—			—			—			5,347
Purchases of common shares under share repurchase program	(510,952		)	—			—			—			(510,952		)
Dividends paid	(117,043		)	—			(100,000		)	100,000			(117,043		)
Decrease in securities lending payable	—			—			(2,922		)	—			(2,922		)
Third party investment in redeemable noncontrolling interest	—			—			300,200			—			300,200
Third party redemption of redeemable noncontrolling interest	—			—			(13,192		)	—			(13,192		)
Third party investment in noncontrolling interest	—			—			117,243			—			117,243
Third party redemption of noncontrolling interest	—			—			(237,183		)	—			(237,183		)
Third party subscriptions received on AlphaCat Funds and Sidecars	—			—			127,400			—			127,400
Capital contribution from parent	—			240,000			240,000			(480,000		)	—
Return of capital to parent	—			—			(673,966		)	673,966			—
Net cash (used in) provided by financing activities	(622,648		)	240,000			(242,420		)	293,966			(331,102		)
Effect of foreign currency rate changes on cash and cash equivalents	—			—			(25,310		)	—			(25,310		)
Net increase (decrease) in cash	9,413			81			(188,426		)	—			(178,932		)
Cash and cash equivalents, beginning of year	20,385			—			708,948			—			729,333
Cash and cash equivalents, end of year	$	29,798		$	81		$	520,522		$	—		$	550,401


(a)	Amounts include an aggregation of the non-guarantor subsidiaries and include consolidating adjustments between these subsidiaries.


(b)	Amounts include consolidating adjustments between the Parent Guarantor, the Subsidiary Issuer and the non-guarantor subsidiaries.



Condensed Consolidating Statement of Cash Flows for the Year Ended December 31, 2013	Validus Holdings, Ltd. (Parent Guarantor)			Validus Holdings (UK) plc (Subsidiary Issuer)		Other Validus Holdings, Ltd. Subsidiaries (Non-guarantor Subsidiaries) (a)			Consolidating Adjustments (b)			Validus Holdings, Ltd. Consolidated
Net cash provided by operating activities	$	855,029		$	—	$	371,283		$	(990,946	)	$	235,366
Cash flows provided by (used in) investing activities
Proceeds on sales of fixed maturity investments	—			—		4,370,548			—			4,370,548
Proceeds on maturities of fixed maturity investments	—			—		490,459			—			490,459
Purchases of fixed maturity investments	—			—		(5,392,728		)	—			(5,392,728		)
Sales of short-term investments, net	—			—		934,759			—			934,759
Sales of other investments, net	—			—		26,508			—			26,508
Increase in securities lending collateral	—			—		(3,167		)	—			(3,167		)
Investment in operating affiliate	—			—		(6,500		)	—			(6,500		)
Investment in investment affiliate, net	—			—		(14,492		)	—			(14,492		)
Increase in restricted cash	—			—		(172,962		)	—			(172,962		)
Proceeds on sale of subsidiary, net of cash	—			—		21,388			—			21,388
Return of capital from subsidiaries	18,054			—		—			(18,054		)	—
Net cash provided by investing activities	18,054			—		253,813			(18,054		)	253,813
Cash flows provided by (used in) financing activities
Issuance of common shares, net	1,211			—		—			—			1,211
Purchases of common shares under share repurchase program	(513,504		)	—		—			—			(513,504		)
Dividends paid	(360,071		)	—		(990,946		)	990,946			(360,071		)
Increase in securities lending payable	—			—		3,167			—			3,167
Third party investment in redeemable noncontrolling interest	—			—		142,190			—			142,190
Third party investment in noncontrolling interest	—			—		136,619			—			136,619
Third party redemption of noncontrolling interest	—			—		(289,260		)	—			(289,260		)
Third party subscriptions received on AlphaCat Funds and Sidecars	—			—		15,600			—			15,600
Return of capital to parent	—			—		(18,054		)	18,054			—
Net cash used in financing activities	(872,364		)	—		(1,000,684		)	1,009,000			(864,048		)
Effect of foreign currency rate changes on cash and cash equivalents	—			—		(6,364		)	—			(6,364		)
Net increase (decrease) in cash	719			—		(381,952		)	—			(381,233		)
Cash and cash equivalents, beginning of year	19,666			—		1,090,900			—			1,110,566
Cash and cash equivalents, end of year	$	20,385		$	—	$	708,948		$	—		$	729,333


(a)	Amounts include an aggregation of the non-guarantor subsidiaries and include consolidating adjustments between these subsidiaries.


(b)	Amounts include consolidating adjustments between the Parent Guarantor, the Subsidiary Issuer and the non-guarantor subsidiaries.